CAIRO – 3 January 2024: Prime Minister Mostafa Madbouli stated that the Egyptian state needs to utilize this year and part of 2025 to overcome the current economic crisis and return to the economic levels of 2021. Madbouli stated that the state has managed to significantly contain the surging inflation by increasing subsidies, thereby reducing the burden on the people. Madbouli emphasized that the main concern of the Central Bank of Egypt (CBE) is combating inflation and reducing its rates. On Tuesday, the Ministry of Electricity and Renewable Energy announced a 16-26 percent increase in electricity prices, effective from January 2024. Furthermore, Madbouli highlighted the growing burden of bread subsidies due to unchanged bread prices.

No human among us is exempt from making mistakes, no matter how wise, old, or experienced in life. Here are 10 things you should forgive yourself for. It is okay not to know the answers to everything, and it is okay to say you don’t know something. Maybe you are a late bloomer, and that is ok. Just give yourself time to learn more about yourself and the things you love. It is only when you look after your needs that you will be able to look after those of others.

Britain said on Tuesday that it sent the Royal Navy destroyer “Diamond” to join an international coalition to protect ships in the Red Sea and the Gulf of Aden. The British government said in a statement that Diamond will join three US destroyers and a French warship in the region, to “protect freedom of navigation, international trade and human life by countering non-state actors in international waters.”On Monday, the United States announced the formation of the “multinational security initiative”, an international coalition to counter Houthi attacks in the Red Sea, which includes 10 countries, such as Britain, France and Italy. US Defence Secretary Lloyd Austin said in a statement that “countries that want to uphold the basic principle of freedom of navigation should work together to face the challenge posed by this entity.”Austin said the security alliance would work “to ensure freedom of navigation for all countries and to promote regional security and prosperity.”The alliance includes the United States, Britain, Canada, France, Italy, the Netherlands, Norway, Spain, Bahrain, and the Seychelles.

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The minister appreciated the efforts made by the staff of the Dixmod floating hospital and the medical and treatment services it provides to the injured and wounded in Gaza. During the meeting, the minister reviewed the medical and therapeutic services provided to the wounded in Gaza in Egyptian hospitals. He also explained that 37 hospitals have been allocated to receive cases from Gaza, and complex cases are transferred to specialized hospitals. Abdel Ghaffar added that it was agreed that the Dixmod floating hospital would remain and continue to provide treatment services until the end of January. The proposal of establishing a field hospital near the Rafah crossing and Al-Arish General Hospital was also discussed to receive patients who had not previously received treatment in the Gaza Strip.

Egypt - CI Capital, the diversified financial services group, announced its achievements in December 2023, the conclusion of five bond issuances for prominent companies and entities operating in various sectors in the Egyptian market. These include Corplease, Egypt’s leading leasing company, Bedaya Mortgage, Aman for Financial Services and Consumer Financing, GB Leasing, and Factoring, and Rawasi for Urban Development. CI Capital, Al Ahly Pharos, and Commercial International Bank Egypt acted as financial advisers, issuance managers, and lead arrangers. Baker Tilly acted as the issuance’s financial auditor, and Zaki Hashem & Partners acted as legal adviser. The other issuances were Securitized Bond Issuances for GB Lease, worth EGP 1.645bn, and for Aman, worth EGP 1.148bn.

Egypt’s Ministry of Electricity announced a 16% to 26% increase in electricity tariffs starting January 2nd, marking the latest step in the government’s gradual removal of power subsidies. The move, reflected in February’s electricity bills, comes after a three-year delay in the government’s initial plan to fully eliminate subsidies by July 2022. However, the potential rise in industrial production costs could lead to increased consumer prices for goods and services. “The increase in electricity prices will remain within reasonable limits,” the government assured, pledging measures to mitigate the impact on low-income citizens. The latest increase aligns with ongoing efforts to streamline energy subsidies and improve fiscal sustainability.

(MENAFN- Daily News Egypt)Egypt's President Abdel Fattah Al-Sisi met on Monday with Prime Minister Mostafa Madbouly and Social Solidarity Minister Nevin El-Kabbag to review the state's vision of protecting and improving the quality of life of the elderly and eliminate the challenges they face. The official spokesperson for the presidency, Ahmed Fahmy, stated that the president was briefed on the services provided to the elderly, including social, insurance, and health services. He also discussed the importance of facilitating transactions for the elderly in all institutions, coordinating efforts, and developing a common vision to provide them with the means to live in dignity. He also directed the allocation of EGP 100 million from the“Tahya Masr” Fund to support the fund for the elderly, which is planned to be established soon. Moreover, the president instructed the modernization and development of the bank's information and technology systems and facilitated financial inclusion and electronic banking procedures in line with the state's efforts for digital transformation.

