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See - Sada Elbalad
an hour ago
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EU Ambassador Highlights Key Role in Supporting Egypt's Agricultural Development
Taarek Refaat Angelina Eichhorst, the European Union Ambassador to Egypt, emphasized the EU's pivotal role in supporting agricultural and rural development in Egypt, through over 15 projects, including the Caffè Program, implemented in collaboration with Italian cooperation. Eichhorst reaffirmed the EU's commitment to supporting Egypt's efforts in ensuring sustainable food systems, high-quality food, and accessibility for all. At the signing ceremony of a new protocol between the Italian Agency for Development Cooperation and the Agricultural Research Center in Egypt, Minister of Agriculture and Land Reclamation Alaa Farouk expressed his confidence in the program's potential to strengthen crop production, especially wheat, as part of the broader EU-backed Caffè initiative. Strengthening Partnerships for Agricultural Innovation During the event, Michele Quaroni, the Italian Ambassador to Egypt, renewed Italy's steadfast commitment to enhancing its partnership with Egypt in the agricultural and rural development sectors. He highlighted the alignment with Italy's Mattei Plan, a comprehensive strategy that aims to support Egypt's sustainable agricultural development by fostering knowledge exchange, investing in innovation, and promoting sustainable farming practices. This initiative is crucial to driving inclusive growth and ensuring food security for the country. Ambassador Quaroni stated, 'Italy continues to back Egypt's agricultural transformation through collaborative efforts that focus on sharing expertise, introducing advanced technologies, and promoting sustainable practices in agriculture.' Focus on Wheat Production and Agricultural Innovation Tiberio Chiari, Director of the Italian Agency for Development Cooperation in Cairo, also highlighted that the signed memorandum of understanding represents a critical milestone in the ongoing collaboration between the agency and Egypt's Agricultural Research Center. This partnership aims to enhance Egypt's wheat sector infrastructure by providing modern agricultural machinery, upgrading wheat breeding labs, and establishing seed production factories. The partnership will also work toward modernizing the agricultural practices in Egypt, which is essential to ensuring the long-term sustainability of the country's wheat supply—a vital crop for Egypt's food security. Shared Vision for Sustainable Agriculture The Caffè Program, part of the EU's broader strategy for agricultural and rural development in Egypt, focuses on sustainable practices that support local farmers and rural communities. With projects like these, the EU is playing a significant role in addressing the challenges of food security and agricultural productivity in Egypt, helping the country advance its sustainable development goals. Minister Farouk emphasized that the collaboration with Italy and the EU aligns with Egypt's ongoing efforts to modernize its agricultural infrastructure and improve production capabilities, making it an essential step toward a self-sufficient and food-secure future. 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 Arts & Culture Hawass Foundation Launches 1st Course to Teach Ancient Egyptian Language Videos & Features Video: Trending Lifestyle TikToker Valeria Márquez Shot Dead during Live Stream
See - Sada Elbalad
3 hours ago
- Business
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Egypt Expects about 4 Privatization Deals in Current Fiscal Year, Says Minister
Taarek Refaat In line with Egypt's ongoing economic reforms, Finance Minister Ahmed Kouchouk stated on Wednesday that the government expects to complete three to four privatization deals by the end of the current fiscal year, which began earlier this month. These privatizations are part of the country's broader strategy to increase the role of the private sector in the economy, thereby fostering greater economic growth and efficiency. 'The deals will cover various sectors, and we have shared a medium-term strategic plan with international institutions, including the IMF, that includes a clear and visible timeline,' Kouchouk explained. Egypt is on track to meet the targets set in its $8 billion loan agreement with the International Monetary Fund (IMF), he added. Speaking at an event in London, Kouchouk emphasized that both Egypt and the IMF are working under expectations to complete the next review of the program in September or October. Kouchouk noted that the IMF remains focused on achieving specific targets, which he described as the most critical aspect of the ongoing program. The next review is a significant step towards unlocking a new tranche of the loan, expected to be dispensed once an agreement is reached and approved by the IMF Board of Directors. In July, the IMF announced that it would combine the fifth and sixth reviews of Egypt's loan program to provide the country with more time to meet key reform goals. A successful outcome of this review process would trigger the release of a new disbursement. Kouchouk underscored that Egypt has been making steady progress in implementing its economic reforms, as outlined in the IMF-backed program. He also reassured investors that the country is on track to achieve its fiscal and economic goals within the stipulated timeline. Minister Kouchouk also highlighted Egypt's commitment to building stronger relationships with both local and international investors. The Finance Minister stressed that Egypt's economy is showing signs of improvement, with the private sector now playing a leading role in economic activity. In addition, Kouchouk pointed to Egypt's impressive economic performance in the past year, marked by a significant primary surplus and higher growth rates in exports. 'Through events like this one at the London Stock Exchange, we are launching a new phase of trust, partnership, and certainty with investors,' he added. He further emphasized that Egypt is firmly committed to ongoing dialogue with the business community to explore new investment opportunities in the local market. 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 Arts & Culture Hawass Foundation Launches 1st Course to Teach Ancient Egyptian Language Videos & Features Video: Trending Lifestyle TikToker Valeria Márquez Shot Dead during Live Stream
