World Events: 2008Q2

Indexes

Money

Business

Finance

Government

Organization

Violence

Science

Activism

Spiritual

Entertainment

Date

World Event

1-Apr-08

Washington, DC; New York, NY; Princeton, NJ - U.S. - The Federal Reserve Board announced its approval of the proposal by JPMorgan Chase & Co. to acquire Bear Stearns Bank & Trust (Board of Governors of the Federal Reserve System).

New York, NY - U.S. - The Dow Jones Industrial Average (DJIA) gained 391.47 points (3.19%), closing at 12,654.36 (DJ; Yahoo! Finance).

Zurich; Basel - Switzerland - UBS to raise approximately CHF 15 billion; 2008Q1: UBS expects to report a net loss of about CHF 12 billion "after losses and writedowns of approximately USD 19 billion on US real estate and related structured credit positions"; Marcel Ospel, Chairman of UBS, will not seek re-election (UBS).

Washington, DC - U.S. - Under Secretary for Terrorism and Financial Intelligence Stuart Levey testifies before the Senate Committee on Finance: "Transactions by those engaged in threatening conduct typically leave a trail of detailed information that we can follow to identify key actors and map their networks. Opening an account or initiating a funds transfer requires a name, an address, a phone number. This information tends to be very accurate and durable. In 2004, with the creation of TFI's Office of Intelligence and Analysis, the Treasury became the first finance ministry in the world to develop in-house intelligence and analytic expertise to use this information. . . "Following the money" yields some of the most valuable sources of information we have in this effort" (U.S. Department of the treasury).

HI - U.S. - Aloha Airgroup Inc. filed for bankruptcy protection (CNN Money-AP, 30-Mar-08; Bloomberg, 5-Apr-08).

2-Apr-08

Bucharest - Romania - NATO Bucharest Summit: NATO invited Albania and Croatia to begin accession talks to join NATO, and welcomed "Ukraine’s and Georgia’s Euro Atlantic aspirations for membership in NATO" (NATO); NATO endorsed the U.S. plan to deploy a missile-defense system in Europe (NATO; VOA News); "The United States has reduced its nuclear weapon stockpile to less than 25% of its size at the height of the Cold War, and decreased tactical nuclear weapons assigned to NATO by nearly 90%" (NATO). [2-Apr-08 - 4-Apr-08.]

Indianapolis, IN - U.S. - ATA Airlines Inc. filed for bankruptcy protection (CNN Money, 3-Apr-08; Bloomberg, 5-Apr-08).

3-Apr-08

Washington, DC - U.S. - Chairman Ben S. Bernanke, before the Committee on Banking, Housing, and Urban Affairs, U.S. Senate: " . . . on March 13, Bear Stearns advised the Federal Reserve . . . that its liquidity position had significantly deteriorated and that it would have to file for bankruptcy the next day unless alternative sources of funds became available. . . Normally, the market sorts out which companies survive and which fail . . . However, the issues raised here extended well beyond the fate of one company. . . To prevent a disorderly failure of Bear Stearns and the unpredictable but likely severe consequences for market functioning and the broader economy, the Federal Reserve, in close consultation with the Treasury Department, agreed to provide funding to Bear Stearns through JPMorgan Chase. . . JPMorgan Chase agreed to purchase Bear Stearns . . ." (Board of Governors of the Federal Reserve System). (See also: U.S. Department of the Treasury.)

Space - ATV Jules Verne, the European Space Agency’s first resupply and reboost vehicle docked successfully with the International Space Station (ISS) (European Space Agency, 3/5-Apr-08; NASA). (See also: BBC News, 4-Apr-08.) [3-Apr-08 - 5-Apr-08.]

4-Apr-08

Columbus, OH - U.S. - Skybus Airlines Inc. to file for bankruptcy protection (CNN International; Bloomberg, 5-Apr-08; WSJ, 5-Apr-08).

Doha - Qatar - A U.S. Air Force B-1 supersonic bomber caught fire after landing in Doha (CNN International; Al Jazeera-Al Jazeera-Agencies).

Brussels - Belgium - European Commission advisory body, Article 29 Data Protection Working Party: the retention period for personal data at search engines must not exceed 6 months (BBC News).

5-Apr-08

Los Angeles, CA - U.S. - Charlton Heston, Oscar-winner and former president of National Rifle association (NRA), passed away at 83 (Time, 6-Apr-08; Los Angeles Times, 9-Apr-08; Bloomberg, 6-Apr-08).

6-Apr-08

Weliveriya - Sri Lanka - Suicide bombing killed at least 12 people including Sri Lankan minister Jeyaraj Fernandopulle; Tamil Tiger rebels were blamed (BBC News; China View-Xinhua; Al Jazeera-Al Jazeera-Agencies).

Mahalla el-Kobra - Egypt - Egyptians protest against low wages, corruption (Al Jazeera-Al Jazeera-Agencies, 7-Apr-08; Huffington Post, 7-Apr-08).

New Haven, CT - U.S. - Robert J. Shiller, professor of economics and finance at Yale, co-founder of MacroMarkets LLC, on Treasury Secretary Henry M. Paulson's plan to overhaul the financial system: the Federal Reserve's mission will increasingly be "to maintain macro confidence — confidence that the entire financial system is functioning well as part of the whole economy" (NYT).

Baghdad - Iraq - Up to 22 Iraqis were killed in fighting between Shiite cleric Muqtada Sadr's Mahdi Army militia and U.S.-led forces; 5 U.S. troops were also killed (Los Angeles Times). (See also: Al Jazeera-Agencies; AFP.) 4-day death toll: 67 Iraqis (CNN International, 9-Apr-08); 13 U.S. troops (Al Jazeera-Al Jazeera-Agencies, 9-Apr-08; AP, 10-Apr-08). [6-Apr-08 - 9-Apr-08.]

7-Apr-08

Sunnyvale, CA - U.S. - Advanced Micro Devices Inc. to cut about 1,650 jobs (about 10% of staff) (Bloomberg; NYT, 8-Apr-08; WSJ, 8-Apr-08).

Baghdad - Iraq - 16 people (41 since 6-Apr-08) were killed in fighting between Shia Muslim militias; 3 U.S. were also killed (Los Angeles Times).

Port-au-Prince - Haiti - Tens of thousands of people protest against food price increases; 4 people were killed (Al Jazeera-Agencies).

New York, NY - U.S. - George Soros, on the "Superbubble": “I consider this the biggest financial crisis of my lifetime”; Soros' latest book: “The New Paradigm for Financial Markets” (NYT, 11-Apr-08).

Washington, DC - U.S. - The Federal Reserve to offer $50 billion in 28-day credit through its Term Auction Facility (TAF) (Federal Reserve Board).

8-Apr-08

New Delhi - India - India-Africa Forum Summit; top concerns: high oil prices, high food prices, and climate change (Al Jazeera-Agencies, 9-Apr-08; Bloomberg, 9-Apr-08). (See also: China View-Xinhua, 8-Apr-08; BBC News, 9-Apr-08; The Times of India, 10-Apr-08; The Hindu, 10-Apr-08; VOA News, 11-Apr-08). [8-Apr-08 - 9-Apr-08.]

9-Apr-08

Hong Kong - China - Oasis Hong Kong Airlines went into liquidation (NYT).

Tokyo - Japan - The Bank of Japan decided to keep the uncollateralized overnight call rate at around 0.5% (Bank of Japan).

Washington, DC - U.S. - Iraq’s debt has been reduced by $66.5 billion over past 3 years (U.S. Department of State).

10-Apr-08

Ottawa, ON; Edina, MN - Canada; U.S. - Jim Prentice, Canada's industry minister blocked a $1.3 billion takeover of Canada's MacDonald Dettwiler & Associates by Alliant Techsystems (NYT).

