Mubarak won't run again
In a state television address, the Egyptian president said he would not seek re-election. But protesters refused to leave central Cairo.
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UPDATED: Al Jazeera’s website said that shortly after his speech, clashes broke out between pro-Mubarak and anti-government protesters in the Mediterranean city of Alexandria, Al Jazeera's correspondent reported. “Rock-throwing youths at the city's Mahatit Masr Square scattered as automatic gunfire rang out and a tank advanced towards them before halting and then withdrawing. There was no sign of any casualties,” the website said.
It continued: Mubarak's words were unlikely to carry much weight with the protesters at Cairo's Tahrir, or Liberation, Square: they resumed their "Leave, Mubarak!" chant shortly after his speech, and added a few new slogans, like "we won't leave tomorrow, we won't leave Thursday”
In a state television address, Egyptian president Hosni Mubarak said he would not stand at the next election.
The president said it was "not in my nature to give up responsibility," and spoke of staying on "for several months" before the ballot, scheduled for September.
Earlier in the day, US president Barak Obama, through an envoy, sent a bluntly worded message urging Mr Mubarak to stand aside.
The Egyptian strong-man said his first priority was the peaceful transition of power.
Some protesters still angry
At least some elements of a huge crowd gathered in central Cairo seemed to have a negative reaction to Mr Mubarak's speech, with a CNN translator having a mob chanting, "You're not going Thursday; you're not going Friday; you're not going".
CNN reported that many protesters planned to stay in the city's central square.
Mr Mubarak - then vice-president, came to power in 1981 following the assassination of president Sadat, and gained Western support through his neutrality over Israel.
He won re-election multiple times, but with the validity of the vote count often questioned by international observers.
The president survived six assassination attempts, but has now succumbed to people power.
Wall Street moves on
The Egypt crisis helped depress global markets earlier in the week, and yesterday sent oil futures over $US100 a barrel for the first time since September 2008.
But this morning, amid strong rumours about Mubarak standing down, and strong corporate earnings and manufacturing data, Wall Street rebounded strongly, with the Dow surging through the 12,000 mark.
NBR staff
Wed, 02 Feb 2011
Wed, 02 Feb 2011
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Mubarak won't run again
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