Global News (02/11/09)

The Vatican claims Darwin’s theory of evolution is compatible with Christianity (Telegraph):
The Vatican has admitted that Charles Darwin’s theory of evolution should not have been dismissed and claimed it is compatible with the Christian view of Creation.

Strip-Club Chief Is What Obama Could Afford With Bank-Pay Limit (Bloomberg):
The heads of the five biggest Wall Street firms took home more than $1 billion in the five years through 2007, according to data compiled by Bloomberg. On Wall Street, “$500,000 will get you someone five years out of Harvard Business School or a sixth-year associate at a major law firm,” Reda said. “It’s not going to get you a lot.”
(Those banksters will be happy if they can manifest their daily bread in the future.)

Top Four Merrill Bonus Recipients Got $121 Million (Bloomberg)

Fox News producer arrested for child pornography (Boston Herald)

Madoff’s Wife Withdrew $15.5 Million Before His Fraud Arrest (Bloomberg)

Pain Beam to Get Tougher, Smaller, More Powerful (Wired News):
The Pentagon’s pain beam weapon could get tougher, smaller, more powerful, and more mobile under a series of new research and development projects. And that could pave the way for the so-called “Active Denial System” to finally be sent to war.

Credit Suisse losses widen to SFr8bn (Financial Times)

Coca-Cola Enterprises Swings To Loss On $2.3 Billion Write-Down (CNN Money)

Banking inquisition intensifies after whistleblower allegations (Guardian)

European bank bail-out could push EU into crisis (Telegraph):
A bail-out of the toxic assets held by European banks’ could plunge the European Union into crisis, according to a confidential Brussels document.

Pimco’s Gross Sold U.S. Debt Last Month (Bloomberg)

Wholesale inventories plunge by most in 17 years (AP)

Nokia to ax 320 jobs, temporarily lay off 2500 (BusinessWeek)

Afghan Government Offices Targeted as Bombers Kill 26 (Bloomberg)

France says it protects jobs, not breaking EU rules (Reuters)

Gates orders review of ban on photos of coffins (AP)

Obama’s $20 Billion Stirs Secrets-for-Sale Health Record Clash (Bloomberg)

Obama Could Order More Troops to Afghanistan This Week (Voice of America)

US launches spy operation over North Korea (Times Online)

China will build special railway for Muslim pilgrims in Saudi Arabia (Telegraph)

Global warming is not our fault … it’s nature (Scotsman)

Dubai tanker bursts into flames after collision with container ship (Telegraph)

Global News (02/10/09)

US military develops anti-aircraft laser (Telegraph):
The Laser Avenger successfully shot down a series of unmanned aerial vehicles during recent tests and is being hailed as a revolutionary weapon for future warfare.

Chinese TV station sorry for accidentally burning down brand-new luxury hotel (Daily Mail)

RBS to axe 2300 jobs.. but still plans to pay out £1bn in bonuses to bankers (Daily Mail)

RBS slashes 2300 jobs (Scotsman):
‘The four ex-chiefs of Royal Bank of Scotland (RBS) and HBOS admitted to having no formal banking qualifications.’

Asian shares fall after President Obama says US faces ‘full-blown’ crisis (Telegraph)

Geithner unveils bank rescue plan (Los Angeles):
Treasury Secretary Timothy Geithner this morning unveiled the Obama administration’s $1.5-trillion-to-$2-trillion plan for stabilizing the nation’s malfunctioning financial markets, including a public-private partnership to boost lending, warning that the new strategy “will cost money, involve risk and take time.” (… the new strategy will fail, continue to loot taxpayers’, destroy the dollar and create the ‘Greatest Depression’.)

$2,000bn US bank clean-up (Financial Times):
US shares tumbled on Tuesday as investors gave a thumbs-down to plans by the Obama administration to deploy up to $2,000bn to clean up toxic assets in the financial system and restart credit markets.

