{"id":636717,"date":"2024-08-05T00:00:00","date_gmt":"2024-08-05T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/?post_type=afternoon&#038;p=636717"},"modified":"2025-12-17T15:01:26","modified_gmt":"2025-12-17T15:01:26","slug":"nightmare-on-wall-street","status":"publish","type":"afternoon","link":"https:\/\/enterpriseam.com\/egypt\/afternoon\/nightmare-on-wall-street\/","title":{"rendered":"Nightmare on Wall Street"},"content":{"rendered":"<section id=\"636719\" class=\"issue-section \">\n<div class=\"issue-section__content\">\n<div class=\"stories\">            <!-- Show divider before story section -->\r\n        <div \r\n            class=\"\r\n                story-section            \"\r\n            id=\"636719\">\r\n            \r\n                <div class=\"issue-story-header text-center\">\r\n                    <div class=\"index-number\">1<\/div>\r\n\r\n                    <p class=\"f-graphik\">WHAT WE\u2019RE TRACKING TONIGHT<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2024\/08\/05\/global-stock-selloff-sees-japans-nikkei-face-worst-day-in-37-years\/\">\r\n                            Global stock selloff sees Japan\u2019s Nikkei face worst day in 37 years                        <\/a>\r\n                    <\/h3>\r\n\r\n                    \r\n\t\t\t\t\t\n<div class=\"cta\">\n    <div class=\"cta__btn share-dropdown-cta dropdown-toggle-btn\" style=\"position:relative\">\n        <img decoding=\"async\" src=\"https:\/\/ent.news\/internal\/408834.svg\" alt=\"\">\n        Share Story\n        <!-- Dropdown Menu -->\n        <ul class=\"share-menu\">\n            <li class=\"list-inline-item\">\n                <a href=\"https:\/\/enterpriseam.com\/egypt\/2024\/08\/05\/global-stock-selloff-sees-japans-nikkei-face-worst-day-in-37-years\/\" target=\"_blank\">\n                    Open in new tab                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/new-tab.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a href=\"#\" target=\"_blank\" onclick=\"event.preventDefault(); 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Egypt\u2019s non-oil activity held near the growth threshold at the start of 3Q 2024, with companies seeing only marginal declines in output and new orders, resulting in businesses capping their purchasing rates, according to the report.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>We were hoping that this would be the month that we would finally be in the green: <\/strong>July\u2019s reading dipped slightly to 49.7 in July, down from a three-year peak of <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/13dd8c48-d8d8-405b-91ce-4d5640203db9\/\" style=\"\" rel=\"noopener\">49.9 in June<\/a> \u2014 marking the 44th straight month that the country\u2019s non-oil private sector has been in contraction. News last month that the index showed us only 0.1 point away from the 50.0 mark that separates growth from contraction, had given some hope that July would show the private sector finally entering growth territory.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><a href=\"http:\/\/finance2024.enterprise.news\/\" target=\"_blank\" rel=\"noopener\"><img data-recalc-dims=\"1\" decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/ads\/imgs\/272.jpg?ssl=1\"\/><\/a> <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\">\n<p class=\"tag-border-left\">THE BIG STORY ABROAD<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Japan\u2019s benchmark Nikkei index <\/strong><strong>took its biggest tumble <\/strong><strong>since October 1987 today <\/strong>as <a target=\"_blank\" href=\"https:\/\/www.reuters.com\/markets\/asia\/japans-nikkei-sees-biggest-rout-since-1987-black-monday-2024-08-05\/\" style=\"\" rel=\"noopener\">fears of a US recession<\/a> following disappointing US jobs numbers rattled Asian and European markets. The selloff saw the Nikkei plunge <a target=\"_blank\" href=\"https:\/\/www.reuters.com\/markets\/global-markets-wrapup-1-2024-08-04\/\" style=\"\" rel=\"noopener\">12.4%<\/a>, while over in the states, Nasdaq futures seem ready for their biggest opening drop in four years.