Elon's Greatest Invention... Hidden in South Memphis?

Tech legend Jeff Brown recently traveled to the industrial zone of South Memphis to investigate what he believes will be Elon's greatest invention ever... Yes, even bigger than Tesla or SpaceX.

The EU plans to fast-track some financial aid to Egypt. The usual funding safeguards will not apply

LORNE COOK
March 29, 2024

BRUSSELS (AP) -- The European Union intends to fast-track some of its aid money to Egypt using an urgent funding procedure that bypasses parliamentary oversight and other safeguards, according to the president of the bloc's executive branch.

The 1 billion euros ($1.1 billion) intended for this is part of a larger package of 7.4 billion euros ($8 billion) in financial assistance to the North African country that the EU announced on March 17.

Egypt has for years relied on cash handouts, often from wealthy Gulf Arab states, as concerns mount that economic pressure and regional conflicts could drive more migrants from the region to Europe's shores.

The EU package includes three year's worth of grants and favorable loans for the Arab world's most populous country. Most of the funds -- 5 billion euros ($5.4 billion) -- are known as macro-financial assistance, or MFA, and would be paid directly to Egypt's Central Bank.

It's rare for the EU to sidestep safeguards, but European Parliament elections are due June 6-9 -- a timeline that if the checks were implemented, would slow the delivery of that money.

With those polls in mind, European Commission President Ursula von der Leyen announced plans for "an urgent MFA operation for up to 1 billion euros" for Egypt, noting in a letter to EU Parliament President Roberta Metsola the country's "rapidly deteriorating economic and fiscal situation."

The letter, seen by The Associated Press, preceded the announcement of the deal with Egypt.

Von der Leyen blamed "a very large exposure to the economic effects of Russia 's full-scale war of aggression on Ukraine, the wars in Gaza and Sudan, and the Houthi attacks in the Red Sea," and said it was "imperative to make sure that a first significant contribution" would get to Egypt by the end of 2024.

To do so, the commission would employ a seldom-used part of the EU treaties, Article 213, which stipulates that the 27 member countries must endorse the funds -- but not the parliament, the bloc's only democratically elected institution.

Not even when COVID-19 spread in 2020 and the EU bailed out governments from the Balkans to the Middle East was this path taken. Nor is it used to keep Ukraine's war-shattered economy afloat, although Kyiv did benefit from it a decade ago, when Russia annexed Crimea and hiked natural gas prices.

Apart from removing the need for parliamentary oversight, the urgent funding procedure also side-steps a requirement for an impact assessment on the effects of the assistance.

Von der Leyen said the new parliament that will be formed after the EU elections would be "fully involved" for the remaining 4 billion euros ($4.3 billion) of MFAs to Egypt, to be disbursed when Cairo agrees to implement "more comprehensive" reforms.

The deal also includes a 1.8 billion euro ($1.9 billion) investment plan and 600 million euros ($647 million) in loans, including at least 200 million euros ($217 million) that will go to Egypt for "migration management."

The fast-track money would inject much-needed funds into the Egyptian economy, which has been hit hard by years of government austerity, the coronavirus pandemic, the fallout from Russia's full-scale invasion of Ukraine, and most recently, the Israel-Hamas war in Gaza.

Usually, MFAs are meant for governments with dire economic woes and to encourage them to introduce reforms. Yet the commission acknowledges that Egypt is "sluggish" on policy revision and already has a "backlog of domestic reforms" to address.

Migration is a key factor driving the EU-Egypt deal. As in previous years, it will be an election issue in the EU and mainstream parties want to keep arrivals down to deprive the far-right of campaign fuel.

The deal in Cairo came just weeks after a pact was sealed with Mauritania involving money to help the country -- a major transit hub for people moving through Africa toward Europe -- beef up border security.

A more substantial agreement was clinched with Tunisia last July, expanding on a model the bloc developed with Turkey in 2015 to stop migrants reaching Europe.

While the Egyptian coast has not been a key launching pad for human traffickers sending overcrowded boats across the Mediterranean Sea to Europe, Egypt faces migratory pressures from the region, with the added looming threat that the Israel-Hamas war could spill across its borders.

