Brown Presses Hard for Banking Crisis Agreement at EU Summit
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Britain's Prime Minister Gordon Brown hopeful 27-member group can unanimously agree on banking-system rescue package based on British model
Speaking in Brussels at the start of a two-day summit of European leaders, British Prime Minister Gordon Brown was hopeful the 27-member group could unanimously agree on a banking-system rescue package based on the British model of recapitalizing financial institutions to get money moving again. For VOA, Tom Rivers in London reports.British Prime Minister Gordon Brown Winning the argument against each country trying to take care of its own financial crisis independently, British Prime Minister Gordon Brown's coordinated-action approach appears to have won over his colleagues in Europe. Others around the world are watching as well.His financial plan has been a guidepost for U.S. officials implementing the $700-billion bank bailout. On Monday, German Chancellor Angela Merkel announced a plan that closely resembles the British model.Mr. Brown, who just a month ago was facing calls from within his own ruling Labor party to step aside before the next general election, has risen to the occasion in facing the global financial meltdown head on.His decade as British Treasury Secretary appears to have prepared him for this moment. In Brussels for the European summit to hammer out an agreement on a common plan, Mr. Brown is leading the call to bring liquidity back into the system, to recapitalize the banks to strengthen them for the future, and to get banks to start lending money once again for things like mortgages and small business operations."Today is an important moment for the European Union, all 27 countries meeting together," Mr. Brown said. "I hope we will find agreement also from the whole of Europe on what needs to be done. That all countries within the European Union will feel part of the program that is necessary to stabilize the financial system and then to move the economy of Europe forward." In addition to these initial goals, Mr. Brown says much stronger oversight is required if these financial problems are not to be repeated. "Stage two is to make sure that the problems that developed in the financial system, problems that we know started from America, that these problems do not recur again and we give people the confidence that we have taken the action that is necessary to root out the irresponsibilities and excesses in the system, and to make sure that the rules of the system are such that we have proper disclosure and proper transparency, that we have supervision in areas where supervision was previously not required, but we now know is necessary," Mr. Brown said. What Brown calls an early warning system needs to be established to identify financial problems before they get out of hand and he says better international coordination in needed to handle crises that may arise in the future.Compared to just a month ago, the prime minister today looks like a man brimming with new found self-confidence. And while this will undoubtedly help him in the polls, more pain in Britain's domestic economy in the form of rising unemployment, increasing national debt, and a higher cost of living may temper the political gains he has made in leading Britain and other nations through these difficult economic times.
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US Candidates to Hold Final Televised Debate
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Face-off at Hofstra University in New York expected to focus on country's economic crisis
Senators Barack Obama (l) and John McCain circle each other during 2nd presidential debate, 7 Oct 08U.S. presidential candidates John McCain and Barack Obama hold their final televised debate Wednesday night with less than three weeks left in the race for the White House.The face-off at Hofstra University in New York is expected to focus on the U.S. economic crisis, an issue that has helped Obama pull ahead of his Republican rival nationally and in key battleground states.A New York Times-CBS News poll has Senator Obama, a Democrat, leading McCain 53 to 39 percent. A Reuters/C-Span/Zogby poll Wednesday has Obama ahead of McCain by four percentage points nationally.McCain and Obama are both expected to present themselves as the candidate best able to pull the country out of its economic turmoil.Earlier this week, McCain and Obama each announced proposals to help ease the financial crisis.On Tuesday, McCain proposed a nearly $53 billion-plan that would eliminate taxes on unemployment benefits and help retired workers keep their savings. He said the plan would include tax cuts that could help create jobs.Obama's plan includes a 90-day freeze on home foreclosures, penalty-free withdrawals from retirement funds and a temporary tax credit for companies that create U.S. jobs.
Some information for this report was provided by AP and Reuters.
