US, European Stock Markets Rebound, Thursday
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Analysts say developments may indicate investors think recent sell-off in global equity markets may have been overdone
Stocks in the United States and Europe are posting sharp gains of between 1 and 2 percent in Thursday's trading.Analysts say the latest developments may indicate investors think the recent sell-off in global equity markets may have been overdone and that things may stabilize in the days ahead. Earlier Thursday most Asian markets were lower but the Hang Seng in Hong Kong closed with a sharp gain. Meanwhile, the head of the International Monetary Fund says the economic crisis will be prolonged but he expects recovery to begin at the end of 2009. Dominique Strauss-Khan spoke in Washington as top economic officials from IMF nations and the G-7 industrialized countries are gathering for meetings on economic issues.Strauss-Khan said there is "no domestic solution" to the crisis. He said the recent coordinated action to cut interest rates around the world is an example of the kind of cooperation it will take to restore faltering economies. The U.S., European, British, Canadian, Swiss, Swedish and Chinese central banks all cut their key rates on Wednesday.
Some information for this report was provided by Bloomberg.
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Global Interest Rate Cuts Steady Asia Markets
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Economists, market analysts say coordinated cuts in US and other countries helped steady investor nerves
Asia's stock markets are calming down after days of heavy selling. Economists and market analysts say coordinated interest rate cuts in the United States and other countries helped steady investor nerves. But, as Ron Corben reports from Bangkok, many people in the region are concerned the global economic crisis is going to hurt their livelihoods. Interest rates cuts by central banks in South Korea, Hong Kong and Taiwan on Thursday followed cuts in the United States, Europe and China overnight.Anusorn Buranankanonda, managing director of BT Asset Management in Thailand, says the cuts had a calming effect. "The markets are still very skeptical about what the real impact is going to be, but at least from the psychological viewpoint this rate cut has already improved some sentiment," Anusorn said. "Most markets were panicked yesterday; although there was some selling pressure but the pressure was not as intense as yesterday." People look at a stock board flashing the day's ending stock prices in Tokyo, Japan, Thursday, 09 Oct 2008On Thursday, the panic selling seen for most of the week eased. Hong Kong's Hang Seng Index gained more than three percent, and Seoul's Kospi was up more than half a percent. Other markets saw losses, but they were far milder than on Wednesday. In Tokyo, the Nikkei average lost just half a percent, after plunging nine percent a day earlier.Around the world, central bank chiefs and finance ministers have struggled for weeks to stem the credit crisis and soothe shaky financial markets. Even China's communist-run government joined the effort.Gang, a spokesman for China's Foreign Ministry, explained Thursday what Beijing is doing. Qin says that in facing this international financial crisis, the Chinese government has stated its position on many occasions, that the international community should maintain confidence, work together, to overcome this difficulty. He says the central bank and other Chinese authorities are keeping close communication and contact with other countries' authorities. Economists say that despite efforts to avoid a financial meltdown, the global economy is likely to slow in the months ahead, especially in the U.S. and Europe. In Asia, workers and business owners are worried. Chittiprapa sells shirts in a Bangkok street market, a business that is heavily dependent on tourists from Europe and the U.S. "Now America there is a problem; I think not more tourists come to Thailand," Chittiprapa said. "About the next two to three months the problem more than this, not more tourists come to Thailand. I think now everyone, everywhere will have a problem." The International Monetary Fund earlier this week cut its global growth outlook to 3.9 percent for 2008 - the lowest in six years and bordering on what the IMF considers potential recession levels.
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US Financial Crisis Began with Subprime Mortgages
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Subprime mortgage loans? Mortgage-backed securities? VOA's Jim Randle translates some of Wall Street-speak into more understandable language
As officials and business leaders struggle to rescue the U.S. economy, the news has been filled with strange terms like "mortgage-backed securities" and "leverage." Most people know that a mortgage is a home loan. Lenders add a charge called "interest" to the mortgage amount and borrowers repay the loan, plus interest, in monthly payments over many years. But many are baffled by the newer terms. VOA's Jim Randle translates some of the Wall Street-speak into more understandable language.Darnell Horton says he can no longer afford his mortgageThe financial crisis started because people like Darnell Horton, who bought a home near Atlanta in the Southern US state of Georgia, could no longer afford to make payments on their subprime mortgage loans. Subprime is a term that refers to risky loans that initially had low interest rates but after a few years, the interest rates jumped. Also, these loans required less verification: like whether borrowers had jobs. As long as home prices were rising, borrowers who had difficulty repaying loans could sell their houses at a profit and pay off the loan. But when home prices fell, homeowners with financial problems lost their homes in foreclosures. Banks and other lending institutions lost revenue.The impact was magnified by "mortgage-backed securities." George HanweckGeorge Mason University Professor Gerald Hanweck says these were created by companies that bought mortgages from lenders.
