Global Financial Crisis Impacts China's Economic Growth
http://enews.voanews.com/t?ctl=2096FC9:E2FDB7E6D97F9373F082A94D548C99BE7F0EB4B66EA3A89D&
World Bank cuts 2009 growth forecast for China to 7.5 percent - lowest point in nearly two decades
The World Bank says it expects China's economic growth will slow to its lowest point in nearly two decades - as the global financial crisis continues to take a toll on the world's fourth largest economy. Stephanie Ho reports from Beijing. Chinese worker walks past cargo waiting to be loaded onto trains at train station in Beijing (file photo)The World Bank is predicting China's economic growth rate for 2009 will slow to 7.5 percent. This number is nearly two points lower than China's expected growth rate for this year, of 9.4 percent. World Bank economist Louis Kuijs says China's downturn will worsen in the first half of next year largely because of weakening export demand. Although there is no way to make China fully immune, Kuijs says the Chinese government can take steps to help minimize the effects of the global crisis on the country. "We
are seeing a weak external sector, we're seeing a rather weak private
sector demand in general, but we are seeing a government that steps in
and that is trying to do everything it can to keep growth at a decent
rate, and has the financial means and, we would say, the administrative
capacity to make that happen," he said.China recently announced a multibillion dollar stimulus plan, which calls for injecting money into the economy through spending on construction, tax cuts, and aid to the poor and farmers. World Bank China representative David Dollar applauded the package, saying more spending on social programs and aid to the poor in the countryside should help boost growth. In a separate issue, Dollar said the lending agency and the Chinese government are in initial talks about providing financing for loans to other developing countries."The World Bank group is talking to China about ways in which it could contribute some additional financing of the World Bank group that will help developing countries," he said.The
World Bank forecast is in line with projections by investment banks,
which have cut their China outlook several times, as global conditions
worsen.
------------------------------------------------------
US Economy Shrinks More Than First Thought
http://enews.voanews.com/t?ctl=2096FCB:E2FDB7E6D97F9373F082A94D548C99BE7F0EB4B66EA3A89D&
Government report says GDP contracted by half a percent in third quarter - or two-tenths of a percent worse than first estimated
A mother and daughter shop for a Barbie at a Toys R Us store, in New York, 21 Nov 2008The world's largest economy shrank between July and September more than first thought.A government report Tuesday says a measure of all the goods and services produced in the United States shrank by half a percent in the third quarter. That is two-tenths of a percent worse than first estimated.Economists blame the shrinkage in the GDP on the sharpest fall in consumer spending in decades.Officials and investors watch consumer spending carefully because consumer demand drives about two-thirds of all U.S. economic activity.To boost faltering spending, Washington has just announced a new loan program to help companies that issue credit cards, make student loans, and finance automobile purchases. The effort is also aimed at making more loan money available to home buyers.Also Tuesday President-elect Barack Obama is expected to announce more appointments to his team of economic advisers.On Monday, Mr. Obama nominated New York Federal Reserve President Timothy Geithner as the new Treasury Secretary. He also named Former Treasury Secretary Lawrence Summers to head the policy-making National Economic Council.Meanwhile, a leading international economics organization warns many of the world's major economies could soon suffer the worst recession since the 1980s.The Organization for Economic Cooperation and Development is forecasting declines in the United States, Europe and Japan.The organization's chief economist, Klaus Schmidt-Hebbel, also says the number of unemployed across OECD member economies may rise by eight million.Also Tuesday the World Bank said it expects China's economic growth will slow next year to its lowest rate in nearly two decades. The bank today cut its 2009 growth forecast for China to 7.5 percent because of the global financial crisis, nearly two points lower than the expected rate for this year (9.4 percent). World Bank economist Louis Kuijs says China's downturn will worsen in the first half of next year because of weakening export demand.He says that while China cannot avoid the global financial crisis, it can take steps to minimize its impact on the country.China has already announced plans for a multibillion dollar stimulus plan to boost its economy. The plan calls for spending on construction, tax cuts and aid to the poor and farmers.On Monday, Britain announced its own economic stimulus package to combat the effects of the financial crisis there, while the United States said it could take more measures to repair its shattered financial system.Britain's finance minister, Chancellor of the Exchequer Alistair Darling, announced a $30-billion package to get people spending again.He also said Britain's economy could shrink by as much as 1.25 percent next year. The U.S. Treasury and U.S. central bank are expected to announce Tuesday a new lending program to make more financing available to American consumers.Asian markets soared Tuesday in reaction to the latest actions by treasury officials in the United States and Britain.
