Obama Wins Historic Election
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Barack Obama has been elected 44th president of the United States, becoming the first African-American elected to the office
Barack Obama has been elected 44th president of the United States, becoming the first African-American elected to the office. Mike O'Sullivan reports, the Democratic senator from Illinois promised to unify the country when he takes office, January 20, 2009.President-elect Barack Obama looks out into the crowd after his acceptance speech at Grant Park in Chicago, 04 Nov 2008In Grant Park in Chicago, hundreds of thousands of supporters reacted with screams of joy as American television networks projected Barack Obama as the next U.S. president.In Phoenix, Arizona, losing Republican candidate Senator John McCain conceded the race, telling his somber supporters they had reached the end of a long journey."The American people have spoken and they have spoken clearly," said McCain. "A little while ago, I had the honor of calling Senator Barack Obama to congratulate him on being elected the next president of the country that we both love."A short time later, Senator Obama mounted the stage in Chicago with his wife and two daughters, then spoke to his supporters in a televised address that was seen around the world."It's been a long time coming, but tonight, because of what we did on this day, in this election at this defining moment, change has come to America," he said.The election is historic. When Mr. Obama takes office in January, he will become first the African-American president in the nation's 232-year history. His election ends eight years of Republican control of the White House under President George W. Bush.As the vote count progressed, the Democrat far outpaced his rival in the state-by-state tally of electoral votes. The winning candidate needs 270 electoral votes. Senator McCain fell far short, as Mr. Obama won such contested states as Ohio and Pennsylvania, which many saw as crucial for a McCain victory. In his victory speech in Chicago, Mr. Obama spoke of the challenges facing the nation, which include the wars in Iraq and Afghanistan, what he called a planet in peril and the worst financial crisis in a century."There's new energy to harness, new jobs to be created, new schools to build and threats to meet, alliances to repair. The road ahead will be long. Our climb will be steep," said Mr. Obama. "We may not get there in one year or even in one term. But America, I have never been more hopeful than I am tonight that we will get there."As Senator Obama called for unity in the face of the country's problems, Senator McCain pledged his support, despite the differences the two men expressed in the campaign."No doubt, many of those differences remain," McCain said. "These are difficult times for our country and I pledge to him tonight to do all in my power to help him lead us through the many challenges we face." In cities around the United States, there were gatherings to celebrate the historic election. VOA's Kane Farabaugh was in the crowd in Chicago."There's a few tears, but many more smiles," said Farabaugh. "I would say the atmosphere here is jubilant."In Washington, D.C., Edward Badu, who was born in the African nation of Ghana, was thrilled. Senator Obama has African links himself. His father was born in Kenya. Badu said he can scarcely believe what has happened."It looks like it's a dream, you know. Yeah, it is like a dream," he said. "I still can't believe it."Angela Young, from Atlanta, was in Washington on business, and says she felt the same excitement."I think it's wonderful. I mean, just the sense of pride for America, period. And, a lot of hope," she said. "Real hope."This presidential race aroused intense interest around the world. Senator Obama had a message for those who are viewing events in America from a distance."And, all those watching tonight from beyond our shores, from parliaments and palaces, those who are huddled around radios in the forgotten corners of the world, our stories are singular, but our destiny is shared," said Mr. Obama. "The new dawn of American leadership is at hand."President-elect Obama will enter office with a sympathetic Congress. Democrats strengthened their grip on both the House of Representatives and Senate in Tuesday's election, winning Republican-held Senate seats in Virginia, New Mexico, New Hampshire and North Carolina. They fell short of the 60 Senate seats they had hoped for, which would have allowed them to avoid procedural blocks known as filibusters. This will be the first time since 1995 that the Democrats have held the presidency and a majority in both the House of Representatives and the Senate.
