UPDATE 1-S&P downgrades Egypt on economic stability risks
NEW YORK Oct 18 (Reuters) - Standard & Poor’s on Tuesday
cut Egypt’s credit ratings deeper into junk territory, saying
the transition to a new government has increased risks to
macroeconomic stability.It warned another downgrade is possible if the political
transition is less smooth than expected, making it more
difficult to finance the government’s borrowing requirements or
the country’s external needs.S&P cut Egypt’s foreign-currency rating to BB-minus from
BB. The local-currency rating was cut by two notches, to
BB-minus from BB-plus. All the ratings have a negative
outlook.Clashes between protesters and the army left 25 people dead
earlier this month in Cairo, in the worst outbreak of violence
since the ousting of President Hosni Mubarak in February.S&P sees a risk that street protests may continue until
parliamentary elections take place in the next few months, a
constitution is agreed by August 2012, and a president is
elected, probably in early 2013.In the meantime the government will likely run high general
deficits to appease the population, mainly through food and
fuel subsidies. Government revenues are also expected to be
low.”Risks to macroeconomic stability have risen during the
transition period for Egyptian political reform, which we
expect to evolve over the next two years,” S&P’s analyst Trevor
Cullinan wrote in a report.”These risks center on the government’s fiscal stance but
also encompass price stability and balance of payments
pressure,” he said.The ratings agency noted that Egypt’s net international
reserves have fallen by $12 billion to $24 billion since the
uprising to September — a result of current account deficits
and capital outflows.”The pace of reserve loss has slowed of late, although the
recent violence could create new pressures,” S&P warned.
WRAPUP 2-Clinton in Tripoli; Gaddafi forces counter-attack
* Government fighters in Sirte retreat under heavy fire* Sirte only centre of resistance after fall of Bani Walid
(Updates throughout with Clinton visits, Sirte)By Andrew Quinn and Tim GaynorTRIPOLI/SIRTE, Libya, Oct 18 (Reuters) - U.S. Secretary of
State Hillary Clinton arrived in Libya on Tuesday to meet the
new leaders Washington helped into power, but die-hard forces
loyal to Muammar Gaddafi launched a surprise counter-attack in
his hometown of Sirte.The visit by Clinton, the most senior U.S. official to come
Tripoli since Gaddafi’s 42 year rule was ended, was marked by
tight security, reflecting worries that the new rulers have yet
to establish full control over the country.U.S. officials said Clinton’s visit was aimed at cementing a
partnership with the new government and helping it steer towards
democracy. Clinton would encourage the National Transitional
Council to fulfill pledges to move swiftly towards elections.”The important thing is to be able to show the Libyan people
that there is momentum,” a senior administration official
traveling with Clinton said.”We’re pushing the (NTC) to be able to show the Libyan
people that they’re serious in their commitments to transition,
that they’re serious in their commitments to rule of law, that
they’re serious about getting to those elections.”Washington is also offering Libya practical help to contain
the thousands of weapons flooding the country in the wake of the
war to oust Gaddafi. Security experts say these could fall into
the hands of al Qaeda.The United States took part in the NATO bombing campaign
that helped the NTC take power, although its aircraft largely
played a secondary role to Britain and France.SIRTE SETBACKNearly two months since capturing Tripoli, the NTC has
failed to defeat remaining Gaddafi loyalists, raising questions
about its ability to exert its authority over the entire country
and postponing the launch of its promised democracy programme.Clinton arrived as the interim government was facing a
military reverse in Sirte, a city on the Mediterranean coast
where a few days ago it was poised to declare victory over
pro-Gaddafi forces.Sirte is now the last major Libyan town where pro-Gaddafi
forces are holding out, after the other bastion of resistance,
Bani Walid, fell to the country’s new rulers on Monday.Gaddafi loyalists who had been cornered in a an area of
Sirte of about two square kilometres (a square mile) appeared to
have broken out of their encirclement, Reuters reporters in the
city said. A group of NTC fighters was forced to pull back about
2 km after they came under heavy fire.The force was trying to regroup near the Ouagadougou
conference centre — the complex where Gaddafi used to host
foreign heads of state — but were pinned down.A volley of 22 mm rounds from Gaddafi loyalists thudded into
the group, hitting four vehicles and seriously wounding one NTC
fighter. He was loaded into an ambulance and driven away.On the southern outskirts of the city, in an area that in
