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    Suicide bombing in Islamabad kills two suspects, policeman

    ISLAMABAD (AP) – A powerful car bomb detonated near a residential area in Islamabad yesterday, killing two suspected militants and an officer, police said, raising fears that militants have a presence in one of the country’s safest cities.

    At least three police officers and seven passersby were wounded in the bombing. The Pakistani Taleban claimed responsibility for the explosion.

    Friday’s bombing in Pakistan’s capital city happened 15 kilometres from the garrison city of Rawalpindi, home of the military and government spy agencies.

    Police said in a statement that the blast happened when police officers spotted the car and ordered the driver to halt for routine checking. Instead of stopping, its driver detonated explosives hidden inside. A female passenger in the car also was killed, Suhail Zafar Chattha, the Deputy Police Chief in Islamabad told reporters at the scene.

    TV footage showed a burning car as police officers cordoned off the area.

    Residents said they saw policemen on motorcycles chasing a car and ordering a man inside the vehicle to come out.

    Security officials and rescue workers gather at the site of a bomb explosion, in Islamabad. PHOTO: AP

    Chattha confirmed that account, saying the suspect blew up the explosive-laden vehicle after being surrounded by police.

    Pakistani Prime Minister Shahbaz Sharif condemned the bombing and thanked the police. “Police officers stopped the terrorists by sacrificing their blood and the nation salutes its brave men,” Sharif said in a statement.

    Mohammad Khalid Khurasani, the spokesman for the Pakistani Taleban or TTP, said in a statement one of the group’s militants carried out the suicide attack to avenge the killing of a senior leader.

    Abdul Wali, widely known as Omar Khalid Khurasani, was killed in a roadside bombing in August in Afghanistan’s Paktika province. His death was a heavy blow to the militant group, who blamed Pakistani intelligence agents for the killing without offering any evidence or elaborating.

    Pakistani Taleban have stepped up attacks on security forces since November, when they unilaterally ended a months-long cease-fire with the country’s government. The latest violence comes days after several Pakistani Taleban detainees overpowered their guards at a counterterrorism center in northwestern Pakistan, snatching police weapons and taking three officers hostage.

    On Tuesday, Pakistan’s special forces raided the detention centre, triggering an intense shootout in which the military later said 25 detainees linked to the Pakistani Taleban were killed in Bannu, a district in the Khyber Pakhtunkhwa province and part of a former tribal region.

    Three troops and at least three hostages were killed in that incident.

    Microsoft will fight US over USD68.7B Activision Blizzard deal

    AP – Microsoft is headed for a battle with the Federal Trade Commission (FTC) over whether the United States (US) will block the tech giant’s planned takeover of video game company Activision Blizzard.

    Microsoft on Thursday filed a formal response to the FTC’s claims that the USD68.7 billion deal is an illegal acquisition that should be stopped.

    After years of avoiding the political backlash that has been directed at big tech peers such as Amazon and Google, the software giant now appears to be on a collision course with US regulators emboldened by President Joe Biden’s push to get tough on anti-competitive behaviour.

    The FTC claims the merger could violate antitrust laws by suppressing competitors to Microsoft’s Xbox game console and its growing Xbox Game Pass subscription business.

    At the centre of the dispute is Microsoft’s rivalry with PlayStation-maker Sony to secure popular Activision Blizzard franchises like the military shooter game Call of Duty.

    Microsoft’s response to the FTC tries to downplay Xbox’s role in the industry, describing itself as the “third-place manufacturer of gaming consoles” behind Sony and Nintendo, and one of just many publishers of popular video games with “next to no presence in mobile gaming,” where it is trying to make gains.

    Activision Blizzard filed its own rebuttal to the FTC complaint on Thursday criticising what it described as the FTC’s “unfounded assumption” that Microsoft would want to withhold Call of Duty from platforms that compete with Xbox. Its CEO Bobby Kotick said he believes the companies will prevail.

    The dispute could be a difficult test case for Biden-appointed FTC Chair Lina Khan, who has sought to strengthen enforcement of antitrust rules. The FTC voted 3-1 earlier in December to issue the complaint seeking to block the deal, with Khan and the two other Democratic commissioners voting in favor and the sole Republican voting against.

    The deal is also under close scrutiny in the European Union (EU) and the United Kingdom (UK), where investigations aren’t due to be completed until next year.