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After Obama Victory, Work Begins on Presidential Transition
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US president-elect says Americans face great challenges, including two wars, financial crisis
Americans are marking the election of Barack Obama as the country's 44th president, and the first African-American to reach the summit of U.S. politics. VOA's Dan Robinson reports. President-elect Barack Obama stands on stage along with his wife Michelle and daughters during election night gathering in Grant Park, Chicago, 04 Nov 2008No longer just a first-term senator from Illinois, now President-elect Obama appeared with his wife Michelle and their two daughters, along with family members and Vice President-elect Joseph Biden before tens of thousands of people in Chicago's Grant Park.Amid thunderous cheers, Senator Obama said the outcome shows that change has come to America and should prove to any who doubt that all things are possible in America's Democratic system."If there is anyone out there who still doubts that America is a place where all things are possible, who still wonders if the dream of our founders is alive in our time, who still questions the power of our democracy. Tonight is your answer," he said.Saying he was never the likeliest candidate to seek the presidency, he said Americans of every background showed they can unite and reject cynicism to bring about change. President-elect Obama called his former opponent John McCain a brave and selfless leader. In his concession speech, McCain called Senator Obama's victory a historic moment for Americans and African-Americans in particular, one that moves the country farther from a past marked by intolerance. Sen. John McCain with wife Cindy, delivers remarks during an election night rally in Phoenix 4 Nov. 2008 McCain pledged his support to the president-elect."I urge all Americans who supported me to join me in not just congratulating him, but offering our next president our goodwill and earnest effort to find ways to come together, to find the necessary compromises to bridge our differences and help restore our prosperity, defend our security in a dangerous world, and leave our children and grandchildren a stronger better country than we inherited," said McCain. President-elect Obama's victory was built on an aggressive campaign challenging McCain in states that for decades voted Republican in presidential elections, such as Virginia. He won in Republican stronghold Indiana, and in Colorado, New Mexico and Nevada, states President Bush won in 2004.New York City newspapers are displayed in New York, 05 Nov 2008Mr. Obama drew significant support from newly-registered young voters, and from Hispanic-Americans, especially in the west, and from women, in addition to African-Americans. Voters ranked the poor state of the U.S. economy highest among their concerns, that include the wars in Iraq and Afghanistan.The son of a Kenyan father and a white mother from Kansas, President-elect Obama said Americans face great challenges, including two wars and a financial crisis. Americans will succeed, he said, as long as they commit to healing divisions and to a new spirit of patriotism, service and sacrifice.He also sent this message to those watching and listening around the world.People sit near a painting featuring U.S. Presidential candidate Barack Obama, during a gathering of people in Kogelo village, Kenya, 04 Nov 2008"[To] all those watching tonight from beyond our shores, from parliaments and palaces to those who are huddled around radios in the forgotten corners of the world, our stories are singular but are destiny is shared, and a new dawn of American leadership is at hand," he said.President George W. Bush, who leaves the White House in January when Obama is inaugurated, congratulated the president-elect in a telephone call.Work is underway in the Bush White House and among Senator Obama's staff, on the presidential transition, with some media reports saying Mr. Obama may act quickly on naming a chief of staff. Democrats who won control of Congress in the 2006 mid-term election have expanded their hold on power, although not as much as they had hoped in the U.S. Senate. Some vote counting continued through the early hours Wednesday.
