Reuters The Islamic Development Bank (IDB) governors agreed on Thursday to elect Saudi Arabia’s former haj minister as its new president starting at the beginning of the Islamic year, or in October. The nomination of Bandar Hajjar, whose candidacy was endorsed by the Saudi government and the outgoing IDB President Ahmad Mohamed Ali, was uncontested during an annual meeting ...

  Reuters Egypt’s central bank held the pound steady at a regular dollar sale but said the dollars would be directed to imports of pharmaceutical products, manufacturing components, vaccines and related chemicals and infant formula. The bank sold $120 million at the price of 8.78 per dollar, unchanged from last week. That is weaker than the rate for the dollar ...

  Bloomberg For energy investors, saving energy has never been as profitable as producing it. That’s starting to change, with institutions from Deutsche Bank AG to Societe Generale SA making it bankable to squeeze more out of electricity and fossil fuels. Their efforts have the potential to channel more money into energy-saving beyond the $45 billion reaped in 2014, blunting ...