By Andrew Torchia, Economics Correspondent, Middle East and North Africa
A year after the Arab Spring uprisings, investment in the Middle East is reviving even though solutions to big political and economic problems have not yet been found, senior government officials and business executives told the Reuters Middle East Investment Summit. For a summary recap report of the Summit, click here for the English version, and here for the Arabic version. (more…)
The Egyptian election results have been held from being released because of dissent and appeals from both candidates, each of whom claimed to have won the election. The election council said they wouldn’t release the results for a few days. To read more about the Egyptian elections, visit our Reuters News website. Also, see the Thomson Reuters Foundation’s Egyptian News site, Aswat Masriya, for breaking news about Egypt, the elections, and analysis.
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After Hosni Mubarak received a life sentence for his role in civilian deaths during the country’s revolution, protesters marched on Tahrir Square in central Cairo.
Warren Buffett, speaking to the Economic Club of Washington, said he believed the chances of a U.S. recession were very low.
On the other hand, Wilbur Ross, CEO of WL Ross & Co, explains why he thinks the U.S. is headed for recession.
Breakingviews columnists discuss the implications of Governor Scott Walker’s recall election victory for November’s presidential election
Recent oil price dips are a short term phenomenon and will have no impact on Royal Dutch Shell’s spending plans, says CEO Peter Voser.
Ben Bernanke still has plenty of options in the Fed policy arsenal — from a new twist on Operation Twist to all-out QE3. Reuters Fed correspondent Mark Felsenthal explains.
Reuters Global Editor Chrystia Freeland caught up with IMF Chief Christine Lagarde at a conference in Riga, Latvia.
This election website in Arabic aims to provide fair, independent and accurate news and information to journalists, voters and the public at large in the run-up to the 2011 and 2012 parliamentary and presidential elections.
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TrustMedia announced on Wednesday
the launch of the Aswat Masriya website: www.aswatmasriya.com. This elections website in Arabic aims to provide fair, independent and accurate news and information to journalists, voters and the public at large in the run-up to the 2011 and 2012 parliamentary and presidential elections.
“The elections mark a watershed moment in Egypt’s modern history and objective, reliable information is critical to the fledgling democratic process. With Aswat Masriya, Thomson Reuters Foundation is responding to an urgent need for transparent information during this crucial period of transition. Our aim is to provide a completely independent news platform, run by Egyptians for Egyptians, to help voters navigate the electoral process and fully take part in this first democratic election,”, said Monique Villa, Thomson Reuters Foundation CEO.
The site will stay active for a year.
To further increase the website’s impact, (more…)
At least 25 people were killed when troops crushed a protest about an attack on a church in the worst violence since the uprising that toppled Hosni Mubarak. Today’s graphic lists recent church attacks and shows where they occured in Egypt. It also has a factbox that details the breakdown of different religions in the country.
Egypt is in turmoil. Unprecedented protests against President Hosni Mubarak’s 30-year rule are raging and tanks have taken to the streets. The ordeal has sent oil prices higher, knocked equity markets around the world and raised investor concerns. Mubarak’s departure could reconfigure the Middle East, with implications for countries from Israel to oil giant Saudi Arabia.
Since day one, Reuters coverage of this crisis has been exceptional and well ahead of the competition. (more…)
Egypt Unrest on Delegates’ Minds
As protests continued to escalate in Egypt and the authorities there moved to shut down internet and cell phone access, the escalating tensions increasingly dominated discussions at the World Economic Forum.
Our Amena Bakr and Natsuko Waki report Egypt is the absent ghost at this year’s Davos feast.
“When CEOs stay for too long they become stale. So when you have a leader like in Egypt this was a very natural thing to happen,” said a Saudi executive, who declined to be identified because he was related to the royal family.
Arab executives attending the Forum followed events in Cairo closely, some watching pictures of clashes between protesters and police on their iPad tablet computers in between sessions.
The Egyptian official delegation pulled out of the Forum just before it started. Trade and Industry Minister Rachid Mohamed Rachid, a Davos regular, gave no reason for his cancellation, but it coincided with the violent protests against the 30-year rule of President Hosni Mubarak.
U.N. Secretary-General Ban Ki-moon appealed at the WEF on Friday for Egypt’s leaders not to let violence escalate further, calling for respect for freedom of association and speech.
“I have been calling on the authorities to see this situation as an opportunity to address the legitimate concerns of their people,” Ban told a news conference.
Euro Zone Crisis Approaching Resolution?
Our Hugo Dixon opines that the Euro Zone Crisis may end soon:
The euro zone crisis may be close to resolution. There is certainly optimism among policymakers at the World Economic Forum in Davos that a comprehensive deal — involving more discipline by peripheral nations and more help from rich nations — could be put together in coming weeks. If so, the hot phase of the crisis could be over and even Greece would have a fighting chance of getting out of the woods.
What a week it has been for Egypt. All the regional political upheaval happened in Tunisia, half a continent away, but most of the pain has been felt on Cairo’s financial markets. The Egyptian stock market has fallen almost 8 percent and the Egyptian pound is languishing near seven-year lows to the dollar. The cost of insuring exposure to Egyptian debt has risen to 18-month highs.
So are investors preparing for a Tunisia-style popular uprising in Egypt? Or is it that its market, more sophisticated than Tunisia’s, is bearing the brunt of investors’ increasing bearishness on the North African region? Probably a bit of both.