News
Archives, March 25-31, 2007
Saturday, March 31st, 2007
- Iran
note ties nuclear stance to fear of attack
• Letter to IAEA expresses fear of attack by U.S. or
Israel
• Delegate says IAEA has failed to keep Iranian security information
secret
• Agency's response urges Iran to reconsider position
• Iran has refused to allow nuclear watchdog to monitor enrichment
facility
VIENNA, Austria (AP)
-- Iran, in a confidential letter posted
Friday on an internal Web site of the U.N. nuclear monitor, said its
fear of attack from the United States and Israel prompted its decision
to withhold information from the agency.
In the letter, Iran said
the U.N.'s International Atomic Energy Agency had repeatedly allowed
confidential information crucial to the country's security to be leaked.
The
IAEA, in response, urged Iran to reconsider, saying the decision would
be in defiance of the monitor's 35-nation board. Both the Iranian
document and the confidential IAEA response were made available to The
Associated Press.
The exchange reflected
heightened tensions
arising from Iran's refusal to heed the U.N. Security Council and
freeze uranium enrichment and the council's decision last Saturday to
increase sanctions in response.
The IAEA also is waiting
for Iran
to respond to its requests to install remote cameras at key locations
at Iran's underground enrichment plant at Natanz.
No enrichment
is yet taking place at Natanz, but diplomats accredited to the IAEA
said Friday it may start within days. If so, those cameras are crucial
to IAEA experts' efforts to watch for attempts to alter machinery there
to make weapons-grade uranium..."
The story with
Iran just keeps getting more and more interesting.
- U.S. imposes trade
sanctions on China
WASHINGTON (AP) - "The Bush administration, facing
heavy pressure to deal with soaring trade deficits, said Friday it is
imposing economic sanctions against China to protect American paper
producers from unfair Chinese government subsidies.
The
action reverses 23 years of U.S. trade policy by treating China, which
is classified as a nonmarket economy, in the same way that other U.S.
trading partners are treated in disputes involving government subsidies.
The decision was announced by Commerce Secretary Carlos Gutierrez..."
More:
Stocks seesaw after U.S.
Sanctions China
Dollar
dips on news of U.S. duties on Chinese paper
Wall
St indexes flat as China news eclipses data
I wonder how
Beijing will respond.
Friday, March 30th, 2007
- Spring
Storm, Tornadoes Kill 4 in Rockies, Plains
OKLAHOMA CITY (Fox)—
"A massive spring
storm spawned dozens of tornadoes from the Rockies to the Plains,
killing at least four people in three states, including a woman who was
flung into a tree by a twister as wide as two football fields.
Sixty-five tornadoes were
reported late Wednesday in Oklahoma, Texas, Kansas, Colorado and
Nebraska, the National Weather Service said. The storms
continued Thursday afternoon, with a tornado critically injuring two
people in central Oklahoma.
In
Colorado, Rosemary Rosales, 28, was found critically injured in the
tree after the huge tornado destroyed several homes and damaged dozens
of others in Holly, a town of 1,000 people about 235 miles southeast of
Denver near the Kansas line.
"All they heard was this
big ugly noise, and they didn't have no time to run," said Victoria
Rosales, the victim's sister..."
Now we're
starting to see more of that "Wrath of Nature" stuff everyone is always
hearing about.
- Consumers
face tough act as economy slows
WASHINGTON (Reuters) - "Sliding U.S. house prices and rising
energy
costs could leave normally stalwart U.S. consumers hard pressed to
continue their spending growth at a time when businesses appear to be
tightening their belts.
Still, most economists
think the U.S. economy will dodge recession this year given the current
strength of the labor market.
U.S. economic growth for
the last quarter of 2006 was higher than
previously estimated, according to Commerce Department data published
on Thursday, but business inventories were up, business investment was
weaker than previously thought, and new home building slumped..."
More:
Mortgage
crisis hits million-dollar homes
Oil
surges 3 percent to $66 on Iran tensions
Tough act
indeed. The seams that stitch the economy together are more
visible now.
