The World Bank is set to provide Egypt with over $6 billion, boosting the global bailout for the North African nation’s struggling economy to more than $50 billion in the past few weeks, Bloomberg News reported. The Washington, D.C.-based institution said Monday the financing covers the coming three years, with half aimed at government support and the remainder to buoy a private sector seen as key to medium and long-term sustainable economic growth. The announcement came a day after the European Union pledged about $8 billion in aid, loans and grants.

Saudi Arabia and Gucci-owner Kering are said to be circling Selfridges as the insolvency of the department store’s co-owner triggers a battle for the business, the Telegraph reported. Saudi Arabia’s Public Investment Fund (PIF) and luxury goods giant Kering, which is owned by French billionaire Francois Pinault, are both thought to be interested in a stake in Selfridges, according to City sources. Interest has been triggered by the collapse of Signa, the Austrian company run by businessman Rene Benko that owns half of Selfridges’ property company.

Egypt struck a deal with the International Monetary Fund to extend the country an $8 billion loan, hours after allowing its currency to float freely and raising interest rates in a surprise bid to win back foreign investors as its economy comes under pressure from the war in Gaza, the Wall Street Journal reported. The Egyptian pound lost about 38% of its value against the U.S. dollar after the currency announcement, despite the Central Bank of Egypt raising key interest rates. The pound last traded at 49 pounds to one U.S. dollar, from about 30 the previous day.

Israel’s central bank left interest rates unchanged, opting against a second straight cut because of concern that inflation might accelerate again as the war against Hamas continues, Bloomberg News reported. The monetary committee left the key rate at 4.5%, a surprise for most economists in a Bloomberg survey who had predicted a reduction of a quarter percentage point. The shekel initially pared losses after the announcement before trading 0.3% weaker against the dollar as of 5:30 p.m. local time.

A unit of Israel Shipyards Industries is among the potential bidders for Croatian shipbuilder Uljanik Brodogradnja 1856, Jutarnji List reported, citing Eytan Zucker, chief executive officer of the Haifa-based company, Bloomberg News reported. An auction for Uljanik is expected on March 4, following previous, failed attempts to divest the debt-laden company, according to the Zagreb-based newspaper. Other potential bidders include Slovenia’s Eko Bor, Croatia-registered Adria Mont, Romania’s GSP Offshore, Italy’s Micoperi based in Ravenna, and La Maison from Cyprus.

Egypt is mired in a grueling economic crisis that’s left its 105 million-plus people gripped by uncertainty, but one thing seems all but assured: another currency devaluation is likely on the way, according to a Bloomberg commentary. The anticipated move would be the fourth major round of weakening for the Egyptian pound since early 2022 — and potentially the largest yet. Done correctly, it could help bring closer to an end the nation’s worst hard-currency crunch in decades, drawing foreign capital to the $400 billion economy and pulling it back from the brink.

Tunisia's central bank has kept the key interest rate unchanged at 8%, it said on Friday, adding it was watching for any potential repercussions that may result from a government request for direct funding from the bank, Reuters reported. The government requested exceptional direct funding from the central bank worth 7 billion dinars ($2.25 billion) to fill a deficit in this year's budget, given the scarcity of external finance, three lawmakers told Reuters on Tuesday. Economists warned that the move could lead to rising inflation and weigh on the value of Tunisia's currency.

An oil trader sued the United Arab Emirates for $2.8 billion over allegations the state directed a smear campaign that pushed his company into bankruptcy, Bloomberg News reported. The complaint, based on more than 8,000 hacked documents, shines a spotlight on the shadowy world of private intelligence agencies for hire. Oil trader Hazim Nada alleges that his company Lord Energy SA was targeted by a campaign of misinformation orchestrated by Swiss firm Alp Services SA, and ultimately directed by the UAE and its president, Sheikh Mohammed bin Zayed.

The Israeli securities watchdog's new chairman, Seffy Zinger, heads to the United States next week to woo U.S. investors and reassure them that it is business as usual despite Israel's three-month war with Palestinian militant group Hamas, Reuters reported. The past year was for Israeli markets, with the main Tel Aviv 125 index dropping 15% following the Oct. 7 attack on Israel by the Palestinian militant group which led to the war in Gaza. The index subsequently rebounded to end 2023 up 4% but still significantly lagged U.S. indices. It is now trading at pre-war levels.

The Bank of Israel lowered short-term borrowing rates for the first time in nearly four years on Monday, becoming the first developed country to ease policy, while urging lawmakers to rein in spending that has soared during Israel's war with Hamas, Reuters reported. In reducing interest rates for the first time since April 2020, the central bank cited a stabilisation of financial markets since the outbreak of the war on Oct. 7, declining inflation and weaker economic growth.