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New Talks Aim to Resolve Georgia, Russia Tensions
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Fighting erupted between two countries on August 7 over Georgian breakaway region of South Ossetia
Talks aimed at resolving tensions between Georgia and Russia after this summer's brief war get underway in Geneva Wednesday. The one-day meeting is being held under the auspices of the United Nations, the European Union and the Organization for Security and Cooperation in Europe. Lisa Schlein reports for VOA from the UN conference site in Geneva. These were supposed to have been high-level talks. But, they have now been downgraded to the so-called expert level of vice-minister. Daniel Warner is the Director for the Center of International Governance at the Graduate Institute of International Development Studies in Geneva. He says people are skeptical about what can be accomplished given the hostile relationship between Russia and Georgia. Nevertheless, he tells VOA it is important to have a meeting, which allows the Russians and Georgians to sit at the same table and talk."Having said that, I do not think that there will be a resolution in the sense of returning to the status quo before August 7. The best thing that can happen is to guarantee that there will be no more fighting," Warner said. "To guarantee that there will be peacekeepers on the territory and to begin to see how they can begin negotiations that somehow can reach some kind of resolution between two parties which have very different points of view about the situation." Russian troops take position at entrance of Gori, 14 Aug 2008Fighting between Russia and Georgia erupted on August 7 over the Georgian breakaway region of South Ossetia. The five-day war displaced tens of thousands of people in Georgia proper, as well as in South Ossetia and Georgia's other breakaway region, Abkhazia.Russia subsequently moved into Georgia, but says it has since withdrawn its tanks and troops from the country. During the talks, the United States and other Western countries are expected to look into Russia's compliance with its withdrawal commitment under the French-brokered ceasefire agreement. UN Secretary-General, Ban Ki-moon says the complex issues on the table defy quick solutions. "We should not be too much impatient or hurried to have so-called technical resolution of this issue. This may take time. So, we need to have some patience," he said. "In the short term, we need to try our best efforts among the parties concerned to restore confidence so that we can establish a conflict resolution process in the end." Russia and Georgia are at loggerheads over who should sit at the negotiating table. Russia, which recognizes South Ossetia and Abkhazia as independent states, wants them to participate in the talks. Georgia is opposed to this.Warner says a compromise appears to have been worked out."The compromise as I understand today is there will be a plenary session only with the Georgians, Russians and government officials," he said. "Then there will be a second meeting between experts where people from Abkhazia and Southern Ossetia will be represented. But, the name tags will only say that they are individuals. They will give their names. They will not be representing a formal government. That is the compromise for the moment." The United States says it still has serious concerns over the Russian troops' location and their overall numbers in the breakaway regions. U.S. Assistant Secretary of State, Dan Fried will attend the talks and see that this issue will be, as a State Department Spokesman says, front and center during the discussions.
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US: Senior Al-Qaida in Iraq Militant Killed
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US military says Abu Qaswarah, also know as Abu Sara, led AQI in northern Iraq until he was killed during an operation in Mosul October 5
The U.S. military in Baghdad says a man killed by coalition forces earlier this month has been identified as the second in command of al-Qaida in Iraq.The military said Wednesday Abu Qaswarah, also know as Abu Sara, led AQI in northern Iraq until he was killed during an operation in Mosul October 5.Officials say the Moroccan-born militant had "historic ties" to the group's founder, the late Abu Musab al-Zarqawi. They said he trained with al-Qaida in Afghanistan and directed the movement of "foreign terrorists" into northern Iraq.The U.S. military said Abu Qaswarah's death will cause a "major disruption" to the AQI network.U.S.-led coalition and Iraqi forces have managed to bring the levels of violence down throughout much of Iraq, but some northern regions remain volatile.