New Bailout May Top $1.5 Trillion (Washington Post)

Senate backs Obama’s bank bailout as details of new $1.5trillion rescue deal are revealed (Daily Mail)

Treasury revamps financial rescue plan (Financial Times)

US Treasury plans to set up ‘aggregator bank’ to buy toxic assets (Guardian)

‘Top Brown adviser sacked and gagged me for warning banks were taking too many risks’, says whistleblower (Daily Mail):
One of Gordon Brown’s key advisers was today accused of sacking a whistleblower who warned banks were heading for disaster years before the financial meltdown.
Paul Moore, HBOS’s head of risk between 2002 and 2005, alleges he told directors as early as 2004 that the company was in danger of becoming out of control.
‘Anyone whose eyes were not blinded by money, power and pride’ would have realised problems were mounting for HBOS and the other high street banks, he said.

Czech PM attacks eurozone governments (Financial Times)

Europe ambushes Germany on debt bail-out (Telegraph)

UBS makes £11.3bn loss and axes another 2000 jobs (Guardian)

Temasek portfolio falls 31% (Financial Times):
Temasek Holdings, the Singapore state investment company, suffered a 31 per cent fall in the value of its portfolio from S$185bn ($123bn) to S$127bn in the eight months to the end of November last year, the government said on Tuesday.

Air freight drops as global trade siezes up (Telegraph)

Even elderly are facing eviction (Seattle Post Intelligencer)

Gordon Brown calls for World Bank and IMF reform (Telegraph)

Parents find cure for son’s ‘untreatable’ blood disorder (Telegraph):
(Western medicine is in most aspects so unbelievable backwards, especially if you know what is possible with alternative medicine.)

Bank chiefs admit buying ABN was a ‘bad mistake’ (Financial Times)

Bad economy forcing immigrants to reconsider US (CNN)

FBI Believed that Bombs Were Used on 9/11:
Following the massive terrorist attacks against New York and Washington, the FBI dedicated 7,000 of its 11,000 Special Agents and thousands of FBI support personnel to the PENTTBOM investigation. “PENTTBOM” is short for Pentagon, Twin Towers Bombing.

Global News (02/09/09)

GM, Chrysler May Face Bankruptcy to Protect US Debt (Bloomberg):
Feb. 9 (Bloomberg) — General Motors Corp. and Chrysler LLC may have to be forced into bankruptcy by the U.S. government to assure repayment of $17.4 billion in federal bailout loans, a course of action the automakers claim would destroy them.

Mafia millions buoying banks: UN (Calgary Herald):
VIENNA — Cash-rich Mafia groups have been channelling funds into banks desperate to survive the global credit crisis, the UN anti-crime chief said on Monday.

China fights drought with chemical cloud-seeding (AP)

Florida’s Crossroads of Foreclosure and Despair (New York Times)

France unveils €6bn auto sector bail-out (Financial Times)

Got the Treasury Bubble Blues? (Morningstar)

Overview: US bond yields climb amid oversupply fears (Financial Times):
US government bonds yields climbed to their highest levels for more than two months on Monday ahead of the Treasury’s record $67bn of issuance this week. “If the market chokes on this supply, it might not only mean higher yields but it could start to weigh on the dollar,” suggested Steve Barrow, currency strategist at Standard Bank.

No Safety In Treasuries (Forbes):
Investors flee U.S. government securities on fears about massive borrowing to repair the economy.

Latvia reports 10.5% contraction (Financial Times):
Latvia’s economy contracted at an annual rate of 10.5 per cent in the fourth quarter, raising fears it may be unable to stick to the conditions of its IMF rescue package.

Millions for charities hit by recession (Guardian):
£40m government aid contrasts with £500bn to bail out banks

Record 19 Million US Homes Stood Vacant in 2008 (Bloomberg)

US Army Lab Freezes Research on Dangerous Pathogens (Science Now):
The U.S. Army Medical Research Institute of Infectious Diseases has suspended research activities involving biological select agents and toxins. Army officials took the step on Friday after discovering apparent problems with the system of accounting for high-risk microbes and biomaterials at the Fort Detrick, Maryland, facility.

UK companies fear worst is still to come (Financial Times)

US using British atomic weapons factory for its nuclear programme (Guardian)

$9.3 bn drains from quant funds as volatility continues (Financial Times)

Netanyahu digs for election victory (Independent):
Benjamin Netanyahu, the Likud leader who is the favourite in what is expected to be a close electoral contest tomorrow, planted a eucalyptus tree in the occupied Golan Heights yesterday, demonstrating the uncompromising posture he intends to take towards Israel’s Arab neighbours.

