Asian Stock Prices Plunge; US, European Shares Post Losses
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Concern that global downturn will hurt company profits frightens investors
Specialist Robert D'Iisidori works at his post on floor of New York Stock Exchange, 24 Oct 2008 Concern that a global downturn will hurt company profits has frightened
investors and caused stock prices to fall dramatically around the world.U.S.
stocks fell sharply in Friday's trading, with the Dow, S & P 500,
and NASDAQ indexes losing between two and three percent. Key U.S.
indexes fell even further in earlier trading. European markets
are also down sharply, dropping between four and six percent after a
report that the British economy is on the brink of recession. The
report said the economy shrank by half-a-percent in the third quarter.
It is the first contraction of the British economy in 16 years. Asian
investors reacted to disappointing earnings reports from major
companies with a massive selloff. Key indexes in Japan and Hong Kong
lost more than eight percent. And Russia's battered stock markets fell more than 10 percent, prompting officials to suspend trading on the MICEX.But
some new data on the U.S. housing market offered a glimmer of hope
Friday. Home resales in the United States rose more than five percent
in September from the previous month, as falling home prices began to
attract some buyers. Severe problems in the U.S. housing market
sparked the global financial crisis. President Bush has
invited leaders of wealthy nations and the heads of major developing
economies to a summit on November 15 that will focus on the global
financial crisis.
Some information for this report was provided by AFP, AP and Reuters.
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Former Fed Chief Says US Financial Crisis is 'Credit Tsunami'
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Alan Greenspan, two other current and former officials, face tough questioning from US lawmakers in congressional hearing
Former U.S. Federal Reserve Chairman, Alan Greenspan, has predicted further negative impacts for Americans from the U.S. and global financial crisis, which he called a credit tsunami. VOA's Dan Robinson reports, Greenspan and two other current and former U.S. officials, faced tough questioning from lawmakers in a congressional hearing. Alan Greenspan testifies before House Oversight and Government Reform Committeeon Capitol Hill, 23 Oct. 2008 The longest-serving chairman of the U.S. central bank until he was replaced by Ben Bernanke in 2006, Greenspan called the financial and credit crisis a "once in a century credit tsunami" brought about by heavy demand for securities backed by sub-prime mortgages.The crisis has been much broader than anything I could have imagined, Greenspan said, leaving him and other economic experts in a state of shocked disbelief."Given the financial damage to date, I cannot see how we can avoid a significant rise in layoffs and unemployment," he said. "Fearful American households are attempting to adjust as best they can to a rapid contraction in credit availability, threats to retirement funds and increased job insecurity."For the crisis to end, Greenspan added, U.S. housing prices must stabilize, something he said is still many months in the future. A future economic landscape, he said, would be characterized by exceptional investor caution, particularly where investment instruments are concerned, leading to a more sustainable sub-prime mortgage market. Greenspan has faced criticism that as Federal Reserve chairman for more than 18 years, he resisted tighter market regulation, and kept U.S. interest rates too low, fueling a surge in risky sub-prime mortgages.Committee Democrats questioned decisions and statements he made about the U.S. housing market.Democratic panel chairman Henry Waxman asked if the crisis has changed his ideological positions on regulation and the operation of free markets."In other words, you found that your view of the world, your ideology was not right, it was not working," asked Waxman."Precisely, that is precisely the reason I was shocked, because I had been going for 40 years or more with very considerable evidence that it was working exceptionally well," Greenspan replied. Alan Greenspan (l), Chairman of the SEC Christopher Cox (center) and Former Treasury Secretary John Snow on Capitol Hill, 23 Oct 2008Securities and Exchange Commission chairman Christopher Cox was sharply challenged by Maryland Democrat Elijah Cummings about efforts now to crack down on one aspect of the credit mess.Cummings: "You became SEC chairman over three years ago. Why didn't you act sooner to require this disclosure of credit default swaps?"Cox: "If you wish me to answer explicitly, where was I, I was here with you, indeed I was vice-chairman of this committee, when Congress had the opportunity to do what I am asking Congress to do now, which is to close this regulatory hole."Cummings: "But I'm talking about the three years that you were there, we paid your salary, the taxpayers the ones that are losing their homes right now paid your salary for three years."Minority Republicans also questioned decisions by Greenspan, Cox, and former Treasury Secretary John Snow, although Republican criticisms were not as sharp as Democrats.In a separate hearing, the U.S. treasury official overseeing the $700 billion program approved by Congress to rescue financial institutions, said it is having a positive effect, but Neel Kashkari added a cautionary note."Since the announcement of our capital purchase program, we have seen numerous signs of improvement in our markets and in the confidence in our financial institutions," he said. "While there have been recent positive developments, the markets remain fragile."Thursday's hearing took placed amid continued volatility in U.S. financial markets, amid investor concerns about the economy, and new figures showing increases in home foreclosures.At the White House, press secretary Dana Perino declined to use the word recession to describe the economic situation, but said President Bush knows the country is in "for a rough ride."
