Showing posts with label Yahoo News. Show all posts
Showing posts with label Yahoo News. Show all posts

Wednesday, June 13, 2012

Asia stocks fall after Europe debt turmoil worsens

stock markets fell Thursday, as ominous signs emerged that a debt crisis that has been roiling Greece and then Spain is about to erupt elsewhere on the continent.

Investor sentiment was battered by developments Wednesday, when Italy's borrowing costs rose and Cyprus said it may seek an emergency bailout this week.

Yet another troubling sign came out of Spain, whose 10-year borrowing rate inched up to 6.71 percent from 6.67 percent. That is close to the 7 percent rate that led Greece, Portugal and Ireland to seek bailouts.

Japan's Nikkei 225 index fell 0.7 percent to 8,528.51. Hong Kong's Hang Seng dropped 0.8 percent to 18,877.40 and South Korea's Kospi was nearly flat at 1,858.73.

Moody's, the credit ratings agency, downgraded Spain's government debt three notches late Wednesday, placing it one level above junk status. It downgraded Cyprus's debt by two, pushing it deeper into junk rating.

Italy, meanwhile, had setbacks of its own. Its 10-year borrowing rate rose to 6.07 percent from 6.02 percent, and the interest rate on its one-year bonds also rose sharply.

Greece will hold elections Sunday, and voters may endorse a party that wants to cancel the terms of Greece's own bailout. That would almost certainly force Greece to leave the euro currency.

"The Greek election will undoubtedly be seen as a landmark event in history, as it goes to the core of Greece's continuation in the eurozone and the fate of the region itself," Cameron Peacock of IG Markets in Melbourne said in a market commentary.

The turmoil in Europe weighed Wall Street down on Wednesday. The Dow Jones industrial average fell 0.6 percent to 12,496.38. The Standard & Poor's 500 fell 0.7 percent to 1,314.88. The Nasdaq composite index fell 0.9 percent to 2,818.61.

Benchmark oil for July deliver was down 23 cents to $82.39 per barrel in electronic trading on the New York Mercantile Exchange. The contract fell 70 cents to finish at $82.62 per barrel on the Nymex on Wednesday.

In currency trading, the euro fell to $1.2561 from $1.2589 late Wednesday in New York. The dollar rose to 79.42 yen from 79.33 yen.

via ~ news.yahoo

Tuesday, June 12, 2012

Assange appeals against UK extradition decision

LONDON (Reuters) - WikiLeaks founder Julian Assange has appealed against Britain's Supreme Court's decision to back his extradition to Sweden over alleged sex crimes.

Two weeks ago, judges at Britain's top court rejected his argument by a 5-2 majority that a European arrest warrant for his extradition was invalid, seemingly putting an end to an 18-month legal battle.

However, his lawyers argued that some of the judges had reached their decision based on a legal point that had not been argued in court, preventing the defense team from making a counter-submission.

The court agreed to give Assange 14 days to challenge the decision and a spokeswoman said on Tuesday that an appeal had been submitted.

"No time has been set to look at the evidence," the spokeswoman said. "We are hoping it will be done promptly."

The former computer hacker gained international prominence in 2010 when WikiLeaks began releasing secret video footage and thousands of U.S. diplomatic cables about Iraq and Afghanistan, in the largest leak of classified documents in U.S. history.

That made him a hero to anti-censorship campaigners but Washington was furious about the release of classified documents.

Swedish prosecutors want to question Assange over allegations of rape and sexual assault made by two female former WikiLeaks volunteers. He denies any wrongdoing and has been fighting extradition since his arrest in Britain in December 2010.

His lawyers argue the European arrest warrant was invalid because it was issued by a prosecutor and not a judge or a court, as required in Britain. Prosecutors say different legal procedures are allowable under the internationally agreed format.

Even if he loses the appeal in Britain, the Australian could take his case to the European Court of Human Rights, potentially holding up the extradition process for months.

via ~ news.yahoo

Sunday, June 10, 2012

GOP focuses on Obama in bid for Giffords' seat

Republicans are focusing on President Barack Obama, not Gabrielle Giffords, and sensing a chance to capture the former congresswoman's seat in southern Arizona.

Voters are deciding in Tuesday's special election whether Republican Jesse Kelly, who narrowly lost to Giffords in 2010, or Democrat Ron Barber, a former Giffords aide asked by the lawmaker to pursue the seat, will complete the remainder of her term.

Giffords relinquished the seat in January to concentrate on her recovery from a gunshot wound to the head. Giffords and Barber were injured in the January 2011 shooting rampage outside a Tucson grocery store that killed six people, including a 9-year-old girl and a federal judge, and wounded 11 others.

