Sunday, 12 December 2021

PM — Ezz Steel wants Abou Hashima’s remaining stake in Egyptian Steel



Good afternoon, friends, and bravo on finishing the first day of what looks set to be a busy week as one and all rush to get deadlines met, transactions finalized, t’s crossed and i’s dotted before the end-of-year lull. On the M&A front, Egyptian Steel founder Ahmed Abou Hashima could be about to bow out of the company’s ownership structure, after Ezz Steel announced its bid to buy his remaining 18% stake, while Cleopatra shareholders can subscribe to CI Capital’s tender offer for 26.2% of the healthcare provider from tomorrow.

Elsewhere, a software bug has set the internet aflame, and the EU wants to make sure green financiers aren’t secretly burning fossil fuels. Not lighting up anytime soon: New Zealand’s pre-teens, who are likely getting a lifetime smoking ban come 2027.


#1 Ahmed Abou Hashima might soon become an ex-steel magnate: Ezz Steel is bidding to acquire 18% of Egyptian Steel for EGP 2.5 bn, according to a bourse disclosure (pdf), in a move that would see Ahmed Abou Hashima sell down his shares in the company he founded in 2010. Ezz Steel subsidiary Al Ezz Dekheila confirmed its plans to buy Abou Hashima’s entire stake in an all-cash transaction that would put the value of Egyptian Steel at around EGP 13.9 bn.

#2 Tick, tock: Starting tomorrow, Cleopatra Hospital Group shareholders will have until Sunday, 26 December to subscribe to CI Capital’s voluntary tender offer (VTO), which it launched last week to acquire 26.2% of the company, according to the timeline set by the EGX today. CI Capital subsidiary MCI Capital Healthcare Partners last week got the greenlight from the FRA on its offer to purchase the shares at EGP 5 apiece, with Cleopatra’s biggest shareholder, Care Healthcare, agreeing to sell an 8-12% stake in the company from its holdings at the proposed price. Cleopatra’s share price rose 1% on the news, closing at EGP 4.7 per share.

^^We’ll have more details on these stories and others in tomorrow’s EnterpriseAM.

PSA #1- We’ll have to wait a while longer to start signing up for booster shots: Today was supposed to be the first day that senior citizens, people with chronic medical conditions, and frontline workers such as medical staff could start registering with the Health Ministry to receive booster covid shots. It seems that we’ll have to wait for a while longer: a couple of us tried to sign up this morning, but neither the website nor the ministry hotline are currently allowing people to register for third shots. The ministry aims to start inviting people to register in the coming days, ministry spokesperson Hossam Abdel Ghaffar told us this afternoon, without providing specifics.

PSA #2- Attention joint stock and investment companies in Cairo: You have four days left to register for the government’s e-invoicing platform. As of this Wednesday, 15 December, more than 3.7k companies in the capital will be required to be on the system and start issuing electronic invoices for B2B transactions. Some 2.8k large taxpayers have signed up to the Finance Ministry’s new digital platform over several phases going back to November 2020.

HAPPENING NOW- Shoukry is heading to KSA: Foreign Minister Sameh Shoukry is heading to Riyadh to launch what the ministry is calling a “political consultation mechanism.” We’re not 100% sure what this means but it’s supposed to enhance ties between Egypt and the Gulf.

The Food Africa expo opened this morning at the Egypt International Exhibition Center and runs through Tuesday.

The Arab Conference on the Peaceful Uses of Atomic Energy kicked off today in Aswan. The event runs until Thursday.

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

  • The Central Bank of Egypt (CBE) will likely leave interest rates on hold when it meets this Thursday as the bank looks to protect the economic recovery and maintain attractive real rates for the carry trade, according to an Enterprise poll of analysts.
  • Annual urban inflation slowed for the second month running in November as pressure on food prices continued to ease.
  • Abu Qir Fertilizers completed the sale of 10% of its shares on the EGX, raising EGP 2.25 bn (c. USD 143 mn) from local and international institutional investors.


Naftali Bennett will become the first Israeli leader to make an official visit to the UAE, after announcing in today’s cabinet meeting that he would be traveling to Abu Dhabi later in the day before meeting with Crown Prince Mohammed bin Zayed on Monday. The visit comes amid a rapid warming of relations between Israel and some of its neighbors, following several diplomatic agreements brokered in 2020 under former prime minister Benjamin Netanyahu — including a normalization of relations between Israel and the UAE.

