General Gold Division: Citizens' fears of a sharp decline in gold prices have affected sales.
Engineer Lotfy Mounib, Vice President of the Gold and Jewelry Division at the Federation of Egyptian Chambers of Commerce, said that the economic uncertainty in global markets, resulting from the US administration's imposition of tariffs at the beginning of April, has kept gold prices on the global stock exchange above $3,000 per ounce.
He added that fears of a global trade war between the United States on the one hand and China, Brazil, and the European Union countries on the other, along with geopolitical tensions, have boosted gold purchases for hedging purposes.
He noted that rising prices on the global stock exchange have consequently led to higher gold prices in local markets, negatively impacting purchasing activity. This has also increased citizens' fears of a sudden price collapse, as happened in March 2024, when prices suddenly fell from 4,200 to 2,600 Egyptian pounds, affected by the exchange rate.
read more
CBE: Deposits in Local Currency Hit EGP 5.25 Trillion
Morocco Plans to Spend $1 Billion to Mitigate Drought Effect
Gov't Approves Final Version of State Ownership Policy Document
Egypt's Economy Expected to Grow 5% by the end of 2022/23- Minister
Qatar Agrees to Supply Germany with LNG for 15 Years
Business
Oil Prices Descend amid Anticipation of Additional US Strategic Petroleum Reserves
Business
Suez Canal Records $704 Million, Historically Highest Monthly Revenue
Business
Egypt's Stock Exchange Earns EGP 4.9 Billion on Tuesday
Business
Wheat delivery season commences on April 15
News
Egypt confirms denial of airspace access to US B-52 bombers
News
Ayat Khaddoura's Final Video Captures Bombardment of Beit Lahia
News
Australia Fines Telegram $600,000 Over Terrorism, Child Abuse Content
Lifestyle
Pistachio and Raspberry Cheesecake Domes Recipe
Videos & Features
Bouchra Dahlab Crowned Miss Arab World 2025 .. Reem Ganzoury Wins Miss Arab Africa Title (VIDEO)
News
Ireland Replaces Former Israeli Embassy with Palestinian Museum
News
Israeli PM Diagnosed with Stage 3 Prostate Cancer
Lifestyle
Maguy Farah Reveals 2025 Expectations for Pisces
News
Prime Minister Moustafa Madbouly Inaugurates Two Indian Companies
Arts & Culture
New Archaeological Discovery from 26th Dynasty Uncovered in Karnak Temple
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
See - Sada Elbalad
28 minutes ago
- See - Sada Elbalad
Cyberattack on Microsoft SharePoint Hits 400 Systems
Taarek Refaat A major security incident involving Microsoft's SharePoint platform has affected approximately 400 organizations worldwide, according to new findings by Dutch cybersecurity firm iSecurity. The updated figure, four times higher than earlier estimates, was determined through digital scans of publicly exposed servers running outdated or unpatched versions of SharePoint. The figure represents a significant jump from earlier estimates of around 100 affected entities and highlights the expanding scale of the breach. The company reached the revised estimate after analyzing digital forensics data from vulnerable SharePoint servers. 'This number is likely an undercount,' said Vaisha Bernard, Chief Exploitation Researcher at iSecurity. 'Not every attack leaves behind clear traces, so the real scope could be even wider.' The attack followed Microsoft's failure to fully patch a critical vulnerability in SharePoint, its enterprise collaboration platform. The flaw allowed threat actors to infiltrate unprotected servers, prompting a wave of cyber intrusions. Microsoft, along with Alphabet-owned Google, previously confirmed that Chinese state-linked hacking groups were among those exploiting the vulnerability. Beijing has denied any involvement. iSecurity was one of the first organizations to flag the breach, which has since drawn attention from government agencies and private-sector security teams worldwide. The escalating number of affected entities has sparked concerns over the speed and completeness of Microsoft's security response, as well as the broader vulnerabilities within enterprise cloud infrastructure. 'This kind of exposure shows how one unpatched vector can cascade into hundreds of breaches across critical systems,' Bernard added. Microsoft has since issued updated guidance and urged administrators to immediately apply the latest security patches to all SharePoint environments. read more CBE: Deposits in Local Currency Hit EGP 5.25 Trillion Morocco Plans to Spend $1 Billion to Mitigate Drought Effect Gov't Approves Final Version of State Ownership Policy Document Egypt's Economy Expected to Grow 5% by the end of 2022/23- Minister Qatar Agrees to Supply Germany with LNG for 15 Years Business Oil Prices Descend amid Anticipation of Additional US Strategic Petroleum Reserves Business Suez Canal Records $704 Million, Historically Highest Monthly Revenue Business Egypt's Stock Exchange Earns EGP 4.9 Billion on Tuesday Business Wheat delivery season commences on April 15 News Israeli-Linked Hadassah Clinic in Moscow Treats Wounded Iranian IRGC Fighters Arts & Culture "Jurassic World Rebirth" Gets Streaming Date News China Launches Largest Ever Aircraft Carrier Videos & Features Tragedy Overshadows MC Alger Championship Celebration: One Fan Dead, 11 Injured After Stadium Fall Lifestyle Get to Know 2025 Eid Al Adha Prayer Times in Egypt Arts & Culture South Korean Actress Kang Seo-ha Dies at 31 after Cancer Battle Business Egyptian Pound Undervalued by 30%, Says Goldman Sachs Sports Get to Know 2025 WWE Evolution Results News "Tensions Escalate: Iran Probes Allegations of Indian Tech Collaboration with Israeli Intelligence" News Flights suspended at Port Sudan Airport after Drone Attacks
See - Sada Elbalad
28 minutes ago
- See - Sada Elbalad
Egypt's PM Welcomes Global Luxury Brands to Explore Investment Opportunities
