Japan, US Offer Credit Help to Overcome Economic Crisis
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Japan prepared to inject public funds into debt-laden banks, while US central bank says it will start buying commercial paper to help struggling companies
Japan says it is prepared to inject public funds into debt-laden banks, while the U.S. central bank says it will start buying commercial paper to help struggling companies.Japan's Finance Minister Kaoru Yosano said Tuesday, that big banks should get the same help as regional banks.In Washington, the Federal Reserve invoked emergency authority to create a facility to buy commercial paper from money market mutual funds. Many companies rely on the written promises to repay loans known as commercial paper to pay workers and buy supplies. In the French city of Strasbourg, French President Nicolas Sarkozy called for economic giants India and China to join a world summit to restructure the global financial system. Mr. Sarkozy told European lawmakers he would push the idea during the Asia-Europe Meeting in Beijing this week. Japan's Foreign Ministry says Prime Minister Taro Aso and U.S. President George Bush have agreed to work together to make the summit a success.A ministry statement Tuesday says the men spoke by telephone and agreed the summit should be held as soon as possible after the November 4 U.S. presidential election. French President Sarkozy outlined some ideas for reshaping the financial sector. He suggests no financial institutions should be allowed to work without financial regulations. Under his plan, no bank receiving state money would be allowed to work with tax havens.Mr. Sarkozy also proposed European nations should set up sovereign wealth funds to prevent European companies from being purchased by foreign entities.The International Monetary Fund warned in a report that more European banks may fail, but that recent international rescue packages likely have prevented a worse outcome.Key European indexes opened higher Tuesday, led by the CAC in Paris, which was up more than two percent.Asian markets were mixed. Main stock indexes in Tokyo and Sydney were up more than three percent, but down in Hong Kong and Seoul.
Some information for this report was provided by AFP, AP, Bloomberg and Reuters.
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Sarkozy Proposes Series of Summits on Financial Crisis
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French president says summits should include India and China in addition to industrialized nations; outlines some of his ideas for reshaping the financial sector
French President Nicolas Sarkozy called Tuesday for heads of states to begin preparing for a series of economic summits to revamp the world economic system. From Paris, Lisa Bryant reports on the president's remarks before the European Parliament.
French President Nicolas Sarkozy, right, with French FM Bernard Kouchner, delivers his speech as he attends the session of the European Parliament in Strasbourg, 21 Oct 2008President Nicolas Sarkozy told European lawmakers in the French city, Strasbourg, he would propose a meeting with EU leaders to prepare for a series of summits on the financial crisis which President George Bush also agreed upon during a meeting last weekend in Camp David. The French president says the simplest idea would be to convene summits between industrialized nations along with rising heavyweights India and China. He says he will push for this proposal during a trip to Beijing this week. Mr. Sarkozy also outlined some of his ideas for reshaping the financial sector. Under his plan, no bank accepting state money would be allowed to work with tax havens. And, he says no financial institutions should be allowed to work without being covered by financial regulations. Mr. Sarkozy's remarks come as stock markets registered gains Tuesday, buoyed by various government efforts to shore up banks and lower interbank lending rates. The French government has announced it will inject $14 billion into the country's six largest banks by the year's end to boost liquidity. Mr. Sarkozy also lauded Europe's role in finding a solution to the Georgia-Russia crisis. He says it was Europe which had brought about peace and dialogue and the withdrawal of Russian troops from Georgia.
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Obama, McCain Campaign in Key States
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With two weeks left before the election, both candidates are highlighting policy differences
US presidential candidates Barack Obama in Fayetteville, N.C. and John McCain in Toledo, Ohio, 19 Oct 2008Presidential candidates Barack Obama and John McCain are campaigning in key states Tuesday, two weeks before the election.McCain,
a Republican senator, has events in Pennsylvania, while Obama, a
Democratic senator, campaigns in Florida. Hillary Clinton, who was once
a rival for the Democratic nomination, campaigns for Obama Tuesday in
Minnesota.In other news, an aide to Obama says the Illinois
lawmaker will leave the campaign trail this week and travel to Hawaii
to visit his grandmother, who is gravely ill. The campaign says Obama
is canceling events Thursday and Friday to be with 86-year-old Madelyn
Dunham, who helped raise him. Obama campaigned Monday in
Florida, a populous state in the southeastern U.S. that would give
either candidate a significant push toward the White House. On Monday
evening, he and Clinton appeared together in Orlando.The pair
urged supporters to vote and cautioned against overconfidence. Most
public opinion surveys show Obama leading McCain by about five
percentage points. Obama criticized McCain's campaign tactics,
accusing him of resorting to personal character attacks.McCain
campaigned Monday in the closely contested state of Missouri. His vice
presidential pick, Sarah Palin, held a rally in the western state of
Colorado.Both Republicans emphasized their aims to cut business
and capital gains taxes, help keep Americans in their homes and
safeguard retirees' investments.