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Asian, European Leaders Meet to Restore Confidence in Markets
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Chinese President Hu Jintao says uncertainties, instability are increasing in country's economy as result of global financial crisis
Asian and European leaders are meeting in the Chinese capital to
discuss ways to increase confidence in world markets. Chinese
President Hu Jintao has said uncertainties and instability are
increasing in China's economy as a result of the global financial
crisis. Daniel Schearf reports from Beijing.Leaders from over 40 European and Asian countries met in Beijing Friday to encourage solidarity in facing the crisis.Global
financial problems were at the top of the agenda as they gathered for
the first day of the two-day Asia-Europe Meeting, known as ASEM.President Hu Jintao speaks at the opening ceremony of the 7th Asia-Europe Meeting at the Great Hall of the People in Beijing, 24 Oct 2008China's
President, Hu Jintao, addressed the opening ceremony carried live on
national television. He said the crisis was increasing instability in
China's economy and that concerted efforts were needed to shore-up their interdependent economies. He
says China's economic growth faces various hardships and challenges.
He says for China's economy to maintain a healthy state is itself an
important contribution to global financial market stability and global economic development.Earlier
in the day Southeast Asian countries plus China, Japan, and South
Korea, agreed to an $80 billion regional emergency fund to
battle the effects of the crisis.Nonetheless, Asian stock
prices continued to tumble. Hong Kong's Hang Seng index fell to a
four-year low while China's benchmark stocks dropped to a two-year
low. The Japanese and South Korean exchanges dropped to similar record lows.
The
European Commission President, Jose Manuel Barroso, said Asia and
Europe needed to work with world partners to restore growth, stability,
and confidence. "We cannot meet these challenges by closing
the door and simply looking after our own house. We have all benefited
from trade and an open business environment," Barroso said. "So, we should firmly
resist calls for protectionism, isolation and economic nationalism.
This would only harm us and our prospects for recovery."Despite
the financial crisis topping the meeting agenda, Barroso said equally
important was working together on a range of critical world issues.The meeting is also to address cooperation on climate change, sustainable development, and energy security, among other issues.Europe wants further commitments from advanced developing nations like China and India to reduce greenhouse gas emissions.However,
the Asia-Europe Meeting is a summit for discussion and demonstrations
of cooperation and is not expected to produce any binding agreements.China's
official Xinhua news agency says during the meeting Chinese officials
are expected to put forward a proposal to build an "eco-city network"
in Asia. It did not elaborate.
