Monday, January 28, 2008

Global Markets Plunge Again

Asian stocks slide as global market rally fades - AFP
European and Asian shares have fallen sharply -
Europe trades sharply lower, again
More ups and downs expected for stock markets
Economy woes batter global stocks

MPs kept in the dark over EU treaty

The Sunday Times
January 27, 2008
Isabel Oakeshott, Deputy Political Editor

MPs are being asked to vote on the revised EU treaty without key information about the powers it will create, a leaked document suggests.
The paper, from the office of the president of the EU, reveals that matters such as the possibility of a European army and the powers of an EU president will not be determined until after the revived constitution has been pushed through.
O’Brien said: “Once the treaty is ratified, there’ll be no going back . . . MPs would effectively be signing a blank cheque to the EU if they ratify this without a referendum.”
Read all -

Saturday, January 26, 2008

Anger as debate on EU treaty is cut

By Toby Helm, Public Policy Editor
Last Updated: 11:55pm GMT 25/01/2008

Gordon Brown has caused anger among MPs by trying to cut in half the amount of time Parliament will have to debate the EU Reform Treaty.
Mr Brown has repeatedly said there is no need for a referendum on the treaty, the successor to the abandoned European Constitution, because...
The outcry among MPs comes as a YouGov poll for The Daily Telegraph found that 64 per cent now believe there should be a referendum on the EU treaty, with 42 per cent saying they would vote no.

More -

Iran's 'Sweet' Oil Is The Reason For The Phony N.I.E. Intel Report

Filed under Middle East, World News, Opinion Editorials, Iran's nukes, USA foreign policy, Peace Plans, oil - on Wednesday, January 23, 2008 - By: Winston, Emanuel A.

Following Bush's definitive speech about Iran shortly after the NIE (National Intelligence Estimate), the following analysis is revelant about Muslim "Jihadists" (fighers for Islam) and the threat they pose:
Read all -

Friday, January 25, 2008

EU officials to begin work on treaty

21.01.2008 - 17:17 CET By Honor MahonyEUOBSERVER / BRUSSELS -
EU diplomats are to start work in the coming days on clearing up the loose ends in the new EU treaty so that it can come into force without any technical glitches once it has been ratified.
Read more -
The EU's new Lisbon Treaty was officially signed in the Portuguese capital in December 2007 (Photo: Portuguese EU Presidency)

Tuesday, January 22, 2008

Asian markets tumble on US worries

By YURI KAGEYAMA, AP Business Writer
TOKYO - Global stock markets extended their slide for a second day Tuesday, plunging amid fears that a possible U.S. recession will cause a worldwide economic slowdown.
"The end to the slides in Asian stocks is nowhere in sight," he (Noritsugo Hikarawa) said. "There is even speculation that China may be exposed to the U.S. subprime mortgage crisis."

Read full report:;_ylt=AipJOmbIGD6m0bhdA7cWKfes0NUE

Sharp falls expected for Aussie shares

Tuesday Jan 22 08:00 AEDT
By ninemsn staffwith wires

... fears over a global recession and forced selling in the market today could wipe out all of 2007's gains on the ASX.
Global warnings
International Monetary Fund head Dominique Strauss-Kahn warned Monday that the global economic situation in the wake of a US slowdown was "serious" and could impact the world's emerging economies.

"The situation is serious... all the world's countries are suffering from the slowdown in growth in the United States, at least all developed countries," Strauss-Kahn told reporters after talks with French President Nicolas Sarkozy.
Stock markets plunge worldwide
By TOBY ANDERSON, AP Business Writer;_ylt=AvzNvffF1_lM1Ds5USl8Swes0NUE

Saturday, January 19, 2008

More Stocks Woes

Stocks close lower at end of losing week
January 18, 2008 - 1:52 pm By: Malcolm Morrison, THE CANADIAN PRESS
Stock markets sustained more losses Friday, capping a dreadful week where North American indexes shed hundreds of points and surrendered the last of 2007 gains, as investors held out little hope that an economic stimulus plan outlined by U.S. President George W. Bush can keep the American economy from recession
Tebbutt adds it's hard to see what could turn markets around at this point.
Bond-insurer woes may trigger more write-downs
By Alistair Barr, MarketWatch
Last update: 6:08 p.m. EST Jan. 18, 2008

SAN FRANCISCO (MarketWatch) -- Just when you thought it was over, trouble in the $2.3 trillion bond-insurance business could trigger another wave of big write-downs from banks and brokerage firms,

Friday, January 18, 2008

Wall Street says the recession is already here

While the chairman of the Federal Reserve told Congress on Thursday that a recession can be averted, Wall Street sent Washington a different message: It's already here...