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Analysts are pointing to low US jobs growth as the reason behind the global stock selloff:<\/strong> Markets have been pricing in a larger-than-expected 50 bps Fed rate cut since Friday\u2019s anemic US jobs growth data showed nonfarm payrolls increasing by <a target=\"_blank\" href=\"https:\/\/www.reuters.com\/markets\/rates-bonds\/view-soft-us-payrolls-number-opens-door-september-fed-cut-2024-08-02\/\" style=\"\" rel=\"noopener\">only 114k in July<\/a>, down from 179k in June. Some of the year\u2019s hottest stocks have taken a beating as investors rush into safe-haven assets like US Treasury bonds, with 10-year yields briefly hitting their <a target=\"_blank\" href=\"https:\/\/www.reuters.com\/markets\/global-markets-wrapup-1-2024-08-04\/\" style=\"\" rel=\"noopener\">lowest levels<\/a> since mid-2023.<\/p>\n<div class=\"row\">\n<div class=\"col-md-12 subscribe-box-panel\">\n<div class=\"\">\n<div class=\"title\">\n<h4 class=\"fw-lighter mb-10\">   Get <b style=\"font-weight: 700\">Enterprise<\/b> daily   <\/h4>\n<\/p><\/div>\n<p class=\"mb-10\">The roundup of news and trends that move your markets and shape corporate agendas delivered straight to your inbox.<\/p>\n<p>  <a target=\"_blank\" href=\"\/egypt\/en\/user\/NewsLetters\" type=\"button \" class=\"btn-green px-3 d-flex align-items-center\" rel=\"noopener\">Subscribe here<\/a>  <\/div>\n<\/p><\/div>\n<\/p><\/div>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>** CATCH UP QUICK<\/strong> on the top stories from today\u2019s <strong>EnterpriseAM:<\/strong><\/p>\n<ul>\n<li><strong>A USD 40 mn ethane pipeline: <\/strong>A consortium of state-owned companies plans to <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/2c0da62a-2b89-4edc-8cf9-1ecc32d69810\/egyptian-firms-to-build-a-usd-40-mn-ethane-pipeline\" style=\"\" rel=\"noopener\">construct a USD 40 mn pipeline<\/a> to transport imported liquified ethane gas derived from US shale gas from Alexandria's Dekheila Port to Sidi Kerir Petrochemicals and the Egyptian Ethylene and Derivatives Company.<\/li>\n<li><strong>AfDB mulls funding our 1.1 GW wind farm: <\/strong>The African Development Bank (AfDB) is <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/8b6adeb2-4542-420b-b461-22ebaca13fdb\/afdb-could-help-fund-egypt%25e2%2580%2599s-1.1-gw-wind-farm\" style=\"\" rel=\"noopener\">considering financing<\/a> the 1.1 GW wind farm in the Gulf of Suez being carried out by Saudi Arabia\u2019s ACWA Power and Hassan Allam Holding.<\/li>\n<li><strong>Qardy banks on fresh pre-seed funding to boost MSME financing: <\/strong>Digital lending marketplace <a target=\"_blank\" href=\"https:\/\/eqardy.com\/home\" style=\"\" rel=\"noopener\">Qardy<\/a> has <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/6a2dcea9-be4b-4539-b433-c7d1ba6d0375\/egypt%25e2%2580%2599s-qardy-usd-secures-seven-figure-pre-seed-round\" style=\"\" rel=\"noopener\">closed a USD seven-figure pre-seed investment round<\/a> to boost its services in Egypt and fast-track its planned expansion into Saudi Arabia.<\/li>\n<\/ul>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>\u2600\ufe0f <\/strong><strong>TOMORROW\u2019S WEATHER- <\/strong>Mercury is peaking at a high 38\u00b0C before simmering to a moderate low of 26\u00b0C by night, according to our favorite app. Sahel and Alexandria are seeing cooler weather, with a high of 33-34\u00b0C and a low of 25\u00b0C.<\/p>\n\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/capital-markets\/\">capital markets<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/financial-markets\/\">Financial Markets<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/what-were-tracking-tonight\/\">WHAT WE\u2019RE TRACKING TONIGHT<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                    <\/div>\n   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href=\"https:\/\/enterpriseam.com\/egypt\/2024\/08\/05\/the-twilight-of-the-ai-investment-era\/\">\r\n                            The twilight of the AI investment era?                        <\/a>\r\n                    <\/h3>\r\n\r\n                    \r\n\t\t\t\t\t\n<div class=\"cta\">\n    <div class=\"cta__btn share-dropdown-cta dropdown-toggle-btn\" style=\"position:relative\">\n        <img decoding=\"async\" src=\"https:\/\/ent.news\/internal\/408834.svg\" alt=\"\">\n        Share Story\n        <!