"A mortgage-backed security is basically a bundling of individual mortgages, maybe upwards of 1,000 maybe 1,500 in one entity," Hanweck explains.Investment firms not only bought bundles of risky subprime mortgages as mortgage-backed securities, they also borrowed money to buy some of these bad debts. The use of borrowed money to make investments is called "leverage," but it's also risky. "You can amplify your return on that investment," University of Maryland Professor Elinda Kiss said. "But you can also amplify your loss."When mortgages went sour, some highly leveraged (deeply indebted) corporations went bankrupt. Some of them like Lehman Brothers were huge companies that played a major role in the global economy. Their collapse frightened investors and sparked a steep decline on stock exchanges worldwide. Many banks and other lenders stopped offering loans because they thought they might not be repaid. Elinda KissProfessor Kiss says without credit, business slows down and some companies have to lay off workers. Those workers reduce their spending, and that hurts other businesses. "They are not going to go to restaurants, they are not going to buy new clothes, those stores lose business, [then] they have to lay off workers and it spreads throughout the economy," Kiss notes. In the end, the economy stalls. Advocates of the government bailout say the plan to buy up bad mortgage-backed securities will restore confidence, spur lending, and get the economy growing again. But others question whether that will motivate the average American to start buying again and stimulate the economy.
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Economy Dominates US Election Campaign
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Day after second presidential debate, Obama and McCain were back on campaign trail, focused on troubled US economy
The day after their second presidential debate, White House contenders Barack Obama and John McCain were back on the campaign trail and focused on the troubled U.S. economy. VOA National correspondent Jim Malone reports from Washington.Democratic presidential candidate Sen. Barack Obama speaks at a campaign rally in Indianapolis, Indiana, 8 Oct. 2008Democratic nominee Barack Obama took his campaign to the Midwest state of Indiana, which has traditionally been a Republican stronghold in presidential elections.As he did in Tuesday's debate, Obama spent a lot of time talking about the weakened U.S. economy.But he also promised leadership if elected in November."I'm here today to tell you that there are better days ahead," Obama said. "I know these times are tough and I know that many of you are anxious about the future, but this isn't the time for fear or for panic. This is time for resolve and steady leadership." Obama noted that his Republican opponents, Senator John McCain and his running mate, Alaska Governor Sarah Palin, have launched new attacks on his character in recent days.Obama said it was an attempt to divert voter attention away from the troubled economy and that it would not work. "It's about Americans who are losing their jobs, Americans who are losing their homes, Americans who are losing their life savings," Obama said. "I can take four more weeks of John McCain's attacks, but the American people can't take four more years of John McCain's Bush policies." Republican presidential candidate Sen. John McCain and running mate, Alaska Gov. Sarah Palin, left, arrive at a rally in Allentown, Pennyslvania, 08 Oct. 2008Senator McCain and Governor Palin campaigned in the northeastern state of Pennsylvania, an important battleground state in the November 4 election.McCain was greeted by an enthusiastic crowd that broke into a chant of No-Bama as he questioned Obama's record during the rally. "You know, we have all heard what he has said. But it is less clear what he has done or what he will do," McCain said. Both campaigns have launched negative campaign ads in recent weeks. McCain lashed out at what he believes are unfair political ads coming from the Obama campaign. "He has even questioned my truthfulness, and let me reply in the plainest terms I know. I don't need lessons about telling the truth to the American people, and were I ever to need any improvement in that regard, I probably wouldn't seek advice from a Chicago politician," McCain said.Both candidates said they were pleased with their performance in the Tuesday debate.Post-debate polls by television networks CNN and CBS gave Obama an advantage over McCain.But supporters of both candidates said they saw something positive in the debate. "McCain won it. He tells the truth. He's straightforward," said one Wisconsin voter.Another responded, "Well, Obama looked very, very presidential, and I think he will fit the part."Public opinion polls indicate the focus on the economy continues to help Obama.University of Virginia analyst Larry Sabato says voters watching the debates want to know what the candidates will do to help them through tough economic times."When the candidates addressed the economy, they were addressing people's real concerns," he said. "Whenever they talked about other things, they really were getting off the interstate highway and moving around on dirt roads." Former Bush adviser Dan Bartlett told CBS television that says Senator McCain may be running out of opportunities to try and switch the election focus away from the economy. "Most observers say that this was essentially a tie. Both had their points on style," he said. "So, we move on to the next day and again, it comes back to John McCain and these last remaining days of the campaign to try to change the dynamic." McCain's next and perhaps last best opportunity to reframe the presidential race will come next Wednesday in his final debate with Obama at Hofstra University in New York.
