Italy speaker refuses to resign, deepens crisis

Italy speaker refuses to resign, deepens crisis

Italy speaker refuses to resign, deepens crisis

Posted: 30 Jul 2010 10:36 AM PDT

ROME (Reuters) - The influential speaker of Italy's lower house refused to step down on Friday after being censured by his own party, and said his supporters could vote against the government of former ally Prime Minister Silvio Berlusconi.


U.N. rights body tells Israel to end Gaza blockade

Posted: 30 Jul 2010 10:36 AM PDT

GENEVA (Reuters) - Israel must lift its military blockade of the Gaza Strip and invite an independent, fact-finding mission to investigate its raid on a Gaza-bound aid flotilla, a United Nations rights body said on Friday.


UK former deputy PM doubted Iraq WMD intelligence

Posted: 30 Jul 2010 09:46 AM PDT

LONDON (Reuters) - Britain's deputy prime minister at the time of the 2003 invasion of Iraq said on Friday he had doubts about intelligence that Saddam Hussein possessed weapons of mass destruction, describing some of it as "tittle tattle".


Italy speaker refuses to resign, deepens crisis

Posted: 30 Jul 2010 09:46 AM PDT

ROME (Reuters) - The influential speaker of Italy's lower house refused to step down on Friday after being censured by his own party, and said his supporters could vote against the government of former ally Prime Minister Silvio Berlusconi.


BP to set aside $100 mln for unemployed rig workers

Posted: 30 Jul 2010 09:46 AM PDT

HOUSTON (Reuters) - BP Plc said on Friday it will establish a $100 million fund to help drilling rig workers in the Gulf of Mexico who are unemployed as a result of the company's oil leak.


France's Sarkozy cracks down on crime, immigrants

Posted: 30 Jul 2010 09:46 AM PDT

GRENOBLE/PARIS (Reuters) - President Nicolas Sarkozy proposed tough measures on Friday to fight crime, delinquency and illegal immigration as he looks to shore up his support amid scandals and low ratings ahead of 2012 elections.


Wildfires sweeping Russia kill at least 25

Posted: 30 Jul 2010 09:46 AM PDT

MASLOVKA, Russia (Reuters) - Forest fires sweeping across European Russia on Friday killed at least 25 people and forced the evacuation of thousands in the hottest weather since records began 130 years ago.


U.S. embassy Paris says mail in scare seems harmless

Posted: 30 Jul 2010 09:46 AM PDT

PARIS (Reuters) - Two employees of the U.S. Embassy in Paris were examined for possible poisoning on Friday after handling a suspicious envelope, but preliminary results indicated it was not harmful, the embassy said.


Canadian serial killer Pickton denied new trial

Posted: 30 Jul 2010 09:46 AM PDT

VANCOUVER (Reuters) - Canada's highest court refused on Friday to grant a new trial for serial killer Robert "Willie" Pickton, who was convicted of killing drug addicts and prostitutes and butchering their remains at his pig farm.


French police question Bettencourt's wealth manager

Posted: 30 Jul 2010 09:46 AM PDT

PARIS (Reuters) - The wealth manager of France's richest woman was again detained for questioning on Friday as part of an investigation into political donations and suspected tax evasion and money laundering, his lawyer said.


U.N. rights body tells Israel to end Gaza blockade

Posted: 30 Jul 2010 09:46 AM PDT

GENEVA (Reuters) - Israel must lift its military blockade of the Gaza Strip and invite an independent, fact-finding mission to investigate its raid on a Gaza-bound aid flotilla, a United Nations rights body said on Friday.


