Egypt Financial News

GDP share of the six new members, being added to the five-member BRICS grouping of emerging economies from January, will be just 11 per cent, with Saudi Arabia's contribution the highest at 4 per cent, an analysis shows. The proposed addition of Argentina, Egypt, Ethiopia, Iran, Saudi Arabia and the United Arab Emirates to the five-member BRICS, or Brazil, Russia, India, China and South Africa, will also see the grouping's share in the global GDP rising to 30 per cent from 26 per cent now and that of the population to 46 per cent, according to an analysis by the SBI Research. The expansion decision, effective January 1, 2024, was announced at the recent BRICS summit held in Johannesburg. Currently China contributes 70 per cent of the BRICS' GDP, which will decline to 62 per cent, while India chips in with 13 per cent now that will inch down to 12 per cent.

Indian Air Force aircraft performed air-to-air refuelling of Egyptian Air Force Aircraft on Sunday. The IAF IL-78 air-to-air refuelling aircraft took part in the ongoing Bright Star-23 Exercise in Egypt. Sharing the photos of the air-to-air refuelling on X, formerly Twitter, IAF said, “Showcasing the bonds of friendship in the skies over Egypt during Exercise Bright Star, where the Indian Air Force IL-78 air-to-air refuelling aircraft refuelled aircraft from the Egyptian Air Force".

G20 Summit, Northern Railways has decided to cancel and divert over 200 passenger trains temporarily from September 8 to 11 here, a notification stated on Saturday. According to the schedule, over 90 trains have been cancelled on September 9. More than 100 passenger trains will be cancelled on September 10 as well.

Mohamed Al Fayed, the former owner of London's renowned Harrods department store and the father of Dodi Fayed, who tragically lost his life in a car crash with Princess Diana 26 years ago, has passed away at the age of 94, according to a statement released by his family.

By Andrew MacAskill

BRICS intensified discussions on expansion and a common currency. Originally comprising Brazil, Russia, India, and China, BRICS was coined by Goldman Sachs in the 1990s to encourage investment in emerging economies. South Africa, the first non-original member, aptly led a summit centered on group expansion.BRICS expanded its wings: The BRICS meeting concluded, and the good news is that they are happy to shake hands with 6 more countries- Saudi Arabia, Iran, Ethiopia, Egypt, Argentina, and the United Arab Emirates (UAE). Currently, the core BRICS countries control around 23% of global exports and 19% of global imports, and the new members would add 3.7% and 3.0% respectively, with Saudi Arabia being the biggest individual new member in terms of exports and the UAE the biggest new importer. What BRICS+ have now? This alliance includes six leading crude oil producers—Saudi Arabia, Russia, China, UAE, and Iran—yielding substantial energy and geopolitical influence. It unites three top African economies—Egypt, South Africa, and Ethiopia—and South America's key players, Brazil, and Argentina. Strikingly, this coalition bridges the divide between ideological rivals: Sunni-majority Saudi Arabia and Shia-majority Iran. With a diverse mix of economic, energy, and political dynamics, this alignment reflects a complex global landscape where nations with disparate interests find common ground, underscoring the intricate interconnectedness shaping today's international relations. Saudi Arabia, China, Russia, India, and other nations have rapidly bolstered trade and relations.

Egyptian authorities say the national carrier will resume direct flights to Sudan this week following high profile talks between the Egyptian president and Sudan’s military chief

BRICS grouping will see it controlling 46 per cent of the world's population and 30 per cent of its economic output, according to a research paper. At the latest BRICS summit in Johannesburg last week, the present members — Brazil, Russia, India, China and South Africa — decided to add Argentina, Egypt, Ethiopia, Iran, Saudi Arabia and the United Arab Emirates as new members of the grouping. The new members will become part of BRICS effective January 1, 2024. The acronym BRICS was originally coined in 2001 by Goldman Sachs economists led by Jim O'Neill.

BRICS countries to reach an understanding with China on the issue of cross-border terrorism, said the State Bank of India (SBI) in a new research report. The report stated that there is a need for India and China to increase cooperation on issues like river water (Brahmaputra) data sharing, entry of Indian pharmaceutical companies into China, etc.

Bloomberg News that the leaders “will launch a kind of manifesto calling attention to the need to improve labor relations," that would touch on work environments and pay. Scheduled for September 19, the meeting will follow the addresses of both presidents to the General Assembly.

India is launching a major outreach with key members of the Arab World through G20 to build momentum in strategic partnership and economic linkages. Besides Saudi Arabia, which is a G20 member, leaders of the UAE, Oman and Egypt are expected to attend the G20 Summit as invitees. All four are close strategic partners of India with the Egyptian President attending the Republic Day Parade as the chief guest this year and PM Narendra Modi visiting Cairo in June. Ties with Egypt have received fresh momentum since 2021 with regular defence exchanges.

