Podcasts about damietta

In deze uitzending van Anno Domini bespreken we enkele gebeurtenissen uit het jaar 1221. We hebben het over de heiligen Dominicus, Franciscus en Bonaventure, over de steden Antwerpen, Wenen en Damietta, over Paus Honorius III, over de poëet Theobald, over het Latijnse Keizerrijk en over zoveel meer!

#onderoad oggi racconta le strade di San Francesco e di Moulana Rumi, poeta mistico e teologo persiano, una sorta di fratello orientale del contemporaneo San Francesco. Il viaggio di san Francesco a Damietta, In Egitto, e il suo incontro con il sultano Malik al-Kamil, il "sovrano perfetto". Musiche originali di Yalda Masoodnia e dell'ensamble persiano Avinar. Presentazione del disco "Il visionario (Francesco d'Assisi)", il lavoro con cui Patrizia Cirulli rilegge in chiave femminile il Cantico delle Creature e Audite Poverelle a 800 anni dalla composizione. A cura di Claudio Agostoni. #sanfrancescodassisi. #MoulanaRumi

Indian chemicals producer TCI Sanmar has plans to invest an additional USD300 million into its Egypt operations.Feedgas deliveries to the Damietta and Idku liquefaction plants have been recently increasing, with unnamed sources telling Bloomberg that Egypt could export its first LNG shipment from Idku within a year.A delegation from the Investment Ministry will meet with EU representatives to discuss the EU's recently announced temporary 15.6% dumping duties on Egyptian steel exports.The Ministry of Finance has completed preparations for a amendments of the Value Added Tax Law, in preparation for submission to the Cabinet. Egypt has contracted with BP to import two shipments of liquefied natural gas during current March.Supermarket giant Lulu Group International is looking to expand in Egypt. The Ministry of Investment and Foreign Trade has approved import shipments by some car dealers, after a three-year hiatus. Local renewables player IRSC signed a 30-year Power Purchase Agreement with ARCC to supply it with clean, reliable electricity generated from renewable sources. SWDY increased its stake in subsidiaries Pyramids for Industrial Development (PID) and Pyramids Zona Franca (PZF) with total value of EGP1.15 billion.CANA AGM approved the distribution of 0.54:1 bonus shares.ATLC received FRA approval to increase the company's paid-in capital by EGP441.3 million through rights issue.GBCO's venture capital arm, GB Ventures, plans to invest up to USD1 million in three to five startups this year as part of its expansion plan across the Middle East and Africa. 

Send us a textIn our second episode of John of Brienne, the King of Jerusalem, we follow him on his adventures to Egypt. The Austrians and the Military Orders have followed him to the city of Damietta. This city, at the mouth of the Delta, was the key to gaining a foothold in the Delta Nile. Once the crusaders had control of Cairo, the entire Ayyubid Caliphate was doomed to collapse. But first they needed to wait for the Holy Roman Emperor to arrive with his mighty army.The History of Modern Greece Podcast covers the events from Ancient Greece, the Roman Empire, and the fall of Constantinople in 1453, to the years under the Ottoman Empire, and 1821 when the Greeks fought for independence... all the way to the modern-day.Website: www.moderngreecepodcast.comMusic by Mark Jungerman: www.marcjungermann.comCheck out our 2nd Podcast: www.antecedors.com

Egypt plans to issue USD1-1.5 billion worth of eurobonds or green bonds in international markets as soon as next month, followed by an issuance of sovereign sukuk, to take advantage of rising investor interest in Egyptian debt, a senior government official said.The African Development Bank (AfDB) has approved a USD170 million loan to Egypt to foster private sector development and green growth, the lender said in a statement. The funds will help support the FY2024-25 budget with the aim of boosting private investment and creating jobs, namely to women and the youth.The Financial Regulatory Authority has increased the minimum value of unlisted securities ownership transfers requiring approval to EGP60 million, up from EGP20 million currently, according to an authority statement. Transactions below this threshold will follow standard announcement procedures.SUGR released FY24 financial indicators, reporting 4Q24 net profit of EGP286 million (+52.9% YoY, +795.6% QoQ) with NPM of 12% (-0.8pps YoY, +9.3pps QoQ). This brought FY24 net profit to EGP1,258 million (-20.9% YoY) with NPM of 26.7% (+4.1pps YoY). SUGR is currently trading at 2025f P/E of 5.1x and EV/EBITDA of 5.9x.According to local media, HELI's co-development projects with MASR and Middle East for Real Estate Development and Investment are expected to be launched in 2025. Real estate investment firm, Bonyan, has secured EGX approval to list its shares on the EGX under the ticker BONY.CA. The company is planning to list on the EGX in 1H25.Shell will start drilling three new gas wells in the West Delta region within days. The new wells, which will see USD230 million in investments, will add 150 million cubic feet of gas per day to Shell's local natural gas production by year-end.Suez Methanol Derivatives Company plans to start operations of the methanol derivatives project inside Damietta port during 2H25. The project's investment cost could reach USD122 million.OFH, Orascom Financial Holding, changed its name to O B Financial Holding after B investments acquired 70% of the company through a share swap. OFH approved canceling treasury shares, thereby decreasing paid in capital to EGP1.464 billion.Local e-payments firm and payment cards manufacturer Masria Digital Payments launched operations in Libya after migrating card processing for North African Bank, which hosts 61 branches in Libya, to its platform. The company is also exploring opportunities to support additional financial institutions in Libya as part of its strategy to grow its regional footprint.

A new unified subsidy card system that will also be able to be done through your mobile system is on its way, cabinet spokesperson Mohamed El Homsani said. The unified card will not just provide access to food subsidies, but also cover health ins. coverage, and other services, according to El Homsani.Trial operations of the EGP 15 bn integrated tourist city in South Sinai's St. Catherine will kick off in April or May, an unnamed source said.Foreign investors' net purchases of Egyptian debt came in at EGP875 bn during 2024, split between EGP625 bn in short-term debt purchases and the remaining EGP 250 mn for long-term debt purchases, according to the EGX's 2024 report.Egypt's wheat imports jumped to a 10-year high in 2024, reaching 14.2 million tons compared to 10.8 million tons in 2023, an increase of 31%, mainly due to the USD abundance in 2024 compared to the year before, in addition to the decline in average global wheat prices to USD240 per ton, compared to USD350 per ton in 2023.The Investment Authority intends to prepare a new draft law for companies as an alternative to Law No. 159 of 1981, to be suitable for the wide use and reliance on electronic documents, according to Hossam Heiba, CEO of the Authority.UAE-based Nas Investment Holding intends to submit a mandatory tender offer for an additional 57.5% stake, represented in 5.5 million shares, in EGX-listed fertilizers player EgyFert (SMFR), the Financial Regulatory Authority (FRA) said. BP has completed the drilling of two gas production wells at the Raven natural gas field in its North Alexandria concession, with gas production expected to begin in February, according to an Oil Ministry statement. EGAS agreed with Eni to study establishing a fixed regasification unit in Damietta costing USD190 million. ENPPI and Petrojet alliance has been awarded a contract worth USD1.24 billion by Adnoc Gas for Ruwais LNG project. The FRA has issued a decision approving Arla Foods' request to extend the deadline for submitting a potential mandatory tender offer for DOMT's shares by an additional 60 working days, starting from the original deadline of January 9.EFID will utilize its distribution network to distribute kiosk favorite Raw chips through a third-party distribution agreement with the kettle chip brand owner Prisma Food. According to local media, CIRA is branching out into the care economy with the launch of CIRA Care, a new arm focused on care economy services. The new venture will be set up with a capital of EGP60 mn and provide early childhood care, healthcare services, disability support, and elderly care services.

 In line with our expectation, the CBE left interest rates unchanged after its MPC Committee met on Thursday. A coalition of Chinese companies has been established to develop a 1 million feddan integrated farming zone in the New Valley Governorate.  Planning and International Cooperation Minister Rania Al Mashat met with a delegation from the European Union to discuss unlocking EUR1.8 billion in investment guarantees from the bloc.The government is planning to slash customs clearance times to two days by 2025, Investment Minister Hassan El Khatib said.The Senate will vote on a bill that aims to tighten restrictions on those aiming to join the importers registry, stipulating that those aiming to join the register should have a capital of at least EGP500k, and for limited liability companies to have a paid up capital of at least EGP2 million. A group of Saudi families intend to pump investments of USD150 million into the Egyptian market in the coming period, according to the head of Business City Group, an investment advisory company.The Suez Canal Economic Zone (SCZone) signed a land usufruct agreement with ORAS subsidiary, Orascom Industrial Parks, for its already announced EGP13 billion integrated industrial complex planned for the Sokhna Industrial Zone. A consortium of international institutions is to provide some USD106 million in new funding to the Red Sea Wind Energy (RSWE) — a JV between ORAS, France's Engie, and Japan's Toyota Tsusho/Eurus Energy. PHDC and Marriott International signed an agreement to establish The Ritz-Carlton Residences. CCAP sent a release concerning an administrative seizure by the Egyptian Customs Authority on ERC for a total amount of EGP379 million representing tax differences and customs duties due for 15 customs declarations, in addition to additional added tax (VAT ). In conclusion, the negotiations between the Egyptian General Petroleum Corporation and the Customs Authority on 20 November 2024 successfully led to the Customs Authority lifting the administrative seizure.A consortium of local banks is currently studying a USD100 million syndicated loan for the Egyptian Bioethanol Company (EBIOL) to build its bioethanol factory in Damietta with a capacity of 100k tons per year. We note that SKPC owns 7.5% of EBIOL.We updated our FV of PHAR to EGP63.25/share and maintain Overweight.PHAR's USD100 million biopharma factory is set to launch operations in 1Q25, according to a Health Ministry statement. The factory aims to localize the production of biologics and biopharmaceuticals both in terms of their final products and as active ingredients.HRHO's commercial bank, Bank NXT, signed a cooperation protocol with the Urban Development Fund (UDF) to provide mortgage financing to individuals purchasing UDF units in governorates across the country. National Investment Bank (NIB) sold almost its full stake of 9.99% in MBSC in a deal worth EGP287.3 million. NIB sold 6.11 million shares at a price of EGP47.00/share.A number of car agents are negotiating with El Nasr Automotive to use its production lines to locally assemble some of their models during the coming period. The contracts of beet sugar producing companies recorded an increase during the current season, supported by an increase in the cultivated area of beets by 16% since the start of the planting season last August until 10 November.

Emirati sovereign wealth fund ADQ will lay the foundation stone for its USD multi-billion Ras El Hekma project on Friday, Deputy Housing Minister said.The Madbouly government will start introducing cash-based subsidies on a trial basis in certain areas of the country starting next fiscal year, Supply Minister said.Intro Group subsidiary Intro Technology signed a MoU with Omani data center leader Oman Data Park to establish a new USD450 million sustainable data center in the Suez Canal Economic Zone (SCZone), according to a joint statement.French yeast producer Lesaffre Egypt is planning to double its investments in the local market to USD100 million.The budget deficit declined during July and August of the current fiscal year to EGP263.1 billion, equivalent to 1.54% of GDP, compared to EGP383.1 billion, equivalent to 2.74% of GDP, during the same period of the previous year. Finance Minister revealed a program to launch a package of new initiatives and incentives to support green activities and export industries.The government intends to launch an international tender to expand the Al-Jabal Al-Asfar wastewater treatment plant, with the completion of the procedures in October. The Deputy Minister of Foreign Affairs and Immigration revealed that a study is underway to expand the sovereign guarantees for exporters, to include all economic activities carried out in Africa, protecting existing Egyptian investments in African countries, and ensuring the possibility of transferring exporters' receivables easily.RMDA announced the strategic acquisition of a leading anti-diabetic product, indicated for the treatment of type 2 diabetes; this marks the company's largest acquisition to date. The product currently ranks first in terms of units sold with a 9% market share within the overall newer generation oral anti-diabetics market which is valued at over EGP6.7 billion.SKPC sent a release announcing that the constituent general assembly of the Alexandria Supply Chain Company was held on 29 September 2024. The company aims at establishing a maritime facility to meet the current and future needs of petrochemicals companies for imported ethane gas. Belgium engineering group John Cockerill is joining Norwegian firms Scatec and Yara International, the Egyptian Petrochemical Holding Company, and Misr Fertilizer Production Company (Mopco) (MFPC) in producing green ammonia in Damietta with investments exceeding USD900 million, according to a Ministry statement. TAQA is looking to set up two new solar plants with investments ranging between USD25-30 million, the company's head of sustainability Sherif Mubarak told Al Borsa. The Oil Ministry will ensure the supply of mazut to building material factories through a centralized distribution system so they can operate at full capacity starting today, Transport and Industry Minister Kamel El Wazir said yesterday. HRHO's commercial bank, aiBank, has rebranded to Bank NXT.HRHO is considering the establishment of a regional headquarters in Saudi Arabia and seeks to increase Saudi Arabia's share of its revenues to 20% over the next five years.RAYA intends to issue EGP1.0-1.5 billion worth of securitization bonds before the end of this year, according to local press.ALCN released its edited financial results for FY23/24: bottom line came in at EGP6.28 billion (+43% YoY), and revenue recorded EGP6.58 billion, compared to EGP4.96 billion in FY22/23.

Full Text of ReadingsTwenty-first Sunday in Ordinary Time Lectionary: 122The Saint of the day is Saint Louis of FranceSaint Louis of France’s Story At his coronation as king of France, Louis IX bound himself by oath to behave as God's anointed, as the father of his people and feudal lord of the King of Peace. Other kings had done the same, of course. Louis was different in that he actually interpreted his kingly duties in the light of faith. After the violence of two previous reigns, he brought peace and justice. Louis “took the cross” for a Crusade when he was 30. His army seized Damietta in Egypt but not long after, weakened by dysentery and without support, they were surrounded and captured. Louis obtained the release of the army by giving up the city of Damietta in addition to paying a ransom. He stayed in Syria four years. Louis deserves credit for extending justice in civil administration. His regulations for royal officials became the first of a series of reform laws. He replaced trial by battle with a form of examination of witnesses and encouraged the use of written records in court. Louis was always respectful of the papacy, but defended royal interests against the popes, and refused to acknowledge Innocent IV's sentence against Emperor Frederick II. Louis was devoted to his people, founding hospitals, visiting the sick, and like his patron Saint Francis, caring even for people with leprosy. He is one of the patrons of the Secular Franciscan Order. Louis united France—lords and townsfolk, peasants and priests and knights—by the force of his personality and holiness. For many years the nation was at peace. Every day, Louis had 13 special guests from among the poor to eat with him, and a large number of poor were served meals near his palace. During Advent and Lent, all who presented themselves were given a meal, and Louis often served them in person. He kept lists of needy people, whom he regularly relieved, in every province of his dominion. Disturbed by new Muslim advances, Louis led another crusade to North Africa in 1270. Within a month of their landing at Carthage, the army camp was decimated by disease. Louis himself died there at the age of 56. He was canonized 27 years later. Reflection Louis was strong-willed, strong-minded. His word was trusted utterly, and his courage in action was remarkable. What is most remarkable was his sense of respect for anyone with whom he dealt, especially the “humble folk of the Lord.” To care for his people he built cathedrals, churches, libraries, hospitals and orphanages. He dealt with princes honestly and equitably. He hoped to be treated the same way by the King of Kings, to whom he gave his life, his family and his country. Saint Louis of France is a Patron Saint of: BarbersGroomsSecular Franciscan Order Learn more about Saint Louis of France! Saint of the Day, Copyright Franciscan Media

Egypt is looking to attract some USD2 bn in foreign direct investment from EU countries in its industrial sector by the end of 2024. Also, Egypt seeks to increase its exports to the EU by 10% by the end of this year, rising from EUR11.5 bn in 2023, to EUR12.6 bn in 2024.The CBE sold EUR610 mn one-year treasury bills on Monday, with an average yield of 3.75%, which is 0.25% less than the previous bid of 4.00%.The government has approved a EGP7 bn of subsidized loans for pharma companies, offering them financing at an interest rate of 5-7% to help streamline meds production and secure necessary imports.State grains buyer GASC has purchased 280k tons of wheat in a tender that closed yesterday, locking in just c. 7% of the 3.8 mn tons it aimed to purchase.Egypt will set up a logistics zone in Rwanda, after the Rwandan side allocated the necessary land near its border with Tanzania. The move will help facilitate Egyptian companies' access to the Rwandan market.A government official said that Egypt's imports of Israeli natural gas increased by about 5% during August to about 890 mn cubic feet per day, compared to 850 mn cubic feet at the beginning of last July, pointing out that the coming weeks will witness an increase in the volume of imports to a level ranging between 920 and 950 mn cubic feet per day, which is determined in coordination between the two sides.CBE data revealed that the balance of bonds and sukuk issued abroad held by non-residents amounted to about USD29.8 bn by the end of 2023.GAFI has approached the final stage of allocating an industrial zone to a group of Chinese investors on the Mediterranean coast, to establish factories specialized in agricultural manufacturing, automobiles, spinning and weaving.ESRS received from the European Trade Commission on 8 August 2024 a Notice of initiation of anti-dumping investigations concerning imports of hot-rolled flat steel (HRC) originating in Egypt, India, Japan and Vietnam. The investigations are initiated based on a complaint submitted by the European Steel Association (EUROFER). This implies a significant risk on ESRS where two-thirds of the company's HRC exports are directed to European countries, representing around 14% of total revenues. SWDY denied rumors to change the company's listing currency in the EGX from EGP to USD.The Ministry of Local Development has shortened the procedures for obtaining building permits in the governorates to 8 steps instead of 15 procedures previously.MASR achieved solid 2Q24 sales of EGP6.0 billion, up 71.3% y/y and expectedly down 59.6% q/q following a strong 1Q24 that had been fueled by pre-devaluation demand. This brought 1H24 sales up 294.0% y/y to EGP20.9 billion.MASR established a real estate asset management subsidiary called Doors and is opening a branch in Saudi Arabia soon.The government is in talks with Eni to build a regasification unit, with investments of about USD150 million, in Damietta.The Organization of the Petroleum Exporting Countries (OPEC) lowered its forecast for demand growth this year to 2.11 million barrels per day (bpd) in its monthly market report released on Monday.TCI Sanmar Chemicals expressed interest in establishing a new ethylene receiving and transport station at West Port Said Port, with an investment of USD150 million. COMI has acquired 45% of Global Corp securitization issuances, which amounts to EGP610 mn. Easy lease, Al Ahly Capital leasing arm, is planning to execute a capital increase plan of EGP350 mn over the next 2 years (as a first step towards a probable IPO by 2027).CICH can trade in carbon emissions reduction certificates in the voluntary carbon market after it got the greenlight from the FRA.The CBE is finalizing the technical infrastructure needed to allow mobile contactless payments. 

At the end of the two-day Egypt-EU Investment conference, Prime Minister said that 29 agreements and MoUs had been signed over the event totaling EUR49 billion with EU-affiliated entities. On top of this, a further six agreements and MoUs with non-EU-affiliated entities that export to the EU inked a further EUR18.7 billion.Egypt is looking to raise its target for the renewable share of energy generation to 58% by 2040 in an updated strategy for expanding green power.The government has decided to postpone any hikes to electricity prices until September, a source from the Electricity Ministry said. The government has put off implementing the hikes until the electricity crisis is resolved, the source said.State IPO program is to ramp up again in October.Egypt received seven local and international offers to exploit eight government headquarters in the downtown Cairo area, Minister of Planning said.The new government lineup could be sworn in within a few days.Egypt's net foreign assets recorded their first surplus in over two years.The IMF has scheduled Egypt's third review under the EFF to be discussed by the Fund's executive board on 10 July. Subject to the Board's approval, Egypt will access USD820 million. The current account (CA) deficit inched up to USD7.46 billion in 3QFY2023/24, the highest on record for a single quarter, up from USD6.8 billion in 2Q, bringing up the total CA deficit for 9MFY2023/24 to c.USD17 billion.Remittances from Egyptians working abroad inched up to USD5 billion in 1Q2024 from USD4.91 billion in 4Q2023.Egyptian external debt decreased by the end of 1Q2024 by USD7.427 billion to reach USD160.607 billion, compared to USD168.034 billion in December. The Egyptian Mercantile Exchange (EMX) could begin offering wheat and sugar before the end of the year.The independent financial advisor finalized the study on SWDY's share fair value on 26 June 2024, and concluded that the fair value is EGP52.38/share. SWDY is setting up a copper factory in Saudi Arabia that will go live in six months' time.Steel rebar prices are stable in July at most of local steel manufacturers. The SFE inked a binding offtake agreement with ORAS, Scatec, and Fertiglobe to produce 100 MW of green hydrogen from its Ain Sokhna plant. The Ministry of Finance's Private Sector Partnership Unit is preparing to launch desalination plant projects worth USD2 billion in 4 to 6 plants as a first phase. SKPC started receiving feed gasses and gradually resumed operations in its factories on Thursday. A consortium of TAQA and France's Voltalia will build a USD3.5 billion green ammonia project in Ain Sokhna, under an agreement inked with SFE.The Egyptian Petrochemical Holding Company and MFPC, along with Norwegian firms Scatec and Yara International, will produce green ammonia in Damietta with initial investments of around USD890 million. ETEL inked an MoU with Hungarian telecom company 4iG Group to develop and operate a joint venture for building and managing fiber-to-the-home (FTTH) and fiber-to-the-tower (FTTT) networks, with total investments of at least USD600 million.EBRD will provide COMI with USD60 million for on-lending to local women-led businesses and green investments.HRHO's Corp-Solutions issued EGP433 million of short-term notes. The Ministry of Trade and Industry has extended the sugar export ban for the third time in a row, starting from July until the end of September, to maintain the supply in the markets and support price stability at current levels. All accumulated cars at Egyptian ports until 25 June 2024 will be released in a week, according to a government official. 

