World news: Obama hits out as Mubarak clings on to office in Egypt

President Barack Obama has openly and sharply questioned whether Egyptian President Hosni Mubarak's pledge to shift power to his vice-president is an "immediate, meaningful or sufficient" sign of reform for the country.

Obama issued a written statement that criticised the leader for not offering clarity to his people or a concrete path to democracy.

He urged the Egyptian government's leaders to do so, declaring: "They have not yet seized that opportunity."

Mr Obama's comments came after Mr Mubarak, refused to step down despite intense speculation that he was on the brink of being ousted.

He said he was delegating powers to Vice-President Omar Suleiman, yet Mr Mubarak remained president and defiantly said he would continue until a successor had been elected to replace him. Protesters were shocked, saddened and enraged.

.Mr Obama challenged Egypt's leaders to explain plainly what the new changes mean and how they would lead them to new freedoms or opportunities. "Too many Egyptians remain unconvinced that the government is serious about a genuine transition to democracy," Mr Obama said.

Hobbit movies start shooting

The cast members of The Hobbit are ready to start filming the next edition of adventures from Middle Earth.

Funding problems, a threatened actors' boycott and ulcer surgery for director Peter Jackson have plagued pre-production on the two Lord of the Rings prequels.

Fund ordered to sell its gold

A PENSION fund in the Netherlands said the country's central bank has ordered it to sell its gold holdings because it is overexposed to a fall in its value.

The Vereenigde Glasfabrieken wanted to keep the gold but a Rotterdam court sided with the bank

Beauty queen in weight row

A TEXAS judge will decide who will wear the Miss San Antonio crown after pageant officials tried to boot the winner over alleged violations, including putting on weight.

Miss San Antonio 2011 Domonique Ramirez, 17, has sued to stop pageant officials from taking away her title.

Domonique is said to have violated her contract by arriving late to events, not wearing proper attire and gaining some weight.

Vietnam devalues currency

Vietnam devalued its currency today by 8.5 per cent as the Communist-ruled country fights double-digit inflation and a widening trade deficit.

The State Bank of Vietnam said in a statement that the US dollar will buy 20,693 Vietnamese dong compared with the previous rate of 18,932.

United States: Federal prosecutors have asked a judge in New York to sentence a Somali pirate to nearly 34 years in prison for an attack on a US-flagged ship off the coast of Africa.

China: An online campaign to gather photos of children begging is pressuring authorities to crack down on gangs that kidnap children for exploitation.

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