11.14.08 Brown cloud 'costs lives and crops'

November 14 - A brown cloud of soot and pollutants floating over Asia is killing thousands of people and damaging crops, the UN says. The environment programme (UNEP) reports that contamination from factories, fires, cars and deforestation contains particles that reflect sunlight away from the Earth, cutting its ability to heat the planet. Achim Steiner, head of the UNEP, said on Thursday: "One of the impacts of this atmospheric brown cloud has been to mask the true nature of global warming." The amount of sunlight reaching Earth has fallen by up to a quarter in the worst-affected areas.

If the cloud, now three-kilometres deep, disperses, global temperatures could rise by up to two degrees. Christian Teriete from the World Wildlife Fund's Global Climate Change programme told Al Jazeera that the cloud is highly toxic...There are similar brown clouds over parts of Europe, North America, Africa and the Amazon Basin, though research so far has been focused on the Asian cloud which stretches from the Arabian Peninsula to the Pacific Ocean. [Full story>>aljazeera.net]

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11.14.08 Eurozone tumbles into first-ever recession

November 14 - The eurozone has fallen into recession for the first time since the single currency was introduced in 1999, official figures show this morning. Eurostat, the European Union statistics agency, said third quarter GDP across the 15-nation eurozone shrank 0.2 per cent, following a 0.2 per cent fall in the previous quarter. A recession is defined as two quarters of negative growth. Yesterday, Germany, Europe's largest country, fell into recession for the first time in four years but it emerged today that GDP in France is still growing, up 0.14%. However, Spain admitted today that growth shrank by 0.2 per cent.

Germany slump into recession follows Ireland, which announced in September that its economy had suffered a 1 per cent contraction in the first half of the year, bringing to an end the rapid growth of the Celtic Tiger years. However, France has reported positive growth for the third quarter of this year. In August it emerged that French GDP shrank 0.3 per cent in the second quarter, but figures released this morning show the country's economy grew 0.14 per cent in the three months to the end of September. [More>>timesonline.co.uk; See related stories:

independent.co.uk, November 14, "UK Housing market 'far worse' than figures suggest" : House prices across the UK have already fallen far further than official data and market indicators suggest, Rightmove, the online estate agent warned yesterday, as it revealed that up to 300 estate agents were quitting its service every month. While the latest figures from leading mortgage lenders such as Halifax suggest that prices are down by 15 per cent from their peak, Rightmove said the falls were up to two-thirds higher. Miles Shipside, the commercial director of Rightmove, said: "Estate agents tell us that the actual prices that are being achieved [initially between buyers and sellers] for property are down by about 20 to 25 per cent beneath peak asking prices. That has not come out in the national indices."

nytimes.com, November 14, "A record decline in October's retail sales" : Dragged down by plummeting automobile sales, retail sales fell by a record amount in October, the Commerce Department reported on Friday. Sales were down 2.8 percent in October from September, and 4.1 percent from October 2007 as consumers pared their spending in the face of plunging stocks, rising unemployment and growing worries that the United States was headed into a recession. "It's just brutal," said Eric Beder, retail analyst at Brean Murray and Company. “It's a very bleak time for the consumer. Unless it's something super-compelling or really necessary, they’re not going to the mall, they’re not spending."

October's decline was the fourth consecutive monthly drop, and was worse than Wall Street's expectations of a 2.1 percent decline. The government also revised September retail sales downward by 0.1 percent. The October decline topped the 2.65 percent drop in November 2001, which came after the terrorist attacks. Also on Friday, the Commerce Department reported that business inventories declined 0.2 percent in September, the first drop since March 2007. The drop followed a 0.2 percent rise in August. Economists had expected inventories to be flat.