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18 Taliban Killed in Attack on Afghan Provincial Capital
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Officials say militants launched attack late Tuesday on Lashkar Gah in Helmand province
Afghan officials say at least 18 Taliban militants were killed in the second attack this week on a key southern provincial capital.Afghans check debris of house destroyed during attack by Taliban militants in Lashkar Gah, Helmand province, 15 Oct 2008They say the militants launched the attack late Tuesday on Lashkar Gah in Helmand province. Gunmen also killed six police officers at a checkpoint north of the city.Earlier Tuesday, the United Nations' top envoy in Afghanistan said the Taliban insurgency has spread beyond the country's south and east, leading to more attacks on civilians and aid workers.Kai Eide told the U.N. Security Council Afghanistan saw the highest number of attacks in July and August of this year, since 2002. But the U.N. envoy also cautioned against pessimistic statements, saying there have been some positive developments in Afghanistan. Eide cited changes in the Afghan government and improving relations with neighboring Pakistan.Also on Tuesday, Afghanistan's Defense Minister, Abdul Rahim Wardak, said violence is high, in part because security gains in Iraq are prompting foreign militants to head to Afghanistan.Meanwhile, the U.S. ambassador to the United Nations Zalmay Khalilzad told the U.N. Security Council the United States deeply regrets the accidental loss of Afghan civilian lives, and that the U.S. does not take the issue lightly.
Some information for this report was provided by AP and Reuters.
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Zimbabwe Power-Sharing Talks Resume
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Former South African President Thabo Mbeki is again mediating the talks between President Robert Mugabe and main opposition leader Morgan Tsvangirai
Zimbabwe's political leaders are holding a second day of talks in an effort to rescue last month's power-sharing agreement. Thabo Mbeki (C) is welcomed by Zimbabwe's minister of Foreign Affairs Samuel Mumbengegwi (2nd L)on his arrival in Harare, 14 Oct 2008 Former South African President Thabo Mbeki is again mediating the talks between President Robert Mugabe and main opposition leader Morgan Tsvangirai in the capital, Harare. The participants have said little about what has been discussed. But Zimbabwe's state-run newspaper The Herald today quotes President Mugabe as saying that progress has been made.Tsvangirai threatened to pull out of the power-sharing deal on Sunday after Mr. Mugabe unilaterally assigned control of key ministries - including defense, home affairs and foreign affairs - to his own ZANU-PF party. The original power-sharing agreement was signed one month ago today. U.S. State Department spokesman Sean McCormack said Tuesday that President Mugabe overstepped the bounds of the agreement by claiming key ministries. He urged both sides to implement the original agreement. Mr. Mbeki helped to broker the original deal, meant to end the crisis after Zimbabwe's disputed presidential elections.The power-sharing deal calls for ZANU-PF to control 15 ministries, with the two factions of the MDC getting 16. Mr. Mugabe would remain as president, with MDC leader Morgan Tsvangirai becoming prime minister.Zimbabwe has been without an official government since first-round presidential elections in March. Tsvangirai won the most votes in that poll, but pulled out of the June run-off to protest alleged state-sponsored violence against his supporters.The sides are under pressure to reach a deal so Zimbabwe can start to recover from its economic crisis. The country's official inflation rate stands at 231 million percent.Some information for this report was provided by AFP, AP and Reuters.
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US Seeks Cooperation with China in Africa
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Assistant Secretary of State for African Affairs Jendayi Frazer says coordinating US and Chinese aid would prevent overlapping projects, lead to more efficient use of resources
A U.S. official says Washington wants to cooperate with China to help Africa develop. China has been criticized for its dealings with abusive African governments, but has also won applause for encouraging dialogue between Sudan and the international community. Daniel Schearf reports from Beijing. Jendayi FrazerThe U.S. Assistant Secretary of State for African Affairs says there may be opportunities for the United States and China to cooperate in building Africa's infrastructure and its agriculture and health sectors.Jendayi Frazer says that coordinating U.S. and Chinese aid would prevent overlapping projects and lead to more efficient use of resources.But she says China needs to be more transparent with how it gives debt relief and loans to African nations.
