Egypt, South Korea to Cooperate in Transportation, Railway Sectors

The Egyptian and South Korean officials during their meeting. (Egypt Ministry of Transportation)
The Egyptian and South Korean officials during their meeting. (Egypt Ministry of Transportation)
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Egypt, South Korea to Cooperate in Transportation, Railway Sectors

The Egyptian and South Korean officials during their meeting. (Egypt Ministry of Transportation)
The Egyptian and South Korean officials during their meeting. (Egypt Ministry of Transportation)

Egypt discussed with South Korea on Friday ways of supporting and developing joint cooperation in the fields of railways, metro and sea transport.

They also reviewed other projects in progress between them.

Egyptian Minister of Transportation Eng. Kamel al-Wazir met in Cairo with his South Korean counterpart Noh Hyeong-ouk, who is currently on an official visit to the North African nation.

During the meeting, the ministers tackled the projects underway between Egypt and South Korean in the different fields of transport, especially as regards to upgrading the signaling system on the 118 km Naga Hammadi-Luxor line and the 224 km Luxor-High Dam line.

The two ministers also agreed to activate the agreement that was previously signed by Egypt and South Korea to locally manufacture metro train cars in Egypt, the Transportation Ministry said in a statement.

Wazir stressed that the Egyptian government places great importance on improving maritime transport, adding that a comprehensive plan has been implemented to transform Egypt into international hub for trade and logistics.

For his part, the Korean Minister underlined Seoul's keenness on increasing cooperation with Cairo in a number of sectors.

The ministers signed a memorandum of understanding to enhance cooperation in the field of railways and the public and the private sectors.

The agreement also aims at developing cooperation in signaling, communications, control systems and the renovation of railways.

The Egyptian government stressed that developing the railway network focuses on the carriages, railway, updating the traffic signal system, improving safety, installing modern equipment and training workers.

Egypt has in recent years witnessed several railway accidents.



Gold Holds Steady with All Eyes on Trump's Tariff Plans

FILED - 16 March 2023, Bavaria, Munich: Gold bars and gold coins of different sizes lie in a safe on a table at the precious metal dealer Pro Aurum. Photo: Sven Hoppe/dpa
FILED - 16 March 2023, Bavaria, Munich: Gold bars and gold coins of different sizes lie in a safe on a table at the precious metal dealer Pro Aurum. Photo: Sven Hoppe/dpa
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Gold Holds Steady with All Eyes on Trump's Tariff Plans

FILED - 16 March 2023, Bavaria, Munich: Gold bars and gold coins of different sizes lie in a safe on a table at the precious metal dealer Pro Aurum. Photo: Sven Hoppe/dpa
FILED - 16 March 2023, Bavaria, Munich: Gold bars and gold coins of different sizes lie in a safe on a table at the precious metal dealer Pro Aurum. Photo: Sven Hoppe/dpa

Gold prices held steady on Wednesday following a 2% decline in the previous session, while investors focused on US President Donald Trump's tariff plans, which have raised concerns about a trade war.

Spot gold was little changed at $2,912.69 an ounce, by 1120 GMT, after hitting a more than one-week low on Tuesday. Trump's trade policies, seen as inflationary and with potential to spark tiffs with trade partners, saw safe-haven gold hitting a record high of $2,956.15 on Monday.

US gold futures rose 0.3% to $2,926.70.

"The sharp correction in gold followed equities and bitcoin lower, but the bullion market saw some good bargain-hunting on the lows and unlike other asset classes, recovered its composure," independent analyst Ross Norman said, Reuters reported.

The dip in prices is "likely to stimulate good physical offtake and provide an entry point for those that may have missed the bull run," he added.

Wall Street's main indexes touched a one-month low on Tuesday and bitcoin slumped 5.6%.

Trump opened yet another front on Tuesday in his assault on global trade norms, ordering a probe into potential new tariffs on copper imports.

Rising price pressures due to tariffs could force the Federal Reserve to keep interest rates higher. Bullion is a preferred hedge against uncertainty and inflation, but higher rates can reduce its appeal as it yields no interest.

Focus was also on the US Personal Consumption Expenditures (PCE) report, the Fed's preferred inflation gauge, due on Friday.

The recent gains, which took gold within striking distance of $3,000, appeared to run out of steam, suggesting some traders had taken the opportunity to lock in profits, Frank Watson, market analyst at Kinesis Money, said in a note.

"Central bank behaviour will be key to gold's fortunes, as they have been an important element for demand in recent years."

Spot silver gained 0.1% to $31.77, platinum rose 0.9% to $974.86 and palladium added 1.6% to $942.29.