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World Markets Plunge for Second Straight Day
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Insurance giant 'American International Group (AIG),' is struggling to raise
enough cash to stay in business
World stock prices are falling for a second straight day after Monday's
bankruptcy of a major U.S. investment bank, Lehman Brothers. And investors
continue to worry that the world's biggest insurance company is on the verge of
collapse.A man studies a Tokyo brokerage's electronic board indicating global
stock index downturn, 16 Sep 2008Insurance giant American International Group,
is struggling to raise enough cash to stay in business. Like many investment
banks, AIG has been hit hard by the housing crisis. Major European stock
indexes were sharply lower at midday, while key markets in Japan and Hong Kong
had fallen around five percent at the close of trading. And Russian officials
suspended trading on their main (RTS) stock exchange after prices plunged more
than 10 percent.Meanwhile, central banks in Europe, Asia, and the United States
are pumping millions of dollars into the financial markets to make it easier
for them to continue functioning. U.S. President George Bush said Monday that
U.S. financial markets are strong and flexible enough to weather these problems
in the long run. Mr. Bush said officials are working to "reduce disruptions"
in the meantime. Mr. Bush spoke after the Lehman Brothers investment bank filed
the largest bankruptcy in U.S. history. The move followed crisis talks that
failed to produce government financial backing for the company, which prompted
potential buyers to walk away from the firm. Meanwhile, the Bank of America
agreed to acquire troubled U.S. investment bank and brokerage firm Merrill
Lynch for $50 billion. Investment banks arrange the sale of stocks and bonds
for companies and often make major investments of their own.
Some information for this report was provided by AFP, AP and Reuters.
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US Central Bank May Cut Key Interest Rate
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Rate cut would stimulate economy and make it easier for customers to borrow
The struggling U.S. economy and easing inflation may prompt top officials of
the U.S. central bank to cut interest rates when they meet Tuesday in
Washington.A rate cut would make it easier to borrow the money businesses need
to expand and for customers to get mortgage loans to buy homes.Central bankers
around the world say they are worried that the current financial crisis will
cause banks to stop lending, which could stall the economy and make the crisis
worse. So the Fed and other central banks have also been making more money
available to banks to ease their concerns and keep the economy going. The Fed
has been holding its benchmark interest rate steady at two percent, and some
economists predict a quarter of a percentage point cut. While the Fed lowers
interest rates to stimulate the economy, it raises them to fight inflation.
But inflation worries eased Tuesday when a government report from the Labor
Department said overall inflation dropped slightly (by one-tenth of a percent)
in August. Some information for this report was provided by AFP, AP, Reuters
and Bloomberg.
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Odierno Takes Command of US Forces in Iraq
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General Raymond Odierno replaces General David Petraeus, the man credited with
helping reduce violence in Iraq and overseeing surge of US troops
General Raymond Odierno has become the top U.S. commander in Iraq, replacing
the man credited with helping reduce violence in the country and overseeing the
surge of U.S. troops.Odierno replaced General David Petraeus at a ceremony in
Baghdad Tuesday presided over by U.S. Defense Secretary Robert Gates.General
Petraeus oversaw a change in U.S. counter-insurgency strategy and the U.S.
troop surge when he took command in February 2007. He will now lead the broader
U.S. central command, which includes Afghanistan and Iraq.General Raymond
Odierno (File)Secretary Gates praised Petraeus as leading a "turnaround" in
Iraq, and said Odierno's task will be expanding Iraq's security gains as U.S.
troop levels fall.The overall levels of violence in Iraq are at four-year lows,
but Monday, three bombings killed 34 people, underscoring the challenges facing
Odierno.In Diyala province, a female suicide bomber blew herself up at a dinner
party attended by Iraqi police, killing 22 people. In Baghdad, two car bombs
killed 12 people.
Some information for this report was provided by AFP, AP and Reuters.
