Latest news with #TaarekRefaat
See - Sada Elbalad
11 hours ago
- Business
- See - Sada Elbalad
IMF to G20: Resolving Global Trade Tensions Safeguards Growth
Taarek Refaat The International Monetary Fund (IMF) has urged G20 finance ministers and central bank governors to give immediate attention to resolving global trade tensions, warning that prolonged friction poses a direct threat to global economic growth and financial stability. In a prepared statement published on the IMF's website, Gita Gopinath, First Deputy Managing Director, emphasized that policy uncertainty was a central theme at the third G20 Finance Ministers and Central Bank Governors Meeting held in South Africa. She stressed that effective international cooperation is key to overcoming ongoing challenges. 'The persistence of trade tensions, coupled with weakening demand and growing uncertainty, especially in the U.S. and China, has weighed down global growth prospects,' Gopinath said. According to the IMF's April projections, the global economy is expected to grow by just 2.8% in 2025 and 3.0% in 2026, well below the historical average of 3.7%. The Fund noted shifts in global trade patterns, such as accelerated imports ahead of tariff impositions, a pivot in trade flows toward new partners, and the positive impact of some trade agreements in lowering average tariffs and improving financial conditions. On inflation, Gopinath observed that slowing demand and energy prices have helped contain price pressures, although inflationary dynamics still vary significantly between countries. She called on policymakers to implement structural reforms, rebuild fiscal buffers, ensure public debt sustainability, preserve central bank independence, and tailor monetary policy to country-specific conditions. Regarding domestic revenue mobilization, Gopinath noted that low-income countries could boost revenues by up to 7% of GDP if they fully harness their tax potential. The IMF reiterated its commitment to supporting efforts to improve public spending efficiency, strengthen government investment management, and enhance state institutions, especially in light of constrained fiscal environments and the pursuit of Sustainable Development Goals (SDGs). The message from the IMF is clear: resolving trade tensions and reinforcing macroeconomic fundamentals is critical to restoring investor confidence, ensuring stability, and unlocking long-term, inclusive global growth. 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 Israeli-Linked Hadassah Clinic in Moscow Treats Wounded Iranian IRGC Fighters 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 Arts & Culture South Korean Actress Kang Seo-ha Dies at 31 after Cancer Battle News "Tensions Escalate: Iran Probes Allegations of Indian Tech Collaboration with Israeli Intelligence" Sports Get to Know 2025 WWE Evolution Results News Flights suspended at Port Sudan Airport after Drone Attacks Arts & Culture Hawass Foundation Launches 1st Course to Teach Ancient Egyptian Language
See - Sada Elbalad
12 hours ago
- See - Sada Elbalad
Egypt Welcomes U.S. Travel Advisory Upgrade as Positive Signal of Safety, Stability
Taarek Refaat Egypt's Foreign Ministry welcomed on Friday the U.S. government's decision to upgrade its travel advisory for Egypt to Level 2, placing the country in the same category as France and Germany. The move was hailed as a 'notable positive step' by the Ministry's spokesperson. In a statement, the spokesperson also praised the UK Foreign Office's parallel decision to similarly update its travel guidance for Egypt to Level 2. The UK noted that nearly one million British tourists visit Egypt annually, underscoring the country's reputation for security and stability. The Foreign Ministry confirmed that these updates come as a result of recent diplomatic efforts, with Egyptian embassies around the world working closely with partner governments to enhance Egypt's global image and boost tourism flows. 'These revisions reflect growing international confidence in Egypt's safety and hospitality,' the statement read, reaffirming the country's commitment to creating a welcoming environment for tourists. ------------------------------------------ Egypt Travel Advisory Egyptian authorities generally offer effective security protection. However, extremists continue to express interest in planning and carrying out attacks. Security is generally present at potential targets, which include: Religious sites (mosques, churches, monasteries, and buses traveling there) Local government buildings, and diplomatic facilities (embassies) Tourist sites Transportation centers Shopping malls Restaurants and foreign businesses Resorts Roadside checkpoints Urban