Egypt and Russia on Saturday marked the 80th anniversary of the establishment of diplomatic relations between the two countries. The yearlong celebrations include several joint events and programs aimed at highlighting the history, specificity and diversity of Egyptian-Russian relations. The Egyptian and Russian foreign ministries are also holding joint exhibitions to display archival and documentary materials on the history of relations between the two countries, in addition to joint training programs between young diplomats and university students on both sides. On this occasion, Foreign Minister Sameh Shoukry and his counterpart Sergei Lavrov exchanged congratulatory speeches, which stressed the depth and specificity of Egyptian-Russian relations. For its part, the Russian embassy in Cairo, in a statement issued on Saturday, congratulating the Russian and Egyptian peoples, who share a long tradition of friendship, on the joint anniversary.

Ostankino TV tower in Moscow was lit up in the colors of the flags of Russia and EgyptCAIRO - 26 August 2023: The Ostankino TV tower in Moscow was lit up in the colors of the flags of Russia and Egypt as both countries celebrate on Saturday the 80th anniversary of the establishment of diplomatic relations. In a statement today, the Russian embassy congratulated the Russian and Egyptian peoples, who share longterm friendship, stressing that bilateral cooperation, which has reached the level of a comprehensive strategic partnership, will continue to strengthen over the coming years in accordance with mutual interests. For its part, the Egyptian Ministry of Foreign Affairs had announced, earlier on Saturday, that as an expression of the speciality of this occasion, the Ministry of Foreign Affairs building in Maspero in Cairo was lit with the slogan "Egypt 80 Russia". The celebrations to mark the 80th anniversary, which will last for one year, will witness holding a number of events and joint programs that aim to shed light on the history of the distinguished and diversified Egyptian-Russian relations. Egypt's Foreign Ministry lit up on Friday night its premises to display the word "Egypt, Russia 80" to celebrate the 80th anniversary of the establishment of diplomatic relations between Egypt and Russia.

The BRICS countries have written a wonderful story of the joint development of countries with different systems, cultures and regions, which has become a flagship of South-South cooperation. Experts believe the expansion will represent a historic and new starting point for BRICS cooperation. With the historic expansion, the BRICS mechanism will have a greater voice in driving global governance reforms toward a more just and equitable direction, infusing the world with greater certainty and stability, said experts. For emerging markets and developing countries, joining the group enables them to jointly pursue development while safeguarding national sovereignty and economic independence. This allows them to engage in global development with equality and dignity, said former Bolivian Foreign Minister Fernando Huanacuni.

Gold futures on the COMEX division of the New York Mercantile Exchange fell on Friday as investors reacted to Federal Reserve Chair Jerome Powell’s speech at the Jackson Hole Economic Symposium in the US state of Wyoming. The most active gold contract for December delivery fell $7.20, or 0.37%, to close at $1,939.90 per ounce. The comments increased the likelihood of a rate hike at the next Federal Open Market Committee (FOMC) meeting in September, dampening gold. Silver for September delivery rose 0.40 cents, or 0.02%, to close at $24.234 per ounce. Platinum for October delivery rose $5.20, or 0.55%, to close at 948.20 dollars per ounce.

Egypt - The monthly report of the Engineering Export Council of Egypt (EEC) revealed that engineering exports increased in the first 7 months of 2023 compared to the same period in 2022 by 10%, reaching $2.492bn in 2023 until July, compared to $2.271bn in the same period a year earlier. Egyptian Engineering exports witnessed an increase in July 2023 compared to the same month in 2022, by 14%, reaching $331m in July 2023, compared to $290m in July 2022, the EEC indicated. Moreover, the most important countries to which Egyptian engineering exports increased in the same period are Europe namely Turkey, France, Netherlands, Hungary, Germany and the Czech Republic. In Africa, exports increased to Algeria, Libya, Sudan Côte d’Ivoire, Tanzania and Mauritius. In other continents, Egyptian engineering exports to Brazil also witnessed a boost.

The monthly report of the Engineering Export Council of Egypt (EEC) revealed that engineering exports increased in the first 7 months of 2023 compared to the same period in 2022 by 10%, reaching $2.492bn in 2023 until July, compared to $2.271bn in the same period a year earlier. Egyptian Engineering exports witnessed an increase in July 2023 compared to the same month in 2022, by 14%, reaching $331m in July 2023, compared to $290m in July 2022, the EEC indicated. Moreover, the most important countries to which Egyptian engineering exports increased in the same period are Europe namely Turkey, France, Netherlands, Hungary, Germany and the Czech Republic. In Africa, exports increased to Algeria, Libya, Sudan Côte d’Ivoire, Tanzania and Mauritius. In other continents, Egyptian engineering exports to Brazil also witnessed a boost.

Therefore, it believes that Friday’s meeting may lead to a military alliance that will harm Beijing. Japan and South Korea will bring themselves a great crisis if they form a military alliance, and China may take punitive measures against them. Establishing an Asian military alliance similar to the North Atlantic Treaty Organization (NATO) is still within the framework of strategic discussion and analysis. On the positive side, an Asian NATO may help enhance security cooperation among Asian countries and unite efforts to confront China on security, economic, and political issues. These are just some of the security challenges facing Asian countries, and they indicate that the challenges are diverse and complex.