------------------------------------------------------
Obama Announces Head of Domestic Policy Council
http://enews.voanews.com/t?ctl=2096FCD:E2FDB7E6D97F9373F082A94D548C99BE7F0EB4B66EA3A89D&
Melody Barnes tapped to help shape incoming administration's economic and health care policy
President-elect Barack Obama has picked Melody Barnes to direct the White House Domestic Policy Council.Mr. Obama told reporters in Chicago that Barnes will be working hand-in-hand with the new administration's economic team to shape policy for the ailing U.S. economy. The president-elect said Barnes will also play an instrumental role in health care reform and work closely with the incoming secretary of Health and Human Services, reported to be former U.S. Senator Tom Daschle.Barnes has a lengthy background in public policy, including seven years as chief counsel to Senator Edward Kennedy of Massachusetts on the Senate Judiciary Committee. She also served as executive vice president for policy at the Center for American Progress, a liberal-leaning research institute. The center was formerly headed by John Podesta, who was chief of staff to former President Bill Clinton and now heads the Obama transition team.Mr. Obama called Barnes the "perfect fit" for the position, citing her experience on a variety of issues, and her dedication to finding solutions for middle class families.
------------------------------------------------------
Efforts to Oust Thai Government Stalling Despite Mass Rallies
http://enews.voanews.com/t?ctl=2096FCF:E2FDB7E6D97F9373F082A94D548C99BE7F0EB4B66EA3A89D&
Although government has taken soft approach to protesters, there are growing fears of violence
Efforts by anti-government protestors to force the administration of
Thai Prime Minister Somchai Wongsawat to resign appear to be stalling.
Although the government has taken a soft approach to the protesters,
there are growing fears of violence. Ron Corben has this report from
Bangkok. Anti-government protesters take a rest outside Don Muang airport in Bangkok, 25 Nov 2008Opponents of the Thai government early Tuesday moved
their protest to the temporary government offices at an airport outside
Bangkok in their effort to force Prime Minister Somchai Wongsawat to
resign.The rallies, seen as a "final push" by the
anti-government People's Alliance for Democracy or PAD, on Monday
forced parliament to delay its session by blocking access to the
building. While the government has taken a hands-off approach
to the protests, there were reports Tuesday evening of shooting between
groups of government opponents and supporters. In addition, about 50
government supporters were seen rallying Tuesday, and blocking streets.
It is not clear if anyone has been injured.The PAD
accuses Mr. Somchai of trying to pass constitutional amendments to halt
corruption cases against his brother-in-law, former Prime Minister
Thaksin Shinawatra. Thai Prime Minister Somchai Wongsawat (l) speaks during press conference at Bangkok airport, 17 Oct 2008But Mr. Somchai, who has been in Peru for a
meeting of Asia Pacific leaders, dismisses the accusation. He
criticizes the PAD for leading a rebellion. Public support for
the PAD appears to waning. It has occupied a government administration
building since late August and its leaders say they want to prevent the
cabinet and parliament from conducting any business.Political
commentator and author Chris Baker says the PAD's confrontational
strategy makes the government appear to be defending democratic ideals.
"The PAD and the people behind them have time after time have
challenged the very basis of electoral democracy by actions such as
disrupting the parliament, by the coup, by wishing to get rid of
one-man-one vote. This has turned those who are opposing them - that is
the Thaksin forces - into the defenders of democracy - the simplest
form of democracy - so this has become a massive confrontation," said
Baker. Security forces have so far avoided any direct
confrontation with the PAD protests. Authorities seek to avoid a repeat
of a clash last month in which two people died and about 400 wounded.The
Thai army chief says the military will use "all necessary measures" to
avoid clashes by rival groups, and he rejects PAD calls for a coup.Thailand
has faced political uncertainty since 2005, when opponents of Mr.