-- Dropdown Menu -->\n        <ul class=\"share-menu\">\n            <li class=\"list-inline-item\">\n                <a href=\"https:\/\/enterpriseam.com\/egypt\/2024\/08\/05\/the-twilight-of-the-ai-investment-era\/\" target=\"_blank\">\n                    Open in new tab                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/new-tab.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n          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data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/8\/340.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/8\/340.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-636722\" class=\"content-area-description single-story post-636722 post type-post status-publish format-standard has-post-thumbnail hentry category-for-your-commute tag-ai tag-enterprisepm tag-equities tag-for-your-commute tag-wall-street wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<figure class=\"wp-block-audio mb-0\"><audio controls preload=\"metadata\" src=\"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2024\/8\/.07f3c811-f7bb-4d45-b976-b55add1f6f08.mp3\"><\/audio><\/figure><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong> Will AI ever pony up on ROI? Investors aren\u2019t so sure anymore.<\/strong> Two weeks ago, Jim Covello, head of equity research at Goldman Sachs, <a target=\"_blank\" href=\"https:\/\/www.bloomberg.com\/news\/articles\/2024-07-18\/goldman-s-top-stock-analyst-is-waiting-for-ai-bubble-to-burst\" style=\"\" rel=\"noopener\">predicted<\/a> that the AI bubble was about to burst. Just days ago, Wall Street started <a target=\"_blank\" href=\"https:\/\/edition.cnn.com\/2024\/08\/02\/tech\/wall-street-asks-big-tech-will-ai-ever-make-money\/index.html\" style=\"\" rel=\"noopener\">wondering<\/a> when AI was going to become profitable \u2014 if ever.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>In the year and a half since OpenAI <\/strong><strong>kickstarted<\/strong><strong> the modern gold rush,<\/strong> Silicon Valley has <a target=\"_blank\" href=\"https:\/\/www.informationweek.com\/machine-learning-ai\/ai-is-dampening-tech-spending-for-now-\" style=\"\" rel=\"noopener\">poured<\/a> tens of bns of USD into the technology \u2014 at the expense of <a target=\"_blank\" href=\"https:\/\/techcrunch.com\/2024\/08\/01\/tech-layoffs-2024-list\/\" style=\"\" rel=\"noopener\">84.4k workers<\/a> just this year. The chatbots, which are still struggling to <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/96a2809e-ec9b-4276-af1b-d3864353bae9\/british-vivo-energy-wants-in-on-wataniya#:~:text=AND%20IN%20AI%20NEWS%2D%20Google%E2%80%99s%20AI%20Overview%20is%20under%20fire%20for%20being%20extremely%20flawed.\" style=\"\" rel=\"noopener\">differentiate<\/a> between <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/faa98582-acbf-4739-b1d3-559767da1e2a\/consumerism-is-so-last-year#:~:text=AI%20models%20have%20been%20caught%20%E2%80%9C%20hallucinating%2C%E2%80%9D%20with%20ChatGPT%203.5%20%E2%80%94%20which%20the%20LLM%20Suite%20is%20powered%20by%20%E2%80%94%20reporting%20incorrect%20information%20about%20federal%20court%20cases%2069%25%20of%20the%20time.\" style=\"\" rel=\"noopener\">fact and fiction<\/a>, are quickly being used as substitutes for research analysts, coders, and customer service agents, and just as quickly <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/a9d98bdf-5e50-488b-afb0-d02f6f4a1318\/%253cmark%253eai%253c%2Fmark%253e%253cmark%253e-marketing%253c%2Fmark%253e-is-hurting-your-sales\" style=\"\" rel=\"noopener\">losing consumer good faith<\/a> after attempts by Big Tech to substitute human creativity and malicious user manipulation of others\u2019 pictures to generate <a target=\"_blank\" href=\"https:\/\/www.graphika.com\/reports\/a-revealing-picture\" style=\"\" rel=\"noopener\">non-consensual intimate imagery<\/a>. All while chatbots still \u201chave no clear path to monetization.