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Middle Eastern debt costs rise sharply

Gavan Nolan of Markit believes that that the latest scenes from Cairo are making traders fear regional contagion The cost of insuring Egyptian government debt increased sharply today, in a sign that investors have grown more nervous about the ongoing crisis. Other Middle Eastern government debt also came under pressure, as the protests against president Hosni Mubarak entered a seventh day . The five-year Egypt credit default swap rose by 17 basis points to 445bp, according to data from Markit. This is close to its highest level since April 2009. This means it costs £445,000 to insure £10m of Egyptian debt. In comparison, the UK five-year credit default swap trades around 60bs, while Ireland’s CDS hit 600bp recently. Elsewhere, the Saudi Arabia CDS jumped by 29bp to 120bp, Bahrain rose by 28bp to 220bp, and Qatar gained 17bp to 110bp. The only faller in the region was Israel, down 1bp at 145bp. Gavan Nolan of Markit believes that that the latest scenes from Cairo are making traders more risk-averse. “Fears of contagion are increasing, as investors wonder if the events in Egypt will spread across the Arabian peninsula,” said Nolan. The Egyptian stock exchange was closed today, and officials said it will remain shuttomorrow too. Most banks in the country are also shut. The crisis has weighed on stock markets across the world , with Japan’s Nikkei falling overnight and the FTSE 100 down almost 1% in early trading today, although it clawed back some losses. By midday the FTSE 100 was 20 points lower at 5860. Market turmoil Economics Global economy Egypt Middle East guardian.co.uk

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Daily Kos: Ending Tax-Funded Abortions Means ‘Transition to American Taliban’ Is Complete

Following up on CBS worrying about Republicans satisfying the “conservative right wing ” on abortion: At the Daily Kos, Saturday's Open Thread by

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Tahrir Square remains centre of protests – in pictures

Thousands of Egyptian protesters remained camped out in central Cairo after demonstrations against the government

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Egypt’s museums must be defended | Jonathan Jones

Attacks on Cairo museums remind us that whatever happens in Egypt now, the key to its future lies in respecting its past In such tumultuous days for modern Egypt , does it matter what happens to the legacy of ancient Egypt? The answer surely has to be yes. There is no defence for the criminal acts of whoever damaged artefacts in the Egyptian Museum in Cairo , nor should it be seen as somehow detracting from the democratic cause to stress the world importance of these relics. I will confine myself to pointing out why this museum matters so much. This central Cairo museum houses the greatest collection of ancient Egyptian art and antiquities in the world. This is something of a miracle, given that from the time of Napoleon onwards Europeans tried to get hold of as much Egyptian treasure as possible. Colossal statues were dragged on to ships, mummy cases became must-have curios. The reason so many great objects stayed in Egypt is that idealists fought to keep them in the country – and modern Egypt maintains its heritage supremely well. An attack on the Cairo collection is therefore an attack on today’s Egypt, as well as that of Rameses the Great. The museum in Cairo holds innumerable masterpieces including the death mask and tomb treasures of Tutankhamun , the mannerist experimental art of the age of Akhenaten , and many profoundly moving sculpted portraits, wall paintings, and mummies. According to reports, two mummies have been ruined. The worrying question is which mummies, for at the heart of this museum is a collection of resin-coated bodies removed from the tombs in the Valley of the Kings. These are, as they say in Sicily, excellent cadavers – the mummies of some of ancient Egypt’s greatest rulers. In a fuller – and very personal – account that Egypt’s great archaeologist Zahi Hawass posted on his website yesterday, he says the 10 looters even damaged one of the fabulous objects from Tutankhamun’s tomb. He also says he has had worrying reports from other sites, but also that young archaeologists and others are volunteering to give their lives to protect their country’s unrivalled heritage of beauty and history. But the fact is that nothing in the Egyptian Museum is ordinary or dull. It is one of the most magical collections on Earth. No damage to its collections can be considered slight, or dismissed as trivial – even when compared with the great events happening outside. Whatever happens in Egypt now, the precious human inheritance of its ancient past must be defended. Rationalise the destruction of history and you will be amazed at what you rationalise next. Museums Egypt Middle East Protest Jonathan Jones guardian.co.uk

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In Egypt, we are fearful but not cowed | Amira Nowaira