Thursday, March 29th, 2007
- Wall
St Indexes drop on Bernanke, data, oil
NEW YORK (Reuters)
- "U.S. stocks ended lower on Wednesday after
Federal Reserve Chairman Ben Bernanke said he was uncomfortable with
inflation and uncertain about the economy, compounding the impact of a
weak durable goods report.
Escalating tensions
between Iran and the West also kept investors on edge and boosted crude
oil prices nearly 2 percent.
Shares of manufacturers,
including Boeing Co. (BA.N: Quote, Profile, Research), 3M Co. (MMM.N:
Quote, Profile, Research) and General Electric Co. (GE.N: Quote,
Profile, Research) led decliners, along with retailers, banks and
transportation companies...."
And he said
this, so we're going to do this. But wait this says this so we
have to hold off... but wait..... Ugh.
- Oil
stands near six-month high on Iran Tensions
SEOUL
(Reuters) - Oil held near its highest close in over six months
on Thursday as traders weighed rising risk to Gulf supplies from
mounting tension between Iran and the West.
Small draws in weekly
U.S. product and crude stocks were
overshadowed by fears surrounding the world's fourth-largest oil
exporter, which has been holding 15 British sailors and marines since
Friday and was hit with new U.N. sanctions at the weekend.
U.S. light, sweet crude
fell 28 cents to $63.80 a barrel by 0729
GMT, dipping back after closing above $64.00 a barrel for the first
time since September 11. London Brent crude shed 8 cents to $65.70 a
barrel..."
All the more
reason America MUST become energy independant. As a beginning, we
as private citizens can take precautionary steps (such as fuel
rotation) to be prepared for any future fuel crisis.
Wednesday, March 28th, 2007
- Geologist:
Mt. St. Helens now an 'Open System' Volcano
VANCOUVER, Wash (Fox)
—
"Mount St. Helens may be following the example of Kilauea in Hawaii
with
magma being replaced from a reservoir beneath the volcano as fast as it
emerges as lava at the surface, scientists say.
While the two
volcanoes are different in many respects, Mount St. Helens
appears to have become an "open system" as its domebuilding eruption
that began in the fall of 2004 continues at a pace that has been
unchanged for the past year, said Daniel Dzurisin, a geologist at the
U.S. Geological Survey's Cascades Volcano Observatory.
Analyzing of
digital elevation models made from high-resolution aerial photographs,
scientists have kept
close tabs on the rate at which lava has been pushing into the
crater..."
Ring of fire...
still active. It'll be active for many millenia to come.
- Blair
warns Iran of "Different Phase"
LONDON (Reuters) - "British Prime Minister Tony Blair warned Iran
on
Tuesday of a "different phase" if it does not free 15 British military
personnel captured in the Gulf four days ago.
The sailors' capture and
new U.N. sanctions imposed on Tehran on
Saturday over its disputed nuclear program have stoked tensions between
the West and Iran and pushed oil prices to a 2007 high.
Russia and the United
Arab Emirates on Tuesday urged Iran to comply
with U.N. demands that it halt sensitive nuclear work but Tehran says
the U.N. resolution is illegal..."
The whole Iran situation is getting really
interesting. Let's just hope a year from now we're not
rationing Steel, copper, fuel and food.
- Subprine
woes spread
NEW YORK (Reuters) - "A senior U.S. Federal Reserve staff member
warned on Tuesday that subprime mortgage market troubles could last as
long as two years, while a leading home builder posting a huge profit
plunge blamed subprime lending problems for worsening a soft housing
sector.
Further underscoring the
troubles in the U.S. housing sector,
economic data showed home prices fell at the start of this year while
consumer confidence waned in March, at least partly due to worries
about real estate.
Sandra
Braunstein, director of the Fed's division of consumer and
community affairs, said problems with subprime mortgages, which are
held by less credit-worthy borrowers, could persist for some time..."