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3 hours ago
- Business
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Germany Reaffirms Commitment to Minimum Tax on Multinational Corporations
Taarek Refaat Germany reaffirmed its commitment to the global agreement for a minimum 15% tax on the profits of multinational corporations, despite a recent exception made for U.S. companies. The announcement came from German Finance Minister, Lars Klingbeil, who addressed the matter during a joint press conference with French Finance Minister Eric Lombard near Berlin on Wednesday. Klingbeil emphasized that both he and Chancellor Friedrich Merz are fully aligned in their support for the international tax framework, stating: 'The Chancellor and I are united in our commitment to this global tax, and we will do everything in our power to keep this project on track.' The issue gained significant traction last month when the G7 nations agreed to grant U.S. companies an exemption from the first pillar of the tax agreement. This pillar aimed to impose taxes on digital companies based on their customers' countries. The exemption was viewed as a major win for the Trump administration, which had heavily lobbied for such a concession. Despite this, reports from German media on Tuesday revealed that Chancellor Friedrich Merz expressed skepticism regarding the future of the global tax initiative. However, Minister Klingbeil denied any internal disagreement, assuring that Germany remains committed to the broader project. In 2021, approximately 140 countries reached a historic agreement under the Organization for Economic Cooperation and Development (OECD) on taxing multinational corporations. The agreement consists of two key pillars, including focusing on taxing companies, particularly digital ones, in the countries where their customers are located, and establishing a global minimum tax rate of 15% on profits. Since returning to power, U.S. President Donald Trump announced his country's withdrawal from Pillar One. Trump also threatened retaliatory actions against any nation that applies this provision to American companies. Despite the U.S. exit from Pillar One, Pillar Two is still in effect in about 60 countries, including major economies such as Brazil, the UK, Canada, Japan, Switzerland, and European Union member states. Klingbeil's comments highlight Germany's ongoing efforts to preserve and implement the minimum tax system. This global tax framework is seen as an important step in addressing tax avoidance by large multinational corporations, particularly those in the digital sector. While the U.S. exemption under Pillar One has raised concerns, Germany and other nations remain focused on the broader goal of creating a fairer tax system that prevents large corporations from exploiting lower tax jurisdictions. 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 Arts & Culture Hawass Foundation Launches 1st Course to Teach Ancient Egyptian Language Videos & Features Video: Trending Lifestyle TikToker Valeria Márquez Shot Dead during Live Stream
See - Sada Elbalad
4 hours ago
- Business
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Oil Prices Dip Amid Surprise Surge in US Inventories
Taarek Refaat Oil prices saw a slight decline on Wednesday, as a surprise increase in U.S. fuel inventories overshadowed signs of rising demand. The news also coincided with growing concerns over broader economic impacts from U.S. tariffs, which continued to weigh on the markets. Brent crude closed down by 19 cents, or 0.3%, at $68.52 per barrel. Meanwhile, West Texas Intermediate (WTI) crude dropped 14 cents, or 0.2%, ending the day at $66.38 per barrel. Latest Oil Prices: WTI Crude $66.62 +0.10 +0.15% Brent Crude $68.69 -0.02 -0.03% Murban Crude $69.93 -0.17 -0.24% Louisiana Light $70.89 -1.54 -2.13% Bonny Light $78.62 -2.30 -2.84% Mars US $71.88 -1.03 -1.41% Gasoline $2.153 -0.017 -0.78% Natural Gas $3.565 +0.042 +1.19% Despite the ongoing expectations for increased demand, the unexpected inventory rise sent a ripple through the oil markets. According to the Energy Information Administration (EIA), U.S. gasoline stocks surged by 3.4 million barrels last week, while market analysts had forecast a decrease of 1 million barrels. The data further showed that distillate inventories, which include diesel and heating oil, jumped by 4.2 million barrels—vastly surpassing expectations of a mere 200,000 barrel increase. These figures are notable, as they could signal an oversupply in the short-term, affecting global oil prices. Conversely, commercial crude oil stocks fell by 3.9 million barrels to 422.2 million barrels, a larger drawdown than the forecasted 552,000 barrel reduction. This drop in crude reserves could signal stronger demand or more effective supply chain management, balancing out some of the negative signals from the fuel inventories. Geopolitical Tensions and Trade Concerns Loom Amid these market shifts, the broader geopolitical climate remains a significant influence on oil prices. The threat of escalating trade wars, particularly from U.S. President Donald Trump's policies, continues to cloud market forecasts. Trump recently warned of imposing heavy tariffs on Russia in the coming 50 days unless a resolution to the ongoing Ukraine conflict is reached, adding to investor uncertainty. Additionally, the European Commission is preparing for potential countermeasures should talks with Washington fail. These