Egypt’s credit rating demoted as political uncertainty weighs
CAIRO: Fitch Ratings recently downgraded Egypt’s long-term default and currency outlook ratings to “negative” as wavering political decisions continue to delay economic growth. “Fitch Ratings believes Egypt cannot begin its…
Libya forces tighten grip on Qaddafi hometown
SIRTE: Forces of Libya's new regime on Sunday tightened their stranglehold on Moammar Qaddafi's hometown Sirte, seizing its university and edging closer to his diehards holed up in a conference…
Syria warns of reprisals for recognition of opposition
DAMASCUS: Syria will retaliate against any country that recognizes the opposition National Council, Foreign Minister Walid Muallem said on Sunday. "We will take significant measures against any country that recognizes…
Orascom Telecom appoints new CFO
CAIRO: Orascom Telecom Holding (OTH) appointed Khalid Ellaicy as chief financial officer, succeeding Aldo Mareuse as of Oct. 17. Ellaicy, who will report to CEO Ahmed Abou Doma, has 26…
Saleh keeps Yemenis guessing with talk of departure
SANAA: Yemeni President Ali Abdullah Saleh suggested that he would step down within days, a promise he has made three times already this year, and analysts said it was yet…
Merkel, Sarkozy tackle differences over euro crisis
BERLIN: German Chancellor Angela Merkel was set to thrash out differences with French President Nicolas Sarkozy on Sunday over how to use the euro zone's financial firepower to counter a…
Egypt says Qatar gave $500 mln to help with budget
CAIRO: Egypt's finance minster, who has been negotiating with Gulf Arab states for financial assistance, said on Sunday that Qatar had given a grant of $500 million to support the…
Mubarak party members demand right to run in polls
CAIRO: Members of Egypt's former ruling party have demanded to be allowed to run in upcoming elections, as officials mull a draft law that could see them banished from politics…
Egypt ends higher on new financing talk
CAIRO: The Egyptian benchmark index ended higher, buoyed by reports that Egypt is negotiating financing packages to support the budget, prompting investors to snap up battered stocks. The index gained…
Pakistan’s cultural heritage not for sale
By Syed Mohammad Ali LAHORE: At the behest of UNESCO, the world-famous fine arts auction house Christie’s has halted a planned auction this month of a fasting Buddha, a nearly 2,000-year-old…