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Egypt Inaugurates Gasoline Production Complex in Assiut

Egyptian President Abdel Fattah el-Sisi inaugurating Gasoline Production Complex in Assiut (Egyptian Presidency)
Egyptian President Abdel Fattah el-Sisi inaugurating Gasoline Production Complex in Assiut (Egyptian Presidency)
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Egypt Inaugurates Gasoline Production Complex in Assiut

Egyptian President Abdel Fattah el-Sisi inaugurating Gasoline Production Complex in Assiut (Egyptian Presidency)
Egyptian President Abdel Fattah el-Sisi inaugurating Gasoline Production Complex in Assiut (Egyptian Presidency)

Egypt inaugurated a new gasoline production complex in Assiut Governorate in Upper Egypt, estimated to provide about 13 percent of the country's needs of high-octane gasoline, with investments amounting to more than EGP7 billion.

The complex was inaugurated by President Abdel Fattah el-Sisi, along with several other developmental projects in the same area.

Minister of Petroleum and Mineral Resources Tarek El-Molla reviewed the role of the petroleum sector in the development of Upper Egypt, noting that the region's ten governorates require 20 percent of Egypt's total petroleum products.

He noted that the newly inaugurated complex seeks to produce 800,000 tons of gasoline annually to cover the needs of Upper Egypt's governorates.

Molla said that the complex aims to reduce dangers and save costs of transporting petroleum products from the north to the south.

The complex also aims to maximize the utilization of Assiut Oil Refining Company's assets by bumping new investments in Upper Egypt's governorates.

The project will contribute to achieving sustainable development and improving the quality of life for the Upper Egyptian residents.

Egypt's local production of gasoline increased to 6 million in 2021, upping from 3.9 million in 2014.

Molla reviewed the efforts of the petroleum sector in developing Upper Egypt in various petroleum activities, pointing that the South Valley Egyptian Petroleum Holding Company (Ganope) established ten agreements in the field of research, exploration, and production.

He also announced that the capacity of butane storage warehouses in Upper Egypt increased by 6.5 thousand tons with investments of EGP120 million, bringing the total storage capacities to 22 thousand tons.

The transportation, storing, and shipping infrastructure have also been developed. The storage capacities of gasoline and diesel warehouses were increased by about 2500 tons, with a total investment of EGP70 million.

Transporting crude oil and petroleum projects were developed by adding 570 km with investments of EGP1.2 billion, bringing the total lengths to 1,840 km.

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Dollar Eyes Weekly Rise into US-China Trade Talks 

A clerk sorts US hundred-dollar notes at the headquarters of Hana Bank in Seoul, South Korea, 08 May 2025. (EPA/Yonhap)
A clerk sorts US hundred-dollar notes at the headquarters of Hana Bank in Seoul, South Korea, 08 May 2025. (EPA/Yonhap)
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Dollar Eyes Weekly Rise into US-China Trade Talks 

A clerk sorts US hundred-dollar notes at the headquarters of Hana Bank in Seoul, South Korea, 08 May 2025. (EPA/Yonhap)
A clerk sorts US hundred-dollar notes at the headquarters of Hana Bank in Seoul, South Korea, 08 May 2025. (EPA/Yonhap)

The dollar headed for a weekly gain on most major peers on Friday as a US-UK trade deal raised hopes of progress in looming US-China talks, while bets of imminent Fed rate cuts receded after the central bank indicated it was in no hurry.

Financial markets are heading into the weekend with the focus squarely on trade negotiations between Washington and Beijing due to begin on Saturday in Switzerland.

The euro touched a one-month low of $1.1197 in Asia and was down about 0.6% for the week. The yen has weakened about 0.4% this week and hit a one-month trough of 146.18 per dollar, before steadying around 145.48 on Friday.

Sterling, which had rallied on news reports of an impending US-UK trade deal, gave back gains when the agreement turned out to be pretty limited and struck a three-week low of $1.3220 in early trade on Friday.

The "general terms" agreement modestly expands agricultural access for both countries and lowers prohibitive US duties on British car exports, but leaves in place the 10% baseline.

"The market reaction of buying USD may reflect greater optimism that such tariff deals are doable," said Steve Englander, global head of G10 currency research at Standard Chartered, in a note to clients.

"Trump's dangling of the prospect of a trade detente with China may be adding to optimism that the global disruption from trade wars may not be as severe as markets have feared," he said.

"For the time being, G10 markets would be relieved if US and China bilateral tariffs were rolled back, even if they remain well above January 19 levels."

Bitcoin has surged back above $100,000, reflecting a refreshed appetite for risk-taking in markets' more speculative corners.

Announcing the UK deal, Trump said he expects substantive negotiations between the US and China this weekend and that tariffs on Beijing of 145% would likely come down.

The administration is weighing a plan to slash the tariff on Chinese imports by more than half, the New York Post reported, citing unidentified sources, though the White House dismissed that as speculation.

The Australian dollar headed for its first weekly drop in a month, with a 0.7% fall to $0.6407. The New Zealand dollar was likewise lower, clinging to support at $0.5895, just above its 200-day moving average.

On the central bank front this week moves were as expected with the Bank of England cutting, while Sweden, Norway and the United States left rates on hold.

However, Federal Reserve Chair Jerome Powell's remarks, emphasising the level of uncertainty, were taken as reducing the likelihood the Fed lowers rates any time soon and market pricing for a cut in June has drifted to about 17% from about 55% a week ago.

In contrast with G10 peers, the dollar was lower on several Asian currencies this week after a shock surge in the Taiwan dollar.

After a volatile few days it has settled around 30 to the dollar, more than 6% stronger from where it had finished April. The Singapore dollar is not far from decade highs. The Hong Kong dollar has retreated from the strong side of its band after heavy intervention from the Hong Kong Monetary Authority.

India's rupee opened under renewed pressure on Friday as conflict between India and Pakistan escalates. It dropped sharply on Thursday and, at 85.55 to the dollar, is eyeing its heaviest weekly fall since 2022.