Latest news with #Ownership
See - Sada Elbalad
15 hours ago
- Business
- See - Sada Elbalad
Gold Prices Hold Steady Ahead of Fed Decision and Powell's Speech
Waleed Farouk Gold prices remained relatively stable in both local and global markets during Wednesday's trading session, as investors awaited the U.S. Federal Reserve's monetary policy announcement and the highly anticipated press conference by Fed Chair Jerome Powell later in the day. In Egypt's local market, conditions were calm compared to Tuesday's close. The price of 21-karat gold held steady at EGP 4,565 per gram, while global spot gold remained unchanged at around $3,325 per ounce. Further local prices were reported as follows: 24-karat gold: EGP 5,217 per gram 18-karat gold: EGP 3,913 per gram 14-karat gold: EGP 3,044 per gram Gold sovereign (8 grams of 21K): EGP 36,520 Gold had dropped by EGP 10 per gram on Tuesday, falling from EGP 4,675 to EGP 4,565, despite a minor $8 increase in the global gold price, which moved from $3,317 to $3,325 per ounce. This relative stability in prices reflects a broader market cautiousness ahead of the Federal Open Market Committee (FOMC) decision, which is expected to clarify the direction of interest rates for the coming months. Markets widely anticipate that the Fed will maintain rates within the current range of 4.25% to 4.5%, but greater focus lies on Powell's tone and guidance, as his statements are expected to heavily influence future monetary policy expectations. Analysts note that Powell's rhetoric at the press conference will be pivotal in determining gold's next move: Any dovish hints toward a future rate cut or monetary easing could propel gold toward new record highs. Conversely, a continued commitment to tightening could apply downward pressure on the metal and spark renewed selling. Meanwhile, the U.S. Dollar Index retreated slightly by 0.13% to 98.774, after hitting a five-month high of 99.143 on Tuesday. This slight dollar weakness provided some support for gold, as investors tend to favor the precious metal when the greenback softens, especially amid ongoing geopolitical risk hedging. Despite improved investor sentiment following recent trade deals between the U.S., Japan, and the EU, caution still prevails due to unresolved tariff negotiations with China and persisting global trade tensions, which continue to enhance gold's appeal as a safe-haven asset. Looking ahead, markets are also eyeing Thursday's Bank of Japan policy meeting, amid speculation over whether the central bank might raise rates despite subdued inflation and growing political uncertainty in Tokyo. Investors are further awaiting a key batch of U.S. labor market data, including the non-farm payrolls report, private-sector employment figures, and the core PCE price index — the Fed's preferred measure of inflation — all of which will play a critical role in shaping expectations for the Fed's next move. 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 News Ayat Khaddoura's Final Video Captures Bombardment of Beit Lahia Videos & Features Tragedy Overshadows MC Alger Championship Celebration: One Fan Dead, 11 Injured After Stadium Fall Business Egyptian Pound Undervalued by 30%, Says Goldman Sachs 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 Arts & Culture Lebanese Media: Fayrouz Collapses after Death of Ziad Rahbani Sports Get to Know 2025 WWE Evolution Results
See - Sada Elbalad
18 hours ago
- Business
- See - Sada Elbalad
Egypt, Ukraine Deepen Agricultural Cooperation to Boost Grain, Oil Exports
Nada Mustafa On July 30, the Ambassador of Ukraine to the Arab Republic of Egypt, Mykola Nahornyi, held a meeting with the senior management of Egypt's National Agency for Strategic Procurement and Sustainable Development – Mostakbal Misr. During the substantive discussion, both sides reviewed the current state and future prospects of cooperation between the two countries, particularly in the context of increasing Ukrainian agricultural exports to Egypt — notably grain and sunflower oil. A set of specific steps was endorsed for implementation in the near future to achieve the shared ambitious goals. Egypt remains Ukraine's largest trading partner in the Middle East and North Africa (MENA) region. In the first half of 2025, bilateral trade reached USD 947.9 million, including USD 776.5 million in Ukrainian exports — primarily wheat (1.31 million tons), corn (1.06 million tons), and soybeans (0.36 million tons). Ukraine continues to play a vital role in ensuring global food security and reaffirms its commitment to supporting stable deliveries of high-quality agricultural products to the Egyptian market — both through private agribusinesses and in cooperation with governmental institutions, including Mostakbal Misr. The agreed measures aim not only to expand trade volumes, but also to provide the efficiency, timeliness, and transparency of logistical processes. 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 News Ayat Khaddoura's Final Video Captures Bombardment of Beit Lahia Videos & Features Tragedy Overshadows MC Alger Championship Celebration: One Fan Dead, 11 Injured After Stadium Fall Business Egyptian Pound Undervalued by 30%, Says Goldman Sachs 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 Arts & Culture Lebanese Media: Fayrouz Collapses after Death of Ziad Rahbani Sports Get to Know 2025 WWE Evolution Results