previous days had been safe from gunfire, mortars were landing
and air-burst rounds were exploding overhead.PREMATURE CELEBRATIONSThe scene was in marked contrast to events earlier this
week, when Gaddafi loyalists offered little resistance as NTC
forces pummelled them with tank fire and mortars.Libya’s new rulers were so confident of their imminent
victory in the town that NTC chairman Mustafa Abdel Jalil
visited Sirte last week and was greeted by fighters firing
triumphantly into the air.Finishing off the pro-Gaddafi forces, even though they are
now reduced to a rump of die-hard fighters, has proved
difficult. NTC troops say loyalists use the cover of darkness to
sneak out of their encirclement and then open fire.But the NTC effort — spearheaded by mostly amateur fighters
in a hotch-potch of volunteer units — has been hampered by a
lack of coordination.Units from Benghazi in eastern Libya and Misrata to the west
have lost men because they have fired at each other by mistake
instead of at the Gaddafi loyalists.Libya’s new authorities took power nearly two months ago
when an armed rebellion, with support from NATO missiles and
warplanes, broke Gaddafi’s grip on the capital, Tripoli, and
ended his autocratic rule.Gaddafi is wanted by the International Criminal Court on
charges of ordering the killing of civilians. He is in hiding,
possibly deep in Libya’s Sahara desert.The capture of Sirte is vital to the NTC, because it will
mark the establishment of at least nominal control over all
Libya’s territory. The NTC has also said the fall of Sirte will
be the signal for the process to begin of creating a
fully-fledged government and building democratic institutions.That process though is fraught with risks for Libya because
it will involve finding a way to divide up power between rival
groups, many of them armed, who are impatient for a stake in the
new Libya.
After knee repair, half can’t play sports the same
The anterior cruciate ligament, or ACL, is the ligament
inside the knee that helps keep the joint stable. About 150,000
ACL injuries occur each year in the United States.”Less than 50 percent of the study sample had returned to
playing sport at their preinjury level or returned to
participating in competitive sport when surveyed at 2 to 7 years
after ACL reconstruction surgery,” wrote Clare Ardern at La
Trobe University in Victoria, Australia, who led the study.Ardern and her colleagues followed more than 300 men and
women for two to seven years. Participants had either played
Australian-rules football, basketball, netball or soccer before
their surgeries.At 39 months post-surgery, 208 out of the 314 people who had
the operation were still playing a sport, the researchers said.Of those 208, 68 said they played at a lower level than
before their injury and 140 said they played about the same as
before their injury. The remaining 106 participants either were
not playing sports or did not complete the entire study.”Although almost all people returned to playing some form of
sport, they did not play continuously for many years after their
surgery,” Ardern told Reuters Health in an email.She also noted there may be other reasons why people stopped
playing sports, such as fear of getting injured again or less
confidence in performing.Of the 196 people who played competitive sports before their
injury, 91 returned to their competitive sport.”This is a big injury,” said Edward McDevitt, a spokesman
for the American Academy of Orthopaedic Surgeons, who was not
part of the study.”Many athletes who choose surgery have a long and difficult
road to face. If you’re not willing to go through it, then you
might be better off just getting a brace.”He added that while knee surgery does allow people to return
to their sport, they couldn’t perform as well as doctors might
wish.People who tear the ACL can either opt for physical therapy
and surgery or just physical therapy alone.”Some people find that they are able to function well
without surgery, provided they have adequate leg strength to
support the injured knee,” Ardern said.”Other alternatives may be to avoid sports involving
direction changes, jumping and landing or activities that make
the knee feel unstable, or use knee braces and supports.”McDevitt speculates that after surgery, some athletes may
not have the same range of motion, preventing them from playing
as before.”I tell my patients, ‘I can’t make you like before, I’m not
God. But I’ll do the best I can to restore you back to the way
you were,’” he added.
No nuclear output cuts in French strike-CGT
France’s CGT union called last week for power and gas workers
to stage a strike to demand higher wages as part of a national
action day.The CGT spokesman said electricity workers would focus on
Nov. 17, a day of protests specific to their branch.”We will put all our energy on the strike of Nov. 17,” he
said.
