{"id":622288,"date":"2024-06-04T00:00:00","date_gmt":"2024-06-04T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2024\/06\/04\/a-storage-facility-for-russian-grain\/"},"modified":"2024-06-04T00:00:00","modified_gmt":"2024-06-04T00:00:00","slug":"a-storage-facility-for-russian-grain","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2024\/06\/04\/a-storage-facility-for-russian-grain\/","title":{"rendered":"A storage facility for Russian grain?"},"content":{"rendered":"<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Good morning, ladies and gentlemen. <\/strong>The news flow has picked up after a slower start to the week with news of the Madbouly cabinet resigning and the House approving the state budget for the upcoming fiscal year.<\/p>\n<p class=\"tag-border-left\">WATCH THIS SPACE- <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>#1- Maait says not to believe everything you see online: <\/strong>Finance Minister Mohamed Maait <a target=\"_blank\" href=\"https:\/\/www.facebook.com\/EgyptianCabinet\/posts\/pfbid0291HrS7v4vceeLHza8bBYWskEXKYc8GB1Ntua2efYMRKo4J9bUyYhipdpPLN6KqX7l\" style=\"\" rel=\"noopener\">said<\/a> that the tax policy document circulating on social media is a months-old \u201cinitial concept\u201d that has now gone through revisions. The document laying out taxation policies throughout El Sisi\u2019s third term is still in the works and will be opened up for community dialogue in the \u201ccoming weeks.\u201d<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>SPEAKING OF- What\u2019s in this tax doc? <\/strong>It includes a new tax on carbon emissions from petroleum products, according to <a target=\"_blank\" href=\"https:\/\/www.asharqbusiness.com\/amp\/article\/64436\" style=\"\" rel=\"noopener\">Asharq Business<\/a>. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Timing is everything: <\/strong>The EU\u2019s Carbon Border Adjustment Mechanism (CBAM) is set to fully <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/63f69456-ee23-4b0d-ab40-cf8156033b69\/fertilizer,-cement,-steel,-and-aluminum-exporters-need-to-prepare-for-the-eu%25e2%2580%2599s-carbon-border-adjustment-mechanism\" style=\"\" rel=\"noopener\">go into effect<\/a> starting 2026, which could have a considerable impact on Egypt\u2019s exports \u2014 particularly from the country\u2019s notoriously energy-intensive steel, aluminum, cement, and fertilizer industries. The carbon border tax will make up the difference between the local carbon price \u2014 if there is one \u2014 and the EU\u2019s carbon price, meaning that if Egypt doesn\u2019t tax the carbon on EU-bound imports, the EU will. <\/p>\n<hr style=\"height:2px;border-width:0;color:gray;background-color:gray\">\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><a id=\"wwtt1\"><\/a> <strong> #2- A storage facility for Russian grain? <\/strong>An Egyptian firm has sent a feasibility study to the Russian government over potentially establishing a hub to store and process Russian grain, Reuters reported, citing a statement from Trade Minister Ahmed Samir to Russian news agency RIA. The hub could be built in Port Said, Damietta, or Sokhna, Samir reportedly said.<\/p>\n<p class=\"tag-border-left\">HAPPENING TODAY-<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><a id=\"wwtt2\"><\/a> <strong>Attention, marketing professionals: <\/strong>The American Chamber of Commerce will hold a conference today at the Four Seasons Nile Plaza to discuss the latest and future trends in marketing. The event will host PepsiCo\u2019s Tamer El Rafei, Microsoft\u2019s Mohamed Salah, Talabat\u2019s Hadeer Shalaby as speakers, along with actress Amina Khalil for a fireside chat. Register for the event <a target=\"_blank\" href=\"https:\/\/www.amcham.org.eg\/events-activities\/events\/online-paid-registration\/1841\" style=\"\" rel=\"noopener\">here<\/a> and check out the agenda <a target=\"_blank\" href=\"https:\/\/www.amcham.org.eg\/mail\/agenda4624.html\" style=\"\" rel=\"noopener\">here<\/a>.