PM — A very, very slow start to September

Good afternoon, ladies and gents, and welcome to the end of the workweek. It’s a shockingly slow start to the month of September — so slow, in fact, that for the first time in recent history, we have no big story on the home front to speak of.

THE BIG STORY ABROAD

The international press also doesn’t have a “big story” per se, with a smattering of headlines: The IMF and Sri Lanka have come to a preliminary agreement on a loan of roughly USD 2.9 bn over four years, the global lender confirmed in a statement today, as the island nation attempts to recover from its worst economic crisis in over seven decades. This comes only days after the fund and Pakistan reached an agreement on a USD 1.1 bn loan package to prevent default in Pakistan. The story is getting ink from Reuters. Also getting coverage across the international business press: The US Federal Reserve’s continued monetary tightening cycle and the expectation of a recession is fueling market concerns that the US central bank is making a “major policy error” and fueling a sell-off (CNBC | Wall Street Journal).

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Tell us how you’re feeling about your business and the wider economy and we’ll be back with the results just in time to give you a sense of what everyone else is thinking heading into budget season.

How has 2022 been for your business? And how do you feel about what’s left of the year? Are you investing? Do you plan to hire new staff (or make cuts to your existing staff) now or in 2023? What’s the USD / EGP rate you expect to use for your 2023 budget? Where do you see your industry as a whole heading?

Make your voice heard in our Fall Reader Survey. It won’t take more than a few minutes to complete.

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HAPPENING NOW-

The third Egypt- and UN-led regional climate roundtable is on in Santiago: The two-day event will see climate negotiators discuss climate finance with private- and public-sector stakeholders ahead of the COP27 summit in November.

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

• BNP Paribas has revised down its prediction on the size of the loan we’ll be getting from the IMF to USD 3-5 bn and expects talks with the IMF to conclude by September or October.
• Alex Medical taps advisors to weigh in on acquisition bid: Alexandria Medical Services has appointed Andersen as its financial advisor to study Tawasol Holdings and LimeVest’s bid to acquire up to 74% of the company.
• Cabinet assigned land plots for the solar and wind plants that will power the country’s first green hydrogen plant, a 100 MW facility being built by a consortium of Norway’s Scatec, Nassef Sawiris-backed ammonia producer Fertiglobe and Orascom Construction.

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???? CIRCLE YOUR CALENDAR-

Our monthly list of data points to keep your eye on over the next few days and weeks:

• PMI data: Data measuring activity in Egypt’s non-oil private sector will be released on Monday, 5 September.
• Foreign reserves figures for August should be out during the first week of the month.
• Inflation figures: Inflation data for August from CAPMAS will land on Saturday, 10 September. Expect the Central Bank of Egypt to follow up on Sunday, 11 September with its inflation report.
• Interest rates: The Central Bank of Egypt’s Monetary Policy Committee meets on Thursday, 22 September to review interest rates.

The German-Arab Chamber of Industry and Commerce will commemorate 70 years of German-Egyptian business and economic ties with a gala celebration on 15 September.

National dialogue agenda drops: The National Dialogue’s board of trustees will hold a meeting on Monday, 5 September to set the agenda for the dialogue and choose rapporteurs for the involved committees.

Check out our full calendar on the web for a comprehensive listing of upcoming news events, national holidays and news triggers.

☀️ TOMORROW’S WEATHER- It’s going to be a sunny weekend: Expect daytime highs of 38°C on Friday and Saturday, and nighttime lows of 24°C.

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WE’RE LOOKING FOR SMART, TALENTED PEOPLE to help us build some very cool new things. Today, we run two daily publications, one regional publication, five weekly industry verticals, and a monthly newsletter 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 >199k readers by telling stories that matter.

We’re looking for editors who want to run publications and teams, editors to help reporters craft stories, and talented reporters. 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.

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Could we be headed to Mars soon? Although SpaceX founder (and self-determined expert on the solar system, apparently) Elon Musk believes a manned mission could be sent to the Red Planet by 2029, ambitions to land humans on Mars could still be some ways away from materializing, Bloomberg writes. At issue: The small detail of how we’re going to breathe. Scientists have not yet been able to effectively convert resources on Mars into oxygen. Aside from the obvious “allowing humans to survive” aspect, oxygen is also key to propel the rocket once the mission is complete to allow for a return to Earth.

Any promising attempts so far? MIT-led Mars Oxygen In-Situ Resource Utilization Experiment, also known as Moxie, has had some promising successes. Last year, Moxie was able to produce almost the equivalent of a tree’s production. Not enough to sustain human life, but an important step forward nonetheless. Researchers are also exploring the extraction of gas from the layer of permafrost covering much of the Red Planet, according to a study published in the Journal of Applied Physics.

