City Cairo Financial News

Oil prices fell in early Asian trading on Monday, erasing gains from Friday as Israel-Hamas peace talks in Cairo eased fears of a wider conflict in the Middle East and U.S. inflation data further dimmed the prospects of interest rate cuts anytime soon. Brent crude futures fell by as much as $1, or 1.1% to $88.50 a barrel before ticking back up to $88.55 at 0149 GMT. West Texas Intermediate (WTI) futures were down 84 cents, or 1%, at $83.01 a barrel.

Air India has operationalised five new contact centres, including in Cairo and Kuala Lumpur, to provide assistance to its customers worldwide. The Tata Group-owned airline has partnered with Concentrix, a California-headquartered customer engagement firm, to manage premium services from centres in Mumbai, Cairo, and Kuala Lumpur. Besides, the carrier has signed up iEnergizer to operate contact centres in Noida and Bengaluru, focusing on domestic inquiries, a release said on Friday. Recently, Air India introduced a premium desk for its premium frequent flyer members as well as business and first-class guests.

Brent crude futures were flat at $89.42 per barrel at 0010 GMT, while U.S. West Texas Intermediate (WTI) crude futures rose 2 cents to $85.25.

Oil prices rose in early Asian trading after hopes diminished that negotiations between Israel and Hamas would lead to a ceasefire in Gaza and ease tension in the Middle East. Brent crude futures rose 40 cents to $90.78 a barrel by 0032 GMT. U.S. West Texas Intermediate (WTI) crude rose 35 cents to $86.78.

Gaza, as Israel pulled all of its ground troops out of southern Gaza. Israel's army cited “tactical reasons", for their sudden withdrawal. The move, however, has raised questions about the future direction of the war.

US on high alert as Iran-Israel shadow war spurs chance of wider Middle east row The bloodiest-ever Gaza war began on October 7 with an unprecedented attack by Hamas militants resulting in the death of 1,170 Israelis. Thereafter, Israel relentlessly bombarded Gaza by air, land, and sea, killing at least 33,137 people, mostly women and children so far. Israel says that around 250 of its citizens and foreigners were taken hostage by militants on October 7.

₹6,749 per barrel after hitting an intra day high of ₹6,803 per barrel, on the multi commodity exchange (MCX). Also Read: Explained | Upside risk on inflation to export woes—here's how the Red Sea crisis will impact Indian economy in FY25 -Analysts said that successful peace talks would prompt Yemen's Houthi rebels to allow oil tankers to pass through the Red Sea. Blinken met Arab foreign ministers and Egypt's President Abdel Fattah El-Sisi in Cairo as negotiators in Qatar centred on a truce of about six weeks.

By Laila Kearney

Ursula von der Leyen said on Sunday that Gaza was facing famine and there had to be a rapid ceasefire agreement in the war between Israel and Hamas. «Gaza is facing famine and we cannot accept this,» von der Leyen told reporters, speaking in Cairo after signing a strategic partnership agreement with Egyptian President Abdel Fattah al-Sisi.

Brent futures for May delivery were up 24 cents at $82.45 a barrel by 1420 GMT. The April U.S. West Texas Intermediate (WTI) crude contract rose 31 cents at $78.24.

Egypt was in contact with senior Hamas and Israeli figures as well as other mediators on Sunday in an effort to restart negotiations for a truce in the Gaza Strip during the Muslim holy month of Ramadan, which begins on Monday or Tuesday, two Egyptian security sources said. Egypt's contacts with Hamas and Israeli intelligence agency Mossad on Sunday were carried out under a mandate from the Egyptian presidency in an effort to bring the two sides' divergent positions together, the sources said, without providing further details.

By Nidal al-Mughrabi and Michele Kambas

Cairo talks have been billed as a final hurdle to reach the first extended ceasefire in the war between Hamas and Israel- a 40-day truce during which Israeli hostages would be freed and aid pumped into Gaza — ahead of Ramadan, which is due to begin at the start of next week. «The delegation will remain in Cairo on Tuesday for more talks, they are expected to wrap up this round later today,» a Hamas official told Reuters. Egypt's Qahera television also reported the talks had been extended for a third day, but said they were «facing difficulties». Earlier, senior Hamas official Bassem Naim told Reuters the militant group had presented its proposal for a ceasefire agreement to the mediators, and was now waiting for a response from the Israelis, who have stayed away from this round. "(Prime Minister Benjamin) Netanyahu doesn't want to reach an agreement and the ball now is in the Americans' court" to press him for a deal, Naim said.

By Nidal al-Mughrabi and Bassam Masoud

Cairo as soon as Sunday and search for a formula acceptable to Israel and Hamas for a lasting ceasefire in Gaza, sources with knowledge of the talks said, after foreign governments resorted to airdrops to aid desperate civilians in the Palestinian enclave. Israeli and Hamas delegations were expected to arrive in Cairo on Sunday, two Egyptian security sources said, although another source briefed on the talks said Israel would not send a delegation until it got a full list of hostages who are still alive.

By Ahmed Mohamed Hassan and Nidal al-Mughrabi

southernmost city of Rafah could be “delayed somewhat" if a deal is reached for a weekslong cease-fire between Israel and Hamas. He further claimed that total victory in the territory would come within weeks once the offensive begins in Rafah as four of the six remaining Hamas battalions are concentrated there. Thus, Israel is set to undertake plans to expand its offensive against the Hamas militant group to Rafah on the Gaza-Egypt border even as humanitarian groups have warned of a catastrophe.

Israeli military offensive in the southernmost city of Rafah could be «delayed somewhat» if a deal for a weekslong cease-fire between Israel and Hamas is reached, Prime Minister Benjamin Netanyahu said on Sunday, but claimed that total victory in Gaza is «weeks away» once the offensive begins. Netanyahu confirmed to CBS that a deal is in the works, with no details. Israeli media reported that mediators were making progress on an agreement for a cease-fire and release of dozens of hostages held in Gaza as well as Palestinians imprisoned by Israel. Several Israeli media outlets, citing unnamed officials, said the War Cabinet tacitly approved it. Talks resumed on Sunday in Qatar at the specialist level, Egypt's state-run Al Qahera TV reported, citing an Egyptian official as saying further discussions would follow in Cairo with the aim of achieving the cease-fire and release. Meanwhile, Israel is developing plans for expanding its offensive against the Hamas militant group to Rafah on the Gaza-Egypt border, where more than half the besieged territory's population of 2.3 million have sought refuge.

Israel has sent negotiators for truce talks in Cairo as requested by US President Joe Biden but they did not go back for further talks because Hamas' demands were "delusional," Prime Minister Benjamin Netanyahu said on Saturday. Netanyahu also said Israel would not give in to «international dictates» regarding a statehood agreement with the Palestinians, which he said could only be reached through direct negotiations without preconditions.

By Ahmad Ghaddar

HBR) piece deals with the rise of a new type of urban conglomeration, meta cities. It elaborates its features: Resurrected residentials During Covid, many predicted the death of global cities because many residents retreated to suburbs and small towns to work remotely.