    The FTC’s complaint points to Microsoft’s 2021 acquisition of well-known game developer Bethesda Softworks and its parent company ZeniMax, as an example of where Microsoft is making some upcoming game titles exclusive to Xbox despite assuring European regulators it had no intention to do so.

    Microsoft on Thursday objected to the FTC’s characterisation, saying it made clear to European regulators it would “approach exclusivity for future game titles on a case-by-case basis, which is exactly what it has done”.

    The FTC’s suit describes top-selling franchises like Call of Duty as important because they develop a base of loyal users attached to their preferred console or streaming service.

    “With control of Activision’s content, Microsoft would have the ability and increased incentive to withhold or degrade Activision’s content in ways that substantially lessen competition – including competition on product quality, price, and innovation,” the FTC lawsuit says. “This loss of competition would likely result in significant harm to consumers in multiple markets at a pivotal time for the industry.”

    Microsoft signalled that it will vigorously fight the case in court with a team led by high-profile corporate attorney Beth Wilkinson, while also leaving open the possibility of a settlement.

    “Even with confidence in our case, we remain committed to creative solutions with regulators that will protect competition, consumers, and workers in the tech sector,” said Microsoft’s president, Brad Smith, in a statement on Thursday.

    “As we’ve learned from our lawsuits in the past, the door never closes on the opportunity to find an agreement that can benefit everyone.”

    Microsoft’s last big antitrust battle occurred more than two decades ago when a federal judge ordered its breakup following the company’s anticompetitive actions related to its dominant Windows software. That verdict was overturned on appeal, although the court imposed other penalties on the company.

    Venezuela opposition looks to overhaul ‘interim government’

    CARACAS, VENEZUELA (AP) – Juan Guaidó has been the face of Venezuelans’ efforts to restore their democracy since he took to the streets to challenge the rule of President Nicolás Maduro in early 2019.

    But the 39-year-old former head of the country’s legislature, the National Assembly, is at risk of being pushed aside by some of his one-time allies who feel that his leadership of the opposition isn’t working and that they need to find a better way to connect with disillusioned voters ahead of the 2024 presidential elections.

    Three of the four main opposition parties that make up the so-called interim government voted on Thursday to replace Guaidó with a leadership by committee.

    Guaidó, fighting for his political future, has warned that such a move would be unconstitutional and open the door to recognising Maduro’s “dictatorship”.

    But the former lawmakers – who were elected to the National Assembly in 2015 but saw their terms expire five years later and now operate as a symbolic shadow to Maduro’s rubber-stamping legislature – pressed ahead, approving the measure by a vote of 72 to 23. A second vote to ratify the decision was expected to take place in the coming days

    “The process that we began in January of 2019 has weakened and is no longer perceived as a real option for change,” the group of opposition leaders said in a statement on Wednesday.

    Venezuelan opposition leader Juan Guaidó speaks to residents to present his unity plan to Venezuelans in Maiquetia, Venezuela. PHOTO: AP

    “This country requires new paths that will help us to return to democracy.”

    In January 2019, the National Assembly, then controlled by the opposition, voted to stop recognising Maduro as president after several top potential opponents were barred from running against him.

    It then appointed Guaidó, a backbench lawmaker who was one of the few leaders in his Popular Will party to avoid arrest or exile, to be the nation’s “interim president” following the order of succession outlined in Venezuela’s constitution.

    Guaidó was quickly recognised as Venezuela’s legitimate leader by the United States (US) and dozens of governments in Europe and Latin America. But his interim government was unable to gain control of any government institutions and, crucially, failed to win over the military.

    In the meantime, Maduro has only strengthened his grip on power, even as regular Venezuelans suffer from high inflation, deepening poverty and widespread shortages made worse by US oil sanctions.

    Venezuelan analyst at the Washington Office on Latin America Geoff Ramsey said the proposal to reshape the interim government reflects efforts by the opposition to adapt to Venezuelans’ growing frustration.

    In an opinion survey conducted in November by one of the nation’s leading universities, 57 per cent of Venezuelans said the interim government should be dissolved and only six per cent said they would vote for Guaidó in the event of primaries to see who would run against Maduro should he decide to seek a third term, as is widely expected.

    “Venezuelans have moved on from the interim government experiment,” Ramsey said.

    “This proposal is a recognition from the wider opposition that they need to find ways to reconnect with the population beyond simply sitting back, folding their arms and waiting for the military to unplug from Maduro.”

    Venezuelan analyst at the think tank the International Crisis Group Mariano de Alaba said removing Guaidó from his post would make primaries more competitive because he wouldn’t have as much access to the funds and machinery of the interim government.

