Hackers have repeatedly penetrated the computer network of the company that runs the Nasdaq Stock Market during the past year, and federal investigators are trying to identify the perpetrators and their purpose, according to people familiar with the matter.
The exchange's trading platform—the part of the system that executes trades—wasn't compromised, these people said. However, it couldn't be determined which other parts of Nasdaq's computer network were accessed.
Investigators are considering a range of possible motives, including unlawful financial gain, theft of trade secrets and a national-security threat designed to damage the exchange.
The Nasdaq situation has set off alarms within the government because of the exchange's critical role, which officials put right up with power companies and air-traffic-control operations, all part of the nation's basic infrastructure. Other infrastructure components have been compromised in the past, including a case in which hackers planted potentially disruptive software programs in the U.S. electrical grid, according to current and former national-security officials.
"So far, [the perpetrators] appear to have just been looking around," said one person involved in the Nasdaq matter. Another person familiar with the case said the incidents were, for a computer network, the equivalent of someone sneaking into a house and walking around but—apparently, so far—not taking or tampering with anything.
A spokesman for Nasdaq declined to comment.
A probe into the matter was initiated by the Secret Service and now includes the Federal Bureau of Investigation.
The mystery surrounding the hackers and their motives is worrying investigators, who remain unsure whether they have been able to plug all potential security gaps—especially since invaders typically seek new ways to breach systems.
The case involving New York-based Nasdaq OMX Group Inc. is part of what cyber-crime authorities see as a broader problem of hackers nosing around corporate computer networks, with varying degrees of success.
U.S. companies are a continual target, and sometimes their public websites are vandalized. It is rarer for perpetrators to penetrate internal systems. Such breaches rarely come to light because companies fear that acknowledging them would alarm customers or encourage copycats.
Tom Kellermann, a former computer security official at the World Bank who now works at a firm called Core Security Technologies, said the most advanced hackers in the world are increasingly targeting financial institutions, particularly those involved in trading.
"Many sophisticated hackers don't immediately try to monetize the situation; they oftentimes do what's called local information gathering, almost like collecting intelligence, to ascertain what would be the best way in the long term to monetize their presence,'' he said.
People familiar with the Nasdaq matter said the Secret Service first began investigating last year. Investigators have informed White House officials of the case, according to the people familiar with the situation, who said that such a move is typical in hacking investigations, particularly in the early stages of the probes.
Authorities haven't yet been able to follow the trail to any specific individual or country. Those familiar with the case said that some evidence points toward Russia, but the person or people responsible could be almost anywhere, perhaps using computers in Russia merely as a conduit.
The case poses two concerns for authorities: preserving the stability and reliability of computerized trading, and ensuring that investors have full faith in that system.
Stock exchanges know they are frequently targets for hackers.
"We take any potential threat seriously and we are continually working to ensure that our systems operate at the highest levels of security and integrity," said Ray Pellecchia, a spokesman for NYSE Euronext, which operates the New York Stock Exchange.
He declined to discuss any specific instances of computer-hacking attempts against that exchange.
In 1999, hackers vandalized Nasdaq's publicly accessible website. In that incident, a group of hackers quickly claimed responsibility for defacing the site, as well as major media websites. Nasdaq officials at that time said the company's internal network wasn't affected.
Computer hacking is a problem for many countries. In recent years, U.S. authorities have dealt with cyberattacks linked to computers in Russia, China and Eastern Europe.
Hackers can use geography as a foil. Prosecutors said Albert Gonzalez, perhaps the most renowned hacker, perpetrated his biggest theft with help from computers in Eastern Europe even though he lived in Miami.
According to a 2009 federal indictment, he used computers located in the U.S., Latvia and Estonia, in a conspiracy that netted more than 100 million stolen credit-card numbers.
The case is considered the largest hacking crime in U.S. history. Mr. Gonzalez eventually pleaded guilty and was sentenced to 20 years in prison.
Sunday, February 6, 2011
US removes Isro, DRDO from export control list
Washington: The US has removed nine Indian space and defense related companies including those from Isro and DRDO from its export control ‘Entity List’ in an attempt to expand high technology trade and strategic cooperation with India.
The US decision meets a long pending Indian demand and is the first step to implement the export control policy initiative announced by US President Barack Obama and Prime Minister Manmohan Singh on 8 November last year after their summit talks in New Delhi.
The federal notification issued in the Federal registry came days ahead of the high-profile visit of commerce secretary Gary Locke to New Delhi on 6 February. Locke is leading a high-tech trade mission comprising 24 businesses persons that will also visit Bangalore and Mumbai.
“Today’s action marks a significant milestone in reinforcing the US-India strategic partnership and moving forward with export control reforms that will facilitate high technology trade and cooperation,” Locke said after the notification was issued.
The nine entities are Bharat Dynamics Ltd (BDL), four remaining subsidiaries of the Defense Research and Development Organization (DRDO) in the US sanction list and another four of the Indian Space Research Organization (Isro).