Washington, DC - U.S. - U.S. Senate passed H.R.3221 A bill to provide needed housing reform and for other purposes (Library of Congress-THOMAS). The Foreclosure Prevention Act, which was supposed to help homeowners facing foreclosure, provided instead, according to critics, "government handouts to big business" (NYT, 16-Apr-08) or "socialism for the rich" (AlertNet-TruthOut.org). (See also: TheStreet.com, 15-Apr-08.)

Denver, CO; New York, NY - U,S. - Frontier Airlines Holdings Inc. filed for Chapter 11 bankruptcy protection (MarketWatch; NYT) [10-Apr-08 - 11-Apr-08.]

London - U.K. - The Bank of England’s Monetary Policy Committee reduced the official Bank Rate paid on commercial bank reserves by 0.25% to 5.0% (Bank of England).

11-Apr-08

Washington, DC - U.S. - Meeting of G7 Finance Ministers And Central Bank Governors (U.S. Department of the Treasury; Financial Stability Forum). (See also: MarketWatch.)

Fairfield, CT; Riyadh - U.S. - General Electric Inc. reported 2008Q1 financial results: Revenues of $42.2 billion, up 8%; net EPS down 2%; continuing EPS down 8% (GE)

New York, NY - U.S. - The Dow Jones Industrial Average (DJIA) lost 256.56 points (-2.04%), closing at 12,325.42 (DJ; Yahoo! Finance).

Ann Arbor, MI - U.S. - U.S. index of consumer sentiment fell to 63.2, a 26-year record low (MarketWatch) (Source: Reuters-University of Michigan, 11-Apr-08). Paul Krugman: "Americans . . . have . . . , I’d suggest, lost confidence in the integrity of our economic institutions. . . something is rotten in the state of our economy" (NYT, 14-Apr-08).

12-Apr-08

Shiraz - Iran - Explosion at a mosque killed at least 12 people (VOA News-AP-AFP-Reuters, 13-Apr-09).

Washington, DC - U.S. - IMF-World Bank Spring Meetings; top concerns: global financial instability; financial markets turmoil; sharp fluctuations in major currencies; high fuel and food prices; economic disruptions (IMF, 13-Apr-08). The IMF predicted a "mild recession" for the U.S. in 2008 (IMF, 13-Apr-08). (See also: U.S. Department of the Treasury.) [12-Apr-08 - 13-Apr-08.]

13-Apr-08

New York, NY - U.S. - According to a New York Times article, many institutional investors appear to have bailed out of the auction-rate securities market leaving individual clients stranded; firms accused by the Securities and Exchange Commission (SEC) of having manipulated auction-rate securities reportedly include Bear Stearns, J. P. Morgan Securities, Goldman Sachs, and Lehman Brother (the firms settled without admitting wrongdoing) (NYT).

14-Apr-08

Arghandab, Kandahar - Afghanistan - Taliban fighters killed at least 11 policemen; 2 NATO soldiers were also killed in southern Afghanistan (VOA News-AFP-AP-Reuters). (see also: Al Jazeera-Agencies.)

Charlotte, NC - U.S. - Wachovia Corporation: lowered quarterly common stock dividend to preserves $2.0 billion of capital annually; increased provision for credit losses to $2.8 billion ($2.1 billion above net charge-offs); and commenced concurrent offerings of common stock and convertible preferred stock, for a total of $7 billion (Wachovia).

Italy - Billionaire Silvio Berlusconi returned to power as premier (Bloomberg; NYT, 15-Apr-08; BBC News, 15-Apr-08).

Eagan, MN; Atlanta, GA - U.S. - Delta Air Lines Inc. to buy Northwest Airlines Corp. in an all-stock transaction with a total enterprise value of $17.7 billion; the new carrier will be the world's largest airline; more than $1 billion in annual revenue and cost synergies are expected (Delta Air Lines). (See also: Bloomberg; CNN Money, 15-Apr-08.)

Nairobi; Naivasha; Nyahururu; Nyeri; Eldoret; Nakuru; Limuru; Murang’a - Kenya - 14 people were killed in clashes between Mungiki sect members and Kenyan police (The Standard, 15-Apr-08; UPI). (See also: VOA News; Al Jazeera-Agencies.)

Worldwide - The mortgage meltdown crisis has spread worldwide (NYT).

Baghdad - Iraq - Bomb killed at least 5 people (VOA News-AP-Reuters).

15-Apr-08

Baquba; Ramadi; Baghdad - Iraq - Bombings in Baghdad killed 68 people; more than 80 people were killed throughout Iraq since 14-Apr-08 (Al Jazeera-Al Jazeera-Agencies, 16-Apr-08). (See also: Washington Post; Los Angeles Times, 16-Apr-08.)

Goma - Democratic Republic of the Congo - A Hewa Bora Airlines McDonnell Douglas DC-9 plane crashed; at least 40 people were killed (Al Jazeera-Al Jazeera-Agencies, 16-Apr-08). (See also: CNN International, 16-Apr-08; NYT-Reuters, 16-Apr-08.)

U.S. - Pope Benedict XVI visits the U.S.; is greeted by President George W. Bush (Vatican Information Service; VOA News). [15-Apr-08 - 20-Apr-08.]

Washington, DC - U.S. - A new "pro-peace, pro-Israel" lobby group and a new political action committee were launched: "J Street will advocate in the political arena, in the media and in Congress that a negotiated two-state solution to the Israeli-Palestinian conflict and a comprehensive peace agreement between Israel and its neighbors are essential to the security and national interests of Israel, the United States and the broader Middle East" (J Street). J Street's annual budget is $1.5 million; Aipac's endowment exceeds $100 million (BBC News). (See also: Al Jazeera-Al Jazeera.)

Afghanistan; Chad; Ethiopia; Haiti; Keya; West Bank and Gaza Strip; Sri Lanka; Somalia; Suda; Zimbabwe - UN World Food Program (WFP) identified "hunger's global hotspots" (UN WFP).

16-Apr-08

Washington, DC - U.S. - Pope Benedict XVI visits the White House (VOA News-AFP-AP-Reuters; USA Today; BBC News).

Armonk, NY - U.S. - IBM 2008Q1 results: Total revenue, $24.502 billion (up 11.2%) (65% of revenues from outside the U.S.); net income, $2.319 billion (up 25.7%) (IBM).

New York, NY - U.S. - The Dow Jones Industrial Average (DJIA) gained 256.80 points (2.08%), closing at 12,619.27 (DJ; Yahoo! Finance).

London - U.K. - HedgeFund Intelligence (HFI) Global Review: Assets under management in global hedge funds climbed to $2.65 trillion at the beginning of 2008 (up 27%); New York and London hedge fund managers manage 46.73% and 16.73% of the assets, respectively (HedgeFund Intelligence).

Washington, DC - U.S. - According to Lester R. Brown, "food riots are now becoming commonplace"; food riots have been reported in Cameroon, Côte d'Ivoire, Egypt, Ethiopia, Haiti, Indonesia, Mexico, Morocco, the Philippines, Senegal, Thailand, Trinidad and Tobago, United Arab Emirates, and Yemen (Earth Policy Institute). (See also: UN World Food Program, 15-Apr-08.)

Gaza City - Gaza - Israeli defense forces killed 20 Palestinians, including 5 children; 3 Israel soldiers were killed (Haaretz-Haaretz-Reuters, 17-Apr-08). (See also: VOA News-Reuters; Al Jazeera-Al Jazeera-Agencies.)

Cambridge, MA - U.S. - Edward N. Lorenz, MIT meteorologist and discoverer of chaos theory, died at 90; Lorenz's most memorable paper: "Predictability: Does the Flap of a Butterfly's Wings in Brazil Set Off a Tornado in Texas?" (Washington Post, 17-Apr-08; NYT, 17-Apr-08; Los Angeles Times, 18-Apr-08; The Tech-The Tech-NYT News Service, 18-Apr-08).

