Wednesday, 4 August 2021

Vodafone wraps up due diligence on Bee, Masary



Good afternoon, ladies and gents, and welcome to this week’s penultimate PM edition. This time next week we’ll be closing out a day early thanks to Islamic New Year.

It’s interest rate day tomorrow: It’s the big day at CBE HQ tomorrow as the Monetary Policy Committee meets to review interest rates. Analysts we talked to last week are convinced that our central bankers are going to play it safe and leave rates unchanged until at least next month. The potential for a pick-up in inflation in the coming months and a need to maintain Egypt’s world-beating real rates will mean that the central bank’s easing cycle remains on hold, according to our poll.

THE BIG NEWS THIS AFTERNOON- Only regulatory approvals now separate Vodafone Egypt from getting its hands on 20% stakes in Ebtikar’s e-payments platforms Bee and Masary after the telecoms giant wrapped up due diligence. Meanwhile, a EGP 1 bn bond issuance could help Mercedes’ local partner enter the EV market, US manufacturing giant HB Fuller has announced a new facility in Sixth of October, and in the last hour we received July’s foreign reserves figures courtesy of the central bank, showing that the nation’s stockpile continued to inch up last month. All that and more in this afternoon’s Speed Round section, below.

HAPPENING NOW- It’s the final day for the Africa Food Manufacturing exhibition at the Egypt International Exhibition Center.


Global shares hit record highs in trading today, backed by strong corporate earnings that have buoyed equity markets, according to Reuters. The MSCI World index was up 0.2%, while the equivalent index in Asia gained 0.9%, excluding Japan. Markets were also sunny in Europe, with the Stoxx Europe 600 and FTSE 100 both up 0.5%-0.6%.

Markets in the world’s biggest economy weren’t quite so optimistic, however, as American investors wait on some big announcements, including employment data that could help determine when the Federal Reserve decides to turn off the liquidity taps. US equity futures were marginally in the green ahead of dispatch time while the USD hovered 0.1% up against a basket of currencies.

Will Biden stick with Powell at the Fed? The majority of Fed watchers are expecting US President Joe Biden to stick with Jerome Powell as the Fed chair for another four years. Biden is expected to make a decision next month on whether Powell, whose first stint expires next February, will stay on for another term. Tradition — which Donald Trump broke with back when he nominated Powell in 2018 — dictates that an incoming president does not switch out a Fed head appointed by their predecessor, and if Biden bucks the trend for another pick, he risks scaring the markets, Bloomberg suggests.

Who’s the most likely alternative? Lael Brainard, seven-year Fed board member and favored candidate of progressives, is reportedly the leader to replace Powell should Biden give him the boot. A Brainard pick, who this week drew a line in the sand by coming out in favor of tighter regulations and a digital USD, wouldn’t be greeted favorably by markets, who worry about greater market controls.

The “Nasdaq Whale” resurfaces: SoftBank has bought a USD 5 bn stake in Swiss pharma firm Roche, sources close to the transaction told the Financial Times. The acquisition was led by Akshey Naheta, head of the SoftBank unit that was roundly criticized after it was revealed to be the “Nasdaq whale” behind a series of huge derivatives trades that stoked last year’s tech rally and lost the company bns of USD.


It’s been a year since the tragic Beirut port blast that shook the country as it undergoes a devastating economic crisis.

President Abdel Fattah El Sisi is joining a donor conference being organized by French President Emmanuel Macron, which is seeking to raise USD 350 mn in aid for Lebanon. El Sisi said that Lebanon would “rise from the current setback” and regain its standing as a beacon of culture, art, and thought, according to an Ittihadiya statement.

The story is getting a lot of attention in the foreign press: France 24 | AP | New York Times | CNN.

Another maritime incident is apparently unfolding in the Gulf, as a merchant vessel has been reported safe after it was boarded by suspected hijackers off the UAE coast yesterday. A British Royal Navy body that monitors Gulf maritime operations described the possible hijack as “complete” based on information from a third party, without giving further details.