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Iraq's Cabinet to Seek Changes in Draft US Security Deal
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Government spokesman says ministers decided amendments needed for deal to gain national acceptance
US soldiers patrol site of an explosion in a Christian market in Baghdad's Dora district, 15 Oct 2008Iraqi officials say the Cabinet is seeking changes to a draft security
pact with the United States governing the future U.S. troop presence in
Iraq.An Iraqi government spokesman, Ali al-Dabbagh, says
ministers who met Tuesday in Baghdad decided amendments are needed for
a deal to gain national acceptance. Washington and Baghdad
have been trying for months to reach an agreement to allow U.S. troops
to stay in Iraq after their U.N. mandate expires at the end of December.The
Iraqi spokesman says the Cabinet will meet again in a few days to
outline changes to the draft and forward them to U.S. officials. He did
not say what kind of changes they are considering.The draft
agreement reached last week calls for U.S. troops to withdraw from Iraq
by the end of 2011, unless Baghdad asks them to stay.It also
would give Iraq's government limited authority to prosecute American
soldiers who commit serious crimes outside U.S. bases while off-duty.Iraq's ruling Shi'ite-led coalition expressed reservations about the document on Sunday.Iraqi
Foreign Minister Hoshyar Zebari says Iraq's parliament is unlikely to
debate a U.S.-Iraqi security pact before the U.S. presidential election
on November 4.U.S. Ambassador to Iraq Ryan Crocker defended the
draft agreement on Monday, saying it will will fully restore Iraq's
sovereignty.The president of Iraq's semi-autonomous Kurdish
region, Massud Barzani, has urged fellow Iraqi leaders to support the
proposed agreement. He said failure to ratify the pact would mean a
continuation of the status quo.
Some information for this report was provided by AFP, AP and Reuters.
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Saudi Arabia to Try Nearly 1,000 on Terror Charges
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Interior minister says suspects will face charges related to 30 attacks since 2003
Saudi Arabia says it will try nearly 1,000 people suspected of involvement in a campaign of terror in the kingdom.Prince Nayef bin Abdul-Aziz (File)Interior Minister Prince Nayef bin Abdul-Aziz issued a statement Monday saying 991 suspects will face charges related to 30 attacks since 2003 that claimed more than 160 lives.He said security forces had stopped 160 other attacks planned by the suspects, who he said had links to al Qaida.Prince Nayef said the suspects targeted Saudi Arabia's society, way of life, and economy.The statement did not say when the trials would start. U.S.-based Human Rights Watch says it has asked Saudi Arabia for permission to observe the hearings.The organization says the kingdom, which has no formal penal code, has been holding up to 3,000 people in detention for years, with many of them sent through so-called re-education programs. Prince Nayef said authorities discovered three tons of explosives during their crackdown, as well as thousands of missiles, automatic weapons and cyanide. The targets of the attacks included oil installations, government buildings and other facilities. The strikes killed 90 Saudi and foreign civilians, and 74 members of the Saudi security forces. More than 430 civilians and 650 security officers were wounded in the attacks.
Some information for this report was provided by AFP, AP and Reuters.
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Thai Court Sentences Thaksin to 2 Years in Jail
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Former prime minister found guilty of violating a conflict of interest law while in office
Thailand's Supreme Court has found former prime minister Thaksin Shinawatra guilty of a conflict of interest involving a land deal his wife arranged. As Ron Corben reports from Bangkok, Thai prosecutors say they will ask for Thaksin's extradition from Britain.Judges of supreme court take up position before verdict of ousted Prime Minister Thaksin Shinawatra, 21 Oct 2008, in BangkokA Supreme Court justice reads the verdict, saying the court has sentenced Thaksin Shinawatra to two years in jail and dismissed the case against his wife. He says a new arrest warrant has been issued for Thaksin. In a five-to-four ruling, the judges found Thaksin violated conflict of interest laws in 2003 when his wife Pojaman Shinawatra purchased land from a government fund. The court cleared Pojaman of all charges associated with the deal. Neither Thaksin nor his wife were in court. They fled to Britain in August after she was convicted on another charge. Prosecutors say they will use the new verdict in a requesting that Britain extradite Thaksin immediately.This is just one of several corruption cases filed against Thaksin for actions while he was in office. He was overthrown in a coup in September 2006. Other pending cases include allegations of corruption in the construction of Bangkok's new airport and conflicts of interest in arranging assistance to Burma's military government. Human Rights Watch Thailand representative Sunai Pasuk says the verdict is a major step in Thailand's efforts to counter corruption in government.Thaksin Shinawatra (File photo)"The decision on Thaksin Shinawatra and his wife will serve as a reaffirmation of a new principle in Thai politics that is corrupted politicians will be held accountable for their misconduct, no matter how long it will take or how much the political cost that the decision will render," said Sunai. Thaksin and Pojaman have denied wrongdoing and accuse the courts of bias. In comments from Britain, Thaksin said he had "long anticipated" the outcome of the case. Thaskin has been a divisive figure in Thai politics since becoming prime minister in 2001. He is highly popular among the urban working class and rural poor because of policies that addressed their concerns, such as low-cost health care.On the other hand, urban middle class and political elite consider Thaksin and his allies to be corrupt and authoritarian. Months of protests in 2006 led to the coup that ousted him, but his allies in the People Power Party won national elections late last year.For months this year, the People's Alliance for Democracy has led massive protests, demanding that the PPP government resign because, the protesters say, it acts on Thaksin's behalf. In August, the PAD occupied the main government administration building. Efforts to negotiate an end to the siege fell apart after two protesters died when riot police tried to disperse a crowd around Parliament on October 7. Political analysts expect the verdict will do little to ease the political tensions . There were fears that the court's decision could spark violent clashes between Thaksin's supporters and critics. But Bangkok was calm in the hours immediately after the verdict.
