
Container Ship Carrying "Hazardous Cargo" Sinks off Indian coast
Taarek Refaat
Indian authorities announced on Sunday that a Liberian-flagged container ship sank off the coast of Kerala, southern India, while carrying a cargo of hazardous materials.
The Indian Ministry of Defense confirmed in a statement that all 24 crew members, including Georgian, Russian, Ukrainian, and Filipino nationals, had been rescued.
The 184-meter-long MSC ELSA 3 had sailed from Vizhinjam Port to Kochi Port before sending out a distress call on Saturday. Indian Navy aircraft immediately spotted lifebuoys at the site, where the ship was listing about 70 kilometers from Kochi.
The statement explained that the ship was carrying 640 containers, including 13 containers containing dangerous goods and 12 containers containing calcium carbide, which is used in the fertilizer and steel industries. The statement also indicated that the ship was carrying approximately 370 tons of fuel and oil, but no oil spill has been recorded so far.
The Ministry of Defense did not disclose the nature of the other hazardous materials on board, while the potential environmental impact of the sinking is being assessed.
read more
CBE: Deposits in Local Currency Hit EGP 5.25 Trillion
Morocco Plans to Spend $1 Billion to Mitigate Drought Effect
Gov't Approves Final Version of State Ownership Policy Document
Egypt's Economy Expected to Grow 5% by the end of 2022/23- Minister
Qatar Agrees to Supply Germany with LNG for 15 Years
Business
Oil Prices Descend amid Anticipation of Additional US Strategic Petroleum Reserves
Business
Suez Canal Records $704 Million, Historically Highest Monthly Revenue
Business
Egypt's Stock Exchange Earns EGP 4.9 Billion on Tuesday
Business
Wheat delivery season commences on April 15
News
Egypt confirms denial of airspace access to US B-52 bombers
News
Ayat Khaddoura's Final Video Captures Bombardment of Beit Lahia
News
Australia Fines Telegram $600,000 Over Terrorism, Child Abuse Content
Arts & Culture
Nicole Kidman and Keith Urban's $4.7M LA Home Burglarized
Sports
Former Al Zamalek Player Ibrahim Shika Passes away after Long Battle with Cancer
Sports
Neymar Announced for Brazil's Preliminary List for 2026 FIFA World Cup Qualifiers
News
Prime Minister Moustafa Madbouly Inaugurates Two Indian Companies
Arts & Culture
New Archaeological Discovery from 26th Dynasty Uncovered in Karnak Temple
Business
Fear & Greed Index Plummets to Lowest Level Ever Recorded amid Global Trade War
Arts & Culture
Zahi Hawass: Claims of Columns Beneath the Pyramid of Khafre Are Lies
Hashtags

Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles


See - Sada Elbalad
an hour ago
- See - Sada Elbalad
Gold Rises Locally and Globally Supported by Dollar Decline and Trade Talks Anticipation
Waleed Farouk Gold prices rose in local markets by mid-day trading on Monday, in tandem with gains in global bullion prices, driven by a weaker U.S. dollar and anticipation of trade talks between the United States and China. Local gold prices increased by EGP 20 during today's trading session compared to the close of last week on Saturday evening. The price of 21-karat gold reached EGP 4,680 per gram, while the global ounce price climbed by approximately $27 to reach $3,337. The price of 24-karat gold recorded EGP 5,349 per gram, 18-karat gold reached EGP 4,012 per gram, 14-karat gold hit EGP 3,120, and the gold pound (8 grams of 21k) recorded EGP 37,440. Last week, local gold prices rose by EGP 60. The 21-karat gold gram opened trading at EGP 4,600, peaked at EGP 4,720, and closed the week at EGP 4,660. Meanwhile, the global ounce price increased by $20, starting at $3,290, peaking at $3,403, and closing at $3,310. Today's price surge is supported by the U.S. dollar's decline, as investors remain cautious ahead of the ongoing trade negotiations between the U.S. and China. The U.S. dollar index dropped by 0.2%, making dollar-denominated gold more affordable for holders of other currencies, thus increasing its appeal. This comes as senior U.S. and Chinese officials meet in London to discuss the reciprocal tariffs imposed earlier this year and other trade restrictions. Last month, both sides agreed to a temporary pause, offering some relief to the markets. Gold is traditionally seen as a safe haven during times of