currencies such as the euro
the goods and services deficit for the penultimate month in jumped to
billion dollars from revised billion dollars in october as imports grew
faster than exports the commerce department said in report
the us deficit surpassing the billion dollars forecast by most
economists reached its highest level since january
currency traders were meanwhile keeping an eye on the european central bank
which is widely expected to hold its key interest rate at record low
percent on thursday
the ecb should hint that official interest rates will be on hold for some time
yet capital economics economist jennifer mckeown said as unemployment hit
eurozone record of percent and plummeting retail sales raised fears
recovery could be derailed
in addition the current greek crisis has again moved the structural problems
of emu european monetary union into the focus of interest commerzbank chief
economist joerg kraemer said
across the continent there is concern that serious fiscal problems in greece
and elsewhere threaten the credibility of the eurozone ecb economist juergen
stark has publicly warned that athens must not expect european union bailout
greek public debt was estimated at percent of gross domestic product gdp
in and is set to rise further this year compared with an eu limit of
percent
in london on tuesday the euro was changing hands at dollars against
dollars late on monday at yen pounds
and swiss francs
the dollar stood at yen and swiss francs
the pound was at dollars
on the london bullion market the price of gold slipped to dollars an
ounce at the fixing from dollars on monday
oil price drops under dollars
london jan afp
world oil prices dropped under dollars barrel on tuesday on expectations of
easing heating fuel demand as warmer temperatures reach parts of the united
states recently hit by cold snap traders said
new york main futures contract light sweet crude for delivery in february
fell cents to dollars barrel
the new york contract had hit month peak of dollars barrel on
monday before traders decided to bank profits
elsewhere on tuesday brent north sea crude for february was down by cents at
dollars in late afternoon london trading
the price fell on reports of milder than expected us winter forecast
said odl markets analyst marius paun
the price has rallied on expectations of stronger heating oil demand but the
latest reports say that this may have been overdone
temperatures in the united states asia and europe are expected to rise
lessening the demand from consumers
kuwait oil minister sheikh ahmad abdullah al sabah on tuesday said that at
around dollars the price of crude oil was fantastic
oil prices are fantastic because of what is happening with the cold
weather in europe and as demand is picking up the minister told reporters
outside parliament
the minister said kuwait does not want any change to production quotas when the
organization of petroleum exporting countries meets in march
he also expected demand to pick up in the second quarter of as the global
economy is likely to continue its recovery and as crude inventories decline
elsewhere on tuesday the market was following developments in opec member
nigeria where gunmen kidnapped three britons and colombian working for anglo
dutch oil giant shell while shooting dead their police escort
the four were seized around am gmt on road leading from the
southern oil city of port harcourt to the shell operated afam power plant
police said
it is the first major kidnapping in southern nigeria for months following
lull in the wake of government amnesty which saw thousands of militants lay
down their arms
armed groups claiming to seek fairer share of oil revenue for local
communities have since staged attacks on oil installations in the niger
delta playing havoc with crude output and international oil prices
oil prices closed lower on monday as traders locked in profits after brief
bounce on the back of robust chinese economic data that pushed the barrel to
month high near dollars
china the world second largest energy consumer behind the united states saw
exports surge percent in december after months of declines the country
announced on sunday
the jump in exports renewed market hopes that sustainable global recovery is
underway led by china huge economy
chinese oil imports rose to record five million barrels day in december
percent jump compared with the same month in
alert
football holders egypt defeated nigeria on tuesday in africa cup of nations
football cologne podolski set for spell on sidelines
berlin jan afp
bundesliga strugglers cologne are set to be without german international striker
lukas podolski for several weeks as he overcomes back problem the club said
on tuesday
podolski missed training and underwent scan but is set to be out at crucial
time as the season resumes after the winter break this weekend with cologne just
two points clear of the drop zone
the club fear that podolski who is in his second spell with the side after an
unhappy time at bayern munich could be suffering from an intervertebral disc
problem having already slight discal hernia two years ago
we therefore have to be very careful coach zvonimir soldo told local
newspaper express which forecast that the player could be out of action for
some three weeks
on sunday cologne resume their league programme at home to fifth placed
dortmund
despite arriving back from bayern for million euros podolski has only hit the
target once this season with cologne netting just ten goals in matches
arrests explosives seized as baghdad car bombs foiled
baghdad jan afp
iraqi security forces foiled series of car bombings in baghdad on tuesday
after massive security operation led to dozens of arrests and large quantity
of explosives being seized officials said
police and the army sealed off the capital before dawn after tip off that
