Iraq
Turkey Authorizes Extension of Military Strikes in Iraq - New York Times
Use of 'Sticky IEDs' Rising in Iraq - Washington Post
Iraqi Woman Carries Out Suicide Blast in Diyala - New York Times
Suicide Bomber Kills 10 In Iraq's Diyala Province - Washington Post
US-Iraq Security Pact Faces Hurdles - Associated Press
As Violence Drops, Iraqi Tribes Begin to Make Amends - CS Monitor
Training Increases Confidence for Iraqi Police Officers - AFPS
Iraqis Set to Reclaim Palace - The Australian
Nearing the End - New York Times editorial
Full Version: Just News
Common Ground Common Sense > National & International News > Daily National and International News > National News Archive
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Iran
Iran Halts New Sales Tax After Merchants Strike - Washington Post
The Long War
Judge Orders Release of Chinese Muslims - Washington Post
17 Detainees - Washington Post editorial
Homeland Security
Phoenix: Criminals Targeted in US "Kidnap Capital" - Reuters
US Department of Defense
Secretary of the Army Pete Geren speaks at the opening ceremony of the 2008 Association of the United States Army (AUSA) Annual Meeting and Exposition in Washington, DC. United Nations
Dual Roles Said to Put UN Staffers at Risk - Washington Times
UN Blames 10 for Security Lapse in Algiers Bombing - Associated Press
World
America as Superpower: Shaken, Not Deposed - Christian Science Monitor
Africa
Sudan Makes Case Abroad While Still Bombing Darfur - CS Monitor
Somali Pirates Said to Be Near Arms Cargo Deal - New York Times
Rift Unsettles South Africa’s Top Party - New York Times
Mbeki Allies Threaten Crisis-hit ANC with Split - The Times
South Africa Ruling Party Threatened With Split - Los Angeles Times
ANC Rebels 'Serve Divorce Papers' - Daily Telegraph
Battle for Hearts and Minds of ANC Supporters - The Times opinion
Zimbabwean Parties Still Arguing Over Cabinet Posts - Voice of America
Repression of Pro-Democracy Demonstrations Raises Tension in Mauritania - VOA
Into AFRICOM - Real Clear Politics opinion
Americas
Cuba Bolsters Food Rations to Counter Shortages - Reuters
End the US-Cuba Embargo: It's a Win-Win - CS Monitor opinion
Asia Pacific
N. Korea’s Nuclear Activities Destabilize Region, US Commander Says - AFPS
US in Deliberate Study of North Korean Nuclear Position - Voice of America
General Walter Sharp, Commander of US Forces Korea, speaks with reporters at the Pentagon about US Forces Korea issues and programs on 8 October 2008. Thai Leader Tries to Calm Fears - The Australian
Thai Protest Leaders to Surrender - New York Times
Thai Protesters Seek Action - Daily Telegraph
Thailand in Turmoil - Wall Street Journal opinion
Malaysian PM to Resign - Daily Telegraph
Iran Halts New Sales Tax After Merchants Strike - Washington Post
The Long War
Judge Orders Release of Chinese Muslims - Washington Post
17 Detainees - Washington Post editorial
Homeland Security
Phoenix: Criminals Targeted in US "Kidnap Capital" - Reuters
US Department of Defense
Secretary of the Army Pete Geren speaks at the opening ceremony of the 2008 Association of the United States Army (AUSA) Annual Meeting and Exposition in Washington, DC. United Nations
Dual Roles Said to Put UN Staffers at Risk - Washington Times
UN Blames 10 for Security Lapse in Algiers Bombing - Associated Press
World
America as Superpower: Shaken, Not Deposed - Christian Science Monitor
Africa
Sudan Makes Case Abroad While Still Bombing Darfur - CS Monitor
Somali Pirates Said to Be Near Arms Cargo Deal - New York Times
Rift Unsettles South Africa’s Top Party - New York Times
Mbeki Allies Threaten Crisis-hit ANC with Split - The Times
South Africa Ruling Party Threatened With Split - Los Angeles Times
ANC Rebels 'Serve Divorce Papers' - Daily Telegraph
Battle for Hearts and Minds of ANC Supporters - The Times opinion
Zimbabwean Parties Still Arguing Over Cabinet Posts - Voice of America
Repression of Pro-Democracy Demonstrations Raises Tension in Mauritania - VOA
Into AFRICOM - Real Clear Politics opinion
Americas
Cuba Bolsters Food Rations to Counter Shortages - Reuters
End the US-Cuba Embargo: It's a Win-Win - CS Monitor opinion
Asia Pacific
N. Korea’s Nuclear Activities Destabilize Region, US Commander Says - AFPS
US in Deliberate Study of North Korean Nuclear Position - Voice of America
General Walter Sharp, Commander of US Forces Korea, speaks with reporters at the Pentagon about US Forces Korea issues and programs on 8 October 2008. Thai Leader Tries to Calm Fears - The Australian
Thai Protest Leaders to Surrender - New York Times
Thai Protesters Seek Action - Daily Telegraph
Thailand in Turmoil - Wall Street Journal opinion
Malaysian PM to Resign - Daily Telegraph
Europe
Russia Plans to Boost Military Spending - United Press International
UN General Assembly to Ask ICJ for Ruling on Kosovo Independence - VOA
Serbia Wins Bid to Review Independence of Kosovo - New York Times
Gates Reaffirms US Commitment to Ukrainian NATO Membership - AFPS
Ukraine: Feuding Leaders Destroy Orange Coalition - The Times
Georgia: The War on Coherence - The Guardian opinion
Dmitry's Diatribe - Wall Street Journal opinion
Middle East
Two Americans Missing En Route From Lebanon to Syria - Washington Post
Torture Rampant in Jordan's Prisons, Report Says - Los Angeles Times
What's Afoot in Syria? - Washington Times opinion
South Asia
Bush Signs India Nuclear Trade Bill - Voice of America
Building Stronger US-India Friendship - Wall Street Journal opinion
Maldives Holds Its First Democratic Presidential Election - Voice of America
First Free Election on Maldives - The Times
Russia Plans to Boost Military Spending - United Press International
UN General Assembly to Ask ICJ for Ruling on Kosovo Independence - VOA
Serbia Wins Bid to Review Independence of Kosovo - New York Times
Gates Reaffirms US Commitment to Ukrainian NATO Membership - AFPS
Ukraine: Feuding Leaders Destroy Orange Coalition - The Times
Georgia: The War on Coherence - The Guardian opinion
Dmitry's Diatribe - Wall Street Journal opinion
Middle East
Two Americans Missing En Route From Lebanon to Syria - Washington Post
Torture Rampant in Jordan's Prisons, Report Says - Los Angeles Times
What's Afoot in Syria? - Washington Times opinion
South Asia
Bush Signs India Nuclear Trade Bill - Voice of America
Building Stronger US-India Friendship - Wall Street Journal opinion
Maldives Holds Its First Democratic Presidential Election - Voice of America
First Free Election on Maldives - The Times
Two Words Touch Off a Lot More of Them
By KATHARINE Q. SEELYEJohn McCain’s use of the phrase “that one” to refer to Barack Obama in Tuesday night’s debate led to a storm of reactions.
October 9, 2008 Editorial
One Man’s Crony ...
The good, the bad and the ugly of lobbying are well known, but it’s a stretch for John McCain, who has 25 years in Washington, to demonize it.
October 9, 2008
McCain Excites Crowds With Criticism of Obama
By ELISABETH BUMILLERJohn McCain attacked Barack Obama’s record, character and judgment and gave less attention, and offered very few specifics, to the growing economic woes of American voters.
October 9, 2008
Obama Wraps His Hopes Inside Economic Anxiety
By PATRICK HEALYBarack Obama continues to promise that everything will get better once he is president, but does not explain how his programs and governing philosophy will adjust to new economic realities.
October 9, 2008 Op-Ed Columnist
Clearing the Ayers
By GAIL COLLINSJohn McCain may feel compelled to go back to his guilt-by-association theme. And this has me feeling very guilty about my associates.
October 9, 2008
Kenya Detains U.S. Author Critical of Obama
By JEFFREY GETTLEMANJerome R. Corsi, the conservative author of “The Obama Nation,” was being held for trying to work in Kenya without a valid work permit, according to media reports.
October 8, 2008
Economic Woes Set Tone for Rivals in 2nd Debate
By ADAM NAGOURNEYIn a muted debate, Senator Barack Obama faulted a zeal for deregulation, while Senator John McCain offered a mortgage rescue plan.
October 8, 2008 Road to November
Where He First Got Going, Cheering Obama On
By JENNIFER STEINHAUERIt all began for Barack Obama in Des Moines and Democrats there long to feel as though they have a role in closing the deal.
October 8, 2008 News Analysis
Downturn in Decibels, Too
By FRANK BRUNIThe presidential debate was remarkable for the senators’ subdued demeanors even as they tore into each other.
October 8, 2008
Long History for Proposal by McCain on Mortgages
By JACKIE CALMESSenator John McCain proposed a $300 billion plan authorizing the Treasury secretary to buy the mortgages of homeowners in financial trouble and replace them with more affordable loans.
October 8, 2008
Two Words Touch Off a Lot More of Them
By KATHARINE Q. SEELYEJohn McCain’s use of the phrase “that one” to refer to Barack Obama in Tuesday night’s debate led to a storm of reactions.
October 9, 2008 Editorial
One Man’s Crony ...
The good, the bad and the ugly of lobbying are well known, but it’s a stretch for John McCain, who has 25 years in Washington, to demonize it.
October 9, 2008
McCain Excites Crowds With Criticism of Obama
By ELISABETH BUMILLERJohn McCain attacked Barack Obama’s record, character and judgment and gave less attention, and offered very few specifics, to the growing economic woes of American voters.
October 9, 2008
Taxpayers, Not Lenders, Would Bear Costs of McCain’s Mortgage Proposal
By JACKIE CALMESThe plan that John McCain announced without detail in the debate Tuesday would allow millions of financially stretched Americans to refinance their mortgages with government help.
October 9, 2008 Op-Ed Columnist
Clearing the Ayers
By GAIL COLLINSJohn McCain may feel compelled to go back to his guilt-by-association theme. And this has me feeling very guilty about my associates.
October 9, 2008
Economic Woes Set Tone for Rivals in 2nd Debate
By ADAM NAGOURNEYIn a muted debate, Senator Barack Obama faulted a zeal for deregulation, while Senator John McCain offered a mortgage rescue plan.
October 8, 2008 Op-Ed Columnist
Long History for Proposal by McCain on Mortgages
By JACKIE CALMESSenator John McCain proposed a $300 billion plan authorizing the Treasury secretary to buy the mortgages of homeowners in financial trouble and replace them with more affordable loans.
October 8, 2008 Editorial
Politics of Attack
Ninety minutes of forced cordiality during the debate did not erase the dismal ugliness of Senator John McCain’s campaign in recent weeks.
October 8, 2008 The View From the Stump
The Dismal Questions
By JOSEPH E. STIGLITZ, R. GLENN HUBBARD and MYRON S. SCHOLESThree economists suggest questions they would most like to hear John McCain and Barack Obama answer in tonight’s presidential debate.
October 7, 2008
After the Showdown in Nashville
To the Editor:.
October 9, 2008
Palin Plays to Conservative Base in Florida Rallies
By JULIE BOSMANOn a two-day campaign swing through Florida, Gov. Sarah Palin was met by an enthusiastic response from audiences who devoured every word of her anti-Democratic pitch.
October 8, 2008
Palin’s Kind of Patriotism
By THOMAS L. FRIEDMANSarah Palin defended the surge in Iraq and the $700 billion rescue plan. Yet, she said that Americans who pay taxes to support such endeavors should not be considered patriotic.
October 8, 2008
ECB Offers Banks Unlimited Cash for Six Days in Bid to Ease Money Markets The European Central Bank brought forward plans to lend banks unlimited cash and pumped a record $100 billion in overnight funds into the financial system after an interest-rate cut failed to soothe tensions in money markets.
U.S. Entered a Recession as Record Consumption Boom Ended, Economists Say By almost all accounts, the U.S. is now in a recession, according to economists surveyed by Bloomberg News.
Paulson Signals U.S. May Invest in Lenders as Part of $700 Billion Rescue Treasury Secretary Henry Paulson signaled the government may invest in banks as the next step in trying to resolve the deepening credit crisis.
South African Central Bank Leaves Benchmark Interest Rate Unchanged at 12% South Africa's central bank left its benchmark interest rate unchanged for a second consecutive meeting as the global credit crisis threatened to undermine economic growth, even as inflation reached a record.
Trichet Engineers `Regime Change' at ECB as Crisis Engulfs European Banks European Central Bank President Jean- Claude Trichet is opening up the floodgates as the credit crisis threatens to cripple the region's banking system.
U.S. Initial Jobless Claims Fall 20,000 to 478,000 as Storm Fallout Eases Fewer Americans filed first-time applications for unemployment benefits last week as job losses related to the Gulf Coast hurricanes subsided.
