Posts Tagged ‘Hosni Mubarak’

Mubarak is still in Egypt

March 5, 2011

Though there have been reports that Former President Hosni Mubarak is in Saudi Arabia and undergoing chemotherapy for colon cancer, it seems that he and his family are still in Egypt.

Hosni Mubarak

Egypt’s ousted strongman Hosni Mubarak is at his residence in the Red Sea resort of Sharm El-Sheikh, a spokesman for the chief prosecutor’s office told al-Ahram daily on Friday, dismissing reports that Mubarak was in Saudi Arabia. “The deposed president and his family are still in Sharm El-Sheikh,” Egypt’s chief prosecutor’s office spokesman Abdel al-Said told al-Ahram.

Egypt on Monday imposed a travel ban on Mubarak and his family while prosecutors probed complaints about their wealth, estimated by Arabic media reports at up to 70 billion euros. The public prosecutor froze the bank accounts and assets of Mubarak and his family after complaints they acquired their alleged vast wealth through illegal means, the prosecutor’s office said.

The Egyptian Embassy in Riyadh has also denied reports that he was in Saudi Arabia.

Oil price drops as Mubarak steps down – will Saudi Arabia follow?

February 12, 2011

We are in for a period with very volatile oil prices as the Middle East enters the age of “people power”. It is quite unlikely that this wave of popular “revolt” will stop with Tunisia and Egypt. Yemen is already showing signs and Libya, Algeria, Morocco, Jordan and the Gulf States are all regimes with a potential for revolution. Saudi Arabia is the big one though for oil price.

But the events in Egypt with no clear political leader and with no retaliatory violence to deliberate provocation are both amazing and encouraging. There is a widespread political maturity that is quite fantastic after 30 years of authoritarian rule.

The Hindu reports:

Besides Egyptian President Hosni Mubarak’s stepping down, the rising dollar index and rally of U.S. stocks triggered oil selling and sent the price to a 10-week low. …

… Light, sweet crude for March delivery dropped 1.15 dollars to 85.58 dollars a barrel on the New York Mercantile Exchange, its lowest settlement since Nov. 30, 2010. The crude oil price went up and down following Egypt’s fears and joys. The commodity had experienced an approximately 6 percent price increase since the crisis began on Jan. 25. Much of that move pertained to the uncertainty surrounding the leadership of Egypt. Although Egypt is not a main oil producer, it controls the Suez Canal, which is an important transportation route for oil from the Middle East.


The short term consequences for oil price when (and it has to be “when” and not “if”) the Saudis finally dismantle the anachronistic regime they have cannot be predicted. But the long-term consequences will probably be a reduction of the base price.

The key is when. It is also amazing in this information and “spying” dominated world that the entire intelligence community had no inkling  of what was coming in Tunisia and Egypt. Information was probably available but clearly no one made the correct analysis or drew the right conclusions.

The message of the shoes is clear

February 2, 2011

The mood of the demonstrators in Cairo is captured by the waving shoes in Tahrir Square as Mubarak announces he will not stand again — far too little, much too late.

The political message of shoe throwing or waving is quite unambiguous.

The shoes are out in Tahrir Square: image i.huffpost.com

In the meantime the duplicitous and corrupt Tony Blair praises Mubarak and reveals his view of democracy – “Democracy is Ok provided I like the result” !!!!!

“Blair said that meant there should not be a rush to elections in Egypt.”

It is incomprehensible for me that a corrupt and intellectually bankrupt lightweight such as Tony Blair with all his demonstrated failings could be “rewarded” by being made an envoy to the Middle East.

 


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