insurgents planned multiple attacks in the city highlighting concerns about
violence in the run up to general election
an aide to major general qassim atta spokesman for baghdad military command
told afp that terrorists were captured in raids across the city between
am and am gmt monday and gmt
some kilogrammes pounds of category explosive the same amount of
tnt and kilos of ammonium nitrate were seized the aide added
terrorist groups intended to detonate car bombs in baghdad on tuesday morning
atta said in an official statement
the security measures were imposed to protect civilians which included
shutting off many roads and taking steps to find the suspected cars he added
coordinated vehicle bombings in baghdad in august october and december killed
nearly people in all and wounded more than sparking charges against
the security forces of incompetence or connivance
tuesday lockdown caused gridlock with cars buses and lorries backed up as
bridges and routes into the city were closed forcing people to travel on foot
as military helicopters circled overhead
atta later told state television that the security operation was success but
warned that it may be repeated without warning he gave no details however on
the arrested suspects and did not produce evidence of the seized explosives
something that the iraqi forces often do
government spokesman ali al dabbagh told reporters that the car bombs were
intended to strike sensitive government sites but would not elaborate
the rare decision to close off much of the city and the increased military
presence prompted claims of coup by callers to popular iraqi radio phone in
shows leading to an official denial
such rumours were risible and without foundation defence ministry spokesman
major general mohammed al askari told reporters
insurgents weakened in the past year have in recent months changed tactics and
mounted high profile attacks on hard targets such as government buildings
rather than so called soft targets in civilian areas
tuesday heightened security comes ahead of general election scheduled for
march
there is widespread concern in the wake of the bloody attacks conducted in
baghdad in the second half of that political violence will rise in the
weeks leading up to the vote
the election the second since saddam hussein was toppled in us led invasion
in is seen as crucial to consolidating iraqi democracy and securing
complete us military exit by the end of as planned
however politicians and parties linked to executed dictator saddam
outlawed baath party have been barred from taking part in the poll move seen
as blow to efforts at national reconciliation
the us military meanwhile said joint operation conducted with security
forces in baghdad last thursday led to the arrest of an al qaeda in iraq aqi
terrorist suspected of building large scale vehicle bombs
according to recent intelligence reports aqi fighters operating in baghdad
continue planning attacks in an attempt to disrupt the political progress in
iraq the us military said
iraq invasion was illegitimate dutch probe
the hague jan afp
the us led invasion of iraq lacked legitimacy under international law an
independent commission probing dutch political support for the still
controversial war said tuesday
there was insufficient legitimacy under international law for military
invasion of iraq for which the netherlands gave political but no military
support commission chairman willibrord davids told journalists in the hague
the commission report said the dutch government decision was based mainly on
international political considerations
and it said the netherlands had wrongly interpreted un security council
resolution which gave iraq final chance to disarm as authorising
individual member states to use military force against that country
the page report was presented to prime minister jan peter balkenende also
head of government in who welcomed finding that the netherlands never
provided any military support for the invasion
the opposition meanwhile has demanded parliamentary inquiry
the hague has repeatedly justified its political backing for the invasion with
then iraqi leader saddam hussein repeated refusal to respect un security
council resolutions
the united states and britain which led the action cited saddam alleged
possession of weapons of mass destruction none were ever found
the commission said the dutch government position was against then public
opinion and with its own policies which opposed enforced regime change
the dutch government lent its political support to war whose purpose was not
consistent with dutch government policy it may therefore be said that the dutch
stance was to some extent disingenuous
the us benefited from the political backing since it increased support for the
invasion at the global level said the report
the commission which started its work in march last year was set up by the
government amid growing pressure from political parties and the public for
probe into claims that crucial data had been withheld from dutch decision makers
who opted to support the invasion backed by all but two political parties in
the dutch parliament at the time
the netherlands sent about troops to iraq in july to take part in
post invasion un mandated iraqi stabilisation force they left iraq in
the probe found that dutch policy on the issue had been defined by the foreign
ministry under then minister jaap de hoop scheffer who later became nato
secretary general
the prime minister took little or no lead in debates on the iraq question it
said
but balkenende said the commission had found no proof of link between the
dutch political support and de hoop scheffer later appointment and had found
no evidence to support rumours that the netherlands had made clandestine
military contribution
but he made no reference to findings that the government ignored the reserved
