The International Monetary Fund has approved a deal that will provide a $3 billion support package to cash-strapped Egypt over a period of almost four years, with the agreement expected to draw in additional $14 billion in financing for the Middle East country.

The announcement from the IMF's executive board late on Friday comes after a preliminary agreement was reached in October between Egypt and the fund, hours after Egypt's central bank introduced a series of reforms, including a hike in key interest rates by roughly 2 percentage points.

Stock markets dropped further Friday on prospects of more aggressive rises to interest rates to fight sky-high inflation, renewing concerns over the global economy entering recession next year.

Jordanian police say a senior commander has been killed in clashes with protesters that broke out over high fuel prices.

Abdul Razzaq Abdel Hafez Al Dalabeh, deputy police director in the city of Maan, was shot Thursday "by a group of outlaws," police said.

Elon Musk sold another $3.58 billion worth of Tesla stock this week, but it wasn't clear where the proceeds were being spent.

The Tesla CEO, and new owner of Twitter, sold the shares from Monday through Wednesday, according to a filing posted Wednesday night by the U.S. Securities and Exchange Commission.

Japan's trade deficit surged to over 2 trillion yen ($15 billion) in November as higher costs for oil and a weak yen combined to push imports sharply higher.

It was the 16th straight month of red ink and a record high for the month of November. The country will likely post a record deficit for the year.

The worst may be yet to come for the stock market.

Wall Street's mini-rebound since mid-October has recovered some of the index's sharp losses from the first 10 months of the year. It closed Monday a shade below 4,000, up more than 10% since its bottom two months earlier.

The European Central Bank slowed its record pace of interest rate hikes only slightly Thursday, joining the U.S. Federal Reserve and other central banks around the world in reinforcing an inflation crackdown while glimpsing headway against the high prices that are plaguing consumers.

The Bank of England and Swiss National Bank also dialed back to half-point increases from three-quarters Thursday, as did the Fed a day earlier in a blitz of central bank action this week.

Business is bouncing back in Bethlehem after two years in the doldrums during the coronavirus pandemic, lifting spirits in the traditional birthplace of Jesus ahead of the Christmas holiday.

Streets are bustling with tour groups. Hotels are fully booked, and months of deadly Israeli-Palestinian fighting appears to be having little effect on the vital tourism industry.

European Union and southeast Asian countries commemorated 45 years of diplomatic ties Wednesday at a summit overshadowed by political distractions in Europe, ranging from the war in Ukraine to a bribery scandal.

EU leaders hosted counterparts from the Association of Southeast Asian Nations, or ASEAN, in a nod to Asia's economic rise. But the meeting comes at a time of increasing difficulties in the 27-nation European bloc.

Sam Bankman-Fried, founder and former CEO of the failed cryptocurrency exchange FTX, helped 1,500 Bahamian investors remove $100 million from their accounts while other customers around the world were locked out of the exchange, according to the company's new CEO, who testified before a House committee Tuesday

FTX CEO John Ray III, who has guided dozens of companies, including Enron, through bankruptcy restructuring, called FTX's collapse one of the worst business failures he has seen — a "paperless bankruptcy," fueled by an "unprecedented lack of documentation."