Thaksin began protesting his government, accusing him of being corrupt
and authoritarian. He was ousted in a coup in 2006, but his supporters
were elected to power a year go. But Mr. Thaksin, who this
week has reportedly vowed to return to politics, maintains strong
support in rural areas and among the urban working class who support
his populist economic policies of low cost health care.
------------------------------------------------------
Bin Laden's Driver Heads Home to Yemen
http://enews.voanews.com/t?ctl=2096FD1:E2FDB7E6D97F9373F082A94D548C99BE7F0EB4B66EA3A89D&
Salim Hamdan cleared of more serious charge of being part of al-Qaida conspiracy to attack US; will serve remainder of sentence in Yemen
2008 file photograph of sketch by courtroom artist Janet Hamlin, reviewed by U.S. Military, of defendant Salim Ahmed Hamdan U.S. media reports say Osama bin Laden's former driver, Salim Hamdan, currently being held at the U.S. naval base in Guantanamo Bay, is being transferred to his home country of Yemen. A Guantanamo military jury in August sentenced Hamdan to five years and six months in prison for supporting terrorism. That sentence amounted to five months, taking into account time served.The media reports quote unnamed senior defense officials, who say Hamdan will serve the remainder of his sentence in Yemen. Hamdan was cleared of the more serious charge of being part of al-Qaida's conspiracy to attack the United States. A Pentagon spokesman did not deny or confirm the reports of the move. Meanwhile, a lawyer for 17 Chinese Muslims held in Guantanamo for seven years asked a federal court to release the men into the United States. Last month, the U.S. Court of Appeals in Washington blocked a federal judge's order of the immediate release of the men into the U.S. until a hearing on an appeal filed by the government.The United States has denied Beijing's requests to repatriate the men, saying they could be tortured if they are returned - a fear Beijing says is unfounded.China's Foreign Ministry says the men belong to the East Turkestan Islamic Movement, a separatist organization considered a terrorist group by China, The U.S. and the United Nations. The 17 detainees are Uighurs, a mostly Muslim minority group from China's far-western Xinjiang region. The men were cleared for release as early as 2003. But the Bush administration has not been able to find a third country willing to accept them.
Some information for this report was provided by AFP, AP and Reuters.
------------------------------------------------------
North-South Korea Contacts Wither as Border Closure Date Draws Near
http://enews.voanews.com/t?ctl=2096FD3:E2FDB7E6D97F9373F082A94D548C99BE7F0EB4B66EA3A89D&
Two countries are negotiating details of reducing staff at joint industrial park located in North
North and South Korea are negotiating the details of reducing staff at a joint industrial park in North Korea. The talks are a possible prelude to closing the highly symbolic project altogether. As VOA's Kurt Achin reports from Seoul, North-South relations are experiencing their deepest chill in more than eight years.North Korean workers labor at South Korean shoe factory in inter-Korean industrial park at Kaesong ( Oct 2007 file photo)South Korea says it is giving North Korea information it has requested in order to tighten its border with the South.Unification Ministry spokesman Kim Ho-nyoun said Tuesday Seoul is talking to the North about the logistics of major staff reductions at a joint industrial project in the North Korean city of Kaesong. He says North Korea has asked for a list of those South Koreans who will be staying, and those who will be leaving, as well as a a list of vehicles that will stay behind.The Kaesong industrial park has been one of the symbolic centerpieces of South Korea's 10-year effort to engage the communist North through massive aid and investment. It employs more than 30,000 North Koreans as factory laborers producing basic goods like sneakers and cookware.Now, North Korea is expelling what it calls "unnecessary" South Korean managers of the Kaesong project. Pyongyang is also ordering staff reductions at a joint tourism zone at North Korea's Mount Kumgang - where operations have been frozen since July's deadly shooting of a South Korean housewife by North Korean soldiers. The moves are part of a phased plan leading to what North Korea says will be the complete sealing of the North-South border next week. On Monday, Pyongyang cancelled a South Korean tour program to Kaesong and prohibited border crossings by South Korean freight trains.Lee Myung-bak (file photo)North Korea blames the chill in relations on South Korean President Lee Myung-Bak, who took office in January. Mr. Lee put an end to the no-strings-attached funneling of billions of dollars in South Korean wealth to the North. He has demanded progress on several issues, including the fate of South Koreans possibly abducted to the North, and diplomatic efforts to end North Korea's nuclear weapons programs.North Korea has called President Lee a "traitor," and warns it will turn South Korea into "debris" if he does not fulfill North-South agreements which promise massive spending on the North.Pyongyang has also lambasted South Korea for failing to stop balloon-borne launches of leaflets into North Korean territory by South Korean civic groups. The leaflets are severely critical of North Korean leader Kim Jong Il, and contain sensitive information about his apparent recovery from a stroke.Park Sung-hak, a North Korean defector and one of the main planners of the launches, said Tuesday in Seoul the launches will continue.He says his group had actually decided to stop the launches in accordance with a request from the South Korean government. Now, however, in light of the the North's latest menacing actions, he says his group has no choice but to continue sending the leaflets.