Taarek Refaat Egyptian Prime Minister Mostafa Madbouly met today with representatives of major global luxury brands in New Alamein City, aiming to position Egypt as a regional hub for high-end retail and attract new foreign direct investment in the fashion and lifestyle sector. The high-level meeting included Khaled Abdel Ghaffar, Deputy Prime Minister and Minister of Health, alongside Claudine Caviac and Ibrahim Sami—strategic partners to some of the world's leading luxury fashion houses. Senior officials from Egypt's export, investment, and trade authorities were also in attendance. PM Madbouly welcomed the global brand representatives and emphasized Egypt's strategic market potential, noting a growing domestic appetite for luxury products and the opportunity to enhance retail offerings for international tourists. "Egypt has a vast consumer base. Many Egyptians travel abroad for luxury shopping, and we want to provide those experiences here at home—especially for tourists visiting Egypt," he stated. He highlighted Egypt's recent economic reforms, including foreign exchange liberalization, which have stabilized currency markets and improved the investment environment. The government is actively working to support "shopping tourism" as part of broader economic diversification goals. Minister Abdel Ghaffar stressed the government's commitment to attracting international retail giants and detailed several incentives available to foreign investors. These include tax benefits and trade exemptions under the Euro 1 certificate, allowing goods imported into Egypt from Europe to benefit from reduced customs duties. Claudine Caviac, who has previously visited Egypt for both business and leisure, praised the country's recent development and expressed her optimism about its stability and potential. 'I'm impressed by Egypt's progress. There are clear signs of opportunity here,' she said, noting that she would conduct a detailed feasibility study and present it to leading global luxury brands. Caviac added that the aim would be to recreate a successful, integrated shopping experience for both Egyptians and foreign tourists—making Egypt a compelling destination for high-end retail. Strategic partner Ibrahim Sami echoed that sentiment, expressing strong interest in bringing international fashion investments to Egypt and contributing his expertise to the project. Madbouly concluded the meeting by calling for the development of a concrete action plan to ensure the successful entry of luxury brands into the Egyptian market. He reiterated Egypt's readiness to partner with global retail leaders and support them with infrastructure, regulatory facilitation, and market access. read more CBE: Deposits in Local Currency Hit EGP 5.25 Trillion Morocco Plans to Spend $1 Billion to Mitigate Drought Effect Gov't Approves Final Version of State Ownership Policy Document Egypt's Economy Expected to Grow 5% by the end of 2022/23- Minister Qatar Agrees to Supply Germany with LNG for 15 Years Business Oil Prices Descend amid Anticipation of Additional US Strategic Petroleum Reserves Business Suez Canal Records $704 Million, Historically Highest Monthly Revenue Business Egypt's Stock Exchange Earns EGP 4.9 Billion on Tuesday Business Wheat delivery season commences on April 15 News Israeli-Linked Hadassah Clinic in Moscow Treats Wounded Iranian IRGC Fighters Arts & Culture "Jurassic World Rebirth" Gets Streaming Date News China Launches Largest Ever Aircraft Carrier Videos & Features Tragedy Overshadows MC Alger Championship Celebration: One Fan Dead, 11 Injured After Stadium Fall Lifestyle Get to Know 2025 Eid Al Adha Prayer Times in Egypt Arts & Culture South Korean Actress Kang Seo-ha Dies at 31 after Cancer Battle Business Egyptian Pound Undervalued by 30%, Says Goldman Sachs Sports Get to Know 2025 WWE Evolution Results News "Tensions Escalate: Iran Probes Allegations of Indian Tech Collaboration with Israeli Intelligence" News Flights suspended at Port Sudan Airport after Drone Attacks
See - Sada Elbalad
3 hours ago
- See - Sada Elbalad
Remittances from Egyptians Abroad Surge 70% to $32.8 Billion
Taarek Refaat Press Statement During the period July/May of FY 2024/25, remittances from Egyptians working abroad recorded a significant leap. The remittances rose by 69.6%, reaching about $32.8 billion (compared to around $19.4 billion during the same period a year earlier). Likewise, remittances increased during the period January/May 2025 by 59% YoY to record around USD 15.8 billion (compared to about $9.9 billion). On a monthly basis, remittances in May 2025 rose by 24.2% YoY to register about $3.4 billion, representing the highest level of inflows ever recorded in May (compared to around $2.7 billion). read more CBE: Deposits in Local Currency Hit EGP 5.25 Trillion Morocco Plans to Spend $1 Billion to Mitigate Drought Effect Gov't Approves Final Version of State Ownership Policy Document Egypt's Economy Expected to Grow 5% by the end of 2022/23- Minister Qatar Agrees to Supply Germany with LNG for 15 Years Business Oil Prices Descend amid Anticipation of Additional US Strategic Petroleum Reserves Business Suez Canal Records $704 Million, Historically Highest Monthly Revenue Business Egypt's Stock Exchange Earns EGP 4.9 Billion on Tuesday Business Wheat delivery season commences on April 15 News Israeli-Linked Hadassah Clinic in Moscow Treats Wounded Iranian IRGC Fighters Arts & Culture "Jurassic World Rebirth" Gets Streaming Date News China Launches Largest Ever Aircraft Carrier Videos & Features Tragedy Overshadows MC Alger Championship Celebration: One Fan Dead, 11 Injured After Stadium Fall Lifestyle Get to Know 2025 Eid Al Adha Prayer Times in Egypt Arts & Culture South Korean Actress Kang Seo-ha Dies at 31 after Cancer Battle Business Egyptian Pound Undervalued by 30%, Says Goldman Sachs Sports Get to Know 2025 WWE Evolution Results News "Tensions Escalate: Iran Probes Allegations of Indian Tech Collaboration with Israeli Intelligence" News Flights suspended at Port Sudan Airport after Drone Attacks