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State Polls Show Obama Surge
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Both candidates were on the campaign trail Thursday and focused on the economy, the number one issue for voters in this year's election
In the U.S. presidential race, several new surveys in key states show Democrat Barack Obama surging ahead of his Republican opponent, John McCain. Both candidates were on the campaign trail Thursday and focused on the economy - the number-one issue for voters in this year's election. VOA National Correspondent Jim Malone has more from Washington. Democratic presidential candidate Sen. Barack Obama shakes hands at a rally at American Legion Mall in Indianapolis, Indiana, 23 Oct. 2008Senator Obama took his campaign to Indiana, a Midwest state that last supported a Democrat for president in the 1964 election.The latest survey in Indiana, the Big Ten Battleground Poll, gives Obama a 10-point lead over Senator McCain - 51 percent to 41 percent. But other recent polls there suggest a tight battle for Indiana's 11 electoral votes.At a rally in Indianapolis, Obama accused McCain of putting corporations ahead of workers in his economic plan, and described McCain's approach as Wall Street first, Main Street last. "We have tried it John McCain's way," Obama said. "We have tried it George Bush's way. And we are here to say, ' Enough is enough! We cannot afford four more years of their fundamental economics.' That is why I am running for President of the United States, to get an economics that works for you!" Obama will be taking a break from the campaign trail until Saturday to visit his ailing 85-year-old grandmother in Hawaii.John McCain greets supporters at rally in Ormond Beach, Florida, 23 Oct 2008Despite the daunting poll numbers nationally and in individual key states, Republican John McCain continued to hammer away at Obama's economic plan, especially the issue of taxes.McCain built a campaign bus tour through Florida around the man known as "Joe the plumber". Joe is an Ohio plumber who challenged Obama's tax proposals during an encounter with Obama on the campaign trail.McCain says Obama's plan is a thinly veiled attempt to spread the wealth - taking from the rich and giving to the poor. "We need to win on November 4, and we are going to win. We are going to win Florida and bring real change to Washington, D.C.," McCain said. The latest Quinnipiac University poll gives Obama a five-point lead in Florida, a state won by President Bush in the last two elections.In total, the Quinnipiac and Big Ten Battleground state polls show Obama surging to sizeable leads in several key states including Ohio, Pennsylvania, Michigan, Minnesota and Wisconsin.Nationally, Obama has an average lead of about seven points, according to the website Real Clear Politics.com.McCain was also busy defending his vice presidential running mate, Alaska Governor Sarah Palin, on national television. Recent polls suggest that while Palin has energized some social conservative voters, she is hurting McCain with independents and moderates.Sarah Palin campaigns in Columbus, Ohio, 29 Sept. 2008McCain appeared with Palin in an interview with NBC News. "I am overjoyed to have a person who is a real reformer," McCain said. "I see all these attacks on Governor Palin. I do not live in a bubble. But those people are either not paying attention to or do not care about the record of the most popular governor in the United States of America." A growing number of political analysts note that Obama is holding a steady lead in the U.S. presidential race. And they see fewer opportunities for McCain to close the gap in the final days of the campaign."Democrats are still winning the enthusiasm game," said Karlyn Bowman, who monitors U.S. public opinion at the American Enterprise Institute in Washington. "They are winning the money [i.e., fundraising] game. They won the recruitment game in terms of congressional and senatorial contests. And they now have the advantage on most issues, particularly the economy - the top issue that voters care about. And they have a candidate whom more and more Americans feel good about." Both candidates will target the same relatively small group of states, known as swing or battleground states, in the final days of the campaign. These are states like Ohio, Florida and Missouri that often hold the balance in the state-by-state electoral vote tally that decides who becomes president.
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Early Elections Likely in Israel After Coalition Talks Flop
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Prime Minister-designate Tzipi Livni threatens early elections if coalition government is not formed by Sunday
There is political turmoil in Israel after negotiations on forming a new government collapsed. Robert Berger reports from the VOA bureau in Jerusalem.Tzipi Livni, 5 Oct., 2008The ultra-Orthodox Shas party has decided not to join a government led by Foreign Minister Tzipi Livni, who is hoping to become Israel's first woman prime minister in more than 30 years. Shas leader Eli Yishai said coalition talks collapsed.Yishai told Israel Radio that Livni failed to meet two key demands: first, not to negotiate with the Palestinians on the future of Jerusalem, and second, to provide $26 million in welfare benefits for big religious families. Shas's decision came a day after Livni issued an ultimatum.Livni said that if she did not have a new coalition government by Sunday she would call early elections.With two days to go before the deadline, both sides could be engaging in brinkmanship. Officials in Livni's Kadima party and in Shas say there is still a chance for a deal.If there are early elections, they would probably take place in March of next year. Livni would face off with hawkish opposition leader and former Prime Minister Benjamin Netanyahu. Battle lines are already being drawn. Netanyahu opposes Livni's plan for the creation of a Palestinian state and compromise on Jerusalem.
