Latest News
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Prime Minister says Egypt will slow down state projects in Egypt for two months due to the war with Iran
Egypt will'slow down' large state projects that require a high fuel and diesel usage for at least two months, while fuel allocations for government vehicles will be reduced by 30%. Madbouly said that the public sector, as well as the private sector, except for the services and manufacturing industries, would work remotely 'every Sunday in April. This measure can be extended by an additional day per week, or for several months if war continues. This is part of wider measures to deal with the economic fallout caused by the 'Iran War, which has pushed up energy prices and strained the public finances. Egypt, despite not being directly involved, has suffered a great deal, especially in its energy sector. It is heavily dependent on fuel imported from abroad. The disruption in oil and gas trade and production across the Middle East has led to a rise in costs. Fuel prices and public transport costs have already been raised by the government. Madbouly emphasized that these measures were temporary and that the government was 'working to help the citizens. Finance minister Ahmed Kouchouk stated that debt servicing costs, the mainstay of Egypt's budget which is usually consumed by the service of debt, will only rise 5% in the fiscal year beginning July. Ahmed Tolba in Cairo, Mohamed Ezz in Alexandria and Jaidaa T. Taha edited by Jan Harvey and Louise Heavens.
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Baghdad orders probe after drone targets Kurdistan president's home
Security?sources say that a 'drone attack' targeted the home of the President of Iraq’s Kurdistan Region?early Saturday morning. This?incidences comes at a time when tensions are rising in northern Iraq. Sources added that air defences shot down a drone in Duhok near a base of Peshmerga warriors. The strikes come amid an increase in attacks against both Iran-aligned forces and?Kurdish ones as the U.S. and Israeli war on Iran spills?over into Iraq, attracting multiple armed group and straining Baghdad’s efforts to contain?the fallout. His office reported that Prime Minister Mohammed Shia al-Sudani spoke to him on the phone and condemned the attack on Kurdish President Nechirvan Barzani’s house. Sudani also ordered the formation of a joint federal and Kurdistan technical and security team to investigate and identify the perpetrators. Since the beginning of the U.S. and Israeli war against Iran, airstrikes have targeted sites that belong to Iraq's umbrella organization for Iran-backed Shi’ite militias. The Popular Mobilization Forces also target Kurdish Peshmerga fighters in 'Iraqi Kurdistan. Iraqi military claimed that the U.S., Israel and others carried out some of the airstrikes against the PMF. Tehran-backed armed group have also launched attacks on U.S. base?in Iraq as well as?the U.S. Embassy. Reporting by Jaidaa Taka, additional reporting by Muayad Saadi; Writing by Ahmed Tolba from Cairo; Editing and proofreading by Joe Bavier & Louise Heavens
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FinMin: Italian state finances are able to absorb shocks due to the Middle East Crisis
Italian state finances are able to absorb the negative impact of the Middle East crisis, said Economy Minister Giancarlo Giorgetti on Saturday as the government prepared to update its budget targets and growth estimations for 2026 and subsequent years. Giorgetti stated that he still hoped for a downward adjustment of the deficit last year to 3% from 3.1% of national production by the national statistics office ISTAT. This would allow Italy to 'exit' early this year EU's excessive-deficit procedure. Giorgetti, speaking at a financial conference in Cernobbio (northern Italy), said: "We face this crisis from a position of relative strength, because our numbers are not exceptional but they are definitely positive." A source familiar with the matter stated that Prime Minister Giorgia meloni's Government expects Italy's Economy to Grow by 0.5%, 0.6% or even 0.7% this year and 0.7% by 2027 if policy remains unchanged. The two forecasts are both slightly below the 0.7% and 0.8% GDP growth targets that the government set in September. GOVERNMENT SEES SLOWER Growth Ahead These figures are still subject to change before they are published on April 10. They do not include any potential stimuli measures that the government might adopt to help households and businesses cope with rising energy prices. Giorgetti stated that despite the bleak economic outlook, the state finances were in a good position to absorb any shock from the Iran War. Italy did not achieve its goal of bringing the deficit under the 3% key ceiling for the European Union as originally planned, but ISTAT stated that if additional information becomes available, ISTAT could revise these figures by April 21. In September, the Treasury set a goal of 2.8% for this year's ratio of deficit to GDP. Giorgetti called for an EU-wide coordinated approach to adopt measures to deal with the current crisis and stated that Italy is not experiencing any shortages of energy at this time. The government has set aside 417.4 millions euros ($480.34) to cut excise duty on fuels until April 7. However, prices have not changed much and industry lobbyists are calling for more effective measures. Giorgetti stated that "we will listen to the different groups to identify the most urgent issues".
