We need 5x speed on climate change efforts

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WHAT WE’RE TRACKING TONIGHT

THIS EVENING: Local banks get CBE instructions to bar FX transactions on EGP debit cards

Good afternoon, ladies and gents. It’s by far a calmer day today than it was yesterday, although we’re running with many of the same themes.

THE BIG STORY TODAY

CBE instructed banks to start blocking use of EGP debit cards for FX transactions: Local banks have reportedly received verbal instructions from the Central Bank of Egypt (CBE) to begin banning their clients from making FX-denominated purchases or withdrawals using debit cards linked to EGP accounts, Asharq Business reports, citing four unnamed bank CEOs. The instructions came as our FX shortage continues to bite, and as the CBE looks to clamp down on some customers overusing debit cards in international transactions, one of the sources is quoted as saying. A handful of banks have already announced the ban.

THE BIG STORY ABROAD

The war in Palestine and Israel is continuing to dominate headlines in the international press this afternoon, as the Israeli government declares a “complete siege” on the Gaza Strip to cut off the enclave from food, fuel, water, and electricity. Gaza already suffers from severe restrictions on movement of goods and people. The story is headlining the front pages of Bloomberg, Reuters, the Financial Times, the Wall Street Journal, and CNBC, among many others.

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

More than 1.1k people are dead in Palestine and Israel as a war between Hamas and Israeli forces enters its third day.
Real estate developers are recording record sales figures in 2023 — fewer units are being sold, but they’re going for much higher prices.
Snackmaker Edita has launched its newest frozen baked products line, Molto Forni, an extension of Edita’s flagship brand Molto.

☀️ TOMORROW’S WEATHER- Expect the mercury to cool a few degrees, peaking at 29°C before settling at a nighttime low of 21°C, our favorite weather app suggests.

Musk’s controversial policies are raising ethical questions about using X + Explaining what real dissociation is

Is it time to take an ethical stand against Elon Musk’s X policies — and maybe ditch the platform altogether? Bloomberg Opinion ’s US tech columnist Dave Lee suggests the answer may be yes. X’s algorithms and several policy decisions, such as disabling the misinformation button on content ahead of a handful of elections around the world, are encouraging and promoting the circulation of “abhorrent content,” Lee writes. The platform has also taken a turn for the worse, Lee says, after the introduction of creator payments, which has encouraged users to post content that will get high levels of engagement — a phenomenon known as “engagement farming.” The biggest problem: The more violent, hateful, or controversial the content, the more likely it will spread like wildfire.

It doesn’t have to be this way: Under its former management, X — then known as Twitter — rolled out a feature that encouraged users to read articles before retweeting them to avoid the rapid spread of misinformation or a misguided narrative. Co-founder and former CEO Jack Dorsey had also been working on an experiment to hide the number of likes, retweets, and replies on tweets to override the desire “for the dopamine hit we get from social engagement,” Lee writes. Altogether, “social networks are molded by the incentives presented to users,” and while what people decide to post can’t be controlled, “sites can try to nudge them toward behaving in a certain manner, whether through design choices or reward mechanisms,” he argues.

Ever walked into your living room and wondered why and how you got there? Now amplify this feeling tenfold in order to understand the very real — albeit extremely rare — medical condition whereby people with dissociative disorders “freeze” or “shut down and [...] kind of go away,” the New York Times writes, citing clinical psychiatrist Dr. Frank W. Putnam.

Dissociating isn’t merely “zoning out”: These episodes are often triggered when people undergo tremendous amounts of stress induced by trauma. While — like all cerebral defense mechanisms — this reaction has certain merits, it becomes seriously problematic when it begins to interfere with people’s lives even in non-threatening scenarios. This disruptive form of coping can obstruct the lives of those who suffer from it to the point of upending their very identities, the New York Times notes.

The pitfalls of social media: Sensationalizing illness. While terms like “multiple personality disorders” have garnered immense attention with bns of views online, they are frowned upon by medical professionals who rely instead on more precise terminology such as dissociative identity disorder, depersonalization/derealization disorder, and dissociative amnesia. Rather than delving into amateurish self-diagnosis, psychiatrists encourage people to seek out evidence-based knowledge on the topic to avoid more social fragmentation, Stanford University professor David Spiegel is quoted as saying.

Beckham: A documentary capturing the life of an iconic football star

? ON THE TUBE TONIGHT-
(all times CLT)

A candid retelling of David Beckham’s life in a namesake documentary: Netflix’s star-studded documentary on the footballer’s life offers up candid and captivating interviews to deliver an insider baseball look at David Beckham’s rise to fame, his career, and his personal life over the years. The film — which is so up-close-and-personal it feels like you may as well have been on a FaceTime call with the footballer — explores the fascinating relationship between Beckham and his mentor, Sir Alex Ferguson, recounting their close bond, conflicts, and, ultimately, Beckham's departure from Manchester United. You’ll see insights from Beckham’s family members, including his strict father and charismatic mother, as well as famous figures from the football world, such as Eric Cantona and Ronaldo Nazário. It also delves into Beckham's journey from footballer to global brand icon, with his marriage to the Spice Girls’ Victoria Beckham propelling them into tabloid stardom — and tackles controversial moments in Beckham’s life, such as his infamous red card in the 1998 World Cup final and tabloid rumors of an extramarital affair. Overall, Beckham provides an entertaining and candid portrayal of David Beckham's life, offering a mix of anecdotes with undertones of gossip, personal reflections, and behind-the-scenes footage.

