PM — The Central Bank of Egypt is meeting today to make a decision on interest rates

Good afternoon, wonderful people, and welcome (finally) to THURSDAY. It’s a moderately calm end to the week, but we anticipate the lull won’t last for long.

THE BIG STORY TODAY

It hasn’t happened yet, but the big story here at home will most certainly be the outcome of the Central Bank of Egypt’s Monetary Policy Committee meeting later today. The near-consensus among analysts and economists we surveyed is that the MPC will raise interest rates today in a bid to tamp down inflation and stem portfolio outflows, with five of the seven penciling in a hike of up to 200 bps.

^^We’ll have chapter and verse on the CBE’s decision and other stories in Sunday’s edition of EnterpriseAM.

HAPPENING NOW-

The Environment Ministry is holding a press conference to announce Egypt’s National Climate Strategy for 2050 alongside several other ministries, reports Masrawy. The conference will go into depth about the goals of the strategy and how it will be implemented.

What can we expect from the National Climate Strategy? The strategy includes several areas of focus to help Egypt adapt and mitigate climate change. Some USD 211 bn have been earmarked for mitigation strategies while USD 113 bn will be spent through 2050 for climate adaptation. The five goals of the strategy include promoting sustainable economic growth and reducing emissions in various sectors, building resilience and adaptability, improving governance and management across climate change-involved sectors, improving infrastructure and providing financing, and strengthening scientific research and technology transfer in environmental areas, outlines a document (pdf) released by the Environment Ministry.

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

• Egypt negotiating “limited” IMF loan -Amer: Negotiations between Egypt and the IMF for a fresh assistance program are focusing on a “limited” amount of funding, Central Bank of Egypt Governor Tarek Amer said yesterday.
• CIRA could issue Egypt’s first future flow securities: EGX-listed private sector education outfit CIRA is in talks with the Financial Regulatory Authority (FRA) to issue EGP 1.5 bn worth of future flow securities, a source with first-hand knowledge of the transaction told Enterprise.
• Shell subsidiary BG International is acquiring 100% of ExxonMobil’s North East El Amriya offshore gas block under a farm-out agreement.

THE BIG STORY ABROAD

It’s official: Turkey has officially informed its allies that it will object to Finland and Sweden’s bids to join NATO, alleging that the two Nordic countries harbor and finance terrorists, Turkish President Recep Tayyip Erdogan said in an interview, according to Reuters. The story is also getting front-page treatment on Bloomberg.

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???? CIRCLE YOUR CALENDAR-

PSA: Tourism registration for Hajj has been extended: You can now register for this year’s Hajj through tourism companies until next Monday, 23 May, after the deadline was pushed from this Friday, 20 May, the Tourism Ministry said in a statement.

The Islamic Development Bank will hold its 2022 annual meetings in Sharm El Sheikh from 1-4 June under the slogan “post-pandemic recovery: resilience and sustainability,” according to a statement from the Planning Ministry. Several Egyptian ministries and representatives from the bank’s 57 member countries and other financial institutions are set to attend the meetings.

Venture capital 101: The Egyptian Private Equity Association (EPEA) is hosting a paid crash course in all things venture capital at the Zamalek Marriott from Saturday-Monday, 21-23 May. Led by Avanz Capital Egypt MD Hany Assaad, the three-day course will cover everything you need to know about Planet VC, from fund structures and portfolio-building to due diligence and valuations.

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

☀️ TOMORROW’S WEATHER- The mild heat will remain with us for one more day before the weather cools on Saturday: The mercury will rise to 37°C on Friday during the day and fall to 17°C at night before Saturday’s daytime high of 31°C and nighttime low of 17°C, our favorite weather app tells us.

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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, 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 200k 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.

Apply directly to jobs@enterprisemea.com and mention Patrick in your subject line.

Or hit this link for more information. It’s worth it — trust us.
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McDonald’s and Wendy’s get slapped with lawsuits over misadvertising the size of their burgers: The two food chains allegedly undercook their burgers in advertisements to make them appear 15-20% bigger (seeing as cooking the meat makes it shrink), according to a lawsuit filed by three law firms in a New York court, reports the Wall Street Journal. The firms also filed a similar lawsuit against Burger King last March over the same issue, with the litigation still pending. All three burger chains refused to comment on the allegations. These are the latest in a series of food-related lawsuits, with Subway facing trial over using other fish species in its tuna sandwich and Kelloggs being accused of not using enough strawberries in its poptarts. The latter case was dismissed back in April, reported Reuters at the time.

