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krisluke
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06-Feb-2011 17:44
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Thailand, Cambodia seek border calm BANGKOK: Thailand and Cambodia said Sunday they were working to defuse border tensions a day after the neighbours agreed to end fierce fighting near a disputed temple that killed at least five people. Thai premier Abhisit Vejjajiva, who has faced pressure from the powerful " Yellow Shirts" at home for his handling of the issue, said the " army and foreign ministries from both countries are working to normalise the situation" . In a sign that the situation remained strained after heavy fighting around the 11th-century Preah Vihear temple, he added that incident " shows that we never fail to protect our sovereignty" on his weekly television address. A Cambodian military commander stationed at Preah Vihear said the situation was " tense" . " Both sides are still on alert," he said, adding that the Thai and Cambodian armies had held a meeting Sunday and were working together to try to improve the situation. The neighbours traded heavy weapons fire in an area around the Hindu temple, which is claimed by both countries, on Friday and each said the other had used mortars, rockets and artillery. Oservers say the border issue is being used to stoke nationalist sentiment at home in both Thailand and Cambodia. Cambodia has said two of its soldiers and one civilian were killed in Friday's fighting, while Thailand said a villager on its side of the border also died. A Thai soldier was killed in a brief resumption of hostilities on Saturday morning. The media in both countries have suggested the toll could be much higher, however, with Thai newspapers suggesting 64 Cambodian soldiers were killed. Across the border, it was reported that at least 30 Thai troops had died. Villages were evacuated on both sides of the frontier when the fighting erupted. Around 8,000 people fled their homes on the Thai side alone, according to Somsak Suwansujarit, the governor of border province Sri Sa Ket, who said people had started to return to their houses on Sunday. " The situation is improving," he added. Both sides have blamed the other for sparking the worst violence in more than two years. Ties between the neighbours have been strained since the temple was granted UN World Heritage status in July 2008. The World Court ruled in 1962 that Preah Vihear itself belonged to Cambodia, although its main entrance lies in Thailand and the 4.6-square-kilometre (1.8-square-mile) area around the temple is claimed by both sides. Around 5,000 " Yellow Shirts" , a force to be reckoned with in Thailand's colour-coded politics, gathered outside the government compound in Bangkok on Saturday calling for the prime minister's resignation over the issue. It has been suggested that the Association of Southeast Asian Nations (ASEAN) could move to mediate in the row and sources in the Cambodian foreign ministry have said ASEAN chair and Indonesian Foreign Minister Marty Natalegawa will visit the country on Monday. But the subject of the meeting is unknown and Abhisit on Sunday dismissed ASEAN intervention as " unnecessary" . -AFP/ac |
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krisluke
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06-Feb-2011 17:41
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India set to withdraw stimulus measures, industrialists unhappy NEW DELHI: After emerging from the global economic crisis, India is set to withdraw its stimulus measures by the end of this year. But rising inflation has upset the government's plan of a full rollback. Last year, excise duty for manufactured goods was raised two-percentage points to 10 percent. This year too, in the second phase of the rollback, duty is expected to rise by another two-percentage points. But in view of the decline in manufacturing activity, the government has decided to put its plan on hold. In November, industrial growth plunged to an 18-month low of 2.7 percent, from over 11 percent recorded in the previous month. As many as nine out of 17 industry groups registered a negative growth in this period. Pranab Mukherjee, India's Finance Minister, said: " The base effect is also there but that is no consolation. We shall have to look into it so that in the next three months, or rather December to March, situation improves. Let us hope so." Industrial slowdown, accompanied by high inflation, has added to the government's woes. Food prices have soared to the highest level in a year and are unlikely to come down any time soon. Interest rates are also set to go up as India's central bank has indicated that it will tighten its monetary policy further to stabilise the price pressure. Reeling under the impact of rising interest and input costs, the country's industrialists have urged the government not to withdraw the stimulus measures, which could further affect their profit margins. Rajan Bharti Mittal, President of the Federation of Indian Chambers of Commerce and Industries, said: " In manufacturing and agriculture sector where output is low and cold chain investments are happening, tax breaks should be given to them. The industrialists have also demanded that the government look into skills development as an active part of research and development." India's finance minister will present the annual budget in Parliament next month. He has made fiscal discipline his top priority. The industry has asked him to reduce corporate tax to 25 percent and remove education cess, but the minister is not in favour of any new direct corporate tax concessions. However, he is expected to keep service tax and excise duties unchanged. This might still not be enough to bring down overall inflation. Western countries are struggling hard to prevent another financial crisis. At some point in time, the Indian government too will have to cut some customs and excise duties to keep up the demand, as well as compensate the layman by widening the income tax slabs. - CNA/de |
