The Egyptian prime minister Ahmed Shafiq, seen here speaking last month, has resigned after pressure to purge the cabinet of Mubarak-era figures.
The Egyptian prime minister Ahmed Shafiq, seen here speaking last month, has resigned after pressure to purge the cabinet of Mubarak-era figures.

Egypt's PM Shafiq quits ahead of protest march



CAIRO // Egypt's prime minister, Ahmed Shafiq, resigned today as the military asked a former transport minister to form a new government which pro-democracy activists want to be purged of Hosni Mubarak's old guard.

Mr Shafiq was appointed prime minister by Mubarak in his final days in office before he was oustedon February 11 after an 18-day popular uprising. There have since been protests and political pressure for Mr Shafiq to step down.

One Shafiq aide said appointing Essam Sharaf prime minister was timed to defuse calls for another mass demonstration on Friday after a first modest reshuffle by Shafiq failed to mollify protesters who want a clean break with the Mubarak era.

"This is a shocking and premature resignation. There have been pressures from the streets that he quit," one of Shafiq's aides told Reuters, asking not to be identified.

"There was fear of Friday's protests and how big they may be. He actually wanted to leave before this week as well and does not want to agitate the people," the aide said.

An army source said Mr Sharaf was meeting with the Supreme Council of the Armed Forces to discuss the new cabinet he will announce early next week.

The Muslim Brotherhood and other political groupings had also been calling for Mr Shafiq and his government to step aside. The army, in an apparent response had promised to halt any "counter-revolution" from hijacking Egypt's revolution.

The key jobs of foreign, interior and justice ministers were also likely to be reshuffled shortly, an army source said, to cleanse the government of further of links to Mr Mubarak.

Nabil Fahmy, an ex-Washington ambassador, and Magid Abdel Fattah, Egypt's permanent UN delegate, were possible candidates for the foreign affairs portfolio, a cabinet source said, adding that it was highly unlikely the minister of defence, who is also head of the military council, would be changed.

Ever since Mr Mubarak's overthrow, hundreds of thousands of Egyptians have turned out in Cairo's Tahrir Square and other cities to celebrate his downfall and send a message to the military that the people will not be ignored.

Demonstrators, some of whom have erected tents in Tahrir Square, greeted the news of Mr Shafiq's resignation with jubilation and relief. They applauded the armed forces for meeting their demands and chanted: "The people and the army are united."

The Council of the Protectors of the Revolution, a body of technocrats and political figures, welcomed Mr Sharaf as premier. But not everyone was as positive:

Hassan Nafaa, a political scientist at Cairo University who also actively campaigned against Mr Mubarak, said: "This is a change for the worse not for the better. Shafiq left but the one who has been installed has no political vision or anything to do with politics. There are other interests being secured that are thwarting change."

Mr Shafiq, an air force commander, has been tipped by one military source as a potential contender for the presidency in a forthcoming election. This would ensure the armed forces would have one of their own members in Egypt's top post.

Some analysts had suggested Mr Shafiq would resign well before a presidential election, expected in the second half of the year as part of reforms promised by the military, to provide a suitable gap for him to prepare for his bid for the presidency.

But one of Mr Shafiq's aides dismissed such an idea after today's resignation, saying he did not expect him to stand.

Activists had demanded a new line up of technocrats as ministers after 30 years of Mr Mubarak's rule. The cabinet will act as an interim government while Egypt holds a referendum on constitutional amendments in March, a parliamentary vote in June and a presidential election about six weeks after that.

A security source told Reuters: "The supreme military council had said publicly that the current government would be out before the parliamentary and presidential elections. Shafiq's resignation is part of that purging process."

Reform to the constitution will make it much easier for Egyptians to run for the presidency, removing requirements which made it almost impossible for anyone but the ruling party and representatives of weak opposition parties to field candidates.

Some opposition figures are concerned that a rush towards elections is not in the best interests of democratic change. Mr Mubarak's administration had suppressed opposition groups for decades and they say they need time to regroup.

They say only the Muslim Brotherhood, which was formally banned under Mr Mubarak, is in the position to mount an election campaign, though the group says it will not seek a majority in parliament or the presidency.

