Good morning, folks, and happy Tuesday. For our Egypt-based readers, make it through the next two days and a three-day weekend awaits you.

PSA #1- Everyone agrees: This Thursday, 26 January, is a public holiday in observance of Police Day and the 25 January revolution, the EGX said in a statement, following announcements from the PM, the Manpower Ministry, and the central bank.

PSA #2- Your long-weekend weather will be gorgeous. Our favorite weather app shows highs of 24-27°C in the capital city Thursday through Saturday before a cold front settles in over much of the country next week.

Make the most of the holiday: Our next day off won’t be until mid-April, when we observe Coptic Easter and Sham El Nessim.

THE BIG STORY here at home: It’s a regulation and taxation kind of day. Teachers could need licenses to practice and social media firms licenses to operate, under separate bills being drafted by the Education Ministry and the Supreme Council for Media Regulation. Meanwhile, local mobile phone assemblers could see a 5% fee on imported parts and components scrapped as government works to boost the localization of the industry.

MEANWHILE- There’s no single story driving the narrative in the global business press, though there’s plenty of head-scratching over what the mood should be in tech ahead of earnings reports today from major US firms including Microsoft and Tesla.

FOR BULLS:

• Tech firms led a rally in US equities yesterday as investors wagered on slower rate hikes from the Fed amid cooler inflation data. The tech-heavy Nasdaq was the darling of the day, rising some 2%. (Wall Street Journal)
• Microsoft said it has a made “multiyear, multi-bn USD investment” in ChatGPT maker: The tech giant confirmed its investment after reports that it was considering investing as much as USD 10 bn in the AI company. (CNBC | statement)

(FOOD FOR THOUGHT- ChatGPT can just about pass all three exams for which would-be MDs need to sit in the US of A to obtain their licenses to practice. It “demonstrated a high level of concordance and insight in its explanations,” researchers write in a preprint of an upcoming paper (teaser here and full paper here, pdf).)

AND FOR BEARS:

• Tech layoff contagion catches up with Spotify: The music streaming giant is planning to lay off 6% of its workforce, or some 600 employees, joining a host of tech companies — such as Amazon, Microsoft, and Google parent Alphabet — in a wave of industry jobs cuts. (Bloomberg)

CLOSER TO HOME-

Erdogan is livid with the Swedes: Sweden’s NATO bid was cast into fresh jeopardy after Turkish President Recep Tayyip Erdogan said the country “will not see any support from us on the NATO issue,” Bloomberg reports. Never a fan of the recent Swedish and Finnish bids to join the security alliance, Erdogan’s sentiments have hardened after far-right protesters burned a copy of the Quran in Stockholm at the weekend.

Iraq’s central bank chief is out, sacked by the PM following a difficult few weeks for the currency, which has fallen almost 7% against the USD since November, the Associated Press reports.

HAPPENING TODAY-

El Sisi heads to India: President Abdel Fattah El Sisi will lead a delegation including ministers and other officials on a three-day visit from today at the invitation of Indian Prime Minister Narendra Modi. El Sisi will be honored as “chief guest” at celebrations to mark the country’s 74th Republic Day.

The national handball team broke its streak last night, losing 25-30 to Denmark in the final group-stage game of the International Handball Federation’s 2023 World Men’s Championship. Denmark secured its place in the quarter finals on the victory. It shouldn’t sting too much: Egypt is already through to the next stage.

The national team faces hosts Sweden in Stockholm for the quarter-finals on Wednesday, with the time still to be set.

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COME TO OUR NEXT ENTERPRISE FORUM-

We’re excited to unveil our next C-level event: The Enterprise FDI + Exports Forum, where we will take a deep dive into two of the most critical topics affecting our community.

Exports and foreign direct investment (FDI) have never been more important to our economy — or our businesses — than in the wake of the float of the EGP. We think we have a once-in-a-lifetime chance to build an export-led economy that makes us a magnet for FDI and all the benefits that will come with it for our nation.

The Enterprise FDI + Exports Forum asks a simple question: Where do we go from here?

The Enterprise FDI + Exports Forum is the latest in our series of must-attend, invitation-only gatherings for C-suite-level business leaders, where they can talk openly and honestly about important issues in key parts of the economy. The gathering, which will take place in May 2023, will focus on how to start making moves across continents, including:

• What do we have to sell to global markets, including products and services? What should our priority industries be?
• How can you break into an export market? How can you make your business a component of the global supply chain? Hear directly from potential partners and buyers about what they’re looking for.
• How to leverage big domestic trends — and turn them into massive windows for export.
• How to climb the value-add ladder in a way that matches up with trends in key export markets.
• How do you choose an export market? What countries should Egyptian businesses be looking at as export targets — and why?
• What are foreign investors looking for? How can you pitch them on a JV — or on investing in your business?

Think of the Enterprise FDI + Exports Forum as a hands-on lab for how to turn the float of the EGP into something that will turbocharge your company.

COMING IN MAY — stay tuned for updates.

Want to partner with us on the conference? Ping a note to Moustafa Taalab, our head of commercial, here.

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CIRCLE YOUR CALENDAR-

EBRD + EU + GCF green finance event next week: The European Bank for Reconstruction and Development, the EU, the Green Economic Financing Facility, and the Green Climate Fund will hold a green finance event on Tuesday, 31 January at the Nile Ritz Carlton Hotel. Check out the agenda here (pdf).

The Senate is set to reconvene on Sunday, 5 February, having yesterday completed two days of plenary sessions that saw members discuss tourism promotion and education reform.

Check out our full calendar on the web for a comprehensive listing of upcoming news events, national holidays and news triggers.

*** It’s Going Green day — your weekly briefing of all things green in Egypt: Enterprise’s green economy vertical focuses each Tuesday on the business of renewable energy and sustainable practices in Egypt, everything from solar and wind energy through to water, waste management, sustainable building practices and how you can make your business greener, whatever the sector.

In today’s issue: How will the EU’s incoming carbon border tariff impact Egypt’s high-emissions export industries?