HSBC PMI: growth slowed in October • Arla still interested in Egypt • CBE deputy gov resigns • Putin to visit Cairo • Egypt seen less corrupt in 2014 • coal energy tariffs within 2 months • Radisson to open Cairo hotel in 2016 • Borsa leaks draft investment law

FX WATCH

The EGP held steady at EGP 7.14 during the CBE’s dollar sale yesterday, withReuters citing a trader as saying the unofficial price the EGP was trading at was EGP 7.67 to the USD.

WHAT WE’RE TRACKING TODAY

HSBC’s PMIs for Egypt, Saudi and the UAE are out, and Egypt’s non-oil private sector continued gains in October, but at a slower pace. Details below.

Private equity heavyweight Abraaj will join forces with Al Aujan Industries to outbid Kellogg for Egyptian food manufacturer Bisco Misr, reports Al-Mal in a very brief piece. (Read in Arabic)

Saudi Arabia says it will consider cutting production if other producers, including non-OPEC members, reduce their output too.Saudi Arabia would not agree to any measure that reduces its global production market share – they are just willing to have a similar share of a smaller pie. (Read)

The European Central Bank announces its interest rate decision at 1:45 pm CET, 2:45 Cairo local time, issued first in a press release (available here) and discussed in a news conference at 2:30 pm CET, 3:30 pm Cairo local time (livestream here).

LAST NIGHT’S TALK SHOWS

In a typically slow Wednesday night, Khairy Ramadan commented on the general mood of despair that seems to have afflicted Egypt’s revolutionary youth.

“It’s understandable that some people are upset, but before you go out and protest, you need to ask yourself what you are protesting. What exactly are you asking for? Do you want to overthrow the current regime? And then what? I think we all know that this is not possible. What is the end game? Before anyone takes to the streets, they need to think,” said Ramadan.

Ibrahim Eissa continued make fun of the decree banning any “insult” to Egypt’s two revolutions. “Everyone has the right to say what they want as long as they say it with respect.”

Eissa was surprisingly critical of President Al Sisi’s attendance at the opening of the new Galaa bridge in Heliopolis yesterday. “This is not the role of the President. The infrastructure projects that we are undertaking at the moment are an important, and the bridge — which was built by the Army in record time — is a major achievement. But the appearance of the President at such events is completely out of sync with the modern world. It sends a negative message to the outside world because it gives the impression that this is the most important thing going on in our country, when in fact it’s not,” said Eissa.

Eissa hosted Minister of Investment Ashraf Salman, who once again reassured viewers that the new investment law will be ready by March. He also discussed the One Stop Shop, specialized economic zones and the problem of human resources at the Ministry of Investment and all other government ministries.

“The lack of a work ethic makes amongst the rank and file of any ministry in Egypt is one of the biggest problems that we are currently contending with,” said Salman.

SPEED ROUND

The EGX30 was up 1.28% to 9,304 points with turnover of EGP 718 mn. Regional markets were mixed; with TASI gaining +0.7 and KSE essentially flat. Indices that fell included the QE (-1.1%) and the Omani MSM (-0.2%). The DFM and ADX were both closed for the day.

US markets were up across the board as were European and Asian markets, with the two exceptions being the FTSE and the Hang Seng.

Nidal Assar, the deputy governor of the Central Bank of Egypt responsible for monetary stability, has resigned, according to a report on Reuters quoting two sources. Before becoming Hisham Ramez’ deputy governor, Assar was the sub-governor for investment and foreign relations directly overseeing the management of the CBE’s international reserves and, according to Al Shorouk, is currently weighing multiple offers to join financial institutions. (Read)

Denmark’s Arla is still interested in the Egyptian dairy sector despite having dropped out of the race to acquire Arab Dairy, according to a report in a trade journal. AgriMoney quotes the company’s head of international business as saying, “Our conclusion, based on due diligence, is that we shall not place a final tender offer for Arab Dairy.” That said: “Egypt is still an interesting market for us, and we are working on alternative options to enter the market soon,” the exec said. The story’s kicker: “Arla has labelled Egypt as offering “considerable potential” for using milk supplies by the co-operative’s 13,500 members, with the country relying to a large extent on imported milk powder.” (Read)