Hamas declares victory in Gaza but vows to rearm against Israel (Telegraph)

Seminary ‘sacks holocaust denier bishop’ (Independent)

House Approves Whitelist of People Who Aren’t Terrorists (Wired News)

Ukraine pushes for loans to meet shortfall (Financial Times):
Ukraine has appealed for emergency loans from the world’s richest countries to help support its economy, which has been battered by the global financial crisis.

Job Losses in US Spreading to Workers With College Degrees (Bloomberg)

Over 200 Americans killed in Mexico since ’04 (MSNBC)

UK suppressed torture evidence to protect MI6 (The Age)

Analysis: Australia’s split weather system (Times Online)

Drug Made In Milk of Altered Goats Is Approved (Washington Post)

Genetic mapping of babies by 2019 will transform preventive medicine (Times Online)

A Protected Forest’s Fast Decline (Washington Post)

Global News (02/08/09)

President Blair: Former PM set to become EU chief as Sarkozy battles to win him the post (Daily Mail)

US warns of battle worse than Iraq in Afghanistan (AFP):
MUNICH, Germany (AFP) – The United States warned its allies Sunday that fighting the insurgency in Afghanistan could prove tougher than in Iraq and appealed, along with Britain, for more troops and equipment.

Obama’s NSC Will Get New Power (Washington Post)

Scottish politicians urge BBC to take Clarkson off air over Brown jibes (Guardian):
Scottish politicians today called for the Top Gear presenter Jeremy Clarkson to be taken off the air until he apologised for calling Gordon Brown a “one-eyed Scottish idiot”. The BBC presenter also accused the prime minster of lying.

Along With Everything Else Taxpayers Stuck With Billions In Losses (International Forecaster)

Bank of England to issue grimmest warning yet on economy (Guardian)

Vince Cable: ‘Bring back the guillotine…for bankers’ (Daily Mail)

US Treasury ‘overpaid’ $78bn in bank bailout (Telegraph):
The US Government overpaid $78 billion last year for stakes in troubled banks as part of its $700 billion bailout, the Congressional panel overseeing the rescue said.

Geithner Says US Financial System Remains ‘Badly Damanged’ (Wall Street Journal)

US Treasury to pump billions more into banks (Times Online)

Obama puts brake on Afghan surge (Times Online)

Netanyahu stokes fears to take poll lead (Times Online)

SCENARIOS-Here’s what happens next on US stimulus package (Reuters)

Massacres follow failed US-aided Uganda mission: report (Washington Post)

The rise and (almost) fall of America’s banks (AP)

Ecuador’s president orders US diplomat expelled (AP)

Report: More than 300,000 children ‘at risk’ in Israel (Haaretz)

FACTBOX: Where has the US bailout money gone? (Reuters)

Chrysler to idle four plants next week (Reuters)

NYPD officer caught in drug scandal takes plea, dishes on corrupt cops (New York Daily News)

84 killed in deadliest-ever Australian wildfires (AP)

Sharpton calls for justice outside Madoff’s home (Reuters):
NEW YORK (Reuters) – Saying Bernard Madoff enjoys a “gilded penthouse incarceration,” civil rights activist Al Sharpton led a rally outside the accused swindler’s Manhattan home on Saturday urging equal justice for the rich and poor.

Global News (02/07/09)

IMF Says Advanced Economies Already in Depression (Bloomberg):
Feb. 7 (Bloomberg) — Advanced economies are already in a “depression” and the financial crisis may deepen unless the banking system is fixed,International Monetary Fund Managing Director Dominique Strauss-Kahn said.
“The worst cannot be ruled out,” Strauss-Kahn said in Kuala Lumpur, where he was attending a gathering of central bankers from Southeast Asia. “There’s a lot of downside risk.”

We’re in denial: afraid to face up to the real causes of recession (Telegraph):
As Niall Ferguson, professor of history at Harvard University, wrote in the Financial Times: “The reality being repressed is that the western world is suffering a crisis of indebtedness.” In which case, pumping out yet more debt will not be the answer. It is simply a short-term fix that in the long-run creates an even bigger disaster, like giving a shivering alcoholic a case of Special Brew.
Dr Ros Altmann, a former adviser to Number 11, points out: “They punish those who actually did the right thing [savers], while benefiting the very groups (the banks in particular) whose actions caused this mess.”