    “They are trying to close this chapter because the opposition is seeking a new leader,” de Alba said.

    Guaidó officially lost his position as the head of the National Assembly at the start of 2021, when the legislature’s five-year mandate ended. But opposition parties boycotted congressional elections staged that year by Maduro’s government, and instead, lawmakers chosen in 2015 continued to legislate in parallel to the Maduro-controlled National Assembly.

    Earlier this month, Guaidó asked the opposition to extend his term as leader of the interim government for another year.

    But on Wednesday, 67 opposition legislators signed a statement saying they would vote to change how the interim government operates.

    One of the circulating proposals calls for the creation of a commission comprised of opposition legislators that will promote the transition to democracy, handle cooperation with foreign governments and protect Venezuelan government assets abroad.

    Man City knock out holders Liverpool in League Cup thriller

    MANCHESTER (AFP) – Nathan Ake’s header proved decisive as Manchester City knocked holders Liverpool out of the League Cup in a dramatic 3-2 win at the Etihad Stadium on Thursday.

    This last-16 clash marked the return to competitive action of two of English football’s heavyweights following the World Cup break with City’s Kevin De Bruyne the outstanding player in a high-class field.

    Premier League champions City twice led through Erling Haaland and Riyad Mahrez, only for Liverpool to waste little time in drawing level thanks to goals from Fabio Carvalho and Mohamed Saleh.

    But after Ake made it 3-2 shortly before the hour mark, the visitors were unable to fashion a third equaliser.

    “After the World Cup and a long time of not playing, both teams were incredible with high level and intensity,” City manager Pep Guardiola told Sky Sports.

    “Liverpool are so difficult, when they play good they destroy you.”

    He added: “Kevin played with a fire inside of him. He had to find it. What a player. How many years he’s been coming here? Eight years? He’s an absolute legend.”

    Liverpool’s Joel Matip challenges for the ball with Manchester City’s Phil Foden. PHOTO: AP

    Liverpool manager Jurgen Klopp had no qualms in saying City are a “super, super, super side who do things extremely well”, but still lamented his team’s defending.

    “The goals we conceded were completely unnecessary…We played a good game but not good enough to beat City tonight.

    “There’s a lot we can build on and we can take into the next games and that’s what we’ll do.”

    Guardiola named six World Cup players in his starting XI.

    Ake, Manuel Akanji, Aymeric Laporte, Rodri, Kevin De Bruyne and Ilkay Gundogan were all involved from the kick-off.

    Liverpool boss Jurgen Klopp, whose side pipped Chelsea 11-10 in a marathon penalty shoot-out at Wembley in February as the Reds won the League Cup for a record ninth time, also named a strong side.

    The German’s forward line included Salah, making his first appearance in the League Cup outside of finals since October 2020, Darwin Nunez and Carvalho.

    Haaland and Cole Palmer both missed the target when well-placed to score early on but it was not long before the Norway star made amends.

    Haaland, seemingly given a free run against Liverpool’s defence, turned in De Bruyne’s near-post cross in the 10th minute after getting in front of Joe Gomez to score his 24th goal of the season.

    Liverpool, however, were level within 10 minutes when Carvalho finished from a James Milner cross after the former City midfielder was allowed too much room in the penalty area.

    The visitors made two changes at half-time, Fabinho and Alex Oxlade-Chamberlain coming on for novice midfielder Stefan Bajcetic and Carvalho.

    But Liverpool fell behind again before either of the two substitutes could get into the game.

    Only 76 seconds into the second half Mahrez fired home from the right side of the penalty area following a cross by Rodri.

    City’s lead, however, evaporated just over a minute later as Nunez sprinted past Laporte down the left, with Salah making light of a mediocre centre to draw Liverpool level at 2-2.

    But a rollercoaster contest then saw City go ahead for the third time when, after a quickly-taken corner, Ake powered in a 58th-minute header from a superb pinpoint cross by the outstanding De Bruyne.

    Oxlade-Chamberlain went down in the penalty after a collision with Ake in the 69th minute but David Coote denied the Reds a spot-kick and, with VAR not in use, the referee’s decision stood.

    Liverpool, however, had an excellent chance to make it 3-3 when a superb ball from Naby Keita left the onside Nunez free down the right touchline.

    But after sprinting clear of the City defence, Nunez, albeit from an acute angle, pulled his shot wide of the far post.