Plenty about this apparent attack remains murky, including the identity of the vessel and the hijackers. UK and US officials declined to confirm reports that the attack was carried out on the asphalt/bitumen carrier Asphalt Princess, and said investigations were at too early a stage to identify the “boarders.” The US Navy on Tuesday sent a ship to monitor the situation.

While governments have so far held back on officially naming the culprits, fingers are inevitably pointing to Iran, after it was blamed for last week’s drone strike on an Israeli-owned oil tanker in the Persian Gulf in which two people were killed. Iran’s foreign ministry said it was “suspicious” about the recent spate of Gulf shipping incidents, while the Revolutionary Guards denied involvement. The escalating Gulf tensions come as Iran this week saw its new president sworn in, and the attempted revival of the US-Iran nuclear pact struggles on.

YOUR DAILY DOSE OF COVID NEWS- The delta variant is continuing to cause problems in Asia:

  • China is going back into lockdown: Beijing is shutting down trains, closing internal borders, and sealing cities as new covid cases continue to emerge across the country. Seventeen of the country’s 31 provinces are now reporting cases in what is one of the country’s worst outbreaks since the pandemic began. (AP | The Guardian)
  • Japan is facing a predictable covid spike: Japan and capital city Tokyo are now reporting record daily covid cases thanks largely to the Olympic Games, which has led to the delta variant becoming more prevalent in the country. (Reuters)

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

  • Subsidized bread could rise in price for the first time in a generation: President Abdel Fattah El Sisi called on the government to raise bread prices for the first time in decades during a speech yesterday, though didn’t specific how much the 5-piaster baladi loaf should increase.
  • Orascom Development Egypt fighting USD 34 mn fine: The Environment Ministry is asking Orascom Development Egypt to cough up almost USD 34 mn for alleged environmental damage caused by its El Gouna development.
  • Credit risk is falling in the banking sector: Pressure on Egyptian banks’ credit profiles has eased since 3Q2020 thanks to an improving operating environment, according to Fitch Ratings.


Euromoney Conferences is organizing a two-day virtual conference from 7-8 September to talk sustainable finance and investment. Titled “GlobalCapital Sustainable and Responsible Capital Markets Forum,” the online event will feature on day one Vice Minister of Finance Minister Ahmed Kouchouk, who will participate in a live panel discussion on green sovereign bonds. You can register for the webinar here.

The Dokki Book Fair will be held from 5-10 August at the Ebda3 Villa, boasting 1 mn books on sale at this year’s event.

Inflation: Inflation data for July will be out on Tuesday, 10 August.


Toyota is playing dirty in efforts to catch up to EV automakers: When Toyota banked heavily on hydrogen-powered hybrid cars in a revolutionary move by car makers, it put all its eggs in one basket and fell behind on the electric vehicle trend. In efforts to gain ground, a New York Times investigation found that a high ranking Toyota executive Chris Reynolds has been lobbying Washington lawmakers to slow the advance of EVs in policy measures while touting the importance of hybrids (such as their Prius).

These efforts have already borne fruit, with the Biden administration’s infrastructure spending bill cutting the expected government funding for expanding EV charging stations in half. The dirty politics and disregard for climate regulations all fuel Toytoa’s long-term strategy for hydrogen and give it ample time to catch up to manufacturers such as Audi, Ford, Hyundai, Jaguar, Porsche, Volvo, and Volkswagen who all currently have at least one EV for sale.

Meanwhile, General Motors (GM) and Ford are being urged by investors to advance plans in EV production, despite a surge in demand for traditional cars and trucks, according to the Financial Times. Nonetheless, GM has committed USD 35 bn to manufacture EVs by 2025 while Ford has set aside USD 30 bn for the same period, as they too fear being left in the dust by the advent of EVs by the likes of Tesla.


The existence of UFOs is not just likely, but a certainty is a notion many people believe in Netflix’s Top Secret UFO Projects: Declassified. The new six-part docuseries examines various efforts by the US and UK governments to cover up evidence that UFOs have made multiple appearances in the past 80 years. Delving into the history of these sightings and how they’ve been documented by multiple sources, the series ultimately focuses on the government response to these sightings as opposed to figuring out whether they could be true or not. If you’re into the prospect of alien existence this show will be interesting, but brace yourself for a ton of conspiracies and little fact.