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NATO Chief Says Road to NATO 'Wide Open' For Georgia
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During Tbilisi trip, Jaap de Hoop Scheffer calls on Russia to comply with peace
plan, says alliance will continue to expand
NATO Secretary General Jaap de Hoop Scheffer speaks during a press conference
in Tbilisi, 15 Sep 2008NATO chief Jaap de Hoop Scheffer says the road to
joining the alliance is "wide open" for Georgia - despite Russian opposition.He
made the comment Tuesday during his visit to Tbilisi. He said the alliance
will continue to expand.De Hoop Scheffer arrived in the Georgian capital Monday
with the ambassadors of the 26 NATO countries. He called on Russia Monday to
comply with a European-brokered peace plan for Georgia and accused Russia of
using "indiscriminate force" during last month's incursion into Georgia.
Georgian President Mikheil Saakashvili said Monday the NATO delegation's visit
shows Georgia does not stand alone. Russian President Dmitri Medvedev last
week pledged to pull all Russian forces out of Georgia - except for the
disputed pro-Russian territories of Abkhazia and South Ossetia - by
mid-October.NATO officials and ambassadors are in Tbilisi for the inaugural
meeting of the NATO-Georgia Cooperation Commission.Russia strongly opposes NATO
expansion toward its borders, and urged NATO to cancel the visit, which was
planned before Russian-Georgian military hostilities erupted August 7. Russia
sent thousands of troops into the breakaway Georgian territory of South Ossetia
last month after Georgia tried to reclaim the region by force.
Some information for this report was provided by AFP and AP.
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Olmert, Abbas Set to Meet Tuesday for Peace Talks
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Israeli prime minister, Palestinian president have met number of times since
US-sponsored peace talks were re-launched in November with goal of resolving
conflict by end of this year
Israeli Prime Minister Ehud Olmert (L) shakes hands with Palestinian president
Mahmud Abbas (R) prior to a meeting in Jerusalem, 19 Feb 2008Israeli Prime
Minister Ehud Olmert and Palestinian President Mahmoud Abbas plan to meet
Tuesday for peace talks, a day before Mr. Olmert's Kadima Party elects a new
leader.The talks in Jerusalem will mark the last meeting between the two
leaders. Mr. Olmert has said he will step down after his party holds an
election Wednesday to replace him. He faces corruption allegations that could
lead to a criminal indictment.Mr. Olmert and Mr. Abbas have met a number of
times since U.S.-sponsored peace talks were re-launched in November with the
goal of resolving the Israeli-Palestinian conflict by the end of this year.But
the two remain divided on the core issues of the conflict. They include the
status of Jerusalem, Palestinian refugees, Jewish settlements and the borders
of a future Palestinian state. On Sunday, Prime Minister Olmert told his
Cabinet that Israel must reach a peace deal with the Palestinians if it wants
to avoid becoming a bi-national state of Jews and Arabs.Mr. Olmert said Sunday
he once believed Israel had a historical right to all of the West Bank but
later realized that the land must be shared. He says people who still believe
in the concept of a "Greater Israel" are deluding themselves.Last week, Mr.
Abbas told an Israeli newspaper, Ha'aretz, he doubts a peace deal will be
reached by the end of 2008.
Some information for this report was provided by AFP, AP and Reuters.