and nuanced information held by domestic intelligence sources on iraq
alleged weapons of mass destruction and had adopted those facts that fit the
pre determined political position
last month former un weapons inspector said former us president george
bush and british prime minister tony blair shared conviction that saddam was
threat and causing them to allegedly mislead the public
an official inquiry has started in britain with blair set to testify in the
coming weeks on the intelligence used to make case for war his ex chief spin
doctor alastair campbell gave evidence tuesday
rallying spanish double as sainz and coma take dakar stages
santiago jan afp
spain two time world rally champion carlos sainz extended his overall lead in
the car section of the dakar rally on tuesday when he won the th stage
kilometres special from la serena
earlier his compatriot marc coma had won his second successive motorcycling
stage
sainz extended his overnight lead to over minutes as his second placed
volkswagen team mate qatari nasser al attiyah could finish only fourth in the
stage min sec in arrears
sainz who once had trial with real madrid as goalkeeper was satisfied with
his day work
good no problems enthused sainz
kilometres after the start we caught up with nasser what did was to first
to get close to nasser and then stayed at around after that from the
km mark we were driving in the dust
al attiyah for his part was relieved to have finished the stage
it was very dangerous at that speed said the year old who finished fourth
in the skeet shooting event at the olympics
for me it was not good feeling and am really happy to have finished this
stage without any problems
for me today it was very stressful because opened the road started first on
the stage having won on monday
carlos caught up with us with around km to go but its okay am happy with
today tuesday it normal when you start the stage in first that you lose
lot of time tomorrow wednesday there will be more off road and dunes which
will be good for me
french driver stephane peterhansel who has recovered well since he lost over
two hours on one stage and any chance of winning outright was second on the
stage sec behind while volkswagen driver mark miller of the united states
remained in third overall after finishing third min sec in arrears
coma who is out of contention for the overall title having been penalised six
hours over the weekend beat frenchman david fretigne by min sec
for coma it was mission accomplished as least for tuesday that is
went looking for victory confessed coma who still protests his innocence
over the penalty for illegal changing tyre
started first and opened the road for the whole stage it hard in fact
it the hardest thing to do and trying to claw back some time is hard too
but we did so happy even proud all thanks to the team
another frenchman cyril despres who was sixth on the stage over six minutes in
arrears remains the clear overall leader
despres admitted that he had ridden conservatively with one eye on his overall
lead
we could easily have lost the overall lead so protected my lead he said
that said wasn just taking it easy either for me there was no need to go
on the attack
the battle for the remaining podium places looks set to be intense in the
remaining four stages ahead of the finish in buenos aires
chilean francisco lopez winner of two stages gained over two minutes on
overall second placed pal ullevalseter of norway who has slender lead of
under two minutes over him
portuguese rider helder rodrigues who was third in the stage is less than
minute behind lopez in the overall standings
china byd takes aim at us market with electric car
detroit michigan jan afp
china build your dreams auto took aim at the us market tuesday with the
unveiling of four door electric car at the detroit auto show
byd aims to have the ready for sale in north america by the end of
which would make it the first chinese automaker to enter the highly competitive
market
as major developer and manufacturer of electric vehicles byd is devoted to
creating safe efficient and affordable electric vehicles said henry li
general manager of byd auto trade export
the full sized four door electric vehicle offers maximum range of miles
maximum speed of miles per hour an acceleration from zero to of less
than seconds and operates at third of the cost of comparable gasoline
vehicle li said
it would be powered with home charging station and byd also hopes to establish
network of charging poles at offices stores and standalone stations
byd is china fourth largest automaker and sold vehicles there in
percent increase from year earlier
it aims to sell vehicles in china this year and to become the nation
largest automaker in
byd hopes to eventually establish research and development and manufacturing
facilities in the united states li said at press conference
the automaker is still working on establishing distribution network in the
united states
snooker masters results
london jan afp
results from the masters snooker tournament at the wembley arena here on
tuesday
st rd best of frames
ronnie sullivan eng bt neil robertson aus
playing later tuesday
st rd
allister carter eng mark williams wal
cutting portuguese deficit an compelling necessity minister
lisbon jan afp
reining in portugal debt and public deficit is now compelling necessity
finance minister fernando teixeira dos santos said on tuesday
emerging from the economic crisis requires us to support rebound in growth
and employment but it also obliges us to confront the compelling necessity
of reducing the deficit and debt in our public finances teixeira dos santos
said according to the online edition of diario economico
international ratings agencies have placed portugal on their negative
surveillance lists in light of the deterioration of the country finances
