Global
economy
Australian
shares are expected to follow global markets lower on fears that
this week's eurozone meeting will do little to relieve the ongoing
debt crisis.
From
euphoria to depression -- RW
Spain
and Cyprus request eurozone rescues
Spain
formally requested a banking rescue of up to 100 billion euros
($US125 billion) and Cyprus also asked for a bailout, as a pivotal
week for the eurozone's future began.
The
Cypriot government has issued a statement, confirming that they have
officially made an EU bailout bid. This makes it the fifth state
within the currency union to ask for help.
The
Spanish government has formally requested European aid of up to €100
billion for its troubled banking sector.
Military/intelligence
At
Luxembourg meeting EU ministers say embargo would go ahead as
planned, pledge to review its implementation to ensure European
governments retain sufficient access to crude oil.
The
Israeli Prime Minister, Benjamin Netanyahu, said the military is
ready to use ''greater force'' to halt rocket fire from the Gaza
Strip, after Hamas declared a ceasefire following a week of
violence in the south
Officials
say "all options on the table" to respond to downing of
jet, just hours before NATO discusses the issue.
Turkey
says Syria has fired on a second Turkish plane in what is now
an escalating situation. The second plane was a search
and rescue plane searching for the military jet downed
earlier last week.
and
the Syrian side of the story..
The
downing of a Turkish plane by Syria was an act of self-defense
against a violation of its sovereignty, the Syrian foreign ministry
has said. Damascus insists it was within its right to open fire on
unidentified aircraft violating its airspace
Turkey is
to demand backing from its NATO allies on Tuesday at a special
meeting called after Syrian troops shot down a Turkish warplane
last week in an incident Damascus said was self-defense but which
Ankara branded an "act of aggression".
Syria
has warned NATO against conspiring with Turkey against Damascus
in their upcoming meeting on the shooting down by Syria of a
Turkish jet fighter.
Russian
President Vladimir Putin discussed Iran’s nuclear program and
increased economic cooperation during his visit to Israel on Monday.
Iranian
President Mahmoud Ahmadinejad and President Mahinda Rajapaksa have
stressed the need for a new world order at their meeting over the
weekend.
Environmental/disasters
Hundreds
of British Columbians are away from their homes, others are without
clean drinking water and at least one person is dead as a weekend
of heavy rain flooded homes and washed away roads in several
areas of the province.
A
growing number of rootworms are now able to devour genetically
modified corn specifically designed by Monsanto to kill those same
pests. A new study shows that while the biotech giant may triumph in
Congress, it will never be able to outsmart nature.
Chinese
state media say torrential rains have killed at least 16 people and
affected 1 1/2 million people in southern and northern parts of the
country
According
to the report, rates of sea level rise are augmenting three-to-four
times faster along the East Coast than they are globally
Lloyd’s
has published a roundup of the environmental issues inherent
in as the world grows warmer
For
much of the year, the Petronas Towers, the world’s tallest
twin buildings, are gleaming landmarks visible far from the city
center here. But last weekend, the 88-story structures were
shrouded in a smoky haze that prompted doctors to warn people with
respiratory problems to wear masks.
Civil
unrest/revolution
A
large majority of Israelis - 69 percent - supports the renewed
social-justice protests, but Israelis are about evenly split over who
was responsible for the violence that characterized Saturday
night's rally in Tel Aviv, according to a Haaretz-Dialog poll
conducted on Monday.
Energy/resources
A
SECOND major coal-fired electricity generator has been forced to seek
a multi-million-dollar bailout from its offshore shareholders, rather
than bankers, ahead of the introduction of the carbon tax next week.
The
coal-fired power industry in the U.S. is facing the biggest plunge in
asset values in a decade, risking billions of dollars in
pollution-control spending by utilities such as Exelon Corp.
(EXC) and American Electric Power Co. (AEP)
Europe
WIKIPEDIA
founder Jimmy Wales has made a rare political call to stop
the extradition of a British student to the US for alleged
copyright offences.
A
broad spectrum of NatWest/Ulster Bank customers and suppliers have
raised new doubts about how and why last week’s RBS ‘glitch’
occurred. Also RBS’s current financial position doesn’t
inspire confidence: and the ‘glitch’ gave the Group what might
have been a vital windfall of £73bn in liquidity.
The
British government should hammer a deal with London bus workers
over their Olympic-time bonus or face more strikes, the leader
of Britain’s largest union Unite has warned as the Games draw
closer.
Egypt
He came to power promising a moderate Islamist agenda and told
Egyptians he would govern for them all - now Egypt's
first democratically elected civilian President must convince
the West and his people he stands by his word.
Egypt's
new president wants closer ties with Iran
Egypt's
Islamist President-elect Mohammed Mursi says he wants to expand ties
with Iran to create a strategic balance in the region.
USA
One-hundred-thirty
members of Congress or their families have traded stocks collectively
worth hundreds of millions of dollars in companies lobbying on
bills that came before their committees, a practice that is permitted
under current ethics rules, a Washington Post analysis has
found.
Experts
predict average gas prices may fall below $3 this fall
after dropping14 cents in two weeks. When prices hit a record
high, Republicans attributed sole responsibility to President Obama,
even though there is no evidence that factors like
drilling impact what consumers pay
Australia/NZ
Australian
banks' appetite for US money market funding has slumped since
January as the need for credit at the big four banks weakens in
line with softer demand for mortgages, according to ratings
agency Fitch.
Gina Rinehart hopes to be a ''white knight'' for Fairfax Media, but
might sell her shareholding unless she is offered positions on the
board without ''unsuitable conditions''.
SMH
and the Age are moving away from newspaper format to paid internet;
in addition they are under threat from Australia's richest woman, a
mining magnate
In
Australia, the editors-in-chief of the Fairfax-owned Melbourne
paper The Age and Sydney Morning Herald newspapers
have quit.
The
Mixed Ownership Model Bill paving the way for the Government to sell
up to 49% of Mighty River Power, Genesis Energy, Meridian Energy and
Solid Energy will have its third and final reading in Parliament
on Tuesday afternoon.
Media/internet
A
group of high-profile Americans, including filmmaker Michael Moore
and author Naomi Wolf, have signed a letter of support for Julian
Assange's asylum bid.
The
Russian government has suggested fining persons who post internet
links on materials
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