The commission, asked by the AP what conditions Egypt should respect to receive urgent funding, said that "relevant and feasible reform priorities would need (to) be selected taking into account the corresponding time horizon."

The commission's website says macro-financial assistance must be "exceptional in nature" and that "a pre-condition for granting MFA is the respect of human rights and effective democratic mechanisms."

Amnesty International has implored the EU to put rights abuses at the center of relations with Egypt -- and the commission concedes that "human rights challenges in Egypt remain significant."

Still, the EU's executive branch maintains that "the political leadership in Egypt has taken several steps putting greater emphasis on the importance of the respect for human rights" in recent years.

Earlier this month, Egypt floated its currency and announced a deal with the International Monetary Fund to increase its bailout loan from $3 billion to $8 billion, moving to shore up an economy hit by a staggering shortage of foreign currency and soaring inflation.

Cairo's coffers will also be replenished with $35 billion from a massive project involving an Emirati consortium to jointly develop the Mediterranean city of Ras el-Hekma.

Since coming to power in 2013, Egyptian President Abdel Fattah el-Sissi has relied heavily on Gulf Arab states, from where an estimated more than $100 billion entered Egypt via Central Bank deposits, fuel aid and other support.

___

Follow AP's coverage of migration issues at https://apnews.com/hub/migration

Continue Reading...

Popular

Iowa governor sues the Des Moines Register to stop request of emails she claims are protected

DES MOINES, Iowa (AP) — Iowa's governor on Friday sued the Des Moines Register over the newspaper's open records request, asking the court to validate her office's withholding of certain emails she claims are protected.

Elon Musk's X sues to overturn Minnesota political deepfakes ban

MINNEAPOLIS (AP) — X Corp., the social media platform owned by Trump adviser Elon Musk, is challenging the constitutionality of a Minnesota ban on using deepfakes to influence elections and harm candidates, saying it violates First Amendment speech protections.

Putting Your Name on This List Could Hand You $1,270 on Friday - Ad

URGENT: On Tuesday, a simple set of instructions will be sent out to an elite group of investors. The folks in this group will have the opportunity to place a 10-minute trade that could double their money by Friday. Consider this your invitation to join them. The next trade is just days away.

IRS whistleblower on Hunter Biden is out as acting commissioner just days after getting the job

WASHINGTON (AP) — Just days after to acting IRS commissioner, the whistleblower who testified publicly about investigations into Hunter Biden’s taxes is out of the job, according to three people familiar with the decision.

No.1 Opportunity for 2025 [Take Action Now!] - Ad

Starlink's potential IPO Could Be the Biggest in History--Silicon Valley insider James Altucher has uncovered a way to profit BEFORE the IPO--with as little as $50. Musk's $180B giant is set to launch--will you miss out? Claim your spot before it's too late.

China May Hit US Where It Hurts Amid Trump's Tariff War — Services Trade In Crosshairs, With Walt Disney, IMAX And Warner Bros. Discovery In Focus

As Washington doubles down on its trade war with China, and tariffs now going as high as 104%, some leading experts believe that the Middle Kingdom might have an ace up its sleeve, that could hit the United States where it hurts most—Services.

Ex-Cellmate Says Epstein Was Offered Plea Deal for Information on Trump: 'Give Them Something on Trump To Get Him Impeached'

Jeffrey Epstein was allegedly offered a plea deal by federal prosecutors. The deal was contingent on Epstein providing information on President Trump, as claimed by Epstein's former cellmate.

Nvidia Is About to Shock the World: July 23rd - Ad

Jeff Brown, the tech legend who picked shares of Nvidia in 2016 before they jumped by more than 22,000%, is warning everyone to... Mark this date on your calendar: July 23rd! That's when Nvidia could help send shares of this Elon Musk supplier skyrocketing higher.