South Korea, Taiwan, Hong Kong Cut Interest Rates Following Global Easing South Korea, Taiwan and Hong Kong cut interest rates a day after reductions by the U.S., Europe and China to stem damage from the global financial crisis.
China Cuts Rate to Protect `Big Enchilada' Economy, While Japan Stagnates Wednesday may go down as the day the economic balance of power shifted in Asia.
Bank of England May Follow Rate Cut With `Another Big One,' Allsopp Says Former Bank of England policy maker Christopher Allsopp said the U.K. central bank may follow its half-point interest rate cut with another reduction if the financial crisis doesn't abate.
Fear Trumps Greed as Market Worries Amplify News, Paralyze World Economy Greed and fear are the emotions that rule markets. Fear is winning.
Bernanke, Paulson Seek Global Help as Credit Crisis Rebuffs U.S. Efforts Federal Reserve Chairman Ben S. Bernanke and Treasury Secretary Henry Paulson are discovering both the leeway and limits they have as policy makers as they struggle to combat the 14-month-old credit crisis.
U.S. Entered a Recession as Record Consumption Boom Ended, Economists Say By almost all accounts, the U.S. is now in a recession, according to economists surveyed by Bloomberg News.
Paulson Signals U.S. May Invest in Lenders as Part of $700 Billion Rescue Treasury Secretary Henry Paulson signaled the government may invest in banks as the next step in trying to resolve the deepening credit crisis.
South African Central Bank Leaves Benchmark Interest Rate Unchanged at 12% South Africa's central bank left its benchmark interest rate unchanged for a second consecutive meeting as the global credit crisis threatened to undermine economic growth, even as inflation reached a record.
Trichet Engineers `Regime Change' at ECB as Crisis Engulfs European Banks European Central Bank President Jean- Claude Trichet is opening up the floodgates as the credit crisis threatens to cripple the region's banking system.
U.S. Initial Jobless Claims Fall 20,000 to 478,000 as Storm Fallout Eases Fewer Americans filed first-time applications for unemployment benefits last week as job losses related to the Gulf Coast hurricanes subsided.
South Korea, Taiwan, Hong Kong Cut Interest Rates Following Global Easing South Korea, Taiwan and Hong Kong cut interest rates a day after reductions by the U.S., Europe and China to stem damage from the global financial crisis.
China Cuts Rate to Protect `Big Enchilada' Economy, While Japan Stagnates Wednesday may go down as the day the economic balance of power shifted in Asia.
Bank of England May Follow Rate Cut With `Another Big One,' Allsopp Says Former Bank of England policy maker Christopher Allsopp said the U.K. central bank may follow its half-point interest rate cut with another reduction if the financial crisis doesn't abate.
Fear Trumps Greed as Market Worries Amplify News, Paralyze World Economy Greed and fear are the emotions that rule markets. Fear is winning.
Bernanke, Paulson Seek Global Help as Credit Crisis Rebuffs U.S. Efforts Federal Reserve Chairman Ben S. Bernanke and Treasury Secretary Henry Paulson are discovering both the leeway and limits they have as policy makers as they struggle to combat the 14-month-old credit crisis.
Libor Holds Central Banks Hostage as London Rate Freezes Worldwide Lending Danilo Coronacion oversees 15 percent of global coconut oil production at CIIF Oil Mills Group in the Philippines. These days, he spends a lot of time worrying about events half a world away in London. The name of his pain? Libor.
Fear Trumps Greed as Market Worries Amplify News, Paralyze World Economy Greed and fear are the emotions that rule markets. Fear is winning.
Bernanke's Weekend Calls to Trichet, King Laid Ground for Global Rate Cut Federal Reserve Chairman Ben S. Bernanke's push for the broadest coordinated interest-rate cut in history started with a weekend of telephone conversations with Jean-Claude Trichet and Mervyn King.
BlackRock, Pimco Submit Bids to Manage Mortgage Assets for Treasury Rescue BlackRock Inc. and Pacific Investment Management Co. submitted proposals to manage troubled mortgage- backed securities in the biggest portion of the Treasury's $700 billion financial-rescue program, people familiar with the matter said.
Royal Bank of Scotland Loses Credibility After Goodwin's ABN Amro Purchase Royal Bank of Scotland Group Plc Chief Executive Officer Fred Goodwin may have wanted to win more than was good for him.
Russian Farmers Curb Siberian Push as $10 Billion Debt Threatens Harvests The financial meltdown that started on Wall Street is now hurting farmers in Siberia, threatening a Russian agricultural revival that the United Nations says is needed to help avert a world food shortage.
Subprime Devastation Tracks Path of S&L Crisis Across California, Florida The $700 billion bailout of Wall Street's subprime-tainted securities harkens back to the real- estate bets that sparked the savings and loan crisis in the 1980s. The geography's the same, too.
Nowotny Says ECB Interest-Rate Cut Shouldn't Be Viewed as First in Series European Central Bank council member Ewald Nowotny said today's interest-rate cut shouldn't be viewed as the first in a series.
Venture Investors Hold `Come to Jesus' Meetings as Credit Crunch Hits Home Venture capital investments will probably fall this year for the first time since 2003 as the financial crisis cripples the markets for acquisitions and initial public offerings.
Stumpf's Quest for Deposits Brings Wells Fargo Into Battle With Citigroup When Wells Fargo & Co.'s John Stumpf was promoted to chief executive officer last year, he said a big East Coast acquisition was ``highly, highly unlikely.'' Back then, Wachovia Corp. was selling for more than $50 a share.
Buffett's Paper Profit on GE, Goldman Sachs Erased by Stock Market Plunge Billionaire investor Warren Buffett's instant paper profits on Goldman Sachs Group Inc. and General Electric Co. have been wiped out amid the stock market's worst yearly slump since 1937.
`Biggest Threat' to U.S. in Afghanistan Is Former Ally Aided by Pakistanis When Jalaluddin Haqqani fought Soviet troops in Afghanistan in the 1980s, the U.S. showered him with praise, guns and money. The congressman celebrated in ``Charlie Wilson's War,'' the movie and book about that conflict, called him ``goodness personified.''
George Washington's Whiskey Legacy in Virginia Gets Boost From Lobbyists You can now buy whiskey at George Washington's Mount Vernon home. All it took was 208 years, two new laws and the liquor lobbyists.
Lebanon Seeks to Reclaim Hummus From Israel in New Middle East Trade Tiff Middle East peace negotiators may need to be careful what they serve with their pita next time they break bread.
Lithuania Voters May Urge Leaders to Break EU Pledge to Shut Nuclear Plant When Lithuania joined the European Union in 2004, it promised to shut down its Ignalina nuclear plant, a Soviet-era relic powered by the type of reactor that caught fire in Ukraine's Chernobyl plant in 1986.
Lenders Squeeze Fees from Corporate Borrowers After $112 Billion of Losses McClatchy Co., Building Materials Holding Corp. and almost 100 other companies across the U.S. are suffering payback from lenders stung by at least $112 billion of losses in the loan market.
Christopher Cox Fiddled as Bear Stearns Burned, SEC's Censored Paper Shows U.S. Securities and Exchange Commission Chairman Christopher Cox's regulators stood by as shrinking capital ratios and growing subprime holdings led to the collapse of Bear Stearns Cos., according to an unedited version of a study by the agency's inspector general.
Yahoo's Yang Missed Opportunity to Get Premium Price for Asian Web Assets Yahoo! Inc. Chief Executive Officer Jerry Yang missed his chance to get top dollar for the company's stakes in Asian Internet firms.
Bollywood's Shah Rukh Khan Hopes Glamour Will Rub Off on Gulf Properties Shah Rukh Khan, the star of Bollywood hits such as ``Om Shanti Om'' and ``Chak De India,'' hopes his glamour will rub off on the real-estate fortunes of a little-known Gulf emirate.
Vienna Hoteliers Say U.S. Visitors Decline on Collapse of Lehman, Markets Oscar del Campo, the manager of Vienna's five-star Hotel Imperial, says that when he heard Lehman Brothers Holdings Inc. had collapsed last month, he immediately started counting the cost to the business.
Fear Trumps Greed as Market Worries Amplify News, Paralyze World Economy Greed and fear are the emotions that rule markets. Fear is winning.
Bernanke's Weekend Calls to Trichet, King Laid Ground for Global Rate Cut Federal Reserve Chairman Ben S. Bernanke's push for the broadest coordinated interest-rate cut in history started with a weekend of telephone conversations with Jean-Claude Trichet and Mervyn King.
BlackRock, Pimco Submit Bids to Manage Mortgage Assets for Treasury Rescue BlackRock Inc. and Pacific Investment Management Co. submitted proposals to manage troubled mortgage- backed securities in the biggest portion of the Treasury's $700 billion financial-rescue program, people familiar with the matter said.
Royal Bank of Scotland Loses Credibility After Goodwin's ABN Amro Purchase Royal Bank of Scotland Group Plc Chief Executive Officer Fred Goodwin may have wanted to win more than was good for him.
Russian Farmers Curb Siberian Push as $10 Billion Debt Threatens Harvests The financial meltdown that started on Wall Street is now hurting farmers in Siberia, threatening a Russian agricultural revival that the United Nations says is needed to help avert a world food shortage.
Subprime Devastation Tracks Path of S&L Crisis Across California, Florida The $700 billion bailout of Wall Street's subprime-tainted securities harkens back to the real- estate bets that sparked the savings and loan crisis in the 1980s. The geography's the same, too.
Nowotny Says ECB Interest-Rate Cut Shouldn't Be Viewed as First in Series European Central Bank council member Ewald Nowotny said today's interest-rate cut shouldn't be viewed as the first in a series.
Venture Investors Hold `Come to Jesus' Meetings as Credit Crunch Hits Home Venture capital investments will probably fall this year for the first time since 2003 as the financial crisis cripples the markets for acquisitions and initial public offerings.
Stumpf's Quest for Deposits Brings Wells Fargo Into Battle With Citigroup When Wells Fargo & Co.'s John Stumpf was promoted to chief executive officer last year, he said a big East Coast acquisition was ``highly, highly unlikely.'' Back then, Wachovia Corp. was selling for more than $50 a share.
Buffett's Paper Profit on GE, Goldman Sachs Erased by Stock Market Plunge Billionaire investor Warren Buffett's instant paper profits on Goldman Sachs Group Inc. and General Electric Co. have been wiped out amid the stock market's worst yearly slump since 1937.
`Biggest Threat' to U.S. in Afghanistan Is Former Ally Aided by Pakistanis When Jalaluddin Haqqani fought Soviet troops in Afghanistan in the 1980s, the U.S. showered him with praise, guns and money. The congressman celebrated in ``Charlie Wilson's War,'' the movie and book about that conflict, called him ``goodness personified.''
George Washington's Whiskey Legacy in Virginia Gets Boost From Lobbyists You can now buy whiskey at George Washington's Mount Vernon home. All it took was 208 years, two new laws and the liquor lobbyists.
Lebanon Seeks to Reclaim Hummus From Israel in New Middle East Trade Tiff Middle East peace negotiators may need to be careful what they serve with their pita next time they break bread.
Lithuania Voters May Urge Leaders to Break EU Pledge to Shut Nuclear Plant When Lithuania joined the European Union in 2004, it promised to shut down its Ignalina nuclear plant, a Soviet-era relic powered by the type of reactor that caught fire in Ukraine's Chernobyl plant in 1986.
Lenders Squeeze Fees from Corporate Borrowers After $112 Billion of Losses McClatchy Co., Building Materials Holding Corp. and almost 100 other companies across the U.S. are suffering payback from lenders stung by at least $112 billion of losses in the loan market.
Christopher Cox Fiddled as Bear Stearns Burned, SEC's Censored Paper Shows U.S. Securities and Exchange Commission Chairman Christopher Cox's regulators stood by as shrinking capital ratios and growing subprime holdings led to the collapse of Bear Stearns Cos., according to an unedited version of a study by the agency's inspector general.
Yahoo's Yang Missed Opportunity to Get Premium Price for Asian Web Assets Yahoo! Inc. Chief Executive Officer Jerry Yang missed his chance to get top dollar for the company's stakes in Asian Internet firms.
Bollywood's Shah Rukh Khan Hopes Glamour Will Rub Off on Gulf Properties Shah Rukh Khan, the star of Bollywood hits such as ``Om Shanti Om'' and ``Chak De India,'' hopes his glamour will rub off on the real-estate fortunes of a little-known Gulf emirate.
Vienna Hoteliers Say U.S. Visitors Decline on Collapse of Lehman, Markets Oscar del Campo, the manager of Vienna's five-star Hotel Imperial, says that when he heard Lehman Brothers Holdings Inc. had collapsed last month, he immediately started counting the cost to the business.
Obama, McCain Shepherd Backers to Polls, Capitalizing on Early-Voting Laws Political organizers in Columbus, Ohio, said they got some puzzled looks last week when they began approaching people at bus stops and offering them rides to the nearest polling site.