The DRDO subsidiaries are Armament Research and Development Establishment (ARDE), Defense Research and Development Lab (DRDL), Missile Research and Development Complex and Solid State Physics Laboratory
Liquid Propulsion Systems Center, Solid Propellant Space Booster Plant (SPROB), Sriharikota Space Center (SHAR), and Vikram Sarabhai Space Center (VSSC) are the four Isro subsidiaries.
Removal from the ‘Entity List’ eliminates a license requirement specific to the companies, and results in the companies off the list being treated the same way as any other destination in India for export licensing purposes, the commerce department said in a statement.
The notification removes India from several country groups in the Export Administration Regulations (EAR) resulting in the removal of export license requirements that were tied to India’s placement in those country groups.
It further adds India to a country group in the EAR that consists of members of the Missile Technology Control Regime, to recognize and communicate India’s adherence to the regime, the US-India strategic partnership, and India’s global non-proliferation standing.
“These changes reaffirm the US commitment to work with India on our mutual goal of strengthening the global non-proliferation framework,” said under secretary of commerce Eric L Hirschhorn.
Obama during his India visit had assured India that he would remove these companies from the ‘Entity List’.
Obama had said that commensurate with India’s non-proliferation record and commitment to abide by multilateral export control standards the US will remove all civil space and defense-related entities from the Department of Commerce ‘Entity List’.
“Inclusion on this list generally triggers an export license requirement for items that otherwise do not require an export license,” said a fact sheet issued by the White House during the Obama visit.
The Locke delegation that will visit India includes senior officials from the Export-Import Bank (EX-IM) and the Trade Development Agency (TDA).
The US decision meets a long pending Indian demand and is the first step to implement the export control policy initiative announced by US President Barack Obama and Prime Minister Manmohan Singh on 8 November last year after their summit talks in New Delhi.
The federal notification issued in the Federal registry came days ahead of the high-profile visit of commerce secretary Gary Locke to New Delhi on 6 February. Locke is leading a high-tech trade mission comprising 24 businesses persons that will also visit Bangalore and Mumbai.
“Today’s action marks a significant milestone in reinforcing the US-India strategic partnership and moving forward with export control reforms that will facilitate high technology trade and cooperation,” Locke said after the notification was issued.
The nine entities are Bharat Dynamics Ltd (BDL), four remaining subsidiaries of the Defense Research and Development Organization (DRDO) in the US sanction list and another four of the Indian Space Research Organization (Isro).
The DRDO subsidiaries are Armament Research and Development Establishment (ARDE), Defense Research and Development Lab (DRDL), Missile Research and Development Complex and Solid State Physics Laboratory
Liquid Propulsion Systems Center, Solid Propellant Space Booster Plant (SPROB), Sriharikota Space Center (SHAR), and Vikram Sarabhai Space Center (VSSC) are the four Isro subsidiaries.
Removal from the ‘Entity List’ eliminates a license requirement specific to the companies, and results in the companies off the list being treated the same way as any other destination in India for export licensing purposes, the commerce department said in a statement.
The notification removes India from several country groups in the Export Administration Regulations (EAR) resulting in the removal of export license requirements that were tied to India’s placement in those country groups.
It further adds India to a country group in the EAR that consists of members of the Missile Technology Control Regime, to recognize and communicate India’s adherence to the regime, the US-India strategic partnership, and India’s global non-proliferation standing.
“These changes reaffirm the US commitment to work with India on our mutual goal of strengthening the global non-proliferation framework,” said under secretary of commerce Eric L Hirschhorn.
Obama during his India visit had assured India that he would remove these companies from the ‘Entity List’.
Obama had said that commensurate with India’s non-proliferation record and commitment to abide by multilateral export control standards the US will remove all civil space and defense-related entities from the Department of Commerce ‘Entity List’.
“Inclusion on this list generally triggers an export license requirement for items that otherwise do not require an export license,” said a fact sheet issued by the White House during the Obama visit.
The Locke delegation that will visit India includes senior officials from the Export-Import Bank (EX-IM) and the Trade Development Agency (TDA).
Egypt army separates protesters in Cairo
Cairo/ Paris: Egyptian soldiers separated supporters and opponents of President Hosni Mubarak in central Cairo on Thursday, deploying infantry to create a buffer zone in an attempt to halt violence between them.
It was the first time the army was seen to act decisively to try to halt the violence, in which six people have been killed and 836 wounded, according to the health minister.
Supporters of President Hosni Mubarak opened fire on protesters in Cairo’s Tahrir Square on Thursday, killing at least five, in a fresh spike in violence over an unprecedented challenge to his 30-year-old rule.
The opposition responded by renewing demands that he quit.
Thousands of dissidents barricaded themselves into the central Cairo square, vowing to remain until Mubarak goes.