geopolitical and economic uncertainty, and its appeal is further enhanced in low-interest rate environments as it yields no income. Meanwhile, recent U.S. jobs data showed the addition of 139,000 jobs in May, surpassing expectations. The unemployment rate remained at 4.2%, and wages continued to rise — reducing the likelihood of an imminent interest rate cut by the Federal Reserve. Upcoming U.S. inflation data this week could influence the Fed's stance on interest rates. A cooling inflation trend could bolster gold, especially amid ongoing geopolitical tensions in the Middle East and Ukraine, along with the continued weakness of the U.S. dollar. The Federal Open Market Committee (FOMC) is scheduled to announce its interest rate decision on June 17–18. Some analysts suggest that any unexpected resolution in political conflicts or the signing of trade agreements could exert downward pressure on gold prices. However, gold continues to enjoy strong investment demand, fueled by central bank purchases and investors' desire for hedging, according to several leading financial analysts. In a related context, markets are closely watching this week's inflation data, starting with the Consumer Price Index (CPI) on Wednesday, followed by the Producer Price Index (PPI) and jobless claims on Thursday, and finally the University of Michigan's Consumer Sentiment Index on Friday. read more CBE: Deposits in Local Currency Hit EGP 5.25 Trillion Morocco Plans to Spend $1 Billion to Mitigate Drought Effect Gov't Approves Final Version of State Ownership Policy Document Egypt's Economy Expected to Grow 5% by the end of 2022/23- Minister Qatar Agrees to Supply Germany with LNG for 15 Years Business Oil Prices Descend amid Anticipation of Additional US Strategic Petroleum Reserves Business Suez Canal Records $704 Million, Historically Highest Monthly Revenue Business Egypt's Stock Exchange Earns EGP 4.9 Billion on Tuesday Business Wheat delivery season commences on April 15 News China Launches Largest Ever Aircraft Carrier Sports Former Al Zamalek Player Ibrahim Shika Passes away after Long Battle with Cancer Lifestyle Get to Know 2025 Eid Al Adha Prayer Times in Egypt News Prime Minister Moustafa Madbouly Inaugurates Two Indian Companies Business Fear & Greed Index Plummets to Lowest Level Ever Recorded amid Global Trade War Arts & Culture Zahi Hawass: Claims of Columns Beneath the Pyramid of Khafre Are Lies News Flights suspended at Port Sudan Airport after Drone Attacks News Shell Unveils Cost-Cutting, LNG Growth Plan Videos & Features Video: Trending Lifestyle TikToker Valeria Márquez Shot Dead during Live Stream Technology 50-Year Soviet Spacecraft 'Kosmos 482' Crashes into Indian Ocean


See - Sada Elbalad
an hour ago
- See - Sada Elbalad
China Adds Gold to Reserves for Seventh Month in May
Waleed Farouk The People's Bank of China (PBoC) announced a fresh addition to its gold reserves in May, marking the seventh consecutive month of expansion. According to Krishan Gopaul, senior analyst at the World Gold Council for EMEA, China added approximately 2 metric tons during the month, pushing total net purchases for 2024 to 17 tons and lifting overall holdings to 2,296 tons. Despite the increase in physical reserves, the value of China's gold holdings dipped to $241.99 billion by the end of May, compared to $243.59 billion in April. The decline comes after gold prices hit a record high above $3,500 per ounce in April, temporarily boosting the reserve's valuation. Last year, the PBoC paused gold acquisitions for six months following an 18-month buying spree. It resumed purchases in November, shortly after Donald Trump's win in the U.S. presidential election. China Opens Gold Futures to Foreign Investors In a strategic move to deepen its role in global gold markets, the Shanghai Futures Exchange unveiled a plan on May 27 to allow direct access for foreign investors and brokers. The initiative outlines 34 proposals covering derivatives trading in gold and silver, hedging, and precious metals futures. Key reforms include permitting foreign participants to trade without local intermediaries and to post margin in major foreign currencies like the U.S. dollar. Public feedback on the proposals is open until June 4. This opening aligns with China's broader strategy to internationalize