Canada January job losses biggest on record (Reuters)

Barclays set to give big bonuses to bankers who scuttled Woolworths (Times Online)

Barack Obama’s army is mobilised in bid to save his recovery plan (Times Online):
It is the first occasion since November that the President has deployed the massed ranks of his volunteers. His campaign machine, now calling itself Organising for America, issued the mobilisation call last week to a database of 13 million supporters. Even among loyal troops some admit to harbouring doubts. Albert Ngoytz, in Des Moines, Iowa said: “We worked so hard to beat Hillary but we don’t understand why all these Clintonian people got the top jobs.”
(Obama is a puppet of the elite, thats why: Obama: Trilateral Commission Endgame. The U.S. is still suffering from ‘Hopenosis’, but it’s soon all over.)

Obama pushes stimulus plan while GOP pushes back (AP):
WASHINGTON (AP) — President Barack Obama on Saturday championed his economic stimulus plan as “absolutely necessary” — if imperfect — while Senate Republicans dug in against an $827 billion measure they said hadn’t even been written, let alone properly reviewed or sufficiently revised.

Cold warrior Henry Kissinger woos Russia for Barack Obama (Telegraph)

Israel to Obama: hold Iran’s feet to fire, or else (Reuters)

German economy minister offers to resign (Financial Times)

Will Ukraine follow Iceland into financial meltdown? (McClatchy)

GM may cut thousands of salaried workers-report (Reuters)

Three US Banks Shut by Regulators as Financial Crisis Deepens (Bloomberg)

38000 companies expected to go bust (Telegraph)

CBO sees accelerating US budget deficit (Reuters)

Salt wars break out as demand escalates (Financial Times)

Obama’s executive pay limits have loopholes: report (Reuters)

UN halts aid to Gaza after Hamas seizure (Independent)

Can the all-seeing, all-knowing Google be trusted to rule the world? (Times Online)

Savings lost to Madoff, elderly forced back to work (Reuters)

‘Up to 40 dead’ in Australia wildfires (Telegraph)

China orders $13-billion drought relief for wheat growers (Los Angeles Times)

Child porn scourge creates more suspects than can be arrested (Edmonton Sun)

Global News (02/06/09)

Pentagon sets sights on public opinion (MSNBC):
Money spent on winning hearts and minds at least $4.7 billion this year

Lords: rise of CCTV is threat to freedom (Guardian):
The steady expansion of the “surveillance society” risks undermining fundamental freedoms including the right to privacy, according to a House of Lords report published today.

Julius Baer hit by ‘defamatory’ accusations (Financial Times):
Julius Baer shares fell as much as 40 per cent on Friday after an anonymous letter to regulators about alleged trading irregularities at the Swiss private bank came to light.

US unemployment expected to rocket (Telegraph)

Forecast 2009: There Will Be Blood (ChartingStocks):
2009 will be a year of complete destruction for the US economy. 5 Million will lose their jobs. The Dow Jones Industrial average will break below 6,000. Municipalities will fail. Insurers will fail. The unemployed and foreclosed American population will take to the streets and begin rioting. The Greatest Depression is upon us.

Calif. Counties Threaten Tax Revolt Against State (CBS):
SPRINGFIELD – Facing an ever-growing pile of bills, crushing debt and less tax money flowing into the state treasury, Illinois is broke. But could the state climb out of its nearly $9 billion budget hole by declaring bankruptcy? No, say tax and budget experts

State can run out of money, but can’t file for bankruptcy (Chicago Daily Herald)

Irish economy ‘worst hit in eurozone’ (Independent):
Every five minutes a job is lost.

UBS predicts gold to hit $1000 (Telegraph)

Thousands of Royal Mail jobs under threat (Financial Times)

Schools seize homes over fees (Sydney Morning Herald):
EVERY week parents of private school students are losing their homes to bankruptcy actions taken by cash-strapped schools that can no longer wait for overdue fees.

Wall Street CEOs, investment bankers charged prostitutes on corporate cards, madam says (The Raw Story):
Kristin Davis, the madam in question, went public to ABC News this week; ABC will be broadcasting her interview Friday at 10 pm. Davis says she has a list of 9,800 clients, many of whom she says New York prosecutors deliberately avoided when taking her case, even though she offered them her annotated client list.