The Muslim Brotherhood, a formally banned mass movement seen as the best organised opposition, issued a statement calling for a national unity government to replace Mubarak. The Islamist group, whose potential rise to power troubles Egypt’s Western allies, has so far taken a backseat in the protest movement.
In a statement on Al Jazeera, the Brotherhood said: “We demand that this regime is overthrown and we demand the formation of a national unity government for all the factions.”
Egypt govt denies role in violence
Meanwhile a spokesman for the new government, which Mubarak named this week in a vain bid to appease protesters, denied it was involved in the violence and said it would investigate.
“To accuse the government of mobilising this is a real fiction. That would defeat our object of restoring the calm,” cabinet spokesman Magdy Rady said.
“We were surprised with all these actions,” he said.
Prime Minister Ahmed Shafiq said the violence would be investigated, state television reported.
“The government will take the measures it can to identify who was behind this and try to deal with this,” Rady said.
Rady also said that the army, sent to the streets on Friday after police lost control of protests, had not intervened because it could have been interpreted as taking sides.
“There is faction here and faction there, they (the army) cannot take a side. If they interfere in one side that will defeat their purpose. It would complicate matters more than helping it,” Rady said.
World leaders urge rapid transition in Egypt
With many protesters blaming the government for instigating the crackdown on the previously largely peaceful demonstrations, the UShas renewed its appeal to Mubarak to take steps towards democratic elections at once.
After Mubarak announced on Tuesday that he would stay in office until September and then step down, President Barack Obama telephoned him and said that change “must begin now”. He stopped short of calling him to quit immediately.
Along with the United States, France, Germany, Britain , Itlay and Spain have also urged a speedy transition.
“We are observing a deterioration of the situation in Egypt with extreme concern,” the five European leaders said in a joint statement issued by French President Nicolas Sarkozy’s office in Paris.
The protesters are leading an unprecedented challenge to Mubarak’s 30-year rule. His pledge to step down by September has not satisfied them.
“We condemn all those who use or encourage violence, which will only worsen Egypt’s political crisis,” the statement said, adding that attacks on journalists were “unacceptable”.
“Only a rapid and orderly transition towards a broadly representative government will allow Egypt to overcome the challenges that it is facing.
It was the first time the army was seen to act decisively to try to halt the violence, in which six people have been killed and 836 wounded, according to the health minister.
Supporters of President Hosni Mubarak opened fire on protesters in Cairo’s Tahrir Square on Thursday, killing at least five, in a fresh spike in violence over an unprecedented challenge to his 30-year-old rule.
The opposition responded by renewing demands that he quit.
Thousands of dissidents barricaded themselves into the central Cairo square, vowing to remain until Mubarak goes.
The Muslim Brotherhood, a formally banned mass movement seen as the best organised opposition, issued a statement calling for a national unity government to replace Mubarak. The Islamist group, whose potential rise to power troubles Egypt’s Western allies, has so far taken a backseat in the protest movement.
In a statement on Al Jazeera, the Brotherhood said: “We demand that this regime is overthrown and we demand the formation of a national unity government for all the factions.”
Egypt govt denies role in violence
Meanwhile a spokesman for the new government, which Mubarak named this week in a vain bid to appease protesters, denied it was involved in the violence and said it would investigate.
“To accuse the government of mobilising this is a real fiction. That would defeat our object of restoring the calm,” cabinet spokesman Magdy Rady said.
“We were surprised with all these actions,” he said.
Prime Minister Ahmed Shafiq said the violence would be investigated, state television reported.
“The government will take the measures it can to identify who was behind this and try to deal with this,” Rady said.
Rady also said that the army, sent to the streets on Friday after police lost control of protests, had not intervened because it could have been interpreted as taking sides.
“There is faction here and faction there, they (the army) cannot take a side. If they interfere in one side that will defeat their purpose. It would complicate matters more than helping it,” Rady said.
World leaders urge rapid transition in Egypt
With many protesters blaming the government for instigating the crackdown on the previously largely peaceful demonstrations, the UShas renewed its appeal to Mubarak to take steps towards democratic elections at once.
After Mubarak announced on Tuesday that he would stay in office until September and then step down, President Barack Obama telephoned him and said that change “must begin now”. He stopped short of calling him to quit immediately.
Along with the United States, France, Germany, Britain , Itlay and Spain have also urged a speedy transition.
“We are observing a deterioration of the situation in Egypt with extreme concern,” the five European leaders said in a joint statement issued by French President Nicolas Sarkozy’s office in Paris.
The protesters are leading an unprecedented challenge to Mubarak’s 30-year rule. His pledge to step down by September has not satisfied them.
“We condemn all those who use or encourage violence, which will only worsen Egypt’s political crisis,” the statement said, adding that attacks on journalists were “unacceptable”.
“Only a rapid and orderly transition towards a broadly representative government will allow Egypt to overcome the challenges that it is facing.
Mubarak says he won’t quit early
Cairo: President Hosni Mubarak ruled out resigning immediately to end a violent confrontation over his 30-year-rule, arguing this would bring chaos to Egypt, but the New York Times said the Obama administration was in talks with Egyptian officials for him to quit now.
