Carnival Corp. says its fiscal fourth-quarter profit fell 48 percent as fewer travelers booked cruises during the recession, but lower fuel prices helped results top Wall Street expectations.
Profit dropped to $193 million, or 24 cents per share, from $371 million, or 47 cents per share, a year ago.
Revenue sank to $3.21 billion from $3.3 billion.
On average, analysts surveyed by Thomson Reuters forecast earnings per share of 20 cents on revenue of $3.2 billion.
The Miami-based company owns Carnival and Princess cruises, the Holland America Line and other cruise lines around the globe.
Friday, December 18, 2009
German business optimism rises in December
German business confidence rose for a ninth consecutive month in December as Europe's biggest economy continued to recover steadily from its worst recession in decades, a leading survey showed Friday.
The Ifo business climate index rose to 94.7 points — its highest level since July 2008 — from 93.9 points in November. The increase was modestly higher than market expectations and stoked hopes that the recovery is on track.
"After the dramatic economic collapse last winter, these survey results should bring some Christmas cheer," said Ifo president Hans-Werner Sinn.
The Ifo business climate index rose to 94.7 points — its highest level since July 2008 — from 93.9 points in November. The increase was modestly higher than market expectations and stoked hopes that the recovery is on track.
"After the dramatic economic collapse last winter, these survey results should bring some Christmas cheer," said Ifo president Hans-Werner Sinn.
Embattled Greece to overhaul tax system
Greek Finance Minister George Papaconstantinou on Friday said the country's tax system will be overhauled by early March to broaden the tax base, boost revenues and fight tax evasion as part of efforts to pull Greece out of an economic crisis.
Athens is facing its worst debt crisis in decades and has come under intense European Union pressure to straighten out its finances and comply with deficit limits intended to support the shared euro currency.
The government announced a raft of measures this week to reduce Greece's mountain of public debt, which has reached euro300 billion ($440 billion) public debt, by 2012 and gradually bring the budget deficit — projected at 12.7 percent for 2009 — to below the European Union's euro-zone requirement of 3 percent of GDP by the end of 2013.
Papaconstantinou did not give any new details of the planned reforms and told a news conference that the government was aiming to introduce a new tax law in Parliament in early March.
Athens is facing its worst debt crisis in decades and has come under intense European Union pressure to straighten out its finances and comply with deficit limits intended to support the shared euro currency.
The government announced a raft of measures this week to reduce Greece's mountain of public debt, which has reached euro300 billion ($440 billion) public debt, by 2012 and gradually bring the budget deficit — projected at 12.7 percent for 2009 — to below the European Union's euro-zone requirement of 3 percent of GDP by the end of 2013.
Papaconstantinou did not give any new details of the planned reforms and told a news conference that the government was aiming to introduce a new tax law in Parliament in early March.
Midnight in the food-stamp economy
At 11 p.m. on the last day of the month, shoppers flock to the nearest Walmart. They load their carts with food and household items and wait for the midnight hour. That's when food stamp credits are loaded on their electronic benefits transfer cards.
"Once the clock strikes midnight and EBT cards are charged, you can see our results start to tick up," says Tom Schoewe, Wal-Mart Stores Inc's chief financial officer.
As food stamps become an increasingly common currency in a struggling U.S. economy, they are dictating changes in how even the biggest retailers do business.
From Costco to Wal-Mart, store chains are rethinking years of strategy as they watch prized customers lose jobs and turn to this benefit, the stigma of which is disappearing not just in society, but in corporate America.
"Once the clock strikes midnight and EBT cards are charged, you can see our results start to tick up," says Tom Schoewe, Wal-Mart Stores Inc's chief financial officer.
As food stamps become an increasingly common currency in a struggling U.S. economy, they are dictating changes in how even the biggest retailers do business.
From Costco to Wal-Mart, store chains are rethinking years of strategy as they watch prized customers lose jobs and turn to this benefit, the stigma of which is disappearing not just in society, but in corporate America.
Stocks open higher on tech earns
Stocks are opening higher on Wall Street following better than expected technology earnings reports.
Software company Oracle Corp. and BlackBerry maker Research In Motion Ltd. each reported strong earnings that beat analysts' expectations after the markets closed Thursday.
Oracle's results suggested companies are becoming less reluctant to spend on technology projects.
Investors have been looking for signs that a nine-month advance in the stock market is justified by economic improvement. But as year-end approaches many investors are also eager to secure gains for 2009.
The Dow Jones industrial average is up 43, or 0.4 percent, at 10,351.26, the Standard & Poor's 500 index is up 4.89, or 0.5 percent, at 1,100.97, and the Nasdaq composite index is up 17.65, or 0.8 percent, at 2,197.70.
Software company Oracle Corp. and BlackBerry maker Research In Motion Ltd. each reported strong earnings that beat analysts' expectations after the markets closed Thursday.
Oracle's results suggested companies are becoming less reluctant to spend on technology projects.
Investors have been looking for signs that a nine-month advance in the stock market is justified by economic improvement. But as year-end approaches many investors are also eager to secure gains for 2009.
The Dow Jones industrial average is up 43, or 0.4 percent, at 10,351.26, the Standard & Poor's 500 index is up 4.89, or 0.5 percent, at 1,100.97, and the Nasdaq composite index is up 17.65, or 0.8 percent, at 2,197.70.
GM to discontinue Saab after deal talks collapse
General Motors Co. said Friday it will wind down Saab after talks to sell the brand to Dutch carmaker Spyker Cars collapsed.
GM said in a news release that issues arose during the sale talks that could not be resolved.
"Despite the best efforts of all involved, it has become very clear that the due diligence required to complete this complex transaction could not be executed in a reasonable time," GM Europe President Nick Reilly said in a statement. "In order to maintain operations, Saab needed a quick resolution."
GM said in a news release that issues arose during the sale talks that could not be resolved.
"Despite the best efforts of all involved, it has become very clear that the due diligence required to complete this complex transaction could not be executed in a reasonable time," GM Europe President Nick Reilly said in a statement. "In order to maintain operations, Saab needed a quick resolution."
Home sales inching up in California
The median price of a home in California is up from a year ago, sales are rising, and foreclosure resales are declining — all signs that the housing market may be undergoing a sustained recovery, a tracking firm said Thursday.
San Diego-based MDA DataQuick said an estimated 35,860 new and resale houses and condos were sold statewide last month, up 11.5 percent from about 32,160 in November 2008. Sales fell 13.1 percent from October, but a decline in sales from October to November is normal for the season, the firm said.
The median price paid for a home in California last month was $261,000, up 1.6 percent from $257,000 in October and up 1.2 percent from $258,000 a year ago. The year-over-year increase was the first since July 2007, when the $478,000 median price was up 0.8 percent from $474,000 a year earlier, DataQuick said.
Last month also saw the lowest percentage of foreclosure resales in more than a year. Of the existing homes sold last month, 40.6 percent were properties that had been foreclosed on during the past year. That is the lowest since May 2008, when it was 39.8 percent. In November 2008 it was 55.9 percent.
San Diego-based MDA DataQuick said an estimated 35,860 new and resale houses and condos were sold statewide last month, up 11.5 percent from about 32,160 in November 2008. Sales fell 13.1 percent from October, but a decline in sales from October to November is normal for the season, the firm said.
The median price paid for a home in California last month was $261,000, up 1.6 percent from $257,000 in October and up 1.2 percent from $258,000 a year ago. The year-over-year increase was the first since July 2007, when the $478,000 median price was up 0.8 percent from $474,000 a year earlier, DataQuick said.
Last month also saw the lowest percentage of foreclosure resales in more than a year. Of the existing homes sold last month, 40.6 percent were properties that had been foreclosed on during the past year. That is the lowest since May 2008, when it was 39.8 percent. In November 2008 it was 55.9 percent.
Governor Rendell: New Solar Energy Investments to Strengthen Pennsylvania's 'Green' Economy
Pennsylvania is bolstering its position as a leader in solar energy with new investments of more than $10 million in 12 new projects, Governor Edward G. Rendell said following the Commonwealth Financing Authority's approval of the projects.
The total installed capacity of the planned projects is a little more than 9.1 megawatts, or enough to power approximately 1,000 homes.
"From helping a school district become more energy efficient, to transforming a brownfield once used as a fruit waste site into a solar field, we're helping to pave the way for a cleaner, greener economy in Pennsylvania," Governor Rendell said. "Pennsylvania is committed to creating a vibrant solar industry because it is of strategic importance to our state's future. By the end of 2010, thanks in large part to the programs and policies we've enacted since 2003 with the help of the legislature, we expect that Pennsylvania will rank in the top five states for solar."
The total installed capacity of the planned projects is a little more than 9.1 megawatts, or enough to power approximately 1,000 homes.
"From helping a school district become more energy efficient, to transforming a brownfield once used as a fruit waste site into a solar field, we're helping to pave the way for a cleaner, greener economy in Pennsylvania," Governor Rendell said. "Pennsylvania is committed to creating a vibrant solar industry because it is of strategic importance to our state's future. By the end of 2010, thanks in large part to the programs and policies we've enacted since 2003 with the help of the legislature, we expect that Pennsylvania will rank in the top five states for solar."
Bay area home sales, prices show rising trend
Sales and prices of homes in the San Francisco Bay area appear to be stabilizing, with fewer foreclosures and more activity in pricier areas than a year ago, a tracking firm said Thursday.
San Diego-based MDA DataQuick said the median price for a home in the Bay area last month was $387,000, down slightly from October but up 10.6 percent from $350,000 in November 2008.
Sales also were up. A total of 6,878 new and resale houses and condos closed escrow in the nine-county Bay area last month, up 19.5 percent from 5,756 sales in November 2008.
DataQuick's survey covered Alameda, Contra Costa, Marin, Napa, Santa Clara, San Francisco, San Mateo, Solano and Sonoma counties.
Sales in the higher-cost counties — Marin, San Francisco, Santa Clara and San Mateo — represented 42.3 percent of November sales, up from 35 percent a year ago, when sales were concentrated in the lower-cost inland areas steeped in foreclosures, DataQuick said.
"The latest stats show just how much the Bay-area market has changed in a year," said John Walsh, DataQuick's president. "Financial distress is still a problem with many borrowers, but for now, cheap foreclosures have lost their leading role in this housing drama."
San Diego-based MDA DataQuick said the median price for a home in the Bay area last month was $387,000, down slightly from October but up 10.6 percent from $350,000 in November 2008.
Sales also were up. A total of 6,878 new and resale houses and condos closed escrow in the nine-county Bay area last month, up 19.5 percent from 5,756 sales in November 2008.
DataQuick's survey covered Alameda, Contra Costa, Marin, Napa, Santa Clara, San Francisco, San Mateo, Solano and Sonoma counties.
Sales in the higher-cost counties — Marin, San Francisco, Santa Clara and San Mateo — represented 42.3 percent of November sales, up from 35 percent a year ago, when sales were concentrated in the lower-cost inland areas steeped in foreclosures, DataQuick said.
"The latest stats show just how much the Bay-area market has changed in a year," said John Walsh, DataQuick's president. "Financial distress is still a problem with many borrowers, but for now, cheap foreclosures have lost their leading role in this housing drama."
Urban Outfitters finance chief retiring
Apparel retailer Urban Outfitters Inc. said Thursday its chief financial officer will retire and will be replaced by an executive from apparel maker VF Corp.
John E. Kyees, 63, had been with Urban Outfitters since 2003. He will be replaced by Eric Artz, 42, CFO of VF Contemporary Brands, effective Feb. 1, 2010.
Kyees will take the title of chief investor relations officer on Feb. 1 through his scheduled retirement date of June 30.
The Philadelphia company operates brands including Urban Outfitters, Anthropologie and Free People. It has been among the few retailers with relatively strong sales amid the recession, as shoppers responded to its apparels' quirky aesthetic. In the third quarter, profit rose 5 percent and revenue rose 6 percent to $505.9 million.
John E. Kyees, 63, had been with Urban Outfitters since 2003. He will be replaced by Eric Artz, 42, CFO of VF Contemporary Brands, effective Feb. 1, 2010.
Kyees will take the title of chief investor relations officer on Feb. 1 through his scheduled retirement date of June 30.
The Philadelphia company operates brands including Urban Outfitters, Anthropologie and Free People. It has been among the few retailers with relatively strong sales amid the recession, as shoppers responded to its apparels' quirky aesthetic. In the third quarter, profit rose 5 percent and revenue rose 6 percent to $505.9 million.
Home Prices Without Fed Support
The U.S. housing market has been on government life support for much of 2009. Thanks to the feds' bounty of tax credits, purchases of mortgage securities, interest-rate cuts, and home loan programs, new and existing home sales are up. The median home price rose, to $177,900. What happens in 2010 depends on whether the market can stand on its own.
French judge targets Chirac over party jobs scam
A judge filed preliminary charges against former President Jacques Chirac on Friday over allegations that Paris City Hall paid for jobs in his political party when was mayor, part of a financing scandal that has long dogged the man who for decades dominated French politics.
The case, which in 2004 led to the conviction of former Prime Minister Alain Juppe, is just the latest legal headache for Chirac. On Oct. 30, a judge ordered the former president to stand trial for embezzlement and breach of trust in an alleged corruption case also linked to his term as Paris mayor.
The case, which in 2004 led to the conviction of former Prime Minister Alain Juppe, is just the latest legal headache for Chirac. On Oct. 30, a judge ordered the former president to stand trial for embezzlement and breach of trust in an alleged corruption case also linked to his term as Paris mayor.
Carnival posts lower quarterly profit
Carnival Corp & Plc (CCL.N) (CCL.L), the world's largest cruise operator, reported a drop in quarterly profit on Friday as lower cruise ticket prices hurt revenue.
Miami-based Carnival reported net income of $193 million, or 24 cents a diluted share, for the fourth quarter ended November 30, down from $371 million, or 47 cents a share, a year earlier.
The average analyst estimate for Carnival's fourth quarter results was 20 cents per share, according to Thomson Reuters I/B/E/S.
Revenue fell about 3 percent to $3.2 billion from $3.3 billion a year earlier.
Miami-based Carnival reported net income of $193 million, or 24 cents a diluted share, for the fourth quarter ended November 30, down from $371 million, or 47 cents a share, a year earlier.
The average analyst estimate for Carnival's fourth quarter results was 20 cents per share, according to Thomson Reuters I/B/E/S.
Revenue fell about 3 percent to $3.2 billion from $3.3 billion a year earlier.
CarMax posts 3Q profit on stronger sales
CarMax Inc. said Friday that stronger sales, cost-cutting efforts and gains from its financing division helped the car dealership chain post a profit in its fiscal third quarter.
Shares of the company, which predominantly sells used vehicles, jumped 8.6 percent to $23.70 in premarket trading Friday.
The company, based in Richmond, said its used vehicle sales rose 9.3 percent as the their average selling price rose 10.3 percent. New vehicle sales fell 33.4 percent.
Shares of the company, which predominantly sells used vehicles, jumped 8.6 percent to $23.70 in premarket trading Friday.
The company, based in Richmond, said its used vehicle sales rose 9.3 percent as the their average selling price rose 10.3 percent. New vehicle sales fell 33.4 percent.
Google convicted in French copyright case
A Paris court has convicted Google Inc. in a copyright infringement case over online publication of French books.
A judge ruled Friday that the U.S. Internet search giant must pay euro300,000 ($430,000) in damages and interest to French publisher La Martiniere-Le Seuil.
Google was also ordered to pay euro10,000 per day until it removes extracts of the French books from its online database.
The attorney for Google, Alexandra Neri, said Google plans to appeal the decision.
A judge ruled Friday that the U.S. Internet search giant must pay euro300,000 ($430,000) in damages and interest to French publisher La Martiniere-Le Seuil.
Google was also ordered to pay euro10,000 per day until it removes extracts of the French books from its online database.
The attorney for Google, Alexandra Neri, said Google plans to appeal the decision.
Super Saturday expectations high for U.S. retailers
Bargain-hunting shoppers are expected to flood stores on "Super Saturday" weekend -- the last before Christmas -- and deliver retailers the highest holiday weekend sales so far this season.
But many industry experts doubt whether the final weekend hurrah will generate enough business to push overall holiday sales above the dismal tally from last year, when the global economy was in free fall, shoppers were panicked about their savings and jobs and retailers were forced to dump excess merchandise at rock-bottom prices.
