Geopolitical tensions and Covid-19 big issues the world is facing: Commercial Bank of Kuwait CEO
The ongoing clashes between Russia and Ukraine, along with the Covid-19 pandemic are among the big issues that the world is facing right now, according to Elham Mahfouz, CEO of Commercial Bank of Kuwait.
While speaking at the Top CEO forum in Dubai on May 18, she noted that GCC countries are producing nations, while there are several other countries that live on subsidized bread, which makes geopolitical tensions a serious issue for the whole world.
Mahfouz said that the outbreak of the Covid-19 pandemic was a wake-up call, and it made us see the world from a different perspective.
The CEO added that the sudden fluctuation in wheat and gas prices after the Ukrainian invasion was totally unexpected.
Germany’s central bank says the country’s economy will shrink 3% in 2023 if Russian gas stops
Agencies have quoted Germany’s central bank that the country’s economy will shrink by more than 3 percent in 2023, if Russian energy supplies are halted.
And the bank continued, commenting that this “would be the worst recession outside the recession periods provoked by the (Covid-19) pandemic and the global financial crisis,” according to the American “Bloomberg” agency, yesterday, Saturday.
And German economic institutes warned last April that the immediate halt to Russian imports of oil and natural gas would damage production worth 232 billion US dollars over the next two years.
And “Bloomberg” added that after Russian President Vladimir Putin cut gas flows to Europe by 60 percent, experts in the administration of German Chancellor Olaf Schultz last week put together the scenarios, none of which resulted in sufficient reserves to withstand the cold of winter. next.
On Thursday, Germany, which still depends on Russia for more than a third of its gas supplies, raised the threat level to the second highest “alert” stage, and if pressure intensifies, Germany could start rationing supplies.
German factory manufacturing orders have fallen over the past three months, costs have risen and confidence has collapsed, and Germany’s Ifo gauge has fallen unexpectedly this month, which is closely watching the business outlook.
The Bloomberg Agency report indicated that German companies are currently preparing to reduce energy for a long time, including BASF, the largest chemical maker in Europe, which may reduce its production due to the high cost of gas, which is used as an intermediate in production and electricity generation.
And BMW, the world’s largest luxury car maker, might buy electricity instead of burning gas at its power plants.
The gas shortage crisis has already extended far beyond Germany, as 12 EU member states are affected, 10 countries have issued an early warning under the Gas Security Regulation, and the rising European demand for LNG is also expected to affect poor countries around the world. As it struggles to compete for shipments.
Egypt launches digital platform for petroleum products A
Egypt has launched a digital platform for petroleum products and natural gas, as the country moves ahead on the path toward digital transformation, Daily News Egypt reported.
Announcing the launch of the initiative, Tarek El Molla, minister of petroleum and mineral resources, said the new digital services will provide an integrated system to manage and follow up on the supply of fuel to cars using a smart card instead of paper coupons.
He said the new digital service platform will ensure secure transportation and circulation of petroleum products, which will preserve the rights of the contracting parties, through data that can be accessed through the smart card.
El Molla further noted that cashout services will be available in gas stations, and the public can withdraw cash from gas stations using their bank cards.
The minister revealed that withdrawal services are now made available at 400 petrol stations in the country.
Egypt’s strategic wheat reserves sufficient for 5.7 months
Egypt has strategic reserves of wheat sufficient for 5.7 months, Supply Minister Aly Moselhy said in a news conference on Sunday, adding that the country has procured 3.9 million tons of wheat in the local harvest so far.
Egypt is often the world’s biggest wheat importer.
He added that the strategic reserves for sugar were sufficient for more than six months and those for vegetable oils are sufficient for 6.2 months, while the country is self-sufficient for rice for 3.3 months.
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