Speaking in an interview with ABC on Thursday, after bloodshed in Cairo that killed 10 people, the 82-year-old leader said he believed his country still needed him.
“If I resign today, there will be chaos,” he said. Asked to comment on calls for him to resign, he said: “I don’t care what people say about me. Right now I care about my country.”
The New York Times said on Friday the administration of President Barack Obama was discussing with Egyptian officials a proposal for Mubarak to resign immediately.
Under the proposal, Mubarak would turn power over to a transitional government headed by vice president Omar Suleiman with the support of the Egyptian military, the newspaper said, citing administration officials and Arab diplomats.
Facing an unprecedented challenge to his rule from Egyptians angered by political repression, Mubarak has promised to stand down in September, appointed Suleiman a former intelligence chief as vice-president, and offered talks on reforms.
But that has failed to satisfy protesters who are hoping to rally thousands of Egyptians on Friday for a fresh demonstration to try to force Mubarak to quit now.
With the confrontation turning increasingly violent—protesters in Cairo’s Tahrir Square were attacked by Mubarak supporters on Wednesday—the United States has increased pressure on Mubarak to begin the transition of power now.
Protesters in Tahrir (Liberation) Square—which has become the hub of pro-democracy demonstrations—were hoping to be joined by thousands more for a big demonstration they are calling the “Friday of Departure”.
Organisers called on people to march from wherever they were towards the square, the state television building and the parliament building—all within around a mile of one another in the heart of the city.
The US State Department said it expected confrontation in what would be the 11th day of protests.
State Department spokesman P.J. Crowley said Washington believed elements close to the government or Mubarak’s ruling party were responsible for the violence which erupted on Wednesday. The Interior Ministry has denied it ordered its agents or officers to attack anti-Mubarak protesters.
Government Offers Talks
In a move to try to calm the disorder, vice president Omar Suleiman said on Thursday the Muslim Brotherhood, Egypt’s most organised opposition movement, had been invited to meet with the new government as part of a national dialogue with all parties.
An offer to talk to the banned group would have been unthinkable before protests erupted on 25 Jan., indicating progress made by the reformist movement since then. However, the opposition has refused talks until Mubarak goes.
The United States, which supplies the Egyptian army—Mubarak’s power base—with about $1.3 billion in aid annually—is struggling to find a solution to the crisis which does not exacerbate instability in the Arab world’s most populous nation.
The White House said on Thursday Washington was discussing with Egyptians a “variety of different ways” of moving toward a peaceful transition in Egypt.
Tommy Vietor, spokesman for the White House National Security Council, said President Barack Obama has said now is the time to begin “a peaceful, orderly and meaningful transition, with credible, inclusive negotiations.”
The New York Times said the US proposal called for a transitional government to invite members from a broad range of opposition groups, including the banned Muslim Brotherhood, to begin work to open up the country’s electoral system in an effort to bring about free and fair elections in September.
Egypt, which signed a peace treaty with Israel in 1979, has been a key US ally in the Middle East. Mubarak had also justified his use of emergency rule as needed to curb Islamist militancy in a country where al Qaeda had its ideological roots.
Mubarak described Obama as a very good man, but when asked by ABC if he felt that the United States had betrayed him, he said he told the US president: “You don’t understand the Egyptian culture and what would happen if I step down now.”
An estimated 150 people have died in the protests, which were inspired by events in Tunisia, where its leader Zine al-Abidine Ben Ali was forced to flee last month.
Oil prices have climbed on fears the unrest could spread to affect oil giant Saudi Arabia or interfere with oil supplies from the Red Sea to the Mediterranean through the Suez Canal.
Speaking in an interview with ABC on Thursday, after bloodshed in Cairo that killed 10 people, the 82-year-old leader said he believed his country still needed him.
“If I resign today, there will be chaos,” he said. Asked to comment on calls for him to resign, he said: “I don’t care what people say about me. Right now I care about my country.”
The New York Times said on Friday the administration of President Barack Obama was discussing with Egyptian officials a proposal for Mubarak to resign immediately.
Under the proposal, Mubarak would turn power over to a transitional government headed by vice president Omar Suleiman with the support of the Egyptian military, the newspaper said, citing administration officials and Arab diplomats.
Facing an unprecedented challenge to his rule from Egyptians angered by political repression, Mubarak has promised to stand down in September, appointed Suleiman a former intelligence chief as vice-president, and offered talks on reforms.
But that has failed to satisfy protesters who are hoping to rally thousands of Egyptians on Friday for a fresh demonstration to try to force Mubarak to quit now.
With the confrontation turning increasingly violent—protesters in Cairo’s Tahrir Square were attacked by Mubarak supporters on Wednesday—the United States has increased pressure on Mubarak to begin the transition of power now.