Budget-oriented shoppers appear to be playing a game of chicken with retailers this year, waiting for steeper discounts from stores than the 30 percent to 50 percent off already on offer. But analysts expect retailers to hold their ground in the week before Christmas.
But many industry experts doubt whether the final weekend hurrah will generate enough business to push overall holiday sales above the dismal tally from last year, when the global economy was in free fall, shoppers were panicked about their savings and jobs and retailers were forced to dump excess merchandise at rock-bottom prices.
Budget-oriented shoppers appear to be playing a game of chicken with retailers this year, waiting for steeper discounts from stores than the 30 percent to 50 percent off already on offer. But analysts expect retailers to hold their ground in the week before Christmas.
Obama, Wen offer no new emissions cuts at summit
President Barack Obama and other world leaders took stalled climate talks into their own hands Friday, holding an emergency meeting to come up with a political agreement to salvage a conference marked by deep divisions between rich and poor countries.
But neither Obama nor Chinese Premier Wen Jiabao offered any new commitments to cut greenhouse gas emissions as they addressed the U.N. climate conference in Copenhagen. And Wen skipped the high-level meeting, sending an envoy instead.
But neither Obama nor Chinese Premier Wen Jiabao offered any new commitments to cut greenhouse gas emissions as they addressed the U.N. climate conference in Copenhagen. And Wen skipped the high-level meeting, sending an envoy instead.
Official: Obama, Chinese move forward on climate
A clearly frustrated President Barack Obama displayed impatience Friday with world leaders' failure to reach a new climate accord, urging them to accept a less-than-perfect pact while offering no new U.S. concessions.
Obama said the United States has acted boldly by vowing to reduce heat-trapping gasses and help other nations pay for similar efforts.
But he indirectly acknowledged that some countries feel the United States is not doing enough, and he said an imperfect accord is better than an impasse.
"No country will get everything that it wants," Obama said in a brief address to the 193 nations gathered here to cap a climate summit stalemated after two weeks of talks.
Obama said the United States has acted boldly by vowing to reduce heat-trapping gasses and help other nations pay for similar efforts.
But he indirectly acknowledged that some countries feel the United States is not doing enough, and he said an imperfect accord is better than an impasse.
"No country will get everything that it wants," Obama said in a brief address to the 193 nations gathered here to cap a climate summit stalemated after two weeks of talks.
Suicide bomber near NW Pakistan mosque kills 10
A suicide car bomber detonated his explosives near a mosque inside a police compound in northwestern Pakistan on Friday, killing 10 people in the latest attack by suspected Taliban militants waging war against the government.
The Pakistani military has fought back with several major operations against Taliban strongholds in the country. The U.S. has applauded the effort but has urged the government to expand its fight to target militants staging cross-border attacks against coalition troops in Afghanistan.
The Pakistani military has fought back with several major operations against Taliban strongholds in the country. The U.S. has applauded the effort but has urged the government to expand its fight to target militants staging cross-border attacks against coalition troops in Afghanistan.
Somali pirates release Greek-owned ship, 21 crew
Somali pirates have released a Greek-owned ship and its 21 crew members, including 14 Filipinos, after more than a month in captivity, the Philippine government and the ship's owner said Friday.
Chinese envoy's visit to test Taiwan's Ma
President Ma Ying-jeou's signature effort to boost ties with Beijing faces a key test next week when Taiwan's pro-independence opposition plans to take to the streets to protest the visit of a senior Chinese envoy.
Buoyed by a strong showing in local elections earlier this month, the Democratic Progressive Party says it will muster 100,000 supporters Sunday in the central city of Taichung ahead of Monday's arrival of Chen Yunlin, China's top Taiwan negotiator.
Chen's visit to Taipei a year ago led to violent confrontations between police and anti-China demonstrators.
Buoyed by a strong showing in local elections earlier this month, the Democratic Progressive Party says it will muster 100,000 supporters Sunday in the central city of Taichung ahead of Monday's arrival of Chen Yunlin, China's top Taiwan negotiator.
Chen's visit to Taipei a year ago led to violent confrontations between police and anti-China demonstrators.
Hackers steal SKorean-US military secrets
South Korea's military said Friday it was investigating a hacking attack that netted secret defense plans with the United States and may have been carried out by North Korea.
The suspected hacking occurred late last month when a South Korean officer failed to remove a USB device when he switched a military computer from a restricted-access intranet to the Internet, Defense Ministry spokesman Won Tae-jae said.
The USB device contained a summary of plans for military operations by South Korean and U.S. troops in case of war on the Korean peninsula. Won said the stolen document was not a full text of the operational plans, but an 11-page file used to brief military officials. He said it did not contain critical information
The suspected hacking occurred late last month when a South Korean officer failed to remove a USB device when he switched a military computer from a restricted-access intranet to the Internet, Defense Ministry spokesman Won Tae-jae said.
The USB device contained a summary of plans for military operations by South Korean and U.S. troops in case of war on the Korean peninsula. Won said the stolen document was not a full text of the operational plans, but an 11-page file used to brief military officials. He said it did not contain critical information
Afghan officials: Karzai to keep half his Cabinet
President Hamid Karzai wants to replace the heads of two ministries linked to corruption, but will retain half his current Cabinet, including six influential ministers embraced by the international community, Afghan officials said Friday.
Karzai, who is beginning his second term, also plans to keep on board a legendary warlord who holds political sway in the West, the officials said. Two members of the Afghan parliament unhappy with the new slate say some of the new faces were suggested by Karzai's political allies or former warlords.
Karzai, who is beginning his second term, also plans to keep on board a legendary warlord who holds political sway in the West, the officials said. Two members of the Afghan parliament unhappy with the new slate say some of the new faces were suggested by Karzai's political allies or former warlords.
Japanese whalers using 'military' sonic device: activists
Anti-whaling activists accused Japanese fishermen Friday of using a military-type sonic device and water cannon against their helicopter as risky skirmishes in Antarctic seas escalated.
The Sea Shepherd animal rights group said the whalers used a Long Range Acoustical Device (LRAD) to repel the activists' helicopter, and then blasted the aircraft with water after it landed back on the anti-whalers' ship.
The Sea Shepherd animal rights group said the whalers used a Long Range Acoustical Device (LRAD) to repel the activists' helicopter, and then blasted the aircraft with water after it landed back on the anti-whalers' ship.
Police: Brazil boy stuck with needles in rituals
The stepfather of a 2-year-old boy claimed he pushed 42 "blessed" sewing needles deep into the toddler because his lover told him to while in a trance, saying it would keep the couple together, according to police.
Roberto Carlos Magalhaes, a 30-year-old bricklayer, told detectives the woman would enter a trance and "command him to stick the needles in the boy's body," police inspector Helder Fernandes Santana told The Associated Press by telephone.
Roberto Carlos Magalhaes, a 30-year-old bricklayer, told detectives the woman would enter a trance and "command him to stick the needles in the boy's body," police inspector Helder Fernandes Santana told The Associated Press by telephone.
9 dead in cargo ship sinking off Lebanese coast
Rescue workers searched the stormy waters off Lebanon on Friday after a cargo ship sank, killing at least nine crew members and leaving dozens missing.
The Panamanian-flagged cargo ship carrying thousands of sheep and other livestock went down Thursday in heavy rain.
A senior Lebanese army officer said 35 people were still missing. Of the 83 crew members on board, 39 were rescued and nine bodies were recovered, the officer said on condition of anonymity because he was not authorized to speak to media.
The Panamanian-flagged cargo ship carrying thousands of sheep and other livestock went down Thursday in heavy rain.
A senior Lebanese army officer said 35 people were still missing. Of the 83 crew members on board, 39 were rescued and nine bodies were recovered, the officer said on condition of anonymity because he was not authorized to speak to media.
Yemen's Hidden War: Is Iran Causing Trouble?
The Yemeni capital of Sana'a thunders at night with the sound of war planes taking off and heading north, toward a remote conflict on the Saudi border that the Yemenis and Saudis have stealthily managed to keep off-limits to journalists and aid workers. In the lawless frontier zone of Saada governorate, a fierce battle has raged for months between Yemeni troops and rebels belonging to the Houthis, a religious minority. Each side - Houthis on one, Yemenis and Saudis on the other - has offered conflicting reports on everything from air strikes to motives, and with Saada a no-go zone, it's difficult to separate fact from fiction.
Police: Auschwitz 'Arbeit Macht Frei' sign stolen
The Nazis' infamous iron sign declaring "Arbeit Macht Frei" — German for "Work Sets You Free" — was stolen Friday from the entrance of the former Auschwitz death camp, Polish police said.
The 5-meter-long (16-foot-long), 40-kilogram (90-pound) iron sign at the Holocaust memorial site in southern Poland was unscrewed on one side and torn off on the other, police spokeswoman Katarzyna Padlo said.
The theft from the entrance to the camp — where more than 1 million people, mostly Jews, died during World War II — brought immediate condemnation worldwide.
The 5-meter-long (16-foot-long), 40-kilogram (90-pound) iron sign at the Holocaust memorial site in southern Poland was unscrewed on one side and torn off on the other, police spokeswoman Katarzyna Padlo said.
The theft from the entrance to the camp — where more than 1 million people, mostly Jews, died during World War II — brought immediate condemnation worldwide.
Iran making new model centrifuges for nuke program
Iran's nuclear chief said Friday the country has started making more efficient centrifuge models that it plans to put in use by early 2011 — a statement that underscores Tehran's defiance and adds to international concerns over its nuclear ambitions.
Thursday, December 17, 2009
Oil prices fall following rally
Oil prices fell Thursday on profit-taking, a day after rising sharply as official data revealed strengthening energy demand in the United States, the world's biggest consumer, traders said.
Brent North Sea crude for delivery in February dropped 37 cents to 73.92 dollars a barrel in early London trading. The January contract had expired on Wednesday, priced at 73.55 dollars.
New York's main futures contract, light sweet crude for delivery in January, slid 40 cents to 72.26 dollars a barrel on Thursday.
Oil prices had soared by 1.50 dollars on Wednesday following the latest snapshot of US energy inventories.
The US Department of Energy (DoE) said distillate stockpiles sank by a heavier-than-expected 2.9 million barrels last week, indicating a pick-up in heating fuel demand.
Brent North Sea crude for delivery in February dropped 37 cents to 73.92 dollars a barrel in early London trading. The January contract had expired on Wednesday, priced at 73.55 dollars.
New York's main futures contract, light sweet crude for delivery in January, slid 40 cents to 72.26 dollars a barrel on Thursday.
Oil prices had soared by 1.50 dollars on Wednesday following the latest snapshot of US energy inventories.
The US Department of Energy (DoE) said distillate stockpiles sank by a heavier-than-expected 2.9 million barrels last week, indicating a pick-up in heating fuel demand.
Citi to suspend foreclosures for 30 days
Citigroup Inc. will suspend foreclosures and evictions for 30 days in a temporary break for about 4,000 borrowers during the holiday season.
The New York-based bank said Thursday the suspension will run from Friday through Jan. 17. It applies only to borrowers whose loans are owned by Citi. Borrowers who make payments to Citi but whose loans are owned by other investors are out of luck.
"We want our borrowers to have a much less stressful time, to spend their time with their families during the holidays as opposed to worrying about their homes," Sanjiv Das, head of the company's mortgage division, said in an interview.
The New York-based bank said Thursday the suspension will run from Friday through Jan. 17. It applies only to borrowers whose loans are owned by Citi. Borrowers who make payments to Citi but whose loans are owned by other investors are out of luck.
"We want our borrowers to have a much less stressful time, to spend their time with their families during the holidays as opposed to worrying about their homes," Sanjiv Das, head of the company's mortgage division, said in an interview.
Shoppers with smart phones IQ squeezing retailers
The rise of smart phones, with their go-anywhere Web access, is changing the shopping game this holiday season.
Tech-savvy shoppers are finding it easier than ever to work the system to get the best deals.
They're scanning barcodes with their cell phone cameras to load into price comparison Internet sites while standing in store aisles, using GPS to find discounts at nearby stores and flashing electronic coupons straight from their phones.
The ease of real-time price comparisons creates competitive pressure for retailers that pushes prices down for everyone. Retailers who resist risk losing a sale to a rival even while the customer is still in their own store.
Tech-savvy shoppers are finding it easier than ever to work the system to get the best deals.
They're scanning barcodes with their cell phone cameras to load into price comparison Internet sites while standing in store aisles, using GPS to find discounts at nearby stores and flashing electronic coupons straight from their phones.
The ease of real-time price comparisons creates competitive pressure for retailers that pushes prices down for everyone. Retailers who resist risk losing a sale to a rival even while the customer is still in their own store.
CORRECTED: General Mills posts higher profit
General Mills Inc (GIS.N) posted an increase in quarterly profit, helped by strong sales of higher-margin products like cereal, as well as falling commodity costs.
The maker of Cheerios cereal, Progresso soup and Yoplait yogurt said profit rose to $565.5 million, or $1.66 a share, in the second quarter ended on November 29 from $378.2 million, or $1.09 a share, a year earlier.
Excluding one-time items, earnings were $1.54 a share. Analysts on average forecast $1.45, according to Thomson Reuters I/B/E/S.
General Mills, like most food companies, has benefited from cost-cutting measures and easing commodities costs, while its sales have been boosted as consumers eat at home to save money.
The company also raised its full-year earnings forecast to a range of $4.52 to $4.57 a share, excluding items. In September, it had forecast 2010 profit of $4.40 to $4.45.
The maker of Cheerios cereal, Progresso soup and Yoplait yogurt said profit rose to $565.5 million, or $1.66 a share, in the second quarter ended on November 29 from $378.2 million, or $1.09 a share, a year earlier.
Excluding one-time items, earnings were $1.54 a share. Analysts on average forecast $1.45, according to Thomson Reuters I/B/E/S.
General Mills, like most food companies, has benefited from cost-cutting measures and easing commodities costs, while its sales have been boosted as consumers eat at home to save money.
The company also raised its full-year earnings forecast to a range of $4.52 to $4.57 a share, excluding items. In September, it had forecast 2010 profit of $4.40 to $4.45.
Oil slips to near $72 as traders eye crude demand
Oil prices fell to near $72 a barrel Thursday in Asia as investors mulled whether recent signs of recovering crude demand can be sustained next year.
Benchmark crude for January delivery was down 33 cents to $72.33 at late afternoon Singapore time in electronic trading on the New York Mercantile Exchange.
On Wednesday, the contract surged by $1.97 to settle at $72.66 after the Energy Information Administration said that crude supplies and distillate fuels including heating oil dropped by more than analysts expected.
Benchmark crude for January delivery was down 33 cents to $72.33 at late afternoon Singapore time in electronic trading on the New York Mercantile Exchange.
On Wednesday, the contract surged by $1.97 to settle at $72.66 after the Energy Information Administration said that crude supplies and distillate fuels including heating oil dropped by more than analysts expected.
General Mills 2Q profit rises on strong sales
Cash-strapped consumers looking for cheap meals helped push cereal maker General Mills Inc.'s fiscal second-quarter profit 50 percent higher.
The maker of Cheerios and Yoplait yogurt also boosted its full-year earnings guidance for the second time in three months following the strong quarter.
General Mills has posted several strong quarters as ingredient prices dropped and recession-weary consumers eat at home more often to save money.
"Consumers around the world continue to focus on nutritious, convenient food choices that help them make breakfast, lunch and dinner for their families at good value. Demand for our leading brands remains strong," Chairman and CEO Ken Powell said in a statement Thursday.
The maker of Cheerios and Yoplait yogurt also boosted its full-year earnings guidance for the second time in three months following the strong quarter.
General Mills has posted several strong quarters as ingredient prices dropped and recession-weary consumers eat at home more often to save money.
"Consumers around the world continue to focus on nutritious, convenient food choices that help them make breakfast, lunch and dinner for their families at good value. Demand for our leading brands remains strong," Chairman and CEO Ken Powell said in a statement Thursday.
Brian Moynihan to succeed Ken Lewis as BofA CEO
Bank of America's new CEO says he doesn't expect to lead a major shift in strategy at the nation's largest bank when he takes over from Ken Lewis on Jan. 1. But with loan losses continuing to mount amid double-digit unemployment rates, it remains to be seen whether investors will embrace staying the course.