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krisluke
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06-Feb-2011 17:06
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Rival Koreas gear up for talks this week to ease tension
By Jack Kim
  SEOUL (Reuters) - North and South Korean military officers will meet this week at a truce village on their heavily fortified border in a test of a pledge by the North to ease tension after a major security crisis last year.   Regional powers have nudged the rivals to defuse the crisis and restart international talks over the North's nuclear program. The two Koreas are still technically at war because an armistice not a treaty ended the 1950-53 Korean War.   The meeting will be the first dialogue between them since last September, and the first since tension peaked on the peninsula late last year.   Last March, South Korea accused the North of sinking one of its navy ships killing 46 sailors.   Then in November, the North bombarded a South Korean island in disputed waters off the west coast, leading to an angry exchange of threats and a risk of major conflict that rattled financial markets.   The two sides agreed last week to hold a preliminary round of military talks on February 8 to set the time and agenda for higher-level talks, possibly between their defence ministers.   South Korea said a formal apology for what it saw as the blatant North Korean provocations last year was not needed for it to consider going ahead with the higher-level talks.   " You don't have colonels talking about apologising," a South Korean official said, referring to the officers who will meet Tuesday.   North Korea threatened nuclear war on the peninsula at the height of tension but in a sharp change of tack, it has repeatedly called for dialogue with the South since January.   Some analysts say the about face is an indication that the North is suffering from years of international sanctions and a cut in aid from the South.   The South has said it wants to see whether the North is sincere about reducing tension and agreed to the meetings on the condition that they discuss the navy ship sinking and island bombardment.   South Korean President Lee Myung-bak said last week he was willing to consider meeting the North's leader at a summit in a softening of the South's tone after months of tough talk that included a vow to retaliate if the North attacked again.   Lee cut off a decade of unconditional aid to the North when he took office in 2008, angering the North, which analysts said had come to depend on his liberal predecessors' policy of using aid to keep their unpredictable neighbour engaged.   Lee said he had high expectations that the North would abandon the tactic of staging hostile acts to raise tension, then seeking dialogue with the wealthy South to win concessions.   (Editing by Robert Birsel) |
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krisluke
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06-Feb-2011 15:08
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Emerging-Market Equity Funds See Big Outflows By Anjali Cordeiro  Of DOW JONES NEWSWIRES NEW YORK (Dow Jones)--Emerging-market equity funds saw their biggest outflows in three years during the week ended Feb. 2, suggesting increased investor caution on these fast-growing regions. Investors pulled $7.02 billion out of emerging-market equity funds followed by fund tracker EPFR Global. Those data include outflows of $4.6 billion from exchange-traded funds focused on emerging markets, the largest such outflows these ETFs have ever seen. The fund tracker found that the rotation out of emerging markets that started in the fourth quarter due to worries about valuations and inflationary pressures picked up steam in late January and early February. The outflows from emerging-market equity funds came amid continued political turmoil in Egypt, which last week helped drive a movement out of riskier assets, a class that emerging markets are generally seen as belonging to. Developing economies from China to Brazil are still growing well, but that is also driving inflation in these countries and pushing policymakers to raise interest rates. On Friday, Indonesia became the latest to raise rates. " In a number of emerging markets there should be a slowdown from central bankers tightening," said Quincy Krosby, market strategist with Prudential Financial. EPFR noted that the outflows from emerging-market equity funds were the heaviest in three years in the week ended Feb. 2. Emerging-market bond funds had a relatively flat performance, with about $26 million of outflows. Meanwhile, U.S. equity funds had inflows of $4.6 billion, while U.S. bond funds had inflows of $1.2 billion. Russia, meanwhile, benefited from higher oil prices, according to EPFR, with Russian equity funds seeing inflows of $195.8 million for the week. EPFR found that Middle Eastern and African regional equity funds had outflows of $80.4 million for the week amid concerns about Egypt. " Emerging markets have been outperformers and you are seeing an overall reallocation," said Krosby. " You are seeing money going to the U.S. market because valuations are more attractive." Bank of America Merrill Lynch recently wrote in a research note that its fund-managers survey reveals investors have been scaling back their overweight positions in emerging markets since November and inflows to emerging markets at $4 billion year to date are lagging flows to developed markets at $24 billion. The bank noted that flows to emerging markets are likely to recover once inflation peaks and yields fall again. Despite the most recent caution on emerging markets, some strategists are staying bullish on these countries' long-term prospects. " Emerging-market equities are going to face headwinds in the near term but this is the time to start accumulating [positions]," said Komal Sri-Kumar, chief global strategist of TCW Group. He said he is remaining bullish on emerging markets longer term because countries such as China and Brazil have much faster growth prospects than the U.S. -By Anjali Cordeiro, Dow Jones Newswires 212-416-2200 anjali.cordeiro@dowjones.com |
