CM – China connects key to the success of the African free trade initiative: Egyptian President

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CAIRO: Egyptian President Abdel Fattah El-Sisi has emphasized the importance of cooperation with China for the success of an African free trade initiative.

In a virtual speech at a Sino-African Cooperation Forum meeting attended by Chinese President Xi Jinping and a number of African leaders, he said effective partnership with China is critical to the implementation of the African Continental Free Trade Area Agreement Meaning is.

The Egyptian leader pointed out that under his current presidency of the Common Market for Eastern and Southern Africa, his country will seek to attract foreign investment, promote integration between African and foreign private sectors and expand digital transformation and e-commerce.

In a statement, an official spokesman for the Egyptian Presidency said members of the forum had discussed ways to consolidate ties between the African continent and China, including working together on economic recovery programs following the coronavirus disease (COVID-19) pandemic .

El-Sisi noted the importance of the forum in strengthening joint trade and investment initiatives, including debt relief programs and helping small and medium-sized businesses to overcome the economic crises caused by the global virus outbreak.

He told the meeting that further investment in infrastructure projects is needed to complete the continental link between African countries, adding that it is important to learn from other nations’ experiences in tackling the COVID-19 pandemic through prevention, biotechnology and to learn about pharmaceutical manufacturing.

The Egyptian President praised Egypt and China’s vaccine manufacturing, which resulted in his country becoming the first African nation to have the skills to manufacture vaccines against COVID-19. And he also stressed the need for joint coordination between Africa and China on questions of strengthening peace and security.

CAIRO: Galaxy Digital, a New York-based crypto investment company, plans to raise $ 500 million in the debt market, the Financial Times reported on Wednesday.

« Galaxy strives to become the Goldman Sachs of cryptocurrency, » reported the Financial Times on behalf of Novogratz, a former manager of the Fortress Investment Group.

« The company is growing rapidly, with net income increasing to $ 517 million in the third quarter from $ 41.5 million in the same three months last year, » he added.

The convertible bond deal is expected to close later this year, subject to approval from the Toronto Stock Exchange, which is the company’s stock exchange list.

OPEC and its allies will begin two-day meetings on Wednesday to decide whether to release more oil into the market or cut supply amid wide volatility in crude oil prices and uncertainty about the impact of the Omicron coronavirus variant on energy demand.

Oil prices fell to nearly $ 70 a barrel on Tuesday after hitting a three-year high of over $ 86 in October and their largest monthly decline since the pandemic began in November as the new variant raised fears of oversupply let.

In November, Brent fell 16.4 percent while US crude fell 20.8 percent, the largest monthly decline since March 2020.

Iraqi Oil Minister Ihsan Abdul Jabbar said he expected the Organization of Petroleum Exporting Countries and its allies, known as OPEC, to expand existing production policies in the short term, the state news agency reported.

OPEC ministers, including those from the group’s largest producers, Russia and Saudi Arabia, said it would not take a knee-jerk reaction to change policy.

Since August, the group has been adding another 400,000 barrels per day of production to global supply as it gradually phased out the record cuts agreed in 2020 when demand crumbled due to the pandemic.

The Algerian energy minister Mohamed Arkab said on Tuesday that OPEC would supply the world market with sufficient oil, but urged caution against the effects of the Omicron variant, reported the Algerian state news agency APS.

« The threat to oil demand is real, » said Louise Dickson, senior oil market analyst at Rystad Energy. « Another wave of lockdowns could lead to a loss of up to 3 million bpd in oil demand in the first quarter of 2022. »

However, Goldman Sachs said the oil price decline in recent days has been exaggerated as the market is now pricing in a 7 million bpd drop in demand.

Fed chairman Jerome Powell added price pressures, saying the US Federal Reserve will likely discuss an accelerated reduction in bond purchases amid a strong economy and expectations of continued spike in inflation.

OPEC will meet on Wednesday at 1300 GMT. This meeting will be followed by a meeting of the broader OPEC group on Thursday.

However, some analysts have suggested that OPEC could put on hold its plans to increase delivery by 400,000 bpd in January.

Even before concerns about Omicron arose, the group had weighed the impact of last week’s announcement by the United States and other countries to release emergency crude oil reserves to curb energy prices.

