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Old 01-26-2011, 02:27 PM   #1
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Default Protesters in Egypt greeted by a police crackdown

CNN - Found 1 hour ago
Cairo, Egypt (CNN) -- Protesters taking to the streets in Egypt on Wednesday felt the wrath of security forces, a day after an unparalleled display of public rage at the government and full-throated cries for the ouster of the longtime president. Police turned water cannons and tear gas on ...
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Protesters in Egypt greeted by a police crackdown
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Old 01-28-2011, 10:30 PM   #2
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Egyptian unrest affecting world markets...

Experts: Egyptian protests at unparalleled level
28 Jan.`11 WASHINGTON Widespread protests in Egypt have escalated to an unprecedented level, and the regime's deployment of the military calls into question whether it can hold on to power, U.S. experts say.
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"The people are demonstrating an unprecedented absence of fear of the regime," said David Schenker who was the Syria, Lebanon, Jordan and Palestinian affairs adviser in the office of the secretary of Defense from 2002 to 2006. "I don't think the Army is going to fold once being deployed," he said, "but this may be the beginning of the end of the type of authoritarianism that has been the hallmark of Egyptian politics for decades."

On the fourth day of massive riots and chaos, Egyptian President Hosni Mubarak appeared on television for the first time. He said he has asked his Cabinet to resign and that he will press ahead with social, economic and political reforms. He also backed his security forces and called anti-government protests part of a plot to destabilize the country and destroy the legitimacy of his regime. Thousands of enraged protesters defied a night curfew nationwide, looting, setting fires and trying to storm buildings. In the biggest challenge to Mubarak's three-decade rule, they say the government is corrupt and heavy-handed and ignores the poverty affecting 80 million people.

Shortly after Mubarak's television appearance, President Obama spoke with him by phone. In a brief statement at the White House, Obama urged Mubarak to address the protesters' legitimate grievances and called on Egyptian authorities to refrain from violence. "What is needed are concrete steps to advance the rights of the Egyptian people," Obama said."This moment of volatility has to be turned into a moment of promise."

At least eight protesters have been killed so far in street clashes with military police trying to restore order. "We've seen nothing remotely like this since the 1977 food riots, and this seems to be surpassing them by far," said Michael Dunn, editor of The Middle East Journal and a former adviser on Egypt to defense firms and oil companies.

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Stocks plunge amid Egypt unrest
January 28, 2011 -- U.S. stocks plunged Friday, with the three major indices logging the worst daily drops in months, as investors grew nervous about political unrest in Egypt.

The Dow Jones industrial average (INDU) lost 166 points, or 1.4%, the biggest daily drop since Nov. 16, 2010. A 3.9% drop in Microsoft's stock led the blue chips lower despite the company posting record sales of $20 billion. The deep losses also ended the Dow's eight-week winning streak. The index slipped 0.4% during the week. The S&P 500 slipped 23 points, or 1.8%, dragged down by Monster Worldwide, which issued a weak outlook, and Ford, which posted lower-than-expected earnings. The tech-heavy Nasdaq dropped 68 points, or 2.5%, with shares of Amazon sinking more than 7%.

Those were the biggest drops since August for the S&P 500 and Nasdaq. Investors are worried that the situation in Egypt could intensify over the weekend, and took some money off the table ahead of that possibility. The CBOE volatility index (VIX), which is known as the VIX and is used to gauge fear in the market, jumped more than 24% Friday. "Political turmoil is not good for the stability of the market, and Egypt is a populous country that borders one of the busiest shipping routes in the world, so that's getting investors nervous," said Peter Tuz, president at Chase Investment Counsel.

The Market Vectors Egypt Index ETF (EGPT) slipped 3.4%. The ETF tracks the performance of companies that are either listed on an exchange in Egypt or that generate the majority of their revenues in Egypt. Oil also rallied on concerns about crude shipments through the Suez Canal, which is controlled by Egypt. About 8% of global sea trade travels through the canal, making it one of the world's busiest waterways. Crude for March delivery rallied 4.3% to settle at $89.34 a barrel.

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