Latest news with #OwnershipPolicy
See - Sada Elbalad
a day ago
- Business
- See - Sada Elbalad
US Economy Contracts 0.5% in Q1
Taarek Refaat The U.S. economy shrank by 0.5% in the first quarter of 2025, according to the final GDP reading released Thursday by the Bureau of Economic Analysis (BEA). The revised figure confirms a deeper contraction than previously estimated, raising concerns about the resilience of the post-pandemic recovery. Unexpected GDP Revision Signals Growing Strain The latest figures mark a significant downgrade from earlier readings, which showed a 0.3% contraction initially, later revised to 0.2%. The final -0.5% figure suggests broader weakness in economic activity than many analysts had anticipated. Consumers Keep Spending – But It May Not Be Enough Despite the contraction, consumer activity remains robust. The Personal Consumption Expenditures (PCE) index, a key measure of household spending, rose 3.7% from January to March—slightly higher than the previous 3.6% estimate. The core PCE index, which excludes volatile food and energy prices, also rose to 3.5%, up from 3.4%. 'This is a strange moment in the economy—consumer spending is holding up well, but business investment is slowing, and government spending is cooling off,' said Thomas Wright, Chief Economist at New York Investment Bank. Labor Market Shows Resilience Amid Uncertainty Separate data released Thursday showed initial jobless claims fell to 236,000 last week, beating expectations of 243,000 and indicating ongoing strength in the labor market. Meanwhile, durable goods orders surged by 16.4%, far exceeding forecasts of an 8.5% increase and reversing a previous 6.3% decline—another sign that certain sectors are still expanding. Fed Cuts Growth Outlook Earlier this week, the Federal Reserve revised its U.S. growth forecast downward to 1.4% for 2025, citing persistent inflationary pressures and signs of deceleration across key sectors. Outlook: Recession or Realignment? While a single quarter of negative growth does not constitute a recession, the deeper contraction raises questions about what's ahead. If consumer spending begins to falter or job growth slows further, the U.S. may be on the brink of a more pronounced economic downturn. 'The data is sending mixed signals,' Wright added. 'We're not in a crisis yet—but the foundation is starting to crack.' 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 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 Lifestyle Get to Know 2025 Eid Al Adha Prayer Times in Egypt Business Fear & Greed Index Plummets to Lowest Level Ever Recorded amid Global Trade War Arts & Culture Zahi Hawass: Claims of Columns Beneath the Pyramid of Khafre Are Lies News Flights suspended at Port Sudan Airport after Drone Attacks Videos & Features Video: Trending Lifestyle TikToker Valeria Márquez Shot Dead during Live Stream News Shell Unveils Cost-Cutting, LNG Growth Plan Technology 50-Year Soviet Spacecraft 'Kosmos 482' Crashes into Indian Ocean
See - Sada Elbalad
a day ago
- Business
- See - Sada Elbalad
Elon Musk Contacts Lebanese President, Expresses Interest in Telecom and Internet Investment
Taarek Refaat Lebanese President General Joseph Aoun received a phone call from Elon Musk, CEO of SpaceX, during which Musk expressed strong interest in Lebanon's telecommunications and internet sectors. According to an official statement from the Lebanese Presidency, Musk also conveyed a desire for his companies to have a presence in Lebanon—an initiative President Aoun welcomed, affirming the government's readiness to offer all possible facilitations within the framework of Lebanese laws and regulations. At the conclusion of the call, President Aoun extended an invitation to Musk to visit Beirut, which the billionaire entrepreneur graciously accepted in principle, promising to make the trip at the first suitable opportunity. The conversation comes at a time when Lebanon is actively seeking ways to emerge from its prolonged economic crisis. With the recent lifting of sanctions on Syria, new regional economic corridors are expected to open, particularly around reconstruction and infrastructure development—offering Lebanon potential roles and benefits, especially in sectors like energy, logistics, and technology. Musk's outreach, if followed by concrete action, could signal a new chapter in Lebanon's efforts to attract high-profile international investors. 