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Hulumas
Supreme |
06-Feb-2011 15:08
Yells: "INVEST but not TRADE please!" |
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Yes, it moves on the right path! | ||
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krisluke
Supreme |
06-Feb-2011 14:47
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China, Singapore Trade Booming China-Singapore trade numbers continue to grow with trade in 2010 rising more than 25 percent to S$95.3 billion. Trade and Industry Minister Lim Hng Kiang said this at the Singapore Business Federation and Singapore Chamber of Commerce and Industry (SingCham). Lim Hng Kiang said China is currently Singapore’s third largest trading partner, the second largest source of tourist arrivals, and top investment destination. Many Singapore firms are aware of China’s immense potential as the world’s largest consumer market and have, over the years, made inroads into the Chinese market. These councils help to promote economic cooperation and facilitate networking between the business communities of both countries. |
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krisluke
Supreme |
06-Feb-2011 14:39
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Wall Street Rally: Can it Continue? Technicians see an extension of this market Rally As earnings continuing to surprise on the Northside, and with minimal technical resistance overhead, the Bears may have to stay in hibernation for now. The VIX, dropped this week despite unrest in the Middle East and Crude Oil prices are flat to unchanged from 2 weeks ago. After posting its best week in the past 9, the S& P 500 has seen oversold levels tick lower. Shayne and I expect the US market to extend this rally despite the fact the economic news is a bit sluggish on the jobs front. Government data showed Friday the US economy created 36,000 jobs in January, less than expected, but the unemployment rate fell to its lowest since April 2009. Economists agreed a recovery in the labor market was proceeding but not gaining speed, but remember that Jobs is a lagging indicator. Upbeat signals in the economy, added to a positive bias in this earnings season, should continue to drive equities higher. More than 70% of the S& P 500 companies have reported earnings above estimates so far. Players expect aggregate earnings rose 37% in the last Q, the highest estimate for that period in more than 10 months. The energy, industrials and technology sectors are trading into overbought territory, but 2 recent weeks of declines are helping ease overall selling pressure, and the rally that started in September shows no signs of weakness yet as it breaks one resistance mark after another The target coincides with the benchmark’s highest level in August 2008. Chartists, me included, are now looking at the 1,360 area, the 76.4% retracement of the S& P’s downhill move from late Y 2007 to March 2009, as one of the few technical hurdles the index faces before hitting 1,400, my target in Y 2011 The S& P has risen 25% since the start of September, which led to a lack of confidence and calls for a pullback in the Media. Nevertheless, the VIX fell 20.5% on the week after a near 30% spike in the 2 prior weeks. There’s a healthy degree of skepticism and many people are still calling for a correction, and with that the market will likely rise on the “wall of worry”. Next week is slow in terms of economic indicators, with the preliminary reading of the Reuters/University of Michigan consumer sentiment as the highlight of the week. The reading is expected to tick up to 75 from last month’s 74.2, according to a poll. Some players speak of the spike in Crude Oil prices as a headwind for the economic recovery, and the unrest in the Middle East is an important variable for equities. So far that has proved not true. We here at LTN believe that Crude Oil 110 bbl becomes a significant headwind for the economy and that at 100 bbl it is comfortable. Brent Crude Oil settled below 100 bbl for the 1st time in a week. US Crude Oil (WTI) for Mar delivery fell 1.51 to settle at 89.03 bbl. Federal Reserve Chairman Ben Bernanke offered a moderately more optimistic assessment of the economy’s prospects than in previous remarks, although he made clear the recovery still needs support from the Fed. From our POV as long as the US Fed continues supportive and accommodating, and that it will continue to provide support to the market players will see weakness in the market as a opportunity to buy. Stay tuned…Paul A. Ebeling, Jnr. |
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krisluke
Supreme |
06-Feb-2011 14:30
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European Leaders Clash at SummitFailure to Move Ahead on Bailout Pact Threatens to Roil EuroBRUSSELS—Sharp disagreements opened up among European Union leaders at a summit here over a German-led plan to boost the competitiveness of weaker euro-zone economies, threatening to unsettle recently calm European financial markets. The German proposals, backed by France, are viewed as the price for an agreement to expand a bailout fund for the struggling economies of the euro zone and give the fund greater powers to stem the region's debt crisis—a move seen as critical to restoring confidence in the euro. But there was bitter criticism of the German proposals widely circulated beforehand in documents from the government. They advocate raising retirement ages across the euro zone, abolishing indexation of wages to inflation, harmonizing corporate and other taxes and instituting a " debt brake" that limits the ability of governments to borrow to fund their spending.
