Good afternoon, folks, and happy Thursday. We hope you all get some much-needed rest this weekend.
THE BIG STORY TODAY
Inflation falls for the fifth consecutive month: Annual headline inflation in Egyptian cities eased by 1.8 percentage points to 25.7% in July, down from 27.5% in June, according to figures from state statistics agency Capmas. July’s inflation figure, which came on the back of a favorable base effect, is the lowest recorded since December 2022.
Monthly inflation also cooled to 0.4% in urban areas in July compared to 1.6% in the month before.
THE BIG STORY ABROAD
JPMorgan is ringing the alarm. Some 75% of the global carry trade has disappeared, and returns across the Group-of-10 board have fallen 10% in the last two months, Bloomberg reports citing a Bank’s note to clients. These blows have completely erased year-to-date returns and slashed gains since Q4 2022. Selloffs have doubled in speed, but experts suggest — and hope — that there will be a window for rebounds this month as the market cools off.
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Hydropower projects incoming? The government has reportedly wrapped up studies for two pumped storage hydropower projects in Luxor and Qena with a combined capacity of 2 GW.
Egypt is among the top destinations for African investments, coming in third behind the island nations of Seychelles and Mauritius in a new report by South Africa’s Rand Merchant Bank.
Remittances from Egyptians abroad rose 65.9% y-o-y in June, recording USD 2.6 bn. On a monthly basis, remittances were down 3.7%.
☀️ TOMORROW’S WEATHER- Mercury is peaking at a high of 38°C before simmering to a moderate low of 26°C by nightfall, according to our favorite app. Sahel and Alexandria are seeing cooler weather, with a high of 33°C and a low of 25-26°C
Dubai is implementing a shorter workweek during the summer. The emirate has launched the Our Flexible Summer initiative on a trial basis as part of their Dubai Quality of Life Strategy 2033. This change will see the reduction of working hours, and will apply a three-day weekend starting Monday, 12 August through Monday, 30 September, according to a statement from the Dubai government.
The details: Fifteen governmental agencies are participating in the initiative, with the goal being to help employees achieve a healthier work-life balance, reduce energy consumption, and enhance sustainability. The government will then evaluate the impact of the initiative to determine whether it will be implemented for the entirety of governmental agencies for future summer seasons.
This comes as no surprise from the UAE: The country has been implementing a four-and-a-half-day work week for governmental agencies since 2022, with Sharjah independently adopting a four-day work week.
Other countries are also moving in this direction. Driven by the studied benefits or solving employment decline, multiple countries such as Spain, Japan, Portugal, the United Kingdom, and most recently Germany, have begun implementing four-day work weeks for a number of companies and institutions. Others, like Greece, are steering the other way, which passed a law last July allowing the option to work a six-day work week in exchange for a 40% salary increase.
Will this actually promote sustainability? When testing the four-day system, Microsoft Japan recorded a 23% decrease in the electricity cost needed to operate offices in 2019, in addition to a 40% increase in productivity. The Spanish city of Valencia also recorded a 58% decrease in air pollutants last year due to a shorter work week. With the quickening impacts of climate change and record high temperatures, this may be effective in confronting high operating costs and rationalizing energy in the workplace, which can be adopted seasonally.
Two astronauts have been stuck on the International Space Station for two months, and NASA may need to turn to SpaceX for help. NASA has been downplaying the severity of the issues with Boeing's Starliner spacecraft, which was meant to return astronauts Suni William and Butch Wilmore. Yesterday, the agency admitted that they are forced to consider a backup plan.
But even then, the astronauts could be orbiting into the new year. Even with the involvement of SpaceX’s Crew Dragon, it’s unlikely that the rescue mission will be able to be carried out before 2025, with the SpaceX launch being pushed to late September.
It’s a tough blow for Boeing, which has already been struggling with a USD 125 mn write-off related to the Starliner program, adding to a previous USD 1.5 bn in losses. Lets not forget about their issues in their commercial aviation division back in January. NASA’s investigation into the spacecraft revealed helium leaks and degradation in the thrusters, which are crucial for maneuvering, making them unreliable for in-orbit docking.
Sharing isn’t caring over at the House of Mouse. Disney CEO Bob Iger announced in an earnings results webcast yesterday that password-sharing crackdowns will begin in September. The company will start tracking subscriber behavior to prompt customers to pay a fee if their account is used outside of their household, reports Wired.
This will likely force users to choose which streaming services are worth paying for. “It is a strategy that works well to grow revenue,” says Sarah Henschel, a principal analyst at Omdia, “However, it drives a lot of [the growing] consumer frustration with streaming.” Some subscribers may remain and pay the additional fees, but others might not keep the service, and instead shift to user generated content, which seems to be developing into the future of media, or even resort to piracy.
