This satellite image taken Thursday, May 28, 2020, shows the Grand Ethiopian Renaissance Dam on the Blue Nile river in the Benishangul-Gumuz region of Ethiopia. Egypt wants the United Nations Security Council to "undertake its responsibilities" and prevent Ethiopia from starting to fill its massive, newly built hydroelectric dam on the Nile River next month amid a breakdown in negotiations, Egyptian Foreign Minister Sameh Shukry told The Associated Press on Sunday, June 21, 2020 accusing Ethiopian officials of stoking antagonism between the countries. (Maxar Technologies via AP, File)
This June 28, 2013 file photo, shows construction work at the site of the planned Grand Ethiopian Renaissance Dam near Assosa in the Benishangul-Gumuz region of Ethiopia, near Sudan, some 800 kilometers (500 miles) from the capital Addis Ababa. Egypt wants the United Nations Security Council to "undertake its responsibilities" and prevent Ethiopia from starting to fill its massive, newly built hydroelectric dam on the Nile River next month amid a breakdown in negotiations, Egyptian Foreign Minister Sameh Shukry told The Associated Press on Sunday, June 21, 2020 accusing Ethiopian officials of stoking antagonism between the countries. (AP Photo/Elias Asmare, File)
CAIRO (AP) — The leaders of Egypt, Sudan and Ethiopia agreed late Friday to return to talks aimed at reaching an accord over the filling of Ethiopia’s new hydroelectric dam on the Blue Nile, according to statements from the three nations.
Early Saturday, Seleshi Bekele, Ethiopia’s water and energy minister, confirmed that the countries had decided during an African Union summit to restart stalled negotiations and finalize an agreement over the contentious mega-project within two to three weeks, with support from the AU.
The announcement was a modest reprieve from weeks of bellicose rhetoric and escalating tensions over the $4.6 billion Grand Ethiopian Renaissance Dam, which Ethiopia had vowed to start filling at the start of the rainy season in July.
Egypt and Sudan said Ethiopia would refrain from filling the dam next month until the countries reached a deal. Ethiopia did not comment explicitly on the start of the filling period.
Ethiopia has hinged its development ambitions on the colossal dam, describing it as a crucial lifeline to bring millions out of poverty.
Egypt, which relies on the Nile for more than 90% of its water supplies and already faces high water stress, fears a devastating impact on its booming population of 100 million. Sudan, which also depends on the Nile for water, has played a key role in bringing the two sides together after the collapse of U.S.-mediated talks in February.
Just last week, Ethiopian Foreign Minister Gedu Andargachew warned that his country could begin filling the dam’s reservoir unilaterally, after the latest round of talks with Egypt and Sudan failed to reach an accord governing how the dam will be filled and operated.
After an AU video conference chaired by South Africa late Friday, Egyptian President Abdel Fattah el-Sissi said that “all parties” had pledged not to take “any unilateral action” by filling the dam without a final agreement, said Bassam Radi, Egypt’s presidency spokesman.
Sudanese Prime Minister Abdalla Hamdok also indicated the impasse between the Nile basin countries had eased, saying the nations had agreed to restart negotiations through a technical committee with the aim of finalizing a deal in two weeks. Ethiopia won’t fill the dam before inking the much-anticipated deal, Hamdok's statement added.
African Union Commission Chairman Moussa Faki Mahamat said the countries “agreed to an AU-led process to resolve outstanding issues," without elaborating.
Sticking points in the talks have been how much water Ethiopia will release downstream from the dam if a multi-year drought occurs and how Ethiopia, Egypt and Sudan will resolve any future disagreements.
Both Egypt and Sudan have appealed to the U.N. Security Council to intervene in the years-long dispute and help the countries avert a crisis. The council is set to hold a public meeting on the issue Monday.
Filling the dam without an agreement could bring the stand-off to a critical juncture. Both Egypt and Ethiopia have hinted at military steps to protect their interests, and experts fear a breakdown in talks could lead to open conflict.
Restaurant Stocks That Still Look Tasty As the Economy Reopens
As part of our national response to the Covid-19 pandemic, many Americans considered it their patriotic, if not moral, duty to support the restaurant industry. And while many consumers were intensely focused on their small, local restaurants, the national chains were still open for business during this time.
And the reality is that the national chains are going to be the most adaptable to whatever pace of economic recovery we see. Hopes for a “V” shaped recovery have pretty much gone out the window. The new model suggests a stair-step recovery may be the best-case scenario.
The worst case scenario for the restaurant industry will be one where different regions of the country are subject to rolling lockdowns. In a business with notoriously low margins, an open/close, open/close recovery would be disastrous.
It’s one reason why I’m not sure I would be diving into restaurant stocks right now. But the same was being said of airline stocks and cruise line stocks. And sure enough, discount investors have been trying to invest in these stocks.
But as all 50 states have now re-opened in some fashion, it’s not unlikely that restaurant stocks are drawing attention from investors. We’ve put together this presentation that highlights seven restaurant stocks that you should consider looking at if you want to dive into this sector.
View the "Restaurant Stocks That Still Look Tasty As the Economy Reopens".
