With inflation up at 35 percent, and amid a severe foreign currency crunch, the Egyptian pound is plunging and the US dollar has become hard to come by. The country's highly import-reliant economy, dominated by military-linked enterprises and with a fondness for infrastructure mega-projects, has been hit hard by a...
Egyptians fret over soaring food prices as economy slows down
Cairo, Egypt--Public anger has been growing for months in Egypt over a severe dollar crunch and soaring food prices. But for many a money-saving tip from a state body has been the last straw. As families have struggled to purchase household staples, an Egyptian government agency praised an alternative, cheap protein...
Norway skeptical about EU proposal on gas price cap
Norway, which has replaced Russia as Europe's leading supplier of natural gas, dashed the hopes of EU member states who wanted a cap on gas prices. After his phone call with European Commission President Ursula von der Leyen, Norway's Prime Minister Jonas Gahr Store said he was "skeptical" about a...
Chip crunch forces Honda to downgrade profit forecast
Japanese car giant Honda revised its annual profit forecast downwards on Friday, warning it sees no immediate end to the chip shortage and supply-chain issues impacting automakers worldwide.
UAE minister says global energy transition to take time
The United Arab Emirates’ minister of state, Sultan Al-Jaber, said that the world needs to accept that global energy transition will take time.
Evergrande’s crash crunch stumps investors and homeowners alike
The once-mighty Evergrande Group has long been the face of Chinese real estate, surfing a decades-long property boom to expand into more than 280 Chinese cities as it peddled home-ownership dreams.
Bahrain to tap debt market to tide over financial crunch
The last time the Bahraini Kingdom tapped the international debt market was in January, when it raised $2 billion
