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Tuesday, 11 October 2016

What we’re tracking on 11 October, 2016

Egypt, Greece and Cyprus tripartite summit gets underway this morning: Greek PM Alexis Tsipras will touch down in Cairo today to hold talks with Cypriot President Nicos Anastasiades and President Abdel Fattah El Sisi on cooperation in energy and trade, as well as boosting political ties, Greece’s Kathimerini reports. As we noted yesterday, industry analyst Charles Ellinas tells New Europe that he does not expect a breakthrough natural gas agreement to be announced during the two-day summit, claiming that low prices, not a lack of political will, would stand in the way.

Finance Minister Amr El Garhy will appear today at the ABANA Conference 2016 in New York, joining a cast of characters that also includes Egyptian American Enterprise Fund chief Jim Harmon. El Garhy’s appearance follows his meeting with the heads of a number of Wall Street firms including JP Morgan and Fidelity Investments on Monday to pitch Egypt’s economic reforms and FDI prospects, said Deputy Finance Minister Ahmed Kouchouk, according to Youm7. El Garhy was also expected to speak on the USD 3 bn eurobond issuance and the IPO of state-owned companies.

Egypt is expected to open talks on EUR 129 mn in European Union assistance with the rumored arrival sometime between today and tomorrow of Johannes Hahn, the European Union’s Head of the European Neighbourhood Policy and Enlargement Negotiations, Al Mal says.

If you own a Galaxy Note 7, you’ll want to power it down now and go have a chat with whoever sold it to you about a refund or an exchange. Readers will remember we noted that exploding batteries in the devices had led to a global recall. Now, even purportedly safe “replacement devices” are apparently blowing up, prompting the manufacturer to officially halt production late yesterday. The last time something like this happened, Samsung launched a quality control initiative that kicked off with the ritual burning of 150,000 defective mobile phones: “In 1995, Chairman Lee was dismayed to learn that cell phones he gave as New Year’s gifts were found to be inoperable. He directed underlings to assemble a pile of 150,000 devices in a field outside the Gumi factory. More than 2,000 staff members gathered around the pile. Then it was set on fire. When the flames died down, bulldozers razed whatever was remaining. ‘If you continue to make poor-quality products like these,’ Lee Keon Hyok recalls the chairman saying, ‘I’ll come back and do the same thing.’” Read Sam Grobart’s excellent 2013 piece for Bloomberg “How Samsung Became the World’s No. 1 Smartphone Maker” for the full background, or Daisuke Wakabayashi’s excellent piece for the New York Times last night on the Note 7 scandal.

Oh, and Facebook wants to kill Slack. The social network company announced yesterday the launch of Workplace by Facebook, setting its sights on company messaging giants Slack and HipChat. It’s basically Facebook (all of it, including news feeds and messenger) but it can be used only to annoy the [redacted] out of people who share the same @yourcompany email address as you do. Facebook has no plans to connect your work and personal profiles (yet), doesn’t plan to offer Office365- or Google Apps-like productivity tools (yet), isn’t going to show you ads (yet), doesn’t plan to provide a back-door for Western intelligence to view your stuff (yet) and will be charging USD 1-3 per user account per month depending on how big your company is. That compares to USD 6.67 per month for each Slack account you buy. iOS, Android and web apps are already active. Given the ubiquity of El Face, you probably have somewhere between a few hours and a few days before someone on your team decides this is the new place you should all be chatting…

Oh, and in a sign that the Apocalypse is upon us: Amr Diab is now in the Guinness Book of World Records, apparently because he holds the “Guinness World Records for Most World Music Awards Wins.” We wish we were joking. Not sufficient proof that we’re in the End Times? Try this: Dubai is building the world’s tallest “tower.” Because having the world’s tallest building wasn’t enough.

Speaking of the potential Apocalypse of a Trump planet, while a pre-debate NBC / Wall Street Journal poll put former US Secretary of State Hillary Clinton ahead of Republican nominee Donald Trump by double digits, the first post-debate poll showed a more subdued lead — but a lead nonetheless. In a telephone survey of 537 registered voters (pdf) conducted by CNN and ORC International following Sunday’s second presidential debate, 57% of respondents stated that Sec. Clinton was the night’s winner as opposed to 34% of respondents saying the same of Trump. However, Trump’s numbers had slightly improved and Sec. Clinton’s slightly declined relative to the first debate. 27% of the respondents self-identified as Republicans, 36% as Democrats and 37% as Independents.

Okay, we’ll shut up now. On to the news.

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