<\/p>\n<div class=\"row\">\n<div class=\"col-md-12 subscribe-box-panel\">\n<div class=\"\">\n<div class=\"title\">\n<h4 class=\"fw-lighter mb-10\">   Get <b style=\"font-weight: 700\">Enterprise<\/b> daily   <\/h4>\n<\/p><\/div>\n<p class=\"mb-10\">The roundup of news and trends that move your markets and shape corporate agendas delivered straight to your inbox.<\/p>\n<p>  <a target=\"_blank\" href=\"\/egypt\/en\/user\/NewsLetters\" type=\"button \" class=\"btn-green px-3 d-flex align-items-center\" rel=\"noopener\">Subscribe here<\/a>  <\/div>\n<\/p><\/div>\n<\/p><\/div>\n<p class=\"tag-border-left\">PSA- <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>WEATHER- <\/strong>It\u2019s another hot day in Cairo, with a high of 38\u00b0C and a low of 25\u00b0C, according to our favorite weather app.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>It\u2019s a little cooler in Alexandria<\/strong>, with a high of 31\u00b0C and a low of 23\u00b0C.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>** DID YOU KNOW that we now cover <\/strong><strong><a target=\"_blank\" href=\"https:\/\/enterprise.news\/ksa\/en\" style=\"\" rel=\"noopener\">Saudi Arabia<\/a><\/strong><strong> and the <\/strong><strong><a target=\"_blank\" href=\"https:\/\/enterprise.news\/uae\/en\" style=\"\" rel=\"noopener\">UAE<\/a><\/strong><strong>?<\/strong><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>** Want to subscribe?<\/strong> <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/user\/news-letters\" style=\"\" rel=\"noopener\">Tap or click here<\/a> to get your own copy delivered every weekday before 7am Cairo time \u2014 without charge.<\/p>\n<p class=\"tag-border-left\">DATA POINT-<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Egyptian banks received EGP 258 bn in <\/strong><strong>deposits<\/strong><strong> from outside the banking system in the first four <\/strong><strong>months of the year<\/strong>, with <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/63e69804-99bc-4a94-a1e0-343e601e434b\/banks-roll-out-high-interest-rate%253cmark%253e-cds%253c%2Fmark%253e,-ease-currency-controls-on-credit-cards\" style=\"\" rel=\"noopener\">high-yield certificates of deposits<\/a> contributing a bulk of the deposits, <a target=\"_blank\" href=\"https:\/\/www.alarabiya.net\/aswaq\/exclusive\/2024\/06\/03\/%D8%A8%D9%86%D9%88%D9%83-%D9%85%D8%B5%D8%B1-%D8%AA%D8%AC%D8%AA%D8%B0%D8%A8-258-%D9%85%D9%84%D9%8A%D8%A7%D8%B1-%D8%AC%D9%86%D9%8A%D9%87-%D9%85%D8%AF%D8%AE%D8%B1%D8%A7%D8%AA-%D8%BA%D9%8A%D8%B1-%D8%AD%D9%83%D9%88%D9%85%D9%8A%D8%A9-%D9%81%D9%8A-4-%D8%A3%D8%B4%D9%87%D8%B1\" style=\"\" rel=\"noopener\">Al Arabiya Business<\/a> reports, citing data from the Central Bank of Egypt. <strong> <\/strong><\/p>\n<p class=\"tag-border-left\">THE BIG STORY ABROAD- <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><a id=\"wwtt3\"><\/a> <strong>#1- OIL WATCH- Oil prices fell over 3% yesterday <\/strong>to their <a target=\"_blank\" href=\"https:\/\/www.reuters.com\/business\/energy\/oil-prices-slip-despite-opec-production-cut-extension-2024-06-03\/\" style=\"\" rel=\"noopener\">lowest in close to four<\/a><a target=\"_blank\" href=\"https:\/\/www.reuters.com\/business\/energy\/oil-prices-slip-despite-opec-production-cut-extension-2024-06-03\/\" style=\"\" rel=\"noopener\">months<\/a> in response to Sunday\u2019s OPEC+ decision to gradually increase output towards the end of the year, which left investors worried. Brent crude futures fell 3.4% to USD 78.36 a barrel, while US West Texas Intermediate crude fell 3.6% from Friday to USD 74.22 a barrel. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><a id=\"wwtt4\"><\/a> <strong>#2- Tension between besties Russia and China? <\/strong>The <a target=\"_blank\" href=\"https:\/\/www.ft.com\/content\/f7a34e3e-bce9-4db9-ac49-a092f382c526\" style=\"\" rel=\"noopener\">Financial Times<\/a> is picking up on growing tension between Russia and its closest ally China, after Beijing asked to purchase Russian gas at heavily subsidized domestic prices, endangering a major gas pipeline agreement between the two countries. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>#3- Closer to home: Israel\u2019s coalition government has <\/strong><strong><a target=\"_blank\" href=\"https:\/\/www.ft.com\/content\/c3847778-23b0-4743-afb4-a1999f8d7318\" style=\"\" rel=\"noopener\">fallen into infighting<\/a><\/strong> over a proposed ceasefire plan \u2014 and <a target=\"_blank\" href=\"https:\/\/www.nytimes.com\/2024\/06\/03\/world\/middleeast\/egypt-corridor-israel-gaza-border.html\" style=\"\" rel=\"noopener\">relations between Cairo and Tel Aviv are ever more frosty<\/a> after Israel \u201cdefied Egyptian warnings and took control of the Philadelphi Corridor.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>YOUR DAILY DOSE OF ELECTION COVERAGE- <\/strong>Nigel Farage, the former leader of the UK\u2019s Independence Party and a Brexiteer, will be running in next month\u2019s UK general election. Farage \u201chas been one of the most influential politicians in Britain since the Thatcher era,\u201d <a target=\"_blank\" href=\"https:\/\/www.theguardian.com\/politics\/article\/2024\/jun\/03\/nigel-farage-a-potted-history-of-his-political-career-on-the-road-to-reform\" style=\"\" rel=\"noopener\">the Guardian writes<\/a> in a profile about the politician. The general election will take place on 4 July \u2014 Labour is looking to form its first government since May 2010.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>AND- Mexican voters have elected Claudia Sheinbaum as the nation\u2019s first woman president. <\/strong>She looks on track to claim a 30 percentage point margin of victory, giving her the opportunity to \u201creshape the country\u2019s political landscape\u201d together with her allies, the <a target=\"_blank\" href=\"https:\/\/www.nytimes.com\/2024\/06\/03\/world\/americas\/mexico-election-morena-results.html\" style=\"\" rel=\"noopener\">New York Times<\/a> notes. <strong>Some investors are spooked<\/strong>, the <a target=\"_blank\" href=\"https:\/\/www.ft.com\/content\/530cb4eb-fedc-44e4-afd4-a75084b2297a\" style=\"\" rel=\"noopener\">Financial Times<\/a> writes, noting some have \u201csold the peso on fears of radical constitutional change.\u201d<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>FINALLY- The rich be getting richer: <\/strong>Half of the CEOs running S&amp;P 500 companies <a target=\"_blank\" href=\"https:\/\/apnews.com\/article\/ceo-pay-compensation-ratio-workers-fa25db3338b68ad9eb395dfd46190383\" style=\"\" rel=\"noopener\">surveyed<\/a><a target=\"_blank\" href=\"https:\/\/apnews.com\/article\/ceo-pay-compensation-ratio-workers-fa25db3338b68ad9eb395dfd46190383\" style=\"\" rel=\"noopener\">by AP<\/a> made at least 196x what their median employee earned last year, up from 185x in 2022. Data from the newswire also showed that CEOs\u2019 median pay package rose 12.6% to USD 16.3 mn in 2023, while wages of private sector workers rose just 4.1% during the same period. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><img data-recalc-dims=\"1\" decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/ads\/imgs\/239.jpg?ssl=1\"><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>*** It\u2019s Going Green day \u2014 your weekly briefing of all things green in Egypt:<\/strong> Enterprise\u2019s green economy vertical focuses each Tuesday on the business of renewable energy and sustainable practices in Egypt, everything from solar and wind energy through to water, waste management, sustainable building practices and how you can make your business greener, whatever the sector.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>In today\u2019s issue: <\/strong>We take a look at why Egypt should double down on manufacturing solar panels.