areas in Cairo Crime: Most crimes against foreigners are crimes of opportunity, like purse snatching and pickpocketing. Harassment of women, including foreigners, is a problem in Egypt. It can include vulgar comments, gestures, indecent exposure, and unwanted physical contact. Tourists should beware of overcharging and scams in tourist areas. Review the Country Security Report for Egypt for further details. Health: Emergency and intensive care facilities are limited in Egypt and may be unavailable in remote areas. Ambulances are rare, unreliable in most areas, and don't have advanced medical equipment. Global Polio: Some international destinations, including Egypt, have circulating poliovirus. Before traveling to Egypt, make sure you are up to date on your polio vaccines. Check the CDC website for current vaccination recommendations: Egypt - Traveler view | Travelers' Health | CDC Protests or demonstrations may occur suddenly: Individuals have been arrested for being in the vicinity of protests in Egypt, even when not actively participating. U.S. citizens have been arrested for participating in protests. You may be detained for posting anything on social media seen as critical of Egypt or its allies, or for disrespecting its cultural sites. Local law prohibits protesting or demonstrating without a permit. Read the country information page for additional information on travel to Egypt. If you decide to travel to Egypt: Keep travel documents up to date and easily accessible. Make contingency plans to leave the country without U.S. government assistance. Check local laws and conditions before traveling. Avoid demonstrations and crowds. Stay alert in tourist locations. Get comprehensive medical insurance that includes medical evacuation. Enroll in the Smart Traveler Enrollment Program (STEP) to receive Alerts and make it easier to locate you in an emergency. Review the Country Security Report for Egypt. Prepare a contingency plan for emergency situations. Review the Traveler's Checklist. Visit the CDC page for the latest Travel Health Information related to your travel. We highly recommend that you buy insurance before you travel. Check with your travel insurance provider about evacuation assistance, medical insurance, and trip cancellation coverage. Northern and Middle Sinai Peninsula – Level 4: Do Not Travel Do not travel to this area for any reason. The Northern and Middle Sinai Peninsula remains a dangerous area, with occasional attacks on security forces and civilians: Due to the risks, the U.S. government has limited ability to provide emergency services to U.S. citizens in areas within the Sinai. U.S. government employees are not authorized to freely travel into the northern and middle Sinai Peninsula. Access is highly regulated by the Government of Egypt. For more information visit Travel to High-Risk Areas. The Western Desert - Level 4: Do Not Travel Avoid all travel to the Western Desert due to safety risks. If you go, make sure to travel with a licensed tour company. 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 Israeli-Linked Hadassah Clinic in Moscow Treats Wounded Iranian IRGC Fighters 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 Arts & Culture South Korean Actress Kang Seo-ha Dies at 31 after Cancer Battle News "Tensions Escalate: Iran Probes Allegations of Indian Tech Collaboration with Israeli Intelligence" Sports Get to Know 2025 WWE Evolution Results News Flights suspended at Port Sudan Airport after Drone Attacks Arts & Culture Hawass Foundation Launches 1st Course to Teach Ancient Egyptian Language
See - Sada Elbalad
12 hours ago
- Politics
- See - Sada Elbalad
Hamas Reaffirms Support for Diplomacy, Preparedness for Prolonged Resistance
Taarek Refaat The Palestinian movement Hamas declared on Friday its full support for the Palestinian delegation participating in indirect ceasefire negotiations with Israel, while simultaneously affirming its readiness for a long-term war of attrition if talks fail. In a statement issued by its military spokesperson Abu Ubaida, Hamas said it is 'closely monitoring' the ongoing negotiations and hopes the current round will lead to a comprehensive agreement that ends the war, secures the withdrawal of Israeli forces, and ensures the delivery of humanitarian aid to Gaza. However, Abu Ubaida warned that if Israel continues to stall or rejects the terms — as Hamas alleges it has done in past rounds — then the movement will not return to partial deals, including the so-called '10 prisoner proposal', which has been a point of contention in previous talks. According to Hamas, more than four months into the resumption of the war, it has inflicted heavy losses on Israeli forces, claiming hundreds of soldiers have been killed or injured. The group also disclosed that it has made multiple attempts in recent weeks to capture Israeli soldiers in Gaza. 