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President Bush Congratulates Obama, Promises Smooth Transition
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US leader predicts stirring sight when Obama family enters White House
President Bush has paid tribute to the historic nature of President-elect Barack Obama's victory at the polls, and promised to stay in close contact with him in the final months of his administration to ensure a smooth transition of power. From the White House, VOA's Michael Bowman reports.President Bush said he had telephone conversations late Tuesday with the president-elect as well as his Republican rival, Senator John McCain.President Bush congratulates President-elect Barack Obama in the Rose Garden of the White House, 5 Nov. 2008Speaking from the Rose Garden less than 24 hours after Mr. Obama's overwhelming victory, Mr. Bush, who is no stranger to partisan battles, struck a distinctly non-partisan tone."No matter how they cast their ballots, all Americans can be proud of the history that was made yesterday," he said. "Across the country, citizens voted in large numbers. They showed a watching world the vitality of America's democracy and the strides we have made towards a more perfect union. They chose a president whose journey represents a triumph of the American story, a testament to hard work, optimism, and faith in the enduring promise of our nation," said President Bush.Mr. Bush said the moment is particularly uplifting for those who lived through America's turbulent civil rights era in the 1950s and 60s, when the vestiges of government-sponsored racial discrimination were overcome.Now, the president said, it is time for Americans to move forward as one nation. "We are embarking on a period of change in Washington, yet there are some things that will not change," Mr. Bush said. "The United States government will stay vigilant in meeting its most important responsibility: protecting the American people. And the world can be certain this commitment will remain steadfast under our next commander-in-chief," he said.President-elect Barack Obama on stage with his wife Michelle and daughters during election night gathering in Grant Park, Chicago, 04 Nov 2008Mr. Bush said he will inform his successor of all important decisions made in the waning months of his administration, and that he has invited Mr. Obama and the president-elect's wife, Michelle, to the White House at their earliest convenience.He predicted it will be a stirring sight to watch the Obama family enter the White House, and that he and First Lady Laura Bush will return to Texas with many treasured memories of their time in Washington.During the just-completed campaign, Mr. Obama often criticized President Bush's policies, and sought to link Senator McCain to them. Mr. Bush also paid tribute to Senator McCain, saying the American people will always be grateful for his lifetime of service to the nation.
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Europe Welcomes Obama Victory
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US president-elect receives congratulations, expressions of hope for cooperation from British, German leaders, but no warm words from Russian president
There has been a warm welcome from around the globe for the election victory of Barack Obama - words of congratulations from European leaders and expressions of hope for a new era of cooperation. VOA's Sonja Pace reports from London. Barack Obama's historic election victory made every major headline around the globe and topped every newscast.British Prime Minister Gordon BrownBritish Prime Minister Gordon Brown said he looks forward to working with Mr. Obama.
"I know that he is a true friend of Britain and I know that the values we share in common and the policies on which we can work together will enable us as two countries to come through these difficult economic times," Brown said.French President Nicolas Sarkozy said Mr. Obama's election raises hopes in France, in Europe and the rest of the world.German Chancellor Angela Merkel said she anticipates closer cooperation between the US and Europe under an Obama administration. The European Union foreign policy chief Javier Solana also welcomed the news and Mr. Obama's emphasis on change."Change is what we need in the world today," she said. "Many problems we have on the table and I very much hope that we will be able to do it together, to find a solution to them together."There were warm words too on the streets of London. One person said, "I am excited, I think it is a good thing. I think the last eight years have been pretty difficult for the West and I am really excited that Obama might bring some new changes.""I think it is great," said another. "I think it is a real historical thing to happen and I think it is good because I think he is going to be different." And a third said, "Very happy about Barrack Obama. I think he is a vote for humanity and for the world and I think he brings John F. Kennedy type hope to the world."The warm reception comes as no surprise in Europe where Mr. Obama is immensely popular.International affairs specialist Charlie Beckett of the London School of Economics said Europeans know that any American president will make decisions based on American interests, but he said they are hoping a president Obama will listen to others around the world."I think Obama has already signaled with that very risky trip to Europe and Berlin in the middle of the campaign that he at least wants to make gestures about including the rest of the world in what America is thinking and doing and I think [that] in itself is very important. That is what politics is about. It is about building relationships," Beckett said.But after all the euphoria of a stunning election victory, a host of problems still faces the incoming Obama administration - the wars in Iraq and Afghanistan, the world financial crisis, global warming, the threat of terrorism, Iran's nuclear ambitions and a resurgent Russia that views the United States as a potential threat.There was no immediate warm welcome from Moscow. Russian President Dmitry Medvedev Delivering his state of the nation speech in the Kremlin, President Dmitri Medvedev instead blamed U.S. policy for Russia's brief conflict with neighboring Georgia in August. And, he threatened to station new missiles near the border with Poland - in response to Washington's plans to deploy an anti-missile defense system in parts of Eastern Europe.Mr. Medvedev made only an indirect reference to the US election. He said Russia is not inherently anti-American and he said he hopes the new U.S. administration will choose, what he called, a full-fledged relationship between the two countries.