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Good morning, ladies and gentlemen. The news flow has picked up after a slower start to the week with news of the Madbouly cabinet resigning and the House approving the state budget for the upcoming fiscal year. WATCH THIS SPACE- #1- Maait says not to believe everything you see online: Finance Minister Mohamed Maait said [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":622289,"comment_status":"closed","ping_status":"open","sticky":false,"template":"single-feature.php","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[7204],"tags":[317,72],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-622288","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-what-were-tracking-today","tag-commodities","tag-enterpriseam","wpautop","entry"],"acf":{"mongo_id":"16a75d07-03f7-4861-b1b3-ddb50c96e82e","order":"2","is_powered_by":true,"story_type":"4","photo_url":"https:\/\/ent.news\/2024\/5\/91.jpg","photo_position":"above","homepage_title":"","full_issue_title":"Could Egypt set up a storage facility for Russian grain?","related_issue":[622286],"teaser":"","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2024\/6\/.90caf040-1529-473b-98d8-4eafb17b4e3c.mp3"},"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.1 (Yoast SEO v27.1.1) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>A storage facility for Russian grain? - EnterpriseAM Egypt<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/enterpriseam.com\/egypt\/2024\/06\/04\/a-storage-facility-for-russian-grain\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"A storage facility for Russian grain?\" \/>\n<meta property=\"og:description\" content=\"Good morning, ladies and gentlemen. The news flow has picked up after a slower start to the week with news of the Madbouly cabinet resigning and the House approving the state budget for the upcoming fiscal year. WATCH THIS SPACE- #1- Maait says not to believe everything you see online: Finance Minister Mohamed Maait said [&hellip;]\" \/>\n<meta property=\"og:url\" content=\"https:\/\/enterpriseam.com\/egypt\/2024\/06\/04\/a-storage-facility-for-russian-grain\/\" \/>\n<meta property=\"og:site_name\" content=\"EnterpriseAM Egypt\" \/>\n<meta property=\"article:published_time\" content=\"2024-06-04T00:00:00+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/i0.wp.com\/ent.news\/2024\/5\/91.jpg?fit=%2C&ssl=1\" \/>\n<meta name=\"author\" content=\"enterpriseam admin\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"enterpriseam admin\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"4 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2024\/06\/04\/a-storage-facility-for-russian-grain\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2024\/06\/04\/a-storage-facility-for-russian-grain\/\"},\"author\":{\"name\":\"enterpriseam admin\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/#\/schema\/person\/ca597032db7e4db868359c123cec256d\"},\"headline\":\"A storage facility for Russian grain?\",\"datePublished\":\"2024-06-04T00:00:00+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2024\/06\/04\/a-storage-facility-for-russian-grain\/\"},\"wordCount\":908,\"publisher\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/#organization\"},\"image\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2024\/06\/04\/a-storage-facility-for-russian-grain\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/i0.wp.com\/ent.news\/2024\/5\/91.jpg?fit=%2C&ssl=1\",\"keywords\":[\"commodities\",\"EnterpriseAM\"],\"articleSection\":[\"What We're Tracking Today\"],\"inLanguage\":\"en-US\"},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2024\/06\/04\/a-storage-facility-for-russian-grain\/\",\"url\":\"https:\/\/enterpriseam.com\/egypt\/2024\/06\/04\/a-storage-facility-for-russian-grain\/\",\"name\":\"A storage facility for Russian grain? 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- EnterpriseAM Egypt","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/enterpriseam.com\/egypt\/2024\/06\/04\/a-storage-facility-for-russian-grain\/","og_locale":"en_US","og_type":"article","og_title":"A storage facility for Russian grain?","og_description":"Good morning, ladies and gentlemen. The news flow has picked up after a slower start to the week with news of the Madbouly cabinet resigning and the House approving the state budget for the upcoming fiscal year. 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