Latest news with #Anis
Al-Ahram Weekly
19 hours ago
- Business
- Al-Ahram Weekly
Downbeat prospects for the Suez Canal - Economy - Al-Ahram Weekly
Losses in revenue from the Suez Canal are likely to grow this year with the escalating tensions in the region in the wake of the Israel-Iran war. In the year and a half after Israel's war on Gaza began in October 2023, the Suez Canal lost around $8 billion in revenues. Houthi group attacks in the Red Sea in solidarity with the Palestinians against the Israeli war on Gaza also caused major shipping lines to divert their route through the Suez Canal to the longer one around the Cape of Good Hope. Egypt has lost 'approximately $800 million in monthly revenues from the Suez Canal, with a total aggregate amount of $8 billion, since the beginning of Israel's war on Gaza,' wrote Foreign Minister Badr Abdelatty in an article in the British maritime publication Lloyd's List in May. The canal brought in an unprecedented $9.4 billion in revenues in fiscal year 2022-23. It is one of Egypt's main sources of foreign currency, and a decline in its revenues will put pressure on the country's foreign-exchange reserves, likely causing the dollar to strengthen against the Egyptian pound, Karim Adel, head of the Al-Adl Centre for Economic and Strategic Studies, told Al-Ahram Weekly. Mohamed Anis, an economic expert, told the Weekly that the Bab Al-Mandeb Strait which links the Red Sea to the Indian Ocean cannot support additional tensions that negatively affect the global shipping companies' passage through the strait. This Israel-Iran war adds to the pressure on Suez Canal revenues and therefore the Egyptian economy. The Bab Al-Mandeb is a vital trade route between the Mediterranean and Asia. Vessels carrying goods between Europe and Asia, as well as oil from the Middle East to Europe and North America, pass through it when navigating the Suez Canal. Anis added that lower maritime traffic through the canal is expected to have a significant impact on revenues, forecasting that they will shrink to $2.5 billion in 2025. In 2024, revenues stood at $3.9 billion, he said. Moreover, with the flare-up of further conflict in the region, reducing Suez Canal transit fees may no longer be effective in attracting shipping companies back to the route, as many have shifted to the Cape of Good Hope, he explained. In May, the Suez Canal Authority (SCA) announced a 90-day 15 per cent discount on transit fees for container ships with a net tonnage of 130,000 tons or more, whether loaded or empty. The discount was meant to encourage the shipping companies to gradually return to the Suez Canal following a brief ceasefire in Gaza and a truce between the US and the Houthis. Another worrying factor is the possibility of the closure of the Strait of Hormuz. This is the primary export route for Gulf oil, which accounts for about 20 per cent of global oil supplies. It is also critical for natural gas exports, with Qatar controlling a large portion of the Gulf's 30 per cent share, Anis said. He warned that any consequences of the Israel-Iran war affecting the Strait of Hormuz could severely disrupt the global oil trade, creating a sharp supply shortfall and driving up prices from the cost of crude itself to shipping and operational expenses. Oil prices could reach $120 per barrel should the US intervene militarily against Iran and the strait be completely closed, removing approximately four million barrels per day from the global market, Anis said. Trade volumes through the strait exceed $1 trillion annually, with over 2.5 billion tons of cargo passing through each year, Adel said. Raw materials such as grain, iron ore, and cement account for 22 per cent, while the container trade carrying finished goods to the Gulf countries makes up about 20 per cent. * A version of this article appears in print in the 19 June, 2025 edition of Al-Ahram Weekly Follow us on: Facebook Instagram Whatsapp Short link:
Sinar Daily
3 days ago
- Business
- Sinar Daily
Next Economy Minister needs expertise and public trust, analysts warn
Political analyst Associate Prof Dr Syaza Shukri from International Islamic University Malaysia (IIUM) said that despite Tengku Zafrul's name being floated, he would need to contest and win a by-election first. Tenku Zafrul (left) and Anwar Ibrahim (right). - Photo by Bernama SHAH ALAM - The race to fill Cabinet's vacant Economy Minister post remains entangled in coalition politics and a shrinking pool of candidates, with much of the uncertainty centred on the next move of Tengku Datuk Seri Zafrul Abdul Aziz, political analysts say. Political analyst Associate Prof Dr Syaza Shukri from International Islamic University Malaysia (IIUM) said that despite Tengku Zafrul's name being floated, he would need to contest and win a by-election first. "The name that has been thrown is, of course, maybe Tengku Zafrul but then he needs to win a by-election. But at least it would be from within PKR," she told Sinar Daily. Syaza also stated that while other names such as Selangor Menteri Besar Datuk Seri Amirudin Shari have been mentioned, any such move would trigger new political balancing acts. "Maybe Amirudin, but he may need to let go of the MB-ship, which is another thing altogether," she said. She stated that bringing in an Umno leader such as Datuk Johari Abdul Ghani could disrupt party equilibrium within the ruling coalition. 