Latest news with #OwnershipPolicy
See - Sada Elbalad
2 days ago
- 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
2 days ago
- 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
See - Sada Elbalad
5 days ago
- Business
- See - Sada Elbalad
US Dollar Surges Above EGP 50.70 amid Escalating Middle East Tensions
Taarek Refaat The U.S. dollar recorded a sharp increase in early Sunday trading in Egyptian banks, surpassing the EGP 50.70 mark for the first time, as regional instability intensifies due to heightened military conflict between Israel and Iran. According to official data, the Central Bank of Egypt (CBE) set the exchange rate at EGP 49.71 to buy and EGP 49.85 to sell. At National Bank of Egypt (NBE), the dollar was trading at EGP 50.71 (buying) and EGP 50.81 (selling), while Banque Misr listed it at EGP 50.60 and EGP 50.70, respectively. Economic Implications The dramatic rise in the exchange rate is largely attributed to rising geopolitical tensions in the Middle East, particularly the escalating confrontation between Israel and Iran. The conflict has driven global investors toward the U.S. dollar as a safe haven, resulting in increased demand and mounting pressure on emerging market currencies such as the Egyptian pound. The surge is expected to: Add inflationary pressure on the Egyptian economy. Increase the cost of imported goods and commodities. Complicate fiscal policy, especially concerning external debt obligations. Economists warn that continued instability may force further devaluation or policy interventions, as Egypt navigates economic reform and currency liberalization efforts. 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 News Shell Unveils Cost-Cutting, LNG Growth Plan Videos & Features Video: Trending Lifestyle TikToker Valeria Márquez Shot Dead during Live Stream Technology 50-Year Soviet Spacecraft 'Kosmos 482' Crashes into Indian Ocean News 3 Killed in Shooting Attack in Thailand
See - Sada Elbalad
11-06-2025
- Business
- See - Sada Elbalad
Dollar Declines against Egypt Pound to 49.40
Taarek Refaat The US dollar exchange rate witnessed a significant decline against the Egyptian pound on Wednesday, in a number of banks. Most major banks recorded selling prices ranging between EGP 49.40 and EGP 49.68, reflecting the continued slight decline in the dollar's value in the banking market. The Suez Canal Bank recorded the lowest buying price for the dollar at EGP 49.40, while the National Bank of Kuwait recorded the highest selling price at EGP 49.68. At the central Bank of Egypt the greenback recorded to buy 49.42 and 49.56 to sell following Eid Al-Adha weekend. 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 News Prime Minister Moustafa Madbouly Inaugurates Two Indian Companies 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 News Shell Unveils Cost-Cutting, LNG Growth Plan Videos & Features Video: Trending Lifestyle TikToker Valeria Márquez Shot Dead during Live Stream Technology 50-Year Soviet Spacecraft 'Kosmos 482' Crashes into Indian Ocean
See - Sada Elbalad
08-06-2025
- Business
- See - Sada Elbalad
Industrial Demand Drives Silver Prices to 13-Year High
Waleed Farouk Silver prices witnessed a significant rise last week, with local markets recording a 1.6% increase, while the global ounce price surged by 8.8%, This rise was mainly driven by increased industrial demand for the white metal amid influential economic and geopolitical shifts. The price of 800-fineness silver gram opened the week at EGP 46.50 and closed at EGP 47.25, marking an increase of EGP 0.75. Globally, the ounce price rose from $32.96 to $35.85, touching a peak of $36 — its highest level since February 2012. the price of 999-fineness silver gram reached EGP 59, 925-fineness silver gram stood at EGP 54.50, and the 925-fineness silver pound was valued at EGP 436. The surge in silver prices was fueled by rising demand as an industrial metal, particularly in the solar energy and electronics sectors, amid declining safe-haven demand towards the end of the week. Silver also benefited from escalating trade tensions between the United States and China, alongside a weakening U.S. dollar, which boosted appetite for precious metals. However, a positive shift in relations between the two countries, following a constructive call between U.S. President Donald Trump and Chinese President Xi Jinping, led to the resumption of trade talks. This reduced silver's safe-haven appeal but reinforced its role as an important industrial metal. Additionally, strong GDP and retail sales data from the Eurozone for Q1 bolstered investor confidence in the European economy. Meanwhile, better-than-expected employment figures from the U.S. and Canada contributed to optimism regarding North American economic growth prospects. Geopolitical tensions in regions such as the Middle East and Ukraine continue to exert additional pressure on the market, further increasing demand for silver and precious metals in general. Analysts believe silver retains significant upside potential in the near future, expecting it to continue benefiting from global financial market volatility and currency movements. Investors are also closely monitoring upcoming U.S. inflation data, anticipated this week, which is expected to play a decisive role in the Federal Reserve's interest rate policies and consequently impact silver price movements 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 Sports Neymar Announced for Brazil's Preliminary List for 2026 FIFA World Cup Qualifiers News Prime Minister Moustafa Madbouly Inaugurates Two Indian Companies Arts & Culture New Archaeological Discovery from 26th Dynasty Uncovered in Karnak Temple 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 News Shell Unveils Cost-Cutting, LNG Growth Plan
