Somali MP gunned down in capital
Filed under: Latest, Politics News — Tags: capital, government, guerrilla, gunmen, Hussein, Islamic, January, killed, militants, Mogadishu, Mohamed, MP, politician, Somali, suicide, U.N — expressyoureself @ 9:11 pm
A Somali politician has been killed by gunmen in the capital, Mogadishu, the government has confirmed.
Mohamed Hussein Addow's killing is the third of a high-profile public figure in as many days.
A suicide attack killed the country's security minister and 34 others a day earlier in Beledweyne, in the north.
Mogadishu's police commander was also killed this week. Pro-government forces have been fighting radical Islamist guerrillas in the city since 7 May.
Friday's fighting happened in the Karen district of northern Mogadishu – the area Mr Addow represented.
Earlier, the funeral of Security Minister Omar Hashi Aden was held.
He was an outspoken critic of al-Shabab, the militant Islamist group which said it carried out Thursday's suicide attack.
A combined force of radical Islamic militants, including al-Shabab, which is accused of links to al-Qaeda, has been trying to topple the fragile UN-backed government for three years.
A moderate Islamist president took office in Somalia in January but even his introduction of Sharia law to the strongly Muslim country has not appeased the guerrillas.
US lenders 'face state takeover'
Filed under: Business News, Latest, Politics News — Tags: April, Barack, barack obama, Barney, Barney Frank, Business, chairman of the House Financial Services Committee, Congress, Democratic, Democratic Party candidate, Fannie Mae, financial crisis, financial system, firms, Frank, Freddie Mac, government, Henry, Henry Paulson, homeowners, John, john mccain, June, management, McCain, Media, New York, New York Times, news, news conference, Northern Rock, Obama, Paulson, payments, politician, protect taxpayers, reports, Rescue, senior politician, shareholders, shareholders and management of Fannie Mae and Freddie M, stock, taxpayers, The New York Times, The Wall Street Journal, Treasury Secretary, Treasury Secretary Henry Paulson, UK, UK economy, US, US government, US housing market, US lenders, US lenders 'face state takeover', US mortgage, US presidency, Wall Street, Wall Street Journal — expressyoureself @ 4:28 pm
US mortgage giants Freddie Mac and Fannie Mae are set to be put under government control in an attempt to rescue the firms, media reports say.
Treasury Secretary Henry Paulson will outline government plans at a news conference at 1100 (1600 BST).
The move to shore up the shareholder-owned firms, which hold or guarantee half the US mortgage debt, would be the US's largest ever financial bail-out.
In July, Congress approved a plan aimed
at offering them more liquidity.
This followed huge losses by the two firms as result of a big increase in defaults and repossessions in the US housing market.
'Management told'
On Saturday, a senior politician, Barney Frank, chairman of the House Financial Services Committee, said US Treasury Secretary Henry Paulson had told him the government would use its powers to ensure the continued and stable functioning of the companies.
The Washington Post, quoting senior administration sources, said the firms would be put under a legal status known as "conservatorship" which would greatly reduce the value of the two companies' common stock.
This is an event of profound significance for the global economy
BBC Business Editor Robert Peston
Other securities – including company debt and preferred shares – would be guaranteed by the government, the paper added.
The New York Times reported that senior executives at Freddie Mac and Fannie Mae were informed about the plan on Friday.
The Wall Street Journal said it would include changes in the top management.
There would also be quarterly infusions of cash to keep both firms afloat, the papers say. The total cost to taxpayers is not known but could amount to billions of dollars, they add.
The government was being forced to step in because it was dangerous for the US economy for doubts to persist about the two firms' viability.
Struggling homeowners
Government control over larger portions of the economy can only end badly
TB, US
The two contenders for the US presidency, Barack Obama and John McCain, have been briefed on the takeover by Mr Paulson.
"We've got to keep people in their homes," said the Republican candidate, John McCain.
"There's got to be restructuring, there's got to be reorganisation, and there's got to be some confidence that we've stopped this downward spiral," he added, saying that the takeover of Fannie Mae and Freddie Mac must not benefit executives at the two companies.
The Democratic Party candidate, Barack Obama, said any action should be focused "on whether it will strengthen our economy and help struggling homeowners".
"We must not allow government intervention to protect investors and speculators who relied on the government to reap massive profits," he said, adding "we must protect taxpayers, not bail out the shareholders and management of Fannie Mae and Freddie Mac".