17-Apr-08

Al-Bou Mohammed - Iraq - A suicide bomber killed at least 60 people at a funeral for two anti-al Qaeda members of the U.S.-backed Awakening Council (Al Jazeera-Al Jazeera-Agencies). (See also: VOA News-AFP-AP-Reuters; CNN.) More than 100 people have been killed in Sunni areas since 14-Apr-08 (Christian Science Monitor, 18-Apr-08).

New York, NY - U.S. - Merrill Lynch 2008Q1 results: Net revenues, $2.9 billion (down 69%); net loss, $1.96 billion (compared to net earnings of $2.16 billion in 2007Q1) (Merrill Lynch).

Mountain View, CA - U.S. - Google 2008Q1 results: Revenues, $5.19 billion (up 42%); GAAP net income, $1.31 billion (up 30.4%) (Google).

The U.S. House passed bill H.R. 5715: To ensure continued availability of access to the Federal student loan program for students and families (Library of Congress-THOMAS). About 50 lenders, including Citigroup Inc.'s Student Loan Corp., SLM Corp. have stopped writing some student loans (Bloomberg). According to the U.S. Secretary of Education Margaret Spellings, "student loans are more than a 400 billion dollar enterprise" (U.S. Department of Education, 14-Mar-08).

London; Carpinteria, CA - U.K.; U.S. - The Crown Estate to purchase from Clipper Windpower Plc a prototype of the world’s largest offshore wind turbine (7.5 MW MBE turbine) (The Crown Estate; Clipper Windpower).

18-Apr-08

New York, NY - U.S. - Citigroup 2008Q1 results: Revenues, $13.2 billion (down 48%); net loss, $5.1 billion; write-downs on sub-prime related direct exposures, $6.0 billion; write-downs net of underwriting fees, on funded and unfunded highly leveraged finance commitments, $3.1 billion (Citigroup). Citigroup to cut 9,000 jobs (Bloomberg; TheStreet.com; NYT).

United Nations - Pope Benedict XVI addressed the General Assembly of the United Nations: “The promotion of human rights remains the most effective strategy for eliminating inequalities between countries and social groups, and for increasing security. Indeed, the victims of hardship and despair, whose human dignity is violated with impunity, become easy prey to the call to violence, and they can then become violators of peaces” (UN News Center; Holy See Press Office; Vatican Information Service). (See also: VOA News.)

Damascus - Syria - Former president Jimmy Carter met with Khaled Meshal, exiled leader of Hamas; Israel plans to build 100 new homes in the West Bank (Washington Post, 19-Apr-08).

19-Apr-08

Basra - Iraq - U.S. and Iraqi forces took control of a stronghold of the Mahdi Army militia in Basra; at least 12 people were killed (VOA News-AFP-AP-Reuters).

Gaza - Following Israel's blockade of Gaza, Hamas fighters attacked an Israeli cargo at the Gaza border; 13 Israeli soldiers were wounded; Israeli forces killed 4 Hamas fighters (VOA News, 20-Apr-08). (See also: Al Jazeera, 21-Apr-08; Haaretz, 21-Apr-08.)

20-Apr-08

Rome - Italy - 11th International Energy Forum (IEF)-3rd International Energy Business Forum (IEBF); theme: Energy Dialogue to Respond to Global Challenges (IEF-Micromegas). Rafael Ramirez, Venezuela's oil minister, on using crops to produce fuel: "All countries, and particularly in Latin America, have problems with food stuffs. It is such a bad idea to use foodstuffs for fuel, it is criminal" (Bloomberg, 21-Apr-08) (See also: CNN Money-Thomson Financial News). [20-Apr-08 - 22-Apr-08.]

Gaza - Israeli air strike killed at least 7 Palestinians (VOA News).

21-Apr-08

London - U.K. - The Bank of England launched a £50 billion Special Liquidity Scheme allowing banks to swap temporarily mortgage-backed and other securities for UK Treasury Bills (Bank of England). The Scheme is a bank bailout (BBC News).

Washington, DC - U.S. - The Federal Reserve to offer $50 billion in 28-day credit through its Term Auction Facility (TAF) (Federal Reserve Board).

Charlotte,NC - U.S. - Bank of America 2008Q1 results: Revenue net of interest expense, $17.3 billion (down 6%); net income, $1.21 billion (down 77%); provision for credit losses, $6.01 billion; allowance for loan and lease losses, $14.89 billion (Bank of America). (See also: Bloomberg; MarketWatch).

Cleveland, OH - U.S. - National City Corporation to raise $7 billion; National City reported a net loss of $171 million for 2008Q1 (National City). (See also: NYT-DealBook.)

New Orleans, LA - U.S. - North American Leaders' Summit: Security and Prosperity Partnership (SPP); key issues: Competitiveness; smart and secure borders; energy security; environment protection; and emergency response (The White House, 22-Apr-08). [21-Apr-08 - 22-Apr-08.]

22-Apr-08

San Francisco, CA - U.S. - Web 2.0 Expo (TechWeb and O'Reilly Media; CNN Money-Fortune, 25-Apr-08; BBC News, 26-Apr-08). [22-Apr-08 - 25-Apr-08.]

PA - U.S. - Senator Hillary Rodham Clinton beat Senator Barack Obama in Pennsylvania's primary (VOA News, 23-Apr-08).

Muhamalai - Sri Lanka - Fighting between government forces and Tamil Tiger rebels killed at least 90 soldiers and rebels (VOA News, 23-Apr-08). [22-Apr-08 - 23-Apr-08.]

London - U.K. - Royal Bank of Scotland (RBS) announced a rights issue of £12.0 billion ($23.7 billion) to increase its capital base; RBS write-downs before tax estimated at £5.902 billion (RBS). (See also: NYT.)

New York, NY - U.S. - Warburg Pincus closed $15 billion global private equity fund (Warburg Pincus).

23-Apr-08

Washington, DC - U.S. - General David Petraeus, to lead the U.S. Central Command (VOA News).

24-Apr-08

Houston, TX - U.S. - ConocoPhillips 2008Q1 results: Revenues, $54.9 billion (up 32.9%); net income, $4.139 billion (up 16.7%) (ConocoPhillips). (See also: NYT; Bloomberg.)

Niger Delta - Nigeria - Movement for the Emancipation of the Niger Delta fighters attacked a Shell oil pipeline (VOA News-AP-Bloomberg, 25-Apr-08).

Vienna - Austria - On 24-Apr-08, the U.S. provided the IAEA Secretariat information alleging that the facility destroyed by Israel in Syria in Sep-07 was a nuclear reactor; Mohammed ElBaradei, Director General of the IAEA "views the unilateral use of force by Israel as undermining the due process of verification that is at the heart of the non-proliferation regime" (IAEA, 25-Apr-08). (See also: VOA News, 25-Apr-08; Los Angeles Times, 25-Apr-08.) [24-Apr-08 - 25-Apr-08.]

Zurich - Switzerland - Credit Suisse Group results for 2008Q1: Net revenues, CHF 3,019 million (down 72%); net loss of CHF 2,148 million; net writedowns in leveraged finance and structured products, CHF 5.3 billion (Credit Suisse).

U.S.; India - American debt collection is being outsourced to India (NYT).

25-Apr-08

Mardan - Pakistan - Car bomb targeting a police station killed 4 people (VOA News).

Baghdad - Iraq - At least 7 people were killed in fighting between coalition forces and Shia fighter (VOA news-AFP-AP-Reuters).

26-Apr-08

Casablance - Morocco - Fire at a mattress factory killed 55 (VOA News-AP-AFP).

Ghazni; Farah - Afghanistan - Bomb attacks targeting the police killed at least 3 policemen (VOA News-AFP-AP-Reuters).

Japan; the Philippines; South Korea; Taiwan - Food crisis: Japan, the Philippines, South Korea, and Taiwan buy and stockpile larger amounts of wheat (Washington Post, 27-Apr-08).