Royal Mail delivers more bad news as 16,000 workers learn they will lose their jobs (Daily Mail)

BA freezes pay amid a £70 million pre-tax loss (Times Online)

Manufacturing falls at fastest rate for 28 years (Times Online)

No 10 angered as Sarkozy hits out at Brown’s economic ‘mistakes’ (Guardian)

Toyota triples year loss forecast (BBC News):
The Japanese car giant has now tripled that figure and expects to make a 450bn yen operating loss, the first annual loss at the firm in 70 years.

FDIC Announces 7th ’09 Bank Closing: FirstBank Financial (CNN Money):
Earlier this week, the FDIC boosted its estimate for the cost of U.S. bank failures amid signs that industry conditions and the broader economy are worsening.

Bank details £50bn plan to help ease credit markets (Financial Times)

Japanese bank giant reports first ever loss (CNN)

Gross Says US Must Spend to Avoid Mini Depression (Bloomberg)
(“U.S. may slump into a “mini depression” unless policy makers spend trillions of dollars to spur growth” … if the U.S. continues to spend trillions of dollars, then it will slump into the ‘Greatest Depression.” To me it looks like the USS Titanic has already hit the iceberg.)

Acts Of Insanity Are What Destroyed The Economy (International Forecaster)

SEC Officials Can’t Find Their Own Backsides: Lawmaker (CNBC):
Rep. Gary Ackerman (D-N.Y.) attacked SEC officials testifying before the House Financial Services committee for failing to detect Bernie Madoff’s $50 billion Ponzi scheme on Wednesday.
“What the heck went on? Your mission, you said, was to protect investors and detect fraud quickly,” he said. “You couldn’t find your backside with two hands if the lights were on.”

State employee: I get $93803 for no work (Albany Times Union)

Time Warner Reports $16 Billion Quarterly Loss On Write Offs (CNN Money)

News Corp profits fall 42% on ‘grim’ economy (Times Online)

Ministers ‘misled’ judges over torture evidence (Independent)

Hamas official stopped trying to bring £8 million in cash into Gaza Strip (Telegraph)

Israeli politicians offer territory swaps and tunnels to solve the endless crisis (Times Online)

Porn Star Provides In-Flight ‘Entertainment’ (NBC Bay Area):
Shortly afterward, she leaned over and performed a sex act on Martz.
Puma said it was a way to repay Martz for allowing the crew to use his chopper and hangar at Montgomery Field.

Woman Robs Restaurant While Tearfully Apologizing (WCTV)

Professor makes his mark, but it costs him his job (Globe and Mail)

Transparent Frogs Discovered in Colombia (EcoWorldly)

Global News (02/05/09)

Arrests made in what could be biggest investment scam in Japanese history (Guardian):

Report: Air Force units failed 2 more nuke surety inspections (Stars and Stripes)

Goldman, JPMorgan Won’t Feel Effects of Executive-Salary Caps (Bloomberg):
Feb. 5 (Bloomberg) — Executives at Goldman Sachs Group Inc., JPMorgan Chase & Co. and hundreds of financial institutions receiving federal aid aren’t likely to be affected by pay restrictions announced yesterday by President Barack Obama.

Unhappy voters jam Capitol Hill phone lines (CNN):
WASHINGTON (CNN) — The recent debate over the nearly $900 billion economic stimulus plan and revelations of tax problems by three Obama administration appointees have voters angrily jamming phone lines on Capitol Hill to air their frustrations to their elected representatives.

House speaker Nancy Pelosi predicts job losses for babies (Guardian):
Basically, Pelosi says that if legislators don’t move quickly to pass President Barack Obama’s stimulus package, “500 million Americans lose their jobs”.

Shoe thrown at Israel’s ambassador in Stockholm (The Local)

Australia warns of Buy American ‘trade war’ (Financial Times)

Now Russia gets caught in the credit crunch (Georgiandaily)

Moscow abandons bail-outs for bank aid (Financial Times)

German industrial orders fall sharply (Financial Times):
Germany’s economic ministry reported orders fell by 6.9 per cent in December, extending a 5.3 per cent fall in November. It was the fourth consecutive monthly fall and much larger than expected. December’s industrial orders from within the eurozone were tumbled by more than 15 per cent.