Brave new Arab world: The meeting is being received as the latest sign that 2020’s diplomatic shake-up in the region is here to stay — with the burgeoning allyship cemented by fear of a common foe in Iran and its as-yet-unchecked nuclear enrichment program. The story is being picked up far and wide, including by Bloomberg, the Associated Press, and Reuters.

The US Midwest is still reeling from the aftermath of the tornado storm that ripped its way through six states yesterday, with death tolls expected to continue to rise as first responders search the wreckage. The Washington Post is among the US outlets running wall-to-wall coverage.

CORRECTION- In our coverage of the tobacco license tender last week, we suggested that the new company would be able to produce the same low-tax cigarettes as Eastern Company for the local market. That was incorrect: The latest iteration of the tender would allow the second company to contract with Eastern Company to produce low-tax cigarettes at Eastern’s facilities for domestic sale. Eastern Company would have the right to refuse if the two sides do not come to an agreement on commercial terms. We have updated the story on our website.


The Egyptian Economic Summit is taking place on Tuesday at the St. Regis Hotel. The one-day event will feature a range of panelists from institutions including CIB, EFG Hermes, the Sovereign Fund of Egypt, Eastern Company, Oriental Weavers, Microsoft and Danone, among others. The full agenda is here (pdf).

EgyptAir will resume weekly flights between Cairo and Johannesburg on Thursday, 16 December, the airline said Thursday. Flights were suspended from South Africa and six other countries at the end of November to prevent the Omicron covid-19 variant from entering Egypt. Current precautionary measures for travelers entering Egypt from South Africa will remain in place.

TOMORROW’S WEATHER- It’s going to be a cloudy Monday… How fitting. Expect a daytime of 24°C and a nighttime low of 16°C tomorrow, our favorite weather app tells us.


Obscure software flaw has Big Tech scrambling to defend itself: The discovery of a major flaw in the widely used logging software Log4j2 has caused panic among a number of major tech giants, with Amazon, Twitter and networking hardware company Cisco Systems all launching internal investigations into the issue. Hackers started trying to gain access to servers running Microsoft’s Minecraft game through the bug early on Friday, prompting the US government’s cybersecurity agency to issue a public alert.

The internet is on fire as hackers rush to exploit the bug before companies can shore up their defences, according to cyber pundits (with confirmation from handy alert site Experts say this could be the worst vulnerability discovered in years, CNBC reports.

How the bug works: Log4J keeps records of users’ activity on servers. The bug allows hackers to turn those log files into malware, allowing them to penetrate corporate servers for all kinds of illicit purposes. “If exploited, the vulnerability allows attackers to gain full control of affected servers and your application,” Cisco said in a statement, while Microsoft said it had seen attempts to steal credentials and other data. The bug is easy to exploit but hard to identify, meaning it could make Log4j2 users vulnerable to serious cyberattacks for years to come, security experts told the Wall Street Journal. Since the software is open-source, it is hard to track how many users could potentially be affected by the issue.

Time for an emergency update: The only comprehensive solution is for Log4j2 users to update to the latest version of the software, Amazon said in a statement.

EU legislators are looking to tighten anti-greenwashing standards to make sure sellers of European green bonds do not overstate their credentials to investors, Bloomberg reports. The latest amendments to the bloc’s proposed green finance rulebook seek to ensure that the bonds do not fund gas or nuclear projects, and that fund managers develop a transition plan to reach climate neutrality by 2050. But while Europe’s central bank wants the guidelines to become mandatory for newly issued bonds within three to five years, lawmakers could face a years-long negotiation process to bring all EU member states on board.

Greenwhatting? When the marketing of supposedly environmentally-friendly products and policies isn’t backed up by the facts on the ground. In finance, fund managers accused of greenwashing are said to over-egg their environmental credentials to tap into the increasingly lucrative ESG market.

The new cohort of New Zealand youth will never be entitled to an office smoke break: New Zealand policymakers plan to pass legislation that would ban young people from ever buying cigarettes, Associate Minister of Health Ayesha Verrall said in a statement. People aged 14 and under in 2027, when the law comes into effect, will not be able to purchase cigarettes “to make sure young people never start smoking,” Verrall said. The move signals a massive blow to New Zealand’s big tobacco industry, while some cigarette-makers warn that the ban could create a black market for illicit tobacco, writes Reuters.

