PM — COP delegates reach an agreement after divisive debate

Good afternoon, wonderful people. We are delighted to say this afternoon that COP27 is officially over, after delegates stayed up through the night and into the morning to finalize an agreement. The pact has good news for EMs on loss and damage but is getting mixed coverage in the international press over mitigation targets. Without further ado…

THE BIG STORY TODAY (AT HOME AND ABROAD)-

COP27 wraps with an agreement for EMs on loss and damage: Delegates from almost 200 countries walked out of COP27 this morning with what the summit’s presidency is calling a “landmark agreement” to create a loss and damage fund to help vulnerable countries cope with climate disasters triggered by richer countries’ emissions, it said in a statement (pdf). The agreement came after a long stretch of tense negotiations that saw the summit drag on for an additional day and night as negotiators debated the issues of loss and damage, emissions reduction, fossil-fuel burning, and the 1.5C target laid out in the Paris Agreement.

The agreement took a whole lot of compromise: “I consider the text to be adopted to be a reflection of both a delicate balance that responds to the interests of all of us represented in this conference, and also a manifestation of the highest ambition that can be reached at this point in time,” COP27 President Sameh Shoukry said during the closing session (watch, runtime: 5:10:10).

Not everyone walked away from the table feeling positive: The divisive result of the summit is making for a stream of polarized coverage. Emerging markets are celebrating the loss and damage fund as a historic shift towards climate justice. For many countries in the developed world, the achievement is marred by the absence of a fossil-fuel phaseout or stronger ambitions for emission reduction. (Reuters | CNBC | Bloomberg | WSJ | FT | CNN | AP)

We’ll bring you more on the agreement and other outcomes of COP in tomorrow’s editions of EnterpriseAM and Enterprise Climate.

FROM COP to CUP-

President Abdel Fattah El Sisi is in Qatar to attend the opening ceremony of the 2022 FIFA World Cup, according to an Ittihadiya statement. The ceremony kicks off at 4pm CLT, before Qatar and Ecuador play the opening game of the tournament at Al Bayt Stadium at 6pm CLT. We have more on World Cup events and fixtures in our Sports section, below.

ALSO HAPPENING NOW-

On the docket for the House: The House of Representatives is today holding votes on the contractor compensation bill, a law restructuring Al Azhar, and a foreign loan agreement with South Korea's Export-Import Bank (KEXIM) that will fund part of the project of upgrading the railway tracks linking Luxor and the High Dam train stations.

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

• The climate funding agreements we secured at COP for the Nexus on Water, Food and Energy (NWFE) program add up to nearly USD 10 bn, International Cooperation Minister Rania Al Mashat told Reuters on the sidelines of COP27.
• The EGX will launch Africa’s first voluntary carbon market in mid-2023, EGX boss Ramy El Dokany said during a presser last week.
• Alstom signs Metro Line 6 framework agreement: French rolling stock manufacturer Alstom signed a framework agreement with the National Authority for Tunnels to design, build and maintain Cairo Metro Line 6.

*** It’s Inside Industry day — your weekly briefing of all things industrial in Egypt. Inside Industry focuses each Sunday on what it takes to turn Egypt into a manufacturing and export powerhouse, ranging from initial investment and planning to product distribution, through to land allocation to industrial processes, supply chain management, labor, automation and technology, inputs and exports, regulation and policy.

In today’s issue: The next stop for our localization drive: Vegetable oil production. We look at how the government’s push to localize the vegetable oil industry could open the door to private sector investment.

CIRCLE YOUR CALENDAR-

COP27 may be over — but climate will remain the world’s largest and most important industry for decades to come. Our Enterprise Climate X Forum will see members of the business community gather at the Grand Egyptian Museum on Tuesday, 6 December 2022.

What’s the Enterprise Climate X Forum? It’s our first industry-specific conference, where CEOs, top execs, investors, bankers and development finance folks have the chance to talk about how to build a climate-centered business — and how to make sure your business continues to have access to the funds it needs to grow. You can learn more on our conference website here.

Some of the biggest names in business and finance are on board — are you? If you’re a C-suite exec, business owner, climate professional, DFI staff, investor or banker, please email us at climatexrsvp@enterprisemea.com to signal your interest, letting us know your name, title and where you work.

The Fingerprint Summit is taking place this Tuesday and Wednesday (22-23 November) at the Nile Ritz Carlton Hotel. The conference connects private and public sector partners to discuss potential investments and challenges in the business community. Speakers include Finance Minister Mohamed Maait and Planning Minister Hala El Said.

☀️ TOMORROW’S WEATHER- Temperatures in Cairo will hit 27°C tomorrow during the day before falling to 17°C at night, our favorite weather app tells us.

Taylor Swift fans + the US Congress vs. Ticketmaster: Online event ticketing giant TIcketmaster is facing calls that it be investigated by the US Justice Department for monopolistic behavior, after scores of Taylor Swift fans complained about not being able to get tickets to the star’s Eras tour, Reuters reports. Ticketmaster ws forced to shut down booking for the tour — Swift’s first in five years — after the site was overwhelmed by some 3.5 bn ticket requests from fans, bots, and scalpers alike. Disappointed Swifites inundated their representatives in Congress with complaints, reigniting a yearslong debate about whether the company’s 2010 merger with LiveNation should have been prevented on antitrust grounds.

“Daily reminder that Ticketmaster is a monopoly, its merger with LiveNation should never have been approved, and they need to be reigned in. Break them up,” US representative Alexandria Ocasio-Cortez said on Twitter and followed with another tweet linking an online petition calling for the DOJ to split up the company.