CAIRO - 2 January 2024: The Egyptian Electricity Holding Company has announced an increase in electricity prices for the first time since 2021, effective January 1st, 2024. Residential homes consuming between 201-350 kWh will pay LE 1.25, while those using between 315-650 kWh will pay LE 1.40. Commercial consumption prices were increased as well, with commercial electricity users consuming between 0-100 kWh will pay LE 0.65 per kWh, 0-250 kWh will pay LE 1.36, while users of 0-600 kWh will pay LE 1.50. Those in the fourth consumption bracket (601-1000 kWh) will pay LE 1.65, with those using more than 1000 kWh will pay LE 1.8 per kilowatt. With the new electricity prices, businesses should expect an increase in the cost of industrial production, which will lead to a predictable increase in goods and services.

Israeli Army Radio reported that a large number of rockets were launched from the Gaza Strip towards the south and centre of India. Warning sirens also went off in the city of Sderot and other areas around the Gaza Strip. He continued that there was no change in the open-fire orders in the Strip, adding that there was still no decision for the residents of the northern Gaza Strip to return to their homes. He stressed that the Israeli government’s current priority was to return the citizens of the Gaza Strip to their homes. The Al-Qassam Brigades also announced that they targeted an Israeli Merkava tank with an Al-Yassin 105 shell in Al-Qarara in Khan Yunis, south of the Gaza Strip.

CAIRO – 2 January 2024: The Cabinet announced Tuesday that the power load reduction would ressume Wednesday as the electricity will be cut for two hours between 11:00 a.m. and 5:00 p.m. daily so as the timings will be declared for each neighborhood. In tandem, the Egyptian Electricity Holding Company announced an increase in electricity prices for the first time since 2021, effective on January 1st, 2024. Egypt’s Cabinet announced in August keeping electricity prices unchanged, postponing a planned increase for another six months. The decision to keep prices unchanged took into consideration the current economic challenges and circumstances. The decision came in implementation of President Abdel Fattah El-Sisi’s directives to take into account the social dimensions through exceptional social protection packages to relieve the burden on citizens amid the current economic circumstances.

CAIRO - 2 January 2024: Russia's ambassador to Cairo, Georgy Borisenko, stressed the importance of Egypt's pivotal role in the current conflict in Gaza, as it plays the role of mediation between Palestine and Israel, as well as its important role in delivering humanitarian aid to the residents of the Gaza Strip. He pointed out that Egypt is making great efforts to overcome the current problems and find a political and diplomatic solution for it. In a statement to the Middle East News Agency on Tuesday, the Russian ambassador expressed Moscow’s understanding and support for the Egyptian position, which rejects the forced displacement of Palestinians from Gaza to Sinai or from the West Bank to Jordan. He explained that Russia believes that the Palestinians have the right to preserve their lands and that the only solution to this problem is the establishment of a sovereign Palestinian state with East Jerusalem as its capital, in accordance with the United Nations resolution, stressing the need to stop the settlement policy that violates the rights of the Palestinian people.

Villa have 42 points while Manchester City, who have played one fewer game, are third on 40. The 31-year-old Salah, who has 151 Premier League goals for Liverpool, changed his boots at halftime and the switch paid off handsomely. Liverpool were on the front foot against Newcastle virtually from kickoff, and a superb display by keeper Dubravka kept the visitors in the game. The hosts had 18 shots in the first half to Newcastle's one, their most in the first half of a Premier League game since April 2016 against Everton. We need to stay calm and win every game," Salah told Sky Sports.

The BRICS group, a key platform for emerging markets and developing countries, has officially welcomed five new members: Egypt, Iran, Saudi Arabia, the United Arab Emirates, and Ethiopia. This expansion comes after numerous membership requests in recent years, reflecting the growing importance and influence of the BRICS group. The Johannesburg Summit in August 2023 formally invited the five new members to join, recognising their economic potential and strategic positions within their respective regions. These goals were reiterated by Putin at his year-end press conference, where he pledged to effectively implement the decisions made at the Johannesburg Summit, including those related to expanding BRICS membership. It remains to be seen how this expanded BRICS will shape global economic and political dynamics in the years to come.

CAIRO – 1 January 2024: Egypt's membership in the BRICS activated on Monday, which was welcomed by Russia, current chair of the group, and that expressed desire to continue cooperation for deepening partnership and accomplishing many achievements. In August, South Africa, BRICS' former chair, invited Egypt, Argentine, Saudi Arabia, UAE, Iran, and Ethiopia to be full members during the group's 15th summit. President Abdel Fattah El-Sisi appreciated the confidence of BRICS member states after South African President Cyril Ramaphosa announced that the BRICS Club of Emerging Nations would welcome six new members, including Egypt, at the start of 2024. “I value the declaration by the BRICS group to invite Egypt to join its membership as of January 2024. We appreciate the confidence of all BRICS member states with whom we share robust relations,” said President El-Sisi on Thursday.