Author: Steven Sahiounie

The new trading hub is expected to help attract foreign capital to the country. The Egyptian Mercantile Exchange (EMX), which is set to open on November 27, will begin with Russian wheat being offered, the country’s deputy minister of internal trade and supply, Ibrahim Ashmawy, announced on Saturday. “Tomorrow the Egyptian Mercantile Exchange will be launched, its work will begin with wheat trading,” Ashmawy said, as cited by the local Sada El Balad TV channel, adding that “the department for the supply of goods is a seller, and it will start trading with offers of Russian wheat.” The official stressed…

The bloc is facing difficulties replacing Russian gas supplies. The EU’s energy problems will last for years if demand for gas remains high but new supplies are not secured, the Financial Times reported on Friday, citing industry executives and strategists. The experts warned that even fully filled gas storages ahead of the winter months cannot guarantee that sufficient supplies will be available next summer and for the following winter. EU nations managed to fill their gas storage facilities to 90% at the end of September, when heating demand typically begins to increase. This came despite the reduction in Russian supplies…

Every fourth enterprise may move abroad due to inflation and soaring energy costs, a German industry group warns. One in four German companies is considering moving production to other countries amid the energy crisis, Tanja Gönner, CEO of the Federation of German Industries (BDI), told Die Welt am Sonntag news outlet. “The high energy prices and the weakening economy are hitting the German economy with full force and are placing a great burden on our companies compared to other international locations. The German business model is under enormous stress…Every fourth German company is thinking about relocating production abroad,” Gönner stated.…

The restrictions target telecom giants Huawei and ZTE, along with several other firms. Washington has banned the import and sales of new telecommunications equipment from China’s largest manufacturers due to “an unacceptable risk” they allegedly pose to US national security. According to a statement on Friday from the US Federal Communications Commission (FCC), the ban targets technology products made by China’s telecom giants Huawei and ZTE, surveillance equipment maker Dahua Technology, video surveillance company Hangzhou Hikvision Digital Technology, telecommunications equipment manufacturer Hytera Communications, as well as their subsidiaries and affiliates. “The FCC is committed to protecting our national security by ensuring that…

The country’s holdings, including those frozen by Western sanctions, have surpassed $540 billion, Russia has risen to fourth place among the world’s largest economies in terms of foreign exchange reserves, RIA Novosti calculations published on Saturday show. In the first nine months of the year, Russia’s holdings, including those frozen by the West due to Ukraine-related sanctions, rose to $540 billion, Central Bank data shows. This allowed Russia to displace India, which had occupied fourth place since last summer. India’s holdings as of the end of September amounted to $532 billion. The two countries have been competing with each other…

Ghana will buy crude with gold instead of the US currency. Ghana’s vice president, Mahamudu Bawumia revealed this week that the government wants to pay for oil imports with gold instead of US dollars. He explained the plan as an attempt to protect the country’s dwindling foreign currency reserves. Official data shows Ghana’s gross international reserves have fallen from $9.7 billion at the end of 2021 to around $6.6 billion at the end of September 2022. The reserves could reportedly cover just three months of the country’s goods and services imports — half a month short of the government’s target for…

The FTX platform’s bankruptcy has underscored the need for stricter oversight, according to IOSCO The crash of the FTX exchange has made regulating the cryptocurrency industry a more urgent matter, according to the new chair of the global securities watchdog IOSCO. Jean-Paul Servais told Reuters that targeting such ‘conglomerate’ platforms will be the focus for 2023. In an interview with the news agency, he said regulating crypto platforms could draw on principles from other sectors which handle conflicts of interest, such as at credit rating agencies and compilers of market benchmarks, without having to start from scratch. While regulators have…

AL KHOR, Qatar — The U.S. men’s national team outplayed and at times even dominated England at the World Cup on Friday night, and before we get to the result or the implications, it’s worth letting that sink in. The Americans outran and outclassed the Englishmen. They outthought and almost overwhelmed a 2022 World Cup favorite. They proved that progress is very real and the future is very bright, but, after 90 intense minutes at the Al Bayt Stadium, they had nothing to show for it. They drew with heavily favored England 0-0, and will go into Tuesday, the final day of Group B,…

Lionel Messi has spent his career trying to dribble out from under Diego Maradona’s sizable shadow.Messi has scored more goals, won more titles, played in more World Cups and been arrested fewer times than Maradona. But Maradona won a World Cup, the one prize Messi is lacking.So Saturday, with his window of opportunity for matching that rapidly closing, Messi once again found magic in his powerful left foot, scoring in the 64th minute to start Argentina to a 2-0 victory over Mexico that revived his team’s chances of getting out of the group stage while all but dashing Mexico’s.“It was…

Actress Alyssa Milano was blasted on Twitter, including by Tesla CEO Elon Musk, after saying that she “gave back” her Tesla and replaced it with a Volkswagen. “I gave back my Tesla,” Milano, a prominent supporter of Democrats on Twitter, posted Saturday. “I bought the VW ev. I love it. I’m not sure how advertisers can buy space on Twitter. Publicly traded company’s products being pushed in alignment with hate and white supremacy doesn’t seem to be a winning business model.”Twitter users, many of them conservative, criticized Milano over the tweet with many pointing out Volkswagen’s ties to the Nazi…