Oil falls below $78 as China yuan impact fades
LONDON: Crude oil fell below $78 per barrel on Tuesday as shares retreated and on expectations that a slow rise in China's currency would have a more limited impact on…
Common myths about SME banking
In Egypt, like in all other developing and developed countries, small and medium enterprises (SMEs) constitute a large proportion of the nation’s economic activity — contributing to over 50 percent…
Keeping it steady: Interest rates and inflation
For most of 2009, the Central Bank of Egypt’s rate policy was predictable, cutting interest rates to reign in high inflation. This year has been a different story. The CBE…
HDB completes capital increase, eyes expansion
CAIRO: Egypt’s Housing Development Bank (HDB) completed a capital increase worth LE 480 million, raising its issued capital to LE 1.15 billion from LE 670 million. “Simply, the bank had…
Two German aid workers kidnapped in Darfur, says UN
KHARTOUM: Two German humanitarian workers were abducted late on Tuesday when unknown gunmen swooped on the offices of the THW group in south Darfur, a United Nations official said on…
Al-Qaeda front group says it bombed Baghdad bank
BAGHDAD: An Al-Qaeda front group has claimed responsibility for the bombing of the Trade Bank of Iraq earlier this week that killed at least 18 people. The Islamic State of…
Iran frees award-winning journalist on bail
TEHRAN: Iran has released award-winning journalist and human rights campaigner Emadeddin Baghi on bail after six months in prison, his lawyer told the ISNA news agency on Wednesday. The bail…
Swedish dockworkers boycott Israeli ships
STOCKHOLM: Swedish dockworkers launched a weeklong boycott of Israeli ships and cargo on Wednesday to protest Israel's raid on a Gaza-bound aid flotilla that killed nine pro-Palestinian activists last month.…
Libya rights dire despite international acceptance, says Amnesty
LONDON: Libya's international acceptance is not being matched by reforms to improve the former pariah state's human rights record, Amnesty International said in a report issued on Wednesday "Human rights…
Extreme poverty drops in third world, says UN report
MANAMA: Extreme poverty has dropped in the developing world especially in Asia, an annual assessment report by United Nations Secretary General Ban Ki-moon said on Wednesday. "The share of people…