They get from the canal almost halving. On top of that, and despite a recent bailout from the International Monetary fund, the economy is facing pressures on various fronts, with the war in gaza also hitting tourism. Really important egypt. Egypts president Abdel Fattah Al sisi begins his third term in office today after an election where he faced no serious challengers. During his Inauguration Speech the president emphasised his intention to maximize the economic role of the suez canal. With me is mohamed taha from our bbc arabic service. Good to have you. To start, explain why this was canal is so important to the egyptian economy. So important to the egyptian economy so important to the egyptian econom. ,. ,. , economy. The suez canal is the main source economy. The suez canal is the main source of economy. The suez canal is the main source of foreign economy. The suez canal is the main source of foreign currencyi main source of foreign currency to egypt, producing last main source of foreign currency t egypt, producing last year to egypt, producing last year 9. 4 billion. It t egypt, producing last year 9. 4 billion. It comes out of around 35 billion, the total foreign currency income to egypt. You can imagine that there if there is any drop, there if there is any drop, the egyptian economy would suffer nothing can compensate. Economy is suffering and weve talked about how the route and Many International shipping companies are completely avoiding it at the moment with no foreseeable and to this conflict. , conflict. India. The figures say that conflict. India. The figures say that in conflict. India. The figures say that in january conflict. India. The figures say that in january only i conflict. India. The figures| say that in january only the say that in january only the ships that pass to the suez canal were around 1200 ships compared to 2100 injanuary 2023. This is a big drop. If this drop continues to the end of the year, the revenue of the suez canal would be halved. That means more inflation, morais and prices in commodities in egypt and more requirement for a structural adjustment policy to get more Foreign Investments to egypt and more suffering and general to the egyptian economy. The resident to the egyptian economy. The president starting his third term in office with lots of promises of course. But what can he do about this extremely challenging for him not least the conflict in gaza on the border of egypt, the impact thats having on tourism and the concern of gazans coming to egypt, what that might mean the future, etc . Egypt, what that might mean the future. Etc . Future, etc . Many things. There is a mix between future, etc . Many things. There is a mix between state is a mix between State Intervention and new liberal policies. State intervention, the state is trying to build supermarkets by the army and the police to sell commodities with less process to help people to get these commodities with less prices and push other traders to make their prices less. The main drive is to bring Foreign Investments, whether from the world bank or International Monetary fund, or even from gulf states. We saw recently that big investment the 35 billion, also 5 billion in the suez canal economic area, so the mantle now is how to convince Foreign Investors to bring their money to egypt, to try a little bit to egypt, to try a little bit to compensate the loss in the suez canal situation. To compensate the loss in the suez canal situation. Thank you so much for suez canal situation. Thank you so much for talking suez canal situation. Thank you so much for talking us suez canal situation. Thank you so much for talking us through | so much for talking us through what the situation is in egyptian now. Well keep a close eye on this programme. The latest Inflation Numbers for the eurozone will be released in the next few hours, giving us an idea of when the European Central bank may make its move and reduce the cost of borrowing. In february, the inflation in the region was down to 2. 6 . So, will inflation continue to ease . Bob parker is Senior Advisor to the International Capital markets association. Good morning. Morning. What do we expect . Will prices ease again . It we expect . Will prices ease auain . , , we expect . Will prices ease auain . , again . It is slightly complex. The headline again . It is slightly complex. The Headline Inflation again . It is slightly complex. I the headline Inflation Numbers probably stay at 2. 6 but when i say slightly complex, the month one month numbers probably rise and we may get disappointingly higher number month on month. Thats largely because of Energy Prices. As you well know, Energy Prices in the last six weeks have risen and today for example north sea brent guerra trading close to 90 a barrel, so that impact of Energy Prices in the last few weeks will have a negative impact. Having said that, the underlying demand and activity numbers in the eurozone remain relatively weak. Core inflation may come down slightly so excluding food and energy, the Inflation Rate probably comes down to less than 3 . Having said all that, the trend over the next three to six months is inflation that comes down and we could be looking at headline numbers less than 2. 