It highlighted the necessity of elevated key interest rates to sustain positive real interest rates and manage inflation expectations. As a result, the decision on the interest rate is a nuanced and intricate matter, necessitating careful analysis of both domestic and international economic and financial dynamics. Therefore, the governance and mitigation of economic inflation will persist as the principal determinant of prospective interest rate modifications in the medium term. Grasping the influence of inflation on interest rate fluctuations is essential for anticipating the monetary policy trajectory in Egypt. Even though inflation rates are decelerating, both the general and core inflation rates are still considerably higher than the target figures,” Abdel Aal articulated.

CNN —Passengers on a Singapore Airlines flight hit by severe turbulence on Tuesday described a sudden, dramatic drop as “all hell broke loose” on board the Boeing airliner carrying 229 passengers and crew. Flight SQ321 was cruising at 37,000 feet from London to Singapore when flight tracking data shows the plane rapidly plunged before climbing several hundred feet, then repeated the dip and ascent, for about 90 seconds. He described the flight as “quite smooth … I don’t remember any turbulence at all.”Many passengers were having breakfast at the time of the incident. “Thank goodness I did because within moments of doing that, all hell broke loose,” he told CNN. The interior of Singapore Airline flight SQ321 is pictured after an emergency landing at Bangkok’s Suvarnabhumi International Airport, Thailand, on May 21.

And as Modi looks to win another five years in power in an ongoing nationwide election, critics fear further erosion of the protections afforded to India’s free press. “I think many times before I write stories,” Kappan told CNN. Since his bail, Kappan has struggled to find a permanent job to provide for his family. Kumar told CNN he resigned because Adani’s proximity to Modi and the BJP would leave him unable to continue asking tough questions of the government. “They gave no reasons nor any justifications for why they denied my permit,” she told CNN from Paris.

CAIRO – 22 May 2024: A high-level source expressed Wednesday Egypt's astonishment about some parties' attempts to insult the Egyptian efforts deployed over the past months to achieve a ceasefire in Gaza Strip and bring an end to the bloodshed endured by innocent civilians. The source added that some parties play a game aimed by levelling allegations against mediators – Qatar and Egypt - and accusing them of bias in order to evade making the necessary decisions. The source underscored that Egypt was brokering a ceasefire and hostage exchange deal after continuous insistence to play that role given its experience, capability and competence in managing hard negotiations. The source also criticized the use of anonymous sources in media reports labelling them "informed" saying that Egypt challenges those media outlets to attribute the information mentioned to specific official U.S. or Israeli sources.

The Julius Nyerere Dam, a major Tanzanian hydropower project being implemented by an Egyptian alliance, was a focal point of the discussion. Speaker Ackson praised Egypt’s achievement in establishing the New Administrative Capital, describing it as a model for the future. Regarding the Julius Nyerere Hydropower Project, Ackson noted its potential to boost development not only in Tanzania but also in neighbouring countries. During the meeting, Ackson affirmed Egypt’s pivotal role in the region, praising its mediation efforts in neighbouring countries. Madbouly reiterated Egypt’s dedication to supporting neighbouring countries in the Arab region and Africa, emphasizing that stability, development, and increased investment in these countries contribute to Egypt’s own stability.

May 21 (Reuters) - Pep Guardiola was named Premier League Manager of the Year on Tuesday after guiding Manchester City to an unprecedented fourth successive title. The Spanish coach has previously won the award four times since he joined the club in 2016. With six league titles, he is now the joint second-most successful coach in the history of English football. "This award reflects the hard work and excellence of the people at the Club in all departments," Guardiola said.

Chelsea have qualified for the Conference League but will play in the Europa League if Premier League champions Manchester City win the FA Cup final against Manchester United on Saturday. Speculation had been rife Pochettino would be gone after one year in charge but he remained tight-lipped about his future when asked after their final game of the season on Sunday. The Argentine would not be drawn on 'rumours' of his exit but said on Sunday that he had had dinner with Boehly. "Thank you to the Chelsea ownership group and sporting directors for the opportunity to be part of this football club's history," Pochettino said on Tuesday. "The club is now well positioned to keep moving forward in the Premier League and Europe in the years to come."

Egypt has secured $38.8bm in development financing and grants over the past four years through partnerships with multilateral and bilateral development partners, the Ministry of International Cooperation told the House of Representatives’ Foreign Relations Committee on Tuesday. Of the total amount, $28.5bn was directed to various state sectors, while $10.3bn went to the private sector, covering areas such as climate action, development, and private sector empowerment. The Ministry highlighted its role in facilitating cooperation with the United Nations in Egypt, particularly through co-chairing the steering committee for the United Nations Sustainable Development Cooperation Framework. Additionally, the Ministry collaborates with development partners on technical support projects to enhance the capabilities and efficiency of Egyptian businesses. This program has facilitated financing and technical support for private sector projects aligned with Egypt’s National Climate Change Strategy 2050 and Nationally Determined Contributions.

