BBC News with David Austin

Britain has named the head of the Canada's central bank as a new governor of the Bank of England. Mark Carney a Canadian, would be the first foreigner to lead Britain's prime financial institution since it was founded more than three centuries ago. Here's our economic correspondent Andrew Walker.

The British Finance Minister or Chancellor of the Exchequer George Osborne described Mark Carney as simply the best, most experienced and most qualified person for the role. Mr Carney, he said, has done a brilliant job in his current position in Canada. Bank of England governor is one of the most powerful official posts in Britain. The bank sets interest rate independently of the government and is gaining new powers to regulate the financial sector. Mr Carney is a Canadian national, though the chancellor said he intends to apply for a British citizenship.

The Muslim Brotherhood in Egypt has called off a mass rally planned for Tuesday in support of President Mursi, who last week awarded himself sweeping new powers. The Brotherhood said that the decision was made to prevent violence as opposition parties are also planning demonstrations. President Mursi has been meeting senior Egyptian judges to try to defuse the crisis. His spokesman said he would not withdraw the decree, but agreed to reassure the judges that the scope of his new powers was limited to matters of sovereignty. Jon Leyne is in Cairo.

We just heard from the president's spokesman, it is a five-hour long meeting between the president and judges. That meeting has ended. And it sounds from the language of the President's spokesman although we already have had his side of the story so far, that they may have reached a compromise. Specifically, according to the president's spokesman that the president made clear that his decisions are immune from judicial scrutiny are only confined to sovereign ones to protect state institutions. So it's an administrative decision on lesser things will still be subject to the courts.