Russian President Vladimir Putin will visit Egypt at the beginning of 2015 in the latest sign of closeness between two one-time Cold War pals, Foreign Minister Sameh Shoukry announced yesterday. (Read)

Egypt’s public sector in is perceived to be less corrupt now than it was in 2013, according to Transparency International, coming in at number 94 out of 175 countries and territories. At number 25, the UAE ranked as the least corrupt economy in Middle East and North Africa. Denmark, New Zealand and Finland topped the rankings, with Canada rounding out the top 10. See the full results of the survey here, download the MENA results as a pdf, or watch a short video and check out their FAQ about their methodology.

A 26-year-old man from Minya became the seventh Egyptian to die of H1N1 “bird flu” this season, and a 33-year-old woman from Sohag is on a ventilator. (Read on Ahram Online or Reuters) Gulf News, meanwhile, says the health minister held a meeting yesterday to discuss procedures for responding to a potential uptick in cases later this winter.

The Qatar Investment Authority (QIA) has a new CEO, Sheikh Abdullah bin Mohamed bin Saud al-Thani, who just happens to be a half-brother of the Emir. At the time of the announcement yesterday, Abdullah was serving as chairman of Ooredoo, the Qatari telecoms firm, having earlier been chief of the royal court for a five-year term starting in 2000. The board of the QIA (which is pegged as a USD 300 bn fund by the FT and as having investments of roughly USD 170 bn by Reuters) will also get a new board of directors. The QIA, which has pivoted away from Europe and announced plans to sink USD 15-20 bn into Asia in the coming five years, is not expected to change investment strategy, Reuters claims. The FT reports the move to replace what it called “transitional” CEO Ahmed Al-Sayed was “part of the new emir’s attempts to place his own team into senior government positions. ‘This is about a spring clean against the old guard,’ said a Qatari businessman.” (Read in the FT or on Reuters)

KSA sees oil stabilizing at USD 60 per barrel, says the WSJ this morning, calling it “a level both it and other Gulf producers believe they could withstand.” That said, the daily notes: “The Gulf states ‘don’t have a price target, and if prices drop further below $60, it won’t be for a long time,’ a Gulf oil official said.” Meanwhile, the FT chimes in with a note that “the flow of Opec petrodollars into global financial markets is set to dry up as the collapse in the oil price delivers a $316bn hit to the cartel’s revenues.” Noted one analyst quoted by the paper: “This is the first time in 20 years that Opec nations will be sucking liquidity out of the market rather than adding to it through investments.”

With the US dollar hitting five-year highs as other currencies slump and commodities prices fall, the WSJ and Reuters pause to take a look at implications for central bankers and, in a brief mention, emerging markets. The EM impact of the strong greenback may be theme next week, judging by the way mentions are cropping up in the international financial press.

Of some potential local interest: Rumors of a possible Shell takeover of BP are back in the headlines, as CNBC notes, but analysts think it entirely unlikely to happen, dismissing it as “trader chat” and saying: “Why would Shell, which has been selling off assets in recent months under new chief executive Ben van Beurden, undertake a huge acquisition which would take years to complete, and have the main effect of increasing its exposure to a similar business model?”

Norway’s sovereign wealth fund under pressure to divest from fossil fuel assets despite government-commissioned panel’s recommendations otherwise: An expert panel commissioned by the Norwegian government to advise its SWF on whether it should dump its fossil fuel holdings (which make up c.10% of its assets) out of concern for climate change ended up angering environmentalists and politicians alike by advising that the fund hold on to its assets. The panel argued that the fund can have more influence by being an active and strict owner. The panel’s recommendation is seen to be rejected by a majority of the Norwegian parliament, which may vote to exclude investments based on their contribution to climate change. The panel’s recommendation also goes against the recent trend by other funds, including Norwegian pension funds, to divest from fossil fuel assets out of environmental concerns, according to the FT. (Read news of the announcement and download the panel’s report as a pdf)