Protesters in Tahrir (Liberation) Square—which has become the hub of pro-democracy demonstrations—were hoping to be joined by thousands more for a big demonstration they are calling the “Friday of Departure”.
Organisers called on people to march from wherever they were towards the square, the state television building and the parliament building—all within around a mile of one another in the heart of the city.
The US State Department said it expected confrontation in what would be the 11th day of protests.
State Department spokesman P.J. Crowley said Washington believed elements close to the government or Mubarak’s ruling party were responsible for the violence which erupted on Wednesday. The Interior Ministry has denied it ordered its agents or officers to attack anti-Mubarak protesters.
Government Offers Talks
In a move to try to calm the disorder, vice president Omar Suleiman said on Thursday the Muslim Brotherhood, Egypt’s most organised opposition movement, had been invited to meet with the new government as part of a national dialogue with all parties.
An offer to talk to the banned group would have been unthinkable before protests erupted on 25 Jan., indicating progress made by the reformist movement since then. However, the opposition has refused talks until Mubarak goes.
The United States, which supplies the Egyptian army—Mubarak’s power base—with about $1.3 billion in aid annually—is struggling to find a solution to the crisis which does not exacerbate instability in the Arab world’s most populous nation.
The White House said on Thursday Washington was discussing with Egyptians a “variety of different ways” of moving toward a peaceful transition in Egypt.
Tommy Vietor, spokesman for the White House National Security Council, said President Barack Obama has said now is the time to begin “a peaceful, orderly and meaningful transition, with credible, inclusive negotiations.”
The New York Times said the US proposal called for a transitional government to invite members from a broad range of opposition groups, including the banned Muslim Brotherhood, to begin work to open up the country’s electoral system in an effort to bring about free and fair elections in September.
Egypt, which signed a peace treaty with Israel in 1979, has been a key US ally in the Middle East. Mubarak had also justified his use of emergency rule as needed to curb Islamist militancy in a country where al Qaeda had its ideological roots.
Mubarak described Obama as a very good man, but when asked by ABC if he felt that the United States had betrayed him, he said he told the US president: “You don’t understand the Egyptian culture and what would happen if I step down now.”
An estimated 150 people have died in the protests, which were inspired by events in Tunisia, where its leader Zine al-Abidine Ben Ali was forced to flee last month.
Oil prices have climbed on fears the unrest could spread to affect oil giant Saudi Arabia or interfere with oil supplies from the Red Sea to the Mediterranean through the Suez Canal.
Opec worried about Egypt, but not acting yet
London: Oil producer group Opec said on Monday it was worried about the unrest in Egypt but saw no reason to boost output to cool prices at the moment and would add more supply only if it saw a shortage in the market.
Oil prices have spiked following tension in Egypt with Brent crude approaching $100 per barrel on fears instability could spread to the Middle East, which together with North Africa produces more than a third of the world’s oil.
Secretary general Abdullah al-Badri told reporters in London the Organization of the Petroleum Exporting Countries did not at this stage think it was necessary to call a meeting before its next planned gathering in June but added that the mood was changing due to the situation in Egypt.
“Before the Tunisian and the Egyptian crisis, we don’t see it (an extraordinary meeting). But now, I don’t know if this crisis will escalate. I hope not,” al-Badri said when asked about chances for an Opec meeting before June.
Al-Badri confirmed Opec ministers and consumers would discuss oil output policy on the sidelines of an international energy conference in Saudi Arabia on 22 February, but said a formal decision there was unlikely.
“Riyadh is not an Opec meeting. Nobody asked me to prepare anything, so I really cannot tell you anything,” he said.
Al-Badri said he did not expect the unrest in Egypt to affect oil flows through the Suez canal or the Sumed pipeline.
“I think that the flows will continue,” he said.
“We are watching the situation because there is some good quantity (at stake) and if there is a problem there we have to do something,” he told reporters at a conference.
“Inventories are very high and our spare capacity is also 6 million barrels. I don’t see why we have this high price,” he said.
“The market is well supplied but at the same time if we see some real shortage we will intervene,” al-Badri said.
Oil prices have spiked following tension in Egypt with Brent crude approaching $100 per barrel on fears instability could spread to the Middle East, which together with North Africa produces more than a third of the world’s oil.
Secretary general Abdullah al-Badri told reporters in London the Organization of the Petroleum Exporting Countries did not at this stage think it was necessary to call a meeting before its next planned gathering in June but added that the mood was changing due to the situation in Egypt.
“Before the Tunisian and the Egyptian crisis, we don’t see it (an extraordinary meeting). But now, I don’t know if this crisis will escalate. I hope not,” al-Badri said when asked about chances for an Opec meeting before June.
Al-Badri confirmed Opec ministers and consumers would discuss oil output policy on the sidelines of an international energy conference in Saudi Arabia on 22 February, but said a formal decision there was unlikely.
“Riyadh is not an Opec meeting. Nobody asked me to prepare anything, so I really cannot tell you anything,” he said.
