CAIRO // The Egyptian president, Hosni Mubarak, yesterday approved a 15 per cent pay rise for six million government employees.
The move comes after the regime failed to make progress in landmark talks with Islamists, and with opposition leaders continuing to demand that he leave office immediately.
The decision, made during the first full meeting of Mr Mubarak's newly formed cabinet, appeared to be an attempt to shore up his support base and defuse popular anger as tens of thousands of anti-regime protesters remain barricaded in Tahrir Square demanding that he end his 30-year presidency.
Announcing the pay rises, the newly appointed finance minister Samir Radwan said about 6.5 billion Egyptian pounds (Dh4bn) would be allocated to cover the salary and pension increases, which would take effect in April.
Public-sector employees have been a pillar of support for the regime, but their salaries have stagnated in value in recent years as prices have soared, forcing the government to periodically announce raises to quell dissatisfaction.
Mr Mubarak has also ordered the country's parliament and its highest appellate court to enforce lower-court rulings disqualifying hundreds of ruling party politicians from office for campaign and ballot irregularities. The rulings were ignored by electoral officials, and enforcing them may pave the way for new elections.
The ruling National Democratic Party (NDP) won more than 83 per cent of the 518 seats in last year's parliamentary elections, which were widely condemned as rigged.
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EGYPT'S TWO WEEKS OF TURMOIL
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The regime appears confident in its ability, for the moment at least, to ride out the unprecedented storm of unrest, but it has made a number of moves in response to protesters' demands.
The Egyptian vice-president, Omar Suleiman, met several major opposition groups including the outlawed Muslim Brotherhood for the first time on Sunday, and offered new concessions including freedom of the press, the release of those detained during the protests and the eventual lifting of the country's hated emergency laws.
Opposition figures reported little progress in the talks.
Judicial officials also promised to start the questioning today of three former ministers and a senior ruling party official accused of corruption, after they were dismissed by Mr Mubarak last week. The cabinet reshuffle was intended to placate protesters by removing some of the most hated officials in the government.
The former tourism minister, Zuhair Garanah, will be questioned along with the former ministers of housing and trade. The country's top prosecutor has imposed a travel ban on the former interior minister, Habib al Adli, and frozen his bank account.
Mr Mubarak's gestures have done little so far to persuade the masses occupying the city-centre square to end their two-week protest, which may have claimed at least 300 lives, according to the UN, leaving the two sides in an uneasy stalemate.
"We don't trust him … he's made many promises in the past," said Salih Abdel Aziz, an engineer with a public-sector company. "He could raise salaries by 65 per cent and we wouldn't believe him. As long as Mubarak is in charge, then all of these are brittle decisions that can break at any moment."
Keen to get traffic moving again around Tahrir Square, the army tried early yesterday to squeeze the area that the protesters have occupied, but overnight campers rushed out of their tents to surround soldiers attempting to corral them.
Wary of the army's effort to gain ground, dozens of protesters had slept inside the tracks of the army vehicles. The powerful army's role in the next weeks is considered critical to the future of Egypt.
"The army is getting restless, and so are the protesters. The army wants to squeeze us into a small circle in the middle of the square to get the traffic moving again," said another protester, Mohammed Shalaby, 27.
A curfew in Cairo, Alexandra and Suez was also shortened yesterday to between 8pm and 6am, cutting the restriction by an hour.
Egypt's government tried to get the country back to normal when the working week began on Sunday. Banks reopened after a week-long closure with queues of customers accessing accounts, but the hours, and withdrawals, were limited. Schools remained closed.
Many Egyptians, including those who took part in nationwide demonstrations last week, are keen to get back to work and are worried about the effects of the crisis on stability, the economy and the important tourism sector.
For the 82-year-old Mr Mubarak, there has also been scant relief in western capitals, where he was once hailed as a close ally and bulwark of Middle East stability.
The US president Barack Obama said yesterday that Egypt had changed for ever since its street revolt broke out on January 25, although he stopped short of urging Mr Mubarak to quit immediately.
"Egypt is not going to go back to what it was," Mr Obama said in an interview on US television. "The Egyptian people want freedom, they want free and fair elections, they want a representative government, they want a responsive government."
While Mr Mubarak had been a "good partner" for the US in keeping peace with Israel and on antiterrorism, the time was "now" for a new government, Mr Obama said.