Bank of America's board late Wednesday named its 50-year-old consumer and small business banking chief, Brian Moynihan, as president and CEO. The promotion ended a months-long search complicated by pay restrictions imposed by government pay czar Kenneth Feinberg before the bank repaid $45 billion of federal bailout loans needed to prevent its failure over the past year.
Bank of America's board late Wednesday named its 50-year-old consumer and small business banking chief, Brian Moynihan, as president and CEO. The promotion ended a months-long search complicated by pay restrictions imposed by government pay czar Kenneth Feinberg before the bank repaid $45 billion of federal bailout loans needed to prevent its failure over the past year.
Treasury backs out of plans to sell Citi stake
In a striking reversal of its attempts to unwind the government's financial stakes in big banks, the Treasury Department has backed out of plans to sell its 34 percent stake in Citigroup Inc.
The move came after investors responded tepidly to a massive stock offer by the New York-based bank. Citi said Wednesday it will sell 5.4 billion common shares at a steep discount to raise the cash it needs to repay $20 billion of the $45 billion in government support it received to weather the financial crisis.
The move came after investors responded tepidly to a massive stock offer by the New York-based bank. Citi said Wednesday it will sell 5.4 billion common shares at a steep discount to raise the cash it needs to repay $20 billion of the $45 billion in government support it received to weather the financial crisis.
World stocks drop as dollar hits 3-month euro high
World stock markets fell Thursday while the dollar strengthened to a three-month high against the euro after the Federal Reserve signaled it would start undoing some of its emergency supports next year as the economic recovery gathers pace.
In Europe, the FTSE 100 index of leading British shares was down 31 points, or 0.6 percent, at 5,289.26 while Germany's DAX fell 28.08 points, or 0.5 percent, to 5,875.35. The CAC-40 in France was 22.32 points, or 0.6 percent, lower at 3,853.50.
In Europe, the FTSE 100 index of leading British shares was down 31 points, or 0.6 percent, at 5,289.26 while Germany's DAX fell 28.08 points, or 0.5 percent, to 5,875.35. The CAC-40 in France was 22.32 points, or 0.6 percent, lower at 3,853.50.
Clinton: US would help raise billions on climate
As hopes faded for a strong climate deal, U.S. Secretary of State Hillary Rodham Clinton sought to put new life into flagging U.N. talks Thursday by announcing the U.S. would join others in raising $100 billion a year by 2020 to help poorer nations cope with global warming.
She made the offer contingent on the conference's reaching a broader agreement, including on the issue of "transparency," demanding a Chinese commitment to allow some kind of oversight to verify its actions to control emissions of carbon dioxide and other greenhouse gases.
The Chinese thus far have resisted what they see as a potential intrusion on their sovereignty. But without that, Clinton told reporters, "there will not be the kind of concerted global action that we so desperately need."
She made the offer contingent on the conference's reaching a broader agreement, including on the issue of "transparency," demanding a Chinese commitment to allow some kind of oversight to verify its actions to control emissions of carbon dioxide and other greenhouse gases.
The Chinese thus far have resisted what they see as a potential intrusion on their sovereignty. But without that, Clinton told reporters, "there will not be the kind of concerted global action that we so desperately need."
Mexican navy kills top cartel kingpin in shootout
Mexico – Two hundred sailors raided an upscale apartment complex and killed a reputed Mexican drug cartel chief in a two-hour gunbattle, one of the biggest victories yet in President Felipe Calderon's drug war.
Arturo Beltran Leyva, the "boss of bosses," and three members of his cartel were slain in the shootout Wednesday in Cuernavaca, just south of Mexico City, according to a navy statement. A fifth cartel member committed suicide during the shootout.
Arturo Beltran Leyva, the "boss of bosses," and three members of his cartel were slain in the shootout Wednesday in Cuernavaca, just south of Mexico City, according to a navy statement. A fifth cartel member committed suicide during the shootout.
Doctors airlift boy with 42 needles stuck in him
A 2-year-old boy with more than 40 sewing needles stuck in him is being airlifted to another hospital in northeastern Brazil because two of the needles are close to his heart, an official said Thursday.
A police official, meanwhile, told The Associated Press the boy's stepfather had been arrested, that he had confessed to sticking the needles into the boy with the help of another woman, and that authorities were investigating whether black magic was involved.
A police official, meanwhile, told The Associated Press the boy's stepfather had been arrested, that he had confessed to sticking the needles into the boy with the help of another woman, and that authorities were investigating whether black magic was involved.
Bandaged Berlusconi leaves hospital after attack
Italian Premier Silvio Berlusconi, his face bandaged, left a Milan hospital on Thursday, four days after being attacked by a mentally ill man at a political rally.
The 73-year-old Berlusconi took a few steps out of the San Raffaele Hospital before getting into one of several cars in a waiting motorcade. He waved weakly to photographers and looked grim as he was slowly driven away.
A large bandage covered part of the left side of Berlusconi's face, including his nose, which was broken when the man hurled a souvenir statue of Milan's cathedral at him after Berlusconi had just led a supporters' rally.
The 73-year-old Berlusconi took a few steps out of the San Raffaele Hospital before getting into one of several cars in a waiting motorcade. He waved weakly to photographers and looked grim as he was slowly driven away.
A large bandage covered part of the left side of Berlusconi's face, including his nose, which was broken when the man hurled a souvenir statue of Milan's cathedral at him after Berlusconi had just led a supporters' rally.
Pakistan's president under pressure to step down
Pakistan's president faced fresh calls to step down Thursday after the Supreme Court struck down an amnesty that had protected the increasingly unpopular leader and several of his political allies from corruption charges.
The decision late Wednesday weakened the already shaky rule of President Asif Ali Zardari and sharpened political tensions in the nuclear-armed nation just as the United States and its other Western allies want it to unite and fight militants along the Afghan border.
The decision late Wednesday weakened the already shaky rule of President Asif Ali Zardari and sharpened political tensions in the nuclear-armed nation just as the United States and its other Western allies want it to unite and fight militants along the Afghan border.
Behind the Murder of a Drug Czar
The assassins came for Honduras' anti-drug czar moments after he'd dropped his daughter off at school. His car was still in front of the schoolhouse when the two men drove up on a motorcycle and fired 11 bullets into Julian Aristides Gonzalez's body. His devastated wife rushed to the scene and kissed the corpse of the 57-year old former general. He had been planning to retire within two months and move his family to Canada.
Gonzalez' murder last month is the latest sign that drug-related violence has intensified across Latin America, wreaking havoc from Mexico to Peru. And Honduras - a strategic transit point U.S.-bound cocaine - has become ensnared in the vicious turf wars between Mexican trafficking cartels and those among Colombian producers. The turmoil in Honduras also reflects the impact of the U.S. drug war on the region's political divisions. Hours before his death, Gonzalez had given a news conference in which he accused the leftist Venezuelan government of turning a blind eye on Colombian guerrillas moving cocaine into Central America.
Gonzalez' murder last month is the latest sign that drug-related violence has intensified across Latin America, wreaking havoc from Mexico to Peru. And Honduras - a strategic transit point U.S.-bound cocaine - has become ensnared in the vicious turf wars between Mexican trafficking cartels and those among Colombian producers. The turmoil in Honduras also reflects the impact of the U.S. drug war on the region's political divisions. Hours before his death, Gonzalez had given a news conference in which he accused the leftist Venezuelan government of turning a blind eye on Colombian guerrillas moving cocaine into Central America.
Vatican defrocks African archbishop for defiance
The Vatican says it has stripped charismatic African Archbishop Emmanuel Milingo of his priestly duties because he defiantly continues to ordain bishops despite already being excommunicated.
A Vatican spokesman, the Rev. Ciro Benedettini, says Thursday's announcement of the defrocking means any future ordinations by the Zambian prelate will be considered invalid by the Catholic church.
Milingo angered the Vatican when he got married in 2001 to a South Korean woman by the Rev. Sun Myung Moon of the Unification Church. He was excommunicated in 2006 after installing four married men as bishops.
The Vatican said despite efforts by Pope Benedict XVI, Milingo shows "no sign" of repentance.
Now, the spokesman says, Milingo will not be allowed to do "anything as a priest."
A Vatican spokesman, the Rev. Ciro Benedettini, says Thursday's announcement of the defrocking means any future ordinations by the Zambian prelate will be considered invalid by the Catholic church.
Milingo angered the Vatican when he got married in 2001 to a South Korean woman by the Rev. Sun Myung Moon of the Unification Church. He was excommunicated in 2006 after installing four married men as bishops.
The Vatican said despite efforts by Pope Benedict XVI, Milingo shows "no sign" of repentance.
Now, the spokesman says, Milingo will not be allowed to do "anything as a priest."
Yemen: Up to 34 al-Qaida militants killed
Security forces struck several al-Qaida hideouts and training camps in Yemen on Thursday, killing up to 34 suspected militants, including four would-be suicide bombers, and arresting 17 others.
Provincial security official Saleh el-Shamsy said airstrikes followed by a ground operation targeting a training camp in Abyan province south of San'a killed up to 30 suspected militants.
A security official and witnesses, meanwhile, said civilians were caught up in the government offensive in Abyan, with several homes destroyed in the airstrikes and others stormed by troops who mistook them for al-Qaida hideouts.
Provincial security official Saleh el-Shamsy said airstrikes followed by a ground operation targeting a training camp in Abyan province south of San'a killed up to 30 suspected militants.
A security official and witnesses, meanwhile, said civilians were caught up in the government offensive in Abyan, with several homes destroyed in the airstrikes and others stormed by troops who mistook them for al-Qaida hideouts.
US dad wins Brazil court ruling on son's custody
A U.S. father who won another round in his legal fight to regain custody of his 9-year-old son living in Brazil is expected to land in Rio on Thursday, hoping to be reunited with the boy.
But David Goldman's own attorney warned that additional appeals could block the handover of his son, Sean — which a federal court ruled must happen on Friday at the U.S. Consulate in Rio de Janeiro.
"He's really happy, but he is worried about any eventual future decision that could block the boy being handed over to him," said Ricardo Zamariola, Goldman's attorney.
But David Goldman's own attorney warned that additional appeals could block the handover of his son, Sean — which a federal court ruled must happen on Friday at the U.S. Consulate in Rio de Janeiro.
"He's really happy, but he is worried about any eventual future decision that could block the boy being handed over to him," said Ricardo Zamariola, Goldman's attorney.
Aid group: Rains fail again across East Africa
Failed seasonal rains across East Africa will drive millions of people to hunger and poverty unless swift action is taken, an aid group said Thursday.
Oxfam said some areas had received less than 5 percent of the normal November rains and that many people are malnourished in Uganda, Tanzania, Somalia, Kenya and Ethiopia. It is the sixth failed rainy season for war-ravaged Somalia and the worst drought there for 20 years, the group said.
The report says cattle prices have tumbled from $200 to $4 in some areas as families try to sell dying animals to buy food. One clinic in Tanzania has reported a 400 percent increase in malnutrition cases since August, the agency said, and in Kenya a fatal outbreak of cholera killed more than 120 people in the past month.
Oxfam said some areas had received less than 5 percent of the normal November rains and that many people are malnourished in Uganda, Tanzania, Somalia, Kenya and Ethiopia. It is the sixth failed rainy season for war-ravaged Somalia and the worst drought there for 20 years, the group said.
The report says cattle prices have tumbled from $200 to $4 in some areas as families try to sell dying animals to buy food. One clinic in Tanzania has reported a 400 percent increase in malnutrition cases since August, the agency said, and in Kenya a fatal outbreak of cholera killed more than 120 people in the past month.
Thailand confirms US helped in weapons seizure
Thailand's seizure of tons of illicit weapons from a plane from North Korea was the result of cooperation with the United States, a senior official said Thursday.
The Ilyushin Il-76 transport plane was impounded Saturday in Bangkok during what officials said was a scheduled refueling stop. Thai authorities found a reported 35 tons of weaponry aboard it, all exported from North Korea in defiance of U.N. sanctions.
The Ilyushin Il-76 transport plane was impounded Saturday in Bangkok during what officials said was a scheduled refueling stop. Thai authorities found a reported 35 tons of weaponry aboard it, all exported from North Korea in defiance of U.N. sanctions.
Rio Tinto ships first iron ore to India
Anglo-Australian mining giant Rio Tinto said Thursday it had secured its first-ever iron ore sale to India, a "ground-breaking" development it described as significant for its future.
Iron ore chief Sam Walsh said Rio had sold a 160,000 metric-ton shipment to Indian steelmaker Essar for delivery later this month.
"To me, this is a ground-breaking sale and I think it is a good signal for us and Western Australia-- it is strategic for us," Walsh told Dow Jones Newswires.
Iron ore chief Sam Walsh said Rio had sold a 160,000 metric-ton shipment to Indian steelmaker Essar for delivery later this month.
"To me, this is a ground-breaking sale and I think it is a good signal for us and Western Australia-- it is strategic for us," Walsh told Dow Jones Newswires.
Forced evacuations around Philippine volcano
Security forces will forcibly evacuate thousands of residents reluctant to leave their farms near a smoldering volcano in the Philippines despite fears of a major eruption, officials said.
Authorities in Albay province on Thursday declared a round-the-clock ban on anyone entering with a five-mile (eight-kilometer) danger zone around the Mayon volcano, which is spewing lava and ash.
Authorities in Albay province on Thursday declared a round-the-clock ban on anyone entering with a five-mile (eight-kilometer) danger zone around the Mayon volcano, which is spewing lava and ash.
Russian FM: US-Russian arms deal not ready
Russia's foreign minister urged U.S. officials on Thursday to accept deeper cuts and less intrusive verification measures in a nuclear weapons treaty the two countries are negotiating.
Sergey Lavrov said disagreements over such issues over the past few days had slowed efforts to reach a deal, and he agreed with the White House's assessment that President Barack Obama and Russian President Dmitry Medvedev are not expected to sign a nuclear weapons treaty when they travel to Copenhagen this week.
Sergey Lavrov said disagreements over such issues over the past few days had slowed efforts to reach a deal, and he agreed with the White House's assessment that President Barack Obama and Russian President Dmitry Medvedev are not expected to sign a nuclear weapons treaty when they travel to Copenhagen this week.
Wednesday, December 16, 2009
Fed to strike upbeat note on economy
Focused on keeping the recovery going and driving down double-digit unemployment, the Federal Reserve is poised to leave interest rates at a record low.
Fed Chairman Ben Bernanke and his colleagues, at the end of their two-day meeting Wednesday afternoon, will likely to strike an upbeat note about the progress the economy is making. But they'll also caution that now is not the time to be complacent against risks.
Signs are growing that the economy is on the mend. Consumers and businesses are spending again. The housing market is stabilizing. Manufacturing is growing. And layoffs are moderating.
Fed Chairman Ben Bernanke and his colleagues, at the end of their two-day meeting Wednesday afternoon, will likely to strike an upbeat note about the progress the economy is making. But they'll also caution that now is not the time to be complacent against risks.
Signs are growing that the economy is on the mend. Consumers and businesses are spending again. The housing market is stabilizing. Manufacturing is growing. And layoffs are moderating.
Ahead of the Bell: Trade Deficit
The deficit in the broadest measure of foreign trade is expected to have widened slightly in the third quarter. But economists are hoping that U.S. exports will continue growing in coming months, providing support to American manufacturers and helping to lift the country out of recession.
Economists surveyed by Thomson Reuters are forecasting that the deficit in the current account grew to $108 billion in the July-September quarter. That would be an increase of 9.3 percent from the second quarter deficit of $98.8 billion.
The Commerce Department is scheduled to release the new figure at 8:30 a.m. EST.
Economists surveyed by Thomson Reuters are forecasting that the deficit in the current account grew to $108 billion in the July-September quarter. That would be an increase of 9.3 percent from the second quarter deficit of $98.8 billion.
The Commerce Department is scheduled to release the new figure at 8:30 a.m. EST.
Euro recovers after positive business survey
The euro recovered Wednesday on positive eurozone business data and after being hit by strong US economic data and worries about problems in the European banking sector.
The foreign exchange market was also awaiting the outcome of the US Federal Reserve's latest monetary policy meeting.
In London morning deals, the single currency rose to 1.4560 dollars, up from 1.4534 in New York late on Tuesday, when it had struck 1.4506 dollars -- the lowest level since October 2.
