PM — EVs are picking up

Good afternoon, friends. It’s finally the end of what has been a very busy week. So busy, in fact, that we had a bit of a Freudian slip in yesterday’s edition of EnterprisePM, when we suggested that we’re entering a long weekend. Our apologies for the false hope.

We do, however, have a long weekend next week: Next Thursday, 26 January will be a paid holiday for public and private sector workers to mark Police Day and the 25 January revolution, which both fall on the preceding Wednesday, Prime Minister Moustafa Madbouly confirmed in a statement yesterday. We’re keeping our eyes peeled for the central bank and stock exchange to make their own announcements.

THE BIG STORY TODAY

B Investments plans EGP 2 bn investments this year: Private equity player B Investments is planning to invest EGP 2 bn (USD 67.5 mn) through two acquisitions in the healthcare and food and beverage industries, Bloomberg Asharq quotes Chairman Hazem Barakat as saying. The firm expects to close one healthcare acquisition in 1Q 2023, followed by a food and beverage acquisition in 2Q 2023, according to Barakat.

THE BIG STORY ABROAD

There’s no single story leading the conversation in the international business press this afternoon. Among the stories making the rounds:

• The European Central Bank will likely keep up its monetary tightening cycle to tamp down inflation, president Christine Lagarde said. (Financial Times)
• Turkey’s central bank left interest rates unchanged again, but could be moving towards interest rate cuts in the future. (Bloomberg)
• French citizens are striking to protest against President Emmanuel Macron’s pension reform plan, which would push back the national retirement age by two years. (Reuters)

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

• Prime Minister Moustafa Madbouly has good news for manufacturers and growers: In a press conference following yesterday’s weekly cabinet meeting, the PM announced the approval of new 11% subsidized loans for industry and agriculture as well as a 40% y-o-y increase in the price the state will pay local farmers for wheat this season.
• IMF pact, EGP flexibility get the thumbs up from Fitch: Our USD 3 bn loan agreement with the IMF and the move to a permanently flexible exchange rate regime have garnered praise from Fitch Ratings, although our sovereign debt remains at risk of a downgrade if our external position continues to be squeezed in the short term.
• Egypt’s tourism revenues will rise almost 20% in 2023 as more people visit the country on the back of a weaker EGP and the easing of covid-era travel curbs, with revenues expected to reach a record USD 13.6 bn this year, Fitch Solutions expects.

???? CIRCLE YOUR CALENDAR-

The Cairo International Book Fair will open its doors to the public at the International Exhibition Center in New Cairo next Thursday, 26 January, according to Youm7. The event, which runs until 6 February, is expected to draw mns of visitors during the two weeks. The book fair has launched a mobile app for the event (get the Android version here.) Meanwhile, Ahram Online is out with a feature on how soaring paper prices have put a squeeze on the publishing industry ahead of the event.

Italian Deputy Prime Minister and Foreign Minister Antonio Tajani will visit Egypt this coming Saturday, 21 January and Sunday, 22 January, Italy’s Agenzia Nova reports.

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

☀️ TOMORROW’S WEATHER- Expect a mainly sunny weekend with daytime highs of 21-23°C and nighttime lows of 10°C, our favorite weather app tells us.

EVs are getting a bigger slice of the market share pie, thanks to China + Europe: Out of the c.80.6 mn cars sold worldwide last year, electric vehicles accounted for 10%, marking a “milestone” for EVs’ market share, the Wall Street Journal reports, citing industry data. Globally, EV sales rose 68% y-o-y to reach 7.8 mn units in 2022 — at the same time that the total number of vehicles sold dipped 1% y-o-y. The surge was led primarily by China, where 19% of cars sold were EVs, along with Europe, where EVs accounted for 11% of sales. In the US, EVs’ market share rose just 2.3 percentage points y-o-y and conventional vehicles continue to account for nearly 95% of automotive sales.

Expect to see EVs’ market share growing faster, soon — but volumes may drop: Automotive players expect to see “strong growth” in the sale of electric vehicles in the next few years, particularly as conventional automakers begin rolling out their own electric models and industry leader Tesla introduces new models. In China, the “tipping point” where EV sales are on par with conventional vehicles could come “between 2025 and 2030,” according to Volkswagen’s China head. But while EVs could account for a larger portion of total automotive market share moving forward, economic headwinds and reduced demand are expected to dampen sales volumes, analysts tell the Wall Street Journal.

