Egypt bets big with historic 3.8 million metric tonne wheat tender

Ahmed Kouchouk, Egypt's Finance Minister looks on during a press conference in the east of Cairo, Egypt, August 6, 2024. (REUTERS)
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Updated 07 August 2024
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Egypt bets big with historic 3.8 million metric tonne wheat tender

  • Speaking at a press conference on Tuesday, Egypt’s Finance Minister Ahmed Kouchouk said that not all repercussions of the global sell-off wave are negative, as commodity prices are now at an almost four-year low

CAIRO: Egypt’s state grains buyer, the General Authority for Supply Commodities, announced on Tuesday a massive tender for 3.8 million metric tons of wheat to cover imports between October 2024 and April 2025, its largest ever according to traders.
Egypt has been one of the world’s largest wheat importers, mainly to provide subsidised bread for tens of millions of its people. GASC alone imports some 5.5 million metric tons of wheat annually for bread subsidies.
GASC is seeking the wheat for shipment periods spanning 1-15 and/or 16-30 of each month starting in October until April, with the shipment date in February to be 16-28. Egypt is seeking the cargoes on a free-on-board basis and will purchase using 270-day letters of credit.
GASC is requesting that traders submit bids for at least three months’ shipments. The deadline for offers is Aug 12.
“This is a very strange tender,” said one trader.
“We usually submit bids for shipping a month or two in advance. It would be very difficult to submit a freight offer six or seven months in advance,” he added.
Traders told Reuters that the latest tender is an enormous change to GASC’s whole purchasing strategy and could be a win-all or lose-all situation for the North African country, which is working to keep its economy afloat with the support of the International Monetary Fund and friendly Gulf countries who have injected billions of dollars in loans and investments in 2024 alone.
Speaking at a press conference on Tuesday, Egypt’s Finance Minister Ahmed Kouchouk said that not all repercussions of the global sell-off wave are negative, as commodity prices are now at an almost four-year low.
Shortly after GASC’s announcement, European wheat futures rose on Tuesday.
“My colleagues (at the government) are seizing this opportunity to buy what we need amid the current situation in the global market,” Kouchouk said.
However, traders are skeptical about Egypt’s ability to fulfill its ambition.
“I doubt if they will be able to get the full volume,” said another trader. He said the 270-day payment is very off-putting.
However, a third trader said trading houses will want the business and will just add the banking costs of the 270-day payment delay to their price offers.
GASC said it aims to maintain a wheat reserve sufficient to meet nine months of demand.
As of July, wheat Egypt’s strategic reserves of wheat were estimated to be sufficient for 6.9 months. “It appears that Egypt wants to get big supplies in storage or at least in its books. This could be due both to Egypt’s financial problems or the threat of greater war in the Middle East,” a European trader told Reuters.
“They could shoot themselves in the foot by buying in advance but then having to regret if prices fall later.”

 


Medical charity workers recount plight of Sudan war victims

People wait outside a hospital for medical checkup in the Red Sea State following recent heavy flooding in eastern Sudan. (AFP)
Updated 10 sec ago
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Medical charity workers recount plight of Sudan war victims

  • Army and RSF accused of targeting civilians, indiscriminate shelling of residential areas

NAIROBI: Aid workers with medical charity Medecins Sans  Frontieres described the “nightmare” facing the people of Sudan and appealed for the warring sides to allow humanitarian access as the civil war leads to soaring malnutrition.

The conflict between Sudanese paramilitary chief Gen. Mohammed Hamdan Dagalo’s Rapid Support Forces, or RSF, and the regular military led by army chief Gen. Abdel Fattah Al-Burhan has killed tens of thousands of people since it began in April last year, unleashing the world’s largest displacement crisis.
Access to the conflict zones is minimal, with Doctors Without Borders — known by its French acronym MSF — among the few international bodies still operating on the ground.

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MSF has recorded acute malnutrition in 32 percent of people in Zamzam Camp in North Darfur and Nyala in South Darfur.