Time magazine names Bernanke 'Person of the Year'
Federal Reserve Chairman Ben Bernanke (bur-NANG'-kee) has been named Time magazine's "Person of the Year" for 2009.
Last year's winner was then-President-elect Barack Obama. The 2007 winner was Russian Prime Minister Vladimir Putin.
Last year's winner was then-President-elect Barack Obama. The 2007 winner was Russian Prime Minister Vladimir Putin.
Bernanke named Time magazine's Person of the Year
Federal Reserve Chairman Ben Bernanke was named Time magazine's Person of the Year on Wednesday.
German Cabinet approves 2010 budget plan
Germany's new center-right Cabinet on Wednesday approved a 2010 budget plan that foresees record levels of new debt and higher spending as the country seeks to safeguard its recovery from recession.
The budget puts spending at euro325.4 billion ($474.7 billion), a 7.3 percent increase on this year's planned outlay of euro303.3 billion.
It foresees new borrowing of euro85.8 billion — about euro48 billion more than this year, and the largest figure since World War II.
The budget puts spending at euro325.4 billion ($474.7 billion), a 7.3 percent increase on this year's planned outlay of euro303.3 billion.
It foresees new borrowing of euro85.8 billion — about euro48 billion more than this year, and the largest figure since World War II.
Banks help European markets advance ahead of Fed
European stock markets rose Wednesday following a report that global finance regulators will give lenders a decade or more to meet stricter capital rules.
In Europe, the FTSE 100 index of leading British shares was up 33.19 points, or 0.6 percent, at 5,318.96 while Germany's DAX rose 72.11 points, or 1.2 percent, to 5,883.45. The CAC-40 in France was 34.40 points, or 0.9 percent, higher at 3,868.49.
Abu Dhabi vows to fight for rights in Citi dispute
United Arab Emirates – The Abu Dhabi sovereign wealth fund is vowing to fight for its "legal rights" after filing a claim against Citigroup over its $7.5 billion investment in the bank.
A spokesman for the Abu Dhabi Investment Authority said Wednesday that it is ADIA's policy to pursue its "legal rights fully."
The fund declined to comment further, citing "binding confidentiality obligations." It also declined to provide a copy of the complaint.
Citigroup said late Tuesday that ADIA was seeking to terminate a deal made in 2007 to buy $7.5 billion worth of the bank's stock, or receive damages of more than $4 billion.
A spokesman for the Abu Dhabi Investment Authority said Wednesday that it is ADIA's policy to pursue its "legal rights fully."
The fund declined to comment further, citing "binding confidentiality obligations." It also declined to provide a copy of the complaint.
Citigroup said late Tuesday that ADIA was seeking to terminate a deal made in 2007 to buy $7.5 billion worth of the bank's stock, or receive damages of more than $4 billion.
American proposes JAL as exclusive Asian partner
American Airlines has proposed making JAL its exclusive Asian partner to keep it from Delta's clutches.
American Chief Executive Gerard Arpey said Wednesday he has told Japan Airlines that American will not compete for connecting passengers to other points in Asia if the Japanese carrier remains American's partner in the oneworld alliance.
Delta and its SkyTeam partners have offered $1 billion to lure JAL from American. American has countered with a $1.1 billion offer to struggling JAL to remain its partner.
American Chief Executive Gerard Arpey said Wednesday he has told Japan Airlines that American will not compete for connecting passengers to other points in Asia if the Japanese carrier remains American's partner in the oneworld alliance.
Delta and its SkyTeam partners have offered $1 billion to lure JAL from American. American has countered with a $1.1 billion offer to struggling JAL to remain its partner.
Gaidar, acting Russian PM under Yeltsin, dies
Yegor Gaidar, who oversaw Russia's painful economic transition from communism to the free market in the 1990s, died Wednesday, an aide said. He was 53.
Gaidar died unexpectedly of a blood clot at his Moscow-area home while he was working on a book early in the morning, his aide Valery Natarov told The Associated Press.
A public memorial service was scheduled for Saturday at a funeral hall in a Moscow clinic, Natarov said.
No other details were immediately available.
Gaidar served under Boris Yeltsin in the early 1990s and was acting prime minister for six months in 1992.
He oversaw the so-called shock therapy reforms, subjecting the heavily centralized economy to an overnight liberalization of prices that were formerly set by the state. Inflation soared, wiping out the savings of ordinary Russians.
Gaidar, a graduate of the economics department of Moscow State University, was among a group of young liberals in the 1990s who have been cast as the architects of that decade's economic and political chaos by Russia's current leadership .
Gaidar died unexpectedly of a blood clot at his Moscow-area home while he was working on a book early in the morning, his aide Valery Natarov told The Associated Press.
A public memorial service was scheduled for Saturday at a funeral hall in a Moscow clinic, Natarov said.
No other details were immediately available.
Gaidar served under Boris Yeltsin in the early 1990s and was acting prime minister for six months in 1992.
He oversaw the so-called shock therapy reforms, subjecting the heavily centralized economy to an overnight liberalization of prices that were formerly set by the state. Inflation soared, wiping out the savings of ordinary Russians.
Gaidar, a graduate of the economics department of Moscow State University, was among a group of young liberals in the 1990s who have been cast as the architects of that decade's economic and political chaos by Russia's current leadership .
Oil hovers near $71 amid US crude supply jump
Oil prices hovered near $71 a barrel Wednesday in Asia with gains tempered by a U.S. crude supply report that showed an unexpected rise in inventories last week.
Benchmark crude for January delivery was up 40 cents to $71.09 at late afternoon Singapore time in electronic trading on the New York Mercantile Exchange. On Tuesday, the contract added $1.18 to settle at $70.69.
Benchmark crude for January delivery was up 40 cents to $71.09 at late afternoon Singapore time in electronic trading on the New York Mercantile Exchange. On Tuesday, the contract added $1.18 to settle at $70.69.
Climate talks deadlocked as clashes erupt outside
Danish police fired pepper spray and beat protesters with batons outside the U.N. climate conference on Wednesday, as disputes inside left major issues unresolved just two days before world leaders hope to sign a historic agreement to fight global warming.
With the talks so clearly deadlocked, Connie Hedegaard, former Danish climate minister, resigned from the conference presidency to allow her boss, Danish Prime Minister Lars Loekke Rasmussen to preside as world leaders from 115 nations streamed into Copenhagen. She was to continue overseeing the closed-door negotiations.
With the talks so clearly deadlocked, Connie Hedegaard, former Danish climate minister, resigned from the conference presidency to allow her boss, Danish Prime Minister Lars Loekke Rasmussen to preside as world leaders from 115 nations streamed into Copenhagen. She was to continue overseeing the closed-door negotiations.
Police stop man from reaching Berlusconi's room
Authorities say police are questioning a young man with mental problems who managed to reach the hospital floor where Premier Silvio Berlusconi is recovering from an attack.
Milan anti-terrorism police official said the man "wanted to pay a visit on the premier at 2 a.m" Wednesday. The official was speaking on condition of anonymity because he didn't have advance authorization to talk with a reporter.
Milan anti-terrorism police official said the man "wanted to pay a visit on the premier at 2 a.m" Wednesday. The official was speaking on condition of anonymity because he didn't have advance authorization to talk with a reporter.
Bomb kills 4 Afghan police in western province
A roadside bomb killed four police in western Afghanistan and two soldiers died in separate militant attacks, the latest against the country's struggling security forces, officials said Wednesday.
The attacks follow deadly Taliban ambushes on checkpoints in the north and south of the country on Monday that killed 16 national police — underscoring the threat faced by Afghan forces seen as pivotal to plans for an eventual withdrawal of international troops from Afghanistan.
The attacks follow deadly Taliban ambushes on checkpoints in the north and south of the country on Monday that killed 16 national police — underscoring the threat faced by Afghan forces seen as pivotal to plans for an eventual withdrawal of international troops from Afghanistan.
EU drops Microsoft browser charges
The European Union said Wednesday it is dropping antitrust charges against Microsoft Corp. after the company agreed to give Windows users a choice of up to 12 other Web browsers.
Under the terms of the deal with regulators, Microsoft will avoid further EU fines if it provides a pop-up screen that lets European users — from March — replace Microsoft's Internet Explorer or add another browser such as Mozilla's Firefox or Google's Chrome.
This will also allow computer manufacturers to ship PCs without Internet Explorer in Europe.
Under the terms of the deal with regulators, Microsoft will avoid further EU fines if it provides a pop-up screen that lets European users — from March — replace Microsoft's Internet Explorer or add another browser such as Mozilla's Firefox or Google's Chrome.
This will also allow computer manufacturers to ship PCs without Internet Explorer in Europe.
Iran test-fires its most advanced missile
Iran announced Wednesday it successfully test-fired an upgraded version of its longest-range missile, which is capable of hitting Israel and parts of Europe and which it said is now faster and harder to shoot down.
The test is Iran's latest show of military strength at a time when it is locked in a standoff with the West over its nuclear program. Tehran has been intent on demonstrating it can retaliate against any military strike on its nuclear facilities by the United States or Israel.
Wednesday's test was for the latest version of Iran's most advanced missile, the Sajjil-2, with a range of about 1,200 miles (1,930 kilometers). That range places Israel, Iran's sworn enemy, well within reach, as well as U.S. bases in the Gulf region and parts of southeastern Europe.
The test is Iran's latest show of military strength at a time when it is locked in a standoff with the West over its nuclear program. Tehran has been intent on demonstrating it can retaliate against any military strike on its nuclear facilities by the United States or Israel.
Wednesday's test was for the latest version of Iran's most advanced missile, the Sajjil-2, with a range of about 1,200 miles (1,930 kilometers). That range places Israel, Iran's sworn enemy, well within reach, as well as U.S. bases in the Gulf region and parts of southeastern Europe.
Vietnam orders Russian submarines, fighter jets
Vietnam has ordered submarines and fighter jets from Russia, its former communist ally, the government announced Wednesday, in a deal reportedly worth hundreds of millions of dollars.
The agreement was made Tuesday during a visit to Moscow by Prime Minister Nguyen Tan Dung, Vietnam's government said on its official Web site.
Vietnam also invited Russia to help build its first nuclear power plant, the Web site said, providing no further details. Vietnam hopes to begin construction of the plant in 2014 and put it on line by 2020.
Vietnamese officials could not be reached for comment Wednesday.
Russia's Interfax news agency quoted an unnamed Defense Ministry official as saying Russia will sell Vietnam six diesel-electric "Project 636" Varshavyanka submarines for a total of $2 billion. The submarines are also known by their NATO nickname, "Kilos."
The agreement was made Tuesday during a visit to Moscow by Prime Minister Nguyen Tan Dung, Vietnam's government said on its official Web site.
Vietnam also invited Russia to help build its first nuclear power plant, the Web site said, providing no further details. Vietnam hopes to begin construction of the plant in 2014 and put it on line by 2020.
Vietnamese officials could not be reached for comment Wednesday.
Russia's Interfax news agency quoted an unnamed Defense Ministry official as saying Russia will sell Vietnam six diesel-electric "Project 636" Varshavyanka submarines for a total of $2 billion. The submarines are also known by their NATO nickname, "Kilos."
Iraqi PM: US military withdrawal on track
Iraq's prime minister says continued violence won't slow the U.S. military's withdrawal from his country.
Nouri al-Maliki told a news conference Wednesday that U.S. troops still will leave by a December 31, 2011 deadline included in a security agreement between Iraq and the United States.
He blamed a wave of bombings Tuesday on al-Qaida terrorists and former Baath Party extremists who he said wanted to derail Iraq's fragile political process.
The bombings killed nine people and wounded scores in Baghdad and Mosul.
Nouri al-Maliki told a news conference Wednesday that U.S. troops still will leave by a December 31, 2011 deadline included in a security agreement between Iraq and the United States.
He blamed a wave of bombings Tuesday on al-Qaida terrorists and former Baath Party extremists who he said wanted to derail Iraq's fragile political process.
The bombings killed nine people and wounded scores in Baghdad and Mosul.
Rights activist who protested Honduras coup killed
Honduran police promised to thoroughly investigate the killing of a gay rights activist who joined in protests against the June coup that ousted President Manuel Zelaya.
The anti-coup National Resistance Front said gunmen in a car shot Walter Trochez on Sunday as he walked in downtown Tegucigalpa. Friends rushed him to a hospital, where he died.
"Trochez was an active militant in the resistance and an example of the fight against the dictatorship," the group said in a statement released on the day the victim was buried.
The anti-coup National Resistance Front said gunmen in a car shot Walter Trochez on Sunday as he walked in downtown Tegucigalpa. Friends rushed him to a hospital, where he died.
"Trochez was an active militant in the resistance and an example of the fight against the dictatorship," the group said in a statement released on the day the victim was buried.
Guinea soldier: I shot the president
Guinea's former presidential guard chief says he shot the president because the junta leader wanted him to take the blame for a bloody massacre in September.
Lt. Abubakar "Toumba" Diakite told Radio France International on Wednesday in his first recorded comments since the assassination attempt that he shot Capt. Moussa "Dadis" Camara on Dec. 3 because the junta leader betrayed the democracy of the West African nation. Diakite has since been at large.
Diakite says Camara ordered the Sept. 28 massacre at a pro-democracy rally where a human rights group says 157 people were killed. Camara has in the past blamed Diakite for the massacre.
Camara is convalescing in Morocco and has not spoken publicly since, leading many to speculate he is incapacitated.
Lt. Abubakar "Toumba" Diakite told Radio France International on Wednesday in his first recorded comments since the assassination attempt that he shot Capt. Moussa "Dadis" Camara on Dec. 3 because the junta leader betrayed the democracy of the West African nation. Diakite has since been at large.
Diakite says Camara ordered the Sept. 28 massacre at a pro-democracy rally where a human rights group says 157 people were killed. Camara has in the past blamed Diakite for the massacre.
Camara is convalescing in Morocco and has not spoken publicly since, leading many to speculate he is incapacitated.
Taliban sneak past Marines in southern Afghanistan
Only a few hundred American troops are policing the southern border of one of Afghanistan's major smuggling areas, leaving open a vast expanse of desert that the Taliban use to shuttle in weapons and fighters from Pakistan.
This dusty hamlet 75 miles (120 kilometers) north of the border in Helmand province was the Taliban's key transit point from Pakistan before the Marines arrived in July. Since then, the Marines have set up a series of patrol bases east and west of Khan Neshin to disrupt the Taliban's supply lines.
This dusty hamlet 75 miles (120 kilometers) north of the border in Helmand province was the Taliban's key transit point from Pakistan before the Marines arrived in July. Since then, the Marines have set up a series of patrol bases east and west of Khan Neshin to disrupt the Taliban's supply lines.
UN-backed court issues Khmer Rouge genocide charges
Cambodia's UN-backed war crimes court has for the first time issued genocide charges against two leaders of the brutal Khmer Rouge regime, a tribunal spokesman said on Wednesday.
Former Khmer Rouge deputy supremo Nuon Chea and foreign minister Ieng Sary were both charged over the hardline communist regime's slaughter of Vietnamese people and ethnic Cham Muslims during the 1970s, spokesman Lars Olsen told AFP.
Former Khmer Rouge deputy supremo Nuon Chea and foreign minister Ieng Sary were both charged over the hardline communist regime's slaughter of Vietnamese people and ethnic Cham Muslims during the 1970s, spokesman Lars Olsen told AFP.
Activists dodge Japanese whaling fleet after skirmish
Militant anti-whaling activists said they were dodging a Japanese surveillance ship in icebergs near Antarctica on Wednesday, following their first skirmish with whalers during the annual hunt.
Paul Watson, who is leading a campaign to harass this season's hunt, said a ship loaded with Japanese security guards had been tailing his group since they left Western Australia on December 7.
Paul Watson, who is leading a campaign to harass this season's hunt, said a ship loaded with Japanese security guards had been tailing his group since they left Western Australia on December 7.
Abbas says peace deal possible in 6 months
A comprehensive peace deal can be reached between Israel and the Palestinians within six months if Israel completely freezes its settlement construction, Palestinian President Mahmoud Abbas said in an interview published Wednesday.
Abbas told the Israeli daily Haaretz that he proposed the six-month freeze to Israeli Defense Minister Ehud Barak in a pair of a recent telephone conversations.