BRUXELLES (ITALPRESS) - "Il contenuto del memorandum si sofferma sulla transizione energetica". Lo ha detto Luciano Guerrieri, presidente Autorità di Sistema Portuale del Mar Tirreno Settentrionale, a margine della firma del protocollo d'intesa a Bruxelles, nella sede della Regione Toscana, del protocollo di intesa tra l'Autorità di Sistema Portuale del Mar Tirreno Settentrionale e l'Autorità portuale di Damietta, in Egitto.xf4/mgg/gtr

BRUXELLES (ITALPRESS) - "Il contenuto del memorandum si sofferma sulla transizione energetica". Lo ha detto Luciano Guerrieri, presidente Autorità di Sistema Portuale del Mar Tirreno Settentrionale, a margine della firma del protocollo d'intesa a Bruxelles, nella sede della Regione Toscana, del protocollo di intesa tra l'Autorità di Sistema Portuale del Mar Tirreno Settentrionale e l'Autorità portuale di Damietta, in Egitto.xf4/mgg/gtr

BRUXELLES (ITALPRESS) - "Il contenuto del memorandum si sofferma sulla transizione energetica". Lo ha detto Luciano Guerrieri, presidente Autorità di Sistema Portuale del Mar Tirreno Settentrionale, a margine della firma del protocollo d'intesa a Bruxelles, nella sede della Regione Toscana, del protocollo di intesa tra l'Autorità di Sistema Portuale del Mar Tirreno Settentrionale e l'Autorità portuale di Damietta, in Egitto.xf4/mgg/gtr

*Key news articles for today*The House approved five bills putting forward the EGP180 billion social protection package announced last week.A delegation led by Prime Minister Moustafa Madbouly met with IMF to discuss reviews of Egypt's USD3 billion loan program. Madbouly was joined by CBE Governor Hassan Abdullah, Finance Minister Mohamed Maait, International Cooperation Minister Rania Al Mashat, Planning Minister Hala El Said, and IMF Executive Director Mahmoud Mohieldin.Emirati news agency WAM reports that Egypt's Finance Minister said his ministry is mulling a possible bond sale in the GCC as part of the Ministry's attempt to diversify the country's sources of financing.Ministry of Finance revised its expectations for the overall budget deficit in FY23/24 to reach 7.65% up from 7%, on expectations of lower revenues and higher interest payments.COMI's BoD proposed cash dividend distribution of EGP0.55/share, implying a payout ratio of 5.6% (based on 2023 net profit post minority) and Dividend Yield of 0.7%, which comes in line with last year's management decision to cut cash dividends payout in order to support the capital base in light of the devaluation risks.COMI intends to prepare financing of around USD1 billion or its equivalent in local or other foreign currencies to finance the bank's activities, through issuing financial instruments, supporting loans, deposits, or mixed financial instruments.Non-Egyptians are no longer prohibited from owning EXPA's stock whether they are individuals or companies.Contact Pay customers can now pay their installments via e-payments company Al Ahly Momkn, Al Ahly Capital Holding.Egyptian banks have reportedly become more wary to provide financing to companies operating in seven sectors that are strongly affected by the foreign currency crisis. The seven sectors include real estate, tourism, fertilizers, animal feed, steel rebar, cement, and ceramics.KIMA contracted with a number of local banks for two loans, one in local currency worth EGP2 billion and the other in US dollars, worth USD200 million. The money will be used to finance the ammonium nitrate project. Construction works will start in July 2024 and will take three years.MICH sent a release to EGX announcing signing a contract to establish a new company with a capital of EGP1 billion for the management and operation of a chlorine granules factory with investments of EGP1.3 billion. The new company will be 12% owned by the Holding Company for Chemical Industries, 12% by MICH, and 76% by Cadence Energy.Methanex will resume methanol production at full capacity in its factory in Egypt during February. This came after a production stoppage since mid October 2023 due to a mechanical issue that is currently fixed.CIRA is in the final stages of the feasibility study for Damietta's higher education branch and will be handing in the papers by next week to acquire the presidential decree to prepare a 2025 launch. The Education Ministry issued a circular on Monday prohibiting private and international K-12 schools from collecting tuition fees in foreign currency from Egyptian students 

Egypt's budget deficit rose to 5.51% of GDP between July and November 2024 from 3.37% during the same period last year.The Egyptian government has pledged to pay EGP 1.4 billion annually, covering the real estate tax for the industrial, poultry, and animal production sectors until the end of 2026.The Suez Canal Economic Zone (SCZone) has inked five framework agreements with private industrial players to invest c. USD 235 mn.Egypt's non-petroleum trade deficit declined by 22.6% to USD37.1 billion in 2023. Exports declined by 1.5% to USD35.3 billion, while imports declined by 13% to USD72.5 billion. The decline was a result of foreign currency scarcity.The government is preparing to launch a tender for the development of three projects in March, with investments that could amount to a combined USD610 mn.Following the meeting of the EU-Egypt Association Council, EU Commissioner said that their Economic and Investment Plan will mobilize EUR 9 bn to invest in “growth and jobs in Egypt in areas that are the most critical, food, water, energy for any sustainable economy,” The Higher Council for Investment is preparing a new incentives package to secure foreign currency to companies.GAFI is working on amending the regulations of the corporate law.SKPC 4Q23 unaudited financial indicators:  EGP3.5 billion in revenues (+21% YoY, +9% QoQ)  in 4Q23. Annual increase came due to a 26% YoY increase in USD to EGP exchange rate, despite a 7% YoY decline in global polyethylene prices. QoQ increase in revenues came despite a stable exchange rate and a 3% QoQ decline in global prices. Net profit recorded EGP645 million in 4Q23 (+ 31% YoY, +7% QoQ), which brought 2023 net profit up by 99% YoY to EGP2.5 billion. SKPC is currently trading at a 2024e PE of 8.0x. During its BoD meeting, SKPC postponed discussing the payment of USD180k towards the capital increase of the Egyptian Bioethanol Company.Egypt's fuel imports value reached USD12.6 bln in 2023 (-11% YoY).  Local production reached 74 mln tons including 28 mln tons of crude oil and condensates, 45 mln tons of natural gas and 1 mln ton of LPG. Egypt's petroleum products consumption declined by 2% during 2023 to 34.5 mln tons. Natural gas consumption declined by 1% to 46.4 mln tons. Total demand gap reached 6.8 mln ton. Urea and nitrate prices increased to EGP13,000/ton in January 2024, from EGP11,000/ton in the beginning of the month. The increase came as the local supply declined. We note that winter is the high season for fertilizers.EGBE (FV:EGP0.45, OW) 4Q23 net profit pre-appropriations recorded EGP367 million (+59% y/y, -6% q/q), bringing FY23 bottom-line to EGP1,414 million (+65% y/y). EGBE is currently trading at P/E24 of 5.4x and P/B24 of 0.9x.The bank will increase its issued and paid-up capital by EGP 500.5 mn through free shares, financed from its FY 2023 net income.CANA has provided the EGX with the required documents to proceed with its EGP400 mn capital increase (from EGP4.6 bn to EGP5 bn) through bonus shares, financed from the legal reserves and 2023 profits.MNT-Halan microfinance subsidiary, Tasaheel has issued EGP 3.8 bn worth of securitized social sustainability bonds(the first such bonds in Egypt and Africa). HRHO's fintech subsidiary valU and its majority-owned aiBank are set to roll out co-branded Visa credit cards for valU customers.The Trade Ministry has denied rumors that it is looking to cancel anti-dumping duties on reinforced steel coming from China, Turkey, and Ukraine. The anti-dumping duties in effect since 2017 were extended last June until 2027.The Ministry of Transport will hand over the second containers terminal “Tahya Misr 1” in Damietta port to Damietta Alliance Container Terminal Company.

ETEL| 5G License Granted without Spectrum; Triggers FV upgrade to EGP51/shareTelecom Egypt acquired a 5G license from the government yesterday at USD150 million with no spectrum fees. Accordingly, we upgraded our FV for ETEL to EGP51.00 per share up from EGP45.00 per share, given that we had accounted for USD500 million of 5G related capex (instead of USD150 million), assuming USD350 million of spectrum fees which is not the case now. At current market price, ETEL is trading at a significant discount to peers' average with 2024f P/E of 5.3x and EV/EBITDA of 3.4x, at a discount to peers' average of 13.5x and 6.0x.  AMOC| A Beneficiary of Political Tension in the Region and a Play on Local Currency WeaknessAMOC represents a good short-term play as one of our tier II picks for 2024 with an 15% upside potential and a FV of EGP12/share. Our FV is highly sensitive to GPM margin assumptions and local currency weakness, which are currently more on the conservative side. Thus, FV can be revised upwards to EGP14.67/share based on relative valuation and depending on local currency, oil prices, and margin performance. Our view is supported by:The expected currency devaluation bodes well for the company's revenues, which we forecast to grow by 52% YoY over FY3/24.Net profit is expected to increase by 69% YoY to EGP2.25 billion in FY23/24.We expect to distribute a DPS of EGP0.96/share in FY23/24f, implying a dividend yield of 9%, the highest among its sector peers.AMOC is trading on a FY23/24e PE of 6.0x and EV/EBITDA of 3.4x, one of the lowest among its sector peers.Cargo flights are filling up as Red Sea disruptions continue. Traders are rushing to unwind their bets on a big depreciation of the EGP, as the country's government is nearing a deal with the IMF to boost the size of a rescue package. The number of tourist arrivals to Egypt during 2023 increased by 27.3% to reach 14.9 million tourists.The Commodity Exchange plans to launch new products on its trading platform during the current year.Ministry of Supply, represented by the Egyptian Holding Company for Silos and Storage EHCSS, got a USD110 loan from the WB to complete the national project for field silos.ETEL secured a 5G license from the NTRA at USD150 million for 15 years.Bayut has contracted with FWRY to provide its customers with instalments services through consumer financing. Alshaya Group, one of the region's biggest retail operators will be downsizing their business in Egypt due to FX pressure and economic conditions.OPEC estimated the world's demand for oil to increase to 2.25 million bbl per day in 2024 and another 1.8 million bbl per day in 2025, on the back of a strengthening Chinese economy.EFG Finance, the non-bank financial services arm of HRHO, might look into acquiring a stake in Saudi's PayTabs, through giving up its 50% stake in PayTabs Egypt. HRHO's microfinance arm Tanmeyah has teamed up with the Egyptian arm of GIG to roll out new micro-ins. products. COMI has signed an agreement with the Housing Ministry's Social Housing and Mortgage Finance Fund to provide EGP3 bn in financing to support the fund's initiative to give out loans to low- and middle-income home buyers at 3%, 7%, and 8% interest rates.Yesterday's announced EGP4.2 billion finance agreement inked between ORAS (FV: EGP233.65, OW) and Arab Bank is not a loan, but bank guarantees to the National Tunnels Authority.Damietta port Authority reported an increase in number of ships handled by 14.2% YoY and an increase of 11.6% YoY in cargo handling in 2023.

GBCO (FV: EGP12.86, OW) made it to our top-picks list, mainly backed by GB Capital, as it forms 71% of our final valuation, while GB Auto holds only 29%. GBCO is currently trading at a FY24 P/E of 3.2x and an EV/EBITDA of 3.2x.Economic growth slowed to 2.65% YoY in 1QFY2023-24, according to new data by the Planning Ministry. That is down from 4.4% YoY in 1Q2022-23 and 2.9% YoY in the final quarter.The General Authority for Investment and Free Zones has agreed with the CBE that foreign companies will not waive transfers in foreign currencies in banks that are intended to increase the company's capital only.The Suez Canal Authority has started to collect an increase in fees for transiting ships by rates ranging between 5% and 15% for specific types of ships, as per their decision issued last October.The Ministry of Finance expects public debt to decline by FY2023/24 end to 92.2% of GDP, and continue to decline to 91.9% of GDP next fiscal year, and 88% in FY2025-26.Kuwait's Ali Alghanim & Sons Automotive, Saudi's Mohamed Yousuf Naghi Group, and Egypt's Organi Group have launched a joint venture dubbed Auto Mobility that will invest USD100 million into localizing the production of cars from Chinese automobile giant Geely. No fewer than five Qatari vessels carrying liquefied natural gas (LNG) making their way to the Bab El Mandeb strait have been stopped in their tracks since Friday. Around 209 oil tankers or 4% of the world's oil fleet have started rerouting away from the Red Sea over the weekend.The Egyptian Stock Exchange aims to launch a new electronic disclosure system by 2025 aiming at developing the technological structure of the market by modernizing the electronic trading system.The Egyptian National Railway Authority intends to borrow EGP18 billion from a consortium of local banks to finance two railway projects, which it plans to launch during the second half of this year.The House of Representatives approved the seventh structural adjustment facility agreement between Egypt and the Arab Monetary Fund, worth USD614.3 million.A government official estimated Egypt's total imports of Israeli natural gas at about 900 million cubic feet per day in January 2024. The government plans to double the capacity of Cairo International Airport. The new terminal will accommodate an additional 30 million passengers per year.SAUD and EGBE have disabled credit card withdrawals abroad. EGBE has also cut monthly credit card limits on foreign exchange transactions executed abroad to the equivalent of EGP3k. HRHO's ValU signed a partnership agreement with the Damietta Chamber of Commerce to enhance the furniture industry in Damietta by providing an integrated package of buy now and pay later solutions. Local mobile operators are planning to launch eSIMs in 1Q24, with pre-launch trials currently underway. ETEL and Zain Omantel International (ZOI) are joining forces to build a digital corridor. This corridor will connect the Mediterranean Sea to the Arabian Sea and Arabian Gulf, creating an unprecedented data highway. Telecom Egypt will develop new infrastructure across Egypt from the Red Sea to the Mediterranean and onwards to Europe. CBE is studying linking InstaPay to four BRICS countries including India, Russia, Brazil, and South Africa.ARCC (FV: EGP13.01, OW) is to undertake a filter upgrade conversion project with a total estimated cost of EUR8 million. The winner of the tender to install the signaling and control systems for the Cairo-Alexandria freight railway bypass will be announced next July. RMDA achieved 31% YoY increase in revenues (including injectable antibiotics) in November 2023. Egypt's exports of medicines and pharmaceutical products increased by 11.7% YoY in 10M23 to reach USD276.68 million.

Egypt is on track to meet its target of attracting 15 million tourists this year despite the impact of the war in Gaza.The Environment Ministry is aiming to attract USD600 million in investment into six projects during 2024.The Ministry of Finance will present the new draft law on income taxes for social dialogue during the coming period for approval before taking the necessary measures to refer it to the Cabinet then the House of Representatives. The law sets the tax due at EGP1000 annually for projects whose annual turnover is less than EGP250k.The Head of the Ports Sector at Abu Dhabi Ports Group said that the group decided to focus on the company's multi-purpose terminal project in Safaga Port and postpone plans to acquire shares in container handling companies such as Port Said and Damietta affiliated with the Holding Company for Maritime Transport.The first gold auction will be held on Egypt's commodities exchange next week.The Egyptian Railways Authority inked a terms and conditions agreement with the Egyptian National Railway Industries Company (NERIC) to assemble 500 rolling stock, along with their maintenance and spare parts, over the span of 15 years.The Madbouly government is resorting to bartering with Kenya to continue importing black tea in a bid to protect FX reserves. ORAS (FV: EGP192.45, OW) signed a contract with the National Authority for Tunnels to execute all civil works for Greater Cairo Metro Line 4, which will run underground from Giza to Fustat and connect to existing Lines 1 and 2. A number of local and international companies signed contracts to design, supply, and install the electromechanical systems for the 1.8k km national high-speed rail project led by Siemens including ORAS, SWDY, and Arab Contractors.The Aviation Industry Corporation of China (AVIC) and China Railway Major Bridge Engineering Group Co. inked a framework agreement to design and construct in collaboration with local subcontractors, including Hassan Allam Holding, ORAS, Concord, Arab Contractors, and others, the 16-km fourth phase of Cairo's light-rail transit (LRT) project that will extend the route into Tenth of Ramadan City. EGAL (FV: EGP53.58, OW) declared a cash dividend of EGP6.50/share for FY22/23. Distribution date is 23 November 2023. Record date is 20 November 2023. This implies a dividend yield of 9.4% and a payout ratio of 74.7%.ADQ, along with other Gulf institutions especially Qatari ones, are showing interest to acquire a strategic stake in EGAL of up to 30%. The new VAT law on cigarettes that the Parliament passed the draft amendment for last week has been passed into law as of yesterday.Cheiron's Pico Petroleum and the Kuwait Foreign Petroleum Exploration Company (Kufpec) will invest USD119.5 million over the coming five years to increase production at the Geisum and Tawila West concession in the Gulf of Suez. The companies also requested that they be given 20-year licenses for the concession, so they continue operating and investing in the area after their current licenses expire in 2027.MHOT EGM approved 1:1 stock dividends.Raya Technology, a subsidiary of RAYA, is in negotiations with a consortium of local banks to obtain a syndicated loan of EGP1.1 billion to finance its expansion plans.United Bank's financing arm United Finance raised EGP617.5 million in a securitized bond issuance. Seven Consumer Finance Company, BTFH's subsidiary, aims to bring its portfolio to EGP1.5 billion by the end of 2023, compared to a current portfolio exceeding EGP1.3 billion, with the possibility of the target increasing to EGP2 billion. State-owned El Nasr Automotive is reportedly close to inking a partnership agreement with an unnamed Chinese investor to manufacture four-wheeled electric light

*Key news articles for today*The General Authority for the Suez Canal Economic Zone (SCZone) is on course to take out a 15-year, EGP30 billion loan from a syndicate of local banks to finance the infrastructure for a number of green hydrogen projects. Part of the loan will be paid in USD to finance imported components.The Asian Infrastructure Investment Bank is considering financing the winning consortium to develop and operate the second container terminal, “Tahya Masr 1,” in Damietta, at a value of USD100 million.The average daily production of the Zohr natural gas field in Egypt declined by about 11% YoY in FY2022/23, according to the CEO of Petrobel, an EGPC subsidiary. He pointed out plans to start production from well No. 20 in the field next October to compensate for the natural decrease and maintain production rates.The Administrative Capital for Urban Development, developer of the New Administrative Capital, plans to sell 5-10% of its shares on the EGX in 1H24.Eagle Hills, the real estate company owned by Mohamed Alabbar, started negotiations with the Sovereign Fund of Egypt to acquire a government-owned real estate company.MASR (FV: EGP5.24, OW) launched its latest project in Taj City called Origami, the first project by Minka since its acquisition by MASR. The project offers residential BUA of 0.4 million sqm.EGTS's court date for the 20.0 million sqm third phase Sahl Hasheesh land plot lawsuit is postponed to 23 December 2023.Three local steel companies, namely Al Gioshy Steel, El Marakby Steel, and El Garhy Steel, are interested in acquiring government-owned Delta Steel Mill Company. Brent, which has risen more than 30% since its March low, came close to surpassing USD95/bbl yesterday. Some crude grades are already trading above USD100/bbl.Misr Fertilizers Production Co- Mopco stated that it did not receive any selling offer from any shareholder. This came as a response to yesterday's news of the government's intention to sell 15% of its stake in Mopco to ADQ. MENA fertilizers firm Fertiglobe — a JV between Adnoc and the Sawiris-owned OCI — signed a non-binding MoU with Abu Dhabi Ports to explore opportunities for storing and shipping urea and ammonia at ports in Egypt and the UAE. The partnership also aims to enable Fertiglobe to ship and store green ammonia. EFID (FV: EGP22.80, OW) announced that it signed two medium-term loan agreements with seven-year maturity for Fancy Food acquisition. The first loan amounts to EGP190 million to finance 50% of the acquisition, while the second loan amounts to EGP200 million to finance the investment cost needed for the new subsidiary Edita Frozen for Food Industries (previously Fancy Food).SUGR announced in a release yesterday that it did not receive any stake sale offers, as a response to the news of the government's interest in selling 20-25% of its stake in the company. EFIH's digital cards subsidiary eCards and Dubai-based fintech firm Network International signed an agreement to expand smart banking card services in the Middle East and Africa. Reliance Lifes Sciences, an Indian company, is interested in acquiring a stake in PHAR, but no official offers have been submitted yet.A number of Gulf investors are interested in acquiring a stake in the distressed pharma distributor United Company of Pharmacists (UCP). The company is looking to find new sources of finance to solve a growing financial crisis at the firm caused by the accumulation of large amounts of debt.Mohamed Farid, Chairman of the Board of Directors of the Financial Regulatory Authority, said that the Authority has developed a time plan for insurance companies to implement the international standard IFRS17.

Full Text of ReadingsFriday of the Twentieth Week in Ordinary Time Lectionary: 423The Saint of the day is Saint Louis of FranceSaint Louis of France’s Story At his coronation as king of France, Louis IX bound himself by oath to behave as God's anointed, as the father of his people and feudal lord of the King of Peace. Other kings had done the same, of course. Louis was different in that he actually interpreted his kingly duties in the light of faith. After the violence of two previous reigns, he brought peace and justice. Louis “took the cross” for a Crusade when he was 30. His army seized Damietta in Egypt but not long after, weakened by dysentery and without support, they were surrounded and captured. Louis obtained the release of the army by giving up the city of Damietta in addition to paying a ransom. He stayed in Syria four years. Louis deserves credit for extending justice in civil administration. His regulations for royal officials became the first of a series of reform laws. He replaced trial by battle with a form of examination of witnesses and encouraged the use of written records in court. Louis was always respectful of the papacy, but defended royal interests against the popes, and refused to acknowledge Innocent IV's sentence against Emperor Frederick II. Louis was devoted to his people, founding hospitals, visiting the sick, and like his patron Saint Francis, caring even for people with leprosy. He is one of the patrons of the Secular Franciscan Order. Louis united France—lords and townsfolk, peasants and priests and knights—by the force of his personality and holiness. For many years the nation was at peace. Every day, Louis had 13 special guests from among the poor to eat with him, and a large number of poor were served meals near his palace. During Advent and Lent, all who presented themselves were given a meal, and Louis often served them in person. He kept lists of needy people, whom he regularly relieved, in every province of his dominion. Disturbed by new Muslim advances, Louis led another crusade to North Africa in 1270. Within a month of their landing at Carthage, the army camp was decimated by disease. Louis himself died there at the age of 56. He was canonized 27 years later. Reflection Louis was strong-willed, strong-minded. His word was trusted utterly, and his courage in action was remarkable. What is most remarkable was his sense of respect for anyone with whom he dealt, especially the “humble folk of the Lord.” To care for his people he built cathedrals, churches, libraries, hospitals and orphanages. He dealt with princes honestly and equitably. He hoped to be treated the same way by the King of Kings, to whom he gave his life, his family and his country. Saint Louis of France is a Patron Saint of: BarbersGroomsSecular Franciscan Order Learn more about Saint Louis of France! Saint of the Day, Copyright Franciscan Media

The Central Bank of Egypt (CBE) hiked interest rates by 100 basis points on Thursday. The contraction in Egypt's non-oil private sector slowed to its softest pace in nearly two years in July, suggesting initial pointers of a recovery in market demand following a lengthy downturn. The country's PMI rose for a fourth consecutive month to hit 49.2 in July from 49.1 in June. The government, in cooperation with the IFC, is studying offering minority stakes owned by state-owned agencies and banks in firms generating USD-denominated revenues. The Suez Canal Economic Zone (SCZone) has received cabinet's approval to set up a joint-stock investment company named SCZone Istithmar to strategically plan and manage the authority's current and future investments. Turkey's largest state-owned bank and a number of Turkish manufacturers expressed their interest in expanding into the Egyptian market. Russia could lower duties on commodities exports, including grain and fertilizers, to friendly nations. The EBRD is investing EGP927 million (c. EUR27 million) in a securitized local currency bond issued by the New Urban Communities Authority's (NUCA) special purpose vehicle, Al Taamir Securitization.  SKPC released 2Q23 unaudited financial indicators posting an increase of 32% QoQ (+218% YoY) in net profit to record EGP689 million. Revenues recorded EGP2.9 (-18% QoQ, + 67% YoY). This could be attributed to a 7% QoQ decline in USD denominated polyethylene global prices and a 4% QoQ decline in EGP translated prices during the quarter as there was no currency devaluation during 2Q23 as compared to 1Q23. However, EGP translated polyethylene prices increased by 19% YoY due to EGP devaluation in the beginning of 2023.  SKPC is currently trading at a 2023e PE of 6.8x and an EV/EBITDA of 5.4x.The government returned the normal natural gas flow to local fertilizer producers. It is noteworthy that the companies' production was not affected by the recent 20% feedstock cut thanks to the ammonia availability in their inventories. ESRS's (FV: EGP54.60, OW) extraordinary general assembly approved extending a payment guarantee in favor of its subsidiary IRAX (FV: EGP1,357.50, OW) with a maximum amount of USD250 million to finance the voluntary delisting of IRAX. The government, which owns around 32.9% of IRAX, will exit the voluntary delisting process, and that ESRS will not buy any shares. IRAX will buy its shares in a process similar to buying treasury shares.Egyptian Competition Authority (ECA) agreed to extend its decision to reduce the production of local cement producers (quota allocation) for another year, according to local media.COMI offered a USD certificate of deposit for a year with a return of 6% to be paid monthly, with a minimum deposit of USD10,000. Banque Misr plans to launch the country's first digital bank in the first quarter of next year.The FRA said that premiums for commercial insurance companies amounted to approximately EGP25.2 billion during the first 5 months of 2023 (+35% y/y). Insurance companies operating in the Egyptian market achieved total premiums of approximately EGP28.7 billion by the end of May 2023 (+29% y/y).Turkish home appliances manufacturer Vestel and conglomerate Zorlu will soon visit Egypt to explore plans to build a home appliances factory with investments of more than USD70 million in an initial phase. KOC Holding wants to establish a factory for automotive feeder industries, a car manufacturing plant, and a medical products plant. Milat Carpet is planning a visit to explore the feasibility of building a furniture factory in Damietta. Fine Hygienic Holding plans to increase investments in Egypt to USD185 million next year, up from USD178 million this year.

