Traumatized orcas?

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WHAT WE’RE TRACKING TONIGHT

THIS EVENING: SCA’s Canal Mooring and Lights headed for an IPO

Happy almost-THURSDAY, wonderful people. We’re nearing the end of the last full workweek of the month, with the news cycle picking up steam here at home.

THE BIG STORY TODAY

SCA to IPO 20% of Canal Mooring and Lights: The Suez Canal Authority’s (SCA) Canal Company for Mooring and Lights (CCML) is set to sell a 20% stake in an IPO on the EGX, SCA boss Osama Rabie said at a presser today, according to Amwal Al Ghad. The company will be transferred to the newly established holding company that will obtain ownership of some SCA companies earmarked for privatization.

THE BIG STORIES ABROAD

#1- Another ceasefire didn’t hold in Sudan: Warring factions in Sudan clashed this morning in cities around the Nile banks, marking the latest ceasefire that quickly fell apart, Reuters reports, citing eyewitnesses. Several ceasefire violations have occurred since the fighting broke out between the Sudanese Army and the paramilitary Rapid Support Forces (RSF) in mid-April. Before the Saudi-US brokered ceasefire agreed upon in the Jeddah talks expired, airstrikes and ground fighting was reported in Khartoum, Bahri, and Omdurman. Meanwhile, a third party rebel force reportedly started clashes near an army camp in South Kordofan.

#2- An aircraft has detected underwater noises suspected to be coming from the Titan, the lost submarine that was set to explore the Titanic shipwreck, the Canadian Coast Guard said today. The submarine that went missing on Sunday, contains four people who have ignored experts’ warnings about the safety of the Titan’s design. Rescue teams as well as American and Canadian aircrafts continue to race with the clock as they hunt for the vessel that runs out of oxygen tomorrow. The story is getting attention in the Financial Times, the Wall StreetJournal, and Reuters.

HAPPENING NOW- President Abdel Fattah El Sisi is in Paris today to attend the NewGlobal Financing Summit, according to an Ittihadiya statement. During the two-day summit, which kicks off tomorrow and wraps on Saturday, world leaders will convene to discuss global economic headwinds, especially those weighing down on emerging countries’ economies, and move towards a “more responsive, fairer and more inclusive international financial system to fight inequalities and finance the climate transition.”

HAPPENING TOMORROW- The National Dialogue will wrap the week tomorrowby discussing the threats posed to society and families by domestic violence and “online dangers” and ways to maximize the benefits of cultural institutions in the country.

The Enterprise Finance Forum is our flagship gathering — the one so many of you have been waiting for. The two-day event takes place this September and will be the latest in our must-attend series of invitation-only, C-suite-level gatherings. Stay tuned for more information on the location.

TAP OR CLICK HERE if you want to express interest in attending. We’ll be sending out the first batch of invitations just after the 30 June holiday.

Do you want to become a commercial partner? Email mtaalab@enterpriseadvisory.com.

STAY TUNED for more detail about our exciting agenda in the weeks to come.

** CATCH UP QUICK on the top stories from today’s EnterpriseAM:

Private-sector minimum wage to rise again: The private-sector minimum wage will rise by 11%from July after the National Council for Wages (NCW) decided to raise the threshold for the second time this year to support workers amid soaring inflation.
Energy distribution company Taqa Arabia has postponed the start of trading of its shares on the EGX until after Eid.
GB Corp is bidding to capture a slice of Egypt’s growing SME lending market with the launch of a new subsidiary, Kredit.

CIRCLE YOUR CALENDAR-

Smart Green Projects 2.0 application deadline pushed again: The application deadline for the second iteration of the Smart Green Projects initiative has once again been extended until the end of July. Eligible projects must use tech solutions to address environmental issues, present evidence of feasibility or innovation, and provide a written acknowledgement that no awards have been received during the first round of the initiative, among other requirements. Eligible projects can apply here.

ENTERPRISE IS LOOKING FOR SMART, TALENTED PEOPLE of all backgrounds to help us build some very cool new things. Enterprise — the essential morning read on all the important news shaping business and the economy in Egypt and the region — is looking for writers, reporters and editors to help us build out new publications. Today, we run four daily Egypt and MENA-focused publications, five weekly industry verticals, and a weekend lifestyle edition designed to make our readers feel just a bit smarter.

We have tons more in the pipeline — come help us build new publications. We offer the chance to work in a fast-paced newsroom on a broad range of topics and in a variety of formats. Our goal is simple: To create value for our growing community of >250k daily readers by telling stories that matter.

Journalists looking to explore business, finance and economic stories are welcome. So are recent journalism school graduates.

