Here is the Tuesday, August 5th, 2008 edition of what is making news and interesting reads from around the world.
Philippine Accord on Mindanao Halted
The Supreme Court of the Philippines prevented the signing of a territorial accord between the state and Mindanao Islamic Liberation Front (MILF), an Islamic rebel group that has been fighting to establish an independent state for decades. The accord would have expanded an Islamic homeland on the southern island of Mindanao. Opponents had called the deal unconstitutional. More from the Christian Science Monitor. Shortly after the accord was halted, the MILF resumed its terrorist attacks. More on this from Agence France Presse.
Korea’s Terms of Trade Worsen
Korea’s real trade loss hit an all-time high of 54.9 trillion won ($54 billion) in the first half, reflecting worsening terms of trade, data by the Bank of Korea showed yesterday. According to the central bank, this implies the economy lost real income equal to 54.9 trillion won in the first half, based on the condition that trade terms had remained the same as 2000, the base year. Due to worsening terms of trade in Asia’s fourth-largest economy, the real trade loss showed a sliding trend from 12.6 trillion won in the first half of 2004 to 37.1 trillion won posted in the first half of 2007. More from the Korea Herald. In international economics and international trade, terms of trade or TOT is the relative prices of a country’s export to import. An improvement in a nation’s terms of trade is good for that country in the sense that it has to pay less for the products it imports, that is, it has to give up fewer exports for the imports it receives. The culprit in Korea’s case is likely higher energy prices.
Unemployment in Spain at a Ten Year High
The number of registered jobless in Spain hit a ten year high in July as consumer confidence fell to a record low. That prompted Spain’s economy minister to say he couldn’t rule out the country falling into recession. The number of people claiming unemployment benefit rose for the fourth straight month. The total – 2.43 million – is 23% higher than July last year. At the same time, the Spanish consumer confidence index, which is calculated by the country’s official credit institute, fell to 46.3. One year ago, it was at 92.5. The full report from Euro News.
Criticism in the Comoros over the Government’s Relationship with Iran
Last year, the government of the Comoros, an island nation in the Straits of Madagscar, cancelled its oil supply with Total, the French energy gaint, and switched to a deal with Iran. That move has sparked growing outrage over acute fuel shortages across the Indian Ocean archipelago. More from IAfrica.
Italian Military Put on Crime Patrols
Soldiers were deployed throughout Italy on Monday to embassies, subway and railway stations, as part of broader government measures to fight violent crime here for which illegal immigrants are broadly blamed. The full story in the New York Times.
“A Veritable Civil War in Brazil’s Amazon
Deep in the northernmost reaches of the Amazon jungle, a land conflict between rice farmers and a handful of Indian tribes has turned so violent that the country’s Supreme Court warns it could escalate into civil war. The court is expected to decide in August if the government can keep evicting rice farmers from a 4.2 million acre Indian reservation decreed by President Luiz Inácio Lula da Silva in 2005. The evictions were stopped in April when rice farmers started burning bridges and blockading roads, and justices said they feared a “veritable civil war.” More from the Miami Herald.
Top Aide to Syrian President Assassinated
This story broke last Friday when it occurred but the source was an Arab language newspaper from Beirut. Now the UK Guardian is reporting that the bizarre and rather mysterious assassination of a top Syrian army officer and right-hand man to President Bashar al-Assad is triggering intense speculation about a crisis inside the Damascus regime over its complex relations with Iran, Hizbollah and Israel.
According to one report, the seaside murder of Brigadier-General Muhammad Suleiman was perpetrated by a sniper firing from a yacht moored offshore.
Suleiman was described by Syrian officials as dealing with defence and security issues in Assad’s private office. Israeli and Syrian opposition sources claimed he worked as “liaison” with the Iranian-backed Lebanese group Hizbullah, Israel’s sworn enemy.
Suleiman, 49, was killed on a beach near the Syrian resort of Tartous on Friday.
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