\u201d<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Disappointing earnings and outlooks from tech giants that have gone all-in on AI<\/strong><strong> spending <\/strong><strong>ha<\/strong><strong>ve helped send Silicon Valley stock into a tailspin. <\/strong>Amazon shares were <a target=\"_blank\" href=\"https:\/\/www.cnbc.com\/2024\/08\/02\/amazon-stock-down-12percent-after-third-quarter-outlook-disappoints.html\" style=\"\" rel=\"noopener\">down<\/a> 8.7% at the end of trading last week and Intel stock took a double digit dive after announcing a <a target=\"_blank\" href=\"https:\/\/edition.cnn.com\/2024\/08\/01\/business\/intel-layoffs-chips\/index.html\" style=\"\" rel=\"noopener\">scramble<\/a> to mitigate big AI spending by cutting USD 10 bn in costs and tens of thousands of jobs. Coupled with dispiriting <a target=\"_blank\" href=\"https:\/\/www.bls.gov\/news.release\/empsit.nr0.htm\" style=\"\" rel=\"noopener\">job data<\/a> recently published by the US Bureau of Labor statistics and a surprisingly bleak manufacturing index that caused concern of an approaching US recession, the S&P 500, Nasdaq, and Russell 2k all <a target=\"_blank\" href=\"https:\/\/fortune.com\/2024\/08\/04\/stock-market-crash-economic-outlook-recession-ai-fueled-bubble-fed-rate-cuts\/\" style=\"\" rel=\"noopener\">stumbled<\/a> significantly at the end of last week and seem set to continue the decline as US markets open today.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Some investors expected \u2014 and maybe hoped \u2014 that the tech giants would soften their<\/strong><strong> gung-ho attitude and rein in AI spending.<\/strong> These AI-forward companies are being asked when the tech is expected to \u201ccreate greater value over time versus just cutting costs.\u201d Investors want to know whether AI monetization will ever match its capital expenditure requirements and whether all AI has generated was \u201ctoo much spend, too little benefit.\u201d <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Instead of comforting or convincing numbers, Google, Microsoft, and Meta had opted to<\/strong><strong> double down on their AI expenditure<\/strong>, announcing plans to pour additional bns into the field, hedging all their bets on an AI-powered future. In addition to the additional greenbacks, tech leaders have asked for time. And a lot of it. \u201c[Fifteen] years and beyond,\u201d estimated Microsoft CFO Amy Hood. Meta CFO Susan Li was more vague, predicting returns \u201cover a longer period of time,\u201d making it out to be the cost of early market entry. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The cash cow is dead.<\/strong> Silicon Valley had long been a reliable source of profit growth on a quarterly basis, making it a hotspot \u2014 and safe bet \u2014 for investors. DA Davidson analyst Gil Luria explained that returns on a 10-15 year timeline has changed the goalposts, making funding AI \u201ca venture investment, [not] a public company investment.\u201d Current applications of the technology are nowhere near justifying the expenditure requirements, said Luria, corroborated by Covello, who believes \u201cthe technology isn\u2019t designed to solve the complex problems that would justify the costs.\u201d<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>CNN has used Tesla\u2019s lofty AI goals as a cautionary tale.<\/strong> The auto manufacturer has marketed AI-powered \u201cfull self-driving\u201d Autopilot technology as a core feature of their vehicles <a target=\"_blank\" href=\"https:\/\/www.consumerreports.org\/cars\/autonomous-driving\/timeline-of-tesla-self-driving-aspirations-a9686689375\/\" style=\"\" rel=\"noopener\">since 2015<\/a>, pledging full capability in the near future for the past nine years. But it has never graduated beyond driver-assist technology, a far cry from CEO Elon Musk\u2019s claims, and one consistently flagging safety concerns, having been at the center of <a target=\"_blank\" href=\"https:\/\/static.nhtsa.gov\/odi\/inv\/2022\/INCR-EA22002-14496.pdf\" style=\"\" rel=\"noopener\">956 crashes and 29 deaths<\/a> in the past four years.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>How long will investors hold out?<\/strong> Luria doesn\u2019t see them lasting beyond early next year before they pressure the tech giants to pull back on infrastructure investments and expenditures until revenue growth signals optimistic long-term projections.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>A minority of experts are less fatalistic, and are calling for investor grace.