Egypt Underlines Japan’s Support for its Tourism, Development Projects

FM Badr Abdelatty meets with Japanese Prime Minister Fumio Kishida in Tokyo. (Egyptian Ministry of Foreign Affairs)
FM Badr Abdelatty meets with Japanese Prime Minister Fumio Kishida in Tokyo. (Egyptian Ministry of Foreign Affairs)
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Egypt Underlines Japan’s Support for its Tourism, Development Projects

FM Badr Abdelatty meets with Japanese Prime Minister Fumio Kishida in Tokyo. (Egyptian Ministry of Foreign Affairs)
FM Badr Abdelatty meets with Japanese Prime Minister Fumio Kishida in Tokyo. (Egyptian Ministry of Foreign Affairs)

Egypt’s Foreign Minister Badr Abdelatty underscored on Friday Japan’s ongoing support for significant development projects in Egypt and collaboration in the field of education.

He emphasized his country’s eagerness to expand areas of bilateral cooperation by including artificial intelligence, governance, and collaboration between institutions and research centers for the exchange and transfer of expertise, as well as boosting Japanese tourism to Egypt.

Abdelatty met on Friday with Japanese Prime Minister Fumio Kishida on the sidelines of his participation in the ministerial meeting of the Tokyo International Conference on African Development (TICAD).

Ahmed Abu Zeid, the official spokesperson of the Ministry of Foreign Affairs and Immigration, said the minister conveyed President Abdel Fattah al-Sisi’s greetings and appreciation for Kishida’s role in elevating the bilateral relationship to a strategic partnership level.

The Japanese premier, for his part, stated that Egypt was an extremely important partner for his country, being “a major regional player with a crucial role in the Middle East.”

Abdelatty emphasized Cairo’s commitment to boosting economic and trade relations, noting the importance of increasing Japanese investment in the Egyptian market and Egypt’s success in attracting significant projects despite regional and global economic challenges and regional instability.

The discussions between Abdelatty and Kishida covered Egypt’s efforts on various fronts to resume negotiations for a Gaza ceasefire agreement and the delivery of humanitarian aid to Palestinians.

The FM underscored his country’s firm stance against “escalation policies, assassinations, and violations of state sovereignty practiced by Israel,” while Kishida noted that Japan “is watching the situation in the region with deep concern.”

He stated that “continued escalation will not serve anyone’s interests,” expressing Tokyo’s support for Cairo’s efforts to reach a viable solution.

In another meeting in Tokyo with the Egyptian-Japanese Business Council, Abdelatty stressed that Egypt is making steady and rapid economic progress despite global economic crises and the challenges posed by regional disruptions.

This has led to increased competitiveness of the Egyptian economy and boosted private sector involvement and the mobilization of more foreign direct investment.

He also highlighted his country’s efforts to become a regional hub for supply chains for European companies, as well as for the transport and trading of renewable and green energy.



US Jobless Claims, Business Activity Keep Economy on Gradual Cooling Path

The sign on a Taco Bell reustaurant advertises "Now Hiring Managers" in Fitchburg, Massachusetts, US, June 12, 2018. REUTERS/Brian Snyder/File Photo Purchase Licensing Rights
The sign on a Taco Bell reustaurant advertises "Now Hiring Managers" in Fitchburg, Massachusetts, US, June 12, 2018. REUTERS/Brian Snyder/File Photo Purchase Licensing Rights
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US Jobless Claims, Business Activity Keep Economy on Gradual Cooling Path

The sign on a Taco Bell reustaurant advertises "Now Hiring Managers" in Fitchburg, Massachusetts, US, June 12, 2018. REUTERS/Brian Snyder/File Photo Purchase Licensing Rights
The sign on a Taco Bell reustaurant advertises "Now Hiring Managers" in Fitchburg, Massachusetts, US, June 12, 2018. REUTERS/Brian Snyder/File Photo Purchase Licensing Rights

The number of Americans filing new applications for unemployment benefits ticked up in the latest week, but appeared to be steadying near a level consistent with a gradual cooling of the labor market that should set the stage for the Federal Reserve to kick off interest rate cuts next month.
A slowdown in overall US business activity this month as firms faced diminished ability to push through price increases added to the evidence that the economy is slowing and inflation is downshifting to a degree that should allow Fed officials to focus more attention on the job market, Reuters reported.

With a rate cut now broadly expected next month, interest rates on home loans have already begun dropping, and that helped fuel a larger-than-expected rebound in existing home sales last month.
Initial claims for state unemployment benefits rose 4,000 to a seasonally adjusted 232,000 for the week ended Aug. 17, the Labor Department said on Thursday. Economists polled by Reuters had forecast 230,000 claims for the latest week.

The latest data should continue to allay fears that the labor market is rapidly deteriorating, first raised after a sharper-than-expected slowdown in job growth in July, which also saw the unemployment rate rise to a post-pandemic high of 4.3%.
Indeed, the latest claims data covers the survey week for this month's employment report from the Labor Department, and the leveling off in new filings points to "a small decline in the unemployment rate in August," Nancy Vanden Houten, lead US economist at Oxford Economics, said in a client note.

"Claims are leveling off on a trend basis, consistent with our view that, while the labor market is softening, it isn't weak enough to warrant anything more than a 25 (basis point) rate cut at the Fed's September meeting," she said.
Fed officials have said they are keenly watching the labor market, aware that waiting too long to cut interest rates could cause serious harm.
Layoffs remain historically low, however, with much of the slowdown in the labor market coming from firms scaling back hiring, trailing an immigration-induced surge in labor supply.

The Fed's 525 basis points worth of rate hikes in 2022 and 2023 are curbing demand.
The US central bank has kept its benchmark overnight interest rate in the current 5.25%-5.50% range for more than a year. With a first rate cut now widely expected at its Sept. 17-18 policy meeting, the market focus is on how large a reduction it will be - a quarter or a half percentage point.
The number of people receiving benefits after an initial week of aid, a proxy for hiring, rose 4,000 to a seasonally adjusted 1.863 million during the week ending Aug. 10, the claims report showed.