In an announcement timed to possibly allay concerns that were eventually raised by the panel’s findings, the fund’s CEO, Yngve Slyngstad, announced on Monday 1 December that the fund would invest USD 3 bn in green technology stocks in 2015. (Read)

SPOTLIGHT ON: HSBC PMI

Egypt’s non-oil private sector continues gains in October, but at slower pace
HSBC PMI Press release | 04 Nov 2014

Key Points:

• Output and new orders continue to rise, albeit at slower rates
• Employment growth maintained
• Input price inflation lowest since May

Seasonally adjusted headline PMI posted above the neutral 50.0 threshold at 51.0. Down from September’s near-record high of 52.4, figures released today signal the weakest rate of improvement in three months. Both output and export growth increased, but again at a slower pace as compared to September and the slowest rate over the past 3 months. The increase in demand in turn contributed to a modest increase in job creation for the second consecutive month. Although the cost of inflation increased in line with the trend observed since the Egypt PMI survey began in April 2011, inflation cost was well below average and at its lowest point since May 2014.

Simon Williams, Chief Economist for the Middle East at HSBC is quoted in the release as saying: “The pace of growth is still muted, but the PMI score points to the Egyptian economy starting to find its feet. As confidence improves, we remain optimistic that the economy will continue to expand into the year-end, albeit off a low base. Firms increased their purchasing activity in order to meet higher business requirements.(Download as a pdf)

EGYPT IN THE NEWS

The Editorial Page editor of the New York Times has a blog. And guess what? She’s not very impressed with Egypt at the moment: “Another Mass Death Sentence in the ‘New’ Egypt“.

Meanwhile, on another planet: NY Times chief financial correspondent Floyd Norris and advertising reporter Stuart Elliott have a accepted buyouts as part of the Times’ plan to slash its newsroom headcount. David Kirkpatrick and Editorial Page Editor Carol Giacomo have not. (Read more on Capital New York)

The Intercept’s Glenn Greenwald — who won the Pulitzer for his reporting on NSA surveillance — has turned his attention to Egypt in a piece headlined “In US-supported Egypt, 188 protesters are sentenced to die days after Mubarak is effectively freed”. (Read) Our question: Is this a prelude to a longer investigative piece, perhaps one calling on leaked material?

TravelPulse has an interview the president of Uniworld, the global boutique cruise operator, on the company’s decision to return to Egypt in 2015. Read it and then have a look at the Euronews’ quick piece (print and video) on the uptick in travel to Egypt.

WaPo joins other major US and Canadian media outlets in picking up the AP’s piece on the draft law to criminalize “insulting” the 30 June and 25 January revolution. (Read) (And can we just say that we agree with Ibrahim Eissa on this one? His bloviating aside, the man’s got a point.)

“Jailed Canadian journalist Fahmy blames arrest on Egypt-Qatar spat” is the latest from Canada’s national newspaper on the imprisoned AJE bureau chief; with no movement as yet on a pardon and deportation for Fahmy and Australian national Peter Greste, eyes turn now to the 1 January 2015 hearing on their appeal of their convictions. (Read)

ENERGY, RENEWABLE ENERGY & SUBSIDY REFORM

Coal energy tariff to be determined within two months
Al Borsa | 03 Dec 2014
The Egyptian Electric Utility & Consumer Protection Agency (EUCP) has announced that the tariff for energy produced from coal-fired power plants will be determined within two months. The chairman of the EUCP, Hafez Salmawy, said that there will be no approvals given for the construction of coal fired power plants without strict adherence to environmental regulation stipulated by the Egyptian Ministry of Environment. Salmawy further added that on the heels of the government’s plans to include the private sector, new legislation will be issued this January that will restructure the electricity and power market. (Read in Arabic)

Algeria’s energy minister in a two day visit to Cairo
Al-Mal | 03 Dec 2014
Algeria’s Minister of Energy Youcef Yousfi is visiting Cairo for two days as a step ahead from the meetings that took place last November. Yousfi is expected to meet with Egypt’s Minister of Petroleum to discuss cooperation in energy usage including Egypt’s importing of Algerian gas and having Algerian Saharan Blend crude refined at Egypt’s MIDOR refinery. (Read in Arabic)