During unusually heated discussions, Belgium, Spain, Portugal and Luxembourg objected to the wage-indexation proposal, while Austria, in particular, criticized the plan to increase retirement ages. Austrians take wide advantage of early-retirement provisions, and, along with France and Luxembourg, the country has one of the lowest effective retirement ages in the euro zone. Some of the 10 EU leaders whose countries aren't in the euro zone, including Poland and the U.K., said some of the suggestions could undermine the single European market. Others chafed that Germany, helped by France, in their view cooked up the ideas without widespread consultation. " There were 18, 19 countries who spoke up to make known their regret on the way it was presented and also on the content," said Yves Leterme, the Belgian prime minister. " It was truly a surreal summit." However, Greek Prime Minister George Papandreou said the competitiveness pact was ambitious and it was " not certain" the leaders would reach a deal by the end of March. That is likely to unsettle the financial markets from which troubled euro-zone countries must borrow money. Thanks in part to European leaders' recent expressions of optimism that the euro zone was converging on a solution, investor expectations have been high. The positive statements have " fostered expectations of a comprehensive plan," notes a report issued Friday from the Institute of International Finance, a trade group of big banks. It warns, " failure to deliver on time could prompt a sharp reversal amidst renewed volatility." EU leaders, including German Chancellor Angela Merkel, said the German plan wasn't presented formally Friday—though Ms. Merkel said there was agreement on the need for a pact to bolster the competitiveness of the euro-zone economies. She added that she was " very optimistic" that an agreement would be reached and that EU countries outside the euro zone would be able to sign on to the pact if they wanted to. Ms. Merkel said the aim of the competitiveness pact is to identify the best practices among the members of the currency group and to have others adopt them. Germany, she said, would have to improve its practices on innovation and talk about its corporate-tax regime. French President Nicolas Sarkozy said there was no Franco-German plan to force other countries to take action, and that any pact would have flexibility. " The idea we have isn't to impose the same thing on everyone," Mr. Sarkozy said. " It's not a question of taking decisions today in details, but to show will to convergence." EU President Herman Van Rompuy said that the 27 EU leaders spent their meeting Friday discussing the " procedure" for assembling a pact. Still, he acknowledged that " papers" had been " circulated" and said he had been charged with consulting the 17 euro-zone leaders on their ideas. He said his consultation would last until March. Some EU officials said, however, that disagreement was such that it called into question whether the grand bargain could be agreed by the end of March.—Matthew Dalton, Costas Paris and William Horobin contributed to this article. Write to Stephen Fidler at stephen.fidler@wsj.com and Charles Forelle at charles.forelle@wsj.com |
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tanglinboy
Elite |
06-Feb-2011 09:26
Yells: "hello!" |
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We'll see what happens this week. | ||
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krisluke
Supreme |
05-Feb-2011 20:33
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I can't conclude immediately on yours comment. But street talk says everythings will be OK in 2nd quarters. The hot topics  now is purely  on 3 thingy - 1. inflation (raising food price), 2.  increase interest rate  (contol inflow hot money), and 3. demonstration (civil war) in egypt,  thus may cause  disruption  to  oil supply. The outcome would come mild  and back by strong  earning reporting from singapore starting next weeks, if  possibly sound fundamental.
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krisluke
Supreme |
05-Feb-2011 20:19
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Clinton warns of " perfect storm" in Middle East
By Andrew Quinn
  MUNICH (Reuters) - The Middle East faces a " perfect storm" of unrest and regional leaders must quickly enact real democratic reforms or risk even greater instability, U.S. Secretary of State Hillary Clinton said on Saturday.   Clinton, speaking at a security conference in Munich, said lack of political reform, coupled with a growing young population and new Internet technologies, threatened the old order in a region crucial to U.S. security.   " The region is being battered by a perfect storm of powerful trends," Clinton said. " This is what has driven demonstrators into the streets of Tunis, Cairo, and cities throughout the region. The status quo is simply not sustainable."   Clinton's speech did not discuss in detail the political unrest in Egypt, which many analysts say is dominating discussions behind the scenes at the Munich conference which brings together a number of leaders, lawmakers and analysts.   But she underscored Washington's new public push for speedy political reform among its Middle East allies, which include not only Egypt and Jordan but global oil giant Saudi Arabia and Yemen, an impoverished state now central to the U.S.-led war against al Qaeda.   " This is not simply a matter of idealism it is a strategic necessity. Without genuine progress towards open and accountable political systems, the gap between people and their governments will grow, and instability will only deepen. All of our interests will be at risk," she said.   The Obama administration has repeatedly urged Egyptian President Hosni Mubarak to prepare for an " orderly transition" from power amid more than a week of unprecedented mass protests against his 30-year rule.   Obama himself, in his most pointed comments to date, urged Mubarak on Friday to " make the right decision" -- though he again stopped short of publicly demanding that Mubarak step down immediately as the Egyptian protesters demand.   Clinton stressed the orderly transition theme in her bilateral meetings in Munich, which include British Prime Minister David Cameron, German Chancellor Angela Merkel, and a number of other leaders, diplomatic sources said.   One source said Clinton told her European colleagues that Mubarak was already effectively out of power but Egypt needed time to prepare for elections with a transitional government.   A BROADER PROBLEM   Since large demonstrations began in Cairo almost two weeks ago, Washington has distanced itself from its ally as officials try to work out how to ensure future stability in the country, which is vital to American interests because of its peace treaty with Israel, control of the Suez Canal and steadfast opposition to militant Islam.   But Clinton's speech on Saturday cast the problem in far broader terms, repeating warnings she made last month in a speech in Qatar that the current political unrest signified an epochal change in the region.   Egypt's protests, inspired by a revolution that led former Tunisian President Zine al-Abidine Ben Ali to flee in January, have led to new protests in Jordan and Yemen, where leaders have pledged reforms.   Clinton said these and other regional leaders should make sure their promises are kept, and should not use the threat of extremism as an excuse to delay change.   " The transition to democracy will only work if it is deliberate, inclusive and transparent," she said, adding that incomplete reforms could lead to protest movements being " hijacked by new autocrats who use violence, deception and rigged elections to stay in power, or to advance an agenda of extremism."   No government in the region should count itself immune from the wave of change, she added.   " Some leaders may honestly believe that their country is an exception, that their people will not demand greater political or economic opportunities, or that they can be placated with half-measures. In the short term, that may be true but as recent events prove, in the long term it is untenable."   (reporting by Andrew Quinn editing by Tim Pearce) |
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krisluke
Supreme |
05-Feb-2011 20:13
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Protest over killing sparks fear of unrest in Indian Kashmir
SRINAGAR, India (Reuters) - Thousands of people protested in Indian Kashmir on Saturday against the killing of a student by soldiers, raising fear of a revival of anti-Indian unrest in which more than 100 people were killed last year.
