2023-10-18 23:46:21
Dear followers on all Banker platforms, welcome to a new live at the top of the hour, and a summary of the most important events, analyzes and information presented by the Research and Reports Unit at Banker today, Tuesday, October 17, 2023, to its esteemed viewers on all social media platforms.
Today, Banker platforms presented very important reports on economic affairs and the latest developments in the market scene, specifically on the Egyptian scene.
We begin with a very important report on the visit of Dr. Mostafa Madbouly on behalf of President Sisi to China to attend the activities of the Belt and Road Summit and how Egypt has become a major player among the major players in international blocs and trade alliances.
Here we think, Your Honor, that Egypt and China are among the oldest civilizations in human history on Earth, and there are many characteristics and positions of support and support between the two countries. Egypt was the first country to recognize the People’s Republic of China, and China also reserves a special status for Egypt, and it is the one who supported Egypt’s accession to the BRICS with Russia.
At the level of investment and economic cooperation, China is considered one of the largest investors in the Egyptian market. Today, Dr. Madbouly witnessed the signing of agreements worth regarding 15 billion dollars for projects that will be implemented by Chinese companies in the Suez Canal Economic Zone. This is considered one of the huge deals globally and has become the talk of the international media and economic circles.
The next report presented by Banker platforms was regarding the misleading and exaggerated reports regarding Egypt and also regarding China’s role in helping Egypt eliminate the dollar crisis by pumping billions of dollars. It is enough to know that one Chinese project worth 8 billion dollars is regarding 3 times the International Monetary Fund loan and is equivalent to the size of the dollar gap. In Egypt, its value was announced by Dr. Mohamed Maait, Minister of Finance.
The advantage of the new Chinese projects in the Suez Canal economy is that they are quick investments, not long-term, and thus they will be able to help the financial market in Egypt and contribute greatly to solving the crisis of dollar scarcity, high inflation and prices, and eliminating the black market for foreign currencies.
The arrival of Chinese investments in large amounts also has another very important advantage, which is stimulating the appetite of the rest of the international companies competing with Chinese companies to access the Egyptian market, because they are certain that Chinese companies will not pump $15 billion in investments into a market without significant advantages and incentives that do not exist in other markets. .
Banker platforms presented an important report in which it discussed the reasons for the rise in drug prices in Egypt during the recent period, whether there was manipulation of prices by pharmaceutical companies and no other reasons.
The report initially confirmed that the rise in drug prices in Egypt is…
The fastest rate of increase ever…
First, we confirm that most of the medicines on the market are imported, even if they are manufactured in Egypt, because the medicine industry requires raw materials, which are imported in dollars. Also, production requirements are imported in hard currency.
Because pharmaceutical companies price the dollar at 40 pounds, which is approximately the price of the dollar on the black market, the final price of the medicines will be very high for the patient.
Officials in the pharmaceutical sector in Egypt explained that there are approximately 2,000 types of medicine whose prices have increased from the end of last year until now.
A member of Parliament explained the reasons for the increase in drug prices as a lack of raw materials needed for production, due to the lack of dollar liquidity required for imports. In addition to this, the prices of shipping and raw materials increased globally.
What happens because drug prices increase is that pharmaceutical companies submit applications to the Drug Authority and they are studied in a specialized committee. If these items deserve an increase in prices, they are moved according to the results of the study.
The most important report presented by Banker platforms was regarding the promising oil and gas discoveries in the Delta region, which suggest the presence of huge quantities of gas and other liquids.
In order to understand the topic today, Eni, the Italian oil and gas giant in the world and which itself discovered the Zohr field, announced the beginning of drilling the Orion-1X well in the offshore Nile Delta region in Egypt, which targets huge reserves of gas and liquids, as part of a drilling campaign worth 1.8 billion. dollar.
Eni achieved a very important achievement on October 10 when it began drilling operations for the “Orion-1X” exploration well in the northeastern “Hapi” exploration license, located in the offshore Nile Delta.
Eni considers the Orion-1X well a crucial element in its investments in Egypt. The most important thing that Eni announced is that preliminary assessments indicate that the well contains an estimated 10 trillion cubic feet (Tcf) of natural gas and 400 million barrels (MMbl) of valuable liquids. Which reinforces its position as a very promising asset.
The last report with us, which was presented by Banker platforms, was regarding what happened today in the Suez Canal, which confirmed its leadership in the global corridors and that there is no alternative, and which also confirms confidence in it being the most important corridor in the world.
Because the Suez Canal provides very distinguished services, the companies are also making a profit by reviewing their financial policy every little while and wondering where the markets and prices will go, especially the prices of oil, gas and maritime transport. When the Suez Canal increases, it must have a share of the gain. For this reason, the Suez Canal Authority announced today an increase in the normal transit fees by a percentage. 15% for several types of ships, as of January 15, 2024.
The authority said on its website that the 15% fee hike includes crude oil tankers, petroleum derivatives tankers, liquefied petroleum gas (LPG) tankers, liquefied natural gas (LNG) tankers, tankers of chemicals and other liquid materials, container ships, car carriers, and passenger ships. , in addition to private floating units.
The Authority decided to increase the regular transit fees by 5% for dry bulk cargo ships, general cargo ships, and ro-ro ships, in addition to other ships.
According to the Authority, container ships coming directly from northwestern European ports and heading directly to Far Eastern ports will be exempt from the aforementioned increase.
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