A quick election would also suit the remnants of the National Democratic Party, the ruling party which had dominated parliament under Mr Mubarak and whose headquarters on the bank of the Nile were burned down during the revolution.

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COMPANY PROFILE
Name: HyperSpace
 
Started: 2020
 
Founders: Alexander Heller, Rama Allen and Desi Gonzalez
 
Based: Dubai, UAE
 
Sector: Entertainment 
 
Number of staff: 210 
 
Investment raised: $75 million from investors including Galaxy Interactive, Riyadh Season, Sega Ventures and Apis Venture Partners
Citadel: Honey Bunny first episode

Directors: Raj & DK

Stars: Varun Dhawan, Samantha Ruth Prabhu, Kashvi Majmundar, Kay Kay Menon

Rating: 4/5

How to watch Ireland v Pakistan in UAE

When: The one-off Test starts on Friday, May 11
What time: Each day’s play is scheduled to start at 2pm UAE time.
TV: The match will be broadcast on OSN Sports Cricket HD. Subscribers to the channel can also stream the action live on OSN Play.

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Four reasons global stock markets are falling right now

There are many factors worrying investors right now and triggering a rush out of stock markets. Here are four of the biggest:

1. Rising US interest rates

The US Federal Reserve has increased interest rates three times this year in a bid to prevent its buoyant economy from overheating. They now stand at between 2 and 2.25 per cent and markets are pencilling in three more rises next year.

Kim Catechis, manager of the Legg Mason Martin Currie Global Emerging Markets Fund, says US inflation is rising and the Fed will continue to raise rates in 2019. “With inflationary pressures growing, an increasing number of corporates are guiding profitability expectations downwards for 2018 and 2019, citing the negative impact of rising costs.”

At the same time as rates are rising, central bankers in the US and Europe have been ending quantitative easing, bringing the era of cheap money to an end.

2. Stronger dollar

High US rates have driven up the value of the dollar and bond yields, and this is putting pressure on emerging market countries that took advantage of low interest rates to run up trillions in dollar-denominated debt. They have also suffered capital outflows as international investors have switched to the US, driving markets lower. Omar Negyal, portfolio manager of the JP Morgan Global Emerging Markets Income Trust, says this looks like a buying opportunity. “Despite short-term volatility we remain positive about long-term prospects and profitability for emerging markets.” 

3. Global trade war

Ritu Vohora, investment director at fund manager M&G, says markets fear that US President Donald Trump’s spat with China will escalate into a full-blown global trade war, with both sides suffering. “The US economy is robust enough to absorb higher input costs now, but this may not be the case as tariffs escalate. However, with a host of factors hitting investor sentiment, this is becoming a stock picker’s market.”

4. Eurozone uncertainty

Europe faces two challenges right now in the shape of Brexit and the new populist government in eurozone member Italy.

Chris Beauchamp, chief market analyst at IG, which has offices in Dubai, says the stand-off between between Rome and Brussels threatens to become much more serious. "As with Brexit, neither side appears willing to step back from the edge, threatening more trouble down the line.”

The European economy may also be slowing, Mr Beauchamp warns. “A four-year low in eurozone manufacturing confidence highlights the fact that producers see a bumpy road ahead, with US-EU trade talks remaining a major question-mark for exporters.”

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Bangladesh tour of Pakistan

January 24 – First T20, Lahore

January 25 – Second T20, Lahore

January 27 – Third T20, Lahore

February 7-11 – First Test, Rawalpindi

April 3 – One-off ODI, Karachi

April 5-9 – Second Test, Karachi

PLAY-OFF%20DRAW
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Company%20Profile
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Traits of Chinese zodiac animals

Tiger:independent, successful, volatile
Rat:witty, creative, charming
Ox:diligent, perseverent, conservative
Rabbit:gracious, considerate, sensitive
Dragon:prosperous, brave, rash
Snake:calm, thoughtful, stubborn
Horse:faithful, energetic, carefree
Sheep:easy-going, peacemaker, curious
Monkey:family-orientated, clever, playful
Rooster:honest, confident, pompous
Dog:loyal, kind, perfectionist
Boar:loving, tolerant, indulgent   