Egypt’s desperate regime is sending message of terror to the people: either Mubarak or the deep blue sea After six days of unprecedented protests, Hosni Mubarak and his regime still refuse to go . The fig leaf covering this regime has finally fallen, revealing the ugly naked truth. It is a regime that has worked solely and exclusively for its own survival. The events of the past days show that it is ready to burn the whole country if necessary. Friday 28 January will always be remembered as one of the worst days in Egypt’s history as protesters went in their thousands on to the streets across the country, calling for an end to the whole regime. Security forces lashed out against them more ruthlessly than ever before, using lethal weapons and so much teargas that many people inside neighbouring houses choked. They shot indiscriminately with rubber bullets and, some say, with live ammunition. By the afternoon security forces were no longer able to contain the rising tide of protesters. They suddenly withdrew from the scenes of protest leaving security for the army to take over. The following hours saw a complete absence of security on the Egyptian streets. Some buildings, including the National Democratic party headquarters in Cairo, were set alight. The fire department was nowhere to be seen and the fires everywhere were left to rage on as though it had been given orders not to budge. Mubarak did not speak to the people except late on Friday night after the security situation had already deteriorated. When he gave his statement he didn’t announce that he was stepping down as the protesters were insisting. Instead, he decided to form a new government with the same old figures. Mubarak gave no indication that he understood the message. Throughout Saturday protests continued everywhere. Demonstrators showed that they did not accept the offer made by Mubarak the night before. Nothing less than complete regime change would satisfy them. On Saturday morning, I went out to buy some essential foodstuffs. On the streets of Alexandria, no traffic police were anywhere to be seen. Some local young men volunteered to stand at important junctions to organise the traffic. I was really surprised at how orderly motorists were behaving. They followed the instructions of the volunteers and gave way to other motorists – something I haven’t often observed before. At Carrefour supermarket I could not use my Visa card because the internet was not working – just another side-effect of the total media blackout imposed in Egypt. In the early afternoon there were worrying reports of armed gangs and thugs roaming the streets of Alexandria, as elsewhere in the country, and attacking people in their homes. Through the loudspeaker of the local mosque, which had never before been used for anything other than the call for prayers, the imam began to urge the young men of the neighbourhood to go down to the streets to protect their homes and families. My friends in other areas reported the same. Were the imams perhaps tipped by the regime to make these calls in order to create a sense of insecurity and fear in people? Was it a ploy to keep all young men on the streets standing guard all night and too tired in the morning to join the demonstrations? Although difficult to ascertain now, such a scenario is not as far-fetched as it may seem. What is certain, however, is that the response to the imams’ invitations was instantaneous. A few men from my building and the adjacent ones went down carrying clubs and sticks to ward off any trespassers. A friend of mine called in total panic. “The waterworks have been hit,” she said. “The water supply will be cut off.” I ran to store some water. I already feel I am in a war zone. The landline phone didn’t stop ringing. Friends and family relayed the same message: gangs were attacking and terrorising people throughout the neighbourhood. I heard with horror that dangerous prisoners were released from prisons all over the country and were let loose on the streets. They carried various types of weapons and even automatic guns. Systematic and methodical looting and burning were reported throughout the country, carried out by thugs affiliated to the security forces of the ministry of interior. The popular committees formed to maintain peace and security arrested some of these thugs and discovered that they carried police identity cards. Many of them were what is called “secret police”. So this was the regime’s infernal security apparatus let loose on the people of Egypt. We locked our door as securely as we possibly could. We also pushed a chest of drawers against it as an extra precaution against a possible attack, although we realised that no wooden door and no chest of drawers would stand the attack of automatic guns. We locked the kitchen door to create another barrier in case they came through it. The young men standing guard in front of our building kept watch through the night. I heard gunshots in the distance, although it was difficult to make out whether they were fired by the thugs or the people of the neighbourhood. I felt my blood pressure rising by the minute and my palpitating heart going haywire. I stayed with my family cooped up in front of our television screen throughout the evening. We have no internet and text messaging has been disabled. We are virtually cut off from the rest of the world. My nephew has a start-up company in the field of IT that depends entirely on the internet. He is in total distress. “I am going bankrupt,” he says. So this is the regime’s message of terror to the people: either Mubarak or the deep blue sea. It is becoming clearer by the minute that the regime is fighting for its life and will do whatever it takes to enforce submission, either by cutting off all our means of communication or, if necessary, by stopping the air we breathe. Egypt has turned into a huge prison-house. I remember always George Orwell’s 1984 and Room 101 where dissidents are tortured into submissiveness. I feel that we are already in that room, with rats and unimaginable horrors attacking us. Will we end up crying out “We love you, Big Brother”? I doubt it. Egypt Middle East Protest Amira Nowaira guardian.co.uk

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Egypt protests: an interative map

Protests continue in Cairo and other towns as the police are ordered back onto the streets Christine Oliver

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Mohamed ElBaradei addresses protesters in Egypt – video

Opposition leader addresses crowds in Cairo on Sunday as Egyptians continue mass protests against the rule of President Hosni Mubarak

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Opposition leader back in Tunisia

The leader of al-Nahda, a previosuly banned party in Tunisia, is back in the country after 22 years in exile. Hundreds of people were at the main airport in Tunis to welcome Rachid Ghannouchi as he arrived from London on Sunday. Al Jazeera’s Hashem Ahelbarra reports from Tunis.

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Faces of China – The travelling court

http://www.youtube.com/v/v147XXAqufg?f=user_uploads&app=youtube_gdata Go here to see the original: Faces of China – The travelling court

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Mohamed Bin Hammam interview

The most powerful man in Asian football tells Al Jazeera that “FIFA and the World Cup could be killed” if the Qatar 2022 tournament is moved to the winter. Mohamed Bin Hammam also called for “fresh blood” at the world governing body, and said that FIFA president Sepp Blatter was no longer able to defend the organisation. Andy Richardson reports

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