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What is the World Trade Organization E-Commerce Moratorium?
The ecommerce moratorium is an agreement between World Trade Organization members that prohibits the application of customs duties to electronic transmissions, such as "digital downloads" and "streaming". The policy was adopted for the first time in 1998, at the WTO's Second Ministerial Conference held in Geneva. It was part of a statement to encourage early digital trade growth. This includes cross-border transmissions of software, e-books and music, movie and video streaming, and video games. The tariff moratorium was originally intended to be temporary. It has been extended roughly every two-years at each WTO Ministerial Conference, most recently for two years in 2024 at the 13th meeting. The 14th WTO Ministerial Conference in Yaounde (Cameroon) will see the expiration of this agreement. Arguments for Extending the Period WTO members who have large digital economies, such as the U.S. and the EU, Canada, and Japan, want to extend the moratorium indefinitely because it will ensure predictability for global digital trade. The U.S. is concerned that major American tech companies such as Amazon and Apple will have a stable regulatory climate without having to worry about countries imposing duties which could affect cross-border digital commerce. Over 200?business organizations from around the world signed a statement calling for an extension to the moratorium. The International Chamber of Commerce (ICC) says that a failure to comply with the law would increase costs, fragment internet, and make it difficult for businesses to engage in digital cross-border trade. Arguments against Extending the Moratorium Some developing nations including India, which has opposed the moratorium for a long time, claim that extending it would deny them the tariff revenue they need to fund infrastructure or close the digital gap. Sofia Scasserra, a researcher at the Transnational Institute, said that the moratorium had failed to boost digital economies in developing nations and has instead entrenched the dominance of the U.S. In a research paper published by the United Nations Conference on Trade and Development in 2019, it was estimated that the moratorium could have cost developing countries $10 billion in tariff revenue in 2017. An OECD report found that the revenue loss from digital services imported could be largely offset by goods and services taxes or value added taxes. Positions of the countries at the Cameroon Meeting At the Cameroon Ministerial Conference, four formal proposals for the ecommerce moratorium have been presented. The African,?Caribbean, and Pacific Group proposes extending?the?moratorium to the next ministerial conferences. The United States. The?U.S. A group that includes Switzerland proposes an extension until the next conference, while a plan from Brazil proposes to extend it until then and create a digital-trade committee. Reporting by Olivia Le Poidevin, Yaounde, Editing by Keith Weir
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EU Trade Commissioner discusses tariffs and critical minerals with US
The European Union trade commissioner stated that he had a "very constructive" meeting on Saturday with U.S. Trade Representative Jamieson Greer, on the sidelines of the?World Trade Organization Ministerial Meeting in Cameroon. Maros Sefcovic, the commissioner of Maros Sefcovic, said that they had agreed to continue working on critical minerals with the United States. Tariffs were also discussed. After months of uncertainty about President Donald Trump's tariff threats and new import levy, EU lawmakers passed legislation on Thursday that will 'fulfill the bloc's part of its trade deal with the U.S.' in Turnberry, Scotland last July. Washington was worried that it might not adhere to the deal. The U.S. and the EU reached an agreement to impose a 15% import tariff on most EU products - half of the rate that was threatened - averting a larger trade war between two allies who account for nearly a third the global trade. Sefcovic said that the positive meeting and vote with Greer was important. It demonstrates that both sides are committed to the agreement, despite global turbulence. The U.S. will be the EU's biggest trading partner in 2025, with EU exports to the U.S. expected to reach a record of 555 billion euro ($641 billion). Sefcovic stated that the EU also looks to other trading partners. He said: "Our agenda in the future is to work as much as we can with all partners who want to have a?free?trade agreement with?us... and, of course, to lower tariffs for the partners with whom?we are already trading." (Reporting and editing by Joe Bavier, Dave Graham, and Olivia Le Poidevin)
