Egyptian fertilizers companies halt operations after Israeli gas imports drop, sources
CAIRO, June 13 (Reuters) - Egyptian fertilizers companies halted operations on Friday morning, industry sources told Reuters, due to a drop in gas imports from Israel.
They said the gas import decline was caused by the suspension of operations at major Israeli gas fields resulting from tensions between Israel and Iran.
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Reuters
3 hours ago
- Reuters
Israel's inflation rate eases more than expected to 3.1% in May
JERUSALEM, June 15 (Reuters) - Israel's annual inflation rate eased more than expected to 3.1% in May, official data showed on Sunday, although it is still slightly above target and the escalation of the country's conflict with Iran poses additional risks to the outlook. Inflation (ILCPIY=ECI), opens new tab eased from 3.6% in April when it was boosted by a spike in airfares. The May rate was below expectations of 3.4% in a Reuters poll and stayed above the government's 1%-3% annual target range. Government officials have largely blamed war-related supply issues for a spike in inflation over the past year, even as price pressures eased globally. Israel's central bank believes demand is also helping to keep prices high. It will now be watching to see how the sudden escalation in Israel's conflict with Iran in recent days, which has already pushed oil prices higher, affects overall prices. Israel's annual inflation rate reached 3.8% in January, its highest level since September 2023. The central bank in April projected a 2.6% rate for 2025. On a monthly basis, the consumer price index (ILCPI=ECI), opens new tab fell by 0.3% in May from April, after a 1.1% rise the prior month, led by declines in the cost of transport and telecommunications, fresh vegetables and housing services, the Central Bureau of Statistics' data showed. These were partly offset by higher prices of fresh fruits, clothing, entertainment, health and food. A Reuters poll had expected a 0.1% rise month-on-month. The Bank of Israel on May 26 held its benchmark interest rate at 4.5% due to inflation worries stemming from Israel's war with Hamas militants in Gaza. A day later, Bank of Israel Governor Amir Yaron told Reuters that monetary policy needed to remain "cautious" given the uncertain geopolitical situation and near-term inflation environment, with policymakers ready to delay any rate cuts until inflation eased. The next policy decision is slated for July 7.
Sky News
5 hours ago
- Sky News
Israel-Iran live: Explosions reported in central Tehran as strikes exchanged; Trump says countries 'will make deal'
Another airline cancels flights to Israel Another airline has cancelled flights in the region, due to the escalating conflict. Etihad Airways has cancelled flights between Abu Dhabi and Tel Aviv until June 22, it has said today. "This remains a developing situation, and some disruption and delays may be expected in the coming days," it said in a statement. It follows a raft of other airlines that have cancelled flights. Israeli airline El Al said it is moving its planes out of Israel in anticipation of Iranian attacks on Ben Gurion airport. Aegean Airlines said it is suspending all flights to and from Tel Aviv. Emirates Airlines said certain flights were cancelled "due to the current situation". Although planes were initially unable to fly over some parts of the Middle East, Syria has joined Jordan and Lebanon in reopening airspace today. Watch: How the Israel-Iran conflict unfolded At least 14 nuclear scientists killed in Israeli attacks - sources According to two sources cited by Reuters news agency in the Gulf, Israel has killed at least 14 nuclear scientists since launching its attack on Iran. These attacks have included car bombs, they added. Israel, which has not signed the global nuclear non-proliferation treaty (NPT) and is widely believed to possess nuclear weapons, says it aims to stop Iran from developing atomic weapons. The International Atomic Energy Agency declared on Thursday Iran is in breach of NPT obligations. Read more on that in the link below... Trump says Iran-Israel deal will happen 'just like India and Pakistan' Donald Trump has posted on his social media platform, Truth Social. Iran and Israel "should make a deal, and will make a deal", he wrote. "...just like I got India and Pakistan to make," he added. "We will have PEACE, soon, between Israel and Iran! Many calls and meetings now taking place. "I do a lot, and never get credit for anything, but that's OK, the PEOPLE understand. "MAKE THE MIDDLE EAST GREAT AGAIN!" Tehran explosion was reported in area where Iran's air force HQ is located - report We've got a bit more information on the explosions reported in Tehran a short while ago - see our 13.13 post. Tasnim news agency reported one blast happened in the Vali-e-Asr Square area in the centre of the city. Another explosion was heard in the Niroo Havaei neighbourhood, in the east of the city, where the air force headquarters are located. Israelis told they can leave shelters after air raid alerts Following the launch of Iranian missiles towards Israel - see our 14.13 post - the IDF has now cleared residents to leave shelters. "Following the situational assessment, the Home Front Command published that it is now permitted to leave protected spaces in all areas across the country," the military said. The IDF said most of the missiles were intercepted and there have been no reports of fallen projectiles. The country's emergency service, Magen David Adom, said there have been no casualties or injuries following the latest round of air raid sirens. Timeline: How the conflict between Israel and Iran has unfolded The conflict between Israel and Iran was once played out in a series of proxy wars. On Friday morning, it escalated - with blasts in Tehran as Israel carried out a major attack on its nuclear capabilities. Iran quickly retaliated with a wave of missiles. Attacks have been exchanged ever since, with explosions reported in both countries just this afternoon. In the link below, we plot a timeline of how the conflict has unfolded over the past three days... Missiles launched at Israel from Iran - with explosion heard in Tel Aviv Air raid sirens are sounding in Jerusalem and Tel Aviv, with Israel's military reporting missiles heading towards the country. Iran's state media says ballistic missiles have been launched at Israel. Reuters news agency reports an explosion has been heard in Tel Aviv. This is the first time Iran has fired missiles during the day. The IDF said: "A short while ago, the IDF identified missiles launched from Iran toward the territory of the State of Israel. "Defensive systems are operating to intercept the threat. Upon receiving an alert, the public is instructed to enter a protected space and remain there until further notice." Iran denies reports it has asked Cyprus to relay messages Earlier, Cyprus's president said Iran had asked them to convey "some messages" to Israel. Iran's foreign ministry spokesperson Esmail Beghani has denied Tehran has asked any third country to communicate with Israel. Christodoulides has spoken to Benjamin Netanyahu today, as well as the leaders of Egypt, the UAE and Greece, his office said. Iranian president warns response will be 'more severe' Masoud Pezeshkian has warned Iran's reaction will be "more decisive and severe" if Israel continues its attacks. That's according to comments cited by news agency IRNA. He added Iran's military has so far responded "strongly and appropriately". Iran launched at least two waves of missile attacks on Israel overnight, appearing to cause more casualties and damage than the previous night.
Reuters
6 hours ago
- Reuters
Egypt signs financial closure deal with Norway's Scatec for 1 GW solar plant
CAIRO, June 15 (Reuters) - Egypt signed a financial closure deal on Sunday with Norwegian renewable energy developer Scatec ( opens new tab for a 1 gigawatt solar plant, which will allow the project to move into its construction phase, the Egyptian cabinet said. The project will involve a $600 million investment, a cabinet statement said. The government also signed a power purchase agreement for a 900 megawatt wind project that is being developed in the Gulf of Suez with Scatec. Investment in the project is estimated at $1 billion. Egypt is aiming for renewable energy to provide 42% of its electricity generation mix by 2030. However, the country has in recent years relied heavily on natural gas, with solar, wind, and hydropower making up only 11.5% of its electricity generation.