Abbas told the Israeli daily Haaretz that he proposed the six-month freeze to Israeli Defense Minister Ehud Barak in a pair of a recent telephone conversations.
Tuesday, December 15, 2009
European stocks, euro slip on Austria bank worries
European stocks and fell Tuesday and the euro slid to a two and a half month low against the dollar on worries about the Greek government's debts and the financial health of Austria's banks.
The FTSE 100 index of leading British shares was down 39.93 points, or 0.8 percent, at 5,275.41 while Germany's DAX fell 15.25 points, or 0.3 percent, to 5,787.01. The CAC-40 in France was 9.93 points, or 0.3 percent, lower at 3,820.51.
The FTSE 100 index of leading British shares was down 39.93 points, or 0.8 percent, at 5,275.41 while Germany's DAX fell 15.25 points, or 0.3 percent, to 5,787.01. The CAC-40 in France was 9.93 points, or 0.3 percent, lower at 3,820.51.
Citigroup, Wells Fargo repay gov't bailout funds
The last two major national banks are returning $45 billion in aid to taxpayers, marking the latest step toward recovery for the U.S. financial system.
Citigroup Inc., whose future looked uncertain at the beginning of this year, will repay $20 billion, while Wells Fargo & Co. will pay back the $25 billion it received. Both banks announced significant capital raises in order to repay the money, and the government will also sell the one-third stake it holds in Citigroup.
Citigroup Inc., whose future looked uncertain at the beginning of this year, will repay $20 billion, while Wells Fargo & Co. will pay back the $25 billion it received. Both banks announced significant capital raises in order to repay the money, and the government will also sell the one-third stake it holds in Citigroup.
Boeing determined 787 will finally fly
Weather permitting, Boeing Co. plans to finally get its new 787 jetliner into the air Tuesday, more than two years after it had intended.
The test aircraft completed its ground tests during the weekend, including a 150-mph dash down the runway at Everett's Paine Field during which its nose gear briefly lifted off the pavement. Tuesday morning, pilots Michael Carriker and Randall Neville hope to take the 787 on a four-hour flight over Washington state, beginning the extensive flight test program needed to obtain the plane's Federal Aviation Administration certification.
The test aircraft completed its ground tests during the weekend, including a 150-mph dash down the runway at Everett's Paine Field during which its nose gear briefly lifted off the pavement. Tuesday morning, pilots Michael Carriker and Randall Neville hope to take the 787 on a four-hour flight over Washington state, beginning the extensive flight test program needed to obtain the plane's Federal Aviation Administration certification.
An MBA Christmas: The Holiday Job Hunt
The holiday break is the perfect time to gain an edge on the competition if you're an MBA student searching for an internship or full-time job. "The worst thing anyone can do is just sit back at this stage," says Jackie Wilbur, director of career development at the MIT Sloan School of Management (MIT Sloan Full-Time MBA Profile). Although some career placement directors at top business schools are reporting -- at least anecdotally -- that the traditional fall recruiting season for full-time jobs went as well as they expected, there are still students looking for work. Some job-seekers have the economy to blame, while others are looking for nontraditional positions, which aren't always found through on-campus recruiting.
Fannie, Freddie Overseer Said to Consider Seeking More U.S. Aid
Fannie Mae and Freddie Mac’s federal regulator is renegotiating the companies’ financing plan with the U.S. Treasury Department and may seek an increase to their $400 billion federal lifeline before the end of the year, according to people familiar with the talks.
Treasury and Federal Housing Finance Agency officials are also debating whether to lower the cost of the companies’ dividend payments on their borrowings from Treasury, according to these people, who requested not to be identified describing the internal deliberations.
Treasury and Federal Housing Finance Agency officials are also debating whether to lower the cost of the companies’ dividend payments on their borrowings from Treasury, according to these people, who requested not to be identified describing the internal deliberations.
Oil prices narrowly mixed on demand growth concerns
Oil prices were narrowly mixed on Tuesday amid concerns over large stockpiles in the United States caused by weak demand in the world's biggest consumer, traders said.
The OPEC oil producers' cartel on Tuesday upgraded slightly its forecast for world oil demand growth next year but said usage in advanced economies would contract again.
Brent North Sea crude for delivery in January dipped 12 cents to 71.77 dollars a barrel in midday London trading.
The OPEC oil producers' cartel on Tuesday upgraded slightly its forecast for world oil demand growth next year but said usage in advanced economies would contract again.
Brent North Sea crude for delivery in January dipped 12 cents to 71.77 dollars a barrel in midday London trading.
UBS won't sue former bosses on subprime, U.S. tax
UBS AG (UBS.N) (UBSN.VX) will not sue its former bosses after risky bets on subprime mortgages and a strategy of helping U.S. clients hide money in secret accounts brought the Swiss bank to its knees.
Any action would only draw negative attention as UBS seeks a fresh start to win back client trust, the wealth management group said on Tuesday.
"The board has decided that years of uncertainty about these matters due to litigation ... and related negative attention from such action is not in the interest of UBS, its employees, clients and shareholders," the group said in a statement.
UBS said the board had decided not to take action after a thorough review, including consultation with external legal experts. It said its new management led by banking veteran Oswald Gruebel had taken "comprehensive and profound measures to ensure that nothing like this should ever happen again.
"The review concluded that there was no evidence of criminal conduct by former senior executives under Swiss law. Furthermore, there is no indication that they pursued personal interests to the detriment of UBS," it said.
Any action would only draw negative attention as UBS seeks a fresh start to win back client trust, the wealth management group said on Tuesday.
"The board has decided that years of uncertainty about these matters due to litigation ... and related negative attention from such action is not in the interest of UBS, its employees, clients and shareholders," the group said in a statement.
UBS said the board had decided not to take action after a thorough review, including consultation with external legal experts. It said its new management led by banking veteran Oswald Gruebel had taken "comprehensive and profound measures to ensure that nothing like this should ever happen again.
"The review concluded that there was no evidence of criminal conduct by former senior executives under Swiss law. Furthermore, there is no indication that they pursued personal interests to the detriment of UBS," it said.
Weyerhaeuser board OKs conversion to REIT status
Weyerhaeuser said Tuesday its board has approved a conversion of the forest products giant into a real estate investment trust, letting the company take advantage of certain tax benefits.
The Federal Way, Wash., company said the conversion may occur as soon as next year, depending on the economic recovery and changes in tax policy.
"This conversion will position us to be more competitive in our timberlands business," Dan Fulton, president and CEO, said in a statement. "In addition, we are able to convert with our existing business mix of timberlands, wood products, cellulose fibers and real estate."
Weyerhaeuser has been under pressure for years to lower its taxes by becoming a REIT. It said it plans to pay a significant portion of dividends in stock.
Under its conversion into a REIT, the company must issue shareholders a special, taxable dividend of its earnings by the end of the year of conversion. Weyerhaeuser pegged its 2010 profit at just under $6 billion.
The company also announced it will ask shareholders at its annual meeting in April to approve changes in its structure, eliminating its classified board and removing super majority voting provisions.
In premarket trading, Weyerhaeuser shares traded up $2.14, or 5 percent, at $44.65. The stock has ranged from $18.67 to $44.02 over the past year.
The Federal Way, Wash., company said the conversion may occur as soon as next year, depending on the economic recovery and changes in tax policy.
"This conversion will position us to be more competitive in our timberlands business," Dan Fulton, president and CEO, said in a statement. "In addition, we are able to convert with our existing business mix of timberlands, wood products, cellulose fibers and real estate."
Weyerhaeuser has been under pressure for years to lower its taxes by becoming a REIT. It said it plans to pay a significant portion of dividends in stock.
Under its conversion into a REIT, the company must issue shareholders a special, taxable dividend of its earnings by the end of the year of conversion. Weyerhaeuser pegged its 2010 profit at just under $6 billion.
The company also announced it will ask shareholders at its annual meeting in April to approve changes in its structure, eliminating its classified board and removing super majority voting provisions.
In premarket trading, Weyerhaeuser shares traded up $2.14, or 5 percent, at $44.65. The stock has ranged from $18.67 to $44.02 over the past year.
Austria probes near-demise of Hypo Alpe Adria
Austria's justice ministry says an investigation has been launched to clarify the circumstances surrounding the near demise of troubled financial institution Hypo Alpe Adria.
Austria on Monday nationalized Hypo Alpe Adria, a unit of German public-sector bank BayernLB, to prevent it from sliding into a bankruptcy fueled in part by bad loans — most of them in Eastern Europe.
The ministry says prosecutors in the southern city of Klagenfurt are probing whether those responsible for the bank committed breach of trust and fraud. The statement Tuesday did not provide any names and stressed the presumption of innocence.
The ministry also said that a special commission of experts is being set up in the Federal Criminal Police Office to assist Klagenfurt prosecutors.
Austria on Monday nationalized Hypo Alpe Adria, a unit of German public-sector bank BayernLB, to prevent it from sliding into a bankruptcy fueled in part by bad loans — most of them in Eastern Europe.
The ministry says prosecutors in the southern city of Klagenfurt are probing whether those responsible for the bank committed breach of trust and fraud. The statement Tuesday did not provide any names and stressed the presumption of innocence.
The ministry also said that a special commission of experts is being set up in the Federal Criminal Police Office to assist Klagenfurt prosecutors.
Fed is expected to leave rates at record low
The Federal Reserve is expected to leave interest rates at a record low this week. The big question is whether Chairman Ben Bernanke and his colleagues will hint about when they will reverse course and start boosting rates.
Plans for reeling in the unprecedented amount of money the Fed has plowed into the economy to bolster the recovery are likely to dominate its discussions Tuesday and Wednesday.
Plans for reeling in the unprecedented amount of money the Fed has plowed into the economy to bolster the recovery are likely to dominate its discussions Tuesday and Wednesday.
Oil hovers below $70 in Europe after 9-day drop
Oil prices hovered below $70 a barrel on Tuesday, held down by high inventories and weak demand while investors awaited new data about the U.S. economy.
By early afternoon in Europe, benchmark crude for January delivery was up 10 cents at $69.61 in electronic trading on the New York Mercantile Exchange. On Monday, the contract fell 36 cents to settle at $69.51.
Prices have dropped over the previous nine days — the longest slide since 2001 — on investor doubts about a recovery in U.S. crude demand and as the dollar strengthened.
By early afternoon in Europe, benchmark crude for January delivery was up 10 cents at $69.61 in electronic trading on the New York Mercantile Exchange. On Monday, the contract fell 36 cents to settle at $69.51.
Prices have dropped over the previous nine days — the longest slide since 2001 — on investor doubts about a recovery in U.S. crude demand and as the dollar strengthened.
US-China showdown looms over climate talks
A showdown between the world's two largest polluters loomed over the U.N. climate talks Tuesday as China accused the United States and other rich nations of backsliding on their commitments to fight global warming.
Trying to ease the tension, U.N. Secretary-General Ban Ki-moon said rich and poor countries must "stop pointing fingers" and should increase their pledges to cut greenhouse gas emissions to salvage the faltering talks on a climate pact.
Trying to ease the tension, U.N. Secretary-General Ban Ki-moon said rich and poor countries must "stop pointing fingers" and should increase their pledges to cut greenhouse gas emissions to salvage the faltering talks on a climate pact.
Afghan official: 8 killed in Kabul suicide bombing
A suicide car bomber struck a heavily guarded neighborhood Tuesday near the home of a former Afghan vice president and a hotel favored by Westerners, killing at least eight people and wounding dozens.
The brazen suicide attack underscored the precarious security situation in the heart of the Afghan capital. The blast was heard at the Foreign Ministry where officials and diplomats met to discuss government corruption.
The brazen suicide attack underscored the precarious security situation in the heart of the Afghan capital. The blast was heard at the Foreign Ministry where officials and diplomats met to discuss government corruption.
China calls Uighurs seeking asylum 'criminals'
China alleged Tuesday that 22 Muslim Uighurs who fled to Cambodia after deadly ethnic rioting this summer are criminals and said they should not be granted asylum.
The Uighurs were smuggled out of China with the help of a secret network of missionaries and Chinese Christians, according to missionaries who helped them. They arrived in Cambodia in recent weeks and have applied for asylum at the U.N. refugee agency office in Phnom Penh.
The Uighurs were smuggled out of China with the help of a secret network of missionaries and Chinese Christians, according to missionaries who helped them. They arrived in Cambodia in recent weeks and have applied for asylum at the U.N. refugee agency office in Phnom Penh.
Aussie scientists find coconut-carrying octopus
Australian scientists have discovered an octopus in Indonesia that collects coconut shells for shelter — unusually sophisticated behavior that the researchers believe is the first evidence of tool use in an invertebrate animal.
The scientists filmed the veined octopus, Amphioctopus marginatus, selecting halved coconut shells from the sea floor, emptying them out, carrying them under their bodies up to 65 feet (20 meters), and assembling two shells together to make a spherical hiding spot.
The scientists filmed the veined octopus, Amphioctopus marginatus, selecting halved coconut shells from the sea floor, emptying them out, carrying them under their bodies up to 65 feet (20 meters), and assembling two shells together to make a spherical hiding spot.
Australia announces controversial Internet filter
Australia said Tuesday it would push ahead with a mandatory China-style plan to filter the Internet, despite widespread criticism that it will strangle free speech and is doomed to fail.
Communications Minister Stephen Conroy said new laws would be introduced to ban access to "refused classification" (RC) sites featuring criminal content such as child sex abuse, bestiality, rape and detailed drug use.
Blacklisted sites would be determined by an independent classification body via a "public complaint" process, said Conroy, admitting there was "no silver bullet solution to cyber-safety".
Communications Minister Stephen Conroy said new laws would be introduced to ban access to "refused classification" (RC) sites featuring criminal content such as child sex abuse, bestiality, rape and detailed drug use.
Blacklisted sites would be determined by an independent classification body via a "public complaint" process, said Conroy, admitting there was "no silver bullet solution to cyber-safety".
Pakistan car bomb blast kills 18: official
At least 18 people were killed and 35 wounded when a car bomb exploded in a busy market in the central Pakistani town of Dera Ghazi Khan on Tuesday, a senior health ministry official said.
"So far 18 people have died and around 35 people injured in the blast at the Khosa Market," District Health Officer of Dera Ghazi Khan, Doctor Pervez Haider Altaf, told AFP.
"We have declared a state of emergency and the hospital in the town has been crowded by the people looking for their relatives. Rescue efforts are still going on," he added.
"So far 18 people have died and around 35 people injured in the blast at the Khosa Market," District Health Officer of Dera Ghazi Khan, Doctor Pervez Haider Altaf, told AFP.
"We have declared a state of emergency and the hospital in the town has been crowded by the people looking for their relatives. Rescue efforts are still going on," he added.
Sudan opposition face charges over banned rally
Up to 48 Sudanese opposition supporters will face charges for taking part in a banned rally close to parliament calling for democratic reforms, officials said on Tuesday.
Riot police fired tear gas to break up more than 200 demonstrators in Khartoum on Monday in the second clash with opposition supporters in a week as political tensions mount ahead of April elections.
Up to 48 people were arrested and later released on bail, spokespeople for four parties that took part in the protest told Reuters.
"They are trying to intimidate us. This was a very stupid step," said Niemat Malik from Sudan's Communists.
Kamal Omar, from the Islamist Popular Congress Party, said the protesters would be charged with causing a public nuisance.
Riot police fired tear gas to break up more than 200 demonstrators in Khartoum on Monday in the second clash with opposition supporters in a week as political tensions mount ahead of April elections.
Up to 48 people were arrested and later released on bail, spokespeople for four parties that took part in the protest told Reuters.
"They are trying to intimidate us. This was a very stupid step," said Niemat Malik from Sudan's Communists.
Kamal Omar, from the Islamist Popular Congress Party, said the protesters would be charged with causing a public nuisance.
Mexico: Grammy winner sang at drug cartel's party
When soldiers raided a drug cartel's Christmas party south of Mexico City, they found 16 automatic rifles, $280,000 in cash — and a Latin Grammy winner.
The presence of the Texas-based norteno singer Ramon Ayala at the gathering in a wealthy, gated-community and the lavish festivities showed the audacity of Mexico's drug cartels amid a government crackdown that has sent thousands of soldiers and police to track them down.
The presence of the Texas-based norteno singer Ramon Ayala at the gathering in a wealthy, gated-community and the lavish festivities showed the audacity of Mexico's drug cartels amid a government crackdown that has sent thousands of soldiers and police to track them down.
