PM — Professional critics for hire

Happy Monday, wonderful people. It’s relatively calm on the news front here at home so far, but we have a creeping suspicion that won't be the case over the next few days.

THE BIG STORY TODAY-

Italy’s Intesa Sanpaolo could soon own all of Alexbank: Italian bank Intesa Sanpaolo, which owns 80% of the Bank of Alexandria (Alexbank), is in advanced talks to acquire the remaining 20% stake in the bank owned by the government, a government source told Enterprise this morning. We’re expecting an official announcement about the acquisition soon.

REMEMBER- Alexbank wasn’t on the list of 32 companies the government is planning to sell stakes in over the next year, though the EGX said earlier this year that the bank was in the pipeline for a potential IPO on the EGX. Intesa bought 80% of Alexbank in a 2006 transaction as the institution was privatized.

THE BIG STORY ABROAD-

The one story dominating the foreign press this afternoon: US President Joe Biden landed in Kyiv earlier today in a surprise visit to meet with his counterpart Volodymyr Zelenskyy just days before the one-year anniversary of the Russian invasion of Ukraine. Biden arrived bearing gifts, announcing an additional USD 500 mn assistance to war-torn Ukraine and reiterating the United States’ support for the country. (AP | Reuters | Wall Street Journal | Washington Post | FT | Bloomberg)

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

• Our 2023 Enterprise Reader Poll results are in. The general consensus is that 2022 was a bad year for business, — and there’s uncertainty on what the future holds. To read the full survey results, click here.
• Yesterday in M&A: The Sovereign Fund of Egypt is reportedly interested in acquiring a minority stake in El Ezaby Pharmacy, while the shareholders of tourism developer Remco agreed to sell a five-star hotel in Sharm El Sheikh to a military-owned company.
• Offers roll in to build the EUR 1.6 bn Alexandria metro project. Three consortiums of local and international contractors have submitted final bids to convert Alexandria’s Abu Qir railway into an underground metro.

NOT HAPPENING TOMORROW-

Kevin Hart's standup comedy show in Cairo has been canceled due to “logistics issues,” according to TicketsMarche representatives. The show was supposed to take place tomorrow at Cairo Stadium, which issued a statement saying they have no plans to host the show. If you purchased tickets to the show, you will receive a full refund — the company will send out emails with instructions on how to get your money back, they said.

???? CIRCLE YOUR CALENDAR-

Egypt is hosting the U20 Africa Cup of Nations: The pan-African tournament kicked off yesterday with Egypt and Mozambique drawing 0-0 and Senegal defeating Nigeria 1-0. Cairo International Stadium, Suez Canal Stadium, and Alexandria Stadium will all host games over the next month. The final will be held on March 11 in Cairo.

The Cairo Food Summit is taking place on 27 February. The government-hosted event will bring together public- and private-sector players in the agricultural sector and related industries to discuss sustainable economic growth, according to a statement (pdf).

☀️ TOMORROW’S WEATHER- Expect temperatures to rise to 21°C during the day tomorrow before falling to 11°C at night, our favorite weather app tells us.

Man vs. Machine: An AI workplace battle. As a new generation of artificial intelligence is introduced into workplaces, a power struggle between humans and machines is brewing. Attempts to fully automate some occupations — such as pilots, cashiers, and food servers — have been aided by recent technological advancements like ChatGPT, natural-language processing, and biometrics, as well as the availability of large amounts of data to train algorithms, according to The Wall Street Journal. Some 25% of all jobs in the US could be done by machines by 2030, according to a McKinsey report cited by the journal.

Right now, AI's impact on the workforce is more about changing how jobs are done than it is about eliminating jobs. “I don’t see a job apocalypse being imminent. I do see a massive restructuring and reorganization — and job quality is an issue,” Erik Brynjolfsson, director of the Stanford Digital Economy Lab tells the journal. When AI takes over easy tasks, humans are left with more complex, demanding responsibilities, some labor experts say. Workers also say that AI isn't reliable and can be biased when it comes to judging human actions and feelings.

Call centers are one area where AI has taken off: In recent years, businesses have begun to use machine-learning models to monitor and analyze conversations between customers and agents, the WSJ reports. Conversation analytics finds patterns in clients' words and emotions, and can suggest what to say and do next. While this appears to be beneficial, it may actually cause employee distress. A Cornell University study on call-center automation found that when employees are closely watched by an algorithm, told what to do, or don't have much control over their work, they are more likely to get burned out and have trouble solving customer problems.

