Here is the Thursday, October 2nd, 2008 edition of what’s making news and interesting reads from around the world. Also please note that off to the left there are two widgets with updates on news from Asia and the world in a separate page: Around Asia & Around the World New Feeds.
US Senate Passes Financial Rescue Plan
The U.S. Senate passed a $700 billion financial-market rescue package loaded with inducements for the House of Representatives to approve the measure, following the House’s rejection of an earlier version. The legislation, approved last night on a 74-25 vote, authorizes the government to buy troubled assets from financial institutions rocked by record home foreclosures. It contains two provisions favored by House Republicans: One raises the limit on federal bank-deposit insurance; the other reiterates the authority of securities regulators to suspend asset-valuing rules that corporate executives blame for fueling the crisis. More from the Washington Post and from the New York Times.
Bradford & Bingley Rescue Approved by the EU
The European Commission has given the go ahead for a British government rescue plan for the UK mortgage-lender Bradford & Bingley saying it does meet EU state aid rules. It is all part of the European efforts to limit the spread of the financial crisis. And amid all the gloom and fear some believe some good could come out of all this. Business expert Fabrizio Petrucci explained: “The European banking system, and particularly that of the euro zone is much more solid than the system in the US, Britain and Switzerland. I believe that right now the euro zone banks have a great opportunity, not only to withstand this crisis but also to become world leaders. The problem it is that right now we don’t really know what the European banks have on their balance sheets.” More from Euro News.
US Senate Approves US-India Nuclear Deal
The US Senate last night approved a historic agreement that opens up nuclear trade with India for the first time since New Delhi conducted a nuclear test three decades ago, giving the Bush administration a significant foreign policy achievement in its final months. Details from the Washington Post.
Cuba Enacts Price Freeze
Havana’s farmers markets reacted Tuesday with empty shelves, stalls without any supplies, and predictions that the situation “is going to get a lot worse,” after the decision by Cuba’s communist government to crack down on price increases. More from the Miami Herald.
Study: Iraq War Costs
The 190,000 contractors in Iraq and neighboring countries, from cooks to truck drivers, have cost US taxpayers US$100 billion from the start of the war through the end of 2008, a new US government study says. Yet while it costs half a million dollars per year to maintain a Blackwater professional armed guard, it costs exactly the same to keep one sergeant in combat in Iraq. More from the Asia Times.
Profile of David Cameron — Britain’s PM in Waiting
David Cameron, the leader of Britain’s Conservatives, has radically modernized his party and is leading in opinion polls. But if he succeeds in ousting New Labour to set up residence in Downing Street will he be able to deliver on all his promises? Der Spiegel profiles the leader of the British Conservative Party.
HIV Virus Older than Previously Thought
Genetic analysis of tissue specimen recently discovered in the Democratic Republic of the Congo leads researchers to believe the virus that causes AIDS has been present for more than a century. More from the Los Angeles Times.
Dollar Gains More Ground on Euro
The dollar rose through $1.40 against the euro for the first time in three weeks on Wednesday as hopes were raised that the US government would push through its bail-out of the financial system. More from the Financial Times.
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