At a briefing in Nairobi, MSF said that 26 million people, or about half the population face severe food insecurity.
“We’re not talking about an emergency anymore. We’re talking about a nightmare,” said MSF coordinator Claire San Filippo, describing the malnutrition crisis as “terrifying.”
Recently back from Chad, San Filippo recalled meeting a mother of three  who had fled the violence in the Sudanese city of El-Fasher in Darfur, which has endured intense paramilitary attacks in recent weeks.
“She told me war is everywhere. Everywhere, there are killings. Everywhere, there are bombings, shootings,” San Filippo said.
It took the mother, who lost eight members of her family in the conflict, a month to reach a camp in eastern Chad.
“What she described is a nightmare. It’s simply hell,” said San Filippo, detailing how many of the refugees were women and children — most of whom had suffered from a dire lack of food, water, and primary healthcare.
“She told me that people are simply dying everywhere.”
San Filippo said MSF had recorded acute malnutrition in 32 percent of people in Zamzam Camp in North Darfur and Nyala in South Darfur.
Both the army and the RSF have been accused of repeated atrocities in the war, including targeting civilians, indiscriminate shelling of residential areas, and looting or blocking aid.
San Filippo said blockades forced MSF to make the “heartbreaking” decision to stop nutrition activities in Zamzam camp, where famine has been declared.
“As supplies run low, we had no choice but to stop caring for 5,000 children,” she added.
Beyond the blockades, she described how healthcare facilities supported by MSF in Sudan’s capital, Khartoum and El-Fasher had been “looted, occupied, shelled on multiple occasions.”
Medical workers have been harassed and assaulted, she said, with front lines perilously close to the medical facilities still functioning.
“I woke up at about three, four o’clock in the morning to the sound of heavy machine gunfire,” said Lisa Searle, a doctor who spent four months working in Khartoum.
“This new wave of violence has really ... shocked an already traumatized population,” she said.
She emphasized the toll on her Sudanese colleagues: “They’re facing the same trauma that the people that they’re helping are facing.”

 

 


Turkish foreign minister to visit Greece to discuss bilateral issues

Turkiye's Foreign Minister Hakan Fidan. (AP)
Updated 24 min 5 sec ago
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Turkish foreign minister to visit Greece to discuss bilateral issues

  • Neighbors Greece and Tukiye, both NATO allies but historic foes, have been at odds for decades over a range of issues from airspace to maritime jurisdiction in the eastern Mediterranean and ethnically split Cyprus

ISTANBUL: Turkish Foreign Minister Hakan Fidan will visit Greece to discuss and find solutions to bilateral issues, including maritime zones and airspace, Turkish President Recep Tayyip Erdogan said on Saturday.
Erdogan, who was returning from a visit to Serbia, said that he believes the relations between two countries are advancing towards better days.
“It is important for both sides to have the will to define the problems, outline and present their content, and find solutions,” according to a presidency readout of an interview by Turkish media.
Neighbors Greece and Tukiye, both NATO allies but historic foes, have been at odds for decades over a range of issues from airspace to maritime jurisdiction in the eastern Mediterranean and ethnically split Cyprus.
“We have long wanted the maritime and airspace jurisdictions to be demarcated in accordance with international law. As countries in the region, we can only increase security and stability and reduce the risk of conflict through dialogue and cooperation.”

 


Lebanon Christian leader says ending political deadlock key to war truce

Updated 12 October 2024
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Lebanon Christian leader says ending political deadlock key to war truce

  • “The urgency first and foremost is a ceasefire to end the catastrophe that our people are enduring,” said Samir Geagea
  • “In the absence of serious international initiatives, our only option to reach a ceasefire is by electing a president”

BEIRUT: The head of a major Christian party in politically deadlocked Lebanon said Saturday that electing a new president was key to obtaining a ceasefire between Israel and Hezbollah.
Lebanon has been without a head of state for almost two years amid a crushing economic crisis and, now, as Israel heavily bombards the country saying it is targeting Hezbollah sites.
Hezbollah allies and their adversaries including the Christian Lebanese Forces (LF) party have been deadlocked over the presidency, unable to reach a consensus.
“The urgency first and foremost is a ceasefire to end the catastrophe that our people are enduring,” said Samir Geagea, who heads the LF and parliament’s largest Christian bloc.
“In the absence of serious international initiatives, our only option to reach a ceasefire is by electing a president,” Geagea, who is close to the United States and Saudi Arabia, said in a press conference.
The Iran-backed Hezbollah unilaterally opened what it says is a “support front” for Gaza from Lebanon, launching cross-border attacks into Israel the day after Palestinian ally Hamas’s October 7, 2023 attack on Israel sparked war in the Gaza Strip.
Early last month Geagea accused Hezbollah of dragging Lebanon into a war with Israel, “as if there were no state.”
Almost a year of cross-border exchanges of fire between Israel and Hezbollah escalated into all-out war on September 23, with Israel heavily bombarding south and east Lebanon and Beirut’s southern suburbs, saying it is targeting Hezbollah sites.
Geagea called for “a credible president who commits clearly to implementing international resolutions, in particular resolutions 1559, 1680 and 1701, in all their provisions.”
Security Council Resolutions 1559 and 1680 called for the disarmament of all non-state groups.
Adopted in 2006, Resolution 1701 led to a ceasefire in an Israel-Hezbollah war that year and said the Lebanese army and peacekeepers should be the only armed forces deployed in the country’s south.
Hezbollah is the lone group that refused to give up its weapons after Lebanon’s 1975-1990 civil war, doing so in the name of “resistance” against Israel.
The group was founded after Israel besieged the capital Beirut in 1982, and has since become a powerful domestic political player, though detractors have accused it of being a “state within a state.”
Geagea said a president would have to ensure that “strategic decisions belong solely to the state.”