Obama, McCain Trying to Keep Young Voters' Fervor Alive Until Election Day Aaron Leair is paying his way through college by serving in the Army National Guard and working at a food store. In between studying, commuting, stocking shelves and drilling before his redeployment to Iraq in January, he also spends a dozen hours a week trying to persuade young voters to turn out for Democrat Barack Obama.
Secretary Paulson Signals U.S. May Invest in Banks to Shore Up Confidence Treasury Secretary Henry Paulson signaled the government may invest in banks as the next step in trying to resolve the deepening credit crisis.
Palin's Husband Told Alaska Officials `Dangerous' Trooper Should Be Fired Alaska Governor Sarah Palin's husband spoke numerous times to state officials about firing his ex- brother-in-law, a state trooper he described as ``dangerous'' to the governor's family, according to a sworn statement.
McCain, Obama Clash Over Taxes, Regulation, Iraq, Skirt Personal Attacks Republican John McCain and Democrat Barack Obama collided over regulation, taxes and the financial crisis in last night's debate, holding back on the personal attacks that have intensified in the campaign's recent weeks.
Obama, McCain Offer Different Prescriptions to Deliver Health-Care to All John McCain and Barack Obama clashed in their second debate over who would do more to provide affordable health care, with each accusing the other of hiding the real costs of his plan.
Obama, McCain Trying to Keep Young Voters' Fervor Alive Until Election Day Aaron Leair is paying his way through college by serving in the Army National Guard and working at a food store. In between studying, commuting, stocking shelves and drilling before his redeployment to Iraq in January, he also spends a dozen hours a week trying to persuade young voters to turn out for Democrat Barack Obama.
Secretary Paulson Signals U.S. May Invest in Banks to Shore Up Confidence Treasury Secretary Henry Paulson signaled the government may invest in banks as the next step in trying to resolve the deepening credit crisis.
Palin's Husband Told Alaska Officials `Dangerous' Trooper Should Be Fired Alaska Governor Sarah Palin's husband spoke numerous times to state officials about firing his ex- brother-in-law, a state trooper he described as ``dangerous'' to the governor's family, according to a sworn statement.
McCain, Obama Clash Over Taxes, Regulation, Iraq, Skirt Personal Attacks Republican John McCain and Democrat Barack Obama collided over regulation, taxes and the financial crisis in last night's debate, holding back on the personal attacks that have intensified in the campaign's recent weeks.
Obama, McCain Offer Different Prescriptions to Deliver Health-Care to All John McCain and Barack Obama clashed in their second debate over who would do more to provide affordable health care, with each accusing the other of hiding the real costs of his plan.
Libor Dollar Rate Jumps to Highest Level This Year as Credit Stays Frozen The cost of borrowing in dollars for three months in London soared to the highest level this year as coordinated interest-rate reductions worldwide failed to revive lending among banks for any longer than a day.
Paulson Signals U.S. May Invest in Lenders as Part of $700 Billion Rescue Treasury Secretary Henry Paulson signaled the government may invest in banks as the next step in trying to resolve the deepening credit crisis.
Kaupthing Bank Seized by Regulators as Iceland's Financial Turmoil Worsens Iceland's government seized control of Kaupthing Bank hf, the nation's biggest bank, completing the takeover of a banking industry that collapsed under the weight of foreign debt.
FerroChina Can't Repay $104 Million Due to Crisis, Shuts Down Steel Mills FerroChina Ltd., a Chinese steelmaker, said it is unable to repay loans totaling 706 million yuan ($104 million) because of the ``current economic crisis,'' and a further 4.52 billion yuan in loans and notes may also be at risk.
AIG May Tap $37.8 Billion from Federal Reserve, Following $85 Billion Loan American International Group Inc., the insurer taken over by the government, may access $37.8 billion from the Federal Reserve Bank of New York, in addition to the $85 billion loan that helped it stave off bankruptcy.
Trichet Engineers `Regime Change' at ECB as Crisis Engulfs European Banks European Central Bank President Jean- Claude Trichet is opening up the floodgates as the credit crisis threatens to cripple the region's banking system.
Paulson Signals U.S. May Invest in Lenders as Part of $700 Billion Rescue Treasury Secretary Henry Paulson signaled the government may invest in banks as the next step in trying to resolve the deepening credit crisis.
Kaupthing Bank Seized by Regulators as Iceland's Financial Turmoil Worsens Iceland's government seized control of Kaupthing Bank hf, the nation's biggest bank, completing the takeover of a banking industry that collapsed under the weight of foreign debt.
FerroChina Can't Repay $104 Million Due to Crisis, Shuts Down Steel Mills FerroChina Ltd., a Chinese steelmaker, said it is unable to repay loans totaling 706 million yuan ($104 million) because of the ``current economic crisis,'' and a further 4.52 billion yuan in loans and notes may also be at risk.
AIG May Tap $37.8 Billion from Federal Reserve, Following $85 Billion Loan American International Group Inc., the insurer taken over by the government, may access $37.8 billion from the Federal Reserve Bank of New York, in addition to the $85 billion loan that helped it stave off bankruptcy.
Trichet Engineers `Regime Change' at ECB as Crisis Engulfs European Banks European Central Bank President Jean- Claude Trichet is opening up the floodgates as the credit crisis threatens to cripple the region's banking system.
Libor Dollar Rate Jumps to Highest in Year; Credit Stays Frozen
- Bloomberg
- 10/09/2008 07:18 AM
- Bloomberg
- 10/09/2008 07:56 AM
- AP
- 10/09/2008 08:46 AM
Taking Hard New Look at a Greenspan Legacy
- NY Times
- 10/09/2008 08:15 AM
- LA Times
- 10/09/2008 05:14 AM
- Bloomberg
- 10/08/2008 05:33 PM
- WSJ ($)
- 10/08/2008 09:28 PM
- AJC.com
- 10/09/2008 09:06 AM
- CNN/Money
- 10/09/2008 07:51 AM
- Bloomberg
- 10/09/2008 05:16 AM
- NY Times
- 10/09/2008 04:58 AM
- Bloomberg
- 10/09/2008 04:49 AM
Paulson Signals U.S. May Invest in Banks to Shore Up Confidence
- Bloomberg
- 10/09/2008 04:51 AM
- WSJ ($)
- 10/08/2008 08:33 PM
- Reuters
- 10/08/2008 05:48 PM
- LA Times
- 10/09/2008 05:12 AM
- WSJ ($)
- 10/09/2008 05:12 AM
- WSJ ($)
- 10/09/2008 05:09 AM
- FT ($)
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- Financial Week
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U.S. May Take Ownership Stake in Banks nytimes.com — Having tried without success to unlock frozen credit markets, the Treasury Department is considering taking ownership stakes in many United States banks to try to restore confidence in the financial system, according to government officials. Treasury officials say the just-passed $700 billion bailout bill gives them the authority to inject cash directly into banks that request it. Such a move would quickly strengthen banks' balance sheets and, officials hope, persuade them to resume lending. In return, the law gives the Treasury the right to take ownership positions in banks, including healthy ones. The Treasury plan was still preliminary and it was unclear how the process would work, but it appeared that it would be voluntary for banks. The proposal resembles one recently announced in Britain. 
Pelosi Pushes $150 Billion Stimulus hosted.ap.org — House Speaker Nancy Pelosi said that a $150 billion economic stimulus plan is needed now because of the faltering economy and she may call the House into session after the election to pass it. Pelosi told reporters that the stock market meltdown, which has caused an estimated $2 trillion loss from pension funds, was a factor in her recommendation for a second stimulus bill. The first relief plan sent out $600-$1,200 tax rebate checks to most individuals and couples this year. Pelosi said a stimulus package would create jobs by investing in public works, increasing food stamps benefits and extending unemployment insurance for the long-term jobless.
Paulson: More Banks to Fail news.bbc.co.uk — The Treasury Secretary Henry Paulson has warned some banks will still fail despite the $700 billion rescue package to shore up the financial system. Paulson called for the plan's swift implementation, but said the financial crisis would not end soon. Seven central banks have cut interest rates in an effort to steady the faltering global economy. The co-ordinated effort was carried out by banks including the U.S. Federal Reserve and the European Central Bank.
U.S. Warns of Crisis in Afghanistan nytimes.com — A draft report by American intelligence agencies concludes that Afghanistan is in a "downward spiral" and casts serious doubt on the ability of the Afghan government to stem the rise in the Taliban's influence there. The classified report finds that the breakdown in central authority in Afghanistan has been accelerated by rampant corruption within the government and by an increase in violence by militants who have launched increasingly sophisticated attacks from havens in Pakistan. The report, a nearly completed version of a National Intelligence Estimate, is set to be finished after the November elections. Its conclusions represent a harsh verdict on decision-making in the Bush administration, which in the months after the Sept. 11, 2001, attacks made Afghanistan the central focus of a global campaign against terrorism.
AIG to Get Additional $37.8 Billion nytimes.com — The Federal Reserve Board said that it would provide up to $37.8 billion to the embattled insurer the American International Group to help it deal with a rapidly dwindling supply of cash. The additional assistance is on top of $85 billion in a bridge loan that the Federal Reserve extended to A.I.G. in September, but it will take a different form. A spokesman for A.I.G., Nicholas Ashooh, said the new assistance was intended to keep the company from having to draw down the Fed loan so quickly. The Fed threw A.I.G. the $85 billion lifeline shortly after the collapse of Lehman Brothers, when the financial markets were reeling and there were doubts the system could weather the demise of another big financial services company.
One in Six Homeowners "Underwater" msnbc.msn.com — The relentless slide in home prices has left nearly one in six U.S. homeowners owing more on a mortgage than the home is worth, raising the possibility of a rise in defaults — the very misfortune that touched off the credit crisis last year. About 75.5 million U.S. households own the homes they live in. After a housing slump that has pushed values down 30 percent in some areas, roughly 12 million households, or 16 percent, owe more than their homes are worth, according to Moody's Economy.com. Among people who bought within the past five years, it's worse: 29 percent are underwater on their mortgages, according to an estimate by real-estate Web site Zillow.com.
States Seek Federal Help nytimes.com — California and other states scrambled to cope with bills coming due as they pressed Washington for assistance because the municipal bond markets remain largely closed to them. In Washington, White House officials said they were talking with state officials and reviewing the issue of aid. But despite the urgency of the problem, thorny legal issues have emerged. A longstanding provision of the Internal Revenue Code bars the federal government from guaranteeing tax-exempt bonds. Officials are concerned that if the federal government helps states and others without Congressional action it could put their tax exemption at risk. While officials seek a way around this obstacle, many local governments are running into severe cash squeezes.
State Unemployment Funds Dry Up cnn.com — The demand for unemployment benefits across the country has put a strain on state unemployment funds, with such funds in at least 10 states facing insolvency in 2009, according to the National Employment Law Project, a policy group that advocates on behalf of unemployed and low-wage workers. Nationwide, unemployment reached 6.1 percent, or roughly 9.1 million people, in August, up from 4.7 percent in 2007, and is expected to continue rising. With a weekly average of 474,000 new applicants in August, in a system already looking after about 3.5 million people each week, the growing rate of recipients has nearly depleted unemployment funds in several states.
Colleges Hit By Credit Crisis time.com — Last week, nearly 1,000 colleges were told they couldn't access most of the $9.3 billion sitting in a short-term fund that had been offering slightly higher returns than U.S. treasuries. To prevent a run on the fund — 12 percent of which was invested in mortgage-backed securities — the fund's trustee resigned and froze withdrawals so it could liquidate the assets and distribute the proceeds in an orderly manner. The same thing happened to another 200 schools with $1 billion in an intermediate-term fund. Given that the schools will get about half of their money by the end of this year and the rest by 2011, there's a severe cash crunch for many small schools, some of which had up to half their liquid assets in the short-term fund.
Moves to Block Voters May Be Illegal iht.com — Tens of thousands of eligible U.S. voters in at least six swing states have been removed from the rolls or have been blocked from registering in ways that appear to violate federal law, according to a review of state records and Social Security data. The actions do not seem to be coordinated by one party or the other, nor do they appear to be the result of election officials intentionally breaking rules, but are apparently the result of mistakes in the handling of the registrations and voter files as the states attempted to comply with a 2002 federal law, intended to overhaul the way elections are run.
Pelosi Pushes $150 Billion Stimulus hosted.ap.org — House Speaker Nancy Pelosi said that a $150 billion economic stimulus plan is needed now because of the faltering economy and she may call the House into session after the election to pass it. Pelosi told reporters that the stock market meltdown, which has caused an estimated $2 trillion loss from pension funds, was a factor in her recommendation for a second stimulus bill. The first relief plan sent out $600-$1,200 tax rebate checks to most individuals and couples this year. Pelosi said a stimulus package would create jobs by investing in public works, increasing food stamps benefits and extending unemployment insurance for the long-term jobless.