HK consortium offers US$9b for British power network

Posted: 30 Jul 2010 08:45 AM PDT

PARIS: A consortium led by Hong Kong's richest man Li Ka-shing has made a US$9 billion (US$1 = RM3.19) "irrevocable" offer to take over the British power distribution network of French electricity giant EDF, the French company said yesterday. If completed, the deal would be the biggest by a Hong Kong entity in Britain. EDF Energy, the largest electricity supplier in Britain, is owned by EDF, the state-controlled French giant which said in October it had put its three distribution grids up for sale as it tries to reduce debt. EDF group is Europe's biggest electricity producer. The Hong Kong consortium beat rival offers from a British energy firm and Canadian-Australian-Abu Dhabi consortium, a source close to the deal was quoted as saying by the Dow Jones news wire. An EDF statement said said it had received "an irrevocable offer from a consortium consisting of Cheung Kong Infrastructure Holdings Ltd (CKI), Hongkong Electric Holdings Ltd (HEH) and the Li Ka-Shing Foundation (the Cheung Kong group) to acquire 100 per cent of EDF Energy plc's ownership in its UK regulated and non-regulated network activities". It said the offer was made up of "equity consideration" of STG3.2 billion (STG1 = RM4.97) and amounted to STG5.8 billion when debt was assumed. EDF said it had granted the Cheung Kong group a period of exclusivity for the deal. "Starting immediately, EDF group expects to finalise with the Cheung Kong group its industrial project and to negotiate a partnership agreement for commercial cooperation in the UK market." EDF group will announce details of the partnership accord in early September, the statement said, and then submit the offer to its board for final acceptance. The deal also needs regulatory approval from the European Union, British government and the boards of the Hong Kong groups. The Hong Kong consortium beat rival bids from Scottish and Southern Energy and a consortium comprising the Abu Dhabi Investment Authority, Macquarie Capital and Canada Pension Plan, the source quoted by Dow Jones said said. Li, 81, is East Asia's richest businessman, with a fortune estimated by Forbes magazine this year at US$21 billion. He oversees two Hong Kong conglomerates, Cheung Kong Group and Hutchison Whampoa Ltd, with stakes in Hong Kong real estate and power generation, Russian aluminium producer Rusal and Canada's Husky Energy. He also has interests in New Zealand, Australia and Canada. The French state owns 85 per cent of the EDF group, which operates France's 58 nuclear reactors, the world's biggest network of atomic power plants. EDF yesterday reported a 47 per cent dive in mid-year profits to €1.66 billion (€1 = RM4.16), down from €3.1 billion in the first half of 2009. - AFP, AP


Samsung warns of slower growth after record Q2

Posted: 30 Jul 2010 08:35 AM PDT

SEOUL: Samsung's quarterly profit surged to a record high as sales of semiconductors, flat panels and TVs climbed, but the electronics giant warned that intensifying competition in areas like mobile phones could dent earnings in coming quarters. The world's largest maker of computer memory chips, flat screen TVs and liquid crystal displays booked net profit of 4.28 trillion won, or US$3.6 billion, in the second quarter ended June 30, it said yesterday in a regulatory filing. That was up 83 per cent from 2.33 trillion won profit a year earlier. But Samsung's head of investor relations Robert Yi warned of possible difficulties for the South Korean company in continuing to rack up the kinds of profits it enjoyed in the second quarter. "With intensified competition throughout the digital media and mobile industries going forward, it may become a challenge to maintain current profitability levels," he said in a statement. Despite its success over the past decade and a half in becoming a top global brand with a reputation for quality, Samsung has yet to come up with the kind of mega-hit product - such as Sony's Walkman or Apple Inc's iPod and iPhone - that raises its creator to icon status. In late June, Samsung introduced a new premium smartphone - the Galaxy S - in South Korea and has sold over 500,000 so far, according to company spokesman Jason Kim. Widely seen as Samsung's answer to the iPhone, it is also on sale globally, but Kim could not immediately say how many have been sold. Samsung said its earnings were driven by surging profitability in its semiconductor and LCD businesses, though it reported operating profit declines in digital media - which includes televisions and digital home appliances - and telecommunications, which includes mobile phones. Samsung manufactures both consumer electronics devices such as flat screen televisions and mobile phones as well as key components. Aside from its dominance in chips, LCDs and flat screen TVs, Samsung Electronics Co ranks No. 2 in mobile phones behind Finland's Nokia Corp. The Suwon, South Korea-based company said quarterly revenue totalled 37.89 trillion won, 17 per cent higher than 32.51 trillion won last year. "Our component businesses performed very strongly, yet it was a more challenging quarter for our set businesses," said Yi. Set businesses refer to products such as televisions, appliances and phones. Continuing strong demand combined with supply constraints for computer memory chips helped boost prices, Samsung said. Demand for flash memory chips, meanwhile, was driven by new applications such as for smart phones and tablet computers. - AP