Giffords largely has shunned public appearances in the race, but in the closing days is stepping out to help Barber. She joined the candidate at a get-out-the-vote rally Saturday.

Holding onto the seat is crucial for Democrats if they want to regain control of the House.

The party needs a net gain of 25 seats in November to grab the majority from Republicans, who now hold a 240-192 advantage with three vacancies, including Giffords' seat. Reflecting the closeness of the Arizona contest, Democrats made a last-minute appeal for money that referred to Kelly as a "radical tea party Republican" and said Barber would fight to continue Giffords' legacy in Congress.

Republicans who scoff at Democratic claims about winning the House are riding high after a decisive victory in Wisconsin's gubernatorial election last Tuesday and have set their sights on Arizona. A victory Tuesday would give party leaders a chance to claim momentum five months before November and fine-tune their plan to link Democratic candidates to Obama, the incumbent at the top of the ticket.

"Rubberstamp Ron Barber. More failed Obama policies that hurt Arizona," says the latest television ad from the National Republican Congressional Committee.

Early voting began May 17. Republican-affiliated groups have spent $1.3 million compared with $900,000 by Democratic-affiliated groups. The outside spending has helped Kelly counter Barber's fundraising edge. Barber had $390,000 cash on hand at the end of May to Kelly's $83,000.

More than 123,000 people had returned ballots they received by mail, and it's anticipated that nearly two-thirds of the votes cast will be done through early voting.

Kelly says he would seek to repeal Obama's health care overhaul law and oppose any effort to end the tax cuts enacted under President George W. Bush. Barber talks about changing some parts of the health law, requiring the wealthy to pay more to produce revenue and lowering taxes on the middle class.

Republicans seized on Barber's recent stumble. In the latest candidate debate, Barber declined to say whom he would vote for in the presidential election. Republicans said Barber couldn't be honest with voters. He campaign tried to clarify his nonanswer, saying later that he supported the president.

"That question in the debate was a diversion, an attempt to nationalize the debate," Barber told The Associated Press. "This is about southern Arizona. It's not about the president."

Democrats are trying to cast the 30-year-old Kelly as too extreme for a district that has historically supported lawmakers who reached across the aisle to forge compromise. Before Giffords, Republican Jim Kolbe represented the district for 22 years.

Democrats point to Kelly's past comments about Social Security, including his remark in the 2010 race that "you have to take steps to reform it, to privatize it, to phase it out."

A Democratic-affiliated group, the House Majority PAC, is running an ad filled with past Kelly comments. Most notably, he criticized Giffords during the 2010 campaign, saying, "and now she stands there with that smile and pretends to be some kind of hometown hero. She's a hero of nothing," he said.

The ad's narrator notes the comments were made two years ago — months before the shooting — but that distinction could be lost among those focused on the disdain in Kelly's voice as he speaks of Giffords. The comments came as Kelly was talking about spending policies Giffords supported that he said were bankrupting the nation.

Kelly, a 6-foot-8 Marine who served in Iraq, has shifted his position on several issues. On his campaign website, he said he would not support any overhaul of Social Security that would privatize it, cut benefits or raise the retirement age. He also has aired a television ad with his grandfather where he promises to protect Social Security and Medicare.

Kelly's campaign declined to make him available for an interview with the AP.

Barber, 66, says that future generations are financing the benefits that older people now receive. Letting workers opt out of the program now would simply lead to the program's collapse.

"Getting people out of the program will not save it," Barber said when the two debated in late May.

Democrats argue that Barber will continue Giffords' work and hope the good will that she engendered with Arizona voters who have following her recovery will benefit him. Before serving as a Giffords aide, Barber worked with the disabled and their families at the Arizona Division of Developmental Disabilities. He and his wife also owned two children's toy and clothing stores.

Jeffrey Rogers, chairman of the Pima County Democratic Party, said he believes voters will be comforted by the mild-mannered, soft-spoken Barber. But Rogers did express surprise that Barber didn't rely on Giffords more for the campaign.

"I would have brought her in more," he said. "She's very popular."

Barber insists that his campaign has reached out to Giffords and "she has done everything we have asked her to do."

After Tuesday's election, the candidates will immediately regroup in an effort to win a full term that would begin with next year's Congress.

Most voters in the current district will become part of the newly redrawn district that becomes more Democratic, with the Republican voter-registration edge dropping from about 25,500 to about 2,000. Independents will continue to play a big factor in determining who represents the region in Congress. Registered independents make up about 31 percent of the voters in the new district.

via ~ news.yahoo