<\/strong> Claudia Sahm, an economist that developed the typically reliable <a target=\"_blank\" href=\"https:\/\/economictimes.indiatimes.com\/news\/international\/us\/what-is-sahm-rule-a-recession-indicator-that-has-been-triggered-in-the-u-s-how-does-it-affect-you\/articleshow\/112259682.cms?from=mdr\" style=\"\" rel=\"noopener\">Sahm Rule<\/a> recession indicator, <a target=\"_blank\" href=\"https:\/\/fortune.com\/2024\/08\/02\/recession-indicator-claudia-sahm-rule-trigger-unemployment-rate-jobs-report\/#\" style=\"\" rel=\"noopener\">isn\u2019t alarmed<\/a> by the perceived red flags, noting that household income, consumer spending, and business investment are holding up. Recent <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/faa98582-acbf-4739-b1d3-559767da1e2a\/consumerism-is-so-last-year\" style=\"\" rel=\"noopener\">spending movements<\/a> born by social media and <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/a9d98bdf-5e50-488b-afb0-d02f6f4a1318\/%253cmark%253eai%253c%2Fmark%253e%253cmark%253e-marketing%253c%2Fmark%253e-is-hurting-your-sales\" style=\"\" rel=\"noopener\">consumer sentiment<\/a> clouding purchasing of AI-powered products may see the tides turn against Sahm\u2019s favor.<\/p>\n\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/ai\/\">AI<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/equities\/\">equities<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/for-your-commute\/\">FOR YOUR COMMUTE<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/wall-street\/\">Wall Street<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                    <\/div>\n    <\/div>\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"636724 advertiser\" class=\"issue-section enterprise-adv\">\n<div class=\"issue-section__content\">\n<div class=\"stories\">            <!-- Show divider before story section -->\r\n        <div \r\n            class=\"\r\n                            \"\r\n            id=\"636724\">\r\n            \r\n            <div class=\"story__body\">\r\n\r\n                <a href=\"https:\/\/enterpriseam.com\/egypt\/2024\/08\/05\/636724\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-636724\" class=\"content-area-description single-story post-636724 post type-post status-publish format-standard hentry category-advertiser wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<p><span style=\"font-weight:400;\"><a href=\"https:\/\/www.mashreq.com\/en\/uae\/neo\/\" target=\"_blank\" rel=\"noopener\"><img data-recalc-dims=\"1\" decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2024\/7\/989.jpg?ssl=1\"><\/a><\/span><\/p>\n\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"636725\" class=\"issue-section \">\n<div class=\"issue-section__content\">\n<div class=\"stories\">            <!-- Show divider before story section -->\r\n        <div \r\n            class=\"\r\n                story-section            \"\r\n            id=\"636725\">\r\n            \r\n                <div class=\"issue-story-header text-center\">\r\n                    <div class=\"index-number\">3<\/div>\r\n\r\n                    <p class=\"f-graphik\">ENTERPRISE RECOMMENDS<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2024\/08\/05\/celebrate-everyday-ingredients\/\">\r\n                            Celebrate everyday ingredients                        <\/a>\r\n                    <\/h3>\r\n\r\n                    \r\n\t\t\t\t\t\n<div class=\"cta\">\n    <div class=\"cta__btn share-dropdown-cta dropdown-toggle-btn\" style=\"position:relative\">\n        <img decoding=\"async\" src=\"https:\/\/ent.news\/internal\/408834.svg\" alt=\"\">\n        Share Story\n        <!-- Dropdown Menu -->\n        <ul class=\"share-menu\">\n            <li class=\"list-inline-item\">\n                <a href=\"https:\/\/enterpriseam.com\/egypt\/2024\/08\/05\/celebrate-everyday-ingredients\/\" target=\"_blank\">\n                    Open in new tab                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/new-tab.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a href=\"#\" target=\"_blank\" onclick=\"event.preventDefault(); 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This is the oldest and truest recipe I know of.