Al Ahly are playing against Wadi Degla in the Egyptian Premier League tonight at 9pm.


Wrestler Mohamed Ibrahim Kicho has won Egypt another Olympic bronze medal today, beating Artem Surkov of Russia in the Greco-Roman 67kg event.

Wrestler Mohamed Metwally came in fifth place in the Greco-Roman 87kg, after losing to Germany’s Denis Maksymilian Kudla in the bronze event.

Mouda Zeyada finished in 19th place in the equestrian individual jumping final, for a top 20 Olympic finish for the rider. Meanwhile, Nayel Nassar finished in 24th place in the final event.

Maha Gouda finishes in 20th place in the women’s 10m diving event, the best finish by an Egyptian woman in Olympic history. There is a chance she could advance to the semis as she is currently placed as a reserve for the event.

Samaa Ahmed came in last place in the canoe sprint women’s K-1 500m quarterfinals, losing her chance to go to the semis.

Moemen Mahran also bowed out of the canoe sprint men’s K-1 200m after coming in fourth place.

Athlete Ihab Abdelrahman just barely lost his chance to qualify for the javelin throw final, coming in 8th place while the first seven Group A athletes qualified.

WHAT TO WATCH tonight and tomorrow-

  • 4:05am: Mostafa Amr Hassan is competing in the athletics men’s shot put finals.
  • 4:30am: Diaaeldin Abdelmottaleb is up against Georgia’s Geno Petriashvili in the wrestling men’s freestyle 125kg round of eight.
  • 5:12am: Amr Reda Hussen will compete against Poland’s Kamil Rybicki in the wrestling men’s freestyle 74kg round of eight.
  • 6:00am: Amira Kandil and Haydy Morsy will participate in the women’s fencing pentathlon ranking round.
  • 9:30am: Ahmed Hamed and Ahmed ElGendy are up in the men’s fencing pentathlon ranking round.
  • 10:00am: Egypt’s handball team will play against France in the semifinal, in the biggest game of the day and maybe the Olympics altogether.

A ton of karate events are also taking place tomorrow, with the Egyptian athletes having good chances of gaining medals. The times of the matches are still TBD:

  • Ali El Sawy has four matches tomorrow in the men’s kumite 67kg against Japan, Turkey, Azerbaijan, and Kazakhstan in a Pool A elimination round.
  • Meanwhile, Radwa Sayed is up in the women’s kumite 55kg, playing against Kazakhstan, Ukraine, Japan, and Austria in Pool B.


Traditional Zar ensemble Mazaher are performing tonight at Downtown Cairo’s Makan at 8pm.


This year’s Pulitzer Prize in Biography went to The Dead Are Arising: The Life of Malcolm X. Written by the late investigative journalist Les Payne with help from family member Tamara Payne, the book follows the prominent reporter’s nearly thirty-year journey researching Malcolm X’s life. He interviewed everyone who had been in contact with the civil rights activist, including all his living siblings, classmates, street friends, cellmates, Islamic figures, FBI moles and cops, and political leaders around the world. The resulting book deftly recounts Malcolm X’s life as he goes “from street criminal to devoted moralist and revolutionary” while examining his impact on the struggle for African American rights.

☀️ TOMORROW’S WEATHER- Expect the mercury to go up to 44°C tomorrow during the day in Cairo and fall to 27°C at night, according to our favorite weather app. Sahel will have 36°C weather during the day and 24°C at night.


Vodafone Egypt wraps up due diligence on Bee, Masary

Vodafone Egypt completes due diligence on Bee + Masary: Vodafone Egypt has wrapped up its due diligence on e-payments platforms Bee and Masary, subsidiaries of non-banking financial services (NBFS) player Ebtikar, an unnamed source at Ebtikar told Enterprise this morning, confirming earlier reports in the local press. The telecoms giant wants to acquire a 20% stake in both firms, and kicked off due diligence earlier this year. The company plans to acquire the shares through a capital increase under the terms of an MoU signed with Ebtikar in February.