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 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 Lifestyle Get to Know 2025 Eid Al Adha Prayer Times in Egypt Business Fear & Greed Index Plummets to Lowest Level Ever Recorded amid Global Trade War Arts & Culture Zahi Hawass: Claims of Columns Beneath the Pyramid of Khafre Are Lies News Flights suspended at Port Sudan Airport after Drone Attacks Videos & Features Video: Trending Lifestyle TikToker Valeria Márquez Shot Dead during Live Stream News Shell Unveils Cost-Cutting, LNG Growth Plan Technology 50-Year Soviet Spacecraft 'Kosmos 482' Crashes into Indian Ocean
See - Sada Elbalad
7 days ago
- Business
- See - Sada Elbalad
Silver Continues Its Rise Locally and Globally… 800 Silver Reaches EGP 51.25
Waleed Farouk Silver prices recorded a notable increase in local markets during Saturday's trading, boosted by global gains in the white metal, which hit its weekly peak at $36.78 per ounce, according to Safe Haven Hub. Locally, 800 silver climbed to EGP 51.25 per gram, while 999 silver reached EGP 64, and 925 silver stood at EGP 59.25 per gram. Meanwhile, the silver pound (925) was priced at EGP 474. Despite escalating geopolitical tensions in the Middle East, silver closed the week with a slight decline to $35.93 per ounce, as some investors took profits after a strong rally that pushed prices above the $36 mark. Globally, around 80% of silver demand comes from key industrial sectors such as solar energy, automotive, and electronics. With sustained strong demand, and despite potential cooling due to higher prices, silver maintained its upward momentum. Over the past month, silver has gained nearly 9%, or about $3, while the past three months saw a 13.56% increase, equivalent to $4.30. Since the beginning of 2025, silver prices have jumped by approximately 25%. On a longer-term basis, silver has more than doubled in value—by 102%—since January 2020, when it traded at $17.92 per ounce. Its historical peak was $48 in 2011, while the lowest level recorded since 1990 was $3.55 in 1991. In another development, Citi Bank analysts maintained their bullish outlook on silver, projecting the price could reach $40 within the next 6 to 12 months, and potentially $46 by Q3 2025, supported by tight supply and sustained industrial demand. At the same time, gold prices stood at $3,369 per ounce, placing the gold-to-silver ratio at 93.79:1—meaning one ounce of gold is currently equivalent to roughly 94 ounces of silver. This historically high ratio suggests that silver may still be undervalued relative to gold, which could support further upside. Despite ongoing speculation about U.S. monetary policy, silver continues to benefit from an environment of economic uncertainty and regional geopolitical tensions. As a result, investors remain cautiously optimistic, carefully weighing geopolitical catalysts against monetary pressures in global markets. 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 China Launches Largest Ever Aircraft Carrier Sports Former Al Zamalek Player Ibrahim Shika Passes away after Long Battle with Cancer Lifestyle Get to Know 2025 Eid Al Adha Prayer Times in Egypt Business Fear & Greed Index Plummets to Lowest Level Ever Recorded amid Global Trade War Arts & Culture Zahi Hawass: Claims of Columns Beneath the Pyramid of Khafre Are Lies News Flights suspended at Port Sudan Airport after Drone Attacks Videos & Features Video: Trending Lifestyle TikToker Valeria Márquez Shot Dead during Live Stream News Shell Unveils Cost-Cutting, LNG Growth Plan Technology 50-Year Soviet Spacecraft 'Kosmos 482' Crashes into Indian Ocean News 3 Killed in Shooting Attack in Thailand
See - Sada Elbalad
18-06-2025
- Business
- See - Sada Elbalad
Cyberattack Hits Major Iranian Banks
