Sterling pinned near 2-year lows despite upbeat growth data

London: Sterling held near its lowest level for more than two years on Wednesday as better-than-expected readings on the British economy did little to lift the gloom. Growing fears of a no-deal Brexit under a new prime minister, and weak data in recent weeks, have raised fears that the Bank of England will have to […]

Germany and France backing Mark Carney for IMF job

London: Bank of England Governor Mark Carney has the support of Germany and France to become the next head of the International Monetary Fund, Frankfurter Allgemeine Zeitung reported on Tuesday. European governments traditionally select the lender’s managing director as part of an unwritten pact that allows the US to select the president of the World […]

UK economy returns to growth in May as car production gains

London: The UK economy rebounded in May as car factories resumed work following Brexit-related shutdowns. GDP rose 0.3 per cent after a decline in the previous month, the Office for National Statistics said Wednesday. The increase was in line with the forecast in a Bloomberg survey. In the three months through May, GDP rose 0.3 […]

Egypt inflation at slowest in 3 years after food costs fall

Cairo: Egypt’s inflation rate decelerated to its lowest level in over three years thanks to a moderation in food costs, as the central bank is widely expected to hold interest rates while it weighs the impact of recent fuel subsidy cuts. Consumer prices in urban parts of Egypt rose by an annual 9.4 per cent […]