Cairo  - Egypt's central bank on Friday announced it would cut interest rates for the first time since 2006, in response to slowed economic growth and inflation.

The Central Bank of Egypt lowered the overnight deposit and lending rates by 100 basis points to 10.5 and 12.5 per cent, respectively, its first cut since April 2006.

Brussels  - Shareholders in Dutch-Belgian bank Fortis on Wednesday rejected its emergency nationalization, throwing into chaos state plans to split up the crisis-hit lender.

In two votes, 57 per cent of shareholders rejected the sale of the Dutch parts of the bank to the Dutch state, while just over half of shareholders rejected the sale of the bank's Belgian arm to the Belgian state, and thence to French banking giant BNP Paribas, local media reported.

Washington - Wall Street's top executives on Wednesday defended the hundreds of billions of dollars their struggling firms have received in government bail-out funds, insisting the money has helped improve lending to consumers.

Many also recognized the sharp degree of public outrage at the slow recovery process and accepted some responsibility for the near- collapse of the US and global financial system.

Wash

Berlin  - In a surprise move, German Economics Minister Michael Glos offered to resign Saturday, less that eight months before the country votes in a general election, sources close to the minister said.

The sources confirmed a report in the newspaper Bild am Sonntag, which said the 64-year-old minister had informed Chancellor Angela Merkel of his intention.

Berlin  - German Economics Minister Michael Glos offered to resign Saturday, less that eight months before the country votes in a general election, sources close to the minister said.

The sources confirmed a report in the newspaper Bild am Sonntag, which said the 64-year-old minister had informed Chancellor Angela Merkel of his intention.

Glos is a member of the Christian Social Union (CSU), the Bavarian sister party of Merkel's Christian Democrats (CDU).