⚽ We’re heading into a quiet few days in the (local) football world as the October international break begins. The break — which runs from today until next Tuesday, 17 October — will see local championships and the European leagues get pushed to the back burner to allow the world to watch (and chatter about) the World Cup qualifying matches. However, we won’t actually see local football returning until next Friday, 20 October.

Home-cooked Lebanese food in the heart of Maadi? Say hello to Tawlet Yvonne . Located in a cozy villa in Sarayat Maadi, the Lebanese joint is open daily for breakfast, lunch, and dinner from 9am to 12am. Shaded by beautiful greenery, the restaurant offers everything you expect in terms of oriental dishes: Think hummus, tabouleh, mixed grills, vine leaves, and more. While our main issue is that the appetizers are generally tastier than the main courses, we always end up filling our bellies with entrées when we’re opting for Lebanese anyway. The portions were also a little underwhelming compared with the price but it is generally a pleasant experience with friendly, helpful staff. A cool thing about the place is their Saturday BBQ brunches, which are generally accompanied by live music — a fun change we look forward to trying out as the weather gets cooler.

To properly head off the worsening impacts of climate change, we need to act Five Times Faster . That’s the takeaway from Simon Sharpe, a former civil servant in the UK government’s climate and energy departments, who offers what he believes to be a realistic roadmap to accelerate global efforts in reducing greenhouse gas emissions. Buoyed by the rising adoption of renewable energy, electric vehicles, and energy efficiency, global emissions are being cut by around 1.5% per year — but that falls far below the 8% annual emission reduction rate that we need to hit to limit global warming by 1.5°C per year.

Who’s to blame? Pretty much everyone. Science, diplomacy, and economics have all fallen short in solving the climate crisis, Sharpe argues, with a confluence of issues coming together to create a situation that now needs a radical turnaround. Sharpe argues that climate scientists fail to fully convey to the world the severity of the risks we’re facing, leading politicians to rely on biased and unclear reports — whether intentionally or simply because they don’t have the necessary information to drive change. Economists are also part of the equation, he says, positing that they have produced models that completely fail to account for the economic repercussions of climate change.

What the markets are doing on 9 October, 2023

The EGX30 rose 0.3% at today’s close on turnover of EGP 1.1 bn (49.4% below the 90-day average). Regional investors were net buyers. The index is up 33.0% YTD.

In the green: Juhayna (+7.7%), Telecom Egypt (+2.2%) and CIRA Education (+1.8%).

In the red: Orascom Development (-2.6%), Abu Qir Fertilizers (-2.1%) and Alexandria Containers and Goods (-2.0%).

THE ENTERPRISE ENTERTAINMENT CALENDAR

OCTOBER

4-18 October (Wednesdays): Japanese tea-making workshop at AUC New Cairo Campus.

7-21 October (Saturday-Tuesday): Illustration workshop with Keem The Kid at Cocoon Cultural Center.

8-14 October (Sunday-Saturday): Turathna Exhibition, Egypt International Exhibitions Center, New Cairo.

10 October (Wednesday): Tamer Ashour’s concert, Zed Park Sheikh Zayed.

11 October (Wednesday): Teatro Di San Carlo performance, the Pyramids of Giza, Giza.

12-16 October (Thursday- Monday): Cairo Opera Ballet Company Cinderella at Cairo Opera House.

12 October (Thursday): Disco Misr performing at El Malahy.

13-20 October (Friday-Friday): El Gouna Film Festival (GFF).

13 October (Friday): The Garden Market at Merryland Park.

13 October (Friday): Oktoberfest at the Swiss Club.

14 October (Saturday): Bound Fest at Golf and Dog Park.

15-20 October (Sunday - Friday): Displaying a collection of GIFF’s films at Zayawa Cinema, Downtown, Cairo.

18 October (Wednesday):Ruby and Ahmed Saad at Misr University.

26 October - 3 November (Thursday-Friday): The 15th Annual Cairo International Jazz Festival at AUC’s Tahrir campus.

28 October (Saturday): DJs Kygo, Tiësto, Kung and Frank Walker concert, Giza Pyramids.

28-5 October-November(Saturday-Sunday):NEWGIZA Sports Club’s Premier Padel Event in Africa.

NOVEMBER

11 November (Saturday): El Gouna Half Marathon 2023, El Gouna.

15-24 November (Wednesday-Friday): Cairo International Film Festival (CIFF).

16 November (Thursday): Jim Gaffigan’s Barely Alive Tour at The Marquee, Cairo Festival City.

25 November (Saturday): Masr El Gedida Carnival at Maryland.

EVENTS WITH NO SET DATE

2023: The inauguration of the Grand Egyptian Museum.

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