Paulson: More Banks to Fail news.bbc.co.uk — The Treasury Secretary Henry Paulson has warned some banks will still fail despite the $700 billion rescue package to shore up the financial system. Paulson called for the plan's swift implementation, but said the financial crisis would not end soon. Seven central banks have cut interest rates in an effort to steady the faltering global economy. The co-ordinated effort was carried out by banks including the U.S. Federal Reserve and the European Central Bank.
U.S. Warns of Crisis in Afghanistan nytimes.com — A draft report by American intelligence agencies concludes that Afghanistan is in a "downward spiral" and casts serious doubt on the ability of the Afghan government to stem the rise in the Taliban's influence there. The classified report finds that the breakdown in central authority in Afghanistan has been accelerated by rampant corruption within the government and by an increase in violence by militants who have launched increasingly sophisticated attacks from havens in Pakistan. The report, a nearly completed version of a National Intelligence Estimate, is set to be finished after the November elections. Its conclusions represent a harsh verdict on decision-making in the Bush administration, which in the months after the Sept. 11, 2001, attacks made Afghanistan the central focus of a global campaign against terrorism.
AIG to Get Additional $37.8 Billion nytimes.com — The Federal Reserve Board said that it would provide up to $37.8 billion to the embattled insurer the American International Group to help it deal with a rapidly dwindling supply of cash. The additional assistance is on top of $85 billion in a bridge loan that the Federal Reserve extended to A.I.G. in September, but it will take a different form. A spokesman for A.I.G., Nicholas Ashooh, said the new assistance was intended to keep the company from having to draw down the Fed loan so quickly. The Fed threw A.I.G. the $85 billion lifeline shortly after the collapse of Lehman Brothers, when the financial markets were reeling and there were doubts the system could weather the demise of another big financial services company.
One in Six Homeowners "Underwater" msnbc.msn.com — The relentless slide in home prices has left nearly one in six U.S. homeowners owing more on a mortgage than the home is worth, raising the possibility of a rise in defaults — the very misfortune that touched off the credit crisis last year. About 75.5 million U.S. households own the homes they live in. After a housing slump that has pushed values down 30 percent in some areas, roughly 12 million households, or 16 percent, owe more than their homes are worth, according to Moody's Economy.com. Among people who bought within the past five years, it's worse: 29 percent are underwater on their mortgages, according to an estimate by real-estate Web site Zillow.com.
States Seek Federal Help nytimes.com — California and other states scrambled to cope with bills coming due as they pressed Washington for assistance because the municipal bond markets remain largely closed to them. In Washington, White House officials said they were talking with state officials and reviewing the issue of aid. But despite the urgency of the problem, thorny legal issues have emerged. A longstanding provision of the Internal Revenue Code bars the federal government from guaranteeing tax-exempt bonds. Officials are concerned that if the federal government helps states and others without Congressional action it could put their tax exemption at risk. While officials seek a way around this obstacle, many local governments are running into severe cash squeezes.
State Unemployment Funds Dry Up cnn.com — The demand for unemployment benefits across the country has put a strain on state unemployment funds, with such funds in at least 10 states facing insolvency in 2009, according to the National Employment Law Project, a policy group that advocates on behalf of unemployed and low-wage workers. Nationwide, unemployment reached 6.1 percent, or roughly 9.1 million people, in August, up from 4.7 percent in 2007, and is expected to continue rising. With a weekly average of 474,000 new applicants in August, in a system already looking after about 3.5 million people each week, the growing rate of recipients has nearly depleted unemployment funds in several states.
Colleges Hit By Credit Crisis time.com — Last week, nearly 1,000 colleges were told they couldn't access most of the $9.3 billion sitting in a short-term fund that had been offering slightly higher returns than U.S. treasuries. To prevent a run on the fund — 12 percent of which was invested in mortgage-backed securities — the fund's trustee resigned and froze withdrawals so it could liquidate the assets and distribute the proceeds in an orderly manner. The same thing happened to another 200 schools with $1 billion in an intermediate-term fund. Given that the schools will get about half of their money by the end of this year and the rest by 2011, there's a severe cash crunch for many small schools, some of which had up to half their liquid assets in the short-term fund.
Moves to Block Voters May Be Illegal iht.com — Tens of thousands of eligible U.S. voters in at least six swing states have been removed from the rolls or have been blocked from registering in ways that appear to violate federal law, according to a review of state records and Social Security data. The actions do not seem to be coordinated by one party or the other, nor do they appear to be the result of election officials intentionally breaking rules, but are apparently the result of mistakes in the handling of the registrations and voter files as the states attempted to comply with a 2002 federal law, intended to overhaul the way elections are run.
NKorea prepares mass missile launches: reports
Seoul (AFP) Oct 9, 2008 - North Korea is preparing up to 10 more short-range missiles for a mass test-launch, South Korean news reports said Thursday, two days after the North fired at least one missile into the sea. Chosun Ilbo newspaper, quoting a government source, said a US satellite had spotted the North readying about 10 short-range missiles for launch from Chodo, an island navy base off the west coast. ... more
stans
+ US report says Afghanistan conflict rapidly worsening
Washington (AFP) Oct 9, 2008 - Concern over Afghanistan's downward spiral rose another notch Thursday, amid reports of a draft US intelligence assessment detailing its slide into corruption, drugs and insurgent violence. The New York Times said the draft National Intelligence Estimate (NIE) casts doubts on the ability of Afghan President Hamid Karzai to stem the resurgence of the Taliban. A spokesman for the Director ... more
stans
+ Suspected US missile strike kills nine in Pakistan: officials
Miranshah, Pakistan (AFP) Oct 9, 2008 - A suspected US missile strike on a house in a Pakistani tribal area bordering Afghanistan killed nine people including six Arab militants on Thursday, security officials said. Two missiles hit the building in Tapi, a village in troubled North Waziristan district, an official based in the region told AFP on condition of anonymity. The attack targeted the house of a local Taliban commander ... more
missiles
+ Russia denies missile sales to Iran
Moscow (AFP) Oct 9, 2008 - Russia on Thursday denied reports it plans to sell S-300 surface-to-air missiles to Iran, a move that could complicate an attack on that country's nuclear infrastructure. "We have repeatedly said at the highest political level that we do not plan to deliver such types of weapons to countries in... unstable regions," Foreign Ministry spokesman Andrei Nesterenko said when asked about the ... more
taiwan
+ China warns Obama, McCain to toe line on Taiwan
Beijing (AFP) Oct 9, 2008 - China warned the two American presidential candidates Thursday against supporting the independence of Taiwan, saying such moves will strain China-US relations. The warning came after China learnt Barack Obama and John McCain supported a proposed 6.5 billion dollar arms package to Taiwan. "The Taiwan issue is the core issue in China-US relations," foreign ministry spokesman Qin Gang told ... more
Seoul (AFP) Oct 9, 2008 - North Korea is preparing up to 10 more short-range missiles for a mass test-launch, South Korean news reports said Thursday, two days after the North fired at least one missile into the sea. Chosun Ilbo newspaper, quoting a government source, said a US satellite had spotted the North readying about 10 short-range missiles for launch from Chodo, an island navy base off the west coast. ... morestans
+ US report says Afghanistan conflict rapidly worsening
Washington (AFP) Oct 9, 2008 - Concern over Afghanistan's downward spiral rose another notch Thursday, amid reports of a draft US intelligence assessment detailing its slide into corruption, drugs and insurgent violence. The New York Times said the draft National Intelligence Estimate (NIE) casts doubts on the ability of Afghan President Hamid Karzai to stem the resurgence of the Taliban. A spokesman for the Director ... morestans
+ Suspected US missile strike kills nine in Pakistan: officials
Miranshah, Pakistan (AFP) Oct 9, 2008 - A suspected US missile strike on a house in a Pakistani tribal area bordering Afghanistan killed nine people including six Arab militants on Thursday, security officials said. Two missiles hit the building in Tapi, a village in troubled North Waziristan district, an official based in the region told AFP on condition of anonymity. The attack targeted the house of a local Taliban commander ... moremissiles
+ Russia denies missile sales to Iran
Moscow (AFP) Oct 9, 2008 - Russia on Thursday denied reports it plans to sell S-300 surface-to-air missiles to Iran, a move that could complicate an attack on that country's nuclear infrastructure. "We have repeatedly said at the highest political level that we do not plan to deliver such types of weapons to countries in... unstable regions," Foreign Ministry spokesman Andrei Nesterenko said when asked about the ... moretaiwan
+ China warns Obama, McCain to toe line on Taiwan
Beijing (AFP) Oct 9, 2008 - China warned the two American presidential candidates Thursday against supporting the independence of Taiwan, saying such moves will strain China-US relations. The warning came after China learnt Barack Obama and John McCain supported a proposed 6.5 billion dollar arms package to Taiwan. "The Taiwan issue is the core issue in China-US relations," foreign ministry spokesman Qin Gang told ... more
cyberwar
+ Outside View: Cyberwar threat grows worse
Washington (UPI) Oct 9, 2008 - Viruses, worms, identity theft, extortion and other forms of criminal activity are not the only illicit uses of the Internet. "Malware" -- malicious software designed to exploit weaknesses in programs and the computers on which they run -- has now spawned the capability to digitally "soften up the battlefield." The cyberattack has become a major weapon of psychological operations and in ... more
korea
+ Nuclear inspectors barred from North Korean site: agency
Vienna (AFP) Oct 9, 2008 - The UN nuclear watchdog's inspectors at North Korea's nuclear facilities at Yongbyon will no longer have access to the site's nuclear installations, the agency announced Thursday. "The Democratic People's Republic of Korea (DPRK) has today informed IAEA inspectors that, effective immediately, access to facilities at Yongbyon would no longer be permitted," the International Atomic Energy Age ... more
stans
+ NATO battles to agree new steps against Afghan drug trade
Budapest (AFP) Oct 9, 2008 - NATO nations struggled Thursday to agree new steps to combat opium production in Afghanistan by hunting down drug lords and laboratories in an effort to halt the flow of funds to Taliban insurgents. Defence ministers, meeting in the Hungarian capital Budapest, heard a plea from NATO's commander and Afghanistan's defence minister for their nations to take on the drug challenge, but difference ... more
stans
+ Canada's Afghanistan mission tally 10.5 billion dollars so far
Ottawa (AFP) Oct 9, 2008 - Routing out insurgents from Afghanistan and rebuilding the war-torn nation has so far cost Canada up to an estimated 10.5 billion dollars (Canadian), an official said Thursday. And the amount is expected to nearly double to 18.1 billion dollars (15.8 billion US), or about 1,500 dollars (1,309 US) per Canadian household, by the mission's end in 2011, parliamentary budget officer Kevin Page ... more
milplex
+ Bulgaria-Russia agreement soon in historic arms licence row
Sofia (AFP) Oct 9, 2008 - Bulgaria and Russia could soon sign an agreement over former Soviet arms licensing fees which Moscow has been claiming since the fall of Communism in 1989, government officals said Thursday. "We agreed to proceed to a new intergovernmental agreement to be hopefully signed by end-2008," Bulgaria's Economy and Energy Minister Petar Dimitrov said after intergovernmental talks in Sofia. ... more
+ Outside View: Cyberwar threat grows worse
Washington (UPI) Oct 9, 2008 - Viruses, worms, identity theft, extortion and other forms of criminal activity are not the only illicit uses of the Internet. "Malware" -- malicious software designed to exploit weaknesses in programs and the computers on which they run -- has now spawned the capability to digitally "soften up the battlefield." The cyberattack has become a major weapon of psychological operations and in ... morekorea
+ Nuclear inspectors barred from North Korean site: agency
Vienna (AFP) Oct 9, 2008 - The UN nuclear watchdog's inspectors at North Korea's nuclear facilities at Yongbyon will no longer have access to the site's nuclear installations, the agency announced Thursday. "The Democratic People's Republic of Korea (DPRK) has today informed IAEA inspectors that, effective immediately, access to facilities at Yongbyon would no longer be permitted," the International Atomic Energy Age ... morestans
+ NATO battles to agree new steps against Afghan drug trade
Budapest (AFP) Oct 9, 2008 - NATO nations struggled Thursday to agree new steps to combat opium production in Afghanistan by hunting down drug lords and laboratories in an effort to halt the flow of funds to Taliban insurgents. Defence ministers, meeting in the Hungarian capital Budapest, heard a plea from NATO's commander and Afghanistan's defence minister for their nations to take on the drug challenge, but difference ... morestans
+ Canada's Afghanistan mission tally 10.5 billion dollars so far
