India wants to be the next China. Half of its population holds the key
The engineering graduate started working at Finnish electronics manufacturer Salcomp’s factory in the southern Indian state of Tamil Nadu last year. Adnan Abidi/ReutersLike India, women in China were also relegated to subordinate roles for centuries. Factory jobsMuch of this change is visible in Tamil Nadu, India’s industrial powerhouse where companies such as Foxconn and Samsung have manufacturing plants. Employees test mobile phones on an assembly line of a unit of Foxconn Technology in Sriperumbudur, Tamil Nadu, on July 12, 2019. In China, migrant workers often live in sprawling dormitories provided by companies, and such arrangements have been instrumental in making the country the world’s factory.
Source:Egypt Independent
June 06, 2024 19:45 UTC
US and 16 other countries whose citizens were taken hostage urge Hamas and Israel to ‘close this deal’
“It is time for the war to end,” the statement, shared with CNN, bluntly says. We call on Hamas to close this agreement, that Israel is ready to move forward with, and begin the process of releasing our citizens,” the statement says. Those 17 countries have citizens whom Hamas took captive at the outbreak of the Israel-Hamas war. Immediately after Biden detailed the Israeli proposal, Israeli Prime Minister Benjamin Netanyahu vowed that his country would not end the war until Hamas was defeated. Jake Sullivan, Biden’s national security adviser, convened for the first time last month an in-person meeting of ambassadors and chiefs of mission representing countries whose citizens were taken hostage by Hamas, CNN reported, at a moment when a deal was stalled.
Source:Egypt Independent
June 06, 2024 19:29 UTC
European Central Bank cuts interest rates for first time since 2019
CAIRO - 6 June 2024: The European Central Bank (ECB) decided to cut the 3 key interest rates today for the first time in 5 years. The ECB lowered its key interest rates by 25 basis points, bringing the main refinancing rate down to 4.25 percent. This marks the first interest rate cut since March 2016 for the main refinancing operations rate and the marginal lending rate, while the deposit rate has seen its first reduction since September 2019. This brings the central bank’s key rate to 3.75 percent, down from a record 4 percent where it has been since September 2023. She indicated that the future path of interest rates will be "data-dependent," suggesting further cuts could be possible if economic conditions warrant them.
Source:Egypt Today
June 06, 2024 13:37 UTC
Egypt, Netherlands strengthen cooperation amidst Middle East challenges
Of this total, the Netherlands exported goods worth €2bn to Egypt, while Egypt exported goods valued at €1.5bn to the Netherlands. Tourism : The tourism sector remains an essential area of cooperation between the Netherlands and Egypt. What opportunities exist for enhancing people-to-people exchanges and cultural ties between the Netherlands and Egypt? This commitment underscores the shared commitment to global cooperation and development. In summary, the Netherlands and Egypt are poised to strengthen their partnership through collaborative efforts in energy, international conferences, and addressing global challenges.
Source:Daily News Egypt
June 06, 2024 13:06 UTC
Egypt has self-sufficiency of poultry: official
CAIRO – 6 June 2024: Head of the Vaccination Department at the Ministry of Agriculture and Land Reclamation Mohamed Saad stated Thursday that Egypt had self-sufficiency of poultry, noting that the shortage in feed availability had been solved. The official added that there were 22 Chinese companies interested in establishing feed plants in Egypt for it is considered a safe and profitable business. In a meeting with parliamentarians at the House of Representatives in 2021, Minister of Agriculture and Land Reclamation Al Sayed Al Qusair stated that Egypt produced annually 1.4 billion birds, and 14 billion eggs. The minister noted that such production size made Egypt self-sufficient of pourtly. Al Qusair pointed out that nine zones, spanning over 19,000 feddans and lying in four governorates, have been allocated to pourtly investments.
Source:Egypt Today
June 06, 2024 12:54 UTC
Decent Life's 2nd phase to be carried out at 20 governorates
CAIRO – 6 June 2024: "Decent Life" issued a statement Thursday indicating that the second phase – starting in July – will include 1,667 villages distributed upon 20 governorates and dwelled by 21.3 million citizens. The nine that were added to the initiative are Daqahliyah, Ghrabia, Sharqia, Kafr El Sheikh, Qalyoubiyah, Damietta, Ismailiyah, New Valley, and Matrouh. The second phase will be implemented with funds worth LE450 billion and completed in three years. The first phase – launched in 2018 - costed LE350 billion, and reached 17 percent of the Egyptian population residing a total of 1,500 rural villages. After the House of Representatives' approval in February, President Abdel Fatah El-Sisi endorsed Thursday an EU grant worth €50 million as a contribution in the initiative.
Source:Egypt Today
June 06, 2024 12:33 UTC
Ministry of Finance to disburse EGP 5bn in export subsidy dues to 360 companies
Since the inception of the lump-sum export subsidy dues payment initiative by the Export Development Fund in October 2019, the government has provided approximately EGP 55bn in support to exporting companies. With the completion of the seventh phase of the initiative, this support is expected to reach EGP 70bn. Starting Thursday, 360 exporting companies eligible for the seventh phase will receive EGP 5bn. Mansour clarified that the seventh phase adheres to the same previous controls. Export support is disbursed through the initiative of the National Bank of Egypt (NBE), Banque Misr, Banque du Caire, and the Egyptian Export Development Bank.
