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11:03 on these issues.
11:04 Of course, this time, it is Egypt that is communicating with the Iraqi Central Bank to raise the value
11:11 of the loan.
11:12 But this time the situation is positive since the US Treasury Secretary has pledged to support
11:18 the economy, and to improve it after meeting with senior officials in Washington.
11:23 This comes at a time when Cairo is in talks with the Iraqi Central Bank on the increase
11:30 of the loan to Egypt, which is worth $30 billion.
11:35 It seems that there is a consensus between the government policies in Egypt and the IMF
11:40 to reach the goal.
11:41 But the delay we noticed in the last period by the IMF was there, it gave a difficult
11:47 breath during the past period for the IMF, and we noticed it from the delay in the payment
11:53 related to a loan of $3 billion.
11:56 There were also some news that talked about the increase of the value of this loan to
12:01 $5 billion.
12:02 Therefore, these talks that took place in Washington recently may also push for the
12:08 acceleration of the process of spending the $700 million chip, which was expected in
12:15 2023.
12:16 Despite the delay, we hope that Egypt will reach its goal, especially as we know that
12:21 the IMF two days ago proposed its plan until 2030, which is preparing to monitor more than
12:28 100 billion foreign bonds and drawings, and to increase the opportunity of work for the
12:34 youth in Egypt by more than 9 million, and thus it may reach the goal.
12:37 These goals may be positive, but in light of the data, we will see to what extent the
12:43 Egyptian economy will be able to achieve these goals during this period, and also in light
12:47 of the expectations related to the waiting for the financing process for the IMF.
12:52 To the energy field.
12:53 To the energy field this time, and the management of US energy information, which also expected
12:58 the growth of global demand for oil during this period, and thus this comes under the
13:03 shadow of work on encouraging policies, also what we see from the recovery in intensifying
13:10 monetary policy among central banks, and thus there may be more demand of 50,000
13:16 per day compared to previous estimates.
13:19 These are the expectations related to the possibility of the beginning of an economic
13:26 recession in light of the reduction in monetary policy and the beginning of a recession for
13:31 companies.
13:32 Yes, the increase in demand for oil is always in the interest of global economies.
13:37 Approximately more than 1.2 million per day is the need of global demand for oil in addition
13:43 to the fact that the oil price is rising in the year 2024, and thus the difference in
13:49 these data may affect the interest of the global economy.
13:52 Also, perhaps talking about OPEC plus and the possibility of more reduction may give
13:57 perhaps more demand.
13:58 I mean, I notice today that there is a discrepancy in these expectations.
14:01 There are those who talk about a decline in demand in light of fear of economic slowdown
14:06 and especially from the Chinese economy, which is considered one of the largest oil importers.
14:11 In addition, there are experts who say that the first half of this year may have a decline
14:16 in demand for oil.
14:17 Of course, I always quote a recent speech by the Saudi oil minister when he said that
14:22 petrochemicals and the energy sector are there to stay, and thus the global economy will
14:27 be in need of more demand for oil.
14:30 Yes, and perhaps this is what we are living for in the Gulf countries as a result of oil
14:35 imports.
14:36 And we also move this time to where the direct broadcast unit of Twitch, which belongs to
14:43 Amazon, is committed by reducing 35% of its employees, which is equivalent to 500 workers.
14:50 This is a report that showed that business is still not profitable after nine years of
14:56 Amazon's acquisition of this company.
14:59 I mean, despite the acquisition process, it seems that the demands that Amazon was waiting
15:04 for did not materialize.
15:05 And my question is why do you always sacrifice workers in the low-wage framework?
15:09 This is the second time Amazon has gone to lay off workers after laying off about 400 workers
15:15 in the first phase.
15:16 And now Twitch has started to reduce its presence in several countries and went to South Korea,
15:22 which is where it will stop its work.
15:25 It is true, Salah.
15:26 The interesting thing for Amazon is that it relies mainly on technology to provide services
15:34 that it provides, whether in logistics operations or perhaps that the human element is an element
15:41 that is also considered an addition during this period.
15:44 And focusing on technology is a main link that Amazon relies on, and artificial intelligence.
15:49 And therefore, the employee is always sacrificed for a lower cost.
15:53 This is the symbol.
15:54 For the sake of wages.
15:55 Wages remain.
15:56 It is a challenge for companies.
15:57 To another news, a new report was released by the German insurance company Munich that
16:03 described the catastrophic conditions in North America and Europe and the series of
16:07 devastating earthquakes that hit several areas around the world, costing 250 billion dollars.
16:13 It seems that climate change challenges, in addition to the droughts and these problems,
16:18 have become costly for the economy as well.
16:20 This is true.
16:21 These climate changes are not only a pressure on humanity and also on humanity,
16:29 but also have a clear impact on the economy, and we have also seen during this period
16:35 the decline in insurance costs due to climate change in 2024 to about 95 billion dollars.
16:45 And therefore, this is a decrease of 125 billion dollars in 2022.
16:51 In Europe alone, due to the droughts and climate change problems, it cost about 10 billion dollars.
16:58 8 billion dollars of it is insured, and therefore even the insurance company may be greatly affected.
17:03 This is true, and we will see how much the climate change will affect this year.
17:08 A short break, and we will resume our segments before the bell.
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