OIL & GAS

EGAS to offer exploration bids in eleven areas at the start of 2015
Daily News Egypt | 02 Dec 2014
A source with EGAS told Daily News Egypt that eleven areas will be offered for exploration in the beginning of 2015. The areas will include three land plots in the Delta and Eight marine plots in the Mediterranean. The details of the marine plots will be agreed on following a scheduled meeting with representatives from the Egyptian Navy Forces. (Read)

MANUFACTURING

Factories will only be charged for the natural gas they consume
Al-Mal | 03 Dec 2014
Manufacturers will no longer be charged for the amount of natural gas contracted regardless of consumption, a fairer system that only requires them to pay for what is consumed will be implemented, according to a government official. (Read in Arabic)

REAL ESTATE

Kuwait’s Al-Manshar mulls EGP 2 bn development in Cairo’s Sheikh Zayed area
Ahram Online | 3 Dec 2014
Kuwaiti real estate developer Al-Manshar inked yesterday a preliminary agreement to develop an EGP 2 bn, multi-use commercial, residential and entertainment project on a 117,000 square-meter plot in East Cairo’s Sheikh Zayed area. “The board of directors saw a need to take advantage of the Egyptian government’s keenness to attract investments, particularly those from Gulf countries,” the company’s CEO told state news agency MENA. It would be Al-Manshar’s first investment in Egypt. (Read)

PHD seeks greater share of revenue from commercial projects
Company disclosure | 02 Dec 2014
In a release sent to the EGX, Palm Hills Development Company said it is targeting 30% to 35% of its total revenues next year to come from commercial projects. (Read in Arabic)

TOURISM

300-room Radisson Blu Hotel to be built in Nasr City, opening in 2016
Carlson Rezidor Investor release | 02 Dec 2014
Radisson Blu Hotel, Cairo Nasr City is owned by the Genena Group, which also owns Genena Mall in Nasr City. The new hotel will be built next to Genena Mall and its amenities will include a lounge bar and rooftop swimming pool. “Egypt has recovered from the turmoil of the past years and opens new, exciting business opportunities. We want to support this emerging country and its travel & tourism sector together with our partners in the region”, said Wolfgang M. Neumann, President & CEO of Rezidor. Rezidor operates and develops 7 hotels in Egypt with more than 2,800 rooms, and aims to further extend its network. (Read)

BANKING & FINANCE

Government to use consultants to assess projects rather than rely on in-house studies
Daily News Egypt | 02 Dec 2014
Ashraf Salman, the Minister of Investment, made it clear that the government will not be the entity conducting the feasibility studies for the investment projects that will be presented at the March investment summit. Instead, the government will delegate this international consultancies, investment banks, and accounting firms. Salman tried to temper expectations by saying that the aim of the summit was just to grab the attention of long-term investors. The minister said that investment banks were willing to undertake this project for free. (Read)

EFSA: Financial leasing reaches EGP 5.4 bn
Al Borsa | 02 Dec 2014
The chairman of the Egyptian Financial Supervisory Authority (EFSA), Sherif Famy, announced that financial leasing activity has spurred during the 10 month period of 2014 reaching EGP 5.43 bn, a 30% increase over the EGP 4.16 bn during the same period last year. Samy further added that the real estate leasing sector saw the biggest increase of 41% to EGP 2.2 bn, followed by truck leasing standing at EGP 962 mn with a 17.7% y-o-y rise. The total number of companies operating in the leasing market has reached 216 after the issuance of the latest license to Catalyst Partners. (Read in Arabic)

