Egypt's military moves to solidify power

An Islamist backed by the Muslim Brotherhood declared victory as Egypt's first democratically elected president even as the country's military rulers issued a decree that virtually stripped the position of power.

Egyptians continue to celebrate Mohamed Morsi's election victory, but many are skeptical about how much power the ex-Muslim Brotherhood member actually has.

Mohamed Morsi is said to be ahead in early counting in a result that will pit him against Ahmed Shafiq, a former military man, in the second round

Yieldpig submits: As Americans, most of us watch the news from Egypt and, at least, a little pride swells in us as we watch a huge group of people unite to demonstrate collectively against a long standing, repressive dictatorship. But as investors, are the events truly THAT important?

JERUSALEM — Militants in Egypt’s Sinai Peninsula fired at least two rockets at Israel’s southern resort town of Eilat early Wednesday, officials said, highlighting what Israel says is a dire security situation in its southern neighbor. Nobody was hurt in the attack, police said, although one rocket exploded near the courtyard of a house. A shadowy hardline Muslim group, likely based in the Gaza Strip, claimed responsibility for the attack.

Clashes killed at least 31 people in Egypt's Port Said as violence raged into the early hours of Sunday in several cities including the capital following death sentences passed on 21 football fans after a riot.

More than two years after Egyptians received a new president there is mass dissatisfaction with the government. There is additional frustration that anyone who challenges may challenge him lacks a formula for change. One man though could have the power, money and the plan to prove a real threat to the Muslim Brotherhood's grip on the country.

The announcement Sunday that Muslim Brotherhood candidate Mohamed Morsi had won Egypt's historic presidential election spurred emotional celebrations from Cairo to Gaza, as well as more subdued congratulations from around the world.