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Schindler CEO ready to oppose possible Kone-TK Elevator Merger
The head of Schindler, a Swiss?lift manufacturer, said on?Tuesday that the company will contest any?merger between rivals Kone Elevator and TK Elevator in front of antitrust authorities. Bloomberg News reported last 'week that Finland's Kone is in talks to purchase TK Elevator. The merger would make Schindler the second largest lift manufacturer in the world, surpassing the current leader OTIS. Schindler CEO Paolo Compagna stated that the deal would be "a bloodbath", bound to disrupt the lift industry as the world's third and fourth largest lift manufacturers would have to integrate overlapping customer bases and production sites, and teams. Compagna stated in an interview that she was sure "we wouldn't be the only ones going to make sure that this antitrust is checked in every country possible." Kone and TKE initially did not respond to initial requests for comments. COMPAGNA SAID THE POSITION IS STILL THE SAME AS 2019 Schindler has maintained the same position since the last time the idea of a merger was discussed in 2019. This coincided with Kone's bid for TKE. Advent International and Cinven - the current owners of TKE - made a bid for around 19.9 billion euros (17.2 billion euros) that ultimately beat out the Finnish group's?2019 offer. Compagna stated that the environment is more difficult today than it was in 2019. Bloomberg reported that a possible deal value could be as high as 25 billion euros. Compagna said that any merger could take several years, and would?presumably? require many?divestitures. If a deal proceeds that far, Schindler will consider buying any divested businesses as part of its bolt on acquisition strategy.
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What are the Houthis and their allies, Iran in Yemen?
Israel's military said that a missile fired from Yemen was detected for the very first time a month into the U.S. and Israeli conflict with Iran. There were few details immediately, such as who fired the missile or at what target. But news of the attack was announced just hours after Iran's Houthis group said it would act if an escalation of violence against Iran and "Axis?Resistance". continued. The Houthis are heavily armed and can strike neighbouring Gulf countries. Any involvement by them in the conflict could have a major impact on maritime navigation throughout the Arabian Peninsula. This is why: Who are the HOUTHIS? Houthis is a military, religious and political movement that is led by the Houthi Family and based in north Yemen. They are Shi'ite Muslims who belong to the Zaydi Sect. After the "Arab Spring", the Houthis expanded their power, and forged closer ties to Iran. The group took advantage of the instability in the country to capture the capital Sanaa, Yemen in 2014. Saudi Arabia led an Arab coalition in a military operation to try and?dislodge this group. The Houthis showed off their significant missile and drone capability by attacking Saudi Arabian oil installations and critical infrastructure, as well as the United Arab Emirates. The U.N. mediated a truce in Yemen between warring parties that has held since 2022. RED SEA ATTACKS Following the attack by Hamas on Israel on October 7, 2023 that triggered a devastating israeli military campaign against Gaza, the Houthis started firing on international ships in the Red Sea. They claimed to be doing this in support of Palestinians. Israel responded by airstrikes on Houthi targets after the Houthis fired missiles and drones at Israel. The U.S. launched its own strikes against the Houthis. In October 2025, the Houthis stopped their attacks after a ceasefire brokered by the U.S. between Israel and Hamas. Why have they not entered the war earlier? Abdul Malik Al-Houthi, the leader of Houthi group, said on March 5 that his group is ready to strike any time. In a televised address, he stated that "our fingers are ready to trigger military escalation at any time should the situation warrant it." They have not announced their formal participation in the war, unlike Hezbollah of Lebanon and Iraqi armed forces. The group reiterated its warning on Friday as the war intensified. A few hours later Israel confirmed that it had identified a missile launched from Yemen. Hezbollah, Iraqi groups and Houthi religious