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Indonesia Says Bali Bombers to be Executed Next Month
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Execution of Amrozi Nurhasyim, Ali Gufron and Imam Samudra cleared when top Indonesia court ruled nation's constitution does not prohibit death by firing squad
Indonesian officials announced they will soon execute the three Islamic
militants convicted for the 2002 terrorist bombings on the tourist
island of Bali that killed 202 people. VOA's Nancy-Amelia Collins in
Jakarta has more.The spokesman for the attorney general's
office, Jasman Panjaitan, told reporters Friday all legal matters
pertaining to the executions have now been completed.He says the execution will take place in early November, but did not give an exact date.Bali Bombers from left, Imam Samudra, Ali Ghufron and Amrozi Nurhasyim (2007 file photo)Jasman
said the three men will be executed at Nusakambangan island, the
maximum security prison island just off central Java where the three
men are being held.Most executions in Indonesia are not announced and are carried out late at night by a firing squad. Imam
Samudra, Amrozi Nurhasyim, and Ali Ghufron were sentenced to death five
years ago for planning and carrying out the 2002 suicide bombings on
two night clubs in Bali that left 202 people dead, many of them foreign
tourists.The three men belong to the Southeast Asian terrorist
group Jemaah Islamiyah, which is also blamed for the 2003 Marriot Hotel
bombing in Jakarta, the 2004 bombing outside the Australian embassy in
Jakarta, and a second terrorist attack in Bali in 2005.The
authorities have arrested more than 300 Islamic militants linked to
Jemaah Islamiyah over the past few years and most experts agree the
group has been decimated and is no longer capable of carrying out large
scale attacks.But security expert and author on the terrorist
group, Ken Conboy, says there are still small networks of Islamic
radicals who could carry out revenge attacks, as vowed by the Bali
bombers, after the executions take place."There's a whole
network of hard-line radicals that have easy access to explosives…and
let's face it - vest bombs and pipe bombs are not very sophisticated
and certainly within their ability, so the technology's there and the
new materials are out there, so it's not that tough to do," he said.Earlier
this week police say they foiled a plot by militants to bomb a fuel
depot in Jakarta and arrested five suspects, but they did not elaborate
further or say whether the plan was related to the Bali bombers'
impending execution.
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Zimbabwe PM-Designate Tsvangirai to Attend Monday Negotiations
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Morgan Tsvangirai will try to remove deadlock on filling top cabinet position in new national unity government
Zimbabwe's prime minister designate Morgan Tsvangirai says he will attend a meeting of regional leaders in Harare Monday after he boycotted the last session a week ago because he had no passport to travel to Swaziland. Peta Thornycroft reports that Mr. Tsvangirai will attend a last ditch regional meeting which will try and remove a deadlock on filling top cabinet positions in any new government of national unity.Movement for Democratic Change leader Morgan Tsvangirai addresses supporters during rally in Masvingo, 19 Oct 2008Morgan Tsvangirai still has no passport but will not need one for the next regional meeting because it will take place in Harare.A Movement for Democratic Change spokesman said he is attending even though many conditions agreed to in the power sharing agreement signed on September 15 have been broken by President Robert Mugabe's ZANU-PF.MDC spokesman Nelson Chamisa said pro-democracy activists continue to be arrested and harassed, in particular leading figures from the Women of Zimbabwe Arise organization. Three of them were arrested earlier this week at a peaceful protest outside government offices.One, Jenni Williams, remains in detention in Bulawayo.Chamisa also pointed to the state-controlled mass media, which runs the only two daily newspapers and the one television and four radio stations. The state media carries daily reports hostile to the MDC.Having been denied a passport since June, Mr. Tsvangirai last weekend refused to attend a meeting called by the Southern African Development Community, SADC, which is mediating a settlement of Zimbabwe's ever deepening political, economic and humanitarian crisis. Now he has said he will attend another SADC session in Harare, at which leaders from Mozambique, Angola. Swaziland and the Democratic Republic of Congo are expected to attend.The SADC mediation, which began last year, and ended in failure eight months later, restarted after Zimbabwe's elections in March in which the MDC narrowly beat ZANU-PF in the parliamentary elections and Mr. Tsvangirai won the first round of the presidential poll from Mr. Mugabe.Heading the team is former South African president Thabo Mbeki who has continued to facilitate despite fears that the power-sharing agreement is unlikely to succeed.The present deadlock is about allocation of cabinet positions. ZANU-PF wants all the security posts, such as defense, the police and security ministries with Mr Tsvangirai, so far, being allocated the social service positions. Mr. Tsvangirai wants the home affairs ministry which controls the police.Some of his lieutenants, such as MDC secretary-general Tendai Biti want 10 ministries re negotiated including local government, information and foreign affairs.Most of Zimbabwe's population is hungry and at least two million have been identified by the United Nations as in need of immediate food aid. Non governmental organizations say they are struggling to get around official red tape and begin emergency feeding programs.
