Former presidential candidate and opposition leader Amr Moussa addresses the 50-member panel that has been tasked with drawing up a new constitution.
Former presidential candidate and opposition leader Amr Moussa addresses the 50-member panel that has been tasked with drawing up a new constitution.

Panel unpicks Egypt's Islamist constitution



CAIRO // A 50-member panel asked to amend Egypt's Islamist-backed 2012 constitution convened for the first time yesterday to look into key revisions of disputed articles.

In its first session, the panel dominated by secularist parties and liberal public figures, elected as its president Amr Moussa, a former Arab League chief and presidential candidate, and worked on drafting bylaws.

The panel is convening according to a timetable laid out by the military-backed government five days after it forced Mohammed Morsi out of the presidency on July 3 following demonstrations by millions calling for his removal.

The panel has two months to finalise constitutional amendments that have already been proposed by a 10-member expert panel. The 50-member panel, selected by the interim president, is supposed to be a means that ensures the public can influence the charter before it goes to voters for a referendum.

"I feel optimism as we are paving the road for a new era where the constitution will be its base," Mr Moussa said after being elected. The session was broadcast live on state TV.

The country is scheduled to head to presidential and parliamentary elections early next year as part of a fast-track plan aimed at returning to democratic rule.

This is the third time since Egypt's 2011 uprising against the 30-year dictatorship of Hosni Mubarak that the constitution has been amended. It was amended by a military-appointed panel after Mr Mubarak's overthrow and a new constitution was adopted in 2012 under Mr Morsi.

Liberals and secularists said then their objections to many of its clauses were ignored.

This time around, Mr Morsi's Muslim Brotherhood - many of whose leaders have been rounded up in a mass crackdown - is not represented on the panel.

Egypt's state prosecutor said yesterday that the Brotherhood's leader, Mohamed Badie, would stand trial in a second case over clashes in which several demonstrators were killed, judicial sources said. More than 2,000 Brotherhood members have been arrested since Mr Morsi's overthrow.

The ultraconservative Salafist party Al Nour, the only religiously based party that supported Mr Morsi's removal, has not decided yet on whether to participate in the panel or not.

The party's sole representative, Bassem Al Zarqa, was absent yesterday.

Al Nour had expressed concerns that the secularist majority would remove articles that could give Sharia a bigger role in legislation.

The panel includes three representatives of Al Azhar, the Sunni world's most prestigious learning institute. There are representatives from professional unions, universities and the arts.

It has four representatives from youth groups involved in protests against Mr Morsi and Mr Mubarak. There are also three Christian clerics, but no private citizens who are Christian. The panel was criticised for having only five women.

Meanwhile yesterday, the military's spokesman said it was conducting "the largest military operation to purge Sinai of terrorism".

Apache helicopters hit targets in north Sinai near the Rafah border crossing with the Islamist Hamas-ruled Gaza Strip, witnesses said.

The operation has so far killed "nine terrorists" and destroyed militant hideouts and weapons depots, said the spokesman, Col Ahmed Aly.

The army had said the nine militants were killed on Saturday in north Sinai when it launched an air and ground offensive in which nine suspects were also arrested and three arms caches destroyed.

Shoulder-fired SAM-7 missiles were found in a mosque and in homes of suspected militants in the southern part of Sheikh Zuweyid town, near the border with the Gaza Strip and Israel, Gen Osama Askar, commander of the Third Army, said.

Western officials have said that thousands of shoulder-launched missiles went missing from Libyan arsenals during and after the country's 2011 civil war.

The operation will "last several days", Col Aly said.

* Associated Press with additional reporting by Agence France-Presse

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Retirement funds heavily invested in equities at a risky time

Pension funds in growing economies in Asia, Latin America and the Middle East have a sharply higher percentage of assets parked in stocks, just at a time when trade tensions threaten to derail markets.

Retirement money managers in 14 geographies now allocate 40 per cent of their assets to equities, an 8 percentage-point climb over the past five years, according to a Mercer survey released last week that canvassed government, corporate and mandatory pension funds with almost $5 trillion in assets under management. That compares with about 25 per cent for pension funds in Europe.

The escalating trade spat between the US and China has heightened fears that stocks are ripe for a downturn. With tensions mounting and outcomes driven more by politics than economics, the S&P 500 Index will be on course for a “full-scale bear market” without Federal Reserve interest-rate cuts, Citigroup’s global macro strategy team said earlier this week.

The increased allocation to equities by growth-market pension funds has come at the expense of fixed-income investments, which declined 11 percentage points over the five years, according to the survey.

Hong Kong funds have the highest exposure to equities at 66 per cent, although that’s been relatively stable over the period. Japan’s equity allocation jumped 13 percentage points while South Korea’s increased 8 percentage points.

The money managers are also directing a higher portion of their funds to assets outside of their home countries. On average, foreign stocks now account for 49 per cent of respondents’ equity investments, 4 percentage points higher than five years ago, while foreign fixed-income exposure climbed 7 percentage points to 23 per cent. Funds in Japan, South Korea, Malaysia and Taiwan are among those seeking greater diversification in stocks and fixed income.

• Bloomberg

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What is graphene?

Graphene is a single layer of carbon atoms arranged like honeycomb.

It was discovered in 2004, when Russian-born Manchester scientists Andrei Geim and Kostya Novoselov were "playing about" with sticky tape and graphite - the material used as "lead" in pencils.

Placing the tape on the graphite and peeling it, they managed to rip off thin flakes of carbon. In the beginning they got flakes consisting of many layers of graphene. But as they repeated the process many times, the flakes got thinner.

By separating the graphite fragments repeatedly, they managed to create flakes that were just one atom thick. Their experiment had led to graphene being isolated for the very first time.

At the time, many believed it was impossible for such thin crystalline materials to be stable. But examined under a microscope, the material remained stable, and when tested was found to have incredible properties.

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Some of Darwish's last words

"They see their tomorrows slipping out of their reach. And though it seems to them that everything outside this reality is heaven, yet they do not want to go to that heaven. They stay, because they are afflicted with hope." - Mahmoud Darwish, to attendees of the Palestine Festival of Literature, 2008

His life in brief: Born in a village near Galilee, he lived in exile for most of his life and started writing poetry after high school. He was arrested several times by Israel for what were deemed to be inciteful poems. Most of his work focused on the love and yearning for his homeland, and he was regarded the Palestinian poet of resistance. Over the course of his life, he published more than 30 poetry collections and books of prose, with his work translated into more than 20 languages. Many of his poems were set to music by Arab composers, most significantly Marcel Khalife. Darwish died on August 9, 2008 after undergoing heart surgery in the United States. He was later buried in Ramallah where a shrine was erected in his honour.

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