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Nigerian Rebels Attack Oil Pipeline
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Movement for the Emancipation of the Niger Delta says it blew up and destroyed
an oil pipeline operated by Shell in the restive Niger Delta
Nigerian militants in the oil-rich Niger Delta appear committed to making good
their threat to cripple the country's oil industry. The rebel group says it
attacked a major pipeline in southern Nigeria, one day after declaring an "oil
war." Gilbert da Costa in Abuja has more for VOA.The main rebel group, the
Movement for the Emancipation of the Niger Delta, says it blew up and destroyed
an oil pipeline operated by Shell in the restive Niger Delta.The Nigerian army
says it repelled what it described as an attempt to sabotage the Shell
installation.MEND militants brandish weapons (File)MEND declared a total
onslaught against the beleaguered oil industry in response to deadly raids by
the military on its positions on Saturday.The group has launched a series of
attacks on oil facilities and security forces in the region in the past three
days.A human-rights campaigner who is monitoring the impact of the violence on
the civilian population, Sofiri Peterside, says although fighting has subsided,
tensions are still very high in the affected communities."I would not say
military operations have stopped. Shell, that has a station very close to the
place, Alakiri, has withdrawn over 1,000 of its staff and shut down
operations. And the military helicopters are still flying over the community,"
said Peterside. "There is no confrontation going on as we are talking, but for
the military, they are in a state of alert within that area and even within
Port Harcourt."MEND said it would soon release two South Africans who were
among 27 people the group said were rescued from pirates on Friday. The group
said the release was in response to an appeal from Azukah Okah, wife of Henry
Okah, one of the group's leaders currently facing a treason trial in
Nigeria.The kidnapping of oil workers and sabotage of oil facilities have
slowed Nigeria's crude production by about 25 percent during the past two
years.Though Nigeria has Africa's largest hydrocarbon reserves, it has been
overtaken by Angola as the continent's biggest oil exporter because of the
violent disruptions.
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Sarkozy Sends French Troops to Rescue Captive Sailors
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French army kills one, captures six Somali pirates, frees two French sailors
held hostage for weeks
France announced Tuesday its military forces have rescued two French sailors
held hostage off the coast of Somalia - waters considered among the world's
most dangerous when it comes to pirate attacks. From Paris, Lisa Bryant reports
for VOA the European Union is considering a possible naval mission to crack
down on the piracy.
The order to rescue the two French sailors was given late Monday night by
French President Nicolas Sarkozy. The French president's office says the French
army killed one Somali pirate and captured six others during the mission that
freed a couple held hostage for the past two weeks. French President Nicolas
Sarkozy gives a press conference at the Elysee Palace, in Paris, 16 Sep 2008At
a press conference Tuesday, Mr. Sarkozy issued a warning to other pirates who
continue to hold other foreign vessels and crews off Somalia's coast. Mr.
Sarkozy said France would not tolerate a situation where crimes pay. And he
delivered a message to the international community: That the number of piracy
cases has exploded since the start of the year. These are no longer isolated
cases, the president said, but a veritable criminal industry that threatens the
fundamental right to free circulation and international trade.Dozens of attacks
by Somalia-based pirates have taken place since the start of the year in the
Gulf of Aden and Indian Ocean, prompting alarm on the part of foreign fishing
and commercial boats. The International Maritime Bureau, a group that surveys
piracy, says seizures of ships and sailors are at their highest level in nearly
two decades. Spain's fishermen have decided to move further out to sea where
the waters are safer. And French officials will be discussing the problem and
what long term measures to take. During a meeting in Brussels Monday, European
Union foreign ministers agreed to establish a coordination unit to survey the
region and possibly send a naval mission to the Horn of Africa to crack down on
the attacks.