The IMF has welcomed the government's progress in selling down state assets in the privatization program, which will support the gradual withdrawal of the state from economic activity and provide resources for external debt reduction.The Sovereign Fund of Egypt received 3 offers from strategic investors to acquire Wataneya from Abu Dhabi National Oil Company (ADNOC) and the ENOC Oil Group, Saudi Petromin, and Taqa Arabia (CCAP).Real estate tax proceeds increased in FY22/23 by 34% to reach EGP6.4 billion pounds, and it is targeted to reach EGP7.7 billion in FY23/24.Egypt intends to launch a new stimulus package for tourism investment, as part of its target to reach 30 million tourists by 2028.The government plans to ask the House of Representatives to remove the cap on how many properties foreigners can own.The government has received an offer from Denmark's Maersk for the acquisition of the state-owned 545-MW Zafarana wind farm.The Oil Ministry will this week award seven gold exploration licenses to Centamin and Canadian firm Barrick Gold, with 50% of net income stake.The government is in talks with the European Investment Bank (EIB) over a potential USD 300 mn loan to finance the construction of the Robeiky-Tenth of Ramadan-Belbeis railway line.Norway's Scatec and Alexandria National Refining & Petrochemicals Company (ANRPC) inked a USD 450 mn agreement in May to establish a green methanol plant in Damietta.The Indian company, Tata Motors, has postponed its entry into the local market due to the foreign currency shortage and its inability to import its models.ISPH (FV: EGP2.4, OW) held the leadership position in pharma distributors with a 23.7% market share in 5M 2023. During that period, the pharma market grew 19.4% YoY to EGP73.1 bn.Philip Morris has reversed a price hike on its cigarette brands — L&M and Marlboro — following news of an upcoming tax hike on cigarettes. The tax hikes could range from EGP 0.50 on cheaper cigarettes to more than EGP 2.00 on more expensive, imported smokes. MNHD (FV: EGP3.16, EW) concluded its acquisition of Minka and EgyCan for EGP200.0 million, which generated sales of EGP544.0 million in 1Q23.ACAMD signed the co-development agreement with the Vantage consortium to co-develop the 60k sqm Zefta land plot, with ACAMD entitled to a 36% revenue share as the land owner.RTVC signed a co-development agreement (RTVC entitled to a 60% share of revenue and cost) on a 29.4 feddan land plot on the North Coast. Expected sales are EGP1.5 billion, and expected cost is EGP1.0 billion.CCAP is planning to take its subsidiary National Printing public on the EGX by 2Q24. The company reported a 54% increase in revenues to EGP 1.4 bn in 1Q 2023. FAIT released unaudited standalone 2Q23 financial indicators where the bottom-line recorded EGP2,701 mn (+54.7% y/y). The stock is currently trading at 3.5x P/E23 and 0.6x P/B23.Weekly Commodities |       Last Price     WoW Change, %Brent, USD/bbl        79.9    1.8%Diesel-HSFO Spread, USD/ton    303.5  3.0%Egypt Urea, USD/ton         377.5  2.7%Polyethylene, USD/ton       990.0  1.0%Polypropylene, USD/ton     885.0  0.0%Steel/Iron Ore Spreads, USD/ton 380.1  -5.0%LME Aluminum Cash Price, USD/ton      2,232.4           6.3%Egyptian Retail Cement, EGP/ton 1,710.0         -2.6%Steam Coal FOB Newcastle Australia, USD/ton           131.7  -4.6%SMP, USD/MT         2,525.0         -5.3%

Warfare made the early modern state. Read by Leighton Pugh. Image: Renaissance-era woodcut of King Louis IX of France and his army disembarking at Damietta, Egypt, in 1249. In a common anachronism, the army and fleet are equipped with cannons. Credit: Florilegius / Alamy Stock Photo

The US Federal Reserve is expected to keep its benchmark interest rate unchanged within the 5.0-5.25% range at its policy meeting this Tuesday and Wednesday. Egypt's core inflation rose to 40.3% y-o-y from 38.6% in April. We expect the MPC to leave rates unchanged at the June 22 MPC meeting. The government is targeting oil and gas exports of USD 21 bn in 2023, up 15% YoY and another c.15% increase in 2024 to USD 24 bn. Short-term deposits from Arab countries with the Central Bank of Egypt reached USD 14.9 billion as of December 2022. Long-term deposits from Arab countries stabilized at USD 15 billion. The Egyptian Stock Exchange is considering setting up a sub-market for startup companies to help them raise capital from the public market. The Egyptian Stock Exchange is formulating a plan to launch a comprehensive market for futures contracts in Egypt.  Baker Tilly, the independent financial advisor determined TAQA's indicative fair value at EGP8.90/TAQA share, or EGP12 billion. This implies a 2022 P/E of 32.1x and P/B of 6.2x. We remind you of the multiples valuation for TAQA: If we assume that the company will grow by 20% in 2023, profits of EGP450 million, and a book value of EGP2.4 billion. If we utilize 10x P/E and 2x P/B (19% ROE), the average valuation for TAQA will be EGP4.6 billion. This translates into EGP3.44/share.The share swap deal through which SKPC will acquire Ethydco will be executed at 1:1.6, i.e. every 1.00 share in Ethydco will be swapped for less than 1.6 shares in SKPC. (Al Mal) This means that the valuation has been mirroring the capacities and has slightly adjusted for the difference in debt profiles between the two entities. It also means that within the merged/combined entity, SKPC will be 38% and Ethydco will be 62%. ORHD's (FV: EGP20.38, OW) El Gouna will see USD100.0 million in fresh investment in the next two years allocated toward building a new hotel and expanding existing ones.PHAR has revised upward the estimated total cost of its Biosimilar plant to EGP2.5 billion, up from an initial estimated cost of EGP1.2 billion. MCRO plans to add 26 new products to its portfolio during the coming two year. The company targets 2023e sales of around EGP1.0 billion.Investors are in talks with the Public Enterprises Ministry to acquire stakes in two pharma companies including “Chemical Industries Development Company – CID” through a capital increase. The Egyptian government allocated EGP85 billion in FY23/24 for the works of the high-speed train. The entire project is set to cost some USD23 billion (c.EGP700 billion). Worth highlighting that Siemens Mobility, ORAS (FV: EGP181.70, OW), and Arab Contractors were contracted to build the first phase of the high-speed rail line, while Deutsche Bahn and SWDY (FV: EGP22.87, OW) are on board to manage and operate the first line. South Sinai governorate is studying to offer 3 water desalination plants in 2024 with a total capacity exceeding 45k cubic meters per day.The offering of Port Said and Damietta companies for container and cargo handling will take place after deciding on the acquisition offer submitted to the two companies by a subsidiary of Qatar Sovereign Fund. AMNOs are waiting for NTRA's approval on price increases within days. Market speculations point at an increase of 10-15% on telecom services provided by MNOs.Chinese smartphone maker Vivo has begun manufacturing devices at its Tenth of Ramadan factory. According to local media, ARAB's (FV: EGP0.65, EW) Board preliminarily approved an IFA valuation of ARAB's subsidiary, Amer Syria, at USD13.0 million (EGP0.34/ARAB share). This compares to the USD18.0 million (EGP0.48/ARAB share) offer received by ARAB for Amer Syria in March 2023.Weekly Commodities |            Last Price&nb

The index of the manufacturing and extractive industries “excluding crude oil and petroleum products” decreased during the month of January by about 2.66%, to reach 105.69 points, compared to 108.58 points in the previous December.The value of Egypt's agricultural exports during the first 5 months of the 2022-2023 export season reached to USD 1.24 billion, compared to USD 907 million during the same period of the last export season, with a growth rate of 36.7%.Suez Canal Economic Zone Authority intends to reduce port fees for container ships to attract more investments in the port and stimulate trading.Suez Canal Economic Zone Authority assigned the process of paving internal roads at Sokhna port for three local contracting companies with a total value of EGP 6.1 billion.The Sovereign Fund of Egypt has signed an agreement with a newly-founded local real estate firm to redevelop the Interior Ministry's former headquarters. A Developments will invest EGP 800 mn in the project.Small and Medium Enterprises Development Agency aims to allocate EGP 3.1 billion during 2023 to stimulate small projects.FRA approved Eagle chemical's offer to acquire 75-100% of PACH shares, 1 EGP higher than National Paints Holding offer. Shareholders in PACH will get a 10-day window to sell their shares to Eagle Chemicals.  The mandatory tender offer (MTO) will open once the company publishes an announcement.MFPC stated yesterday in a release that it didn't finish the melamine project's feasibility studies yet, adding that it will seek bank loans in the financing structure. Poultry prices witnessed a significant decline by EGP10-12/Kg since the start of Ramadan due to a decline in demand backed by the stocking up of poultry products before Ramadan. State-owned pharma manufacturer HoldiPharma plans to build five new factories in partnership with private-sector firms. The facilities will require around EGP2.5 bn of investment.The Japan International Cooperation Agency (JICA) will provide JPY44 bn (c. USD 36.3 mn) in concessional financing to support the rollout of the Universal Health Insurance System under an agreement signed with the Finance Ministry yesterday.FRA is reviewing fair value studies of the state-owned Damietta and Port Said terminal operators ahead of stake sales in the two firms.ETEL's BoD has accepted Eng. Adel Hamed's request to be relieved from the position of Managing Director and CEO to assume a new role at the Ministry of Communications and Information Technology. ADIB announced the issuance of the “Takka” prepaid card after receiving the CBE's approval. The card will be issued in cooperation with “Meeza” and Abu Dhabi Islamic Consumer Finance company.HRHO announces the completion of the eighth issuance of securitization bonds, to “Premium International”, with a value of EGP 193.7 million.

Suez Canal Economic Zone aims to attract USD2 bn of investments in 2023, within the textiles, readymade garments, automotive, and steel pipes industries.The value of goods released from Egyptian ports YTD hit USD5.4 billion.As many as six of the first eight companies set to offer shares as part of the state privatization program are oil or petchem players, including Enppi, Midor, Assiut Oil Refining Company (ASORC), Ethydco, and El Wady for Phosphate Industries and Fertilizers (WAPHCO).Tourists could soon be able to apply for a new five-year, multiple entry visa, at USD700, Tourism Minister said. The ministry works to double the number of tourists to Egypt to 30 mn annually by 2028.According to local media, Saudi investors are interested to buy Arab African International Bank's 12.7% stake in PHDC (FV: EGP3.91, OW), with the bank aiming to sell its stake at EGP2.5-3/share.Mopco targets to undergo expansions and new projects with USD750 million directed to the new melamine project that will be implemented at the Free Zone in Damietta at an investment cost of USD300-350 million and The green ammonia production project in cooperation with Norway at investment cost of USD400 million.SKPC's BOD has initially approved the fair value study submitted by Baker Tilly. The company will announce the fair value after the approval of the final study and once it receives the FRA's approval.Eagle Chemicals yesterday boosted its offer for EGX-listed Paint and Chemical Industries (Pachin) in response to Dubai-based National Paints Holding's (NPH) new bid last week. Eagle Chemicals is now offering to purchase at least 75% of Pachin for EGP37.00 per share, EGP 1.00 higher than the bid NPH put in at the end of last week.AUTO (FV: EGP7.56, OW) decided that there will not be any cash dividends distribution for 2022.The Education Ministry and USAID signed five MoUs to establish five international applied technology schools under the USAID-funded Workforce Egypt project.Elsewedy Industrial Development, a subsidiary of SWDY is one of four industrial property developers that have been awarded more than 1.8k feddans of land in New October City through NUCA.MBSC shareholders approved cancelling 7.07 million treasury shares worth EGP70.7 million. This brings the company's paid in capital to EGP679.3 million distributed over 67.9 million shares, down from EGP750 million distributed over 75 million shares. ECAP (FV: EGP17.23, EW) BoD approved the proposed dividends distribution of EGP0.9 per share out of 2022 profits, implying payout ratio of 32.2% and a dividend yield of 6.1%.

Net foreign direct investment (FDI) inflows to Egypt registered USD8.90 billion in 2022, the highest level since 2011. That's 74% higher than 2021.The SFE will wait until the end of Ramadan to start taking companies in its pre-IPO fund to market.The SFE has added Salhia Investment and Development Company to the pre-IPO fund.Restaurants, malls, and other commercial spaces will now be open until 2 AM until the end of Ramadan.CCAP is studying increasing the production capacity of ERC by 800k tons within three years. Italian energy group Edison expects to make its final investment decision this year on whether to go ahead with a proposed pipeline that will carry natural gas from Israel and Cyprus to Europe. The pipeline would ship 10 billion cubic meters of gas a year from the Mediterranean straight to Greece and could be operational by 2027.Eagle chemicals yesterday increased its offer for Paint and Chemical Industries (Pachin) on the same day that National Paints Holding's (NPH) rival mandatory offer (MTO) opened to shareholders. The Egyptian chemicals company offered to purchase at least 75% of the company for EGP 35.00 per share, EGP 1.00 higher than the earlier bid TMGH (FV: EGP19.67, OW) AGM approved the distribution of EGP0.193/share cash dividends (DY of 2.2%), to be distributed over two EGP0.096/share installments, the first on 31 May 2023 at the latest and the second on 31 July 2023 at the latest.IHG Hotels & Resorts and Arabella for Tourist and Urban Development will establish three new hotels in Cairo and on the North Coast, together offering more than 500 rooms to be opened between 2023 and 2026.The General Assembly of COMI authorized the BoD to issue financial instruments up to a maximum of one billion pounds, in the form of nominal bonds or subordinated loans. The process is scheduled to be completed through one or several tranches through a public or private offering, whether locally or through global markets, in order to support the bank's capital base to finance future expansion or investment activities, and to support risk-weighted assets. They also approved increasing the bank's capital by EGP 204.45 million, rising to EGP 30.195 billion.EFG Hermes has completed the fourth issuance of securitization bonds for its subsidiary ValU, with a value of EGP 856.5 million, as part of a securitization bond issuance program of EGP 4 billion.The qualified consortia for the tender of the construction of water desalination plants will be announced by the end of next week. 28 international and local consortia submitted their documents to qualify for the tender. The result of the tender of the construction of a dry port and a logistics center at the 10th of Ramadan will be announced in two-month period after submitting the technical and financial bids on April 30.Abu Dhabi Ports (ADP) made an initial offer to the Holding Company for Maritime and Land Transport to acquire a major stake in Port Said and Damietta companies for handling containers, competing with Maha Capital's deal, the investment arm of Qatar Authority

Um 1800 schreiben christliche Händler einander fast täglich Briefe. Darin informieren sie über Ereignisse und Preise in Jerusalem, Damaskus und Damietta, grüßen Freunde und Verwandte und wickeln Zahlungen bargeldlos ab. Viele dieser Briefe haben in einer Sammlung in Gotha überlebt und zeugen auch von den turbulenten Zeiten während/nach der Besatzung Ägyptens durch Napoleon. Was sie über den Alltag und die Beziehungsgeflechte von Händlern im östlichen Mittelmeerraum verraten, erzählt uns Dr. Boris Liebrenz von der Sächsischen Akademie der Wissenschaften.

-Egyptian Banks: Love at the time of macro challenges. Egyptian banks are delivering ROEs north of 20%, and most of them are trading below book values. Most banks that got acquired in Egypt recently witnessed transaction multiples that are double those seen amongst listed banks. Treasury investments will present a good opportunity to park excess liquidity, and the high-interest rate environment will serve NIMs and push them higher. ADIB, CIEB, CANA, SAUD, HDBK, along with COMI of course that continues to be cheap.-Government sale of assets and the real estate sector steal the show. High focus went from the market to the stocks where the government intends to sell assets including HELI, EGAL, AMOC, SKPC, HDBK, EFIH, MNHD, ABUK, & ALCN.   -Damietta and Postsaid Containers Handling (DCH, PCH) are also ready to be sold to a strategic investor within weeks.  FV of CSAG is around EGP22.00-26.60, based on P/E 22/23 transaction multiple of 10.0-12.0x.  - EGP held steady against the USD yesterday, settling at 29.63/USD.-Yesterday's treasury auction of three-month bills was more than 10x oversubscribed, ultimately selling EGP 87.1 bn worth of bills at a weighted average yield of 20.52%. -Finance Ministry has issued the amended executive regulations for the VAT Act, which contain new targeted tax breaks designed to support manufacturing and boost exports.-Federation of Chambers of Commerce estimated the volume of goods that are still in the ports at the present time at about USD5.4 billion.PP Unit stated that the consortia qualified for the tender of the construction of the EGP3.5 billion dry port and a logistics center at the 10th of Ramadan should start submitting their technical and financial bids on April 30. The list of competing alliances includes the French “SWDY-CMA”, the French “Bolluret-Miriam”, “ORAS - Abu Dhabi Ports.”-PPP Unit started that 28 international consortia submitted their documents to qualify for the tender of the construction of 17 water desalination plants. -Chevron and Eni have made a significant gas discovery in the Eastern Mediterranean. Media states that the field has been estimated to hold 3.5 trn cubic feet of gas.-EU will impose a ban on imports of Russian diesel, jet fuel, and other oil products starting February 5, while the G7 also plans to implement price caps on those products.-Negotiations between the Holding Company for Construction and Development (HELI's major shareholder) and Gulf companies and funds include partnering on the Heliopark project.-ETRS confirmed that the company is still studying the acquisition of the National Company for Transport and High Seas Services “NOSCO”, and the deal is planned to be completed in 1Q23.-Price of some meds could increase by 20-25% by the end of February after around 50-60 medicine manufacturers submitted requests to the Egyptian Drug Authority to increase prices, to offset currency weakness.-CLHO plans to spend around EGP3.0 billion over the coming six years on the development of 4 hospitals, according to local press.-MNOs are in discussions with the National Telecom Regulatory Authority (NTRA) to increase prices of telecom services, after a hike of around 40% in costs on currency weakness.-Egyptian Poultry Association requested from The Holding Company for Food Production to raise the poultry selling prices from the current EGP62/Kg to a new EGP82/Kg amidst the rise in market prices and production costs.-House Economic Affairs Committee began its discussion of the Unified Insurance Act yesterday, which was approved by the Senate last April.

Gold exporters will need to receive payment into a bank account within 10 days of making a sale or face being blacklisted by the banking sector under new rules announced by the CBE.The Supply Ministry has set up a committee to determine the fair price of 10-15 kind of foods classed as strategic commodities amid soaring inflation. The Parliament voted through amendment to the Unified Tax Procedures Act that would allow foreign tax authorities to access individuals and businesses' financial information.The Ministry of Electricity and Renewable Energy received two new offers from two Chinese and Japanese companies to invest in renewable energy projects with investments worth USD4 billion.OIH is holding on its stake in Koryolink in the present time, according to an EGX release.  This comes after several reports have been circulating in the local press that OIH is looking to divest its stake in the firm and settle its balance sheet. SWDY's (FV:EGP10.41, OW) board has approved taking out a USD200 mn revolving loan from Afreximbank. The company didn't elaborate on how the loan will be used. The Egyptian Tax Authority has rolled out its digital wage and income tax platform for some taxpayers in a pilot phase this week. MICH started the execution of a new caustic soda evaporation unit with EGP130 million in investment cost.Two draft laws that would allow the government to bring in companies to develop two container terminals in Alexandria's Dekheila port and the Ain Sokhna port were referred to the House of Representatives. The House of Representatives approved the report of the Transport and Communications Committee and the Office of the Constitutional and Legislative Affairs Committee on a draft law submitted by the government to amend the law granting a commitment to build and develop the superstructure, manage, operate, maintain and re-deliver the second container terminal “Tahya Misr 1” in Damietta port.

Net foreign assets (NFAs) of the banking system declined from USD-19.4 billion in July to USD-20.09 billion in August (net foreign liabilities (NFLs)) position. We assume those movements are related to the CA deficit. We expect urban annual inflation to increase to 14.9% YoY (1.4% MoM) on continued increase in some Items including food items and tobacco.The IMF will release its latest World economic outlook on Wednesday, and will hold their annual meetings in Washington, DC, next week, from 10-16 October.OPEC+ is expected to cut oil output by more than 1 mn barrels per day to prop up falling oil prices at its meeting on Wednesday (Reuters).El Sisi asked the central bank to work on new initiatives to attract foreign investments to Egypt and to follow up on import challenges resolution. The Ministry of Supply and Internal Trade plans to offer 3 investment opportunities to establish 3 oil production complexes at an investment cost of USD321 million.The Egyptian-Kuwaiti Economic Forum will start today, in the presence of Egyptian and Kuwaiti businessmen.Saudi Arabia's sovereign wealth fund has acquired a 34% stake in BTECH from DPI, which had acquired this stake back in July 2016 for USD35 mn.EGAL reduced its selling prices in the local market by an average of EGP3,700 per ton for the month of October, in light of the decline in global prices by USD200 per ton in September and August and the average FX rate over the same period. The General Authority for Land and Dry Ports will receive technical proposals from 'Special Group' alliance to manage and operate Damietta dry port this month.   

The Madbouly government expects to raise as much as USD 6 bn by selling stakes in state-owned assets by mid-2023, Planning Minister said. Egypt's liquefied natural gas (LNG) exports reached USD 8 bn in FY21/22/. The government will target USD 8.5–10 bn in natural gas revenues in FY22/23.Egypt is targeting digital exports of USD5.5 billion in FY22/23 (+13% YoY).The Ministry of Electricity is looking at the new electricity tariffs and is developing scenarios for the deferred price movements, in light of the exchange rate and the price of natural gas.GB Auto is aiming to start production in their new factory in Sadat City before the end of 2023. GB Auto is offering its customers who booked unavailable passenger cars a replacement option or refunds.Al Nasr Automotive is comparing between two partnerships (Indian & Japanese) offers to manufacture the electric TukTuk with an annual capacity of 50 thousand units annually.Aldar Properties is looking at the New Administrative Capital for potential investment opportunities.Saudi Jamjoom Pharma will open a pharmaceutical factory in Egypt with a value of EGP1.0 billion at the end of the year.FRA highlighted that microfinance lending has reached EGP3.33 billion in the first half of 2022, reflecting an annual increase of 45.3%. Consumer finance increased by 10.18% YoY, to reach EGP16.43 billion by the end of June 2022.ABUK approved a DPS of EGP3.00/share (DY of 12.3%). The first installment of EGP1.00/share with a distribution date of 20/10/2022. The second installment of EGP2.00/share with a distribution date of 29/12/2022.AMOC approved a DPS of EGP0.55/share (DY 13.4%). The first installment of EGP0.30/share with a distribution date of 20/10/2022. The second installment of EGP0.25/share with a distribution date of 22/02/2023.RAKT intends to pump EGP700 million to renovate its production lines in Alexandria in FY22/23. The total investment cost of the renovation project is EGP1.5 billion.A Spanish investor joined the alliance of Madkour Group and Ocean Express, to manage and operate Damietta's dry port at an estimated cost of EGP2 billion. 

Welcome to the Instant Trivia podcast episode 589, where we ask the best trivia on the Internet. Round 1. Category: Island Countries 1: It takes up an entire continent. Australia. 2: In 1998 Pope John Paul II concluded his visit to this country with a mass at the Plaza de la Revolucion. Cuba. 3: Its national anthem, "San-Min-Chu-I", was co-written by Dr. Sun Yat-sen. Taiwan. 4: "Please, Sir, I want" this Polynesian island that dropped "Western" from its name in 1997. Samoa. 5: The Mozambique Channel separates this island nation from the African mainland. Madagascar. Round 2. Category: Gone Too Soon 1: Sadly, in 1997 this "Saturday Night Live" comic, like his idol, John Belushi, died at age 33. Chris Farley. 2: 2 of the 3 rock legends, aged 28, 22 and 17, who lost their lives February 3, 1959. The Big Bopper, Buddy Holly and /or Ritchie Valens. 3: He ran off with a 1988 Oscar nomination for his role in "Running on Empty". River Phoenix. 4: At the 2000 U.S. Open in Pebble Beach, a memorial was held for this golfer and winner of the title in '99. Payne Stewart. 5: (Hi, I'm Katie Wagner) In 1996 I co-produced and narrated "An Intimate Portrait" of this actress, my stepmother, for Lifetime TV. Natalie Wood. Round 3. Category: Crossword Clues "Y" 1: A tired response(4). a yawn. 2: Sing like an Alpine mountaineer(5). yodel. 3: Park Place(8). Yosemite. 4: A fungus for fermentation and leavening(5). yeast. 5: Brute in "Gulliver's Travels"(5). a Yahoo. Round 4. Category: There's No Business Like Business Business 1: On its first night of continuous operation in 1973, this co. delivered 186 packages to 25 cities overnight using 14 jets. FedEx. 2: The first Blockbuster Video store opened during this decade in Dallas, Texas. the '80s. 3: Founded in Seattle's Pike Place Market, this company perks up about 33 million customers a week. Starbucks. 4: Though Phil Knight didn't love the Swoosh logo, he hoped it would grow on him after paying $35 for it for this company. Nike. 5: In 1963 the Tandy Corporation bought this company; in 1977 it marketed the TRS-80 personal computer. RadioShack. Welcome to the Instant Trivia podcast episode 589, where we ask the best trivia on the Internet. Round 1. Category: Countries By Region 1: Oaxaca,Durango,Nayarit. Mexico. 2: Damietta,Suez,Gharbiya. Egypt. 3: Corse,Auvergne,Bretagne. France. 4: Western Plateau,Great Victoria Desert,Great Artesian Basin. Australia. 5: Ostergotland,Vasterbotten,Uppsala. Sweden. Round 2. Category: Classic Logos 1: Metro's bird lost out to this animal to be the symbol of the Metro-Goldwyn-Mayer Studios. Leo the Lion. 2: Hands cupped together, holding a house and a car, was the classic symbol for this insurer. Allstate. 3: Piece of clothing worn by the Pillsbury Doughboy that has the Pillsbury logo on it. Chef's hat. 4: This automaking corporation got its Pentastar symbol in 1962. Chrysler. 5: It's the name given to that hooked line under the word Nike. Swoosh. Round 3. Category: Easy As "Pie" 1: Little Jack Horner stuck his thumb in this and pulled out a plum. Christmas pie. 2: This No. 1 hit referred to the death of Buddy Holly as "The Day the Music Died". "American Pie".