'If we consider an Umno leader like Johari, it would disrupt the party balance. The best, I think, is to consolidate the ministry with another ministry,' Syaza said. For now, Syaza said it remains a 'wait and see' situation. According to O2 Research Head Anis Anwar, the challenge lies in managing expertise, coalition harmony and the risk of factional battles so late in the government's term. "The fifteenth Parliament is already nearing its end. Bringing in a non-partisan technocrat can serve as a strategic buffer, preventing any risk of party infighting or coalition disputes during the caretaker phases ahead of GE16," he said. The soon-to-be-tabled 13th Malaysia Plan (RMK-13) adds another layer of urgency, with continuity being vital to maintaining public confidence. "Markets and ordinary citizens alike expect the next minister to safeguard key policies already outlined in RMK-13, including subsidy rationalisation, EPF reform and labour-market modernisation," Anis said. Beyond expertise and policy continuity, Anis said the ability to communicate with the public effectively will be crucial. Following Datuk Seri Rafizi Ramli's high-profile departure, Anis said the importance of appointing a minister who can clearly articulate complex economic reforms. "Media-savvy communication skills are also crucial, as the public needs clear explanations of complex reforms to restore trust after Rafizi's high-profile departure," Anis said. Anis stressed the importance of securing cross-faction acceptability within PKR and the broader Pakatan Harapan coalition. "Failing to address internal tensions now could jeopardise the government's unity ahead of 16th General Election (GE16)," Anis added.
Sinar Daily
11-06-2025
- Business
- Sinar Daily
Partisan pick for Economy Minister could rock Unity Govt, analysts warn
Anwar's Economy Minister choice: A minefield for coalition stability? A political analyst has cautioned that maintaining stability within the current government is important, particularly with Umno as a key coalition partner. - Bernama file photo SHAH ALAM – As Prime Minister Datuk Seri Anwar Ibrahim considers Malaysia's next Economy Minister, political analysts caution that appointing a purely partisan figure could ignite internal tensions and jeopardise government unity. Speaking to Sinar Daily, political analyst Associate Professor Dr Syaza Shukri from International Islamic University Malaysia (IIUM) has cautioned that maintaining stability within the current government is important, particularly with Umno as a key coalition partner. A political analyst has cautioned that ensuring harmony with Umno is a critical calculation for the administration to sustain its footing and manage the complexities of coalition politics effectively. - Bernama file photo She stated that ensuring harmony with Umno is a critical calculation for the administration to sustain its footing and manage the complexities of coalition politics effectively. "The important thing now is to maintain stability with Umno. It's crucial to appease Umno,' she said, noting that the coalition's limited pool of viable candidates among PKR and Umno adds to the difficulty. O2 Research Head Anis Anwar echoed these concerns, stating that bringing in a technocrat would help avoid new factional battles within PKR and Pakatan Harapan (PH). 'Since Datuk Seri Rafizi Ramli's departure, coalition unity has already been tested by emerging PKR tensions, lingering scepticism among Barisan Nasional (BN) MPs and voter impatience,' he said. In such an environment, Anis argued, a technocratic figure would help depoliticise the Economy Ministry and reinforce the Unity Government's 'collective responsibility' ethos. "Umno is simultaneously recalibrating for 16th General Election and it is unlikely to object to a non-aligned professional as long as its key rural development and social welfare programmes are safeguarded," Anis added. According to Anis, PKR, still recovering from internal contests, recognised that any overt infighting over a partisan pick could harm its credibility. In contrast, he said a neutral technocrat would deny critics an opportunity to accuse the party of prioritising internal loyalties over national interest. Anis also said that PH leaders are aware that voter dissatisfaction with opportunistic appointments could jeopardise the coalition's comfortable majority. "A technocrat appointment is the path of least resistance. It insulates the Cabinet from intra-party strife, stabilises markets, and fosters a sense of forward momentum without inviting fresh controversies," Anis added. Within PKR, he said selecting a technocrat prevents either the Nurul Izzah Anwar faction or the Rafizi faction from monopolising the economic portfolio. While grassroots members may be disappointed that their preferred candidates lack visibility, they are likely to appreciate the party's prioritisation of national interest. "Other PH political members have not much to say or comment to keep the coalition in order and harmony. "BN will accept a technocrat as long as its key constituencies are taken care of and those ministry seats do not fall under their party seat quota," he said.
