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☆ Egypt commits to IMF to slow projects, increase fuel prices
▼ + stars: | 2023-01-10 | by ( Patrick Werr | ) www.reuters.com time to read: +2 min

Among its pledges is one to slow investment in public projects, including national projects, so as to reduce inflation and conserve foreign currency, without specifying where cuts might fall. The IMF board of directors approved the 46-month Extended Fund Facility (EFF) on Dec. 17. Egypt's pound has been allowed to fluctuate more than before since its third devaluation in less than a year last week. Under the facility, the IMF will provide Egypt with about $700 million in the fiscal year that ends in June. Reporting by Patrick Werr, Editing by Aidan Lewis and Ed OsmondOur Standards: The Thomson Reuters Trust Principles.

☆ Traffic in Suez Canal normal after ship breakdown dealt with- SCA
▼ + stars: | 2023-01-09 | by ( ) www.reuters.com time to read: +2 min

[1/2] An aerial view of the Gulf of Suez and the Suez Canal are pictured through the window of an airplane on a flight between Cairo and Doha, Egypt, November 27, 2021. REUTERS/Amr Abdallah DalshCAIRO, Jan 9 (Reuters) - Shipping traffic in the Suez Canal was proceeding normally on Monday after tugs towed a cargo vessel that broke down during its passage through the waterway, the Canal Authority said. The M/V Glory, which was sailing to China, suffered a technical fault when it was 38km into its passage southward through the canal, before being towed by four tugs to a repair area, the Suez Canal Authority (SCA) said in a statement. The Suez Canal is one of the world's busiest waterways and the shortest shipping route between Europe and Asia. In 2021, a huge container ship, the Ever Given, became stuck in high winds across a southern section of the canal, blocking traffic for six days before it could be dislodged.

☆ Egypt's currency weakens more in wake of latest devaluation
▼ + stars: | 2023-01-05 | by ( Patrick Werr | ) www.reuters.com time to read: +4 min

The pound closed at 27.11 per dollar, according to the central bank, after fluctuating more than usual. Currency flexibility was a key component of the 46-month, $3 billion financial IMF package. After the central bank allowed the pound to depreciate sharply last March and October, it soon resumed trading within a band, moving only about 0.01 pounds per dollar per day. Egypt's pound and bondsHUGE BACKLOGDespite last year's devaluations a shortage of foreign currency has continued to hamper imports in recent months. Deutsche Bank said in a note that Wednesday's devaluation and an interest rate hike by the central bank last month "clearly show an approach to re-attract (structural) foreign inflows into local markets".

The IMF's executive board on Friday approved a 46-month, $3 billion financial support package for Egypt, saying it included a "permanent shift to a flexible exchange rate regime". But we also know that the backlog of imports has not been cleared," Ivanna Vladkova Hollar, the IMF mission chief for Egypt, said in an interview with Reuters. "If I wanted to import something at 19.7 and the exchange rate is now 24.7, that's a significant change in my costs." An immediate disbursement of about $347 million under the programme should be available to Egypt this week, Vladkova Hollar said. Steps to boost the private sector could become "prior actions" that have to be taken before future IMF disbursements, she added.

☆ Egypt's pound keeps falling on black market ahead of IMF meeting
▼ + stars: | 2022-12-09 | by ( Patrick Werr | ) www.reuters.com time to read: +3 min

Deputy Finance Minister Ahmed Kouchouk said on Wednesday he expected the IMF board to approve the package at the meeting. In a statement issued by the cabinet on Friday, Kouchouk reiterated that the agreement with the IMF aimed to achieve a flexible exchange rate. Dealers on the black market were selling dollars for 32 to 33 pounds compared to the official rate of about 24.6 to the dollar. "However we do not expect a devaluation to the 32-34 handle as now implied by the London listings or the black market." Since early November, the central bank has been allowing the official rate to weaken incrementally by an average of about 0.01 pounds per day.

