Reprieve to Egyptian as govt secures US$1.1bn from ITFC to fund import of basic commodities

Reprieve to Egyptian as govt secures US$1.1bn from ITFC to fund import of basic commodities

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EGYPT – The International Islamic Trade Finance Corporation (ITFC) will provide US$1.1 billion of funding to help Egypt with imports of petroleum products and basic commodities in 2020, Egypt’s petroleum and supply ministries has revealed. Reuters reported that the funds are part…

Adidas to close German, U.S. robot factories, says deploying tech in Asia would be more economical and flexible

Adidas to close German, U.S. robot factories, says deploying tech in Asia would be more economical and flexible

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GERMANY – Adidas has announced plans to close the high-tech “robot” factories in Germany and the United States it launched to bring production closer to customers. The sportwear manufacturer said in November that deploying some of the technology in these factories in…

Alibaba partners with Russia’s Pochta to launch first direct China-Russia cargo flights to cut delivery times

Alibaba partners with Russia’s Pochta to launch first direct China-Russia cargo flights to cut delivery times

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RUSSIA – Alibaba Group’s logistics operator, Cainiao and Russia’s Pochta postal service have launched their first direct China-Russia cargo flights to deliver AliExpress goods purchased online by Russians, AliExpress Russia has revealed. The move, which AliExpress Russia hopes will help it cut…