Good afternoon, wonderful people. We’re already in the middle of the short workweek and very much looking forward to the long weekend.
THE BIG STORY TODAY
Egypt’s external debt registers record decline in May: Egypt’s external debt dropped to USD 153.9 bn at the end of May, down by USD 14.17 bn — or 8.43% — from its level at the end of December 2023, according to a high-level source at the central bank.
We’ve got our imports covered for eight months: Egypt’s foreign reserves can now cover approximately 7.9 months of merchandise imports, “exceeding internationally accepted standards of safe levels,” the source said.
ICYMI- FX reserves hit a record high in June: Net foreign reserves increased in June to just under USD 46.4 bn, surpassing the previous record high of USD 46.1 bn recorded in May.
THE BIG STORY ABROAD
It’s all coming up Kamala: Media furor over Kamala Harris’s bid to replace Joe Biden as the Democratic Party’s presidential candidate continues at full throttle ahead of a scheduled vice presidential appearance at the White House today. With less than four months until the US presidential election on 5 November, Biden’s heir apparent has precious little time to wage a campaign against Donald Trump, who found himself backed by a united Republican Party at the Republican National Convention in Milwaukee last week.
What’s next? The Democratic National Committee’s rules committee has called a meeting for Wednesday to discuss the process for picking a new candidate. While Harris has garnered significant support from Democratic lawmakers since Biden’s announcement, she can’t become the party’s nominee until the vote at the Democratic National Convention, scheduled for 19-22 August. If a roll call at the convention does not show a clear majority for Harris, the convention will likely turn into an open primary — providing other would-be candidates like Michigan governor Gretchen Whitmer and Pennsylvania governor Josh Shapiro the option of throwing their hats into the race.
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Soon we’ll all be able to screen spam calls: Mobile telephone numbers used for marketing calls must now be registered within a special database, allowing recipients to receive spam alerts from their service provider or the National Telecom Regulatory Authority (NTRA) prior to an incoming call.
FRA rolls out requirements for carbon trading: Brokerage firms looking to trade carbon certificates must have a minimum issued and paid-up capital of EGP 15 mn to get the greenlight from the Financial Regulatory Authority (FRA).
☀️ TOMORROW’S WEATHER- The mercury will peak at a high of 39°C, but will be dropping to a low of 26°C at night, according to our favorite weather app. Alexandria and Sahel are looking at slightly cooler temperatures with a high of 33°C and a low of 25°C.
Turns out time is a construct our brain tends to bend: A recent study on rats, published in peer-reviewed journal Current Biology, suggests that we may perceive time based on our activities, not by the actual passage of time, reports Gizmodo.
Time perception is linked to the number of experiences rather than the clock ticking away. Researchers at the University of Nevada monitored brain wave activity in rats while they repeated behaviors over an hour. It turns out, "When we're bored, time drags because nothing's happening. But when we're busy, each activity advances our brain forward," psychology professor James Hyman explained. Essentially, the more we do, the faster time seems to go.
This understanding is super useful. Hyman suggests that if you're dealing with something unpleasant, dive into different activities to make time fly by. On the flip side, if you're having a great time, slow down and take it easy to stretch out the moment.
There are more methods to slow down global warming beyond just cutting carbon emissions… But you’re not going to like it. According to the BBC, geo-engineering, a growing USD 135 bn industry that refers to physically manipulating the climate, may be our best solution.
How does geo-engineering work? Scientists want to mimic natural processes like volcanic eruptions that cool the Earth, by manually spewing ash and aerosols into the atmosphere. They’re also exploring controlled methods, such as marine cloud brightening, which involves spraying salt water on low-level clouds over the ocean to make them more reflective and cool sea temperatures, and reflecting sunlight back into space to cool ground temperatures.
Experts are cautious and laymen are skeptical. Specialists fear that artificial processes could disrupt natural weather patterns, or backfire completely. The complexity of the earth’s atmosphere means intervention risks unexpected consequences across the globe. Think the butterfly effect… but on an international scale. People have taken to social media with conspiracy theories in hand, accusing it of being a coverup for secret projects, and attributing climate change to geo-engineering.
Who doesn’t love a fish out of water?Space Cadet follows Florida party girl Rex (Emma Roberts) as she unexpectedly navigates the rigorous world of astronaut training, for which she is entirely unqualified.
Desperate for an acceptance, Rex and her friend Nadine Cai (Poppy Liu), fake impressive qualifications and accomplishments on their applications, with surprising success. So Rex leaves behind her bartending job and starts her journey to space.
The movie is a comedy along the lines of Legally Blonde, according to Roger Ebert critics. We see it — the themes of self-discovery and empowerment as Rex transforms from the underestimated party girl to a determined and competent astronaut candidate is very Elle Woods-esque.
Disclaimer: The humor may be lacking for some. This film isn’t the kind of comedy where tears stream down your face and your stomach cramps from laughing. It’s more of a fun light watch with a chuckle here and there. The jokes that do crop up may seem overly familiar, drawing criticism from The New York Times, who claimed that “The jokes feel tired.” But a more lighthearted audience may have fun all the same.
⚽The 31st round of the Nile League concludes tonight with three matches, most notably the match between Pyramids and Al Ahly at 9pm. Pyramids is in first place with 68 points, while Al Ahly is in second place with 63 points and three games behind.
The other matches are:
Ismaily vs El Gouna (5:30pm)
Modern Sport vs Smouha (9pm)
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🐔EAT THIS TONIGHT-
Egypt’s first Lebanese-American smokery and chicken grill. Chickanji, located in New Cairo’s Trivium Square Mall, is the spot for a taste of smokin' hot culinary experimentation that specializes in chicken.