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Much Of Arab World Rejoices Over Obama Election
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People on streets in Cairo, across much of Arab world, appear elated by election of Democrat Barak Obama, despite some apprehension in Gulf and in Lebanon
Much of the Arab press, as well as ordinary people in the street, are rejoicing over the election of Democrat Barak Obama as the next president of the United States. Nevertheless, as Edward Yeranian reports from Cairo, there are misgivings in certain quarters.A man reads al-Akhbar newspaper covering Barack Obama's victory in the U.S. Presidential election in Beirut, Lebanon, 05 Nov 2008People on the streets here in Cairo, and across much of the Arab world, appear elated by the election of Democrat Barak Obama as the next president of the United States, despite some apprehension in the Gulf and in Lebanon.Commentators on Al-Jazeera TV, which has consistently criticized the outgoing Bush administration for its policies towards the Arab world, appeared almost jubilant over Mr. Obama's election, with many hailing the results of the election as a "positive for the Arab world."The Syrian daily Techrine writes in Wednesday's editorial that "any president will be better than George W. Bush, and any administration will be better than his administration." Damascus is the subject of U.S. sanctions for its behavior towards both Lebanon and Iraq.Egyptian Ahmed Fathi, from the city of Dakalia, writes on Al-Arabiya TV's Web site "God bless Obama. He's good for the world and will solve its problems, Inshallah."Leyla, a Lebanese Christian, however, says that she and those around her are "not very enthusiastic about Mr. Obama's victory," but that she hopes "he'll turn out OK, just the same."Mustapha Ghalayini, a Lebanese man who works in Kuwait, thinks that many Kuwait's are pleased by Mr. Obama's election, even if they don't think he'll be especially good for the interests of the Arab world."The Kuwaiti people don't believe that Obama will be a real help to the Arabs, but they believe he will be a new experience for the Arabs and the world, and they are happy at his winning the elections of the United States," he said.Uraib Rantawi, director of the Al-Quds Center for Political Studies in Amman, Jordan, says that many Arabs and many Arab governments are pleased by the Obama victory, but not all."It was a great win for Mr. Obama in yesterday's elections, for some Arab countries and people, especially the Palestinians, the Syrians, even the Jordanians," he said. "I think they have welcomed this great victory from the democrats and Obama." "But, for some Arab Gulf states, especially Saudi Arabia and those who deal really with the Bush family and with the Republicans in particular, I think it is not a good moment for them; they prefer to deal with the Republicans and not with the democrats, since the democrats emphasize democracy and human rights and those issues are not welcomed in such countries as Egypt, and Saudi Arabia," he added.Essam El Aryan, who is a leader of Egypt's banned Muslim Brotherhood was mostly optimistic about Mr. Obama's election and thought it was good for both the Arab and Islamic worlds."I've listened to the address made by Obama this morning and I was highly impressed by his charisma and his ideas," he said. "I compliment Mr. Obama and this was a very big victory for himself and also for the American people and I think it will be a great victory for the whole world if he can change America and go to change the world." "I think after the massacres done by the previous administration of Mr. Bush Jr., I think this will be a new era for the Arabs and the Muslim world for their relations with the USA. We hope that Mr. Obama can change the strategy of America towards the Arabs and the Islamic world, and mainly to be committed to his promise to withdraw from Iraq and to look to the Palestinian issue by another view … thirdly to stop the support for the previous administration, since more than 60 years, to the tyrants of the Arab and Islamic world and to stop support to dictatorship," he continued. Despite the general tone of optimism in the Arab press over President-elect Barak Obama's victory, the Arab daily Al-Hayat ran a caricature showing an Israeli wielding a gun at an Arab man, joking "heads, Obama, and we win; tails McCain, and you lose," suggesting that the paper thinks neither candidate will really be beneficial to the Arab world.
