Subscribe free to our newsletters via your
. Earth Science News .




DEMOCRACY
Egypt facing hope, challenges
by Kevin Wang, Medill News Service
Washington (UPI) Jun 25, 2012


Mohammed Morsi.

The election of Muslim Brotherhood candidate Mohammed Morsi as Egypt's first democratically elected president will be good for U.S. business interests, top Chamber of Commerce officials said Monday.

Speaking to a group of about 60 business professionals Monday at the U.S. Chamber of Commerce, the chief executive officer of the American Chamber of Commerce in Egypt, said that the new leadership will deliver mutual benefits to the two countries.

"It will have to be good and both the U.S government and business community understand that well," said chamber CEO Hisham Fahmy in an interview after his speech. "The Muslim Brotherhood leaders are basically capitalists and pro-business. So from that point of view, we have no issues with them."

On Sunday, Morsi, 60, edged Ahmed Shafik, a prime minister under ousted President Hosni Mubarak. Morsi became the first Islamist elected as the head of an Arab nation. He is also the first Egyptian president who didn't come from the military. U.S. experts said this leadership model change is revolutionary.

"I think the election result means the return of stability to the economic situation in Egypt." said Lionel Johnson, vice president of Middle East and North America Affairs at the U.S. Chamber of Commerce. "We are going to see a willingness among Egyptians and international communities to work with the new government."

Johnson said the United States is at the forefront of shoring up Egypt's financial sector and should use its influence in the global market to help relieve Egypt's debt pressure.

"We should help the new leadership to get loan approval from the International Monetary Fund and help restore its foreign reserve," Johnson said.

Johnson said the U.S. government should also provide assistance through the Organization of Petroleum Exporting Countries, enterprise funds and debt swaps.

Egypt's request for a $3.2 billion International Monetary Fund loan has been put on hold due to doubts about the country's credit rating.

The country's stock market reacted to the election by posting the largest pain since 2008. The Dow Jones news service said, the country's benchmark stock index EGX 30 rose 7.6 percent Monday and closed at 4482.28. The country's largest construction and lending institutions also reported new highs in gains.

"The most important thing for the new government is to demonstrate its ability to create jobs as soon as possible." said Johnson. "There is little time for it to deliver its promises since it decides whether or not confidence will return to the market."

The business leaders said Egyptian leaders also need to prepare for the results of the U.S. presidential election in November.

"They need to get to know the ideologies of U.S. presidential candidates and their stakeholders. They should try to interact with them now," Fahmy said.

.


Related Links
Democracy in the 21st century at TerraDaily.com






Comment on this article via your Facebook, Yahoo, AOL, Hotmail login.

Share this article via these popular social media networks
del.icio.usdel.icio.us DiggDigg RedditReddit GoogleGoogle








DEMOCRACY
Clinton, Rousseff speak out for women's rights in Rio
Rio De Janeiro (AFP) June 22, 2012
Some of the world's most powerful women, including US Secretary of State Hillary Clinton and Brazilian President Dilma Rousseff, have lamented the omission of women's reproductive rights in the Rio+20 summit's final statement. Reproductive rights include a woman's right to decide the number, timing and spacing of children, the right to voluntarily marry and establish a family, as well as the ... read more


DEMOCRACY
Eviction pits Haiti police against protestors

Population displacement during disasters predicted using mobile data

Japan sorry for not using US radiation map

Nearly 15 million people displaced by disasters in 2011

DEMOCRACY
IT security problems shift as data moves to 'cloud'

Samsung eyes 10 mn mark for Galaxy S3 by end of July

ISS to Build Up Meteorite Defenses

Smartphones put writing on the wall for paid texts

DEMOCRACY
NOAA: Gulf of Mexico 'dead zone' predictions feature uncertainty

Forecasters predict second-smallest Gulf of Mexico 'dead zone'

Turning down the dial: Ocean energy development with less sound

Chinese submersible aims for 23,000 feet

DEMOCRACY
Melting Sea Ice Threatens Emperor Penguins

Arctic climate more vulnerable than thought, maybe linked to Antarctic ice-sheet behavior

Climate drilling in the Arctic Circle

Elephant seals help uncover slower-than-expected Antarctic melting

DEMOCRACY
Nano-pesticides: Solution or threat for a cleaner and greener agriculture?

China's Bright Food to buy stake in Bordeaux wine broker

California winemakers tap into growing Chinese market

Trouble on the horizon for GM crops?

DEMOCRACY
Afghanistan flash floods kill more than 30

Strong 6.6 quake hits Russia's Far East coast

Florida declares storm emergency

5.9 quake hits Indonesia's Sumatra: USGS

DEMOCRACY
Once-violent Mogadishu now growing

More DR Congo soldiers desert ranks: mutineers

Nigerian leader sacks security adviser, defence minister

'I was shot for defying Kagame', says Rwanda's ex-army boss

DEMOCRACY
'Brain-hacking' technology sought

Out of the mouths of primates, facial mechanics of human speech may have evolved

Google sets out to save dying languages

Adaptable decision making in the brain




The content herein, unless otherwise known to be public domain, are Copyright 1995-2014 - Space Media Network. AFP, UPI and IANS news wire stories are copyright Agence France-Presse, United Press International and Indo-Asia News Service. ESA Portal Reports are copyright European Space Agency. All NASA sourced material is public domain. Additional copyrights may apply in whole or part to other bona fide parties. Advertising does not imply endorsement,agreement or approval of any opinions, statements or information provided by Space Media Network on any Web page published or hosted by Space Media Network. Privacy Statement