Global News Journal

Beyond the World news headlines

Leaders unite over financial crisis, but is it enough?

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Italy’s Prime Minister Silvio Berlusconi (C) gestures as he arrives with Greece’s Prime Minister Costas Karamanlis (2nd L) to attend a meeting at the Elysee Palace in Paris October 12, 2008. France’s President Nicolas Sarkozy and leaders of euro zone countries hold an emergency meeting in Paris to agree on specific, pan-European measures to prop up the battered financial sector and halt market panic. REUTERS/Eric Feferberg/PoolEuropean leaders have finally got their act together. After weeks of looking divided over how to tackle the global financial crisis, they agreed on joint measures at  emergency talks in Paris. 

Their meeting followed talks in Washington at the weekend involving G7 finance ministers and officials from the International Monetary Fund and the World Bank at which governments pledged to support the financial system. U.S. President George W. Bush said he was confident the world’s major economies could overcome the challenges.

But is it enough to stave off the crisis? 

Some equity investors appeared to be comforted. The pan-European FTSEurofirst rose on Monday, U.S. stock futures went up and Asian shares outside Japan, which was closed for a holiday, made gains. 

Just a few days ago, the IMF warned of the danger of financial meltdown but its chief, Dominique Strauss-Kahn said on Monday the worst of the crisis was possibly over. 

Big Bang experiment – the end of the world as we know it?

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Scientists said they simply didn’t know what surprises might emerge when they started up the Large Hadron Collider, the world’s biggest and most complex machine which until Wednesday lay benignly in its underground home on the outskirts of Geneva. 
                                                    Scientists look at a computer screen at the control centre of the CERN in Geneva September 10, 2008. Scientists at the European Organisation for Nuclear Research (CERN) started up a huge particle-smashing machine on Wednesday, aiming to re-enact the conditions of the “Big Bang” that created the universe. REUTERS/Fabrice Coffrini/Pool (SWITZERLAND)                                                        
Perhaps crashing together millions of particles at close to the speed of light would replicate the conditions just after the Big Bang that created the universe.           

Perhaps the high-energy collisions, which will generate temperatures more than 100,000 times than the heart
of the sun, would lay to rest an unproven theory of physics.

Can Cyprus “comrades” clinch a deal?

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The leaders of Cyprus’s Greek and Turkish communities sipped coffee and called each other “comrade” as they launched a new round of talks on reuniting the island, whose 34-year division has exasperated the most committed of mediators.     
 Cypriot President Christofias shakes hands with Turkish Cypriot President Ali Talat during a news conference after their meeting in Nicosia                            
This time, foreign diplomats and analysts say, a solution is in sight, thanks largely to the two moderate, leftist men heading the negotiations – Greek Cypriot Demetris Christofias and Turkish Cypriot Mehmet Ali Talat.

Although it has been years since any violence has erupted on the island, the simmering feud has far-reaching effects onTurkey’s EU aspirations, its relations with fellow NATO member Greece and politics in the eastern Mediterranean.

Has Syria come in from the cold?

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assad.jpgThe European-Mediterranean summit in Paris might have produced grand projects ranging from cleaning up the Mediterranean sea to using North Africa’s sunshine to generate power. But that is is not what it will be remembered for.

It will be remembered for the glorious welcome it bestowed on Syrian President Bashar al-Assad, who until yesterday was persona non-grata in the West, an autocrat leading a pariah regime, which many believe orchestrated the 2005 killing of former Lebanese Prime Minister Rafik al-Hariri.  

Turkey and the art of the coup

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erdogan.jpgThere can be few countries where the art of the coup is so finely honed as in Turkey, adapting as it does constantly to the spirit of the age, spawning over the decades its own enigmatic lexicon – the “Coup By Memorandum”, the “Post-Modern Coup”, the “Judicial Coup”, the ill-starred “e-Coup”.

Now newspapers (largely pro-government newspapers it should be said), gorge on tales of coup plots dubbed ‘Glove’, ‘Blonde Girl’ , ‘Moonlight’ and devote pages to a shadowy militant group code-named “Ergenekon”. Two retired military commanders, supposed members of the group, have been arrested at their homes on military compounds; a bold step by civilian authorities against an army that jealously guards its privileged status. Critics of Prime Minister Tayyip Erdogan call the arrests, also netting businessmen and journalists, a ‘revenge action’ for moves by the conservative judiciary to shut his AK party on charges of Islamist subversion.  Ertugrul Ozkok, editor of Hurriyet, a newspaper critical of the government ,  suggested authorities were riding roughshod over judicial processes. If  things are as they seem, he said, “none of us can feel comfortable any more. Any one of us can be taken from our homes and held in custody.”

Iraq: was it all about the oil?

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iraq-oil-minister-2.jpgFive years after the U.S.-led invasion to topple Saddam Hussein, Iraq is throwing open its oil sector to foreign oil firms  in a way Saudi Arabia, Kuwait and others in the region are reluctant to. Oil Minister Hussain al-Shahristani says no company will have any special privilege.

Some  analysts take a different view. They reckon U.S. and British oil majors are in a strong position to help develop the world’s third-largest oil reserves. Exxon Mobil, Chevron, Royal Dutch Shell and BP head the queue. They have already built up a relationship with Iraq’s oil officials by negotiating short-term technical deals.

French defence shakeup: more for less?

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French defence It should all be music to the ears of top military brass in Brussels, Washington and at the United Nations, who have long been struggling to fill gaps in under-resourced peacekeeping missions from Africa to Afghanistan.

Although the total number of mission-fit French forces will fall to 30,000 from 50,000 under the plans, the idea is that they will be better equipped, more mobile and better able to respond to everything from terrorism to cyber-attacks.

Who’s the biggest bully?

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Ireland’s PMEach side accuses the other of trying to scare voters ahead of Ireland’s referendum on the EU treaty on Thursday.
“No” groups have campaigned on issues ranging from abortion and euthanasia to taxation and Ireland’s military neutrality. They also say new decision-making mechanisms mean small states will lose influence and get trampled by the EU’s heavyweights.

The government’s response is to accuse treaty opponents of scaremongering by campaigning on emotive and extraneous issues that will not be affected by the treaty.
In some cases neutral voices are inclined to agree, with the Catholic archbishop of Dublin and referendum commission weighing in to say there is nothing in the treaty that threatens Ireland’s strict abortion and euthanasia laws.
The government warns of “dire consequences” for Ireland’s economy and diplomatic clout if a nation that has gained so much from EU support and subsidies is ungrateful enough to reject the treaty.
The “No” camp accuses the government of bullying, blackmail and exaggeration. Indeed a number of economists say that while a “Yes” vote would be best for future prosperity, rejection of the treaty is unlikely to have any severe repercussions.
So who is the biggest bully in the playground? Or is it just an inevitable flaw in referendums that they become a lightning rod for irrelevant issues and for politicians who don’t trust us to be able to debate the question we’re being asked?

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