Archive for the 'General' Category

US dollar takes a pounding over deficit

Saturday, May 13th, 2006

The US dollar suffered a severe sell-off on Friday, taking it to its weakest level against a trade-weighted basket of currencies since October 1997, as fears about the US current account deficit crossed world markets.

Worries about US inflation, which have intensified since this week’s meeting of the US Federal Reserve’s rate-setting open market committee on Wednesday, sparked further sharp losses for US stock markets. The Nasdaq Composite fell a further 1 per cent in morning trading after its 2 per cent fall on Thursday.

US government bonds also suffered, bringing the yield on the benchmark 10-year bond to its highest level in four years.

The dollar has lost 7 per cent against the euro, yen and sterling since the beginning of April, a slide that will in turn intensify worries about inflation in the domestic economy.
news.ft.com

Bankruptcy filings soaring again

Saturday, May 13th, 2006

The lull in bankruptcy filings may already be a thing of the past.

Consumer bankruptcy cases plunged to a 20-year low in the first three months of 2006, reflecting the passage of a tough new bankruptcy law last year. But the pace of new filings is already on the rise.

Courts now see an average of 2,000 new filings a day — four times the number that were filed in November 2005 after the bankruptcy law went into effect, according to Chris Lundquist, founder of Lundquist Consulting, which tracks bankruptcy trends.

If filings continue to rise at anything like this rate — which is not a given, but certainly a possibility — we could see close to 1 million filings by the end of the year.
msn.com

US clears $663bn for defence policies

Saturday, May 13th, 2006

THE US House of Representatives today passed a bill for more than half a trillion dollars in defence programs for next year, including another $US50 billion ($64.7 billion) “bridge fund” for the Iraq war.

Democrats complained that Republicans barred any meaningful debate on Iraq, along with blocking most of their amendments on a variety of initiatives such as boosting the military’s use of alternative energy and requiring military chaplains to show respect toward service members of all faiths.

But the $US512.9 billion ($663.65 billion) measure passed on a 396-31 vote with support of most Democrats who were loathe to oppose it when US soldiers were in Iraq and Afghanistan and before the November congressional elections.
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Federal agents raid home of CIA’s former No. 3 boss

Saturday, May 13th, 2006

VIENNA, Va.Ð Federal agents Friday morning raided the home of Kyle “Dusty” Foggo, who stepped down this week from the No. 3 post at the CIA amid accusations of improper ties to a defense contractor named as a co-conspirator in the bribery case of former Rep. Randy “Duke” Cunningham.

One agent told reporters that Foggo was not at the modest home in a quiet suburban neighborhood near the CIA’s Langley headquarters and had not been detained. The agents refused to answer other questions about the raid, including what agencies were involved.

A neighbor said the agents arrived about 8 a.m. ET. A white Chevrolet van was backed up to the carport of the split-level brick home and, at one point, a man wearing latex gloves emerged from the house and went around the back.

Foggo resigned his post at the CIA on Monday, after the FBI began investigating whether he improperly steered contracts to Brent Wilkes, a Poway defense contractor and longtime friend of Foggo’s. The CIA’s inspector general has been investigating Foggo for at least three months.

Wilkes, who has not been charged with a crime, has been identified as one of two defense contractors who plied Cunningham with at least $2.4 million in bribes in return for government contracts. The other contractor, Mitchell Wade, pled guilty to corruption charges in February.

Cunningham, a Republican from Rancho Santa Fe, is serving an eight-year prison term.

Foggo has worked at the CIA since 1982, with postings in Honduras, Austria and Germany.
signonsandiego

One of Negroponte’s boys.

MAY 12: Leftist S.American Duo Take Stage at EU – Latam Summit

Friday, May 12th, 2006

VIENNA (Reuters) – The leftist presidents of Venezuela and Bolivia confronted European and Latin American leaders with their brand of socialism on Friday, claiming a new era had dawned on their continent.

Hugo Chavez, who once led a failed coup attempt before winning power via the ballot box, condemned the pro-market policies which many Latin American states have adopted in the last 20 years but are increasingly out of favor with voters.

“Neoliberalism has begun its decline and has come to an end,” Chavez told reporters after posing for a photograph with nearly 60 other heads of state from the European Union, Latin America and the Caribbean at a summit in Vienna.

“Now a new era has begun in Latin America. Some call it populism, trying to disfigure our beauty. But it is the … voice of the people that is being heard,” he said.

Mexican President Vicente Fox earlier said the region had failed to overcome its historic problems, including “populism” and inconsistency of policies.

Bolivia and Venezuela have increasingly riled governments on both sides of the Atlantic.
nytimes.com

Viva.