New Zealand’s quit plan: The restrictions would be rolled out in stages, with the number of authorized sellers to be sharply reduced from 2024, while nicotine levels in cigarettes will be lowered from 2025. The country wants to reduce the proportion of daily smokers in the population to 5% by 2025. Canada and Sweden have outlined similar targets, according to Reuters, while the UK is already expected to miss its target of becoming smoke-free by 2030.


Sandra Bullock’s back in The Unforgivable + Reif Kushiyaki opens in New Cairo + ALSO: Create a workforce of ‘impact players’


(all times CLT)

Sandra Bullock stars in Netflix original film The Unforgivable: Three years after viral sensation Bird Box, Bullock is back with another emotionally wracking performance. In The Unforgivable, Bullock plays Slater, who is released from prison after serving a 20-year sentence for a violent crime. As she re-enters society, Slater realizes that every step of the way is a new challenge as she meets with others’ refusal to forgive her past. The film is not for anyone looking for a lighthearted experience, with dead-eyed Bullock making sure to inspire despair in viewers. But for those who stick with it, the effort is rewarded in this very well-done portrayal of the reality of ex-cons attempting to return to society.

We now have the draw for the Arab Cup semi-finals: Egypt have made it through to the last four after comfortably beating Jordan 3-1 yesterday, and will play Tunisia who beat Oman on Friday night. On the other side of the draw, tournament hosts Qatar thrashed the UAE 5-0, setting up a tie with Algeria, who beat Morocco on penalties in the quarters. Both semi-final ties will be played on Wednesday.

The Premier League continues this afternoon: Burnley vs West Ham and Leicester vs Newcastle both get underway at 4pm, while Crystal Palace kick off against Everton at 6:30pm. The first game of the day — Brighton v Tottenham — has been postponed due to an outbreak of covid among the North London side.

It’s Madrid derby day in La Liga: League leaders Real Madrid head across town to the Wanda Metropolitano to take on local rivals Atletico Madrid, who lie 10 points below Los Blancos in fourth place (kick off: 10:00 pm). Seventh-placed Barcelona will want to bounce back after crashing out of the Champions League midweek with a victory against mid-table Osasuna (kick off: 5:15 pm). Elsewhere: Villarreal take on Rayo Vallecano (kick off: 3:00 pm) and third-placed Real Betis play Real Sociedad (kick off: 7:30 pm).

Serie A: After AC Milan's tie with Udinese yesterday, Inter has the chance to jump to the top of the table should they beat misfiring Cagliari (kick off: 9:45 pm). Napoli also has a chance of going top on goal difference, at least for a few hours, when they meet Empoli earlier this evening (kick off: 7:00 pm).

In France: Most of Ligue PSG is in action tonight. Paris Saint-Germain play Monaco at 9:45pm.


Japanese restaurant Reif Kushiyaki opens in New Cairo: First opened by Chef Reif Othman in Dubai in 2019, this street food restaurant offers an unconventional take on the Japanese culinary experience. The menu revolves around kushiyaki — Japan’s answer to shish tawook — but also extends beyond grills to everything from sandos (Japanese sandwiches) to ramen and dim sum, topped with Reif Kushiyaki’s signature sauces. Most guests get a view of the action in the kitchen, with the option of sitting at the counter and getting up close and personal with your soon-to-be plate. Our verdict: Reif Kushiyaki might well be the next big thing in Cairo’s foodie scene. Opening night is tonight, and you’ll most likely need to make a reservation.


(all times CLT)

Al Mashrabia Gallery’s group exhibit, CONTINUUM IV, opened yesterday and will run until 8 January. Doors at the downtown gallery are open from 11am until 8pm, Saturday-Thursday.

Catch your favorite Christmas songs as sung by The Sinatras feat. vocalist Yara Tarek, performing at Room New Cairo tomorrow at 9pm.

For lovers of bass music: SceneNoise and Cairo Jazz Club have teamed up to present Fresh Meat — a platform for up-and-coming DJs to spin every flavor of electronic music. Fresh Meat’s debut will take place tomorrow at 9pm at the club’s Agouza venue, with Khaled Yousry, K-Laff, Fady El Tellawy, and Youssef Yasser behind the decks.