OTHER BUSINESS NEWS OF NOTE

Al Borsa publishes proposed changes to the investment law
Al Borsa | 02 Dec 2014
Al Borsa has obtained a copy of what it claims are the proposed changes to the investment law, which are intended to attract new investments to Egypt. The changes include a spinoff of the promotional and marketing functions from the General Authority for Free Zones and Investment (GAFI) into a separate entity. The Investment Authority will only be tasked with regulatory functions. Other changes include decriminalizing actions that comply with contractual obligations, so as long as they are not carried out in an illegal manner. Additionally, the new law calls for a special committee to resolve conflicts within 60 days of a complaint. Egyptian and foreign investors will be treated similarly. The new law calls for the creation of an information bank, which includes information on available lands for investments. Also, foreign investors will be able to transfer their funds abroad. (Read in Arabic)

Head of Tax Authority: Administrative reform should supersede talk of new investments
Al Borsa | 02 Dec 2014
The head of Egypt’s Tax Authority, Mustafa Abdel Kader, said reforming the government’s administrative functions is a prerequisite for attracting new investments. Abdel Kader also revealed that tax revenues support 75% of the national budget’s expenditures, adding that modernization of the Tax Authority is important for investments. (Read in Arabic)

Launch of Nile taxi project soon – minister
Amwal Al Ghad | 02 Dec 2014
The minister of transport Hany Dahy, confirmed the imminent launch of the Nile taxi project in the greater Cairo area. The longer term plan will have the project covering all the governorates alongside the Nile. Also during the “River Transport” forum, he explained that the government is currently reactivating the river transportation system once again; aiming that such type of transportation will represent 10% of the current total freight trade volume. (Read in Arabic).

Government to establish a public transport company with EGP 30 mn in issued capital
Amwal Al Ghad | 02 Dec 2014
Minister of Investment Ashraf Salman said that the government will establish a high quality public transportation company in efforts to address the growing traffic problems in major urban areas. The EGP 30 Mn Company will be financed by the Ministry of Transport (11%), National Investment Bank (10%), Tourism Support Fund (16%), General Endowments Authority (10%), and investment ministry affiliated companies (16%). (Read in Arabic)

Mehleb attends signing of MoU between Ministries of Military Production and Agriculture
Amwal Al Ghad | 02 Dec 2014
The Egyptian Prime Minister, Ibrahim Mehleb, attended the signing of the Memorandum of Understanding between the Ministries of Military Production and Agriculture, stipulating the cooperation between both ministries. The Ministry of Military Production will provide the Ministry of Agriculture’s needs at prices that are lower than local and international prices. This includes the supply of equipment and spare parts as well as maintenance services. The move comes at the backdrop of efforts to utilize national resources and depend on the local industry. (Read more)

Egyptian Iron and Steel workers’ strike suspended
Al Borsa | 02 Dec 2014
Workers at the Egyptian Iron and Steel Company have agreed to suspend their strike after a meeting has been scheduled that will include the Minister of Investments, the chairman of Metallurgical Industries Co, the chairman of Egyptian Iron and Steel and representatives from various unions. The meeting’s agenda will primarily focus on the workers’ list of demands. (Read in Arabic)

EGYPT POLITICS + ECONOMICS

Swedish companies considering investing in Egypt; Egypt-Sweden trade already up 45%
Shorouk, Swedish Embassy in Cairo | 02-03 Dec 2014
Swedish Government senior trade advisor, Jonas Hafström, said that seven Swedish companies are looking into expanding in Egypt during his visit to ABB’s production plant in 10th of Ramadan City. The visit, conducted with the Egyptian ministers of Industry and Trade and Electricity, coincided with ABB’s launch of two new production lines. During his visit to Egypt, Hafström also attended the launch of the first Swedish Egyptian ICT forum in Cairo and noted that Egypt is Sweden’s second largest market in the MENA region with trade between the two countries growing by 45% y-o-y in the first nine months of 2014. (Read in Arabicor the Swedish Embassy in Cairo’s statement)

High net worth taxes to paid electronically
Al Mal | 03 Dec 2014
Minister of Finance Hany Dimian announced that high net worth citizens will be required to file their taxes electronically. Al-Mal believes this decision aims to reduce tax avoidance and also to subdue the tax authority employees’ demands of bonuses which are tied to the value of taxes raised. The head of e-Finance, the government’s main source of electronic financial transactions, notes that a full reliance on online payments will save the government money as the cheques the government receives for tax payments usually have a bounce rate of 8-12%. E-finance also said this change would not require any new legislation and that it could be implementing following a ministerial decision. (Read in Arabic)