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Bomb Attack in Iraq Kills Sadrist Lawmaker
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Iraqi authorities say bomb exploded near car carrying Saleh al-Auqaeili as he traveled in Habibiya district in Sadr City, a Shi'ite stronghold
The Iraqi Shi'ite faction lead by cleric Moqtada al-Sadr says one of its senior lawmakers has been killed in a bomb attack in the Baghdad district of Sadr City.Iraqi authorities say a bomb exploded near a car carrying lawmaker Saleh al-Auqaeili Thursday as he traveled in the Habibiya district in Sadr City, a Shi'ite stronghold. Officials say at least two other people were also killed.Al-Auqaeili is a member of a Sadrist political faction that holds 30 seats in the Iraqi parliament. Heavy fighting between Sadr's militia and security forces left hundreds dead in Baghdad in the past year, but violence decreased significantly after Sadr ordered several cease-fires.On Wednesday, a Sunni militia leader, Abdullah Juburi, was killed in the northern city of Kirkuk. He was a leader of what is known as an "Awakening Council", also known as Sons of Iraq, the Sunni paramilitary groups composed mainly of former insurgents who now work alongside U.S. forces to fight al-Qaida in Iraq.
Some information for this report was provided by AFP, AP and Reuters.
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Bomb Blast Targets Police Building in Pakistan's Capital
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Police say blast took place just moments after driver pulled up to anti-terror squad building and delivered baskets of sweets to officials inside
Pakistani security officials and rescuers gather in front of the badly damaged building of a police barracks after a suicide attack in Islamabad, 09 Oct 2008
Security officials in Pakistan say a suspected suicide bomber has
attacked a police complex in the capital Islamabad, wounding at least
seven people.Police say Thursday's blast took place just
moments after the driver of a car pulled up to the anti-terror squad
building and delivered baskets of sweets to officials inside. The
explosion severely damaged the building.Security has been
heightened in the capital since last month, when at least 55 people
were killed in a suicide truck bombing outside a luxury hotel.Thursday's
attack occurred as lawmakers gathered in Islamabad for a second
intelligence briefing on the threat posed by al-Qaida and Taliban
militants. Meanwhile, violence intensified in Pakistan's
volatile northwest. Officials say a roadside bomb exploded near a
prison vehicle in the Dir region, killing at least 10 people, including
at least three school children.Elsewhere in the country's
northwest, the Pakistani military says fighter jets struck militant
hideouts in the Swat Valley, killing at least 20 militants.The
United States has been pressuring the Pakistani government to crack
down on militants near the Afghanistan border who are fueling the
insurgency in that country.
Some information for this report was provided by AFP, AP and Reuters.
