All eyes on Egypt


Since last Tuesday, the protests on the streets of Egyptian cities have dominated headlines and photo galleries. In addition to Reuters photographers covering the events as they unfold, Your View contributors have captured the tear gas, flag waving and injuries. View this week’s Your View showcase here.

All eyes on Egypt


Since last Tuesday, the protests on the streets of Egyptian cities have dominated headlines and photo galleries. In addition to Reuters photographers covering the events as they unfold, Your View contributors have captured the tear gas, flag waving and injuries. View this week’s Your View showcase here.

UPDATE 1-IMF push hints at emerging market frustration in G20


* Emerging powers frustrated over impact of euro zone crisis* Developing countries powerless to spur euro debt solutionBy Catherine BremerPARIS, Oct 14 (Reuters) - A short-lived push by developing economies at G20 talks to give the IMF more resources hinted at the frustration simmering among emerging powers who are powerless to halt a euro zone crisis that is hurting their own prospects.Several developing countries in the Group of 20 advocated ramping up the International Monetary Fund’s firepower as finance deputies met in Paris, but the plan was rejected by the United States and others.China, Brazil and India all favour bolstering the IMF’s capital, G20 sources said, and Russian and Mexican officials told Reuters they were open to the idea, with Mexico’s deputy finance minister explaining that more tools and funds should be deployed to curb the contagion spreading from Greece.The fact bigger G20 powers moved to quash the idea even before finance chiefs sat down for their opening dinner gave a hint of the tensions hanging over the G20 talks, as the euro zone battles to come up with a convincing crisis resolution plan and stem fears the world is sliding into another recession.”The atmosphere is complex. There is a sense of urgency, of crisis,” Mexican Deputy Finance Minister Gerardo Rodriguez said.Japanese Finance Minister Jun Azumi said emerging country G20 ministers feared the euro crisis would spur further outflows from their economies into safe havens like the yen.”What was different from the meeting in Washington DC was that some countries voiced concern that the European crisis could have severe repercussions for emerging economies,” he said. “They pointed out that retreat of capital, mainly to Europe, could slow growth in BRICS and Asian economies.”Mexico, which has had to cut its 2012 growth outlook to 3.5 percent from 4.2 percent as economic turmoil rocks the rich world, wants to see the euro crisis brought to a halt, he said.”We are worried about the situation because this lack of a deep-rooted solution to the challenges that have arisen in Europe has provoked this contamination towards other emerging countries, including Mexico,” Rodriguez told Reuters.”It’s a concern we are obviously bringing to the table (in Paris) with the idea that they take more concrete, more decisive actions and succeed in halting this atmosphere of uncertainty.”RESENTMENT MOUNTSThe G20 finance talks come just over a week before an Oct. 23 European Union summit where Paris and Berlin have promised that a plan will be endorsed to stem the euro zone debt crisis.Emerging market powers — who have a new voice in global policymaking through the G20 but still have little ability to spur on any euro zone action plan — are angry that while EU leaders dither, investors are ditching high-risk assets.”Our market is suffering from pressures on the European market,” said Russian Deputy Finance Minister Sergei Storchak”We have experienced crazy volatility,” he said. “There are no fundamental factors in Russia behind such volatility.”Central banks from Ankara to Brasilia have come out to defend their currencies as sell-offs in emerging market stocks, bonds and currencies have rekindled memories of a mass flight to safe-haven assets during the 2008-09 financial crisis.Countries like Mexico, which have battled to win investor credibility, resent being punished by financial markets because of a crisis of confidence in Europe, where fiscal profligacy by peripheral euro states has now infected banks in core nations.”This is not desirable for emerging economies like Mexico where we have very solid fundamentals, our public finances are in order, we’re accumulated reserves and we have tried to be responsible in public debt and the banking sector,” Rodriguez said.The United States and other key G20 powers will also pile pressure on EU leaders in Paris to announce a concrete solution to the euro crisis before France’s G20 presidency wraps up with a Nov 3-4 summit in Cannes, but they do not want new IMF funding that could dilute their sway over the lender.U.S. Treasury Secretary Timothy Geithner said Europe had ample resources to solve its crisis without extra IMF funds.”We need to remain focused on the Europeans solving this crisis, and avoid focusing on non-central issues like increasing the resources of the IMF. And not everyone agrees,” Canadian Finance Minister Jim Flaherty said.The idea of more IMF firepower has been mooted before and on Monday Brazilian Finance Minister Guido Mantega said the Paris G20 would discuss it. One emerging market source said $350 billion could be an appropriate sum to inject.Indian Finance Minister Pranab Mukherjee said a “careful assessment” should be made of the IMF’s liquidity provisions.The IMF is already weighing whether to expand its rescue lending capacity via debt issuance or bilateral borrowing, and one G20 source said the IMF could soon make short-term credit lines available to healthy countries hit by liquidity crises.

UPDATE 1-Apple’s new iPhone features Qualcomm chip


Oct 13 (Reuters) - Apple Inc’s fifth-generation iPhone uses a wireless chipset from Qualcomm Inc , according to repair and parts specialist iFixit, which cracked the device open on Thursday.The new iPhone also features the Apple A5 chip with 1 GHz dual-core processor, according to iFixit, known in the technology industry for stripping down and revealing the innards of Apple devices.The Qualcomm chipset is an upgrade from the one used in the previous version of the phone, iFixit said.Apple is famous for designing sealed-up devices intended to discourage fans from poking around in them.The iPhone 4S will hit store shelves around the globe on Friday after a 15-month hiatus, and is expected to draw the usual throngs eager to grab a piece of the final gadget unveiled during Steve Jobs’ lifetime.The fifth iteration of the iconic smartphone comes with a faster processor and a better and more light-sensitive camera, but otherwise is a spitting image of its predecessor. Tech experts say the real gems lie beneath the familiar sleek casing, especially in its “Siri” voice-activated digital assistant.