Taarek Refaat Two of Iran's largest financial institutions Bank Sepah and Bank Pasargad were hit by a cyberattack that disrupted their operations, according to government spokeswoman Fatemeh Mohajerani. In a statement on Wednesday, Mohajerani confirmed the cyber intrusion and acknowledged resulting issues, including a sharp rise in demand for cash. 'We have witnessed an increase in demand for banknotes, and this problem in providing cash will be resolved soon,' she said. The attack also affected internet connectivity, as authorities implemented bandwidth restrictions to mitigate further breaches. 'The internet disruption is due to the occasional need to reduce network speed to counter cyberattacks,' Mohajerani explained. While Iran maintains a so-called 'national internet' infrastructure, Mohajerani emphasized that no shift to the closed domestic network would occur unless the situation escalates. 'As long as there is a non-emergency situation, the transition to the national internet will not take place,' she stated. The source of the attack has not been publicly disclosed, and both banks have yet to comment directly on the scope of the disruption. The incident comes amid heightened geopolitical tensions and follows a recent escalation in cyber and physical attacks involving Iranian infrastructure. 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 China Launches Largest Ever Aircraft Carrier Sports Former Al Zamalek Player Ibrahim Shika Passes away after Long Battle with Cancer Lifestyle Get to Know 2025 Eid Al Adha Prayer Times in Egypt Business Fear & Greed Index Plummets to Lowest Level Ever Recorded amid Global Trade War Arts & Culture Zahi Hawass: Claims of Columns Beneath the Pyramid of Khafre Are Lies News Flights suspended at Port Sudan Airport after Drone Attacks Videos & Features Video: Trending Lifestyle TikToker Valeria Márquez Shot Dead during Live Stream News Shell Unveils Cost-Cutting, LNG Growth Plan Technology 50-Year Soviet Spacecraft 'Kosmos 482' Crashes into Indian Ocean News 3 Killed in Shooting Attack in Thailand
See - Sada Elbalad
18-06-2025
- Business
- See - Sada Elbalad
Foreign Workers in Egypt's Private Sector Surge by 32% in 2024
Ahmed Emam Egypt has seen a significant rise in the number of foreign nationals working in its private and investment sectors, with figures climbing to 22,900 in 2024 — a 32% increase compared to 17,300 in the previous year. The data, published Tuesday by the Central Agency for Public Mobilization and Statistics (CAPMAS) in its *Annual Bulletin of Foreign Workers in the Private and Investment Sector*, highlights growing foreign interest in Egypt's labor market amid continued economic reforms and expanding investment opportunities. According to the report, 10,000 foreign workers received permits to work in Egypt for the first time, accounting for 43.7% of the total. Meanwhile, 12,900 had their contracts renewed, representing 56.3%. European nationals made up the largest share of foreign workers in Egypt last year, with 8,798 individuals — or 38.4% of the total. They were followed by non-Arab Asian nationals, numbering 7,224 and representing 31.5%. The surge in foreign labor reflects Egypt's sustained efforts to attract international talent across key sectors, including energy, manufacturing, construction, and telecommunications. Analysts say the trend underscores Egypt's evolving position as a regional hub for investment and skilled labor. 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 China Launches Largest Ever Aircraft Carrier Sports Former Al Zamalek Player Ibrahim Shika Passes away after Long Battle with Cancer Lifestyle Get to Know 2025 Eid Al Adha Prayer Times in Egypt Business Fear & Greed Index Plummets to Lowest Level Ever Recorded amid Global Trade War Arts & Culture Zahi Hawass: Claims of Columns Beneath the Pyramid of Khafre Are Lies News Flights suspended at Port Sudan Airport after Drone Attacks Videos & Features Video: Trending Lifestyle TikToker Valeria Márquez Shot Dead during Live Stream News Shell Unveils Cost-Cutting, LNG Growth Plan Technology 50-Year Soviet Spacecraft 'Kosmos 482' Crashes into Indian Ocean News 3 Killed in Shooting Attack in Thailand