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India, Pakistan Open Trade Route in Kashmir
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Trucks laden with fruits and other goods crossed over from Indian and Pakistani Kashmir, signaling the start of trade in the region after six long decades
India and Pakistan have opened a trade route in the divided region of Kashmir for the first time in six decades. As Anjana Pasricha reports from New Delhi, hopes are high that the latest confidence-building measure between the two countries will lower tensions in the region, which is claimed by both countries.Kashmiri fruit dealer drive towards the Line of control, Kashmir's de facto border in Baramulla, about 55 kilometers (34 miles) north of Srinagar, India, 20 Oct 2008There was a mood of celebration as trucks laden with fruits and other goods crossed over from Indian and Pakistani Kashmir to the other side, signaling the start of trade in the region after six long decades.In Indian Kashmir, banners saying "Long live trade across the two sides" fluttered on the trucks as villagers and traders cheered. In Pakistani Kashmir, white doves of peace were released as the trucks began their journey. The opening of trade across the tightly-guarded border that divides Kashmir between India and Pakistan is the second major step taken by the two countries to allow contact in the disputed region since they launched a peace process, four years ago. A cross-border bus service was launched in 2005. The trade begins four months after Indian Kashmir was wracked my massive anti-India protests. led by separatist groups. Their demands included the opening of a trade route to Pakistan. A leader of the separatist alliance, the All Parties Huriyat Conference, Abdul Ghani Bhat, says allowing trade is a good step, but hopes it will lead to a political solution of the Kashmir dispute between India and Pakistan. "First steps are first steps, but it is the last step which will determine whether the dispute on Kashmir has permanently been settled or not," said Bhat. Trade will be restricted. Only four trucks from each side will be allowed to ferry a limited set of goods, once a week, between Srinagar on the Indian side and Muzaffarabad on the Pakistani side. A second trade route will be opened in the coming months, linking Poonch in India with Rawalkot in Pakistani Kashmir. Pakistani Kashmir Prime Minister Sardar Atique Ahmed Khan says volumes will be improved and trade will be expanded. He expresses hope increasing contact and communication between the two sides will ultimately help to resolve the Kashmir conflict, but cautioned against expecting quick results. "All these things, slowly and gradually, they are contributive factors towards the ultimate resolution," said Atique (of the Kashmir dispute)."The slow moving peace process between India and Pakistan has lowered tensions in the region, but the two countries are no closer to resolving their territorial dispute.During the 1990's, a violent separatist insurgency wracked Indian Kashmir - which is the only Muslim majority region in predominantly Hindu India. India blames Pakistan-based Islamic groups for the violence and has moved slowly in opening up the tightly-guarded border.