Obama Warns of ‘Catastrophe:’ What Happened to ‘Hope’ and ‘Change?’ (Yahoo Finance):
“A failure to act, and act now [on the bill], will turn crisis into a catastrophe,” Obama said, sounding a lot more like his predecessor than the candidate of hope and change. Meet the new boss, same as the old boss?

Barack Obama fights to maintain a grip on the US political agenda (Telegraph):
President Barack Obama is seeking to reassert control over the American political agenda after a series of embarrassing setbacks.

Obama Names 26-Year-Old Director of Faith-Based Office (ABC News):
President Barack Obama has named a 26-year-old Pentecostal minister to head the White House office that coordinates outreach to religious and community organizations.

State furloughs may further delay unemployment benefits (LA Times)

TREASURIES-Bonds gain as jobless claims reach 26-year high (Reuters)

US Treasury to Sell $67 Billion in Long-Term Debt (Bloomberg)

Bank Of America Hits Multi-Decade Low On Nationalization Fears (CNN Money)

Bank of America CEO Buys 200000 Shares; Price Slumps (Bloomberg)

High street shakeup on way as Hamleys and House of Fraser investor collapses (Guardian):
The Icelandic-backed Baugur group, which transformed itself from a family-owned Reykjavik discount store into a major retail group with 3,500 stores and some 50,000 staff, is expected to fall into administration by Friday after the group’s main backer, the nationalised Icelandic bank Landsbanki, pulled the plug on the business tonight.

Car sales plunge in worst figures since 1974 (Telegraph)

UK interest rates cut by half a point to 1% (Financial Times):
The U.K. economy will shrink the most since 1946 this year and faster than any other industrialized country, International Monetary Fund forecasts show.

List of Madoff’s presumed victims runs into the thousands (CNN)

Hovnanian CEO Gets $979,302 Performance Bonus as Company’s Value Drops 76% (Bloomberg)

Recession: the road to revolution (Guardian)

Bank of England Cuts Main Rate a Half Point to 1% (Bloomberg)

Gordon Brown planning international agreement on tax avoiders (Guardian)

Mega-earthquake Risk For West Coast, US And Canada? Seismic Slip Linked To Tremor, With Implications For Subduction Zone (Science Daily)

Worker Anger Sees Brown Facing Winter of Discontent (Bloomberg):
“They’ve sold us down the river,” said Charles Hilton, 61, an electrician from Hull in northern England who was out on strike yesterday with local oil-refinery workers. “We’re going to see civil unrest in this country. It’s already started. It will grow unless things are sorted.”

Wildcat strikers go back to work after concession from Brown on workers’ rights (Times Online)

Rising unemployment hits 98 percent of metro areas (AP)

Volcker Chafes at Obama Panel Delay, Strains With Summers Rise (Bloomberg)

US troops ordered out of Kyrgyzstan after Russia deal (Telegraph)

International Criminal Court to consider Gaza investigation (LA Times)

Vatican orders cleric to recant Holocaust views (Guardian)

Man pulls out 13 of his own teeth with pliers ‘because he couldn’t find an NHS dentist’ (Daily Mail)

Detainee ‘just skin and bones’ after six years in custody (Guardian)

Goose stepping may have encouraged people to follow Nazis (Telegraph)

This is your pilot slurring: Garbled message from cockpit sparks passenger rebellion (Independent):
The Moscow Times, which had a reporter on board the plane, claimed that an Aeroflot representative boarded the aircraft and told the passengers it wasn’t a big deal if the pilot was drunk.

Antibiotics blamed for child deafness (Independent)

Global News (02/04/09)

Britain ‘headed’ for deepest slump in 60 years (Times Online):
The sharpest plunge in consumer spending since the Second World War will drive Britain this year into its deepest economic slump for 60 years, according to the country’s leading economic research institute.

Cheney Warns Of New Attacks (CBS News):
Former Vice President Dick Cheney warned that there is a “high probability” that terrorists will attempt a catastrophic nuclear or biological attack in coming years, and said he fears the Obama administration’s policies will make it more likely the attempt will succeed.