Al-Badri said he did not expect the unrest in Egypt to affect oil flows through the Suez canal or the Sumed pipeline.
“I think that the flows will continue,” he said.
“We are watching the situation because there is some good quantity (at stake) and if there is a problem there we have to do something,” he told reporters at a conference.
“Inventories are very high and our spare capacity is also 6 million barrels. I don’t see why we have this high price,” he said.
“The market is well supplied but at the same time if we see some real shortage we will intervene,” al-Badri said.
FAO sees January food prices close to record high
record highs seen in December when they climbed above peaks which triggered riots in several countries in 2008, an economist at the United Nations’ food agency said.
“FAO’s expectation is that the January index would be very close or slightly below December,” Abdolreza Abbassian, UN’s Food and Agriculture Organisation economist, said ahead of the release of FAO’s monthly food index.
The FAO’s Food Price Index (FPI), which measures monthly price changes for a food basket composed of cereals, oilseeds, dairy, meat and sugar, hit an all-time high of 214.7 points in December 2010, above a previous record set in June 2008 during the food crisis.
High food prices have come back into the spotlight after they fuelled protests in Tunisia that led to the fall of the president there earlier in January 2011 and have spilled over to Egypt.
World leaders at the World Economic Forum in Davos last week warned rising food prices risked stoking more unrest and even war. French President Nicolas Sarkozy reiterated calls for regulation to rein in speculation and volatility.
According to preliminary estimates, prices of sugar, some grains and oilseeds in January were slightly below levels seen in December, Abbassian said in a telephonic interview.
He said the FAO uses spot and physical prices to calculate the index and does not use futures prices which rallied in January.
US corn and soybean futures topped out at 2-1/2 year highs in January and wheat futures hit a 29-month high last Thursday as buyers scrambled for supplies amid harsh weather in major producing countries such as Australia and Russia.
Wheat futures on Euronext climbed in January to the highest level since March 2008, powered by increased export demand as fears of short supplies and social unrest prompted importers, especially from North Africa and Middle East, to build up inventories.
Raw sugar futures roared close to a fresh 30-year high last week as tight supplies and expectations of increased export to Russia encouraged market bulls.
The FAO is due to publish its FPI for January on 3 February.
The agency will revise the entire series of the index dating back to 1990 because of a change in calculating its meat component, but December 2010 and June 2008 will remain as two major food price index peaks, Abbassian said.
“FAO’s expectation is that the January index would be very close or slightly below December,” Abdolreza Abbassian, UN’s Food and Agriculture Organisation economist, said ahead of the release of FAO’s monthly food index.
The FAO’s Food Price Index (FPI), which measures monthly price changes for a food basket composed of cereals, oilseeds, dairy, meat and sugar, hit an all-time high of 214.7 points in December 2010, above a previous record set in June 2008 during the food crisis.
High food prices have come back into the spotlight after they fuelled protests in Tunisia that led to the fall of the president there earlier in January 2011 and have spilled over to Egypt.
World leaders at the World Economic Forum in Davos last week warned rising food prices risked stoking more unrest and even war. French President Nicolas Sarkozy reiterated calls for regulation to rein in speculation and volatility.
According to preliminary estimates, prices of sugar, some grains and oilseeds in January were slightly below levels seen in December, Abbassian said in a telephonic interview.
He said the FAO uses spot and physical prices to calculate the index and does not use futures prices which rallied in January.
US corn and soybean futures topped out at 2-1/2 year highs in January and wheat futures hit a 29-month high last Thursday as buyers scrambled for supplies amid harsh weather in major producing countries such as Australia and Russia.
Wheat futures on Euronext climbed in January to the highest level since March 2008, powered by increased export demand as fears of short supplies and social unrest prompted importers, especially from North Africa and Middle East, to build up inventories.
Raw sugar futures roared close to a fresh 30-year high last week as tight supplies and expectations of increased export to Russia encouraged market bulls.
The FAO is due to publish its FPI for January on 3 February.
The agency will revise the entire series of the index dating back to 1990 because of a change in calculating its meat component, but December 2010 and June 2008 will remain as two major food price index peaks, Abbassian said.
Over 200,000 in Cairo demand Mubarak quit
Cairo: Hundreds of thousands of Egyptians, from students and doctors to the jobless poor, swamped Cairo on Tuesday in the biggest demonstration so far in an uprising against an increasingly isolated President Hosni Mubarak.
Waving Egyptian flags and banners saying “Bye-Bye Mubarak,” the protesters rejected promises of reform to his authoritarian rule and demanded that he quit.
Huge rallies also took place in the cities of Alexandria and Suez, where protesters chanted: “Leave, leave. Revolution, revolution everywhere.”
Opposition figurehead Mohamed ElBaradei said Mubarak, 82, must leave the country before the reformist opposition would start talks with the government on the future of the Arab world’s most populous nation.
“There can be dialogue but it has to come after the demands of the people are met and the first of those is that President Mubarak leaves,” he told Al Arabiya television.