Ottawa (AFP) Oct 9, 2008 - Routing out insurgents from Afghanistan and rebuilding the war-torn nation has so far cost Canada up to an estimated 10.5 billion dollars (Canadian), an official said Thursday. And the amount is expected to nearly double to 18.1 billion dollars (15.8 billion US), or about 1,500 dollars (1,309 US) per Canadian household, by the mission's end in 2011, parliamentary budget officer Kevin Page ... moremilplex
+ Bulgaria-Russia agreement soon in historic arms licence row
Sofia (AFP) Oct 9, 2008 - Bulgaria and Russia could soon sign an agreement over former Soviet arms licensing fees which Moscow has been claiming since the fall of Communism in 1989, government officals said Thursday. "We agreed to proceed to a new intergovernmental agreement to be hopefully signed by end-2008," Bulgaria's Economy and Energy Minister Petar Dimitrov said after intergovernmental talks in Sofia. ... more
Six dead in China landslide: state media
Beijing (AFP) Oct 9, 2008 - Six people died in a landslide early on Thursday in north China's Shanxi Province, state media reported. The slide occurred at about 8:00am (0000 GMT) at a farm in Zaolin Village, Liulin County, burying the six people, Xinhua news agency said, quoting the county government. Rescuers pulled the victims from the rubble and sent them to hospital, but all died despite doctors' efforts, the ... more
wind
+ Ethiopia signs deal for largest wind farm in Africa
Addis Ababa (AFP) Oct 9, 2008 - Ethiopia on Thursday signed a 220-million-euro (300 million dollar) deal with a French company for the construction of Africa's largest wind farm. The contract was inked by representatives of the Ethiopian Electric Power Corporation (EEPC) and French wind turbine manufacturer Vergnet. The wind farm is expected to produce 120 megawatts within two and half years, making it the largest such ... more
gas
+ Analysis: Caspian states ponder new group
Washington (UPI) Oct 8, 2008 - Since its founding in 1960, the Organization of Petroleum Exporting Countries, a cartel of 13 countries rich in hydrocarbons, has been a favorite whipping boy for Western governments and media seeking an organization to blame for high energy prices. For those with a sense of the ironies of history, OPEC was founded in Baghdad in response to a law promulgated by U.S. President Dwight Eisenhower ... more
china
+ China's communists meet to discuss economic reforms
Beijing (AFP) Oct 9, 2008 - China's ruling Communist Party opened an annual meeting Thursday with the nation's political elite expected to approve economic policy focused on rural reform and the global financial crisis, state press said. Chinese President Hu Jintao was to chair the closed door meeting which will include up to 500 members of the ruling party's central and disciplinary committees and other top officials ... more
trade
+ Chinese steel maker falls victim to global crisis
Shanghai (AFP) Oct 9, 2008 - Steel maker FerroChina Thursday became one of the highest-profile Chinese victims yet of the global economic crisis, saying it was unable to service huge debts and was immediately stopping production. It said it could not pay back part of its working capital loans worth 706 million yuan (104 million dollars), while warning even larger loans were due soon. "Due to the current economic ... more
Beijing (AFP) Oct 9, 2008 - Six people died in a landslide early on Thursday in north China's Shanxi Province, state media reported. The slide occurred at about 8:00am (0000 GMT) at a farm in Zaolin Village, Liulin County, burying the six people, Xinhua news agency said, quoting the county government. Rescuers pulled the victims from the rubble and sent them to hospital, but all died despite doctors' efforts, the ... morewind
+ Ethiopia signs deal for largest wind farm in Africa
Addis Ababa (AFP) Oct 9, 2008 - Ethiopia on Thursday signed a 220-million-euro (300 million dollar) deal with a French company for the construction of Africa's largest wind farm. The contract was inked by representatives of the Ethiopian Electric Power Corporation (EEPC) and French wind turbine manufacturer Vergnet. The wind farm is expected to produce 120 megawatts within two and half years, making it the largest such ... moregas
+ Analysis: Caspian states ponder new group
Washington (UPI) Oct 8, 2008 - Since its founding in 1960, the Organization of Petroleum Exporting Countries, a cartel of 13 countries rich in hydrocarbons, has been a favorite whipping boy for Western governments and media seeking an organization to blame for high energy prices. For those with a sense of the ironies of history, OPEC was founded in Baghdad in response to a law promulgated by U.S. President Dwight Eisenhower ... morechina
+ China's communists meet to discuss economic reforms
Beijing (AFP) Oct 9, 2008 - China's ruling Communist Party opened an annual meeting Thursday with the nation's political elite expected to approve economic policy focused on rural reform and the global financial crisis, state press said. Chinese President Hu Jintao was to chair the closed door meeting which will include up to 500 members of the ruling party's central and disciplinary committees and other top officials ... moretrade
+ Chinese steel maker falls victim to global crisis
Shanghai (AFP) Oct 9, 2008 - Steel maker FerroChina Thursday became one of the highest-profile Chinese victims yet of the global economic crisis, saying it was unable to service huge debts and was immediately stopping production. It said it could not pay back part of its working capital loans worth 706 million yuan (104 million dollars), while warning even larger loans were due soon. "Due to the current economic ... more
+ NKorea developing nuke warhead: Seoul official
Seoul (AFP) Oct 8, 2008 - North Korea is working to develop a nuclear warhead for a long-range missile, South Korea's top military officer said Wednesday, a day after the communist state tested its short-range weaponry. "I understand that North Korea is working to develop a small nuclear warhead which can be loaded into a missile," Kim Tae-Young, chairman of the joint chiefs of staff, was quoted by Yonhap news agency ... more
Seoul (AFP) Oct 8, 2008 - North Korea is working to develop a nuclear warhead for a long-range missile, South Korea's top military officer said Wednesday, a day after the communist state tested its short-range weaponry. "I understand that North Korea is working to develop a small nuclear warhead which can be loaded into a missile," Kim Tae-Young, chairman of the joint chiefs of staff, was quoted by Yonhap news agency ... more
G-7 Gathers With `Backs Against the Wall' as Crisis Grips Global Economy Finance ministers and central bankers from the Group of Seven nations meet today facing a breakdown in investor confidence in their ability to end the credit freeze endangering the global economy.
U.S. Treasury Plans Bank-Stake Purchases Within Weeks to Shore Up Capital The government is planning to buy stakes in a wide range of banks within weeks as the credit freeze increasingly threatens to tip the U.S. economy into a deep recession.
Fed's Loans to Commercial Banks Double to $98 Billion as Money Rates Soar The Federal Reserve's direct loans to commercial banks almost doubled to a record $98.1 billion yesterday from a week before as the credit freeze sent money- market rates soaring.
Singapore Ends Policy of Currency Gains as Economy Enters Into Recession Singapore fell into the first recession since 2002 as manufacturing slumped, prompting the central bank to end a policy favoring gains in its currency in an effort to support the economy.
Bank of Japan Members Said Economic Recovery May Be Delayed, Minutes Show Bank of Japan policy board members said last month the economy's recovery may be delayed as growing tension in global financial markets threatens exports, meeting minutes show.
EU Crippled in Crisis as 27 Governments Confront a Single Hobbled Economy It took the European Union almost three decades to agree on what could legitimately be called chocolate. That doesn't bode well for its handling of the worst financial crisis in its history.
IMF, Financial Stability Forum Hold an Emergency Meeting on Mouting Crisis The International Monetary Fund and Financial Stability Forum held an emergency meeting of officials from 27 countries today to discuss the mounting financial crisis.
Asia-Pacific Bond Risk Jumps, Australia's Benchmark Index Trades at Record The perceived risk of Asia-Pacific companies and governments defaulting on their debt rose after interbank lending rates jumped. Australia's benchmark for credit risk traded at a record.
Iceland Premier Haarde Tells Countrymen to Go Fishing After Banks Implode Iceland Prime Minister Geir Haarde has some advice for his fellow citizens after the country's banking system imploded: Go fishing.
Philippine Export Growth Accelerated to 6.5% in August on Demand From Asia Philippine exports rose at a faster pace in August as increased sales to China and Japan offset falling shipments to the U.S.
Libor Holds Central Banks Hostage as London Rate Freezes Worldwide Lending Danilo Coronacion oversees 15 percent of global coconut oil production at CIIF Oil Mills Group in the Philippines. These days, he spends a lot of time worrying about events half a world away in London. The name of his pain? Libor.
U.S. Treasury Plans Bank-Stake Purchases Within Weeks to Shore Up Capital The government is planning to buy stakes in a wide range of banks within weeks as the credit freeze increasingly threatens to tip the U.S. economy into a deep recession.
Fed's Loans to Commercial Banks Double to $98 Billion as Money Rates Soar The Federal Reserve's direct loans to commercial banks almost doubled to a record $98.1 billion yesterday from a week before as the credit freeze sent money- market rates soaring.
Singapore Ends Policy of Currency Gains as Economy Enters Into Recession Singapore fell into the first recession since 2002 as manufacturing slumped, prompting the central bank to end a policy favoring gains in its currency in an effort to support the economy.
Bank of Japan Members Said Economic Recovery May Be Delayed, Minutes Show Bank of Japan policy board members said last month the economy's recovery may be delayed as growing tension in global financial markets threatens exports, meeting minutes show.
EU Crippled in Crisis as 27 Governments Confront a Single Hobbled Economy It took the European Union almost three decades to agree on what could legitimately be called chocolate. That doesn't bode well for its handling of the worst financial crisis in its history.
IMF, Financial Stability Forum Hold an Emergency Meeting on Mouting Crisis The International Monetary Fund and Financial Stability Forum held an emergency meeting of officials from 27 countries today to discuss the mounting financial crisis.
Asia-Pacific Bond Risk Jumps, Australia's Benchmark Index Trades at Record The perceived risk of Asia-Pacific companies and governments defaulting on their debt rose after interbank lending rates jumped. Australia's benchmark for credit risk traded at a record.
Iceland Premier Haarde Tells Countrymen to Go Fishing After Banks Implode Iceland Prime Minister Geir Haarde has some advice for his fellow citizens after the country's banking system imploded: Go fishing.
Philippine Export Growth Accelerated to 6.5% in August on Demand From Asia Philippine exports rose at a faster pace in August as increased sales to China and Japan offset falling shipments to the U.S.
Libor Holds Central Banks Hostage as London Rate Freezes Worldwide Lending Danilo Coronacion oversees 15 percent of global coconut oil production at CIIF Oil Mills Group in the Philippines. These days, he spends a lot of time worrying about events half a world away in London. The name of his pain? Libor.
World Bank chief Zoellick to supercede G7 with new constricting global body - "Create a new world"! -- A “new financial world order”
Oil Plunges More Than $5 per barrel: Now "only" $81 per barrel
Forget about the stock market: Stocks are not a wise long-term investment
Akko Riots Aftermath: Police ordered on heightened alert
MK Eitam slams 'anti-Semitic pogrom in heart of Israel': Unthinkable that Jews in Jewish State will be harassed on holiest of days
Global Markets Dive in Relentless Selloff
Japan Down 10% as Investors Look to G7 Meeting
By DAVID JOLLY and BETTINA WASSENER 38 minutes ago European markets fell more than 10 percent at the opening but came off their lows later as investors looked to global financial authorities.
As Credit Crisis Spreads, Global Approach Weighed
By MARK LANDLER and EDMUND L. ANDREWS The U.S. and Britain appear to be coming to a common solution a day before a meeting of financial leaders.
High & Low Finance
Plan B: Flood Banks With Cash
By FLOYD NORRIS The government needs to decide which banks it is sure are worth saving, and pump capital into them directly.
Plan B: Flood Banks With Cash
By FLOYD NORRIS The government needs to decide which banks it is sure are worth saving, and pump capital into them directly.
Video: U.S. May Buy Stake in BanksFictitious Donors Found in Obama Finance Records
By MICHAEL LUO and GRIFF PALMER Some of the obviously questionable donations raise concerns about whether the Barack Obama campaign is adequately vetting donors.
Finland’s Ahtisaari Wins Nobel Peace Prize
By WALTER GIBBS and ALAN COWELL 25 minutes ago The 2008 peace prize went to Martti Ahtisaari, associated over decades with quiet, cautious diplomacy.
As Fears Ease, Baghdad Sees Walls Tumble
By STEPHEN FARRELL, ALISSA J. RUBIN, SAM DAGHER and ERICA GOODE The dismantling of blast walls is the most visible sign of change in Baghdad as the surge strategy draws to a close.
Keeping Wary Eye on Crime as Economy Sinks
By CHRISTINE HAUSER and AL BAKER Historic crime highs have usually followed an economic crisis — a cause for concern for New Yorkers these days.
McCain Joins Attacks on Obama Over Radical
By ELISABETH BUMILLER and PATRICK HEALYThe tone of the campaign on both sides on Thursday suggested negative campaigning would continue in the final weeks before Election Day.
October 10, 2008
Fictitious Donors Found in Obama Finance Records
By MICHAEL LUO and GRIFF PALMERSome of the obviously questionable donations raise concerns about whether the Barack Obama campaign is adequately vetting donors.
October 10, 2008 The Ad Campaign
Obama Attacks McCain’s Mortgage Plan
By MICHAEL FALCONEThis 30-second advertisement for Senator Barack Obama will be shown across the nation on national cable television, according to the campaign. It is titled “Tested.”
October 10, 2008 Check Point
2 Endorsements of Nuclear Power, but Sharp Differences on Details
By LARRY ROHTERBoth John McCain and Barack Obama endorse nuclear energy, although to differing degrees, as part of their strategy to wean the United States from its dependence on foreign oil.