Android + iOS users will now pay the same amount for Twitter’s once-coveted blue check: Twitter’s blue check mark — which was once given to verified public figures at no cost — can now be purchased by Android users through the Twitter Blue membership for USD 11 per month, Reuters reports. This pricing means Android and iOS users will pay the same amount for the membership, after Android users were initially going to be charged less. By pricing Android users’ subscriptions at a higher rate, Twitter is looking to compensate for the costs charged by Android’s Google Play Store and Apple’s App Store. The company will also offer a lower yearly plan for web users at USD 84, compared to the USD 8 monthly web subscription price in select countries including the US, Canada, UK, Japan, New Zealand, and Australia. The controversial feature was introduced last year to boost Twitter's income growth as Elon Musk battles to keep advertisers.

Is the crypto market getting a second chance at life? BTC is up by more than 25% since the beginning of the year, according to market data, suggesting the crypto market is thawing after a cold winter in 2022, the Financial Times reports. The crypto rally is being fueled by optimism that the US economy will see a “soft landing,” as inflation begins to cool down and the US Federal Reserve starts to pull the brakes on its aggressive monetary tightening cycle. An optimistic outlook and a weakening USD are together pushing up “most asset classes,” which is spilling over into crypto, analysts tell the salmon-colored paper.

IN CASE YOU NEEDED REMINDING- The crypto market was in crisis late last year on the back of the FTX scandal, in which the crypto exchange — once one of the world’s largest — collapsed after Binance abandoned its plans to acquire FTX due to allegations of fraud. FTX filed for Chapter 11 in November, setting off a domino effect on other crypto players that collapsed and filed for bankruptcy such as Genesis, Three Arrows Capital, and BlockFi.

It wouldn’t be crypto if it weren’t weird and volatile: The surge in the broader crypto market also fueled a rally in a new dog-themed memecoin, bonk, which soared 5000% in its first few days of trading following its launch in December, Reuters reports. The memecoin has since cooled down, but remains up 900% year-to-date, according to the newswire, highlighting the hyper-volatility of the tokens. Some of the most populars meme coins include Dogecoin, which started the phenomenon, Shibu Inu, and Dogelon Mars.

???? ON THE TUBE TONIGHT-
(all times CLT)

Pepsi, Where's My Jet? follows the bizarre Leonard v. Pepsico, Inc. court case. The Netflix original docuseries directed by Andrew Renzi documents former student John Leonard’s courtroom battle against soft drinks giant PepsiCo. In the mid ‘90s, the company launched their “Drink Pepsi Get Stuff” campaign, and aired a commercial advertising that if you could rack up 7 mn Pepsi points you would get a USD 32 mn Harrier Jet military plane. The trouble began when Leonard actually collected the points — with the help of a few investors, including Todd Hoffman — and Pepsi refused to pay up, arguing that the commercial was a joke. Trying to get ahead of it, Pepsi actually sued Leonard first, before he filed a countersuit accusing PepsiCo of breach of contract, fraud, deceptive and unfair trade practices, and misleading advertising. The Pentagon even stepped in during the chaos, to state that the jet couldn’t be sold to civilians without “demilitarization.”

???? In the main group stage of the World’s Handball Championship: The Egyptian handball team will play against Belgium tonight at 7pm, and with Bahrain at 4:30pm on Saturday. You can stay up to date with Egypt’s matches on Ontime Sports 2.

After passing the first round, Egypt qualified for the fourth and final group, along with Denmark, Bahrain, Belgium, Croatia, and the US. Each group has six teams, and the first and second will qualify for the quarter-finals.

⚽ Another Messi v Ronaldo showdown: Legendary duo Lionel Messi and Cristiano Ronaldo will compete tonight at 7pm in a match between Paris Saint-Germain and Riyadh All Star XI, as part of Saudi Arabia’s state-sponsored Riyadh Season sports festival.

Today in the Egyptian Premier League:

Arab Contractors v Aswan (2:45pm)

National Bank of Egypt v Al Ittihad (4:45pm)

Pyramids v Pharco (7pm)

More matches tomorrow:

Al Masry v Ghazl El Mahalla (5pm)

Ceramica Cleopatra v Smouha (7pm)

We also have Cairo derby day this weekend: Zamalek, currently ranked third in the league, will meet league topper Al Ahly on Saturday at 8:30pm, in an exceptional summit in the 14th week of the Premier League.