How to fill your workforce with impact players: Good management can easily spot “impact players” — indispensable colleagues who can be counted on in critical situations and for high-profile assignments. In her new book Impact Players, Liz Wiseman draws on a study of 170 professionals to explain how you can become one of these star employees by mastering the “impact player mindset” to face problems and create change. Wiseman is the CEO of the Wiseman Group, a leadership research and development firm headquartered in Silicon Valley. The book isn’t just for those in junior and mid-senior positions aiming to get noticed — it also helps management to improve their skills. “To have impact players, you need to be an impact player,” Wiseman tells us.


Market roundup on 12 December 2021

The EGX30 rose 1.5% at today’s close on turnover of EGP 1.2 bn (14.2% below the 90-day average). Regional investors were net sellers. The index is up 8.0% YTD.

In the green: Egyptian Resorts Company (+5.6%), Credit Agricole Egypt (+4.7%) and Fawry (+4.6%).

In the red: Abu Qir Fertilizers (-5.7%), Speed Medical (-4.4%) and Palm Hills Development (-0.6%).


The Big Quit goes global: The so-called “Great Resignation” has been making waves in the US this year as record numbers of Americans have quit their jobs. But the phenomenon isn’t particular to the American labor market: companies in countries around the world are starting to struggle finding and retaining talent for skilled and unskilled positions alike, a trend that could undermine the global economy’s recovery from the pandemic.

The great resignation is coming”: So said organizational psychologist Anthony Klotz in an interview with Bloomberg in May, who coined the term in anticipation that a flood of people in the US would soon quit their jobs.

His prediction seems to have stacked up: US labor market data published a few months following the interview showed that a record 4 mn people resigned from their jobs in April. Subsequent months provided corroborating evidence, with resignation rates setting new record highs in July, August, and September, which saw 4.4 mn people hand in their notices.

His reasoning: Klotz claims that the covid pandemic is driving a fundamental realignment of values among many workers in the US. Because who we are as employees is so central to our identities, the disruption faced during the pandemic, whether triggered by layoffs, WFH, burnout, or contact with illness and death, gave people reason to stop and think, and in some cases reconsider their priorities.

Economic fundamentals seem to underpin the existential motivations: Conditions for workplace discontent in the US existed years before covid came and forced the cognitive shift theorized by Klotz. Compared to other developed countries, working conditions in the US aren't great, with laxer regulations giving workers fewer employment rights, declining wages, and weakened unions.

It’s not just an American phenomenon: A Harvard study of 9 mn employees at 4k companies around the world found resignation rates to be highest among 30-45 year-old mid-career employees, with an average increase of more than 20% in 2021 from a year earlier. The tech and healthcare sectors saw unusually high resignation rates, which the study attributed to increased workloads brought about by the pandemic.

Chinese youth are laying flat: There are signs in China that younger generations of workers are beginning to reject the country’s tough working culture and seek out alternatives. ‘Involution’ — a social scientific term originally coined to describe the point where population growth fails to produce greater output — has recently gained currency among the youth, who use it to express a feeling of being burned out by the system. In response, a growing movement is calling on people to ‘lay flat’ i.e. abstain from career-chasing, exit the workplace and reject consumerism. Now, the country is beginning to suffer from labor shortages in both high-tech industries and lower-skilled factories.

A similar trend is being seen in other Asian countries: Recent research has found that companies in Indonesia, Malaysia, Thailand, and the Philippines are all finding it harder to find and keep talent. Discontent with workplace conditions is leaving companies struggling particularly to retain and replace mid-career skilled professionals.

This isn’t quite a workers of the world unite moment. On the other side of the Atlantic, there are no mass resignations and unemployment rates are slowly but surely returning to pre-pandemic levels. While that hasn’t stopped people from rethinking their relationship to work on the continent, according to Euronews, it hasn’t created the mass disruptions being seen in the US either. On the whole, European recovery plans, which kept employees on payrolls rather than providing unemployment support, have helped workers maintain their relationships with their employers, providing a valuable lesson about how to manage labor during a crisis. Europe’s traditionally strong labor market institutions have given workers more outlets to express grievances, making it less likely that people would quit en masse.

