Oil production in Libya is expected to shut down completely and could be lost for a prolonged period of time, Bank of America Merrill Lynch said on Thursday.
[[wysiwyg_imageupload:1777:]]By John Mauldin
Mubarak resigned, journalists packed their gear, and CNN went back to talking about obesity statistics - but Egypt's troubles are far from over. After weeks of protests (leading to strikes and, understandably, no tourists), the country's economy took an estimated 1.5 billion-dollar punch to the face.
This appears to be the tip of the iceberg for Egypt's economical woes, however - as you'll read in the piece below from STRATFOR, a global intelligence company I've come to know and love. Mubarak's gone... as are his son's banking reforms. Resurrected is the military's practice of borrowing money from banks with no intention of paying it back - likely leading to a debt level of bailout proportions. The nation's not about to find the extra $16 billion a year it needs in its couch cushions.
[[wysiwyg_imageupload:1604:]]By Joseph Russo
Those seated comfortably in every niche of concentrated power should duly note that their well-guarded monopolies of power and influence are not nearly as invincible as they might perceive them to be.
As evidenced in Egypt, on the turn of a dime, what at one moment appeared status quo turned business-as-usual into a living nightmare.
Like many other global indices, the ETF tracking the Egyptian stock market was moving up quite nicely from its July 2010 lows. Then suddenly, the people had enough, and revolted against their perceived oppressors, the ruling elites.
Although we always try to be provocative, and at times admit to even being over the top, please note that we don't have a horse in this race. We only hope that cooler heads prevail.
Prime Minister Binyamin Netanyahu rushed on Sunday evening to distance himself and his government from Rabbi Ovadia Yosef’s death wish for Palestinian Authority President
Mahmoud Abbasand the Palestinian people, after the flood of angry Palestinian reactions to the comments.
“These words do not reflect the approach of Prime Minister Binyamin Netanyahu, nor the position of the government of Israel,” the Prime Minister’s Office said in a statement.