Egypt Says India Wheat Deal Agreed but Not Signed Yet

A worker sifts wheat before filling in sacks at the market yard of the Agriculture Product Marketing Committee (APMC) on the outskirts of Ahmedabad, India, May 16, 2022. (Reuters)
A worker sifts wheat before filling in sacks at the market yard of the Agriculture Product Marketing Committee (APMC) on the outskirts of Ahmedabad, India, May 16, 2022. (Reuters)
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Egypt Says India Wheat Deal Agreed but Not Signed Yet

A worker sifts wheat before filling in sacks at the market yard of the Agriculture Product Marketing Committee (APMC) on the outskirts of Ahmedabad, India, May 16, 2022. (Reuters)
A worker sifts wheat before filling in sacks at the market yard of the Agriculture Product Marketing Committee (APMC) on the outskirts of Ahmedabad, India, May 16, 2022. (Reuters)

Egypt's supply minister said on Tuesday a deal with India to directly purchase 500,000 tons of wheat outside the usual tender system had been agreed but not signed yet.

Supply Minister Aly Moselhy told Reuters about the deal earlier this week, shortly after India announced a ban on wheat exports because of a heatwave curtailing local production.

India's government confirmed on Tuesday that it would still allow shipments awaiting customs clearance and exports to Egypt, often the world's largest importer of wheat.

"We have agreed but we haven't made the contract," Moselhy told reporters in Cairo on Tuesday when asked about the deal to procure 500,000 tons from India. He repeated an earlier statement that deals between governments would not be affected by the ban.

Egypt was currently focused on collecting wheat from the local harvest, which typically runs until July or August, rather than imports, Moselhy added.

Egypt's wheat imports, usually secured through tenders, have been thrown into doubt by Russia's invasion of Ukraine in late February due to heavy dependence on Black Sea wheat.



Bitcoin Drops to 11-day Low amid Tech Selloff

FILE PHOTO: Sparks strike representation of cryptocurrency Bitcoin in this illustration taken November 24, 2024. REUTERS/Dado Ruvic/Illustration/File Photo
FILE PHOTO: Sparks strike representation of cryptocurrency Bitcoin in this illustration taken November 24, 2024. REUTERS/Dado Ruvic/Illustration/File Photo
TT

Bitcoin Drops to 11-day Low amid Tech Selloff

FILE PHOTO: Sparks strike representation of cryptocurrency Bitcoin in this illustration taken November 24, 2024. REUTERS/Dado Ruvic/Illustration/File Photo
FILE PHOTO: Sparks strike representation of cryptocurrency Bitcoin in this illustration taken November 24, 2024. REUTERS/Dado Ruvic/Illustration/File Photo

Bitcoin fell below $100,000 on Monday, hitting its lowest in 11 days, in a move analysts attributed to a wave of caution after the surging popularity of a Chinese artificial intelligence model sparked a selloff in Western AI-related stocks.

The world's biggest cryptocurrency struggled to make gains last week, as a rally that had seen it break above $100,000 after US President Donald Trump's election ran out of steam, Reuters reported.

At 1156 GMT, bitcoin was at $98,852.17, down around 6% on the day, having fallen sharply in early trading to hit its lowest since Jan. 16.

Technology stocks plunged, as traders worried that Chinese AI startup DeepSeek could threaten Western companies' dominance of the sector, in a move some called AI's "Sputnik moment", referring to the former Soviet Union's launch of a satellite that marked the start of the space race in the late 1950s.

Bitcoin's losses are "seemingly driven by some risk-off sentiment circulating the markets currently due to DeepSeek," wrote eToro analyst Simon Peters.

Geoffrey Kendrick, global head of digital asset research at Standard Chartered, said a decline in Nasdaq futures had hurt crypto markets, but that disappointment over the Trump administration's announcement about a cryptocurrency stockpile had put digital assets more at risk of a sharp selloff.

Crypto failed to feature in Trump's day-one announcements after taking office last week, leaving some investors disappointed. In an executive order on Thursday, Trump created a working group to draft new crypto rules and explore a crypto stockpile, while the Securities and Exchange Commission (SEC) spiked accounting guidance that the industry said had stymied crypto adoption.

The prospect of interest rates staying higher for longer also hurt riskier assets, said Thomas Puech, CEO of digital asset hedge fund Indigo.

US Federal Reserve policymakers meet this week and are expected to keep interest rates on hold.