When They See Us leaves viewers with a heavy heart. Netflix’s mini-series explores the Central Park Five case, following the injustices faced by people of color within the American criminal justice system. This particular instance captures the agony of wrongful conviction of five boys and the dehumanization they endured, offering a visceral experience that challenges viewers to confront the realities of systemic racism.
Set in a racially charged New York City in 1989, the series immerses its viewers into the lives of Kevin Richardson (Asante Blackk) , Antron McCray (Caleel Harris), Raymond Santana (Marquis Rodriguez), Korey Wise (Jharrel Jerome), and Yusef Salaam (Ethan Herisse). The show starts by showing the boys’ day to day lives, showing five regular teens, before they are accused of a crime that completely shifts the rest of their lives.
Coerced confessions and manipulation by law enforcement made the scenes leading up to their trial heartbreaking and infuriating. The layers of deception that lead to their wrongful convictions, illustrates the failures of the justice system and leaves a bad taste in your mouth.
Jerome’s performance as Korey Wise is particularly noteworthy. He showed a raw and haunting demonstration of incarceration, displaying the lost years and fractured identity that wrongfully convicted individuals often experience. As the story progresses, the shift in the boys’ demeanor and appearance serves as a reminder of the irreversible changes they encountered within the time they served.
WHERE TO WATCH- You can watch the mini-series on Netflix or watch the trailer (runtime:2:58).
Related
?Welcome to day 13 of the 2024 Paris Olympics.
The current Covid-19 wave is wreaking havoc on Olympic athletes. WaPo has reported that at least 40 athletes have tested positive for covid following a report by The World Health Organization that the virus is spreading in at least 84 countries. The athletes are suffering from respiratory symptoms that manifest more intensely than those observed in seasonal illnesses. Health experts have expressed concerns with the lack of initiative to stifle the spread by the IOC.
In other news, the Pharaohs are just one step away from another bronze. The Egyptian Olympic football team will be meeting Morocco to compete for third place later today at 6:00pm. Our homegrown team lost the semifinals to France earlier this week, marking the third time we’ve reached this stage and went home empty handed.
The medal table at the Paris Olympics at time of publication:
USA (27 gold, 35 silver, 33 bronze — 95 total)
China (26 gold, 24 silver, 17 bronze — 67 total)
Australia (18 gold, 14 silver, 11 bronze — 43 total)
TODAY
DON’T MISS-
Basketball men’s semifinals: France vs. Germany (6:30pm), USA vs. Serbia (10:00pm).
Hockey men’s final: Germany vs. Netherlands (8:00pm).
Athletics: Women’s Long jump final (9:00pm), men’s javelin final (9:25pm), men’s 200m final (9:30pm), women’s 400m hurdles final (10:25pm), men’s 110m hurdles final (10:45pm).
TEAM EGYPT:
Cycling: Youssef Zaki in the men’s Omnium race (6:00pm).
TOMORROW
DON’T MISS-
Artistic Gymnastics: Women’s all-around final (3:30 pm)
Table Tennis: China vs. Sweden in men’s team final (4 pm)
Weightlifting: Men’s 89 kg (4 pm), women’s 71 kg (8:30 pm)
Shababco is going to the coast this summer for their first bazaar at D-bay tomorrow. This one-day event is dedicated to showcasing the creative and entrepreneurial spirit of young local brand owners. Enjoy live performances throughout the day from both well-known and up-and-coming local artists. Tickets are out now.
Another tribute night from CJC is dedicated to the Beatles.Glass Onion and WSH will be making their debut at CJC performing their homage to the iconic British band tonight at 10pm. Find the details here.
Wael Kfoury returns to Egypt with a concert at Porto Golf in the North Coast tomorrow at 11pm. Get your tickets here.
NEW ALAMEIN FESTIVAL-
Amr Diab will be taking the New Alamein Festival stage tomorrow at 10pm. Get your tickets here.
Karim Abdelaziz and Nelly Karim will be performing in the play El Sindbad at the New Alamein Festival from today till Saturday, 10 August. Get your tickets here.
TV host Sherif Madkour and Lebanese actress and singer Diana Haddad will be having a live broadcasting of the show 4 Sherif Street at the New Alamein Festival this Saturday, 10 August. The show will start at 10pm, get your tickets here.
The iconic Cairokee will be performing at the festival tomorrow Find your tickets to the band’s show here.