Criminal law changed to protect public funds, statute of limitations removed in crimes involving bribery of public officials
Al Ahram | 03 Dec 2014
The Cabinet approved a presidential order to change some aspects of the criminal law in order to protect public funds and remove loopholes used by some officials to avoid prosecution. The change specifically removes the statute of limitations in crimes and briberies involving public officials. Other changes include restrictions on nepotism in public hiring practices and relying on merit for employment decisions. The Cabinet also approved other changes involving public employees, including increasing maternity leave from 3 to 4 months, increasing leave for exceptional circumstances to 15 days for employees with disabilities, merit-based promotions and making base pay account for 80% of total compensation. The Cabinet also approved the establishment of 235 voting districts. (Read in Arabic)

Taiwanese interest in investing around the Suez Canal, creating an export hub
Al-Mal | 03 Dec 2014
Taiwanese officials and business men expressed their interest in joint venture projects with the Egyptian government and increase bilateral relations as the political situation in Egypt continues to improve. The director of the Taiwanese trade center in Cairo, Robert Chao, seeks an increase in Taiwanese investments in Egypt, especially around the Suez Canal project through building a warehouse to distribute Taiwanese machinery and equipment making Egypt an export hub for Taiwanese products. (Read in Arabic)

Strategic alliance with a Chinese company to invest in Damietta’s logistics hub
Amwal Al-Ghad | 3 December 2014
Egypt’s Minister of Supply and Internal Trade, Khaled Hanafi, said that China’s leading company in financing and constructing ports and silos, China Harbour Engineering, will enter into a strategic alliance to invest in Damietta’s global logistics hub. (Read in Arabic)

Presidency to issue decrees criminalizing insults to “revolutions” of 2011 and 2013
Reuters | 03 Dec 2014
The spokesman of the Office of the Presidency on Wednesday announced that President Abdel Fattah al-Sisi plans to issue decrees to criminalize insults to Egypt’s two “revolutions” of 2011 and 2013. (Read)

INTERNATIONAL

HSBC UAE PMI: PMI surges to new record 5-yr high
Press Release | 04 Dec 2014

Key points:

• Six survey indicators hit record highs, including output, new orders and employment
• Slower expansion in new export business
• Salary inflation at series-record high

Data for the non-oil private sector economy of the United Arab Emirates signalled the strongest improvement in business conditions in the survey’s 5-year history in October. Output, new business, purchasing activity and employment all grew at survey-record rates, while average wages/salaries increased at the strongest pace since the data first started to be collect in August 2009.

The PMI rose sharply to 61.2 in October, from 57.6 in September. New export business also rose at a marked pace, albeit the weakest registered since January. A record expansion in stocks of purchases was registered, with suppliers’ delivery times continuing to improve despite the increased pressure on capacity. Inflationary pressures rose in October driven by increased demand for inputs and workers. (Download as a pdf)

SABB HSBC Saudi Arabia PMI: Weaker growth signalled as output and new orders rise at much slower rates
Press release | 04 Nov 2014

Key points:

• SABB HSBC PMI at 59.1 in October
• Output and new orders rise at weakest rates since May 2014
• Employment growth best in over two years
• Pay increased at survey record pace

After taking seasonal factors into consideration, headline SABB HSBC Saudi Arabia PMI recorded 59.1 in October, down from 61.8 in September and led lower by reduced contributions from new orders, output and stocks of purchases components. Output increased in October but was restricted by competitive pressures and signs of slower market demand, with output and total new work rising at the slowest pace for the past 5 months. Growth of work outstanding was only slightly down m-o-m. The rate of job creation rose to its highest level in the past 2 years, matched by an increase in average salaries. Purchasing activity continued to be raised markedly, albeit to the lowest degree since May. (Download as a pdf)

