Samsung cuts through the flaff with its Galaxy Tab S6 Lite, providing all the essential features you need at an affordable price
tech reviews9 hours ago
Egypt is seizing the Suez Canal under a nationalization decree, President Gamal Abdel Nasser announced tonight.
Its revenues will be used to build the Aswan High Dam, he said.
Nasser declared his government, throughout taking over the canal, could receive $100 million a year in revenue.
"We don't have to seek American and British aid for building our dam," he said. "We'll build the dam ourselves and with our own money."
The dam has been projected to cost $1,300,000,000.
To wildly cheering thousands packed in Alexandria's Liberation Square, Nasser read this decree:
"In the name of the nation we hereby declare that the International Suez Canal Co. be nationalized. The company with its assets and liabilities will be transferred to the Egyptian state. The present management will be liquidated. Shareholders will be compensated according to the closing prices in the stock exchange.
"The company will be annexed to the Egyptian Ministry of Commerce. The company will have its own budget. All company money in Egypt and abroad will be frozen. Banks and individuals are forbidden to dispose of this money except with the permission from the new Egyptian management. All employees will remain in service. No resignations will be accepted."
In London, Prime Minister Anthony Eden called in the U.S. charge d'affaires and the French ambassador for emergency talks.
The 101-mile canal is operated by the Suez Canal Co., under a concession due to expire in 1968. The company is an Egyptian joint-stock company. The British government holds about 350,000 of its 800,000 shares. Half its board of directors is made of Frenchmen.
British armed forces occupied the Suez Canal for 74 years, but withdrew gradually over the last few years.
_____________________________________________________________________
In July 1956, Egyptian President Gamal Abdel Nasser nationalized the Suez Canal, marking Egypt's decisive break with its colonial past.
Before that, the canal, built in 1869 by French engineers, had largely been under British and French control. It served as a vital link to ship oil, as well as other goods between British colonies around the world. Nasser made the decision to nationalize the canal to help fund construction of the Aswan Dam, which was completed in 1970 to control the flow of the Nile River.
But Nasser's move angered France and England, and the two, with the help of Israel, invaded and took over the waterway. They ultimately withdrew under diplomatic pressure and Egypt was able to reopen it in March 1957.
Samsung cuts through the flaff with its Galaxy Tab S6 Lite, providing all the essential features you need at an affordable price
tech reviews9 hours ago
The country has several beaches and with that comes countless options to indulge in a hearty breakfast
food9 hours ago
In a touching Instagram post, Bipasha shared adorable pictures of themselves
entertainment9 hours ago
In this opulent saga, Bhansali delves into the world of Basra pearls
entertainment9 hours ago
The news comes just two days after his rape conviction was overturned by the New York Court of Appeals
entertainment9 hours ago
The AFI Life Achievement Award is the highest accolade granted by the American Film Institute
entertainment9 hours ago
The paths of these two stars have intersected on several occasions due to their association with the luxury brand Bulgari
entertainment10 hours ago
The students' demands range from a ceasefire in Israel's war with Hamas to calls for universities to stop investing in Israeli enterprises
world10 hours ago