FIBA Basketball World Cup, the USA have registered two initial wins, cruised past Greece, and have clinched the group round. Canada defeated France, who were eliminated on Sunday after yet another defeat at the hands of Latvia. Steve Kerr has coached Team USA and led by Anthony Edwards, Jalen Brunson, Jaren Jackson Jr. and Mikal Bridges led them. The US finished seventh in 2019 and they hope for a better result this year.

BRICS countries, which was held in South Africa, received unprecedented international attention. Some commentators even invoked the Bandung conference of 1955, where leaders of India, China, Indonesia, Egypt and Yugoslavia launched the non-aligned movement (NAM). It seemed as though another generation of leaders, this time from Brazil, Russia, India, China and South Africa, were building an alternative to the US-dominated global order.

Egypt, Ethiopia and Sudan have resumed their years-long negotiations over the controversial dam Ethiopia is building on the Nile River’s main tributary

digital economy, trade and food security. UN secretary general Antonio Guterres, who was also present, said the UN, formed in 1945, must be reformed to reflect modern power realities. The big one was the expansion of Brics to include six new members, who will join the organization next year.

the future of BRICS-Plus. The Johannesburg summit of BRICS leaders, which ended on 23 August 2023, agreed to induct six new members: the United Arab Emirates (UAE), Saudi Arabia, Argentina, Iran, Egypt and Ethiopia. Along with the existing five members—Brazil, Russia, India, China and South Africa—the expanded grouping of 11 members now presents an interesting alchemy of geo-political and geo-economic interests.

Indian Air Force (IAF) contingent departed for Egypt on Sunday to participate in BRIGHT STAR-23 — a biennial multilateral tri-service exercise scheduled to be held at Cairo (West) Air Base — from August 27- September 16. Notably, this is the first time that IAF is participating in BRIGHT STAR-23 which will also see the participation of contingents from the United States of America, Saudi Arabia, Greece and Qatar, the Ministry of Defence said in a statement today. The IAF contingent will consist of five MiG-29, two IL-78, two C-130 and two C-17 aircraft. Personnel from the IAF's Garud Special Forces, as well as those from the Numbers 28, 77, 78 and 81 Squadrons will be participating in the exercise, the statement said. The IAF transport aircraft will also provide airlift to approximately 150 personnel from the Indian Army. The objective of the exercise is to practice planning and execution of joint operations.

Neeraj Chopra is set to vie for his second consecutive medal at the World Athletics Championships in Budapest, Hungary, following his impressive qualification throw of 88.77m during Friday's qualification round. The 25-year-old athlete, who clinched a silver medal at the 2022 championships held in Eugene, United States, not only topped the qualification round but also secured a spot at the 2024 Paris Olympics. Chopra will face stiff competition in the final, which includes 11 other athletes, including two fellow Indians, Manu DP and Kishore Jena. Here's what you need to know about watching the final and the participants:Where to watch the World Athletics Championships 2023 javelin throw final in India? Viewers can catch the final live and for free on the JioCinema website and the JioCinema app.

Read more Jio Financial Services stock will now be removed from the all the S&P BSE indices, including Sensex, Sensex 50, BSE 100, BSE 500 among others, before opening of trading on September 1. Read more The Securities and Exchange Board of India (Sebi) on Friday informed the Supreme Court that it has concluded 22 out of 24 separate investigations into the Adani group, analysed data on nearly 350 million stock trades, and scrutinized dealings in seven Adani group firms involving tens of thousands of documents.

Pakistan has tried to downplay the snub from the BRICS, saying it has not yet made a formal request to join it after the bloc ignored Islamabad when it announced its major expansion in years. On August 24, The leaders of the BRICS nations decided to admit Argentina, Egypt, Ethiopia, Iran, Saudi Arabia and the United Arab Emirates as the new members of the grouping, sealing a long-drawn process. Foreign Office spokesperson Mumtaz Zahra Baloch issued the details of her weekly briefing on Friday night, a day after the bloc of developing countries added new countries. «We will examine the latest developments and make a determination about our future engagement with BRICS,» Baloch said. To a query, if Pakistan was ignored by the bloc, she said Pakistan followed BRICS' developments in its latest summit in South Africa and also noted its openness to inclusive multilateralism. «Pakistan is an ardent supporter of multilateralism and as a member of several multilateral organisations it has always played an important role in global peace and development,» she said. The spokesperson termed Pakistan as an important developing country that has made «important contributions to promote peace, solidarity and cooperation among countries of the South». «We shall continue our efforts at the international fora for fostering the spirit of international cooperation and revitalisation of inclusive multilateralism,» she said. BRICS initially composed of Brazil, Russia, India, China and South Africa has undertaken major expansion taking its members to eleven, making it more representative of the Global South. Reportedly several countries are queuing up to join the group but Pakistan may face a challenge due to the presence of India which enjoys

The director of the British Museum says he's stepping down amid investigations into the theft or disappearance of hundreds of items from its massive collection, including gold jewelry, semi-precious gems and antiquities dating to the 15th century B.C. ...