Latest news with #OwnershipPolicy
See - Sada Elbalad
2 days ago
- Business
- See - Sada Elbalad
Chinese Smartphone Exports to US at a 14-year Low
Taarek Refaat China's phone exports to the United States fell to their lowest level in 14 years in April of this year, reaching just $690 million, due to tariffs. This is the lowest level since June 2011, when it reached $650 million, according to Chinese customs data. Chinese phone exports to the United States reached their highest level in February 2020, when they reached $1.1 billion. 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 Ayat Khaddoura's Final Video Captures Bombardment of Beit Lahia News Australia Fines Telegram $600,000 Over Terrorism, Child Abuse Content 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 News Flights suspended at Port Sudan Airport after Drone Attacks News Shell Unveils Cost-Cutting, LNG Growth Plan
See - Sada Elbalad
2 days ago
- Business
- See - Sada Elbalad
Trump Announces Doubling Tariffs on Steel, Aluminum to 50%
Taarek Refaat US President Donald Trump announced his intention to double tariffs on steel and aluminum imports from 25% to 50%, a move aimed at protecting the domestic metals industry, the Financial Times reported. The announcement came during a campaign rally in Pennsylvania, where Trump promoted a $15 billion partnership between Japan's Nippon Steel and US Steel, pledging to create a "tariff fence" to protect US metals production. "We're going to raise the tariffs from 25% to 50% on steel imports into the United States, which will make the industry more secure," Trump told the crowd in West Mifflin. "At 25 percent, they can jump over the fence. At 50 percent, they can't." Trump explained in a post on Truth Social that the new tariffs will take effect on June 4. Since last March, the US president has been imposing tariffs on steel and aluminum imports, as part of his first steps in a trade war against what he described as "foreign dumping," in an attempt to revive struggling industrial regions at home. Pennsylvania is one of the crucial states that contributed to Trump's victory in the recent presidential election, after he competed with Joe Biden to woo working-class voters with pledges to protect industrial jobs. The escalation of tariffs comes a week after Trump announced his support for Nippon Steel's agreement with US Steel, a position that contradicts his previous opposition during his presidential campaign to the deal between the Japanese company and the American producer. Trump said that Nippon Steel had made a "tremendous commitment" to invest $14 billion in US Steel, including more than $2 billion to increase steel production in the Mon Valley region of Pennsylvania, and another $7 billion to modernize plants and build new facilities in Indiana, Minnesota, Alabama, and Arkansas. 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 Ayat Khaddoura's Final Video Captures Bombardment of Beit Lahia News Australia Fines Telegram $600,000 Over Terrorism, Child Abuse Content 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 News Flights suspended at Port Sudan Airport after Drone Attacks News Shell Unveils Cost-Cutting, LNG Growth Plan
See - Sada Elbalad
3 days ago
- Business
- See - Sada Elbalad
Hurghada Int'l Airport Celebrates First Flight from Tashkent
Taarek Refaat Hurghada International Airport today received the first flight of Uzbekistan's Centrum Air airline from Tashkent International Airport, carrying 175 tourists. Ayman Salah, Deputy Director of Hurghada International Airport welcomed the passengers with flowers and souvenirs, along with the participation of the public relations and media team, and the traditional water salute. This flight is the first in a series of scheduled flights during the summer season between Uzbekistan and Hurghada, in light of the growing international interest in Egyptian tourist destinations. This step comes within the framework of the Ministry of Civil Aviation's ongoing efforts to support air traffic and inbound tourism, by providing operational facilities and logistical support to airlines, in addition to developing services within airports to ensure a safe and comfortable travel experience. 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 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 News Flights suspended at Port Sudan Airport after Drone Attacks
See - Sada Elbalad
3 days ago
- Business
- See - Sada Elbalad
US Economy Revised Down to 0.2% Contraction in Q1
Taarek Refaat The United States raised its estimates for the economy's performance in the first quarter of this year in the second reading, but it remains contracting. According to official data released, Thursday, the US gross domestic product (GDP) declined by about 0.2% in the first quarter of 2025, higher than the initial reading, which indicated a contraction of 0.3%. Meanwhile, consumer spending slowed during the period but remained in positive territory, with personal consumption expenditures (PCE) rising by 1.2%, the slowest quarterly growth rate since the second quarter of 2023, compared to a 4% increase in the previous quarter. Conversely, private domestic investment jumped by about 24.4%, compared to a 5.6% decline in the fourth quarter of 2024. Government consumption expenditures and total investment declined by about 0.7%, after a 3.1% increase in the fourth quarter of last year. The data indicated that the personal consumption expenditures price index grew by 3.6%, the same as the first reading, while the index excluding food and energy grew by 3.5%, about 0.1% higher than the first reading. 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 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 News Flights suspended at Port Sudan Airport after Drone Attacks
See - Sada Elbalad
6 days ago
- Business
- See - Sada Elbalad
Gold Prices in Egypt Slide Amid Dollar Strength; Investors Stay Cautious
Waleed Farouk Gold prices in Egypt's local markets fell Tuesday as global gold prices dropped, pressured by a stronger U.S. dollar and declining demand for safe-haven assets. The price of 21-karat gold dropped by 30 Egyptian pounds to 4,610 EGP per gram compared to Monday's close. The global gold ounce fell by $51 to $3,291. Prices for 24-karat gold stood at 5,269 EGP per gram, 18-karat at 3,952 EGP, and 14-karat at about 3,074 EGP. The gold pound was valued around 36,880 EGP. Monday saw a similar decline, with 21-karat gold falling 40 pounds during the session, while the ounce lost $16. The dip reflects a broader global trend as the dollar gains strength and investors pull back from gold amid optimism over U.S. economic data and a more flexible stance by the U.S. administration on tariffs affecting European trade. Gold, traditionally a safe haven during economic and political uncertainties, faces pressure when the dollar strengthens, as the metal's dollar-denominated price becomes costlier for holders of other currencies. Despite recent losses totaling about 70 pounds over two days, gold remains an important hedge against inflation and market volatility, retaining appeal for Egyptian investors looking to diversify portfolios. Market watchers are eyeing the Federal Reserve's upcoming policy meeting minutes, due Wednesday, for clues on future interest rate moves. Data on the Fed's favored inflation gauge, the core Personal Consumption Expenditures price index, is expected 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 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
