Asian Stocks Plunge as Policymakers Seek to Shore Up Confidence
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Leaders of advanced economies voice concern about swings in Japan's currency; South Korea's president outlines agenda for getting through global turmoil
Asian stock markets had another rough and tumble day, even as policymakers sought to restore confidence. Leaders of advanced economies voiced concern about swings in Japan's currency, and South Korea's president outlined his agenda for getting through the global turmoil. VOA Seoul correspondent Kurt Achin reports.Thailand suspended trading on its stock market Monday, after it plunged nearly 10 percent immediately after opening. The so-called "circuit breaker" was invoked to ease the latest bout of panic selling. The Philippines also paused trading after stocks plunged more than 12 percent.Hong Kong's Hang Seng index slid more than 12 percent for its lowest close in four years, and Japan's Nikkei dropped almost 6.5 percent for its lowest close since 1982.Availability of international credit has constricted following major bank collapses in the United States. That, and predictions of a severe recession in the United States have dealt a beating to global stock markets for days. Investors have flocked to U.S. government securities and the dollar, which they perceive as safe - ratcheting up the exchange value of the dollar against Asian currencies.Leaders of the Group of Seven advanced industrial economies, or G-7, voiced concern the Japanese yen is also becoming inflated. In a joint statement read by Japanese Finance Minister Nakagawa Shoichi, leaders reaffirmed a "shared interest in a strong and stable international financial system." He says excessive volatility has an adverse effect on economic aid and financial stability. We will continue, he says, to watch moves in the foreign exchange markets.Japanese officials say they are considering a massive capital injection into the country's banking system to try to offset the effects of the current crisis.South Korean man walks past advertisement for bank's interests in Seoul, 27 Oct 2008In South Korea, stocks finished slightly higher - thanks to robust central-bank action, and a detailed economic policy address by the South Korean president. The Bank of Korea slashed its key interest rate by three quarters of a percent - the sharpest cut in South Korea's history. The only other time the South Korean central bank cut the rate was after September 11, 2001.President Lee Myung-bak went before lawmakers in hopes of reassuring his citizens and international investors.Some raise a question, says Mr. Lee, about whether we can get over this crisis. The crystal-clear answer, he says, is "Yes, we can."Mr. Lee adds, Seoul will expand government spending "boldly" to revitalize domestic consumption. He says there will also be tax cuts, more investment in social infrastructure, and support for small and medium-sized businesses.President Lee quoted Depression-era U.S. President Franklin D. Roosevelt, saying the only thing to fear is fear itself. He urged South Koreans to have confidence that the lessons of the Asian financial crisis ten years ago increased the stability of their country's economy. Mr. Lee is scheduled to join other world leaders next month in Washington for a summit on the financial crisis.
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McCain, Obama Visit Critical States, Just Over a Week Until Election
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US presidential candidates John McCain and Barack Obama campaign in two populous states seen as crucial to victory in the November 4 election
US Democratic presidential candidate Illinois Senator Barack Obama helps to make phone calls with volounteers to gather votes, at his campaign office in Brighton, Colorado, 26 Oct 2008Democratic presidential candidate Barack Obama and his Republican opponent, John McCain, are campaigning in two populous states seen as crucial to victory in the November fourth U.S. election.Both men hold rallies Monday in the eastern U.S. state of Pennsylvania and the state of Ohio. An average of national polls compiled by RealClearPolitics-dot-com indicates the Democratic candidate is ahead of the Arizona senator by more than seven percentage points. Aides for Senator Obama say he will make what they call his "closing argument" in speeches today, as Senator McCain continues what his campaign calls its "Road to Victory" rallies. Meanwhile, Republican vice presidential candidate Sarah Palin will hold an event in Virginia, and her Democratic counterpart, Joe Biden, campaigns in North Carolina.Republican presidential candidate John McCain speaks at a campaign rally at Zanesville High School in Zanesville, Ohio, 26 Oct 2008On Sunday, Alaska's largest newspaper, The Anchorage Daily News, endorsed Obama. The paper criticized McCain's economic policies and said Palin, who is governor of the traditionally Republican state, is not fit to become president in the event that the 72-year-old McCain dies in office.On Sunday, Obama drew a crowd of more than 100,000 in Denver, in the western U.S. state of Colorado, where he linked McCain to the policies of unpopular President George Bush. Sunday on NBC's Meet the Press, McCain said he and the president share a common philosophy of the Republican Party, but said he has stood up against Mr. Bush and others on some key issues. Later, at rallies in the states of Iowa and Ohio, he urged supporters to keep the presidency out of the hands of the Democrats, saying it would result in higher taxes and increased spending. Some information for this report was provided by AFP, AP and Reuters.