Their signature: The grits-stuffed smoked chicken, slow-cooked for hours in a wood smoker, each bird arrives steaming hot and bursting with flavor. The dish can be split between two but given the generosity of the grits serving, we suggest having a part of four to indulge if you’re not a hearty eater.
Off the grill: Their chicken and beef kebabs are grilled to perfection, complemented by familiar Lebanese spices and paired with steamed fluffy rice. Our tip: Put in an extra order of garlic dip. If you're looking for a healthier option, their chicken mesahhab delivers.
Sorry to all rice-stuffed pigeon lovers, but Chickanji's grilled pigeon stuffed with freekeh is our personal standout dish. The tender pigeon meat, skin crisp from being cooked over an open flame, pairs beautifully with the nutty, earthy flavors of freekeh, creating a hearty and satisfying dish that does justice to its roots.
Not swayed by the Levantine section? Dip into their American options: Their American comfort food shines through with classic favorites like generously sauced wings, creamy pasta, and hearty sides like fluffy baked potato and corn on the cob.
Do they deliver? New Cairo denizens come out on top once again. They can order through Chickanji’s phone number on Instagram. If you’re out of town but in the area, there's an order and pick up option too.
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🎤 OUT AND ABOUT- (all times CLT)
HAPPENING THIS WEEK-
Marwan Moussa, Afroto, DJ Nooriya, and Bubblegum Kollectiv are preparing to deliver an unforgettable evening at Cairo Jazz Club Sea Shore in Ras El Hikma. The event will begin at 9pm on Friday, 26 July. Find your tickets here.
Want art but need to keep your kidney? This is your last chance to visit The SummerAffordable Art Show at TAMGallery. The exhibition is open for its last day today. Expect to find the works of over 150 contemporary Egyptian artists to simply enjoy and/or choose to deck out your home. Doors open from 12pm to 10pm.
For the love of improv. El 7ob Fein, presented by Maktoob 3alina, will feature some of Cairo’s finest theater performers at The Boom Room tomorrow, 23 July. Go in with an open mind — the improv factor means to expect the unexpected. So grab your tickets here and be prepared for anything.
Witness a lineup of emerging talent, or take to the stage yourself at Rawabet Art Space’s open mic. Hosted by Abd El Rahman Magdy, the event, which will take place on Thursday, July 25 at 8pm, will give you the chance to break into the scene or spot stars-to-be. Get your tickets here.
A night of good music. Book tickets for Cords Festival: Esseily & Massar Egbari at One Eleven in New Alamein. The festival will take place on Thursday, 25 July starting 10pm, where musical staple Mahmoud El Esseily and the iconic Massar Egbari, who just celebrated their 20th anniversary, will perform.
Anas Bukhash and Saint Levant are preparing to start an engaging discussion, accompanied by a performance from Wael Gassar and a segment presented by Ahmed El Ghandor, aka El Da7ee7, as part of The Happiness Debate at Mountain View Ras El Hikma. The event will take place on Friday, 26 July at Mountain View’s Lighthouse Beach. Grab your tickets here.
NEW ALAMEIN FESTIVAL-
Pop icon Tamer Hosny is performing at the festival this Friday, 26 July at 10pm. Find tickets here.
Musical maestro Hany Shenouda is bringing his revived pop band El Masryeen to the New Alamein Festival on Saturday, 27 July at 10pm. Get your tickets here.
Ramy Gamal will also be gracing the North Coast for the festival on Friday, 2 August at 10pm. Grab your tickets here.
Amr Diab will be taking the New Alamein Festival stage on Friday, 9 August at 10pm. Get your tickets here.
HAPPENING LATER-
Ma Yatloboho Al Mostame3oon in Sahel: Esseily and Ahmed Saad will perform at Cairo Jazz Club Sea Shore in Ras Al-Hikma, on Friday, 2 August, followed by Disco Misr and DJ Anis. The event will begin at 9pm. Grab tickets here.
Superstar Mohamed Ramadan will perform a concert at Porto Golf in the North Coast on Friday, 2 August at 10pm. Grab tickets here before they sell out.
Prepare for the sixth edition of The Marakez Pyramids Half Marathon. Pick your race of choice and start training, because the marathon will take place on Saturday, 14 December. Note: The price to register is going to keep increasing. So sign up now through this link for the lowest price guarantee.
Related
💡 UNDER THE LAMPLIGHT-
The Vanishing Half is a conversation of race, family, and belonging. Author Brit Bennett writes about identical twin sisters who grew up in a predominantly black community in the south, but ran away at the age of 16. Later in their lives, one returns while the other, who passes as a white person, stays away and tries to disconnect from her past. But no matter how far apart they are, they will always be connected.
Intergenerational ties: The story explores the family across decades and their connections to the South and racial dynamics. It touches on how your upbringing impacts how you carry yourself throughout life, and how different people can experience different things even under the same circumstances. All of this is brought to light when their offspring cross paths and the twins must reconcile their differences and forked paths in life.
Not just about race: While the book does a lot to acknowledge the role of race in the twins’ lives, the story goes beyond to talk about identity and why you might choose to reject it. At the same time, family is at the top of the conversation and how they will always be connected by those who came before them and those who come after.
The EGX30 rose 0.7% at today’s close on turnover of EGP 4.8 bn (22.9% above the 90-day average). Local investors were the sole net sellers. The index is up 16.5% YTD.
In the green: Madinet Masr (+5.7%), Egypt Kuwait Holding (+3.5%), and AMOC (+2.9%).
In the red: GB Corp (-4.1%), Orascom Development (-3.5%), and Palm Hills Development (-2.1%).
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