Bolivian Says He Won’t Pay Energy Companies

Friday, May 12th, 2006

The leader of Bolivia today ruled out any compensation for nationalized oil and gas resources as he faced tough questioning before a high-profile European summit meeting to discuss energy and trade.

President Evo Morales sent in the army on May 1 to occupy oil and gas fields owned by British Gas, Total of France, Repsol of Spain and Petrobras of Brazil. He said there was no need to pay, since the companies had already recovered their investments plus profits.

Europe is watching the case carefully.
nytimes.com

HAVE 200,000 AK47S FALLEN INTO THE HANDS OF IRAQ TERRORISTS?

Friday, May 12th, 2006

SOME 200,000 guns the US sent to Iraqi security forces may have been smuggled to terrorists, it was feared yesterday.

The 99-tonne cache of AK47s was to have been secretly flown out from a US base in Bosnia. But the four planeloads of arms have vanished.

Orders for the deal to go ahead were given by the US Department of Defense. But the work was contracted out via a complex web of private arms traders.

And the Moldovan airline used to transport the shipment was blasted by the UN in 2003 for smuggling arms to Liberia, human rights group Amnesty has discovered.

It follows a separate probe claiming that thousands of guns meant for Iraq’s police and army instead went to al-Qaeda.
mirror.co.uk

IRAQ: UN report cites vast under-nutrition among children

Friday, May 12th, 2006

05/09/06 BAGHDAD, 8 May (IRIN) – One in three Iraqi children is malnourished and underweight, according to a report released by the United Nations Children’s Fund (UNICEF) in Amman on 2 May.

“Under-nutrition should not be accepted in a country like Iraq, with its wealth of resources,” said UNICEF Special Representative for Iraq Roger Wright from the Jordanian capital, Amman. Wright added that ongoing insecurity served to deter parents from visiting health centres for essential services, while many health workers had been kidnapped or killed in different parts of the country.

According to the report, a full 25 percent of Iraqi children between six months and five years old suffer from either acute or chronic malnutrition. A 2004 Living Conditions Survey indicated a decrease in mortality rates among children under five years old since 1999. However, the results of a September 2005 Food Security and Vulnerability Analysis Ð commissioned by Iraq’s Central Organisation for Statistics and Information Technology, the World Food Programme and UNICEF Ð showed worsening conditions since the April 2003 US-led invasion of the country.
informationclearinghouse.info

Fundamentalists gain strength in Iraq

Friday, May 12th, 2006

Our war, through their eyes, is not a pretty picture. As they see it, war with Iraq weakens the United States and strengthens a mutual enemy — Muslim fundamentalists.

A small delegation of female journalists and media professionals from Morocco visited Boston to “break the ice between the United States and Muslim countries,” as they explained in French, through a translator.

When the discussion turned to war in Iraq, their message was loud and clear, in French or English.

“C’est une catastrophe,” said Hinde Taarji, a journalist and author of several books, including one about women and Islam.

“C’est terrible,” said Maria Latifi, director of an educational television station in Morocco.

The other Muslim women echoed those sentiments.

They came to the United States, first, to get the word out that not all Muslim women are swathed in veils and burkas, living lives of oppression and misery. Their larger mission is to fight on behalf of those who still struggle.

To that end, they seek a longstanding weapon of mass influence: U.S. moral authority. Yet, to them, that sharp and precious tool is dulled by U.S. policy in Iraq.

Didn’t they and other progressive Muslims see the proudly purple fingers of voters in Iraq?

No, said Latifi. They “went completely unnoticed.” People see “the mayhem … the sectarian war. They see a country sinking.”

And, as she pointed out, they see it every day, as the United States does, via CNN.

Because of the negative perception in the Muslim world of what is happening in Iraq, the women believe hard-line religious fundamentalists are gaining strength.

Bahia Amrani, founder and publisher of a newsweekly magazine, Le Reporter, said the United States does not understand that democracy cannot be secured through force. Before people can fight for freedom on their own behalf, she said, “There has to be a fight against illiteracy, poverty, exclusion.”
seattlepi.nwsource.com

ElBaradei hails Iran crisis move

Friday, May 12th, 2006

UN nuclear chief Mohamed ElBaradei has welcomed the move by the UN Security Council to hold off imposing sanctions on Iran over its nuclear programme.

“The only solution to the Iran situation is a comprehensive package through dialogue, through negotiation,” Mr ElBaradei said.

The US had said earlier this week that pursuit of a tough UN Security Council resolution on Iran would be delayed.

Tehran has so far ignored calls from the UN to suspend uranium enrichment.

“It is very good that the [UN] Security Council holds its horses,” Mr ElBaradei said at a news conference in Amsterdam.

“I am very optimistic. I hope both sides will move away from the war of words. I hope the pitch will go down… we need compromises on both sides,” the head of the International Atomic Energy Agency (IAEA) added.
bbc.co.uk