Mercedes boots cheaper models in a bid to become the world’s most valuable luxury car brand: Mercedes Benz will ax three of its (relatively cheaper) compact cars to spend more on developing top-of-the-range cars, as the company looks to elevate its model to luxury brand status and brings its net income margins closer to the likes of Porsche and Ferrari, CEO Ola Källenius said, according to the Financial Times. “If you want to drive your margins upwards, you need to trim the tree at the bottom, and you need to try to expand at the top,” Källenius said. While the chief executive refused to name the models that would be phased out, sources in the know suggested that Mercedes could ultimately give its A and B-class ranges the boot. Instead, the German automaker will divert 75% of investments to developing the luxurious Maybach, the off-road G-Class, and the performance-focused AMG brand — all of which will be available in electric models within the next few years — as well as the electric EQ range, the S-Class saloon, and the E and C-Class ranges.

The US has approved equal pay for the women’s football team in a landmark move: The US Soccer Federation announced yesterday that its women’s football team will now get the same compensation as the men’s team in terms of base and performance pay for players, equalized prize money for World Cup performances, and revenue sharing of commercial partnerships and ticket sales, according to a press release. The agreement also includes terms for childcare benefits, standardized conditions for travel, pitch quality, and a safe work environment. The move ends a six-year-long dispute that began in 2016 with a federal civil rights complaint filed by team members and escalated to a lawsuit in 2019 against US Soccer. The new agreements mark the first time a Fifa club has equalized World Cup prize money, with the US women’s soccer team to be among the highest paid national football teams in the world, writes the Financial Times.

???? ON THE TUBE TONIGHT-

(all times CLT)

The Lincoln Lawyer features an LA lawyer who runs his practice out of his Lincoln Town Car: The new Netflix law drama is based on Michael Connelly's bestselling novels and follows Mickey Haller (played by Manuel Garcia-Ruffalo), an iconoclastic and idealistic lawyer. Haller has recently regained his footing in the law world after being sidelined for a year due to a substance abuse problem. The lawyer has quite the comeback as he soon inherits Hollywood lawyer Jerry Vincent’s practice after Vincent is harshly murdered. With the practice comes a huge case that could propel Haller to law fame: The defense of Trevor Elliott, a tech bn’aire accused of murdering his wife and her lover. However, as he delves further into the investigation he realizes that Vincent’s death may have been tied to case — and that the murderer may be coming for him next.

???? The quarterfinals of the CIB-sponsored PSA world squash championships kick off this evening, with a total of four matches scheduled for tonight and another four taking place tomorrow evening.

In the women’s category: We have an all-Egyptian showdown between World No.1 Nouran Gohar and Rowan El Araby at 6:45pm, followed by Nada Abbas (Egypt) v Amanda Sobhy (USA) at 8:15pm, with the victor from each of these two matches scheduled to meet on Saturday at 6:30pm. Tomorrow, Hania El Hammamy and Nour El Tayeb go head-to-head in another all-Egyptian quarter-final showdown at 8:15pm, while Egypt’s Nour El Sherbini and England’s Sarah-Jane Perry meet at 6:45pm. The victors from Friday’s matches will compete in the second semi-final match on Saturday at 8:15pm.

In the men’s category: World No.1 Paul Coll (New Zealand) v Tarek Momen (Egypt) is scheduled for 7:30pm tonight, followed by an all-Egyptian match between Fares Dessouky and Mohamed ElShorbagy at 9pm. Tomorrow, Egyptian champions Marwan ElShorbagy and Ali Farag battle it out at 7:30pm, while Egypt’s Mostafa Asal meets Peru’s Diego Elias at 9pm. The men’s semi-final matches are also all scheduled for Saturday.

⚽ Today marks the conclusion of the 37th week of the English Premier League. There are three matches taking place on the last day of the penultimate round of the EPL: Everton v Crystal Palace at 8:45pm, as well as Chelsea v Leicester City and Aston Villa v Burnley at 9pm. The last matches of the league will take place on Sunday at 5pm.

The last week of the Spanish League begins on Friday with Real Madrid’s match against Real Betis and Rayo Vallecano match against Levante, both at 9pm.

… and continues Saturday: Valencia will face Celta Vigo at 5:30pm.

The last round of the Italian League also begins on Friday: The match between Turin and Roma will kick off the last round at 8:45pm on Friday. Meanwhile, Saturday will see four matches played: Genoa v Bologna at 5:15pm, while at 8:45pm Fiorentina will play against Juventus, Atlanta against Empoli, and Lazio against Verona. The really exciting matches that decide the Serie A title will take place on Sunday.

Barcelona meets Lyon in the Women's Champions League final on Saturday at 7pm.

The German Cup final is also on Saturday: The final will see SC Freiburg and RB Leipzig compete at 8pm.