Egypt - Two international cigarette companies are competing to buy a stake in Eastern Company, the largest cigarette manufacturer in Egypt. The Holding Company for Chemical Industries, which owns 50.95% stake in Eastern Company, said in a disclosure on Tuesday that it had received several offers from foreign investors to buy a stake not exceeding 30% of its share in Eastern Company, and negotiations are underway to choose the best offer. According to sources who spoke to Daily News Egypt, Japan Tobacco International (JTI) and United Tobacco Company, in which Philip Morris International controls the majority of its shares, submitted offers to obtain a stake in Eastern Company. Eastern Company owns about 24% of United Tobacco Company, and is represented on its board of directors. The sources indicated that the share that United Tobacco Company aims to acquire in Eastern Company amounts to about 33%, but after deducting the share of Eastern Company, it will be less than 30%.

Egypt’s non-oil trade deficit decreased by 10.7% to $7.5bn during the second quarter (2Q) of 2023, compared to about $8.4bn during 2Q 2022, due to a decrease in non-oil imports. According to the Information and Decision Support Center of the Cabinet, the value of non-oil exports declined to $8.4bn during 2Q 2023, compared to about $9.2bn during 2Q 2022, a decline of 8.7%, while the value of non-oil imports amounted to $15.9bn, compared to about $17.6bn, a decrease of about 9.7%. According to the report, the value of the non-oil trade exchange between Egypt and the COMESA countries reached $390.7m during 2Q 2023, compared to $306.8m during 2Q 2022, an increase of 27.3%. Libya came at the forefront of the COMESA countries importing non-oil Egyptian commodities by $312.7m during 2Q 2023, followed by Sudan by $137.4m, then Kenya by $78.1m, while Eritrea came as the least importing COMESA country from Egypt by $0.3m. With regard to Egyptian non-oil imports from COMESA countries during 2Q 2023, the Democratic Republic of Congo (DRC) came at the forefront, as Egypt imports non-oil goods of $130.3m from DRC, then Kenya by $70.8m, while Burundi came as the least of the COMESA countries from which Egypt imports non-oil goods during 2Q 2023.

CAIRO - 24 August 2023: The "BRICS" group has decided to expand its membership by inviting Saudi Arabia, Egypt, the United Arab Emirates(UAE), Argentina, Iran, and Ethiopia to join starting from January 2024. This step will transform the group into a bloc that holds control over about a third of the global economy. When combined with the $26 trillion GDP of the existing five countries in the group, this constitutes a significant economic force. He emphasized the need to speed up the expansion process to include more countries, considering that "the acceleration process will bring many countries into the BRICS family." He pointed out that BRICS countries should act as nations and enhance international cooperation.

CAIRO - 24 August 2023: South African President Cyril Ramaphosa declared an invitation to Egypt, Argentine, Saudi Arabia and UAE to be full members at BRICS. South African Minister of Small Business Development Stella Tembisa Ndabeni-Abrahams said small and medium sized enterprises are vital for changing the current economic situation in Africa. She said If heads of state and the business council of BRICS prioritized small businesses, the economic situation in African countries will completely change. Africa's GDP stands at dlrs 1.4 trillion, she said, noting that if policies changed to encourage cooperation among African countries, the African free trade zone agreement will be spearheaded. The minister said a number of African countries managed to encourage entrepreneurship, citing Nigeria, Kenya and Ghana as examples in this regard.

A private plane en route from Moscow to St. Petersburg crashed in the Tver Region on Wednesday, killing all 10 people on board, Russia’s Ministry of Emergency Situations said. Local reports said that Wagner Group private military company leader Yevgeny Prigozhin was listed among the passengers on board. However, the ministry did not confirm this information. The plane, a Cessna Citation M2, crashed at a site to the northwest of Moscow, the ministry said in a statement. The cause of the crash was not immediately known.

Gamal Moharram, founder of the Egyptian Factoring Federation, will cooperate with an international financial institution to establish a new company that will apply to obtain a licence for credit rating of securities, sources revealed. The sources told Daily News Egypt that the consortium was awaiting the announcement of the licence criteria, explaining that there is interest from several other investors to obtain the licence. Last Tuesday, the Board of Directors of the FRA approved criteria for granting a licence for credit rating of securities. He explained that the licensing criteria aims to achieve transparency, as the selection criteria include all the details of the comparison between the applicants. He added that the credit rating agencies play a vital role in the stock markets, and contribute to the efficient capital allocation to serve investment opportunities according to their return and risk, because they evaluate and classify the quality of the various securities traded in the financial markets.

Johannesburg — India has expressed its full support for the expansion of the BRICS group, while Brazil is not as enthusiastic about the idea. The comments from Indian Prime Minister Narendra Modi came at the second day of the BRICS summit in Johannesburg. Russia and China are championing the expansion, with South Africa also in support. Lula said that BRICS countries are ready to join efforts to seek an immediate ceasefire in Ukraine. The Prime Minister is scheduled to deliver a speech on behalf of Egypt at the high-level dialogue session on Thursday.

The Financial Regulatory Authority (FRA) issued decision No. 150 for 2023 to amend the Authority’s decision No. 1 for 2017 regarding the standards for financial evaluation of enterprises, by developing some methodologies and models that suit the nature of start-ups to help them access the necessary funding for growth, expansion, and business development. The decision also stipulates that the target investment multiplier is estimated using the direct form method, or by calculating the target return upon exit. Farid added that the process of developing standards comes in light of the Authority’s management’s keenness to complete efforts to provide an enabling environment for economic entities to explore opportunities for growth and business development through the services provided by non-banking financial markets and the entities operating in them.