The House of Representatives passed amendments to the value-added tax on cigarettes Sunday, resulting in an increase of at least 12% in the official prices of cigarettes. The amendments allow them to adjust cigarette prices without moving into higher tax brackets. According to the Plan and Budget Committee report, the expected revenue from the tax increase is EGP 8bn. The shortage in supply led to an increase in unofficial selling prices to consumers over the past months, exceeding the official prices set by more than 100%, which raises questions about the possibility of increasing official prices shortly. Youssef Al-Banna, a financial analyst at Naeem Securities, said that the current fluctuation in cigarette prices is mainly due to a lack of supply.

PARIS, Oct 30 (Reuters) - Argentina captain Lionel Messi won a record eighth Ballon d'Or for the best player in the world on Monday, beating Norway's UEFA player of the year and treble winner Erling Haaland of Manchester City to the prestigious prize. The fortune I’ve had playing for the best team in the world, the best team in history. "This (World Cup) title we had been aiming for for so many years makes it even more special." Asked if he would carry on until the 2026 World Cup, Messi said: "I don't think about it. Spain's Women's World Cup winner and Barcelona midfielder Aitana Bonmati won the women's Ballon d'Or.

CAIRO - 31 October 2023: The Egyptian armed forces carried out a number of training activities in the Third Field Army and the northern region. In the framework of the implementation of the combat training plan for the military formations and units of the armed forces, one of the units of the Third Field Army carried out the main phase of a two-level external command center project lasting several days. The main phase began by implementing preparation and organization measures for the team members participating in the implementation of the project, in addition to presenting and the combat efficiency reports and cooperation organization procedures. The phase further includes a visit to the command and control centers to confirm their readiness and preparedness. The project and the practical demonstration were attended by a number of commanders of the armed forces and a number of students from military colleges and institutes.

The General Authority for Investment and Free Zones (GAFI) and Schneider Electric, a global leader in energy management and automation, have discussed the company’s expansion plans in Egypt. GAFI President Hossam Heba and Schneider Electric President for North East Africa and the Arab Levant region Sebastian Rees visited the company’s factory in Badr City, the largest of its kind in the Middle East. Heba praised Schneider Electric’s new investments, which he said are aligned with the government’s strategy to localize the electrical industries and support economic and social development. Rees affirmed that Egypt is a key market and a regional hub for Schneider Electric, where the company sees great potential for growth and expansion. Schneider Electric has been operating in Egypt since 1987 and has invested €300m over 35 years.

CAIRO – 30 October 2023: In 2014, the Egyptian government launched a series of projects aimed at protecting Sinai from flash floods by constructing 1,500 flood barriers, and 117 flood control channels extending on a total of 311 kilometers. The plan, implemented by the Ministry of Irrigation and Water Resources, also consists of digging 15 artificial lakes, and building nine rainwater harvesting dams having a total capacity of 6.6 million cubic meters. It is noted that the projects implemented to protect Sharm El Sheikh alone have cost LE1.5 billion. In a related context, Minister of Agriculture and Land Reclamation Al Sayed al-Qusair stated in September that roads, power plants, agricultural wastewater recycling plants, water supply networks, and pumping stations were being introduced to reclaim and cultivate 500,000 feddans (one feddan equals 4,500 square meters) in Sinai. The minister made the statement during a ceremony held to deliver leasing contracts to farmers on the peninsula, noting that LE750 billion had been spent on development projects in Sinai, including those pertaining to health, education, and social protection.

CAIRO – 30 October 2023: Up to 60 new trucks of humanitarian aid are being prepared to arrive on the Palestinian side through Rafah crossing according to Al Qahera news channel on Monday. Egyptian Red Crescent also said that more than 500 trucks carrying aid are ready to enter the Strip. The Red Crescent demand that the Rafah crossing be opened continuously so that aid arrive to civilians in Gaza. Sisi called for an immediate humanitarian truce, delivering humanitarian, medical and relief aid to the people of Gaza. Sisi told Biden Egypt rejects the policies of collective punishment and displacement, reiterating that Egypt did not allow the displacement of Palestinians from Gaza Strip into Egyptian territory in the past, and will not allow it today.

The Ministry of Electricity announced on Friday that the electricity load-shedding period will be extended from one to two hours per day, starting from 12 PM to 3 AM daily. According to media reports, the National Electricity Control Authority has notified all nine distribution companies across the country that they will have to implement the load shedding in all regions, except for hospitals, which will not be affected by the power cuts. Other institutions, such as schools, universities, and police departments, will have to endure the two-hour load shedding as well. They said that the load shedding has increased from one to two hours per day, despite the significant drop in temperatures recently. They also said that they have stopped using the air conditioners that consume large amounts of electricity.

AUR Leasing, a subsidiary of AUR Capital, plans to issue securitised bonds worth EGP 1.7bn next month. According to Daily News Egypt, the company is preparing the issuance file to apply to the Financial Regulatory Authority and expects to issue the bonds in the second half of next month. Meanwhile, AUR Consumer Finance is expected to complete the issuance of securitised bonds worth EGP 300m this week. Mohammed Farid, Chairperson of the Financial Regulatory Authority, said that there is an increasing interest from various economic entities in the financing formats provided by non-banking financial activities. He stressed the need for continuous improvement and development of the procedures for issuing these instruments, as they play a vital role in financing companies, entities, and public legal persons.