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South Asia Leaders Congratulate Obama, Point to Challenges
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Leaders praise Barack Obama's presidential election win, calling it an inspiration to people within US, around world
Leaders from India, Pakistan and Afghanistan praised Barack Obama's presidential election win, calling it an inspiration to people within the United States and around the world. VOA's Barry Newhouse reports from Kabul on the reaction in a region that holds critical challenges for the future U.S. president. Afghan President Hamid Karzai speaks during press conference at presidential palace in Kabul, 05 Nov 2008Afghan President Hamid Karzai said he hoped Barack Obama's election will take the United States and the world into a new era where race and ethnicity will disappear as a factor in politics. He said he has high hopes for what Mr. Obama's leadership will mean to the U.S. mission in Afghanistan. "I hope that this election and President Obama's coming into office will bring peace to Afghanistan, life to Afghanistan and prosperity to the Afghan people and the rest of the world," he said. Indian Prime Minister Manmohan Singh said India and the United States are bound by shared commitments to common ideals. In a statement that was read by spokesman Shahbaz Hasibi, the prime minister said he looked forward to boosting cooperation. "Our two countries working together to address global issues and challenges will be an important factor for world peace, stability and progress," he said.President-elect Barack Obama smiles during his acceptance speech at Grant Park in Chicago, 4 Nov. 2008Debates over U.S. strategy in the war in Afghanistan and the struggle against terrorist networks in Pakistan dominated the presidential campaign. Last week, Mr. Obama suggested that helping to resolve the dispute between Pakistan and India over Kashmir would allow Pakistan to better focus on threats from al-Qaida and Taliban militants.Pakistan's former foreign minister Humayun Khan said the striking image of Mr. Obama's election could help alleviate some of the anti-American sentiment among Pakistanis who feel the U.S. war against terrorism has been misguided. "Obama seems to be the sort of person who will try to examine all aspects of our problem and will understand all the complexities of our problems which will mean he will not approach it with a one track mind. So the chances of him listening to Pakistan I think are probably going to be better," said Humayun Khan.Seven years after the U.S. invasion of Afghanistan, there are growing signs of tension between Washington and the U.S. friendly governments in Kabul and Islamabad. U.S. Gen. David Petraeus, left, talks with Pakistan's Defense Minister Chaudhry Ahmed Mukhtar during a meeting in Rawalpindi, Pakistan, 03 Nov 2008This week, Pakistani leaders urged visiting U.S. commander General David Petraeus to stop missile strikes against militant targets in Pakistan's tribal regions.In Kabul, while Mr. Karzai praised Mr. Obama's election in English, he was more critical when he addressed Afghans while speaking in Dari.He said the first demand from the president elect, when he gets into office, will be to stop the civilian casualties in Afghanistan and to bring the war to those areas where the terrorists have hideouts, which are not in Afghanistan.Mr. Karzai said mounting civilian casualties are tarnishing the image of the foreign troops in Afghanistan.
