{"id":623749,"date":"2024-06-10T00:00:00","date_gmt":"2024-06-10T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2024\/06\/10\/annual-inflation-drops-to-its-lowest-level-in-over-a-year-plus-us-secretary-of-state-antony-blinken-in-town-to-talk-ceasefire\/"},"modified":"2024-06-10T00:00:00","modified_gmt":"2024-06-10T00:00:00","slug":"annual-inflation-drops-to-its-lowest-level-in-over-a-year-plus-us-secretary-of-state-antony-blinken-in-town-to-talk-ceasefire","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2024\/06\/10\/annual-inflation-drops-to-its-lowest-level-in-over-a-year-plus-us-secretary-of-state-antony-blinken-in-town-to-talk-ceasefire\/","title":{"rendered":"Annual inflation drops to its lowest level in over a year. PLUS: US Secretary of State Antony Blinken in town to talk ceasefire"},"content":{"rendered":"

Good afternoon, folks and happy Monday. <\/strong>Like you, we are staring down our calendars wishing the days could pass sooner so that we can get to that long week off. <\/p>\n

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THE BIG STORIES TODAY<\/p>\n

Annual inflation falls to lowest level in over a year: <\/strong>Annual urban inflation cooled to 28.1% in May, down from 32.5% in April<\/a> on the back of considerably slower food price increases, as traders continued to price in a lower exchange rate following the float of the EGP, according to figures from state statistics agency Capmas. This is the lowest inflation figure recorded since January 2023. <\/p>\n

Monthly inflation falls for the first time in nearly two years:<\/strong> On a monthly basis, inflation fell on all items for the first time since June 2022, with prices falling 0.7% m-o-m. This is the biggest drop inflation has seen m-o-m since June 2019.<\/p>\n

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Blinken landed in Cairo: <\/strong>US Secretary of State Antony Blinken is in town as part of a wider regional trip to hold discussions on the latest ceasefire proposal laid out by US President Joe Biden. During his time in Egypt, Blinken is set to meet with President Abdel Fattah El Sisi<\/a>.<\/p>\n

What\u2019s next? <\/strong>Blinken will be heading to Israel next to meet with Prime Minister Benjamin Netanyahu.<\/p>\n

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Alameda Healthcare earmarks USD 245 mn for local, regional expansion: <\/strong>Local healthcare services provider Alameda Healthcare<\/a> will invest some USD 245 mn to expand its footprint in Egypt and across the region, through setting up new hospitals or acquiring existing ones, CEO Neeraj Mishra told Al Arabiya<\/a> on the sidelines of the African Health ExCon<\/a> in Cairo.<\/p>\n

Locally: <\/strong>Alameda will spend some USD 125 mn to expand locally, adding some 600 beds to its portfolio in Egypt \u2014 namely Greater Cairo and Assiut. <\/p>\n

Regionally: <\/strong>The healthcare provider plans to invest USD 120 mn over the coming two years to acquire hospitals and \u201chealthcare assets\u201d in Nigeria, Kenya, Tanzania, and Saudi Arabia, Mishra said.<\/p>\n

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THE BIG STORY ABROAD<\/p>\n

The results of the European Parliamentary election have dominated the <\/strong>international headlines<\/strong> as the press broke down the far-right\u2019s gains and their implications for the bloc\u2019s stance on climate issues and immigration. (Reuters<\/a> | AP<\/a> | FT<\/a>)<\/p>\n

The far-right ascendant: <\/strong>French President Emmanuel Macron\u2019s centrist Renew party was dealt the election\u2019s most severe blow, with projections pointing out it would receive 15% of the vote, around half of the 31-32% secured by its far-right rival Marine Le Pen\u2019s National Rally. The results prompted Macron to dissolve the parliament and call a snap election<\/a>. <\/p>\n

The same trend followed throughout the bloc:<\/strong> Germany\u2019s far-right party Alternative for Germany (AfD) saw its share of the vote rise significantly to over 16%, up from 11% in 2019, according to exit polls. Meanwhile, in Italy, Prime Minister Giorgia Meloni\u2019s conservative Brothers of Italy is projected to win the highest share of votes in the elections \u2014 with over 28% \u2014 cementing the far-right wing prime minister\u2019s mandate.<\/p>\n

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