\u201d This sets the stage for <a target=\"_blank\" href=\"https:\/\/www.imdb.com\/title\/tt18225192\/\" style=\"\" rel=\"noopener\">Omnivore<\/a>, a docuseries that delves into the origins of the humble ingredients forming the basis of meals around the world, a visually stunning and informative exploration that celebrates everyday ingredients.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>What to expect: <\/strong>The first episode explores the chili pepper's journey, which begins in the Amazonian rainforest. Redzepi explains how the spiciness of the pepper was an evolutionary development that deterred animal consumption, with the exception of birds who lack the receptors to detect spiciness. By eating the seeds, the birds were able to spread them far and wide (through less savory methods). <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The episode covers the history of the Scoville scale, <\/strong>and visits various global locales that hold the pepper dear. In Serbia, we see a family\u2019s multigenerational effort to grow and process paprika peppers. Avery Island, Louisiana, showcases the Tabasco pepper's legacy, while Bangkok introduces us to the potent Prik Kee Noo pepper. Back in Copenhagen, Redzepi challenges his Noma staff with a ghost pepper derivative, leading to teary, sniffly reactions.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>WHERE TO WATCH - <\/strong>You can watch the docuseries on <a target=\"_blank\" href=\"https:\/\/tv.apple.com\/eg\/show\/omnivore\/umc.cmc.3m567dtk8qcawdjwnagsr1jbs\" style=\"\" rel=\"noopener\">Apple TV+<\/a> or watch the trailer (<a target=\"_blank\" href=\"https:\/\/www.youtube.com\/watch?v=dwUaHDc1LL0\" style=\"\" rel=\"noopener\">runtime:<\/a><a target=\"_blank\" href=\"https:\/\/www.youtube.com\/watch?v=dwUaHDc1LL0\" style=\"\" rel=\"noopener\">1:09<\/a>).<\/p>\n\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" 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class=\"enterprise-adv issue-section\">\r\n    <div class=\"issue-section__content\" style=\"flex-direction: column;\">\r\n  \r\n                <h4 class=\"wp-block-heading has-text-align-center has-normal-font-size\">\r\n                <span class=\"has-primary-color stk-highlight\">This publication is proudly sponsored by<\/span><\/h4>\r\n                \r\n\r\n                \r\n                <div class=\"wp-block-stackable-carousel alignwide stk-block-carousel stk--is-slide stk--infinite-scroll stk--arrows-justify-space-between stk--arrows-align-center stk-block stk-a38cfb2 sponsor-slider-container mb-0\" data-slides-to-show=\"3\" data-block-id=\"a38cfb2\"><style>.stk-a38cfb2 {--slides-to-show:3 !important;}.stk-a38cfb2 .stk-block-carousel__button{background:#00000099 !important;fill:#FFFFFF !important;border-radius:4px !important;}.stk-a38cfb2 .stk-block-carousel__button svg.ugb-custom-icon :is(g, path, rect, polygon, ellipse){fill:#FFFFFF !important;}<\/style>\r\n           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class=\"issue-sponsor-slide\">\r\n                <img data-recalc-dims=\"1\" decoding=\"async\" draggable=\"false\" src=\"https:\/\/i0.wp.com\/ent.news\/internal\/240936.jpg?ssl=1\">\r\n                <div class=\"overlay\"><\/div>\r\n                <div class=\"content\">\r\n                    <a draggable=\"false\" href=\"https:\/\/cira.com.eg\/\" target=\"_blank\" class=\"logo\" rel=\"noopener\">\r\n                        <img decoding=\"async\" draggable=\"false\" src=\"https:\/\/ent.news\/internal\/27480.svg\" alt=\"\">\r\n                    <\/a>\r\n                    <span>Shaping the future of education in Egypt<\/span>\r\n                <\/div>\r\n            <\/div>\r\n            <\/div><\/div><\/div>\r\n        <\/div><div class=\"stk-block-carousel__buttons\"><button class=\"stk-block-carousel__button stk-block-carousel__button__prev\" aria-label=\"Previous slide\"><svg aria-hidden=\"true\" focusable=\"false\" data-prefix=\"fas\" data-icon=\"chevron-left\" 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markets are doing on 5 August 2024                        <\/a>\r\n                    <\/h3>\r\n\r\n                    \r\n\t\t\t\t\t\n<div class=\"cta\">\n    <div class=\"cta__btn share-dropdown-cta dropdown-toggle-btn\" style=\"position:relative\">\n        <img decoding=\"async\" src=\"https:\/\/ent.news\/internal\/408834.svg\" alt=\"\">\n        Share Story\n        <!