That said, we're looking for gifted story-tellers from all walks of life and across all professions, as long as they show a keen interest in learning to write about the stories, topics, businesses, and figures moving markets. Egyptian and foreign nationals alike are welcome to apply. So are job-switchers: If you’re an equities analyst tired of the rat race, we’re a great place to come work.

NEVER WORKED IN A NEWSROOM BEFORE? We have the Enterprise Business Writing Development Program. Whether you are a recent graduate, an industry vet, or looking to switch careers, the Enterprise Business Writing Development Program will give you the tools you need to tell the most important stories to our audience of C-suite officials, government ministers, diplomats, financiers, investors and entrepreneurs.

During the program you will learn:

The key news stories and trends shaping business and the economy in Egypt and the region, across various sectors;
Business and finance for non-finance people: Whether it's industry jargon or key concepts or simply how to read a balance sheet;
How to construct an Enterprise story: From idea formulation down to the structure, style and tone of writing;
How to develop sources that will give you the key insights needed to tell a complete story;
How to communicate these stories with the confidence and language of an insider.

Not an internship program — a career: The three-month program will see full-time, paid participants take part in workshops and lectures from veteran business journalists, while also working on and filing stories that will run on any of our publications. Those who have successfully completed the program, will then be given long-term job offers.

Apply directly to jobs@enterprisemea.com and mention “writing development program” in your subject line.

☀️ TOMORROW’S WEATHER- We’re getting a sunny start to our weekend tomorrow with a high of 35°C that will dip to a cooler 22°C in the evening, our favorite weather app tells us.

The curious case of the orca attacks + Spotify is expected to roll out a new premium tier

Wrathful Willy: Killer whales’ inexplicable aggression towards boats off the Iberian coast in recent weeks could be the result of a traumatic event, biologists say, according to LiveScience. Some speculate that orcas destroy sailing boats’ rudders out of frustration because they prefer propeller boats, one conservation group said, according toNPR. But not everyone is convinced. Other scientists believe the reason could be due to revenge: As social animals, orcas mimic and learn from their pod members. The area’s pod leader, White Gladis, may have been leading some of the 40 other orcas to attack boats after she endured a distressing event at the hands of humans, says Portugal’s University of Aveiro biologist Alfredo López Fernandez.

This aggression is relatively atypical: Since 2020, marine biologists, boat owners, and sailors have recorded over 500 atypical interactions between the black and white mammal and different kinds of boats and yachts, Fernandez said. The marine mammal is one of the planet’s most dangerous creatures — but that behavior is not typically directed towards humans. Recent footage showing orcas attacking and killing great white sharks, shows the extent of their strength and the threat it presents to even the most ferocious predators.

Spotify is set to release its newest and priciest paid tier this October in countries outside the US, Bloomberg reports, citing people familiar with the matter. The new plan — internally nicknamed “Supremium” — is expected to include high-fidelity (HiFi) audio and easy access to audiobooks. The HiFi feature, initially dubbed “Spotify Hi-Fi,” was announced in February 2021 during Spotify’s Stream On event (watch, runtime: 3:05) but Spotify has been radio-silent on its production process and features since then, Bloomberg notes.

While these new changes could increase sales revenues for Spotify, it may not be enough to outdo their rivals, Amazon Music and Apple Inc. The two companies’ have raised prices on their normal plans in the past year, with Amazon Music being 29EGP per month and Apple Music being 55 EGP per month. Both streaming platforms include HiFi audio features, original podcasts, and are without ads.

Discover what the Tour de France is really like

? ON THE TUBE TONIGHT-
(all times CLT)

Netflix docuseries Tour de France: Unchained follows the behind-the-scenes actions of one of the sporting world’s most watched events. The series is brought to life by the creators of Formula 1: Drive to Survive and follows the 2022 Tour which began in Copenhagen and ended, 21 arduous stages later, in the Champs-Élysées in the heart of Paris. Throughout the show’s eight episodes, we meet the teams who are vying for the prestigious title as they go through immense physical strain, risk significant injuries, and overcome mental and emotional difficulties including being away from their loved ones for extended periods of time.

If you’re looking to get a sports fix outside the football world, head over to Sodic’s Eastown District New Cairo for the squash PSA World Tour Finals. The tournament, which kicked off yesterday and wraps next Sunday, 25 June, brings together the world’s top eight men and women squash players, with a EGP 10 mn purse on offer, according to a press release (pdf).

This one’s for the baklava and ice cream fans:Fostok’s entire concept is based on baklava and mastic ice cream, offering up the two sweet dishes in only a handful of combinations. The recently opened spot has a simple, streamlined menu — you can get pistachio baklava and achta (mastic) ice cream as separate sweet treats, or opt for a baklava ice cream sandwich, or baklava ice cream cake. Fostok’s baklava perfects the flakiness of the Middle Eastern pastry, and the mastic ice cream is smooth and creamy. The store takes orders online, with pickup available in New Cairo.