tensions have raised concerns about possible disruptions in global trade, which could further strain energy markets. In the U.S., reports that President Trump might seek to remove Federal Reserve Chairman Jerome Powell led to a sharp rise in short-term U.S. interest rate futures, prompting investors to bet on potential rate cuts beginning as soon as September. Looking forward, the Organization of the Petroleum Exporting Countries (OPEC) in its latest monthly report projected that the global economy would improve in the second half of the year, driven by stronger growth in China, India, and Brazil, alongside recovery in the U.S. and the European Union. In China, state-run refineries ramped up production after completing maintenance, responding to surging demand in the third quarter. Barclays estimates that China's demand for oil grew by 400,000 barrels per day in the first half of the year, reaching 17.2 million barrels per day. However, the oil market faces ongoing disruptions from geopolitical tensions in the Middle East. Drone attacks on oil fields in Iraq's Kurdistan region, now continuing for the third consecutive day, have caused a loss in production of approximately 140,000 to 150,000 barrels per day. This supply shortfall, along with other regional instability, continues to impact the overall balance of supply and demand. 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 Arts & Culture Hawass Foundation Launches 1st Course to Teach Ancient Egyptian Language Videos & Features Video: Trending Lifestyle TikToker Valeria Márquez Shot Dead during Live Stream
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4 hours ago
- Business
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Egypt Settles $1 Billion in Arrears to Int'l Oil Companies
Taarek Refaat Egypt's Prime Minister, Mustafa Madbouly, announced today that the government has paid $1 billion of its outstanding debts to global oil companies operating in the country. This payment is part of a broader strategy to resolve Egypt's growing financial obligations and maintain investor confidence in its energy sector. In a statement to Reuters, Madbouly confirmed that the Egyptian government plans to settle an additional $1.4 billion before the end of this year. The move is aimed at strengthening Egypt's ties with international energy partners and enhancing the country's appeal as a destination for foreign investments in energy. 'Egypt is fully committed to settling the dues owed to foreign companies operating in the petroleum sector,' said Madbouly. 'We will continue to meet payments according to the agreed-upon timeline to ensure the sustainability of foreign investments in this vital sector.' These remarks come as Egypt looks to expand its role as a regional hub for natural gas and oil trade. The country is seeking to increase its energy production and exploration activities, particularly in the face of rising global demand for natural gas. The settlement of outstanding payments to oil companies has been a priority for Egypt, particularly after the economic challenges faced by the country in recent years. These debts had accumulated due to fluctuating oil prices and domestic financial pressures. In return, the oil companies had been vocal about the delays, requesting prompt settlement of their dues to continue operations smoothly. The payment strategy also forms a key element of Egypt's broader economic reform program, which has garnered support from the International Monetary Fund (IMF) and other global financial institutions. The country has worked tirelessly to balance its fiscal policies while addressing the needs of foreign investors. The debt settlement aligns with Egypt's goal of boosting foreign direct investment (FDI) in its energy sector. By clearing these financial obligations, the government aims to enhance investor confidence, paving the way for increased exploration and production activity, especially in the country's offshore gas fields and oil reserves. Foreign companies are essential to Egypt's energy landscape, bringing not only capital but also technology and expertise. As part of its strategy to strengthen the energy sector, Egypt has focused on making the country a more attractive place for international companies by ensuring timely payments and maintaining stable regulatory policies. The move to clear these debts is welcomed by the global oil community, which has long been waiting for a resolution to the overdue payments. Over the past several years, oil companies such as BP, ExxonMobil, and Shell have expressed concerns about the delayed payments, which at times hindered their operations and led to calls for clearer timelines on outstanding dues. Egypt's ability to settle these debts is seen as a sign of financial stability and is expected to encourage further investments in oil and gas exploration and production. It will also bolster Egypt's ambitions of becoming a regional energy hub for both natural gas and oil. The resolution of these payment issues is an essential component of Egypt's economic reform strategy, which has been supported by the IMF and other international financial organizations. Settling debts with foreign companies not only reinforces Egypt's commitment to financial transparency but also signals to the international community that the country is serious about economic reform and creating a stable investment environment. With energy production seen as one of the pillars of Egypt's economic recovery, the government is taking proactive measures to ensure the long-term sustainability of its energy sector. The settlement of these debts is expected to increase confidence among both foreign and domestic investors, promoting further growth in the sector. 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 Arts & Culture Hawass Foundation Launches 1st Course to Teach Ancient Egyptian Language Videos & Features Video: Trending Lifestyle TikToker Valeria Márquez Shot Dead during Live Stream
