CAPMAS: Egyptian exports jump by 23.3% in 10 months to register dlrs 42.8bn
CAPMAS stated that the top 10 importers of Egypt's exports are Spain (dlrs 3.1bn), Turkey (dlrs 3.1bn), Italy (dlrs 2.8bn), the United States (dlrs 2bn), Saudi Arabia (dlrs 2bn), Netherlands (dlrs 1.7bn), South Korea (dlrs1.95bn), France (dlrs 1.6bn), China (dlrs 1.6bn) and the United Arab Emirates (dlrs 1.5bn). As for the top 10 commodities that Egypt exported during the first 10 months of 2022, they are as follows: liquefied natural gas (LNG), at a total value of dlrs 7.9 billion, fertilizers (dlrs 2.7 billion), crude oil (dlrs 2.6 billion), petroleum products (dlrs 2.6 billion), ready-made garments (dlrs 2.1 billion), plastics (dlrs 1.6bn), fresh fruits (dlrs 1.4 billion), various doughs and food preparations (dlrs 818.1 million), potatoes (dlrs 370.6 million) and carpets and hand-woven kilim rugs (dlrs 342.7 million).
Source:Egypt Today
January 13, 2023 14:51 UTC
Egypt sentences 7 defendants to life imprisonment for charges of belonging to terrorist group
CAIRO – 13 January 2023 A Cairo terrorist court, on Thursday, handed down 7 defendants sentences of life imprisonment and three others to 15 years in prisons for charges of belonging to the Islamic State terrorist group (ISIS) in a case dubbed in media as “ISIS, Bulaq.”Meanwhile, another defender was acquitted of the same charges, the court ruled. According to the prosecution, the convicts face charges of forming a terrorist group that aims for disturbing the public order and endangering the safety, interests and security of society. On May5, 2022, an Egyptian court, presided by Judge Mohamed Sherine Fahmy, sentenced four people to life imprisonment, a woman to three years in prison, and acquitted three others in the case known as “Spying for Daesh,” on Sunday. The criminal court put three convicts on the terrorist lists, charging them with collaborating with the terrorist organization “ISIS”.
Source:Egypt Today
January 13, 2023 14:25 UTC
Photos: Eastern Alexandria hit by heavy rain; rainwater pools being removed
CAIRO – 13 January 2023: Heavy rain has continued to hit eastern Alexandria in northern Egypt since last evening with authorities working to remove rainwater pools from streets. Alexandria is currently witnessing the annual Greater Faida Storm, which is known for heavy rains and runs for around a week starting 13 January. Since five in the evening, the rain has returned to the various regions of Alexandria and heavy rains hit the regions of Al-Amriya, Al-Gomrok, and Al-Montazah. The EMA has warned of the start of a low-pressure area companies with moderate rain that becomes heavy at many times. He pointed out that several pools of rainwater are expected if the heavy rain continues for the next several hours.
Source:Egypt Today
January 13, 2023 09:11 UTC
Dollar exchange at CBE increases by over EGP 0.50 on Monday
The official price of the US dollar at the Central Bank of Egypt (CBE) increased by more than EGP 0.50, recording EGP 27.5538 for buying and EGP 27.6256 for selling on Monday, compared to EGP 27.0112 for buying and EGP 27.1131 for selling last Thursday. With this new increase, the price of the US currency increased by about EGP 2.84 within three working days at banks. The price of the American currency reached EGP 27.40 for buying and EGP 27.45 for selling at the National Bank of Egypt and Banque Misr. It reached EGP 27.45 for buying and EGP 27.55 for selling at the Commercial International Bank. The price of the Kuwaiti dinar jumped to EGP 89.9267 for buying and EGP 90.2374 for selling, while the price of the Saudi riyal reached EGP 7.3272 for buying and EGP 7.3521 for selling.
Source:Daily News Egypt
January 13, 2023 05:53 UTC
et review of Egypt's campaigns to promote tourism
CAIRO - 12 January 2023: The Ministry of Tourism and Antiquities, represented by the Egyptian Authority for Tourism Promotion, launched a series of promotional campaigns during the last period, with the aim of promoting tourism in Egypt. A number of campaigns have also been launched on social media platforms and advertising space has been purchased to market the Egyptian tourist destination in foreign markets. In the same context, a campaign was launched in July for a year targeting the American market through advertisements in Time Square, New York, USA. As for the Arab market, the “Your Vacation is Here” campaign was launched to promote the Eid Al Fitr 2022 holiday season in April, and the “Day in Egypt Never Ends” campaign to promote the 2022 summer season in June. The "Egypt welcomes its guests" campaign was previously launched in 11 countries to introduce the new facilities applied regarding the procedures for obtaining a tourist visa to enter Egypt, last April.