In the Egyptian Premier League: Enppi faces Al Ahly on Saturday at 9pm, a meeting preceded by the Eastern Company’s match against Smouha at 4pm, and El Gaish against El Mokawloon at 6:30pm.

???? EAT THIS TONIGHT-

This one’s for all you shawarma enthusiasts in East Cairo: Spin delivers not one, not two, but four different kinds of shawarma styles from across the world. Whether you prefer Athen’s signature beef gyros pita, Istanbul’s delectable kebab doner, a garlicky chicken Damascus-style shawarma saj, or Cairo’s very own beef shawarma Kaiser rolls with tahini — you’re sure to find your favorite type. And if you’re so inclined, you can skip the sandwiches and get their unique fried shawarma balls, shawarma caesar salad, shawarma fries, or their fatta platters. Spin has two locations in East Cairo: Chill Out North 90 St and Chill Out Madinaty before gate 1, or you can sit back and call them up for home delivery.

???? OUT AND ABOUT-

(all times CLT)

REMINDER: Mega popular Youtuber El Da7ee7 is holding a live show for the first time ever tonight and tomorrow at the Marquee at 9 pm. With over 1 bn views, Ahmed El Ghandour has created one of the most popular shows in the region in which he hilariously educates viewers about a wide variety of topics.

Feel like some 90s nostalgia? Head to Cairo Jazz Club 610 tomorrow at 8pm, where Bubblegum Kollectiv will shake up the dance floor with some of the best pop hits of the decade.

How about an al Fresco brunch this weekend? Sachi Park St is hosting its first-ever brunch on its terrace this Saturday at 2 pm. Expect a flowing assortment of scrumptious sushi platters and some of the awardwinning restaurant’s signature appetizers while DJ Dou spins his beats.

???? EARS TO THE GROUND-

A true crime podcast that changed the course of a murder trial in Australia: The Teacher's Pet — hosted by investigative journalist Hedley Thomas — explores the unsolved murder of Lynette Dawson, who disappeared in 1982. The podcast suspected that Lynette’s husband, Chris Dawson, was the culprit, particularly as he moved in with the couple’s babysitter two days after Lynette’s disappearance. The Teacher’s Pet gained both global media attention and a cult following, putting pressure on Australian authorities to reopen the case. Chris Dawson — now 72 years old — is currently facing trial for his first wife’s murder, with the babysitter in question testifying against him this morning. To really understand the story, listen to Thomas’ podcast, which shows the true skills of an investigative journalist and a great storyteller that managed to bring a man to justice 40 years after the fact.

MARKET ROUNDUP-

The EGX30 rose 0.8% at today’s close on turnover of EGP 693 mn (19.8% below the 90-day average). Regional investors were net buyers. The index is down 11.7% YTD.

In the green: CIB (+2.9%), Orascom Construction (+2.9%) and Egypt Kuwait Holding-EGP (+2.9%).

In the red: MM Group (-3.3%), GB Auto (-2.1%) and AMOC (-2.1%).

The world doesn’t necessarily need more energy — it needs to better distribute the energy it’s already producing. That’s the conclusion of a recent Stanford University study which suggests that high levels of energy consumption only go so far to ensure human well-being.

Measuring well-being: Researchers looked at nine metrics such as life expectancy, infant mortality, happiness and economic performance and measured them against energy use in 140 countries from 1971-2018.

Rising energy consumption improves well-being: People across the world require energy to ensure well-being. Hospitals require electricity, power is needed for sanitation and clean water, and energy is needed for businesses and economic development. The more accessible energy is, the more a society can provide for its population’s well-being.

But only up to a point: The study finds that there is a limit at which rising energy supply stops improving well-being. “In most countries that consume much more energy than the global average, further increasing energy use per capita might only marginally improve human well-being,” said study coauthor Chenghao Wang.

How much we consume each year: The global average energy consumption per capita is around 79 gigajoules (GJ) each year.

This is above the threshold pegged by the researchers: The study says that well-being as measured by eight of the nine metrics rise steeply then plateau at consumption levels of 10-75 GJ per person. Beyond this, life expectancy, infant mortality, happiness, food supply, and access to basic sanitation are unlikely to see much improvement, it claims.

Some countries are far above the limit: The average per-capita energy use in the US is 284 GJ thanks to the high use of cars and airplanes.

Others are far below it: Senegal, for example, has an annual energy consumption of 12 GJ per person, a level that has remained unchanged between 1971 and 2018.

That didn’t stop it from improving at least one measure of well-being: Average life expectancy in the West African country increased by 20 years during the same time period, despite energy consumption remaining flat.

What this all means: “If distributed equitably, today’s average global energy consumption of 79 GJ per person could, in principle, allow everyone on Earth to realize 95% or more of maximum performance across all metrics.”