Latest news with #StateOwnershipPolicyDocument
See - Sada Elbalad
a day ago
- Business
- See - Sada Elbalad
Natural Gas Prices Sink to One-month Low amid Strong Inventory Gains
Taarek Refaat U.S. natural gas futures tumbled on Thursday, slipping over 6% to their lowest levels since mid-May, as stronger-than-expected storage injections and growing output offset even record-setting heat across the Northeast. Storage Data Surprises to the Downside On its final day of trading, July natural gas futures fell by 6.1%, settling at $3.199 per mmBtu—marking the lowest close since May 19 and extending the losing streak to five consecutive sessions, the longest since August 2024. August contracts, soon to become the new front-month, also dropped by around 4% to $3.43 per mmBtu. The latest natural gas price recorded a drop of -4.26% to $3.261. The sharp pullback followed the latest EIA storage report, which showed a 96 billion cubic feet (bcf) build for the week ending June 20—outpacing analyst estimates of 88 bcf, and far exceeding both last year's 59 bcf build and the five-year average of 79 bcf. 'Supply is consistently outpacing demand, and traders are responding accordingly,' said Sarah Linton of CapitalEdge Analytics. Heat Fails to Lift Prices as Production Climbs Even with record heat waves pushing temperatures to 100°F (37.8°C) in cities like New York, Boston, and Philadelphia, and electricity demand surging due to increased air conditioning use, the price support typically seen during such weather events has faltered. Analysts attribute this to robust production levels, which are helping replenish gas inventories faster than usual. 'We're seeing solid power demand, but output is simply too high,' said Tom Baker, a commodities expert at RigWatch. 'Storage continues to build, which keeps a lid on prices.' Analysts Say Summer Highs May Be Behind Us Natural gas prices have now retreated by 23% since peaking at $4.15/mmBtu on June 20, suggesting the market may have already passed its seasonal high. 'Unless the U.S. faces an extended, nationwide heatwave, it's likely that June 20 marked the high point for the summer,' Linton added. With August and July futures continuing to trade at a discount to recent levels, the market appears braced for a muted second half of summer, despite ongoing heat and demand for cooling. 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
Daily News Egypt
4 days ago
- Business
- Daily News Egypt
Egypt highlights economic reforms, resilience in WEF meeting
Egypt's Minister of Planning and Economic Development, Rania Al-Mashat, has highlighted the country's economic reforms and resilience during a meeting with World Economic Forum (WEF) President Børge Brende in Tianjin, China. The meeting, in which Minister of Investment and Foreign Trade Hassan El-Khatib also participated, took place at the opening of the WEF's meetings focused on resilient economic policies. Al-Mashat is a co-chair of the event. The discussion addressed the impact of turbulent global and regional developments on the economic situation. It also covered the reactions of global markets, which were noted as having shown greater resilience than expected amidst economic disruptions and geopolitical tensions. Al-Mashat said Egypt was moving forward with its economic transformation, led by the private sector. 'The Egyptian economy has demonstrated resilience in dealing with changes and the ability to withstand successive global and regional shocks,' she said. The minister reviewed the measures being implemented by the government through its programme for the next three years. She said the programme aims to elevate the resilience and stability of the Egyptian economy, build a competitive economy attractive to investments, and continue implementing economic and structural reforms to create a sustainable growth model. 'We are moving forward with consistent steps towards economic transformation and growth led by the local and foreign private sector,' Al-Mashat stated. She affirmed Egypt's commitment to continue with reforms to enhance the economy's ability to withstand regional and international transformations and geopolitical tensions. Al-Mashat emphasised the importance of the partnership between Egypt and the WEF, which she said has seen remarkable progress. 'Our partnership with the World Economic Forum is continuously evolving to enhance economic transformation, support reforms, and confront global challenges,' she said. 'The WEF is the largest international gathering of private sector companies and investors… We seek to maximize the benefit from joint cooperation to support national priorities.' The minister pointed to the preparation of a national narrative for economic development, which aims to promote policies supporting growth and employment. She noted this plan builds on the integration of several national strategies, including Egypt Vision 2030, the National Structural Reforms Programme, the State Ownership Policy Document, and the Unified General Planning and Finance Laws. This strategy is based on four main pillars: macroeconomic and financial stability, mobilising foreign direct investment, enhancing industrial development and trade, and investing in human capital and the labour market. During the meeting, Al-Mashat presented Brende with a copy of a report titled 'Development Finance to Foster Private Sector-Led Growth and Jobs.' The report reflects how international partnerships have provided over $15.6bn in financing from 2020 to May 2025 to empower the private sector in Egypt. For his part, the WEF President expressed his appreciation for the strong relationship with Egypt and commended the Egyptian government's efforts in economic reform to enhance macroeconomic stability and address development challenges. The meeting follows a visit by Brende to Egypt last November, during which he met with President Abdel Fattah Al-Sisi to discuss the partnership. In 2021, Egypt held a Strategic Dialogue with the WEF, led by Prime Minister Mostafa Madbouly, with the aim of attracting foreign investments. Al-Mashat also co-chairs the Mobilizing Investment for Clean Energy in Emerging Economies (MICEE) initiative, launched by the WEF in 2024. She is a member of several other WEF bodies, including the Centre for the New Economy and Society, the Resilience Consortium, and the Future of Growth Initiative.
