Red Sea tensions threaten oil price volatility, trade disruption: Moody’s
Escalating tensions in the Red Sea are raising concerns about oil price volatility and disruptions to global trade, according to Moody’s Investors Service and the International Monetary Fund (IMF). The American credit rating agency warns that ongoing shipping disruptions in the Red Sea, fueled by Houthi rebel attacks, could lead to increased oil price volatility, spikes in shipping rates, and higher marine insurance costs. Hapag-Lloyd CEO Rolf Habben Jansen believes the attacks are unlikely to stop soon, potentially forcing companies to bypass the Suez Canal. As per a January IMF report, roughly 12% of global trade in the first half of 2023 relied on this crucial waterway connecting the Red Sea to the Mediterranean. Additionally, around 15% of global shipping traffic and a significant portion of Egypt’s foreign currency income depend on this vital route.
Source:Daily News Egypt
February 05, 2024 09:11 UTC
Egypt PM seeks solutions to urgent medical supply shortages
Egyptian Prime Minister Mostafa Madbouly convened a meeting Sunday to address the critical issue of medicine and medical supply shortages plaguing the healthcare sector. Prime Minister Madbouly acknowledged existing drug shortages and stressed the need for immediate action to bolster reserves and achieve sustainable healthcare provision. He emphasized the government’s ongoing efforts to expedite supplies and highlighted the formation of a dedicated committee, comprising representatives from various concerned bodies, to tackle this challenge. Bahaa El-Din Zidan, Chairperson of the Egyptian Authority for Unified Procurement, Medical Supply, and the Management of Medical Technology, reassured the public about ongoing communication and collaboration between relevant stakeholders. He announced partnerships with five international laboratory companies to localize their operations within the country, a move expected to boost domestic availability of medical supplies in the long term.
Source:Daily News Egypt
February 04, 2024 23:15 UTC
CBE raises interest rates to curb inflation amid financial control measures
The Central Bank of Egypt (CBE) anticipates persistent inflationary pressures in the Egyptian market due to financial control measures and supply-side factors. It also noted that the domestic liquidity growth rate, which exceeded its historical average, added to the inflationary pressures. The MPC stated that the 200 basis point hike aimed to lower inflation expectations and tighten monetary conditions, to keep inflation rates on a downward trajectory. The MPC confirmed that the path of the basic interest rates depended on the expected inflation rates. Current updates showed that inflationary pressures persisted and rose above their normal pattern, which was reflected in the inflation of both food and non-food items.
Source:Daily News Egypt
February 04, 2024 17:54 UTC
Celebrate Vintage Romance at Fairmont Nile City this Valentine's Day
Fairmont Nile City invites couples to step back in time and experience a Vintage Valentine's Day celebration like no other. The retro ambiance and extraordinary culinary experience create an atmosphere for couples to celebrate their love in style. Saigon Restaurant offers an exquisite Asian dining experience while enjoying the romantic melodies of the live entertainment. The ethereal notes of the harp infuse the air with elegance, creating a mesmerizing atmosphere that elevates the Valentine's Day experience. For guests looking to luxuriate in relaxation, the hotel offers a couple's spa retreat at its renowned spa.
Source:Egypt Today
February 04, 2024 17:37 UTC
CBE to launch $1bln tender for local treasury bills in US currency
The Central Bank of Egypt (CBE) will launch a tender for local treasury bills in US currency worth $1bn on Monday, with a maturity of one year, ending on 5 February 2025. The CBE received 31 bids worth $1.02bn for a similar tender in January worth $830m, of which it accepted 20 bids worth $850m, with an interest rate of 5.149%. Some investors asked for a return of up to 6.25% to subscribe to this tender, but the CBE rejected them. The subscription process for these dollar bills is the same as for the local currency bills. Each bank of the “main dealers” sends a subscription request to the CBE, stating the amount and the interest rate they want.