the renminbi and boost its influence in commodity pricing. On April 21, a coalition of four Chinese government entities, including the central bank, launched a plan to globalize the Shanghai Gold Exchange. The initiative includes establishing offshore delivery warehouses, aiming to rival the London Metal Exchange in price-setting. While specific products under the global expansion remain unspecified, the Shanghai Gold Exchange primarily focuses on gold, silver, and platinum trading. read more CBE: Deposits in Local Currency Hit EGP 5.25 Trillion Morocco Plans to Spend $1 Billion to Mitigate Drought Effect Gov't Approves Final Version of State Ownership Policy Document Egypt's Economy Expected to Grow 5% by the end of 2022/23- Minister Qatar Agrees to Supply Germany with LNG for 15 Years Business Oil Prices Descend amid Anticipation of Additional US Strategic Petroleum Reserves Business Suez Canal Records $704 Million, Historically Highest Monthly Revenue Business Egypt's Stock Exchange Earns EGP 4.9 Billion on Tuesday Business Wheat delivery season commences on April 15 News China Launches Largest Ever Aircraft Carrier Sports Former Al Zamalek Player Ibrahim Shika Passes away after Long Battle with Cancer Lifestyle Get to Know 2025 Eid Al Adha Prayer Times in Egypt News Prime Minister Moustafa Madbouly Inaugurates Two Indian Companies Business Fear & Greed Index Plummets to Lowest Level Ever Recorded amid Global Trade War Arts & Culture Zahi Hawass: Claims of Columns Beneath the Pyramid of Khafre Are Lies News Flights suspended at Port Sudan Airport after Drone Attacks News Shell Unveils Cost-Cutting, LNG Growth Plan Videos & Features Video: Trending Lifestyle TikToker Valeria Márquez Shot Dead during Live Stream Technology 50-Year Soviet Spacecraft 'Kosmos 482' Crashes into Indian Ocean


See - Sada Elbalad
5 hours ago
- See - Sada Elbalad
EgyptAir Launches Air Bridge to Bring Pilgrims Home from Saudi Arabia
H-Tayea EgyptAir has officially launched its return airlift operation today, Monday, to transport pilgrims back to Egypt following the completion of Hajj rituals. The national carrier is operating six flights from Jeddah to Cairo, carrying pilgrims from Sohag, Beheira, Giza, Menoufia, and Beni Suef, in addition to individual pilgrims, tourism delegations, transit passengers, and residents working abroad. During this year's Hajj season, EgyptAir will transport approximately 66,500 pilgrims on 654 flights—including 324 outbound flights to Saudi Arabia and 330 inbound return flights. These flights serve pilgrims from government-sponsored Hajj programs, charitable organizations, tourism operators, private delegations, and transit pilgrims from various countries. Cairo International Airport has fully prepared for the return air bridge. The Cairo Airport Company, headed by Magdy Ishaq, has implemented a comprehensive plan to ensure the smooth arrival of returning pilgrims. The plan includes streamlined arrival procedures and maintaining the same high service standards provided during their outbound journey. read more Gold prices rise, 21 Karat at EGP 3685 NATO's Role in Israeli-Palestinian Conflict US Expresses 'Strong Opposition' to New Turkish Military Operation in Syria Shoukry Meets Director-General of FAO Lavrov: confrontation bet. nuclear powers must be avoided News Iran Summons French Ambassador over Foreign Minister Remarks News Aboul Gheit Condemns Israeli Escalation in West Bank News Greek PM: Athens Plays Key Role in Improving Energy Security in Region News One Person Injured in Explosion at Ukrainian Embassy in Madrid News China Launches Largest Ever Aircraft Carrier Sports Former Al Zamalek Player Ibrahim Shika Passes away after Long Battle with Cancer Lifestyle Get to Know 2025 Eid Al Adha Prayer Times in Egypt News Prime Minister Moustafa Madbouly Inaugurates Two Indian Companies Business Fear & Greed Index Plummets to Lowest Level Ever Recorded amid Global Trade War Arts & Culture Zahi Hawass: Claims of Columns Beneath the Pyramid of Khafre Are Lies News Flights suspended at Port Sudan Airport after Drone Attacks News Shell Unveils Cost-Cutting, LNG Growth Plan Videos & Features Video: Trending Lifestyle TikToker Valeria Márquez Shot Dead during Live Stream Technology 50-Year Soviet Spacecraft 'Kosmos 482' Crashes into Indian Ocean