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Syria Protests Alleged US Raid on Syrian Border Town
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Syrian media say four US helicopters took part in raid Sunday on town of Abu Kamal, near Iraqi border, killing 8 civilians
Syrian officials are protesting a raid on the Syrian border village of Sukkariya, summoning the U.S. and Iraqi Charge d'affaires in Damascus. Syria says U.S. forces conducted the raid, and that eight people were killed and 14 wounded. Edward Yeranian reports from Cairo.Syrians carry coffins of their realtives who were killed yesterday in a US military raid on the village of Sukkiraya, on the Syria-Iraq border, 27 Oct 2008A Syrian government spokesman called the raid "a crime and an act of aggression," claiming U.S. forces attacked a civilian building that was under construction. The building was about seven kilometers into Syrian territory, near the border post of Bu Kamel.
Al Arabiya TV, quoting eyewitnesses, says two American helicopters remained in the air, while two others landed troops in the Syrian border village of Sukkariya. The report could not be confirmed.The U.S. military in Iraq says it does not have any information on the incident, and the U.S. government has not confirmed the attack nor commented on the allegations.Sources at the local hospital say it had the bodies of seven men, all killed by gunfire. Arab League Secretary General Amr Moussa condemned the attack.He expressed sympathy and offered condolences to the families of those killed. He said Arab League officials in Cairo are following the situation in what he called a dangerous incident, which penetrated Syria's sovereignty. Map of Syria, highlighting Abu KamalThe president of the Data and Strategic Studies Center in Damascus Imad Fawzi el Shueibi called the attack an "act of stupidity" by the parting Bush administration. Press reports, quoting the mayor of the Iraqi village on the other side of the border, say Syrian Army troops took control of the area near the attack site.Iraqi government spokesman Ali al-Dabbagh said this region is a theater of insurgent activities against Iraq, using Syria as a launch pad. He said Baghdad is asking Damascus to extradite members of an unnamed group it accused of killing 19 Iraqi security guards in a recent attack.An Iraqi woman named Haifa Sabah al A'ani reacted on Jazeera TV's Web site, saying "What does Syria expect, if it lets terrorists into its country?"A Lebanese man, named Sultan Khaled asserted, sarcastically, "Now the time has come for (Syrian President) Bashar al Assad to drink from the same cup as his Iraqi neighbors."
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Afghan, Pakistani Representatives Hold Jirga on Taliban Conflict
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Meeting comes after suspected US missile strike killed 20 people in Pakistan's Taliban-controlled tribal regions
A suspected U.S. missile strike has killed 20 people in Pakistan's Taliban-controlled tribal regions. The attack came hours before Pakistani and Afghan tribal leaders and government representatives began two days of talks about the Taliban insurgency in both countries. VOA's Barry Newhouse reports from Islamabad.Residents of South Waziristan said the early morning missile strike hit the home of a Taliban commander outside the main town, Wana. Local residents reported some foreign militants were among the dead.Since late August, more than 12 such missile strikes have hit targets mainly in the North and South Waziristan tribal agencies, which are considered key strongholds of Taliban factions that also operate in Afghanistan. During the same time, Pakistan's military has been engaged in heavy fighting in the Bajaur tribal agency, where the army claimed this week that more than 1,500 militants and 73 soldiers have been killed since the operation began. Despite the increase in U.S. missile strikes and the intensified efforts of the Pakistani military, there is also growing support for using negotiations and diplomacy to resolve the Taliban conflict. Last week Pakistan's parliament passed a resolution supporting peace talks as the government's top priority. This week, a group of Afghan tribal leaders, clerics and government officials arrived in Islamabad for talks with their Pakistani counterparts on the Taliban insurgency. A general view of the opening session of Pakistan Afghanistan Tribal Elders Jirga meeting in Islamabad, Pakistan on Monday, 27 Oct. 2008At the start of the two-day meeting traditionally known as a jirga, Pakistan's foreign minister Shah Mehmood Qureshi said both countries acknowledge that the Taliban insurgency must be resolved through diplomacy. "There is an increasing realization that the use of force alone