October 10, 2008
Obama, Purse Swelling, Plans Half-Hour TV Ad
By JIM RUTENBERG and BRIAN STELTERSenator Barack Obama has purchased a half-hour of prime-time network television for a campaign informercial to be broadcast on Oct. 29.
October 10, 2008
In Manner, Obama Is Far From Clintonesque
By PATRICK HEALYSenator Barack Obama is a very different kind of candidate from Bill Clinton, judging by his performance at the town-hall-style debate and on the campaign trail.
October 9, 2008
Two Words Touch Off a Lot More of Them
By KATHARINE Q. SEELYEJohn McCain’s use of the phrase “that one” to refer to Barack Obama in Tuesday night’s debate led to a storm of reactions.
October 9, 2008 Editorial
One Man’s Crony ...
The good, the bad and the ugly of lobbying are well known, but it’s a stretch for John McCain, who has 25 years in Washington, to demonize it.
October 9, 2008
McCain Excites Crowds With Criticism of Obama
By ELISABETH BUMILLERJohn McCain attacked Barack Obama’s record, character and judgment and gave less attention, and offered very few specifics, to the growing economic woes of American voters.
October 9, 2008 Op-Ed Columnist
Clearing the Ayers
By GAIL COLLINSJohn McCain may feel compelled to go back to his guilt-by-association theme. And this has me feeling very guilty about my associates.
October 9, 2008
Obama Wraps His Hopes Inside Economic Anxiety
By PATRICK HEALYBarack Obama continues to promise that everything will get better once he is president, but does not explain how his programs and governing philosophy will adjust to new economic realities.
October 9, 2008
G-7 Gathers With `Backs Against the Wall,' Weighs Plan to Guarantee Loans Finance ministers and central bankers from the Group of Seven nations meet today facing a breakdown in investor confidence in their ability to end the credit freeze endangering the global economy.
Cost of U.S. Crisis Response Is Ballooning, Along With the Deficit, Debt The global financial crisis is turning into a bigger drain on the U.S. federal budget than experts estimated two weeks ago, ballooning the deficit toward $2 trillion.
World Needs 1.5 Percentage Point Rate Cut to Avert Disaster, Roubini Says Nouriel Roubini, the professor who two years ago predicted the financial crisis, said world financial officials should orchestrate interest-rate cuts of at least 1.5 percentage points to help avert a depression.
French Industrial Output Declines, Adding Evidence Economy Is In Recession French industrial production declined in August, further evidence that the second-largest economy of the 15 countries sharing the euro probably slipped into recession last quarter.
India Makes Steepest Cut in Cash Ratio Since 2001; Rupee Plunges to Record India made the steepest cut since 2001 in the amount of cash lenders need to set aside as reserves to kick-start the economy, after industrial output grew at the slowest pace in 14 years and the rupee slumped to a record low.
IMF to Use `Rapid-Fire' Emergency Loan Program as Emerging Markets Buckle The International Monetary Fund will use a ``rapid-fire'' emergency-loan program to lend hundreds of billions of dollars to emerging markets as the credit squeeze threatens to hobble nations that until this year were weaning themselves off the fund's aid.
EU Crippled in Crisis as 27 Governments Confront a Single Hobbled Economy It took the European Union almost three decades to agree on what could legitimately be called chocolate. That doesn't bode well for its handling of the worst financial crisis in its history.
Greenspan Sees Housing Recovery in First Half of 2009, Says Credit to Thaw Former U.S. Federal Reserve Chairman Alan Greenspan wrote in an article for Emerging Markets newspaper that the U.S. housing market will recover in the first half of 2009.
U.S. Treasury Plans Bank-Stake Purchases Within Weeks to Shore Up Capital The government is planning to buy stakes in a wide range of banks within weeks as the credit freeze increasingly threatens to tip the U.S. economy into a deep recession.
Iceland Premier Haarde Tells Countrymen to Go Fishing After Banks Implode Iceland Prime Minister Geir Haarde has some advice for his fellow citizens after the country's banking system imploded: Go fishing.
French Industrial Production Declined 0.4% in August: Table of the Day Following is a summary of the August industrial production report from French Statistics Office in Paris:
Cost of U.S. Crisis Response Is Ballooning, Along With the Deficit, Debt The global financial crisis is turning into a bigger drain on the U.S. federal budget than experts estimated two weeks ago, ballooning the deficit toward $2 trillion.
World Needs 1.5 Percentage Point Rate Cut to Avert Disaster, Roubini Says Nouriel Roubini, the professor who two years ago predicted the financial crisis, said world financial officials should orchestrate interest-rate cuts of at least 1.5 percentage points to help avert a depression.
French Industrial Output Declines, Adding Evidence Economy Is In Recession French industrial production declined in August, further evidence that the second-largest economy of the 15 countries sharing the euro probably slipped into recession last quarter.
India Makes Steepest Cut in Cash Ratio Since 2001; Rupee Plunges to Record India made the steepest cut since 2001 in the amount of cash lenders need to set aside as reserves to kick-start the economy, after industrial output grew at the slowest pace in 14 years and the rupee slumped to a record low.
IMF to Use `Rapid-Fire' Emergency Loan Program as Emerging Markets Buckle The International Monetary Fund will use a ``rapid-fire'' emergency-loan program to lend hundreds of billions of dollars to emerging markets as the credit squeeze threatens to hobble nations that until this year were weaning themselves off the fund's aid.
EU Crippled in Crisis as 27 Governments Confront a Single Hobbled Economy It took the European Union almost three decades to agree on what could legitimately be called chocolate. That doesn't bode well for its handling of the worst financial crisis in its history.
Greenspan Sees Housing Recovery in First Half of 2009, Says Credit to Thaw Former U.S. Federal Reserve Chairman Alan Greenspan wrote in an article for Emerging Markets newspaper that the U.S. housing market will recover in the first half of 2009.
U.S. Treasury Plans Bank-Stake Purchases Within Weeks to Shore Up Capital The government is planning to buy stakes in a wide range of banks within weeks as the credit freeze increasingly threatens to tip the U.S. economy into a deep recession.
Iceland Premier Haarde Tells Countrymen to Go Fishing After Banks Implode Iceland Prime Minister Geir Haarde has some advice for his fellow citizens after the country's banking system imploded: Go fishing.
French Industrial Production Declined 0.4% in August: Table of the Day Following is a summary of the August industrial production report from French Statistics Office in Paris:
Bernanke, Paulson Seek Global Help as Credit Crisis Defeats U.S. Efforts Federal Reserve Chairman Ben S. Bernanke and Treasury Secretary Henry Paulson are discovering both the leeway and limits they have as policy makers as they struggle to combat the 14-month-old credit crisis.
Fed's Loans to Commercial Banks Double to $98 Billion as Money Rates Soar The Federal Reserve's direct loans to commercial banks almost doubled to a record $98.1 billion yesterday from a week before as the credit freeze sent money- market rates soaring.
Fed's Rosengren Says Credit Crisis May Slow Consumer Spending, Harm Growth The outlook for U.S. economic growth may worsen amid the credit crisis, as many large financial institutions refuse to lend to one another for even just a few days, Boston Federal Reserve Bank President Eric Rosengren said.
Fed's Loans to Commercial Banks Double to $98 Billion as Money Rates Soar The Federal Reserve's direct loans to commercial banks almost doubled to a record $98.1 billion yesterday from a week before as the credit freeze sent money- market rates soaring.
Fed's Rosengren Says Credit Crisis May Slow Consumer Spending, Harm Growth The outlook for U.S. economic growth may worsen amid the credit crisis, as many large financial institutions refuse to lend to one another for even just a few days, Boston Federal Reserve Bank President Eric Rosengren said.
Cost of U.S. Crisis Response Is Ballooning, Along With the Deficit, Debt The global financial crisis is turning into a bigger drain on the U.S. federal budget than experts estimated two weeks ago, ballooning the deficit toward $2 trillion.
Abramovich, Deripaska, Oligarchs Lose $230 Billion in Russian Stock Rout Russian billionaires from aluminum magnate Oleg Deripaska to soccer-club owner Roman Abramovich lost more than $230 billion in five months during the nation's worst financial crisis since the 1998 default on its debt.
E.ON Neighbor Sees `End of World' in New Coal Plant as Germany Shuns Nukes Winfried Schwab-Posselt feels he's driving toward Armageddon when commuting to work.
Gun-Toting German Officers Fight Black Economy as Merkel Pushes Wage Hike Priska Bauer straps a gun to her side and throws a black coat over her bulletproof vest. Her mission: fight Germany's underground economy.
Metrovacesa's Asset Sales Plans Said to Fall Short of $2.7 Billion Target Metrovacesa SA, Spain's largest property developer, will fail to achieve its goal of raising about 2 billion euros ($2.7 billion) from asset sales by next July, according to a person with knowledge of the company's plans.
Orwellian Britain Angers Some Residents With Tree Cameras, Snooping Kids Hidden in foliage next to a path in the southeast England seaside town of Hastings are digital cameras. Their target: litterbugs and dog walkers.
Libor Holds Central Banks Hostage as London Rate Freezes Worldwide Lending Danilo Coronacion oversees 15 percent of global coconut oil production at CIIF Oil Mills Group in the Philippines. These days, he spends a lot of time worrying about events half a world away in London. The name of his pain? Libor.
Fear Trumps Greed as Market Worries Amplify News, Paralyze World Economy Greed and fear are the emotions that rule markets. Fear is winning.
Bernanke's Weekend Calls to Trichet, King Laid Ground for Global Rate Cut Federal Reserve Chairman Ben S. Bernanke's push for the broadest coordinated interest-rate cut in history started with a weekend of telephone conversations with Jean-Claude Trichet and Mervyn King.
BlackRock, Pimco Submit Bids to Manage Mortgage Assets for Treasury Rescue BlackRock Inc. and Pacific Investment Management Co. submitted proposals to manage troubled mortgage- backed securities in the biggest portion of the Treasury's $700 billion financial-rescue program, people familiar with the matter said.
Royal Bank of Scotland Loses Credibility After Goodwin's ABN Amro Purchase Royal Bank of Scotland Group Plc Chief Executive Officer Fred Goodwin may have wanted to win more than was good for him.
Central Banks Fail to Alleviate `Logjam' in Money Market: Chart of the Day Central-bank efforts to drive down money-market borrowing costs with coordinated interest-rate cuts are failing, according to Nick Stamenkovic, a fixed-income strategist at RIA Capital Markets in Edinburgh.
Russian Farmers Curb Siberian Push as $10 Billion Debt Threatens Harvests The financial meltdown that started on Wall Street is now hurting farmers in Siberia, threatening a Russian agricultural revival that the United Nations says is needed to help avert a world food shortage.
Subprime Devastation Tracks Path of S&L Crisis Across California, Florida The $700 billion bailout of Wall Street's subprime-tainted securities harkens back to the real- estate bets that sparked the savings and loan crisis in the 1980s. The geography's the same, too.
Nowotny Says ECB Interest-Rate Cut Shouldn't Be Viewed as First in Series European Central Bank council member Ewald Nowotny said today's interest-rate cut shouldn't be viewed as the first in a series.
Venture Investors Hold `Come to Jesus' Meetings as Credit Crunch Hits Home Venture capital investments will probably fall this year for the first time since 2003 as the financial crisis cripples the markets for acquisitions and initial public offerings.
Stumpf's Quest for Deposits Brings Wells Fargo Into Battle With Citigroup When Wells Fargo & Co.'s John Stumpf was promoted to chief executive officer last year, he said a big East Coast acquisition was ``highly, highly unlikely.'' Back then, Wachovia Corp. was selling for more than $50 a share.
Buffett's Paper Profit on GE, Goldman Sachs Erased by Stock Market Plunge Billionaire investor Warren Buffett's instant paper profits on Goldman Sachs Group Inc. and General Electric Co. have been wiped out amid the stock market's worst yearly slump since 1937.
`Biggest Threat' to U.S. in Afghanistan Is Former Ally Aided by Pakistanis When Jalaluddin Haqqani fought Soviet troops in Afghanistan in the 1980s, the U.S. showered him with praise, guns and money. The congressman celebrated in ``Charlie Wilson's War,'' the movie and book about that conflict, called him ``goodness personified.''
George Washington's Whiskey Legacy in Virginia Gets Boost From Lobbyists You can now buy whiskey at George Washington's Mount Vernon home. All it took was 208 years, two new laws and the liquor lobbyists.
Abramovich, Deripaska, Oligarchs Lose $230 Billion in Russian Stock Rout Russian billionaires from aluminum magnate Oleg Deripaska to soccer-club owner Roman Abramovich lost more than $230 billion in five months during the nation's worst financial crisis since the 1998 default on its debt.
E.ON Neighbor Sees `End of World' in New Coal Plant as Germany Shuns Nukes Winfried Schwab-Posselt feels he's driving toward Armageddon when commuting to work.