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Zimbabwe Inflation Reaches 231 Million Percent
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News comes as main political parties fail again to break deadlock over distribution of Cabinet posts in unity government
Officials in Zimbabwe report the nation's annual inflation rate rose to
a record 231 million percent in July as efforts to create a unity
government remain deadlocked.A depositor scrutinizes a new 20,000 dollar bill unveiled by Zimbabwe's central bank in a bid to ease widespread cash shortages in Harare, 30 Sep 2008The state-run Herald newspaper
Thursday reports Zimbabwe's Central Statistical Office as saying higher
food prices are the primary cause of the growth in inflation.The
news comes as Zimbabwe's main political parties failed again Wednesday
to break their deadlock over the distribution of Cabinet posts in a
unity government.Main opposition leader Morgan Tsvangirai told
reporters Thursday that former South African President Thabo Mbeki has
been asked to step in to help break the deadlock. Mr. Mbeki mediated
previous talks between the two sides.Tsvangirai says the
parties are at an impasse, but that the fundamental contents of the
power-sharing agreement remain intact. He said he remains confident a
deal can be worked out.Zimbabwean state media has said the
parties agree on all but two ministries: Home Affairs and Finance.
But the opposition Movement for Democratic Change, MDC, says there is
no agreement on any of 10 key ministries.On Wednesday a
negotiator for the ruling ZANU-PF party accused the opposition of
jeopardizing the talks by trying to negotiate through public
statements. A power-sharing agreement reached last month calls
for ZANU-PF to control 15 Cabinet positions, with the two factions of
the MDC getting 16. The MDC has accused ZANU-PF of demanding all of
the most important ministries.Zimbabwe has been without an
official government for months following disputed presidential
elections. MDC leader Morgan Tsvangirai won the most votes in the
first round in March, but pulled out of the June runoff because of
alleged state-sponsored violence against his supporters.The runoff, won by longtime President Robert Mugabe, was dismissed by many nations as a sham.
Some information for this report was provided by AFP, AP and Reuters.
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China Demands Repatriation of Uighur Detainees Held at Guantanamo
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Bush administration resists release over fears detainees will be tortured in China
China is repeating calls for 17 Uighurs in U.S. custody at Guantanamo Bay, Cuba, to be repatriated to China. The Uighurs are from a Muslim minority group thatlives in far northwestern China. U.S. authorities have cleared them of being enemy combatants, but they are now embroiled in a dispute over where to send them once they are released. Stephanie Ho reports from Beijing.U.S. authorities picked up the Uighurs in Afghanistan and Pakistan more than seven years ago, along with other suspected terrorists. Now, the 17 Uighurs have been cleared of being enemy combatants and U.S. authorities want to free them. But the sticking point is where they should go once they are released.In 2006, U.S. authorities released five Uighurs from Guantanamo and sent them to Albania. Now, though, the Bush administration has been having a harder time finding a third country to accept the Chinese Muslims. The White House fears the detainees could be tortured if they are turned over to China.Qin Gang talks to reporters in BeijingChinese Foreign Ministry spokesman Qin Gang said fears of persecution are not valid.Qin says people who worry that the Uighurs will be tortured if returned to China have a "biased mind." He says China is a country ruled by law, and that Chinese law forbids torture.At the same time, Qin said China considers the 17 menmembers of a U.N. and U.S.-recognized terroristorganization known at the East Turkestan IslamicMovement.Qin says as such, these people should be brought tojustice. He says he hopes the United States will, "honor its obligations and fulfill its anti-terrorism commitment," by repatriating the Uighurs to China.A U.S. federal appeals court Wednesday temporarily blocked a judge's decision to immediately free the Chinese Muslims into the United States. The emergency stay was issued at the request of the Bush Administration, and orders at least another week to give the U.S. government more time to make arguments in the case.The appeals court move comes one day after a U.S. district judge ordered the government to free the detainees by Friday, since they were found not to be threats to the United States. The Uighurs are a Muslim minority that live in the far western Chinese region known as Xinjiang. Beijing has cracked down on what it says are violent separatists in Xinjiang, which has led Uighurs to charge severe repression.The Uighur case is among dozens of Guantanamo cases currently being reviewed by federal judges after the Supreme Court ruled in June that foreign detainees at Guantanamo have the right to appeal to U.S. civilian courts to challenge their imprisonment.