'If the occupation government insists on continuing this war of extermination, it should prepare for more funerals of its soldiers and officers,' Abu Ubaida stated. Hamas accused Israeli Prime Minister Benjamin Netanyahu of rejecting a Hamas offer for a comprehensive prisoner exchange deal that would see all captives released in a single phase, suggesting that the Israeli government is uninterested in recovering its soldiers held by Hamas. The movement strongly denounced Israel's ongoing military campaign, condemning what it called the systematic targeting of civilians, the destruction of residential areas, and the continued siege on Gaza for the past 21 months. Hamas further accused the Israeli government of 'torturing innocent people,' publicly advocating for the displacement of the Palestinian population, and presenting what it described as 'Nazi-style detention camps' disguised as humanitarian shelters. The statement comes amid renewed negotiations to revive a ceasefire agreement brokered earlier this year by Egypt, Qatar, and the United States, which came into effect on January 19, 2025. That agreement included a three-phase plan involving ceasefire enforcement, prisoner exchanges, and humanitarian relief. The first phase, lasting 42 days included a partial Israeli military withdrawal from densely populated areas, the exchange of prisoners and detainees, the return of internally displaced Palestinians to their homes, and increased humanitarian aid into Gaza, in addition to medical evacuations for the wounded and ill. However, since March 2, the agreement has stalled, with Israel closing border crossings, blocking fuel and shelter supplies, and resuming airstrikes on March 18. Israeli ground troops also re-entered areas from which they had previously withdrawn. While aid delivery resumed in May under a new Israeli-American mechanism, this was done without the approval of UNRWA, which has criticized the arrangement for violating established international aid protocols. The second phase of the truce, meant to stabilize the ceasefire and secure further prisoner releases, remains on hold, with negotiations continuing but no permanent ceasefire yet secured. Hamas's statement underscores the growing pressure on all parties to reach a sustainable solution as Gaza continues to suffer, hostilities escalate, and the humanitarian crisis deepens. As indirect talks continue, Hamas's dual message — of support for diplomacy and preparedness for prolonged resistance — reflects the fragile nature of the current negotiations and the high stakes for both sides. 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 Israeli-Linked Hadassah Clinic in Moscow Treats Wounded Iranian IRGC Fighters 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 Arts & Culture South Korean Actress Kang Seo-ha Dies at 31 after Cancer Battle News "Tensions Escalate: Iran Probes Allegations of Indian Tech Collaboration with Israeli Intelligence" Sports Get to Know 2025 WWE Evolution Results News Flights suspended at Port Sudan Airport after Drone Attacks Arts & Culture Hawass Foundation Launches 1st Course to Teach Ancient Egyptian Language
See - Sada Elbalad
13 hours ago
- Business
- See - Sada Elbalad
Petroleum Min. Signs MoU with China's Asia Potash to Boost Phosphate Exploration
Taarek Refaat The Ministry of Petroleum and Mineral Resources has signed a memorandum of understanding (MoU) with China's Asia Potash Group, aiming to enhance cooperation in phosphate exploration and maximize the added value of this vital mineral. The MoU was signed by Yasser Ramadan, Chairman of the Egyptian Mineral Resources Authority (EMRA), and Zhang Yuyi, Vice President of Asia Potash, during a ceremony attended by Minister of Petroleum and Mineral Resources, Karim Badawi. Following the signing, Minister Badawi highlighted that this partnership aligns with the ministry's broader strategy to modernize the mining sector and significantly increase its contribution to the national economy. Currently contributing less than 1% to the GDP, the ministry's goal is to raise this figure to 5–6%, by attracting serious investments and expanding high-value downstream activities. 'This agreement supports our vision of developing a comprehensive and integrated system for optimizing the use of mineral resources,' the minister said. 