Prime Minister and CBE Governor discussed some proposed measures, within a specific time frame, to deal with the current economic situation to ensure complete integration and coordination in financial and monetary policies. According to the medium and long-term external debt repayment schedule, Egypt must repay USD8.57 billion during 2H2022 and USD 9.33 billion in the 1H2023. Egypt is also scheduled to pay international institutions about USD2.4 billion in 2H2022 and USD3.6 billion in 1H2023.The government has received new offers for Gulf and foreign investment in green hydrogen projects in Egypt, with investments amounting to USD2.8 billion. Another 63k tons of Romanian wheat arrived at Damietta port yesterday. Hotel occupancy rates in Hurghada and Sharm El Sheikh are currently witnessing a recovery, with occupancy rate reaching 93% in Hurghada and 73% in Sharm ElSheikh.SWDY will supply equipment for a transformer station at the New Delta project worth a combined EGP1.1 billion. SWDY is currently trading at 2022e P/E and EV/EBITDA of 5.2x. The holders of 32.47 million shares of DOMT responded to the tender offer submitted by "Expedition Investments", or 12% of the total shares out of 33% requested.The Holding Company for Food Industries raised its stake in Al Fayoum Co. for Sugar to reach 20% after acquiring 17%, with a deal value of EGP305 mn. This implies an average P/E of7.2x and P/S of 1.2x, compared to 3x and 0.5x for Delta Sugar, respectively. SUGR owns a 26.83% stake in Fayoum Sugar.Giza Systems, which is 44.7% owned by BINV won the tender to implement and manage the Intelligent Transportation within the New Administrative Capital, in partnership with the Ministry of Military Production. EMFD acquired 25.0% of Eagle Hills Egypt, its partner on the Soul project on the North Coast, at par value.CSAG released FY21/22 bottom line at EGP185.5 million in FY21/22 (-7.3% YoY). CSAG is trading at a FY21/22 P/E of 13.5x. 

Full Text of ReadingsThursday of the Twenty-First Week in Ordinary Time Lectionary: 428All podcast readings are produced by the USCCB and are from the Catholic Lectionary, based on the New American Bible and approved for use in the United States _______________________________________The Saint of the day is Saint Louis of FranceAt his coronation as king of France, Louis IX bound himself by oath to behave as God's anointed, as the father of his people and feudal lord of the King of Peace. Other kings had done the same, of course. Louis was different in that he actually interpreted his kingly duties in the light of faith. After the violence of two previous reigns, he brought peace and justice. Louis “took the cross” for a Crusade when he was 30. His army seized Damietta in Egypt but not long after, weakened by dysentery and without support, they were surrounded and captured. Louis obtained the release of the army by giving up the city of Damietta in addition to paying a ransom. He stayed in Syria four years. Louis deserves credit for extending justice in civil administration. His regulations for royal officials became the first of a series of reform laws. He replaced trial by battle with a form of examination of witnesses and encouraged the use of written records in court. Louis was always respectful of the papacy, but defended royal interests against the popes, and refused to acknowledge Innocent IV's sentence against Emperor Frederick II. Louis was devoted to his people, founding hospitals, visiting the sick, and like his patron Saint Francis, caring even for people with leprosy. He is one of the patrons of the Secular Franciscan Order. Louis united France—lords and townsfolk, peasants and priests and knights—by the force of his personality and holiness. For many years the nation was at peace. Every day, Louis had 13 special guests from among the poor to eat with him, and a large number of poor were served meals near his palace. During Advent and Lent, all who presented themselves were given a meal, and Louis often served them in person. He kept lists of needy people, whom he regularly relieved, in every province of his dominion. Disturbed by new Muslim advances, Louis led another crusade to North Africa in 1270. Within a month of their landing at Carthage, the army camp was decimated by disease. Louis himself died there at the age of 56. He was canonized 27 years later. Reflection Louis was strong-willed, strong-minded. His word was trusted utterly, and his courage in action was remarkable. What is most remarkable was his sense of respect for anyone with whom he dealt, especially the “humble folk of the Lord.” To care for his people he built cathedrals, churches, libraries, hospitals and orphanages. He dealt with princes honestly and equitably. He hoped to be treated the same way by the King of Kings, to whom he gave his life, his family and his country. Saint Louis of France is a Patron Saint of: Barbers Grooms Secular Franciscan Order Learn more about Saint Louis of France! Saint of the Day, Copyright Franciscan Media

Ali is an Egyptian artist born in 1987 and graduated from Law school in 2011. Ali decided to follow his passion for art through sculpting.Ali decided to shift his career by studying art in the Faculty of Fine arts in Alexandria and has received his bachelor degree in 2019. He is currently studying for his masters in Fine Arts in the Monumental Sculpture department. Ali has participated in various exhibitions including Damietta symposium for Universities in 2017. He also participated in the Ostraka International Symposium that took place in Sharm El Sheikh 2018 and participated in Ostraka International Youth Forum in Sharm El Sheikh 2019. Ali is also an award winning artist in the Youth art exhibition for visual arts, sixth session in 2018 in Centre of Creativity. He has exhibited his work in DAI Arab Youth Festival 2018 and participated in the Matruh Symposium for iron and scrap metal that took place in Marsa Matruh. Ali Mostafa was also an organizer in the symposium for reviving humanity in the International Youth Forum that was held in Sharm El Sheikh 2019. The artist's latest participation is in the "First Time " Exhibition which took place in Bibliotheca Alexandrina.

In this Naval History edition of the Proceedings podcast, as Sam Tangredi takes us back to the Middle Ages to explore a fascinating, and largely overlooked, topic: the role of maritime operations in the Great Crusades. Captain Tangredi will talk about “one of history's first specialized amphibious assault ships.”

MSCI EM Index rebalancing execution will be today, where COMI's FF goes down, HRHO replaces FWRY in the standard index, EFIH and FWRY get included in Small Cap Index, and PHDC and HELI get excluded.  NBE and BM stop offering the 18% one-year CDs, after collecting EGP750 billion into the product and offer a three-year replacement for 14%. The Financial Supervisory Authority plans to bring the market capitalization of the Egyptian Stock Exchange to EGP1.6 trillion by 2026, supported by the listing of government and private companies during the coming period. The budget deficit declined to 5.17% of GDP during the first ten months of the current fiscal year, compared to 5.48% during the same period of the last fiscal year.  Egypt aims to achieve natural gas exports of 3.5-4.0 million tons by the end of 2022, in light of the increase in natural gas production from new fields, and the full operations of the Damietta and Idku plants. Egyptian natural gas exports amounted to nearly 1.9 million tons during the first quarter of 2022.Prime Minister will head a new ministerial committee to shore up competition policy and ensure all businesses are playing on a level field. EFIH reported positive 1Q22 net profit at EGP200.3 million in 1Q22 (+40.0% YoY, +43.7% QoQ), implying a margin of 35.8% (+4.9pps YoY). Bottom-line performance is attributed to revenue growth, healthy margins, and interest income. EFIH is currently trading at 2022f P/E of 37.5x and EV/ EBITDA of 26.8x. ETEL reported neutral 1Q22 net profit came in at EGP1.37 billion in 1Q22 (-35.7% YoY, -41.2% QoQ); noting a a decline of 67% YoY and 69% QoQ in investment income from Vodafone to stand at EGP317 million in 1Q22, compared to EGP952 million in 1Q21 and EGP1.02 billion in 4Q21, mainly on the back of Vodafone recognizing FX loss of EGP222 million,  Telecom Egypt is currently trading at 2022f P/E of 3.8x and EV/Adjusted EBITDA of 2.2x. Telecom Egypt and Mobily announced the signing of a strategic MoU to build the first direct bilateral submarine cable system linking the Kingdom of Saudi Arabia with Egypt. No further details are currently available.Several merchants and distributors of mobile phones have reportedly been imposing an unofficial increase on mobile phone prices, in light of supply shortages. Brands that witnessed an increase in prices include Samsung, Oppo, Xiaomi, Realme, and OnePlus.DOMT released strong 1Q22 net profit at EGP51 mn, compared to net losses of EGP3 mn in 1Q21 and a net profit of EGP53 mn in 4Q21. Revenues recorded EGP1,122 mn, a hike of 73.4% YoY and 3.2% YoY. We believe the phasing out of agents and the ability to pass on price increases to end consumers played a large role in such a hike in sales. GPM is 24%. DOMT is currently trading at a FY22 P/E of 6.7x and an EV/EBITDA of 6.3x.MFPC issued positive bottom line at EGP2.090 billion compared to EGP1.272 billion in 4Q21 and EGP793 million in 1Q21 (+64% QoQ, +164% YoY). MFPC is currently trading at 2022 P/E of 3.8x and EV/EBITDA of 2.4x.PACH issued recovering results for 3QFY21/22 with bottom line at EGP11.94 million compared to a net loss of EGP14.48 million in 2QFY20/21 and a net profit of EGP14.50 million in 3QFY20/21. Valuation continues to be driven by the land plot sale rather than operational DCF value. ORAS subsidiary Suez Industrial Development Company (SIDC) has signed preliminary agreements with three Indian investors to build three factories in SIDC's industrial park in Ain Sokhna (pressure vessels used in pipes, packaging materials, and petrochemical sector).MBSC released stable results for 1Q22 with earnings recorded EGP48 million in 1Q22 (+27% YoY, -44% QoQ). The YoY surge in bottom line was backed mainly by price rallies despite lower margins realized. MBSC is currently trading at FY22e P/E of 9.6x, EV/EBITDA of 4.8x and EV/ton of EGP384.

ADQ will invest USD 10 bn in industrial projects in Egypt, the UAE, and Jordan as part of a partnership signed in Abu Dhabi yesterday, within different sectors including agriculture, pharmaceuticals, minerals, petrochemicals, and textiles.The state plans to sell a 20-25% stake in Egypt Aluminum (EGAL) to a strategic investor. The transaction will take place through a capital increase. The ministry is studying partnerships with strategic investors for four factories: Pipes and Steel, Glass and Crystal, Porcelain, and the Rakta paper factory (RAKT).A 25.0% stake of the entity that is to merge seven state-owned hotels is planned to be offered to a strategic investor.The government approved a 50% increase in the export subsidy bill, within the new export support program scheduled to be implemented starting FY2022/23. The size of Egypt's first issue of sovereign Sukuk could be at USD2 billion, a Ministry of Finance official said, without clarifying a timeframe for the issue.Minister of Supply said that scrapping bread subsidies for cash transfers is not going to happen anytime soon. Egypt and Israel want to more than double the value of annual bilateral trade to USD700 million by 2025.CLHO's 1Q22 net attributable profit of EGP96 million in 1Q22 (-5.3% YoY, -16.8% QoQ), driven by: Flat revenues, and margin contraction. CLHO is currently trading at 2022f P/E of 19.6x and EV/EBITDA of 9.0x. MCRO reported 1Q22 net profit of EGP30.7 million in 1Q22, +1.8x YoY due to the weak base effect from provisions and IPO expenses. Revenues of EGP135 million (+14.4% YoY). The company is in the process of acquiring a nutraceutical company, Zimmer for EGP3.0 million (EGP0.005 per MCRO share). MCRO is currently trading at an annualized 2022f P/E of 16.4x and EV/EBITDA of 10.3x.The government is in talks with an unnamed Indian investor to manufacture 10-15 pharma-related raw materials, aiming to reduce imports and localize the pharma industry.EMFD reported solid 1Q22 net profit grew 198.9% y/y to EGP1.6 billion, supported by finance income of EGP772.2 million, up 240.7% y/y. Net cash increased to EGP12.2 billion at the end of 1Q22. EMFD's net cash position is currently 1.7% higher than its market capEMFD Board preliminarily approved entering into a partnership on a residential/touristic/commercial project on the North Coast with a 25.0% stake. HELI started formulating the masterplan for 107 feddans in New Heliopolis, the first phase of which costs EGP450.0 million. HELI's capital increase is expected to take place at the beginning of 4Q22 depending on market conditions.ORWE reported 1Q22 attributable net profit of EGP236 mn, a YoY drop of 21.2%. Revenue growth was healthy, but margin contraction reflected on bottom line, despite rise in export rebates. ORWE is currently trading at a FY22 P/E of 4.4x and an EV/EBITDA of 6.0x.AMIC showed a deep slump in PC sales during April by 20% YoY reaching 12.9k cars only compared to 16k cars in April 2021. EAST's general assembly approved the EGP 100 mn purchase of a 24% stake in Philip Morris' United Tobacco.We downgraded our FV of MTIE to EGP5.00 per share, down from EGP9.18 per share, mainly on the back of market challenges and Ibtikar's multiples. ALCN released 10M21/22 financial indicators where the bottom-line came in at EGP1.5 billion (+33% YoY). El-Sisi signed a law that grants the Damietta alliance for container terminals; a direct competitor for Damietta Containers Handling, which is 20% owned by CSAG. Reefy (CICH) is negotiating with 6 banks to obtain new credit facilities worth EGP1.1 billion, to expand its financing portfolio to EGP2.3 billion by the end of 2022 and is assessing obtaining a micro-leasing license.

Government Ownership Map is released.  Minister of Petroleum expected the value of investments in the energy sector in Egypt during the current fiscal year to range between USD7-8 billion. Egypt could receive around 7.5 mn tourists this year, since the number of German tourists visiting the country is likely to rise this year, helping offset the loss of Russian visitors. The National Council for Wages intends to start a dialogue with business owners to raise the minimum wage to EGP2,700 in the private sector. Ports in Alexandria, Damietta, East and West Port Said, Adabiya, Sokhna and Safaga are the 7 ports that will be merged into a holding company and listed on EGX; the transport minister said. For FY2022-2023, total public investments in Egypt are budgeted at EGP 1.1 tn. Transport gets the most significant portion of the budget, with EGP 307 bn earmarked for projects in the sector. (ORAS, SWDY)ESRS's management reduced local flat steel prices from EGP25,000 to EGP20,500 per ton. Local flat steel revenues represent around 15% of the group's total revenues. GPM should hover around the 20% mark in 2022. Orascom Hotels reported neutral 1Q22 sales of EGP2.0 billion, down 3.6% y/y and down 32.0% q/q.  Hotel occupancy rate in El Gouna recorded 61.0% in 1Q22. Net profit in 1Q22 increased to EGP464 million (+6% YoY) despite FX losses.ACAMD received another offer for the co-development of its 60k sqm Zefta land plot from RAMO.FWRY's management guidance for 2022 includes revenue growth of around 44% YoY, EBITDA margin to stand at around 27%, Capex to stand at EGP400-500 mn in 2022. FWRY is currently trading at 2022f P/E of 57.5x, EV/EBITDA of 20.7x, and P/B of 8.2x.Automobile manufacturer Stellantis is interested in assembling electric vehicles in Egypt. CIRA is studying its first issuance of future-right securitization bonds in the local market worth EGP1.5 bn.HRHO has given Amazon a five-year window to exercise its option to convert its global depository receipt (GDR) holdings into an equity stake in valU.  ISPH declared 0.167 bonus share distribution for every original share held, this brings issued capital to EGP280 mn up from EGP240 mn. Record date is on 31st of May and distribution date is on 01st of June.  