portugal public or budget deficit is estimated to have exceeded percent of
gross domestic product in well above the percent limit european union
limit
national debt now comes to percent of output according to the european
commission which sets the figure eurozone members at percent
the socialist government of prime minister jose socrates said last week it would
negotiate the budget with the opposition
the vote on the budget delayed due to legislative elections in september last
year is seen by analysts as key test for the future of the government
socrates was re elected to second term but his socialists lost parliamentary
seats and were forced to form minority administration
earlier tuesday the central bank predicted that portugal would enjoy modest
return to growth this year following an economic contraction in
the country economy will grow by percent in and percent in
the bank of portugal said in its winter bulletin
portugal economy contracted percent last year it said
the bank had forecast contraction of percent in in its last report
published in july but it now foresees return to growth which it attributed to
rise in consumer spending and exports
inflation will reach percent this year after deflation of percent in
it forecast
manhattan office market hit badly in study
new york jan afp
manhattan office leasing rates fell to their lowest in decade in as the
us economy ran into deep trouble new york leading commercial real estate
company said tuesday
about percent of office space was vacant in downtown manhattan where wall
street is located and percent was vacant in the midtown area the cushman
and wakefield firm said in an annual report
commercial leasing dropped percent however substantially improved rate
was seen in the last two quarters of pointing to recovery
the fourth quarter activity in the manhattan office market clearly indicates an
improving environment relative to the first half of and suggests the market
has started to stabilize joseph harbert the firm chief operating officer
for new york said
the retail market also showed the beginning signs of stability at the end of
the report said
half of retail submarkets tracked in the study showed an increase in average
rents for ground floor space
increases in asking rents may indicate that better spaces are coming onto the
market and that owner confidence has increased harbert said
meanwhile commercial property sales plummeted
the manhattan property sales market finished with billion dollars in
transaction volume an percent decline from billion in and
percent decline from billion in cushman and wakefield said
the main reason was the freezing of credit and stagnation in the usual flow of
property with few owners and lenders willing to recognize losses and sell
assets
overall new york city property values have declined percent to percent
said the report
again an improvement was forecast for there are signs of stabilization
in office market fundamentals and the availability of financing is improving
harbert said
andrew sachs cushman and wakefield executive director said the main
ingredient needed to return to new york property boom is an improved national
economy
the economy continues to lose jobs and this is the most important thing he
said
bank regulators eye deposit fee hike for risky schemes
washington jan afp
us regulators floated the idea tuesday of boosting deposit insurance fees for
banks that offer pay schemes that encourage excessive risk taking
the federal deposit insurance corporation fdic said it had begun taking
comments on the proposal which would provide additional funds to deal with bank
failures
broad consensus of academic studies agrees that poorly designed compensation
structures can misalign incentives and induce risk taking share those
concerns fdic chairman sheila bair said in statement
the recent crisis has shown that compensation practices that encourage
excessive risk can create significant losses in the financial system and the
deposit insurance fund
the initiative was the latest effort to clamp down on hefty executive pay and
bonus arrangements that some say pushed banks and other financial institutions
into risky positions that led to the global financial crisis
the fdic effort seeks comments on possible rule that would force the banks
with riskier pay programs to pay higher fees than those with better risk
management
the fdic is seeking to identify criteria upon which to base adjustments to the
risk based assessment system in order to correctly price and assess the risks
presented by certain compensation programs the agency said in its rulemaking
notice
this effort would not cap pay or bonuses but would focus on whether an
employee compensation system is likely to be successful in aligning employee
performance with the long term interests of the firm and its stakeholders
including the fdic the document said
the news came as major us banks are gearing up to announce annual bonuses for
top executives while bracing for political firestorm over compensation
practices that critics say fueled the global financial crisis
but one official said the fdic effort is premature
john dugan the comptroller of the currency the treasury office that issues
bank charters said congress and the federal reserve are also looking at
similar efforts
do not believe that sufficient basis has been demonstrated to support the
approach of the fdic proposal he said in statement
he also argued that there is no empirical connection to compensation programs
and losses sustained by the deposit insurance fund
us orders more troops to afghanistan as part of surge
washington jan afp
the pentagon has ordered troops to afghanistan as part of surge of
forces approved by president barack obama spokesman said on tuesday
the announcement meant about troops have received orders to deploy in the
next several months since obama unveiled plans in december to bolster the us
