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☆ Sudan's RSF says it's ready to cooperate over Egyptian troops
▼ + stars: | 2023-04-15 | by ( ) www.reuters.com time to read: +2 min

REUTERS/Mohamed Nureldin AbdallahCAIRO, April 15 (Reuters) - The head of Sudan's paramilitary Rapid Support Forces (RSF) said on Saturday that his forces were ready to cooperate with Egypt to ease the return of Egyptian troops who had handed themselves over to the group in the northern Sudanese town of Merowe. Two Egyptian security sources said Egyptian officials were able to make contact with the leader of the Egyptian unit to confirm they were safe. The video showed a number of men dressed in army fatigues crouched on the ground and speaking to members of the RSF, Sudan's main paramilitary group, in an Egyptian Arabic dialect. A mobilisation of RSF forces towards Merowe's military airport on Wednesday prompted an army statement a day later that described recent RSF moves as illegal, bringing long-bubbling disagreements to the surface. It strongly supports Sudan's army and has recently promoted negotiations with pro-army political parties, in parallel to a plan for a transition towards elections backed by Hemedti.

☆ Sudan's paramilitary force shares video they claim shows 'surrendered' Egyptian troops
▼ + stars: | 2023-04-15 | by ( ) www.reuters.com time to read: +1 min

[1/2] Smoke rises in Omdurman, near Halfaya Bridge, during clashes between the Paramilitary Rapid Support Forces and the army as seen from Khartoum North, Sudan April 15, 2023. REUTERS/Mohamed Nureldin AbdallahCAIRO, April 15 (Reuters) - Sudan's paramilitary Rapid Support Forces shared a video on Saturday that they said showed Egyptian troops who had "surrendered" to them in Merowe, northern Sudan. This occurred as clashes erupted between the RSF, Sudan's main paramilitary group, and the army on Saturday. There was no clear explanation for the presence of Egyptian troops in Merowe on Saturday, but Egyptian and Sudanese troops have periodically staged joint military exercises in the north of the country in the wake of diplomatic tensions with Ethiopia. Reuters could not immediately verify the footage and Egyptian authorities did not immediately make any public comment on the matter.

☆ IMF says yet to agree date with Egypt for programme review
▼ + stars: | 2023-04-14 | by ( ) www.reuters.com time to read: +2 min

Disbursements under the 46-month programme are subject to eight reviews, the first of which was dated March 15, 2023, in an IMF staff report published in December. "Egypt really needs to show some meaningful measures to rebuild confidence and show that the process has started," said Monica Malik of ADCB. "It's better to start the review once there is tangible signs of process with reforms, including on a flexible currency." In its December accord with the IMF, Egypt also promised to sell state assets worth billions of dollars over the next four years. "Egypt has done important reforms over the last few years, and the fund has been very supportive..," Azouri said.

☆ Markets need to see a 'coherent story' and monetary policy plan, Egypt's central bank governor says
▼ + stars: | 2023-04-14 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailMarkets need to see a 'coherent story' and monetary policy plan, Egypt's central bank governor saysHassan Abdullah, governor of the Central Bank of Egypt, discusses the country's 1,000 basis points of rate hikes, knock-on effects from the U.S. and Europe, and why markets need to see a medium-term plan from central banks.

☆ Saudi Arabia, Syria welcome thaw in ties, agree to fight drug trafficking
▼ + stars: | 2023-04-12 | by ( ) www.reuters.com time to read: +3 min

[1/3] Deputy Minister of Saudi Foreign Ministry, Waleed El Khereiji meets with Syrian Minister of Foreign Affairs and Expatriates, Faisal Mekdad in Jeddah, Saudi Arabia, April 12, 2023. Saudi Press Agency/Handout via REUTERSRIYADH, April 12 (Reuters) - Saudi Arabia and Syria's foreign ministers on Wednesday welcomed a thaw in bilateral ties, including steps to resume consular services and flights, and agreed to cooperate to fight drug trafficking and facilitate Syria's return to the Arab fold. Assad, with the help of his main allies Iran and Russia, regained control over much of Syria, and Saudi Arabia has said isolating him was not working. Much of it is thought to be sold to buyers in Gulf Arab countries, including Saudi Arabia. Mekdad's trip to Jeddah came two days before Saudi Arabia hosts another meeting of regional foreign ministers that will discuss Syria's return to the Arab League.