The French Institute in Egypt is hosting its three-day Grün Fête de la Musique from tomorrow through to Saturday, 24 June at Al Azhar Park. The events will include discussions about music, as well as awareness workshops on the environment. The doors will open at 3pm, with the discussions set to kick off at 4pm, followed by a lineup of musical performances at 7pm. You can register for the events as of next week, and check out the event website here.

Zawya’s two-week festival for Italian director Michelangelo Antonio continues today, as part of its Italian Cinema Focus program in cooperation with the Italian Cultural Institute. The cinema will screen Antonio’s films through to Tuesday, 27 June.

The annual Flower Exhibition — which is typically held at the Orman Gardens — is now open to the public at the Agricultural Museum in Dokki. The exhibition will run for one month until 27 June.

Run for a cause: Get a good night’s sleep this weekend and join the Cairo Runners’ marathon to mark World Refugee Day this Friday at 6:45am. The marathon’s starting point is at Le Lac du Caire next to the National Museum of Egyptian Civilization. You can register for the marathon here.

Wegz lovers, this is for you. Don’t miss Wegz’s performance in ZED East in New Cairo this Friday starting from 10pm. Reserve your place now through Ticketsmarche.

Cairokee Empire returns: Cairokee is hitting the stage with two mega-concerts at New Cairo’s Manara Arena on Thursday, 27 June and Saturday, 29 June. Tickets are available on Tazkarti here and here.

Aztec by Gary Jennings speaks to us of the Aztec civilization. Mixtli-Dark Cloud, a near-blind elderly man who speaks Spanish, is summoned to the colonizers’ palace to share memories of his decimated civilization to priests who have been assigned to make a record of the nation they destroyed. With great detail and often tongue-in-cheek, he retells the glory of the Aztec civilization before its decline with the arrival of Hernan Cortez. This monolith of a book is heavily researched, so expect intricate details into every aspect of Aztec life: From naming children, to the understanding of their calendar, to the splendor of the city of Tenochtitlan, that had been reduced to ruins by the time our narrator shares his memory of it.

What the markets are doing on 21 June, 2023

The EGX30 fell 1.2% at today’s close on turnover of EGP 1.8 bn. Local investors were net buyers. The index is up 21.3% YTD.

In the green: Abu Dhabi Islamic Bank (+1.0%), GB Corp (+0.9%) and Elsewedy Electric (+0.5%).

In the red: Ibnsina Pharma (-4.0%), Credit Agricole (-3.3%) and Madinet Masr (-2.8%).

THE ENTERPRISE ENTERTAINMENT CALENDAR

MAY

27 May-27 June (Saturday-Tuesday): Annual Flower Exhibition from 10am at the Agricultural Museum.

JUNE

14-27 June (Wednesday-Tuesday): Zawya’s two-week festival for Italian director Michelangelo Antonio.

21 June (Wednesday): Egyptian soprano Amira Selim performance, National Museum for Egyptian Civilization (NMEC).

20-25 June (Tuesday-Sunday): PSA World Tour Finals, Eastown District New Cairo, Sodic, New Cairo.

22-24 June (Thursday-Saturday): Grün Fête de la Musique at 3pm at Al Azhar Park.

22 June (Thursday): Ahmed Amin’s interview on SoldOut Live, El Falaki theater.

23 June (Friday): Wegz Live Concert, ZED East, New Cairo.

23 June (Friday): Cairo Runners marathon, Le Lac du Caire, Cairo.

27 June (Thursday): Cairokee mega-concert, Manara Arena, New Cairo.

29 June (Saturday): Cairokee mega-concert, Manara Arena, New Cairo.

28 June-2 July (Wednesday-Sunday): Eid El Adha (TBC).

30 June (Friday): June 30 Revolution Day.

JULY

18 July (Tuesday): Islamic New Year.

19 July-23 July (Wednesday-Sunday): Egypt Summer Festival, Heliopolis.

20 July (Thursday): National holiday in observance of Islamic New Year (TBC).

23 July (Sunday): Revolution Day.

27 July (Thursday): National holiday in observance of Revolution Day.

AUGUST

2 August-3 August (Wednesday-Thursday): Fintech Revolution Summit at 9:30am at Cairo Festival City.

SEPTEMBER

26 September (Tuesday): Prophet Muhammad’s birthday (TBC).

28 September (Thursday): National holiday in observance of Prophet Muhammad’s birthday (TBC).

OCTOBER

6 October (Friday): Armed Forces Day.

13 October- 20 October (Friday-Friday): The sixth edition of El Gouna Film Festival (GFF).

EVENTS WITH NO SET DATE

2023: The inauguration of the Grand Egyptian Museum.

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