CEY is a gold mining company operating in Egypt. It was ordered by the Egyptian Government to stop drilling pending a legal dispute brought against the company by a government minister.

Since then, the whole Government cabinet was replaced a few months ago and the minister now in charge of Mining is believed to be positive on Western investment in the country. CEY are pushing for this minister to allow them to continue drilling ASAP; investers are waiting....patiently.

As soon as the company gets the go-ahead to continue drilling, the share price will move north; CEY has plenty of gold in this mine and it is (apparantly) the case of "raking" it out rather than drilling for it!

Check them out...worthy of a punt.

Opposition leaders in Egypt have called for large protests after President Mohammed Mursi passed a decree giving himself sweeping new powers.

The decree states the president's decisions cannot be revoked by any authority - including the judiciary.

It also opens the way for a retrial of people convicted of killings during Egypt's 2011 uprising which toppled President Hosni Mubarak.

Mr Mursi's critics have denounced the move as a "coup against legitimacy".

In a joint news conference on Thursday, Sameh Ashour, head of the lawyers syndicate, and key opposition figures Mohamed ElBaradei and Amr Moussa accused Mr Mursi of "monopolising all three branches of government" and overseeing "the total execution of the independence of the judiciary".

"We are calling on all Egyptians to protest in all of Egypt's squares on Friday," they said.

Mr ElBaradei, a Nobel Peace Prize winner, wrote on his Twitter account that the president had "appointed himself Egypt's new pharaoh. A major blow to the revolution that could have dire consequences".

how pro-fundamentalist is Mursi perceived to be?

The Egyptians, like the Palestinians, have elected for a fundamentalist party to lead their country. Says it all.

Its ok - apparently the new powers are a temporary measure!

no one has answered my question!

President Mursi is considered to lean towards the conservative mainstream of the Muslim Brotherhood.

is conservative in this instance more hardline fundamentalist? ..... if so, it's slightly puzzling that he should have suddenly appointed himself "pharoah"

cynic it has been said this situation is only temporary until a new constitution is in place.

i recollect that income tax was introduced as a temporary measure too, to pay for the napoleonic wars!

cynic be careful you don't become judge and jury.

moi? :-)

Testing support levels, if broken, down it goes but things look awry for CEY.

More protests at Tahrir square tomorrow.

Market update

Centamin announces that the appeal against the 30th October Administrative Court judgment is currently being filed through its subsidiary Pharaoh Gold Mines ("PGM").

Operations and the Stage 4 expansion project at Sukari have continued as normal since the Court judgment and are planned to continue to do so whilst the appeal process is underway.

The Company took the decision to suspend gold exports pending the lodgement of the appeal. As the appeal is now being lodged we are preparing to resume exports. The Company manages its working capital in country through gold sales and consequently a gold shipment is required shortly to ensure that on-going working capital commitments can be met.

Tahrir, as during the final days of Mubarak, has turned into a self-sustaining city of protest, with sweet potato sellers and other vendors supplying demonstrators camped in about 30 tents. Tear gas drifts in from outlying streets, flags flap, banners rustle. Many are concerned not only about politics but about livelihoods.

"I can't find a job to feed my kids. The political climate has destroyed our line of business," said Gamal Dabees, a tourism agency employee. "Tour companies and clients have been canceling trips and visits to Egypt since the revolution. We barely work now. With this kind of decree, how can business thrive? There is no law in the land."

Abd ElBaki Habiby, a 65-year-old engineer, worried about deeper national consequences.

"Morsi has threatened the stability of this nation because his loyalty is not to the Egyptian people, but rather to the Brotherhood who are going to destroy the reputation of Islam because of their ignorance and backward personal beliefs," he said.

Egypt’s benchmark EGX30 stock index dropped 9.59 percentage points Sunday in the first trading session since Morsi issued his decrees. The losses were among the biggest since the turbulent days and weeks immediately after Mubarak’s ouster in a popular uprising last year. The loss in the value of shares was estimated at close to $5 billion.

sell they have a new GOD well he thinks he is the new GOD

currently level of +/-60p is the lowest sp has been for quite a while (see chart below) ..... i'm not entirely convinced (MJ might care to comment), but a short even from this low level may have some legs

CEY definitely a short with such a leader in power

in fact have put in an order to short, but not yet filled at the level i want