Egypt Investment Collapsing as Citizens Turn Into Vigilantes

By Tarek El-Tablawy, Mariam Fam and Salma El Wardany

In a dimly lit Cairo workshop, Hussein spins a metal pipe on a lathe, sending sparks flying. In a few minutes, it’ll become the barrel of a gun. Sometime after that it will join the growing arsenal of illegal weapons on the streets of Egypt.

Artisans who make machine parts by day are turning into bootleg gunmakers at night, says Hussein, 54, who asked not to be identified by his full name for fear of prosecution. He only sells to a middleman because “trust the wrong person and you’re going to jail.” He can make as much as 3,000 pounds ($435) per gun -- about 20 percent of what a legally licensed one costs.

“Fear is big business nowadays,” Hussein said. “People buy the guns because they’re afraid. People buy the guns because they want to scare others. We’re in a jungle now.”

Egypt’s foreign reserves give cause for concern

By Borzou Daragahi in Cairo

Egypt foreign reserves lost value at an accelerated rate last month, even as a cash injection from abroad raised the fund’s net worth for the first time since October.

Egypt’s foreign currency reserves stood at $14.42bn at the end of April – up from a 10-year low of $13.4bn at the end of March. The cash and gold reserves, critical for financing imports, were boosted by $2bn in cash deposits by oil-rich neighbouring Libya, according to central bank information cited on Wednesday by the state-owned Ahram newspaper’s website.

The Egyptian stock market’s benchmark EGX30 index advanced half a per cent on the news.

Administrator has sent a message to members with the following characteristics:

The White House Office of the Press Secretary sent CopticWorld a message from President Obama for the occassion of Easter to forward to all of our members:

This weekend, Michelle and I extend our best wishes to members of the Orthodox Christian community here in America and around the world as they observe Holy Friday and the Feast of the Resurrection. For millions of Orthodox Christians, this is a joyful time. But it’s also a reminder of the sacrifice Christ made so that we might have eternal life. His decision to choose love in the face of hate; hope in the face of despair is an example we should always strive to follow. But it’s especially important to remember this year, as members of the Orthodox community have been confronted with persecution and violence, particularly in the Middle East and North Africa. For centuries, the region and the world has been enriched by the contributions of Orthodox communities in countries like Egypt, Lebanon, Syr ia, and Iraq. As a nation, we reaffirm our commitment to protecting universal human rights including the freedom of religion. And in this season of hope and restoration, we celebrate the transformational power of sacrificial love.

Egypt’s president reaching compromise with senior judges to scrap contentious law

By Associated Press

CAIRO — The Egyptian president’s office indicated Sunday a compromise has been reached with the judiciary to defuse an uproar over a proposed law that would have forced out thousands of the country’s most senior judges.

Just three days earlier, the country’s Islamist-led parliament pushed ahead with the disputed bill that would have lowered the retirement age for judges from 70 to 60. That would affect nearly a quarter of Egypt’s 13,000 judges and prosecution officials.

One Boston marathon bombing suspect has been shot dead and another is on the loose, police have said.

It follows a shootout in Watertown between the two suspects and dozens of armed officers after a policeman was shot dead at Massachusetts Institute Of Technology, nine miles from Boston city centre.

Boston Police commissioner Ed Davis said: "What we are looking for right now is a suspect consistent with the description of suspect number two - the white-capped individual who was involved in Monday's bombing of the Boston Marathon.

Egyptian activists tell govt religious identification 'None of your business'

Photo of an Egyptian identity card that reads: "woman - and that's all (instead of 'religion') - single."
 

In Egypt, identity cards feature a citizen’s name, picture, profession… and religion! A group of young Egyptian activists feels that this last bit of information is irrelevant, and have launched a Facebook campaign against what they see as government intrusiveness.

IMF team leaves Egypt without broad backing from opposition for government’s economic plan

The IMF said in a statement that its delegation met with a range of political figures and Cabinet officials during the nearly two week-long visit that ended late Monday. In previous, shorter trips, the IMF has only focused on meeting with government officials.

The country’s political polarization has further delayed reaching agreement around the deal.

Finance Minister El-Morsi Hegazi, who will meet with officials in Washington D.C. this weekend for annual IMF and World Bank meetings, said the government’s meetings with the international lender were “fruitful.”

 Egypt's Christian Pope blasts Islamist president

Egypt calls in favors as credit crunch hits key imports