Middle East News
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Egypt’s credit rating was downgraded by Standard & Poor’s, which cited a plunge in the country’s foreign reserves and persistent political instability.
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Global stocks fell the most this year, commodities slid and the euro weakened as a plan to help Greece avoid default threatened to unravel and U.S. consumer confidence trailed estimates. Treasuries and costs to protect European debt rose.
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DP World Ltd., the world’s fourth- biggest port operator, started talks with banks for a loan to help pay half of a $3 billion credit facility maturing in October, a banker familiar with the discussions said.
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Oil dropped from a three-week high as euro-area finance ministers refused to approve a rescue package for Greece, boosting concern that the European debt crisis will reduce fuel demand.
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