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11.14.08 US missile strike kills 12 in Pakistan's tribal area

MIRANSHAH, Pakistan, November 14 - A missile strike by a suspected U.S. drone on Friday killed at least 12 Islamist militants in a Pakistani tribal region known as a hub of al-Qaeda and Taliban rebels, security officials said Friday. The attack targeted a remote village on the border between North and South Waziristan in an area known as a hotbed of al-Qaeda and Taliban support. "Nine foreigners were among the killed. Missiles destroyed a house in North Waziristan tribal district," a top security official told AFP. Pakistani officials normally use the term "foreigners" to describe al-Qaeda militants. [More>>alarabiya.net; See also,

independent.co.uk, November 14, "US missiles hit Pakistani Taliban" : ...The explosions were in an area known as a stronghold of Pakistani Taliban commander Baitullah Mehsud. Pakistani officials said the attack targeted a house in a remote village on the border between North and South Waziristan, where Mehsud, an al-Qaeda ally, has been bottled up by Pakistani forces since early this year..."We have reports that 12 people were killed, including five foreigners," a paramilitary official told Reuters by telephone from the area. It was unclear if the dead foreigners included Arabs, who usually signify an al-Qaeda presence.

...Mehsud, who was accused of being behind the assassination of former prime minister Benazir Bhutto last December, married a second wife in a ceremony held earlier this week in the Makeen area of South Waziristan. "Around 50 guests attended the marriage. They were all his close friends. It was a simple ceremony," close aide Mufti Wali-ur-Rehman told Reuters. His new wife is a madrasa-schooled daughter of a cleric from his own Mehsud tribe. Mehsud has no children by his first wife. Under Islamic custom a man can take up to four wives.

CIA Director Michael Hayden told a Washington think tank yesterday that US pressure in Pakistan's borderlands aimed to put al-Qaeda "off balance," and said the region represented the greatest terrorism threat to the United States. Hayden said several al-Qaeda veterans had been eliminated "by violence or natural causes" in the past year and the hunt for Osama bin Laden was "at the top of CIA's priority list."..

thenews.com.pk, November 14, "Shabqadr: 20 militants killed in fresh offensive" : SHABQADR: Twenty militants were killed and another 15 wounded when security forces carried out fresh strikes against the suspected militants in Shabqadr area on Friday. Meanwhile, three militants’ hideouts were also destroyed in the bombing. According to police sources, security forces launched fresh raids against militants in Badikorona, Shanoghandi, Zareefkorona and other parts of Shabqadr, killing at least 20 militants and injuring 15 others. Security forces have taken control at the home of a key militant commander Rahil, the sources said. On the other hand, security forces demolished three houses of militants in Jumakhan Korona. [end]

indianexpress.com, November 14, " 'Pakistan girls being trained in militant camps in PoK' " : Jammu, Pakistan - Over 100 Pakistani girls are being trained in terrorist camps financed by ISI in PoK to carry out militant activities in Jammu and Kashmir, a woman arrested by the BSF along the LoC has revealed. 24-year-old Asiya Malik, wife of a Pakistani soldier, was arrested by the Border Security Force (BSF) at Dadil forward post along the Line of Control in Sunderbani belt of Rajouri district on Thursday, intelligence sources said.

During her interrogation, she revealed that Pakistani girls are being trained in handling of weapons, explosives, jungle warfare and sabotage activities in two militant training camps (MTCs) in Bhimber and Kotli areas across LoC in PoK, sources said. While around 80 girls were being trained in Bhimber MTC, another 25 were at Kotli MTC, Asiya, who was also trained in Bhimber camp, revealed...She also told the interrogators that the Pakistani intelligence agency ISI was financing these training camps, where recruits come from various countries including Saudi Arabia...

Editorial note: PoK is "Pakistan occupied Kashmir." (See Google map; you can toggle the map to see the nearby region of Pakistan's Northwest Territories and possibly al-Qaeda's main city, Miranshah.) To communicate among their ranks using cell phones or the internet the Taliban and al-Qaeda probably access them through Miranshah facilities. A Google search on Internet Service Providers (ISP's) for the area produced link.net. Earlier searches of ISP's for the area are also recorded in Maravot News. As Sahab's / al-Qaeda's (continuously changing) internet sites in 2006 are listed in Maravot News 5.27.06 article 5. 24.06 update, 5.23.06 'Bin Laden' denies Moussaoui role.