After signing the deal, military leader Abdel Fattah al-Burhan said civilians should control politics and guide foreign policy. Last year's military coup halted a power-sharing arrangement between the military and the Forces for Freedom and Change (FFC) coalition, and Sudan has been without a prime minister since the start of the year. The takeover led to more than a year of mass protests against the military, during which security forces killed more than 100 civilians, according to a tally by medics. [1/5] Signatory parties stand and raise signed copies of the agreement between military rulers and civilian powers in Khartoum, Sudan December 5, 2022. International partners, who helped mediate the framework deal, say a credible civilian government is needed before assistance can be restored.

☆ Factbox: What is happening in Sudan?
▼ + stars: | 2022-12-05 | by ( ) www.reuters.com time to read: +4 min

Under an August 2019 agreement, the military agreed to share power with officials appointed by civilian political groups ahead of elections. But that arrangement was abruptly halted by a military coup in October 2021, which triggered a campaign of frequent pro-democracy mass rallies across Sudan. Another is an investigation into the killings of pro-democracy protesters on June 3, 2019, in which military forces are implicated. Several of its neighbours, including Ethiopia, Chad and South Sudan have been affected by political upheavals and conflict. Talks stalled and Ethiopia started filling the reservoir behind the dam, which Sudan says could put its citizens, dams and water facilities at risk.

☆ Sudanese anti-corruption figure freed on eve of political deal
▼ + stars: | 2022-12-04 | by ( Khalid Abdelaziz | ) www.reuters.com time to read: +2 min

The framework deal would, according to a copy seen by Reuters, involve a two-year, civilian-led political transition in which the military's role would be limited to a security and defence council headed by a prime minister. But it sets no time for a final deal and leaves sensitive issues including transitional justice and security sector reform for further talks. Leftist politician Wagdi Salih, who was freed at a police station in the capital Khartoum, was at the forefront of an anti-corruption committee tasked with dismantling Bashir's regime. The FFC had called Salih's arrest in October "purely political". Talks have been facilitated by the United Nations, the United States, Saudi Arabia, and the United Arab Emirates, among others.

☆ Fiance of U.S. citizen detained in UAE fears he will be extradited to Egypt
▼ + stars: | 2022-12-04 | by ( ) www.reuters.com time to read: +2 min

DUBAI, Dec 4 (Reuters) - An Egyptian-American national detained while visiting the United Arab Emirates fears he will be extradited to Egypt for criticising authorities there ahead of the country hosting the COP27 climate conference last month, his fiance said on Sunday. The UAE, a close ally of Egypt, arrested Sherif Osman, who resides in the United States, on Nov. 6 at the request of an Arab League entity responsible for coordinating law enforcement and security matters, a UAE official confirmed to Reuters on Thursday. The United States was aware of Osman's arrest in Dubai, a U.S. State Department spokesperson said on Thursday, and was "watching his case closely and providing appropriate consular support". Osman's fiance said she had travelled to the UAE with him to meet his sister, who lives in Dubai, and his mother who had planned to visit from Egypt. The UAE official had said the UAE "strictly adheres to all internationally accepted standards" in detention cases including regular consular access and legal council.

☆ Energy crisis highlights need to broaden renewables' supply chain
▼ + stars: | 2022-12-01 | by ( Laila Kearney | ) www.reuters.com time to read: +4 min

[1/2] Enel CEO Francesco Starace speaks during the Reuters NEXT Newsmaker event in New York City, New York, U.S., December 1, 2022. REUTERS/Brendan McDermidNEW YORK, Dec 1 (Reuters) - The global energy crisis sparked by war in Ukraine has underscored how parts of the renewables supply chain might face similar struggles if not quickly diversified, energy executives told the Reuters NEXT conference this week. "Out of this crisis, you learn that there are many other things that might follow this same pattern," said Francesco Starace, CEO of Italy's Enel (ENEI.MI), speaking at the conference on Thursday in New York. Starace noted how solar panels are produced overwhelmingly in China, saying that, and the manufacture of other energy components critical to transitioning from fossil fuels, are potential problem areas. South Africa, the most industrialized country in Africa, will need to add more than 50,000 megawatts (MW) of new power generation capacity to help meet demand and stabilize its grid, Brian Dames, chief executive officer of African Rainbow Energy & Power, said at a Reuters NEXT panel on Wednesday.