CS- 57 Esta es la cuarta parte de nuestra serie sobre las Cruzadas.El plan para este episodio, el último de nuestra mirada a las Cruzadas, es dar un breve repaso a las Cruzadas de la 5ª a la 7ª, y luego un poco de análisis de las Cruzadas en su conjunto.La fecha fijada para el inicio de la 5ª Cruzada fue el 1 de junio de 1217. Era el largo sueño del Papa Inocencio III de reconquistar Jerusalén. Murió antes de que la Cruzada se pusiera en marcha, pero su sucesor Honorio III fue un partidario tan ardiente como él. Continuó la labor iniciada por Inocencio.Los ejércitos enviados no lograron casi nada, salvo desperdiciar vidas. A alguien se le ocurrió la brillante idea de que la clave para conquistar Palestina era asegurar primero una base en Egipto. Ese había sido el plan de la 4ª Cruzada. Ahora los cruzados hicieron del importante puerto de Damietta su objetivo. Tras una larga batalla, los cruzados tomaron la ciudad, por la que el líder musulmán Malik al Kameel ofreció intercambiar Jerusalén y todos los prisioneros cristianos que tenía. Los cruzados pensaron que el emperador del Sacro Imperio Romano Germánico, Federico II, estaba de camino para reforzar sus números, así que rechazaron la oferta. El problema es que Federico no estaba de camino. Así que, en 1221, Damietta volvió al control musulmán.A Federico II le importaba poco la Cruzada. Tras varias salidas en falso que revelaron su verdadera actitud hacia todo el asunto, el emperador decidió que era mejor cumplir sus numerosas promesas y partió con 40 galeras y sólo 600 caballeros. Llegaron a Acre a principios de septiembre del año 1228. Como los líderes musulmanes de Oriente Medio estaban de nuevo enfrentados, Federico convenció al mencionado al-Kameel para que hiciera un tratado de una década que entregaba Jerusalén a los cruzados, junto con Belén, Nazaret y la ruta de peregrinos de Acre a Jerusalén. El 19 de marzo de 1229, Federico se coronó por su propia mano en la Iglesia del Santo Sepulcro.Esta transferencia pacifica de Jerusalén enfureció al Papa Gregorio IX, que consideraba el control de Tierra Santa y la destrucción de los musulmanes como una misma cosa. Así que la Iglesia nunca reconoció oficialmente los logros de Federico.Regresó a su país para hacer frente a los desafíos internos a su gobierno y, durante la siguiente década y media, la condición de los cristianos de Palestina se deterioró. Todo lo ganado por el tratado fue devuelto a la hegemonía musulmana en el otoño de 1244.Las dos últimas Cruzadas, la 6ª y la 7ª, se centran en la carrera del último gran Cruzado; el Rey de Francia, Luis IX.Conocido como SAN LUIS, combinó la piedad de un monje con la caballerosidad de un caballero, y se sitúa en la primera fila de los gobernantes cristianos de todos los tiempos.  Su celo se reveló no sólo en su devoción al ritual religioso, sino en su negativa a desviarse de su fe incluso bajo la amenaza de la tortura. Su piedad era auténtica, como lo demuestra su preocupación por los pobres y el trato justo a sus súbditos. Lavaba los pies a los mendigos y, cuando un monje le advirtió que no llevara su humildad demasiado lejos, le contestó: "Si dedicara el doble de tiempo al juego y a la caza que, a esos servicios, nadie me reprocharía nada".Al saqueo de Jerusalén por los musulmanes en 1244, siguieron con la caída de las bases cruzadas en Gaza y Askelon. En el año 1245, en el Concilio de Lyon, el Papa convocó una nueva expedición para liberar de nuevo a la Tierra Santa. Aunque el Rey Luis yacía en un lecho de enfermo con una enfermedad tan grave que sus asistentes le pusieron un paño en la cara, pensando que estaba muerto, se recuperó y tomó la cruz de los cruzados.Tres años después, él y sus hermanos príncipes franceses partieron con 32.000 soldados. Una flota veneciana y genovesa los llevó a Chipre, donde se habían hecho preparativos a gran escala para su abastecimiento. Luego navegaron hacia Egipto. Damieta volvió a caer, pero tras este prometedor comienzo, la campaña se convirtió en un desastre.La piedad y la benevolencia de Luis no estaban respaldadas por lo que podríamos llamar sólidas habilidades como líder. Estaba dispuesto a compartir el sufrimiento con sus tropas, pero no tenía la capacidad de organizarlas.  Haciendo caso al consejo de varios de sus comandantes, decidió atacar Cairo en lugar de Alejandría, el objetivo mucho más estratégico. La campaña fue un desastre y el Nilo se llenó de cadáveres de cruzados muertos. En su retirada, el Rey y el Conde de Poitiers fueron hechos prisioneros. El Conde de Artois fue asesinado. La humillación de los cruzados nunca había sido tan profunda.La fortaleza de Luis brilló mientras sufría la desgracia de estar cautivo. Amenazado con la tortura y la muerte, se negó a renunciar a Cristo o a ceder alguno de los puestos de avanzada de los cruzados que quedaban en Palestina. Por el rescate de sus tropas, aceptó pagar 500.000 libras, y por su propia libertad renunciar a Damietta y abandonar la campaña en Egipto.Ataviado con ropas regaladas por el sultán, en un barco apenas amueblado, el rey zarpó hacia Acre, donde permaneció 3 años, gastando grandes sumas en fortificaciones en Jafa y Sidón. Cuando su madre, que actuaba como reina regente en su ausencia, murió, Luis se vio obligado a regresar a Francia. Zarpó de Acre en la primavera de 1254. Su reina, Margarita, y los 3 hijos que les nacieron en Oriente, regresaron con él.Se podría haber esperado que un fracaso tan completo destruyera toda esperanza de recuperar alguna vez Palestina. Pero la idea de las cruzadas seguía siendo fuerte en la mente de Europa. Los papas Urbano IV y Clemente III hicieron nuevos llamamientos, y Luis volvió a ponerse en marcha. En 1267, con la mano en una corona de espinas, anunció a sus nobles reunidos su propósito de ir por segunda vez a una santa cruzada.Mientras tanto, llegaban noticias del Oriente de continuos desastres a manos del enemigo "Mahometano" (como llamaban a los musulmanes) y de discordia entre los cristianos. En el año 1258, 40 naves Venecianas entraron en combate con una flota Genovesa de 50 barcos frente a Acre, con una pérdida de 1.700 almas. Un año después, los templarios y los hospitalarios libraron una batalla campal, no contra los musulmanes, sino entre ellos. Luego, en el año1268, Acre, el mayor de los puertos de los cruzados, cayó en manos de los Mamelucos Musulmanes.Luis zarpó en el año 1270 con 60.000 personas hacia el desastre. Apenas había levantado su campamento en el lugar de la antiguo Cartago cuando estalló la peste. Entre las víctimas estaba el hijo del rey, Juan Tristán, nacido en Damieta, y el propio rey Luis.  Su cuerpo fue devuelto a Francia y el ejército francés se disolvió.En el año 1291, lo que quedaba de la presencia de los cruzados en Tierra Santa fue finalmente desarraigado por el control musulmán.Los más familiarizados con la historia de las Cruzadas pueden preguntarse por qué he omitido mencionar la desastrosa Cruzada de los Niños de 1212, intercalada entre la 4ª y la 5ª Cruzada. La razón por la que he decidido omitirla en su mayor parte es porque los historiadores han llegado a dudar de la veracidad de los informes sobre ella. Ahora parece más apócrifa que real, confeccionada a partir de varios informes dispares de grupos que vagaban por el sur de Europa en busca de otra campaña para capturar Jerusalén. Se cuenta que un niño francés o alemán de 10 años tuvo una visión en la que se le decía que debía ir a Oriente Medio y convertir a los musulmanes por medios pacíficos. Cuando compartió esta visión e inició su viaje a Marsella, otros niños se unieron a su causa, junto con algunos adultos de dudosa reputación. A medida que sus filas aumentaban, llegaron a la costa francesa, esperando que los mares se separaran y les abrieran un camino para cruzar a Oriente Medio por tierra firme. No importaba que fuera un viaje de cientos de kilómetros. En cualquier caso, las aguas no se separaron y los niños, la mayoría, acabaron dispersándose. Los que no lo hicieron fueron acorralados por esclavistas que prometieron transportarlos a Tierra Santa, de forma gratuita. Sin embargo, una vez que estaban a bordo de un barco, eran cautivos y eran arrastrados a puertos extranjeros de todo el Mediterráneo, donde eran vendidos.Como he dicho, aunque la Cruzada de los Niños se ha considerado un acontecimiento real durante muchos años, recientemente se ha sometido a escrutinio y duda al examinar detenidamente los registros antiguos. Parece que es más bien un producto de cortar y pegar varias historias que tuvieron lugar durante esta época. De hecho, los niños eran bandas de pobres sin tierra de Europa que no tenían nada mejor que hacer que vagar por el sur de Francia y Alemania, esperando que se convocara la próxima Cruzada para poder ir y, con suerte, participar en el saqueo de las ricas tierras orientales.Quiero ofrecer ahora algunos comentarios sobre las Cruzadas. Así que, aviso, lo que sigue es pura opinión.Durante 7 siglos los cristianos han intentado olvidar las Cruzadas, pero los críticos y escépticos se empeñan en mantenerlas como un tema candente. Mientras que los judíos y los musulmanes han utilizado (en su mayoría con razón, creo) las Cruzadas durante generaciones como punto de queja. En tiempos más recientes, los Nuevos Ateos como Richard Dawkins y Sam Harris las han levantado como una palanca y han golpeado a los cristianos en la cabeza con ellas. ¿No es interesante que estos negadores de Dios tengan que asumir primero la moral bíblica para luego negarla? Si fueran coherentes con sus propias creencias ateas, tendrían que encontrar alguna otra razón para declamar las Cruzadas que no sea que está mal matar indiscriminadamente a la gente. ¿Por qué, según su motivo evolutivo darwinista, de supervivencia del más fuerte, no deberían aplaudir de hecho las Cruzadas? Al fin y al cabo, hacían avanzar la causa de la evolución al deshacerse de los elementos más débiles de la raza.Pero ¡no! Los Nuevos Ateos no utilizan esta línea de razonamiento porque es aborrecible. En lugar de ello, primero tienen que donar una creencia en la moral cristiana para atacar al cristianismo. Eso sí que es ser hipócrita.Y aclaremos los hechos. En el siglo XX se asesinó a más personas por motivos políticos e ideológicos que en todos los siglos anteriores juntos. Entre los comunistas, los nazis y los fascistas, se mataron más de 100 millones. Stalin, Hitler y Mao Zedong estaban motivados por una agenda atea, enraizada en una aplicación social del darwinismo.Karl Marx, el padre ideológico del socialismo comunista, aplicó las ideas evolucionistas de Darwin a la sociedad y convirtió a los seres humanos en meras piezas de una gran máquina llamada Estado. Cualquiera que se considerara un engranaje en lugar de una rueda dentada debía ser eliminado para que la máquina pudiera funcionar como querían los dirigentes. En nombre del comunismo, Stalin mató al menos a 20 millones; Mao, a unos 70 millones.Adolf Hitler se inspiró en el concepto darwiniano del ateo Fredrick Neizsche sobre el ubermensche = el superhombre; el siguiente paso evolutivo de la humanidad. Justificó la matanza de 10 millones diciendo que la Solución Final consistía simplemente en eliminar a quienes obstaculizaban la evolución de la humanidad. Empleó a todo un ejército de asesinos con mentalidad científica que creían que era correcto y bueno librar al mundo de la "maleza humana", como llamaban a los judíos, los eslavos, los homosexuales y los enfermos.Hace falta una ignorancia colosal de la historia para ignorar esto. Sin embargo, los Nuevos Ateos ignoran los hechos porque destruyen su premisa de que el ateísmo tiene la moral alta.Según las pruebas históricas, las Cruzadas, la Inquisición y los juicios por brujería mataron a unos 200.000 en total durante un periodo de 500 años. Ajustando el crecimiento de la población, eso sería alrededor de un millón en términos actuales. Eso es sólo el 1% del total asesinado por Stalin, Mao y Hitler; ¡y lo hicieron en unas pocas décadas!Así que mantengamos las Cruzadas, por muy brutales que fueran, y por muy contrarias a la naturaleza y las enseñanzas de Cristo que fueran, en la perspectiva histórica adecuada. ¡No! No las estoy justificando. ¡Fueron totalmente erróneas! Convertir la cruz en una espada y matar a la gente con ella es una blasfemia y merece la fuerte declamación de la Iglesia.Pero no olvidemos que los cruzados eran seres humanos con motivos no muy diferentes a los nuestros. Esos motivos estaban mezclados y a menudo en conflicto. La palabra cruzada viene de "tomar la cruz", según el ejemplo de Cristo. Por eso, de camino a Tierra Santa, el cruzado llevaba la cruz en el pecho. En su viaje de vuelta, la llevaba en la espalda.Pero la inmensa mayoría de los que iban a las cruzadas eran analfabetos, incluso la mayoría de los nobles. No se les enseñaba la Biblia como a los evangélicos de hoy. La gente de toda Europa pensaba que la salvación residía en la Iglesia y que era repartida por los sacerdotes bajo la dirección y discreción del Papa. Así que, si el Papa decía que los cruzados estaban haciendo la obra de Dios, se les creía. Cuando los sacerdotes difundían que morir por la santa causa de una Cruzada significaba eludir el purgatorio y acceder inmediatamente al cielo, miles de personas cogían el arma más cercana y se ponían en marcha.Para Urbano y los papas que le siguieron, las Cruzadas eran un nuevo tipo de guerra, una Guerra Santa. Agustín había establecido los principios de una "guerra justa" siglos antes. Esos principios eran . . .- Una Guerra Santa era dirigida por el Estado;- Su objetivo era la reivindicación de la justicia, es decir, la defensa de la vida y la propiedad;- Y su código exigía el respeto a los no combatientes; civiles y prisioneros.Aunque estos principios fueron adoptados originalmente por los cruzados cuando emprendieron la 1ª Campaña, se evaporaron en el calor del viaje y la realidad de la batalla.Las Cruzadas desencadenaron horribles ataques contra los judíos. Incluso los compañeros cristianos no estaban exentos de violaciones y saqueos. Increíbles atrocidades cayeron sobre el enemigo musulmán. Los cruzados serraban los cadáveres en busca de oro.A medida que avanzaban las Cruzadas, se alzaba alguna que otra voz que cuestionaba la conveniencia de tales movimientos y su valor final. A finales del siglo XII, el Abad Joaquín se quejó de que los Papas hacían de las Cruzadas un pretexto para su propio avance.Humberto de Romanis, general de los Dominicos, al confeccionar una lista de asuntos que debían tratarse en el Concilio de Lyon del año 1274, se vio obligado a refutar nada menos que 7 conocidas objeciones a las Cruzadas. Entre ellas se encontraban estas 4.- Era contrario a los preceptos del NT hacer progresar la religión mediante la espada;- Los cristianos pueden defenderse, pero no tienen derecho a invadir las tierras de otros;- Está mal derramar la sangre de los no creyentes;- Y los desastres de las Cruzadas demostraron que eran contrarias a la voluntad de Dios.Los cristianos de Europa durante los siglos XIV y XV iban a enfrentarse a problemas mucho más grandes que la conquista de Tierra Santa. Así que, aunque de vez en cuando se pedía una, ésta caía en saco roto.Erasmo, escribiendo al final de la Edad Media, hizo un llamamiento a la predicación del Evangelio como forma de enfrentarse a los musulmanes.  Dijo que la forma adecuada de derrotar a los turcos era la conversión, no la aniquilación. Dijo: "En verdad, no conviene declararnos hombres cristianos matando a muchos, sino salvando a muchos, no si enviamos a miles de paganos al infierno, sino si hacemos cristianos a muchos infieles; no si maldecimos y excomulgamos cruelmente, sino si con oraciones devotas y con el corazón deseamos su salud, y oramos a Dios para que les envíe mejores mentes."Los resultados a largo plazo de 2 siglos de cruzadas no fueron impresionantes. Si el objetivo principal de las Cruzadas era ganar Tierra Santa, frenar el avance del Islam y curar el cisma entre las Iglesias de Oriente y Occidente, fracasaron terriblemente.Durante un tiempo, los 4 reinos de los cruzados mantuvieron un territorio en la costa mediterránea de Tierra Santa. En ellos se formaron tres órdenes militares semi-monásticas: los Templarios, cuya primera sede estuvo en el emplazamiento del antiguo Templo de Jerusalén; los Hospitalarios, también conocidos como los Caballeros de San Juan de Jerusalén, fundados originalmente para cuidar a los enfermos y heridos; y los Caballeros Teutónicos germánicos. Estas órdenes combinaban el monaquismo y el militarismo y tenían como objetivos la protección de los peregrinos y la guerra perpetua contra los musulmanes. Contaban con 500 caballeros armados. Sus grandes castillos protegían los caminos y los pasos contra los ataques. Durante dos siglos, los Templarios, con sus túnicas blancas decoradas con una cruz roja, los Hospitalarios, con sus túnicas negras adornadas con la cruz de Malta blanca, y los Caballeros Teutónicos, con sus túnicas blancas con una cruz negra, fueron vistas habitualmente en los Estados de las Cruzadas y en toda Europa.Aunque las Cruzadas nos parecen hoy una terrible traición al cristianismo bíblico, debemos aportar la mentalidad del historiador y considerarlas en relación con la época en que ocurrieron. Esto no las excusa, pero las hace un poco más comprensibles.La sociedad europea de la Edad Media era irremediablemente belicosa. En la Europa feudal, todo el sistema económico y social dependía del mantenimiento de un ejército; los caballeros, soldados profesionales permanentes; por necesidad, debido al coste que suponía, nobles cuya única profesión era luchar. Las ciudades-estado de Italia estaban frecuentemente en guerra. En España, la presencia de los moros musulmanes trazó durante siglos una línea en el mapa. Así que, aunque los cristianos hubieran querido crear una sociedad pacífica, habría sido social y prácticamente difícil hacerlo.Una forma de afrontarlo fue idealizar la guerra. Es decir, presentar la guerra como una contienda entre el bien y el mal. En el desarrollo de la idea del caballero cristiano, hubo un intento de dar a la batalla espiritual una aplicación literal correspondiente. El caballero era un "soldado de Cristo", un guerrero del bien.  En una época en la que se consideraba que los sacerdotes y los monjes eran los únicos capaces de entrar en contacto con Dios, las Cruzadas eran una forma de que los laicos entraran en el reino espiritual y acumularan algunos puntos importantes con Dios. Los sacerdotes libraban la buena batalla mediante la oración; ahora los laicos podían luchar también, con una espada, una maza o, si era lo único que podían permitirse, una horquilla, hasta que llegaran al campo de batalla donde, con suerte, encontrarían un arma más adecuada.Por eso, para los cristianos medievales era importante convencerse de que la guerra que libraban estaba justificada. Se desarrolló un sofisticado sistema para identificar una guerra "justa". Agustín había hablado mucho de esto, explicando que alguien a quien le han robado su propiedad o su tierra tiene derecho a recuperarla, pero que esto era diferente de la guerra destinada a ampliar el propio territorio. El principio subyacente era que se podía utilizar una fuerza razonable para mantener el orden.A finales del siglo XI llegó un nuevo pensamiento; no la "Guerra Justa" de Agustín, sino el concepto de "Guerra Santa", una que Dios llamó a su pueblo a luchar para restaurar el control cristiano en Tierra Santa. Se trataba de una guerra que no sólo podía considerarse "justificada", y los pecados cometidos en su transcurso perdonados, sino meritoria. Dios recompensaría a los que la libraran. Guibert de Nogent, en su libro Los actos de Dios a través de los Francos, explicó cómo identificar una Guerra Santa. No estaba motivada por el deseo de fama, dinero o conquista. Su motivo era la salvaguarda de la libertad, la defensa del Estado y la protección de la Iglesia. Consideraba que este tipo de guerra era una alternativa válida a ser monje.Esta idea era tan atractiva para la mente medieval que, a medida que avanzaba el siglo XII, hubo que desalentarla, pues parecía que todo el mundo empezaba a ver la caballería y el combate como una guerra espiritual. Los bravucones siempre han sido capaces de convertir en villanos a los que quieren victimizar. Justificaban su brutalidad calificándola de misión divina. Así que los sacerdotes y los teólogos hicieron hincapié en que no todos los combates estaban bajo el mismo paraguas. Las cruzadas eran especiales.Por supuesto, uno de los principales principios de la teología musulmana es la yihad, la guerra santa para difundir la fe. A pesar de las ruidosas protestas de algunos hoy en día, el hecho es que el Islam que Mahoma enseñó, que por supuesto es el verdadero Islam, aprueba el yihad. ¿De qué otra forma se extendió desde su base en el desierto de Arabia a través de Oriente Medio, el norte de África y hasta Europa en tan poco tiempo si no es mediante el poder de la cimitarra?Me parece interesante que los musulmanes modernos censuren las Cruzadas cuando fueron sus propias campañas sangrientas las que tomaron las tierras que los cruzados pretendían ¿qué? ¡RECLAMAR! ¿Cómo podían RECLAMAR algo que no había sido RECLAMADO y conquistado por los musulmanes previamente? Lo repito: Esto no justifica en absoluto las Cruzadas. Son un periodo indefendible de la historia de la Iglesia que queda como una mancha oscura. Pero seamos claros: si son una mancha en la historia de la Iglesia, las conquistas de los musulmanes anteriores a las Cruzadas son igual de oscuras.

CS- 57 Esta es la cuarta parte de nuestra serie sobre las Cruzadas.El plan para este episodio, el último de nuestra mirada a las Cruzadas, es dar un breve repaso a las Cruzadas de la 5ª a la 7ª, y luego un poco de análisis de las Cruzadas en su conjunto.La fecha fijada para el inicio de la 5ª Cruzada fue el 1 de junio de 1217. Era el largo sueño del Papa Inocencio III de reconquistar Jerusalén. Murió antes de que la Cruzada se pusiera en marcha, pero su sucesor Honorio III fue un partidario tan ardiente como él. Continuó la labor iniciada por Inocencio.Los ejércitos enviados no lograron casi nada, salvo desperdiciar vidas. A alguien se le ocurrió la brillante idea de que la clave para conquistar Palestina era asegurar primero una base en Egipto. Ese había sido el plan de la 4ª Cruzada. Ahora los cruzados hicieron del importante puerto de Damietta su objetivo. Tras una larga batalla, los cruzados tomaron la ciudad, por la que el líder musulmán Malik al Kameel ofreció intercambiar Jerusalén y todos los prisioneros cristianos que tenía. Los cruzados pensaron que el emperador del Sacro Imperio Romano Germánico, Federico II, estaba de camino para reforzar sus números, así que rechazaron la oferta. El problema es que Federico no estaba de camino. Así que, en 1221, Damietta volvió al control musulmán.A Federico II le importaba poco la Cruzada. Tras varias salidas en falso que revelaron su verdadera actitud hacia todo el asunto, el emperador decidió que era mejor cumplir sus numerosas promesas y partió con 40 galeras y sólo 600 caballeros. Llegaron a Acre a principios de septiembre del año 1228. Como los líderes musulmanes de Oriente Medio estaban de nuevo enfrentados, Federico convenció al mencionado al-Kameel para que hiciera un tratado de una década que entregaba Jerusalén a los cruzados, junto con Belén, Nazaret y la ruta de peregrinos de Acre a Jerusalén. El 19 de marzo de 1229, Federico se coronó por su propia mano en la Iglesia del Santo Sepulcro.Esta transferencia pacifica de Jerusalén enfureció al Papa Gregorio IX, que consideraba el control de Tierra Santa y la destrucción de los musulmanes como una misma cosa. Así que la Iglesia nunca reconoció oficialmente los logros de Federico.Regresó a su país para hacer frente a los desafíos internos a su gobierno y, durante la siguiente década y media, la condición de los cristianos de Palestina se deterioró. Todo lo ganado por el tratado fue devuelto a la hegemonía musulmana en el otoño de 1244.Las dos últimas Cruzadas, la 6ª y la 7ª, se centran en la carrera del último gran Cruzado; el Rey de Francia, Luis IX.Conocido como SAN LUIS, combinó la piedad de un monje con la caballerosidad de un caballero, y se sitúa en la primera fila de los gobernantes cristianos de todos los tiempos.  Su celo se reveló no sólo en su devoción al ritual religioso, sino en su negativa a desviarse de su fe incluso bajo la amenaza de la tortura. Su piedad era auténtica, como lo demuestra su preocupación por los pobres y el trato justo a sus súbditos. Lavaba los pies a los mendigos y, cuando un monje le advirtió que no llevara su humildad demasiado lejos, le contestó: "Si dedicara el doble de tiempo al juego y a la caza que, a esos servicios, nadie me reprocharía nada".Al saqueo de Jerusalén por los musulmanes en 1244, siguieron con la caída de las bases cruzadas en Gaza y Askelon. En el año 1245, en el Concilio de Lyon, el Papa convocó una nueva expedición para liberar de nuevo a la Tierra Santa. Aunque el Rey Luis yacía en un lecho de enfermo con una enfermedad tan grave que sus asistentes le pusieron un paño en la cara, pensando que estaba muerto, se recuperó y tomó la cruz de los cruzados.Tres años después, él y sus hermanos príncipes franceses partieron con 32.000 soldados. Una flota veneciana y genovesa los llevó a Chipre, donde se habían hecho preparativos a gran escala para su abastecimiento. Luego navegaron hacia Egipto. Damieta volvió a caer, pero tras este prometedor comienzo, la campaña se convirtió en un desastre.La piedad y la benevolencia de Luis no estaban respaldadas por lo que podríamos llamar sólidas habilidades como líder. Estaba dispuesto a compartir el sufrimiento con sus tropas, pero no tenía la capacidad de organizarlas.  Haciendo caso al consejo de varios de sus comandantes, decidió atacar Cairo en lugar de Alejandría, el objetivo mucho más estratégico. La campaña fue un desastre y el Nilo se llenó de cadáveres de cruzados muertos. En su retirada, el Rey y el Conde de Poitiers fueron hechos prisioneros. El Conde de Artois fue asesinado. La humillación de los cruzados nunca había sido tan profunda.La fortaleza de Luis brilló mientras sufría la desgracia de estar cautivo. Amenazado con la tortura y la muerte, se negó a renunciar a Cristo o a ceder alguno de los puestos de avanzada de los cruzados que quedaban en Palestina. Por el rescate de sus tropas, aceptó pagar 500.000 libras, y por su propia libertad renunciar a Damietta y abandonar la campaña en Egipto.Ataviado con ropas regaladas por el sultán, en un barco apenas amueblado, el rey zarpó hacia Acre, donde permaneció 3 años, gastando grandes sumas en fortificaciones en Jafa y Sidón. Cuando su madre, que actuaba como reina regente en su ausencia, murió, Luis se vio obligado a regresar a Francia. Zarpó de Acre en la primavera de 1254. Su reina, Margarita, y los 3 hijos que les nacieron en Oriente, regresaron con él.Se podría haber esperado que un fracaso tan completo destruyera toda esperanza de recuperar alguna vez Palestina. Pero la idea de las cruzadas seguía siendo fuerte en la mente de Europa. Los papas Urbano IV y Clemente III hicieron nuevos llamamientos, y Luis volvió a ponerse en marcha. En 1267, con la mano en una corona de espinas, anunció a sus nobles reunidos su propósito de ir por segunda vez a una santa cruzada.Mientras tanto, llegaban noticias del Oriente de continuos desastres a manos del enemigo "Mahometano" (como llamaban a los musulmanes) y de discordia entre los cristianos. En el año 1258, 40 naves Venecianas entraron en combate con una flota Genovesa de 50 barcos frente a Acre, con una pérdida de 1.700 almas. Un año después, los templarios y los hospitalarios libraron una batalla campal, no contra los musulmanes, sino entre ellos. Luego, en el año1268, Acre, el mayor de los puertos de los cruzados, cayó en manos de los Mamelucos Musulmanes.Luis zarpó en el año 1270 con 60.000 personas hacia el desastre. Apenas había levantado su campamento en el lugar de la antiguo Cartago cuando estalló la peste. Entre las víctimas estaba el hijo del rey, Juan Tristán, nacido en Damieta, y el propio rey Luis.  Su cuerpo fue devuelto a Francia y el ejército francés se disolvió.En el año 1291, lo que quedaba de la presencia de los cruzados en Tierra Santa fue finalmente desarraigado por el control musulmán.Los más familiarizados con la historia de las Cruzadas pueden preguntarse por qué he omitido mencionar la desastrosa Cruzada de los Niños de 1212, intercalada entre la 4ª y la 5ª Cruzada. La razón por la que he decidido omitirla en su mayor parte es porque los historiadores han llegado a dudar de la veracidad de los informes sobre ella. Ahora parece más apócrifa que real, confeccionada a partir de varios informes dispares de grupos que vagaban por el sur de Europa en busca de otra campaña para capturar Jerusalén. Se cuenta que un niño francés o alemán de 10 años tuvo una visión en la que se le decía que debía ir a Oriente Medio y convertir a los musulmanes por medios pacíficos. Cuando compartió esta visión e inició su viaje a Marsella, otros niños se unieron a su causa, junto con algunos adultos de dudosa reputación. A medida que sus filas aumentaban, llegaron a la costa francesa, esperando que los mares se separaran y les abrieran un camino para cruzar a Oriente Medio por tierra firme. No importaba que fuera un viaje de cientos de kilómetros. En cualquier caso, las aguas no se separaron y los niños, la mayoría, acabaron dispersándose. Los que no lo hicieron fueron acorralados por esclavistas que prometieron transportarlos a Tierra Santa, de forma gratuita. Sin embargo, una vez que estaban a bordo de un barco, eran cautivos y eran arrastrados a puertos extranjeros de todo el Mediterráneo, donde eran vendidos.Como he dicho, aunque la Cruzada de los Niños se ha considerado un acontecimiento real durante muchos años, recientemente se ha sometido a escrutinio y duda al examinar detenidamente los registros antiguos. Parece que es más bien un producto de cortar y pegar varias historias que tuvieron lugar durante esta época. De hecho, los niños eran bandas de pobres sin tierra de Europa que no tenían nada mejor que hacer que vagar por el sur de Francia y Alemania, esperando que se convocara la próxima Cruzada para poder ir y, con suerte, participar en el saqueo de las ricas tierras orientales.Quiero ofrecer ahora algunos comentarios sobre las Cruzadas. Así que, aviso, lo que sigue es pura opinión.Durante 7 siglos los cristianos han intentado olvidar las Cruzadas, pero los críticos y escépticos se empeñan en mantenerlas como un tema candente. Mientras que los judíos y los musulmanes han utilizado (en su mayoría con razón, creo) las Cruzadas durante generaciones como punto de queja. En tiempos más recientes, los Nuevos Ateos como Richard Dawkins y Sam Harris las han levantado como una palanca y han golpeado a los cristianos en la cabeza con ellas. ¿No es interesante que estos negadores de Dios tengan que asumir primero la moral bíblica para luego negarla? Si fueran coherentes con sus propias creencias ateas, tendrían que encontrar alguna otra razón para declamar las Cruzadas que no sea que está mal matar indiscriminadamente a la gente. ¿Por qué, según su motivo evolutivo darwinista, de supervivencia del más fuerte, no deberían aplaudir de hecho las Cruzadas? Al fin y al cabo, hacían avanzar la causa de la evolución al deshacerse de los elementos más débiles de la raza.Pero ¡no! Los Nuevos Ateos no utilizan esta línea de razonamiento porque es aborrecible. En lugar de ello, primero tienen que donar una creencia en la moral cristiana para atacar al cristianismo. Eso sí que es ser hipócrita.Y aclaremos los hechos. En el siglo XX se asesinó a más personas por motivos políticos e ideológicos que en todos los siglos anteriores juntos. Entre los comunistas, los nazis y los fascistas, se mataron más de 100 millones. Stalin, Hitler y Mao Zedong estaban motivados por una agenda atea, enraizada en una aplicación social del darwinismo.Karl Marx, el padre ideológico del socialismo comunista, aplicó las ideas evolucionistas de Darwin a la sociedad y convirtió a los seres humanos en meras piezas de una gran máquina llamada Estado. Cualquiera que se considerara un engranaje en lugar de una rueda dentada debía ser eliminado para que la máquina pudiera funcionar como querían los dirigentes. En nombre del comunismo, Stalin mató al menos a 20 millones; Mao, a unos 70 millones.Adolf Hitler se inspiró en el concepto darwiniano del ateo Fredrick Neizsche sobre el ubermensche = el superhombre; el siguiente paso evolutivo de la humanidad. Justificó la matanza de 10 millones diciendo que la Solución Final consistía simplemente en eliminar a quienes obstaculizaban la evolución de la humanidad. Empleó a todo un ejército de asesinos con mentalidad científica que creían que era correcto y bueno librar al mundo de la "maleza humana", como llamaban a los judíos, los eslavos, los homosexuales y los enfermos.Hace falta una ignorancia colosal de la historia para ignorar esto. Sin embargo, los Nuevos Ateos ignoran los hechos porque destruyen su premisa de que el ateísmo tiene la moral alta.Según las pruebas históricas, las Cruzadas, la Inquisición y los juicios por brujería mataron a unos 200.000 en total durante un periodo de 500 años. Ajustando el crecimiento de la población, eso sería alrededor de un millón en términos actuales. Eso es sólo el 1% del total asesinado por Stalin, Mao y Hitler; ¡y lo hicieron en unas pocas décadas!Así que mantengamos las Cruzadas, por muy brutales que fueran, y por muy contrarias a la naturaleza y las enseñanzas de Cristo que fueran, en la perspectiva histórica adecuada. ¡No! No las estoy justificando. ¡Fueron totalmente erróneas! Convertir la cruz en una espada y matar a la gente con ella es una blasfemia y merece la fuerte declamación de la Iglesia.Pero no olvidemos que los cruzados eran seres humanos con motivos no muy diferentes a los nuestros. Esos motivos estaban mezclados y a menudo en conflicto. La palabra cruzada viene de "tomar la cruz", según el ejemplo de Cristo. Por eso, de camino a Tierra Santa, el cruzado llevaba la cruz en el pecho. En su viaje de vuelta, la llevaba en la espalda.Pero la inmensa mayoría de los que iban a las cruzadas eran analfabetos, incluso la mayoría de los nobles. No se les enseñaba la Biblia como a los evangélicos de hoy. La gente de toda Europa pensaba que la salvación residía en la Iglesia y que era repartida por los sacerdotes bajo la dirección y discreción del Papa. Así que, si el Papa decía que los cruzados estaban haciendo la obra de Dios, se les creía. Cuando los sacerdotes difundían que morir por la santa causa de una Cruzada significaba eludir el purgatorio y acceder inmediatamente al cielo, miles de personas cogían el arma más cercana y se ponían en marcha.Para Urbano y los papas que le siguieron, las Cruzadas eran un nuevo tipo de guerra, una Guerra Santa. Agustín había establecido los principios de una "guerra justa" siglos antes. Esos principios eran . . .- Una Guerra Santa era dirigida por el Estado;- Su objetivo era la reivindicación de la justicia, es decir, la defensa de la vida y la propiedad;- Y su código exigía el respeto a los no combatientes; civiles y prisioneros.Aunque estos principios fueron adoptados originalmente por los cruzados cuando emprendieron la 1ª Campaña, se evaporaron en el calor del viaje y la realidad de la batalla.Las Cruzadas desencadenaron horribles ataques contra los judíos. Incluso los compañeros cristianos no estaban exentos de violaciones y saqueos. Increíbles atrocidades cayeron sobre el enemigo musulmán. Los cruzados serraban los cadáveres en busca de oro.A medida que avanzaban las Cruzadas, se alzaba alguna que otra voz que cuestionaba la conveniencia de tales movimientos y su valor final. A finales del siglo XII, el Abad Joaquín se quejó de que los Papas hacían de las Cruzadas un pretexto para su propio avance.Humberto de Romanis, general de los Dominicos, al confeccionar una lista de asuntos que debían tratarse en el Concilio de Lyon del año 1274, se vio obligado a refutar nada menos que 7 conocidas objeciones a las Cruzadas. Entre ellas se encontraban estas 4.- Era contrario a los preceptos del NT hacer progresar la religión mediante la espada;- Los cristianos pueden defenderse, pero no tienen derecho a invadir las tierras de otros;- Está mal derramar la sangre de los no creyentes;- Y los desastres de las Cruzadas demostraron que eran contrarias a la voluntad de Dios.Los cristianos de Europa durante los siglos XIV y XV iban a enfrentarse a problemas mucho más grandes que la conquista de Tierra Santa. Así que, aunque de vez en cuando se pedía una, ésta caía en saco roto.Erasmo, escribiendo al final de la Edad Media, hizo un llamamiento a la predicación del Evangelio como forma de enfrentarse a los musulmanes.  Dijo que la forma adecuada de derrotar a los turcos era la conversión, no la aniquilación. Dijo: "En verdad, no conviene declararnos hombres cristianos matando a muchos, sino salvando a muchos, no si enviamos a miles de paganos al infierno, sino si hacemos cristianos a muchos infieles; no si maldecimos y excomulgamos cruelmente, sino si con oraciones devotas y con el corazón deseamos su salud, y oramos a Dios para que les envíe mejores mentes."Los resultados a largo plazo de 2 siglos de cruzadas no fueron impresionantes. Si el objetivo principal de las Cruzadas era ganar Tierra Santa, frenar el avance del Islam y curar el cisma entre las Iglesias de Oriente y Occidente, fracasaron terriblemente.Durante un tiempo, los 4 reinos de los cruzados mantuvieron un territorio en la costa mediterránea de Tierra Santa. En ellos se formaron tres órdenes militares semi-monásticas: los Templarios, cuya primera sede estuvo en el emplazamiento del antiguo Templo de Jerusalén; los Hospitalarios, también conocidos como los Caballeros de San Juan de Jerusalén, fundados originalmente para cuidar a los enfermos y heridos; y los Caballeros Teutónicos germánicos. Estas órdenes combinaban el monaquismo y el militarismo y tenían como objetivos la protección de los peregrinos y la guerra perpetua contra los musulmanes. Contaban con 500 caballeros armados. Sus grandes castillos protegían los caminos y los pasos contra los ataques. Durante dos siglos, los Templarios, con sus túnicas blancas decoradas con una cruz roja, los Hospitalarios, con sus túnicas negras adornadas con la cruz de Malta blanca, y los Caballeros Teutónicos, con sus túnicas blancas con una cruz negra, fueron vistas habitualmente en los Estados de las Cruzadas y en toda Europa.Aunque las Cruzadas nos parecen hoy una terrible traición al cristianismo bíblico, debemos aportar la mentalidad del historiador y considerarlas en relación con la época en que ocurrieron. Esto no las excusa, pero las hace un poco más comprensibles.La sociedad europea de la Edad Media era irremediablemente belicosa. En la Europa feudal, todo el sistema económico y social dependía del mantenimiento de un ejército; los caballeros, soldados profesionales permanentes; por necesidad, debido al coste que suponía, nobles cuya única profesión era luchar. Las ciudades-estado de Italia estaban frecuentemente en guerra. En España, la presencia de los moros musulmanes trazó durante siglos una línea en el mapa. Así que, aunque los cristianos hubieran querido crear una sociedad pacífica, habría sido social y prácticamente difícil hacerlo.Una forma de afrontarlo fue idealizar la guerra. Es decir, presentar la guerra como una contienda entre el bien y el mal. En el desarrollo de la idea del caballero cristiano, hubo un intento de dar a la batalla espiritual una aplicación literal correspondiente. El caballero era un "soldado de Cristo", un guerrero del bien.  En una época en la que se consideraba que los sacerdotes y los monjes eran los únicos capaces de entrar en contacto con Dios, las Cruzadas eran una forma de que los laicos entraran en el reino espiritual y acumularan algunos puntos importantes con Dios. Los sacerdotes libraban la buena batalla mediante la oración; ahora los laicos podían luchar también, con una espada, una maza o, si era lo único que podían permitirse, una horquilla, hasta que llegaran al campo de batalla donde, con suerte, encontrarían un arma más adecuada.Por eso, para los cristianos medievales era importante convencerse de que la guerra que libraban estaba justificada. Se desarrolló un sofisticado sistema para identificar una guerra "justa". Agustín había hablado mucho de esto, explicando que alguien a quien le han robado su propiedad o su tierra tiene derecho a recuperarla, pero que esto era diferente de la guerra destinada a ampliar el propio territorio. El principio subyacente era que se podía utilizar una fuerza razonable para mantener el orden.A finales del siglo XI llegó un nuevo pensamiento; no la "Guerra Justa" de Agustín, sino el concepto de "Guerra Santa", una que Dios llamó a su pueblo a luchar para restaurar el control cristiano en Tierra Santa. Se trataba de una guerra que no sólo podía considerarse "justificada", y los pecados cometidos en su transcurso perdonados, sino meritoria. Dios recompensaría a los que la libraran. Guibert de Nogent, en su libro Los actos de Dios a través de los Francos, explicó cómo identificar una Guerra Santa. No estaba motivada por el deseo de fama, dinero o conquista. Su motivo era la salvaguarda de la libertad, la defensa del Estado y la protección de la Iglesia. Consideraba que este tipo de guerra era una alternativa válida a ser monje.Esta idea era tan atractiva para la mente medieval que, a medida que avanzaba el siglo XII, hubo que desalentarla, pues parecía que todo el mundo empezaba a ver la caballería y el combate como una guerra espiritual. Los bravucones siempre han sido capaces de convertir en villanos a los que quieren victimizar. Justificaban su brutalidad calificándola de misión divina. Así que los sacerdotes y los teólogos hicieron hincapié en que no todos los combates estaban bajo el mismo paraguas. Las cruzadas eran especiales.Por supuesto, uno de los principales principios de la teología musulmana es la yihad, la guerra santa para difundir la fe. A pesar de las ruidosas protestas de algunos hoy en día, el hecho es que el Islam que Mahoma enseñó, que por supuesto es el verdadero Islam, aprueba el yihad. ¿De qué otra forma se extendió desde su base en el desierto de Arabia a través de Oriente Medio, el norte de África y hasta Europa en tan poco tiempo si no es mediante el poder de la cimitarra?Me parece interesante que los musulmanes modernos censuren las Cruzadas cuando fueron sus propias campañas sangrientas las que tomaron las tierras que los cruzados pretendían ¿qué? ¡RECLAMAR! ¿Cómo podían RECLAMAR algo que no había sido RECLAMADO y conquistado por los musulmanes previamente? Lo repito: Esto no justifica en absoluto las Cruzadas. Son un periodo indefendible de la historia de la Iglesia que queda como una mancha oscura. Pero seamos claros: si son una mancha en la historia de la Iglesia, las conquistas de los musulmanes anteriores a las Cruzadas son igual de oscuras.