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Aid Workers in Kabul Alerted to Security Threats
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Announcement comes after dual British-South African national, Gayle Williams, was gunned down as she walked to work in Kabul suburb
Afghanistan's government is reviewing protection for foreign aid workers in the country. VOA Correspondent Steve Herman in Kabul reports the review follows the killing of a charity worker in the capital Monday. Gayle Williams (undated handout image released by the charity SERVE Afghanistan)The hundreds of foreign aid workers in Afghanistan have been put on alert by the country's government that they need to take increased security precautions. The announcement follows the killing of 34-year-old Gayle Williams. The dual British-South African national was gunned down as she walked to work in a Kabul suburb. The Taliban claim responsibility for the execution-style street shooting, contending she was trying to spread Christianity. Authorities say they have no confirmation that the killing was carried out by the insurgents. The humanitarian organization for which Williams worked, SERVE Afghanistan, denies it proselytizes in the country, which is illegal under Afghan law. Humayun HamidzadaPresidential spokesman Humayun Hamidzada, speaking at a news conference, said the government remains committed to providing security for foreigners working in the capital."The international workers based in Kabul, be it with the aid agencies or in the private sector, they should get in touch with the relevant police departments, review their security measures and make sure they take necessary precautions while they commute," he said.While the tens of thousands of foreign troops in the country travel in military convoys, carry weapons and wear body armor the majority of aid workers, foreign laborers and news correspondents usually move about without heavy protection. That gives them easier access to ordinary Afghans, but makes them more vulnerable. Six of the 30 aid workers killed in Afghanistan this year have been foreigners. Officials say Williams' death could hinder the work of non-government groups in the country. Many of the foreign workers provide essential management of and training for numerous vital projects for Afghanistan's reconstruction. There are also thousands of Pakistanis and Indians in the country, working primarily in the construction industry. Insurgents have previously targeted some of the Indians.The capital, Kabul, has been relatively calm this year with the notable exceptions of bombings of a luxury hotel and the Indian Embassy, as well as an assassination attempt against President Hamid Karzai. Billions of dollars in aid from around the world have poured into the country in the past seven years, following the ouster of the Taliban. The country remains one of the poorest in the world, devastated by decades of war.
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US Court Blocks Release of Chinese Muslims From Guantanamo
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Court rules men must stay behind bars until at least November 24, when judge will review Bush administration's appeal of order to release them
A U.S. federal appeals court has blocked the immediate release of 17 Chinese Muslims from the Guantanamo Bay military prison.Soldiers in a Humvee patrol the perimeter of the Camp Delta detention compound, at Guantanamo Bay's US Naval Base, in Cuba (File)The court ruled two to one Monday that the men must stay behind bars until at least November 24, when the court hears the Bush administration's appeal of a judge's order to release them.The two judges, A. Raymond Randolph and Karen Henderson, who ruled in favor of the government gave no comment. But dissenting judge Judith Rogers said the court does have the authority to order release of the detainees.A federal judge in June ordered the men freed, saying the government does not have the right to keep them in detention since it has decided they are no longer enemy combatants. The men have been held at Guantanamo for seven years.The government argues that they should remain imprisoned until U.S authorities find new homes for them. It also says the men received weapons training at a terrorist camp. Washington has balked at China's demand that the 17 be sent back home, fearing they would be tortured if returned to China.The Chinese Muslims are members of the Uighur minority in far-western China's Xinjiang region. Beijing has cracked down on those in the region it calls violent separatists.
Some information for this report was provided by AP.
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Court Rules Bali Bombers Can Be Executed by Firing Squad
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Presiding judge in Indonesia rules pain generated by firing squad is natural part of execution process and not torture
Indonesia's constitutional court has ruled the three men convicted in the 2002 Bali bombings and sentenced to death may be executed by firing squad, quashing their claim it is inhumane and against the constitution. VOA correspondent Nancy-Amelia Collins in Jakarta has more.The constitutional court also dismissed a request by the Bali bombers to be beheaded instead of shot, which their lawyers argue is a more humane method of execution.Bali Bombers from left, Imam Samudra, Ali Gufron and Amrozi Nurhasyim (2007 File)The three bombers: Amrozi Nurhasyim, Ali Gufron, and Imam Samudra, have been sentenced to death for the 2002 Bali bombings that claimed the lives of 202 people, many of them foreign tourists.Presiding judge Mohammad Mahfud says the pain generated by a firing squad is a natural part of the execution process and not torture, as claimed by the bombers' lawyers.He says there is no justification for the request and that the court has rejected it.The three bombers, who are part of the regional terrorist group Jemaah Islamiyah, have exhausted all appeals and are expected to be executed soon.In an unusual announcement, the attorney general said he will give more details about the timing of the executions, this Friday.Indonesia carries out executions by firing squad, usually late at night and without giving prior notice to the public.A lawyer for the bombers, Wirawan Adnan, says he will respect the court's decision."We have to respect the decision. This is because this is a highly respected court and we have to respect the decision," Wirawan said. "We do have our disappointment. But, with that being said, we still respect the constitution and again this is our petition for the constitution, not necessarily for Amrozi, it's for the interest of the constitution."The three Bali bombers vow their followers will avenge their execution, but most terrorist experts agree Jemaah Islamiyah is no longer capable of launching major terrorist attacks.Also on Tuesday, police raided a house in Jakarta seizing weapons and bomb-making materials from the site, but did not give further details.
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