The five pillars of Islam

1. Fasting

2. Prayer

3. Hajj

4. Shahada

5. Zakat 

COMPANY%20PROFILE
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From Zero

Artist: Linkin Park

Label: Warner Records

Number of tracks: 11

Rating: 4/5

Wicked
Director: Jon M Chu
Stars: Cynthia Erivo, Ariana Grande, Jonathan Bailey
Rating: 4/5

World ranking (at month’s end)
Jan - 257
Feb - 198
Mar - 159
Apr - 161
May - 159
Jun – 162
Currently: 88

Year-end rank since turning pro
2016 - 279
2015 - 185
2014 - 143
2013 - 63
2012 - 384
2011 - 883

Players Selected for La Liga Trials

U18 Age Group
Name: Ahmed Salam (Malaga)
Position: Right Wing
Nationality: Jordanian

Name: Yahia Iraqi (Malaga)
Position: Left Wing
Nationality: Morocco

Name: Mohammed Bouherrafa (Almeria)
Position: Centre-Midfield
Nationality: French

Name: Mohammed Rajeh (Cadiz)
Position: Striker
Nationality: Jordanian

U16 Age Group
Name: Mehdi Elkhamlichi (Malaga)
Position: Lead Striker
Nationality: Morocco

SPEC%20SHEET
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The National Archives, Abu Dhabi

Founded over 50 years ago, the National Archives collects valuable historical material relating to the UAE, and is the oldest and richest archive relating to the Arabian Gulf.

Much of the material can be viewed on line at the Arabian Gulf Digital Archive - https://www.agda.ae/en

If you go
Where to stay: Courtyard by Marriott Titusville Kennedy Space Centre has unparalleled views of the Indian River. Alligators can be spotted from hotel room balconies, as can several rocket launch sites. The hotel also boasts cool space-themed decor.

When to go: Florida is best experienced during the winter months, from November to May, before the humidity kicks in.

How to get there: Emirates currently flies from Dubai to Orlando five times a week.
Company%20Profile
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Profile

Company: Justmop.com

Date started: December 2015

Founders: Kerem Kuyucu and Cagatay Ozcan

Sector: Technology and home services

Based: Jumeirah Lake Towers, Dubai

Size: 55 employees and 100,000 cleaning requests a month

Funding:  The company’s investors include Collective Spark, Faith Capital Holding, Oak Capital, VentureFriends, and 500 Startups. 

How to protect yourself when air quality drops

Install an air filter in your home.

Close your windows and turn on the AC.

Shower or bath after being outside.

Wear a face mask.

Stay indoors when conditions are particularly poor.

If driving, turn your engine off when stationary.

Zombieland: Double Tap

Director: Ruben Fleischer

Stars: Woody Harrelson, Jesse Eisenberg, Emma Stone

Four out of five stars 

Nayanthara: Beyond The Fairy Tale

Starring: Nayanthara, Vignesh Shivan, Radhika Sarathkumar, Nagarjuna Akkineni

Director: Amith Krishnan

Rating: 3.5/5

The Great Derangement: Climate Change and the Unthinkable
Amitav Ghosh, University of Chicago Press

Company%20profile
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Our legal columnist

Name: Yousef Al Bahar

Advocate at Al Bahar & Associate Advocates and Legal Consultants, established in 1994

Education: Mr Al Bahar was born in 1979 and graduated in 2008 from the Judicial Institute. He took after his father, who was one of the first Emirati lawyers

Electoral College Victory

Trump has so far secured 295 Electoral College votes, according to the Associated Press, exceeding the 270 needed to win. Only Nevada and Arizona remain to be called, and both swing states are leaning Republican. Trump swept all five remaining swing states, North Carolina, Georgia, Pennsylvania, Michigan and Wisconsin, sealing his path to victory and giving him a strong mandate. 

 

Popular Vote Tally

The count is ongoing, but Trump currently leads with nearly 51 per cent of the popular vote to Harris’s 47.6 per cent. Trump has over 72.2 million votes, while Harris trails with approximately 67.4 million.