-- Dropdown Menu -->\n        <ul class=\"share-menu\">\n            <li class=\"list-inline-item\">\n                <a href=\"https:\/\/enterpriseam.com\/egypt\/2024\/08\/05\/what-the-markets-are-doing-on-5-august-2024\/\" target=\"_blank\">\n                    Open in new tab                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/new-tab.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a href=\"#\" target=\"_blank\" onclick=\"event.preventDefault(); 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alt=\"\"> -->\n                <\/a>\n            <\/li>\n        <\/ul>\n    <\/div>\n        <\/div>\r\n                    \r\n                <\/div>\r\n\r\n            \r\n            <div class=\"story__body\">\r\n\r\n                <a href=\"https:\/\/enterpriseam.com\/egypt\/2024\/08\/05\/what-the-markets-are-doing-on-5-august-2024\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-636733\" class=\"content-area-description single-story post-636733 post type-post status-publish format-standard hentry category-go-with-the-flow tag-egx tag-enterprisepm tag-go-with-the-flow wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<figure class=\"wp-block-audio mb-0\"><audio controls preload=\"metadata\" src=\"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2024\/8\/.5863f4ff-1a8d-4601-8a36-c24fd4f6fd55.mp3\"><\/audio><\/figure>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The EGX30 fell 2.3% at today\u2019s close<\/strong> on turnover of EGP 4.1 bn (14.4% above the 90-day average). Foreign investors were net buyers. The index is up 11.8% YTD.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>In the green: <\/strong>Oriental Weavers (+1.3%), Telecom Egypt (+1.3%), and ADIB (+1.0%).<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>In the red: <\/strong>Elsewedy Electric (-6.4%), Eastern Company (-5.8%), and Amoc (-5.8%).<\/p>\n\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/egx\/\">EGX<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/go-with-the-flow\/\">Go with the Flow<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                    <\/div>\n    <\/div>\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"636734\" class=\"issue-section \">\n<div class=\"issue-section__content\">\n<div class=\"stories\">            <!-- Show divider before story section -->\r\n        <div \r\n            class=\"\r\n                story-section            \"\r\n            id=\"calendar\">\r\n            \r\n            <div class=\"story__body\">\r\n\r\n                <a href=\"https:\/\/enterpriseam.com\/egypt\/2024\/08\/05\/636734\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-636734\" class=\"content-area-description single-story post-636734 post type-post status-publish format-standard hentry category-enterprise-entertainment-calendar wpautop entry\">\n\n\t\t\t<hr class=\"wp-block-separator has-text-color has-primary-color has-alpha-channel-opacity has-primary-background-color has-background is-style-wide\">\n\n\t\t<h2 class=\"wp-block-heading mt-0 has-primary-color has-text-color has-link-color has-normal-font-size\" style=\"padding-top:0px;padding-right:0px;padding-bottom:0px;padding-left:0px\">\n\t\t\t<strong> ENTERPRISE ENTERTAINMENT CALENDAR<\/strong>\n\t\t<\/h2>\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">AUGUST<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span>16 July-15 October (Tuesday-Tuesday): <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/www.facebook.com\/EgyptianMOC\/posts\/pfbid07vXLdrnGGxZCRKuyzdjKzWVcG5e95dseaTKHtpMiHLvcx2NAKXpjJC6f5uiuQPyVl\" style=\"\">In the Company of Mahmoud Said<\/a><\/span><span style=\"font-weight:400;\"> exhibition at Aisha Fahmy Palace.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span>11 June-2 September (Tuesday-Monday): <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/www.instagram.com\/bibliothekegypt\/p\/C79SqeoNtqQ\/\" style=\"\">Afashat w Aflam exhibition<\/a><\/span><span style=\"font-weight:400;\"> at Bibliothek.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span>11 July-30 August (Thursday-Friday): <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/www.facebook.com\/NewAlameinFestival\/\" style=\"\">New Alamein Festival<\/a><\/span><span style=\"font-weight:400;\"> at North Coast.