☆ Egyptian minister to visit Turkey as ties improve - Ankara
▼ + stars: | 2023-04-10 | by ( ) www.reuters.com time to read: +1 min

ANKARA, April 10 (Reuters) - Egypt's Foreign Minister Sameh Shoukry is likely to visit Turkey again this week, the government in Ankara said on Monday, adding that progress could be made towards reinstatement of envoys after relations ended a decade ago. Cavusoglu visited Cairo last month, a decade after diplomatic links were cut by the overthrow of Egypt's then president and Ankara's ally Mohamed Mursi. Shoukry also visited Turkey two weeks ago to show solidarity after the massive earthquakes that killed more than 50,000 people in Turkey and Syria. Consultations between senior foreign ministry officials in Ankara and Cairo began in 2021 as Turkey sought better ties with Egypt, the United Arab Emirates, Israel and Saudi Arabia. But normalisation between Ankara and Cairo accelerated after Egypt's President Abdel Fattah al-Sisi and his Turkish counterpart Tayyip Erdogan shook hands in Doha at the World Cup.

☆ In the spotlight: London hosts Olivier Awards for theatre
▼ + stars: | 2023-04-02 | by ( Marie-Louise Gumuchian | ) www.reuters.com time to read: +3 min

[1/2] Paul Mescal arrives at the Vanity Fair Oscar party after the 95th Academy Awards, known as the Oscars, in Beverly Hills, California, U.S., March 12, 2023. The London theatre community will gather at the Royal Albert Hall for the annual ceremony, named after the famed British actor Laurence Olivier and which celebrates the best productions in the capital. These include nods for best entertainment or comedy play, choreography, directing, costume design and music, as well as a best actress nomination for Mei Mac, who plays younger sibling, four-year-old Mei. Paul Mescal, who was nominated at this year's Oscars, has been recognised in the best actor category for playing Stanley Kowalski in a revival of Tennessee Williams' “A Streetcar Named Desire”. "Killing Eve" star Comer is up for best actress in one-woman play "Prima Facie", in which she portrays a barrister who defends men accused of sexual assault before herself being assaulted.

☆ Most Middle Eastern bourses in black on US inflation data
▼ + stars: | 2023-04-02 | by ( Ateeq Shariff | ) www.reuters.com time to read: +2 min

Most Gulf currencies are pegged to the U.S. dollar, and Qatar, Saudi Arabia and the United Arab Emirates usually mirror any monetary policy change in the United States. Saudi Arabia's benchmark index (.TASI) gained 0.4%, with Retal Urban Development Co (4322.SE) rising 0.5% and petrochemical maker Saudi Basic Industries Corp (2010.SE) closing 1.7% higher. Oil prices - a key catalyst for the Gulf's financial markets - rose by more than a dollar per barrel on Friday, on tightening supplies and cooling U.S. inflation. The Central Bank of Egypt (CBE) raised its overnight interest rate by 200 basis points (bps) on Thursday following a meeting of its Monetary Policy Committee (MPC), saying it aimed to bring high inflation into check. In Qatar the index (.QSI) dropped 1.2% as natural gas prices remained under pressure.

☆ Ancient Egyptian zodiac symbols were found in a temple after archaeologists cleared away 2,000 years' worth of grime
▼ + stars: | 2023-03-31 | by ( Marianne Guenot | ) www.businessinsider.com time to read: +6 min

Ancient Egyptian star signs were found under a thick layer of soot and dust in the Temple of Esna. The colors in the full set of Egyptian zodiac symbols are vivid after being protected by the grime. The set is just one of three full sets of ancient Egyptian zodiac signs uncovered in Egyptian temples, said Dr. Daniel von Recklinghausen, a Tübingen Egyptologist who worked on the project. These zodiac symbols were uncovered in the latest series of renovations, which revealed the designs in brilliant colors. Ancient Egyptians adopted astrology late in their reignThese symbols show the decans, which are zodiac symbols representing the 12 hours of the night.

☆ Egypt's cenbank raises interest rates by 200 bps to tame inflation
▼ + stars: | 2023-03-30 | by ( ) www.reuters.com time to read: +2 min

March 30 (Reuters) - The Central Bank of Egypt (CBE) raised its overnight interest rates by 200 basis points (bps) on Thursday following a meeting of its Monetary Policy Committee (MPC), saying it aimed to bring high inflation into check. The bank set the lending rate at 19.25% and the deposit rate at 18.25%. The median forecast in a Reuters poll of 15 analysts on Monday was for the bank to increase rates by 200 bps as it struggled to control surging inflation. In February, headline inflation soared to a five-and-a-half-year high of 31.9% from 25.8% in January. "Real GDP growth is expected to soften in fiscal year 2022/23 compared to the previous fiscal year, before picking up thereafter."

