
Russia's Zakharova: BRICS responds to challenges with practical action
Zakharova made the comments at the St. Petersburg International Economic Forum (SPIEF). Speaking at the TV BRICS studio in the Roscongress International Cooperation Area, she discussed the role of BRICS countries on the global stage and the significance of the forum for participants from dozens of nations.
Hashtags

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


See - Sada Elbalad
7 hours ago
- See - Sada Elbalad
Gold Declines Locally and Globally as Dollar Strengthens and Markets Await Powell's Jackson Hole Speech
Waleed Farouk Gold prices fell in both local and global markets on Thursday, pressured by the stronger U.S. dollar and as investors awaited signals from the Federal Reserve at its annual Jackson Hole symposium, which kicked off in Wyoming and runs through August 23. In the local market, 21-carat gold dropped by EGP 10 to 4,545 per gram, while international spot gold slipped by about $15 to $3,333 per ounce. Meanwhile, 24-carat gold stood at EGP 5,194 per gram, 18-carat at EGP 3,896, and 14-carat at EGP 3,030, with the gold pound (sovereign) priced at EGP 36,360. This decline followed Wednesday's rally, when domestic gold rose by about EGP 35 and international prices climbed from $3,315 to $3,348 per ounce. Globally, gold fell 0.6% at the start of Thursday's session, pressured by selling after the release of minutes from the Fed's July FOMC meeting. The minutes showed that most policymakers were hesitant to adjust monetary policy before assessing the impact of tariffs on inflation. The Fed kept interest rates unchanged at 4.25%–4.50%, though two members pushed for a 25-basis-point cut, arguing that core inflation—excluding tariff effects—was close to target while job growth was slowing. Recent data highlighted a cooling labor market, with unemployment rising to 4.2% in July alongside weaker wage growth and softer household consumption and investment. Nonetheless, inflation remains above target, leaving the Fed in a difficult balancing act between price stability and supporting growth. According to the CME FedWatch tool, markets are now pricing in an over 80% chance of a 25-basis-point rate cut in September, which could boost gold's appeal. However, the metal remains under pressure from the Fed's tight monetary stance, as a non-yielding asset. On the geopolitical front, reports suggested the White House is considering Budapest as a venue for a possible trilateral summit between U.S. President Donald Trump, Russian President Vladimir Putin, and Ukrainian President Volodymyr Zelensky to discuss a potential ceasefire between Moscow and Kyiv. As markets prepare for Fed Chair Jerome Powell's speech on Friday in Jackson Hole, gold remains caught in a complex equation of dollar strength and bond yields on one side, and expectations of rate cuts and geopolitical risks on the other. 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 Videos & Features Story behind Trending Jessica Radcliffe Death Video News Israeli-Linked Hadassah Clinic in Moscow Treats Wounded Iranian IRGC Fighters Arts & Culture "Jurassic World Rebirth" Gets Streaming Date News China Launches Largest Ever Aircraft Carrier News Ayat Khaddoura's Final Video Captures Bombardment of Beit Lahia Business Egyptian Pound Undervalued by 30%, Says Goldman Sachs Videos & Features Tragedy Overshadows MC Alger Championship Celebration: One Fan Dead, 11 Injured After Stadium Fall Arts & Culture South Korean Actress Kang Seo-ha Dies at 31 after Cancer Battle Lifestyle Get to Know 2025 Eid Al Adha Prayer Times in Egypt News The Jessica Radcliffe Orca Attack? 100% Fake and AI-Generated