    Kyrgyzstan’s coal mines dig on in hope of past glory

    SULUKTU, KYRGYZSTAN (AFP) – Hundreds of metres underground, Emylbek Umarov hacks out lumps of coal by hand with a pickaxe in a dank mine in a remote mountainous corner of Kyrgyzstan.

    Coal may be falling out of favour elsewhere because of climate change, but Suluktu’s mines hope growing demand from neighbouring Central Asian countries and beyond will help them return to their Soviet heyday.

    For some, like Umarov, the mine is one of the few places offering work – despite the threat of accidents that have killed dozens of people in the area in recent years.

    “It’s terrifying, it’s tough, but there’s no other work here,” said the 27-year-old, who has two degrees in computing and economics.

    As he spoke, the coughing of miners with blackened faces echoed through the tunnels illuminated by a few lamps hanging from a ceiling dripping with water.

    The men work with jackhammers, pickaxes and explosives on 12-hour shifts day or night 15 days a month for a monthly salary of less than EUR150.

    A coalminer mines coal with a pickaxe at the coal mine outside the town of Suluktu. PHOTO: AFP

    Before starting their shifts, they have to travel an hour to the mine in large Russian-made Kamaz trucks along a badly rutted road.

    The hulks of Soviet-era machinery can be seen in the pinkish dawn.

    Tucked away in the mountains, the town of Suluktu was founded in 1868 and is one of the oldest coal extraction hubs in Central Asia.

    From the “miner’s bread” on sale in local bakeries to the local football team called Shakhtar (miner) – everything in the town is a reminder of its main industry, including the coal dust coating the ground.

    Suluktu “heated Central Asia during Soviet times”, said its mayor, Maksat Kadyrkulov.

    Like settlements across the former Soviet Union, it suffered from deindustrialisation after its collapse, leading to a sharp drop in population and coal output.

    “There is no farmland here. We just dig coal and there is no family without a miner,” Kadyrkulov said.

    The mayor said he hoped Suluktu would recover its “past glory” thanks to growing demand for coal.

    The Soviet era is a constant presence in the town. On its outskirts stands a monument depicting two miners with a four-metre-high hammer and sickle.

    Trucks filled with coal file past the statues on their way to deliver their cargo to Uzbekistan and beyond since access to nearby Tajikistan is now closed off because of a flare-up of tensions along the border.

    A mosaic nearby extols the glory of Soviet power, showing a miner with a red star behind him.

    Before “we were proud to be miners”, said 64-year-old Nimadjan Abdulayevich, who spent 37 years in the mines, his voice hoarse from throat cancer.

    While there have been no fatal accidents in the mine where Umarov works, the risk is constant.

    “The mine is like a second front. You risk dying there,” is a phrase that miners often repeat.

    Last year, the metal bars holding up the vein where Umarov was working collapsed, breaking his leg. “Since then, the fear remains,” he said.

    His father Dzhumbai, who now works on the surface as a welder, was caught up in a similar accident.

    Mine director Kanynbek Ismailov said he lacked the resources for new equipment, even though the conditions in the mine are among the best of the 40 or so in Suluktu. “We do everything by hand. We do not have new equipment,” Ismailov said.

    Asian markets follow Wall St lower on inflation worries

    BANGKOK (AP) – Shares declined in Asia yesterday after a retreat on Wall Street driven by fears that strong economic data will lead the Federal Reserve to double down on its interest rate hikes to tame inflation.

    Shanghai was flat while other major indexes declined. United States (US) futures edged higher and oil prices rose. Trading was winding down with the approach of the festive season and New Year holidays.

    Japan reported its core inflation rate, excluding volatile fresh foods, rose to 3.7 per cent in November, the highest level since 1981, as surging costs for oil and other commodities added to upward price pressures in the world’s third-largest economy.

    While the rate was much lower than in the US and most major European and emerging economies, it adds to pressure on the Bank of Japan (BOJ) to adjust its own policies that have kept interest rates ultra-low to spur growth. For Japan, deflation – falling prices – rather than inflation has been the key concern for most of the past few decades. Recession in coming months remains the greater concern, economists say.

    “Inflation edged up in November and will peak at around four per cent around the turn of the year, but we expect it to fall back below the Bank of Japan’s two per cent target by mid-2023,” Capital Economics economist Marcel Thieliant said in a report.

    The Fed has already hiked its key overnight rate to its highest level in 15 years. It began the year at a record low of near zero. Many economists and investors expect a recession to hit the US economy in 2023.