HAPPENING LATER-
Dogs Day Out: Beach edition. Eastwind is hosting another of their iconic DogsDay Out where anyone can come and spend a fun day with their fluffy friend, surrounded by like-minded pet owners. The event will take place Friday, 16 August at Playa Beach and the theme is pirates, so dress accordingly… that goes for the four legged friends too.
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.
The EGX30 rose 0.4% at today’s close on turnover of EGP 3.6 bn (equal to the 90-day average). Regional investors were the sole net sellers. The index is up 15.5% YTD.
In the green: Elsewedy Electric (+2.6%), ADIB (+2.6%), and Alexandria Containers and Cargo Handling (+2.2%).
In the red: Madinet Masr (-2.9%), Juhayna (-2.7%), and Ezz Steel (-2.3%).
The work hard, play hard adage has been floating around for decades, jokingly perhaps, but ultimately a testimony of the importance of a work-life balance. But for some — roughly 15% of the global workforce — the motto is work hard, work harder. What may start as a noble work ethic may distort itself into an obsession and then into an addiction.
Where do you draw the line? Logging some overtime out of dedication or enthusiasm is a sign of an engaged worker, not a workaholic, says behavioral scientist Toon Taris. Pulling the odd all-nighter during busy season or a big project doesn’t ring any alarms either.
The red flags: What gives workaholism away is when your motivations, thoughts, emotions, and behaviors are influenced by and/or revolve around your work, says psychologist Malissa Clark. An “inner compulsion” to work, being preoccupied by work, and experiencing negative feelings during downtime are not markers of a healthy relationship with your job.
It could happen to you. Human resources specialist Jack Hassell interviewed self-diagnosed workaholics, and found that the issue spans across all fields and identity backgrounds. “The patterns of workaholism are essentially the same,” he said, “But they arrived there in completely different ways.”
But people who share similar traits or roles may be more prone to workaholism. Some personality types — like perfectionists, extroverts, and people with Type A personalities, are more likely to slide down this slippery slope. One surprising commonality was that low self-esteem didn’t seem to be a factor in the making of a workaholic, meaning that it was unlikely for it to come from a feeling of inadequacy or having to prove one’s self.
Your employer might not want you to get better. In fact, they may try to exacerbate the proclivity to fall into that trap by stoking competitiveness in the workplace and normalizing long working hours, as was reported in the 2024 Annual Review of Organizational Psychology and Organizational Behavior.
Workplace technology might be adding fuel to the fire too. Applications like Zoom, Slack, and even just email phone apps make workers easy to reach 24/7, and make it difficult to create boundaries between work life and personal life. Receiving work-related notifications outside of working hours may pressure employees to respond promptly to demonstrate their commitment to their job.
Add the shift to the WFH model to the pile. Creating a workspace inside of your living space has also blurred the line between working hours and downtime. A physical distance between your office and your home creates a psychological detachment that boosts your ability to recover from work. Without the material and mental distance, it becomes harder to gear up for work and harder to detach, aggravating the inability of those vulnerable to workaholism to “turn off” the impulse to work, creating a new group of always-on workers.
The kicker? Workaholism doesn’t make you better at your job… A 2016 study also conducted by Clark and her cohorts found no relation between workaholism and job performance. A study from the year before and one from 2020 confirmed these findings, showing that people logging excessive working hours received similar performance scores to colleagues who didn’t put in as much effort.
…In fact, it might make you worse. Taris noted that even though workaholics “create a lot of work for themselves,” their lack of recovery leads to burnout that increases the likelihood of making significant errors that may not just affect their own work, but ones that may be actively harmful on an organizational level. A 2018 study showed that most serious work-related incidents — which included harming patients, breaking equipment, or causing bodily harm to themselves — were more likely to be traced back to workaholics than regular workers.
All work and no play makes Johnny a dull boy. Workaholism doesn’t exist in a vacuum — the addiction has very real health effects outside of the workplace. Clark found that 89 studies conducted throughout the past two and a half decades showed that the higher a person scored on the workaholism scale, the lower they scored on life dissatisfaction. Work addicts also reported more health complaints than any other group of colleagues, especially a category of people who described themselves as work enthusiasts, who reported virtually no health issues at all.
Unfortunately, there are currently no scientific cure-alls for workaholism… Mental health experts say that people who “want to keep working beyond the point of no return” can’t be helped. All those concerned for their health can do is hope they see the light.
…But that doesn’t mean you can’t mitigate the symptoms. A study conducted in 2020 found that workaholics who practiced mindfulness exercises (you can check out our guide for some tips) were able to alleviate symptoms that affected their lives outside of the office. Work psychologist Nina Junker suggests planning recovery by scheduling breaks during work and downtime after working hours.
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