See also a later article, Maravot News, 8.27.07, Security forces kill 10 miscreants in fresh Miranshah opration. Our Editorial note relating to this article said: "...It would not be surprising to Maravot News if al-Qaeda's production studio, as-Sahab, is discovered in Miranshah. [Using Google Earth] One can follow the river valley west from Miranshah to Afghanistan. It is common knowledge that the Taliban and al-Qaeda use vehicles and thus need roads. Anyone can see, using Google Earth, which roads they must use to pass between Afghanistan and Pakistan. Al-Qaeda's number 2 leader, al-Zawahiri, bragged in a Spring 2007 as-Sahab broadcast that he had high-speed internet access. August 23, 2006 Stratfor.com, Fred Burton, published an analyses of al-Qaeda's internet production capabilities..We wonder whether US / Pakistani authorities have checked out the users of professional studio production equipment and supplies particularly in the Miranshah area. Which people in Miranshah need studio lights?"

Loc is "Line of control," a boundary setting the divided parts of Kashmir. Trade across the LoC began in October 21, 2008. [thaindian.com]: "The cross-LoC trade was re-started Oct 21 after the first trade convoy in 60 years trundled across the LoC that divides the two Kashmirs between India and Pakistan." LeT is one of the largest and active Islamist terrorist groups in South Asia, "Lashker-e-Tayiba." See related articles:

hinduonet.com,June 8, 2003, "PoK belongs to India: Fernandes" : MYSORE, India June 7. Dismissing Pakistan's claims on Jammu and Kashmir as "irrelevant," the Defence Minister, George Fernandes, today said that Pakistan-occupied Kashmir (PoK) belonged to India. He was reacting to Pakistan's recent claim that the whole of Jammu and Kashmir was a disputed territory and that its status was yet to be determined by the UN...

rediff.com, July 26, 2006, " 'Terrorist camps exist in PoK, Pakistan' ": Mudasir Gujri, a top commander of the Lashker-e-Tayiba, arrested by Jammu and Kashmir Police, has confirmed that Pakistani agencies were training terrorists in camps across the border. Mudasir, the mastermind behind the series of blasts in Srinagar, Jammu and fidayeen attack on Congress rally in April, May and July this year, has confessed to the presence of a number of training camps in Pakistan and Pakistan-occupied Kashmir, state Director General of Police Gopal Sharma told reporters in Srinagar on Saturday. He said Mudasir has revealed certain details about the LeT and the direct hand of the Pakistani agencies in training terrorists and organizing subversive activities in Kashmir.

washingtonpost.com, June 24, 2008, "Al-Qaeda's growing online offensive" : (Article By Craig Whitlock) ...Every three or four days, on average, a new video or audio from one of al-Qaeda's commanders is released online by as-Sahab, the terrorist network's in-house propaganda studio. Even as its masters dodge a global manhunt, as-Sahab produces documentary-quality films, iPod files and cellphone videos. Last year it released 97 original videos, a sixfold increase from 2005. (As-Sahab means "the clouds" in Arabic, a reference to the skyscraping mountain peaks of Afghanistan.) US and European intelligence officials attribute the al-Qaeda propaganda boom in part to the network's ability to establish a secure base in the ungoverned tribal areas of western Pakistan...

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11.14.08 UN conference rejects religious terrorism

UNITED NATIONS (AP) November 14 - Countries attending a U.N. interfaith conference on Thursday rejected the use of religion to justify acts of terrorism, the killing of innocent civilians, violence and coercion. A declaration agreed by participants from 80 nations at the high-level meeting expressed concern at "serious instances of intolerance, discrimination, expressions of hatred and harassment of minority religious communities of all faiths." The participants "underlined the importance of promoting dialogue, understanding and tolerance among human beings, as well as respect for all their diverse religions, cultures and beliefs."

UN Secretary-General Ban Ki-moon read the declaration near the end of the two-day meeting which was initiated by King Abdullah of Saudi Arabia and brought 14 world leaders to New York including the U.S., Pakistani, Afghan and Israeli presidents. "King Abdullah's initiative has come at a time when the need for dialogue among religions, cultures and civilizations has never been greater," Ban told a news conference...

