Hosni Mubarak Wealth

Hosni Mubarak Wealth, Switzerland froze all assets belonging to Hosni Mubarak and his family, which could amount to hundreds of millions, the government announced.

The move came as the former president was reported to have flown to the resort of Sharm el-Sheikh, where he has chaired summits, and entertained his guests enjoyed the winter sun far from the crowd.

Mr. Mubarak said in his maiden speech during the revolt, on February 1 that he would not leave his country, pledging to “die on the soil of Egypt and be judged by history”.

Within hours of the announcement that Hosni Mubarak had in fact resigned from his post as president of Egypt, it was reported that the Swiss government intervened to protect what might be ill-gotten gains.

The Federal Department of Foreign Affairs issued a statement: “The government [] intends thereby to avoid misappropriation of the Egyptian state,” the statement read “At the same time, the firm calls the authorities in Egypt for comply with the legitimate demands of the Egyptian population in a timely, credible, transparent and participatory. ”

It was a move that was expected after an earlier move by the Swiss finance minister, who asked his bank to verify that the deposits were indeed in the country and the extent of them.

Exactly how to define what is state property or what is legitimately on behalf of Mubarak, his family and inner circle is clear at this time. While it is well known that Swiss banks could hold the bulk of the assets, estimated at up to 70 billion, but there are many commercial businesses and properties in countries around the world.

There are properties on behalf Mubarak in London, New York, Los Angeles and even Rodeo Drive in Beverly Hills, California. Two Mubarak’s son, Gamal and Alaa are billionaires in their own name.

(AP) – The resignation of President Hosni Mubarak has offered new hope for a rebound in investor confidence battered by Egypt, with the cost of insurance against sovereign debt of countries retreating sharply. Analysts and economists warn that other issues remain, as the pace of reform and what role the military plays.

Vice-President, Omar Suleiman, who said Mubarak was to hand control of the country to the army, made Friday’s announcement. Mubarak exit marked the apparent end of the crisis nearly three weeks; many feared would descend into violence and paralyze the country politically and economically.

“It’s definitely a move in the right direction,” said John Sfakianakis, chief economist at the Riyadh, Saudi Arabia-based Banque Saudi Fransi. “But what we still do not know exactly the direction we take or the steps to get there.”

In an indication of easing the anxiety of investors, the country’s five-year credit default swaps fell 24 basis points to 313 basis points, according to data from CMA. Meanwhile, the vectors Egypt Index ETF market – which allows investors to invest in Egyptian stocks – rose about 4.3 percent to 18.52. He had reached nearly 6.7 percent in the minutes following the announcement of the resignation.

But many questions remain about the next steps, and if the president’s resignation would be enough to appease the millions of people whose applications included the dismantling of the entire regime.

Wael Ziada, director of research at Cairo-based Egyptian, Middle Eastern investment bank EFG-Hermes, said the news should help “restore trust, because it means that the country is approaching a more or less stable. ”

But, he said, “We need to know how the army will be the decision of the next period.”

The announcement was rare good news for millions in a country that saw the economy to a standstill in the first week of events.

As banks closed, businesses were closed and lawlessness broke out, tensions built up over the last 18 days in an outpouring of vitriol directed against showing a man who had ruled Egypt for nearly 30 years. The banks reopened, though spared a fear-panic investors withdraw their money.

Mubarak Stepping Down

Mubarak Stepping Down, (AP) – The mood in Tahrir Square, was exultant. Finally, the demonstrators thought, their historical moment had come: President Hosni Mubarak was about to quit. Then the euphoria turned to fury. As Mubarak began to speak on television Thursday night, his voice echoes on loudspeakers audio and mobile radios, the words of the huge crowd expected never came.

The discomfort turned to head-shaking disbelief and mutterings of disgust. Then anger surged, and tears of frustration fell. Mubarak did not resign. Even before he finished speaking, people were booing and chanting “Go away!” and “We’re not happy!” while waving their shoes in the air, the plant facing a large outdoor screen that speech the president of notes behind a podium.