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Indians Replace Customary Sweets With Other Gifts at Festival Time
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Chocolates, iPods, household items replacing traditional sweets among country's wealthy citizens
For generations, traditional Indian sweets have been a customary gift during the main Hindu festival, Diwali. But tastes are changing as India globalizes - and chocolates, cakes or other gifts are replacing Indian sweets as the hot favorites. From New Delhi, Anjana Pasricha has a report.A young boy colors earthen lamps before selling them in the market ahead of the Diwali festival of lights, on the outskirts of Amritsar, India, 23 Oct 2008Markets are packed with shoppers just days ahead of India's main Hindu festival, Diwali. Some people are heading to shops selling traditional sweets or "mitthai." They want to follow a custom that has been handed down generations - exchange a box of "mitthai" with friends, relatives, and colleagues. The sweets come in dozens of varieties, mostly prepared with condensed milk and sugar, and flavored with spices such as saffron and cardamom.But many other customers are passing by shops selling "mitthai." Instead they are looking out for chocolates, confectionery, household items such as fancy linen, or even the latest mobile phones and iPods. In recent years, the allure of sweets appears to be fading - at least for the wealthy. Suhasini Sood, 35, says she has stopped buying "mitthai". "I think it is mostly change of tastes, and also to some extent changing social norms," said Sood. "It's more "done" to give chocolates, and or you know some other gifts instead of "mitthai.""Vinay Aggarwal is partner in a popular sweet shop in Central Delhi. He admits that sweets are no longer appetizing for some customers. But he says it is only the rich who have changed their habits - for the masses, it is still a box of sweets. "Only five percent of the upper crust, elite of society, they can afford to buy chocolates or maybe whatever they want to buy, maybe gold, maybe whiskey, maybe anything," he said. "Not the common man."However, the common man's wallet does not stretch as far as that of the wealthy. As a result, the changing trend has begun impacting sales. A survey by the Associated Chamber of Commerce and Industry estimated that sales of sweets last year were down 40 percent from the previous year. This year could see sales plummet even further - partly due to the global financial crisis which is having ripples in India as stock markets and property prices crash, and companies prepare for lower profits.Aggarwal says sales have been hit. "For those who were buying 200 boxes are buying 50 boxes, which is very necessary," he said. "They can't afford to do away with it." Diwali is India's biggest festival. Companies distribute bonuses at this time so that employees can buy gifts both for families and friends.
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Rays Beat Phillies to Even World Series
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Tampa Bay Rays have some extra time to enjoy the victory, as the series does not resume until Saturday night in Philadelphia, where games three, four and five will be played
Major League Baseball's best-of-seven game World Series is tied at one win each after the host Tampa Bay Rays beat the Philadelphia Phillies, 4-2, Thursday night. VOA Sports Editor Parke Brewer was at Game 2 in St. Petersburg, Florida and has a report.Tampa Bay Rays' Carlos Pena, left, congratulates Akinori Iwamura after Game 2 of the baseball World Series against the Philadelphia Phillies in St. Petersburg, Fla., 23 Oct 2008For the second straight night, two runs came across the plate in the first inning, only this time it was host Tampa Bay, and not Philadelphia, that scored first. The Rays got their runs on a walk, a hit, an error and two ground ball outs.They added a run in the second on three singles to make it 3-0, and their final run came in the fourth inning on two singles and a bunt up the first base line.Philadelphia got one run in the eighth inning on a home run into the left field stands by pinch hitter Eric Bruntlett, and the other run in the ninth inning on a double and a Tampa Bay error.The Phillies outhit the Rays in Game two, nine to seven, but they continued to struggle to get their hits with runners in scoring position, with only one in 15 tries. They left 11 runners on base to only four for the Rays.Philadelphia manager Charlie Manual says it's a problem."I'm concerned about us hitting with guys on base, because I think at times it looks like we might be trying a little bit too hard, but we can fix that," he said. "We got behind early and we had a hard time catching up and we didn't execute."On the other hand, Tampa Bay made the most of its opportunities, getting three of its four runs driven across the plate on ground ball outs.Rays starting pitcher James Shields did not allow a run in five and two-thirds innings of work and was credited with the win. He said playing in his first World Series game was a thrill."There's no doubt. This is the World Series. This is what we dreamed of doing as kids. And you know our crowd tonight was electric, and I mean it's exciting," he said. "It's an exciting time in our lives and we're trying to enjoy the moment." The Tampa Bay Rays have some extra time to enjoy the victory, as the series does not resume until Saturday night in Philadelphia, where games three, four and five will be played.