Saudi Arabia has been criticized by Human Rights Watch and others for refusing to allow the public practice of any religion other than Islam and restricting those who do not follow the strict Wahhabi interpretation of Islam. In light of its sponsorship of the conference, Saud was asked whether Saudi Arabia would now allow the freedom of religion and tolerance called for in the final declaration. The Saudi minister said this was "an important question" for his country but indicated that the process must be gradual.."But to say from the beginning you have to transform yourself into something which you aren't now or nothing else can be achieved is, I think, carrying the argument too far." [Full story>>khaleejtimes.com]

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11.14.08 Chandrayaan-1 Impact Proble lands on moon

BANGALORE, India (PTI) November 14 - India marked its presence on Moon on Friday night to be only the fourth nation to sale this historic milestone after a Moon Impact Probe with the national tri-color painted successfully landed on the lunar surface after being detached from unmanned spacecraft Chandrayaan-1. Joining the US, the erstwhile Soviet Union and the European Union, the 35-kg Moon Impact Probe (MIP) hit the moon exactly at 8.31 PM, about 25 minutes after the instrument descended from the satellite in what ISRO described as a "perfect operation." Miniature Indian flags painted on four sides of the MIP signalled the country's symbolic entry into moon to coincide with the birth anniversary of the country's first Prime Minister Jawaharlal Nehru, observed as Children's Day. [More>>timesofindia.indiatimes.com]

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11.13.08 Germany enters recession, China output growth hit

LONDON / TOKYO (Reuters) November 13 - Germany has fallen into recession and China's industry output growth waned to its weakest in seven years, data showed on Thursday, reinforcing evidence the financial crisis is plunging the world into a painful downturn. Seeking to limit the fallout from a crisis that began when the US housing market collapsed more than a year ago, Japan said it would offer up to $100billion to the International Monetary Fund (IMF) for emerging economies.

The impact of the worst financial conditions in 80 years was felt sharply in Germany, Europe's largest economy, where the economy contracted by 0.5 per cent in the third quarter, putting it in recession for the first time in five years. The decline — much sharper than the 0.2 per cent forecast — was accentuated by German export growth grinding to a halt. [More>>timesofindia.india times.com; See also dw-world.de, November 13, "German economy slumps into recession" and related stories:

timesonline.co.uk, November 13, "BT slash 10,000 jobs after profits plunge": BT today revealed plans to cut 10,000 jobs by the end of the year after pre-tax profits slumped by 11 per cent in the first six months of the year. Today's surprise cut by the former state-owned telecoms operator means almost 15,000 British jobs have been lost within the past three days, after Virgin Media, Yell and GlaxoSmithKline took the axe to staff. Yesterday, it emerged that British unemployment hit an 11-year high of 1.82 million during the three months to September and is forecast to peak at 3.3 million by 2011.

Mervyn King, the Governor of the Bank of England, finally acknowledged this week that the UK was heading for a full-blown recession, and signalled further interest rate cuts on top of the 1.5 per cent reduction last Thursday. BT said today that most of the job losses would be among contract, agency and offshore workers. Sub-contractors and other indirect employees would also lose their jobs, the group said. About 4,000 jobs have already been lost. The job losses, from BT's global workforce of 160,000 would be complete by the end of its current financial year in March, the telecoms group said...

xinhuanet.com, November 13, "China announces multi-billion-dollar infrastructure projects, higher export rebates to stimulate economy": BEIJING - China's government on Wednesday announced a slew of measures, including approval of infrastructure projects and a further rise in export rebates, in a wide-ranging attempt to stimulate the economy and stave off the effects of the global financial crisis. The State Council, or cabinet, approved projects with a combined investment of more than 200 billion yuan (29 billion US dollars), designed to help boost domestic demand and offset slowing exports. At executive meeting presided over by Premier Wen Jiabao, State Councilors agreed to raise export rebates on more than 3,700 items— mainly labor-intensive, mechanical and electrical products and other items vulnerable to weakening overseas demand — from next month, the third such move in the second half....

koreaherald.co.kr, November 13, "Stocks tumble on US bailout shift": Korean stocks and won tumbled on renewed fears of a global recession, particularly sparked by the US Treasury Department's shift in its bailout intentions to consumer credit from the financial system, analysts said yesterday. The benchmark KOSPI plunged 3.14 percent, or 35.42 points, to 1,088.44, extending losses for a third consecutive day. The tech-heavy Kosdaq shed 3.61 percent, or 11.69 points, to 311.55.