Explosions in 2 major Iraq cities kill 9 people
Car bombs and other explosions ripped through Iraq's capital and a major northern city on Tuesday, killing nine people and showing again the ease with which insurgents manage to slip past security.
The explosions in Baghdad and Mosul came exactly a week after suicide bombers killed 127 people and wounded more than 500 in a series of five bombings in the Iraqi capital — three of which appeared to target government buildings.
The explosions in Baghdad and Mosul came exactly a week after suicide bombers killed 127 people and wounded more than 500 in a series of five bombings in the Iraqi capital — three of which appeared to target government buildings.
Berlusconi joins long list of targeted politicians
The souvenir-flinging man who attacked Italian premier Silvio Berlusconi joins a long list of gatecrashers, shoe-throwers and other security breachers who have embarrassed, bruised and even killed leaders worldwide.
As Berlusconi remained hospitalized Tuesday with a broken nose and two broken teeth, officials pledged to review security measures while deflecting mounting criticism of the premier's bodyguards.
As Berlusconi remained hospitalized Tuesday with a broken nose and two broken teeth, officials pledged to review security measures while deflecting mounting criticism of the premier's bodyguards.
Silvio Berlusconi Attack: Will Italy's PM Gain Sympathy?
Moments after a Milan attacker hurled a rock-hard souvenir into Silvio Berlusconi's face, the dazed and bloodied Prime Minister stood up on the edge of his car so the crowd could get a good look. An aide would later say that Berlusconi, 73, instinctively wanted to assure everyone that he was all right. You might also imagine that the embattled leader was eager for the world to see that - thanks to his haters - he was in fact not all right.
20,000 evacuated as Philippine volcano oozes lava
Authorities moved thousands of villagers from harm's way near the Philippines' most active volcano Tuesday after it oozed lava and shot plumes of ash, and said they probably would spend a bleak Christmas in an evacuation center.
State volcanologists raised the alert level on the cone-shaped, 8,070-foot (2,460-meter) Mayon volcano overnight to two steps below a major eruption after ash explosions and dark orange lava fragments glowing in the dark trickled down the mountain slope.
State volcanologists raised the alert level on the cone-shaped, 8,070-foot (2,460-meter) Mayon volcano overnight to two steps below a major eruption after ash explosions and dark orange lava fragments glowing in the dark trickled down the mountain slope.
Harassment across Arab world drives women inside
The sexual harassment of women in the streets, schools and work places of the Arab World is driving them to cover up and confine themselves to their homes, said activists at the first-ever regional conference addressing the once taboo topic.
Activists from 17 countries across the region met in Cairo for a two-day conference ending Monday and concluded that harassment was unchecked across the region because laws don't punish it, women don't report it and the authorities ignore it.
Activists from 17 countries across the region met in Cairo for a two-day conference ending Monday and concluded that harassment was unchecked across the region because laws don't punish it, women don't report it and the authorities ignore it.
Sunday, December 13, 2009
Obama blasts banks for opposing financial overhaul
President Barack Obama singled out financial institutions for causing much of the economic tailspin and criticized their opposition to tighter federal oversight of their industry.
While applauding House passage Friday of overhaul legislation and urging quick Senate action, Obama expressed frustration with banks that were helped by a taxpayer bailout and now are "fighting tooth and nail with their lobbyists" against new government controls.
While applauding House passage Friday of overhaul legislation and urging quick Senate action, Obama expressed frustration with banks that were helped by a taxpayer bailout and now are "fighting tooth and nail with their lobbyists" against new government controls.
Senate to vote on $1.1 trillion spending bill
Senate Democrats overcame a Republican filibuster to clear the way for a vote Sunday on a huge end-of-year $1.1 trillion spending bill that includes money to run much of the government and pay for Medicare and Medicaid benefits.
The spending measure gives the Education Department, the State Department, the Department of Health and Human Services and others generous budget increases far exceeding inflation.
The spending measure gives the Education Department, the State Department, the Department of Health and Human Services and others generous budget increases far exceeding inflation.
Expanded Medicare won't provide seamless coverage
Think Medicare is a great deal? Better ask grandma first. Senate Democrats are talking about allowing aging baby boomers into the program, but it's far from free.
Seniors now on Medicare pay an average of $4,400 a year of their own money for supplemental insurance, premiums, prescription copays, and deductibles for inpatient care and doctor visits.
That's even after taxpayers pick up most of the cost of covering the elderly. Under one scenario Democrats are considering, people age 55 to 64 would have to pay full freight to join Medicare. Private insurance plans could well be a better deal for them.
Seniors now on Medicare pay an average of $4,400 a year of their own money for supplemental insurance, premiums, prescription copays, and deductibles for inpatient care and doctor visits.
That's even after taxpayers pick up most of the cost of covering the elderly. Under one scenario Democrats are considering, people age 55 to 64 would have to pay full freight to join Medicare. Private insurance plans could well be a better deal for them.
Woods' time away from golf will hurt Tiger Inc.
When Tiger Woods' break from golf ends, he's unlikely to regain his crown as one of the world's most valuable pitchmen, even if he gets back to winning tournaments and convinces people he's changed.
America loves comeback stories, but his future ad opportunities are likely to be limited to sports product endorsements, significantly reducing his earnings power.
That was the takeaway from Gillette's announcement Saturday that it won't feature Woods in its ads for an unspecified period of time. It was the first major sponsor to distance itself from Woods since he announced late Friday he is taking an indefinite leave from golf to work on his marriage after allegations of infidelity surfaced in recent weeks.
America loves comeback stories, but his future ad opportunities are likely to be limited to sports product endorsements, significantly reducing his earnings power.
That was the takeaway from Gillette's announcement Saturday that it won't feature Woods in its ads for an unspecified period of time. It was the first major sponsor to distance itself from Woods since he announced late Friday he is taking an indefinite leave from golf to work on his marriage after allegations of infidelity surfaced in recent weeks.
Israeli PM condemns West Bank mosque attack
Israeli Prime Minister Benjamin Netanyahu on Saturday condemned the desecration of a mosque in a village in the occupied West Bank by suspected Jewish settlers.
In a statement, he “vigorously denounced the aggression against the mosque” and said he had “told the security forces to act with determination to find the perpetrators and bring them to justice.”
Attackers vandalised the mosque in Yasuf in the northern West Bank overnight on Thursday and Friday, spraying hate messages in Hebrew and burning holy books in an attack blamed on hardliners angered by plans to curb settlement building.
In a statement, he “vigorously denounced the aggression against the mosque” and said he had “told the security forces to act with determination to find the perpetrators and bring them to justice.”
Attackers vandalised the mosque in Yasuf in the northern West Bank overnight on Thursday and Friday, spraying hate messages in Hebrew and burning holy books in an attack blamed on hardliners angered by plans to curb settlement building.
NATO, Afghan forces kill 5 militants in east
Afghan and international troops killed five militants Sunday in a strike on a Taliban operative involved in bomb-making in eastern Laghman province, the military coalition said.
The troops were targeting a compound in Alingar district where their sources reported militant activity, the coalition said in a statement.
As the forces approached the area, several militants threatened them with guns. The NATO and Afghan forces shot at the insurgents, killing five, the coalition said. They searched the compound and detained one other militant.
The troops were targeting a compound in Alingar district where their sources reported militant activity, the coalition said in a statement.
As the forces approached the area, several militants threatened them with guns. The NATO and Afghan forces shot at the insurgents, killing five, the coalition said. They searched the compound and detained one other militant.
968 detained at climate rally urging bold pact
Tens of thousands of protesters have marched through the chilly Danish capital and nearly 1,000 were detained in a mass rally to demand an ambitious global climate pact, just as talks hit a snag over rich nations' demands on China and other emerging economies.
Can Chile's fractured left beat a billionaire?
A billionaire who started his fortune by providing credit cards to Chileans has brought the right wing closer than it has ever been to the presidency since democracy was restored 19 years ago.
But the key to victory may be a rebellious young socialist with a growing following among voters hungry for change.
Sebastian Pinera, whose many investments include Chile's main airline, most popular football team and a leading TV channel, has been appealing to centrist voters and leading the polls ever since he began his third run at the presidency. He now has an outside chance at a first-round victory Sunday against three different candidates.
But the key to victory may be a rebellious young socialist with a growing following among voters hungry for change.
Sebastian Pinera, whose many investments include Chile's main airline, most popular football team and a leading TV channel, has been appealing to centrist voters and leading the polls ever since he began his third run at the presidency. He now has an outside chance at a first-round victory Sunday against three different candidates.
Sri Lanka war refugees face uneasy homecoming
Three years ago, Vairamuttu Bavani left her home in eastern Sri Lanka to attend her cousin's wedding in the north.
She didn't make it back until September.
Trapped by the civil war, Bavani, a Tamil, lost six members of her family and both her legs to a bomb. She spent months detained in an overcrowded refugee camp. And even now, she remains under tight scrutiny by local authorities, who have visited her almost every day since her return from the northern Vanni region, she said.
"They ask me where I went in the Vanni and what I was doing there," said Bavani, 25, who spends her days seated on the floor of her sister's house, fighting boredom.
She didn't make it back until September.
Trapped by the civil war, Bavani, a Tamil, lost six members of her family and both her legs to a bomb. She spent months detained in an overcrowded refugee camp. And even now, she remains under tight scrutiny by local authorities, who have visited her almost every day since her return from the northern Vanni region, she said.
"They ask me where I went in the Vanni and what I was doing there," said Bavani, 25, who spends her days seated on the floor of her sister's house, fighting boredom.
Official: 3rd Air France black box search in Feb.
A new, three-month hunt for the black boxes of a crashed Air France jetliner will begin in February, the head of France's accident investigation agency told relatives of crash victims on Saturday.
Jean-Paul Troadec, director of France's Bureau of Investigations and Analysis, said that locating the cockpit audio and data recorders is key to finding the causes of the June 1 crash that killed all 228 on board.
The briefing by Troadec relieved some tension among Brazilian family members who have said they are not receiving enough information about the investigation. But there were still complaints about how it is being carried out.
Jean-Paul Troadec, director of France's Bureau of Investigations and Analysis, said that locating the cockpit audio and data recorders is key to finding the causes of the June 1 crash that killed all 228 on board.
The briefing by Troadec relieved some tension among Brazilian family members who have said they are not receiving enough information about the investigation. But there were still complaints about how it is being carried out.
Aussie, Chinese officials urge pandas to reproduce
Australian and Chinese officials urged two bamboo-munching giant pandas on Sunday to consider reproducing during their 10-year residency Down Under.
Wang Wang and Funi, on loan from China, arrived at the Adelaide Zoo two weeks ago but were officially welcomed Sunday by leaders at the opening ceremony of their 8 million Australian dollar ($7.25 million) enclosure. Their exhibit will open to the public on Monday.
Wang Wang and Funi, on loan from China, arrived at the Adelaide Zoo two weeks ago but were officially welcomed Sunday by leaders at the opening ceremony of their 8 million Australian dollar ($7.25 million) enclosure. Their exhibit will open to the public on Monday.
North Korea, U.S. agree to resume peace talks: report
North Korea and the United States have agreed to resume suspended four-way talks to replace the tattered Korean War armistice with a permanent peace accord, South Korea's Yonhap news agency said on Sunday.
The two countries agreed on a path toward resuming the peace talks when U.S. special envoy Stephen Bosworth visited North last week, Yonhap quoted South Korean government officials as saying.
"I believe the two sides agreed on resuming the four-party peace talks once an official agreement has been made on reviving the denuclearization talks," a South Korean government official told Yonhap, asking not to be named due to the sensitivity of the issue.
The two countries agreed on a path toward resuming the peace talks when U.S. special envoy Stephen Bosworth visited North last week, Yonhap quoted South Korean government officials as saying.
"I believe the two sides agreed on resuming the four-party peace talks once an official agreement has been made on reviving the denuclearization talks," a South Korean government official told Yonhap, asking not to be named due to the sensitivity of the issue.
S.Africa tackles World Cup child trafficking fears
Lesotho-born Thato was brought to South Africa at age three, by a woman she knew simply as "granny".
Five years later, her "granny" sold her into sexual slavery. The woman who bought her was running a sex ring that police are still investigating to find out how many children were involved.
It's a scenario that South African authorities and child welfare campaigners are already working to prevent during the football World Cup next year, which authorities fear could draw in child traffickers hoping to cash in on the fanfare around the games.
Five years later, her "granny" sold her into sexual slavery. The woman who bought her was running a sex ring that police are still investigating to find out how many children were involved.
It's a scenario that South African authorities and child welfare campaigners are already working to prevent during the football World Cup next year, which authorities fear could draw in child traffickers hoping to cash in on the fanfare around the games.
Leftist LatAm bloc to begin using its own currency
Members of a leftist bloc of nine Latin American nations said Saturday they plan to use a new currency dubbed the "sucre" for trade among themselves starting in January.
No sucres will be printed or coined, but the virtual currency will be used to manage debts between governments while reducing reliance on the U.S. dollar and on Washington in general.
Cuba already signed an agreement on Saturday to pay for a shipment of Venezuelan rice in sucres, according to Rogelio Sierra, the island's deputy foreign minister. He declined to say what the shipment was worth.
No sucres will be printed or coined, but the virtual currency will be used to manage debts between governments while reducing reliance on the U.S. dollar and on Washington in general.
Cuba already signed an agreement on Saturday to pay for a shipment of Venezuelan rice in sucres, according to Rogelio Sierra, the island's deputy foreign minister. He declined to say what the shipment was worth.
Blair will give Iraq war evidence in public: inquiry
The Iraq war inquiry said Sunday that former prime minister Tony Blair would be questioned "very much in public" amid fears that crucial evidence would only be heard in private.
Blair, who is to appear before the long-awaited official inquiry early next year, said in a BBC television interview to be screened Sunday that he would have backed the invasion of Iraq even if he had known that president Saddam Hussein had no weapons of mass destruction (WMDs).
He said London would have used other ways to justify its support for the March 2003 US-led invasion to oust the Iraqi dictator.
The interview triggered concerns that when he testifies it would be heard behind closed doors.
Blair, who is to appear before the long-awaited official inquiry early next year, said in a BBC television interview to be screened Sunday that he would have backed the invasion of Iraq even if he had known that president Saddam Hussein had no weapons of mass destruction (WMDs).
He said London would have used other ways to justify its support for the March 2003 US-led invasion to oust the Iraqi dictator.
The interview triggered concerns that when he testifies it would be heard behind closed doors.
Iran puts conditions on nuclear fuel swap
After weeks of conflicting responses, Iran abruptly said Saturday that it is ready to exchange uranium for nuclear fuel — the key demand of a U.N.-sponsored initiative to defuse global fears over its nuclear program.
The conditions laid out in comments from Iran's foreign minister, however, are unlikely to satisfy the U.S. and its allies as they prepare to discuss new sanctions against Tehran at a meeting that could take place in the coming week.
The conditions laid out in comments from Iran's foreign minister, however, are unlikely to satisfy the U.S. and its allies as they prepare to discuss new sanctions against Tehran at a meeting that could take place in the coming week.
Militants attack Philippine jail, 31 inmates freed
Scores of suspected Islamic militants knocked down a concrete wall and barged into a jail in the volatile southern Philippines on Sunday, freeing 31 inmates in a nighttime attack that sparked a gunbattle in which two people were killed, officials said.
Vice Governor Al Rasheed Sakalahul of Basilan island said 70 heavily armed men cut through padlocks with boltcutters after using a sledgehammer to destroy the wall at the provincial jail in Isabela city to free several detained Muslim guerrillas.
Vice Governor Al Rasheed Sakalahul of Basilan island said 70 heavily armed men cut through padlocks with boltcutters after using a sledgehammer to destroy the wall at the provincial jail in Isabela city to free several detained Muslim guerrillas.
Saturday, December 12, 2009
Obama blasts banks for opposing financial overhaul
President Barack Obama singled out financial institutions for causing much of the economic tailspin and criticized their opposition to tighter federal oversight of their industry.
While applauding House passage Friday of overhaul legislation and urging quick Senate action, Obama expressed frustration with banks that were helped by a taxpayer bailout and now are "fighting tooth and nail with their lobbyists" against new government controls.