5 as we go to the summer months. Qm. Numbers less than 2. 5 as we go to the summer months. To the summer months. Ok, so if a christian to the summer months. Ok, so if a Christian Gal to the summer months. Ok, so if a Christian Gal and to the summer months. Ok, so if a Christian Gal and her to the summer months. Ok, so if a Christian Gal and her team to the summer months. Ok, so if a Christian Gal and her team at i a Christian Gal and her team at the ecb, when do you think they might decide that they could reduce the cost of borrowing in the eurozone . If reduce the cost of borrowing in the eurozone . The eurozone . If we look at recent speeches the eurozone . If we look at recent speeches by the eurozone . If we look at i recent speeches by members the eurozone . If we look at recent speeches by members of the ecb council, theyve said they want wait until may and june until they get further confirmation that Wage Inflation is not rising significantly. That would imply that they dont collaborate at the meeting in april and that is next thursday 11 april, but they probably carry out their first cut Interest Rates in june. I think the most significant amount is what they then say is going to happen in then say is going to happen in the second half of the year and its entirely possible that we could get three or four Interest Rate cuts by the end of the year from the ecb so that would take the deposit rate down towards 3 of the current level of 4 . D0 rate down towards 396 of the current level of 4 . Current level of 4 . Do you think they current level of 4 . Do you think they will current level of 4 . Do you think they will be current level of 4 . Do you think they will be waiting. Current level of 4 . Do you | think they will be waiting for the fed to make its move first before they do . I the fed to make its move first before they do . Before they do . I think its a very good before they do . I think its a very good question before they do . I think its a very good question becausel before they do . I think its a | very good question because i think in contrast to what happened last year in the beginning of this year were Central Banks co ordinated very carefully indeed, i think this year were probably to see some divergence and by that i think the fed probably go slowly and the fed probably go slowly and the recent data out of the noted suggests there is no urgency from the Federal Reserve to cut Interest Rates, but if we look at the ecb i think the argument for cutting Interest Rates is much more powerful and therefore i think the ecb wont wait for the third and i think you will have this divergence in policy between the fed and ecb, with the ecb taking an easy allied in its monetary stance. Mice the ecb taking an easy allied in its monetary stance. Nice to see you bob parker is Senior Advisor to the International Capital markets association. Thank you. Thank you. The leaders of the worlds two biggest economies, joe biden and xijinping, spoke on the phone on tuesday in the first engagement between since they met in San Francisco in november. This comes as the us Treasury Secretary embarks on her second trip to china in less than a year. 0ur north America Business correspondent, erin delmore, has the details. The mark the one on one communication between us President Joe Biden and chinese President Joe Biden and chinese president xijinping President Joe Biden and chinese president xi jinping since november. They had a lot of ground to cover. The risks linked with rapidly developing Ai Technology and Military Communications and the trafficking of illicit drugs like fentanyl. Why how summary of the court included a few others like chinas unfair Trade Policies and preventing access to advanced us technology. 0n the chinese side president xi recorded called us support for any taiwanese independence effort a red light and accused the us of trying to suppress chinas development of advanced technology. 0ver four days of meetings Treasury Secretary janet yellen is expected to meet some of the chinese top political and economic officials as well as Business Leaders and chinese professors and students. She is expected to want to run against flooding the market with cheap clean energy experts, things like Electric Vehicles with lithium ion batteries. The white house is trying to bolster the industry domestically by offering its own tax breaks and subsidies. Well, lets stay with the us and china because the two biggest makers of Electric Vehicles tesla and byd have both reported a sharp fall in sales, confirming concerns there is a slowing demand for evs tesla shares fell by almost 5 on the news. Elon musk� s Electric Vehicle maker said it handed overjust under 387,000 electric cars to customers the smallest quarterly figure in more than a year and less than market expectations. Its arch rival byd has slashed the cost of almost every model in its line up since the start of the year, sparking a price war in china. It is the worlds biggest market for evs currently. Live now to susannah streeter, head of money and markets, hargreaves lansdown. Good morning. Times are tough tesla and byd because as elon musk wnt i remember last year he was saying with the cost of borrowing higher and cost of living difficult, it is hard to she living difficult, it is hard to shell