27-Apr-08

Kabul - Afghanistan - President Hamid Karzai survived an assassination attempt by Taliban militants (VOA News); 3 people were killed (Los Angeles Times, 28-Apr-08; NYT, 28-Apr-08).

Rivers - Nigeria - Gunmen killed at least 5 police officers (VOA News-AFP-AP).

Baghdad - Iraq - U.S. and Iraqi troops killed 38 people (VOA News-AFP-AP-Reuters, 28-Apr-08); the death toll from clashes in Sadr City during Apr-08 is at least 439 civilians and fighters (Al Jazeera-Agencies, 28-Apr-08). (See also: NYT, 28-Apr-08.)

28-Apr-08

Zibo, Shandong - China - Train crash killed more than 70 people (China View-Xinhua). (See also: Telegraph; BBC News; NYT.)

Beit Lahiya - Gaza - Israeli forces killed 6 Palestinians, including a mother and her 4 children (VOA News). (See also: Al Jazeera-Al Jazeera-Agencies; NYT, 29-Apr-08.)

Boston, MA - U.S. - “Oil Shockwave,” a war game at Harvard’s John F. Kennedy School of Government simulating "terrorist attacks on the world’s vital oil infrastructure"; participants included Robert E. Rubin (Citigroup) and Lawrence W. Summers (former U.S. Department of Treasury secretary) (The Harvard Crimson, 29-Apr-08; Harvard University Gazette-Harvard News Office, 1-May-08). (See also: NYT, 1-May-08.)

Sriharikota, Andhra Pradesh - India - The Indian Space Agency launched successfully 10 satellite in one mission (VOA News).

McLean, VA; Chicago, IL - U.S. - Mars to buy Wm. Wrigley Jr. Company for $23 Billion with financial help from Berkshire Hathaway, Goldman Sachs, and JPMorgan Chase (Mars Incorporated; Wm. Wrigley Jr. Company). (See also: NYT.)

Geneva - Switzerland - According to Jean Ziegler, UN Special Rapporteur on the Right to Food (and professor at the University of Geneva and at the Sorbonne), the US and the EU took a “criminal path”: By converting food crops into biofuels, they contributed to soaring global food prices; Ziegler called for financial regulations to prevent speculation by hedge funds (UN News Service). According to Ziegler, "232 kg of corn is needed to make 50 litres of bioethanol . . . A child could live on that amount of corn for a year" (Swissinfo, 11-Oct-07). (See also: ENS; UN Special Rapporteur on the Right to Food, 26-Feb-07.)

Anhui; Zhejiang; Guangdong - China - More than 11,900 people have been affected by the deadly Enterovirus-71 (EV-71) virus; at least 26 children have died from hand, foot and mouth disease (HFMD) due to EV-71 (China View-Xinhua, 5-May-08). (See also: World Health Organization, 1-May-08; Al Jazeera-Agencies, 5-May-08; BBC News, 30-Apr-/5-May-08.) [28-Apr-08 - 5-May-08.]

29-Apr-08

Washington, DC - U.S. - The U.S. Department of the Treasury began issuing direct deposit stimulus payments ($168 billion) (U.S. Department of the Treasury; IRS). (See also: NYT.)

Bern - Switzerland - Meeting of the United Nations System Chief Executives Board for Coordination (CEB) [28-29-Apr-08]: UN announced the formation of a Task Force on the Global Food Crisis; according to the UN, skyrocketing food prices have driven 100 million people into poverty and hunger; United Nations Secretary-General Ban Ki-moon: “We see mounting hunger and increasing evidence of malnutrition, which has severely strained the capacities of humanitarian agencies to meet humanitarian needs, especially as promised funding has not yet materialized. . . Without full funding of these emergency requirements, we risk again the spectre of widespread hunger, malnutrition, and social unrest on an unprecedented scale” (UN News Center). (See also: VOA News; Bloomberg; CNN.)

London - U.K. - BP plc 2008Q1 results: Total revenues, $90.148 billion (up 43.7%); profit attributable to BP shareholders, $7.619 billion (up 63.4%) (BP plc.). (See also: NYT; Bloomberg.)

The Hague; London - The Netherlands; U.K. - Royal Dutch Shell 2008Q1 results: Revenue is stated after deducting sales taxes, excise duties , $114,302 billion (up 55.6%); net income attributable to shareholders, $9.083 billion (up 24.8%) (Royal Dutch Shell). (See also: NYT; Bloomberg.)

Frankfurt - Germany - Deutsche Bank 2008Q1 results: Income before income taxes, €742 million (up 7%); net loss, €131 million ($220 million); write-down in respect of leveraged loans and loan commitments, commercial real estate, and residential mortgage-backed securities, €2.7 billion ($4.2 billion) (Deutsche Bank). (See also: Bloomberg; MarketWatch.)

Baghdad - Iraq - U.S. and Iraqi forces clashed with Shia militiamen; at least 28 people were killed (VOA News-AFP-AP-Reuters; BBC News).

U.S. - S&P/Case-Shiller home price index: U.S. home prices tumbled a record 12.7% in the 12-month period ending Feb-08 for 20 metropolitan regions (S&P). (See also: MarketWatch; CNN Money).

Geneva - Switzerland - The total compensation issued by the United Nations Compensation Commission (UNCC) for settling the damage claims from Iraq’s 1990 invasion of Kuwait amounted to $24.3 billion; the compensation was mostly from sale of Iraqi petroleum under the "Oil-for-Food programme" (UN News Centre). (See also: UNCC, 14-Apr-08.)

Khogyani, Nangarhar - Afghanistan - Suspected Taliban suicide bombing killed 19 people (VOA News-AFP-Reuters). (See also: Bloomberg; CNN International.)

Washington, DC - U.S. - American Jewish Committee (AJC) 102nd Annual Meeting; Secretary of State Condoleezza Rice to deliver keynote address (AJC, 17-Apr-08). (See also: "'We're not celebrating Israel's anniversary," The Guardian, 30-Apr-08,signed by over a 100 British Jews including Nobel Prize winner Harold Pinter.) [29-Apr-08 - 2-May-08.]

30-Apr-08

Detroit, MI - U.S. - GM 2008Q1 results: Revenue, $42.7 billion (down 1.6%); net loss, $3.252 billion (GM)

Washington, DC - U.S. - The Federal Open Market Committee (FOMC) lowered its target for the federal funds rate 0.25% to 2.0%; the Board of Governors approved a 0.25% decrease in the discount rate to 2.25% (Board of Governors of the Federal Reserve System).

Tokyo - Japan - The Bank of Japan decided to keep the uncollateralized overnight call rate at around 0.5% (Bank of Japan).

Baghdad - Iraq - 925 people were killed in Sadr City since 25-Mar-08 in clashes between US and Iraqi forces and Shia fighters; the death toll for US forces in Iraq in Apr-08 is 46 (AFP). (See also: Washington Post, 30-Apr-08.)

Mannar; Welioya - Sri Lanka - Sri Lankan forces captured Tamil Tiger base and killed 73 rebels (Reuters UK, 1-May-08). (See also: AP, 30-Apr-08.) [30-Apr-08 - 1-May-08.]

Gozargah - Afghanistan - Fighting between Afghan forces and Taliban fighters killed 8 people (2 soldiers, one civilian, and 5 fighters) (Al Jazeera-Al Jazeera-Agencies).

Basel - Switzerland - Albert Hofmann, first scientist to synthesize the hallucinogenic drug LSD (lysergic acid diethylamide) died at 102 (NYT; BBC News; Swissinfo-Agencies).

Palo Alto, CA - U.S. - Hewlett-Packard scientists design a new computer memory chip, a "memristor" (memory resistor) that consumes less power than DRAM memory chips (Hewlett-Packard). The memristor was first proposed in 1971 by Leon Chua of the University of California, Berkeley (Chua, Leon O. (Sep 1971), "Memristor—The Missing Circuit Element", IEEE Transactions on Circuit Theory CT-18 (5): 507-519) (Wikipedia). The 4 fundamental elements used for circuit building are: resistors, capacitors, inductors, and memristors (Nature, 30-Apr-08, 1-May-08).

