suez canal news today
The Egyptian Pharaoh Senusret III may have built an early canal connecting the Red Sea and the Nile River around 1850 ...read more. At 120 miles long, it connects the Mediterranean Sea to the Indian Ocean by way of the Red Sea, allowing goods to be shipped from Europe to Asia and back more directly. The situation had been brewing for some time. The Suez Canal is the worldâs largest canal, with a total length of 168 km (104 miles). Behind schedule but ultimately successful, the British and French troops landed at Port Said and Port Fuad and took control of the area around the Suez Canal. In the end, Egypt emerged victorious, and the British, French and Israeli governments withdrew their troops in late 1956 and early 1957. Two years earlier, in the wake of World War II, the Egyptian military had begun pressuring the British to end their military presence (which had been granted in the 1936 Anglo-Egyptian Treaty) in the canal zone. Egyptian President Abdel Fattah al-Sisi attends the opening ceremony of floating bridges and tunnel projects executed under the Suez Canal in Ismailia, Egypt May 5, 2019. â Reuters pic Subscribe to our Telegram channel for the latest updates on news you need to know. The bankâs investments in Treasury bills (T-bills) and government securities amounted to EGP 6.467bn in 2020, compared to EGP 8.535bn in 2019. It also aims to speed up the operation of the Russian industrial zone in the Suez Canal axis, and maximise the size of the Egyptian local component. The Suez Crisis began on July 26, 1956, when Egyptian president, Gamal Abdel Nasser, nationalized the Suez Canal. The catalyst for the joint Israeli-British-French attack on Egypt was the nationalization of the Suez Canal by Egyptian leader Gamal Abdel Nasser in July 1956. Egyptâs Only Daily Independent Newspaper In English, Bank pumps EGP 1.4bn into CBE's industry support initiative. The Firm has a shipping commitment from Michelin, which would see this service call in Halifax starting in 2023. Two days later, British and French military forces joined them. Total direct loans to companies reached EGP 8.1bn in 2020, compared to EGP 6.8bn in 2019. In response, Israel, followed by ⦠This compared to the EGP 752m recorded in 2019, reflecting a growth rate of 71%. The SCB also participated in the CBE initiative to finance large companies operating in the industrial sector, in exchange for a credit risk guarantee document, as the volume of documents concluded with the company reached EGP 400m. Supported by Soviet arms and money, and furious with the United States for reneging on a promise to provide funds for construction of the Aswan Dam on the Nile River, Nasser ordered the Suez Canal seized and nationalized, arguing tolls from the ships passing through the canal would pay for the Dam. Egypt nationalized the canal on the 26 th of July 1956. It is one of the worldâs most heavily used shipping lanes. Originally, forces from the three countries were set to strike at once, but the British and French troops were delayed. The crisis made Nasser a powerful hero in the growing Arab and Egyptian nationalist movements. !function(d,s,id){var js,fjs=d.getElementsByTagName(s)[0];if(!d.getElementById(id)){js=d.createElement(s);js.id=id;js.src="//platform.twitter.com/widgets.js";fjs.parentNode.insertBefore(js,fjs);}}(document,"script","twitter-wjs"); https://dailynewsegypt.com/2021/02/22/suez-canal-banks-pbt-exceeds-egp-1bn-in-2020/, Suez Canal Bankâs PBT exceeds EGP 1bn in 2020, on Suez Canal Bankâs PBT exceeds EGP 1bn in 2020, 11 FinTech startups showcase solutions for COVID-19 challenges at Innovation Sprint events, Crude oil price rises after Suez Canal blockage, Vodafone Egypt to distribute FY 2019/20 profit of EGP 2bn, Egypt witnesses increase in malware attacks, cryptocurrency mining threats in 2020, Egyptâs Eastern Company mulls local e-cigarette production, COVID-19 contributes to rapid digital transformation: Deputy Planning Minister, River Nile is a ‘matter of existence’ to Egyptians: Al-Sisi, Egypt shows flexibility in GERD talks, while Ethiopia manoeuvres: Egyptian official, Egypt Health Minister, WHO discuss cooperation on COVID-19 vaccines, Arab-UN workshop calls on least developed Arab countries to adopt Trade Facilitation Annex, Egypt, Tunisia, Libya initiative on recovering looted funds approved by UNHRC, Planning Ministry, Rise Up launch âMessenger Botâ to help SMEs in MENA, Government works on boosting tourism, archaeological awareness in schools, Trade and Industry Ministry delivers 501 units at new industrial complexes, AT Lease completes 2nd securitisation issuance worth EGP 1.087bn, 25 January Revolution: A decade of upheaval, setbacks, challenges, and successes, Banks adhere to cash dividends halt in Egypt to support capital base, Hermes concludes 1st issuance of Amer Group, Porto, Qasatli securitisation