Source:Egypt Today
January 12, 2023 22:35 UTC
Winter 2023 expected to be very cold due to polar vortices: Expert
CAIRO - 12 January 2023: Winter season is expected to very cold due to polar vortices, and increased rates of weather depressions, said Vice President of the Regional Center for Space Science and Technology at the United Nations, Dr. Alaa Al-Nahri. He added that the countries near the equator most affected by the drop in temperatures. In a phone call to the “Cairo Talk” TV show, Dr. Alaa Al-Nahri explained that climate changes greatly affected the weather, stressing that predicting chances of rain and temperatures in light of climate changes has become very difficult, as the forecast process is only conducted within hours. The General Authority of Meteorology revealed that the latest satellite images indicate wind activity and chances of rain in the west of the country, medium and low clouds multiply, accompanied by rain in (Salloum, Matrouh, Alexandria and the cities between them). The Meteorological Authority added that the weather remains cold at night and early in the morning in all parts of Cairo Thursday recording 19 degrees.
Source:Egypt Today
January 12, 2023 22:11 UTC
Egypt to receive second tranche of 46-month IMF loan next March
The International Monetary Fund (IMF) approved in December 2022, a 46-month arrangement under the Extended Fund Facility (EFF) for Egypt to receive a loan of $3bn, with the agreement expected to draw in an additional $14bn in financing for the country. According to a report published by the IMF on Tuesday, Egypt will receive the second tranche of the loan next March. Inflation, anchored by data-dependent monetary policy, is expected to converge back to around 7 percent by FY2024/25. “Monetary policy would continue to be data dependent, firmly anchored to the CBE’s price stability mandate,” according to the fund. “While economic recovery gained momentum during FY2021/22, imbalances also started building amidst a stable exchange rate,” according to the IMF.
Source:Daily News Egypt
January 12, 2023 17:57 UTC
Egypt to receive second tranche of 46-month IMF loan next March - Daily News Egypt
The International Monetary Fund (IMF) approved in December 2022, a 46-month arrangement under the Extended Fund Facility (EFF) for Egypt to receive a loan of $3bn, with the agreement expected to draw in an additional $14bn in financing for the country. According to a report published by the IMF on Tuesday, Egypt will receive the second tranche of the loan next March. Inflation, anchored by data-dependent monetary policy, is expected to converge back to around 7 percent by FY2024/25. “Monetary policy would continue to be data dependent, firmly anchored to the CBE’s price stability mandate,” according to the fund. “While economic recovery gained momentum during FY2021/22, imbalances also started building amidst a stable exchange rate,” according to the IMF.
Source:Daily News Egypt
January 11, 2023 21:40 UTC
Real are still feeling the impact of a mid-season World Cup - Ancelotti
Jan 10 (Reuters) - Real Madrid are still struggling to get back to peak fitness after the domestic season was paused for the 2022 World Cup in Qatar, manager Carlo Ancelotti said on Tuesday. The Italian is preparing his side for their Spanish Super Cup semi-final against Valencia in Saudi Arabia on Wednesday but has to rouse his players after they lost 2-1 to Villarreal in LaLiga at the weekend. Ancelotti said that he is trying to make adjustments accordingly due to the unique experience of having a mid-season World Cup. After holders Real meet Valencia on Wednesday, Barcelona face Real Betis on Thursday to fight it out for the other spot in Sunday's final. Last year Real Madrid defeated the previous year's champions Athletic Bilbao 2-0 in the final to win their second title in three years.