Washington, DC - U.S. - The U.S. Department of State released the Country Reports on Terrorism 2007; Dell L. Dailey, Coordinator of the Office for Counterterrorism: "Core elements of al-Qaida are adaptable and resilient, and al-Qaida and its associated networks remain our greatest terrorist threat to the United States and its partners. . . AQ exploits the frustration of many Muslims around the world whose grievances are often legitimate. Terrorists seek to convert alienated or aggrieved populations by stages to increasingly radicalize and provide the extremist viewpoints, turning them into sympathizers, supporters, and ultimately, in some cases, members of terrorist networks" (U.S. Department of State).

1-May-08

Irving, TX - U.S. - Exxon Mobil 2008Q1 results: Total revenues, $116.854 billion (up 34%); net income, $10.890 billion (up 17.3%) (Exxon Mobil).

New York, NY - U.S. - The Dow Jones Industrial Average (DJIA) gained 189.87 points (1.48%), closing at 13,010.00 (DJ; Yahoo! Finance). (See also: MarketWatch.)

Sinai - Egypt - Bus crash killed at least 9 people (Al Jazeera-Agencies; BBC News; Canada.com-Canwest News Service).

Baghdad - Iraq - Car bomb killed 9 people in Baghdad; coalition forces killed 6 militants in Iraq (VOA News-AFP-AP-Reuters).

Spin Boldak, Kandahar - Afghanistan - Two bombs killed 8 civilians (VOA News-AFP-AP).

Washington, DC - U.S. - Congress passed H.R. 493: the Genetic Information Nondiscrimination Act; the act prohibits employers and health insurance companies from using genetic information to discriminate against people (U.S. House of Representatives; Library of Congress-THOMAS, 24-Apr-08). (See also: Scientific American; AP; NYT, 2-May-08.)

Balad Ruz; Muqdadiyah - Iraq - Two suicide bombers apparently targeting Sunni supporters of U.S. forces killed at least 35 people; also, clashes killed 8 people (Washington Post).

U.K. - Conservatives beat the Labour Party in local elections (BBC News, 2/4-May-08; Times Online, 4-May-08). Conservative Boris Johnson is elected mayor of London (BBC News, 4-May-08).

Kurdistan - Iraq - Turkish forces killed more than 150 Kurdish rebels in northern Iraq; Kurdistan Workers' Party (PKK) claimed only 6 fighters were killed (Washington Post, 4-May-08; NYT, 4-May-08; Al Jazeera-Agencies, 3-May-08). [1-May-08 - 3-May-08.]

2-May-08

Washington, DC - U.S. - The Federal Reserve, the European Central Bank, and the Swiss National Bank expanded their liquidity measures. The Federal Reserve increased its Term Auction Facility (TAF) from $50 billion to $75 billion, effective 5-May-08 (TAF amounts outstanding increased to $150 billion). The Federal Open Market Committee (FOMC) increased its temporary reciprocal currency arrangements with the European Central Bank (ECB) and the Swiss National Bank (SNB) to provide up to $50 billion and $12 billion to the ECB and the SNB, respectively. The FOMC also expanded the collateral that can be pledged in the Federal Reserve's Schedule 2 Term Securities Lending Facility (TSLF) auctions. (Federal Reserve Board.) (See also: European Central Bank; Swiss National Bank.)

San Ramon, CA - U.S. - Chevron 2008Q1 results: Total revenues, $65.946 billion (up 36.7%); net income, $5.17 billion (up 9.6%) (Chevron).

Saada - Yemen - Bombing targeting a mosque killed at least 18 people (VOA News-AFP-AP-Reuters). (See also: BBC News; NYT, 3-May-08; Al Jazeera-Al Jazeera-Agencies.)

Sudan - Sami al-Hajj, Al Jazeera cameraman, after being released from Guantanamo Bay where he was held for more than 6 years: "Our human condition, our human dignity was violated, and the American administration went beyond all human values, all moral values, all religious values. . . In Guantanamo . . . rats are treated with more humanity" (Al Jazeera-Al Jazeera-Agencies).

3-May-08

Myanmar - Cyclone Nargis devastates Myanmar: The official death toll is 22,997; the toll could rise to 100,000; up to 1.5 million people are vulnerable to starvation or disease (NYT, 9-May-08; Al Jazeera-AlJazeera-Agencies, 9-May-08). Myanmar rulers shun Western aid; an article by Larry Jagan in Al Jazeera includes this quote by Senior General Than Shwe: "We must get rid of all the white faces" (Al Jazeera, 15-May-08). (See also: VOA News, 7-May-08.)

Baghdad - Iraq - US missile strike killed 14 people, destroyed 11 ambulances in Sadr City (BBC News, 3-May-08), and damaged a hospital (NYT, 4-May-08). 7 troops, 5 from the U.S. and 2 from Georgia, were also killed (Washington Post, 4-May-08).

4-May-08

Santa Cruz - Bolivia - Santa Cruz voters voted in favor of autonomy (Washington Post; VOA News, 5-May-08; BBC News, 5-May-08); the pro-autonomy movement is fomented by wealthy "oligarchs" (BBC news, 5-May-08; Los Angeles Times, 5-May-08).

Brazil - Boat capsized killing at least 15 people; dozens are missing (AlJazaaera-Al Jazeera-Agencies).

5-May-08

Zimbabwe - At least 18 people were killed by post-elections violence unleached by President Robert Mugabe’s ruling ZANU-PF party (U.S. Department of State). (See also: Washington Post, 8-May-08.)

Washington, DC - U.S. - The Federal Reserve to offer $75 billion in 28-day credit through its Term Auction Facility (TAF) (Federal Reserve Board).

Mogadishu - Somalia - About 7,000 people rioted in protest against skyrocketing food prices (VOA news); at least 5 people were killed (Al Jazeera-Al Jazeera-Agencies, 5-May-08).

6-May-08

IN; NC - U.S. - Democratic presidential primaries: Senator Hillary Clinton won in Indiana; Senator Barack Obama won the North Carolina (VOA News, 7-May-08).

Zurich; Basel - Switzerland - UBS 2008Q1 results: net loss of CHF 11,535 million; UBS to cut about 5,500 jobs by mid-2009; UBS to raise about CHF 15 billion of capital (UBS).

Washington, DC - U.S. - Fannie Mae 2008Q1 results: Net revenues, $3.776 billion (up 37.6%); net loss, $2.186 billion; Fannie Mae to raise $6 billion in new capital (Fannie Mae).

7-May-08

Kabezi - Burundi - Burundi troops killed 50 rebels from the National Liberation Forces (FNL) (VOA News, 8-May-08).

Beirut - Lebanon - Anti-government pro-Hezbollah labor strike triggered by food crisis (Al Jazeera-Al Jazeera-Agencies).

Beirut - Lebanon - Hezbollah took control of much of Beirut on 9-May-08; at least 11 people were killed in fighting between Hezbollah and Sunni and Christian pro-government fighters (Al Jazeera-Al Jazeera-Agencies, 9-May-08). Fighting spread to Tripoli; by 11-May-08, the death toll rose to at least 44 (CNN International-AP, 11-May-08). (See also: Los Angeles Times.) [7-May-08 - 11-May-08.]

Washington, DC - U.S. - SEC Chairman Christopher Cox, to the Security Traders 12th Annual Washington Conference: "Today, no regulator in the federal government is given explicit authority and responsibility for the supervision of investment bank holding companies with bank affiliates. . . The notion embedded in the Gramm-Leach-Bliley Act that investment banks should be able to operate outside of a statutory consolidated supervision regime is no longer tenable in the wake of Bear Stearns. . . In just two days between Thursday, March 13, and the close of business on Friday, March 14, Bear's liquidity pool fell by over 83% - from $12 billion to $2 billion. . . What neither the CSE regulatory approach nor any existing regulatory model had taken into account is the possibility that secured funding, even if it were over-collateralized with U.S. Treasury or agency securities, might disappear in a crisis of confidence" (SEC). (See also: NYT, 8-May-08.)

