logo
Elon Musk Contacts Lebanese President, Expresses Interest in Telecom and Internet Investment

Elon Musk Contacts Lebanese President, Expresses Interest in Telecom and Internet Investment

See - Sada Elbalad13 hours ago

Taarek Refaat
Lebanese President General Joseph Aoun received a phone call from Elon Musk, CEO of SpaceX, during which Musk expressed strong interest in Lebanon's telecommunications and internet sectors.
According to an official statement from the Lebanese Presidency, Musk also conveyed a desire for his companies to have a presence in Lebanon—an initiative President Aoun welcomed, affirming the government's readiness to offer all possible facilitations within the framework of Lebanese laws and regulations.
At the conclusion of the call, President Aoun extended an invitation to Musk to visit Beirut, which the billionaire entrepreneur graciously accepted in principle, promising to make the trip at the first suitable opportunity.
The conversation comes at a time when Lebanon is actively seeking ways to emerge from its prolonged economic crisis. With the recent lifting of sanctions on Syria, new regional economic corridors are expected to open, particularly around reconstruction and infrastructure development—offering Lebanon potential roles and benefits, especially in sectors like energy, logistics, and technology.
Musk's outreach, if followed by concrete action, could signal a new chapter in Lebanon's efforts to attract high-profile international investors.
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
Videos & Features
Tragedy Overshadows MC Alger Championship Celebration: One Fan Dead, 11 Injured After Stadium Fall
Lifestyle
Get to Know 2025 Eid Al Adha Prayer Times in Egypt
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
Videos & Features
Video: Trending Lifestyle TikToker Valeria Márquez Shot Dead during Live Stream
News
Shell Unveils Cost-Cutting, LNG Growth Plan
Technology
50-Year Soviet Spacecraft 'Kosmos 482' Crashes into Indian Ocean

Orange background

Try Our AI Features

Explore what Daily8 AI can do for you:

Comments

No comments yet...

Related Articles

Afreximbank Projects Egypt's Economy to Grow by 3.8% in 2025
Afreximbank Projects Egypt's Economy to Grow by 3.8% in 2025

See - Sada Elbalad

time13 hours ago

  • See - Sada Elbalad

Afreximbank Projects Egypt's Economy to Grow by 3.8% in 2025

Taarek Refaat The African Export-Import Bank (Afreximbank) has projected Egypt's economy to grow by 3.8% in 2025, according to its 2025 African Trade Report, released during the bank's 32nd Annual Meetings in Abuja. The report, titled 'African Trade in a Changing Global Financial Landscape,' outlines cautious optimism for the continent's economic outlook. Regional Growth Momentum According to the report, Africa's overall economic growth is expected to accelerate to 4% in 2025, up from 3.2% in 2024, and potentially reaching 4.2% in 2026, despite mounting global economic uncertainty and structural challenges. Several key economies are set to contribute to this growth, including: -Egypt at 3.8% -Algeria at 3.5% -Ethiopia at 6.1% -Morocco at 3.9% Tanzania and Uganda, each projected at 6% The report attributes Africa's improved economic outlook to a combination of supportive factors. Chief among these is the rising global demand for African exports, which continues to strengthen the continent's trade performance and foreign exchange earnings. In parallel, inflationary pressures are easing in many African economies, helping to restore household purchasing power and stimulate private consumption. Additionally, favorable monetary policies across the continent are making credit and investment more accessible, particularly for businesses and infrastructure development. The report also highlights the positive impact of structural reforms being implemented in several countries, aimed at reducing reliance on primary commodities and fostering more diversified, resilient economic models. Despite these encouraging trends, the report warns that risks to the outlook remain tilted to the downside. Heightened geopolitical tensions, including regional conflicts and instability, pose a threat to investor confidence and cross-border cooperation. Moreover, the potential escalation of global trade disputes could undermine Africa's export growth and integration into international markets. Finally, rising uncertainty around fiscal and regulatory policies—both within Africa and among its key trading partners—may deter investment and complicate economic planning. Slowdowns in major economies such as China and the United States, which continue to dampen global financial conditions and reduce demand for African commodities The report highlights that the continued implementation of the African Continental Free Trade Area (AfCFTA) could mitigate external shocks by strengthening intra-African trade, investment flows, and regional integration, thereby boosting economic activity across the continent. 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 Videos & Features Tragedy Overshadows MC Alger Championship Celebration: One Fan Dead, 11 Injured After Stadium Fall Lifestyle Get to Know 2025 Eid Al Adha Prayer Times in Egypt 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 Videos & Features Video: Trending Lifestyle TikToker Valeria Márquez Shot Dead during Live Stream News Shell Unveils Cost-Cutting, LNG Growth Plan Technology 50-Year Soviet Spacecraft 'Kosmos 482' Crashes into Indian Ocean