The Korea Exchange had to halt program trading of KOSPI shares for five minutes early in the morning, as futures plummeted more than 5 percent in just over a minute. Program trading of Kosdaq shares was also temporarily suspended due to a steep fall of more than 6 percent in futures. The local currency lost 2.35 percent, or 32 won, to 1,391.5 won against the dollar, as foreign investors dumped Korean shares. Foreign investors net sold more than 300 billion won ($214.8 million) in the main bourse. "The global recession fears are growing, and the Treasury Department's bailout shift played as a new factor to renew the recession fears," said Lee Jae-mahn, an analyst at Tong Yang Securities...

nytimes.com, November 13, "Tough times seen for big economies" : PARIS - The world's major industrial nations are headed for a major slowdown, the Organization for Economic Cooperation and Development forecast on Thursday. The leading economies are all likely to contract in the fourth quarter, and many will slip into recession, the group said, as overall economic activity in its 30 member states shrinks in 2009.

middle-east-online.com, November 13, "Trading halted at Kuwait bourse after court" : Kuwaiti court orders suspension of bourse trading to halt market's slide, massive losses of small investors. KUWAIT CITY - Trading at the Kuwait Stock Exchange was halted on Thursday following a court order aimed at halting the market's slide and preventing massive losses among small investors. The bourse management said it decided to halt trade until Monday after receiving the court order, a move unprecedented in the history of the market which was established in the mid-1970s and is now the second largest in the Arab world...

cnn.com, November 13, ".Stocks snap 3-day losing streak" : Dow rallies 552 points, an 870-point rebound from lows. Nasdaq and S&P 500 bounce from near 5-1/2 year lows. NEW YORK (CNNMoney.com) - Stocks surged Thursday, with the Dow posting its third best single-session point gain ever, as the major stock gauges bounced back from levels not seen since 2003. The Dow Jones industrial average (INDU) added 552 points, after falling to within 81 points of its 5-1/2 year low earlier in the session. Between the close and the low, the Dow's swing was 870 points; it was 911 points between's the day's high and the day's low.

The Standard & Poor's 500 (SPX) index gained 6.9% and the Nasdaq composite (COMP) rose 6.5%. Both hit 5-1/2 year lows during the session before bouncing back. Stocks had tumbled each day this week and through early Thursday afternoon. But the selloff left the major gauges at levels that many market pros think could represent a bear market bottom, at least in the near term...

washingtonpost.com, November 13, "October budget deficit hits record of $237.2 billion" WASHINGTON - The federal government began the new budget year with a record deficit of $237.2 billion, reflecting the billions of dollars the government has started to pay out to rescue the financial system. The Treasury Department said Thursday that the deficit for the first month in the new budget year was the highest monthly imbalance on record. It was far bigger than analysts expected, over four times larger than the October 2007 deficit of $56.8 billion, and more than half the total for all of last year.

National Debt reported by Dept. Treasury * = estimated

year	Interest outlay ($ billions)	Deficit ($ billions) * = estimated	National Debt reported ($ trillions)
2008	451	454.8	10.3
2007	430	354	9.1*
2006	406	261*	8.6*
2005	352	331*	8.0*
2004	322	445*	7.4*
2003	318	375*	6.8*

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11.13.08 British navy kills two pirates in Gulf of Aden

LONDON (DPA) November 13 - Two suspected Somali pirates were shot and killed by the crew of a British navy frigate in the Gulf of Aden, the Ministry of Defence in London said. A firefight occurred Tuesday when crew of the Royal Navy ship HMS Cumberland dispatched sailors on boats to surround and board a pirate dhow that had attempted earlier to seize a Danish vessel, the ministry said in a statement late Wednesday, stressing that the killings had been in self-defence. An injured Yemeni national was also found on board one of the Yemeni-flagged dhow, a traditional wooden vessel.

