Current World News

Chen Guangcheng flies out of China, headed for U.S.

admin — Sat, 19 May 2012 18:05:20 +0000

BEIJING — Blind legal activist Chen Guangcheng, who had been at the center of a diplomatic row between the U.S. and Chinese governments, left Beijing on Saturday afternoon on a United Airlines flight bound for Newark and an uncertain life in the United States, after Chinese officials and American diplomats worked out of the public view to arrange for him and his family to travel out of the country.

Syria bomb kills 9, Damascus blames foreign plot

admin — Sat, 19 May 2012 15:05:20 +0000

BEIRUT (Reuters) – A car bomb blew up at a Syrian intelligence post in the eastern city of Deir al-Zor on Saturday, killing up to nine people, activists and state media said.

Blind Chinese activist leaves Beijing for U.S.

admin — Sat, 19 May 2012 13:05:00 +0000

BEIJING (Reuters) – China allowed a blind legal activist, Chen Guangcheng, to leave a hospital in Beijing on Saturday and board a plane bound for the United States, a move that could signal the end of a diplomatic standoff between the two countries.

China activist Chen ‘flies to US’

admin — Sat, 19 May 2012 10:05:40 +0000

Chinese activist Chen Guangcheng – who was at the centre of a diplomatic crisis with the US – has left Beijing for the US, reports say.

G8 leaders broadly united on Iran and Syria: U.S. official

admin — Sat, 19 May 2012 08:05:40 +0000

CAMP DAVID, Maryland (Reuters) – Group of Eight leaders agreed in their initial discussions at Camp David on Friday that Iran needs to disclose more about its nuclear ambitions and that it was time to focus on a political transition in Syria, a U.S. official said.

The leaders, including newly elected French President Francois Hollande and Russian Prime Minister Dmitry Medvedev, also stressed North Korea needed to adhere to international norms on nuclear issues and said it would face more isolation if it “continues down the path of provocation,” the official said.

The Friday evening dinner, hosted by U.S. President Barack Obama, was the first opportunity for the G8 leaders to discuss global security concerns. They will talk about the euro zone crisis and other economic issues, including oil market pressures at the summit on Saturday.

The U.S. official described “a sense of optimism” about conditions in Myanmar, and said the leaders gathered at Camp David, in the Maryland countryside, pledged to cooperate on providing aid to the former Burma.

The Camp David summit comes days before the next round of Iran talks, to be held in Baghdad. The G8 leaders “affirmed the importance of having a uniform effort in approaching those Baghdad talks next week,” the U.S. official said.

“Each of the leaders noted the urgency for Iran to take concrete steps to assure the international community of the peaceful purpose of its (nuclear) program,” the official said.

On the crackdown by Damascus, the official described broad agreement on “the need to move rapidly toward a plan for political transition within Syria” and said that while Medvedev did not outright support that call, he did not oppose it either.

Medvedev is standing in for Russian President Vladimir Putin at the Friday-Saturday G8 meeting, which also draws together leaders from the United States, Canada, Britain, France, Germany, Italy and Japan.

At the end of the Friday night dinner, Obama had a chocolate birthday cake delivered for Japanese Prime Minister Yoshihiko Noda, whose birthday is on Sunday. The G8 at Camp David will end on Saturday afternoon, at which time Obama and several of the other leaders will head to Chicago for a NATO summit.

(Reporting by Laura MacInnis; Editing by Stacey Joyce and Eric Walsh)

Briton had case full of foetuses to be used in black magic ritual

admin — Sat, 19 May 2012 06:05:40 +0000

A British man has been arrested in Thailand after being found with six foetuses that had been roasted and covered in gold leaf as part of a black magic spirit ritual.

After a decade of denials, yet another exam chief says GCSEs HAVE got easier

admin — Sat, 19 May 2012 04:05:00 +0000

Now the head of the UK’s largest examination board has become the latest to cast doubt over A-level and GCSE standards.

Iran, Syria among topics for G8 and Nato summits

admin — Sat, 19 May 2012 01:05:00 +0000

US President Barack Obama is using weekend gatherings of world leaders dominated by discussion of European economic woes and Afghanistan to solidify world resolve against development of an Iranian nuclear bomb and to encourage a more forceful response to worsening violence in Syria.

President Barack Obama

admin — Fri, 18 May 2012 22:05:20 +0000

Barack Obama became the 44th president of the United States after his victory in the 2008 presidential election. Here are some stories from his term.