Caustic Soda Prices is in a non-stop rally, reaching USD849/ton, higher w/w by 12.9% (MICH)The Egypt urea index was up 4% w/w and prices are currently at USD900/tonMinister of Finance said that the government started a plan to automate the budget of economic authorities, which amounts to about EGP2.4 trillion (e-finance)Minister of Finance noted that the e-receipt implementation will start in April 2022 (e-finance)Customs Authority working to resolve issues importers are facing with the Advance Cargo Information System (e-finance)AMOC 1Q21/22 net profit at EGP230 million, compared to the losses of EGP32 million recorded in 1Q20/21; GPM came in at 11.4%; AMOC is currently trading at FY21/22 P/E of 7.2x and FY21/22 EV/EBITDA of 5.4xHigher gas prices drove the government to use Mazot in electricity generation (AMOC)MFPC to engage in trading all fertilizers and their derivatives, establish a Melamine projectCIRA FY20/21 net profit at EGP309 million, up 21.1% YoY, lower than our estimate of EGP369 million; CIRA is currently trading at FY21/22 P/E of 17.3x and EV/EBITDA of 10.6x; CIRA is planning to inaugurate Badr University in Assyout in February 2022EFID 3Q21 Earnings Call: 2022 topline is targeted to be around EGP6 billion; GPM in 2022 is expected to hover around 33.3-33.5%; Recovery is expected to be coming from higher prices but with stable volumes; EFID is currently trading at a 2022e P/E multiple of 11.4x and EV/EBITDA multiple of 7.3xCar dealers who can't comply with new rules on price regulations will be hit with fines up to EGP2 millionETRS 3Q21 net profit recorded EGP4.4 million, +67% YoY and -30.4% QoQ; ETRS is currently trading an annualized FY2021 P/E of 29.0xCSAG 1Q21/22 net profit reached EGP38.5 million (-6.2% YoY and -15.4% QoQ); Decline in net profit to lower investment income from Damietta and Portsaid Container Handling Companies; CSAG is currently trading at an annualized FY21/22 P/E of 18.1xThree Arab investors are eyeing acquisitions of Egyptian pharma players via SPAC mergers; No further details were released

Egypt expected to be back to JPMorgan's emerging-market sovereign bond index by January 31, 2022 with an index weight of 1.85%Egypt's LNG exports are set to rise as shipments from the Idku liquefaction plant and the recently revived Damietta plant ramp upSuez Canal revenues recorded USD4.86 bn YTD in 2021 (+12.4% YoY)Egypt looking to tap international debt markets again in February or March 2022Government on track to complete the procedures required to issue sovereign sukuks by 2Q2022Foreign holdings of Egypt's debt currently stand at around USD30 bnMoF targeting the reduction of debt service burden to 32% of fiscal expenditures from the current 38%Egypt and Greece are set to agree on building an undersea cable through which Egypt will export surplus electricity to GreeceA strategic investor is looking to acquire a 10% stake in e-finance Egypt's banks will adopt the Tax Authority's e-invoicing system (e-finance) Aman (RAYA) has obtained an SME lending license from the FRAORAS announces that its consortium  signed an agreement to develop, construct and operate a 500 MW wind farm in Ras Ghareb, ORAS will have a 25% stake in the projectEGAL has raised ex-factory prices to EGP55-66k per tonneSKPC has submitted a request to EGX to increase the issued capital of the company, and to amend the company's name, purpose and legal domicileEgytrans has won a tender for the transportation of train cars in the New Administrative CapitalSugar prices soar to EGP10,000/tonMCQE is to distribute a DPS of EGP0.25/share;  DY of 1.6%

After their success at Damietta, the participants in the Fifth Crusade decide what to do next, and they wait for a certain someone... If you like what you hear and want to chip in to support the podcast, my Patreon is here. I'm on Twitter @circus_human, Instagram @humancircuspod, and I have some things on Redbubble. Sources: Prester John: The Legend and its Sources, compiled and translated by Keagan Brewer. Taylor & Francis, 2019. Crusade and Christendom: Annotated Documents in Translation from Innocent III to the Fall of Acre, 1187-1291. Edited by Jessalynn Bird, et al. University of Pennsylvania Press, 2013. The Fifth Crusade in Context: The Crusading Movement in the Early Thirteenth Century. Edited by E.J. Mylod, et al. Routledge, 2016. Brownworth, Lars. In Distant Lands: A Short History of the Crusades. Crux Publishing Ltd, 2017. Cassidy-Welch, Megan. War and Memory at the Time of the Fifth Crusade. Penn State University Press, 2019. Madden, Thomas F. The New Concise History of the Crusades. Rowman & Littlefield, 2005. Powell, James M. Anatomy of a Crusade, 1213-1221. University of Pennsylvania Press, 1986. Powell, James M. Innocent III: Vicar of Christ Or Lord of the World? Catholic University of America Press, 1994. Learn more about your ad choices. Visit podcastchoices.com/adchoices

The crusaders make their way first to Acre and then to Damietta. Perhaps someone would be along to help them soon? If you like what you hear and want to chip in to support the podcast, my Patreon is here. I'm on Twitter @circus_human, Instagram @humancircuspod, and I have some things on Redbubble. Sources: Prester John: The Legend and its Sources, compiled and translated by Keagan Brewer. Taylor & Francis, 2019. Crusade and Christendom: Annotated Documents in Translation from Innocent III to the Fall of Acre, 1187-1291. Edited by Jessalynn Bird, et al. University of Pennsylvania Press, 2013. The Fifth Crusade in Context: The Crusading Movement in the Early Thirteenth Century. Edited by E.J. Mylod, et al. Routledge, 2016. Brownworth, Lars. In Distant Lands: A Short History of the Crusades. Crux Publishing Ltd, 2017. Cassidy-Welch, Megan. War and Memory at the Time of the Fifth Crusade. Penn State University Press, 2019. Madden, Thomas F. The New Concise History of the Crusades. Rowman & Littlefield, 2005. Powell, James M. Anatomy of a Crusade, 1213-1221. University of Pennsylvania Press, 1986. Powell, James M. Innocent III: Vicar of Christ Or Lord of the World? Catholic University of America Press, 1994. Learn more about your ad choices. Visit podcastchoices.com/adchoices

Full Text of ReadingsWednesday of the Twenty-first Week in Ordinary Time Lectionary: 427All podcast readings are produced by the USCCB and are from the Catholic Lectionary, based on the New American Bible and approved for use in the United States _______________________________________The Saint of the day is Saint Louis of FranceAt his coronation as king of France, Louis IX bound himself by oath to behave as God's anointed, as the father of his people and feudal lord of the King of Peace. Other kings had done the same, of course. Louis was different in that he actually interpreted his kingly duties in the light of faith. After the violence of two previous reigns, he brought peace and justice. Louis “took the cross” for a Crusade when he was 30. His army seized Damietta in Egypt but not long after, weakened by dysentery and without support, they were surrounded and captured. Louis obtained the release of the army by giving up the city of Damietta in addition to paying a ransom. He stayed in Syria four years. Louis deserves credit for extending justice in civil administration. His regulations for royal officials became the first of a series of reform laws. He replaced trial by battle with a form of examination of witnesses and encouraged the use of written records in court. Louis was always respectful of the papacy, but defended royal interests against the popes, and refused to acknowledge Innocent IV's sentence against Emperor Frederick II. Louis was devoted to his people, founding hospitals, visiting the sick, and like his patron Saint Francis, caring even for people with leprosy. He is one of the patrons of the Secular Franciscan Order. Louis united France—lords and townsfolk, peasants and priests and knights—by the force of his personality and holiness. For many years the nation was at peace. Every day, Louis had 13 special guests from among the poor to eat with him, and a large number of poor were served meals near his palace. During Advent and Lent, all who presented themselves were given a meal, and Louis often served them in person. He kept lists of needy people, whom he regularly relieved, in every province of his dominion. Disturbed by new Muslim advances, Louis led another crusade to North Africa in 1270. Within a month of their landing at Carthage, the army camp was decimated by disease. Louis himself died there at the age of 56. He was canonized 27 years later. Reflection Louis was strong-willed, strong-minded. His word was trusted utterly, and his courage in action was remarkable. What is most remarkable was his sense of respect for anyone with whom he dealt, especially the “humble folk of the Lord.” To care for his people he built cathedrals, churches, libraries, hospitals and orphanages. He dealt with princes honestly and equitably. He hoped to be treated the same way by the King of Kings, to whom he gave his life, his family and his country. Saint Louis of France is a Patron Saint of: Barbers Grooms Secular Franciscan Order Click here for more on Saint Louis of France! Saint of the Day Copyright Franciscan Media

We come to one of the strangest moments in INFERNO. While Virgil may have claimed that stream burbling out of the wood of the suicides was the most astonishing thing seen so far, we've never encountered anything like Virgil's explanation for the hydraulics of hell. First off, there's a giant statue. It's in Crete. In Mount Ida, to be exact. It's made out of gold, silver, bronze, iron, and terra cotta. But it's really made out of passages from the prophet Daniel, Ovid, Virgil himself, and St. Augustine. There's nothing quite like the Old Man of Crete. He's certainly the most difficult bit of symbolism since those three beasts on the hill that Dante-the-pilgrim tried to climb in Canto I of INFERNO. Join me, Mark Scarbrough, for the first of two podcast episodes on this elliptical and ultimately baffling passage from INFERNO. Seven hundred years of commentary haven't been able to solve it. We won't either. But we'll start with a look at the statue itself and its source background. Sounds dry? No way! This is Dante. It's all surprising. Here are the segments for this episode of WALKING WITH DANTE: [01:11] My English translation of this passage: INFERNO, Canto XIV, lines 94 - 120. If you want to find them written out, they're on my website, markscarbrough.com. [03:30] The first source for the Old Man of Crete: the prophet Daniel. (Particularly Daniel 2:31ff.) [06:09] Dante-the-poet's specific alterations to the text from Daniel. [07:20] Biblical interpretations for the passage from Daniel in the medieval (and patristic) age. [10:28] The second source for the Old Man of Crete: Ovid's Metamorphoses. [11:35] The third source: Virgil's own Aeneid. [13:00] The fourth source: St. Augustine's recounting of a tale from Pliny the Elder's Natural History. [14:03] Two strange details about the statue: its terra cotta foot and its turn away from Damietta. [22:18] Many commentators see this as the first time Dante, our poet, fully engages in myth-making. No way! [24:11] In the end, Dante's vision of hell has a human component: the tears of the Old Man of Crete. Which explain the hydrolics of the underworld! And give it a human dimension. Support this podcast

The Fifth Crusade has struck at Egypt. Can its fanatical leader, Cardinal Pelagius, achieve the greatest victory since the First Crusade? 

The premium of Asian LNG spot prices (JKM) over the US Henry Hub benchmark has widened to the highest level in nearly two years (spread >US$5/mmbtu). This is partly a function of Pacific basin supply outages coinciding with congestion at the Panama Canal. As a result JKM contracts are pricing in the cost of securing US cargoes through longer transit routes around the Cape of Good Hope (costing an extra US$2.4/mmbtu at current freight rates). Wait times outside the Panama canal have been around nine days recently (Chart of the day), adding almost $0.40/mmbtu to using the route to Northeast Asia without waiting. Panama Canal congestion is causing delays to LNG deliveries from the US to Asia, driving up freight rates Higher than average arrivals, seasonal fog and COVID-19 linked staffing reductions is causing congestion at the Panama Canal. Waiting time for vessels with unbooked slots is as long as 10-15 days and some US cargoes are now transiting through the Cape of Good Hope. The extra shipping cost associated with a 97-day round trip for a US cargo to Northeast Asia via the COGH relative to delivering to Europe is $2.40/mmbtu at prevailing freight rates and boil-off costs. The Panama route costs $1.16/mmbtu extra at current rates. The less time vessels spend holding position, the more tonnage can be freed up and made available to the spot market, in turn reducing spot freight rates. Below factors could help ease strength in the JKM Feb-21 contract to reflect the cost of securing the marginal cargo through the Panama route, rather than pricing on more longer routes at present: A sequential increase in Pacific basin supply equivalent to around 8-14 cargoes per month compared to today will help cut Northeast Asia's call on US cargoes. 3.6 Mtpa Prelude is expected to return by year-end, followed by the return of Gorgon's 15.6 Mtpa capacity at the end of Jan-21 (assuming no weld faults are found in trains one and three). The restart of production at Qatargas' 7.8 Mtpa train four at Ras Laffan next week will also boost supply, as will the ramp-up of Egyptian output—particularly from Idku, with some potentially from Damietta. Sequential declines in Northeast Asian demand for LNG over the rest of winter is also likely. Japan and Korea are expected to see improving availability in nuclear, and both countries will be drawing down LNG terminal stocks. China will also be partly relying on drawing down their undergrounds gas inventories – which have been boosted y/y by heavy injections. Per the below LHS chart, the JKM-TTF spread is incentivising transit through the Cape of Good Hope (green line). Costs of using the Panama canal have risen. With higher transit times through the Panama Canal – ships are using the route through the Cape

In this episode, we hear about the King of Jerusalem, Amalric's alliance with the Byzantines against Fatimid Egypt, where a young man called Saladin has seized power. A large Byzantine fleet and Crusader army converge on the Egyptian fortress of Damietta. But can they succeed in defeating Saladin, the man who will in time become the nemesis of the Crusaders?