Happening in the English Premier League: City v Tottenham. The postponed match from the 7th week will conclude the 20th round tonight at 10pm.

The most important matches in LaLiga and Serie A tonight:

AD Ceuta v Barcelona (9pm)

Villarreal v Real Madrid (10pm)

Juventus v Monza (10pm)

Gulf Final 25: Barca Stadium will host the final match of the Arabian Gulf Cup between Iraq and Sultanate of Oman tonight at 6pm, as they compete once again following their opening tournament match that ended in a goalless draw. The Lions of Mesopotamia defeated Qatar in the semi-finals, while Oman came out on top against defending champion Bahrain. Moreover, Iraq is attempting to snag the championship, a title they haven’t achieved in about 35 years, while Oman wants to repeat its 2017 championship victory.

The return of the Bundesliga on Friday: Following an absence of more than two months, the German League is scheduled to return with a match between Leipzig and Bayern Munich in the 16th week, at 9:30pm.

More important matches happening on Saturday at the major leagues:

Liverpool v Chelsea (2:30 pm)

Leicester City v Brighton (5pm)

Southampton v Aston Villa (5pm)

Bournemouth v Nottingham Forest (5pm)

West Ham v Everton (5pm)

Crystal Palace v Newcastle (7pm)

Salernitana v Napoli (7pm)

Atletico Madrid v Real Valladolid (7:30 pm)

Seville v Cadiz (10pm)

???? EAT THIS TONIGHT-

Craving breakfast for dinner? Head to Bun n’ Glaze. The sourdough bakery in Heliopolis boasts an all day breakfast menu. The menu includes different varieties of poached eggs and omelets. We recommend the Royale Waffle Benedict — two poached eggs served with smoked salmon on a sourdough waffle topped with hollandaise sauce, with a side of crispy potato wedges and a green salad. They have a selection of toasties, salads, pizzas and bagels, making it a good brunch spot. If you prefer a sweet breakfast they’ve got you covered with their array of baked goods and pastries. You can also bring your four-legged friends along — the spot is dog-friendly.

???? OUT AND ABOUT-
(all times CLT)

Singer, poet, and music composer Mostafa Hussein is fusing together classic, modern, folklore, and underground genres and giving them his own spin tonight at ‎Rawabet Art Space at 8pm.

It’s Latin night at the Cairo Opera house: Don’t miss Mona & Las Encantadoras’ performance tonight at 8pm.

The Andrew Milad Trio is performing tonight at Room Art Space tomorrow at 9pm. The trio is made up of 17-year-old pianist Andrew Milad, bassist Youssef Hady, and drummer David Maged.

Neo Cairo is heading to Cairo Jazz Club 610 tomorrow night at 9pm: Issa & Assouad will be serving up hip hop and R&B beats, then rappers Husayn and Flex join them on the stage. Finally lyricist, vocalist and producer Batawi takes over the stage.

Calling on all swing dancers: Head to Nūn Center in Zamalek on Saturday night to show off your moves and enjoy the live music at 7pm.

???? EARS TO THE GROUND-

Not Investment Advice is all you need for a quick weekly recap on business, technology, and memes. The podcast, hosted by Bilal Zaidi, Jack Butcher, and Trung Phan, is released every Wednesday and discusses the week’s trending topics and major news stories. Each episode is about an hour long and includes timestamps that divide up the various topics discussed — which is very useful if you only want to listen to the parts that interest you. We recommend you listen to yesterday’s 95: Checks #1 on OpenSea, Prince Harry & Tesla with Whole Mars Catalog episode, which is available on Apple, Spotify, and Anghami.

???? UNDER THE LAMPLIGHT-

Andy Weir’s Project Hail Mary: Part sci-fi, part comedy: The novel follows Ryland Grace, the last survivor of a spaceship mission. When Grace lands in space, he finds himself suffering from temporary amnesia — only remembering sleeping for a very long time. He also discovers that both of his crewmates have died, leaving him to search for the truth, and delve into science in order to remember the task he was sent here for, and save not only himself, but the entire human race from destruction.

The EGX30 rose 0.5% at today’s close on turnover of EGP 911.58 mn (46.5% below the 90-day average). Local investors were net sellers. The index is up 10.1% YTD.

In the green: Palm Hills Development (+9.2%), Heliopolis Housing (+6.7%) and Cleopatra Hospitals (+3.9%).

In the red: e-Finance (-4.2%), Orascom Construction (-2.0%) and EFG Hermes (-1.9%).