Egypt Government to Rationalize Expenditures

A bride and a groom wear protective masks amid concerns over the coronavirus disease (COVID-19), during their wedding ceremony in Qalyub, north of Cairo, Egypt April 16, 2020. REUTERS/Rania Gomaa
A bride and a groom wear protective masks amid concerns over the coronavirus disease (COVID-19), during their wedding ceremony in Qalyub, north of Cairo, Egypt April 16, 2020. REUTERS/Rania Gomaa
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Egypt Government to Rationalize Expenditures

A bride and a groom wear protective masks amid concerns over the coronavirus disease (COVID-19), during their wedding ceremony in Qalyub, north of Cairo, Egypt April 16, 2020. REUTERS/Rania Gomaa
A bride and a groom wear protective masks amid concerns over the coronavirus disease (COVID-19), during their wedding ceremony in Qalyub, north of Cairo, Egypt April 16, 2020. REUTERS/Rania Gomaa

Egypt’s Prime Minister Mustafa Madbouly called on the different ministries to start implementing a plan to control and rationalize expenditures in order to face the difficult economic repercussions of COVID-19.

During a virtual Cabinet meeting on Wednesday, Madbouly discussed measures taken by the government to prepare for the post-crisis phase, noting that the number of Egyptians returning from abroad was expected to exceed 16,000 people.

The Cabinet also approved a draft-decision to exempt medical equipment and supplies used to counter the pandemic from procurement fees.

The Egyptian Authority for Unified Procurement and Medical Supplies will benefit from the exemption, as it is the entity that supplies quarantines and hospitals that treat Covid-19 patients with their relevant needs.

Dr. Hala Zayed, Minister of Health and Population, presented the latest update on the outbreak of the virus in Egypt.

She noted that recovery rates were the highest among the age group of 30-39 years (318 recoveries), followed by the 40-49 age group (288 recoveries).

Zayed emphasized that the action plan adopted by her ministry was partly aimed at curbing the spread of infection among citizens within health facilities, while providing basic health services during the outbreak of the coronavirus pandemic.

Meanwhile, Parliament announced that 11 deputies were in home quarantine, after being in contact with MP Sherine Farraj, whose infection with the virus was confirmed on Tuesday.



Iraq Raises September Basrah Medium Crude OSP to Asia

Workers walk across pipelines at the Rumaila oil field in Basra, Iraq (Reuters)
Workers walk across pipelines at the Rumaila oil field in Basra, Iraq (Reuters)
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Iraq Raises September Basrah Medium Crude OSP to Asia

Workers walk across pipelines at the Rumaila oil field in Basra, Iraq (Reuters)
Workers walk across pipelines at the Rumaila oil field in Basra, Iraq (Reuters)

Iraq has raised the September official selling price (OSP) for Basra Medium crude oil to Asia to minus $4 a barrel against the average of Oman/Dubai quotes from the August OSP of minus $6.50 a barrel, state-owned Iraqi oil marketer SOMO said on Monday, Reuters reported.

Basrah Heavy to Asia was priced at minus $7.30 a barrel to Oman/Dubai quotes, from minus $8.80 a barrel set for August.

Type of North and South European Far East Crude American Market Market Market ($/bbl) Oil ($/bbl) ($/bbl) Basrah ASCI +5.10 Brent Average (Oman Medium (dated)-4.35 & Dubai)-4.00 Basrah ASCI +1.40 Brent Average


Turkish Central Bank Bought $5 billion in Foreign Exchange Last Week, Bankers Say

Central Bank of Türkiye - File Photo/Reuters
Central Bank of Türkiye - File Photo/Reuters
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Turkish Central Bank Bought $5 billion in Foreign Exchange Last Week, Bankers Say

Central Bank of Türkiye - File Photo/Reuters
Central Bank of Türkiye - File Photo/Reuters

The Turkish central bank bought $5 billion in foreign exchange last week, with its net reserves increasing $9 billion to $63 billion, bankers said on Monday, Reuters reported.

According to the calculations of four bankers, the central bank's total reserves increased $14 billion last week to $178 billion, while net reserves excluding swaps increased $9.5 billion to $50 billion. The central bank did not comment on the figures.

 

 

 


July US Container Imports Hit Fourth-highest on Record, Descartes Says

FILE PHOTO: Workers move shipping containers at the Port Authority of New York and New Jersey in, Newark, New Jersey, US, September 30, 2024. REUTERS/Caitlin Ochs/File Photo
FILE PHOTO: Workers move shipping containers at the Port Authority of New York and New Jersey in, Newark, New Jersey, US, September 30, 2024. REUTERS/Caitlin Ochs/File Photo
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July US Container Imports Hit Fourth-highest on Record, Descartes Says

FILE PHOTO: Workers move shipping containers at the Port Authority of New York and New Jersey in, Newark, New Jersey, US, September 30, 2024. REUTERS/Caitlin Ochs/File Photo
FILE PHOTO: Workers move shipping containers at the Port Authority of New York and New Jersey in, Newark, New Jersey, US, September 30, 2024. REUTERS/Caitlin Ochs/File Photo

US imports of containerized goods in July hit the fourth-highest level for the month, as shippers rushed in goods ahead of unknown US tariff changes, supply chain technology provider Descartes Systems Group said on Monday.

US seaports handled 2.5 million 20-foot equivalent units (TEUs) in July, down 4.3% from the near-record result in July 2025. Through the first seven months of 2026, imports were down 0.9% year over year while remaining ⁠well above pre-COVID pandemic ⁠levels, Descartes said.

In late July, 10% global Section 122 tariffs expired and were replaced by new tariffs of up to 12.5% on imports from 60 countries tied to allegations of forced labor.

Chinese-origin imports rose to 873,129 TEUs ⁠in July, the highest monthly volume in a year.

China sends more goods via container to the US than any other country, even after President Donald Trump has targeted such products with tariffs.

Retailers like Walmart, Amazon.com and Home Depot account for roughly half of all US container imports, Reuters reported.

The traditional peak shipping season tied to their imports of goods for autumn and winter holiday promotions ⁠has ⁠been arriving earlier and over a longer period of time as shippers have responded to a string of supply-chain upheavals ranging from the COVID-19 pandemic and the ongoing US and Israeli war on Iran to rapidly changing US tariff policies.

"The broader trade environment remains unsettled. Elevated Strait of Hormuz risk, changing US tariff measures, tighter Panama Canal draft restrictions, and continued Red Sea disruption are influencing freight costs, routing decisions, and sourcing strategies," Descartes said.