Blurbing with faint praise

admin — Fri, 18 May 2012 20:05:40 +0000

1 Secs

Trayvon Martin: Pics Show Zimmerman Injuries

admin — Fri, 18 May 2012 18:05:20 +0000

Zimmerman has pleaded not guilty to murder, insisting he was defending himself

9:48am UK, Friday May 18, 2012

Photographs showing injuries to the alleged murderer of Florida teenager Trayvon Martin are among a mass of evidence that has been made public for the first time.

Zimmerman is shown in the photos with cuts to his head

Nearly 200 documents, pictures and audio recordings related to the case were released.

As well as revealing injuries to gunman George Zimmerman, they confirm the 17-year-old victim was shot through the heart at close range.

It also emerged an FBI expert found crucial evidence in the case – which has sparked civil rights protests and debates over guns laws across the United States – was inconclusive.

The expert said it was impossible to tell if the voice heard screaming for help belonged to Trayvon or Zimmerman just before the neighbourhood watch volunteer pulled the trigger.

Zimmerman, who is charged with second-degree murder, says he was being beaten up before he fired the fatal shots and photos released show him with a bloody nose and cuts on his head.

Also among the evidence was a document from Trayvon’s post-mortem showing he had cannabis in his system at the time of his death on February 26.

Police initially declined to arrest Zimmerman, citing Florida’s ‘Stand Your Ground’ self-defence law.

But a special prosecutor who was subsequently appointed charged him with second-degree murder – which Zimmerman has pleaded not guilty to.

Relatives of both Zimmerman and Trayvon insist the voice heard screaming for help on a 911 emergency was their family member pleading for his life.

Trayvon Martin was unarmed when he was shot by Zimmerman

The cries were silenced by a single shot from Zimmerman’s Kel Tec 9mm handgun.

Kenneth Marr, a specialist with the FBI’s digital evidence laboratory, concluded: “Critical listening and digital signal analysis further revealed that the screaming voice of the 911 call is of insufficient voice quality and duration to conduct a meaningful voice comparison with any other voice samples.”

His report added that the audio sample was “produced under an extreme emotional state”, making it difficult to analyse.

It comes after it was reported Trayvon had injuries to his knuckles when he died.

UK surveillance could yield window into lives

admin — Fri, 18 May 2012 15:05:20 +0000

FILE In this Friday, Sept. 23, 2011 file photo a man talks on a mobile phone as the hi-rise buildings of the banks based in the Canary Wharf business district are seen in the distance from Parliament Hill on Hampstead Heath in London.

Johnson & Johnson division recalls 43 OTC medicines for infants and children

admin — Fri, 18 May 2012 12:05:40 +0000

A division of Johnson & Johnson is recalling 43 over-the-counter medicines made for infants and children — including liquid versions of Tylenol, Motrin, Zyrtec and Benadryl — after federal regulators identified what they called deficiencies at the company’s manufacturing facility.

World Digest: Opponents of Venezuela’s Chávez jailed in crackdown

admin — Fri, 18 May 2012 10:05:20 +0000

VENEZUELA

Chávez opponents jailed in crackdown

Two foes of Venezuelan President Hugo Chávez who had publicly criticized the socialist government in recent days found themselves in jail this week as part of a crackdown on opposition figures that has prompted alarm about the state of democracy in the oil-rich Latin American country.

On Monday, former state governor and opposition presidential candidate Oswaldo Álvarez Paz was charged with spreading false information after he said that Venezuela has become a haven for drug traffickers, an accusation long made by U.S. and Colombian officials.

“No one can stand up to defame, to lie, to manipulate in the media here,” Justice Minister Tareck El Aissami said after the arrest of Álvarez, who remains in jail.

On Thursday, Guillermo Zuloaga, owner of the anti-Chávez television station Globovisión, was arrested for making remarks deemed offensive to the president. Zuloaga, who was released after several hours, was also accused of disseminating false information that could “cause public panic.”

The State Department and Human Rights Watch have said that Chávez is abusing his authority. Santiago Cantón, executive secretary of the human rights arm of the Organization of American States, said Friday, “It’s very grave that state power be used punitively to chase down opponents.”

Constitutional experts and rights groups in Venezuela say that dozens of government adversaries have been jailed for their political activities. An additional 2,000 Venezuelans are under investigation.