"We certainly are concerned about China's lending practices potentially undermining our efforts to insure that Africa doesn't reaccumulate unsustainable debt," said Frazer. "We don't want to on the one hand cancel that debt and then on the other hand, China's giving more debt."Frazer spoke Wednesday at China's prestigious Peking University and is in Beijing for meetings with Chinese officials.China buys increasing amounts of raw materials and energy from Africa to feed its growing economy. Beijing has come under criticism for its willingness to trade with and sell weapons to African governments shunned by Western leaders because of human rights abuses.Frazer says as China becomes more involved in Africa, Beijing is likely to change its policy of not interfering in a country's internal affairs. "I suspect that China's going to come closer to our position," she said. "And, I think that's true because China, as it invests more and has more contracts, for instance in the Congo and in other places, they're going to want the rule of law."Beijing has won praise for using its influence with Sudan to urge Khartoum to cooperate on peace talks for its war-torn Darfur region.She offered no specific U.S.-China cooperation plan for Africa, but said the U.S. encourages China to endorse the Extractive Industries Transparency Initiative for Africa. The agreement encourages financial transparency for companies extracting resources from Africa, anti-corruption efforts, and the efficient use of the resources.
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Rice: 'No Stone Unturned' in Effort for Mideast Peace
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US Secretary of State says Israelis, Palestinians must redouble efforts for peace
U.S. Secretary of State Condoleezza Rice says she will explore every possibility in her quest for a peace deal between Israelis and Palestinians before the end of this year.Secretary Rice made the remarks before a conference on Palestinian business investment Tuesday in Washington. VOA correspondent Meredith Buel has details. President Bush and Secretary Rice launched the latest effort to boost peace talks between Israelis and Palestinians nearly a year ago at a conference in Annapolis, Maryland.Secretary of State Condoleezza Rice, October 14, 2008On Tuesday, Secretary Rice told a U.S. conference on investment in the Palestinian Territories that since then, the parties have engaged in sustained, substantive negotiations to achieve a two-state solution to their conflict. She said, "We must do everything that we can with the negotiating partners to get to the Annapolis solution and that would be to find an agreement between these parties by the end of the year. It is very difficult. There is a hard road ahead. But if we do not try, we certainly will not succeed."The gathering of U.S. business leaders, sponsored by the Chamber of Commerce, was a follow-up to a conference held in May in Bethlehem where investors pledged to pump more than $1 billion into the Palestinian economy.Rice noted in her speech that she and President Bush leave office in January and vowed to continue her efforts to make progress toward peace. "Until that moment when I leave office, I will leave no stone unturned to see if we can finally resolve this conflict between peoples."Secretary Rice has made numerous trips to the Middle East, but negotiators have made little public progress. Israeli and Palestinian leaders have expressed doubt they can achieve an agreement by the end of the year.Rice said the Palestinians and Israelis need to redouble their efforts for peace. "The Palestinian Authority has to continue to dismantle the infrastructure of terrorism and to promote an atmosphere of tolerance. Israel must also halt settlement activity, which can be seen as prejudging the outcome of negotiations and undermining its negotiating partner."Rice also urged the Israelis to make more progress in reducing roadblocks and other impediments to Palestinian movement to allow businessmen and workers to operate in an environment in which Palestinian people and their economy can thrive.Major issues in the conflict continue to be the borders of a future Palestinian state, the fate of Palestinian refugees and the status of Jerusalem.
