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Economy news today, Wednesday.. 37 billion pounds, an increase in wage allocations


The Seventh Day published a number of important economic news today, Wednesday, most notably the announcement of the Ministry of Finance to allocate 37 billion pounds from the budget to the wages item.


37 billion pounds increase in wage allocations


The Ministry of Finance launched the eighth consecutive issue of the citizen’s budget for the fiscal year 2021/2022, under the title: “Supporting economic activity, consolidating the principle of citizenship, supporting human development and social protection,” from Fayoum Governorate; Believing that the citizen is an authentic partner in the development of the localities through the participatory budget, the Transparency and Community Participation Unit in the Ministry prepared a meeting for a group of young people with Dr. Ahmed Al-Ansari, Governor of Fayoum, to participate in the citizen’s budget; As one of the most important tools of the "participatory budget", the Ministry of Finance revealed that 37 billion pounds have been allocated from the budget to the wages item.


Gold prices today, Wednesday

Today, Wednesday, gold prices witnessed an increase of 3 pounds, to record 21 karat gold, which is the most popular in the market, 766 pounds per gram, after a partial recovery in the price of an ounce of gold today, to record levels of 1744 dollars, after falling yesterday to 1730 dollars.


Traders on gold and currencies are awaiting an important speech from US Federal Reserve Chairman Jerome Powell, which may deepen gold's losses, as the precious metal records continuous declines for the second week in a row after the Federal Reserve announced its intention to cut economic stimulus programs.


It is expected today, Wednesday, September 29, 2021, the announcement of pending home sales in the United States, US crude oil inventories, the European Central Bank president’s speech, the Governor of the Bank of England, the speech of the Governor of the Bank of Japan and the speech of the Chairman of the Federal Reserve


Oil prices today


Today, oil prices recorded $77.80 per barrel, for the futures contracts for the international benchmark, Brent, and the US West Texas Intermediate crude futures contracts, at $74.02 per barrel.


According to international media reports, oil prices in global markets fell today, Wednesday, after data showed an unexpected increase in crude oil stocks in the United States of America.


Brent crude futures prices recorded their third consecutive weekly gains at the end of trading sessions in the futures markets last Friday, by 3.6% compared to the end of the previous week, to reach their highest level since October 2018. It is the fifth in a row by 2.8% compared to the end of the previous week.


$2.5 billion trade exchange between Egypt and Brazil


Dr. Khaled Hanafi, Secretary-General of the Union of Arab Chambers, said that the volume of trade between Egypt and Brazil is estimated at 2.5 billion dollars annually, but it does not live up to what the two countries aspire to, because the idea of ​​simple trade exchange is in the form of export, import and market entry, but we are now seeking to create a business alliance Strategic based on a pivotal scale, the first of which will be in Egypt across the pivotal and industrial zones.


While attending the launching ceremony of the Brazilian Arab Chamber of Commerce in Egypt, Hanafi added that the main objective of the Brazilian Chambers of Commerce is for Egypt to be a launching pad for Brazil to other countries by using the tools of the Fourth Industrial Revolution and modern technological capabilities, noting that Egypt is moving steadily towards a broader economy. .


Hanafi considered that "there is room to expand and increase Brazilian-Arab exports, which confirms the need for a direct shipping lane linking those parts of the world," noting that "the Federation of Arab Chambers, in cooperation with its partners in Brazil, especially the Arab-Brazilian Chamber, will not stop at Working on building strategic partnership relations between Arabs and Brazilians.


Promising opportunities for the Egyptian engineering industries in the Zambian market


The Egyptian trade mission for engineering industries to Zambia achieved positive results, including introducing Egyptian companies to the nature of the Zambian market and its advantages, in addition to introducing the Zambian business community to the production and export capabilities of Egyptian companies, and their ability to compete with the most important exporting countries of Zambia similar products.


The latest report received by Nevin Gamea, Minister of Trade and Industry from the Egyptian Commercial Office in the Zambian capital, Lusaka, on the results of the visit, confirmed that the trade mission included 15 Egyptian companies that are members of the Export Council for Engineering Industries and work in the fields of home appliances production, agricultural machinery and equipment, prefabricated buildings, car batteries, and tools. and electrical products, during the period 19-22 September.


Dr. Ahmed Maghawry, Head of Commercial Representation, explained that the visit included holding a Business Links Forum with the participation of Egyptian companies and 45 Zambian companies operating in the targeted sectors, with the aim of networking Egyptian companies with Zambian companies through holding bilateral business meetings, as well as introducing Egyptian companies to the most important features of the investment environment and incentives. In Zambia, the visit also included field visits by Egyptian companies to the headquarters of Zambian companies to discuss opportunities for joint cooperation and to identify their needs for Egyptian products.

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