Source:Daily News Egypt
June 06, 2024 09:04 UTC
Egypt, Hungary mulls stepping up cooperation on AI, modern technologies
Minister of Communication and Information Technology Amr Talaat reviewed Sunday joint cooperation aspects with Hungary during a meeting with Hungary’s Minister of National Economy Márton Nagy and his accompanying delegation. Discussions covered a wide range of ICT domains, prominent among which are modern technologies, Artificial Intelligence (AI), digital capacity-building, outsourcing, and global digital infrastructure. The meeting also tackled the State’s efforts to support digital innovation and leverage AI for creating innovative solutions. It also addressed local and global digital infrastructure improvement plans, as well as the efforts under way to build more data hubs and extend submarine cables. Meanwhile, the Hungarian side highlighted Hungary’s efforts to embrace modern technologies at various state sectors, such as G5 technologies, financial technology (Fintech), blockchains, drone technology, and e-commerce.
Source:Egypt Independent
June 06, 2024 03:36 UTC
Biden’s sweeping asylum restrictions take effect at midnight as he tackles a key political problem
The new executive action bars migrants who cross the border illegally from seeking asylum – a departure from decades-long protocol – once a daily threshold is met. Senior administration officials told reporters Tuesday it would be lifted when there’s a daily average of less than 1,500 encounters in between ports of entry. Gregory Bull/AP“The Trump administration attacked almost every facet of the immigration system, and did so in a shameful and inhumane way,” one official said Tuesday. Senior administration officials Tuesday cited the measure as a tool to help head off that potential increase. Officials declined to say Tuesday if any new agreement had been reached with Mexico around Tuesday’s executive action.
Source:Egypt Independent
June 05, 2024 13:39 UTC
Indian voters reject Modi’s vision for one-party state in win for competitive democracy
Prime Minister Narendra Modi’s right-wing, Hindu-nationalist alliance was expected to secure a supermajority – and with it the power to enact radical change unopposed. To Modi’s critics and opponents, India was on the fast track to becoming a de-facto one-party state. Going into this election, Modi had set a goal of winning 400 seats in the lower house of parliament, or Lok Sabha. The BJP’s inability to secure an outright majority “pricks the bubble of Modi’s authority,” wrote political scientist Pratap Bhanu Mehta Tuesday night. “But who many voters feel have crossed lines for what should otherwise be a very vibrant democracy.”
Source:Egypt Independent
June 05, 2024 13:39 UTC
Egypt prepares 350 aid trucks to be headed to Gaza through crossing with Israel
CAIRO – 5 June 2024: Extra News reported on Wednesday that Egypt had prepared 350 aid trucks that would enter Gaza Strip through Karam Abou Salem Border Crossing with Israel. The Rafah crossing has been closed since Israel escalated its operations in Gaza, deploying ground troops to Rafah city near the border with Egypt on May 7. Israeli forces took control of the Palestinian side of the crossing, triggering Egypt’s condemnation. Cairo has since refused to coordinate with Israel on aid delivery to Gaza through the crossing. Egypt has restated its unwavering position, emphasizing the requirement for Israeli withdrawal from the Palestinian side of the Rafah crossing as a crucial condition for reopening the crossing.
Source:Egypt Today
June 05, 2024 11:11 UTC
UNICEF: Sudan's children face dire threats amid conflict
The year-long war has severely impacted the delivery of humanitarian supplies, leaving countless women and children without access to vital food and nutritional support. Acute malnutrition poses a life-threatening risk, as malnourished children are up to 11 times more likely to die compared to well-nourished children. UNICEF Executive Director Catherine Russell stated, "Children in Sudan are experiencing horrific violence, displacement, and trauma, and now face potential famine. Conflict parties must urgently allow humanitarian access so children can receive food, water, medical care, and shelter. Data gaps themselves indicate a lack of critical humanitarian access in the hardest-hit areas.
Source:Egypt Today
June 05, 2024 10:55 UTC
Egypt releases first tranche of 7th phase of lump-sum export subsidy dues payment
Minister of Trade and Industry, Ahmed Samir, announced that the ministry, represented by the Export Development Fund, has disbursed the first tranche of the seventh phase of lump-sum export subsidy payment to 478 companies. The total amount released is EGP 7bn, with a net disbursement of EGP 6.3bn. The minister highlighted that 20 companies had debts exceeding their dues, and they received a total support of EGP 70m. Amany El-Wassal, the executive director of the Export Development Fund, confirmed that the Fund is currently issuing certificates for the second tranche of the initiative. In early April, Minister of Finance Mohamed Maait emphasised the success of the lump-sum export subsidy payment.
Source:Daily News Egypt
June 04, 2024 18:44 UTC
Updates on alternative-housing projects implemented in 2018-2024
CAIRO – 4 June 2024: During the 2018-2024 term, the government was diligent to complete alternative-housing projects providing former slum dwellers with fully-furnished residential units as it had finished before Al Khayala, Bashayer El Kheir, and Mahrousa. The projects accomplished include the third phase of Asmarat consisting of 7,298 units distributed upon 124 flat-buildings spanning over a surface area of 65 feddans. The second phase of Gheit El Enab consists of 1,869 units distributed upon 37 flat-buildings spanning over 15,000 square meters. And, Rawdet Al Sayeda consists of 816 units distributed upon 16 buildings. Further, 82,000 residential units that were at the risk of collapse have been rehabilitated in the capitals of 13 governorates.
Source:Egypt Today
June 04, 2024 16:48 UTC
Highlights of projects aimed at turning Egypt into trade, energy hub
CAIRO – 4 June 2024: President Abdel Fatah El-Sisi has been eager for turning Egypt into a trade and energy hub. PortsLogistics are an important element of turning Egypt into a trade hub so a number of projects are being accomplished in that field. The former stretches on 286 feddans and consists of roads having a total length of 400,000 square meters. With regard to wind energy, a farm was introduced in Gabal El Zeit with initial investments worth €526 million, LE643 million, and 50 million yens. It will consist of four reactors having a total capacity of 4,800 megawatts.
Source:Egypt Today
June 04, 2024 15:58 UTC