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Kenya Celebrates President-elect Obama as Native Son
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In Obama's grandmother's home town, crowds danced in celebration as news of his election victory was announced shortly after dawn
Barack Obama's election victory was greeted with particular enthusiasm in Kenya, where he is viewed by many as a native son. Crowds celebrated in the western village where his grandmother and other relatives live, and the president even announced a national holiday to celebrate the event. For VOA, Derek Kilner has more from Nairobi.Barack Obama's election victory has been celebrated around the world, but perhaps nowhere as much as in Kenya, where President Mwai Kibaki announced that Thursday will be a national holiday."Because of his roots here in Kenya, as a country we are full of pride for his success. I therefore wish to announce that tomorrow, Thursday the sixth of November the year 2008 be observed as a public holiday to enable all Kenyans to celebrate this historic achievement for President-elect Obama," said President Kibaki.The half-brother of US President-elect Barack Obama, Said Obama (L), his grandmother Sarah Obama (C) and his half sister Auma Obama, get ready for a press conference in the village of Kogelo, 05 Nov 2008In the village of Kogelo in western Kenya, where Mr. Obama's grandmother and other relatives live, crowds danced in celebration as the news of the Obama victory was announced shortly after dawn. Mr. Obama's uncle, Sa'id Obama, spoke to VOA from the village."People are so happy, so excited. People are dancing. People are in a festive mood," he said. "And we are also slaughtering cows, goats, sheep, I mean people are going to feast literally to celebrate Barack's win."In the nearby city of Kisumu that is dominated by the Luo group, to which Obama's family and Kenyan Prime Minister Raila Odinga belong, Obama mania is at its most intense. The celebrations spilled out into the streets.There is also a large Luo community in Nairobi's biggest slum, Kibera, and there too, raucous festivities greeted the news of Obama's win. But in Nairobi, Kenyans from different backgrounds packed into the city's bars and restaurants to watch Obama's speech. Stephen Dunga, whose family is from the country's Eastern Province, watched the speech in the downtown restaurant where he works."I have been watching CNN since morning. Each community supports Obama, they are praying for him to win," said Dunga. "I think the celebration is country wide. Not from one province or the other."At the American ambassador's residence, students, officials and members of civil society, both Kenyan and American, cheered the results. "This is a big lesson," said Njeri Kabeberi, director of Kenya's Center for Multi-party Politics. "We had our own problems in January, February after we messed up with our own electoral process and messed up with our own tallying and counting process of the elections. So this is a big lesson that you do not have to steal votes, you do not have to discriminate against other communities, because we did discriminate against other communities. So what is most important is for the leadership that is going to provide that particular country what that country needs. And in this case, it is change they can believe in, and for Kenya we better actually start believing in some change in our leadership style."Back on the streets of Nairobi, music shops throughout the city are playing Jamaican reggae star Cocoa Tea's hit song celebrating Mr. Obama. A shopkeeper says it is the hottest selling CD in town. Bernard has just walked in to purchase the disk after hearing it playing in the street."I think Kenyan people have got a lot to learn from the American election. It has shown true democracy, it does not matter how you look like, it does not matter where you come from," he said. "It is about what policies you have for the people, so I think in Kenya next time we make a decision about our leaders we will know what to look for."The election results arrived early Wednesday, catching many people as they headed to work. But with a holiday declared for Thursday, the celebrations could be even stronger.
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Democrats Expand Congressional Majorities
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More Democrats in Senate, House of Representatives could help President-elect Barack Obama implement ambitious agenda once he takes office in January
Democrats expanded their majority in the U.S. Congress as a result of Tuesday's election. More Democrats in the Senate and House of Representatives could help President-elect Barack Obama implement his ambitious agenda once he takes office in January. VOA's Deborah Tate reports from Washington.Among the Republican-held seats picked up by Democrats is the U.S. Senate seat in North Carolina.Kay Hagan celebrates at her election party in Greensboro, North Carolina, 04 Nov 2008Democratic state legislator Kay Hagan unseated incumbent Republican Senator Elizabeth Dole, a key name in the Republican Party. Dole, who is also a former Cabinet secretary and who is married to former presidential candidate and Senate Majority Leader Bob Dole, offered a gracious concession speech."It has been an honor and a joy to represent the people