Surveillance video shows New York-to-Paris flight stowaway slipping past gate agents

NEW YORK (AP) — The woman who was able to sneak onto a New York-to-Paris flight without a boarding pass late last year was able to get on the plane by glomming onto a group of ticketed passengers as they passed gate agents, new surveillance video shows.

You Can Take a Stake in Elon's xAI Before May 1st... - Ad

Elon Musk's private AI firm xAI may have just leapfrogged ChatGPT and Google's Gemini--building what experts call the future of AI. For the first time, you can take a stake starting at $500.

Prince Harry appeals the loss of his UK security detail

LONDON (AP) — wants his British security detail restored and is taking his case to an appeals court.

Trump to Unlock 15-Figure Fortune for America (May 3rd)? - Ad

This map looks ordinary--but according to insider Jim Rickards, it reveals a hidden government asset so massive . Trump may soon unlock it--learn how to position yourself before it's too late!

Meet the Key Five People Who Are Shaping Trump's Economic Agenda

In the midst of a broad tariff agenda that has caused turmoil in financial markets, President Trump is relying on a diverse group of economic advisers to guide his policies.

Elon Musk's Tesla Reportedly Manipulating Odometers To Dodge Warranty Repairs

Tesla is facing lawsuit over odometer manipulation. Plaintiff claims premature warranty expiration, seeking damages for California Tesla drivers.

Biggest Dividend Payout in U.S. History: $1 Trillion up for Grabs! - Ad

Trump just launched a $1 trillion National Investment Fund to replace income taxes and send direct payouts to Americans. You could claim up to $21,307--before the first public checks go out. This is historic. Act now to be first in line.

California will sue to stop Trump from imposing sweeping tariffs

SACRAMENTO, Calif. (AP) — California Gov. Gavin Newsom said Wednesday that his state will file a lawsuit challenging President Donald Trump's authority to impose sweeping tariffs that have set off a .

Meta CEO Zuckerberg spars with FTC lawyer over meaning of emails cited in antitrust trial

WASHINGTON (AP) — Meta CEO Mark Zuckerberg sparred Tuesday with a Federal Trade Commission attorney over the meaning of emails the Facebook founder wrote about why he wanted to acquire Instagram, as a historic antitrust trial alleging Meta illegally monopolized the social media market went into its second day.

One Coin to Rule Them All... - Ad

Hardly any investors are talking about this coin but I believe that's about to change with some potentially huge news! Get in on the ground floor while it's rock bottom with this new how-to guide, just $3.

Maryland Senator Grabs National Spotlight With El Salvador Meeting With Deportee

Sen. Chris Van Hollen (D-Md.), a longtime but mostly low-profile legislator, has surged into the national spotlight following a trip to El Salvador to meet with Kilmar Abrego Garcia.

New ETFs Offer Bitcoin Exposure With Built-In Safety Nets

New target outcome ETFs from First Trust provide a controlled way to invest in bitcoin with a cap and floor, offering potential upside and downside protection.

Brace Yourself for Jeff Bezos' "Amazon Helios" - Ad

Amazon delivers 20 million packages a day... powers some of the most popular websites... delivers medication to half of the U.S. population... and even produces award-winning films and TV shows. But a Wall Street legend -- twice featured on 60 Minutes -- predicts that "Amazon Helios" will be bigger than all of those... COMBINED.

China accuses US of unilateralism, protectionism and economic bullying with tariffs

BANGKOK (AP) — China on Monday accused the U.S. of unilateralism, protectionism and economic bullying with tariffs, while calling on representatives of American companies including Tesla, to “take concrete actions” to resolve the tariffs.

UN researchers warn that Asian scam operations are spreading across the rest of the world

BANGKOK (AP) — Transnational organized crime groups in East and Southeast Asia are spreading their lucrative scam operations across the globe in response to increased crackdowns by authorities, according to a U.N. report issued on Monday.

Elon Musk Drops Stunning Bombshell? - Ad

Behind closed doors, Musk revealed a game-changing breakthrough technology that could shake the tech world & crush major companies. Why is no one talking about it? Luckily, we had a man on the inside - watch now to see the details & how to profit!