------------------------------------------------------
Opposition Gains Ground in Venezuela
http://enews.voanews.com/t?ctl=2096FD5:E2FDB7E6D97F9373F082A94D548C99BE7F0EB4B66EA3A89D&
President Chavez's party wins control of 17 of 22 states, opposition's gain includes Venezuela's two most populous states Miranda and oil-rich Zulia
Venezuelan President Hugo Chavez's term limit proposal could face an increased challenge now that the opposition has made modest gains during Sunday's local elections. Zulia's Governor Manuel Rosales, left, celebrates with Zulia's governor-elect Plablo Perez after National Electoral Council announced results of elections, 24 Nov 2008Political analysts predict the opposition's improved influence will force Mr. Chavez to use a new strategy to get enough support for a law that would allow him to run for re-election in 2012 and beyond. In what is seen as a victory for the opposition, voters rejected ending term limits in a referendum last year. Analysts say opposition gains in Sunday's election might further indicate that voters do not want to end the restrictions. Venezuela's electoral agency says Sunday's voter turnout was 65 percent. Mr. Chavez's socialist party won control of 17 of the 22 states. Authorities say the opposition won the other five, including the country's two most populous - Miranda and oil-rich Zulia. In addition, the opposition won the mayor's seat in the capital, Caracas. Opposition candidates also won in Maracaibo, Venezuela's second biggest city and in Sucre municipality, once a base of support for Mr. Chavez. Some information for this report was provided by AFP, AP and Reuters.
------------------------------------------------------
New Joint Project Explores Plan to Pipe Oil, Gas to India
http://enews.voanews.com/t?ctl=2096FD7:E2FDB7E6D97F9373F082A94D548C99BE7F0EB4B66EA3A89D&
Petroleum officials from India, Turkey and Israel to meet in December to discuss plan that aims to use combination of pipelines and supertankers running between three countries
India, Turkey and Israel are exploring a plan to use a new route to pipe and ship oil and gas to India. As Anjana Pasricha reports from New Delhi, the proposed pipeline will give energy-hungry India easier access to the vast oil and gas supplies of Central Asia. Petroleum officials from India, Turkey and Israel will meet next month to discuss a project to transport oil and gas to India using a combination of pipelines and supertankers running between the three countries. Turkish Prime Minister Recep Tayyip Erdogan looks on during luncheon meeting with members of Federation of Indian Chambers of Commerce and Industry in Bangalore, 24 Nov 2008The plan was discussed by Indian and Turkish officials during a five-day visit to India by Turkish Prime Minister, Recep Tayyip Erdogan. Wrapping up the visit Monday, Mr. Erdogan told business leaders in Bangalore that the proposal will give India easier access to energy supplies from Central Asia and the Caspian region. The oil and gas will be carried via a pipeline from the Caspian region to the Turkish port of Ceyhan. The supplies will then be taken via supertankers to Israel, fed into pipelines running to Israel's Eilat port, and finally make their way to India via the Red Sea.An analyst at the Indian Defense and Strategic Institute in New Delhi, Shebonti Ray Dadwal, says the proposed route carries many economic and political benefits for India. "It is going to be cheaper if the oil comes via the Red Sea, as the pipeline will allow it to," he explained. "I believe it is going to be four dollars a barrel cheaper to transport it through the pipeline. Also politically it will allow us to avoid the Suez Canal and Strait of Hormuz… In the event of a war that is going to be blocked. This is an alternative route." India is heavily dependant on oil imports, and worries that any instability in the Middle East region could disrupt supplies of oil to the country.Those concerns have prompted India to look for both alternative sources and alternative routes to ensure the smooth flow of its massive energy requirements. The new route via Turkey and Israel is being discussed at a time when there has been virtually no progress on a long-pending proposal to build a massive gas pipeline between Iran, Pakistan and India. India has been moving slowly on that project because of strong security concerns over much of the area that the pipeline will travel through. The United States has also strongly opposed the project.