☆ China-driven growth seen helping emerging assets despite bank worries
▼ + stars: | 2023-03-30 | by ( Duncan Miriri | ) www.reuters.com time to read: +4 min

LONDON, March 30 (Reuters) - Stronger Chinese-led emerging markets growth will likely buffer the stocks, bonds and currencies of many developing nations as markets in the United States and Europe are whipped around by banking turmoil. "The growth premium in favour of emerging markets driven by China is clearly even more confirmed," Alessia Berardi, head of emerging markets (EM) research at Amundi, Europe's biggest asset manager, told Reuters. Analysts expect high interest rates, inflation and stress among some financial institutions to dampen growth in developed markets like the United States. "We prefer income in emerging markets debt with central banks closer to turning to cuts than developed markets, even with potential currency risks," it said in a research note. Local EM bonds have seen a return of 3.3% in the month-to-date (.JGEGDCM), compared to a 3.1% gain in U.S. 10-year Treasuries.

☆ 2,000 mummified ram heads left in honor of Egypt's most powerful pharaoh are found inside an ancient temple
▼ + stars: | 2023-03-26 | by ( Bethany Dawson | ) www.businessinsider.com time to read: +2 min

More than 2,000 mummified ram heads have been discovered in Egypt. Archaeologists at the King Ramses II Temple of Abydos found the mummified remains. They also discovered mummified dogs, wild goats, cows, deer and an ostrich. The mummified remains are believed to have been left at the site to honor Ramses II about 1,000 years after his death, the Egyptian Ministry for Tourism and Antiquities said. The discovery could help "reestablish the sense of the ancient landscape of Abydos before the construction of the Ramses II temple," Iskandar said, per Reuters.

☆ Ancient Egypt excavation uncovers 2,000 mummified ram heads at Abydos
▼ + stars: | 2023-03-25 | by ( ) www.reuters.com time to read: +1 min

CAIRO, March 25 (Reuters) - At least 2,000 mummified ram heads dating from the Ptolemaic period and a palatial Old Kingdom structure have been uncovered at the temple of Ramses II in the ancient city of Abydos in southern Egypt, antiquities officials said on Saturday. It added that the discoveries would expand knowledge of the site over a period of more than two millennia up to the Ptolemaic period. The Ptolemaic period spanned about three centuries until the Roman conquest in 30 B.C. It was a necropolis for early ancient Egyptian royalty and a pilgrimage centre for the worship of the god Osiris. The structure could help "reestablish the sense of the ancient landscape of Abydos before the construction of the Ramses II temple," the head of the mission, Sameh Iskander, was quoted as saying.

☆ The $3 Tool That Makes Traveling Easier On Your Body
▼ + stars: | 2023-03-23 | by ( Rae Witte | ) www.wsj.com time to read: +1 min

CROSS PURPOSES All these pieces of fitness equipment and recovery gear are light and small enough to be packed into a carry-on. Just make sure you don’t try to bring the whole tub of Egyptian Magic onto the plane at once. WHETHER FOR work or play, traveling shifts your day to day. When you don’t have access to your own bed, gym and products, true wellness can be even harder to achieve. Fitness professionals, who run half marathons for fun and can bench double their weight, are not immune to these disruptions.

☆ World Bank agrees $7 bln, 5-year partnership with Egypt
▼ + stars: | 2023-03-22 | by ( ) www.reuters.com time to read: +2 min

CAIRO, March 22 (Reuters) - The World Bank said on Wednesday it had approved a new $7 billion partnership agreement with Egypt for 2023-2027 with a focus on boosting private sector jobs, provision of better health and education services, and adaptation to climate change. The Country Partnership Agreement (CPF) will entail $1 billion per year from the International Bank for Reconstruction and Development (IBRD) and about $2 billion over five years from the International Finance Corporation (IFC), a statement from the World Bank said. Also on Wednesday the International Finance Corporation (IFC), part of the World Bank Group, announced that it had partnered with the European Bank for Reconstruction and Development and Egypt's Sovereign Fund to develop desalination plants in Egypt through a public-private partnership model. Egypt depends almost entirely for fresh water supplies on the River Nile, and is considered at high risk from the impacts of climate change. Reporting by Nayera Abdallah, Nadine Awadalla and Aidan Lewis, Editing by Louise Heavens, William MacleanOur Standards: The Thomson Reuters Trust Principles.