☆ Egypt to build 21 desalination plants in phase 1 of scheme - sovereign fund
▼ + stars: | 2022-12-01 | by ( ) www.reuters.com time to read: 1 min

CAIRO, Dec 1 (Reuters) - The first phase of Egypt's plan to develop large-scale water desalination will cover 21 plants with a capacity of 3.3 million cubic metres daily at a cost of $3 billion, the CEO of the country's sovereign fund said on Thursday. Egypt, which recently hosted the COP 27 U.N. climate talks and is trying to boost investment in renewables, aims to start production on its green hydrogen projects in 2025-2026, Soliman told the Reuters NEXT conference. Reporting by Aidan Lewis; Editing by Jan HarveyOur Standards: The Thomson Reuters Trust Principles.

WTI's trading range is expected to fall to $70-$75, he said, adding the market could stay volatile depending on the outcome of the OPEC+ meeting and the price cap on Russian oil. read moreInvestors also focused on Western plans for a price cap on Russian oil. Group of Seven(G7) and European Union diplomats have been discussing a price cap on Russian oil of between $65 and $70 a barrel, with the aim of limiting revenue to fund Moscow's military offensive in Ukraine without disrupting global oil markets. On Thursday, EU governments were split on the level at which to cap Russian oil prices. The price cap is due to come into effect on Dec. 5 when an EU ban on Russian crude kicks off.

"The Egyptian pound will likely remain under pressure until more U.S. dollar inflows from GCC (Gulf nations) and committed foreign direct investment materialises," said Carla Slim at Standard Chartered Bank. Last month's IMF deal has provided some respite. ,"Egypt has got a high debt load and arguably it is more vulnerable even than Pakistan in terms of debt payments as a share of revenues," said Renaissance Capital's chief economist Charlie Robertson. "But the difference is, it has been proactive and been quick to go to the IMF," Robertson added, noting Egypt also has strong support from rich Gulf countries. Egypt's IMF negotiations dragged on for seven months and drove its second big devaluation of the year.

☆ Turkey's Erdogan shakes hands with Egypt's Sisi at World Cup
▼ + stars: | 2022-11-20 | by ( ) www.reuters.com time to read: +1 min

[1/2] Turkey's President Tayyip Erdogan shakes hands with his Egyptian counterpart Abdel Fattah el-Sisi on the sidelines of the World Cup in Doha, Qatar, November 20, 2022. Murat Cetinmuhurdar/PPO/Handout via REUTERSISTANBUL, Nov 20 (Reuters) - Turkish President Tayyip Erdogan shook hands with his Egyptian counterpart Abdel Fattah el-Sisi on the sidelines of the World Cup in Qatar on Sunday, a photo from Turkey's presidency showed. Turkey's state-owned Anadolu Agency said Erdogan briefly met, shook hands and talked to Sisi and other leaders, including Palestinian President Mahmoud Abbas and King Abdullah of Jordan. Ankara's ties with Cairo have been strained since Sisi, then Egypt's army chief, led the 2013 ouster of Mohamed Mursi of the Muslim Brotherhood, who was strongly supported by Erdogan. Egyptian officials had expressed caution over any rapprochement, although Erdogan said in July there was no reason high-level talks should not take place.