cannot yield the desired results. For lasting success, negotiations and reconciliation must be an essential part of the process" Qureshi said.Since the last Pakistan-Afghanistan jirga held in Kabul more than a year ago, relations between the two countries have worsened and the Taliban insurgency has strengthened. Afghan officials have accused elements of Pakistan's intelligence and military institutions of helping insurgents plot attacks in Afghanistan.Despite the difficulties, officials in both countries say there is now more support for working together to negotiate an end to the conflict. Unlike last year, representatives from Pakistan's tribal agencies are attending the talks, citing the minor but hopeful progress that was made during the last round. Some critics in Pakistan say the talks are meaningless unless U.S., NATO and Taliban representatives attend. But the leader of Afghanistan's delegation, former foreign minister Abdullah Abdullah, said searching for common ground at this stage is the best way forward. "Through the decisions of the peace jirga and the discussions that we have here we will explore those opportunities further and hopefully what we decide here will help us to expedite the process of dialogue and reconciliation," Abdullah said.The talks among 50 officials and tribal elders from both countries are expected to continue through Tuesday.
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Lebanese Political Rivals Hold Rare Meeting
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Officials say Hezbollah chief Hassan Nasrallah met with parliamentary majority leader Saad Hariri at an undisclosed location Sunday
Lebanon's key political rivals have met for the first time in two years. Lebanese Hezbollah chief Hassan Nasrallah (L) and Lebanese parliamentary majority leader Saad Hariri (R) at their first meeting in more than two years, 27 Oct. 2008Officials said Hezbollah chief Hassan Nasrallah met parliamentary majority leader Saad Hariri at an undisclosed location Sunday.A joint statement released after the meeting stressed the importance of "national unity and civil peace" to prevent tension and reinforce dialogue. The statement said the meeting was "open and frank." It did not elaborate.The two sides are to meet again on November 5 for a national dialogue that will deal primarily with the fate of Hezbollah's weapons.The dialogue is part of a Qatari-brokered power-sharing deal that ended fighting between supporters of the Western-backed parliamentary majority and the Hezbollah-led opposition.The violence erupted in May after an 18-month-long political standoff that shut down the government. The power-sharing deal allowed the election of consensus President Michel Suleiman, as well as the appointment of a Cabinet where Hezbollah and its allies hold enough seats to veto any government decision.Lebanon is to hold parliamentary elections next year.
Some information for this report was provided by AFP and Reuters.
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Mugabe, Tsvangirai Meet to Discuss Zimbabwe Impasse
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Former South African President Thabo Mbeki optimistic about finalizing plans for unity government
Zimbabwe President Robert Mugabe and opposition leader Morgan
Tsvangirai are meeting Monday in Harare to try to salvage their
power-sharing agreement. Zimbabwe President Robert Mugabe, left, and new Prime Minister Morgan Tsvangirai pose after signing the power-sharing accord, 15 Sept 2008Former South African President Thabo
Mbeki, who brokered the deal, says he is optimistic about finalizing
plans for a unity government.The Southern African Development
Community convened the meeting amid fears the power-sharing deal was
about to unravel after weeks of tense negotiations. Last week,
Tsvangirai refused to go to a similar meeting in Swaziland because
Zimbabwe authorities would only issue him emergency travel documents
instead of renewing his passport.Tsvangirai says he is
committed to reaching an equitable power-sharing agreement with
President Mugabe, but that he will not agree to something just to get a
settlement.Last month, the two leaders signed a
deal to form a unity government, however the agreement since stalled
over a dispute over how to allocate key cabinet positions. Under
the agreement, the opposition Movement for Democratic Change would
control 16 Cabinet posts, with the ruling ZANU-PF party getting 15. This
month, Mr. Mugabe unilaterally gave his ZANU-PF party control of key
posts that oversee the military, police and foreign affairs. This led
the MDC to threaten to pull out of the deal.The agreement was
designed to end the crisis sparked by Zimbabwe's disputed and
widely-dismissed presidential elections earlier this year.