British Airways loss widens

Posted: 30 Jul 2010 08:46 AM PDT

LONDON: British Airways (BA) said yesterday its net losses widened to STG122 million (STG1 = RM4.97) in its first quarter as strike action and the volcanic ash cloud grounded flights but insisted it was set to break even. BA said losses after tax rose 15 per cent to the equivalent of €146 million (€1 = RM4.16) in the three months to June compared with a year earlier. "Despite both revenues and cost being hit by the closure of UK airspace following the Icelandic volcanic eruption and the impact of industrial action, our financial performance improved during the quarter from underlying revenue increases and further cost reductions," BA CEO Willie Walsh said. British Airways said that its revenue fell 2.3 per cent to STG1.94 billion in its first quarter, while pre-tax losses rose almost 11 per cent to STG164 million. BA, which suffered record annual losses in 2009/10 on slumping sales amid the severe economic downturn, was hit at the start of its trading year by the ash cloud chaos and a bitter row with cabin crew over pay and perks. - AFP


Carrefour's assets attractrival's interest

Posted: 30 Jul 2010 09:44 AM PDT

SINGAPORE: French retailer Casino has hired Deutsche Bank and RBS to advise it on a potential bid for Carrefour's Malaysia, Singapore and Thailand assets, two sources said. Carrefour has put up its Southeast Asian assets for sale at a potential price of US$1 billion (RM3.19 billion), according to sources with knowledge of the deal. It wants to sell its units in Malaysia, Singapore and Thailand and focus on core markets where it holds leading positions. Casino "is serious about" bidding for the Carrefour business, said one of the sources with knowledge of the deal. The sources asked not to be named because the deal is not public. Casino Group, Deutsche and RBS declined to comment. Casino is France's fifth-ranked food retailer behind Carrefour, Leclerc, Intermarche and Auchan. On Thursday, Casino posted forecast-beating first-half profits and kept its 2010 financial goals as strength in emerging markets like Brazil offset weakness at home. First-round bids for the Carrefour assets are due in early September, sources familiar with the deal said. Leading Thai conglomerate Berli Jucker said earlier this month it was keen to bid for Carrefour's Southeast Asian operations. Casino owns 36 per cent in Thailand's Big C Supercentre chain, the country's second-largest hypermarket operator in terms of the number of stores after British-owned Tesco Lotus. As of December 31 2009, Big C had 97 stores in Thailand. Singapore-listed Dairy Farm, which owns Cold Storage and Giant superstores in Singapore and Malaysia, and Britain's Tesco are also seen as potential bidders, sources said. Tesco and Dairy Farm have declined to comment. Goldman Sachs and UBS are advising Carrefour on the deal, sources said. - Reuters


'China oil spill ranks among worst in history'

Posted: 30 Jul 2010 12:43 AM PDT

By Allison Jackson

BEIJING: An oil spill in northeastern China may have been about 60 times bigger than the government reported, making it among the world's worst known oil disasters, an environmental group said today.

Greenpeace said 60,000-90,000 tonnes of crude, or between 430,000 and 650,000 barrels, may have poured into the Yellow Sea after two pipelines exploded at an oil storage depot in the port of Dalian on July 16.

That figure dwarfs official estimates of 1,500 tonnes spilled.

"It's one of the 30 largest oil spills in human history," said Richard Steiner, a marine conservationist with the University of Alaska and an adviser to Greenpeace.