What’s next? The company is awaiting regulatory approval from the Financial Regulatory Authority and the central bank, which is expected to be obtained within days.

Who owns what? Ebtikar holds a 72% stake in Masary, with the remainder owned by Bahrain’s Sadad. Bee is a 60%-owned subsidiary of Ebtikar, with the remainder held by two other investors including Techno Beez. Ebtikar raised its stake in Bee to 80% earlier this year by purchasing Techno Beez’s 20% shareholding. Ebtikar, which is planning an IPO in 4Q2021, is a joint venture between B Investments, BPE Partners and MTI.

Advisors: Zaki Hashem & Partners is advising Ebtikar, while Alliance Law Firm is providing counsel to Vodafone on the transaction.


Remco subsidiary receives EGP 350 mn bid: Tourism developer Remco said in an EGX statement (pdf) this morning that Atrees Group Chairman Al Sayed Atrees Mohamed, alongside two other investors, aim to acquire up to 100% of its Empain Tourism Investments subsidiary for EGP 350 mn. This is slightly higher than the recent EGP 347.7 mn fair valuation.


Mercedes’ local partner plans EGP 1 bn bond issuance to enter EV market

A EGP 1 bn bond issuance could help Mercedes’ local partner enter the EV market: The National Automotive Company (NATCO) plans to offer bonds worth EGP 1 bn to expand its distribution network and enter the electric-vehicle (EV) sector, the company said in an emailed statement (pdf). The production and distribution partner of Mercedes-Benz passenger cars in Egypt said the proceeds will be invested in its distribution and after-sales services network across the country, and comes after it recently signed a new contract with the German luxury carmaker.

A “portion” of the offering would be sold as green bonds, NATCO said. The capital would be deployed to finance expansion into the EV market, including setting up charging stations, manufacturing chargers, and establishing distribution and after sales spots.

This would be the second issuance of corporate green bonds in Egypt: CIB in June debuted the climate-linked securities in the Egyptian market, selling USD 100 mn in five-year bonds to the International Finance Corporation.

Other details of the issuance are unclear: It’s unclear how much of the issuance would be sold as green bonds. Enterprise reached out to a representative of Beltone Financial, which is serving as NATCO’s financial advisor on the transaction, who said that the split has not yet been determined.

Egypt has embarked on a push in recent months to get electric cars on the local market and set up the infrastructure to make them viable. The government is working with industry leader Infinity on a EGP 450 mn plan to install 3k charging stations nationwide over the next three years, while state-owned El Nasr Automotive is working with Chinese auto firm Dongfeng to produce the country’s first locally-assembled EVs by summer 2022.

EGA to produce the tech: NATCO would use its manufacturing arm the Egyptian German Automotive Company (EGA) to produce EV chargers, it said. EGA currently assembles Mercedes 4×4 passenger cars.

IPO in the cards? The company is considering going public on the EGX, the statement said, without disclosing a time period or how many shares it could list on the bourse.


An adhesive manufacturing facility to be set up in Cairo

HB Fuller wants to make Egypt its “gateway” to the region: HB Fuller will set up a new facility for manufacturing adhesives in Cairo, the US manufacturer announced in a statement yesterday. The new factory will serve as the company’s “regional production hub,” and will double its local production capacity, manufacturing adhesives serving the hygiene, packaging, labelling, paper converting and graphic arts, among other industries, it said.

What we know so far: The 37k sqm facility will be located in the CPC Industrial Park in Sixth of October City’s industrial district, and will begin production by 4Q2022.

And what we don’t: The company did not disclose how much capital would be invested in the new facility. Enterprise was not able to reach the company for comment prior to dispatch.

The facility comes as part of HB Fuller’s expansion plans in the Middle East and Africa, and will allow Egypt to become its gateway to the region, the company said.

About the company: HB Fuller is a North American adhesive manufacturing company that provides specialty chemical products for a wide range of sectors including electronics, disposable hygiene, health and beauty, transportation and infrastructure, construction and energy.