------------------------------------------------------
Civil Rights Groups Denounce Hate Crimes Against Hispanics
http://enews.voanews.com/t?ctl=2096FD9:E2FDB7E6D97F9373F082A94D548C99BE7F0EB4B66EA3A89D&
Five national civil rights organizations hold a joint news conference in Washington
U.S. civil rights group are expressing outrage at what police say was a hate crime committed near New York City two weeks ago when a group of teenagers beat and stabbed to death an immigrant from Ecuador.Five national civil rights organizations held a joint news conference in Washington on Monday to denounce what they describe as an increase in hate crimes against Hispanic immigrants in the United States. VOA Correspondent Cindy Saine has the story from Washington.Marcelo Lucero came to the United States from Ecuador 16 years ago and worked at a dry cleaners in New York. On November 8, he was walking with a friend when he was surrounded and taunted with racial slurs by seven teenagers. His friend fled. The youths allegedly beat Lucero. Police say one of the teenagers stabbed Lucero in the chest, killing him. New York prosecutors say the teenagers regularly got together to hunt down and hurt Hispanic men for fun. A 17-year-old from the group has been charged with murder. The other six have been charged with gang assault and hate crimes. All seven have pleaded not guilty.The crime has unleashed outrage, with New Yorkers gathering several days later for a rally to protest the violence.Here in Washington on Monday, a number of prominent civil rights leaders held a news conference to call attention to the crime and incidents of hate speech in the United States.Civil rights leaders say the election of Barack Obama, who soon will be the nation's first African American president, sends a positive message about the progress that has been made in race relations. However, they say the election does not mean that racial problems have been resolved as the recent killing in New York illustrates.National Council of La Raza Janet Murguia is President and CEO of the National Council of La Raza, the largest civil rights and advocacy group for Hispanics in the United States. She called the brutal murder of Marcelo Lucero a "wake up call for America"."Thankfully, hate did not win in this election," said Janet Murguia. "But unfortunately, hate still permeates in our society."FBI statistics show that attacks on Hispanics increased by more than 40 percent from 2003 to 2007. Experts says the increase might even be larger because many Hispanics who are in the country illegally shy away from going to the police to report crimes for fear of being deported. Civil rights advocates say some elected officials and talk radio and television hosts share part of the blame for creating a hostile climate by using anti-immigrant rhetoric. Marc Morial is President and CEO of the National Urban League, an organization dedicated to increasing opportunities for African Americans and other ethnic minorities. He says all of the nation's civil rights groups are standing together to try to put an end to the hate crimes. "We are unified in saying that whether that hate crime is directed at an African immigrant or a member of the Latino community or an African American, someone who is Asian or Jewish or Arab, it is the very same thing - it is a hate crime," said Marc Morial.Advocates say hate speech and hate mongering on the Internet has increased dramatically since Barack Obama was elected earlier this month. Some experts say it could be a backlash against what many view as a huge step forward for the country in overcoming racial prejudice and bigotry.