US Economy Contracts 0.5% in Q1
US Economy Contracts 0.5% in Q1

See - Sada Elbalad

time13 hours ago

  • See - Sada Elbalad

US Economy Contracts 0.5% in Q1

Taarek Refaat The U.S. economy shrank by 0.5% in the first quarter of 2025, according to the final GDP reading released Thursday by the Bureau of Economic Analysis (BEA). The revised figure confirms a deeper contraction than previously estimated, raising concerns about the resilience of the post-pandemic recovery. Unexpected GDP Revision Signals Growing Strain The latest figures mark a significant downgrade from earlier readings, which showed a 0.3% contraction initially, later revised to 0.2%. The final -0.5% figure suggests broader weakness in economic activity than many analysts had anticipated. Consumers Keep Spending – But It May Not Be Enough Despite the contraction, consumer activity remains robust. The Personal Consumption Expenditures (PCE) index, a key measure of household spending, rose 3.7% from January to March—slightly higher than the previous 3.6% estimate. The core PCE index, which excludes volatile food and energy prices, also rose to 3.5%, up from 3.4%. 'This is a strange moment in the economy—consumer spending is holding up well, but business investment is slowing, and government spending is cooling off,' said Thomas Wright, Chief Economist at New York Investment Bank. Labor Market Shows Resilience Amid Uncertainty Separate data released Thursday showed initial jobless claims fell to 236,000 last week, beating expectations of 243,000 and indicating ongoing strength in the labor market. Meanwhile, durable goods orders surged by 16.4%, far exceeding forecasts of an 8.5% increase and reversing a previous 6.3% decline—another sign that certain sectors are still expanding. Fed Cuts Growth Outlook Earlier this week, the Federal Reserve revised its U.S. growth forecast downward to 1.4% for 2025, citing persistent inflationary pressures and signs of deceleration across key sectors. Outlook: Recession or Realignment? While a single quarter of negative growth does not constitute a recession, the deeper contraction raises questions about what's ahead. If consumer spending begins to falter or job growth slows further, the U.S. may be on the brink of a more pronounced economic downturn. 'The data is sending mixed signals,' Wright added. 'We're not in a crisis yet—but the foundation is starting to crack.' 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 Videos & Features Tragedy Overshadows MC Alger Championship Celebration: One Fan Dead, 11 Injured After Stadium Fall Lifestyle Get to Know 2025 Eid Al Adha Prayer Times in Egypt 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 Videos & Features Video: Trending Lifestyle TikToker Valeria Márquez Shot Dead during Live Stream News Shell Unveils Cost-Cutting, LNG Growth Plan Technology 50-Year Soviet Spacecraft 'Kosmos 482' Crashes into Indian Ocean

Natural Gas Prices Sink to One-month Low amid Strong Inventory Gains
Natural Gas Prices Sink to One-month Low amid Strong Inventory Gains

See - Sada Elbalad

time13 hours ago

  • See - Sada Elbalad

Natural Gas Prices Sink to One-month Low amid Strong Inventory Gains

Taarek Refaat U.S. natural gas futures tumbled on Thursday, slipping over 6% to their lowest levels since mid-May, as stronger-than-expected storage injections and growing output offset even record-setting heat across the Northeast. Storage Data Surprises to the Downside On its final day of trading, July natural gas futures fell by 6.1%, settling at $3.199 per mmBtu—marking the lowest close since May 19 and extending the losing streak to five consecutive sessions, the longest since August 2024. August contracts, soon to become the new front-month, also dropped by around 4% to $3.43 per mmBtu. The latest natural gas price recorded a drop of -4.26% to $3.261. The sharp pullback followed the latest EIA storage report, which showed a 96 billion cubic feet (bcf) build for the week ending June 20—outpacing analyst estimates of 88 bcf, and far exceeding both last year's 59 bcf build and the five-year average of 79 bcf. 'Supply is consistently outpacing demand, and traders are responding accordingly,' said Sarah Linton of CapitalEdge Analytics. Heat Fails to Lift Prices as Production Climbs Even with record heat waves pushing temperatures to 100°F (37.8°C) in cities like New York, Boston, and Philadelphia, and electricity demand surging due to increased air conditioning use, the price support typically seen during such weather events has faltered. Analysts attribute this to robust production levels, which are helping replenish gas inventories faster than usual. 'We're seeing solid power demand, but output is simply too high,' said Tom Baker, a commodities expert at RigWatch. 'Storage continues to build, which keeps a lid on prices.' Analysts Say Summer Highs May Be Behind Us Natural gas prices have now retreated by 23% since peaking at $4.15/mmBtu on June 20, suggesting the market may have already passed its seasonal high. 'Unless the U.S. faces an extended, nationwide heatwave, it's likely that June 20 marked the high point for the summer,' Linton added. With August and July futures continuing to trade at a discount to recent levels, the market appears braced for a muted second half of summer, despite ongoing heat and demand for cooling. 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 Videos & Features Tragedy Overshadows MC Alger Championship Celebration: One Fan Dead, 11 Injured After Stadium Fall Lifestyle Get to Know 2025 Eid Al Adha Prayer Times in Egypt 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 Videos & Features Video: Trending Lifestyle TikToker Valeria Márquez Shot Dead during Live Stream News Shell Unveils Cost-Cutting, LNG Growth Plan Technology 50-Year Soviet Spacecraft 'Kosmos 482' Crashes into Indian Ocean

DOWNLOAD THE APP

Get Started Now: Download the App

Ready to dive into a world of global content with local flavor? Download Daily8 app today from your preferred app store and start exploring.
app-storeplay-store