General Authority News
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Sucking tobacco smoke through a water pipe shared with three fellow farmers during a midday tea break, Osama Abdel-Ghani surveys the ripening wheat that Egypt is counting on to help feed its people.
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Egypt, the world’s largest wheat importer, is poised to increase buying from Russia and the U.S. as it relies more on deals with governments than private trade amid deteriorating finances, according to CHS Inc., which markets 2 billion bushels of grains and oilseeds a year.
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Egypt’s central bank sold a record $600 million to local lenders today to finance imports of basic commodities such as wheat after the cash-strapped government secured a $3 billion support pledge from Qatar.
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Wheat purchases by the state grain buyer in Egypt, the world’s biggest importer of the cereal, are predicted to be 4 million metric tons in the coming season, a government adviser said.
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For most of the past three months, Hamdi Othman’s days have begun like this: He gets up at dawn, lines up for hours for diesel, argues with fellow drivers and watches the occasional fight that breaks out.
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Egypt, the world’s largest wheat buyer, will consider resuming imports of the grain from Kazakhstan, the state-run Middle East News Agency reported, citing Reda Aggag, an advisor to Supply Minister Bassem Oda.
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Egypt’s ouster of Nomani Nomani as buyer of more than 5 million metric tons of wheat a year on world markets put a spotlight on a role that brought stability to the task of feeding the nation’s 80 million people.
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Saudi Arabia increased spending on transportation to a record this year as the Arab world’s biggest economy seeks to catch up with the United Arab Emirates and Qatar in the race for pre-eminence as a trading center.
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Nomani Nomani stepped down as vice chairman of Egypt’s state grain buyer after spending more than three years overseeing tenders for the world’s biggest importer of wheat.
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Egypt bought 60,000 metric tons of wheat at a tender today, all from U.S. suppliers.
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