of North Carolina in the United States Senate," she said. "I have done my level best to make you proud." In New Hampshire, former Democratic governor Jeanne Shaheen unseated incumbent Republican Senator John Sununu.In Virginia, another one-time Democratic governor Mark Warner won the seat held by retiring Republican Senator John Warner. Mark Warner waves to the crowd as he delivers a victory speech in McLean,Virginia, 04 Nov 2008"The challenges we face are much more about the future past and as long as we face that future and avoid the political divisions of the past, there is nothing we can't accomplish as Americans first and foremost," Warner said.In two races in the western United States, Democratic Congressmen Tom and Mark Udall won Senate seats held by retiring Republicans. Tom Udall was elected to the seat in New Mexico held by Pete Domenici and his cousin Mark won the seat in Colorado held by Wayne Allard. Despite their gains in the Senate, Democrats are not expected to reach a 60-vote majority that would allow them to overcome Republican efforts to block legislation. Still, Democrats believe they can persuade enough moderate Republicans to back key measures so that they can come up with the 60 votes needed to move the legislation through the Senate.In one key Republican victory, Senate Minority Leader Mitch McConnell of Kentucky won re-election in a close race against Democrat Bruce Lunsford.Another Republican returning to the Senate is Senator John McCain, following his loss to President-elect Barack Obama in the presidential race.Senate Majority Leader Harry Reid, a Nevada Democrat, says he will welcome him back."I congratulate him on a hard-fought campaign," Reid said. "I look forward to him coming back to the Senate. I look forward to working with him."Democrats also made gains in the House of Representatives. Among Republicans losing to Democrats was Congressman Christopher Shays of Connecticut, who has spent 22 years in the position.More Democrats in Congress will help President-elect Barack Obama swiftly implement his agenda, according to Nathan Gonzales of the Rothenberg Political Report."The honeymoon for President Obama could even extend beyond 100 days because, frankly, Republicans, can't do anything to stop them after 100 days," Gonzales said. "We are going to be a Democratic town starting in January."Speaker of the House Nancy Pelosi outlined her priorities for next year, including measures to improve the economy, and bringing U.S. combat troops home from Iraq."We will responsibly, and honorably and soon, bring an end to the war in Iraq," Pelosi said.She said other priorities include education and making efforts toward energy independence.
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New Reports Spur Fears of US Recession
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US, European stock markets down sharply despite early gains in Asia following news of Barack Obama's win in US presidential election
Traders work on floor of New York Stock Exchange, 05 Nov 2008A series of reports out one day after the United States elected a new president is spreading fears that the world's preeminent economy is in a recession.A private research group, the Institute of Supply Management, says Wednesday the U.S. service industry - which includes businesses like banks, airlines and restaurants - shrank in October to levels that indicate the economy is contracting. The service sector represents more than 80 percent of the U.S. economy.Two other reports Wednesday by the private employment company ADP Employer Services and from human resources firm Challenger, Gray and Christmas show the U.S. economy is continuing to lose thousands of jobs. One report says the number of workers fired in October is up 79 percent compared to the same time last year - near a five-year high.Meanwhile, Europe's biggest economy has moved to lessen the impact of the financial crisis. Germany Wednesday approved an almost $30 billion package of tax cuts and loans. And top are urging banks to pass on interest rate cuts to consumers to help spur growth. Man looks at electronic stock board showing US President-elect Barack Obama, in front of securities firm in Tokyo, 05 Nov 2008U.S. and European stock markets are down sharply in trading Wednesday despite early gains in Asia following news of Barack Obama's win in the U.S. presidential election.Asia's key markets all closed higher Wednesday. Tokyo's key Nikkei index closed nearly 4.5 percent higher, while the Hang Seng in Hong Kong ended the day's trading three percent higher.There are also indications efforts to loosen the tight credit markets may not be working well enough. A report Wednesday by an industry trade group, the Mortgage Bankers Association, says the number of Americans applying for home loans fell last week to the lowest level in almost eight years because borrowing costs remain too high.Investors are also looking ahead to Thursday, when the European Central Bank and the Bank of England are widely expected to slash interest rates. Also, a new United Nations report that says the financial crisis has spread to international trade, hitting developing nations that export commodities particularly hard. The U.N. report says a key measure of demand for trade, which tracks shipping costs, has fallen dramatically over the past few months.
