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In the wake of the recent Galapagos oil spill comes more bad news from South America. An oil rig, considered the world's largest, sank last week some 75 miles off the coast of Rio - and cruise season is still going strong in that part of the world. Authorities are trying desperately to contain more than 400,000 gallons The oil has poured into the Chiriaco and Morona rivers in northwestern Peru, the government's environment watchdog, OEFA, said. The spill is affecting the Achuar community and heavy rains have hampered efforts to contain it, local indigenous leader Edwin Montenegro said. More on Peru's Achuar.

Analysts in the market expect the rebound of the Egyptian stock exchange (EGX) to continue this week towards the level of 13,000 points, supported by the decision of the Central Bank of Egypt (CBE) to fix the price of banking interest rates after last weeks’ trading experienced a loss of 800 in the leading index. …