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Thaksin Relative Has Party Backing for Thai Prime Minister
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Fighting among Thailand's People's Power Party's factions created uncertainties
before vote
Thailand's People's Power Party has nominated a relative of former Prime
Minister Thaksin Shinawatra to become the nation's new leader. But as Ron
Corben reports from Bangkok, fighting among the PPP's factions created
uncertainties before the vote.Thailand's acting PM and deputy leader of the
ruling People's Power Party, Somchai Wongsawat speaks during a news conference
in Bangkok, Thailand, 11 Sep 2008The People's Power Party has endorsed interim
Prime Minister Somchai Wongsawat to lead a new government. His nomination goes
to a vote in parliament Wednesday. Mr. Somchai, a former permanent secretary at
the Ministry of Justice, is seen as less combative than Samak Sundaravej, who
had to resign as prime minister last week after a court ruled he had violated
conflict of interest rules. Many PPP members and the party's five coalition
partners refused to re-elect him.Sunai Pasuk, a representative in Thailand for
Human Rights Watch, says with the vote coming Wednesday the political landscape
appears to be settling after weeks of tension. "For now at least efforts from
the political parties in the parliament to go along with the existing principal
of electoral democracy - that is the biggest party in the parliament has the
right to nominate a new prime minister," Sunai said. But it was not clear
that Mr. Somchai would have full party support. A party faction threatened to
boycott the election, because its members saw Mr. Somchai as too divisive. He
is the brother-in-law of former Prime Minister Thaksin Shinawatra, who was
ousted in a coup two years ago. Panitan Wattanayagorn, a political scientist at
Chulalongkorn University, says the split appeared to be a power struggle
between factions. The PPP is largely made up of politicians from the banned
Thai Rak Thai Party, which Thaksin led. It has been banned because of voting
irregularities. "The conflict between groups is intensifying," Panitan said.
"TRT was a composition of different faction groups under the leadership of one
man - Thaksin and his no-nonsense rule. But since his departure from politics,
it is becoming increasingly more difficult for these power groups to hold
together." PPP sources told journalists the differences had been settled.
Resigned Thai Prime Minister Samak Sundaravej Thailand has been gripped by
political tension for months as anti-government protests led by the People's
Alliance for Democracy called for Samak's resignation. They accuse him acting
on behalf of Thaksin. The former prime minister fled to Britain last month
during a corruption trial.Thaksin remains immensely popular among rural and
poor voters. But the urban middle class considers him corrupt and
authoritarian.On Tuesday, the Supreme Court issued an arrest warrant for
Thaksin after he failed to appear to face charges over a loan to Burma's
military government that prosecutors say would have benefited his
telecommunications business. And on Wednesday, a special Supreme Court will
issue a verdict in the first corruption case against Thaksin. He is accused of
using his influence to enable his wife to buy land through a government agency.
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Malaysia's Anwar Says He Has Enough Parliament Support to Topple Government
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Malaysian opposition leader says he will seek a 'smooth transition of power'
Malaysia's opposition leader Anwar Ibrahim says he has enough support from
lawmakers to bring down the government, a claim Prime Minister Abdullah Ahmad
Badawi denies. VOA's Nancy-Amelia Collins has more, from Jakarta.Malaysian
opposition leader Anwar Ibrahim (File)Malaysian opposition leader Anwar Ibrahim
Tuesday sought a meeting with Prime Minister Abdullah Ahmad Badawi to discuss
what he calls a smooth transition of power."It depends on the initial
discussion that we have. I don't preempt that. But I hope that he can respond
positively and then we will present the case. I have the numbers, so, I am
prepared to say it," he said. Anwar says more than enough lawmakers have
switched from the ruling coalition to his opposition alliance, giving him the
majority support he needs to bring the government down.Prime Minister Abdullah
brushed off Anwar's claims, saying his government will remain in power.There
has been increasing pressure on the government since it lost its two-thirds
parliament majority in the March general elections, the first time the ruling
Barisan Nacional lost its majority since independence, more than 50 years
ago.Anwar has pledged to end corruption and promote racial equality by ending
the government's long-time policy of affirmative action for ethnic Malays,
which ethnic Indians and Chinese Malaysians say is discriminatory.Political
analyst Koo Kay Peng says Anwar's popularity is at an all-time high, in part
because Malaysians have become more aware of their rights."I feel very
optimistic and I think there's a sense of awakeness - people are being more
awakened of their rights," said Koo Kay Peng. "People are more awaken of their
role in society building. And, we are beginning to see that young voices
coming up to champion and even promote non-racialism. These young voices cut
across racial lines."Anwar says, if Mr. Abdullah refuses to meet with him, he
may have to wait until parliament reconvenes, October 18, to take power.