'By partnering with experienced international companies like Asia Potash, we are opening the door to new opportunities in geological exploration, reserve evaluation, and the establishment of value-added industries.' Phosphate, widely used in agriculture and industrial applications, is one of Egypt's key mineral assets. The collaboration aims to assess reserves, explore untapped deposits, and study the potential for setting up downstream industries that convert raw phosphate into higher-value products, such as fertilizers and specialty chemicals. 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 Israeli-Linked Hadassah Clinic in Moscow Treats Wounded Iranian IRGC Fighters 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 Arts & Culture South Korean Actress Kang Seo-ha Dies at 31 after Cancer Battle News "Tensions Escalate: Iran Probes Allegations of Indian Tech Collaboration with Israeli Intelligence" News Flights suspended at Port Sudan Airport after Drone Attacks Sports Get to Know 2025 WWE Evolution Results Arts & Culture Hawass Foundation Launches 1st Course to Teach Ancient Egyptian Language
See - Sada Elbalad
14 hours ago
- Business
- See - Sada Elbalad
FRA Signs MoU with London's Bayes to Train Insurance Sector Leaders
Taarek Refaat The Financial Regulatory Authority (FRA) signed a memorandum of understanding (MoU) with Bayes Business School (University of London) in a landmark move to bolster the capabilities of Egypt's insurance sector leadership. The signing ceremony took place at the Egyptian Embassy in London, witnessed by Mohamed Farid, Chairman of the FRA, and Sherif Kamel, Egypt's Ambassador to the UK. The agreement was signed by Tarek Seif, Executive Director of the FRA's Financial Services Training Institute, and Lan Stromsmoe, Director of Leadership Training at Bayes Business School. The collaboration aims to develop and enhance the skills of future leaders within Egyptian insurance companies, reinforcing the sector's competitiveness in line with the FRA's strategic vision. The MoU forms part of the FRA's broader efforts to implement the protocol established with Egyptian insurance companies, focusing on upgrading leadership capabilities through specialized training and knowledge exchange. As part of the official delegation's visit to London, key FRA officials visited Bayes Business School to finalize implementation plans and explore future collaboration areas. These discussions emphasized expanding cooperation to include actuarial studies, financial literacy, and awareness programs. The executive leadership training program will cover essential topics such as institutional leadership in the era of digital transformation, developing strategic thinking in a digital environment, formulating change management strategies, and designing innovative business models adaptable to the rapidly evolving insurance landscape. The program will be conducted twice annually at the Bayes campus in London and will be led by a distinguished team of international academics and practitioners specializing in digital leadership and strategy. Participants will benefit from immersive learning experiences, including practical activities and field visits to Lloyd's of London market, allowing direct interaction with global business environments and exposure to best practices. Farid emphasized the FRA's dedication to cultivating a new generation of professionals equipped to formulate policies aligned with global leadership and technological trends. He noted that this initiative is a vital part of the FRA's vision to develop human capital across various sectors, especially the insurance industry. Strengthening professional capacities, he said, will enhance the sustainability and growth of Egypt's insurance sector, thereby supporting the national economy and boosting domestic savings. Mark Carperey, Director of Executive Leadership Training at Bayes Business School, expressed enthusiasm about the collaboration. He highlighted that the partnership combines Bayes' extensive expertise in insurance and leadership development with the FRA Training Institute's deep understanding of Egypt's non-banking financial services market. Carperey affirmed Bayes' commitment to supporting skill development in Egypt's insurance sector and looked forward to expanding this cooperation with further training programs. 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 Israeli-Linked Hadassah Clinic in Moscow Treats Wounded Iranian IRGC Fighters 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 Arts & Culture South Korean Actress Kang Seo-ha Dies at 31 after Cancer Battle News "Tensions Escalate: Iran Probes Allegations of Indian Tech Collaboration with Israeli Intelligence" News Flights suspended at Port Sudan Airport after Drone Attacks Sports Get to Know 2025 WWE Evolution Results Arts & Culture Hawass Foundation Launches 1st Course to Teach Ancient Egyptian Language