Gun-Toting German Officers Fight Black Economy as Merkel Pushes Wage Hike Priska Bauer straps a gun to her side and throws a black coat over her bulletproof vest. Her mission: fight Germany's underground economy.
Metrovacesa's Asset Sales Plans Said to Fall Short of $2.7 Billion Target Metrovacesa SA, Spain's largest property developer, will fail to achieve its goal of raising about 2 billion euros ($2.7 billion) from asset sales by next July, according to a person with knowledge of the company's plans.
Orwellian Britain Angers Some Residents With Tree Cameras, Snooping Kids Hidden in foliage next to a path in the southeast England seaside town of Hastings are digital cameras. Their target: litterbugs and dog walkers.
Libor Holds Central Banks Hostage as London Rate Freezes Worldwide Lending Danilo Coronacion oversees 15 percent of global coconut oil production at CIIF Oil Mills Group in the Philippines. These days, he spends a lot of time worrying about events half a world away in London. The name of his pain? Libor.
Fear Trumps Greed as Market Worries Amplify News, Paralyze World Economy Greed and fear are the emotions that rule markets. Fear is winning.
Bernanke's Weekend Calls to Trichet, King Laid Ground for Global Rate Cut Federal Reserve Chairman Ben S. Bernanke's push for the broadest coordinated interest-rate cut in history started with a weekend of telephone conversations with Jean-Claude Trichet and Mervyn King.
BlackRock, Pimco Submit Bids to Manage Mortgage Assets for Treasury Rescue BlackRock Inc. and Pacific Investment Management Co. submitted proposals to manage troubled mortgage- backed securities in the biggest portion of the Treasury's $700 billion financial-rescue program, people familiar with the matter said.
Royal Bank of Scotland Loses Credibility After Goodwin's ABN Amro Purchase Royal Bank of Scotland Group Plc Chief Executive Officer Fred Goodwin may have wanted to win more than was good for him.
Central Banks Fail to Alleviate `Logjam' in Money Market: Chart of the Day Central-bank efforts to drive down money-market borrowing costs with coordinated interest-rate cuts are failing, according to Nick Stamenkovic, a fixed-income strategist at RIA Capital Markets in Edinburgh.
Russian Farmers Curb Siberian Push as $10 Billion Debt Threatens Harvests The financial meltdown that started on Wall Street is now hurting farmers in Siberia, threatening a Russian agricultural revival that the United Nations says is needed to help avert a world food shortage.
Subprime Devastation Tracks Path of S&L Crisis Across California, Florida The $700 billion bailout of Wall Street's subprime-tainted securities harkens back to the real- estate bets that sparked the savings and loan crisis in the 1980s. The geography's the same, too.
Nowotny Says ECB Interest-Rate Cut Shouldn't Be Viewed as First in Series European Central Bank council member Ewald Nowotny said today's interest-rate cut shouldn't be viewed as the first in a series.
Venture Investors Hold `Come to Jesus' Meetings as Credit Crunch Hits Home Venture capital investments will probably fall this year for the first time since 2003 as the financial crisis cripples the markets for acquisitions and initial public offerings.
Stumpf's Quest for Deposits Brings Wells Fargo Into Battle With Citigroup When Wells Fargo & Co.'s John Stumpf was promoted to chief executive officer last year, he said a big East Coast acquisition was ``highly, highly unlikely.'' Back then, Wachovia Corp. was selling for more than $50 a share.
Buffett's Paper Profit on GE, Goldman Sachs Erased by Stock Market Plunge Billionaire investor Warren Buffett's instant paper profits on Goldman Sachs Group Inc. and General Electric Co. have been wiped out amid the stock market's worst yearly slump since 1937.
`Biggest Threat' to U.S. in Afghanistan Is Former Ally Aided by Pakistanis When Jalaluddin Haqqani fought Soviet troops in Afghanistan in the 1980s, the U.S. showered him with praise, guns and money. The congressman celebrated in ``Charlie Wilson's War,'' the movie and book about that conflict, called him ``goodness personified.''
George Washington's Whiskey Legacy in Virginia Gets Boost From Lobbyists You can now buy whiskey at George Washington's Mount Vernon home. All it took was 208 years, two new laws and the liquor lobbyists.
AFGHANISTAN
Joint Chiefs Head: ‘Enablers’ Needed in Troop-scarce Afghanistan - Gordon Lubold, Christian Science Monitor
Mullen Urges New Strategy on Taliban - Sara Carter, Washington Times
US Plans to Train Afghanistan Tribal Militias - Julian E. Barnes, Los Angeles Times
Joint Chiefs Head: ‘Enablers’ Needed in Troop-scarce Afghanistan - Gordon Lubold, Christian Science Monitor
The Pentagon’s top officer is pushing to get more helicopters, remote control aircraft, and other “enablers” to Afghanistan to make up for what remains a shortage of American troops there.
It is the Pentagon’s latest focus as the Bush administration, in its remaining months in office, conducts a top-to-bottom review of its approach to the insurgencies in both Afghanistan and Pakistan.
Despite all the attention, the US will not be able to send substantial numbers of troops or make large changes to its strategy there until a new president is seated.
In the meantime, Adm. Mike Mullen, chairman of the Joint Chiefs of Staff, is pushing to move as many additional resources to Afghanistan as possible, including remote-controlled airplanes to gather intelligence, helicopters to move troops faster, and intelligence specialists – all things the military calls “enablers” – to stretch limited resources.More at the Christian Science Monitor and New York Times.
Mullen Urges New Strategy on Taliban - Sara Carter, Washington Times
Adm. Michael Mullen, chairman of the Joint Chiefs of Staff, said Thursday that US-led forces are "not going to be able to kill our way to victory in Pakistan and Afghanistan" and a new strategy is needed to suppress a resurgent Taliban movement before it's too late.
Violence has increased markedly since 2006 and "the trends are going in the wrong direction unless we take significant steps," Adm. Mullen told reporters at a breakfast hosted by the Christian Science Monitor.
Adm. Mullen spoke as the Bush administration finalized a new National Intelligence Estimate on Afghanistan, expected to be released after the US elections.
An intelligence officer, who asked not to be named because of the sensitivity of the topic, said the estimate would confirm the pessimism of some U.S. officials over the situation in Afghanistan.
"It´s been very tough fighting this year" and "it will be tougher next year," Adm. Mullen said.
The challenges, he said, require a new counterinsurgency approach that focuses on increased security, economic growth, political stability and the ability to "convince" the Afghan people that the US.-led NATO effort is "not an occupation," the admiral said.
He said the US and its allies must also develop strategies for targeting and eradicating poppy fields.More at The Washington Times. Gates Urges NATO to Take On Afghan Drug Traffickers - Peter Finn, Washington Post
Defense Secretary Robert M. Gates called on NATO allies Thursday to target Afghanistan's drug traffickers as part of a wider effort to confront a resurgent Taliban, which he said is using heroin money to fund the insurgency.
But the proposed new front in the war is meeting resistance from some European allies who argue that a counternarcotics campaign goes beyond the mandate of international forces in Afghanistan and is the responsibility of the Afghan government. Countries such as Germany, Italy and Spain also fear that drug interdiction could endanger their troops if it alienates segments of a population dependent on the cultivation of opium poppies.
"My approach was that we are not talking about a counternarcotics strategy; that route really is the Afghans' responsibility," Gates told a small group of U.S. and European journalists Thursday evening during a two-day summit here of NATO defense ministers. "What we are talking about is greater freedom to track down the networks of those who are funding the Taliban, which happens to be drug money."More at The Washington Post.
US Plans to Train Afghanistan Tribal Militias - Julian E. Barnes, Los Angeles Times
Confronting the prospect of failure after seven years in Afghanistan, the US military is crafting a new strategy that is likely to expand the power and reach of that country's tribal militias while relying less on the increasingly troubled central government.
Under that approach, US forces would scale back combat operations to focus more on training Afghan government forces and tribal militias. The plan is controversial because it could extend the influence of warlords while undermining the government of President Hamid Karzai in Kabul, the capital.
The strategy also could set up a hair-trigger rivalry between national security units and the improved tribal forces, proponents acknowledge.
The US military's willingness to consider such risks reflects the growing worry about worsening conditions in Afghanistan. Until recently, the military would not have considered a move to bolster tribal militias, but, with relatively few troops available, military leaders believe only a new approach to the war can stanch the spreading violence.More at The Los Angeles Times.
PAKISTAN
Blast Hits Pakistan Anti-terror Headquarters - Bruce Loudon, The Australian
Blast Hits Pakistan Anti-terror Headquarters - Bruce Loudon, The Australian
A suicide bomber launched an audacious attack close to where Pakistan's MPs were meeting in a crisis session last night, wrecking the headquarters of the police anti-terrorist squad in Islamabad and causing panic across the troubled capital.
Television pictures showed that much of the three-storey building had collapsed in the attack, but officials said afterwards that only about nine people were injured.
The attack occurred in the heart of the city's heavily guarded Red Zone, which is supposed to be impenetrable to terrorists.
It is surrounded by an army-enforced "ring of steel" because of the wartime secret session of parliament currently under way to discuss how to deal with the jihadi insurgency sweeping the nuclear-armed nation.
The suicide bomber is believed to have driven his explosives-laden small car straight at the anti-terrorist squad headquarters after succeeding in getting through the ring of steel.
At almost the same time, 11 people - four of them children - were killed when a roadside bomb exploded near a prison van and a school bus in the northwest of the country, close to the strategic Swat Valley, which is under sustained militant attack.More at The Australian, Los Angeles Times, Daily Telegraph and The Times.
IRAQ
As Fears Ease, Baghdad Sees Walls Tumble - Stephen Farrell, Alissa Rubin, Sam Dagher and Erica Goode, New York Times
Shiite Fighters Clash with Iraqi, US Troops in Baghdad - Jeffrey Fleishman, Los Angeles Times
As Fears Ease, Baghdad Sees Walls Tumble - Stephen Farrell, Alissa Rubin, Sam Dagher and Erica Goode, New York Times
Market by market, square by square, the walls are beginning to come down. The miles of hulking blast walls, ugly but effective, were installed as a central feature of the surge of American troops to stop neighbors from killing one another.
“They protected against car bombs and drive-by attacks,” said Adnan, 39, a vegetable seller in the once violent neighborhood of Dora, who argues that the walls now block the markets and the commerce that Baghdad needs to thrive. “Now it is safe.”
The slow dismantling of the concrete walls is the most visible sign of a fundamental change here in the Iraqi capital. The American surge strategy, which increased the number of United States troops and contributed to stability here, is drawing to a close. And a transition is under way to the almost inevitable American drawdown in 2009.More at The New York Times.
Shiite Fighters Clash with Iraqi, US Troops in Baghdad - Jeffrey Fleishman, Los Angeles Times
Clashes between Shiite Muslim militants and US and Iraqi troops erupted in east Baghdad on Thursday night when groups loyal to anti-US cleric Muqtada Sadr accused Washington of orchestrating the assassination of a popular lawmaker.
An official at Iraq's Interior Ministry said Sadr's Mahdi Army militiamen fought with US and Iraqi soldiers in the sprawling Sadr City district after mosques broadcast accusations that coalition forces were behind a bombing hours earlier that killed Shiite lawmaker Saleh Uqaili. Explosions and gunfire could be heard in adjacent neighborhoods.
A resident of Sadr City, who gave his name only as Mohammed, said fighting broke out about 11 p.m. as militants clashed with Iraqi soldiers and, later, US troops who arrived for backup. Heavy fighting lasted about an hour and was followed by intermittent gunfire, he said.
The US military said in a statement that coalition forces "received small-arms fire while conducting routine operations," injuring one soldier.
Earlier Thursday, a US military statement blamed the assassination on Shiite rivals of Sadr's movement.More at The Los Angeles Times.
IRAN
Iran’s War - Clifford D. May - National Review opinion
Nuclear Aid by Russian to Iranians Suspected - Elaine Sciolinio, New York Times
Iran’s War - Clifford D. May - National Review opinion
Twenty-five years ago, several hundred U.S. Marines were stationed in Beirut on a peace-keeping mission. On September 26, an official with the Iranian Intelligence Service in Tehran phoned the Iranian ambassador in Damascus and issued an order to have them killed. Twenty-eight days later, at 06:22 on Sunday morning, October 23, 1983, two suicide bombers struck.
The death toll: 241 troops, “the highest loss of life in a single day since D-Day on Iwo Jima in 1945,” Timothy J. Geraghty, who had been the Marines’ commanding officer, recently noted.
We know about the phone call because, as Geraghty also noted, it was intercepted by the National Security Agency. Unfortunately, this was an occasion - neither the first nor the last - when vital intelligence was collected but not translated, analyzed, and acted upon in time.
To plan and carry out the attacks, the Iranian ambassador tapped Lebanese Hezbollah. The Hezbollah operative in charge was Imad Fayez Mughniyeh.