UN official appeals for Lebanon’s ports and airport to be spared as Israel presses its offensive

Updated 12 October 2024
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UN official appeals for Lebanon’s ports and airport to be spared as Israel presses its offensive

  • “What I have seen and heard today is devastating, but the sense is that this can get much worse still,” said Carl Skau, deputy executive director of WFP
  • “We have huge concerns and there are many, but one of them is indeed that we need the ports and we need the supply routes to continue to be able to operate”

BEIRUT: A top United Nations official said during a visit to Beirut Saturday that he is concerned that Lebanon’s ports and airport might be taken out of service, with serious implications for getting food supplies into the county, as Israel continues its offensive against the Lebanese militant group Hezbollah.
“What I have seen and heard today is devastating, but the sense is that this can get much worse still, and that needs to be avoided,” said Carl Skau, deputy executive director of the UN World Food Program, in an interview with The Associated Press.
He appealed for “all diplomatic efforts possible to try to find a political solution” to the war and for supply lines to remain open.
“We have huge concerns and there are many, but one of them is indeed that we need the ports and we need the supply routes to continue to be able to operate,” Skau said.
In Gaza, where Israel has been at war with Hamas since the Palestinian militant group launched a deadly incursion into southern Israel a year ago, hunger has skyrocketed as humanitarian organizations have complained of major obstacles to getting food and other supplies into the blockaded enclave.
Skau said he believes that Israeli authorities had given “commitments” that in Lebanon, the ports and airport would not be taken out of commission.
“But of course, this is a very changing environment. So we don’t take anything for granted,” he said.
In recent weeks, Israel has escalated its aerial bombardment and launched a ground invasion in Lebanon.
About 1.2 million people are displaced in Lebanon, according to government estimates, of whom some 200,000 are staying in collective shelters, where the WFP is supplying them with meals.
Skau noted that food prices have already increased as a result of the conflict, although Lebanon’s sole international airport and its main sea ports are still functioning. The WFP had stocked up enough food to supply 1 million people — about one-fifth of Lebanon’s population — for up to a month, he said, but now is trying to build up supplies that could feed that number through the end of the year.
“We will, of course, be having to restock, and for that, the ports will be critical and other supply lines,” he said.
For instance, the agency has been bringing food in from Jordan through Syria into Lebanon by land, he said. Earlier this month, an Israeli strike on the road to the main border crossing between Lebanon and Syria cut off access to that crossing.
Since the Masnaa crossing was struck, people fleeing Lebanon have continued to cross on foot, while vehicles — including those bringing supplies for the WFP — have had to use another crossing in the far north of the country, making the journey more arduous and expensive.
Skau appealed for the Masnaa crossing to be reopened.
Lebanese General Security, which oversees border crossings, has recorded 320,184 Syrians and 117,727 Lebanese citizens crossing into Syria since Sept. 23, when the major escalation in Israeli airstrikes in Lebanon started.
The influx comes at a time when the WFP has reduced its food assistance in Syria as a result of funding shortages.
“We’ve gone over the past two years from assisting some 6 million people to around 1.5 (million),” Skau said. “And with that, of course, our capacity has been tightened and now we need to scale up again.”


Israel army says Hezbollah fired about 320 projectiles into Israel over Yom Kippur

Updated 12 October 2024
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Israel army says Hezbollah fired about 320 projectiles into Israel over Yom Kippur

  • The military said two projectiles were also identified crossing from northern Gaza

JERUSALEM: The Israeli military said that Lebanese armed group Hezbollah fired about 320 projectiles from Lebanon into Israel over Yom Kippur, Judaism’s holiest day which ended at nightfall Saturday.
“Throughout the weekend of Yom Kippur, approximately 320 projectiles that were fired by the Hezbollah terrorist organization crossed from Lebanon into Israel,” the military said in a statement.
In a separate statement, the military said two projectiles were also identified crossing from northern Gaza, where Israel is fighting Palestinian militants, toward the city of Ashkelon but fell in an unpopulated area.