Dick Cheney Is A Liar (The Washington Independent)

President Obama to water down ‘Buy American’ plan after EU trade war threat (Times Online):
The European Union warned the US yesterday against plunging the world into depression by adopting a planned “Buy American” policy, intensifying fears of a trade war.

Europe and Canada warn US over ‘Buy America’ clause (Telegraph)

EU issues warning over Buy American plan (Financial Times):
The European Union has warned of possible trade litigation against the US if Washington presses ahead with a Buy American provision in its forthcoming economic stimulus bill.

Senate Republicans Slam Obama Stimulus (CBS News)

PM slams economic protection (Scotsman):
AUSTRALIA’S prime minister Kevin Rudd warned that nations using protectionist policies to stimulate economies would throw “a spear at the heart” of his country’s economy.

Japan slams Buy American plan (Financial Times)

ADP index shows 522000 jobs lost in January (MarketWatch)

Kazakhstan devalues currency (Financial Times):
Kazakhstan allowed its currency, the tenge, to drop by almost one-fifth in a move it blamed on falling world oil prices and the sharp depreciation of the Russian rouble.

Russia and Belarus sign air defence pact (Telegraph)

Japan’s Panasonic to cut 15000 jobs, shut plants (AP)

Abu Dhabi injects liquidity (Financial Times)

Obama caps executive pay tied to bailout money (AP):
WASHINGTON – President Barack Obama on Wednesday imposed $500,000 caps on senior executive pay for the most distressed financial institutions receiving federal bailout money, saying Americans are upset with “executives being rewarded for failure.”

Treasury reveals record US debt sale plans (Financial Times):
The US Treasury on Wednesday opened the floodgates of government bond issuance, revealing plans for a record debt sale in February and more frequent auctions in the months to come.

Foreclosures Now One in Five Home Sales (NewsMax)

Wells Fargo defends, then cancels Vegas junket (AP):
WASHINGTON (AP) — It’s a tradition for Wells Fargo & Co. to reward top employees with a lavish junket. In previous years, though, the company hadn’t just received a $25 billion bailout from taxpayers.

Chinese earthquake may have been man-made, say scientists (Telegraph):
An earthquake that killed at least 80,000 people in Sichuan last year may have been triggered by an enormous dam just miles from the epicentre

Time seen running out for attack on Iran (Reuters):
HERZLIYA, Israel (Reuters) – Israel has a year in which to attack Iran’s nuclear facilities preemptively, an Israeli legislator and weapons expert said Wednesday.

UK and US put Iran at heart of the agenda (Independent)

State pension funds tally their losses (St. Louis Post-Dispatch)

Editorial: Judges Sentenced (Philadelphia Inquirer):
Kids for cash
The setting is Pennsylvania coal country, but it’s a story right out of Dickens’ grim 19th-century landscape: Two of Luzerne County’s most senior judges on Monday were accused of sending children to jail in return for kickbacks.

British colonel ‘passed Afghan casualty secrets to female friend’ (Times Online)

Lovells hired to trace Bernard Madoff’s UK assets (Times Online)

Exploding mobile phone kills man in China (Telegraph)

The Army’s Remote-Controlled Beetle (MIT Technology Review):
A giant flower beetle with implanted electrodes and a radio receiver on its back can be wirelessly controlled, according to research presented this week. Scientists at the University of California developed a tiny rig that receives control signals from a nearby computer. Electrical signals delivered via the electrodes command the insect to take off, turn left or right, or hover in midflight. The research, funded by the Defense Advanced Research Projects Agency (DARPA), could one day be used for surveillance purposes or for search-and-rescue missions.

Global News (02/03/09)

FACTBOX – Banks, funds, insurers cut 312500 jobs in crisis (Forbes)

Daschle withdraws as health secretary nominee (Guardian)

Obama: Enough Of This Crap (The Market Ticker):
This is FOUR people who you’ve appointed that can’t pay their damn taxes, including your Treasury Secretary?
The latest is that Daschle has withdrawn, of course. CHANGE WE CAN BELIEVE IN?
“Make no mistake, tax cheaters cheat us all, and the IRS should enforce our laws to the letter.” Sen. Tom Daschle, Congressional Record, May 7, 1998, p. S4507.

