Latest in Highlight

Advertising Area






Latest in


‘Fiscal cliff’ plan will send US into recession: CBO

Washington (AFP) — The US Congress’s budget analysts said Wednesday that current plans designed to slash the budget deficit after January 1 will plunge the country into recession and push up joblessness. The Congressional Budget Office said the poison-pill political deal on the budget last year — sharp cuts to spending and tax increases that …

Daily News Egypt

Review: Washington, witch hunts and wheat

Possible new directions for Egyptian foreign policy under President Morsy, the spectre of Islamic fascism haunting opponents of the Muslim Brotherhood, possible conspiracies in Sinai, dubious claims of a miraculous wheat harvest and privitisation in the United Kingdom; columnists address a range of issues relevant to Egyptians in today’s column review.   Morsy in Beijing …

Daily News Egypt

Standard Chartered fined $340m over Iran deals

New York (AFP) – Standard Chartered has settled allegations that it helped Iranian clients dodge US sanctions, announcing a fine of $340 million from a New York banking watchdog. The “civil penalty” disclosed on Tuesday came amid allegations that the London-based bank hid 60,000 transactions with proscribed Iranian clients worth $250 billion over 10 years. …

Daily News Egypt

IEA cuts global oil demand forecasts

Paris (AFP) — Faltering economic growth will undercut global oil demand this year and next, the International Energy Agency said Friday, citing slowdowns in China and the United States in particular. “Sluggish economic growth could restrict annual oil demand growth to 0.9 million barrels per day in 2012 and 0.8 mbpd in 2013, with demand …

Daily News Egypt

US punts on Goldman Sachs prosecution

Washington (AFP) — Goldman Sachs escaped prosecution over its sales of high-risk mortgage securities Friday when the US Justice Department closed a probe without action despite a damning report on the bank’s practices. Following a two-year inquiry, senators concluded in April 2011 that the Wall Street investment banking giant misled clients ahead of the US …

Daily News Egypt

Standard Chartered hid huge Iran trade: NY

New York (AFP) — New York regulators accused Standard Chartered Bank of hiding $250 billion in transactions with Iranian banks for almost a decade in violation of US sanctions. Branding the London-based global financial giant a “rogue bank,” state regulators said Standard Chartered systematically disguised foreign exchange deals with Iran in a breach of controls …

Daily News Egypt

Clinton urges South Africa to take leading role

Pretoria , South Africa  (AFP) — US Secretary of State Hillary Clinton on Tuesday called on South Africa, the continent’s leading democracy, to play a more influential role in African and global issues. “We are looking for ways to enhance and deepen our partnership. South Africa has so much to offer to the rest of …

Daily News Egypt

A Somalia transitional federal soldier stands guard during a visit of Somalia's President to Afgoye on July 30, 2012. The head of Somalia's corruption-riddled government said on July 23 he expects to be re-selected as president of the war-torn Horn of Africa nation when his current mandate expires next month. "I am a strong candidate and I am very confident that I will win," President Sharif Sheikh Ahmed told reporters last week. AFP PHOTO / Mohamed Abdiwahab

US citizen admits to supporting Somali terrorist group

  A US citizen arrested in 2010 has plead guilty to charges that he attempted to join the Al-Shabaab jihadist movement in Somalia and raised funds to support the group. Shaker Masri, a 28 year old Chicago resident, was arrested in 2010 just hours before leaving for Somalia where he planned on engaging in Jihad …

Nouran El-Behairy

Geithner visit to Germany sparks euro hopes

Brelin (AFP) — The top US finance official began meetings with his German counterpart and the head of the European Central Bank Monday, fuelling hopes Europe is readying decisive action to save the crisis-wracked eurozone. US Treasury Secretary Timothy Geithner met Wolfgang Schaeuble on a holiday island off the north German coast amid pressure on …

Daily News Egypt