☆ China should pay up for climate damage - German minister
▼ + stars: | 2022-11-18 | by ( Aidan Lewis | Simon Jessop | ) www.reuters.com time to read: +1 min

BERLIN, Nov 18 (Reuters) - Countries like China should contribute more to compensation payments for countries hit by climate-fuelled disasters, German Development Minister Svenja Schulze told broadcaster Bayerischer Rundfunk on Friday. So they must also contribute to dealing with the damage," Schulze told Bayerischer Rundfunk in an interview. Climate negotiators on Friday were mulling a late-night European Union proposal aimed at resolving a stubborn impasse over financing for countries hit by climate-fuelled disasters and pushing this year's U.N. climate summit in Egypt closer to a final deal. The EU offer is at odds with a proposal by developing countries and China that called for all developing countries to have access to the fund. That proposal used a U.N. definition that would have allowed China to receive, not contribute, money.

[1/3] Egyptian Foreign Minister and Egypt's COP27 President Sameh Shoukry attends an informal stocktaking session during the COP27 climate summit, in Sharm el-Sheikh, Egypt, November 18, 2022. But with several other sticking points dogging this year's U.N. climate talks, host country Egypt said a final deal was still not expected before the weekend. But it was unclear Friday if all of those countries would accept the EU's offer of a fund to aid only "the most vulnerable countries", rather than all developing countries as they had requested. On Friday morning, the U.N. climate agency published a first official draft of the final summit deal. Some countries, including the EU and Britain, have pushed for the overall deal in Egypt to lock in country commitments for more ambitious climate action.

LONDON, Nov 17 (Reuters) - London Metal Exchange (LME) nickel trading has turned wild again this week. LME and ShFE nickel contracts price and volumeVOLATILITY TRAPThe fund exodus after March has left a liquidity vacuum and a self-reinforcing volatility trap in the nickel market. ("A financially constrained physical market", April 3, 2022)LME nickel trading volumes have fallen steeply since March. Year-to-date nickel volumes are 24% below last year's equivalent period, the scale of decline flattered by strong trading activity in January and February. But until inventory and volumes rebuild, time-spread turbulence and perma-backwardation are becoming the new normal in the Shanghai market.

☆ "Time is not on our side," says COP27 president urging Friday summit deal
▼ + stars: | 2022-11-17 | by ( ) www.reuters.com time to read: 1 min

SHARM EL-SHEIKH, Egypt, Nov 17 (Reuters) - Egypt's COP27 President Sameh Shoukry urged delegates at the climate summit to come to a deal by Friday, warning them that time was not on their side and setting out the extent of the work left to be completed. "Time is not on our side, let us come together now and deliver by Friday," he said in a letter to delegates dated Wednesday and published on Thursday. Reporting by Aidan Lewis, writing by William JamesOur Standards: The Thomson Reuters Trust Principles.

Rising salinity in the Delta has multiple causes, experts and farmers say, including overextraction of groundwater and excessive use of fertilizers and pesticides. "With time, with the sea level higher, that line of salinity will go down into the Delta. EVAPORATIONSea water intrusion and salinity also threaten the Mekong Delta in Vietnam and the Ganges-Brahmaputra Delta in Bangladesh. "You have to do much better job in a place like the Nile Delta because the water just evaporates quickly," she said. Rice cultivation helps wash the soil, but the government has imposed restrictions on the crop in parts of the Delta to conserve scarce water.

A G20 declaration on Wednesday said "we will play our part fully in implementing" last year's Glasgow Climate Pact, under which countries pledged to limit the rise in global temperatures to 1.5C above pre-industrial times. "As things stand, the Glasgow Climate Pact is broken, but the G20 have the opportunity to fix it." MISSED OPPORTUNITYThe G20 declaration recognised the need to phase down use of unabated coal and phase out "inefficient" fossil fuel subsidies. Avinash Persaud, special envoy on climate finance to Prime Minister Mia Motley of Barbados, meanwhile, told Reuters the G20 declaration missed the mark on finance. "Unfunded ambition gets us nowhere fast," Persaud said, adding he wanted G20 countries to unlock more lending from multilateral development banks they control to help climate-vulnerable countries.