He would not predict whether Mr Mubarak would step down, saying "only he knows what he's going to do".
* with reporting by agencies
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.
Cryopreservation: A timeline
- Keyhole surgery under general anaesthetic
- Ovarian tissue surgically removed
- Tissue processed in a high-tech facility
- Tissue re-implanted at a time of the patient’s choosing
- Full hormone production regained within 4-6 months
GREATEST ROYAL RUMBLE CARD
The line-up as it stands for the Greatest Royal Rumble in Saudi Arabia on April 27
50-man Royal Rumble
Universal Championship
Brock Lesnar (champion) v Roman Reigns
Casket match
The Undertaker v Rusev
Intercontinental Championship
Seth Rollins (champion) v The Miz v Finn Balor v Samoa Joe
SmackDown Tag Team Championship
The Bludgeon Brothers v The Usos
Raw Tag Team Championship
Sheamus and Cesaro v Bray Wyatt and Matt Hardy
United States Championship
Jeff Hardy (champion) v Jinder Mahal
Singles match
Triple H v John Cena
To be confirmed
AJ Styles will defend his WWE World Heavyweight title and Cedric Alexander his Cruiserweight Championship, but matches have yet to be announced
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.
COMPANY%20PROFILE%20
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The%20specs
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FIGHT CARD
Fights start from 6pm Friday, January 31
Catchweight 82kg
Piotr Kuberski (POL) v Ahmed Saeb (IRQ)
Women’s bantamweight
Cornelia Holm (SWE) v Corinne Laframboise (CAN)
Welterweight
Omar Hussein (JOR) v Vitalii Stoian (UKR)
Welterweight
Josh Togo (LEB) v Ali Dyusenov (UZB)
Flyweight
Isaac Pimentel (BRA) v Delfin Nawen (PHI)
Catchweight 80kg
Seb Eubank (GBR) v Mohamed El Mokadem (EGY)
Lightweight
Mohammad Yahya (UAE) v Ramadan Noaman (EGY)
Lightweight
Alan Omer (GER) v Reydon Romero (PHI)
Welterweight
Ahmed Labban (LEB) v Juho Valamaa (FIN)
Featherweight
Elias Boudegzdame (ALG) v Austin Arnett (USA)
Super heavyweight
Roman Wehbe (LEB) v Maciej Sosnowski (POL)
The Sand Castle
Director: Matty Brown
Stars: Nadine Labaki, Ziad Bakri, Zain Al Rafeea, Riman Al Rafeea
Rating: 2.5/5
COMPANY%20PROFILE
%3Cp%3E%3Cstrong%3ECompany%20name%3A%3C%2Fstrong%3E%20Revibe%20%0D%3Cbr%3E%3Cstrong%3EStarted%3A%3C%2Fstrong%3E%202022%0D%3Cbr%3E%3Cstrong%3EFounders%3A%3C%2Fstrong%3E%20Hamza%20Iraqui%20and%20Abdessamad%20Ben%20Zakour%20%0D%3Cbr%3E%3Cstrong%3EBased%3A%3C%2Fstrong%3E%20UAE%20%0D%3Cbr%3E%3Cstrong%3EIndustry%3A%3C%2Fstrong%3E%20Refurbished%20electronics%20%0D%3Cbr%3E%3Cstrong%3EFunds%20raised%20so%20far%3A%3C%2Fstrong%3E%20%2410m%20%0D%3Cbr%3E%3Cstrong%3EInvestors%3A%20%3C%2Fstrong%3EFlat6Labs%2C%20Resonance%20and%20various%20others%0D%3C%2Fp%3E%0A
Formula Middle East Calendar (Formula Regional and Formula 4)
Round 1: January 17-19, Yas Marina Circuit – Abu Dhabi
Round 2: January 22-23, Yas Marina Circuit – Abu Dhabi
Round 3: February 7-9, Dubai Autodrome – Dubai
Round 4: February 14-16, Yas Marina Circuit – Abu Dhabi
Round 5: February 25-27, Jeddah Corniche Circuit – Saudi Arabia
Guide to intelligent investing
Investing success often hinges on discipline and perspective. As markets fluctuate, remember these guiding principles:
- Stay invested: Time in the market, not timing the market, is critical to long-term gains.
- Rational thinking: Breathe and avoid emotional decision-making; let logic and planning guide your actions.
