The Media Line Staff
Cairo, Egypt (The Media Line) – Egypt faces a risk-laden game of Beat the Clock as it tries to get its political house in order before its foreign currency reserves sink much more. Reserves fell to $16.4 billion in January from about $36 million a year earlier, a drop that economists all agree imperils the economy and requires Egypt to seek support from external sources and make difficult decisions to cut back government spending and subsidies. But that will be difficult given the political situation. Presidential elections are now scheduled for late May, preceded by a six-week election season. Meanwhile, a parliament dominated by Islamists is tussling over who will control the government with the interim military council. A dispute with the United States over foreign human rights activists detained in Egypt is threatening vital American aid to the country. In the meantime, no [...] Continue Reading…
Clock ticking for Egypt’s finances
‘Underworld Awakening’ sees light at top of weekend box office
Diane Alter – AHN News Reporter
Los Angeles, CA, United States (AHN) – “Underworld Awakening” came out on top of the weekend box office, taking in $25.4 million in its debut. The film is a 3-D fourth installment of the popular vampires vs. werewolves franchise. “Awakening,” starring Kate Beckinsale, took in more than its 2009 predecessor “Underworld: Rise of the Lycans,” which started with $20.8 million, and did not feature Beckinsale. Taking the No. 2 spot with $19.1 million was George Lucas’ “Red Tails,” a $58-million tale starring Terrence Howard and Cuba Gooding Jr. that chronicles WWII’s African-American Tuskegee airmen. In third place was “Contraband,” starring Mark Wahlberg and also featuring Beckinsale. The film topped the box office last week. Its 10-day total is roughly $46.1 million. “Extremely Loud and Incredibly Close,” the 9/11 drama adapted from Jonathan Safran Foer’s novel, finished in a disappointing fourth, [...] Continue Reading…
Warner Bros. extends DVD rental delay
Diane Alter – AHN News Reporter
Los Angeles, CA, United States (AHN) – Warner Bros. will extend the time customers have to wait to watch movies on DVDs from services such as Netflix to 56 days, more than twice as long as the current delay. The move is a bid to bolster flagging DVD sales as well as fledging online movie service UlraViolet, which lets buyers of DVDs or movie downloads watch those movies online using computers, smartphones or tablets. Warner Bros. has told movie rental companies that it wants the eight-week delay a standard part of its deals. Netflix has agreed to the terms, but Redbox has not yet signed on, the website AllThingsDigital reported. Coinstar, parent company of Redstar, has deals with Sony Pictures, Lions Gate Entertainment and Paramount Studios to obtain DVDs for rental the same day they are released for sale. In [...] Continue Reading…
Japan liberalizes ban on arms export
AHN News Staff
Tokyo, Japan (AHN) – In an attempt to reduce spending on national defense and strengthen domestic arms industry, Japan on Tuesday eased self-imposed arms exports ban. The liberalization will allow hundreds of Japanese companies to take part in multinational projects of developing weapons for the first time in several decades. “Under the new standards, Japan will be able to transport military equipment for missions of peace-building and international cooperation,” Foreign Minister Koichiro Gemba told reporters. “This will mean that Japan can now address international peace cooperation and global challenges such as terrorism and piracy more proactively and effectively,” he added.
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Two major publishers announce bad news for newspaper industry
Matthew Borghese – AHN News Contributor
Tampa, FL, United States (AHN) – It’s beginning to be a tough week for newspapers, with one major publication announcing a round of lay-offs, while another publisher announces bankruptcy. Media General announced Monday that it will let go 165 staffers from the Tampa (FL)Tribune newspaper, TBO.com, and other community papers it publishes. Meanwhile, in Davenport, IL, Lee Enterprises has filed for bankruptcy. Lee Enterprises is a 121-year-old company that publishes 54 newspapers in 23 states, in addition to more than 300 weekly and specialty publications. After the lay-offs, Virginia-based Media General will retain only 675 staffers for its Tampa-area print and online publications. The lay-offs will come in early 2012, according to rival publication St. Petersburg Times. Lee Enterprises will attempt to refinance about $1 billion in debt, filing its bankruptcy petition in Wilmington, DE. The filing comes after Friday’s annual [...] Continue Reading…
Papandreou submits EU debt deal to referendum vote
Vittorio Hernandez – AHN News
Athens, Greece (AHN) – The 50 percent cut in the Greek debt is not yet a done deal. Greek Prime Minister George Papandreou submitted the European Union-crafted deal to Greeks on Monday for a referendum vote. Papandreou, who is aware that the austerity measures that comes with the reduction of Greek debt are not popular with his own party members and citizens, said the decision to adopt or reject the deal rests with Greeks. If they are not in favor of it, then Athens has no choice except to turn it down. The referendum is scheduled in January. Survey results indicate that 60 percent of the country’s voters would reject the EU debt solution. A no vote would once more throw the eurozone into crisis. Among the consequences of rejecting the deal are a full-scale default, ejection from the zone, running out [...] Continue Reading…