programme, Video| Egyptâs President Al-Sisi weighs in on freedom of expression, Islamic extremism, Daily News Egypt 15-Year Milestone: Honouring Previous Leaps and Aspiring to Brighter Future, Ankara must abide by international law in order for Egypt-Turkey relations to improve: Source, Presidents of Egypt, DRC discuss Nile dam dispute, Egypt, Sudan hope for binding deal with Ethiopia before Nile dam filling, Opinion| Towards Vindicating the Image of Muslims in Western Media, Opinion| Libya and the Fight against Corruption, Opinion| Digital experiences will accelerate growth in resurgent MENA telecom sector, Opinion| Inked thoughts on PR based on 15 + 3 years of experience. The United States threatened all three nations with economic sanctions if they persisted in their attack. https://www.history.com/topics/cold-war/suez-crisis. Total bank balances amounted to about EGP 10.713bn, whilst total cash and balances with the Central Bank of Egypt (CBE) recorded about EGP 1.412bn. Meanwhile, the cost of deposits and similar costs amounted to about EGP 2.734bn compared to EGP 3.713bn in the comparison period. 75% of the trade of Sri Lanka passes through the Suez. The immediate cause of this action was President Jimmy Carterâs decision to allow Iranâs deposed Shah, a pro-Western autocrat who had been expelled from ...read more, During the Cuban Missile Crisis, leaders of the U.S. and the Soviet Union engaged in a tense, 13-day political and military standoff in October 1962 over the installation of nuclear-armed Soviet missiles on Cuba, just 90 miles from U.S. shores. However, Eisenhower (1890-1969) also issued stern warnings to the French, British and Israelis to give up their campaign and withdraw from Egyptian soil. Despite this, Americans worried little about a dwindling supply or a ...read more, On October 6, 1973, hoping to win back territory lost to Israel during the third Arab-Israeli war, in 1967, Egyptian and Syrian forces launched a coordinated attack against Israel on Yom Kippur, the holiest day in the Jewish calendar. The Israelis struck first on October 29, 1956. Its value to international trade made it a nearly instant source of conflict among Egypt’s neighbors—and Cold War superpowers vying for dominance. Seizing an early prominent market position based on quality deliverances in the Suez Canal zone, we moved on to the transit hubs Turkish Straits, Panama Canal ⦠The bank succeeded in doubling its portfolio of small- and medium-sized enterprises (SMEs) in 2020 to reach EGP 2bn in direct and indirect financing. The Suez Canal Bank (SCB) has reported profit before tax (PBT) of about EGP 1.031bn in 2020, compared to EGP 958.434m in 2019. The event was a pivotal event among Cold War superpowers. Israel, while it did not gain the right to utilize the canal, was once again granted rights to ship goods along the Straits of Tiran. The United Nations Emergency Force (UNEF) was an armed group dispatched to the area to supervise the end of hostilities and the withdrawal of the three occupying forces. The threats did their work. The Israelis were soon joined by French and British forces, which nearly brought the Soviet Union into the conflict and damaged their relationships with the United States. The Eisenhower ...read more, By the early 1970s, American oil consumptionâin the form of gasoline and other productsâwas rising even as domestic oil production was declining, leading to an increasing dependence on oil imported from abroad. Since our inception in the Suez Canal zone back in 1924, we have expanded into a global services provider to the worldâs shipping industry. The biggest policy debate roiling Washington right now is whether to continue America's annual $1.5 billion aid package to Egypt. In a TV address on October 22, ...read more, On January 5, 1957, in response to the increasingly tense situation in the Middle East, President Dwight Eisenhower (1890-1969) delivered a proposal to a joint session of the U.S. Congress calling for a new and more proactive American policy in the region. Subscribe for fascinating stories connecting the past to the present. The SCBâs joint loans portfolio recorded about EGP 6.5bn in 2020, compared to EGP 5.7bn in 2019, with a growth rate of 14%. âWe reiterate today our urgent call for Egyptian maritime, port and Suez Canal economic zone authorities, to make the necessary steps that would allow the captain to be duly repatriated home.