- Strategic patience: Understand why you’re investing and allow time for your strategies to unfold.
The specs
Engine: 1.5-litre 4-cylinder petrol
Power: 154bhp
Torque: 250Nm
Transmission: 7-speed automatic with 8-speed sports option
Price: From Dh79,600
On sale: Now
Vidaamuyarchi
Director: Magizh Thirumeni
Stars: Ajith Kumar, Arjun Sarja, Trisha Krishnan, Regina Cassandra
Rating: 4/5
Tributes from the UAE's personal finance community
• Sebastien Aguilar, who heads SimplyFI.org, a non-profit community where people learn to invest Bogleheads’ style
“It is thanks to Jack Bogle’s work that this community exists and thanks to his work that many investors now get the full benefits of long term, buy and hold stock market investing.
Compared to the industry, investing using the common sense approach of a Boglehead saves a lot in costs and guarantees higher returns than the average actively managed fund over the long term.
From a personal perspective, learning how to invest using Bogle’s approach was a turning point in my life. I quickly realised there was no point chasing returns and paying expensive advisers or platforms. Once money is taken care off, you can work on what truly matters, such as family, relationships or other projects. I owe Jack Bogle for that.”
• Sam Instone, director of financial advisory firm AES International
"Thought to have saved investors over a trillion dollars, Jack Bogle’s ideas truly changed the way the world invests. Shaped by his own personal experiences, his philosophy and basic rules for investors challenged the status quo of a self-interested global industry and eventually prevailed. Loathed by many big companies and commission-driven salespeople, he has transformed the way well-informed investors and professional advisers make decisions."
• Demos Kyprianou, a board member of SimplyFI.org
"Jack Bogle for me was a rebel, a revolutionary who changed the industry and gave the little guy like me, a chance. He was also a mentor who inspired me to take the leap and take control of my own finances."
• Steve Cronin, founder of DeadSimpleSaving.com
"Obsessed with reducing fees, Jack Bogle structured Vanguard to be owned by its clients – that way the priority would be fee minimisation for clients rather than profit maximisation for the company.
His real gift to us has been the ability to invest in the stock market (buy and hold for the long term) rather than be forced to speculate (try to make profits in the shorter term) or even worse have others speculate on our behalf.
Bogle has given countless investors the ability to get on with their life while growing their wealth in the background as fast as possible. The Financial Independence movement would barely exist without this."
• Zach Holz, who blogs about financial independence at The Happiest Teacher
"Jack Bogle was one of the greatest forces for wealth democratisation the world has ever seen. He allowed people a way to be free from the parasitical "financial advisers" whose only real concern are the fat fees they get from selling you over-complicated "products" that have caused millions of people all around the world real harm.”
• Tuan Phan, a board member of SimplyFI.org
"In an industry that’s synonymous with greed, Jack Bogle was a lone wolf, swimming against the tide. When others were incentivised to enrich themselves, he stood by the ‘fiduciary’ standard – something that is badly needed in the financial industry of the UAE."
Dates for the diary
To mark Bodytree’s 10th anniversary, the coming season will be filled with celebratory activities:
- September 21 Anyone interested in becoming a certified yoga instructor can sign up for a 250-hour course in Yoga Teacher Training with Jacquelene Sadek. It begins on September 21 and will take place over the course of six weekends.
- October 18 to 21 International yoga instructor, Yogi Nora, will be visiting Bodytree and offering classes.
- October 26 to November 4 International pilates instructor Courtney Miller will be on hand at the studio, offering classes.
- November 9 Bodytree is hosting a party to celebrate turning 10, and everyone is invited. Expect a day full of free classes on the grounds of the studio.
- December 11 Yogeswari, an advanced certified Jivamukti teacher, will be visiting the studio.
- February 2, 2018 Bodytree will host its 4th annual yoga market.
The%20specs
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COMPANY PROFILE
Name: Almnssa
Started: August 2020
Founder: Areej Selmi
Based: Gaza
Sectors: Internet, e-commerce
Investments: Grants/private funding
MATCH INFO
Uefa Champions League semi-final, first leg
Bayern Munich v Real Madrid
When: April 25, 10.45pm kick-off (UAE)
Where: Allianz Arena, Munich
Live: BeIN Sports HD
Second leg: May 1, Santiago Bernabeu, Madrid