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Australia Boosts Bio-Security Defenses
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Medical experts say new center will help protect country from threats of
diseases such as SARS, bird flu, attacks by rogue scientists, terrorists
Australia has opened a new National Center for Bio-Security to build its
defenses against infectious diseases and biological weapons. Medical experts
say it will help protect the country from threats such as SARS and bird flu as
well as attacks by terrorists or rogue scientists. From Sydney, Phil Mercer
reports.Two emergency workers carry suspected material thought to contain toxic
material in Melbourne (file photo)The new bio-security center adds another
layer to Australia's counterterrorism defenses. Its researchers will look at
ways to combat biological warfare, naturally occurring diseases and the theft
or misuse of sensitive research on micro-organisms. In addition, they will
study the dangers posed by synthetic biology, where a virus or bacteria can be
created from scratch. The center's work will concentrate on 22 bacteria,
viruses and poisons that the Australian government considers "agents of
concern". They include anthrax, plague, smallpox and the toxin that causes
botulism.
Experts fear diseases could be used in conflictThe facility's co-director, Dr.
Christian Enemark, says researchers will be on the frontline of efforts to
prevent the use of such potentially devastating diseases in conflict."It is
still very difficult to assess the likelihood of a biological attack," he said,
"but it's important to bear in mind that such an attack would be invisible and
insidious and there are some who would argue that a terrorist attack has much
more impact if it is physical and extremely visible. So, that leads me to
suggest that conventional bombings and aircraft hijackings are likely to remain
the terrorist tactics of choice but we should not blind ourselves to the
possibility that biological agents might be used as a tool for terror." The
Australian government says the risk of a biological attack in the country is
low and lists the current threat level as "medium".
Terrorists could deliberately spread diseasesBut Peter Curson, a professor of
population and security at the University of Sydney, says that diseases such as
dengue fever, which is transmitted by mosquitoes, could be deliberately spread.
"It would be quite easy, for example, to get an infected person to visit a
place like Australia, wander around, be perhaps bitten by a local mosquito and
from that you might get a huge epidemic," he noted. "It's not a great
extension of reality to suggest that could actually be used in a concentrated,
deliberate way." Australia has suffered serious outbreaks of infectious
diseases in the past. In 1925, there were 600,000 reported cases of dengue
fever.
Bio-Security center is a joint ventureThe new bio-security unit is a joint
venture between the Australian National University in Canberra and the
University of Sydney. It will tap into the expertise of 50 researchers from a
range of disciplines, whose job is to provide "independent and fearless" advice
to politicians about biological security. Scientists at the new center also
will seek to bolster Australia's defenses against infectious diseases such as
SARS - severe acute respiratory syndrome. Dr. Enemark says the first SARS
outbreak in Asia in 2003 caused massive problems, in large part because so
little was known about the virus. To stop its spread, governments closed
schools, many advised their citizens to avoid traveling and many social
activities were canceled."Fewer than 800 people died of SARS out of just over
8,000 cases and yet there was a massive cost the Southeast Asian economy," he
noted. "In the second quarter of 2003 alone there was a cost to East Asia of
$60 billion. This demonstrates that disease can generate damage not just
because it's killing people and making them ill, but because of the anxiety
that can surround certain kinds of disease."
Embittered scientists could also pose threatAustralia has never suffered a
direct terrorist attack. However, the bombings on the Indonesian holiday
island of Bali in 2002, which killed 202 people, including 88 Australians,
brought the continent to the frontline of international terrorism and its
people were gripped by a sense of fear and vulnerability. Security experts
think the threat of terrorism is more likely to come from disaffected
home-grown groups, such as the six Muslim men convicted this week for their
part in a plot to bomb parts of Melbourne. Bio-security specialists say that
embittered scientists could pose also a threat, along with other radical
groups, and that Australia must remain vigilant. Australia's federal government
is conducting a review of its bio-security defenses and its findings are to be
released next month.
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