Some information for this report was provided by AFP and Reuters.
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Bhutan Transitions to New King, Heralding New Democratic Era
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Coronation of Jigme Khesar as Bhutan's first constitutional monarch, culminates two-year transfer of royal power from his father, who abdicated in late 2006
A nation is hailing the ascension of a young and charismatic leader. It is not the United States, but rather the small Himalayan country of Bhutan. From the capital, Thimpu, VOA correspondent Steve Herman reports on the sweeping changes culminating with the crowning of the Fifth Druk Gyalpo, otherwise known as King Jigme Khesar Namgyel Wangchuck. While the rest of world focuses on the election of a young senator as president of the United States, here in the Himalayas all eyes are on a 28-year-old Western-educated hereditary monarch as he receives the Raven Crown. The coronation of Jigme Khesar as Bhutan's first constitutional monarch, culminates a two-year transfer of royal power from his father, Jigme Singye Wangchuck, who abdicated in late 2006. Bhutan Foreign Secretary Yeshey Dorji Bhutan Foreign Secretary Yeshey Dorji says the formal crowning in the Land of the Thunder Dragon had to wait for an auspicious date set by astrologers. In the meantime, the new king assumed the duties of his father. "You need to get some expertise and experience in functioning as a king. So, before the formal coronation, His Majesty already took over the role of the king and he has been functioning since then," said Dorji. A business entrepreneur in the capital, Sonam Tobgay, gives Jigme Khesar preliminary high marks, explaining that Bhutanese will not praise a monarch merely because he was born to rule. Thimpu business entrepreneur Sonam Tobgay"You're not born with leadership qualities. It's something that you mature and you build over a period of time," said Tobgay. "He's been matured, he's been cultured, groomed to take over this task. As far as we can see he's done a very good job over the last one year." Not only did the Fourth King of the century-long Wangchuck Dynasty voluntarily step aside, but in a move perhaps unprecedented in history - coming as it did without internal or external pressure - the monarch commanded that a constitution be drafted and the country shift to a parliament-based democracy. Bhutanese were initially shocked and then confused by the moves of their revered king, who had ruled peacefully for 34 years. King Jigme Singye had broken with convention, previously. He developed the concept of Gross National Happiness, stressing emotional well-being over the traditional economic indicator of Gross National Product. Banner celebrating coronation showing photos of Bhutan's five kingsCommunications Minister Nandalal Rai tells VOA News the Fourth King, over the past quarter century, wanted his traditionally isolated kingdom to become more integrated in the international community. "Our Fourth King has been trying to train us and make us aware of the situation that has been happening in the world - that the government must be of the people and for the people. That is the democratic process. He did, in his wisdom, felt the people must be able to take care of themselves, not a particular person ruling like in the medieval ages," said Rai. The transition has been stable, so far. Parliament elections were held, this year, with the winning party sweeping nearly every constituency, defying pollsters who predicted a close race in the contentious campaign.The changes for the Buddhist nation of 635,000 people, wedged between giant neighbors China and India, have brought other outside influences, as well, not all of them positive. Jigme Khesar on his way to the royal palace in Thimpu, Bhutan, 02 Nov 2008 Modern communications has been good for education and the fledgling business community, but it puts pressure on traditional culture. Thimpu businessman Tobgay says Bhutanese understand there may be a price to pay for modernity. "That is a risk that we have to take. All these things, the Western culture creeping in and the contamination of our indigenous culture, tradition, it's a possibility. With the introduction of TV, with the Internet and the cellular phone, these are things that we cannot avoid. If we avoid this we will become like the dinosaur. If you fail to evolve, you become extinct," said Tobgay.With the coronation, Bhutan, the world's newest democracy, also becomes the nation with the youngest reigning monarch. But the Fifth King of the modern dynasty will not stay on the throne beyond early in the year 2045. That is not a prognostication of the astrologers but rather the mandate of the new constitution, under which the sovereign, at age 65, must retire.
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