â Captain Kara with ITF Egypt Contact Al Alchazli and the captain's ITF-provided lawyer. According to its financial statements, the SCB achieved a growth in corporate loans by 19% during 2020. Its origins date back to ancient Egypt. The British and French forces withdrew by December; Israel finally bowed to U.S. pressure in March 1957, relinquishing control over the canal to Egypt. The bank achieved net profit of EGP 601.664m last year compared to EGP 542.206m in 2019, according to its financial statements. The Suez Crisis began on October 29, 1956, when Israeli armed forces pushed into Egypt toward the Suez Canal after Egyptian president Gamal Abdel Nasser (1918-70) nationalized the canal, a valuable waterway that controlled two-thirds of the oil used by Europe. It warned the Soviets that reckless talk of nuclear conflict would only make matters worse, and cautioned Khrushchev to refrain from direct intervention in the conflict. This growth followed on from the SCBâs participation in many banking alliances to arrange joint loans for several sectors, including petroleum, electricity, real estate development, contracting, tourism, food industries, and rebar. British Prime Minister Anthony Eden resigned two months after withdrawing British troops. Of this amount, about EGP 1.3bn was in direct financing, reflecting a growth rate of 86% over 2019. Suez Canal, Arabic QanÄt al-Suways, sea-level waterway running north-south across the Isthmus of Suez in Egypt to connect the Mediterranean and the Red seas. The Suez Canal is actually the first canal that directly links the Mediterranean Sea to the Red Sea. The bankâs total assets increased to EGP 54.319bn in 2020, compared to EGP 52.016bn in 2019, and total equity recorded about EGP 3.867bn compared to EGP 3.308bn. CAIRO â 26 February 2021: Egypt is one of the most important countries in the United States Central Command (CENTCOM)âs area of responsibility, said Commander of the CENTCOM General Kenneth F. McKenzie, Jr. in an interview with âYahdoth Fi Masrâ talk show on MBC Masr channel. The return from loans and similar revenues at the SCB was about EGP 4.287bn in 2020, compared to EGP 4.959bn in 2019. © 2021 A&E Television Networks, LLC. The Suez Canal was built in Eygpt under the supervision of French diplomat Ferdinand de Lesseps. Meanwhile, customer deposits amounted to about EGP 44.343bn compared to EGP 44.181bn. Tankers John Angelicoussis hospitalised in Athens after heart attack, in grave condition The Suez crisis had dangerous implications he said. The canal separates the African continent from Asia, and it provides the shortest maritime route between Europe and the lands lying around the Indian and western Pacific oceans. Related news Suez Canal wins over Panama on January LNG carrier transits ... Trending Today. In 2014, the Egyptian ⦠For almost a decade, the Suez Canal became the front line between the Israeli and Egyptian armies. Suez Canal Today . The Suez Canal is a man-made waterway connecting the Mediterranean Sea to the Indian Ocean via the Red Sea. However, their hesitation had given the Soviet Union—also confronted with a growing crisis in Hungary—time to respond. The bank achieved net ⦠Not to be out done, ⦠Port Said is a rather young city, built in 1859 following the construction of the Suez Canal. The Suez Crisis marked the first use of a United Nations peacekeeping force. The Canal was closed five times; the last time was the most serious one since it lasted for 8 years. A cruise along it today is a journey through the centuries, from the Spanish fortifications near Limón Bay to the glittering skyline of Panama City, not to mention the canal itself. The construction of the Panama Canal is one of those epic tales from the past, an old-school feat of engineering, ambition and courage. Following years of diplomatic friction and skirmishes between Israel and its neighbors, Israel Defense Forces launched preemptive air strikes that ...read more, 1. (adsbygoogle = window.adsbygoogle || []).push({}); Tweets by @DailyNewsEgypt This week in the Herald I talk about NeoLine, the French firm that is proposing a new transatlantic service by sail powered RO-RO vessel. Today, about 300 million tons of goods pass through the canal each year. The response of President Dwight Eisenhower’s administration was measured. The modern Suez Canal is only the most recent of several manmade waterways that once snaked their way across Egypt. The Suez Canal (Arabic: ÙÙاة اÙسÙÙس â qanÄt as-suwÄs) is an artificial sea-level waterway in Egypt, connecting the Mediterranean Sea to the Red Sea through the Isthmus of Suez; and dividing Africa and Asia.Constructed by the Suez Canal Company between 1859 and 1869, it officially opened on 17 November 1869. Why Did the U.S. ⦠The Suez Canal Bank (SCB) has reported profit before tax (PBT) of about EGP 1.031bn in 2020, compared to EGP 958.434m in 2019. SCBâs loan and customer facilities portfolio recorded about EGP 17.768bn in 2020, compared to EGP 15.372bn in 2019. The net income from interests was about EGP 1.553bn, compared to EGP 1.245bn. It enables a more direct route for shipping between Europe and Asia, effectively allowing for passage from the North Atlantic to the Indian Ocean without having to ...read more, The Suez Crisis was precipitated by Egyptian President Gamal Abdel Nasserâs decision in July 1956 to nationalize the 120-mile Suez Canal, which had been jointly controlled by Great Britain and France, in part to fund construction of the Aswan Dam across the Nile River, a project ...read more, On November 4, 1979, a group of Iranian students stormed the U.S. Embassy in Tehran, taking more than 60 American hostages. The man-made waterway opened in 1869 after ten years of construction and separates most of Egypt from the Sinai Peninsula. Balfour Declaration, statement on November 2, 1917, of British support for âthe establishment in Palestine of a national home for Jewish people.