While applauding House passage Friday of overhaul legislation and urging quick Senate action, Obama expressed frustration with banks that were helped by a taxpayer bailout and now are "fighting tooth and nail with their lobbyists" against new government controls.
Goldman Sachs played bigger role in AIG trades: report
Goldman Sachs Group Inc (GS.N) played a bigger role in fueling the mortgage bets that crippled American Insurance Group Inc (AIG.N) than has been publicly disclosed, the Wall Street Journal reported on Saturday.
An analysis by the paper of AIG's trades on pools of mortgage debt shows that Goldman was a key player in many, including those involving other banks, the Journal said.
Goldman was one of 16 banks the U.S. government rescued last year after closing out losing trades that AIG had made with the financial firms.
The bank originated or bought protection from AIG on roughly $33 billon of the $80 billion of U.S. mortgage assets that AIG insured during the housing boom.
An analysis by the paper of AIG's trades on pools of mortgage debt shows that Goldman was a key player in many, including those involving other banks, the Journal said.
Goldman was one of 16 banks the U.S. government rescued last year after closing out losing trades that AIG had made with the financial firms.
The bank originated or bought protection from AIG on roughly $33 billon of the $80 billion of U.S. mortgage assets that AIG insured during the housing boom.
Science not faked, but not pretty
E-mails stolen from climate scientists show they stonewalled skeptics and discussed hiding data — but the messages don't support claims that the science of global warming was faked, according to an exhaustive review by The Associated Press.
The 1,073 e-mails examined by the AP show that scientists harbored private doubts, however slight and fleeting, even as they told the world they were certain about climate change. However, the exchanges don't undercut the vast body of evidence showing the world is warming because of man-made greenhouse gas emissions.
The scientists were keenly aware of how their work would be viewed and used, and, just like politicians, went to great pains to shape their message. Sometimes, they sounded more like schoolyard taunts than scientific tenets.
The 1,073 e-mails examined by the AP show that scientists harbored private doubts, however slight and fleeting, even as they told the world they were certain about climate change. However, the exchanges don't undercut the vast body of evidence showing the world is warming because of man-made greenhouse gas emissions.
The scientists were keenly aware of how their work would be viewed and used, and, just like politicians, went to great pains to shape their message. Sometimes, they sounded more like schoolyard taunts than scientific tenets.
Iraq hails 2nd oil auction but risky sites shunned
Iraq's oil minister began counting the money Saturday even before the first wells were drilled, dubbing the country's second postwar oil auction a triumph even as international oil companies largely snubbed the most violent regions in the Middle East's last major oil bonanza.
Zimbabwe President Mugabe re-elected as ZANU-PF leader
Zimbabwe President Robert Mugabe was re-elected Saturday as ZANU-PF leader for the next five years, urging supporters to work for the survival of the party.
"We must begin to work for the party, never for personal egos. We must begin to organise our people for the party," Mugabe told supporters at the closing day of the party congress.
"We go back stronger, better focused party, ready and rearing to take the enemy who has sought our ruin," he said.
"We must begin to work for the party, never for personal egos. We must begin to organise our people for the party," Mugabe told supporters at the closing day of the party congress.
"We go back stronger, better focused party, ready and rearing to take the enemy who has sought our ruin," he said.
Zelaya gets green light to leave Honduras
The interim government of Honduras says it would allow ousted President Manuel Zelaya to seek asylum outside Central America.
The announcement appears to seek a compromise with Zelaya allowing him to emerge from the Brazilian Embassy in Tegucigalpa without fear of arrest on the charges of treason and abuse of power that led to his June ouster. He took refuge there after sneaking back into Honduras Sept. 21.
A Foreign Ministry spokesman says Honduras will grant Zelaya safe passage to any country that offers him asylum outside Central America. Milton Mateo said Saturday the decision comes from the "very highest government level."
The announcement appears to seek a compromise with Zelaya allowing him to emerge from the Brazilian Embassy in Tegucigalpa without fear of arrest on the charges of treason and abuse of power that led to his June ouster. He took refuge there after sneaking back into Honduras Sept. 21.
A Foreign Ministry spokesman says Honduras will grant Zelaya safe passage to any country that offers him asylum outside Central America. Milton Mateo said Saturday the decision comes from the "very highest government level."
Lawmaker: Iraqi security had tip-off before bombs
Iraqi security forces were tipped off to this week's suicide bombings in Baghdad just hours before the blasts killed 127 people, a Shiite lawmaker said Saturday after a closed-door parliamentary briefing by the nation's defense minister.
But the tip was too vague and came too late to stop the bombings, Defense Minister Abdul-Qader al-Obeidi told lawmakers, according to the legislator, who attended the discussion.
But the tip was too vague and came too late to stop the bombings, Defense Minister Abdul-Qader al-Obeidi told lawmakers, according to the legislator, who attended the discussion.
What Was David Headley's Role in the Mumbai Terrorist Attacks?
The case against David Headley, 49, the American accused of helping plan the November 2008 terrorist strikes in Mumbai, fills in several of the missing links about how the attacks were planned and executed with such precision. Because two Indian men on trial in Mumbai for providing intelligence were arrested months before the attacks took place - before the Mumbai strategy was even finalized - security analysts here have long assumed that the plotters must have had other sources of information. The complaint against Headley claims that he was that source. If true, it opens a window into how the global jihadi network operates.
Martial law ended in Philippine massacre province
The Philippine president lifted martial law late Saturday in a southern province where 57 people were massacred in the country's worst political violence, but the area will remain under a state of emergency as authorities investigate a powerful clan accused in the carnage.
Thursday, December 10, 2009
Tough economy squeezes Pell Grant program
An unexpected surge in college enrollment has created an $18 billion shortfall in the Pell Grant program, the biggest in its history.
An administration official told The Associated Press the program will cost $18 billion more than Congress and the White House had anticipated over the next three years. The official, who was not authorized to speak publicly about the budget, spoke on condition of anonymity.
"The administration is working with Congress to fill the gap, and we are committed to making sure the U.S. has an educated work force able to fill the jobs of the 21st century," said the official.
The red ink probably won't affect students and parents, but it will affect the federal government, which must find a way to come up with the extra dollars.
An administration official told The Associated Press the program will cost $18 billion more than Congress and the White House had anticipated over the next three years. The official, who was not authorized to speak publicly about the budget, spoke on condition of anonymity.
"The administration is working with Congress to fill the gap, and we are committed to making sure the U.S. has an educated work force able to fill the jobs of the 21st century," said the official.
The red ink probably won't affect students and parents, but it will affect the federal government, which must find a way to come up with the extra dollars.
Ahead of the Bell: Budget and Trade Deficits
Wall Street economists expect the federal budget deficit for November grew compared with the same month last year, while the October trade imbalance rose from September.
The deficit for the 2009 budget year that ended Sept. 30, set an all-time record in dollar terms of $1.42 trillion and economists worry that the surge could push up interest rates, dragging on the fragile economic recovery.
The deficit for the 2009 budget year that ended Sept. 30, set an all-time record in dollar terms of $1.42 trillion and economists worry that the surge could push up interest rates, dragging on the fragile economic recovery.
Black lawmakers grow impatient with White House
Black lawmakers who have held their tongues during most of President Barack Obama's first year in office are stepping up their demands that the nation's first black president do more for minority communities hit hardest by the recession.
While still careful about criticizing Obama publicly, they appear to be losing their patience after a year of watching him dedicate trillions of dollars to prop up banks and corporations and fight wars in Iraq and Afghanistan, while double-digit unemployment among blacks crept even higher.
While still careful about criticizing Obama publicly, they appear to be losing their patience after a year of watching him dedicate trillions of dollars to prop up banks and corporations and fight wars in Iraq and Afghanistan, while double-digit unemployment among blacks crept even higher.
FBI investigates US arrests in Pakistan
The men were held in a raid on a house in Sarghoda in eastern Punjab province, Pakistan's US embassy told the BBC.
The FBI said it was trying to determine whether they were the same men reported missing from their homes in the US state of Virginia late last month.
Relatives reportedly found a farewell video message, showing scenes of war and saying Muslims must be defended.
The FBI said it was trying to determine whether they were the same men reported missing from their homes in the US state of Virginia late last month.
Relatives reportedly found a farewell video message, showing scenes of war and saying Muslims must be defended.
Costco 1Q profit edges higher sales climb
A strong turnaround in a key sales figure and rising revenue despite lower gasoline prices helped Costco Wholesale Corp. post a slight increase in its fiscal first-quarter profit on Thursday.
The nation's largest wholesale-club operator has been helped by sales of food and everyday items to recession-weary consumers during the economic downturn, but has recently seen purchases of some nonfood items rise slightly.
Costco, based in Issaquah, Wash., has been among the stronger retailers during the recession because of its focus on lower prices and everyday necessities. But its sales still took a hit last fall when shoppers clamped down on spending after being stung by the financial meltdown.
The sales increases are an encouraging sign for Costco. Sales at stores open at least a year, an important measurement for retailers, rose 3 percent. This is a significant improvement from the previous quarter, when the sales figure fell 5 percent.
The nation's largest wholesale-club operator has been helped by sales of food and everyday items to recession-weary consumers during the economic downturn, but has recently seen purchases of some nonfood items rise slightly.
Costco, based in Issaquah, Wash., has been among the stronger retailers during the recession because of its focus on lower prices and everyday necessities. But its sales still took a hit last fall when shoppers clamped down on spending after being stung by the financial meltdown.
The sales increases are an encouraging sign for Costco. Sales at stores open at least a year, an important measurement for retailers, rose 3 percent. This is a significant improvement from the previous quarter, when the sales figure fell 5 percent.
Smithfield Foods post 2Q loss on weak pricing
Smithfield Foods Inc. says it lost money in the second quarter on continued weak prices in its hog business, which offset improvements in its pork and packaged-meat businesses.
The nation's largest hog producer and processor has been hurting because of weak demand and volatile commodity prices that squeezed margins. It has been working to cut hog production in an attempt to boost prices.
The company, based in Smithfield, Va., lost $26.4 million, or 17 cents per share, for the quarter.
Excluding a higher tax rate and other items, Smithfield lost 26 cents per share. Analysts expected a bigger loss of 39 cents per share on revenue of $2.71 billion.
Sales fell 15 percent to $2.69 billion.
The nation's largest hog producer and processor has been hurting because of weak demand and volatile commodity prices that squeezed margins. It has been working to cut hog production in an attempt to boost prices.
The company, based in Smithfield, Va., lost $26.4 million, or 17 cents per share, for the quarter.
Excluding a higher tax rate and other items, Smithfield lost 26 cents per share. Analysts expected a bigger loss of 39 cents per share on revenue of $2.71 billion.
Sales fell 15 percent to $2.69 billion.
Brown, Sarkozy: Tax financial bonuses more
British Prime Minister Gordon Brown and French President Nicolas Sarkozy presented a united front Thursday, agreeing that executive bonuses should be taxed more ahead of the European Union's first streamlined summit.
The leaders co-wrote an article in the Wall Street Journal appealing for "a new compact between global banks and the society they serve."
The Brown-Sarkozy byline appeared to heal a rift in Anglo-French relations that opened over the appointment last month of Frenchman Michel Barnier to oversee EU financial markets, including the City of London, a powerhouse of world finance.
The leaders co-wrote an article in the Wall Street Journal appealing for "a new compact between global banks and the society they serve."
The Brown-Sarkozy byline appeared to heal a rift in Anglo-French relations that opened over the appointment last month of Frenchman Michel Barnier to oversee EU financial markets, including the City of London, a powerhouse of world finance.
Foreclosure filings fall 8 percent in November
The number of homeowners on the brink of foreclosure fell in November, the fourth straight monthly decline, as mortgage companies evaluated whether borrowers were eligible for help.
Nearly 307,000 households, or one in every 417 homes, received a foreclosure-related notice in November, down 8 percent from a month earlier, RealtyTrac Inc. said Thursday. Banks repossessed about 77,000 homes last month, down slightly from October.
Nearly 307,000 households, or one in every 417 homes, received a foreclosure-related notice in November, down 8 percent from a month earlier, RealtyTrac Inc. said Thursday. Banks repossessed about 77,000 homes last month, down slightly from October.
Oil up near $71 despite signs of weak US demand
Oil prices rose above $71 a barrel Thursday as investors weighed evidence of weak U.S. crude demand against the effects of a falling dollar.
By early afternoon in Europe, benchmark crude for January delivery was up 36 cents to $71.03 in electronic trading on the New York Mercantile Exchange. The contract dropped $1.95 to settle at $70.67 on Wednesday.
Oil has fallen about 13 percent since reaching its 2009 high of $82 a barrel in October as traders mull evidence that U.S. demand for crude and its products remains weak despite an overall economic recovery.
"The latest oil consumption figures in large parts of the world are still far off from indicating a recovery, despite all the upward revisions of GDP outlooks," said analysts at JBC Energy in Vienna, noting that demand for diesel fuel was weaker than for gasoline.
By early afternoon in Europe, benchmark crude for January delivery was up 36 cents to $71.03 in electronic trading on the New York Mercantile Exchange. The contract dropped $1.95 to settle at $70.67 on Wednesday.
Oil has fallen about 13 percent since reaching its 2009 high of $82 a barrel in October as traders mull evidence that U.S. demand for crude and its products remains weak despite an overall economic recovery.
"The latest oil consumption figures in large parts of the world are still far off from indicating a recovery, despite all the upward revisions of GDP outlooks," said analysts at JBC Energy in Vienna, noting that demand for diesel fuel was weaker than for gasoline.
Brown, Sarkozy to meet after diplomatic spat
The joint letter comes ahead of talks on the sidelines of an EU conference, where they will try to brush off a row over an EU appointment.
Mr Sarkozy appeared to boast that a Frenchman's appointment to oversee European banking was a British defeat.
The EU summit will also address climate change and financing.
Mr Brown and Mr Sarkozy had cancelled a meeting scheduled to be held last week, amid speculation of a row over EU posts.
Mr Sarkozy appeared to boast that a Frenchman's appointment to oversee European banking was a British defeat.
The EU summit will also address climate change and financing.
Mr Brown and Mr Sarkozy had cancelled a meeting scheduled to be held last week, amid speculation of a row over EU posts.
Climate pressures cloud EU summit
The EU sees itself as a world leader in this area, having pledged to cut greenhouse gas emissions by 20% by 2020, compared with 1990 levels.
A higher target of 30% has been suggested - but only if similar pledges are made by other industrialised powers.
A higher target of 30% has been suggested - but only if similar pledges are made by other industrialised powers.
Alistair Darling denies benefit rise pre-election 'con'
The claim came after it emerged Mr Darling did not set aside funding to pay for rises for more than one year.
Mr Darling told BBC Radio 4's Today the increases, in child and disability benefit, were "not temporary".
He also defended his decision to delay vital spending decisions until after next year's general election.
Mr Darling told BBC Radio 4's Today the increases, in child and disability benefit, were "not temporary".
He also defended his decision to delay vital spending decisions until after next year's general election.
Greek-owned cargo ship to be freed in Somalia
A Greek shipowning company says it has paid a ransom to Somali pirates holding one of its freighters for the past seven months.
Athens-based Alloceans Shipping says the ship should be freed later Thursday. The company declined to specify the sum paid to the pirates, who seized the Ariana on May 1 southwest of the Seychelles islands.
Company general manager Spyros Minas told The Associated Press the ship's 24-member Ukrainian crew was in good health.
The Maltese-flagged Ariana was carrying a cargo of soya from Brazil to Iran when attacked.
Athens-based Alloceans Shipping says the ship should be freed later Thursday. The company declined to specify the sum paid to the pirates, who seized the Ariana on May 1 southwest of the Seychelles islands.
Company general manager Spyros Minas told The Associated Press the ship's 24-member Ukrainian crew was in good health.
The Maltese-flagged Ariana was carrying a cargo of soya from Brazil to Iran when attacked.
Soros: Finance gap could 'wreck' climate talks
The $10 billion a year proposed by rich nations to help the poor adapt to climate change is "not sufficient" and the gap between what's offered and what's needed could wreck the Copenhagen climate conference, American billionaire George Soros said Thursday.
The investor-philanthropist, one in a line of international notables visiting the 192-nation meeting, told reporters he had developed a partial solution. Soros suggested shifting some International Monetary Fund resources from providing liquidity to stressed global financial system to a new mission of financing projects in developing countries for clean energy and adapting to climate change.