New York, NY - U.S. - The Dow Jones Industrial Average (DJIA) lost 206.48 points (-1.59%), closing at 12,814.35 (DJ; Yahoo! Finance).

Moscow - Russia - Dmitry A. Medvedev was sworn in as Russia's president; Medvedev nominated Vladimir V. Putin as prime minister (Washington Post, 8-May-08).

8-May-08

London - U.K. - The Bank of England's Monetary Policy Committee maintained the official Bank Rate paid on commercial bank reserves at 5.0% (BOE).

Baghdad - Iraq - 7 people were killed in battles between Shia fighters and U.S. forces (Al Jazeera-Agencies).

New York, NY - U.S. - American International Group (AIG) 2008Q1 results: Total revenues, 14,031 (down 54.2%); net loss, $7.805 billion; AIG to raise about $12.5 billion in capital (AIG).

9-May-08

New York, NY - U.S. - Oil futures surged past $125 a barrel on the New York Mercantile Exchange (NYMEX; AP; AFP; MarketWatch).

10-May-08

MO; OK - U.S. - Tornadoes killed at least 18 people (VOA-AP-Reuters, 11-May-08).

U.S. - Reports indicate that some speculators/investors are "walking away" from "upside down" properties (the debt exceeds the property's worth) (NYT; Los Angeles Times).

11-May-08

Shanghai - China - Commercial Aircraft Corp. of China (CACC) launched to build a 150-seat aircraft by 2020; CACC's registered capital: $2.7 billion (China View-Xinhua; BusinessWeek; Bloomberg). (See also: Wikipedia.)

Haiti - Ferry capsized: At least 20 people were killed (VOA News-AFP).

12-May-08

Chengdu, Sichuan - China - A magnitude-7.9 earthquake hit China (USGS); the official death toll was 19,509, as at 15-May-08; more than 50,000 people were feared dead in Sichuan alone (China View-Xinhua, 15-May-08). (See also: BBC News, 14-May-08; China View-Xinhua, 12/14-May-08; VOA News, 12-May-08; Bloomberg, 12-May-08.)

Armonk, NY - U.S. - MBIA Inc. 2008Q1 results: Total revenue, $711.4 million (before realized and unrealized gains and losses) (down 4%); net loss, $2.4 billion (MBIA-Business Wire). (See also: Bloomberg; BBC News.)

Vienna - Austria - At least 40 developing countries have expressed interest in starting nuclear power programs (Washington Post).

13-May-08

Jaipur, Rajasthan - India - A series of bombings killed 63 people (Times of India, 15-May-08; BBC News, 14-May-08; CNN International, 14-May-08). (See also: VOA News, 14-May-08.).

WV - U.S. - Senator Hillary Rodham Clinton beats Senator Barack Obama in the West Virginia Democratic primary (VOA News; NYT).

Palo Alto, CA; Plano, TX - U.S. - Hewlett-Packard (HP) to acquire Electronic Data Systems Corporation (EDS) for about $13.9 Billion (HP; EDS). (See also: Los Angels Times, 14-May-08.)

U.S. - Despite the mortgage meltdown, Islamic finance companies in the U.S. that offer lease-to-own deals with no "riba" (usury is forbidden in Islamic economic jurisprudence) are reportedly thriving (Washington Post). (Re riba, see Wikipedia, 20-Apr-08.)

Sydney - Australia - Westpac Banking Corporation (Westpac) to acquire St.George Bank Limited (St.George) for $17.5 billion (Westpac; Bloomberg; BBC News).

14-May-08

Damadola - Pakistan - Suspected U.S. missile strike killed 12 people, including women and children (VOA News-AFP-Reuters). (See also: AFP.)

Abu Munasir, Anbar - Iraq - A suicide bomber killed at least 20 people at afuneral; Sunnis opposed to al-Qaeda were targeted (Al Jazeera-Agencies).

Irvine, CA - U.S. - RealtyTrac April 2008 U.S. Foreclosure Market Report: 243,353 properties (one in every 519 U.S. households) were foreclosed in April 2008, up nearly 65% from April 2007 (RealtyTrac Inc.). (See also: Bloomberg.)

McLean, VA - U.S. - Freddie Mac 2008Q1 results: Total revenue, $1.529 billion; net loss, $151 million; expects to raise $5.5 billion in new core capital (Freddie Mac).

15-May-08

Jerusalem - Israel - President George W. Bush, to the Knesset: "The fight against terror and extremism is the defining challenge of our time. . . It is a clash of visions . . . On the one side are those who defend the ideals of justice and dignity with the power of reason and truth. On the other side are those who pursue a narrow vision of cruelty and control by committing murder, inciting fear, and spreading lies. This struggle is waged with the technology of the 21st century, but at its core it is an ancient battle between good and evil. The killers claim the mantle of Islam. . . No one who prays to the God of Abraham could strap a suicide vest to an innocent child . . . Some seem to believe that we should negotiate with the terrorists and radicals, as if some ingenious argument will persuade them they have been wrong all along. We have heard this foolish delusion before. . . We have an obligation to call this what it is -- the false comfort of appeasement, which has been repeatedly discredited by history". (White House.)

Washington, DC - U.S. - Some Democrats are outraged at President Georges W. Bush's insinuation, in his speech to the Knesset, that by talking to America's adversaries they would be appeasing terrorist states (CNN Politics). (See also: BBC News; Christian Science Monitor, 16-May-08; Al Jazeera-Al Jazeera-Agencies.)

Lagos - Nigeria - Explosion at an oil pipeline killed at least 100 people, including many children (Al Jazeera-Al Jazeera-Agencies).

Sichuan - China - About 400 dams were damaged by the 12-May-08 earthquake (NYT); nuclear facilities may also have been damaged (The Australian).

U.S. - The mortgage meldown and foreclosures are causing emotional problems, including anxiety disorders, depression, addictive behaviors, and suicide; stress is affecting marriages and relationships (USA Today).

London - U.K. - In a letter Albert Einstein wrote in 1954 to philosopher Eric Gutkind, Einstein described the Bible as “pretty childish” and mocked the idea that the Jews could be a “chosen people”; the letter was sold for $404,000 at Bloomsbury Auctions (NYT-AP-Bloomsbury Auctions, 16-May-08; Guardian). Einstein: "For me the Jewish religion like all others is the incarnation of the most childish superstitions. And the Jewish people to whom I gladly belong and with whose mentality I have a deep affinity, have no different quality for me than all other people. As far as my experience goes, they are no better than other human groups, although they are protected from the worst cancers by lack of power. Otherwise I cannot see anything ‘chosen’ about them" (Bloomsbury Auctions, 19-May-08). (See also: Jewish Telegraphic Agency, 13-May-08; Nature, 14-May-08; Los Angeles Times, 24-May-08.)

16-May-08

Rangoon - Myanmar - Myanmar's official death toll from cyclone Nargis: 78,000 people; 56,000 missing (VOA News-AFP-AP-Reuters). (See also: Los Angeles Times, 18-May-08.)

Colombo - Sri Lanka - Tamil Tiger suicide bomber killed 10 people, including 8 police officers (CNN International; BBC News).

Internet - In an audio tape attributed to Osama bin Laden, the speaker said "Western leaders' . . . are in the same trench as the Israelis against us. . . We will continue, God permitting, the fight against the Israelis and their allies . . . " (SITE Intelligence Group; Al Jazaara-Al Jazeera-Agencies, 18-May-08). (See also: VOA News.)

Washington, DC - U.S. - The Index of Consumer Sentiment tumbled to 59.5 in the May 2008 survey - registering a record low since 1980 (MarketWatch; Bloomberg). (Source: Reuters/University of Michigan.)