  The army said it killed the 22-year-old student, Manzoor Magray, when he walked into an ambush laid by soldiers for separatist militants and tried to run away when challenged.   Indian forces have been fighting a separatist revolt in Kashmir since 1989. The government says nearly 50,000 people have been killed but rights groups say the toll is higher.   Relatives of Magray said the young man had been killed in " cold blood" and about 2,500 people marched in a procession with his body borne aloft, blocking roads in Handwara town, in Kupwara district, witnesses and a Reuters photographer said.   Anti-India sentiment runs deep in Muslim-majority Kashmir and killings by the security forces often spark protests.   More than 100 people were killed in anti-Indian unrest last year that began as a protest over the killing of a 17-year-old student.   Last year's unrest eased off after official promises of a political solution of grievances in the Himalayan region.   Renewed strife would put the central government under further pressure as it tries to fend off opposition attacks over corruption and public anger over high inflation.   Kashmir is divided between India and Muslim Pakistan, which both claim it in full. They have twice gone to war over Kashmir.   (Reporting by Sheikh Mushtaq Editing by Krittivas Mukherjee and Robert Birsel) |
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krisluke
Supreme |
05-Feb-2011 20:11
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Jordan gas supplies to be halted a week after blast
AMMAN (Reuters) - Jordan said on Saturday gas supplies from Egypt were expected to remain halted for one week after a blast hit a pipeline that supplies Israel and Jordan.
  An energy source told Reuters that Jordan had switched power stations as a precautionary step to burning fuel oil and diesel, after the suspension of the Egyptian gas supplies that generate 80 percent most of the kingdom's electricity needs.   The head of Jordan's national electricity company Ghaleb al-Maabara told the state news agency Petra the Egyptian side had notified Amman that the rupture in gas supplies was expected to last for a week until the pipeline was repaired.   Saboteurs blew up the pipeline that runs through Egypt's North Sinai, Egyptian state television said earlier, after Islamist groups called on militants to exploit unrest that has rocked the government. |
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tanglinboy
Elite |
05-Feb-2011 19:01
Yells: "hello!" |
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Middle East problems will weigh on markets next week. Previously I did mention that oil prices will spike up. |
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krisluke
Supreme |
05-Feb-2011 17:15
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Mubarak hangs on after mass protests in Egypt
  CAIRO (Reuters) - Demonstrations against President Hosni Mubarak dragged into a 12th day on Saturday with no sign of an end to a confrontation which has pitted the 82-year-old leader against thousands of anti-government protesters.   Vice President Omar Suleiman was due to meet a group of prominent figures on Saturday to examine a proposed solution under which he would assume the president's powers for an interim period, one of the group's members said.   But with some of the protesters insisting they wanted not just Mubarak but also his allies out, it was unclear that would be enough to end the crisis.   Mubarak said on Thursday Egypt faced chaos if he resigned now, though he has promised to step down in September.   Hundreds of thousands of Egyptians held mostly peaceful demonstrations across the country on Friday to demand an immediate end to Mubarak's 30-year rule.   And in Cairo's Tahrir Square, the hub of demonstrations, protesters occupying the usually busy intersection in the heart of the city said they were not giving up.   " Mubarak must go, Mubarak must go," someone shouted over a loudspeaker after brief burst of heavy gunfire echoed across the square shortly before 2 am (0000 GMT) on Saturday.   Apart from the gunfire -- which one protester attributed to the army firing in the air to keep away Mubarak loyalists who clashed with anti-government protesters earlier in the week -- the night passed quietly.   With the unrest crippling the economy in Arab world's most populous nation, some Egyptians are anxious to return to normal. Banks were due to reopen on Sunday, the start of the week in Egypt, and the stock market on Monday.   The United States has also been pressing the 82-year-old Mubarak to begin a transfer of power and pave the way for democracy in a country which has been dominated by the military since it toppled the monarchy in 1952.   But seeking to deflect criticism of interference in Egypt's affairs, President Barack Obama said on Friday: " The future of Egypt will be determined by its people."   No one, however, can see an easy compromise which would satisfy the protesters' demand for change, with Mubarak's military backers' desire to maintain their influence and find an honourable exit for the president.   DISCUSSING THE CONSTITUTION   Ex-intelligence chief Suleiman was due to discuss with the group of prominent figures an article in the constitution covering Mubarak handing over power to his vice president, one of the group's members, Diaa Rashwan, told Reuters.   Mubarak would stay on in a symbolic position under the proposal being promoted by the group of Egyptians calling itself the " The Council of Wise Men," allowing him to serve out his tenure with some dignity.   Many protesters however say they want a complete break with the past, while Obama has also called for " meaningful" change.   And while some analysts say transferring powers to Suleiman could help defuse the crisis, others argue it needs a bigger step shift to pave the way for free and fair elections.   " The best way to support democracy is to support democracy not to enable authoritarians to take over the political system and hope they'll negotiate their way out of power," Steven Cook at the U.S. Council on Foreign Relations said on its website.   