Author: Steven Sahiounie

Saudi Minister of Industry and Mineral Resources Bandar Al-Khorayef announced, on Sunday, that the Kingdom of Saudi Arabia is very interested in the Egyptian market as a target market for exports. Al-Khorayef said in a televised statement during his visit to Egypt, “According to the Kingdom’s Vision 2030 and its interest in the industrial and mining sector, there are many opportunities in which we see the need for joint work between us and the Egyptian side, to accelerate the pace of many projects that are taking place in this sector.” The Saudi minister is scheduled to meet with a number…

By: Ahmed Abdu-Almalik Al-ansi | Yemeni journalist and translator. Latest news about Sana’a, the Deputy Foreign Minister, Hussein Al-Izzi, announced that we have Surprises that will blow the world away, after many of  dissident major-generals have come back to declare their loyalties to Sana’a government. On June 1, 2023, the National Center for Returnees in Sana’a welcomed many returnees returning to their homeland forces, including Major General Abdulhamid Al-Nahari, the so-called Director of General Ali Mohsen al-Ahmar’s office in Hodeidah and Commander of the Khokha and Islands Sector. Also, Colonel Bakeel Ahmed Al-Habbari, who is the deputy commander of Dahm Airport…

Today, Sunday, the Central Bank of Egypt offered treasury bills worth 40 billion pounds on behalf of the Ministry of Finance to bridge the deficit between revenues and expenditures. The treasury bills offered today came in two tranches, the first amounting to 23 billion pounds for a period of 91 days, and the second for a period of 273 days for a term and a value of 17 billion pounds, according to bank data. The Central Bank raised, during the last tender last Thursday, the average weighted return rates to 23.94% for the 6-month bills, and about 23.88% for the…

US President Joe Biden signed a bill on Saturday that suspends Washington’s $31.4 trillion debt limit, averting what would have been a first-ever default, just two days before the deadline. The new law lifts the debt ceiling through January 1, 2025, and caps non-military spending, among other measures. “I just signed into law a bipartisan budget agreement that prevents a first-ever default while reducing the deficit, safeguarding Social Security, Medicare, and Medicaid, and fulfilling our scared obligation to our veterans,” Biden wrote in a tweet. The bipartisan debt bill passed the Senate on Thursday after moving through the House of…

Aggressive monetary tightening by central banks threatens the global economy, according to strategists A cycle of boom and bust will return this year and a wave of corporate debt defaults is imminent, particularly in the US and Europe, Deutsche Bank has warned. According to the bank’s annual study released on Wednesday, defaults by companies will become more commonplace compared with the last 20 years. Deutsche expects default rates to peak in the fourth quarter of 2024. The bank projected peak default rates to reach 9% for US high-yield debt, 11.3% for US loans, 4.4% for European high-yield bonds, and 7.3%…

Trade between Moscow and Ankara has continued to grow, with the volume of goods exported by Russia amounting to $4.17 billion in April, official data shows. According to the Turkish Institute of Statistics, Russia was Türkiye’s leading supplier, accounting for nearly 15% of the country’s total imports. It was followed by China, Germany, Italy, and the US, with the combined share of Turkish imports from these countries reaching 44% in April. The report also shows that in the first four months of the year, Türkiye imported Russian goods worth $17.2 billion. Moscow and Ankara have been aiming to deepen economic…

One of the world’s biggest e-commerce companies, Otto Group, has liquidated all of its assets in Russia, Kommersant newspaper reported on Friday, citing its sources on the real estate market. The German retailer sold its two warehouses in the Tver region to a local warehouse operator, Multicold. The assets were estimated to be worth an equivalent of just over $28 million but were reportedly sold at half the price. Multicold has confirmed the purchase and has already leased some of the storage space to Russian e-commerce giant Ozon. Otto Group, known mainly as a mail order and online retail company,…

The 15th annual BRICS summit, set to take place in Cape Town South Africa, is speculated to bring drastic changes to the world economy, as its member states seek to strengthen financial multipolarism, a report by The Post explained. The arrest warrant against Russian President Vladimir Putin has headlined reporting on the event in Western media outlets, which have downplayed the importance of the summit and its impact on global financing. South Africa has already made the necessary assurances to diplomats attending the proceedings as it has provided diplomatic immunity for attendees of the event, including President Putin. The Indian…

Criticism has arisen over a 25-year agreement recently unveiled by the Congolese government, which grants exclusive rights to a little-known UAE company for the export of artisanal gold at preferential rates. The deal, signed in late 2022 and made public on Monday, was allegedly intended to address issues in the Democratic Republic of Congo’s informal mining sector, where smuggling has resulted in the loss of huge sums of tax revenue and contributes to the funding of militant groups in the mineral-rich eastern provinces of the country. Under the contract, Primera Group, an Abu Dhabi-based conglomerate, receives a majority share in…

The national Security Council says it is focused on countering attempts to spark an economic crisis in Russia Russia’s Security Council stated on Saturday it views strengthening economic sovereignty as a top priority, and is seeking to offset Western attempts to trigger a financial crisis in the country. The Council is currently working on “improving the quality of life of Russians, ensuring macroeconomic stability and the balanced territorial development of the country.” “Developing measures aimed at blocking Western attempts to stage-manage an economic crisis in Russia, which carries the threat of social instability in the country, also acts as a…