“From the King of Kings of East and West, the supreme Khan:  In your name, O God, who stretched out the earth and lifted up the heavens; Qutuz is of the race of those Mamluks, who fled to this region to escape our swords... Let Qutuz know, as well as all his emirs, and the peoples of his empire who inhabit Egypt and the neighboring countries, that we are the soldiers of God on earth; that he created us in his anger, and delivered into our hands all those who are the object of his wrath; what has happened in other lands should be a matter for you to think about, and distract you from making war on us. Learn from the example of others and commit your fate to us before the veil is torn, and, delivered to repentance, you see the penalty for your sins fall upon you: for we will not allow ourselves to be touched by crying and we will be insensitive to complaints. You have heard that we have conquered a vast expanse of land; that we have purified the earth of the disorders which defiled it; and that we have slaughtered most of the inhabitants. It’s up to you to flee, and it’s up to us to pursue you; and what land will offer you a refuge? Which road can save you?... You have no way of escaping our swords, of escaping the slaying of our weapons… Hurry to give us an answer, before the war ignites its fires and launches its sparks on you: then you will no longer find asylum, strength, protection, support. You would experience the most terrible catastrophes on our part, and you would soon leave your lands deserted. In sending you this message, we have acted nobly towards you; we have sought [...] to wake you from your slumber. Now you are the only enemies we must march against. May salvation be upon us, upon you, and upon all [...] who submit to the orders of the Supreme Khan. "   So reads the ultimatum delivered to Cairo in early summer 1260, as recorded by al-Maqrizi. Qutuz, the newly declared ruler of the Mamluk Sultanate of Egypt, faced the awesome might of an army unsurpassed, invincibile and merciless. Qutuz, in a fragile alliance with his erstwhile enemy Baybars, made the frightful decision to kill Hulegu Khan’s envoys, and roll the dice to challenge the Mongol hosts, ultimately facing them at the Battle of Ayn Jalut. I’m your host David, and this is Kings and Generals: Ages of Conquests.   Our previous episode detailed Hulegu’s sack of Baghdad in February 1258, and the death of the last ‘Abbasid Caliph, al-Musta'sim. Hulegu soon moved north to Maragha to rest and prepare for the next leg of his journey; reducing the remaining independent powers along the Levantine Coast. For Hulegu and his massive army, it seemed nothing would stand in the way of the subjugation of the remainder of the Muslim world. Spending the summer of 1258 moving between Maragha and Tabriz, many throughout the region reaffirmed their submission. Sons and representatives came from the atabeg of Fars, various lords of the Caucasus and the Ayyubid Sultan of Aleppo and Damascus al-Nasir Yusuf.  In person came the 90 year old Badr al-Din Lu’lu of Mosul and the two Seljuq Sultans of Rum, ‘Izz al-Din Kaykaus II and his half-brother, Rukn al-Din Kilich Arslan IV. The fall of the Caliph sent shockwaves, and most were eager to reaffirm their vassalage lest they share his fate. ‘Izz al-Din Kaykaus, knowing Hulegu was already displeased with him for his brief rebellion in 1256, made Hulegu a pair of fine boots with his portrait on the soles, and kneeling before Hulegu told him “your slave hopes the padishah will elevate this slave’s head with his royal foot.”    Hulegu was pleased with himself; the conquests were coming easily and it seemed he would complete his older brother’s will in good time. It’s possible that at this time Hulegu adopted for himself a new title, il-khan, which he began to include on coinage he minted the following year. Generally il-khan is translated as ‘viceroy,’ or ‘subject khan,’ il in Mongolian having connotations of submission. However, there is argument that it’s a Mongolian form of an older Turkic title, ileg khan, meaning ‘sovereign.’ Some sources from the Ilkhanate use it in this sense; one writer refers to Chinggis Khan as Il-khan,when such connotations of submission were quite inappropriate.   Hulegu spent the remainder of 1258 in Azerbaijan, wintering in Arran and the Mughan plain, where the cool temperatures and fine pastures pleased the Mongols. Maragha emerged as Hulegu’s de facto capital, and that region became the administrative centre and summer retreat of the Ilkhanate for the next 70 years. From here, Hulegu plotted. Intelligence came in of the fractured politics of the statelets from Syria to Egypt. The ruler of Mayyafariqin in the Jazira had previously submitted to the Mongols, but had revolted as the Mongol army surrounded Baghdad. Hulegu sent his son Yoshmut to deal with them. The Ayyubid sultan of Syria, al-Nasir Yusuf, had been a Mongol tributary since the early 1240s, but had failed to provide troops against Baghdad or to appear before Hulegu in person. So, Hulegu would appear before him in person, along with 100,000 of his closest friends and at least 300,000  of their favourite horses. The only power of any note other than the small Ayyubid princes and Crusader holdouts on the coast, was the newly established Mamluk Sultanate in Egypt. Sending Yoshmut and Kitbuqa as his vanguard in spring 1259, in September Hulegu led the main army to Syria, anticipating a swift and glorious conquest of the region.   Some 80 years prior, Egypt to eastern Turkey had been unified by an-Nasir Salah ad-Din Yusuf ibn Ayyub, who you may know better as Saladin. On his death in 1193 Saladin intended for three of his sons to rule in a sort of confederacy, one in Cairo, Egypt; one in Aleppo in Syria, and one in Damascus, also in Syria, to be the senior over the others. Within 3 years, his plan went awry. Saladin’s brother al-Adil bin Ayyub took control of Damascus and Egypt and forced Aleppo to recognize his authority. al-Adil placed his own sons as governors, and allowed the jihad to fall to the wayside, enjoying a fruitful 20 year truce with the Crusader states. The trade they brought was valuable and al-Adil found his Seljuq and Zengid neighbours of much greater concern. It was not until 1218 when his system cracked; that year the fifth Crusade landed in Egypt and soon took Damietta; the Anatolian Seljuqs backed Saladin’s ousted son al-Afdal in attempting to take Aleppo; and al-Adil died of illness is August 1218. On his death, the Ayyubids never regained their unity. al-Adil’s son al-Kamil took power in Egypt, but continually butted heads with the Ayyubid princes of Syria, especially his brother controlling Damascus, al-Muazzam. It was in the face of war with al-Muazzam that in 1229 al-Kamil agreed to a truce with the oncoming Holy Roman Emperor, Frederick II Hohenstaufen, bloodlessly returning Jerusalem to Christian hands for the first time since Saladin took the city in 1187.    Al-Kamil died in 1238, his family vying for control of Egypt. It took two years for his oldest son, al-Salih Ayyub, to seize power there.  By then, the Ayyubids of Syria and Egypt were totally independent of each other; al-Nasir Yusuf, the prince of Aleppo, became tributary to the Mongols in 1243. In Egypt, al-Salih Ayyub showed himself a powerful and militaristic ruler- the last effective Ayyubid Sultan, exerting his power against his cousins in Syria. The first means to do this was to invite the bands of Khwarezmian mercenaries in Syria to him. These were the remnants of Jalal al-Din Mingburnu’s army, who, since Mingburnu’s demise in 1231, had acted as mercenaries and pillagers, raiding for the highest bidder. In 1244, al-Salih Ayyub invited them to Egypt, intent on employing them, or at least, keeping them from being employed against him by the Syrian Ayyubids. The Khwarezmians under Husam al-Din Berke Khan took up the call, en route sacking Jerusalem in early summer 1244, the Crusaders losing Jerusalem for good. The panicking Franks organized an alliance against the Khwarezmians- a grand army of Frankish troops, knights of the Military Orders, and the Ayyubid princes of Damascus and Homs, eager to keep the Khwarezmians out of al-Salih Ayyub’s hands. Their largest field army since the Third Crusade, some 13,000 men, was resoundingly crushed by the Khwarezmians at La Forbie in October 1244. It was a massacre, the offensive ability of the Crusader States permanently broken. Representatives from Acre reached Europe and called for aid- only the penitent King Louis IX of France would answer.   Al-Salih Ayyub took the Khwarezmians north, and after assisting him in taking control of Damascus, gave them the boot, and they were overwhelmed and dispersed by Syrian forces in 1246. So ended the last remnant of the Khwarezmian Empire, some 20 years after Chinggis Khan’s invasion.   Giving up on unreliable Khwarezmians, al-Salih Ayyub turned to slave soldiers. Military slavery was hardly a new institution, used from the ‘Abbasids to the Fatimids to the Ayyubids under Saladin himself. Generally, the Islamic institutions of military slavery differed greatly from the chattel slavery we associate the term with. In the words of historian Bart Hacker, “although his owner might buy or sell him and otherwise dictate certain life choices, the relationship of owner to soldier more nearly resembled that of patron to client than master to slave in the western sense. These are complex issues, but Muslim military slavery clearly did not define the soldier’s occupation, wealth, social standing or power.” Depending on the dynasty, military slavery actually increased a man’s access to wealth and social standing.   Prior to the 12th century, these slave soldiers were generally called ghulams, but by 1200 mamluk had replaced it. While a ghulam or mamluk could come from anywhere, Turkic steppe nomads were preferred. Bought as children between 8 and 12, from their upbringing on the steppe they already had valuable experience in archery and horseback riding. The most physically skilled were sold as mamluks, upon which they were converted to Islam and received further training in weapons and tactics, provided armour, horses and the support of the state. Often they were  taught languages, administrative skills and how to read and write. They were expected to be absolutely loyal to their master, who heaped rewards on them. They combined all the military skill of the Turkic nomads, but with greater discipline and reliability.

Ecco a voi l'intervista in esclusiva a Diego Mecenero, Direttore de www.ilsentierofrancescano.itQuante interessanti curiosità sulla vita di San Francesco d'Assisi, nell'ottocentenario della sua partenza da Ancona per Damietta: così lontano nel tempo, così vicino nello spirito a tutti noi, esempio di attivista ecologico e puro emblema della DIVERSITA'!

Ecco a voi l'intervista in esclusiva a Diego Mecenero, Direttore de www.ilsentierofrancescano.itQuante interessanti curiosità sulla vita di San Francesco d'Assisi, nell'ottocentenario della sua partenza da Ancona per Damietta: così lontano nel tempo, così vicino nello spirito a tutti noi, esempio di attivista ecologico e puro emblema della DIVERSITA'!

TESTO DELL'ARTICOLO ➜ http://www.bastabugie.it/it/articoli.php?id=5871SAN LUIGI IX, RE DI FRANCIA: UN MODELLO PER POLITICI E CAPI DI STATO di Corrado GnerreIl Regno di San Luigi IX fu un grande dono di Dio e della Vergine Maria alla Francia, ma anche alla cristianità e al mondo intero.Il cuore di una madre, se risponde alla missione che Dio le affida, riceve tutte le grazie, tutte le delicatezze per deporre nelle anime dei suoi fanciulli le virtù al punto di farne dei Santi. Bianca di Castiglia si mostrò la degna madre d'un figlio quale fu San Luigi IX. Si può ben affermare che senza le ammirabili qualità di energia di cuore e di intelligenza di questa regina, rischiarata da una fede profonda e da una confidenza ammirabile in Maria -il modello di tutte le Madri - il mondo, forse, non avrebbe mai potuto conoscere il tipo ideale di Re e di Governo Cristiano.Volendo dare alla Francia un sovrano degno di questo bel regno, Bianca confidò le sue speranze a Nostra Signora recitando sempre il Rosario con le persone pie della sua Corte. Il 25 aprile del 1215, a Poissy, il suo voto si realizzò.San Luigi comprese la dignità che gli era stata conferita nel Battesimo, al punto che si fece chiamare Luigi di Poissy, dal nome del villaggio dove era stato battezzato e quindi diventato cristiano.L'odio per il peccato caratterizzò l'infanzia di Luigi IX e lo spinse alla vigilanza e alla preghiera, che poi sarà la grande passione della sua vita. Egli, un giorno, sentì sua madre dire queste parole: "Dolce figlio, voi sapete che niente mi è più caro di voi; ma preferisco sapervi morto piuttosto che macchiato di peccato mortale." E' ai piedi degli altari e nella lettura di libri spirituali, che Luigi apprende tanto i suoi doveri di cristiano quanto la sua missione di Re.Attorno a lui i lutti si moltiplicarono al punto che lo avvicinarono al trono: suo fratello primogenito morì nel 1218, suo padre nel 1226, designando nel suo testamento la Regina Bianca come reggente. A quel tempo Luigi aveva 12 anni.RE A 12 ANNILa consacrazione di Luigi ebbe luogo il 29 novembre del 1226.La Regina reggente non aveva solamente inculcato a suo figlio la bellezza della fede cristiana e una grande devozione alla Vergine Immacolata, ma aveva voluto che tutto questo fosse solidamente sostenuto da una conoscenza profonda delle verità eterne. Ella aveva scelto per la sua formazione religiosa e intellettuale i migliori teologi e le più alte personalità in tutti i campi dell'insegnamento.Luigi IX si mostrò degno di una tale madre e di tali maestri. La preghiera era il costante alimento della sua anima anche nelle imprese di guerra. Recitava costantemente le ore canoniche. Nonostante il suo alto rango, era aggregato al Terz'ordine di San Francesco, di cui poi sarebbe diventato patrono del ramo maschile.Per rendere omaggio alla Vergine, ogni sabato radunava i poveri nel suo palazzo, lavava loro i piedi che baciava con rispetto, dopo averli asciugati con le sue stesse mani; li serviva lui stesso a tavola e a loro distribuiva una ricca elemosina. Ogni giorno recitava l'Ufficio della Santa Vergine.In esecuzione di un voto fatto dal Re suo padre, fondò l'abbazia di Royaumont, e volle partecipare manualmente, con il sudore della sua fronte, alla costruzione, servendo i muratori e portando la carriola carica di pietre. Faceva soggiorni frequenti all'Abbazia, conducendo la vita dei monaci. Assisteva al capitolo quotidiano, ma, considerandosi indegno di essere trattato come religioso, si sedeva sulla paglia. Aiutava i muratori, prendeva i suoi pasti nel refettorio, visitava gli ammalati dell'infermeria. Si racconta questo episodio: una domenica, accompagnato dall'Abate, volle far mangiare i lebbrosi, i quali avevano le mani mutilate dal morbo, tanto che non le potevano usare; fu il Re a tagliare la carne e a metterla in bocca con grande precauzione, avendo cura di asciugare il sale che potesse procurare dolore sulle labbra piagate; Luigi si teneva in ginocchio dinanzi ai malati, convinto che quelle carni piagate rappresentassero le piaghe di Gesù, costringeva in tal modo anche l'Abate a fare lo stesso.A 19 ANNI LUIGI SPOSÒ MARGHERITA DI PROVENZALa giovane Regina era degna del suo sposo. Un cronista del tempo la descrive in questo modo: "Non esiste giovane più nobile, più gentile, meglio educata, dotata di rare perfezioni, dalle più amabili virtù, di intelligenza precoce, di spirito molto retto, di giudizio molto sicuro, di generosità reale, di bontà squisita." Margherita ebbe da Luigi undici figli.Modello per gli sposi, Luigi seppe esserlo per i padri: il Re non approfittò per l'educazione dei suoi figli della cura dei loro istitutori, egli stesso si assumeva l'incarico di istruirli e di educarli al disprezzo dei piaceri e della vanità mondane, e a spingerli all'amore di Dio. Dopo compieta, li faceva andare nella sua stanza per ricevere dalla sua bocca le sue lezioni. A riguardo sono conservate alcune istruzioni che egli scrisse per la figlia Isabella, la futura Regina di Navarra: "Cara figlia, obbedite umilmente a vostro marito e a vostro padre e a vostra madre, nelle cose che sono secondo Dio; voi dovete dare a ciascuno ciò che gli appartiene, per l'amore che voi dovete avere ad essi; ed inoltre dovete fare il meglio per amore di Nostro Signore, che così ordinò; contro Dio non dovete obbedire a nessuno. (...). Cara figlia, mettete così grande impegno, da essere così perfetta in tutto il bene, in modo che quelli che vi vedranno e intenderanno parlare di voi possano prendere un buon esempio; e mi è d'avviso che sarebbe bene che non occupaste troppo tempo, né troppo studio a ornarvi e ad adornarvi; e guardatevi bene di non eccedere nei vostri ornamenti."San Luigi IX amministrò la giustizia con meticolosità. Ogni volta che si spostava, lo precedevano un prelato e un signore per raccogliere tutte le lagnanze; e così egli rendeva giustizia agli oppressi e agli infelici.IL RE CROCIATOUn episodio importante della sua vita fu quando fu preso da una dissenteria che lo condusse sull'orlo della morte. Restò privo di sensi per molte ore. I medici cercarono di rianimarlo, ma non vi fu nulla da fare; tant'è che fecero anche la dichiarazione di morte. Improvvisamente si risvegliò e poco dopo si alzò dal letto dichiarando: "Dall'alto del Cielo la luce dell'Oriente si è sparsa su me, e il Signore mi richiamò dai morti. Signore, siate benedetto e ricevete il giuramento che io faccio di me crociato". Il Re poi spiegò che in quei momenti aveva ricevuto in visione l'ordine di andare nella Terra Santa a prelevare lo stendardo cristiano abbattuto dai musulmani.Successivamente il Vescovo di Parigi cercò di distogliere il Re dal suo progetto, ma inutilmente. Luigi IX rispose: Voi dite, mio Vescovo, che io non ero in me quando ho deciso di prendere la Croce. Ebbene, eccola, io ve la ridò". Poi aggiunse: "Miei amici, ora io sono perfettamente in me. Ebbene, io chiedo che mi si renda la mia Croce. Dio, che sa ogni cosa, sa bene che nessun alimento entrerà nella mia bocca fino a quando la Croce non mi sia rimessa." Il Vescovo dovette ovviamente recedere.Completamente guarito, il re Luigi preparò tutto affinché il Regno fosse bene amministrato durante la sua assenza.Il 12 giugno 1248 si consegnò, a piedi nudi, alla Vergine Maria, partecipò alla Messa e ricevette l'Eucaristia. Poi andò a Pontoise, dinanzi all'immagine miracolosa della Madonna, per affidare a Lei le sorti della Francia, dei suoi soldati e della sua stessa persona.Il 25 agosto dello stesso anno s'imbarcò ad Aigues-Mortes. I crociati trascorsero l'inverno nell'isola di Cipro, ma la peste decimò l'armata.Il 25 maggio 1249, Luigi IX dette il segnale di partenza al grido di "Dio lo vuole!". La flotta s'indirizzò verso l'Egitto dove giunse il 4 giugno.Il giorno successivo, dopo essersi confessati, i crociati attaccarono le navi musulmane. I nemici indietreggiarono per l'improvvisa sortita e la città di Damietta fu conquistata.Il 6 giugno, nel primo pomeriggio, Luigi IX, a piedi nudi, entrò nella città deserta, seguito dai suoi soldati, anch'essi a piedi nudi. L'antica chiesa della città, che era stata trasformata in moschea dai musulmani, venne restituita al culto cristiano: s'intonò il Te Deum.Dopo varie manifestazioni di valore - egli era ovunque vi fosse pericolo e sempre al primo posto- Luigi venne catturato insieme ad altri. Nel mezzo delle sofferenze della prigionia, delle epidemie e delle esecuzioni ordinate dal Sultano, richiamava continuamente i suoi soldati alla santa rassegnazione, alla fedeltà e al dovere.Durante la prigionia, l'Emiro ammirò la fierezza di re Luigi e gli chiese di poter essere ordinato cavaliere. Ma Luigi - giustamente - aveva un'idea troppo alta di questa dignità e, non riconoscendo degno colui che non fosse cristiano, gli rispose:" Io non conferirei mai la cavalleria ad un infedele. Diventate cristiano, e io vi farò cavaliere!." Il Musulmano ne rimase meravigliato e non si offese: " Tu sei il Franco più fiero che noi abbiamo mai visto!"A Luigi fu concessa la libertà, ma al prezzo di un riscatto. Attese a San Giovanni d'Acri la liberazione degli ultimi prigionieri e fortificò alcuni posti in possesso ancora sotto il governo dei cristiani; poi, essendo venuto a conoscenza della morte della Regina reggente, dopo aver liberato tutti i prigionieri, decise di ritornare in Francia.Malgrado vinto, la Francia lo vide agire come grande Re. Riordinò il Regno e sottomise tutti i baroni ribelli.RIEMPÌ LA FRANCIA DI CHIESE E DI OSPEDALIIl Re voleva governare solo per lavorare seriamente ai miglioramenti e al benessere della Francia. Egli si fece allora preparare delle liste esatte di tutti i lavoratori i quali erano nel bisogno, degli artigiani senza lavoro, delle vedove e degli orfani senza soccorso, e delle figlie povere che erano da maritare.

