Wheat Order
Egypt, the world’s second-largest wheat importer, completed its first tender for the grain in eight weeks after it sent back two Russian shipments because of quality concerns. The government bought 60,000 tons of French wheat from Groupe Soufflet at $191.44 a ton, for shipment July 16 to 31, in a so-called snap tender after prices fell 16 per cent this month on the Chicago Board of Trade. Global wheat production is likely to drop to 652 million tons in the 12 months through June 2010, from 687 million tons a year earlier, the London-based International Grains Council has said. Consumption is expected to remain unchanged at 644 million tons.
Google and Egypt
Google and the Egyptian Ministry of Communications and Information Technology have signed a $10 million contract regarding business and workforce development in Egypt. The deal, through which Google is to invest 25 per cent of the money back into the Egyptian economy, was made for the promotion of Egyptian products and services using Google’s advertising platforms. Over the medium to long term, Google’s USD $2.5 million investment agreement include: growing digital media start-ups, incubation venture capital, angel funding of the ICT sector and potentially training students in online advertising.
Outsourcing haven
A.T. Kearney has named Egypt to the sixth position on its 2009 Global Services Location Index (GSLI). This is the first time Egypt has ranked among the top 10. Established in 2004, the GSLI analyses ranks the top 50 countries worldwide as the best destinations for providing outsourcing activities, including IT services and support, contact centres and back-office support. On a similar note, a study by the world renowned Outsourcing Unit at London School of Economics (LSE) has revealed that Egypt ranks highest among the world’s emerging offshoring destinations in the key area of costs, comprising labour, infrastructure and corporate taxes and incentives. With companies worldwide facing demands to reduce business costs and looking to outsource elements of their business, the LSE study identifies Egypt as the most competitive overall on cost.
Antiquities back home
Switzerland has handed over to Egypt eight pieces of antiquity which date back to pre-historic times and which had been smuggled outside the country in 2002. The antiquities were stolen from the storehouse of Cairo University in the Cairo suburb of Maadi, the secretary-general of the Supreme Council of Antiquities (SCA) Zahi Hawwas explained. A Swiss bought these artifacts from an antiquities dealer in the United States in 2005 but, when he knew they were stolen from Egypt he contacted the Egyptian embassy in Bern to give them back.
Sunken treasures in Yokohama
President Hosni Mubarak sent a message of greetings to “Egypt’s Sunken Treasures Exhibition” which opened in Yokohama on 26 June and runs till 23 September. In his message, Mubarak said he hoped that the exhibition would help familiarise the Japanese people with the Egyptian civilisation, The exhibition, which was organised by the SCA, the Asahi Shimbun newspaper, Japan’s TBS television network and the Egyptian embassy in Tokyo, coincides with celebrations marking the 150th anniversary of the opening of Yokohama Port and the 130th anniversary of Asahi Shimbun newspaper. The exhibition shows some 490 pieces of antiquity dating back to the Ptolemaic era (305-30 BC), including gigantic six-ton, five-metre-tall statues salvaged from the Mediterranean off the Alexandrian coast.