Mughniyeh organized a second attack that same day, one in which 58 French peace-keepers were killed at their base in Ramlet al-Baida. Such synchronized suicide attacks are considered Mughniyeh’s pioneering contribution to modern terrorist warfare.More at National Review.
Nuclear Aid by Russian to Iranians Suspected - Elaine Sciolinio, New York Times
International nuclear inspectors are investigating whether a Russian scientist helped Iran conduct complex experiments on how to detonate a nuclear weapon, according to European and American officials. As part of the investigation, inspectors at the International Atomic Energy Agency are seeking information from the scientist, who they believe acted on his own as an adviser on experiments described in a lengthy document obtained by the agency, the officials said.
The officials, who spoke on the condition of anonymity because the investigation is under way, said that the document appeared authentic, without explaining why, but they made it clear that they did not think the scientist was working on behalf of the Russian government.
Still, it is the first time that the nuclear agency has suggested that Iran may have received help from a foreign weapons scientist in developing nuclear arms.More at The New York Times.
RUSSIA / GEORGIA
In Georgia, Russia Saw its Army's Shortcomings - Fred Weir, Christian Science Monitor
Russian Troops Pull Out From Georgia as Rebel Militias Dig In to Defy Peace Plan - Tony Halpin, The Times
In Georgia, Russia Saw its Army's Shortcomings - Fred Weir, Christian Science Monitor
The global perception of the Russia-Georgia war this summer is that an armored juggernaut of old Soviet military proportions rolled over its puny rival after a five-day conflict.
But the view from Moscow is different. Many Russian military experts are still shaking their heads in dismay over a catalog of delays and mistakes that plagued the Russian Army's thrust into South Ossetia.
"The war made it clear that we have all kinds of shortcomings in equipment, training, battlefield coordination, and intelligence," says Alexei Arbatov, a military expert with the Carnegie Center in Moscow.
The Russian Army's questionable performance has prompted urgent debate here over Russia's need for a modern, mobile, professional army capable of rapidly responding to challenges that might erupt along Russia's long borders with its unstable post-Soviet neighbors. In fact, the August conflict is giving fresh impetus for a 30 percent jump in defense spending, and a military modernization plan.More at The Christian Science Monitor.
Russian Troops Pull Out From Georgia as Rebel Militias Dig In to Defy Peace Plan - Tony Halpin, The Times
“The Ossetians want you to know that if you come any closer they'll shoot you,” said a Russian soldier, leaning out from a Jeep in the strip of no man's land that divides Georgia from its breakaway region of South Ossetia.
A hundred metres ahead, Ossetian troops stood behind a heavily fortified checkpoint.
A hundred metres behind, Georgian soldiers and police eyed them suspiciously through binoculars from a temporary border post in the village of Ergneti.
This is the tense new front line between Georgia and separatist rebels a day after Russia withdrew its troops from a self-declared buffer zone set up around South Ossetia after the five-day war in August.More at The Times.
Dow Drops Below 8,000, Briefly washingtonpost.com — U.S. stocks continued a relentless sell off at the opening bell as fears of global recession continue to overtake government efforts to address the financial crisis. The Dow Jones industrial average fell below 8,000, or 8 percent, a 682 point drop at the opening bell. The broader Standard & Poor's 500 fell 7 percent and the Nasdaq fell 6 percent. The market is headed toward eight days of losses as it faces deepening fears about the financial crisis and its spillover to other parts of the economy. Traders have consistently shrugged off drastic government efforts to address the problem, from a global rate cut to plans to buy toxic mortgage debt.
IMF: World Economy to Slow ap.google.com — The world economy will slow sharply this year and next, with the United States likely sliding into recession reflecting mounting damage from the most dangerous financial jolt in more than a half-century. The International Monetary Fund, in its World Economic Outlook, slashed growth projections for the global economy and predicted the United States — the epicenter of the financial meltdown — will continue to lose traction. "The world economy is now entering a major downturn in the face of the most dangerous shock in mature financial markets since the 1930s," the IMF said in its report.
Pressure Builds for Global Solution latimes.com — The way the current financial crisis spread around the world like a brush fire, outracing all efforts to contain it, underscored a painful reality: We have a global economy but nothing close to a global system for managing it. Now, as senior economic policymakers from the major developed nations meet , the question is whether the worst economic crisis since before World War II will open the door for a comprehensive, unified economic strategy. U.S. officials have been careful not to raise expectations for the so-called Group of 7 meeting. But pressure is building for that to change — both in response to this crisis and to head off potential crises in the future.
Forecast for Global Oil Demand Cut nytimes.com — Oil prices fell to their lowest level in more than a year, as the slowing global economy led the International Energy Agency to cut its forecast for global demand. The agency, which is based in Paris, said it was cutting its forecast for 2008 global demand by 240,000 barrels a day. It now estimates daily demand this year of about 86.5 million barrels, an increase of 0.5 percent from last year — the slowest growth in 15 years. It also cut its forecast for 2009 demand by 440,000 barrels a day, to 87.2 million barrels, an 0.8 percent increase over this year's demand.
U.S. Households Face 'Perfect Storm' ft.com — Most economists believe that the crisis on Wall Street will push the U.S. into a full-blown recession later this year. With credit markets seizing up, it has become difficult for businesses, as well as state and local governments, to borrow money to fund operations. Many Americans' retirement savings have been severely dented by falling stock prices. Slightly more than 750,000 jobs have been lost since the start of the year and the rate of losses increased from an average of 75,000 a month to 159,000 in September. The combination of lost housing and equity wealth, lost jobs, lost access to credit and still high petrol prices adds up to what Richard Berner, the co-head of global economics at Morgan Stanley, calls a "perfect storm" for US households.
North Korea Off Terrorism Blacklist? usatoday.com — The Bush administration is nearing a decision to remove North Korea from a terrorism blacklist. U.S. officials said that no final decision had been made but diplomats briefed on the matter believe an announcement is imminent. The de-listing depends on North Korea agreeing to a plan to verify an account of its nuclear activity that it submitted over the summer. North Korea would be put back on the list if it doesn't comply with the plan and abandon nuclear arms. The move would be a last-ditch attempt to save a disarmament agreement that has frayed badly in recent months. Saving the deal and getting Pyongyang to follow through would also be a major foreign policy success for the administration in its waning months.
Goverment Probes Contractor Over Payments hosted.ap.org — Army criminal investigators are examining whether Combat Support Associates, a defense contractor that has earned more than $2 billion so far supporting U.S. troops in Iraq, overcharged the government. Combat Support Associates, based in Orange, Calif., performs vehicle maintenance, computer repairs and security work at Camp Doha, Camp Arifjan and other Army sites in Kuwait. Federal agents searched the company's offices in Kuwait in August. The investigation is among 168 by the Army Criminal Investigation Command related to contract fraud in Iraq, Kuwait and Afghanistan since 2005. The Army said 95 of those cases are pending. In some cases, investigations were closed because there was too little evidence to support charges or because a company was absolved. Other cases have resulted in criminal charges.
Economic Crisis Threatens Climate Commitments guardian.co.uk — Leaders of E.U. countries plan to use the global financial crisis as an excuse to renege on climate change commitments, according to sources close to energy negotiations in Brussels. Papers seen by the Guardian suggest the E.U. council propose dropping the previous commitment to an automatic increase in emissions cuts if the world gets a major climate change agreement next year. It also intends to allow countries to avoid having to cut their own emissions by letting them purchase a large proportion of reductions from overseas. News of the European political leaders' moves comes as senior business figures and government advisers are urging politicians not to use the current financial crisis to abandon crucial investment in clean energy and efficiency to tackle climate change, cut costs and improve security.
Climate Change Could Displace Millions reuters.com — Environmental damage such as desertification or flooding caused by climate change could force millions of peoples from their homes in the next few decades, experts said. "All indicators show we are dealing with a major emerging global problem," said Janos Bogardi, director of the U.N. University's Institute on the Environment and Human Security in Bonn, Germany. "Experts estimate that by 2050 some 200 million people will be displaced by environmental problems, a number of people roughly equal to two-thirds of the United States today," the University said in a statement. Bogardi said present the number of environmental migrants could be between 25 million and 27 million
IMF: World Economy to Slow ap.google.com — The world economy will slow sharply this year and next, with the United States likely sliding into recession reflecting mounting damage from the most dangerous financial jolt in more than a half-century. The International Monetary Fund, in its World Economic Outlook, slashed growth projections for the global economy and predicted the United States — the epicenter of the financial meltdown — will continue to lose traction. "The world economy is now entering a major downturn in the face of the most dangerous shock in mature financial markets since the 1930s," the IMF said in its report.
Pressure Builds for Global Solution latimes.com — The way the current financial crisis spread around the world like a brush fire, outracing all efforts to contain it, underscored a painful reality: We have a global economy but nothing close to a global system for managing it. Now, as senior economic policymakers from the major developed nations meet , the question is whether the worst economic crisis since before World War II will open the door for a comprehensive, unified economic strategy. U.S. officials have been careful not to raise expectations for the so-called Group of 7 meeting. But pressure is building for that to change — both in response to this crisis and to head off potential crises in the future.
Forecast for Global Oil Demand Cut nytimes.com — Oil prices fell to their lowest level in more than a year, as the slowing global economy led the International Energy Agency to cut its forecast for global demand. The agency, which is based in Paris, said it was cutting its forecast for 2008 global demand by 240,000 barrels a day. It now estimates daily demand this year of about 86.5 million barrels, an increase of 0.5 percent from last year — the slowest growth in 15 years. It also cut its forecast for 2009 demand by 440,000 barrels a day, to 87.2 million barrels, an 0.8 percent increase over this year's demand.
U.S. Households Face 'Perfect Storm' ft.com — Most economists believe that the crisis on Wall Street will push the U.S. into a full-blown recession later this year. With credit markets seizing up, it has become difficult for businesses, as well as state and local governments, to borrow money to fund operations. Many Americans' retirement savings have been severely dented by falling stock prices. Slightly more than 750,000 jobs have been lost since the start of the year and the rate of losses increased from an average of 75,000 a month to 159,000 in September. The combination of lost housing and equity wealth, lost jobs, lost access to credit and still high petrol prices adds up to what Richard Berner, the co-head of global economics at Morgan Stanley, calls a "perfect storm" for US households.
North Korea Off Terrorism Blacklist? usatoday.com — The Bush administration is nearing a decision to remove North Korea from a terrorism blacklist. U.S. officials said that no final decision had been made but diplomats briefed on the matter believe an announcement is imminent. The de-listing depends on North Korea agreeing to a plan to verify an account of its nuclear activity that it submitted over the summer. North Korea would be put back on the list if it doesn't comply with the plan and abandon nuclear arms. The move would be a last-ditch attempt to save a disarmament agreement that has frayed badly in recent months. Saving the deal and getting Pyongyang to follow through would also be a major foreign policy success for the administration in its waning months.
Goverment Probes Contractor Over Payments hosted.ap.org — Army criminal investigators are examining whether Combat Support Associates, a defense contractor that has earned more than $2 billion so far supporting U.S. troops in Iraq, overcharged the government. Combat Support Associates, based in Orange, Calif., performs vehicle maintenance, computer repairs and security work at Camp Doha, Camp Arifjan and other Army sites in Kuwait. Federal agents searched the company's offices in Kuwait in August. The investigation is among 168 by the Army Criminal Investigation Command related to contract fraud in Iraq, Kuwait and Afghanistan since 2005. The Army said 95 of those cases are pending. In some cases, investigations were closed because there was too little evidence to support charges or because a company was absolved. Other cases have resulted in criminal charges.
Economic Crisis Threatens Climate Commitments guardian.co.uk — Leaders of E.U. countries plan to use the global financial crisis as an excuse to renege on climate change commitments, according to sources close to energy negotiations in Brussels. Papers seen by the Guardian suggest the E.U. council propose dropping the previous commitment to an automatic increase in emissions cuts if the world gets a major climate change agreement next year. It also intends to allow countries to avoid having to cut their own emissions by letting them purchase a large proportion of reductions from overseas. News of the European political leaders' moves comes as senior business figures and government advisers are urging politicians not to use the current financial crisis to abandon crucial investment in clean energy and efficiency to tackle climate change, cut costs and improve security. Climate Change Could Displace Millions reuters.com — Environmental damage such as desertification or flooding caused by climate change could force millions of peoples from their homes in the next few decades, experts said. "All indicators show we are dealing with a major emerging global problem," said Janos Bogardi, director of the U.N. University's Institute on the Environment and Human Security in Bonn, Germany. "Experts estimate that by 2050 some 200 million people will be displaced by environmental problems, a number of people roughly equal to two-thirds of the United States today," the University said in a statement. Bogardi said present the number of environmental migrants could be between 25 million and 27 million
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Ken Cedeno/Bloomberg News Bush Vows to Resolve Financial Crisis
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G.M. and Chrysler Explore Merger
By BILL VLASIC and ANDREW ROSS SORKIN General Motors is in preliminary talks about a possible merger with Chrysler, which could remake the auto industry.
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