– Juan Forero

ISRAEL

2 soldiers, 2 militants killed in border clash

Two Israeli soldiers and two Palestinians were killed in an exchange of fire along Israel’s border with the Gaza Strip on Friday after an Israeli army patrol spotted Palestinians planting explosives, the army said.

Germany, U.S. head to G-8 summit with starkly different economic policies

admin — Fri, 18 May 2012 07:05:20 +0000

BERLIN – There are 4,169 miles between Berlin and Washington. But on economic policy, the two capitals sometimes appear to be on different planets.

Germany has taken a tough-love, austerity-driven approach to solving Europe’s recession, pushing struggling countries to sharply cut public spending and chop their debt even as their economies slump. The United States confronted its own crisis with an $862 billion stimulus package in 2009, which brought debt levels to heights not seen since shortly after World War II but may have dulled the worst blow of its downturn.

Exclusive: U.N. probes possible North Korea arms trade with Syria, Myanmar

admin — Fri, 18 May 2012 04:05:20 +0000

UNITED NATIONS (Reuters) – A U.N. panel of experts that monitors compliance with sanctions on North Korea is investigating reports of possible weapons-related deals between Pyongyang and Syria and Myanmar, the panel said in a confidential report seen by Reuters on Thursday.

Facebook wraps up IPO, set for big Friday pop

admin — Fri, 18 May 2012 02:05:40 +0000

SAN FRANCISCO/NEW YORK (Reuters) – Facebook Inc is set to raise up to $18.4 billion in its IPO and become the first U.S. company to be worth more than $100 billion at its debut, as investors bet on a big pop in the stock when it begins trading on the Nasdaq on Friday. Frenzied demand, especially from individual investors hoping to buy into an Internet juggernaut that touches hundreds of millions of people every day, is expected to drive Facebook well above its initial public offering price of $38 a share, which was already at the top end of its target of $34 to $38.

Facebook shares valued at $100bn

admin — Fri, 18 May 2012 00:05:20 +0000

Facebook has priced its shares ahead of one of the most eagerly-anticipated share flotations in recent stock market history.

Spain beset by bank crisis, downgrades, bond pressure

admin — Thu, 17 May 2012 22:05:40 +0000

MADRID (Reuters) – Spain‘s borrowing costs shot up at a bond auction on Thursday and its troubled banks suffered a double blow, with shares in part-nationalized Bankia diving and 16 lenders – including the euro zone’s biggest – having their credit ratings cut.

Official data confirmed Spain was back in recession and a newspaper reported a big outflow of deposits from Bankia, but the government said it had taken a fundamental step to strengthen Spain’s credibility by agreeing big budget cuts with the country’s free-spending regions.

Moody’s Investors Service cut the long-term debt and deposit ratings of the 16 Spanish banks, including Banco Santander, the euro zone’s largest, saying the government‘s ability to support some banks had weakened.

Spain’s banks, saddled with bad loans after a property boom collapsed, lie at the heart of the euro zone crisis as markets fear any major rescue would strain Madrid‘s already stretched finances and possibly require an international bailout.

Gary Jenkins, credit analyst at Swordfish Research, said Spain had problems which went beyond the risk of contagion from the crisis in Greece, whose future in the euro is in doubt

“Whilst the attention of the world is on Greece, the fact is that Spain faces many challenges irrespective of how the Greek situation is finally resolved,” he wrote in a note.

Moody’s cut the rating of BBVA, Spain’s second largest lender, as well as Santander even though both are generally regarded as sound, unlike some of their smaller peers.

Nicholas Spiro of Spiro Sovereign Strategy said the government of Prime Minister Mariano Rajoy was not handling the crisis well. “Sentiment towards Spain is deteriorating with each passing day, mainly because of a loss of confidence in the Rajoy government’s approach to tackling the problems in the banking sector,” he said.

ATTRACTING BUYERS

At Thursday’s debt auction, the Treasury had to pay around 5 percent to attract buyers of three- and four-year bonds. The latter sold with a yield of 5.106 percent, way above the 3.374 percent the last time it was auctioned.

“This … fits the pattern of recent sales, with the Spanish treasury successfully getting its supply away but at ever-higher yields,” said Richard McGuire, rate strategist at Rabobank in London. “This unfavorable trend looks set to remain firmly in place … Ultimately, this ratcheting up of yields will likely require some form of outside intervention.”