Bush offers urgent deal to shore up U.S. economy
By Edmund L. Andrews
Published: January 18, 2008

Despite the rising prospect of a fiscal pump-priming effort from Washington, investors on Wall Street remained in a black mood as new data showed that the housing bust was getting worse and beginning to bring down the rest of the economy.
Full article -
Housing could be gateway to broader debt distress
Fri Jan 18, 2008 8:04am EST

By Pedro Nicolaci da Costa - Analysis NEW YORK (Reuters) - The U.S. housing market crash has exposed the mortgage industry's suspect lending standards, and investors now fear credit cards, car loans, and student debt could be the next sectors to...";

Australian Stockmarket Updates

Analysts urge caution in share carnage -,23636,23071584-31037,00.html?from=mostpop

Asian stocks tumble on Wall St lead -,23636,23071597-31037,00.html

Gold falls after rollercoaster ride -,23636,23071674-31037,00.html

Super funds lose $55bn as shares crash -,25479,23070755-5013954,00.html

MFS loses 76 per cent of value -,23636,23071830-31037,00.html

Stocks sink for 10th straight day -,23636,23072076-31037,00.html

Australian Shares in freefall amid fears of a global downturn

By staff writers and wires
January 18, 2008 05:12pm

Australia's share market is now in its tenth consecutive day of negative trading. It comes on the heels of another horror session in Wall Street overnight...

The US outlook is bleak after the country’s major banks have reported multi-billion dollar losses following the sub-prime mortgage crisis.
Al Goldman, at AG Edwards, said the prospect of recession was still the main fear for Wall Street.

"Concerns about a possible recession and its impact on corporate earnings remain the major problems overhanging investor emotions," he said...

"A recession, which we continue to believe is the most likely economic scenario, will have a big negative impact on corporate earnings" ...
Full report -,23636,23071103-462,00.html

More Heavy Falls on Wall Street Overnight and Investor Uncertainty Over a Possible Global Economic Meltdown.

CMC Markets senior dealer James Foulsham said the market continued to be heavily hit by the weakness in the US and could continue to fall for some months. There is real weakness across the board in the US and we will continue to be dragged down along with it despite the strength in the fundamentals of the Australian economy,'' Mr Foulsham said.

"At the moment all the confidence has gone out of the market and while there is still some value in our companies we are not immune to the day by day declines in the US.

"Normally you have buyers with the sellers but because of the US no one wants to dive into the market and liquidity is at a low as well.''
Full article -,23599,23071445-1702,00.html

Fed Chief’s Reassurance Fails to Halt Stock Plunge

WASHINGTON — The stock market plunged again on Thursday on bad economic news, taking little comfort from reassuring words by the chairman of the Federal Reserve or an emerging consensus about a stimulus plan that many worry could be too late.

Thursday, January 17, 2008

Recession Forecasts

Meanwhile, Goldman Sachs Group Inc. last week joined Morgan Stanley and Merrill Lynch & Co. in forecasting that the U.S., the world's biggest economy, will slip into recession this year for the first time since 2001 amid fallout from the subprime mortgage crisis.

Wednesday, January 16, 2008

Recession fears batter stocks

Asian stock markets plunge


Asian markets plunged Wednesday on growing speculation the U.S. economy — a vital export market — is sliding into a recession that could lead to a global slowdown.

