Egypt News

Banking shares helped to push the UK's FTSE 100 index 1.2% higher by early afternoon while France's Cac 40 rose 2.4% and Germany's Dax added 0.4%.
The UK bank rescue package boosted financial shares, with HBOS up 30% and Royal Bank of Scotland adding 13%.
But Japan's Nikkei index closed lower after its prime minister urged more action to boost the country's economy.
The measures proposed by Taro Aso would be on top of a 2 trillion yen ($19.5bn; £11.5bn) stimulus plan already put forward.
As the turbulent week continued, in other developments:
•    Iceland suspended trading on its OMX Nordic Exchange until Monday, citing "unusual market conditions". Earlier, its largest bank, Kaupthing, became the third financial institution to be taken over by the country's government in the past week.
•    Ireland extended its guarantee of bank deposits to cover savings in Irish branches of five foreign-owned institutions Northern Ireland's Ulster Bank, British-owned First Active and HBOS, Belgium's IIB Bank and German-owned Postbank.
•    Gordon Brown has written to G7 and EU leaders suggesting that the UK government's bank rescue plan could be a template for other nations to help unfreeze credit markets.
•    US Treasury Secretary Henry Paulson warned that some banks will still fail despite the $700bn (£406bn) rescue package to shore up the financial system.
•    Dexia shares jumped 25% after France, Belgium and Luxembourg announced they would provide state guarantees for its borrowings.
•    UK Chancellor Alistair Darling flew to the US to discuss the co-ordinated cutting of interest rates by six central banks.
•    After trading on Russian stock markets had been suspended following sharp share falls earlier this week, they were again halted - this time after stocks climbed too high after trade resumed.
Seven central banks on Wednesday cut interest rates in an effort to steady the faltering global economy.
It came after the UK government's announcement of a package of measures aimed at rescuing the banking system.
This package makes available £400bn ($692bn) of fresh money.
There was "an air of cautious optimism" that such measures would have some impact on the financial crisis, said Richard Hunter, head of UK equities at Hargreaves Lansdown stockbrokers.
"Banking shares have been the main beneficiaries of the UK's rescue plan, and the interest rate cuts," he added.
"We've had a few false dawns over the past couple of months and it's too early to call a complete recovery, but there's hope that these measures will get some traction at some point."
Japan's benchmark Nikkei lost 0.5% or 45.83 points to close at 9,157.5.
Shares had been ahead for most of trading after the Bank of Japan injected two trillion yen into the money markets in an effort to calm fears.
But Mr Aso's call for further action prompted a sell-off.
The Nikkei had suffered its biggest one-day drop in 21 years on Wednesday, with the index shedding nearly 10% of its value.
In Sydney, Australia's main share index fell 1.8%, but Hong Kong's Hang Seng index added 3.3% after its central bank announced a half a percentage point cut to its interest rate, taking it to 2%.
South Korea's stock market climbed after the central bank announced an interest rate cut of a quarter of a percentage point.

EGYPT NEWS

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