Source:Egypt Today
January 11, 2023 07:39 UTC
Egyptians can handle any challenge, we will never abandon Egypt in this difficult time: Al-Sisi
In an intervention during the presentation of models of beneficiaries from the Economic Empowerment Initiative during the first conference of the NACDW on Monday, the president said that the Egyptians can handle any challenge and we will never abandon Egypt in this difficult time. He also noted that the Egyptian government is ready to cooperate with NACDW in the agriculture sector. The president expressed his thanks to the alliance, saying, “You are a role model for a large number of Egyptians. Al-Sisi also praised the alliance’s announcement of providing EGP 14bn for the fields of charitable work, calling on the state-run Tahya Misr Fund to contribute to this framework, raising this amount, and the government must also make greater efforts in this direction. © 2022 Daily News Egypt.
Source:Daily News Egypt
January 11, 2023 01:09 UTC
Egypt Postpones Non-Essential Projects to Save Foreign Currency
Egypt Postpones Non-Essential Projects to Save Foreign CurrencyEgypt’s Prime Minister Mostafa Madbouly ordered on 9 January 2023 the postponement of any unstarted projects that require foreign currency until the end of the fiscal year (FY) in June in order to cope with shortages in foreign currency and rising inflation. The decree bans state bodies from dealing with foreign currency unless they obtain approval from the Ministry of Finance in coordination with the Central Bank of Egypt (CBE). These decisions aim to help Egypt cope with continued strain on foreign currency reserves, and the depreciation of the Egyptian Pound. The Egyptian Pound, which recently fell to 27.25 against the United States (US) dollar on 5 January, continues to devalue in projections. At the time of publication the Egyptian Pound stands at 27.7 against the US dollar.
Source:Daily News Egypt
January 11, 2023 01:05 UTC
Government postpones costly projects after local currency depreciation - Daily News Egypt
The Egyptian government issued on Monday 11 new decisions aimed at curbing state spending, including halting costly new projects, as the Egyptian pound struggles against foreign currencies. The steps come as Egypt suffers a shortage in foreign funding in the aftermath of Russia’s invasion of Ukraine. Authorities have devalued the Egyptian pound three times in the past year, eventually securing a $3bn International Monetary Fund loan programme. The decree also restricts officials from the government and state agencies from non-essential travel without prior approval from the prime minister. It exempts officials from the health sector and state agencies that procure vital commodities as well as the defense and interior ministries.
Source:Daily News Egypt
January 10, 2023 22:00 UTC
Sisi orders offering worthy market price for wheat for local farmers
CAIRO – 10 January 2023: Egypt’s President Abdel Fattah El Sisi directed the government to offer a worthy wheat price for local farmers to make sure that they make a good profit. Sisi was briefed on the situation of the strategic stock of all basic commodities and developments of the wheat planting season across the country. President Sisi also ordered exclusively depending on entities affiliated with the coding system of the Egyptian Agricultural Quarantine and applying the importing countries' standards. The minister pointed out that Egypt exported 6.43 million tons of corps in 2022 to about 160 countries worth $3.3 billion. In this regard, Sisi directed the attendees to follow up on the farmers' conditions
Source:Egypt Today
January 10, 2023 21:31 UTC
Azimut Egypt aims to launch gold investment fund next February
Azimut Egypt is preparing to launch the first investment fund in precious metals, in cooperation with Evolve Investment Holding, next February. Ahmed Abul-Saad, managing director of Azimut Egypt, revealed that the fund is awaiting final approvals from the Financial Regulatory Authority to launch it in the coming days, provided that its size is determined as soon as the subscription door closes. He explained that the aim of the fund is to provide various investment tools to interested investors, especially with the increase in the luster of gold as an investment vessel in the recent period, explaining that subscription to the fund will be available to individuals. Daily News Egypt had previously published that Sameh El-Torgoman, former Chairperson of the Egyptian Exchange, had submitted papers to establish a movable guarantee fund in precious metals “gold,” and that another company was seeking to launch the same type of fund. El-Torgoman revealed, in previous statements to the Daily News Egypt, the launch of a number of funds, including a fund to invest in gold.
Source:Daily News Egypt
January 10, 2023 19:13 UTC
5 Ways to Motivate Your Coworkers and Improve the Work Environment
When this happens, the work environment changes to become less motivating and duller. With little and simple actions from your side, you can play a role in improving the entire work environment and making everyone feel happier at their job. Give positive feedback and acknowledge others’ hard work. Remember, it will always pay off the way you spread positivity at work will always come back to you by any of your colleagues. This will help anyone fix any shortcomings in the way they work and you will help one another improve the quality of work they deliver.
Source:Egypt Today
January 10, 2023 18:09 UTC