doctrine do not follow the supreme leader of Iran in the same manner. Yemen experts claim that while Iran promotes the Houthis in its "Axis of Resistance" region, they are primarily motivated by domestic issues even though there is a shared political affinity between Iran and Hezbollah. The U.S. claims that Iran has armed and?funded the Houthis, with?help from Hezbollah. The Houthis deny that they are Iranian proxy forces and claim to develop their own weapons. What might they do? The Houthis are a notoriously volatile group. Observers were divided on the possible course of action. Analysts and diplomats?believe that they have already launched individual attacks against targets in neighboring states. These claims could not be substantiated. Some say that the Houthis 'kept their powder wet for the right moment to enter into the conflict in coordination with Iran to exert maximum force. This could be an opportunity if the Strait of Hormuz is closed to Gulf Arab hydrocarbons exports, and the Red Sea becomes a major source of oil. The group stated on Friday that it would be prepared to take action if other countries joined the U.S., Israel and others in their war on Iran or if attacks were launched from the Red Sea against the Islamic Republic. The warning raised concerns about a wider regional conflict, especially given that the Houthis are able to strike targets beyond Yemen as well as disrupt shipping lanes in the Arabian Peninsula. This would stifle global trade. (Reporting from Riyadh by Timour Azhari and Nayera Abudallah; Editing done by William Mallard, Lincoln Feast and Lincoln Feast).
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Prime Minister Albanese: Australia will amend export-finance legislation to improve fuel security
Prime Minister Anthony Albanese announced on Saturday that Australia would amend its export finance laws to "bolster fuel security" as the Iran War continues to affect 'the nation's supply chain. Since the U.S., Israel and others began their war on Iran in August, Australia has seen localised fuel shortages. This is part of a wider conflict that has disrupted the global fuel supply. Albanese announced?in televised comments that Australia will?establish new powers in order to bring fuel here for Australians. "New fuel security power will allow the government to underwrite private sector fuel purchases." Albanese stated that the powers would allow the country's Export-Finance Agency to purchase fuel shipments and increase local supply. He ?said his centre-left Labor government would introduce amendments on Monday to export-finance and ?insurance-corporation laws in parliament. Chris Bowen, Australia's Energy Minister, said in a televised statement on Saturday that Australia had 39 days worth of petrol and 30 days worth of diesel or jet fuel. The government stated this week that the supply was strong, despite six fuel shipments being canceled from Asia. Also, several hundred Australian fuel stations were out of gasoline or diesel. (Reporting from Sydney by Sam McKeith; Editing by William Mallard).
Emirates Global Aluminium reports "significant damage" from Iranian attacks
Emirates 'Global Aluminium'said on Sunday that its Al Taweelah manufacturing base in the UAE suffered "significant damage" from Iranian missile and drone strikes.
The company released a statement saying that a number of EGA staff were injured during the attack on the Khalifa economic zone?in Abu Dhabi. It added that none of the injuries was life-threatening.
EGA CEO Abdulnasser Bin Kalban stated in a statement that "the safety and security of EGA's people are our top priority at all times." "We are deeply saddened by the incident and are assessing damage to our facilities."
Since the U.S. and Israel war against Iran, most aluminium producers from the Gulf region, who account for around 9 percent of global production, have not been able to ship metal via their usual channels to world markets due to the closure of the Strait?Hormuz.
EGA's Al Taweelah aluminum smelter will produce 1.6 million metric tonnes of cast metal by 2025. The company has an adjacent refinery that produces 2.4 million metric tons of aluminium raw materials.
EGA, which operates a smelter in Jebel Ali, in the emirate Dubai, claimed to have substantial metal stocks on the water and some overseas locations.
Reports earlier in the month indicated that the company was rerouting aluminium exports to the Omani port Sohar and importing raw materials via this port. (Reporting and editing by Joe Bavier, Louise Heavens, and Tom Daly)
(source: Reuters)