☆ Egyptian-British hunger striker's family say they received 'proof of life' letter
▼ + stars: | 2022-11-14 | by ( ) www.reuters.com time to read: +2 min

CAIRO, Nov 14 (Reuters) - The sister of Egyptian-British activist Alaa Abd el-Fattah said on Monday the family had received a letter from prison that served as "proof of life" from the hunger striker. Since then his family and his lawyer had made repeated trips to the prison where he is detained northwest of Cairo, but had received no news on his condition. Since he obtained British citizenship in December, British officials have sought unsuccessfully to secure consular access to Abd el-Fattah. Abd el-Fattah's lawyer Khaled Ali said he was at the prison along with his mother Laila Soueif, and was waiting for prison authorities to allow him to visit. Egypt's public prosecutor said on Thursday Abd el-Fattah was in good health, after the family said they were informed that medical intervention had been carried out to maintain his health.

SHARM EL-SHEIKH, Egypt, Nov 12 (Reuters) - Strengthening trade ties and regional security will be priorities in an upcoming visit by Chinese leader Xi Jinping to Saudi Arabia, Saudi minister of state for foreign affairs Adel Al-Jubeir said on Saturday. Jubeir did not give details of the trip but said visits between Chinese and Saudi leaders were "natural". "China is Saudi Arabia's largest trading partner, we have huge investments in China and the Chinese have huge investments in Saudi Arabia," he told Reuters on the sidelines of the COP27 climate summit in Egypt. Jubeir said Saudi Arabia, the world's top oil exporter, was sincere in its efforts to tackle climate change and limit greenhouse gas emissions. "We believe in Saudi Arabia there is no contradiction between improving climate and producing oil," Jubeir said.

☆ Aramco CEO says investment in oil and gas not enough to meet demand
▼ + stars: | 2022-11-11 | by ( ) www.reuters.com time to read: 1 min

SHARM EL-SHEIKH, Egypt, Nov 11 (Reuters) - Saudi Aramco chief Amin Nasser said on Friday he was concerned there was not enough investment in the oil and gas sector to meet global demand in the long term. Nasser said there has been a pick up in global demand since COVID lockdowns eased. Reporting by Sarah El Safty and Aidan Lewis, writing by Maha El Dahan; editing by David EvansOur Standards: The Thomson Reuters Trust Principles.

Setting out what he said were Saudi Arabia's steps to produce cleaner energy and reduce its carbon footprint, Prince Abdulaziz bin Salman said: "The world is hoping to crucify us." Instead, he said, Saudi Arabia would be holding the rest of the world to account. Among Saudi Arabia's contributions, he said Saudi Arabian state oil producer Aramco (2222.SE) had the lowest methane emissions by any measure. Saudi Arabia is also working on producing hydrogen using renewable energy and aims to be the lowest cost producer, Prince Abdulaziz said. "You need to invest to decarbonise existing resources like oil and gas while building your renewable sectors.

☆ COP27: Farm climate innovation commitments double to $8 billion
▼ + stars: | 2022-11-11 | by ( Aidan Lewis | ) www.reuters.com time to read: +2 min

SHARM EL-SHEIKH, Egypt, Nov 11 (Reuters) - An initiative led by the United States and the United Arab Emirates to help agriculture adapt to climate change and reduce emissions through innovation has doubled investment commitments to $8 billion and extended its reach, it said on Friday. The Agriculture Innovation Mission for Climate (AIM for Climate) was launched one year ago and seeks to accelerate innovation in "climate smart" agriculture globally up to 2025, as the world races to contain global warming below 1.5 degrees Celsius. At the COP27 climate change talks in Sharm el-Sheikh it announced commitments for $7 billion of investments from 42 governments, and $1 billion in innovation initiatives aimed at small-holder farmers in developing economies, new technologies, agro-ecological research and methane reduction. Farming is on the frontline of extreme weather but is also a major contributor to global emissions that cause warming. "I think there's just tremendous carbon sequestration capacity, there's tremendous opportunities to reduce methane, there's tremendous opportunities to convert agricultural waste into a variety of products that would significantly reduce the greenhouse gas footprint of agricultural production."

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