The investor-philanthropist, one in a line of international notables visiting the 192-nation meeting, told reporters he had developed a partial solution. Soros suggested shifting some International Monetary Fund resources from providing liquidity to stressed global financial system to a new mission of financing projects in developing countries for clean energy and adapting to climate change.
1,700 UK scientists back climate science
Over 1,700 scientists in Britain have signed a statement defending the evidence for human-made climate change in the wake of hacked e-mails that emboldened climate skeptics.
E-mails stolen from an English university appeared to show scientists discussing ways to shield data from public scrutiny and suppress others' work. Climate skeptics — those who deny that human activity is responsible for global warming — have seized on the correspondence as evidence that scientists have conspired to hide the facts.
Most scientists say the e-mails do nothing to undermine the evidence for climate change.
More than 1,700 signed a statement released Thursday, saying they had confidence in the evidence for global warming "and the scientific basis for concluding that it is due primarily to human activities."
E-mails stolen from an English university appeared to show scientists discussing ways to shield data from public scrutiny and suppress others' work. Climate skeptics — those who deny that human activity is responsible for global warming — have seized on the correspondence as evidence that scientists have conspired to hide the facts.
Most scientists say the e-mails do nothing to undermine the evidence for climate change.
More than 1,700 signed a statement released Thursday, saying they had confidence in the evidence for global warming "and the scientific basis for concluding that it is due primarily to human activities."
Obama hails nonviolence practiced by Gandhi, King
President Barack Obama says the nonviolence practiced by such leaders as Gandhi and the Rev. Martin Luther King Jr. should be a guiding force.
In a speech Thursday as he formally accepts his Nobel Peace Prize, the president says their pacifism may not have been practical or even possible in every circumstance. But he says the love they showed and their faith in human progress must always be a guiding force.
The White House released excerpts of Obama's speech shortly before he was to speak at the Nobel Peace Prize ceremony at city hall in Oslo, Norway.
In a speech Thursday as he formally accepts his Nobel Peace Prize, the president says their pacifism may not have been practical or even possible in every circumstance. But he says the love they showed and their faith in human progress must always be a guiding force.
The White House released excerpts of Obama's speech shortly before he was to speak at the Nobel Peace Prize ceremony at city hall in Oslo, Norway.
Al-Qaida claims this week's deadly Baghdad blasts
Al-Qaida's umbrella group in Iraq claimed responsibility Thursday for coordinated Baghdad bombings this week that killed 127 people and wounded more than 500, warning of more strikes to come against the Iraqi government.
The group, known as the Islamic State of Iraq, said in a statement posted on the Internet that the attacks in the Iraqi capital targeted the "bastions of evil and dens of apostates."
It also warned the group is "determined to uproot the pillars of this government" in Iraq and said "the list of targets has no end." The authenticity of the statement could not be independently verified, but it was posted on a Web site commonly used for militant messaging.
The group, known as the Islamic State of Iraq, said in a statement posted on the Internet that the attacks in the Iraqi capital targeted the "bastions of evil and dens of apostates."
It also warned the group is "determined to uproot the pillars of this government" in Iraq and said "the list of targets has no end." The authenticity of the statement could not be independently verified, but it was posted on a Web site commonly used for militant messaging.
Glimmers in the Holy Land: Time to Reset U.S. Mideast Policy
The time has come for the Obama Administration to do a reset of American policy in the Middle East. At the moment, things are a mess. Earlier this year, U.S. officials requested that the Israelis stop all construction of settlements. Having drawn such a line in the sand, they appeared to blink when the Israelis kicked some of the sand in their face. Nor were the Americans able to get Arab countries to offer enticements to Israel in exchange for further concessions. So peace talks are on hold.
Bank of England holds interest rates steady
The Bank of England is holding interest rates steady at 0.5 percent and leaving its 200 billion pound ($325 billion) program to expand the money supply unchanged.
Thursday's decision by the British central bank had been widely anticipated by economists.
Economic data has been largely positive since the committee last month added 25 billion pounds to its so-called quantitative easing program, which boosts the money supply by effectively creating new money to buy assets.
Analysts expect the bank to wait until the current program runs out in January before considering whether to expand the program and to keep interest rates at the current record low level for several months.
Thursday's decision by the British central bank had been widely anticipated by economists.
Economic data has been largely positive since the committee last month added 25 billion pounds to its so-called quantitative easing program, which boosts the money supply by effectively creating new money to buy assets.
Analysts expect the bank to wait until the current program runs out in January before considering whether to expand the program and to keep interest rates at the current record low level for several months.
Defense Secretary Gates arrives in Iraq
U.S. Defense Secretary Robert Gates flew to Iraq on Thursday to begin the second leg of his tour of two major war zones.
Gates' visit to Iraq comes during a week in which coordinated Baghdad bombings have killed 127 people and wounded more than 500. Al-Qaida's umbrella group in Iraq claimed responsibility Thursday for the bombings and warned of more strikes to come against the Iraqi government.
Gates' visit to Iraq comes during a week in which coordinated Baghdad bombings have killed 127 people and wounded more than 500. Al-Qaida's umbrella group in Iraq claimed responsibility Thursday for the bombings and warned of more strikes to come against the Iraqi government.
Zelaya negotiating deal to leave Honduras
Mexico is working to get ousted President Manuel Zelaya out of the Brazilian Embassy, a refuge where he has spent nearly three months in a failed effort to get his office back and prevent the election of his successor.
Mexico's Foreign Relations Department said late Wednesday that it asked the interim administration installed after the coup that removed Zelaya to guarantee his safe passage out of the country without being arrested on treason and abuse of power charges.
Honduran officials said the interim government agreed to let Zelaya go if he was willing to accept political asylum, but Zelaya said he would not accept a departure under those terms.
Mexico's Foreign Relations Department said late Wednesday that it asked the interim administration installed after the coup that removed Zelaya to guarantee his safe passage out of the country without being arrested on treason and abuse of power charges.
Honduran officials said the interim government agreed to let Zelaya go if he was willing to accept political asylum, but Zelaya said he would not accept a departure under those terms.
SAfrica officials suspended in citizenship scam
South Africa has suspended dozens of immigration officials being investigated for giving South African citizenship to foreigners, mainly from Pakistan, the government said Thursday.
The move comes months after Britain started requiring visas from South Africans, charging terrorists and criminals were exploiting the availability of stolen or forged South African passports to gain access to other countries.
"The fraudulent registration of births of foreigners constitutes a serious threat to the national security of our country," South African Home Affairs Minister Nkosazana Dlamini Zuma said in a statement Thursday.
She said the scheme allowed "fraudsters" to apply for South African passports that could be used for "nefarious activities abroad."
She said that South African investigations would ensure that all those implicated "face the full might of the law."
The move comes months after Britain started requiring visas from South Africans, charging terrorists and criminals were exploiting the availability of stolen or forged South African passports to gain access to other countries.
"The fraudulent registration of births of foreigners constitutes a serious threat to the national security of our country," South African Home Affairs Minister Nkosazana Dlamini Zuma said in a statement Thursday.
She said the scheme allowed "fraudsters" to apply for South African passports that could be used for "nefarious activities abroad."
She said that South African investigations would ensure that all those implicated "face the full might of the law."
India to create new state
India announced on Thursday that it planned to create the country's 29th state, after a hunger strike by a regional leader and escalating protests from supporters.
Home Minister P. Chidambaram said the government would begin work to found the separate state of Telangana, which will be carved out of Andhra Pradesh in the southeast.
"The process of forming the state of Telangana will be initiated," Chidambaram told reporters.
Since the partition of British-ruled India in 1947, various separatist and state movements have raged across the vast nation.
Three new states were created in 2000, when Bihar, Madhya Pradesh and Uttar Pradesh were divided to give rise to Jharkhand, Chhattisgarh and Uttarakhand.
More than 120 wildfires rage in Australia
More than 120 wildfires fanned by high winds and soaring temperatures raged in southeastern Australia Thursday, prompting emergency warnings for several towns, officials said.Some 2,000 firefighters tackled the fires in New South Wales, where a large blaze was burning dangerously close to farming properties in the state's northwest.
"A fire is burning in very high fire-danger conditions, and is currently between two and six hours away from properties," the Rural Fire Service (RFS) said.
"Under these conditions fires can be difficult to control and flames may burn from the ground to the tree-tops."
Uganda's Anti-Gay Bill: U.S., Western Donors Keep Quiet
The late-November afternoon sun bore down on the park in downtown Kampala, and all along the benches, Ugandan office workers took their siestas. There could have been no less likely setting for criminal conspiracies to topple an East African state. Still, the doctor's voice dropped a notch when an office worker in a brown suit settled in close by. The medic shifted a battered fedora over his eyes. "I am the gay doctor," the physician whispered to me, making sure nobody around heard. He talked about the gay and lesbian couples who go to his office to avoid ridicule in public hospitals. "They know they can trust me, and trust is a big issue," he said. "There is the stigma of being gay, but also the stigma of being [HIV] positive. They are such hidden communities. Nobody wants to deal with their problems."
In a matter of weeks, the Ugandan doctor's admission to TIME could land him in jail and his patients on death row. An anti-homosexuality bill now before Uganda's Parliament would include some of the harshest anti-gay regulations in the world. If the bill becomes law, the doctor, who asked that his name not be published, could be prosecuted for "aiding and abetting homosexuality." In one version of the bill, his sexually active HIV-positive patients could be found guilty of practicing acts of "aggravated homosexuality," a capital crime, according to the bill. (See the struggle for gay rights in the U.S.)
In a matter of weeks, the Ugandan doctor's admission to TIME could land him in jail and his patients on death row. An anti-homosexuality bill now before Uganda's Parliament would include some of the harshest anti-gay regulations in the world. If the bill becomes law, the doctor, who asked that his name not be published, could be prosecuted for "aiding and abetting homosexuality." In one version of the bill, his sexually active HIV-positive patients could be found guilty of practicing acts of "aggravated homosexuality," a capital crime, according to the bill. (See the struggle for gay rights in the U.S.)
Russia's Bulava missile fails latest test
Russia's error-prone Bulava intercontinental ballistic missile has suffered its eight failure in 12 tests, the Defense Ministry said Thursday, dealing another blow to Kremlin hopes that the sea-based weapon would become a cornerstone of its nuclear arsenal.
Officials had hoped military contracts for the submarine-launched missile could be negotiated next year, but the high-profile botches look likely to derail those plans.
Officials had hoped military contracts for the submarine-launched missile could be negotiated next year, but the high-profile botches look likely to derail those plans.
On Syria border: No sign of Saddam loyalists
Iraq's border with Syria runs for hundreds of miles through barren land patrolled by a relative scattering of security forces. But despite claims about exiled Saddam Hussein loyalists sneaking across to disrupt Iraq's upcoming elections, the only evidence around one key outpost is faded slogans of Saddam's banned Baath Party painted on the wall of a decaying grain elevator.
Wednesday, December 9, 2009
Darling raises National Insurance in pre-Budget report
In his final pre-Budget report before a general election, the chancellor also announced a bank bonus tax and a home boiler scrappage scheme.
He said he wanted to promote growth without "wrecking" recovery.
But the Tories accused him of having "ducked" crucial decisions to get public finances back on track.
Mr Darling said "fairness" was the cornerstone of his plans, telling MPs: "Those on modest incomes are protected. Those on middle incomes will pay more depending on their earnings. The biggest burden will fall on those with the broadest shoulders."
And in a foretaste of the looming general election battle, he said the choice was between going for growth or putting the recovery at risk - a choice between "two competing visions".
He said he wanted to promote growth without "wrecking" recovery.
But the Tories accused him of having "ducked" crucial decisions to get public finances back on track.
Mr Darling said "fairness" was the cornerstone of his plans, telling MPs: "Those on modest incomes are protected. Those on middle incomes will pay more depending on their earnings. The biggest burden will fall on those with the broadest shoulders."
And in a foretaste of the looming general election battle, he said the choice was between going for growth or putting the recovery at risk - a choice between "two competing visions".
Geithner: bailout program extended to October
Treasury Secretary Timothy Geithner announced Wednesday that the administration will extend the government's financial bailout program until next fall.
In a letter to House and Senate leaders, Geithner said the extension is "necessary to assist American families and stabilize financial markets."
Money from the $700 billion taxpayer-funded bailout program has helped rescue big Wall Street firms, auto companies and others. That's angered many Americans, who feel the government hasn't provided them with relief from high unemployment and rising home foreclosures.
Geithner said the Troubled Asset Relief Program that Congress passed in October 2008, will be extended until Oct. 3, 2010. He has the authority to extend the TARP simply by notifying lawmakers.
In a letter to House and Senate leaders, Geithner said the extension is "necessary to assist American families and stabilize financial markets."
Money from the $700 billion taxpayer-funded bailout program has helped rescue big Wall Street firms, auto companies and others. That's angered many Americans, who feel the government hasn't provided them with relief from high unemployment and rising home foreclosures.
Geithner said the Troubled Asset Relief Program that Congress passed in October 2008, will be extended until Oct. 3, 2010. He has the authority to extend the TARP simply by notifying lawmakers.
October wholesale inventories rise unexpectedly
Businesses unexpectedly added to inventories at the wholesale level in October, breaking a record string of 13 straight declines. It was a hopeful sign that companies will begin restocking depleted store shelves, helping to bolster the fragile economic recovery.
Wholesale inventories rose 0.3 percent in October, the Commerce Department said Wednesday, easily beating economists' expectations of a 0.5 percent decline. Inventories dropped 0.8 percent in September.
Sales at the wholesale level rose 1.2 percent in October, also stronger than the 0.7 percent rise economists expected. It followed a 1.3 percent increase in September and marked the seventh straight month that sales at the wholesale level have risen.
Wholesale inventories rose 0.3 percent in October, the Commerce Department said Wednesday, easily beating economists' expectations of a 0.5 percent decline. Inventories dropped 0.8 percent in September.
Sales at the wholesale level rose 1.2 percent in October, also stronger than the 0.7 percent rise economists expected. It followed a 1.3 percent increase in September and marked the seventh straight month that sales at the wholesale level have risen.
Stocks dip at open even as dollar falls
Concerns about foreign debt problems tripped up the stock market for a second day in a row, sending shares down in early trading even as the dollar resumed its decline.
The dip in stocks followed a sharp sell-off Tuesday that carried over into Asia overnight as concerns about foreign debt loads escalated and Japan said its economy grew at a lower rate than originally expected in the third quarter.
Bailout watchdog: Crisis response worked, somewhat
The government's $700 billion bailout of the financial system helped prevent an all-out panic last fall but hasn't met many of the targets Congress set out, a watchdog panel says.
"Congress set goals for (the bailouts) that went well beyond short-term financial stability, and by that measure problems remain," said panel chair and Harvard Law school professor Elizabeth Warren.
"Congress set goals for (the bailouts) that went well beyond short-term financial stability, and by that measure problems remain," said panel chair and Harvard Law school professor Elizabeth Warren.
GAO: FDA yet to make safety changes post-Vioxx
The Food and Drug Administration still hasn't restructured its staff to better monitor drug safety, more than three years after experts recommended key changes in the wake of the Vioxx scandal.
That's according to congressional investigators who found that the FDA has yet to follow through on changes suggested in 2006 to help the agency detect problems with drugs taken by millions of Americans. Those recommendations came after the embarrassing and dangerous episode with Vioxx, a blockbuster pain drug the FDA approved in 1999, only to pull from the market in 2004 after linking it to heart attack and stroke.
Agency officials have made some changes to drug oversight, according to a Government Accountability Office report, but the FDA continues to give the bulk of its decision-making power to scientists who approve new drugs, rather than those who monitor the side effects of drugs on the market.
That's according to congressional investigators who found that the FDA has yet to follow through on changes suggested in 2006 to help the agency detect problems with drugs taken by millions of Americans. Those recommendations came after the embarrassing and dangerous episode with Vioxx, a blockbuster pain drug the FDA approved in 1999, only to pull from the market in 2004 after linking it to heart attack and stroke.
Agency officials have made some changes to drug oversight, according to a Government Accountability Office report, but the FDA continues to give the bulk of its decision-making power to scientists who approve new drugs, rather than those who monitor the side effects of drugs on the market.
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