Gesturing with shoes is a grave insult in the Arab world. But is the crowd who felt insulted, cheated, their expectations shattered after a day of conflicting reports on what was to come in the Egyptian crisis.

One of the rumors fueled in part by a military statement that the protesters’ demands are met, is that Mr. Mubarak would resign. Instead, he handed power to his vice president and promised reforms, including repeal of emergency laws hated.

He said he was “categorically to continue to assume my responsibility to protect the constitution and safeguard the interests of the people” and vowed he would stay in the country.

The numbers of Egyptians who oppose him, though, see no real reform is possible as long as Mubarak remains in office. They said they would stage more protests, and some have even called for the army to oust him. The BBC reports, “in accordance with Article 84 of the Egyptian Constitution, if the president steps down, the speaker of the People’s Assembly shall temporarily assume the presidency. Second, a new president must be chosen in a maximum period of 60 days from the date of the vacancy of the presidential office. It is not clear whether this applies if the Supreme Military Council is in charge of the affairs of the nation. “The next 24 hours and the weekend that followed will be a time to ease tensions in Cairo, demonstrators returned to their homes and a power struggle begins to take place. The short-term outlook, however, is still fluid and unpredictable.

What is Going on in Egypt

What is Going on in Egypt, Communication is in many ways the most powerful tool available to both entrenched power and pushy. However control of the communications tends to be firmly in the hands of the former. Example: According to reports on the Internet for days, the Egyptian government has been blocking access within its borders to social networks, including Twitter and Facebook.

Over the past two days, about 20,000 demonstrators in Egypt, inspired by the recent protests against the corruption of the Tunisian government, marched to the end of the dictatorship of 30 years to 82 years, President Hosni Mubarak in cities including Alexandria, Suez and North Sinai. Demonstrators hold regime largely responsible for the poverty of the country, high food prices, corruption and mismanagement of the Mubarak government.

“Down with Hosni Mubarak, down with the tyrant,” they reportedly chanted. “We do not want you.”

Many protesters were met by measures such as riot control tear gas guns and water: 860 people have been arrested so far and at least three were killed on both sides of the event: Two protesters were fatally injured by rubber bullets and a policeman was hit in the head.

As part of its strategy to quash the protests, the government has blocked local access first to Twitter, Facebook, and then hours later when a certain extent, the demonstrations were organized in advance.

“We can confirm that Twitter has been blocked in Egypt around 8:00 PT today,” the company tweeted @ twitterglobalpr handle. “It has an impact on applications Twitter.com @. … We believe that free trade benefits of views info & & Govt helps companies communicate better w / their people.”

The power of Facebook users declined Egyptian requests for posting that called, among other things, Mubarak and the resignations of Prime Minister Ahmed Nazif, the dissolution of parliament of the country, and the subsequent creation of a new government. The block also affected access to pages like “We’re all,” said Khaled, “inspired by the death of an Egyptian man allegedly tortured and killed by a police Alexandria. Reported by TechCrunch as a major contributor to online mobilization events, the page has 18,200-plus fans and features continuously updated with photos and video. (In fact, as of the publication, the page reported that the local mobile operator Vodafone Egypt was ordered by the government to also block Gmail, Google Chat (GOOG), and access to other sites not specified.)

(AP) – Tunisia is the new foreign minister says his country is not going to lecture on what the Egyptians to their countries should be taken following protests this week against the government.

The two Arab countries are different and each must make their own way, Ounaies Ahmed told The Associated Press in an interview Saturday. Tunisia protests toppled longtime autocratic leader country two weeks ago, while Egypt is in chaos amid protests against the government’s largest ever faced by the regime of President Hosni Mubarak.

“It belongs to the Egyptian people to decide their present and future for themselves,” Ounaies, a career diplomat and a political independent, said. “We will not decide for them or give them lessons.”