Keystone oil pipeline shut down after a rupture in rural North Dakota

BISMARCK, N.D. (AP) — The Keystone oil pipeline was shut down Tuesday morning after it ruptured in North Dakota, with the spill confined to an agricultural field.

The Most Important "AI Stock" You've Never Heard Of - Ad

The AI revolution is moving faster than anyone expected. But what no one is talking about is the one company AI simply can't exist without. It may be the single most important AI investment, yet most people don't even know its name. For now. The moment Wall Street catches on, this $20 stock could explode.

Hollywood lands a much-needed box office hit with ‘A Minecraft Movie’

Hollywood needed to be a hit, and it delivered in its opening weekend, significantly narrowing this year's .

RFK Jr. Will Phase Out Artificial Food Dyes By End Of 2026: What It Means For Pepsi, Coca-Cola, General Mills

U.S. health officials announced Tuesday that the Food and Drug Administration will phase out petroleum-based synthetic food dyes by the end of 2026 in a major shift for the nation's food industry.

World Economic Forum: "Arguably the Most Exciting Human Discovery Since Fire" - Ad

Sam Altman, Bill Gates, and Mark Zuckerberg are all investing vast sums of money into a radical technology. According to Bloomberg, this could become 10 times bigger than AI, quantum computing, electric vehicles, cryptocurrencies, and robotics combined. And one stock is at the center of it all.

The UK says at an energy summit that green power will boost security, as the US differs

LONDON (AP) — Britain announced a major investment in wind power Thursday as it hosted an international summit on energy security — with Europe and the United States at odds over whether to cut their reliance on fossil fuels.

Palantir Shares Climb After Northrop Grumman Collab Teased on X

Palantir shares are trading higher after the company announced a collaboration with Northrop Grumman for AI-powered combat vehicles.

Musk: My New Robots Could Be Bigger Than Tesla - Ad

With DOGE, Elon Musk isn't afraid of controversy. He's introduced new, humanoid Optimus robots. They'll soon be building Teslas, but that's not all they'll do. Musk also mentioned these AI-brained robots could serve as "romantic companions" for lonely people. Is this the future of AI? No one should bet against Musk.

Ripple's Crypto Warning, Circle's IPO Ambitions, And Bitcoin's Anticipated Surge: This Week In Crypto

The weekend saw major developments in the cryptocurrency world, including Ripple's concerns over the UK's crypto regulations, Circle's plans for a $5 billion IPO, Anthony Pompliano's praise for Trump's tariffs as a catalyst for crypto, and expectations of a Bitcoin price surge following potential monetary easing by the Fed.

What's Going On With Riot Platforms Stock?

Riot Platforms shares are trading higher by 7.1% during Wednesday's session. The company announced it has secured a $100 million credit facility from Coinbase.

Elon's Greatest Invention... Hidden in South Memphis? - Ad

Tech legend Jeff Brown recently traveled to the industrial zone of South Memphis to investigate what he believes will be Elon's greatest invention ever... Yes, even bigger than Tesla or SpaceX.

Trump advisers say 50-plus countries have reached out for tariff talks with White House

FORT LAUDERDALE, Fla. (AP) — Top administration officials said Sunday that more than targeted by President Donald Trump's have reached out to begin negotiations over the sweeping import taxes that have sent , raised fears of a recession and upended the .

Trending Now

Information, charts or examples are for illustration and educational purposes only and not for individualized investment management This message contains commercial elements, such as advertising. We only send these offers to those who have opted in to our newsletter. Past performance is not indicative of future results. For these reasons we strongly suggest trading in a DEMO/Simulated account. The information provided by us is for educational and informational purposes only. We make no representations or warranties concerning the products, practices or procedures of any company or entity mentioned or recommended and have not determined if the statements and opinions of the advertiser are accurate, correct or truthful. If you use, act upon or make decisions in reliance on information contained or any external source linked within it, you do so at your own peril and agree to hold us, our officers, directors, shareholders, affiliates and agents without fault.

Copyright trendadvisor.net
Privacy Policy | Terms of Service