☆ Russia's war in Ukraine is affecting countries around the world. Here's how ordinary Egyptians are feeling the consequences.
▼ + stars: | 2023-03-21 | by ( Sponsor Post | Created Insider Studios With Fcdo | ) www.businessinsider.com time to read: +6 min

Russia's illegal invasion of Ukraine has led to spiraling food prices worldwide, including in Egypt. Egyptians are paying a heavy price for Russia's war in Ukraine. Before the war, Ukraine and Russia typically supplied 85% of Egypt's wheat imports. These are not the only actions taken to mitigate the economic impact of Russia's invasion of Ukraine. Russia's war in Ukraine has triggered one of the country's most severe domestic crises.

REUTERS/Tyrone SiuHONG KONG, March 21(Reuters) - The organisers of Art Basel Hong Kong, one of Asia's leading contemporary art fairs, said on Tuesday they are bullish on art market prospects in the region, with China and Hong Kong now having lifted all COVID lockdown restrictions. The annual fair, which also has iterations in Basel, Paris, and Miami Beach, runs from March 23-25 in Hong Kong. "Despite the challenges of the pandemic, the Asian art market has also remained resilient, with Greater China accounting for 20% of worldwide sales by value and ranking second as the second largest regional art market in the latest edition of the Art Basel," Art Basel CEO Noah Horowitz told reporters. Leading international galleries at Art Basel this year include Gagosian, Hauser & Wirth, Lehmann Maupin, Victoria Miro, Pace, Perrotin, White Cube and David Zwirner. We haven't really changed the process of the show since 2013," said Angelle Siyang-Le, the director Art Basel Hong Kong.

☆ Russia's invasion of Ukraine has had wide-reaching effects, including trade and partnerships in Egypt
▼ + stars: | 2023-03-21 | by ( Sponsor Post | Created Insider Studios With Fcdo | ) www.businessinsider.com time to read: +6 min

The Russian invasion of Ukraine has damaged partnerships and trade agreements around the globe. For Egypt, this has meant the country must seek new trade routes and reinforce existing partnerships with Europe and the US. Russia's invasion of Ukraine has presented Egypt with complex diplomatic challenges. Bilateral trade between the US and Egypt, at $9.1 billion in 2021, is also almost double the volume of Egypt's trade with Russia. A year on from the full-scale invasion of Ukraine, Western economic partnerships with Egypt are only likely to grow in importance.

☆ Egypt's Sisi discusses nuclear plant, grains trade with Russian officials
▼ + stars: | 2023-03-19 | by ( ) www.reuters.com time to read: +1 min

CAIRO, March 19, (Reuters) - Egyptian President Abdel Fattah al-Sisi held talks with high-ranking Russian officials on Sunday to discuss a Russian-built nuclear plant under construction on Egypt's north coast as well as grains supply and food security, Egypt's presidency said. The meeting with officials including Russia's trade minister and a special envoy of President Vladimir Putin also addressed the establishment of a Russian industrial zone inside the Suez Canal's Economic Zone, among other investments, it added. Construction by Russia's state-owned energy corporation Rosatom of Egypt's first nuclear plant at El Dabaa began in July of last year, and is expected to take until at least 2030. In the aftermath of Russia's invasion of Ukraine, Egypt has been trying to balance long-standing ties with both Russia and Western powers. Reporting by Mohamed Hendawy Writing by Farah Saafan Editing by Aidan Lewis and Peter GraffOur Standards: The Thomson Reuters Trust Principles.

At a joint news conference with his Turkish counterpart, Egyptian Foreign Minister Sameh Shoukry said talks with Turkey on the possibility of restoring ties to ambassadorial level would happen at "the appropriate time". Turkish Foreign Minister Mevlut Cavusoglu said Turkey would upgrade its diplomatic relations with Egypt to ambassador level "as soon as possible". "There is a political will and directives from the presidents of both countries when they met in Doha ... to launch the path towards a full normalisation of relations," Shoukry said. Consultations between senior foreign ministry officials in Ankara and Cairo began in 2021, amid a push by Turkey to ease tensions with Egypt, the UAE, Israel and Saudi Arabia. As part of that tentative reconciliation, Ankara asked Egyptian opposition TV channels operating in Turkey to moderate their criticism of Egypt.