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Wait, didn’t this used to be complimentary? Things that used to be on the house like grocery bags and aisle seats on flights are now being classified as add-ons and extras that come with an additional price tag, the Wall Street Journal writes. Need a copy of your own bank statement from last month? Be prepared to cough up some extra dough. Staying at a hotel used to mean you could sit anywhere you liked at the pool. Those days are gone, with several hotels now charging guests for sunbeds in prime locations and if you want your own private cabana be prepared to pay a premium. And the rise of subscription payments has people making monthly or annual payments for music and movies rather than paying once for music albums or DVDs.

You can blame Google for all the additional costs: Search engines have made it infinitely easier to compare prices. Companies have had to adapt to the increased price visibility by lowering the base price/rate that they advertise and are making up the difference through added fees and extra costs, the WSJ says.

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Netflix ads could be coming as soon as this November, and they won’t be cheap for advertisers: Netflix wants to charge brands above-market rates to advertise on its soon-to-be-launched ad-supported service, ad buyers recently told the Wall Street Journal. This indicates that the streaming giant expects a lot of business from companies that have been trying to reach its audience for years. Netflix reportedly told the ad buyers that the ad-supported service will be live on 1 November — earlier than the 2023 launch that was previously announced. This comes after Netflix announced it has hired two of Snap Inc's top execs to spearhead its advertising sales team.

Netflix reportedly wants to charge advertising around USD 65 for each 1k users (using a metric called CPM, or cost per thousand) — a significant premium above the majority of other streaming services, the ad buyers said.

But what happened to no-commercial promises? Netflix is being forced to offer an ad-supported subscription after suffering two consecutive quarters of subscriber losses and losing almost two-thirds of its market value this year. The streaming behemoth has always been opposed to running advertisements, but the change of heart comes amid a crowded landscape of competitors and the reality of growth challenges..

???? ON THE TUBE TONIGHT-
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Welcome to Wrexham is a real-life Ted Lasso story: The docuseries follows Hollywood actors Ryan Reynolds and Rob McElhenney’s acquisition and management of Wrexham AFC, one of the oldest professional football clubs in the world, which is currently in the fifth tier of English football. (Sidenote: It appears soccer is having its moment in the US — a testament to the success of the widely popular Apple TV+ series Ted Lasso, which centers on an American football manager who heads to London to coach a struggling Premier League team.) But whether or not you’re a football fan, Welcome to Wrexham has a lot of universally-enjoyable moments. The raw footage has been edited masterfully, while dramatic music, slow-mo images, and suspenseful plot twists increase intensity during matches. You can’t help but be engrossed over the eight episodes of the Disney+ show. McElhenney and Reynolds’ charm and lighthearted banter is what initially drew us in, but the series’ most interesting characters are the down-to-earth local fans.

⚽ Speaking of English football, Gameweek 5 of the English Premier League concludes tonight with a match between Leicester City and Manchester United at 9pm

And have you joined the Enterprise Fantasy League yet? If not, just click here or enter the following code: 8o4sut.

There are no noteworthy matches to watch tomorrow, but Saturday more than makes up for it: There are eight EPL games taking place, starting with the Merseyside derby between Everton and Liverpool at 1:30pm.

Then at 4 pm: West Ham v Chelsea, Spurs v Fulham, Leeds v Brentford, Bournemouth v Nottingham, Crystal Palace v Newcastle, and Southampton v Wolverhampton.

The final match of the day will kick off at 6:30pm between Aston Villa and Manchester City.

Over in Spain’s La Liga, Real Mallorca hosts Girona at 2pm, Real Madrid faces Real Betis at 4:15pm, Real Sociedad faces Atlético Madrid at 6:30pm, and Barcelona plays against Sevilla at 9pm.

In Italy’s Serie A, the Milan-Inter derby kicks off at 6pm. Earlier, Fiorentina faces Juventus at 3pm and later, Lazio plays against Napoli at 8:45 pm.

???? EAT THIS TONIGHT-

We’re giving Oke the okay: The latest concept from Izakaya creators Sanctum Hospitality, pan-Asian restaurant Oke opened in Arkan this year, offering the same fresh sushi at a more affordable price point and a more family-friendly dining experience. If you’re into more classic sushi rolls, the Al Fresco is definitely the way to go. For those of you craving more adventurous flavors, we recommend the Parmesan roll, which has prawn tempura, avocado and grilled spring onions, rolled in scallops and parmesan sauce, topped with leek chips. Sounds messy but the flavors mesh well together. If you can’t stomach raw fish, there are plenty of main options, from beef teriyaki to the Izakaya burger, a fan favorite which they brought over to the new restaurant’s menu. There are also plenty of dessert options including classic western desserts like donuts that incorporate Asian flavors.

???? OUT AND ABOUT-
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Amr Gahin & Amira Reda perform their renditions of oriental songs mixing in some reggae and funk at Room Garden City at 9pm tonight.

Or get in on the singing at Karaoke Night at Room New Cairo at 8pm.

Feeling nostalgic? DJ Mobbz and DJ Doggy Dog are playing old pop hits in their CJC 610 debut this Friday at 8pm.