See - Sada Elbalad
5 days ago
- Business
- See - Sada Elbalad
Despite Global Decline, Silver Prices Rise 1.5% in Local Market
Waleed Farouk Silver prices recorded a notable increase in the local market over the past week, rising by 1.5%, in contrast to a 0.8% decline in global spot prices. The global dip is largely attributed to profit-taking amid weakening demand for safe-haven assets. The week began with 800-grade silver trading at EGP 50.50 per gram and closed at EGP 51.25, reflecting a gain of 0.75 pounds. On the international front, silver opened the week at $36.23 per ounce and ended at $35.93, down by $0.30. As of the latest data, 800-grade silver is priced at EGP 51.25 per gram, while 999-grade is at EGP 64.00, and 925-grade at EGP 59.25. A silver pound coin (925-grade) is currently valued at EGP 474. Despite persistent geopolitical tensions—particularly in the Middle East—selling pressure after silver broke above the $36 threshold prompted some investors to lock in profits, leading to a modest global retreat. According to data from the Silver Institute, over 80% of global silver demand originates from industrial sectors, notably solar energy, automotive, and electronics. This strong industrial demand continues to provide robust price support despite market fluctuations. Over the past month, silver has gained approximately 9% (about $3), and 13.56% over the last three months (equivalent to $4.30). Since the beginning of 2025, the metal has surged by 25%. In the long term, silver prices have doubled—rising 102%—compared to January 2020 levels when the metal traded at $17.92 per ounce. Historically, silver hit an all-time high of $48 in 2011 and a record low of $3.55 in 1991. Analysts at Citibank forecast continued silver strength, projecting prices could reach $40 within 6 to 12 months, and potentially hit $46 by Q3 2025, driven by supply shortages and persistent industrial momentum. Meanwhile, gold is currently trading at $3,369 per ounce, placing the gold-to-silver ratio at 93.79:1—historically high—suggesting that silver may still be undervalued and primed for further gains. Amid anticipation surrounding upcoming U.S. Federal Reserve decisions and ongoing market volatility, silver continues to affirm its role as a hedge and store of value. It remains supported by geopolitical uncertainty and a murky global economic outlook. With diverging expectations for monetary policy and persistent global volatility, silver—alongside gold—remains an attractive hedge for investors navigating what many describe as a 'cautious wait-and-see' environment in global financial 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 Videos & Features Tragedy Overshadows MC Alger Championship Celebration: One Fan Dead, 11 Injured After Stadium Fall News Shell Unveils Cost-Cutting, LNG Growth Plan Technology 50-Year Soviet Spacecraft 'Kosmos 482' Crashes into Indian Ocean
See - Sada Elbalad
6 days ago
- Business
- See - Sada Elbalad
Maersk Maintains Navigation in Strait of Hormuz Despite Heightened Tensions
Taarek Refaat Despite the escalating geopolitical tensions in the Strait of Hormuz, global shipping powerhouse Maersk has confirmed that its vessels are continuing to pass through the vital waterway. This decision comes even after recent U.S. airstrikes that targeted Iranian nuclear facilities overnight, further heightening the region's instability. In an official statement released today, Sunday, Maersk reassured stakeholders that it is closely monitoring the evolving security situation in the area. The company emphasized its commitment to operational flexibility, stating that it is prepared to adjust its routes and operations promptly if the need arises, based on credible and real-time intelligence. While Maersk's vessels continue to navigate the Strait of Hormuz, the company made it clear that the safety of its crews and ships remains its foremost concern. Maintaining operations in the face of growing risks is not an indication of complacency but reflects a proactive approach, ready to take swift action in response to any immediate threats or changes in the region's security dynamics. The Strait of Hormuz is more than just a geographical feature; it is a critical choke point for global trade. Roughly 20% of the world's oil exports pass through this