‘Whoso pulleth out this sword from this stone and anvil is the true-born King of all Britain.’  I am very grateful to have been invited back to Grace Cathedral this morning just a day after a celebration here of the 100th Anniversary of Franciscan friars in the Episcopal Church.  But why, on this St Francis Sunday, am I opening, not with the scripture, or a quotation from Saintt Francis, or from our own founder Father Joseph, but with a snippet of British folklore? I was probably about 10 or 11 years old when TH White’s story of Britain’s mythical Once and Future King became my favorite childhood book.  That my middle name, Arthur, was shared by its hero added to the magic.  About the same time, a slim volume of prayers passed on to me by my lay preacher father, introduced me to the magnetic attraction of Saint Francis of Assisi.  This was also, roughly, the close of an era in my life when my otherwise positive school report cards tended to lament a propensity for daydreaming.    There is a lot more to Francis than birdbaths, animal stories and the words of a beautiful Peace Prayer which, though true to his spirit, he certainly didn’t write.  It is a shame that some of the things he actually did say or write are not better known.    But one remarkable discovery for me as I began to learn more of the lesser-known Francis, was that he and I shared a common subject matter for our childhood dreaming! We both loved the world of true-born kings, knights, minstrels, heralds and heroic quests.  The writings of Francis bear direct witness at certain points to the inspiration he found in the legend of Arthur and his Knights of the Round Table, as do his early biographers.  Francis’ life reminds us that God can speak to us in our dreams and visions, both literal and metaphorical.  But it reminds us too of the power of the Gospel to transform and rework those dreams in ways that we might never imagine. A statue of St Francis outside his basilica in Assisi can rather surprise the casual pilgrim.  It does not portray him as the famous, charismatic friar.  Nor is this the fashionably well-dressed youth who was the heart and soul of the of parties of his age-group and social class.  And this is not the young warrior who once set out proudly from Assisi with the best armor and attire that money could buy.  That had happened in Italy in 1204 or 5, not of course in the England of the 1970s, and the dream of actually becoming a knight was for him a credible one.  Francis set out to join the forces of Count Gentile of Manipullo, fighting for the noble cause of the Pope against the Emperor, and it was actually feasible that if he had acquitted himself well he might have been made a knight by the Count, right there on the field of battle.   In a sign, however, of the traits that had always been present in the character of this young man, when he had found an actual knight, but one shabbily and shoddily equipped, Francis had given away his own armor and finery.  Subsequently in two night-time dreams in the city of Spoleto, Francis had received, first, what he thought was a glorious confirmation of all that he had dreamed of ever since he learned the French ballads that told these tales of chivalry: a dream of Francis himself, feasting in a fine castle with knights that were somehow his knights.  But the second dream challenged him to a radical reinterpretation of what that glory and call really was, a challenge to let go of all that he thought was his deepest desire and hope for his future.  The statue depicts Francis returning to Assisi having never reached the battlefield, slumped over on his horse, lacking the finery with which he had set out, returning covered not with glory but with confusion and bewilderment, engaged in a process of  radical disillusionment, the literal loss of an illusion that had been cheered by his family and friends as he had set out earlier. That was just one of a series of incidents that turned Francis’ life upside down.  But through them all, he began to realize that the fashionable ideal of knightly chivalry that had gripped the wealthy young men of Europe was a poor shadow of a far greater spiritual reality.  According to the modern Franciscan author, Brother Mark of Whitstable, Francis ‘re-invented the ideal of chivalry through a kind of inversion’.  Feudal pride was subsumed by the ideal of humility.  Knightly quests were replaced by long and hazardous journeys across Europe preaching the gospel.  The sword was displaced by a message of peace and reconciliation. And the very status of knighthood itself gave way to Francis and his brothers calling themselves the Friars Minor or Lesser Brothers, identifying themselves firmly with the underclass, the minore of medieval Italy.  Unlike the rich young man in our Gospel, who turned away from the call of Jesus with such sadness, the rich young man of Assisi found perfect joy in giving away everything to live in the freedom of the gospel. Now part of the attraction of the legend of King Arthur, for me as for Francis, was the fellowship of the Round Table, the wonderful solidarity of those brothers in arms, celebrating the heroic deeds of each and all, holding one another in mutual honor and respect.  But what a limited fraternity, not least in the restricted, gendered sense of that term!  In English at least, it is very difficult to find a truly inclusive term for a concept like Fraternity or Sorority.   By the end of his life Francis’ vision of who, or what was his Sister or Brother had expanded to include… everything.  Not just those close to him or sharing a faith with him.  Not just human beings.  Not even just animals.  It is appropriate that we honor the Christ-light in animals by bringing them to Church today for a blessing, but not only because there are some cute stories about Saint Francis and the animals.  For some years as a Brother I had on my wall poster that had been issued to celebrate the 150th anniversary of Charles Darwin’s Origin of Species, portraying a kind of evolutionary family tree linking the whole variety of animal and plant life.   It became the subject of contemplative reflection for me.  I believe Saint Francis would have loved the theory of Evolution, once he’d got over the shock of it.  All living things really are, in effect, sisters and brothers.  My own scientific field was not biology – I used to teach High School Physics and Astronomy – but many who have followed Francis, especially those writing today, have explored our connection, our common origins, not only with all living things but in stars and galaxies as well as the connectedness of the tiniest particles in the quantum behavior of matter itself.  Francis himself, writing in the last years of his life recognized not only living things as his sisters and brothers but also Mother Earth, Brother Sun, Sister Water, Brother Fire, even Sister Death.  His great poem – the first to be written in vernacular Italian – is best known in English as the hymn All Creatures of our God and King.  The relevance to our present world crisis needs no further exposition. But loving Christ in the whole created order is sometimes easier than loving other people! That is why I also want to highlight one other incident in the life of Francis, one that took place a few years before the end of his life, and one that is again highly relevant to the social and political currents of our present culture. One truly terrible consequence, in part perhaps, of the idolization of chivalry in the time of Francis, was the appalling ideology of the Christian Crusades.  But these terrible events provided the context for one of the most significant quests of Francis’ transformed chivalry – and one that illustrates how having your dreams challenged and reformed, is not something that happens just once, but is rather an ongoing process. When Francis arrived in a Crusader Camp in Egypt in 1219, he did not do so, like the Cardinal Pelagius who was also there, to urge the soldiers on against the Muslim enemy.  He was done with holy war!  Crossing the front lines with a companion, at enormous jeopardy to both of them, his mission rather was to seek an audience with Sultan Malik Al Kamil.  Now actually, I don’t believe that when he set out Francis was motivated, 800 years ahead of our time, by some progressive vision of interfaith dialogue.  But that is partly what makes what happened next so remarkable.  His dreams had, indeed, already changed at least once.  He no longer had a vision of military glory, fighting for the forces of God against the powers of darkness.  But I do believe that the dream with which he set out to Damietta was not the same as the vision with which he returned.  On setting out, either of two outcomes would have been OK for Francis.  The best, his first intention, would have been the conversion of the Sultan and his people.  The crusades would surely end when everyone had become Christian!  The second, a very real possibility, and one fulfilled in some of his brothers in Morocco the following year, would have been the spiritual glory of a martyr’s death.  But the Sultan was not converted.  And Francis was not martyred.  From the perspective of those dreams, the quest was a failure. The historically attested story of the Sultan and the Saint was told in a 2016 film, screened last year on PBS and produced by the Unity Productions Foundation, a team of American Muslim scholars with those from other faith backgrounds.  It describes how the Sultan allowed Francis to preach freely, and how the two spent some days together.  One of those who speak in the film is Franciscan friar and historian Michael Cusato, who comments, ‘I believe… watching Muslims pray, men and women, five times daily… really struck Francis unexpectedly. I believe it profoundly moved him.’  Sister Kathleen Warren adds, ‘The respect they had for each other spoke volumes to Francis that this, indeed, was not an enemy, this was not a beast, but this was truly a brother.’ The siege, tragically, and to the disgust of Francis, continued after the meeting between the two men, with the Crusaders wiping out 80,000 people in Damietta, and the Sultan forced to retreat.  The balance of power was dramatically reversed later when the Crusaders found themselves bogged down in flood waters and mud, surrounded and starving.  The Sultan could have let them die, or sent his soldiers in for an easy kill, but instead he sent his enemies food, and feed for their animals.  Many lives were saved and both sides returned home.  What we know as the love and mercy of God revealed in Christ was not confined to just one of the men in this encounter. I mentioned earlier that there are prayers and devotions written by Francis which are not well known.  I thought it beautiful when I realized that some of those prayers, and some of the particular devotions practiced by Franciscans and later by other Western Christians, show the clear possibility that they were influenced and inspired by the devotions and practices of Muslims observed by Francis in Egypt. At a time when so many leaders in our public life seek to make political capital by stirring up our fears of those who may be different to ourselves, we need that discovery of the primary unity of all people as our sisters and brothers.  And all of us, throughout our lives, need to remain open to the challenge and invitation to have our dearest dreams radically transformed, and retransformed, as we learn to encounter ever more deeply the God of love revealed by Christ in unexpected people and unexpected places.

In dieser Folge erzählt uns Elias die Geschichte des fünften Kreuzzuges und warum die Zählung der Kreuzzüge da schon ein Problem darstellt. Wollt ihr mehr zum Thema erfahren, so empfehlen wir euch folgende Werke: Asbridge, Thomas: Die Kreuzzüge, Stuttgart 2010. Cobb, Paul M.: Der Kampf ums Paradies. Eine islamische Geschichte der Kreuzzüge, Darmstadt 2015. Donovan, Joseph: Pelagius and the Fifth Crusade, London 1950. Jaspert, Nikolas: Die Kreuzzüge, Darmstadt 42008. Mayer, Hans Eberhard: Geschichte der Kreuzzüge, Stuttgart 71989. Powell, James M.: Anatomy of a Crusade, 1213-1221, Philadelphia 1986. Runciman, Steven: Geschichte der Kreuzzüge, München 1975. Smith, Thomas W.: Curia and Crusade. Pope Honorius III and the Recovery of the Holy Land 1216-1227, Turnhout 2017. Sterling, Douglas: The Siege of Damietta. Seapower in the Fifth Crusade 1217-1221 A.D., in: Kagay, Donald J.; Villalon, L. J. Andrew: Crusaders, Condottieri, and Cannon. Medieval Warfare in Societies Aroun the Mediterranean, Leiden/Bosten 2003. Quellen: Gavigan, John J.: The Capture of Damietta by Oliver of Paderborn, in: Peters, Edward (Hrsg.): Christian Society and the Crusades 1198-1229, Philadelphia 1971, S. 49-139. Lettres de Jacques de Vitry, ed. R.B.C. Huygens, Leiden 1960. Ibn al-Aṯīr, in: Die Kreuzzüge aus arabischer Sicht, ed. Francesco Gabrieli, Zürich/München 1973. Ibn Wāṣil, in: Die Kreuzzüge aus arabischer Sicht, ed. Francesco Gabrieli, Zürich/München 1973. Bitte bewertet den Podcast bei iTunes und in anderen Verzeichnisses und lasst uns Feedback und Kommentare da. Ihr erreicht uns bei Facebook, auf Twitter, auf YouTube sowie telefonisch unter 0351/841 686 20 oder per Mail.

Louis “took the cross” for a Crusade when he was 30. His army seized Damietta ini Egypt but not long after, weakened by dysentery and without support, they were surrounded and captured. Louis obtained the release of the army by giving up the city of Damietta in addition to paying a ransom. He stayed in Syria four years. He deserves credit for extending justice in civil administration. His regulations for royal officials became the first of a series of reform laws. He replaced trial by battle with a form of examination of witnesses and encouraged the use of written records in court. Louis was always respectful of the papacy, but defended royal interests against the popes and refused to acknowledge Innocent IV’s sentence against Emperor Frederick II. Louis was devoted to his people, founding hospitals, visiting the sick and, like his patron St. Francis (October 4), caring even for people with leprosy. (He is one of the patrons of the Secular Franciscan Order.) Louis united France—lords and townsfolk, peasants and priests and knights—by the force of his personality and holiness. For many years the nation was at peace. Every day Louis had 13 special guests from among the poor to eat with him, and a large number of poor were served meals near his palace. During Advent and Lent, all who presented themselves were given a meal, and Louis often served them in person. He kept lists of needy people, whom he regularly relieved, in every province of his dominion. Disturbed by new Muslim advances in Syria, he led another crusade in 1267, at the age of 41. His crusade was diverted to Tunis for his brother’s sake. The army was decimated by disease within a month, and Louis himself died on foreign soil at the age of 44. He was canonized 27 years later.

To Damietta

To Damietta

This is part 4 of our series on the Crusades.The plan for this episode, the last in our look at the Crusades, is to give a brief review of the 5th thru 7th Crusades, then a bit of analysis of the Crusades as a whole.The date set for the start of the 5th Crusade was June 1st, 1217. It was Pope Innocent III's long dream to reconquer Jerusalem. He died before the Crusade set off, but his successor Honorius III was just as ardent a supporter. He continued the work begun by Innocent.The Armies sent out accomplished much of nothing, except to waste lives. Someone came up with the brilliant idea that the key to conquering Palestine was to secure a base in Egypt first. That had been the plan for the 4th Crusade. The Crusaders now made the major port of Damietta their goal. After a long battle, the Crusaders took the city, for which the Muslim leader Malik al Kameel offered to trade Jerusalem and all Christian prisoners he held. The Crusaders thought the Holy Roman Emperor Frederick II was on his way to bolster their numbers, so they rejected the offer. Problem is, Frederick wasn't on his way. So in 1221, Damietta reverted to Muslim control.Frederick II cared little about the Crusade. After several false starts that revealed his true attitude toward the whole thing, the Emperor decided he'd better make good on his many promises and set out with 40 galleys and only 600 knights. They arrived in Acre in early Sept. 1228. Because the Muslim leaders of the Middle East were once again at odds with each other, Frederick convinced the afore-mentioned al-Kameel to make a decade long treaty that turned Jerusalem over to the Crusaders, along with Bethlehem, Nazareth, and the pilgrim route from Acre to Jerusalem. On March 19, 1229, Frederick crowned himself by his own hand in the Church of the Holy Sepulcher.This bloodless assumption of Jerusalem infuriated Pope Gregory IX who considered control of the Holy Land and the destruction of the Muslims as one and the same thing. So the Church never officially acknowledged Frederick's accomplishments.He returned home to deal with internal challenges to his rule and over the next decade and a half, the condition of Palestine's Christians deteriorated. Everything gained by the treaty was turned back to Muslim hegemony in the Fall of 1244.The last 2 Crusades, the 6th and 7th, center on the career of the last great Crusader; the king of France, Louis IX.Known as SAINT Louis, he combined the piety of a monk with the chivalry of a knight, and stands in the front rank of all-time Christian rulers.  His zeal revealed itself not only in his devotion to religious ritual, but in his refusal to deviate from his faith even under the threat of torture. His piety was genuine as evidenced by his concern for the poor and the just treatment of his subjects. He washed the feet of beggars and when a monk warned him against carrying his humility too far, he replied, “If I spent twice as much time in gambling and hunting as in such services, no one would find fault with me.”The sack of Jerusalem by the Muslims in 1244 was followed by the fall of the Crusader bases in Gaza and Ashkelon. In 1245 at the Council of Lyons the Pope called for a new expedition to once again liberate the Holy Land. Though King Louis lay in a sickbed with an illness so grave his attendants put a cloth over his face, thinking he was dead, he rallied and took up the Crusader cross.Three years later he and his French brother-princes set out with 32,000 troops. A Venetian and Genoese fleet carried them to Cyprus, where large-scale preparations had been made for their supply. They then sailed to Egypt. Damietta once again fell, but after this promising start, the campaign turned into a disaster.Louis' piety and benevolence was not backed up by what we might call solid skills as a leader. He was ready to share suffering with his troops but didn't possess the ability to organize them.  Heeding the counsel of several of his commanders, he decided to attack Cairo instead of Alexandria, the far more strategic goal. The campaign was a disaster with the Nile being chocked with bodies of slain Crusaders. On their retreat, the King and Count of Poitiers were taken prisoners. The Count of Artois was killed. The humiliation of the Crusaders had rarely been so deep.Louis' fortitude shone brightly while suffering the misfortune of being held captive. Threatened with torture and death, he refused to renounce Christ or yield up any of the remaining Crusader outposts in Palestine. For the ransom of his troops, he agreed to pay 500,000 livres, and for his own freedom to give up Damietta and abandon the campaign in Egypt.Clad in garments given by the sultan, in a ship barely furnished, the king sailed for Acre where he stayed 3 yrs, spending large sums on fortifications at Jaffa and Sidon. When his mother, who acted as Queen-Regent in his absence, died—Louis was forced to return to France. He set sail from Acre in the spring of 1254. His queen, Margaret, and the 3 children born them in the East, returned with him.So complete a failure might have been expected to destroy all hope of ever recovering Palestine. But the hold of the crusading idea upon the mind of Europe was still strong. Popes Urban IV and Clement III made renewed appeals, and Louis once again set out. In 1267, with his hand on a crown of thorns, he announced to his assembled nobles his purpose to go a 2nd time on a holy crusade.In the meantime, news from the East had been of continuous disaster at the hand of the “Mohammaden” enemy (as they called Muslims) and of discord among the Christians. In 1258, 40 Venetian vessels engaged in battle with a Genoese fleet of 50 ships off Acre with a loss of 1,700 souls. A year later the Templars and Hospitallers held forth in a pitched battle, not with the Muslims, but  each other. Then in 1268, Acre, greatest of the Crusader ports, fell to the Muslims Mamelukes.Louis set sail in 1270 w/60,000 into disaster. Their camp was scarcely pitched on the site of ancient Carthage when plague broke out. Among the victims was the king's son, John Tristan, born at Damietta, and King Louis himself.  His body was returned to France and the French army disbanded.By 1291, what remained of the Crusader presence in the Holy Land was finally uprooted by Muslim control.Those more familiar with the history of the Crusades may wonder why I've neglected to mention the disastrous Children's Crusade of 1212, inserted between the 4th and 5th Crusades. The reason I've decided to mostly skip it is because historians have come to doubt the veracity of the reports about it. It seems now more apocryphal than real, conflated from several disparate reports of groups that wandered around Southern Europe looking to hop on to another campaign to capture Jerusalem. The story goes that a French or German child of 10 years had a vision in which he was told to go to the Middle East and convert the Muslims by peaceful means. As he shared this vision and began his trek to Marseilles, other children joined his cause, along with some adults of dubious reputation. As their ranks swelled, they arrived at the French coast, expecting the seas to part and make a way for them to cross over to the Middle East on dry land. Never mind that it was a trip of hundreds of miles. Anyway, the waters failed to part, and the children, most of them anyway, ended up dispersing. Those who didn't were rounded up by slavers who promised to transport them to the Holy Land, free of charge. Once they were aboard ship though, they were captives and were hauled to foreign ports all over the Mediterranean where they were sold off.As I said, while the Children's Crusade has been considered a real event for many years, it's recently come under scrutiny and doubt as ancient records were examined closely. It seems it's more a product of cutting and pasting various stories that took place during this time. The children were in fact bands of Europe's landless poor who had nothing better to do than wander around Southern France and Germany, waiting for the next Crusade to be called so they could go and hopefully participate in the plunder of the rich, Eastern lands.I want to offer some commentary now on the Crusades. So, warning, what follows is pure opinion.For 7 centuries Christians have tried to forget the Crusades, but critics and skeptics are determined to keep them a hot issue. While Jews and Muslims have (mostly rightly, I think) used the Crusades for generations as a point of complaint. In more recent time, New Atheists like Richard Dawkins and Sam Harris have raised them like a crowbar and beaten Christians over the head with them. Isn't it interesting that these God-deniers have to first assume Biblical morality to then deny it? If they were consistent with their own atheistic beliefs they'd have to find some other reason to declaim the Crusades than that it's wrong to indiscriminately kill people. Why, according to their Darwinist evolutionary, Survival of the Fittest motif, shouldn't they in fact applaud the Crusades? After all, they were advancing the cause of evolution by getting rid of the weaker elements of the race.But no! The New Atheists don't use this line of reasoning because it's abhorrent. Instead, they have to first don a belief in Christian morality to attack Christianity. Talk about being hypocritical.And let's get our facts straight. The 20th Century saw more people killed for political and ideological reasons than all previous centuries combined! Between the Communists, Nazis, and Fascists, well over 100 million were killed. Stalin, Hitler, and Mao Zedong were motivated by an atheistic agenda, one rooted in a social application of Darwinism.Karl Marx, the ideological father of Communistic socialism, applied Darwin's evolutionary ideas to society and turned human beings into mere parts of a vast machine called the State. Anyone deemed a cog instead of a gear was to be removed so the machine could run as the leaders wanted. In the name of Communism, Stalin killed at least 20 million; Mao, about 70 million!Adolf Hitler was inspired by the atheist Fredrick Neizsche's Darwinian concept of the ubermensche = the superman; humanity's next evolutionary step. He justified the killing of 10 million saying the Final Solution was simply removing those who would hinder humanity's evolution. He employed an entire army of science-minded killers who believed it was right and good to rid the world of “human weeds” as they called Jews, Slavs, homosexuals and the infirm.It takes a colossal ignorance of history to neglect this. Yet the New Atheists ignore the facts because they destroy their premise that atheism has the moral high ground.As calculated by historical evidence, the Crusades, Inquisition and witch trials killed about 200,000 in all over a period of 500 years. Adjusting for population growth, that would be about a million in today's terms. That's just 1% of the total killed by Stalin, Mao and Hitler; and they did it in a few decades!So, let's keep the Crusades, as brutal as they were, and as utterly contrary to the nature and teaching of Christ as they were, in the proper historical perspective. No! I'm not justifying them. They were totally wrong-headed! To turn the cross into a sword and slay people with it is blasphemous and deserves the loud declamation of the Church.But let's not forget that the Crusaders were human beings with motives not unlike our own. Those motives were mixed and often in conflict. The word crusade comes from “taking the cross,” after the example of Christ. That's why on the way to the Holy Land the crusader wore the cross on his breast. On his journey home, he wore it on his back.But the vast majority of those who went crusading were illiterate, even most of the nobles. They weren't taught the Bible as Evangelicals are today. People throughout Europe thought salvation rested IN THE CHURCH and was doled out by priests at the direction and discretion of the Pope. So if the Pope said Crusaders were doing God's work, they were believed. When priests broadcast that dying in the holy cause of a Crusade meant they'd bypass purgatory and gain immediate access to heaven, thousands grabbed the nearest weapon and set off.For Urban and the popes who followed him, the Crusades were a new type of war, a Holy War. Augustine had laid down the principles of a “just war” centuries before. Those principles were . . .A Holy War was conducted by the State;Its purpose was the vindication of justice, meaning the defense of life and property;And its code called for respect for noncombatants; civilians and prisoners. While these principles were originally adopted by the Crusaders when they set out on the 1st Campaign, they evaporated in the heat of the journey and reality of battle.The Crusades ignited horrible attacks on Jews. Even fellow Christians were not exempt from rape and plunder. Incredible atrocities befell the Muslim foe. Crusaders sawed open dead bodies in search of gold.As the Crusades progressed, the occasional voice was lifted calling into question the propriety of such movements and their ultimate value. At the end of the 12th C, the abbot Joachim complained that the popes were making the Crusades a pretext for their own advancement.Humbert de Romanis, general of the Dominicans, in making out a list of matters to be handled at the Council of Lyons in 1274, was obliged to refute no less than 7 well-known objections to the Crusades. They included these 4 . . .It was contrary to the precepts of the NT to advance religion by the sword;Christians may defend themselves, but have no right to invade the lands of another;It is wrong to shed the blood of unbelievers;And the disasters of the Crusades proved they were contrary to the will of God. Christians in Europe during the 14th and 15th Cs were to face far more pressing problems than a conquest of the Holy Land. So while there was still an occasional call for one, it fell on deaf ears.Erasmus, writing at the close of the Middle Ages, made an appeal for the preaching of the Gospel as a way to deal with Muslims.  He said the proper way to defeat the Turks was by conversion, not annihilation. He said, “Truly, it is not meet to declare ourselves Christian men by killing very many but by saving very many, not if we send thousands of heathen people to hell, but if we make many infidels Christian; not if we cruelly curse and excommunicate, but if we with devout prayers and with our hearts desire their health, and pray unto God, to send them better minds.”The long-range results of 2 centuries of crusading were not impressive. If the main purpose of the Crusades was to win the Holy Land, to check the advance of Islam, and heal the schism between the Eastern and Western Churches, they failed spectacularly.For a time, the 4 Crusader kingdoms held a beach-head on the Mediterranean coast of the Holy Land. In them, three semi-monastic military orders formed: the Templars, whose first headquarters were on the site of the old Temple of Jerusalem; the Hospitallers, also known as the Knights of St. John of Jerusalem, originally founded to care for the sick and wounded; and the Germanic Teutonic Knights. These orders combined monasticism and militarism and had as their aims the protection of pilgrims and perpetual war against Muslims. They fielded 500 armed knights. Their great castles guarded the roads and passes against attack. For 2 centuries the Templars in their white robes decorated with a red cross, the Hospitallers in black robes emblazoned with the white Maltese cross, and the Teutonic Knights in white robes with a black cross were common sights in Crusader States and across Europe.While the Crusades seem to us today a terrible betrayal of Biblical Christianity, we must bring the historian's mindset to them and consider them against the times in which they occurred. This doesn't excuse them, but it does make them a bit more understandable.European society of the Middle Ages was ir-redeemably warlike. In feudal Europe, the whole economic and social system depended on the maintenance of a military; the knights, permanent professional soldiers; by necessity due to the cost involved, noblemen whose only profession was fighting. The city-states of Italy were frequently at war. In Spain, a line was drawn across the map for centuries by the presence of the Muslim Moors. So even if Christians had wanted to create a peaceful society, it would have been socially and practically difficult to do.One way of dealing with this was to idealize warfare. That is, casting war as a contest between good and evil. In the development of the idea of the Christian knight, there was an attempt to give the spiritual battle a corresponding literal application. The knight was a ‘soldier of Christ', a warrior for good.  At a time when priests and monks were deemed the only ones able to make contact with God, the Crusades were a way for laypeople to enter the spiritual realm and rack up some serious points with God. Priests fought the good fight by prayer; now laymen could fight as well, with a sword, mace, or if that's all they could afford, a pitchfork, until they got to the battlefield where hopefully they'd find a more suitable weapon.So it was important for medieval Christians to convince themselves the war they were fighting was justified. A sophisticated system of identifying a ‘just' war developed. Augustine had said a good deal about this, explaining that someone whose property or land was stolen is entitled to get it back, but that this was different from warfare designed to enlarge one's territory. The underlying principle was that reasonable force could be used to maintain order.The late 11th C saw the arrival of a new thought; not Augustine's “Just War,” but the concept of “Holy War”, one God called His people to fight to restore Christian control to the Holy Land. This was war which could not only be regarded as ‘justified', and the sins committed in the course of it forgiven, but meritorious. God would reward those who fought it. Guibert of Nogent, in his book The Acts of God through the Franks, explained how to identify a Holy War. It wasn't motivated by the desire for fame, money or conquest. Its motive was the safeguarding of liberty, the defense of the State and the protection of the Church. He considered this kind of warfare a valid alternative to being a monk.This idea was so engaging to the Medieval mind that as the 12th C wound on it had to be discouraged as it seemed everyone began seeing knighthood and combat as spiritual warfare. Bullies have always been able to villainize those they want to victimize. They justified their brutality by calling it a divine mission. So priests and theologians emphasized not all fighting came under the same umbrella. Crusading was special.Of course, one of the major tenets of Muslim theology is jihad, Holy War to spread the faith. Despite loud protests by some today, the fact remains that the Islam Mohammad taught, which of course is true Islam, endorses jihad. How else did it spread from its desert base in Arabia across the Middle East, North Africa, and into Europe in such a short time if not by the power of the scimitar?I find it interesting that modern Muslims decry the Crusades when it was their own bloody campaigns that took the lands the Crusaders sought to what? RECLAIM! How could they RECLAIM something what wasn't CLAIMED and conquered by the Muslims previously? I say it again: This in no way justifies the Crusades. They're an indefensible period of Church history that stands as a dark stain. But let's be clear; if they're a stain on Church history, the conquests by the Muslims that predate the Crusades are just as dark.