17-May-08

Myanmar - Thai and Indian health care professionals to provide medical care to cyclone Nargis survivors (VOA News-AP-AFP). British Prime Minister Gordon Brown condemned Myanmar's government for not allowing in foreign (Western) aid (VOA News).

Palampiddi Junction, Mannar; Wanni - Sri Lanka - Sri Lankan forces captured Palampiddi Junction and killed at least 34 Tamil Tiger (LTTE) rebels; 21 rebels were also killed in Wanni since 16-May-08 (Bloomberg, 18-May-08). (See also: The Hindu, 18-May-08; AP, 18-May-08.)

CA - U.S. - Healthcare providers are accusing insurers of "balance billing" or underpaying, thus leaving patients with the responsibility for paying the balance of the bill (Los Angeles Times).

Sichuan - China - Mudslides buried more than 200 relief workers (NYT).

Somalia - The food crisis has hit Somalia: "hundreds of people are dying of hunger and thirst" (NYT).

18-May-08

Beijing - China - China's official death toll from the Sichuan earthquake: More than 32,000; expected to surpass 50,000 (VOA News).

Internet - In an audio tape attributed to Osama bin Laden, the speaker accused Arab leaders of "sacrificing" the Palestinians (Al Jazaara-Al Jazeera-Agencies). (See also: Laura Mansfield.)

Egypt, Jordan, Lebanon - The global food crisis has opened opportunities for Islamic groups to help feed the hungry throughout the Arab world; many Arabs suspect the U.S. of causing the food crisis (Los Angeles Times).

19-May-08

Washington, DC - U.S. - The Federal Reserve to offer $75 billion in 28-day credit through its Term Auction Facility (TAF) (Federal Reserve Board).

New York, NY - U.S. - American International Group (AIG) to raise about $20 billion (MarketWatch).

Ethiopia - The UN Office for the Coordination of Humanitarian Affairs (UNOCHA) reports that food shortages have left up to 3.4 million in need of life-saving humanitarian aid; according to the UN World Food Programme (WFP), food prices between Sep-07 and Feb-08 have increased as follows: maize, 83%; sorghum, 88.94%; and wheat, by 54.38% (UNOCHA).

Nalaguraidhoo - Maldives - 9 Indian Ocean Nations - Bangladesh, Comoros, India, Madagascar, the Maldives, Mauritius, Oman, Pakistan and Sri Lanka - launched the South Asia Regional Port Security Cooperative (SARPSCO) (VOA News).

20-May-08

Washington, DC - U.S. - The World Bank decided not to provide aid or loans to Myanmar; cyclone Nargis killed nearly 78,000 people, 56,000 more people are missing (VOA News-AFP-AP).

Tokyo - Japan - The Bank of Japan decided to keep the uncollateralized overnight call rate at around 0.5% (Bank of Japan).

Shanghai - China - The Shanghai Composite Index (SSE) lost 161.60 points (-4.48%), closing at 3,443.16 (Yahoo! Finance).

New York, NY - U.S. - The Dow Jones Industrial Average (DJIA) lost 199.48 points (-1.53%), closing at 12,828.68 (DJ; Yahoo! Finance).

21-May-08

New York, NY - U.S. - The Dow Jones Industrial Average (DJIA) lost 227.49 points (-1.77%), closing at 12,601.19 (DJ; Yahoo! Finance).

London - U.K. - The Crown Estate announced the procedure for offshore windfarm development within Scottish territorial waters (The Crown Estate; ENS, 22-May-08).

Montreal, QC - Canada - The Court of Appeal of Québec reversed a court approval for a $51.8 billion leveraged buyout of Bell Canada Enterprises led by the Ontario Teachers’ Pension Plan (Court of Appeals of Québec; Globe and Mail-Report on Business, 22-May-08; NYT-DealBook, 22-May-08; NYT, 23-May-08).

22-May-08

New York, NY - U.S. - U.N. Secretary-General's message on the International Day for Biological Diversity: "About a fifth of domestic animal breeds are at risk of extinction, with an average of one lost each month. Of the 7,000 species of plants that have been domesticated over the 10,000-year history of agriculture, only 30 account for the vast majority of the food we eat every day. . . In a world where the population is projected to jump 50 per cent by the year 2050, these trends can spell widespread hunger and malnutrition, creating conditions where poverty, disease and even conflict can metastasize" (UN News).

23-May-08

U.S. - Gerard Cassidy of RBC Capital Markets estimated that at least 150 banks will fail in the U.S. over 2-3 years (MarketWatch). (See also: Thomson Reuters-Reuters UK, 7-Apr-08; Washington Post-AP, 26-Mar-08.)

U.S. - According to the National Association of Realtors, the median home price in the U.S. was $202,300 in Apr-08 (down 8.0% YOY); the total available-for-sale house inventory at the end of Apr-08 was 4.55 million (up 10.5%) (National Association of Realtors). Unsold houses hit a 23-year high (MarketWatch).

Bonn - Germany - The UN Convention on Biological Diversity signed a strategic partnership with the Convention on the Conservation of European Wildlife and Natural Habitats (the Bern Convention): "There are estimates that species are becoming extinct at a rate of 10-100 times the natural rate of extinction and, when compounded by a 1.5-2.5°C rise in global average temperatures due to climate change. As a result, the Intergovernmental Panel on Climate Change predicts that approximately 20-30 per cent of known plant and animal species may be extinct by the end of the 21st century" (UN CBD).

25-May-08

U.S. - Announced bank plans since Aug-08 indicate that banks worldwide plan to eliminate about 65,000 jobs; according to psychologists, the laid off are angry, feel betrayed (NYT).

Pasadena, CA - U.S.; Mars - NASA's Phoenix spacecraft lands successfully at Martian arctic site (NASA, 25/28-May-08).

26-May-08

Sichuan - China - The death toll from the Sichuan earthquake rose to more than 65,000; floods threaten survivors (VOA News).

Tarmiya - Iraq - A suicide bomber killed 6 members of the U.S.-backed Awakening Councils (VOA News-AFP-AP).

Awoba - Nigeria - The Movement for the Emancipation of Niger Delta (MEND) said it attacked a Royal Dutch Shell oil pipeline and killed 11 soldiers (AFP). (See also: Bloomberg.)

27-May-08

Johannesburg - South Africa - At least 56 people were killed over 2 weeks in anti-immigrant violence (Washington Post; Al Jazeera-Al Jazeera-Agencies). (See also: NYT, 23-May-08.)

Beichuan, Sichuan - China - Chinese authorities to evacuate 158,000 people threatened by flooding (China View-Xinhua). (See also: NYT, 28-May-08.)

Zimbabwe - More than 50 Movement for Democratic Change (MDC) supporters were reportedly killed since 29-Mar-08 (VOA News).

28-May-08

Washington, DC - U.S. - Many homeowners are turning to bankruptcy (including Chapters 7 and 13) to avoid foreclosure (Washington Post); U.S. bankruptcy filings increased to 850,912 in 2007 (up 38%) (US Courts, 15-Apr-08).

Kathmandu - Nepal - Nepal's Constituent Assembly abolished the monarchy, replacing it with a republic; King Gyanendra has 15 days to vacate the royal palace (The Hindu, 29-May-08; CNN International). (See also: Al Jazeera-Agencies.)

Chicago, IL - U.S. - Under a preliminary class action settlement In re Trans Union Corporation Privacy Litigation, claiming the defendants violated state laws and the Fair Credit Reporting Act (FCRA), eligible Americans will be able to access their credit scores at no charge for up to 9 months; TransUnion denied any wrongdoing (TransUnion, 29-May-08; Forbes-AP, 29-May-08; Los Angeles Times, 30-May-08). (See also: In re Trans Union Corporation Privacy Litigation settlement website.)

