Currently browsing tag

Soft commodity markets

No chicken, no cafes: Egyptians scrimp as prices leap

CAIRO (AP) — Money had already been tight as food and electricity bills climbed for weeks. So Ashraf Mahrous, a 45-year-old civil servant, warned his wife, “Black days are ahead,” when Egypt floated its pound and hiked fuel prices this month. Mahrous is now looking for a side job. Rising …

Egypt devalues, floats its currency, meeting key IMF demand

CAIRO (AP) — Egypt on Thursday took the unprecedented step of floating its currency and later hiked fuel prices, meeting key demands by the International Monetary Fund under a $12 billion loan agreement to overhaul the ailing economy of the most populous Arab state. The floatation, accompanied by a 48 …

California looks Down Under for drought advice

SYDNEY (AP) — California’s longest and sharpest drought on record has its increasingly desperate water stewards looking for solutions in Australia, the world’s driest inhabited continent. The struggle to survive with little water is a constant thread in the history of Australia, whose people now view drought as an inevitable …