On Friday, America's Mortgage Bankers Association reported that at the end of June, about four million homeowners with a mortgage – representing a record 9% – either were behind in their payments or faced repossession.
In the past year, the financial crisis has taken a heavy toll on both Fannie Mae and Freddie Mac.
The country's two largest buyers and backers of mortgages lost a combined $3.1bn between April and June.
Both companies say they have the resources to weather the losses, but their shares have fallen sharply on fears that they could go bankrupt as borrowers default.
The rescue plan passed by Congress in July gave the US government the authority to buy shares and offer liquidity to companies to keep them afloat.
Many analysts believe their collapse would be a major shock to the already fragile global financial system.
Together, the two firms own or guarantee about $5.3 trillion worth of home loans – about half the outstanding mortgages in the US.
That is about 25 times as big as the obligations of Northern Rock – which was nationalised by the UK government earlier this year, and twice the size of the UK economy.
Obama sets out to sell his vision
Filed under: Latest — Tags: Add new tag, America, Americans, anniversary of Martin Luther King Jr's, Arkansas, Arkansas governor, background, barack obama, Bill Clinton, Bill Clinton's speech, Boston, Broncos, campaign, career, Clinton, Convention Hall, delegates, Democratic candidate, Democratic nomination, Democrats, Denver, Denver Broncos Football team, experience, football, Football team, Governor, Hillary, Hillary Clinton, history, history-making Obama phenomenon, Invesco Field, Joe Biden, John Kerry, john mccain, judgment, Kerry, Martin Luther King, Martin Luther King Jr's, McCain, national convention, New Hampshire, New York, Obama, politician, primary campaign, public, Republican, republican john mccain, Republican rival, seater Invesco Field, Senator Clinton, Senator Obama, speech, US, US Senate, vision — expressyoureself @ 11:50 am
Barack Obama has a hard act to follow at this convention: himself.
Barack Obama faces a career-defining moment
Four years ago, when Democrats gathered for their national convention in Boston to nominate John Kerry, the then-US Senate candidate made a much-lauded, career-defining speech. His message of a unified America, coming from the mouth of a young, mixed-race politician, marked the effective launch of the history-making Obama phenomenon.
It also brings a level of expectation ahead of his speech on Thursday, which the last Democratic candidate, who went on to become president, did not have to face.
When nominee Bill Clinton spoke at the 1992 Convention in New York, it was four years after he had made a convention speech that was widely seen (including by Clinton, himself) as rather long-winded and boring.
He did not repeat his mistake. With his "I still believe in a place called Hope" speech, the Arkansas governor defined himself in a way that resonated with the country at large.
Weight of history
Barack Obama needs to do something similar. With opinion polls placing him in a tight race with Republican John McCain and suggesting that sections of the public still do not have a clear impression of who he is, his goal is to come out of the week having defined himself as someone whom Americans can feel comfortable about as a leader.
He needs to sell his vision, his experience and his unconventional background.
Mr Obama must unite the Democrats behind his campaign
He will be selling that vision of himself on an auspicious date: the 45th anniversary of Martin Luther King Jr's "I have a dream" speech.
But, while that may add to the weight of history on his shoulders, the location of his speech represents a break with history.
Obama will not accept the nomination in the Convention Hall, but at the 70,000-seater Invesco Field, home of the Denver Broncos Football team. This will provide a unique spectacle, but it also presents a certain danger of perception for a candidate who – since securing the Democratic nomination in June – has faced accusations of being too presumptuous about his chances of winning the November election.
Clinton tensions
And while the 1992 Clinton experience offers him a something of a blueprint for success, the 2008 Clinton presence, on the other hand, presents him with potential pitfalls.
Both Hillary and Bill Clinton will be speaking at the Convention. Their performances – on Tuesday and Wednesday respectively – will be watched closely for signs of party disunity, that could harm not only Barack Obama's chances, but those of Democrats running for Congress in November.
Despite a joint appearance with Senator Obama in Unity, New Hampshire earlier this summer, Hillary Clinton is still dogged by questions about her level of support for the man who narrowly beat her to the nomination. Many of her supporters are still unhappy about the manner of her defeat. There is also concern that she was not seriously considered for the position of running mate, which Senator Joe Biden has secured.
Observers will be closely watching Bill Clinton's mood
By allowing Senator Clinton's delegates to participate in a formal nominating roll call vote – recognising the historical nature of her campaign – the Obama team hopes to defuse some of the remaining tensions and shore up the support of the millions who voted for the former First Lady. Neither outcome is a foregone conclusion.