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span>18 July-10 August (Thursday-Saturday): <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/www.cairoopera.org\/en\/calendar\/\" style=\"\">Summer Music Festival<\/a><\/span><span style=\"font-weight:400;\"> at the Cairo Opera House.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span>4-6 August (Sunday - Tuesday): <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/10times.com\/edu-gate\" style=\"\">Edugate 2024<\/a><\/span><span style=\"font-weight:400;\"> at Royal Maxim Palace Kempinski.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span>6 August (Tuesday): <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/www.instagram.com\/p\/C-Iii_1NGfO\/\" style=\"\">Ahmed Khairy<\/a><\/span><span style=\"font-weight:400;\"> at The Boom Room.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span>6 August (Tuesday): <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/www.instagram.com\/p\/C-CymWdR8t5\/\" style=\"\">Karaoke Night<\/a><\/span><span style=\"font-weight:400;\"> at CJC 610.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span>8 August (Thursday): <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/www.instagram.com\/p\/C-HzO4TOlGC\/\" style=\"\">The Beatles tribute night<\/a><\/span><span style=\"font-weight:400;\"> at CJC.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span>8-10 August (Thursday-Saturday): <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/www.instagram.com\/p\/C9pISTMtgP7\/\" style=\"\">El Sindbad<\/a><\/span><span style=\"font-weight:400;\"> at the New Alamein Festival.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span>9 August (Friday): <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/www.instagram.com\/shababco\/?hl=en\" style=\"\">Shababco<\/a><\/span><span style=\"font-weight:400;\"> at D-Bay.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:400;\">9 August (Friday): Amr Diab at New Alamein Festival.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span>9 August (Friday): <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/www.ticketsmarche.com\/event\/5635\" style=\"\">Wael Kfoury concert<\/a><\/span><span style=\"font-weight:400;\"> at Porto Golf.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:400;\">23 August (Friday): Cairokee at New Alamein Festival.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">SEPTEMBER<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span>15 September (Sunday): National holiday in observance of Prophet Muhammad\u2019s birthday (TBC).<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700;\">OCTOBER<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:400;\">6 October (Sunday): Armed Forces Day.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span>29-30 October (Tuesday-Wednesday): <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/platforms-root-technologies.com\/icec-2024\/\" style=\"\">Intelligent Cities Exhibition & Conference (ICEC)<\/a><\/span><span style=\"font-weight:400;\"> at Waldorf Astoria.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">DECEMBER<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span>14 December (Saturday): <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/www.instagram.com\/pyramidshalfmarathon\/\" style=\"\">The Marakez Pyramids Half Marathon<\/a><\/span><span>.<\/span><\/p>\n\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n","protected":false},"excerpt":{"rendered":"","protected":false},"featured_media":636718,"template":"","categories":[],"tags":[],"class_list":["post-636717","afternoon","type-afternoon","status-publish","has-post-thumbnail","hentry","wpautop","entry"],"acf":{"mongo_id":"34f09b86-247b-4cc0-9a0b-3b595af99887","teaser":"","photo_url":"https:\/\/ent.news\/2024\/5\/639.jpg"},"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.1 (Yoast SEO v27.1.1) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Nightmare on Wall Street - EnterpriseAM Egypt<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/enterpriseam.com\/egypt\/afternoon\/nightmare-on-wall-street\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" 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