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Corcoran Museum Showcases Photographer Richard Avedon's 'Portraits of Power'
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Washington exhibit spans five decades, including Avedon's last portraits shot in 2004
Richard
Avedon was the pre-eminent American fashion
photographer of the 20th century, but portraits were his passion. The Corcoran Gallery of Art in Washington, D.C., has assembled more than
two hundred of Avedon's "portraits of power," an exhibit that seems
fitting as Americans prepare to elect their next president. VOA's Susan Logue reports.
A father and son visit the Corcoran Gallery of Art exhibition "Richard Avedon: Portraits of Power"U.S. Presidents Dwight D.
Eisenhower, Ronald Reagan, and Jimmy Carter; spiritual leaders, from the Dalai
Lama to the Reverend Billy Graham; and physicist Robert Oppenheimer, known as
the "father of the atomic bomb," are among the photographs in "Richard
Avedon: Portraits of Power."
"Avedon always in his work wanted to get at something
true and essential about the person that he was photographing," says Paul Roth,
senior curator of photography at the Corcoran Gallery of Art, who organized the
exhibit.
Avedon did that by taking his subjects out of
their milieu. Nearly all of them were
photographed against a plain, white background.
"He felt that in doing so he brought the
viewer's complete attention to the person's face, the person's body, the
clothes they wore, the way their hair was combed," says Roth. "When he made his photographs I think he was
trying to penetrate the different masks people wear in order to exercise their
power."
Choosing his subjects
Bob Dylan, musician, Central Park, New York, February 10, 1965,© 2008 The Richard Avedon FoundationAvedon's earliest portraits were often
creative people… like singer/songwriter Bob Dylan, soprano Marian Anderson and
movie director and actor Charlie Chaplin.Sometimes the portraits were assignments from magazines like
Harper's Bazaar, Vogue, or The New Yorker. But Roth says Avedon's fame and success,
which came early in his career, gave him the freedom to choose his own
subjects.
American Civil Rights Leader Julian Bond, who
currently chairs the NAACP was photographed by
Avedon three times. The first time was
1963, when Bond was 23. He was
photographed in Atlanta, with other founders of the Student Non-Violent
Coordinating Committee.
American civil rights leader Julian Bond stands next to the first of three portraits Richard Avedon took of him"We knew him primarily as a fashion
photographer, and that a fashion photographer would take the time to photograph
us, who were not a fashionable people -- we were impressed by that," Bond
recalls.
Photographing the unfashionable
Increasingly, Avedon chose to photograph the
unfashionable, documenting not only the civil rights movement, but also the
American anti-war movement during the Vietnam War. In 1976, he photographed 69 of the most powerful Americans for a
photo essay in Rolling Stone Magazine called "The Family."Ronald Reagan, former Governor of California, March 4, 1976,© 2008 The Richard Avedon Foundation"He spent several months traveling
around the United States photographing a cross section of the power elite: people in government, in unions, in media,
in law, people he felt represented power," says Roth.
Four years ago, during the last presidential
campaign, he launched a similar project called "Democracy" for The New
Yorker magazine. He photographed
delegates at both political conventions, activists like filmmaker Michael Moore
and actor Sean Penn, politicians such as Karl Rove… and a young man who was
running for Senate, Barack Obama.
Obama makes an impression
"He saw the keynote address at the
Democratic convention given by Barack Obama," Roth says. "He felt it was clear that one day Obama
would run for the presidency and perhaps win, so he made the decision then, at
the very end of his portfolio, that the final image would be of Obama."
In fact, Obama's portrait is among the last
photographs Richard Avedon took. He
died of a brain hemorrhage on October 1, 2004, before completing the
"Democracy" project. "The New Yorker"
published the photos posthumously, putting Barack Obama's portrait last, just
as Avedon would have wished. It is also
among the final photos in the exhibit at the Corcoran.
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