Read all -;_ylt=AujYd4oh_b51M2_aP3qq_riyBhIF

Dow, Nasdaq and S&P 500 fall to more than 9-month lows on Citigroup's almost $10 billion loss and a weak Dec. retail sales report. Intel earnings and forecast disappoint after the bell.
By Alexandra Twin, senior writer
January 15 2008: 6:55 PM EST

NEW YORK ( -- Stocks tumbled Tuesday after Citigroup's steep quarterly loss and a big drop in retail sales exacerbated fears of a recession

European shares slide, London FTSE 100 below 6,000 points
1 hour, 4 minutes ago
LONDON (AFP) - Europe's main stock markets extended losses in early trade on Wednesday amid widespread gloom over the US economy, with London's leading index below 6,000 points for the first time since mid-August.;_ylt=Aq5g1ShsBLJCtxyybbZZ8AuyBhIF

US recession fears hammer Asian stocks
By Lindsay Whipp in Tokyo 2 hours, 12 minutes ago
Stock markets tumbled across Asia on Wednesday and the dollar fell to a 2½-year low against the yen amid heightened fears that the US is falling into a recession;_ylt=AuAq9xHvj1HQefMnYLIcd3myBhIF

More Economy News on Yahoo:

Tue Jan 15, 4:19 PM ET
NEW YORK - Fresh signs emerged Tuesday that the U.S. economic slowdown may be intensifying, increasing the odds of a recession:;_ylt=Au2KSeKYeYjJLxvvatZOOaPv5rEF

Tue Jan 15, 1:45 PM ET

Dollar under pressure as market bets on big US rate cut. The dollar came under heavy pressure Tuesday, falling against the euro to near record lows on the view that sharp cuts to US interest rates will be needed to keep the US economy on track, dealers said.;_ylt=An5jMB3WaqHtX2DbMP4J9JDv5rEF

Japan stocks seen falling on U.S. economy worries
Tue Jan 15, 2008 6:21pm EST

European shares drop as US worries hit banks, techs
Wednesday January 16 2008

Global shares dive on US recession fears

Pandemic Fears: Diseases in the 21st Century

AIDS, SARS, tuberculosis, Ebola are just some of the threats to public health that can spread faster than ever before in a world of modern high-speed transportation. Recently, avian flu has emerged as a potential human threat...
Read all -

400 Groups Sign Charter for European Muslims

14.01.2008 - 09:13 CET By Teresa K├╝chler and Leigh PhilipsEUOBSERVER / BRUSSELS -
Some 400 Muslim groups met in Brussels on Thursday (10 January) to sign a charter for the Muslims of Europe, describing the rights and responsibilities of Muslims within European society.
Read more -

PM Warns Against Retreat from EU

Mr Brown says economic turbulence has impacted on the UK and EUPrime Minister Gordon Brown has pledged to keep Britain at the heart of Europe, saying any retreat to the sidelines would jeopardise trade and jobs.
Full article -

Cameron pledge on EU treaty poll

Mr Cameron wants a referendum on the new Lisbon Treaty. The Tories would hold a referendum on the EU treaty, if they won power before it was ratified by all EU states.
Full article and links -

Friday, January 11, 2008

Economy faces greatest risks for a decade

By Edmund Conway
Last Updated: 1:18am GMT 11/01/2008

The world is facing the most potent cocktail of economic and political risks for a decade in the wake of the credit crisis, an authoritative report has warned.
Track all the news from Davos as it happens later this month
A potential recession in the US and the knock-on effects of a collapse in asset prices, such as housing and shares, could throw the world economy into chaos, says a study from the World Economic Forum.
Full Article

Wednesday, January 9, 2008

Global slump!

MANAMA: There is a clear and present danger of the world economy coming to a near standstill this year, warns the United Nations...
The major uncertainty for this year now emanates from the US economy.
The pessimistic scenario triggered by a much deeper crisis in the US housing and mortgage markets and a hard landing of the dollar would project an outright recession in the US and a deceleration of world economic growth to 1.6 per cent this year, says the report

Full report:

Saturday, January 5, 2008

US STOCKS-Market tumbles on recession odds; tech top drag

Fri Jan 4, 2008 12:56pm EST
Analysts said the data indicated the economic slowdown may be worse than feared, even though it could likely support the argument for further Federal Reserve interest rate cuts
Full report:

What is in store for Europe in 2008

BY MN HEBBAR (View from Europe)5 January 2008
With the New Year beginning, EU leaders will work to ratify the treaty through cosy parliamentary votes, avoiding inconvenient referendums, so that it can come into force in time for European Parliament elections in 2009. The treaty boosts the role of the EU’s “high representative” and creates the new post of a EU president, elected by national governments to represent them abroad and chair EU summits. The power play in filling these two posts will be intense in the coming year.
Full report:

It’s the year of living dangerously, but how bad will it get?

From The Times
January 5, 2008
The omens are not good. The credit squeeze could worsen and the housing market crash could push the United States into recession
Gary Duncan, Economics Editor

The West’s big economies have entered 2008 in a state of high anxiety. On both sides of the Atlantic, a dangerous storm front of economic woes has been building since the late summer. Now the fear is that this storm will soon break with ferocity across the developed world, battering national and individual fortunes and confronting industrial countries with their worst downturn since the recessionary squalls at the turn of the decade.
Full report:

Wednesday, January 2, 2008

David Cameron: I'll tear up the EU treaty even if it has been signed

By JAMES CHAPMAN - More by this author » Last updated at 22:57pm on 30th December 2007

Warning: David Cameron
David Cameron has given his clearest commitment yet to tearing up the revised EU Constitution if he wins power, even if it has been signed.
We think the treaty is wrong because it passes too much power from Westminster to Brussels.
'We would address that issue at the time.'
Full report:

What's New in the EU: Cyprus Adopts Euro


Our neighbor Cyprus, together with Malta, adopted the euro on Tuesday, bringing to 15 out of the 27 EU countries and a population of 320 million out of the EU's total of 495 million that share the same currency. 2008 will mark the second enlargement of the euro area since 2002 - Slovenia having already adopted the single currency on January 1, 2007...
Why euro? The benefits of the euro are diverse and are felt on different scales, from individuals and businesses to national economies and the European Community at large,...
On the other end, a national currency is one of the things that define a character of a nation. A common currency weakens the independence of each member state, which is part of the euro.
Full report:

Tuesday, January 1, 2008

Labour accuses Cameron on EU treaty

Labour has accused Conservative leader David Cameron of risking years of uncertainty and instability for the UK by suggesting he would not accept the implementation of the European Union Treaty of Lisbon...

Speaking to the Daily Mail, Mr Cameron said: "While this treaty is still being debated and other countries are having referendums or whatever, it's still open for Britain to have a referendum. Let's focus on the need for a referendum now.

"If we reach circumstances where the whole treaty has been not only ratified but implemented, that is not a situation we would be content with.

"We wouldn't let matters rest there. "We think the treaty is wrong because it passes too much power from Westminster to Brussels. We would address that issue at the time."

But Mr Murphy said: "... The Tories' position would lead ultimately to the disaster of Britain's withdrawal from the EU, and in the meantime would be a recipe for years of uncertainty and instability that would be damaging to British business, British jobs and British prosperity."

Full coverage : The Press Association

Related News
David Cameron in strong signal on EU - Dec 30, 2007
David Cameron: I'll tear up the EU treaty even if it has been signedThis is London - Dec 30, 2007

Vatican Speaks Out on Impasse in Dialogue with Israel

Dec 31, 2007 20:48 Updated Dec 31, 2007 21:02

The Vatican Secretary of State, Cardinal Tarcisio Bertone, expressed the Roman Catholic Church's frustration with a standstill of many years in negotiations with Israel to ease the visa process for priests and nuns traveling to Israel, as well as on other issues.

His comments, slated to appear in the January 6 issue of Italy's largest circulation Catholic magazine, Famiglia Cristiana, come on the heels of other exasperated comments by leading Curia (Holy See administration) officials - as reported in The Jerusalem Post on December 24.

"We are committed to an intense dialogue, but unfortunately we do not obtain solutions to many concrete problems," said Cardinal Bertone, "such as the right to property, visas, etc. Our religious personnel in the Holy Land is not granted visas and yet it cannot be said that they are a threat to security. This is a closure that prevents us from carrying out our activity with serenity."

He asserted that while one must take into account "the problem of security in Israel," this "must not be transformed into a negative attitude towards the members of the Catholic Church, which has done so much in the past 15 years, both towards normalizing relations with Israel and towards improving the [Church's] understanding of Judaism."

Bertone said "the Custodian of the Holy Land, Father Pizzaballa, has pointed out that pilgrims from all over the world contribute to creating a more fair image of the state of Israel. The pilgrims to the holy places, moreover, enrich Israel. This year they were more numerous than during the Holy Year of 2000.

"At times, it seems to us that Israel does not evaluate all this properly and adequately."