Violent protests in Tunisia led to the ouster of President Zine El Abidine Ben Ali, who fled to Saudi Arabia on Jan. 14 after 23 years in power. Ounaies, a political independent, was appointed to the interim government Thursday in a reorganization that has declined most of the old guard Ben Ali to the lineup.

Only three ministers in the current interim government have roots in the party of Ali Ben RCD, compared to 10 in the previous short-lived Cabinet that was formed shortly after the ouster of Bin Ali. The protesters continued even after the departure of Ben Ali, protesters angry that the old guard had retained positions of power.

The agitation has subsided, but has not entirely disappeared. After sunset, hundreds of young people clashed with police in the capital, throwing stones. Police responded with tear gas.

Egypt, Obama

Egypt, (AFP) – The administration of President Barack Obama on Friday expressed “deep concern” by the unrest in the U.S. ally Egypt has urged Cairo to prevent its security forces and embark on immediate reform.

The wave of popular anger that has produced a fourth day of violent mass protests has riveted the attention of the president, who is kept informed of events of each day of multiple briefings, the White House.

Instead of everyday memory of President, Obama received a 40-minute presentation on the situation in Egypt’s National Security Advisor Tom Donilon and other members of his national security team, the White House press secretary, Tommy Vietor said.

They included John Brennan, Assistant to the President for Homeland Security and the fight against t*rror*sm, and Robert Cardillo, deputy director of national intelligence for the integration of intelligence.

And as the U.S. television networks showed street brawls and burning buildings in Cairo, Secretary of State Hillary Clinton has expressed concern about events in a country that is an ally of U.S. diplomacy Peace in the Middle East and the fight against t*rror*sm.

“We are deeply concerned about the use of violence by Egyptian police and security forces against demonstrators and we urge the Egyptian government to do everything in his power to prevent the security forces,” Clinton said.

“At the same time, protesters should also refrain from violence and to express themselves peacefully,” the chief U.S. diplomat.

“We urge the Egyptian authorities to allow peaceful demonstrations and to reverse the unprecedented measures taken to cut communications,” she added.

The protest movement in Egypt has mobilized the youth and the middle classes using the Internet and social networks in a challenge for the authorities that saw two Swedish sites Twitter and video-streaming Bambuser blocked.

Dire events “underline that there are deep grievances in Egyptian society” that cannot be resolved through violence; it has the strongest demand yet public policy changes and others.

“As partners, we firmly believe that the Egyptian government should immediately engage with the Egyptian people in the implementation of necessary economic reforms, political and social,” she said.

Recalling a speech she gave in Qatar two weeks ago, just as avant-garde events in Tunisia were reaching a crescendo, “Clinton said Arab leaders should” to see civil society as a partner and not as a threat. ”

Within hours of that speech in Doha, the Tunisian President Zine El Abidine Ben Ali had fled the country for Saudi Arabia.

Before the protests, U.S. officials had pushed for reform in the wings, but have been criticized for not taking a stronger stance in public, especially in the wake of parliamentary elections in Egypt last November.

Washington has also invested tens of millions of dollars in pro-democracy organizations in Egypt to the chagrin of President Mubarak, according to diplomatic cables obtained by Wikileaks and published by a Norwegian newspaper Friday.

Obama, Robert Gibbs, the press secretary earlier in the balance with the reaction most critical of the White House still in turmoil.

“Very concerned about the violence in Egypt,” Gibbs wrote about the microblogging site Twitter.

– The government must respect the rights of the Egyptian people & run on social networks and the Internet. ”

The State Department also had its say.

“The events in Egypt are of deep concern,” department spokesman Philip Crowley said on Twitter, the latest in a wave of those messages.

Contrary to the concerns expressed, on Friday, Clinton on Tuesday urged all parties to “exercise restraint” during the protests but said the U.S. believes that the Egyptian government is stable.

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