"That says a lot about the commitment of this team when it comes to preparing for every game. Atalanta play an enjoyable attacking style with high intensity and managers like Pep Guardiola and Maurizio Sarri have likened facing Gasperini's teams to "going to the dentist". Just like Alonso, the match in Dublin will also be Gasperini's first European final. "It's a great achievement and source of satisfaction, achieved with a really good season from this whole team," the 66-year-old Italian said. "It would be something written in golden letters, not only in the history of our club but probably all European football," he added.

In the heart of Downtown Cairo, Bullion Trading Center – BTC unveiled its latest gold collection “Aten Collection” in the Tahrir-based Egyptian Museum. To meet their mutual vision to preserve and revive the ancient Egyptian heritage, both BTC and Mahinaz worked together to design an authentic collection, rich with its countless symbols and details from Ancient Egypt. The collaboration has resulted in the Aten Collection, representing the ancient Egyptian reverence for the sun as the source of life, and gold as a symbol of eternity. “One of our main missions is to reclaim the historical reputation of Egyptian Gold, especially since the ancient Egyptians were the real pioneers of this industry. We can see this clearly in the rich heritage our ancestors left us,” BTC Chief Executive Officer Hassan Nassar commented on the launch of the Aten Collection.

CAIRO -21 May 2024: Egypt’ Foreign Minister Sameh Shoukry affirmed during a phone call held with his Dutch counterpart Hanke Bruins Slot Egypt's total rejection of displacing Palestinians from their lands and liquidating the Palestinian cause. During the phone conversation, Shoukry underlined the importance of rallying international efforts to put an end to this war and launching a political process, which mainly aims to the establishment of an independent Palestinian state, said Foreign Ministry Spokesman Ahmed Abu Zeid. The two ministers also exchanged the latest Israeli plans to launch a military operation in the Palestinian city of Rafah, added the spokesman. For her part, the Dutch minister appreciated efforts exerted by Egypt to resolve the crisis in the war-ravaged Gaza Strip. She further affirmed her country's support of the two-state solution, which allows the establishment of a Palestinian state alongside the Israeli state.

The Egyptian Finance Ministry is set to disburse EGP 8bn to exporters as part of the lump-sum export subsidy payment initiative. The upcoming fiscal year’s budget allocates EGP 40.5 billion for these initiatives, including EGP 23bn to address export-related challenges promptly. Over the past four years, the government has provided EGP 55bn in support to exporters, with an additional EGP 8bn slated for disbursement. The Ministry of Finance, in collaboration with the banking sector, the Ministry of Trade and Industry, and the Export Development Fund, has successfully implemented previous initiatives to clear export support arrears. Export support payments are processed through the National Bank of Egypt (NBE), Banque Misr, Banque du Caire, and the Export Development Bank of Egypt (EBank).

Finance Minister Mohamed Maait has announced the commencement of a corrective phase in Egypt’s economy, aimed at mitigating the severe impacts of both domestic and international challenges. This initiative seeks to minimise potential risks, particularly in response to the ongoing conflicts in Ukraine and Gaza, as well as the broader instability across the Middle East, including tensions in the Red Sea region. During a seminar titled “Policy Making in Times of Increased Risk and Uncertainty,” Maait highlighted the government’s approach to managing public finances under these challenging conditions. He projected a significant drop in Suez Canal revenues, by approximately 60%, due to the Red Sea tensions, leading to increased public spending. The state is dedicated to attracting greater investment and has allocated EGP 120bn in financing facilities to support productive activities.

Netanyahu has retorted that the priority should be eliminating remaining Hamas fighters in Rafah. They demand that Netanyahu choose between leaving Gaza under Israeli military control or establishing a Palestinian alternative to Hamas with international support. At the height of the Israeli counteroffensive in December, around 28 IDF brigades were operating in Gaza. Such a move would likely necessitate Israeli withdrawal from the West Bank and the dismantling of illegal settlements, alienating his right-wing coalition partners. Many Israelis believe Netanyahu is prolonging the Gaza conflict to maintain power, with the war’s conclusion potentially triggering elections.

CAIRO – 20 May 2024: Minister of Finance, Mohamed Maait, has revealed projections for Suez Canal revenues, to decline by around 60 percent due to tensions in the nearby Red Sea. In a statement, Maait highlighted the impact of global and regional crises on Egypt's economy, particularly through soaring inflation. This rise can be attributed to the global price hike, escalating shipping costs, and the fluctuation in the exchange rate against the dollar. Maait confirmed that the increase in public expenditures has accompanied the decline in Suez Canal revenues. Earlier in April, Minister of Planning and Economic Development, Hala El-Said announced that Suez Canal revenues witnessed a decline of 50% due to Red Sea tensions.