Egypt counts cost of turmoil
Egyptians counted
the economic cost of more than two weeks of turmoil on Wednesday as
protesters on Cairo’s Tahrir Square looked ahead to their next big push
to oust President Hosni Mubarak later in the week.
A day after
Egyptians staged one of their biggest protests in the capital; Tahrir
Square remained crowded although no demonstration had been scheduled.
Protesters said the
organisers were working on plans to move on to the state radio and
television building on Friday, the day of the next big scheduled
demonstration. “I think people outside will make crowds outside the
radio and television … President Mubarak will fall soon, in three or
four days,” said Mohamed Sadik, a Cairo engineer.
The television
building, surrounded by armoured army vehicles, is on the Nile about
one kilometre north of Tahrir Square. Protestors said they might also
try to spread towards the two houses of parliament which are also
nearby.
“Bulwark against militant Islam”
Security sources
said a protester was killed and several suffered gunshot wounds in
clashes with police in a desert province far from Cairo on Tuesday and
Wednesday, the first serious confrontation since the “Day of Wrath” on
January 28 led to the army’s deployment on the streets. With Mr Mubarak
refusing to step down before his term ends in September, the government
has tried to portray itself as a bulwark against militant Islam and
called for a return to normality for the sake of the economy.
In Berlin, German
Foreign Minister Guido Westerwelle called on the Egyptian government to
end emergency law and implement more political reform, echoing comments
made by U.S. Vice President Joe Biden on Tuesday. The Obama
administration appears worried that Mr Mubarak’s government will not
make meaningful changes in the most populous Arab nation, a strategic
U.S. partner due to its peace treaty with Israel and control of the
Suez Canal. Vice President Omar Suleiman, who has been holding talks
with opposition groups, has said there was now a road map to hand over
power, but protesters have been unmoved by the plan.
A constitutional
committee, appointed by Mr Mubarak, has agreed on six articles that
should be amended and said further articles could also be changed, the
official news agency reported. The articles including those governing
presidential elections and terms of office. Government attempts to
defuse the public anger which erupted on January 25 have fallen flat
and the economy is suffering. “We cannot bear this situation for a long
time and we must end this crisis as soon as possible,” Mr Suleiman said
on Tuesday.
Analysts at Credit
Agricole Bank estimate the crisis is costing Egypt $310 million a day.
Ezzsteel, Egypt’s largest steel maker reported its plants were
operating below full capacity but said an investigation involving its
chairman, who had held a senior position in Mr Mubarak’s party, would
not affect company activity.
Chairman, Ahmed Ezz
denied allegations about vote rigging in parliamentary elections last
November. In Oslo, Statoil ASA said it was no longer drilling in Egypt.
The Suez Canal, a vital source of foreign currency, reported a 1.6
percent drop in revenue in January from December. But revenue was up
from a year earlier, and officials have said operations have been
unaffected by the turmoil.
Likewise, a feared
collapse in the Egyptian pound has failed to materialise although the
authorities have acted in support. The central Bank said on Wednesday
it was prepared to intervene directly in the currency market again
after an intervention on Tuesday.
“We will intervene
when we see the market is not orderly. If it is not, we will use our
tools,” Deputy Governor Hisham Ramez told Reuters, saying the market so
far was quiet and orderly. The Egyptian pound slipped slightly in early
trade after the central bank had stepped in to boost it by more than 1
percent on Tuesday when it hit a six-year low.
Death in the desert
Three protesters
died when security forces clashed with a crowd of around 3,000 in New
Valley, a province about 500 km from Cairo that includes a desert oasis.
It appeared to be
the first serious clash since January 28, when police all but
disappeared from Egyptian streets after they had beaten, tear-gassed
and fired rubber bullets at protesters.
Mr Mubarak sent the
army onto the streets that night, but several days of looting and
lawlessness followed the withdrawal of police and many prisoners
escaped from prison. Al Qaeda’s Iraq-based arm, the Islamic State of
Iraq (ISI), attacked the Egyptian government for failing to implement
strict Islamic law, and said it was better for Muslims to die fighting
their government rather than live under its rule.
It called on Egyptian Muslims to free all prisoners from their
nation’s jails after Mr Suleiman said on Tuesday that militants linked
to Al Qaeda were among the thousands who escaped from jails.