"If our estimates are correct, it is certainly larger than the Exxon Valdez spill in Alaska in 1989," Steiner told a news conference.

The Exxon Valdez spilled 271,000 barrels after running aground in Prince William Sound in Alaska, affecting 1,770km (1,100 miles) of coastline.

Steiner said it could take the environment along the coastline of Liaoning province around 10 years, or even longer, to recover from the disaster.

Official estimates said the spill covered more than 435 sq km (170 sq miles) of water, but one Chinese media report last week said the slick had spread to 946 sq km.

Steiner, who spent one and a half days in Dalian assessing the spill, said the lack of adequate aerial surveillance meant no one really knew the extent of the slick, even suggesting it could have reached North Korea by now.

Lack of data

Greenpeace admitted its estimates could be off by 50% -- either higher or lower -- because of the lack of reliable data from the government and oil companies.

China said on Monday -- 10 days after the accident -- that the oil spill had been successfully controlled, as operations at Dalian port returned to normal.

Mayor Li Wancai said authorities had achieved a "decisive victory" in the battle to contain the spill, after mobilising 41 oil-skimming vessels, 1,200 fishing boats and oil-eating bacteria, the state-run Dalian Daily reported.

Oil sludge in the sea has mostly been cleaned and the spill has not spread to international waters, the report said.

However, Steiner said there was still oil in the water and on beaches and clean-up efforts would need to continue throughout August and even into the autumn.

Steiner said the discrepancy between the estimates provided by authorities and Greenpeace on the size of the spill was not unusual, with governments and oil companies often understating the size and severity of spills.

However, "the severity of the discrepancy (in China) is unusual", said the expert, who also has spent time in the Gulf of Mexico monitoring the BP disaster.

Greenpeace said it based its estimate on the size of the storage tank that exploded and the amount of oil recovered by thousands of fisherman deployed to help clean up the spill, many using only their bare hands.

A tank containing 90,000 tonnes of crude collapsed after the explosion, with some of the oil burning in the subsequent blaze while the rest spilled into the sea, Greenpeace said.

Oil from another five tanks was deliberately released into the ocean to contain the fire and prevent a nearby tank containing the dangerous chemical dimethylbenzene from exploding, it said.

Greenpeace said the design of the crude storage facility was flawed and had exacerbated the size of the spill.

The economic impact on the local tourism and fishing industry would be "significant", said Steiner, estimating the fishing industry would lose US$50 million to US$100 million this year alone.

The BP oil spill -- triggered by an April 20 explosion on a rig off the coast of Louisiana -- has resulted in three to 5.2 million barrels of oil gushing into the Gulf of Mexico.

It is likely that the disaster is the worst accidental oil spill in history.

- AFP

Deadly forest fires ravage Russia

Posted: 30 Jul 2010 08:49 AM PDT

Wild fires have continued to rage in central and western Russia, with more than 20 people now reported to have died.


Susilo urges police to be firm in religious dispute

Posted: 30 Jul 2010 06:10 AM PDT

JAKARTA, July 30: President Susilo Bambang Yudhoyono has instructed the National Police to be strict in handling disputes surrounding the call to disband Islamic sect Jamaah Ahmadiyah in Kuningan regency, West Java, a minister said on Friday.

US envoys to tour Asia for anti-Iran campaign

Posted: 30 Jul 2010 05:55 AM PDT

WASHINGTON, July 30: The United States is planning to dispatch envoys to China and other Asian countries in its ongoing efforts to garner support for further sanctions against Iran, a US official says.

UK former deputy PM doubted Iraq WMD intelligence

Posted: 30 Jul 2010 08:20 AM PDT

LONDON (Reuters) - Britain's deputy prime minister at the time of the 2003 invasion of Iraq said on Friday he had doubts about intelligence that Saddam Hussein possessed weapons of mass destruction, describing some of it as "tittle tattle".


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