Moody's Investors Service has downgraded the foreign-currency (FC) deposit ratings of five Egyptian banks by one notch to B1 from Ba3. These are National Bank of Egypt, Banque Misr, Banque du Caire, Commercial International Bank and Bank of Alexandria. The local-currency (LC) deposit ratings were also downgraded by two notches to Ba3 from Ba1 for
More
Industrial turnover rose by 4% in 2010, according to the latest figures from the Statistical Service, whereas industrial output in the same period dropped by 0.8%. In December alone, the industrial turnover index reached 131.8 (base 2005=100), recording an increase of 3.3% compared with December 2009. The manufacturing turnover index for December 2010 reached 125.4
More
The communist-led Cyprus government said on Sunday it opposed any use of the two British bases on the island to enforce a no-fly zone over Libya but conceded it had no power to stop their involvement. A command centre to coordinate the movement of British assets over Libya has been set up at an RAF
More
Alpha Bank sought better terms from NBG after rejecting a bid last month by Greece's biggest lender, but there has been no follow up, a banking source close to the talks told Reuters. National Bank (NBG) surprised markets in February with an all-share bid for Alpha and has since defended its planned takeover as a
More
The downside risks from the earthquake, tsunami, and nuclear crisis have increased over the past week for Japan's economy, sovereign credit, banking, insurance, and non-financial corporate sectors, Moody's Investors Service said in a special report. The report also examines the effects of the situation on a host of sectors, including assessments of the supply chain
More
Oil prices jumped more than 2% to top $116 a barrel on Monday as Western forces launched air strikes on Libya, while Asian shares advanced on bargain hunting in the wake of heavy losses last week. The yen stayed on the defensive, although waning selling momentum was making traders wary of the potential for further
More
Bahrain's King Hamad bin Isa Al Khalifa said a foreign plot against his kingdom had been foiled and thanked troops brought in from neighbouring countries to help end increasing unrest after weeks of protests. "An external plot has been fomented for 20 to 30 years until the ground was ripe for subversive designs … I
More
Hong Kong and China shares traded higher on Monday morning, with investors focused on earnings and taking the Chinese central bank's latest tightening move late on Friday in their stride as concern over Japan and Libya eased. The benchmark Hang Seng Index was up 1.23% at 22,574.01 by the midday trading break. It opened above
More
Crowds set fire to a headquarters of the ruling Baath Party in the Syrian city of Deraa on Sunday, residents said, as the wave of unrest in the Arab world shook even one of its most authoritarian states. The demonstrators also set ablaze the main courts complex and two phone company branches. One of the
More
A big majority of Egyptians approved amendments to the constitution in a referendum, results showed, opening the door to early elections seen as favouring Islamists and figures affiliated with the old ruling party. Decades of oppression under Hosni Mubarak crushed Egypt's political life and secular activists who mobilised to oust him from the presidency say
More