Egyptian singer, composer, and music producer Mosad Ozil is performing his original songs and his take on a few traditional Arabic songs at Room Art Space Garden City at 9pm on Saturday.

???? EARS TO THE GROUND-

Conscious Chatter explores the stories behind our everyday outfits, where they were made, who made them, and what they were made of. The podcast zones in on the impact the fashion industry has on the environment and ways we can make more conscious consumer choices. Host Kestrel Jenkins speaks to industry experts, from environmental scientists to cotton farmers, to explore different facets of the industry and what obstacles impede the rise of sustainable fashion. In a recent episode, Jenkins and guest host Dion Terrelonge, a chartered psychologist and stylist, delve into fashion psychology, the ways buying behavior has been affected by fast fashion, the implications of aligning the experience of buying new clothes with happiness, and how to be more mindful when making shopping decisions.

???? UNDER THE LAMPLIGHT-

The EGX30 fell 0.6% at today’s close on turnover of EGP 1.04 bn (16.4% above the 90-day average). Foreign investors were net sellers. The index is down 16.8% YTD.

In the green: Eastern Company (+2.6%), e-Finance (+2.1%) and Sidi Kerir Petrochemicals (+1.2%).

In the red: Mopco (-5.2%), Palm Hills Development (-4.0%) and Cleopatra Hospitals (-3.2%).

Gen Z has had enough with unrealistic depictions of life on social media: Launched in 2020 by French entrepreneurs Alexis Barreyat and Kevin Perreau, a relatively new social media platform called BeReal has rapidly gained popularity in recent months among many Gen Zers (those born between 1997 and 2012) for its no-BS approach to life online. The emergence of BeReal and similar kinds of anti-fame apps, with the number of users they’ve so far drawn, might indicate a weariness towards older platforms where the pursuit of viral content and enormous follower counts have made online experiences less personal and often frustrating.

Unfiltered and unremarkable: The idea behind BeReal is simple: It aims to drive more authentic engagement on its app by requiring users to snap and post two photos (one through your front camera and the other from the back) daily before being granted access to their feeds. Users typically get a random notification at some point during the day, giving them a two-minute window to post whatever it is they’re doing at the time — no matter how boring or mundane. It is partially because of these constraints that some have called the app the “anti Instagram,” and for many these kinds of casual online exchanges, reminiscent of the early days of social media, are exactly what’s so appealing about BeReal.

Are TikTok and Instagram no longer cool? At the core of BeReal’s rise is a general sense of dissatisfaction among younger cohorts of consumers with older and/or larger social media giants like Facebook, TikTok, and Instagram, that reward virality and more polished depictions of people’s lives. The incentive for people to amass some level of fame or influence — two central components of what make TikTok and Instagram so engaging — is another place where big tech companies seem to lose out on the battle over authenticity. BeReal explicitly tries to distance itself from these platforms for precisely this reason: “BeReal won’t make you famous. If you want to become an influencer you can stay on TikTok and Instagram,” the app’s description reads.

But some think this (still) reeks of BS: Though the restrictions baked into the way BeReal functions seems to at least limit how highly curated people’s online personas can be, it still can’t do away with the fundamental issue of performance so deeply embedded in the way users interact with larger platforms, the New Yorker writes. This potentially makes the whole enterprise of authenticity over a social media platform a futile pursuit. Instagram has also seen a rise in what Mashable dubs “casual” posting, where users post content that appears to be imperfect, but actually requires just as much curation and energy behind the scenes. “Casual Instagram is all about a studied carelessness … but like anything on social media, it’s still a performance.”

And there’s the “all-in or all-out” dilemma: There’s also the problem of constant engagement that BeReal demands through its requirement that users post daily to be able to see others’ content, which could set in motion entirely new problems — like over-engagement and burnout.

Some have big expectations for alternative social media apps: It’s not yet clear how financially lucrative this anti-attention social media wave will turn out but backers are already putting money behind this new crop of apps. Since its inception, BeReal has ascended to the top spot in Apple’s list of top apps at no charge on its App Store with a total of some 28 mn downloads as of August. The company is also reportedly in the process of closing a funding round led by Yuri Milner’s DST Global that will send its valuation skyrocketing to some USD 630 mn. This comes after the company in June raised USD 30 mn in a series A round led by Andreessen Horowitz. Meanwhile, Locket, another close circle app that allows users to send photos directly to friends’ home screens, has recently raised some USD 12.5 mn through a funding round led by OpenAI’s Sam Altman.

Then again, this could just be another micro trend: There is of course the possibility that apps like BeReal will be subject to the same fate as once popular platforms like Clubhouse, which saw a swift rise and fall at the height of the pandemic. The looming threat of having a larger and better funded competitor come in with a copy — which Instagram is reportedly already working on — might help bring its popularity to a halt by absorbing users craving a more toned down form of social media.