Some information for this report was provided by AFP, AP and Reuters.
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UN Reports Afghan Opium Crop Drops but Remaining Plants Have Higher Yield
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Christina Oguz, head of UN Office of Drugs and Crime in Afghanistan, calls on government and international community to help farmers who have stopped cultivating opium
United Nations officials say they are "quite confident" their estimates are correct, showing a 20 percent drop in Afghanistan's opium crop for the year, but only a six percent drop in production, because of higher yields. The figures show significantly higher yield than just-released American government data predicting a 31 percent plunge for the production of the heroin precursor. VOA Correspondent Steve Herman in Kabul has details.
U.N. officials in the Afghan capital are defending their latest projections on the reduction of the country's opium poppy crop. U.S. government statistics claim a five times greater reduction in production. UNODC Afghanistan head Christina Oguz at Kabul news conferenceThe head of the U.N. Office of Drugs and Crime in Afghanistan, Christina Oguz, tells reporters she has high confidence in the U.N. estimates because they are based on ground inspections, analysis of the actual opium yield of the latest crop and satellite imagery."Whichever figure it would turn out to be right would be a tragedy because it's still far too much produced, in any case," she said.The U.S. government data says yields are falling, not rising. Both the United States and the United Nationd agree that 18 provinces are now poppy-free, up from 13 last year.The United Nations says 90 percent of the farmers have responded to U.N. and Afghan government pleas not to grow poppies, persuaded that cultivating the crop is un-Islamic or responding in expectation of alternative aid. At a Kabul news conference, Oguz warned that, at this time of the year, many of these same farmers are deciding whether to prepare their land to grow the illicit crop for the next season."Both the government and the international community are playing with fire if they don't honor the promises to the farmers who have stopped cultivating opium," added Oguz.The U.N. official says there is mounting anger among farmers and their families, especially in the northeast part of the country, which has become less stable than before. Oguz calls the trend "very dangerous." Anti-poppy education posterThe United Nations, in its latest report on Afghanistan's illicit opium industry, says public education campaigns and alternative support for farmers has become more effective than eradication of fields. Despite the efforts, Afghanistan remains the world's top producer of opium poppies, an illegal industry sustained by what the United Nations calls an alliance of big landowners, drug traders, corrupt officials and insurgents. The opium industry is a significant source of income for the fundamentalist Taliban rebels, battling Afghanistan's government and the 70,000 foreign troops in the country. Meanwhile, the Taliban are claiming responsibility for a suicide attack Monday in Baghlan Province. Officials in the provincial capital, Pul-e-Khumri say a man wearing a police uniform blew himself up in a police station there, killing and wounding American soldiers and Afghan security officers.
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Indian Troops in Kashmir to Block Anniversary Protests
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Troops patrol Srinagar streets amid general strike
India has deployed thousands of troops to its part of Kashmir to stop protests on the 61st anniversary of Indian rule. The move comes as Indian soldiers shot dead five members of Kashmir's largest militant group, Hizbul Mujahideen, during an overnight Sunday gun battle.Indian paramilitary soldiers stand guard at a closed market during a strike in Srinagar, India, 27 Oct. 2008 In Srinagar, Kashmir's summer capital, Indian troops patrolled the deserted streets Monday. Separatists observed a general strike to mark the anniversary.Shops, businesses, and government offices closed for the day. Police detained some separatists expected to lead protest rallies.At least one person was killed and several others wounded on Sunday when police opened fire on a crowd of stone-throwing protesters in Baramullah, a town about 55 kilometers outside Srinagar.Demonstrators chanting pro-freedom slogans had taken to the streets to call for the release of several people who had been arrested during a recent strike. Indian government troops arrived in Kashmir on October 27, 1947, two months after India and Pakistan won independence from Britain. Their deployment came after the Hindu ruler of Kashmir said Muslim-majority Kashmir would join India and not Pakistan.Kashmir has since been claimed by both India and Pakistan.Violence has declined significantly after the two countries began a peace process in 2004, but people are still killed in almost daily shootouts.About 70,000 people, mostly civilians, have died in Indian-administered Kashmir since a separatist insurgency began in 1989.