John McCain's campaign is doing its mischievous best to stir things up: releasing an advert, showing Hillary Clinton asking some of the same questions about Barack Obama's experience and judgment during the primary campaign which they are asking now.
But, perhaps, it is Bill Clinton's speech that will be the most closely dissected; both for its words and for the body language of the man delivering it. By his silence, the former president has given the impression that he is still sulking about Obama's victory over his wife.
Many Convention-goers will be looking for him to swallow his pride and give the sort of full-throated endorsement of the party's nominee, that will sway Democrats flirting with John McCain, and help to repair some of the damage done to President Clinton's own reputation during the primaries.
As he effectively hands over the role of party leader to a younger man, he can still play the role of party healer.
How to measure the success of this? The time-honoured tradition has been to look at the "convention bounce" – the boost in the opinion polls which a candidate gains from his moment engulfed in balloons and ticker tape. Bill Clinton, for example, got one in 1992 and never relinquished his lead over George H W Bush.
Time is not Barack Obama's side, though. No sooner has the Democratic Convention finished, than the Republicans meet in St Paul, Minnesota.
So the onus is on Senator Obama to make the most of his time in the spotlight, before the spotlight quickly turns to his Republican rival, John McCain.
Red Cross probes emblem 'misuse'
Filed under: Latest — Tags: aid, aid workers, Alvaro Uribe, Colombia, Colombian, Committee, concern, Defence Minister Juan Manuel Santo, Dominik Stillhart, emblem, Farc, Farc guerrillas, footage, General Padilla, Geneva, Geneva Conventions, government, grave, hostages, ICRC, Ingrid Betancourt, international, military, misuse, operation, Padilla, politician, President, rebel, Red Cross, Revolutionary Armed Forces, shown, symbol, TV, uan Manuel Santos — expressyoureself @ 2:42 am
Misuse of the symbol undermines Red Cross neutrality
The International Committee of the Red Cross has voiced grave concern over what it says is Colombia's apparent "deliberate misuse" of its symbol.
The ICRC said it had seen video footage that suggested the emblem was used deliberately in July's military mission to free 15 hostages from rebel hands.
The government has apologised to the ICRC but also condemned the leak of the military video to Colombian TV.
Intentional misuse of the symbol would be a breach of the Geneva Conventions.
The Geneva-based ICRC says the footage shown on Colombian TV on Monday indicates that the emblem was being used before the operation to free the hostages from Farc guerrillas had even begun, indicating intentional misuse.
"If authenticated, these images would clearly establish an improper use of the Red Cross emblem, which we deplore," said ICRC deputy director of operations Dominik Stillhart.
Mr Stillhart said they were seeking further clarification from the Colombian government.
'Nervous soldier'
Rescuers tricked rebels into releasing French-Colombian politician Ingrid Betancourt and the other hostages by posing as international aid workers.
Colombian President Alvaro Uribe subsequently acknowledged that a Red Cross symbol was worn by a member of the military taking part in the 2 July rescue mission.
The leak of the video could amount to treason, the defence minister says
Mr Uribe said he had apologised to the Red Cross for the error, which he said had been made by a nervous soldier acting against orders.
Speaking on Tuesday, after the video was shown on Colombian TV, Defence Minister Juan Manuel Santos apologised again to the ICRC.
"The emblem…was used from the beginning of the operation. We are very sorry that this has happened. But the government, the president and (armed forces chief) General Padilla said the truth that we knew at the time," Mr Santos said.
But Mr Santos also condemned the leak of the video, saying those responsible had been identified and would be punished.
"This video contains material that was leaked by members of the security forces, from our army. This leak was a product of disloyalty, possibly corruption or even treason because it puts at risk the lives of people who are dedicated to defending the fatherland," he said.
The Colombian government has said the rescue was the result of long preparation, eavesdropping on rebel communications and deception of guerrillas on the ground, allowing the hostages to be liberated without loss of life.
Officials also stressed how the mission had been carried out without loss of life.
Falsely portraying military personnel as Red Cross workers is against the Geneva Conventions because it could put humanitarian workers at risk when carrying out missions in war zones.
It also undermines the neutrality of the Red Cross.
At the end of July, Farc guerrillas handed eight people they had kidnapped the week before to ICRC representatives, suggesting the rebels have not lost faith in the humanitarian organisation, correspondents say.
The Revolutionary Armed Forces of Colombia (Farc) have been fighting the Colombian state for more than four decades and are believed to still hold several hundred hostages.