Mubarak’s grip looked increasingly tenuous after the army pledged on Monday night not to confront protesters, effectively handing over the streets to them after they pledged to bring out one million people nationwide.
The uprising of a population fed up with corruption, oppression and economic hardship broke out eight days ago and quickly spiralled to a crisis unprecedented during 30 years of rule enforced by ruthless security forces.
The disintegration of Mubarak’s power structure would usher in a new era in modern Egyptian history and reconfigure the geopolitical map of the Middle East, with huge ramifications for Washington and allies from Israel to oil giant Saudi Arabia.
The army, a powerful and respected force in Egypt, dealt a possibly fatal blow to Mubarak on Monday night when it said troops would not open fire on protesters and that they had legitimate grievances and a right to peaceful protest.
Soldiers in Tahrir (Liberation) Square, that has become a rallying point for the protests, erected barbed wire barricades but made no attempt to interfere with people. Tanks daubed with anti-Mubarak graffiti stood by.
Barbed wire barricades also ringed the presidential palace, where Mubarak is believed to be hunkered down.
“We have done the difficult part. We have taken over the street,” said protester Walid Abdel-Muttaleb, 38. “Now it’s up to the intellectuals and politicians to come together and provide us with alternatives.”
Effigies of Mubarak were hung from traffic lights and some protesters carried a mock coffin.
The crowd included lawyers and other professionals as well as workers and students, showing the breadth of opposition to Mubarak. Women and men stood together holding hands.
The demonstration was an emphatic rejection of Mubarak’s appointment of a new vice president, Omar Suleiman, cabinet reshuffle and offer to open a dialogue with the opposition.
US Sends Envoy
“The succession is already under way,” said Steven Cook at the Council on Foreign Relations.
“The important thing now is to manage Mubarak’s exit, which must be as graceful as possible at this point. For honour’s sake, the brass won’t have it any other way.”
US special envoy Frank Wisner, a former ambassador to Cairo, has been sent to Egypt to meet leaders.
The United States and other Western allies could only watch as thousands demanded the downfall of a stalwart ally who has been a key figure in Middle East peace moves for decades.
Washington called for reforms and free elections but it is also concerned that Islamists could gain a slice of power should Mubarak be forced out.
The prospect of a hostile neighbour on Israel’s western border also worried Israeli Prime Minister Benjamin Netanyahu. He said he hoped Israel’s 1979 peace treaty with Egypt would survive any changes that took place.
But pressure on Mubarak came from elsewhere.
Turkish Prime Minister Tayyip Erdogan said Mubarak should listen to the people’s demands. The solution to political problems lay in the ballot box, he said.
The British government said it was disappointed by the new cabinet as its members were unlikely to produce the kind of political change demanded by the country’s citizens.
The UN human rights chief, Navi Pillay, said Tuesday’s rallies could be a “pivotal moment” for Egypt.
Protesters were inspired in part by a revolt in Tunisia which toppled its president Zine al-Abidine Ben Ali on 14 January. But years of repression have left few obvious civilian leaders able to fill any gap left by Mubarak’s departure.
The military, which has run Egypt since it toppled King Farouk in 1952, will be the key player in deciding who replaces him. Some analysts expect it to retain significant power while introducing enough reforms to defuse the protests.
ElBaradei, former head of the International Atomic Energy Agency (IAEA), said Mubarak must leave the country so the opposition could start a dialogue with the government on transitional power arrangements.
“If President Mubarak leaves, then everything will progress correctly,” he said.
Mohammed al-Beltagi, a former member of parliament from the Muslim Brotherhood, said the opposition was operating under an umbrella group, the National Committee for Following up the People’s Demands, which includes the Brotherhood, the National Association for Change headed by ElBaradei, political parties and prominent figures including Coptic Christians.
Muslim brotherhood emerges
The hitherto banned Muslim Brotherhood, a well-organised Islamic group, stayed in the background early in the uprising but is now raising its profile. Analysts say it could do well in any election.
At least 140 people have died since demonstrations began last Tuesday, most in clashes between protesters and police.
Foreign governments have taken steps to evacuate nationals trapped by the unrest, including thousands of tourists. Companies also pulled out staff as the confrontation brought economic life to a halt.
In global markets, investors shifted focus from worrying about Egypt as improved economic data and corporate results in the developed world lifted stocks.
The price of oil, the most sensitive indicator of market unease about Egypt, eased although Brent crude was still a few cents above $100 a barrel.
The Egyptian crisis has prompted bursts of risk aversion on financial markets over the past few days. The main concern is the prospect of the unrest spreading to the autocratic oil-producing Gulf nations.
Waving Egyptian flags and banners saying “Bye-Bye Mubarak,” the protesters rejected promises of reform to his authoritarian rule and demanded that he quit.
Huge rallies also took place in the cities of Alexandria and Suez, where protesters chanted: “Leave, leave. Revolution, revolution everywhere.”