Spain officially slipped into recession in the first quarter this year, final figures confirmed on Thursday, leaving the country threatened with a prolonged slump as the turbulent euro zone struggles to balance austerity with growth.

The European Commission warned last week that high debts of the 17 regions, which account for about half of overall public spending, and the welfare system would prevent Spain meeting its goal of cutting the budget deficit to 5.3 percent of gross domestic product this year from 8.5 percent in 2011.

However, the government said the regions – most of which missed their deficit targets last year – had agreed to cut their spending by 13 billion euros and increase revenues by 5 billion euros.

After weeks of negotiations, Treasury Minister Cristobal Montoro approved the plans presented by every region except for the small northern one of Asturias, which will have to produce a new budget within 15 days. “We’ve taken a fundamental step for Spain’s credibility,” Montoro told a news conference.

Overspending by the regions caused Spain to miss its deficit reduction target badly last year. Moody’s agency downgraded on Thursday its ratings of four regions including two of the biggest, Catalonia and Andalucia.

Regions which meet their targets will get help from the state to cover their financing needs through a new mechanism which will be introduced by July. The government has been working for weeks on a new instrument called “hispanobonos” allowing the regions to issue debt underwritten by the Treasury.

WORRY LIST

Spain’s 10-year debt yields have risen back above 6 percent, which investors view as a pivot point that could accelerate a climb to 7 percent, a cost of borrowing widely seen as unaffordable even though Madrid has raised well over half its needs for this year.

Prime Minister Mariano Rajoy said on Wednesday his government could soon find it difficult to fund itself affordably on the bond market unless the pressure eases.

However, the government source said the Treasury could refinance itself at the current high yields for several months, although the country saw it aiss vital that funding costs fall.

Top of the country’s worry list is a banking sector beset by bad loans, the result of a property boom that bust in 2008.

El Mundo newspaper reported that customers at Bankia had taken out more than 1 billion euros, equivalent to around 1 percent of the lender’s retail and corporate deposits, over the past week. The government denied there had been an exit of funds, but the bank’s shares closed down 14 percent on Thursday on top of steep losses over the past week.

“It’s not true that there is an exit of deposits at this moment from Bankia,” said Economy Secretary Fernando Jimenez Latorre. Bankia itself said that deposit activity was normal.

The government last week took over Bankia, the fourth-largest lender which holds around 10 percent of Spanish deposits, in an attempt to dispel concerns over its ability to deal with losses related to the 2008 property crash.

“The majority of outflows came after the chairman resigned last week, but I think once the bank was taken over by the government, depositors calmed down a bit,” said one Madrid-based trader. “The share price fall has to do with disappointed retail investors dumping the stock.”

Some savers were reassured by the deposit guarantee fund which covers 100,000 euros per customer.

“I have two accounts with Bankia and up to now I have not closed them. I’m not even considering it,” said Jose Ignacio Gonzalez, 42. “It must be more secure with the backing of the state, it has a guarantee.”

The problem for Madrid is that the property losses which banks face are not yet quantifiable, as prices are likely to fall further.

The government told the banking sector last week to set aside another 30 billion euros in provisions, prompting some analysts to say much more would need to be done.

RECESSION AND CONTAGION

While Greece, facing fresh elections which could hasten its exit from the euro zone, has dominated headlines, uncertainty over the final cost of Spain’s banking reform has raised the prospect that it could also require an international bailout, a bill the euro zone would be stretched to cover.

Official data confirmed the Spanish economy shrank 0.3 percent in the first quarter, putting it back into recession. Unemployment is already running close to 25 percent, rising to around 50 percent among the young.

Even if it puts its house in order, Madrid faces the threat of contagion from Greece if it elects an anti-bailout government next month, a move which could hasten a hard default and exit from the euro zone.

“It’s not Greece leaving the euro that is the major issue,” said John Bearman, chief investment officer at Thomas Miller Investment, which manages roughly 3 billion pounds ($4.8 billion) of assets. “It’s the domino effect.”

(Additional reporting by Steve Slater, Nigel Davies, Andres Gonzalez, Blanca Rodriguez, Paul Day, Sonya Dowsett, Steven C. Johnson and Sarah White; Writing by Mike Peacock and David Stamp; Editing by Michael Roddy)

SPAIN

admin — Thu, 17 May 2012 20:05:20 +0000

TROUBLED Spanish bank Bankia has delayed publishing first quarter results, stoking fears over the scale of losses at the newly nationalised lender and sending shares down 10pc.