    A currency trader walks by the screens showing the Korea Composite Stock Price Index and the foreign exchange rate between US dollar and South Korean won at a foreign exchange dealing room. PHOTO: AP

    Tokyo’s Nikkei 225 index lost one per cent to 26,235.25 and the Hang Seng in Hong Kong shed 0.4 per cent to 19,602.11. The Shanghai Composite index dropped 0.4 per cent to 3,043.56 and Australia’s S&P/ASX 200 declined 0.6 per cent to 7,107.70.

    In Seoul, the Kospi dropped 1.8 per cent to 2,313.69. Shares also fell in Bangkok, Mumbai and Taiwan.

    Good economic data should be positive for markets when recession may be looming, but the reports on Thursday suggested the Federal Reserve may need to keep hiking interest rates and keep them high to curb inflation.

    The Fed is particularly worried about a still-strong job market giving more oxygen to inflation, which has eased a bit in recent months but is still near the highest level in decades.

    A report on Thursday said employers laid off fewer workers last week than expected.

    Another report showed that the broad US economy expanded at a more robust pace during the summer than earlier estimated.

    The S&P 500 fell 1.4 per cent on Thursday after having been down as much as 2.9 per cent earlier in the day. It closed at 3,822.39. The pullback brings Wall Street’s main measure of health back to a loss of nearly 20 per cent for the year.

    The Dow Jones Industrial Average fell one per cent to 33,027.49 and the Nasdaq closed 2.2 per cent lower, at 10,476.12. The Russell 2000 index dropped 1.3 per cent to 1,754.09.

    The selling was broad, with all 11 industry sectors in the S&P 500 ending up in the red.

    Technology stocks were the biggest drag on the benchmark index. Chipmaker Nvidia slumped seven per cent.

    Mosque congregation achieves monthly Khatam target

    Azlan Othman

    Al-Quran readers of Kampong Sungai Besar Mosque marked completing 12-times Khatam Al-Quran over the year yesterday with a Doa Kesyukuran ceremony.

    “With the blessings of reading the Holy Book, we have achieved our target,” said Secretary of the mosque takmir committee Lieutenant Colonel (Rtd) Haji Awang Zaini bin Haji Damit, adding that they wished to gain blessings from Allah the Almighty and glorify the mosque. He hoped that their efforts can serve as an example for the younger generation.

    Also in attendance was the Adviser of the Kampong Sungai Besar mosque takmir committee Haji Mohiddin bin Pengarah Dato Paduka Haji Awang Othman.

    Participants of the Khatam Al-Quran. PHOTO: AZLAN OTHMAN

    Making a comeback

    AFP – After jumpsuits and cargo pants, now it’s overalls that are making their style comeback. Sydney Sweeney, Camille Razat and Demi Moore have already been spotted in this style, while brands are racing to come up with models that are casual, elegant or glamorous.

    Initially the domain of labourers, overalls are officially having a fashion moment.

    Staying stylish without giving up a certain level of comfort: it’s a philosophy of dressing that emerged during the early days of the COVID-19 pandemic and that lives on through different fashion phenomena.

    After sportswear, streetwear, and utilitarian clothing, now it’s workwear’s turn to take the spotlight as a key trend of the season.

    If up until now, this manifested as a slew of suits, uniforms, and cargo pants, it’s gaining pace now with the rise overalls, a piece initially designed for manual work.

    While children have long been able to take advantage of the comfort and practicality of overalls with models designed for them, this icon of the working man’s wardrobe was until now less seen in the wardrobes or other adults.

    Something that should soon change thanks to an unprecedented interest in workwear styles, which has been reflected in recent years by a return to the forefront of two century-old brands: Dickies and Carhartt.

    For several weeks now, everyone with an interest in fashion has been getting in on the act, from celebrities to luxury brands and a host of mainstream stores.

    AN ITEM THAT IS INHERENTLY INCLUSIVE

    Indeed, overalls, also called dungarees, are ageless, genderless and aren’t made for any specific body type. This is particularly important at a time when old boundaries are tending to be blurred or even erased in fashion, and it puts this iconic piece at the centre of all attention.

    And that’s even before we talk about its practicality, an advantage that is not negligible, with its multiple pockets within reach.

    In short, overalls address the main demands and desires of the moment. One more reason why stars, brands, and ordinary folk like us are in the process of elevating it to the rank of this season’s wardrobe star.