This economic
infection seems to be spreading more rapidly than many wish to admit.
Tuesday, March 27th, 2007
- Study:
Global Warming may create 'novel' climates
• Study: Global warming may destroy some climates and create new ones
• Rain forests could face unexpected changes, species may stuggle to
adapt
• Current climates in the Peruvian and Colombian Andes may disappear
WASHINGTON
(AP) -- "Some climates may disappear from Earth
entirely, not just from their current locations, while new climates
could develop if the planet continues to warm, a study says.
Such
changes would endanger some plants and animals while providing new
opportunities for others, said John W. Williams, an assistant professor
of geography at the University of Wisconsin, Madison.
Using
global change forecasts prepared for the Intergovernmental Panel on
Climate Change, researchers led by Williams used computer models to
estimate how climates in various parts of the world would be affected.
Their findings are being
published in this week's online edition of Proceedings of the National
Academy of Sciences.
The
IPCC, representing the world's leading climate scientists, reported in
February that "warming of the climate system is unequivocal, as is now
evident from observation of increases in global average air and ocean
temperatures, widespread melting of snow and ice and rising global
average sea level."..."
Wow. Ok,
let me get this straight. The earth is getting warmer. So,
that means
that during this Climate Shift, the Climate is going to change?
Hold
on, I need to sit down to let that shocking revelation soak in.
Pshhh...
- Dollar
pressured as new-home sales disappoint
TOKYO (Reuters) - The dollar stayed near overnight lows against
most
major currencies on Tuesday after U.S. sales of new homes in February
dropped to the lowest rate since June 2000, resurrecting expectations
of a Federal Reserve interest rate cut.
The report offset
stronger-than-expected existing home sales data
last Friday and reignited concerns that the slowing U.S. housing market
has yet to stabilize.
"Monday's data was a big disappointment to the market, which was
about to turn optimistic over U.S. subprime loan problems," said Kengo
Suzuki, a currency strategist at Shinko Securities..."
This roller-coaster is staring to make me
sick.
Monday, March 26th, 2007
- Aftershocks
Shake Japan as Country Recovers
KANAZAWA, Japan
(Fox) — "Aftershocks
shook a rural area of coastal central Japan Monday,
a day after a powerful earthquake killed at least one person and
injured 170 others as it toppled buildings, triggered landslides and
generated a small tsunami along the coast.
One
of the aftershocks had a preliminary magnitude of 5.3 and struck at
7:19 a.m. Monday. Japan's Meteorological Agency said there was no
tsunami danger.
"A fairly
big aftershock hit just minutes ago and I jumped out the door," said
Tomio Maeda, manager of a convenience store in Anamizu town. "It's
scary, I guess it's not over yet."..."
Still causing
some problems, it seems.
- Iran to
Suspend Cooperation With Nuke Watchdog
TEHRAN, Iran
(Fox) — "Iran
isn't backing down after a unanimous vote by the U.N. Security Council
to impose sanctions, announcing Sunday that it will partially suspend
cooperation with the U.N. nuclear watchdog agency and will be adjusting
relations with those nations who voted for sanctions.
Iranian officials
called the vote by the U.N. Security Council in response to
Tehran's refusal to stop enriching uranium "illegal and bullying."
"The
Security Council has to be aware of its own position and status.
Actions that are illegal, unwarranted and unjustified will reduce the
credibility of the Security Council," Iranian Foreign Minister Manouchehr
Mottaki said through a translator while in New York.
"A few select
countries don't have the right to abuse the Security Council," Mottaki
added..."
Somehow
it doesn't quite seem like Iran is developing nuclear technology for
peaceful applications.
- Blair:
Iran capture of sailors 'serious'
• Britain, U.S. say sailors, marines were in Iraqi part of disputed
waterway
• Capture comes after disappearance, capture of Iranian officials
• Iran claims 15 British sailors and marines confess to being in
Iranian waters
• Iran claims UK sailors entered Iranian waters in "suspicious act"
LONDON, England
(AP) -- "Prime Minister Tony Blair on Sunday
called the Iranian seizure of 15 British sailors and marines
"unjustified and wrong," saying in his first remarks on the escalating
confrontation that London saw it as a "very serious situation."