On Friday, people in cities across Egypt demonstrated in what organisers billed a " Day of Departure."   Tahrir Square was crammed with people chanting " We're not leaving, You are leaving!," waving Egyptian flags and singing the national anthem, with a beefed-up military presence keeping pro-Mubarak activists out to prevent any bloodshed.   The mood was festive as secular and religious Egyptians, Muslims and Christians, professionals and poorer members of society, mingled with members of the mass Islamist movement the Muslim Brotherhood.   Turnout nationwide seemed short of the more than one million seen on Tuesday. Mubarak went on television that night to tell Egyptians he would leave office in September.   Despite mass street protests and concessions by government, Mubarak's fate now lies as much in deals struck among generals keen to retain influence and Western officials anxious not to see Egypt slide into chaos or be taken over by Islamists.   Egypt has been a U.S. ally throughout Mubarak's rule and it is strategically vital to American interests because of its 1979 peace treaty with Israel and its control of the Suez Canal.   Mubarak had also presented himself as a bulwark against militant Islam.   The United Nations estimates 300 people have died in the unrest, inspired in part by protests in Tunisia which forced veteran strongman Zine al-Abidine Ben Ali to flee last month.   (Reporting by Edmund Blair, Samia Nakhoul, Patrick Werr, Dina Zayed, Marwa Awad, Shaimaa Fayed, Alexander Dziadosz, Yasmine Saleh, Sherine El Madany, Yannis Behrakis, Jonathan Wright, Andrew Hammond, Tom Perry and Alison Williams in Cairo, Writing by Myra MacDonald, editing by Caroline Drees) |
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krisluke
Supreme |
05-Feb-2011 17:07
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Sudan shootout kills 20, army warns of more clashes
By Jeremy Clarke
  JUBA, Sudan (Reuters) - At least 20 people died in a shootout between Sudanese soldiers in a southern town, the military said, warning there was a risk of more clashes as the country divided its forces before the south becomes independent.   Fighting with mortars and heavy machineguns broke out in Malakal Thursday and again Friday when part of a military unit refused to redeploy with its weapons to the north -- part of a separation of forces before the secession of south Sudan.   An overwhelming majority of people from the oil-producing south voted to split from the north in a referendum in January, according to preliminary results released this week.   The referendum was promised in a 2005 peace deal that ended a decades-long civil war between north and south that also set southern tribe against southern tribe, in internal conflicts that have left deep scars.   Northern and southern leaders still have to finalise how they will share out military hardware and security forces -- as well as oil revenues and debts -- before the south's departure, expected on July 9. Many fear tensions could re-emerge during the negotiations.   " This morning the number of dead (in Malakal) has risen to 20, and this could change at any moment. Searches are continuing and many are wounded ... Both sides were firing mortars and heavy machineguns," said southern army spokesman Philip Aguer.   The dead included two children and a Sudanese driver for the United Nations' refugee agency UNHCR, officials said Friday.   Malakal is currently patrolled by a combined military unit made up of the north's Sudan Armed Forces (SAF) and the south's Sudan People's Liberation Army (SPLA), a force the U.N. said was in the process of splitting up before the south's independence.   " SAF are supposed to go north, SPLA stay in the south," said Aguer.   The situation was complicated by the fact that the SAF unit included many southern soldiers drawn from a militia that fought alongside the north during the civil war.   Aguer said it was those southern soldiers in the SAF unit who resisted the redeployment north and began exchanging fire with other members of the same SAF unit.   " This fighting could happen anywhere where SAF has employed former militia. They are not real soldiers and don't understand the arrangement," he told Reuters.   He said the SPLA set up a buffer zone between the two sides and one SPLA soldier died after being caught in the crossfire.   UNHCR staff held a minute's silence in tribute to driver John James Okwath, 26, who died in hospital Friday after being shot in the chest, the agency said in a statement.   (Writing by Andrew Heavens, editing by Tim Pearce) |
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krisluke
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05-Feb-2011 17:05
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Philippine Muslim rebels hope for peace deal in a year
By Manny Mogato
  CAMP DARAPANAN, Philippines (Reuters) - The largest Muslim guerrilla group in the Philippines hopes to conclude a peace deal with the government within a year despite the emergence of a breakaway faction that could put talks at risk.   The 11,000-member Moro Islamic Liberation Front (MILF) has been fighting for Muslim self-determination in the south of the mainly Roman Catholic country. The conflict has killed 120,000 people, displaced 2 million and stunted growth in the poor but resource rich area.   " If the government shows its sincerity and the president displays a political will to resolve this problem, we are very confident a peace agreement can be reached in one year," rebel leader al haj Ebrahim Murad told reporters.   Murad held a news conference at the end of two weeks of consultations with Muslim political, religious, military and civil society leaders in a guerrilla base on the southern island of Mindanao.   " I am optimistic that in a short time, we can come out with the proper political formula from the negotiating table. We have the beginning of a just peace in the Bangsamoro homeland in our time and generation," he said, using the Muslims' name for their region.   