out for an expensive Electric Vehicle right now. Absolutely and that of course is one of the issues plaguing tesla at the moment as well as other Ev Manufacturers in the world. I think it was the scale of the drop that came as a surprise, down 20 quarter on quarter at those sales. It is also production issues that have affected the company, they have affected the company, they have not been omitted the disruption in the red sea, there was also an arson attack at one of its bigger factories so all of that has meant that supply of vehicles has been affected as well is demand. And the competition is really accelerating in china, a really key market because of course there are so many rivals now jostling for a position. As a result, there have been bigger price cuts to leading models which is hurting margins but actually those who want to swerve into the fast lane feel it is the price to pay to grab more market share which is what the chinese Ev Manufacturers have been doing, although it has to be noted that byd, which stole the crowd of tesla, the largest ev seller in the world, will now tesla has grasped it back because byd sales fell by 43 per quarter. Its 43 per quarter. Its interesting 43 per quarter. Its interesting to 43 per quarter. Its interesting to see i 43 per quarter. Its interesting to see whats happening when it comes to Consumer Demand for Electric Vehicles because across europe it depends where you are in the world because many in europe are waiting and the fundamentals put in place, the infrastructure in place where they are before they take that step and opt for a fully Electric Vehicle as opposed to combustion engine. Absolutely and that is combustion engine. Absolutely and that is one combustion engine. Absolutely and that is one of combustion engine. Absolutely and that is one of the combustion engine. Absolutely and that is one of the key and that is one of the key points about manufacturers in the uk in particular but also elsewhere around the world, saying we need extra support to ensure that the infrastructure is there to give the consumers confidence to buy. I think once people have got their Electric Vehicles they say are not quite so anxious about range. Range anxiety being such a thing because actually it comes in many locations particularly in various different european countries, for example, a lot of fast charges are now being installed. It is more remote areas where there are still difficulties but certainly they need to have extra jolts of confidence particularly as evs are more expensive to buy than conventional cars. Conventional cars. Thanks for our conventional cars. Thanks for your time conventional cars. Thanks for your time. See conventional cars. Thanks for your time. See you conventional cars. Thanks for your time. See you again conventional cars. Thanks for l your time. See you again soon. Susannah streeter, head of money and markets, hargreaves lansdown. Lets get some of the days other news now. General electric has completed its breakup into three companies. The industrial giants aerospace and Energy Businesses began trading on the New York Stock Exchange a separate entities more than a year after ge spun off its healthcare business. It marks the end of the 132 year old conglomerate that was once the most valuable Us Corporation and a global symbol of American Business power. European airlines have started to cut back on routes to asia since the pandemic, hit by tough competition from state backed Middle Eastern carriers. Gulf airlines can often offer cheaper fares for passengers willing to catch a connecting flight in the middle east. European airlines are also banned from flying over russian airspace, resulting in longer journeys to much of east asia. Taylor swift has made it onto the forbes worlds billionaires list for the first time. The american pop star has joined elon musk as ranking among the worlds wealthiest people. Swift is entering the list with 1. 1 billion along with sam altaman, creator of the ai chatbot chatgpt, whosjoined on 1 billion. At the very top of the list of 2,784 billionaires is lvmh french luxury goods titan Bernard Arnault who, along with his family, topped the 2024 chart with an estimated 233 billion. Still to come lean back and relax, as i talk to an expert on how to reduce stress in the workplace. Around the world and across the uk, this is bbc news. Lets continue with The Business Coverage here on bbc news. The head of the uns intellectual Property Agency has told the bbc that theres not yet the appetite for new global rules to govern artificial intelligence. He was talking as new figures show that al is behind a growing number of the International Patent applications that his organisation administers. However, the overall number of applications fell last year 1. 6 the first fall in 14 years. 0ur reporter, jonathanjosephs, asked World Intellectual Property Organization director general daren tang if that means the difficulties in the Global Economy were getting in the way of innovation. I think what were seeing for the last two years is there has a difficult Situation Matter economically, Interest Rates have gone up, money supply has dried up and with the result that Venture Capital geo flow has reduced considerably. I think what this means is tha