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Egypt Holds Talks to Sell Surplus Power to Europe, Africa

A worker walks amidst solar panels at the Infinity 50 Solar Park near Aswan, southern Egypt. Photographer: Oliver Weiken/picture alliance via Getty Images
A worker walks amidst solar panels at the Infinity 50 Solar Park near Aswan, southern Egypt. Photographer: Oliver Weiken/picture alliance via Getty Images
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Egypt Holds Talks to Sell Surplus Power to Europe, Africa

A worker walks amidst solar panels at the Infinity 50 Solar Park near Aswan, southern Egypt. Photographer: Oliver Weiken/picture alliance via Getty Images
A worker walks amidst solar panels at the Infinity 50 Solar Park near Aswan, southern Egypt. Photographer: Oliver Weiken/picture alliance via Getty Images

Egypt has begun talks over plans to sell electricity to Europe and Africa, pressing its advantage as a producer of cheap renewable energy in a bid to become a regional export hub, said the head of its sovereign wealth fund Ayman Soliman.

The nation, which has a surplus of electricity, sees unspecified “power-hungry” countries to the north as possible customers, Soliman said, Bloomberg reported.

Egypt could supply Europe via a planned sub-sea cable to Cyprus and Greece.

“We are in talks with European infrastructure investors, advisers and energy traders to assess the viability and appetite,” Soliman said in an interview in Cairo.

The transmission line “will position Egypt as a long-term renewable supply hub for Europe.”

According to Bloomberg, electricity exports could be a lucrative earner for Egypt, which is already becoming a natural-gas hub after offshore discoveries

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Russia’s Inflation Reaches 9.5% This Year, Weekly Data Shows

Pedestrians walk to an underground passage at Manezhnaya Square decorated for Christmas and the New Year festivities with the Historical Museum and the Kremlin Wall in the background in Moscow, Russia, Monday, Dec. 23, 2024. (AP)
Pedestrians walk to an underground passage at Manezhnaya Square decorated for Christmas and the New Year festivities with the Historical Museum and the Kremlin Wall in the background in Moscow, Russia, Monday, Dec. 23, 2024. (AP)
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Russia’s Inflation Reaches 9.5% This Year, Weekly Data Shows

Pedestrians walk to an underground passage at Manezhnaya Square decorated for Christmas and the New Year festivities with the Historical Museum and the Kremlin Wall in the background in Moscow, Russia, Monday, Dec. 23, 2024. (AP)
Pedestrians walk to an underground passage at Manezhnaya Square decorated for Christmas and the New Year festivities with the Historical Museum and the Kremlin Wall in the background in Moscow, Russia, Monday, Dec. 23, 2024. (AP)

Russia's inflation has reached 9.5% this year, according to new weekly data showing that the consumer price index rose by 0.33% in the week leading up to Dec. 23, the statistical agency Rosstat reported on Wednesday.

This data follows the central bank's unexpected decision last week to maintain its key interest rate at 21%. The regulator said recent tightening has created conditions conducive to reducing inflation towards its target of 4%.

The agency indicated that seasonally volatile prices for fruit and vegetables contributed significantly to the overall increase, with cucumber prices rising by 8.3% and tomato prices by 1.9% in just one week.

Among less seasonally sensitive foods, the price of eggs increased by 1.7%, and frozen fish by 1.4%. The central bank had initially estimated this year's inflation at a maximum of 8.5%.

The central bank's monetary policy department's head Andrei Gangan told the Interfax news agency on Dec. 24 that full-year inflation will be between 9.6% and 9.8%.

Inflationary expectations among households for the coming year also reached 13.9% in December, the highest level since the beginning of the year.

In a report on its inflationary expectations survey, the central bank said respondents were most concerned about rising prices for milk, dairy products, eggs, meat, and fish.

It also said respondents have begun to notice increases in the prices of home appliances and electronic devices.