mission pentagon spokesman bryan whitman told reporters
the latest forces included troops from the th combat aviation brigade
th infantry division as well as support troops
the aviation brigade is based in fort hood in texas the scene of shooting
rampage when an army psychiatrist allegedly opened fire on his comrades
major nidal hasan has been charged with killing people in the november
attack and is under investigation for his contacts with radical cleric in
yemen who praised the killing spree
the troops from fort hood were due to head to afghanistan sometime in the
summer whitman said
strong contingent of marines has already arrived in southern afghanistan
since obama announced the surge as well as advance teams of the th mountain
brigade officials said
all the us reinforcements are due to be on the ground by the end of the summer
bringing the number of american troops in afghanistan to more than
we re on schedule whitman said
us port shut as highly explosive containers punctured
raleigh north carolina jan afp
major us port was shut down tuesday after nine containers of highly explosive
material were accidentally punctured officials said recommending that part of
the city be evacuated
the accident took place around am gmt tuesday at the east coast port
of morehead city in north carolina police said urging residents to stay away
from windows and doors
we have found highly explosive material in nine containers at morehead city
port amy thompson police official at the city port division told afp
the material was found in an accidental puncture when they punctured it they
realized that it was explosive material
authorities reported there were no injuries and no damage to the environment
morehead city police chief wes lail told local television station that the
chemical involved was pentaerythritol tetranitrate known as petn which can be
used in detonators and grenades
it is the same material that was used in the botched christmas day bombing of
northwest airliner en route from amsterdam to detroit
julie naegelen who works in downtown morehead city for the cataret county
chamber of commerce told afp she and her colleagues noticed an odor outside
early tuesday
we started to smell something that smelled like it was burning we really
don know if it was related in any way naegelen said
police told chamber employees that the evacuation was not mandatory but if you
stay there then stay away from the windows
but shortly after seeing homeland security vehicles drive down the street
naegelen and her colleagues decided to evacuate their offices
police have recommended that the downtown part of morehead city which has
population of some people be evacuated as precaution they also closed
stretch of highway near the port
there were no immediate details on how the nine containers came to be
accidentally punctured but local television reported it happened as the
containers were being offloaded
petn is used as plastic explosive and also to treat heart conditions by itself
it is non explosive but can detonate easily if mixed with other materials
morehead city mayor jerry jones told cnn that everything is contained adding
they were trying to prevent people from getting any closer
the port which lies just four miles seven kilometers from the atlantic ocean
is one of the deepest on the us east coast and according to its website is
major exporter of phosphates
it handles both breakbulk and bulk cargo and is the second largest importer in
the country for natural rubber
us officials have charged young nigerian umar farouk abdulmutallab with
trying to use petn as weapon of mass destruction onboard flight from
amsterdam on christmas day
the explosives failed to detonate correctly but caused an onboard fire as the
plane approached detroit in which abdulmutallab was burned he has pleaded not
guilty to six charges arising out of the incident
yar adua nigeria illness dogged president
lagos jan afp
umaru yar adua who tuesday broke his silence for the first time since he was
hospitalised in saudi arabia seven weeks ago was dogged by poor health long
before he was handpicked to succeed olusegun obasanjo as nigeria president
his lengthy absence and lack of information on his state of health has sparked
behind the scenes power struggle among the political elite of africa most
populous country
mild mannered and unassuming yar adua was governor of the northern muslim state
of katsina before being plucked from political obscurity by his protege obasanjo
to run for the presidency in
during his time as katsina governor he went on several occasions to germany
to receive treatment for kidney ailment
yar adua flew out to german hospital again during the presidential campaign
stoking rumours that he was dead until obasanjo phoned him and got him to
address rally through telephone link connected to loud speaker
as president the frail looking yar adua went to saudi arabia three times last
year in as many months
the elections which brought him the presidency were criticised both at home and
abroad as flawed and yar adua had to survive challenge in the country
highest court to remain in office
he acknowledged there were problems in the vote and vowed to introduce electoral
reform
his campaign promises centred on bolstering electricity generation establish
the rule of law fight endemic corruption bring peace to the oil producing
niger delta and reduce poverty in sub saharan africa second largest economy
discreet and self effacing he has struggled to make good on most of his
promises and with just over year of his four year term remaining he has
earned the unenviable moniker of baba go slow euphemism for the country
notorious traffic jams locally dubbed go slows
despite his low profile nature and lack of charisma yar adua gained plaudits
last year over his efforts to end the armed rebellion in the oil producing