Opposition figurehead Mohamed ElBaradei said Mubarak, 82, must leave the country before the reformist opposition would start talks with the government on the future of the Arab world’s most populous nation.
“There can be dialogue but it has to come after the demands of the people are met and the first of those is that President Mubarak leaves,” he told Al Arabiya television.
Mubarak’s grip looked increasingly tenuous after the army pledged on Monday night not to confront protesters, effectively handing over the streets to them after they pledged to bring out one million people nationwide.
The uprising of a population fed up with corruption, oppression and economic hardship broke out eight days ago and quickly spiralled to a crisis unprecedented during 30 years of rule enforced by ruthless security forces.
The disintegration of Mubarak’s power structure would usher in a new era in modern Egyptian history and reconfigure the geopolitical map of the Middle East, with huge ramifications for Washington and allies from Israel to oil giant Saudi Arabia.
The army, a powerful and respected force in Egypt, dealt a possibly fatal blow to Mubarak on Monday night when it said troops would not open fire on protesters and that they had legitimate grievances and a right to peaceful protest.
Soldiers in Tahrir (Liberation) Square, that has become a rallying point for the protests, erected barbed wire barricades but made no attempt to interfere with people. Tanks daubed with anti-Mubarak graffiti stood by.
Barbed wire barricades also ringed the presidential palace, where Mubarak is believed to be hunkered down.
“We have done the difficult part. We have taken over the street,” said protester Walid Abdel-Muttaleb, 38. “Now it’s up to the intellectuals and politicians to come together and provide us with alternatives.”
Effigies of Mubarak were hung from traffic lights and some protesters carried a mock coffin.
The crowd included lawyers and other professionals as well as workers and students, showing the breadth of opposition to Mubarak. Women and men stood together holding hands.
The demonstration was an emphatic rejection of Mubarak’s appointment of a new vice president, Omar Suleiman, cabinet reshuffle and offer to open a dialogue with the opposition.
US Sends Envoy
“The succession is already under way,” said Steven Cook at the Council on Foreign Relations.
“The important thing now is to manage Mubarak’s exit, which must be as graceful as possible at this point. For honour’s sake, the brass won’t have it any other way.”
US special envoy Frank Wisner, a former ambassador to Cairo, has been sent to Egypt to meet leaders.
The United States and other Western allies could only watch as thousands demanded the downfall of a stalwart ally who has been a key figure in Middle East peace moves for decades.
Washington called for reforms and free elections but it is also concerned that Islamists could gain a slice of power should Mubarak be forced out.
The prospect of a hostile neighbour on Israel’s western border also worried Israeli Prime Minister Benjamin Netanyahu. He said he hoped Israel’s 1979 peace treaty with Egypt would survive any changes that took place.
But pressure on Mubarak came from elsewhere.
Turkish Prime Minister Tayyip Erdogan said Mubarak should listen to the people’s demands. The solution to political problems lay in the ballot box, he said.
The British government said it was disappointed by the new cabinet as its members were unlikely to produce the kind of political change demanded by the country’s citizens.
The UN human rights chief, Navi Pillay, said Tuesday’s rallies could be a “pivotal moment” for Egypt.
Protesters were inspired in part by a revolt in Tunisia which toppled its president Zine al-Abidine Ben Ali on 14 January. But years of repression have left few obvious civilian leaders able to fill any gap left by Mubarak’s departure.
The military, which has run Egypt since it toppled King Farouk in 1952, will be the key player in deciding who replaces him. Some analysts expect it to retain significant power while introducing enough reforms to defuse the protests.
ElBaradei, former head of the International Atomic Energy Agency (IAEA), said Mubarak must leave the country so the opposition could start a dialogue with the government on transitional power arrangements.
“If President Mubarak leaves, then everything will progress correctly,” he said.
Mohammed al-Beltagi, a former member of parliament from the Muslim Brotherhood, said the opposition was operating under an umbrella group, the National Committee for Following up the People’s Demands, which includes the Brotherhood, the National Association for Change headed by ElBaradei, political parties and prominent figures including Coptic Christians.
Muslim brotherhood emerges
The hitherto banned Muslim Brotherhood, a well-organised Islamic group, stayed in the background early in the uprising but is now raising its profile. Analysts say it could do well in any election.
At least 140 people have died since demonstrations began last Tuesday, most in clashes between protesters and police.
Foreign governments have taken steps to evacuate nationals trapped by the unrest, including thousands of tourists. Companies also pulled out staff as the confrontation brought economic life to a halt.
In global markets, investors shifted focus from worrying about Egypt as improved economic data and corporate results in the developed world lifted stocks.
The price of oil, the most sensitive indicator of market unease about Egypt, eased although Brent crude was still a few cents above $100 a barrel.
The Egyptian crisis has prompted bursts of risk aversion on financial markets over the past few days. The main concern is the prospect of the unrest spreading to the autocratic oil-producing Gulf nations.
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