BEIJING/SHANGHAI (Reuters) - China froze share offers and set up a market-stabilization fund on Saturday, the Wall Street Journal said, as Beijing intensified efforts to pull stock markets out of a nose-drive that is threatening the world's second-largest economy. Beijing's reported suspension of initial public offers (IPOs) came a few hours after extraordinary announcements by major brokers and fund managers, which collectively pledged to invest at least $19 billion of their own money into stocks. China's government, regulators and financial institutions are now waging a concerted campaign to prop up the nation's two main share markets, amid fears that a meltdown would rock the financial system and inflict heavy losses across an economy where annual growth is already running at a 24-year low.
Tunisian President Beji Caid Essebsi on Saturday declared a state of emergency following last week's beach massacre claimed by the Islamic State group in which 38 foreign tourists were killed. The North African state, which has seen an exodus of tourists, has admitted that its security services were unprepared for the seaside attack in Port El Kantaoui and that police were too slow to respond. "The president has declared a state of emergency in Tunisia and will address the nation at 5 pm (1600 GMT)," Essebsi's office said, adding that it would be implemented for a renewable 30-day period.
Egyptian warplanes killed 25 Islamist militants in North Sinai on Saturday, security sources said, as the Egyptian president visited the province after a major escalation of the conflict there. The sources said the air strikes hit militant targets near the town of Sheikh Zuweid, destroying weapons and explosives caches. Egyptian President Abdel Fattah al-Sisi inspected soldiers and police in El-Arish, the provincial capital, on Saturday, the presidency said in statement.