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New Research Uses Male Testicle Cells to Create Stem Cells
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German researcher says extraction, manipulation of cells had previously been achieved in mice, prompting investigators to try same experiments in humans
Scientists have created stem cells from human male testicle cells. Experts say the development may provide one more alternative to the controversial use of human embryonic stem cells to grow replacement tissue. VOA's Jessica Berman reports. Stem cells are known as "pluripotent cells", meaning they can be manipulated to grow into any cell in the body, potentially offering replacement tissue for a range of illnesses, including Parkinson's disease, diabetes and spinal cord injury. Human embryos are a rich source of stem cells, but the use of growing embryos is prohibited in the US and other countries, including Germany, because extracting the master cells destroys them.So, researchers have been searching for alternative sources to embryonic stem cells that are just as versatile but without the controversy.October 2008 edition of 'Nature' scientific journalIn a paper published this week in the journal Nature, German researchers report on the latest effort. By reprogramming the testicle cells of 22 males between the ages of 17 - 81, researchers are coaxing them to begin the process of becoming muscle, bone and nerve cells. Thomas Skutella, a professor at the Center for Regenerative Biology and Medicine in Tuebingen, Germany, is the study's lead author. Skutella says the extraction and manipulation of stem cells from germ cells which produce sperm, had previously been achieved in mice, prompting investigators to try the same experiments in humans."We were looking for pluripotent cells of different origin [than human embryonic stem cells]. And there were hints that those cells might be found in the germ cells which make sperm. And it has been shown those cells might be pluripotent, so that was a starting point," Skutellla explained.Unfortunately, experts say women would not benefit from the latest stem cell development. But Skutella says a similar technique may be used to grow stem cells for women from egg cells.
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French Author Le Clézio Wins Nobel Prize
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Swedish academy describes Jean-Marie Gustave Le Clézio as 'an author of poetic adventure and sensual ecstasy'
French novelist Jean-Marie Gustave Le Clézio poses on May 8, 1991 in Cannes. FranceFrench author Jean-Marie Gustave Le Clezio has won the prestigious Nobel prize in literature.The Swedish academy that awards the prize described Le Clezio as "an author of poetic adventure and sensual ecstasy."The 68-year-old writer was born in France to an English father and a French mother. He lived in Nigeria briefly as a child and taught at universities in Thailand, Mexico and the United States. His vast body of work, set in locations from North Africa to Latin America, reflects Le Clezio's travels. Le Clezio's his first novel "Le Procès-Verbal," appeared in 1963 to widespread acclaim. But he had his first big success with the book "Desert" in 1980. He has also produced essays and children's books.Two more Nobel prizes, for economics and peace, will be announced in coming days.
Some information for this report was provided by AP.
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Duke Ellington Jazz Festival Continues to Hit High Note with DC Residents, Tourists
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This year, annual music event focused on Ellington's legacy as band leader, composer, pianist and city he called home
Tourist season has peaked in Washington, DC, but as the leaves began falling and temperatures started to drop, some visitors decided to stay and enjoy the peace and quiet of autumn in the Nation's Capital. As VOA's Doug Levine reports, those who weren't in a hurry to leave were treated to an annual event that continues to hit a high note with both residents and out-of-towners, the 4th Annual Duke Ellington Jazz Festival October 1-7. Duke EllingtonDuke Ellington's legacy as a world-class band leader, composer and pianist who elevated jazz to new heights, along with the city he called home for his first 23 years, were the earmarks of the festival named in his honor.Jazz, blues, Latin rhythms, hip-hop and world music was performed in 47 different venues throughout the city over seven days and nights. There were master classes, student performances, a "Jazz and Families Fun Day," and an all-star outdoor concert billed as "Jazz on the National Mall." One of the week's busiest performers was cellist, trombonist and band leader Dana Leong, who marked his return to the festival by performing in three concerts and teaching a master class.Dana Leong"I think it's a wonderful thing that the festival is growing exponentially every year," Leong said, "because we find as artists when we visit, specifically Washington, D.C., we find nothing but very intelligent, well-informed audiences that show a lot of appreciation for all different types of music and artists from all different walks of life."I personally have my project which is a live blend of hip-hop and jazz," he added, "and people have seen me do my thing but they have also seen me play a hybrid blend of classical and jazz and Latin jazz with Paquito D'Rivera. And all the same, you find people are just very well informed. They are very rich in culture and very appreciative. I just loving coming to D.C. It's one of my favorite places."The Duke Ellington Jazz Festival came to a fitting conclusion with a concert at the Voice of America. The festival's Artistic Advisor, saxophonist Paquito D'Rivera, along with Dana Leong and seven other band members, paid tribute to the music of the Americas.
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