Iran
said legal proceedings were under way, suggesting the possibility that
the group may be tried for illegally entering Iranian waters off the
coast of Iraq.
U.S. Secretary of State Condoleezza Rice insisted
during a trip to the Middle East that the Britons be released, saying
"we all fully trust the British" account.
Blair disputed Tehran's claim that the 15 were in
Iranian territorial waters at the time they were seized on Friday.
"There
is no doubt at all that these people were taken from a boat in Iraqi
waters," Blair said during a European Union meeting in Berlin..."
Can anyone say "Political Leverage"? That's what it boils down
to. We
know the British Navy is NOT careless in where it goes. As one of
the
oldest and most powerful Navies in the world, the Brits knew where they
were and why they were there. Iran wants their spys from Iraq
back...
now they have a few chips of their own to bargain with.
Sunday, March 25th, 2007
- 1
dead, 110 injured in Japan 6.9 magnitude quake
TOKYO, Japan
(AP) -- "A powerful, deadly earthquake struck
Japan early Sunday, killing at least one person and injuring 110 others
as it violently shook buildings and triggered a small tsunami that hit
the coast, officials and media reports said.
The magnitude-6.9
quake struck at 9:42 a.m. local time off the north coast of Ishikawa
prefecture (state), Japan's Meteorological Agency said, about 225 miles
northwest of Tokyo. The agency issued a tsunami warning urging people
near the sea to move to higher land.
A small tsunami measuring 6
inches hit shore about 40 minutes after the quake, the agency said. The
warning was lifted about an hour later.
The quake toppled
buildings, triggered landslides, cut power, interfered with phone
service, broke water mains and snarled public transportation. At least
one person was killed and 110 others were hurt along the country's Sea
of Japan coast, media reports said.
Fear of aftershocks and
more
landslides caused by the loosening of soil waterlogged by overnight
rains continued to plague the quake zone..."
Nothing unusual
here. Just part of the tectonic zone of high activity known as
"The Ring of Fire".
- IMF
to urge further depreciation in dollar: paper
BERLIN (Reuters) - "The International
Monetary Fund will say further
depreciation by the U.S. dollar is needed to help correct global
imbalances in its latest World Economic Outlook (WEO), Germany's
Sueddeutsche Zeitung said on Saturday.
Quoting from a draft of
the WEO, the paper said the Washington-based
fund argued "extraordinarily aggressively" for a correction in exchange
rates, above all so as to reduce the massive U.S. current account
deficit.
The dollar, which slid to
a 2-year low against the euro last week,
should continue to depreciate in the mid-term, while the yen, the
Chinese yuan and currencies of oil-exporting countries in the Middle
East should all appreciate, the draft WEO said.
The WEO, which is due to
be published in mid-April, will add that
there is no great need for further interest rate increases by the
European Central Bank, according to the paper..."
Well, I'm
glad "The World" decided that the U.S. Dollar was "imbalanced".
Though, they don't need to decide on the dollar to
depreciate. It's a backless currency and with the U.S. Mint
cranking out bills 24/7 (without an M3 report, that once truly gauged
the U.S. Economic climate).
- Millions
face drought in Soutwest China
China
(BBC) -- "More than 5.5 million people are
short of drinking
water because of an acute drought in south-western China, state media
reports.
Low
rainfall in the province of Sichuan has forced officials to deliver
clean water to the worst-hit areas.
Six
million livestock and half a million hectares of land are affected,
Sichuan's governor said.
Many areas of China are regularly hit by water shortages or droughts,
with some blaming climate change.
Most of Sichuan received no major rain in February, and no significant
rain predicted before the end of March..."
Wow, more droughts. I wonder what China,
the largest nation in the world (population wise) is going to do to get
water now. It'll be interesting to see how they handle this.
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