narrow waterway. Disruptions in the strait could have a profound impact on global oil prices, shipping routes, and supply chains—factors that are crucial to both energy and commodity markets worldwide. Although Maersk has not yet disclosed specific contingency plans, the company confirmed that it is evaluating all potential scenarios. Any decision moving forward will depend on the changing situation in the region, with Maersk remaining committed to swift adaptation based on real-time information. This careful and strategic approach highlights the delicate balance that major shipping companies must strike between their operational responsibilities and the escalating security risks associated with the region. The timing of Maersk's statement underscores the growing importance of maintaining the flow of global trade through this sensitive region. Companies operating in and around the Strait of Hormuz are now faced with the dual challenge of ensuring business continuity while navigating a web of complex geopolitical risks. As tensions in the Middle East continue to rise, the fate of shipping in the Strait of Hormuz is increasingly uncertain. While Maersk remains vigilant and ready to reassess its approach based on the security situation, the coming weeks will likely determine how global trade and shipping routes are affected. 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 Videos & Features Tragedy Overshadows MC Alger Championship Celebration: One Fan Dead, 11 Injured After Stadium Fall
See - Sada Elbalad
19-06-2025
- Business
- See - Sada Elbalad
Fed Signals Rattle Markets as Gold Struggles to Hold Ground
Waleed Farouk Gold prices in local markets saw a slight increase of EGP 15 on Thursday, supported by escalating geopolitical tensions and ongoing economic uncertainty, despite the relative stability of global ounce prices on the international exchange. The price of 21-karat gold rose to EGP 4,805 per gram, compared to EGP 4,790 at the close of Wednesday's session. Meanwhile, the global ounce price edged down by just one dollar, settling at $3,373. In other karat levels, 24-karat gold recorded EGP 5,491 per gram, 18-karat stood at EGP 4,119, and 14-karat at EGP 3,204. The price of the gold pound increased to EGP 38,440. This comes after a decline in local gold prices on Wednesday, when 21-karat gold dropped by EGP 20, opening at EGP 4,810 and closing at EGP 4,790. Globally, the ounce price declined by $13 during the same session—from $3,385 to $3,372. Today's modest rise in local prices was driven by the continued stability of the global ounce price below the $3,400 mark, influenced by heightened geopolitical tensions—particularly in the Middle East—and persistent concerns over global trade outlooks. The U.S. Federal Reserve's decision to maintain interest rates unchanged has acted as a cap on gold's upward movement. However, the ongoing geopolitical risks continue to support gold demand in the medium term, as investors increasingly turn to the metal as a safe haven. Markets remain on edge following reports of a potential U.S. military strike on Tehran amid growing confrontations with Israel—factors that are reinforcing investment demand for gold in this volatile climate. On Wednesday, the Federal Reserve left interest rates unchanged for the fourth consecutive meeting, holding them in a range of 4.25% to 4.50%. At the same time, it revised its outlook for the next two years, indicating fewer expected rate cuts. Notably, seven out of 19 Fed officials now forecast no rate reductions in 2025. In his post-meeting remarks, Fed Chair Jerome Powell stated that the U.S. economy remains strong and resilient. He noted that inflation indicators are nearing target levels, while the labor market continues to perform well, with unemployment rates hovering near historic lows. The Fed also warned of further inflationary pressures stemming from U.S. trade policies—particularly under President Donald Trump's direction—citing raised inflation targets to 3.6% and 3.4% for 2026 and 2027, respectively. Despite the inflationary backdrop which typically favors gold, the Fed's continued hawkish stance and prolonged high interest rate policy pose a significant headwind that could limit gold's future gains. 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
