In brief: Hope for Europe drives uptick

Berlin – Stock markets soared around the world Tuesday amid hopes that Europe is finally finding a way out of its debt crisis. Greece passed an unpopular property tax and German Chancellor Angela Merkel pledged to offer the struggling country “all necessary assistance.”

It’s unclear whether that will be enough to satisfy investors for long.

Financial markets closely watched a meeting between Merkel and Greek Prime Minister George Papandreou, but neither announced any new measures ahead of their private dinner at Berlin’s chancellery on Tuesday evening.

Deadly typhoon lashed Manila

Manila, Philippines – Emergency services and residents in the Philippine capital cleaned up and restored electricity today after a powerful typhoon unleashed floodwaters that killed at least 18 people and sent huge waves crashing over seawalls.

Most deaths occurred in and around metropolitan Manila, which already was soaked by heavy monsoon rains ahead of the arrival of Typhoon Nesat, which brought more downpours and wind gusts of up to 93 miles per hour.

Egypt elections set for November

Cairo – Egypt’s first parliamentary elections since the ouster of Hosni Mubarak will begin on Nov. 28, the country’s military rulers said Tuesday in an announcement greeted with little fanfare by activists who have grown deeply suspicious of the generals’ commitment to change.

The military council, which took over from Mubarak as he stepped down in February, promised it would transfer power to civilian rule within six months, but no date was announced for presidential elections that would bring an end to military rule.

The elections for parliament’s two chambers will be staggered over several months, with the vote for the legislative People’s Assembly starting Nov. 28 and the less-powerful Shura Council, the chamber’s upper house, on Jan. 29. The first session for the People’s Assembly will be held on March 17. The Shura Council will convene on March 24.