------------------------------------------------------
Auction Recalls Hollywood Legend Steve McQueen
http://enews.voanews.com/t?ctl=2096FDB:E2FDB7E6D97F9373F082A94D548C99BE7F0EB4B66EA3A89D&
Actor left legacy of dozens of Hollywood movies and many mementos, some of which are now in hands of movie fans
A recent auction of show business memorabilia recalled a time when Steve McQueen was one of Hollywood's biggest stars. Mike O'Sullivan spoke with McQueen's former wife about the mementos from her attic and her memories of the actor.Steve McQueen in scene from The Thomas Crown AffairA 2008 commemorative Ford Mustang inspired by McQueen's 1968 film Bullitt sold for $60,000. His U.S. passport sold for $9,000.The sale, at the auction house Bonhams & Butterfields, brought $19,000 for the shotgun the actor used in the film The Getaway. Steve McQueen was known for such movie hits as The Great Escape, an action-packed war film that featured McQueen making a dramatic escape from a German prison camp.In Le Mans, he portrayed a driver in the celebrated French auto race. McQueen was an avid racer and did many of his own driving scenes, deferring to his stuntman only when directors insisted. McQueen did much of the motorcycle riding for The Great Escape. Stuntman Bud Ekins took over to do a dramatic jump over a barbed wire fence. Ekins also did much of the wild driving through the streets of San Francisco in Bullitt, after filmmakers worried that the star might be injured. McQueen first gained fame on a weekly television series, playing a Western bounty hunter in the 1958 program Wanted: Dead or Alive. He went to act in such classic films as the star-studded Western The Magnificent Seven, and the disaster epic The Towering Inferno. McQueen's ex-wife, Neile Adams, got the idea for the sale of Hollywood mementos after she watched a DVD of The Thomas Crown Affair, the 1968 crime thriller starring McQueen and Faye Dunaway. In a romantic scene, they were drinking from brandy glasses."Something clicked in my head, and I said I have those somewhere," said Neile Adams. "And I ran downstairs to the basement and started rummaging around and there they were. Because Steve loved to walk off the set, if he liked something, he'd just walk off the set and he'd say, 'Look what I brought you, honey."Those glasses brought $3,200 at auction.The handgun that McQueen used to practice his cowboy quick draw sold for $6,000. Adams recalls it once gave her a good scare."And at that time, Westerns were very big," she said. "He used to just practice with that gun. And he thought it was empty, and I just was walking in from the grocery store. Well, he didn't realize that there was still a bullet in there. And I walked in and 'bam,' it went right through the grocery bag. And I dropped it and went on the floor. I said, 'Are you trying to kill me?'"McQueen always had his wild side. He had a troubled childhood and spent time in a California home for problem youngsters. That experience, and a later stint in the U.S. Marine Corps, instilled some discipline, and his good looks and natural talent would make him a movie icon. Adams has told the story in the book My Husband, My Friend. She recalls that the two met in New York City when he was a struggling actor and she was a Broadway dancer. They were married for 15 years before they divorced. But Adams says they remained good friends. She recalls the actor as funny and charming, but moody."You could take a dictionary, and every adjective would apply to him," she said. "He was charming. He was darling. He was adorable. He was a pain the neck. He was mean. He was everything."Steve McQueen's good looks, cool manner and strong presence on the screen brought him international fame. He left a legacy of dozens of Hollywood movies and many mementos, some of which are now in the hands of movie fans. He died of cancer in 1980 at the age of 50.
------------------------------------------------------
If you have questions about this E-mail newsletter send an e-mail to:
Click here to unsubscribe from the VOA Daily World News Summary2: http://enews.voanews.com/u?id=E2FDB7E6D97F9373F082A94D548C99BE7F0EB4B66EA3A89D
Forward this E-mail: http://enews.voanews.com/bin/ftaf?id=E2FDB7E6D97F9373F082A94D548C99BE7F0EB4B66EA3A89D
No comments:
Post a Comment