{"id":580591,"date":"2023-01-09T13:18:58","date_gmt":"2023-01-09T13:18:58","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2023\/01\/09\/this-evening-madbouly-instructs-ministries-to-cut-down-on-spending-cargo-vessel-briefly-stalls-in-the-suez-canal\/"},"modified":"2023-01-09T13:18:58","modified_gmt":"2023-01-09T13:18:58","slug":"this-evening-madbouly-instructs-ministries-to-cut-down-on-spending-cargo-vessel-briefly-stalls-in-the-suez-canal","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2023\/01\/09\/this-evening-madbouly-instructs-ministries-to-cut-down-on-spending-cargo-vessel-briefly-stalls-in-the-suez-canal\/","title":{"rendered":"THIS EVENING: Madbouly instructs ministries to cut down on spending + Cargo vessel briefly stalls in the Suez Canal"},"content":{"rendered":"

Good afternoon, wonderful people.<\/strong> We\u2019re quickly getting back in the swing of things after back-to-back long weekends and the news cycle is picking right up.<\/p>\n

THE BIG STORY TODAY<\/strong><\/p>\n

<\/a> Cabinet announces budget cutbacks to tamp down on spending: <\/strong>Prime Minister Moustafa Madbouly has issued a directive to all ministries, with the exception of a few \u201cessential\u201d ones, to rationalize internal spending and limit spending on some national projects, according to the Official Gazette. Under the new measures, ministries and their relevant authorities will have 21 days to submit reports detailing the portion of the budget they intend to rationalize and freeze until the end of the fiscal year.<\/p>\n

Not another Ever Given:<\/strong> A cargo vessel that briefly ran aground in the Suez Canal earlier this morning has been refloated, shipping agency Leth Agencies announced in a tweet<\/a>. The 225-meter MV Glory, which was sailing to China from Turkey, was refloated<\/a> by Suez Canal Authority (SCA) tugs, the agency said.<\/p>\n

Technical failure to blame:<\/strong> The M\/V Glory which ran aground while joining a northern convoy near Al Qantarah suffered a \u201csudden technical failure\u201d when it was 38 km into its journey northwards through the waterway, SCA chairman Osama Rabie said in an earlier statement<\/a>. Shipping navigation was not affected, he stressed, with the M\/V Glory being towed by the authority\u2019s tugboats. The cargo vessel\u2019s brief incident got coverage from most foreign media outlets: Bloomberg<\/a> | AP<\/a>| Reuters<\/a> | CNBC<\/a><\/p>\n

Flashback 2021:<\/strong> The Suez Canal was blocked for nearly a week after the 400-meter Ever Given ran aground, blocking the vital global shipping lane and disrupting shipping traffic. The SCA was successful in refloating it<\/a>days later, reaching a compensation agreement<\/a> months in July 2021 with its operators and allowing it to depart<\/a>after settling a three-month dispute on who was to blame for the incident. Since then, similar yet minor incidents<\/a> have occurred.<\/p>\n

THE BIG STORY ABROAD<\/strong><\/p>\n

Brazil\u2019s riots continue to lead the conversation in the international business press this<\/strong> afternoon<\/strong>, with riot police deployed to Brasilia\u2019s streets arresting hundreds of people after they stormed the country\u2019s Congress building last night. The rioters were protesting against what they claim are rigged election results, which saw returning president Luiz In\u00e1cio Lula da Silva defeat rightwing former president Jair Bolsonaro. The story is on the front pages of the Financial Times<\/a>, the Wall Street Journal<\/a>, Reuters<\/a>, Bloomberg<\/a>, and CNBC<\/a>.<\/p>\n

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** CATCH UP QUICK<\/strong> on the top stories from today\u2019s EnterpriseAM<\/strong>:<\/p>\n