Egypt Live Report

"The potential shutdown in the operations at the Suez Canal looks very unlikely for the near-term." 1704 GMT: World oil prices slide and European stock markets bounce following news of Mubarak's resignation. Advertisement: Story continues below Brent North Sea crude for delivery in March sank to $100.43 per barrel, before pulling back to $100.75, down 12 cents from yesterday closing level. 1703 GMT: Iran says Egyptians have achieved a "great victory" with the resignation of President Hosni Mubarak. 1700 GMT: Palestinian faction Hamas hails Mubarak's resignation as "the start of the Egyptian revolution" as scenes of jubilation erupted across the Gaza Strip enclave, squeezed between Israel. and Egypt. 1654 GMT: Outside Mubarak's fortified presidential compound, Lubna Darwish weeps. "I'm crying because I'm happy," the 24-year-old tells. "I'm happy, but we have much more to do. The people need to control this. We love the army, but the people made this revolution and they should control it." Mohammed Gouda, an 18-year-old student, echos her concern. "We don't want another 1952. That was a coup, not a revolution. Has Mubarak resigned or has the army taken over? The youth should remain alert," he said, referring to Egypt's last military takeover. 1652 GMT: "Congratulations to Egypt, criminal has left the palace:" Wael Ghonim tweet 1646 GMT: Wall Street investment bank Brown Brothers Harriman says: "We think having the military take over was the best solution in ending the deadlock between the protesters and Mubarak." However, the bank warns in a comment: "there are still more questions than answers with regards to Egypt?s ultimate fate and so investors must be prepared for ongoing volatility." 1642 GMT: Jubilation erupts in Gaza Strip, the Palestinian enclave hemmed in between Israel and Egypt. 1640 GMT: Israel hopes the transition of Rosetta Stone Portuguese power in Egypt after the departure of Mubarak will be conducted "smoothly," a government official tells. 1638 GMT: Tunisians dance in the street and blare their horns in celebration at the toppling of Mubarak today, only four weeks after their own long-time ruler Zine El Abidine Ben Ali was ousted. 1635 GMT: European Union foreign affairs chief Catherine Ashton welcomes Mubarak's decision to stand down, saying he has "listened to the voices of the Egyptian people" and opened the way to reform. By departing Mubarak has "opened the way to faster and deeper reforms". "It is important now that the dialogue is accelerated leading to a broad-based government which will respect the aspirations of, and deliver stability for, the Egyptian people," Ashton said in a statement. 1632 GMT: Palestinian faction Hamas hails "start of the victory of the Egyptian revolution." 1630 GMT: Suleiman's statement: "Taking into consideration the difficult circumstances the country is going through, President Mohammed Hosni Mubarak has decided to leave the post of president of the republic and has tasked the Supreme Council of the Armed Forces to manage the state's affairs." 1627 GMT: Cairo erupts with joyful dancing, singing and cries of "Allahu Akbar" (God is Greatest) as Egyptian President Hosni Mubarak's 30-year rule comes to an end following more than two weeks of mass protests. 1624 GMT: He survived 10 attempts on his life, and at 82 his health was a subject of speculation. But in the end, it was his people who brought down Egypt's modern-day pharaoh. Pulling off a second surprise in as many days, President Hosni Mubarak today stepped down and handed over power to the army from whose ranks he emerged, his deputy Omar Suleiman announced on television. 1622 GMT: Obama to make on-camera statement on Mubarak resignation 1620 GMT: Mubarak 'listened to the voices' of Egypt's people: EU 1614 GMT: US stocks surge on news of Mubarak's resignation, with the Dow moving from an early slight loss to add 0.30 percent, while the Nasdaq also rose 0.30 percent.

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