Reserves barely inch up in July

FX reserves increase marginally in July: Egypt’s foreign currency reserves inched up to USD 40.61 bn in July from USD 40.58 bn in June, according to official figures released by the Central Bank of Egypt today. FX reserves rose by almost USD 116 mn in June.

Reserves are still about USD 5 bn short of where they were prior to covid: The country’s stockpile fell by almost USD 10 bn from the USD 45.5 bn peak in February 2020 due to the covid-induced sell-off of emerging-market assets, and the lockdown of the economy in the second quarter.


Alex Pharma earnings slip in FY2020-2021

Alexandria Pharma and Chemical Industries reported a 27% decrease in net annual income to EGP 131.5 mn in its 2020-2021 fiscal year that ended in June, down from EGP 170.05 mn the year before, according to the company’s earnings statement (pdf). Revenues were up 9.5% y-o-y to EGP 1.12 bn, compared with EGP 1.02 bn a year before.


The EGX30 fell less than 0.1% at today’s close on turnover of EGP 1.75 bn (27.2% above the 90-day average). Local investors were net sellers. The index is down 1.2% YTD.

In the green: Pioneers Holding (+5.3%), Speed Medical (+4.3%) and MM Group (+2.9%).

In the red: CIRA (-2.2%), Fawry (-2.2%) and Cleopatra Hospital (-2.0%).


AI can help broker peace: It’s a common trope of sci-fi that AI can be weaponized and make future wars even more devastating. Heck, we even looked at how tech company DeepMind is training AI systems to play the strategy board game Diplomacy. But do-gooder tech nerds are exploring how AI can be used to help peacemaking worldwide.

Peace through AI-analyzed polling: Four years ago, the United Nations asked how technology could be used to survey residents of conflict zones about what they wanted from peace agreements. The idea was that “peace agreements and ceasefires are more likely to last if they reflect the views of the whole population, rather than just a few negotiators,” writes the Financial Times. From there, AI came to the rescue and has since shown significant results.

Thank AI for the October ceasefire in Libya: The idea was put to the test in Libya last October when New York start-up, Remesh developed an AI-assisted poll that analyze open-ended responses in real time, allowing people to anonymously engage about the change they want to see without the hassle of meeting them face-to-face, according to the Washington Post. The resulting discussions gained a ton of attention and were broadcast live on a Libyan news channel, allowing people to honestly discuss their priorities for reunifying the country, stabilising the economy and improving living conditions.

And this wasn’t just an experiment: The responses were taken to the negotiating table for the ceasefire and presented as the mass opinion of the public. Although fragile, the resulting ceasefire has lasted this far. Further dialogues are planned as the peace talks progress.

The tech is planned to be used in conflict resolution efforts in places like Sudan, Mali, Afghanistan and Iraq, the UN said. “Our goal is to apply new methods, new technologies and new ways of thinking to the business of peacemaking,” said Daanish Masood, a political affairs officer with the UN’s Innovation Cell. “We’re concerned with bringing armed conflict to an end by understanding it, tracking it and predicting it.”

Less paramount decision making has also been made more transparent: Taiwan used Seattle-based survey tool to ask the masses how to regulate Uber, while the US and Canada have used a similar technology Ethelo to poll communities on topics such as town planning and transport pricing.

Machine learning has been used in predicting conflict since 1996, by analyzing conflict dynamics and designing peacekeeping operations to prevent re-emerging or new conflicts as well as support conflict research. For example, using machine learning techniques a study found that ‘the risk of local violence is higher rather than lower in communities where minority and majority ethnic groups share power’. The finding — which is contrary to popular belief — can help alter prevention techniques and avoid conflict in the first place.

Meanwhile, peacekeeping troops are being trained by AI-based virtual training. The technology is being used to train soldiers and their tactical abilities, leading to a higher success of missions, according to the Security Distillery. The United Nations plans to share the technology with less developed countries to compensate for the lack of resources that results in insufficient training for soldiers facing complex situations in peacekeeping operations.