Source:Daily News Egypt
February 04, 2024 17:13 UTC
Egypt, France urge ceasefire in Gaza, highlight indispensable role of UNRWA
CAIRO – 4 February 2024: France’s Minister for Europe and Foreign Affairs Stéphane Séjourné has expressed his keenness to coordinate efforts with Egypt toward reaching a sustainable ceasefire in Gaza and ensuring the swap of detainees. Séjourné made the comments during his meeting with President Abdel Fattah El-Sisi in Egypt in the presence of Foreign Minister Sameh Shoukry. Séjourné highlighted shared positions of France and Egypt regarding the necessity to prevent the expansion of the conflict in Gaza. They also underscored the pivotal and irreplaceable role of the United Nations Relief and Works Agency for Palestine Refugees (UNRWA) in providing aid and relief to the people of Gaza. Egypt is currently engaged in intensified global efforts to secure the release of captives held in Gaza and negotiate an extended ceasefire amidst ongoing Israeli aggression since October 7.
Source:Egypt Today
February 04, 2024 15:20 UTC
Banks to review interest rates on savings, loans after CBE’s 2% rate hike
The Assets and Liabilities Committees (ALCO), which are in charge of setting interest levels in banks, will start Sunday to adjust the interest rates on their savings and loan products following the Central Bank of Egypt (CBE)’s decision to raise interest rates by 2% at once last Thursday evening. The Monetary Policy Committee (MPC) of CBE decided to increase the basic interest rates by 2%, making them 21.25% for deposits, 22.25% for lending, and 21.75% for the credit and discount rates and the main operation of CBE. As an immediate reaction in the market, interest rates on variable-return certificates and some loan products linked to the interest rates rose by 2%. There are several variable-return savings certificates in the Egyptian market, such as the National Bank of Egypt (NBE)’s “platinum” certificate and Banque Misr’s “Al-Qimma” certificate, as well as many variable-return loan products. The Ministry of Finance plans to issue 25 auctions for treasury bills and bonds worth EGP 540.25bn in February, including 16 bond auctions worth EGP 528bn and nine bond auctions worth EGP 12.25bn.
Source:Daily News Egypt
February 04, 2024 14:13 UTC
Egypt participates in Quintet Committee on Lebanon
CAIRO – 4 February 2024: Egypt has recently participated in the meeting of the he Quintet Committee on Lebanon, whose membership includes Egypt, France, the Kingdom of Saudi Arabia, the United States of America, and Qatar, with the Speaker of the Lebanese Parliament, Nabih Berri, according to a statement from the Egyptian Foreign Ministry. The committee aims to solve the issue of the Lebanese presidential election. The Egyptian delegation in the meeting was headed by Ambassador Alaa Moussa, Egypt’s ambassador to Lebanon. Abu Zeid voiced Egypt's firm support for Lebanon and its keenness to complete the presidential election as soon as possible. For his part, Mr. Nabih Berri expressed his welcome to the unified position of the five countries towards supporting Lebanon, reiterating his commitment to working with the various Lebanese political forces and the international community to quickly complete the presidential election.
Source:Egypt Today
February 03, 2024 22:08 UTC
Egypt to witness cold weather Saturday, frost expected to forn on Sinai crops
CAIRO - 3 February 2024: The Egyptian Meteorological Authority (EMA) expects Saturday, to witness cold weather during the day in Greater Cairo, Lower Egypt, the northern coasts, and northern Upper Egypt, tending to be warm in South Sinai and South Upper Egypt, and very cold at night, and in the early morning in most parts. On Saturday, EMA expects frost to form on crops in central Sinai, northern Upper Egypt, and New Valley Governorate. There is also water mist in the morning on some agricultural and highway roads near bodies of water leading to and from areas of Greater Cairo, Lower Egypt, the northern coasts, the canal cities, central Sinai, and northern Upper Egypt. The authority also expects light to moderate rains on areas of the northwestern coasts and northern Lower Egypt, extending light rain with an incidence of approximately 30% to areas of the northeastern coasts and the Red Sea mountain ranges at intermittent intervals. As for the temperatures on Saturday:Cairo records highs of 17 degrees and lows of 09Alexandria records highs of 17 degrees and lows of 09Matrouh records highs of 17 degrees and lows of 09Sohag records highs of 18 degrees and lows of 05Qena records highs of 19 degrees and lows of 07Aswan records highs of 20 degrees and lows of 08.