See - Sada Elbalad
3 days ago
- Business
- See - Sada Elbalad
Malaysia Increases Coal-Fired Power Output amid Surging Energy Demand from Data Centres
Yara Sameh Malaysia is increasing coal-fired power generation and importing record levels of coal to meet rapidly growing electricity demand, particularly from the expanding data centre sector, according to Vietnam News Agency (VNA), a partner of TV BRICS. Although the country remains one of the world's largest exporters of liquefied natural gas, Malaysian authorities have indicated that imports may become necessary due to rising domestic demand and declining gas reserves. Official data shows that coal-fired power output in Malaysia, where around 80 per cent of national electricity demand is concentrated, rose by nearly 9 per cent in May and June 2025. This increase is three times higher than the overall power demand growth of 3 per cent during the same period. In the first half of July, coal-fired generation surged by 16.8 per cent year-on-year, while total electricity demand grew by 5.2 per cent, underlining the rising share of coal in the country's energy mix. By 2030, the government aims to increase gas-fired power generation capacity by 50 per cent and more than double its renewable energy capacity. These efforts are part of a broader strategy to accommodate the projected rise in electricity consumption from data centres, which are expected to account for 52 per cent of Malaysia's power demand by the end of the decade, up from just 2 per cent today 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 Business Egyptian Pound Undervalued by 30%, Says Goldman Sachs Arts & Culture South Korean Actress Kang Seo-ha Dies at 31 after Cancer Battle Sports Get to Know 2025 WWE Evolution Results News "Tensions Escalate: Iran Probes Allegations of Indian Tech Collaboration with Israeli Intelligence" Arts & Culture Hawass Foundation Launches 1st Course to Teach Ancient Egyptian Language
See - Sada Elbalad
23-07-2025
- Business
- See - Sada Elbalad
Central Bank: Remittances from Egyptians Abroad Jump to $32.8 Billion in 11 Months
Amir Hagag The Central Bank of Egypt (CBE) stated that remittances from Egyptians working abroad achieved a significant surge in the period from July to May of the 2024/25 fiscal year, increasing by 69.6% to approximately $32.8 billion (compared to approximately $19.4 billion during the same period the previous year). The period from January to May 2025 also witnessed a 59% year-on-year increase in remittances, reaching approximately $15.8 billion (compared to approximately $9.9 billion). On a monthly basis, remittances in May 2025 increased by 24.2% year-on-year to approximately $3.4 billion (compared to approximately $2.7 billion). These are historic flows that have never occurred in May of any year. 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
20-07-2025
- Business
- See - Sada Elbalad
Russia Moves to Ban WhatsApp over National Security Concerns
Taarek Refaat In a major escalation of its digital sovereignty campaign, Russia is preparing to ban WhatsApp, the popular messaging app owned by U.S.-based Meta, citing national security concerns and its association with "hostile nations." Anton Gorelkin, deputy chairman of the Russian State Duma's Information Technology Committee, stated on Saturday that WhatsApp is on the verge of being added to the country's official blacklist of prohibited applications. His comments, reported by Reuters, reflect a broader push to eliminate foreign software linked to governments that have imposed sanctions on Moscow. Meta has already been designated a "terrorist and extremist organization" in Russia, leading to the blocking of Facebook and Instagram since 2022. The looming ban on WhatsApp follows a recent directive from President Vladimir Putin urging stricter regulations on foreign technology platforms, particularly those from so-called 'unfriendly' states. As part of this initiative, Russia has given tech companies until September 1 to comply with the new national standards or face expulsion from the market. In June, Putin signed a law supporting the development of a state-controlled messaging app integrated with Russian government services. The move is part of a wider effort to foster domestic technological self-sufficiency, especially after a mass exodus of Western firms in the wake of the Ukraine invasion. Gorelkin emphasized that banning WhatsApp would also help bolster the adoption of the new state-backed app, increasing its market share and cementing local alternatives in Russia's digital ecosystem. 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 News China Launches Largest Ever Aircraft Carrier Sports Former Al Zamalek Player Ibrahim Shika Passes away after Long Battle with Cancer Videos & Features Tragedy Overshadows MC Alger Championship Celebration: One Fan Dead, 11 Injured After Stadium Fall Arts & Culture "Jurassic World Rebirth" Gets Streaming Date 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 News "Tensions Escalate: Iran Probes Allegations of Indian Tech Collaboration with Israeli Intelligence" Sports Get to Know 2025 WWE Evolution Results News Flights suspended at Port Sudan Airport after Drone Attacks