During the consultations, Murad said they learned that many of their supporters were getting impatient over delays in the peace talks and some field commanders were urging them to abandon the talks and resume fighting.   Neighbouring, Muslim-majority Malaysia has brokered the talks since 2001.   BREAKAWAY FACTION   Two months ago, a small breakaway MILF faction called the Bangsamoro Islamic Freedom Fighters, emerged and rejected the talks, bemoaning " an endless peace process and a perpetual cease-fire situation."   Murad said the faction was a " manageable problem."   " It will not have any affect the peace talks," he said.   " We wanted to give peace another chance, we've been in this process for 14 years and we don't want to waste the gains made," he said.   Murad said MILF leaders were able to convince a majority of their members that the peace negotiations remain the " most viable and practical solution to the Mindanao problem."   He said the two sides were on the final stretch of peace negotiations, focussing on political, economic and social reforms that would allow self-rule for minority Muslims in their ancestral homeland.   " Our position is very consistent, we are demanding that our right to self-determination be recognised and respected," said the 62-year-old rebel leader who studied engineering at the Catholic Norte Dame University in Cotabato City in the 1960s.   Clad in his signature bush jacket and fez, Murad said his group was united and any agreement would be abided by.   " We assure you that whatever agreement that would be reached will be followed and implemented by our forces," he said.   Formal talks resume in Kuala Lumpur next week.   (Reporting by Manny Mogato Editing by Robert Birsel) |
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krisluke
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05-Feb-2011 17:03
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Thai, Cambodia troops clash again near temple, 1 killed
A house burns in a Thai village near a 11th-century Preah Vihear temple at the border between Thailand and Cambodia
  BANGKOK (Reuters) - Thai and Cambodian soldiers exchanged on their border fire for a second day on Saturday in a brief clash that killed a Thai soldier, the latest flare-up in a long-running feud over land around an 11th-century temple.   Southeast Asia's regional grouping, of which both Thailand and Cambodia are members, said the deteriorating situation was undermining confidence in the region and would affect its economic recovery.   The Thai soldier was killed, and four were wounded, in a 4.6-sq-km (two-sq-mile) disputed area around the 900-year-old Preah Vihear temple, a jungle-clad escarpment claimed by both countries, said Thai army spokesman Colonel Sansern Kaewkamnerd.   The neighbours fought with rocket-propelled grenades and guns for about 25 minutes from 6:15 a.m. (11:15 p.m. British time Friday) before reaching a cease-fire in the early afternoon and agreeing not to reinforce troops, the spokesman said.   That followed an intense two-hour clash on Friday in which three Cambodians, including two soldiers, and a Thai villager were killed, the first fatalities in the militarised border area since a Thai soldier was shot dead on January 31, 2010.   Cambodian government spokesman Phay Siphan said one of the Cambodians killed on Friday was a tourist visiting the temple overlooking northern Cambodia. He said 10 Cambodian soldiers were wounded, but there were no fatalities on Saturday.   The United States has urged both sides to show restraint.   The fighting is the latest flare-up in on-again off-again tension between the neighbours and could inflame passions among Thai pro-establishment " yellow shirt" protesters demanding Prime Minister Abhisit Vejjajiva take a tougher line against Cambodia.   The Thai Foreign Ministry accused Cambodia of engaging in " an act of aggression" in " violation of Thai sovereignty and territorial integrity." Cambodia accuses Thailand of invasion and filed a complaint with the U.N. Security Council.   The Thai government said 3,000 civilians were evacuated during Friday's fighting.   The clashes come after a Cambodian court on Tuesday handed down jail terms of six and eight years to two Thai activists found guilty of trespassing and spying in the border region, a verdict that has angered some in Thailand.   The temple, known as Preah Vihear in Cambodia and Khao Phra Viharn in Thailand, sits on land that forms a natural border and has been a source of tension for generations.   The International Court of Justice awarded it to Cambodia in 1962 but the ruling did not determine the ownership of the scrub next to the ruins, leaving considerable scope for disagreement.   The area is remote with only scattered villages on the Thai side and little development on the Cambodian side.   The secretary-general of the Association of South East Asian Nations (ASEAN) called for calm and said both sides must return to negotiations.   " The situation has escalated into open conflict. And that will definitely affect our economic development, confidence in our region, and tourism and prospects for foreign investment, which have just been picking up in light of the world economic recovery," Surin Pitsuwan said in a statement.   Surin, a former Thai foreign minister, said he had been in touch with both sides who he understood welcomed ASEAN mediation.   ASEAN, which groups Brunei, Cambodia, Indonesia, Laos, Malaysia, Myanmar, the Philippines, Singapore, Thailand and Vietnam, is trying to promote economic integration in the region of 580 million people with a combined gross domestic product of $1.5 trillion.   (Additional reporting by Prak Chan Thul in Phnom Penh and Viparat Jantraprap in Bangkok Writing by Jason Szep Editing by Robert Birsel) |
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krisluke
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05-Feb-2011 17:00
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Saboteurs attack Egypt-Israel gas pipeline - report
CAIRO (Reuters) - Saboteurs blew up a pipeline that runs through Egypt's North Sinai and supplies gas to Israel, state television and other sources reported on Saturday.