In the US, there might be more than meets the eye: The record figures seen this year doesn’t necessarily indicate a sudden swell in the number of people wanting to quit their jobs. The disruption caused by covid likely resulted in more people hanging on to jobs that they were ready to leave, creating an estimated 3.7 mn “missing quits” that clocked in this year, Daniel Zhao, senior economist at Glassdoor, told Business Insider. Others have argued that the US labor market was tight before the pandemic and point to population growth halting for the first time in US history last year as a key factor making it tighter.

But there does seem to be a shift, with employees gaining leverage and employers rethinking priorities. As workers gain the upper hand in their relationships with employers for the first time in a generation in the US, employers are raising wages, training more people and taking chances on those that don’t have qualifications — not to mention being more flexible about how and where people work. Additionally, many low-wage laborers that lost their jobs during the pandemic are reconsidering their options, seeking to bolster their qualifications and add skills as they look to shift careers or find jobs closer to home, while others are looking for jobs that help them achieve better work-life balance or more flexible work conditions. A comparison of a 2013 and 2020 survey of knowledge workers revealed that they were more productive, wasted less time, took more responsibility for their own schedules and viewed their work as more worthwhile when working from home.

Is this the beginning of the future of work? The pandemic, which in many ways acted as a catalyst for the future of work, normalized remote white-collar work, resulted in the more rapid automation of service work and altered retail workflows so that fewer employees could fulfill the same workloads. Leadership, innovation and organizational researcher at the Technical University of Munich Dr. Isabell Welpe, argues that Decentralized autonomous organizations (DAOs) are the next stage of organizations. In plain English, as individual and asynchronous work become more common, the one-size-fits-all approach that once defined workplaces is just not sustainable. And as the nature of work changes, employers will have to adopt new leadership styles that privilege self-leadership through greater responsibility and accountability over control.


9-12 December (Thursday-Sunday): The 6th Edition of Cairo Woodshow, Cairo International Convention Center, Cairo, Egypt.

12 December (Sunday): Raya Holding’s Ordinary General Assembly meeting.

12 December (Sunday): Deadline to apply to the McKinsey Forward program for young professionals.

12-14 December (Sunday-Tuesday): Food Africa Cairo trade exhibition, Egypt International Exhibition Center, Cairo, Egypt.

12-16 December (Sunday-Thursday): The 15th edition of the Arab Conference on the Peaceful Uses of Atomic Energy is taking place in Aswan.

13-26 December (Monday-Sunday): Cleopatra Hospitals can subscribe to CI Capital’s voluntary tender offer for 26% of the company.

14-15 December (Tuesday-Wednesday): Federal Open Market Committee meeting.

13-17 December (Monday-Friday): United Nations Convention against Corruption, Sharm El Sheikh, Egypt.

14 December (Tuesday): Inquiry session for the Industrial Development Authority’s licenses to manufacture steel products.

14 December (Tuesday): CDC event to announce the details of its 2022-2026 strategy period.

14 December (Tuesday): The Egyptian Economic Summit, The St. Regis Hotel, Cairo.

14-19 December (Tuesday-Sunday): The Cairo International Festival for Experimental Theater.

14-15 December (Tuesday-Wednesday): The Federal Reserve meets to review interest rates.

15 December (Wednesday): Deadline for joint stock companies and investment companies in Cairo to join e-invoicing platform.

15 December (Wednesday): Target date for snackmaker Edita to wrap up due diligence on its acquisition of the Ole brand owner Egyptian Belgian Company.

15 December (Wednesday): The European Bank for Reconstruction and Development will give its final approval for a USD 100 mn facility to state-owned Banque Misr to finance local SMEs working on green projects.

16 December (Thursday): The CBE’s Monetary Policy Committee will meet to review interest rates.

16 December (Thursday): SODIC shares will be transferred to Aldar Properties / ADQ consortium by this date.

16 December (Thursday): Inquiry session for the Industrial Development Authority’s licenses to manufacture tobacco products.

End of December: El Nasr Automotive plans to sign contracts with a new partner to locally assemble EVs.

End of 4Q2021: EdVentures plans to have closed at least one more edtech investment round.

End of 4Q2021: Fawry plans to have launched its MyFawry card.

1H2022: The World Economic Forum annual meeting, location TBD.

1H2022: e-Aswaaq’s tourism platform will roll out its ticketing and online booking portal across Egypt.

1H2022: e-Finance’s digital healthcare service platform, eHealth, will launch its services.