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Canadian Conservatives Remain in Power
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Prime Minister Stephen Harper's party wins parliamentary election but will still remain as minority government after failing to get majority in House of Commons
Canadians have re-elected the Conservative government of Prime Minister Stephen Harper. As Craig McCulloch reports, despite the win, Mr. Harper still has a minority government in Canada's House of Commons.Stephen Harper and relative celebrate Conservative Party minority victory in the Canadian federal election, 14 Oct 2008Stephen Harper's Conservatives have retained power, with 143 Members of parliament leading or having been elected.Liberal Leader Stephane Dion will remain the official opposition leader, as his party appears to have won 76 seats.Canada follows the British parliamentary system, which means voters cast ballots for local members of parliament, not party leaders. The ruling party chooses the prime minister.Because Mr, Harper won less than the 155 needed for a majority in Canada's 308 seat House of Commons, he has another minority government. The Conservatives gained 15 members since the last election - mostly at the expense of the Liberals.The Bloc Quebecois, which only runs candidates in the mostly French-speaking Province of Quebec, will have 50 seats. The Socialist-minded New Democratic Party has 37 seats. There are two independents.The campaign started in September, with no real issues grabbing the spotlight. That all changed with the financial meltdown on Wall Street that brought economic issues to the fore, the last two weeks of the campaign. Making his victory speech in his hometown, Calgary, Prime Minister Harper said Canada will come out ahead, despite the economic turmoil."Canadians are worried right now and I understand those worries," he said. "I want to assure Canadians that, working together, we will weather this storm and we will position our economy to emerge stronger than ever before."Conceding in his hometown, Montreal, Liberal leader Stephane Dion says, at least for now, he will continue as opposition leader."We Liberals will do our part, responsibly; to make sure that this parliament works," Dion said. "It is clear that our economy, indeed the global economic crisis, is the most important issue facing our country at this time. As the official opposition, we will work with the government to make sure that Canadians are protected from the economic storm."The biggest question now for Dion is whether he can continue as leader of the Liberal Party. Many veteran political watchers are anticipating his exit from the job, in the coming weeks.
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New Report Finds Hunger Rampant in India
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International Food Policy Research Institute says across India's 17 major states, situation ranges from 'serious to extremely alarming'
India has the largest number of hungry people in the world, despite the strong economic growth witnessed in recent years. From New Delhi, Anjana Pasricha says a new report shows that India's economic boom has brought new prosperity to its middle class and pulled many out of poverty, but that millions of people n the vast country still struggle on low incomes. A report by the International Food Policy Research Institute says hunger, across India's 17 major states, ranges from "serious to extremely alarming." Street urchins eat bread distributed at a temple in Allahabad, India (File)The report - released as part of the 2008 Global Hunger Index - presents a dismal picture for India. It says, despite years of robust economic growth, India scores worse than 25 sub-Saharan countries on the index. It says more than 200 million Indians suffer from hunger.The report identifies high levels of child malnutrition as one of the main factors resulting from hunger in India. The report says that poorer states have substantially higher levels of malnutrition, compared to their more prosperous counterparts. It found the most severe levels of hunger in the country's largest and least developed states, such as Madhya Pradesh and Bihar.However, Purnima Menon - lead author of the report - says poverty is not the only factor responsible for hunger. She says some poor states with better health programs or higher levels of literacy have managed to lower levels of malnutrition and child mortality. "Poverty is one of the underlying reasons, but there are a number of states that actually are performing either much better or much worse than one world expect," said Menon. "And, that could relate to specific investments that those states have made in social protection programs, in health and nutrition programs, in really scaling up those things that would make a difference for childhood underweight, childhood mortality and things like that which are captured in our index."Thus one of India's poorest states, Orissa, and one of the country's most literate states, Kerala, fare better on the hunger index than some of the country's wealthier regions.But, overall, the situation is bleak. Even the country's best-performing state, Punjab, ranks below countries like Vietnam.The International Food Policy Research Institute suggests that increasing investments in agriculture and poverty-reduction programs could help India combat hunger.Experts say the high level of hunger in the country highlights the widening gap between the rich and the poor. Five years of high economic growth has brought new affluence to millions of people who shop for luxury goods in glitzy new shopping malls. But, for poor people living in teeming urban slums or the countryside, food has become more unaffordable, because of the increase in global food prices.At least half the country's billion-plus people live on less than one dollar a day. The government says it is striving to put in place programs that will ensure more inclusive growth.
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