How can the UN use AI for peace? Masood and his fellow political affairs officer Martin Waehlisch explain to Euro News that the methods are many. Firstly, by using Natural Language Processing to understand human languages and dialects, media and TV can be monitored in conflict zones to identify hate speech or other indicators that unrest is brewing. Tech such as satellites or drones can also be dispatched to detect water scarcity globally — since lack of water drives conflict and undermines stability (as we know). Finally, AI and all its constituents can drive better decision making at all levels by gathering tons of data and putting it into understandable and approachable formats.


23 July-11 August (Friday-Wednesday): Tokyo 2020 Olympics.

2-4 August (Monday-Wednesday): Egypt is hosting the Africa Food Manufacturing exhibition at the Egypt International Exhibition Center.

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

9 August (Monday): Islamic New Year.

9 August (Monday): Russian flights to Sharm El Sheikh, Hurghada resume.

12 August (Thursday): National holiday in observance of the Islamic New Year.

September: Delegation of Russian companies to visit Russian Industrial Zone.

3-5 September (Friday-Sunday): The World Karate Federation will hold the third competition of the 2021 Karate 1-Premier League in Cairo.

7-8 September (Tuesday-Wednesday): Euromoney Conferences will host the GlobalCapital Sustainable and Responsible Capital Markets Forum 2021, featuring Vice Minister of Finance Minister Ahmed Kouchouk.

12-15 September (Sunday-Wednesday): Sahara Expo: the 33rd International Agricultural Exhibition for Africa and the Middle East.

15 September (Wednesday): The CFO Leadership & Strategy Summit is taking place in Egypt.

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

21-22 September (Tuesday-Wednesday): The Federal Reserve meets to review interest rates.

30 September-2 October (Thursday-Saturday): Egypt Projects 2021 expo, Egypt International Exhibition Center, Cairo, Egypt.

30 September-8 October (Thursday-Friday): The Cairo International Fair, Cairo International Conference Center, Cairo, Egypt.

30 September: Closing of 2021’s first oil and gas tender in the Gulf of Suez, Western Desert, and the Mediterranean.

October: New legislative session begins.

1 October (Friday): Businesses importing goods at seaports will need to file shipping documents and cargo data digitally to the Advance Cargo Information (ACI) system.

1 October (Friday): Expo 2020 Dubai opens.

1 October (Friday): State-owned companies and government service bodies selling goods and services to customers that have not yet signed on to the e-invoicing platform will suffer a host of penalties, including removal from large taxpayer classification, losing access to government services and business, and losing subsidies.

6 October (Wednesday): Armed Forces Day.

7 October (Thursday): National holiday in observance of Armed Forces Day.

11-17 October (Monday-Sunday): IMF + World Bank Annual Meetings.

12-14 October (Tuesday-Thursday): Mediterranean Offshore Conference, Alexandria, Egypt.

18 October (Monday): Prophet’s Birthday.

21 October (Thursday): National holiday in observance of the Prophet’s Birthday.

24-28 October (Sunday-Thursday) Cairo Water Week, Cairo, Egypt.

27-28 October (Wednesday-Thursday) Intelligent Cities Exhibition & Conference, Royal Maxim Palace Kempinski, Cairo, Egypt.

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

30 October – 4 November (Saturday-Thursday): The first edition of Race The Legends, Egypt.

31 October – 12 November (Sunday-Friday): The 26th UN Climate Change Conference, Glasgow, UK.

November: The French-Egyptian Business Forum is set to take place in the Suez Canal Economic Zone.

November: Egypt will host another round of talks to reach a potential Egyptian-Eurasian trade agreement, which can significantly contribute to increasing the volume of Egyptian exports to the Russia-led bloc that includes Armenia, Belarus, Kazakhstan and Kyrgyzstan.

1-3 November (Monday-Wednesday): Egypt Energy exhibition on power and renewable energy, Egypt International Exhibition Center, Cairo, Egypt.

2-3 November (Tuesday-Wednesday): The Federal Reserve meets to review interest rates.

1-12 November (Monday-Friday): 2021 United Nations Climate Change Conference (COP26), Glasgow, United Kingdom.

29 November-2 December (Monday-Thursday): Egypt Defense Expo.

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

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

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.

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

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

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

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

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

**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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