Egyptians ditch imports and buy local as pound sinks

Egyptian chocolate spread maker Swifax has doubled its sales and is struggling to keep up with demand since the pound dived in November, forcing shoppers traditionally “obsessed with everything foreign” to ditch pricey imports and buy local. “People started changing their habits,” Swifax’s commercial director Mohamed El Gammal told Reuters. “We could sell even more… but we have a problem with our capacity.” The pound’s flotation and an ensuing increase in tariffs on more than 300 products shipped from abroad have hit importers hard, but have been a boon for domestic manufacturers such as Swifax. Once shunned in favour of prestigious foreign brands perceived to offer higher quality, Egyptian-made products are much more affordable for customers who are increasingly price […]

Caught On Tape: Trump Crashes Mar-A-Lago Wedding With Japanese Prime Minister Shinzo Abe

Trump’s weekend golf getaway with Japanese Prime Minister Shinzo Abe to Mar-A-Lago (a.k.a. “The Winter White House”) is getting increasingly bizarre by the second.  Earlier today we wrote about Richard DeAgazio, a 72-year-old Palm Beach businessma…

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Israel’s vision for the future is terrifying

Empirical historical evidence combined with little common-sense are enough to tell us the type of future options that Israel has in store for the Palestinian people: perpetual apartheid or ethnic cleansing, or a mix of both. The passing of the “Regularisation Bill” on 6 February is all we need to imagine the Israeli-envisaged future. The new law allows the Israeli government to retroactively recognise Jewish outposts built without official permission on privately-owned Palestinian land. All settlements – officially recognised settlements and unauthorised outposts – are illegal under international law. The verdict has been passed numerous times by the United Nations and, more recently, pronounced with unmistakable clarity in UN Security Council Resolution 2334. Israel’s response was the announcement of the construction […]

Oroville Dam Disaster Is Latest In Series Of CA Government Corruption, Environmental Failures

On February 13th, 2017 residents in Oroville, CA, were given a last second, panicked directive to evacuate their homes and flee the area due to concerns that the Oroville dam was about to imminently fail. At the time of this article, the dam has still …

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Ukraine Not To Import Russian Electricity Despite Coal Shortage

Despite the current coal shortage that threatens to disrupt Ukraine’s power generation, the country will not import electricity from Russia, Ukraine’s Energy and Coal Industry Minister Ihor Nasalyk said on Tuesday. According to Russia’s news agency TASS, Nasalyk told a TV channel today that he was certain that electricity imports from Russia were out of the question. Ukraine’s government is considering declaring a state of emergency in the energy sector due to severe shortage of coal deliveries from the conflict-torn Donbas…

Higher Oil Price Pushes UK Inflation To Two-Year High

Inflation in the UK in January rose at the fastest rate since June 2014 on the back of higher oil prices resulting from the OPEC-non-OPEC agreement to cut output. This increase led to higher fuel prices on the local market and was coupled with the depreciation of the pound after Brexit, which, the Bank of England said in its latest report, is now being passed on to consumers. At the same time, deflationary pressures from food prices have slowed down, supporting near-term projections by the central bank that inflation will continue to rise over…

U.S. Judge Denies Native American Request To Halt Construction As Anti-DAPL Laws

A federal judge refused a request by Native American tribes objecting to the construction of the last portion of the Dakota Access Pipeline on Monday, according to emerging reports on the matter. “We’re disappointed with today’s ruling denying a temporary restraining order against the Dakota Access Pipeline, but we are not surprised,” Chase Iron Eyes, a member of the Standing Rock Sioux tribe, wrote in a statement. The request was a last-minute effort by the Standing Rock Sioux and the Cheyenne River Sioux tribes to stop the 1,170-mile-long pipeline…