1Q2022: Launch of the Egyptian Commodities Exchange.

1Q2022: Swvl acquisition of Viapool expected to close.

Second Half of January: Egypt will host the Egyptian-Bahraini Joint Committee.

The end of January: The Egyptian-Romanian business forum will take place with the aim of strengthening joint investment relations.

January 2022: Tenth of Ramadan dry port tender to be launched.

1 January 2022 (Saturday): Capital gains tax comes into effect on the EGX for local investors.

1 January 2022 (Saturday): Private sector minimum wage introduced.

1-15 January 2022 (Saturday-Saturday): Qualified Industrial Zones (QIZ) Joint Committee.

4 January 2022 (Tuesday): OPEC+ ministerial meeting.

7 January 2022 (Friday): Coptic Christmas.

10-13 January 2022 (Monday-Thursday): World Youth Forum, Sharm El Sheikh.

15 January (Saturday): Target date for the finalization of snackfood giant Edita’s acquisition of the Egyptian Belgian Company, owner of the Ole brand.

17-19 January 2022 (Monday-Wednesday): World Future Energy Summit, Abu Dhabi.

20 January 2022 (Thursday): Kadmar Shipping’s new line transporting agricultural crops between Alexandria and Russia begins its operations.

27 January 2022 (Tuesday): National holiday in observance of 25 January revolution anniversary / Police Day.

February 2022: Hassan Allam Construction’s new construction firm established with Russia’s Titan-2 to handle construction work on the Dabaa nuclear power plant begins its operations.

11 February 2022 (Friday): Deadline for Anghami SPAC merger.

11-13 February (Friday-Sunday) FIBA Intercontinental Cup, Cairo.

14-16 February 2022 (Monday-Wednesday): Egypt Petroleum Show, Egypt International Exhibition Center, New Cairo, Egypt.

15 February 2022 (Tuesday): The Industrial Development Authority’s deadline for receiving offers from companies for licenses to manufacture steel products.

19 February 2022 (Saturday): Public universities begin the second term of the 2021-2022 academic year.

March 2022: 4Q2021 earnings season.

March 2022: Deadline for the World Health Organization’s intergovernmental negotiating body to meet to discuss binding treaty on future pandemic cooperation.

March 2022: World Cup playoffs.

2 April 2022 (Saturday): First day of Ramadan (TBC).

3 April 2022 (Sunday): Bidding begins on the Industrial Development Authority’s license to manufacture tobacco products.

4 April 2022 (Monday): CDC Group will formally change its name to British International Investment.

22-24 April 2022 (Friday-Sunday): World Bank-IMF spring meeting, Washington D.C.

24 April 2022 (Sunday): Coptic Easter Sunday (holiday for Coptic Christians).

25 April 2022 (Monday): Sham El Nessim.

25 April 2022 (Monday): Sinai Liberation Day.

Late April – 15 May 2022: 1Q2022 earnings season

May 2022: Investment in Logistics Conference, Cairo, Egypt.

2 May 2022 (Monday): Eid El Fitr (TBC).

16 June 2022 (Thursday): End of 2021-2022 academic year for public schools.

27 June-3 July 2022 (Monday-Sunday): World University Squash Championships, New Giza.

30 June 2022 (Thursday): June 30 Revolution Day, national holiday.

2H2022: IEF-IGU Ministerial Gas Forum, Egypt. Date + location TBA.

July 2022: A law governing ins. for seasonal contractors will come into effect.

8 July 2022 (Friday): Arafat Day.

9-13 July 2022 (Saturday-Wednesday): Eid Al Adha, national holiday.

30 July 2022 (Saturday): Islamic New Year.

Late July – 14 August 2022: 2Q2022 earnings season.

September 2022: Egypt will display its first naval exhibition with the title Naval Power.

6 October 2022 (Thursday): Armed Forces Day, national holiday.

8 October 2022 (Saturday): Prophet Muhammad’s birthday.

18-20 October 2022 (Tuesday-Thursday): Mediterranean Offshore Conference, Alexandria, Egypt.

Late October – 14 November 2022: 3Q2022 earnings season.

**Note to readers: Some national holidays may appear twice above. Since 2020, Egypt has observed most mid-week holidays on Thursdays regardless of the day on which they fall and may also move those days to Sundays. We distinguish below between the actual holiday and its observance.

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