Mid East Info
11 hours ago
- Mid East Info
Crude oil supported by US inventory decline, robust demand, and weak positioning – Saxo Bank - Middle East Business News and Information
Ole Hansen, Head of Commodity Strategy, Saxo Bank Crude oil remains trapped in relatively tight ranges, with WTI finding support around USD 62 and Brent near USD 65. The market continues to weigh a mix of bullish and bearish drivers that, which together with thin summer liquidity, are keeping prices boxed in while traders search or wait for the next decisive catalyst. On the supportive side, the latest weekly EIA report showed a bigger-than-expected 6 million barrel draw in U.S. crude inventories, the largest since June. The reduction was driven by a combination of robust refinery runs, now operating at the highest seasonal level since 2019 – and a pick-up in exports, which rose to an April high of 4.38 million barrels day. This combination highlights underlying demand strength in refined products, especially jet fuel which also reached a four-year seasonal high at 1.9 million barrels a day. These developments together with lingering doubts about a successful adoption of a Russia-Ukraine ceasefire have provided a near-term price floor. Another supportive element stems from geopolitics, specifically Washington's ongoing efforts to curb India's imports of Russian crude and refined products. India has become one of Moscow's largest energy customers since 2022, and any material reduction in these flows would tighten balances and support prices. While Russia has pushed back, suggesting India will maintain its current buying levels, the issue remains a potential source of price support. At the same time, downside risks continue to dominate the medium-term outlook. OPEC+ is in the process of adding close to 2.5 million barrels per day of supply this year, spread across eight members. This unwind of previous voluntary cuts comes at a time when demand growth is slowing. Both the IEA and other forecasters have flagged the risk of oversupply into Q4 and, more importantly, into 2026. However, whether it will reach record levels as predicted by the IEA remains doubtful as high-cost producers and perhaps even the involved OPEC+ members may lower production should prices fall much below current levels. In the short-term, the focus remains firmly on US-brokered peace efforts between Russia and Ukraine with recent price weakness being driven by an assumption that a peace deal could eventually ease sanctions on Russia and restore supply channels. The reality is more complicated, with any easing of sanctions likely to be gradual at best, but headline sensitivity reigns and prices will respond to the ebb and flow of news. In addition, from a demand perspective the macroeconomic outlook remains key, and traders will be watching incoming data and central bank action from the major consumers of energy, led by the U.S. and China. Beyond these fundamental drivers, it is also worth watching speculative positions held by managed money accounts – or speculators as they are often called – in the major futures contracts. Especially their recent positioning in WTI, where the NYMEX WTI last week collapsed to a 19-year low, and when combined with ICE WTI, a net short position emerged for the first time on record. This creates the conditions for short-covering rallies, particularly if support levels continue to hold and inventory draws persist. It helps explain why downside breaks have been limited despite the constant talk of surplus risk ahead. Altogether, crude oil is balanced between near-term support from strong refining demand, exports and low speculative length, and medium-term pressure from OPEC+ supply growth and slowing demand expectations, and not least geopolitical developments. With Brent anchored around USD 65 and WTI near USD 62, the market seems unwilling for now to chase a breakout in either direction.


Al-Ahram Weekly
12 hours ago
- Al-Ahram Weekly
Hungary says ready to host Ukraine peace talks - War in Ukraine
Hungary, Moscow's and Donald Trump's closest ally in the EU, said Thursday it was ready to host Ukraine peace talks. Budapest has been floated as one of the locations to host the US-led bid to end the war, but relations between Ukraine and Hungarian Prime Minister Viktor Orban have been tense since he blocked Kyiv's bid to join the EU. Hungarian Foreign Minister Peter Szijjarto said Budapest was ready to host any peace talks. "We will provide the proper, fair and safe conditions for such peace talks," he told a pro-government show streamed on social media. "I don't know of any European politician today, apart from Viktor Orban, who can speak equally with (US President) Donald Trump and (Russian President) Vladimir Putin," he added. Zelenskyy said on Thursday that possible venues for peace talks were Switzerland, Austria and Turkey, expressing reluctance to hold negotiations in Budapest. He also said that he had asked Trump to pressure Budapest to unblock Ukraine's accession negotiations with the EU. Last month, the Hungarian government put up fresh posters around the country opposing Ukraine EU membership and mocking Zelenskyy. Zelenskyy has previously said that a past deal signed in 1994 in Budapest "did not work". Under the Budapest memorandum, Russia committed to respect Ukraine's borders in exchange for its nuclear disarmament. The deal was also signed by the United States and the United Kingdom. Follow us on: Facebook Instagram Whatsapp Short link: