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Posts from March 2013
by AP posted Mar 28 2013 10:58AM

<VIDEO> Nelson Mandela, the anti-apartheid leader who became South Africa's first black president, has been hit by a lung infection again and is in a hospital, the presidency said Thursday. 
by AP posted Mar 28 2013 10:11AM

<VIDEO> Banks in Cyprus reopened to customers for the first time in nearly two weeks Thursday with strict restrictions on transactions to stop people from withdrawing all their savings and triggering further chaos in the country's financial system.
Filed Under :
Topics : Business_Finance
by AP posted Mar 28 2013 10:08AM

<VIDEO> 
Cyprus is reopening its banks on Thursday. The banks were closed on March 16th, as the country worked on a new bailout deal.
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by AP posted Mar 27 2013 10:07AM

<VIDEO> Dramatic video out of eastern China shows a lamppost smashing the windshield of a bus filled with passengers. The driver, who suffered a damaged spleen in the accident, steered the bus to the roadside where he led passengers to safety.
Filed Under :
Location : Eastern China
by AP posted Mar 27 2013 10:05AM

<VIDEO> Construction crews in Berlin continued to remove sections of one of the few remaining stretches of the Berlin Wall to make way for an apartment block early on Wednesday morning. 
by AP posted Mar 27 2013 10:03AM


<VIDEO> A strong earthquake struck rural central Taiwan on Wednesday, swaying buildings, sending school children to seek cover and injuring at least 20 people. The magnitude-6.1 earthquake was felt throughout the island.
Filed Under :
Location : Central Taiwan
by AP posted Mar 27 2013 9:24AM

<VIDEO> 
One of Britain's youngest Internet entrepreneurs has hit the jackpot after selling his content-shrinking application Summly to search giant Yahoo. For 17-year-old Nick d'Aloisio, the deal means a payday in the millions of dollars.
Filed Under :
People : Nick
by Associated Press posted Mar 26 2013 6:30PM
  BRUSSELS (AP) - Europe's leading institutions clashed in a rare sign of public discord Tuesday over what shape future financial rescues will take following the bailout for Cyprus, creating further uncertainty and concern about the safety of keeping large deposits in European banks.
 
     In a 10 billion euro bailout deal clinched in the early hours of Monday morning, Cyprus agreed to dissolve the country's second-largest bank, inflicting significant losses - possibly up to 40 percent - on all deposits larger than 100,000 euros ($130,000).
 
     That step, agreed with the other 16 European Union countries that use the euro and the International Monetary Fund, marks the first time in Europe's 3-year-old debt crisis that large deposit holders - wealthy savers, businesspeople or institutions - will be forced to take losses as part of a eurozone rescue.
 
     The move was hailed later that day by Jeroen Dijsselbloem, the head of the Eurogroup of euro finance ministers, who said that forcing losses on banks' shareholders, bondholders and even large depositors could become the template for future rescues. 
 
     However by Tuesday, Benoit Coeure, a member of the executive board of the European Central Bank, bluntly dismissed Dijsselbloem's idea. 
 
     Coeure told France's Europe 1 radio that Dijsselbloem (die-SELL-bloom) was "wrong" to say that because the solution agreed on for Cyprus cannot be a model for the eurozone. Cyprus's situation is unique because of the island nation's outsized financial sector, including large deposits from foreigners, added Coeure, who sits on the ECB's six-member executive board. 
 
     French President Francois Hollande insisted that the Cyprus solution is one of a kind. "What is really important regarding Cyprus ... was the exceptional, specific, unique treatment and which, nevertheless, had to be done," Hollande said at a news conference in Paris, with visiting Spanish Prime Minister Mariano Rajoy. 
 
     Rajoy said he believes banking recapitalization should be done through the European Stability Mechanism, not through the deposits of savers.  "I am not in agreement with that, and I will defend my position," he said.
 
     Also Tuesday a leading European Parliament lawmaker further muddied the waters by calling for the enforcement of losses on big savers to be enshrined in in law in cases of bank failures. Deposits of up to 100,000 euros are guaranteed by a state-backed deposit insurance scheme. In the U.S., deposits are generally insured by the Federal Deposit Insurance Corporation up to $250,000. 
 
     "When a bank is in crisis, deposits below 100,000 euros shall be protected, but once the shareholders have lost value, the investors have lost money, then large deposits are in the last row of the pecking hierarchy," said Gunnar Hokmark, an influential Swedish member of the European Parliament who is leading negotiations on finalizing a set of laws for winding up problem banks. 
 
     "Deposits will not be bailed-in until nearly all others tools are exhausted," he told the Associated Press. "But above the 100,000 euros level, there must be some risk, otherwise we wouldn't have the deposit insurance guarantee."
 
     The draft laws under negotiation, proposed by the European Commission, explicitly foresee the possibility to bail-in deposit holders above the guaranteed level from 2015 onward. Hokmark, who hails from Parliament's center-right majority caucus, was confident that the law will find wide support among lawmakers. 
 
     EU officials had previously stressed the so-called bail-in was a "unique step" in Cyprus, but Dijsselbloem's remarks in an interview Monday clearly raised the specter for that solution to be applied elsewhere in Europe too. His comments suggesting that the approach taken in Cyprus was a model solution spooked markets and sent the euro to its lowest value against the dollar since November. 
 
     "Anxiety spreads when key European leaders make such statements," said Erik Nielsen, an economist with Unicredit bank. 
 
     Investors are concerned that if holders of large deposits in weaker southern European countries were to start fearing for their money, they could move it away from their domestic banks. While there is an ECB stopgap to help cover a run on a bank, a steady outflow of funds would further expose a lender's capital reserves, possibly pushing them to seek support from their governments. 
 
     But nations such as Portugal, Spain, Italy or Greece already have huge public debt loads, which would make it difficult for them to recapitalize their banks. Spain, unable to shoulder the burden of its ailing lenders, has already applied for a bailout from its European partners to shore up its banks.
 
     Dijsselbloem ln Tuesday defended his comments, saying it is logical to hold banks' owners and bondholders to account.
 
     "Our approach to saving troubled banks is that it's no longer going to be directly for the account of the taxpayer and the government, but that we're trying to push the risks back to the banks and the ones who have invested riskily," he told Dutch broadcaster RTL. 
 
     But the ECB's Coeure rejected the idea of making the course taken in Cyprus a template for the bloc. 
 
     "The experience in Cyprus is not a model," Coeure said. "I think Mr. Dijsselbloem was wrong to say what he said."
 
     "Cyprus was bankrupt. That's a situation you don't have anywhere else in the eurozone," Coeure insisted. "The situation was so special that it required a special solution. There is no reason to use the same methods elsewhere," he said.
 
     The European Commission, the bloc's executive arm, was also at pains to dispel fears ignited by Dijsselbloem's comments. 
 
     Spokeswoman Chantal Hughes said "we want a solution where the taxpayer stops paying for the banks' errors" but added that Cyprus was a unique situation and wasn't a "perfect model or a model that should be used again in the same way."
 
 
by AP posted Mar 26 2013 10:45AM

<VIDEO> Italy's highest criminal court on Tuesday overturned Amanda Knox's acquittal in the slaying of her British roommate and ordered a new trial, prolonging a case that has become a cause celebre in the United States.
Filed Under :
Topics : Law_Crime
People : Amanda Knox
by AP posted Mar 25 2013 9:53AM

<VIDEO> A deal was reached in Brussels today that would prevent Cyprus' bankruptcy by securing a last-minute $13 billion bailout on the condition that the country cut back its banking sector and force large losses on big deposits to help foot the bill. 
Filed Under :
Topics : Business_Finance
Location : Brussels
by AP posted Mar 25 2013 9:47AM

<VIDEO> Just days after the 10th anniversary of the U.S. invasion of Iraq, Secretary of State John Kerry confronted Iraq for continuing to grant Iran access to its airspace, saying it was raising questions about Iraq's reliability as a partner.
Filed Under :
Topics : PoliticsWar_Conflict
People : John KerryKerry Warns
by AP posted Mar 25 2013 9:46AM

<VIDEO> After two years in power, the civilian government in Myanmar wants to wipe away the country's as one of the world's biggest drug producers. Police have been going village to village, but it doesn't appear to be working. 
by AP posted Mar 25 2013 9:44AM

<VIDEO> 
Two pandas left China on Sunday bound for Canada. The pandas will stay in Toronto and Calgary zoos for five years in a visit that's believed to be the first one of the species to Canada since the 1980s.
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Filed Under :
Location : CalgaryToronto
by AP posted Mar 25 2013 9:43AM

<VIDEO> Secretary of State John Kerry made an unannounced trip to Iraq Sunday. He met with Prime Minister Nouri al-Maliki, saying Iraq shouldn't allow Iran to use its airspace to ship weapons and fighters to Syria.
Filed Under :
Topics : PoliticsWar_Conflict
by AP posted Mar 25 2013 9:42AM

<VIDEO> Pope Francis has celebrated Palm Sunday Mass in St. Peter's Square before thousands of people waving olive branches and palm fronds.
Filed Under :
Topics : Religion_BeliefSports
by AP posted Mar 22 2013 10:59AM

<VIDEO> President Obama toured the Yad VaShem Holocaust Museum in Jerusalem on Friday. The President is finishing his visit to Israel before going to Jordan.
Filed Under :
Topics : PoliticsWar_Conflict
Location : Jerusalem
by Associated Press posted Mar 21 2013 6:30PM
   PARIS (AP) - A lawyer says preliminary charges have been filed against former President Nicolas Sarkozy in connection with allegations he illegally took donations from France's richest woman for his 2007 election campaign.
 
     Lawyer Antoine Gillot told French TV i-Tele that Judge Jean-Michel Gentil in the southwestern city of Bordeaux placed Sarkozy under investigation - a step short of formal charges - after hours of questioning Thursday.
 
     Sarkozy in November was named a key and potentially indictable witness in an investigation involving 90-year-old L'Oreal heiress Liliane Bettencourt.
 
     Gillot represents Bettencourt's former butler, who was also questioned Thursday along with Sarkozy.
 
Filed Under :
Topics : Law_Crime
Location : BordeauxParis
by AP posted Mar 21 2013 12:22PM

<VIDEO> 
The European Central Bark is warning Cyprus that is has only four days to agree on a new plan to raise funds to avoid bankruptcy. Otherwise it will pull the plug on the country's banks at the start of next week if no bailout solution is found.
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by AP posted Mar 21 2013 11:16AM

<VIDEO> President Barack Obama says Palestinians deserve an independent and sovereign state and an end to occupation by Israel. Obama spoke at a news conference in the West Bank with Palestinian Authority President Mahmoud Abbas.
Filed Under :
Topics : PoliticsWar_Conflict
Location : West Bank
by AP posted Mar 21 2013 11:14AM

<VIDEO> President Obama arrived in the West Bank Thursday, where he was greeted by Palestinian Authority President Mahmoud Abbas.
Filed Under :
Topics : PoliticsWar_Conflict
Location : West Bank
People : Mahmoud AbbasObama
by AP posted Mar 21 2013 11:13AM

<VIDEO> Palestinian militants in Gaza fired two rockets into Southern Israel on Thursday. The rockets hit far from Jerusalem, where President Obama was at the time. 
Filed Under :
Topics : PoliticsWar_Conflict
Location : GazaJerusalemSouthern Israel
People : Obama
by AP posted Mar 21 2013 11:09AM

<VIDEO> The head of the International Monetary Fund offered no comment as she returned to Washington Wednesday. Investigators have searched her Paris home as part of an inquiry into her role in a $400 million arbitration deal in favor of a tycoon.
Filed Under :
Location : ParisWashington
by AP posted Mar 21 2013 8:21AM

<VIDEO> Renewing U.S. support for the difficult "work of generations," President Barack Obama assured Israel that his administration would pursue a Mideast peace that would allow residents of the Jewish state to live free from the threat of terror. 
Filed Under :
Location : Support
People : Barack Obama
by AP posted Mar 20 2013 10:32AM

<VIDEO> President Obama began his visit to Israel by praising Israel as a free and independent state, and reaffirming the US alliance with Israel.
Filed Under :
Topics : PoliticsSocial Issues
People : Obama
by AP posted Mar 20 2013 10:24AM

<VIDEO> Hackers are suspected of launching a massive computer attack in South Korea, after the computer systems of the country's top three broadcasters and two major banks crashed on Wednesday afternoon.
by AP posted Mar 20 2013 10:22AM

<VIDEO> President Obama arrived in Israel on Wednesday, for his first visit as President. His agenda is focused on Israeli-Palestinian relations, Iran's nuclear program and the violence in Syria. 
Filed Under :
Topics : Politics
People : Obama
by AP posted Mar 19 2013 10:09AM

<VIDEO> Iraqi officials say a wave of bombings has rumbled across Baghdad and nearby towns, killing at least 56 people and wounding more than 200. The attacks, mostly car bombings, came on the eve of the anniversary of the U.S.-led invasion.
Filed Under :
Topics : War_Conflict
Location : Baghdad
by AP posted Mar 19 2013 9:47AM

<VIDEO> Pope Francis urged the massive crowds gathered for his installation Mass to protect the environment, as well as the weakest and poorest people of the earth.
Filed Under :
People : Francis
by AP posted Mar 19 2013 9:45AM

<VIDEO> 
The installation mass of Pope Francis is being celebrated in Vatican City. The pope received a gold-plated silver fisherman's ring as part of the ceremony.
Filed Under :
Topics : Religion_Belief
Location : Vatican City
by AP posted Mar 19 2013 9:43AM

<VIDEO> Pope Francis I rode to St. Peters Square for his installation Mass in a white open-air vehicle. Francis also exited the vehicle to greet a man in the crowd.
Filed Under :
Location : Massachusetts
People : Francis Rides
by CBS posted Mar 19 2013 9:16AM

<VIDEO> 
Two Norweigian daredevils in wingsuits flew through the narrow gap between two towers of a skyscraper before parachuting down for a perfect landing. Anthony Mason reports
Filed Under :
People : Anthony Mason
by AP posted Mar 18 2013 10:21AM

<VIDEO> After an extended court case, Hu Zhicheng is still living in limbo in China -- free to go about his business in Shanghai, but not allowed to return to his family in the U.S. Meanwhile in California, his wife despairs of ever seeing him again. 
Filed Under :
Location : CaliforniaShanghai
by AP posted Mar 18 2013 10:18AM

<VIDEO> Dozens of people were arrested on Sunday, after clashes erupted between Egypt's security forces and protesters outside the Muslim Brotherhood's headquarters in Cairo. 
Filed Under :
Location : Cairo
by Associated Press posted Mar 15 2013 7:49AM
  NAIROBI, Kenya (AP) - A new study has found that human-induced climate change contributed to low rain levels in East Africa in 2011, making global warming one of the causes of Somalia's famine and tens of thousands of deaths. 
 
     Climate scientists with Britain's national weather service studied weather patterns in Somalia in 2010 and 2011 and found that yearly precipitation known as the short rains failed in late 2010 because of the natural effects of La Nina. 
 
     But Peter Scott, one of the study's authors, said the lack of long rains in 2011 was a result of climate change. 
 
     Britain has said up to 100,000 people died from the famine. But global warming wasn't the only cause. Al-Shabab Islamic extremists stopped aid groups from distributing food in its territory, contribut
by Associated Press posted Mar 15 2013 7:48AM
 JERUSALEM (AP) - A parliamentary official says Israeli Prime Minister Benjamin Netanyahu will sign a formal deal Friday with two leading parties to form a new coalition government.
 
     Noga Katz, a spokeswoman for Netanyahu's Likud-Yisrael Beitenu faction, says leaders of the Yesh Atid and Jewish Home parties have given up last-minute demands to be named deputy prime ministers. Those last-minute demands delayed the deal from being formalized.
 
     An official with the Yesh Atid party, Netanyahu's leading partner, said that the matter was resolved, and new coalition partners would sign a coalition agreement Friday. The official spoke on condition of anonymity because the deal has not yet been formalized.
 
     The new government is expected to curb preferential treatment for Israel's ultra-Orthodox Jewish minority and may push for renewed Mideast peace efforts.
 
Filed Under :
Topics : Politics
Location : Jerusalem
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