Saudi billionaire to invest USD 100 mn in an Ethiopian rice farm
Bloomberg | 03 Dec 2014
Mohamed al-Amoudi-owned Saudi Star Agricultural Development plans to invest USD 100 mn in a western Ethiopia rice farm. Saudi Star aims to accelerate production in 2015 following delays caused by problems with contractors and irrigation design. The investment will focus mainly on building irrigation infrastructure, a rice de-husking plant, storage silos and land clearing. (Read)

Iraqi government reaches oil-revenue sharing deal with Kurds
Reuters | 02 Dec 2014
Iraq’s government reached a temporary agreement with Kurdish regional authorities on Tuesday to end a dispute over oil exports and budget payments to the semi-autonomous Kurdish region. 300,000 barrels per day (bpd) of oil from Kirkuk will be exported by a pipeline running through Kurdish territory to Turkey, in addition to 250,000 bpd from the region’s own fields. In turn the Iraqi government will resume budget payments to the Kurds after having cut funding to them early this year as punishment for their moves to export oil independently. (Read)

Joint Statement on Libya
U.S. State Dept | 03 Dec 2014
“The Ministers of Foreign Affairs of France, Germany, Italy, Spain and the United Kingdom, the U.S. Secretary of State, the High Representative of the EU for Foreign Affairs and Security Policy, and the UN Under-Secretary-General for Political Affairs met in Brussels on December 3, 2014 to assess the current situation in Libya.”

Note from Enterprise:
The statement praises the “key Libyans” that have engaged the international community to try to bring about a peaceful, political solution to the country’s current implosion, triggered by an Islamist coup against the elected government. However, nowhere in the statement is any individual, political group or outside entity explicitly named. The “recent violence” is condemned, but airstrikes are singled out as being particularly counterproductive. The statement is otherwise an equivocation of the wrongdoings of both sides of the conflict, again while naming no individual or faction. The most noteworthy takeaway from the statement is its end, which could suggest opening the possibility of some type of future intervention: “If key stakeholders fail to participate in the UN-led process, [the aforementioned European states along with the U.S. will] consider additional measures to protect Libya’s unity, stability and prosperity, and to counter expanding terrorist threats to Libya and the region.”
(Read)

ON YOUR WAY OUT

Two Americans were injured when their Egyptian private plane out of Hurghada crash-landed near Riyadh airport after running out of fuel, according to the Associated Press.

Jobzella, the professional network and jobs startup (based in Maadi, if we recall correctly) has sold a majority stake to a KSA investor. (Read)

Former Egyptian Armed Forces Chief of Staff Sami Anan and the people atTamarod have had their bids to form separate political parties nixed. (Read)

If you’ve ever wondered what a USD 1 mn white truffle looks like, Sabatino Truffles just unearthed a 4.16 lb one and are auctioning it off for charity. (Read)

Stephen Hawking says artificial intelligence, while massively beneficial now, will eventually kill us all. (Read)

Remember how we reported on a record-breaking string of ‘hottest [insert month] since records were first kept in the 1800s” starting back in October? Well, it’s now official: “2014 set to be world’s hottest year ever,” reads the headline in the Guardian. Oddly enough, the Guardian, FT, Telegraph and even the Mirror have picked up the story, which so far seems to have been given a pass by US media.

“Scientists call for killer asteroid hunt” blares the FT this morning in the lead piece (at time of writing) on its website, saying “An international group of astronauts, scientists and others have called for a rapid expansion of efforts to detect asteroids capable of causing widespread destruction on earth, warning that this is one of the biggest threats to humanity in the coming centuries.” The group that made the statement was led by Britain’s royal astronomer and Brian May, the guitarist of Queen, who happens to have a PhD in astrophysics. (Read in the FT, on Wired or the Los Angeles Times)

Sinclair launches new Spectrum computer, the FT reported yesterday, saying, “A prototype is ready; it takes advantage of huge leaps in processing power to let users squeeze all 14,000 of the original games on to the device, including favourites like Chuckie Egg, Horace Goes Skiing and Jet Set Willy.” (Read on FT or Daily Mail) (Editor’s Note: This one’s for you, gentlemen: The Colonel, Amro and JWJFIII)