Ever wondered who CEOs turn to for advice when in doubt? ​​When it comes to hearing unpopular truths, some leaders rely on trusted insiders, while others turn to so-called "professional critics,” according to the Financial Times. Glenn Fogel, the CEO of Booking.com, was fortunate not to have to look outside the office for advice when the pandemic made a hole in their earnings and instead turned to the managers he trusts the most, including the COO, head of HR, and legal counsel. Others are even more fortunate to have people with a stronger bond, such as a family member, to whom they can turn for advice, such as Helen O'Neill, CEO of health tech company Hertility, who has her twin sister as her legal counsel. Those who don't have access to the above options can hire a professional "critical friend" to whom they can talk to and get honest feedback without any emotional attachments, such as Philippe Maso, the former CEO of AXA UK, who said he was on the phone with an executive coach almost all the time.

Alpine wants more female racers on its Formula One team: Renault’s Alpine is ramping up investments to train female drivers for the Formula 1 championship this season, Bloomberg reports. As part of its Rac(h)er initiative — launched last year to combat gender bias in the male-dominated realm of motor sports — the carmaker is setting up a new center at its UK base to roll out a performance-based individual training program for female drivers. Alpine wants to increase its female engineering workforce from 12% to 30% by 2027, with plans to hire more women in all roles across the organization, from drivers to mechanics. French soccer champion Zinedine Zidane and British boxer Nicola Adams are two of the coaches for Alpine's young karters.

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

Navigating conflict and personal freedom in a Hasidic Jewish community: Adapted from Deborah Feldman’s 2012 book by the same name, Unorthodox follows the story of a 19-year old woman who leaves behind the Hasidic Jewish community in Williamsburg where she was raised, to pursue a life beyond the strict social codes of her hometown. Etsy, the show’s protagonist, escapes to Berlin where she discovers a new world beyond the close-knit and sheltered community she left behind. We get to see the stark contrast between her collectivist upbringing and her newfound individual freedom unfold throughout the show. Similar questions of community, identity, and belonging begin to emerge among the characters she's left behind in Williamsburg, including her husband, who embarks on a quest to find her. This four-episode Netflix miniseries is sure to keep you hooked.

⚽ It’s a quiet day in European football, as teams prepare for their Champions League matches on Tuesday and Wednesday.

Meanwhile in the Egyptian Premier League: El Ittihad faces El Dakhlia at 5pm, and Tala’ei El Geish will play against Enppi at 7pm.

And in La Liga: Getafe hosts Valencia at 10pm.

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

Kevin Hart's standup comedy show in Cairo has been canceled due to “logistics issues,” according to TicketsMarche representatives. The show was scheduled to be held tomorrow. If you purchased tickets to the show, you will receive a full refund — the company will send out emails with instructions on how to get your money back, they said.

Don’t miss Omar Khairat's concerts at 8pm tonight and tomorrow in the Main Hall of the Cairo Opera House.

Bringing the master of silent film to life on stage: Charlie is a musical play about the legendary Charlie Chaplin's human side, his hopes and hardships, and his impact on the film industry. The performance will take place at Theatro Arkan on Friday, 24 February, and tickets can be purchased here.

Catch Cirque du Soleil’s OVO next month: The event features 100 performers taking the stage with their acrobatic acts. OVO will host 16 shows between 8-18 March at Cairo international Stadium Hall, courtesy of real estate developer Madinet Nasr for Housing and Development (pdf).

Head to the She Crafts bazaar on 24 and 25 February at the Grand Nile Tower Hotel in Garden City anytime between 12-8 pm. The bazaar aims to help women market their products and become more financially independent.

Rock fans rejoice: 1984, Galab and Dabbet Namla are taking the stage at El Sawy Culturewheel’s Castle of Rock Festival on Tuesday 28 February at 7 pm.

???? UNDER THE LAMPLIGHT-

In the mood to shed some tears? Grab your tissues and give A Little Life a read. Think of the most heartbreaking experience you’ve ever endured, now multiply it by a hundred and you’ve got A Little Life. The 2015 novel by Hanya Yanagihara follows four college students as they relocate to New York in pursuit of their various career ambitions as a lawyer, actor, painter, and architect. The massive 800+ page novel comes with a long list of trigger warnings, including self-harm, suicide, assault, and violence, all of which combine to tell a heartbreaking story about love, loss, success, and mental illness. Despite the novel's length and the gravity of its subject matter, it became an instant bestseller and is now considered a modern classic.

The EGX30 fell 3.0% at today’s close on turnover of EGP 1.87 bn (4.2% below the 90-day average). Local investors were net sellers. The index is up 15.2% YTD.

In the green: Juhayna (+0.1%).

In the red: Ezz Steel (-5.9%), Elsewedy Electric (-5.8%) and Telecom Egypt (-5.5%).