OPEC has gradually scaled back last year’s record production cuts of 10 million bpd, equivalent to around 10 percent of global supply. About 3.8 million bpd of cuts remain.

But OPEC oil production in November fell below planned levels again as some OPEC producers struggled to increase production, according to a Reuters poll, after years of little investment and amid global pressure to cut fossil fuel consumption .

RIYADH: Nasdaq Inc., the multinational financial services company that owns and operates three stock exchanges in the United States, plans to move to Amazon Web Services’ cloud to cut costs, Bloomberg reported.

The initiative includes the transfer of huge amounts of data from the exchange to a third-party cloud-based service, as well as the outsourcing of storage and processing functions from AWS Outposts.

The migration will take place in phases. The exchange is expected to start cloud trading next year, starting with Nasdaq MRX, with a long-term plan to host over 25 markets by 2030.

« The rollout will take place over a multi-stage test period to ensure that existing Nasdaq customers are happy with the transition, » said Tal Cohen, NYSE Executive Vice President and Head of North American Markets.

Earlier this month, CME Group Inc. and Google of Alphabet Inc. reached an agreement to move derivative data to Google Cloud and start trading.

RIYADH: Qatar Airways has placed an order with Boeing for almost 50 cargo aircraft in the dispute with Airbus, reported Bloomberg, citing the CEO of the Gulf airline.

Akbar Al-Baker is addressing paint and surface defects on Airbus A350 cargo jets as the aircraft suggested using copper foil as a lightning rod on the fuselage, which could require new regulatory approvals.

« If we even change the armrests on our seats, they have to be recertified, » reports Bloomberg, citing Al-Baker.

The surface finish problems on Airbus A350 cargo jets arise when the aerospace company tries to attract buyers for the freighter version.

Earlier this week, an Airbus spokesman said the company was working on the paint problem with the European Union’s Aviation Safety Agency.

Leading oil exporter Saudi Arabia could hike Asian crude oil prices in January after big gains in the Middle East spot market last month, but weak refining margins and consumer releasing of oil reserves could limit profits, trade sources said.
The January Official Sale Price (OSP) for the flagship Arab Light crude could hardly change, or climb as high as $ 1.20 a barrel to track a similar spike in the Dubai benchmark due to strong spot crude demand last month, a Reuters poll of sources from seven Asian refineries showed.
A decision by the Organization of Petroleum Exporting Countries and its allies, a group known as OPEC, on Thursday to further increase production by 400,000 barrels a day in January will also affect how Saudi Arabia sets OSPs, traders said. Continue reading
In addition to weighing the impact of the 50 million barrels of crude oil spill from the United States, which some analysts say could lead to surpluses in the first quarter, OPEC will also assess how the Omicron coronavirus variant could affect fuel demand when nations reintroduce border restrictions to curb the spread of the disease. Continue reading
Global oil prices have lost about $ 10 a barrel since Thursday the news from Omicron rocked investors.
Two of the seven respondents expect Arab Light’s OSP to rise by more than $ 1 in January, while three others forecast in the 50 to 80 cents range. The remaining two expect the price to stay the same or increase by 10-20 cents.
Spot premiums for several varieties from the Middle East and Russia hit near two-year highs last month due to tight supply and robust winter demand, but the SPR release clouded sentiment. Continue reading
There is way too much supply with the SPR release and refining margins have fallen sharply, one respondent said, referring to the decline in complex margins in Singapore from around $ 8 to $ 2
« The COVID uncertainty has also set in, » he added.
Another trader said supplies from other regions had improved and Saudi crude prices needed to remain competitive. Saudi Crude Oil OSPs are usually released around the fifth of each month and set the trend for Iranian, Kuwaiti and Iraqi prices, which hit about 9 million barrels per day of crude oil for Asia.
State oil giant Saudi Aramco sets its crude oil prices based on recommendations from customers and based on revenue and product prices after calculating the change in the value of its oil over the past month.
Saudi Aramco officials generally do not comment on the kingdom’s monthly OSPs.

Keywords:

Lebanon,Egypt,Energy,Iran,Natural gas,Lebanon, Egypt, Energy, Iran, Natural gas,,MENA,Lebanon,Electricity,Energy,,Politics,Lebanon,World economy,Oil and Gas,Energy,,,

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