The man later died despite being treated by the HMS Cumberland's physician. It remained unclear whether his wounds were a result of the firefight or a previous incident, the ministry said, adding that an investigation of the shooting was being carried out. The firefight occurred about 100 kilometers south of the Yemeni coast. The pirates had fired at the Danish vessel and twice attempted to board her, the reports said. [More>>khaleejtimes.com]

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11.13.08 Iranian envoy abducted in Pakistan

ISLAMABAD, Pakistan, November 13 - Gunmen abducted an Iranian diplomat in the chaotic city of Peshawar in Pakistan's northwest on Thursday, a day after the assassination of an American aid official there. The diplomat, Hesmatollah Atharzadeh, who was the commercial counselor at the Iranian Consulate, was leaving his house in the suburb of Hayatabad when the gunmen attacked, the police said. His driver also was killed. The kidnapping of the Iranian comes after a series of suicide bombings by Taliban militants in Peshawar in the last few months. The police said they suspected Islamic militants were involved in the killing of the American aid worker, Stephen D. Vance. [More>>nytimes.com]

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11.13.08 Afghans die in attack on US convoy

November 13 - At least 20 people have been killed in an attack on a US convoy passing through a busy Afghan market. More than 55 other civilians were hurt in the attack in the eastern province of Nangarhar on Thursday morning, officials said. One 13-year-old child died in hospital from his injuries and the toll is expected to rise. A US military spokesman said that a US soldier also died.

According to Ahmad Zia Abdulzai, a spokesman for the provincial governor, a bomber rammed his vehicle into the convoy as it travelled through the Bati Kot district. Ghafoor Khan, a spokesman for the provincial police chief, said that the market was crowded with people buying and selling sheep, cows, goats and other animals at the time. [More>>aljazeera.net]

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11.13.08 17 treated in Makassar for suspected bird flu

November 13 - Wahidin Sudirohusodo Hospital in Makassar, South Sulawesi, has been treating 17 patients since Wednesday for suspected bird flu. The suspects, 13 of them children, are residents of Sudiang subdistrict. Seven were admitted to the hospital Wednesday, the rest arrived Thursday. Hospital spokesperson Andi Kurnia Bintang said the patients were suffering from high fever, coughing and breathing difficulty, all symptoms closely associated with bird flu.

"Rapid tests showed they may be infected with the H5N1 avian influenza virus, but we are waiting for blood test results to come back from the Hasanuddin University lab," Kurnia said. Kurnia said 31 chickens had died in the subdistrict in the past week before three toddlers started to show symptoms Monday. Separately, head of Makassar's husbandry office, Sulistiawati, said that his office had found several chickens which tested positive in the bird-flu quick test. She said she had sent officers to cull 20 birds and spray disinfectant at chicken farms in the area. [>thejakartapost.com; See related story, straitstimes.com, November 14, "Thailand confirms bird flu" :

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11.13.08 Early church found in desert city

DAMASCUS (AFP) November 13 - Polish and Syrian archaeologists have uncovered a 1500-year-old Christian church in the famed Roman-era desert city of Palmyra, the director of the Palmyra museum said today. The discovery was made during a dig at the site 220km north-east of the capital Damascus, Walid Assaad said. "Christianity came to Palmyra in the year 312, at a time when Christians had begun to build churches," he said. "And this one is huge - the biggest ever found in Syria. It dates to the fourth or fifth centuries after Jesus Christ."

The rectangular building measures 12 metres by 24 metres and had columns six metres tall, Mr. Assaad said. It had a large courtyard flanked by six columns, and the archaeologists also found two rooms on one side of the building that may have been used for ceremonies such as baptisms. A small amphitheater was also uncovered to one side of the sanctuary. Syria's official Tishrin newspaper cited Polish archaeologist Michel Kaplikovski as saying the building may have been used as a convent or monastery, as it was much larger than other such finds. Palmyra was for a long time a caravan stop on the silk road from the east, its richest era being under the rule of Queen Zenobia in the third century AD. She defied Roman might, even sending forces into Egypt and Asia Minor, before being defeated by the Emperor Aurelian when Palymra was pillaged and much of it destroyed. [>news.com.au]

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11.13.08 Exoplanets finally come into view

November 13 - The list of more than 300 exoplanets now includes actual pictures, two groups report in the journal Science. The first visible-light images of an exoplanet have been taken of a planet 25 light-years away. The planet is believed to be the coolest, lowest-mass object ever seen outside our own galactic neighbourhood. In a separate study, an exoplanetary system, comprising three planets, has been directly imaged, circling a star in the constellation Pegasus.