    At the beginning of the year, Demi Moore was spotted posing in a denim style paired with a loose T-shirt. A version has also been seen on actress Sydney Sweeney, who isn’t shy about revealing her hobby as an amateur mechanic who enjoys restoring vintage cars and often wears the style when she does so.

    In terms of street looks, Blake Lively and Jennifer Lopez, always at the forefront in terms of fashion, have also been spotted in dungarees, in various styles, contributing to the trend’s growth.

    But contrary to popular belief, overalls are not just for manual tasks, homewear or casual looks; they have also made several appearances on the runways and red carpets. Designer Isabel Marant, included an overalls model in the Autumn/Winter 2022 collection: A version in black or brown-coloured lambskin, which is sure to find approval among the customers of the luxury label.

    Meanwhile, there was also a taste for overalls over at Gucci, which sent out versions on men and women during the last fashion week dedicated to the Spring/Summer 2023 season.

    THE OVERALL DRESS, A CHIC ALTERNATIVE

    While overalls seem to have been adopted by men and women around the world, an even more chic alternative is already gaining ground in France: the overall-dress, relic of the 1980s and 90s.

    French actress and model Camille Razat wore a glittery overall dress during the closing ceremony of the 14th edition of the Lumiere Festival in Lyon, while Marion Cotillard sported an overall dress with thin stripes at the International Film Festival of Marrakech.

    Enough to convince us to adopt a pair of overalls yourself, dress or pants, for an on-trend look this season.

    French football president wants Deschamps to stay

    RENNES (AFP) – The French Football Federation (FFF) president Noel Le Graet said in an interview published on Thursday he wants France coach Didier Deschamps, whose current contract expires at the end of the year, to remain in the post.

    Deschamps, 54, led Les Bleus to the World Cup final last Sunday, where they lost in a penalty shoot-out to Argentina, after guiding them to the trophy four years ago.

    Deschamps, who captained the 1998 France team to their first World Cup title, will meet with Le Graet in the north-west town of Guingamp next week to discuss extending the ex-Juventus midfielder’s deal until Euro 2024.

    “In my opinion we will settle it in Guingamp,” Le Graet told newspaper Ouest-France.

    “If he doesn’t want to stay, it will be short. If he wants to stay then there will be discussions that are a little longer.

    “Didier has done his job well, I think we’ll come to an agreement,” he added.

    France’s next game is against the Netherlands in a Euro 2024 qualifier on March 24.

    France’s head coach Didier Deschamps passes the World Cup trophy. PHOTO: AP

    Egypt Central Bank hikes interest rates to limit inflation

    CAIRO (AP) – The Central Bank of Egypt raised interest rates on Thursday as the country continues to battle double-digit inflation amid a sharp currency devaluation.

    In a statement, the bank’s monetary policy committee announced that the most basic lending rate, the overnight deposit rate, was increased from 13.25 per cent to 16.25 per cent.

    Egypt’s economy has been hit hard by the coronavirus pandemic, years of government austerity measures, and fallout fromf the war in Ukraine. Egypt is the world’s largest wheat importer, and most of its imports come from Russia and Ukraine.

    Earlier this month, the International Monetary Fund (IMF) approved a USD3 billion support package for Egypt after a series of reforms by the country’s central bank began in March, including a currency devaluation that has seen the Egyptian pound lose 36 per cent of its value to the dollar since then.

    The agreement allows for an additional USD14 billion in possible financing for the Middle Eastern country.

    For months, Egypt has been battling climbing inflation, with the annual rate rising above 18 per cent in November.

    The bank said Thursday’s rate increase was designed “to contain inflationary pressures and to steer annual headline inflation rates towards its upcoming targeted levels”.

    The increase was higher than expected by some observers.

    “While the CBE (Central Bank of Egypt) was widely expected to hike rates, the scale of the move came as a surprise,” chief emerging markets economist at Capital Economics William Jackson wrote in an analysis published by the company.

    Most Egyptians depend on the government to keep basic goods affordable through state subsidies and other similar programmes, most dating back decades. Just less than a third of Egypt’s 104 million people live in poverty, according to government figures.

    As part of its agreement with the IMF, Egypt has said it is increasing its social programmes to help some of the country’s poorest and vulnerable.

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    Borneo Bulletin is the leading English daily in the country. It was first published by Brunei Press. Today, Borneo Bulletin has become the foremost source of information on local and foreign affairs, and the region’s business news.

    © 2013 Borneo Bulletin Online - The Independent Newspaper in Brunei Darussalam, Sabah and Sarawak