Some information for this report was provided by AFP, AP and Reuters.
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Cambodian, Thai Leaders Seek Peaceful Solution to Temple Dispute
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Dispute over an ancient temple complex continues to challenge both countries
The dispute between Cambodia and Thailand over an ancient temple complex continues to challenge both countries. Cambodia says Thai troops damaged an ancient temple during a recent military clash. The allegation comes after the two governments promised that negotiations to resolve a dispute will resume next month. Rory Byrne has this report from Phnom Penh.Cambodia's Prime Minister Hun Sen greets well-wishers on his arrival at Phnom Penh International Airport, Phnom Penh, Cambodia, 26 Oct. 2008Thailand says its troops are not responsible for damage at the Preah Vihear temple, which sits just inside Cambodia. Soldiers from the two countries clashed there almost two weeks ago.Cambodia officials say the Thais damaged the temple with rockets.The dispute over ownership of land leading up to the 900-year-old complex has heated up since July, when Cambodia successfully asked that it be designated a United Nations World Heritage site. On October 15, several soldiers on both sides were injured or killed when fighting erupted.Late last week, the prime ministers of the two countries met on the sidelines of the Asia-Europe summit in Beijing, and pledged to find a peaceful solution to the crisis.Cambodian Commerce Minister Cham Prasidh on Sunday described the meeting."It was very friendly...it was very friendly and both prime ministers have agreed together that we have to avoid further clashes among the military that are stationed along the border," Cham said. "And we have to again start increasing the cooperation and the negotiations at all levels."In 1962, the International Court of Justice ruled the Preah Vihear temple lies in Cambodia, but land surrounding it remains the subject of rival territorial claims. Cham Prasiddh says the two countries will resume talks on the dispute next week, after the Thai parliament approves a framework for the negotiations. The parliament is expected to discuss the matter Tuesday.
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New Study Says Global Warming Heaping More Pressure on Fragile Coral Reefs
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Research comes as Queensland state government announces new multi-million-dollar plan to protect Great Barrier Reef from agricultural pollution
A new study says that a global agreement on climate change will come too late to save the majority of the world's coral reefs. The research comes as the Queensland state government announces a new multi-million dollar plan to protect the Great Barrier Reef from agricultural pollution. From Sydney, Phil Mercer reports.The study, from Stanford University in the United States, makes gloomy assessments about the future health of the world's coral reefs.It finds that carbon dioxide emissions are making seawater so acidic that coral reefs could begin to disintegrate within a few decades.The report states that even ambitious plans to stabilize greenhouse gas emissions, thought by many to be the main cause of a warming climate, will not be enough to save the reefs.About a third of carbon emissions is soaked up by the world's oceans, where it combines with seawater to form carbonic acid.The research comes as the Queensland state government in Australia announces a new plan to protect the Great Barrier Reef from agricultural pollution. The iconic reef is being damaged by pesticides and sediment from farms that seep into waterways. The Queensland government is to spend an extra $30 million to reduce this hazardous run-off. Farmers also will face tougher environmental regulations. Queensland Premier Anna Bligh says that man-made threats present serious challenges to the reef, which is a world heritage site."We know that there are many contributing factors to the water quality of the reef," she said. "We are already addressing a number of those activities, particularly around increased population levels, sewerage treatment, etc. But what the science is telling us is that the highest levels of damaging chemicals and nutrients are in those areas that have intense farming activity."Coral reefs are common in warm southern and equatorial oceans, and provide homes and feeding grounds for thousands of species, including fish that are important to the diets of millions of people in the developing world. In Asia, Indonesia, Indonesia and Papua New Guinea are among the many countries that rely on reefs to provide food and to draw in tourists eager to explore the ocean. Environmental groups welcome the Queensland plan to protect the Great Barrier Reef. Farmers, however, argue they have already taken significant steps to stop the spread of pollutants from their land.The Great Barrier Reef stretches for more than 2,000 kilometers along Australia's northeast coast. It is not only an ecological marvel, but generates billions of dollars for Australia's tourism industry, drawing in thousands of scuba divers and others who want to see the marine animals that live along the reef.
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