While several claims have been made to such direct detection before, they have later been proven wrong. The search for exoplanets has up to now depended on detecting either the wobble they induce on their parent star or, if their orbits are side-on to telescopes, watching them dim the star's light as they pass in front of it. Being able to directly detect the light from these planets will allow astronomers to study their composition and atmospheres in detail. [More>>bbc.co.uk]

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11.12.08 Paulson says treasury is shifting focus of bailout

WASHINGTON, November 12 - Treasury Secretary Henry M. Paulson Jr. announced a major shift in the thrust of the $700 billion financial-rescue program on Wednesday, at the same time joining several agencies in prodding banks to speed up the thaw in the country's credit system. Mr. Paulson said the $700 billion would not be used to buy up troubled mortgage-related securities, as the rescue effort was originally conceived, but will instead be used in a broader campaign to bolster the financial markets and, in turn, make loans more accessible for creditworthy borrowers seeking car loans, student loans and other kinds of borrowing. [More>>nytimes.com; See related stories:

foxbusiness.com, November 12, "Wall Street bonuses expected to come this season despite bailout" :With the financial industry on the receiving end of a massive bailout by the government, one would assume Wall Street wouldn’t be paying out bonuses this year. Well think again. While bonuses are expected to be down between 40% and 70%, the financial industry’s foot soldiers are expected to get their bonuses, which in some cases make up 80% of their yearly compensation. "Even if you have tough times you’ve got a lot of people that contribute a lot," said Allan Johnson, managing director of Johnson Associates, a New York-based compensation consulting firm. The Wall Street companies don’t want to lose or devastate the morale at the companies, he said. News reports have surfaced that Goldman Sachs (GS: 68.33, -6.35, -8.50%) and Morgan Stanley (MS: 12.99, -1.09, -7.74%) are among the Wall Street companies that have set aside billions for bonuses.  Officials at Goldman Sachs  weren’t immediately available to comment. A spokesman at Morgan Stanley said the company hasn't made a final decision on bonuses yet...

[Editorial note: (Maravot News) Treasury Secretary Paulson was head of Goldman Sachs. He was reported by ABC news to have made $140 million with them just prior to taking the job of Treasury Secretary (Wikipedia.org says, "His compensation package, according to reports, was $37 million in 2005, and $16.4 million projected for 2006.").]

cnn.com, November 12, "Stocks in 3-day selloff" ::NEW YORK - Stocks fell Wednesday, for the third session in a row, as investors remained focused on the weak economy and bet that a long and deep recession is on the horizon. The Dow Jones industrial average (INDU) was down about 300 points, or 3.5%, and the Nasdaq composite index (COMP) was off by about 3.7%. The Standard & Poor's 500 (SPX) index fell 3.9% at 863 points, the small-cap index is approaching last month's low of 849 points. "The concern is that the economy will turn out worse than the current forecast [and] the recession will be longer and more severe,"said Hugh Johnson, chief strategist at ThomasLloyd Global Asset Management...The selloff gained momentum after Treasury Secretary Henry Paulson said late Wednesday morning that the government will no longer use the $700 billion bailout fund to buy illiquid assets from banks, which was its original intent...

thejakartapost.com, November 12, "Russia may have to tap reserves fund in crisis" : Russia may have to tap into rainy-day reserves of billions of dollars to help state finances through the economic crisis and declining oil profits, the country's finance minister said Wednesday. Alexei Kudrin's comments came as the ruble and Russian stocks continued to fall as the country struggles through its worst economic crisis in a decade and as the Central Bank said it would scale back its defense of the national currency. In remarks before the Russian upper house of parliament, Kudrin forecast oil prices to average $50 a barrel next year and $55 in 2010, but said "it would not affect the spending plans in any way." ...

japantoday.com, November 12, "Japan stocks fall; investors awaiting G20 meeting" : TOKYO - Japanese stocks fell Wednesday in restrained trading as caution prevailed amid ongoing concerns about the US economy and ahead of the upcoming G20 summit of financial leaders. The benchmark Nikkei 225 stock average fell 113.79 points, or 1.29%, to 8,695.51. The broader Topix index lost 1.59% to 875.23...