Louvre museum in Paris presents a five-part augmented reality (AR) experience called “Egypt Augmented.”It comprises four location-specific experiences based around three exhibits inside the museum’s Department of Egyptian Antiquities, and one in the exterior courtyard, the Cour Carrée. Additionally, Snapchat users around the globe can also use a free Face Lens feature inspired by the exhibition. Upon scanning a QR code with their smartphone, visitors to the museum can see exhibits come to life in AR before their eyes. The "Dendera Zodiac,” a ceiling relief featuring a Ptolemaic sky map from 50BC, appears in 3D alongside simple explanations of its symbols and purpose.

Egyptian Ambassador in Moscow Nazeh al-Nagari took part in a round table organized by Russian Deputy Foreign Minister Sergei Ryabkov for ambassadors of BRICS member states, within the framework of Russia’s upcoming presidency of the bloc. The meeting was attended by BRICS member states and countries that will join the economic group as of the start of 2024, including Egypt. Participants of the meeting welcomed the new members of BRIC and reviewed the work mechanism of the bloc as well as its multifaceted goals, especially the economic and development ones, the Foreign Ministry said on its Facebook page on Saturday. They, also, reviewed the priorities of the BRICS throughout its current expansion stage and the future one as well.

Banque Misr, one of the largest banks in Egypt, has signed a cooperation protocol with Reefy, a leading microfinance company, to provide financial and non-financial solutions and products to micro-enterprise owners. The protocol was signed by Akef El Maghraby, Vice Chairperson of Banque Misr, and Ahmed Labib, Managing Director and CEO of Reefy, in the presence of Mohamed El-Etreby, Chairperson of Banque Misr, and several bank and company executives. According to a statement from Banque Misr, the protocol aims to facilitate mutual referrals between the bank and the company for their clients, offering a range of financial services and solutions. The bank emphasized its efforts to adopt advanced technological services in its various transactions, ensuring alignment with global developments. This is aimed at supporting growth and empowering more societal segments to access suitable financial solutions, furthering financial inclusion efforts.

new convoy of humanitarian aid entered into the Gaza Strip from the Egyptian side through the Rafah border crossing, Al Qahera News reported- FileCAIRO – 29 October 2023: An Israeli official said that humanitarian aid to Gaza will significantly increase in the coming days due to Egyptian and US pressure, Israeli Channel 13 reported. Egypt is intensifying efforts to provide humanitarian aid to those in need in the Gaza Strip through the Rafah border crossing. Egypt’s President Abdel Fattah El-Sisi and United Nations Secretary-General Antonio Guterres discussed over the phone means of cooperation to protect civilians in Gaza and ensure access to aid. Egypt has also worked to deliver the humanitarian aid coming from world countries and local and international organizations through the Rafah border crossing to Gaza. Since last Saturday, the Gaza Strip has received a total of 84 humanitarian aid trucks, while the UN says at least 100 humanitarian aid trucks are needed in the enclave per day.

It is certain that US President Biden will bear the brunt of the Gaza war alone, whether in terms of his political capital, history, or future. The harsher consequences could be terrorist attacks in the US itself or on US embassies around the world. Was this perception the reason for the “apparent” change in the US position towards Israel’s destruction of the Gaza Strip? Finally, did Biden realize that many of his supporters may abandon him in the next elections if the humanitarian situation deteriorates seriously? Did Obama’s statements about escalating the situation and its impact on America for generations fly past Biden, who may not pay the price alone?

He said,“We are keen to meet the needs of the Egyptian market for everything and all products, not only in the industry, so the local component must be constantly increased in products.”He also announced that the state will establish industrial facilities to support the industry, on condition that the factory bears the cost of machinery. He clarified that the goal of establishing these industrial clusters is not to share the investor's profit but to provide all the requirements for him to start his project immediately and create new job opportunities. He said that the reclaimed land, which was encroached upon, and whose size is estimated at millions of meters, can be coordinated by the government to re-allocate it to investors who wish to expand with small and medium-sized factories. The president called on the Federation of Egyptian Industries to be a bridge between companies, investors, and those who wish to enter into that system, so that time and effort are saved for the investor. He stressed that what the state will do in this framework will be different.

The Egyptian team “FinTech Got Talent Students” from the American University in Cairo (AUC) has won first place in the Arab FinTech Challenge (AFCT) for universities, which was held for the first time in the MENA region as part of GITEX North Star, the largest technology and startup exhibition in Dubai, UAE, from 15 to 18 October 2023. The Egyptian team was one of the two teams that represented Egypt in the AFCT, along with another team from the Chinese University in Egypt. Both teams had previously won the final qualifiers of the “FinTech Got Talent” competition, which was launched in July this year under the “FinYology” initiative. The “FinYology” initiative is a joint effort of FinTech Egypt and the Egyptian Banking Institute, which aims to discover young talents and enable them to develop FinTech and innovation skills at an early age. The initiative also offers training opportunities for university students in banks operating in Egypt, which helps them gain practical experience before graduation.