A tougher economy means employers are increasingly stepping in to help staff with their finances— but some are warning of an ethical gray area, the Financial Times reports. Big employers in the UK and US are offering financial advice and plans to help their staff manage their debt, negotiating better energy and phone bill plans on their behalf, or helping them directly with interest-free loans. In one example, British retailer Timpson has disbursed over GBP 450k in no-interest loans to its employees as it looks to help them weather the cost of living crisis amid a high-rate environment. “We don’t want [employees] to struggle and go to a loan shark or a payday lender,” said Timpson’s “happiness director,” who estimates she spends a third of her working week helping staff with financial worries.

All part of the cultural shift in the world of work? The move is indicative of a wider trend since the pandemic, the FT says, where ties between employee and employer have become increasingly personal. Workers expect executive boards to take more responsibility for their wellbeing and play a role in a wider range of issues from childcare to mental health. From management’s point of view, deepening these ties is good for loyalty and productivity.

The downsides: Some say employers looking to help alleviate the impact of the cost of living crisis on their employees should raise salaries instead of offering loans. Others are raising privacy concerns about handing over your financial data to your boss. Then there are the awkward questions of what happens when you want to leave a company to whom you owe money — or if you default on a loan owed to your employers.

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

Limitless With Chris Hemsworth proves he's more than just Thor: In this fascinating National Geographic documentary, the Hollywood A-lister spends a year testing his physical limits to discover the extent of the human body's capabilities and try to stall the aging process. Over six episodes, Hemsworth puts himself through a battery of tests developed by experts meant to do everything from building up his immune system to improving his memory. Hemsworth fasts for four days before going hunting for food, swims 800 feet across a nearly frozen Arctic fjord, and climbs a dangling rope 100 feet above a canyon. The docuseries illustrates how even the strongest and fittest people can reach their physical and mental breaking points. The episodes are available to stream on Disney+ (watch trailer, runtime 2:20.)

⚽ The opening ceremony of the 2022 World Cup begins at 4pm CLT today and will be broadcast live on the open-to-all Bein Sports channel. The event will be held at Al Bayt Stadium in front of 60k live spectators, with mns of football fans expected to tune in around the world. Jungkook — a member of K-pop superband BTS — will be performing alongside Qatari singer Fahad Al-Kubaisi.

The opening match of the tournament pits host Qatar against Ecuador from Group A. It kicks off at 6pm CLT.

LAST CALL: JOIN US FOR OUR ENTERPRISE FANTASY WORLD CUP LEAGUE. Sign up with the code SZJ507VP to compete against other members of the Enterprise community. The top finisher will take home something special from us.

We have everything you need to know about the World Cup in our latest edition of Your Wealth, which was out this Friday.

????EAT THIS TONIGHT-

Flavor and color abounds at Tokyo: This modern Japanese fusion restaurant in the Heliopolis neighborhood of Korba combines excellent food, eye-catching presentation, and a casual-chic atmosphere to create a delightful dining experience. First and foremost on your list should be the salads — we like the refreshing but still substantial salmon avocado salad, while the lobster salad is a well-balanced culinary delight. Another favorite is the black cod misoyaki, which melts in your mouth — and the miso glaze adds just the right amount of sweetness. The sushi selection is fresh, colorful, and among the best we've had in town. Remember to leave room for dessert: The matcha cheesecake is a delicious way to round out your meal.

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

One for Egyptian film aficionados: The Netherlands-Flemish Institute in Zamalek is screening a documentary about the iconic Studio Masr, which was offered for privatization in 2000. Mona Assaad’s 2018 film Fee Studio Masr (Into Studio Masr) sees a group of young film buffs tackle the studio's modernization. The film pays tribute to Egyptian cinema, taking us on a “journey in time and space, fiction and history, friendships, aspirations, and dreams.” The Arabic-language film will be shown with English subtitles. Doors open at 6:30pm and close at 7pm (or earlier if the room has reached full capacity).

For post-match laughs, head to Room Art Space New Cairo tonight for a comedy night “about men’s life” featuring comedians Alaa Yasseen, Ahmed Marzouk, Saleh Sayem, and others. The show starts at 9pm.

???? UNDER THE LAMPLIGHT-

Nuclear Family is an original, funny, and magical literary debut: Set in the months before the false missile alert in Hawaii in 2018, Joseph Han's hilarious and beautiful first book is a family comedy that combines magical realism and political satire. The plot revolves around a college student, her brother teaching English in Seoul, grouchy deli-owner parents, and the ghost of their deceased Korean grandfather, who is on a cultural healing mission in the afterlife. Mr. and Mrs. Cho's dream of franchising their Korean plate lunch restaurants across the state is finally coming true when their reputation is suddenly hit by a viral video of their son Jacob attempting — and failing — to cross the demilitarized zone into North Korea. Nobody knows that Jacob is being controlled by the ghost of his long-dead grandfather, who wants to cross the border and get back to the family he left in the north. What follows is a beautiful story about a family that must confront their differences in order to learn more about themselves and each other.

Arabia Investment Holding’s (AIH) net income eased 17.5% y-o-y to post EGP 47 mn in 9M 2022, the company said in its earnings release (pdf). Revenues dropped 25.0% y-o-y in the same period to post EGP 900 mn, amid a slowdown in the car financing market.

The EGX30 rose 0.1% at today’s close on turnover of EGP 1.44 bn (18.3% above the 90-day average). Regional investors were net sellers. The index is up 4.8% YTD.

In the green: Mopco (+3.6%), Elsewedy Electric (+2.7%) and Credit Agricole Egypt (+2.5%).

In the red: Cleopatra Hospitals (-4.1%), e-Finance (-2.4%) and Telecom Egypt (-2.4%).