29-May-08

Washington, DC - U.S. - The Federal Reserve to offer $75 billion in 28-day credit through its Term Auction Facility (TAF); the auction to be held on 2-Jun-08 and to be settled on 5-Jun-08 (Federal Reserve Board).

India - More than 41 people were killed in 1 week in protest by thousands of India's Gujjars, one of India's lowest castes (BBC News). (See also: Al Jazeera-Al Jazeera-Agencies.)

Sinjar - Iraq - Suicide bomber targetted a police recruitment center and killed at least 18 people (Al Jazeera-Al Jazeera-Agencies).

30-May-08

Beijing - China - The death toll from the Sichuan earthquake on 12-May-08 rose to 68,858; 18,618 people were still listed as missing (China View-Xinhua).

Johannesburg - South Africa - According to Africa@Risk 2008, a report released by the World Economic Forum's (WEF) Global Risk Network, Africa faces 4 key risks: Food and freshwater security; geopolitical instability; economic shocks; and climate and environmental challenges (WEF).

Amran - Yemen - A gunman killed at least 8 people at a mosque (VOA News-AFP-AP-Reuters). (See also: Al Jazeera-Al Jazeera-Agencies.)

Spain; Portugal; France; Belgium; Italy - Fishermen across Europe protested against rising fuel prices; the cost of diesel surged 300% over 5 years (BBC News). (See also: Al Jazeera-Agencies.)

Baghdad; Basra; Nassiriya - Iraq - Tens of thousands of Shia supporters of Moqtada al-Sadr protested against long-term U.S. troop presence in Iraq (Al Jazeera; Reuters).

London - U.K. - The British Bankers’ Association (BBA) completed its review of the composition of the BBA LIBOR Contributor Panels; the panels consists of "the banks that contribute to the BBAs LIBOR rate-setting process" (BBA). Critics have questioned the accuracy of Libor (NYT, 31-May-08; WSJ, 29/31-May-08). Libor, the London Interbank Offered Rate, is the costs of borrowing (overnight to 12 months) among big banks (BBA).

31-May-08

Tegucigalpa - Honduras - Grupo TACA Airbus 320 overshot the runway; 5 people were killed (CNN International). (See also: Los Angeles Times-AP; China View-Xinhua.)

1-Jun-08

PR - U.S. - Senator Hillary Rodham Clinton defeated Senator Barack Obama in Puerto Rico (Hillary Clinton for President; NYT, 2-Jun-08).

Universal City, CA - U.S. - A fire at NBC Universal Studios lot destroyed the "King Kong" tour, the sets for "Back to the Future" and "Bruce Almighty." and a vault full of movie and TV images (Los Angeles Times, 2-Jun-08; NYT, 2-Jun-08).

Paris - France - French fashion designer Yves Saint Laurent died at 71 (L'Express; Los Angeles Times, 2-Jun-08).

2-Jun-08

Beijing; Hong Kong - China - Unicom and China Netcom Group Corporation Limited plan to merge; China Telecom and its parent to buy the Code Division Multiple Access (CDMA) network owned by the parent of China Unicom Ltd. for more than $14 billion (China Telecom; China Unicom; International Herald Tribune).

Washington, DC - U.S. - The Federal Reserve to offer $75 billion in 28-day credit through its Term Auction Facility (Federal Reserve Board).

U.S. - Some big banks are cutting off student lending at community colleges and other educational institutions; over 40% of undergraduates attend community colleges (NYT).

Islamabad - Pakistan - A car bomb outside the Danish Embassy killed at least 8 people (VOA News; Al Jazeera-Al Jazeera-Agencies). (See also: CNN; NYT; Bloomberg.)

Rome - Italy - Magdalena Kropiwnicka, ActionAid: “It is an outrage that poor people are paying for decades of policy mistakes such as the lack of investment in agriculture and the dismantling of support for smallholder farmers. This year, the food import bill for developing countries is expected to rise by 40 per cent and in some cases such as Haiti, Eritrea and Burundi, the impact is catastrophic because of their high reliance on food and fuel imports as well as high levels of existing under-nourishment. . . In the Gambia right now the monthly income of a poor family will not even pay for one bag of rice" (ActionAid); "This . . . crisis is mostly due to the increase of financial speculation (in) future commodity markets” (VOA News). (See also: UN WFP.)

3-Jun-08

Rome - Italy - High-Level Conference on World Food Security: the Challenges of Climate Change and Bioenergy (FAO UN). [3-Jun-08 - 5-Jun-08.]

4-Jun-08

Washington, DC - U.S. - Barack Obama addressed the American Israel Public Affairs Committee (AIPAC) 2008 Policy Conference and pledged support for Israel; Palestinians were not amused (Haaretz-Agencies; Al Jazeera-Al Jazeera-Agencies). (See also: Jewish Telegraphic Agency.)

Baghdad - Iraq - A suicide bomber targeted a senior police officer and killed at least 15 people (Al Jazeera-Agencies). A truck blast killed 18 people (AP).

Internat - Ayman al-Zawahiri criticized Egypt's policy regarding Gaza; and called Egyptian president Hosni Mubarak and his troops "criminal traitors" (Al Jazeera-Agencies). (See also: AP.)

5-Jun-08

Washington, DC - U.S. - Mortgage Bankers Association (MBA) National Delinquency Survey (NDS): The delinquency rate for mortgage loans on 1-to-4-unit residential properties climbed to 6.35% of all loans outstanding at the end of 2008Q1 (seasonally adjusted) (up 1.51% YOY); 2.47% of loans were in the foreclosure process at the end of 2008Q1 (up 1.19% YOY) (MBA). About 1.1 million homes are in foreclosure (CNN Money; NYT, 6-Jun-08).

Basking Ridge, NJ; Little Rock, AR - U.S. - Verizon Wireless to acquire Alltel Corporation in a cash merger; Verizon Wireless will acquire the equity of Alltel for about $5.9 billion; when Alltel’s projected net debt of $22.2 billion is included, the total value of the transaction is $28.1 billion (Verizon).

Paris; Stockholm - France; Sweden - France Telecom offered to buy the Swedish-Finnish phone company TeliaSonera for $42 billion (NYT, 6-Jun-08); the offer was rejected (Bloomberg; CNN Money-Dow Jones Newswires).

New York, NY - U.S. - The Dow Jones Industrial Average (DJIA) gained 213.97 points (1.73%), closing at 12,604.45 (DJ; Yahoo! Finance).

London - U.K. - The Bank of England’s Monetary Policy Committee decided to keep the official Bank Rate paid on commercial bank reserves unchanged at 5.0% (Bank of England).

Baghdad; Hawija - Iraq - Accidental truck explosion killed 18 people; 3 U.S. soldiers were also killed (AP; NYT).

6-Jun-08

Tokyo - Japan - Nobuo Tanaka, Executive Director of the International Energy Agency: “The world faces the daunting combination of surging energy demand, rising greenhouse gas emissions and tightening resources. A global energy technology revolution is both necessary and achievable; but it will be a tough challenge. . . Total additional investment needs in technology and deployment between now and 2050 would amount to USD 45 trillion, or 1.1% of average annual global GDP over the period” (IEA).

New York, NY - U.S. - Crude oil surged a record $10.75 to $138.54 on the New York Mercantile Exchange (NYMEX) (WSJ). (See also: Bloomberg; MarketWatch; BBC News; Al Jazeera-Al Jazeera-Agencies.)

New York, NY - U.S. - The Dow Jones Industrial Average (DJIA) lost 394.64 points (-3.13%), closing at 12,209.81 (DJ; Yahoo! Finance).

Moratuwa; Kandy - Sri Lanka - 2 blasts targeting civilians killed at least 23 people; LTTE militants are suspected (AP). (See also: Press Trust of India; BBC News; Al Jazeera-Al Jazeera-Agencies.)

Cap Djinet - Algeria - Bomb attack killed 6 Algerians troops; "Islamic militants" were blamed (Al Jazeera-Agencies).