Page 26 - Patrick Werr News Today

Suez Canal Must Upgrade to Avoid Future Shipping Disruption: Sources By Jonathan Saul and Patrick Werr | April 5, 2021 CAIRO – Egypt’s Suez Canal must move quickly to upgrade its technical infrastructure if it is to avoid future shipping disruption, shipping industry sources said, as the major trade route tries to bounce back from a costly six-day closure. International supply chains were thrown into disarray on March 23 when the 400-meter-long (430-yard)...

Suez Canal must upgrade quickly to avoid future disruption: shipping sources By Jonathan Saul and Patrick Werr Reuters CAIRO (Reuters) - Egypts Suez Canal must move quickly to upgrade its technical infrastructure if it is to avoid future shipping disruption, shipping industry sources said, as the major trade route tries to bounce back from a costly six-day closure. International supply chains were thrown into disarray on March 23 when the 400-metre-long (430-yard) container ship Ever Given ...

Maritime Activity Reports, Inc. April 1, 2021 Illustration of the Ever Given blocking the Suez Canal - Credit: Corona Borealis/AdobeStock Egypts Suez Canal must move quickly to upgrade its technical infrastructure if it is to avoid future shipping disruption, shipping industry sources said, as the major trade route tries to bounce back from a costly six-day closure. International supply chains were thrown into disarray on March 23 when the 400-meter-long (430-yard) container...

2 Min Read Central Bank of Egypts headquarters is seen amid the coronavirus disease (COVID-19) pandemic in downtown Cairo, Egypt February 25, 2021. REUTERS/Mohamed Abd El Ghany CAIRO (Reuters) - Egypt’s central bank is likely to leave its overnight interest rates on hold on Thursday, a Reuters poll showed, as inflation remained below target and growth appeared to be picking up. Of 16 analysts polled, 15 believed the Central Bank of Egypt (CBE) would leave rates unchanged at its regular moneta...

Egyptian non-oil private sector activity contracted for a third month in February, but at a slower rate than in January after foreign business helped buoy demand, a survey showed on Wednesday.

Sudan devalues currency to meet key condition for debt relief

<div class="at-above-post addthis_tool" data-url="https://www.metro.us/sudan-devalues-currency-to/"></div>KHARTOUM (Reuters) – Sudan’s central bank sharply devalued the currency on Sunday, announcing a new regime to “unify” official and black-market exchange rates in an effort to overcome a crippling economic crisis and access debt relief. The change is a key reform demanded by foreign donors and the International Monetary Fund (IMF), but w...

By Reuters Staff 2 Min Read CAIRO (Reuters) - Shares in Egypt’s Juhayna Food Industries dropped sharply in early trading on Sunday after the company said a second top official had been called for questioning and detained. An employee works with juice and milk products at a Juhayna factory on the outskirts of Cairo, Egypt. REUTERS/Mohamed Abd El Ghany The company, Egypt’s largest dairy products and juices producer, confirmed the detention of CEO and deputy chairman Seifeldin Thabet in a di...

By Reuters Staff 2 Min Read CAIRO (Reuters) - Egypt’s central bank kept its key interest rates on hold on Thursday, saying inflation was below target and leading indicators showed the economy had recovered in the last quarter of 2020. The bank’s monetary policy committee held the overnight lending rate at 9.25% and the overnight deposit rate at 8.25% for a second consecutive time after cutting rates in September and November. All but four of 14 analysts polled by Reuters predicted the centr...

By Reuters Staff 1 Min Read CAIRO (Reuters) - Egypt’s state-owned National Investment Bank (NIB) slashed yields on its investment certificates by up to 3.75% over the weekend, bankers said on Sunday. The surprise yield reduction could indicate the central bank is preparing to lower its overnight interest rates when its monetary policy committee meets on Thursday, two analysts told Reuters. Yields on certificates with a maturity of one year were now 6%, on two years 6.5%, on three years 9% and...