Source:Egypt Today
February 03, 2024 17:30 UTC
US Strikes Middle East, Iraq warns of “disastrous” consequences
The United States launched airstrikes in Syria and Iraq on Friday, targeting over 85 facilities linked to Iran’s Revolutionary Guard and its affiliated militias. Spokesperson Yahya Rasool warned of “disastrous” consequences, urging all parties to de-escalate the situation. Russia Calls for UN InterventionRussia also condemned the strikes, accusing the US of inflaming tensions and urging the UN Security Council to address the situation. Iran Denies Involvement, Promises ResponseIran vehemently denied involvement in the Jordan attack and vowed retaliation for any US strikes targeting its interests. The US-led strikes and the ensuing reactions from Iraq, Russia, and Iran raise concerns about a wider escalation of conflict in the Middle East.
Source:Daily News Egypt
February 03, 2024 17:25 UTC
Senegal postpones presidential election, citing dispute Over judges
In a surprise move, Senegalese President Macky Sall has postponed the February 25th presidential election, citing concerns over the integrity of the electoral process. The decision, announced in a televised address, comes amid controversy surrounding the disqualification of several candidates, including prominent opposition figures, by the Constitutional Council. This marks the first time Senegal has delayed a presidential election since gaining independence from France in 1960. The disqualification of prominent figures ignited controversy, leading to calls for an inquiry into the workings of the Constitutional Council. The inquiry, initiated by disqualified candidate Karim Wade, targets two council members accused of having ties to presidential hopefuls, including Prime Minister Ba.
Source:Daily News Egypt
February 03, 2024 17:25 UTC
Title: Jazeera Paints Unveils Color Trends 2024: Embracing Authenticity and Innovation
Jazeera Paints proudly announces the launch of Color Trends 2024, a celebration of authenticity and innovation in the world of color. HERITAGE Drawing inspiration from our rich historical tapestry, the HERITAGE color family pays homage to our authentic roots. WELL-BEING Nature serves as the muse for the WELL-BEING color family, offering shades that evoke a sense of sustainable health and comfort. "With Color Trends 2024, we invite you to embark on a journey of discovery, where tradition meets innovation, and every hue tells a story." For more information about Color Trends 2024 and Jazeera Paints, please visit https://jazeerapaints.com/egypt-en/color-trends?name=2024
Source:Egypt Today
February 03, 2024 05:33 UTC
South Africa to Power Ahead with First Off-Grid EV Charging Station
Residents in South Africa’s northwest region will soon enjoy a revolutionary charging experience with the opening of the country’s first off-grid electric vehicle (EV) charging station in June 2024. This self-service station stands apart by generating its own power, eliminating reliance on the national grid. Solar photovoltaic panels capture the sun’s energy, storing it in lithium-iron-phosphate batteries for reliable use. The Pretoria News, a partner of TV BRICS, reports that the station will offer DC ultra-fast charging, capable of topping up an EV in just 20 minutes. This is significantly faster than standard on-grid chargers, which typically require several hours.
Source:Daily News Egypt
February 03, 2024 01:36 UTC
Mainoo late show seals dramatic Man United win at Wolves
(Reuters) - Manchester United striker Marcus Rashford scored the opening goal and Kobbie Mainoo netted a superb late winner as they beat Wolverhampton Wanderers 4-3 in a thrilling Premier League game at Molineux on Thursday. "It is a dream come true," Mainoo told broadcaster TNT after netting his first Premier League goal. To start playing in the Premier League for my boyhood club has been amazing. United captain Bruno Fernandes praised the 18-year-old Mainoo for his cool finish in the cauldron atmosphere. "It shouldn't happen, but then we showed great resilience, especially Kobbie Mainoo, it was a great goal," the Dutchman added.
Source:Egypt Today
February 02, 2024 23:51 UTC
Jordan end Tajikistan's dream run at Asian Cup to move into semi-finals
(Reuters) - Jordan edged Asian Cup debutants Tajikistan 1-0 to move into the semi-finals of the tournament for the first time thanks to a second-half own goal at the Ahmed bin Ali Stadium on Friday. The two teams had drawn a World Cup qualifier in November but it was Jordan who came out on top when Vahdat Hanonov put the ball into his own net from a set piece, ending Tajikistan's dream run in Qatar. Nevertheless, Tajikistan supporters who had flown in for the game gave their country's heroes -- who had surpassed all pre-tournament expectations -- a standing ovation. You deserve to win, you played a very good game," Tajikistan coach Petar Segrt told beIN Sports. But we must also respect that Jordan played a very good game.
Source:Egypt Today
February 02, 2024 15:20 UTC