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Egypt lowers currency auction

Cairo: The Egyptian central bank reduced the total of US dollars it is offering on Sunday in a new system of daily currency auctions designed to stave off a financial crisis triggered by a rush to buy foreign currencies.

Political turmoil over the last month led many investors and private citizens to dump Egyptian pounds, pushing the country’s f

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Toyota to suspend new plants for three years: reports

Tokyo: Japan’s Toyota Motor has decided to halt the construction of new factories for the next three years in a shift from its previous policy of building new plants almost annually, reports said on Sunday.

The company, which hopes to regain top spot in the global auto market, will concentrate its capital investment on existing factories, the

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Tata Steel expects revival of demand in Europe

New Delhi: Tata Steel, which has incurred huge losses in the recent quarters largely due to weak demand, expects all its units, including the European one, to register growth in fiscal 2013-14 that begins April 1.

“In Europe, we expect a modest two and a half percent growth against the backdrop of a negative growth this year,” Managing Director H.M

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IMF chief praises Malawi reforms for economic recovery

Lilongwe, Malawi: IMF chief Christine Lagarde on Saturday praised Malawi’s President Joyce Banda for “bold” economic recovery reforms, saying the measures will lead to a turn-around despite their unpopularity.

“Notwithstanding the current hardships, many of my interlocutors were confident the ongoing reforms will turn the economy a

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Salvors ready Shell drill ship for tow attempt

Anchorage, Alaska: Royal Dutch Shell PLC will try to move its grounded drill ship out of the worst of the North Pacific’s fury with a towing attempt when conditions allow.

Shell incident commander Sean Churchfield said at a press conference Saturday that naval architects have pronounced the Kulluk fit to be towed. The attempt will depend on

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