  State TV quoted an official as saying that the " situation is very dangerous and explosions were continuing from one spot to another" along the pipeline.   " It is a big terrorist operation," a state TV reporter said.   A security source said the Egyptian army closed the main source of gas supplying the pipeline.   " The armed forces and the authorities managed to close the main source of flow and are trying to control the fires," the source said.   Israel's National Infrastructure Ministry said it was looking into the incident.   Egypt is a modest gas exporter, using pipelines to export gas to Israel and also to Jordan and other regional states. It also exports via liquefied natural gas (LNG) facilities on its north coast, but those are not in the Sinai region.   State television said the pipeline that was attacked supplied both the Israeli and Jordanian gas lines.   Israel imports 40 percent of its natural gas from Egypt, in a deal built on their 1979 peace accord.   The SITE intelligence group, which monitors al Qaeda and other Islamist websites, said some groups had been urging Islamic militants to attack the pipeline to Israel.   " Saboteurs took advantage of the security situation and blew up the gas pipeline," a state television correspondent reported, saying there was a big explosion.   Residents in the area also reported a huge explosion and said flames were raging in an area near the pipeline in the El-Arish area of north Sinai.   " Jihadists suggested that Muslims in Sinai take advantage of Egyptian unrest and strike the Arish-Ashkelon gas pipeline, arguing that it would have a major impact on Israel," SITE said.   Site quoted one Islamist website author as saying: " To our brothers, the Bedouins of Sinai, the heroes of Islam, strike with an iron fist, because this is a chance to stop the supply to the Israelites."   Sinai Bedouins have long grumbled about being neglected and have often sporadically clashed with Egyptian security forces. Many Bedouin were rounded up after a series of explosions in Sinai tourists resorts between 2004 and 2006.   (Reporting by Tom Perry, Mohamed Abdellah and Samia Nakhoul in Cairo, Yusri Mohamed in Ismailia, Dan Williams and Doug Hamilton in Jerusalem Writing by Edmund Blair Editing by Alison Williams) |
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krisluke
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05-Feb-2011 16:56
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Oil falls on unfounded Egypt report, profit-taking
By Robert Gibbons
  NEW YORK (Reuters) - Oil prices fell nearly 2 percent on Friday after an unfounded report about a possible announcement from Egypt set off speculation that President Hosni Mubarak could step down shortly, sparking profit-taking from which the market failed to recover.   Prices pulled back from the day's lows as it became clear there was no imminent news from Egypt, but Brent still settled below $100 a barrel for the first time in a week as traders latched onto the rumor as an excuse to sell.   Weak U.S. nonfarm payrolls data and modest gains in the dollar also pressured oil.   In London, ICE Brent crude for March fell $1.93 to settle at $99.83 a barrel, off a $102.48 intraday peak, logging its biggest daily percentage decline since mid-November. It managed a 41-cent gain on the week.   U.S. crude for March delivery fell $1.51 to settle at $89.03 a barrel, managing to bounce from an $88.45 low hit during the speculative sell-off, just above the week's nadir. U.S. crude ended down 31 cents on the week.   " The expectation that some resolution was coming flushed a lot of length out of the market," said Gene McGillian, analyst at Tradition Energy in Stamford, Connecticut.   Egyptian unrest had helped drive Brent above $100 for the first time since 2008, but some traders said a correction was due as there was little sign of the turmoil affecting nearby oil producers or disrupting Suez Canal transport.   " The trade finished on a weak note as shorts were apparently emboldened by Brent's drop back below the $100 mark," Jim Ritterbusch, president at Ritterbusch & Associates in Galena, Illinois, said in a note.   RATTLED BY RUMOR   Traders said the rumor seemed to stem from a brief report on U.S. television channel CNBC, but several hours later there was no news on Egyptian TV about any announcements or transition of power. Gold edged down on the report, but foreign exchange and equities markets were unaffected.   Egypt's prime minister said it was unlikely the president would hand presidential powers to his newly appointed deputy, while hundreds of thousands of Egyptians marched peacefully in Cairo to demand an immediate end to Mubarak's 30-year rule.   Investors will continue to eye the region after demonstrations this week in Yemen and Friday's protests in Jordan, where demonstrators said King Abdullah's government reshuffle did not meet their calls for political reform.   They will also be looking for any signs that OPEC could move to damp down triple-digit prices by pumping more crude, something price hawks such as Venezuela say is unnecessary.   " There is sufficient oil and there have been no interruptions, but if they close Suez, that could take the oil price to $200," Oil Minister Rafael Ramirez told reporters.   U.S. EMPLOYMENT REPORT MIXED   Earlier, the January jobs report from the United States showed that nonfarm payrolls grew by only 36,000, well below forecasts for a rise of 145,000. The unemployment rate fell to its lowest since April 2009.   The tepid job growth was blamed on snow and weather conditions affecting hiring.   The dollar rose against the euro and a basket of currencies, helped by the drop in the jobless rate.   A stronger dollar can pressure dollar-denominated commodities such as oil because consumers using other currencies must pay producers more, curbing demand, while the greenbacks paid to producers rise in value. |
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