Time of India
06-06-2025
- Time of India
Shine Tom Chacko's family meets with accident; dad killed, actor fractures hand
1 2 3 Coimbatore/Thrissur: Malayalam film actor Shine Tom Chacko 's father C P Chacko, 70, died on the spot when a multipurpose vehicle (MPV) the family members were travelling in rammed a truck at Paraiyur near Palacode in Dharmapuri, Tamil Nadu, around 7am on Friday. Shine, 41, sustained a fracture on his left hand. Shine's brother Joe John Chacko, 31, his mother Maria Carmel, 65, and assistant Anis, 42, who was driving the car, also suffered injuries. The front portion of the MPV was mangled. They were travelling to Bengaluru from Shine's home in Thrissur. Police said the MPV was speeding. Palacode police rushed to the spot, rescued the injured and admitted them to Dharmapuri Govt Medical College Hospital. After autopsy, Chacko's body was handed over to the family members, who took it to Thrissur. The Palacode police registered a case and investigation is on. Anis said the car was moving at a safe speed. "A truck switched lanes abruptly without any warning, came in front of the car which rammed it. Had the truck switched lanes when it was at least 100 metres ahead of us, I could have stopped the car or changed lanes,'' Anis told TOI over the phone. "Joe and I were in the front seats and we suffered limited impact from the collision as the airbags opened. Shine's parents were sitting in the middle seat and airbags there did not open. Shine was lying down in the backseat,'' Anis said. Chacko's relative Davis E A said the family was going for a neurology-related treatment for Shine in Bengaluru. Shine recently underwent de-addiction treatment at Thodupuzha in Ernakulam. Chacko's body was brought to Thrissur around 10.30pm while Shine and Carmel were admitted to Sun Hospital in the city. Family sources said the body will be kept at Jubilee Mission Medical College Hospital mortuary. His funeral will be performed at Mundur church on Sunday or Monday. "Chacko's two daughters are in New Zealand. They must reach here. Also, the doctors should give consent for Shine and his mother to attend the funeral. Only then can we fix a time,'' said Davis. Get the latest lifestyle updates on Times of India, along with Eid wishes , messages , and quotes !
Time of India
06-06-2025
- Time of India
Shine Tom Chacko's father, who stood strongly behind the actor, killed as family meets with acctident
Coimbatore/Thrissur: Malayalam film actor Shine Tom Chacko 's father C P Chacko, 70, died on the spot when a multipurpose vehicle (MPV) the family members were travelling in rammed a truck at Paraiyur near Palacode in Dharmapuri, Tamil Nadu, around 7am on Friday. Shine, 41, sustained a fracture on his left hand. Shine's brother Joe John Chacko, 31, his mother Maria Carmel, 65, and assistant Anis, 42, who was driving the car, also suffered injuries. The front portion of the MPV was mangled. They were travelling to Bengaluru from Shine's home in Thrissur. Police said the MPV was speeding. Palacode police rushed to the spot, rescued the injured and admitted them to Dharmapuri Govt Medical College Hospital. After autopsy, Chacko's body was handed over to the family members, who took it to Thrissur. The Palacode police registered a case and investigation is on. Anis said the car was moving at a safe speed. "A truck switched lanes abruptly without any warning, came in front of the car which rammed it. Had the truck switched lanes when it was at least 100 metres ahead of us, I could have stopped the car or changed lanes,'' Anis told TOI over the phone. "Joe and I were in the front seats and we suffered limited impact from the collision as the airbags opened. Shine's parents were sitting in the middle seat and airbags there did not open. Shine was lying down in the backseat,'' Anis said. Chacko's relative Davis E A said the family was going for a neurology-related treatment for Shine in Bengaluru. Shine recently underwent de-addiction treatment at Thodupuzha in Ernakulam. Chacko's body was brought to Thrissur around 10.30pm while Shine and Carmel were admitted to Sun Hospital in the city. Family sources said the body will be kept at Jubilee Mission Medical College Hospital mortuary. His funeral will be performed at Mundur church on Sunday or Monday. "Chacko's two daughters are in New Zealand. They must reach here. Also, the doctors should give consent for Shine and his mother to attend the funeral. Only then can we fix a time,'' said Davis. Get the latest lifestyle updates on Times of India, along with Eid wishes , messages , and quotes !