☆ Top Egyptian and Turkish diplomats hold talks in Cairo amid improving ties
▼ + stars: | 2023-03-18 | by ( ) www.reuters.com time to read: +2 min

[1/2] Turkish Foreign Minister Mevlut Cavusoglu meets with his Egyptian counterpart Sameh Shoukry in Cairo, Egypt March 18, 2023. REUTERS/Mohamed Abd El GhanyCAIRO, March 18 (Reuters) - Turkey's Foreign Minister Mevlut Cavusoglu held talks with his Egyptian counterpart in Cairo on Saturday, in the first such visit after a decade of ruptured ties. Cavusoglu and Egyptian Foreign Minister Sameh Shoukry were expected to discuss a range of bilateral and international issues in a step towards restoring normal relations, according to statements from the two sides. As part of that tentative reconciliation, Ankara asked Egyptian opposition TV channels operating in Turkey to moderate their criticism of Egypt. Last month, Egyptian Foreign Minister Sameh Shoukry visited Turkey in a show of solidarity after the massive earthquakes that killed more than 50,000 people in Turkey and Syria.

☆ Russian Orthodox head appeals against eviction of church from Kyiv
▼ + stars: | 2023-03-11 | by ( ) www.reuters.com time to read: +2 min

March 11 (Reuters) - Patriarch Kirill, head of the Russian Orthodox Church, on Saturday asked Pope Francis and other religious leaders to persuade Ukraine to stop a crackdown against a historically Russian-aligned wing of the church. Kyiv on Friday ordered the Ukrainian Orthodox Church (UOC) to leave a monastery complex where it is based, the latest move against a denomination the government says is pro-Russian and collaborating with Moscow. Kirill said it was regrettable that Ukrainian worshippers' rights and freedoms were being blatantly violated. Among the many leaders to whom the appeal is addressed are Pope Francis, Archbishop of Canterbury Justin Welby, the head of Egypt's Coptic Church, Pope Tawadros as well as U.N. Secretary-General Antonio Guterres and U.N. human rights chief Volker Turk, the church said. Most Ukrainian Orthodox believers belong to a separate branch of the faith, the Orthodox Church of Ukraine, formed four years ago by uniting branches independent of Moscow's authority.

☆ Egypt central bank seeks advisor for United Bank sale -sources
▼ + stars: | 2023-03-09 | by ( ) www.reuters.com time to read: +1 min

CAIRO, March 9 (Reuters) - Egypt's central bank has sent investment banks a request for proposals to pitch for an advisory role in the sale of United Bank of Egypt, which the central bank owns, two sources with knowledge of the matter said. The search for advisors comes after talks with Saudi Arabia's sovereign wealth fund to acquire United Bank failed after disagreement over its valuation. The government said it planned to sell stakes in 32 companies, but since then has placed stakes in other companies up for sale as well. The finance ministry said last month it was seeking to sell the 20% stake in AlexBank that it still owns. Analysts say a stake in the state-controlled House and Development Bank may also be up for sale.

☆ U.S. defense secretary aims to reassure Mideast allies, deliver tough message
▼ + stars: | 2023-03-06 | by ( Idrees Ali | Thomson Reuters | National Security Correspondent Focusing On The Pentagon In Washington D.C. Reports On U.S. Military Activity | ) www.reuters.com time to read: +4 min

The United States has about 30,000 troops in the region and is seen as pivotal in helping counter Iranian influence. Austin is poised to send a clear message on the need for Egypt's President Abdel Fattah al-Sisi to respect human rights, underscoring Washington's concern on the issue. "I fully expect him to bring up human rights, respect for fundamental freedoms," the U.S. defense official said. The United States has withheld small amounts of military aid to Cairo, citing a failure to meet human rights conditions. The United States has committed more than $32 billion in weapons to Ukraine including sophisticated air defense systems and tanks.

☆ How deep are Egypt's economic troubles?
▼ + stars: | 2023-03-03 | by ( ) www.reuters.com time to read: +5 min

CAIRO, March 3 (Reuters) - Egypt's economy has come under severe pressure over the past year, with the Egyptian pound tumbling, foreign currency drying up, and inflation soaring. As many as 60% of Egypt's 104 million citizens are estimated to be below, or close to the poverty line. IS EGYPT'S DEBT SUSTAINABLE? Egypt's debt burden has been climbing, though analysts differ over how much of a risk this presents. Substantial principle and interest payments on foreign debt contribute to a large external financing gap - the difference between supply of and demand for foreign currency financing.

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