khaleejtimes.com (AFP) November 12, "Gulf stocks continue to slide on huge sell-off" : KUWAIT CITY - Stock markets in the Gulf states tumbled on Wednesday for the fourth day running as a sell-off continued on concerns over the global economy. The United Arab Emirates bourses of Dubai and Abu Dhabi shed more than five percent, dragged down by blue chips, some of which sank the maximum allowed level. There were big losses in the remaining five markets...

ft.com (Financial Times) November 12, "Earnings gloom drives Wall Street lower" :

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11.12.08 Baghdad shaken by series of bombs

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11.12.08 Iran 'successfully' tests new missile

November 12 - Iran has successfully test-fired a new generation of its longer range surface-to-surface missile using solid fuel, making them more accurate than its predecessors, the defense minister announced Wednesday. Mostafa Mohammed Najjar said on state television that the Sajjil was a high-speed missile manufactured at the Iranian Aerospace department of the Defense Ministry. He said it had a range of about 1,200 miles. At that range it could reach Greece and Bulgaria in southeastern Europe, as well as easily strike arch-foe Israel. Solid fuel missiles are more accurate than the liquid fuel missiles of similar range currently possessed by Iran. [More>>jpost.com; See related story:

thenews.com.pk, November 12, "Any aggression against Iran to receive crushing response: Ahmadinejad" : TEHRAN: Iranian President Mahmoud Ahmadinejad said Wednesday that any act of aggression against Iran would receive a crushing response. Addressing a crowd in the northern city of Sari in Mazandaran Province, Ahmadinejad cautioned the enemies of Iran to avoid using the language of force against Iran. "Whoever talks with the great people of Iran with the language of force or in a rude, selfish and impolite tone would receive a clear response from [the] Iranian nation," he said. "Superficial changes in governments and administrations will have no effect on us," Ahmadinejad said, referring implicitly to the recent results of US presidential election. [end]

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11.12.08 Taliban urges Obama to end Bush's foreign policies

NEW YORK (DPA) November 12 - Taliban insurgents battling the US-backed Afghan government urged President-elect Barack Obama to change course in US foreign policy and withdraw American troops from both Afghanistan and Iraq, an Internet monitoring service said on Tuesday. The message posted on a Web site used by the Taliban claimed Obama's victory reveals the collective willingness of American people not to continue the current despicable and anti-human wars in Afghanistan and Iraq," SITE Intelligence Group said.

The authors claimed that Obama had promised to end Bush's policies pledging to recover the dwindling American economy and find a niche in the comity of nations. But while Obama has said he intends to draw down US troops levels in Iraq, he has repeatedly called for an increase in troops in Afghanistan to combat a resurgence of the Taliban and al-Qaeda. [More>>khaleejtimes.com; See related stories, thestar.com.my, November 12, "Obama's pick for White House chief unsettles Arabs." and

cnn.com, November 12, "Obama administration to ratchet up hunt for bin Laden."

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11.12.08 Russian, British navies prevent Danish ship seizure by pirates

MOSCOW (RIA Novosti) November 12 - The Russian frigate Neustrashimy (Fearless) and Britain's HMS Cumberland frigate have prevented the seizure of a Danish merchant vessel by pirates off Somalia's coast, a Russian Navy spokesman said on Wednesday. "Pirates tried shooting at the vessel and made two attempts to capture it. Their actions were prevented by the joint efforts of the Russian and British warships. A Ka-27 helicopter took off from the Neustrashimy and a Lynx helicopter took off from the HMS Cumberland," Capt. 1st Rank Igor Dygalo said. The Neustrashimy entered waters off the Somali coast in late October. Somali pirates have attacked around 60 ships so far this year, resulting in the seizure of around 30 vessels. The East African nation has been without a functioning government since 1991 and has no navy to police its coastline. [More>>en.rian.ru; See related story,

washingtonpost.com, November 12, "Somali islamists seize port as insurgency gains.": NAIROBI, Kenya - An increasingly powerful Islamic insurgency is advancing toward Somalia's seaside capital, capturing town after town and seizing territory from the weak UN-backed government often without firing a shot. But analysts say the hardline militants cannot achieve their ultimate goal of laying siege to Mogadishu, the capital, while powerful Ethiopian troops remain stationed in the once-beautiful city on the shore of the Indian Ocean...

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11.11.08 Is Iran's Ahmadinejad losing chance for vote win?