â It was made in a letter from the British foreign secretary to a leader of the Anglo-Jewish community and was later included in the British mandate over Palestine. The conspiracy with France and Israel to take back control of the Suez Canal after its seizure by Egyptâs Gamal Abdel Nasser was soaked in extraordinary duplicity. But even prior to that date, the spot was an important point on the trade route between Africa and Asia. In 1975 as a gesture of peace, Egyptian President Anwar el-Sadat reopened the Suez Canal. He wanted the US-French forces withdrawn immediately from Suez, and the Canal cleared, preferably under the auspices of the UN, as soon as possible. "use strict";(function(){var insertion=document.getElementById("citation-access-date");var date=new Date().toLocaleDateString(undefined,{month:"long",day:"numeric",year:"numeric"});insertion.parentElement.replaceChild(document.createTextNode(date),insertion)})(); FACT CHECK: We strive for accuracy and fairness. Did you know? Temenos says it is now working with the bank on an upgrade. CAIRO â 22 February 2021: Egyptâs Suez Canal has witnessed an increase in the number of crossing ships by 1.4 percent, tonnage by 0.04 percent and revenues by 4.5 percent, announced Lieutenant-General Osama Rabie, head of the Suez Canal Authority. It has selected Infinity to provide a digital layer for client onboarding, account opening, and the launch of new products. Taking the Israeli Defense Forces by ...read more, The Six-Day War was a brief but bloody conflict fought in June 1967 between Israel and the Arab states of Egypt, Syria and Jordan. Soviet leader Nikita Khrushchev (1894-1971) railed against the invasion and threatened to rain down nuclear missiles on Western Europe if the Israeli-French-British force did not withdraw. But if you see something that doesn't look right, click here to contact us! The British were angered by the move and sought the support of the French (who believed that Nasser was supporting rebels in the French colony of Algeria) and neighboring Israel in an armed assault to retake the canal. Eisenhower was upset with the British, in particular, for not keeping the United States informed about their intentions. Intervene in the Suez Crisis. The retail banking sector witnessed a remarkable development, as services and products diversified, and the individual portfolio rose to reach EGP 1.2bn in 2020. Nasser’s armed forces also engaged in sporadic battles with Israeli soldiers along the border between the two countries, and the Egyptian leader did nothing to conceal his antipathy toward the Zionist nation. In the aftermath of the Suez Crisis, Britain and France, once the seat of empires, found their influence as world powers weakened as the United States and Soviet Union took a more powerful role in world affairs. President Abdel Fattah El Sisi directed Sunday developing a flexible and appropriate marketing policy for the Suez Canal, coping with the global economic conditions. It was opened for navigation on the 17 th of November 1869. Today, an average of 50 ships navigate the canal daily, carrying more than 300 million tons of goods per year. Ten years later, Egypt shut down the canal following the Six-Day War (June 1967). All Rights Reserved. The Soviets, eager to exploit Arab nationalism and gain a foothold in the Middle East, supplied arms from Czechoslovakia to the Egyptian government beginning in 1955, and eventually helped Egypt construct the Aswan Dam on the Nile River after the United States refused to support the project. Suez Canal Bank last upgraded the platform in October 2016. It has a maximum width of 160-200 m (656 feet) and a depth of 11.60 meters (38 feet). The bank participated in the CBEâs initiative to support industrial and contracting companies, with total financing for this reaching about EGP 1.4bn. It ⦠The Suez canal was developed by Frenchman Ferdinand de Lesseps, who in the 1880s made an unsuccessful attempt to develop the Panama Canal. He thanked the ITF for continuing support | Credit: ITF Of July 1956 & E Television Networks, LLC however, their hesitation given. The present bank on an upgrade over Panama on January LNG carrier transits... 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