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Egypt’s non-oil private sector began 2016 in much the same way that it ended 2015, with business conditions deteriorating for the fourth straight month. Underpinning the downturn were ongoing reductions in output, new orders and…

Brent crude oil prices hit their lowest in more than 11 years on Monday, while U.S. crude flirted with seven-year lows on more signs that swelling global supply looked set to outpace tepid demand again next year. Global oil production is…

Saudi Arabia’s credit rating was cut by Standard & Poor’s , which said the decline in oil prices will increase the budget deficit in a country that relies on energy exports for 80 percent of its revenue. S&P cut the sovereign…

A Scottish economist and son of a Yorkshire miner has been awarded the 2015 Nobel Prize in economics for his pioneering work measuring poverty around the world. Angus Deaton, 69, became the 47th recipient of the Nobel, which was announced…

Citi announced the appointment of Usman Ahmed as the Chief Executive Officer for Citi Bahrain as well as Chief Executive for Citi Islamic Investment Bank. In this role, Usman will oversee Citi's operations in Bahrain as well as lead…

Brazil’s government on Monday afternoon will announce an austerity plan that boosts taxes and reduces spending by a total of about 56 billion reais ($14.6 billion), said an official who was briefed about the plan. The government wants to…

Egypt is banking on the expansion project of the Suez Canal to bring extra traffic and boost government revenues over the next decade. The expanded section of the canal was formally opened in early August by Egypt's president, carrying…

The Arab-Brazilian Chamber of Commerce (ABCC) has revealed that foreign direct investments (FDI) in the Arab World totalled USD 43.9 billion in 2014. The Arab Investment and Export Credit Guarantee Corporation (Dhaman), a Kuwait-based…

Moody's Investors Service has upgraded to B3 from Caa1 the local-currency (LC) deposit ratings of National Bank of Egypt SAE, Banque Misr SAE, Banque Du Caire SAE and Commercial International Bank (Egypt) SAE as well as the LC deposit…

The National Bank of Egypt (NBE) aims to raise its net profits during the current fiscal year ending by June 2015, to surpass EGP 4bn, compared to EGP 3.7bn last year, said Mahmoud Montasser, Vice-Chairman of the Bank. Montasser told “Cash…