Firms’ secret tax avoidance schemes cost UK billions (Guardian):
British taxpayers are being left to plug a multibillion-pound hole in the public finances as hundreds of the country’s biggest companies increasingly employ complex and secretive tax arrangements to limit the amount they hand over to the exchequer.

Now China’s premier gets flying shoe treatment (Independent)

Central bank tested as rouble hits floor (Financial Times)

Beijing rocked by 26 million lost jobs (Independent):
Before the Telegraph reported: 40 Million Chinese Set to Lose Their Job as New Year Celebrations End

New Jersey earthquake sparks panic (Telegraph)

California Cut to Lowest Credit Rating Among States (Bloomberg)

IMF almost halves Asia’s growth prospects (Financial Times)

Worse Than the Great Depression (Gold Seek)

Bad bank, bad plan (Guardian):
(Dean Baker is co-director of the Centre for Economic and Policy Research.)

Iran launches first homemade satellite (Guardian)

Funding crisis forced lenders to access Bank for £185bn (Telegraph):
Britain’s lenders have borrowed £185bn from the Bank of England in a desperate attempt to fund themselves through the financial crisis.

Hitachi set for biggest loss suffered by Japanese firm (Guardian)

US car sales near 27-year low (Reuters)

GM, Chrysler Look to Cut Workforce (Washington Post)

BP ahead 39% to record $25.6bn (Financial Times):
He also warned that the company needed an oil price of $50-$60 a barrel to be able to pay for its capital spending and dividends without borrowing, compared with a price of about $40 on Tuesday morning.

Hawker Beechcraft announces 2300 layoffs (Forbes)

German memory-chip maker closing US plant (IHT)

Fidelity starts second round of layoffs (Reuters)

EU Raids Undersea Power Cable Makers in Cartel Probe (Bloomberg)

European equity issues could raise €300bn (Financial Times)

German Jews break with pope (IHT):
BERLIN: A leading member of Germany’s Jewish community said Monday that Benedict XVI, the German-born pope and leader of more than a billion Roman Catholics worldwide, was sowing divisions and abetting far-right groups by rehabilitating four ultra-conservative bishops, one of whom has denied the Holocaust.

Gingrich: Economy headed ‘off a cliff’ (Washington Times):
Says Obama response is ‘more of the same’

Israel restrictions on al-Jazeera (BBC News)

Ehud Barak proposes tunnel connecting Gaza to West Bank (Telegraph)

Your ISP is watching you (Guardian):
Did you know … BT wants to monitor your online activities to serve you targeted ads? Don’t let it spy on you

Snow Britain: Another 10 inches of snow to hit by Thursday (Telegraph)

Pentagon Letter Complicates Blackwater Case (Washington Post):
The Pentagon wrote in 2007 that Blackwater Worldwide contractors in Iraq are not subject to U.S. civilian criminal laws, a position that undercuts the Justice Department’s effort to prosecute five Blackwater security guards on manslaughter charges.

Global News (02/02/09)

Riot police clash with protesters at Davos summit (Sunday Herald):
RIOT POLICE fired tear gas and water cannons at bottle-throwing demonstrators in Geneva who protested yesterday against the annual World Economic Forum meeting in the Swiss Alps.

Riot police fire tear gas at Greek farmers (AP)

Heaviest snow in 20 years brings large parts of Britain to a halt (Times Online)

Travel chaos as Europe shivers in heavy snowfalls (ABC News)

California delays $3.5B in payments (CNN Money)

Europeans are finally waking up to the demise of democracy (Telegraph)

Let banks fail, says Nobel economist Joseph Stiglitz (Telegraph)

Personal bankruptcies soar 33% (MSN Money)

Macy’s cutting 7000 jobs (CNN)

Nuclear power workers join wildcat strike action over foreign labour (Guardian)

Italy bans kebabs and foreign food from cities (Times Online)

Huge rise in speed cameras (Telegraph):
The number of speed cameras sites nearly trebled in just six years, according to figures released by the Government.

Jamie’s food fuels pupils’ brain power (Times Online):
An independent study shows the performance of 11-year-old pupils eating Oliver’s meals improved by up to 8% in science and as much as 6% in English, while absenteeism due to ill-health fell by 15%.

Fed Monetizes Debt, Investors Buy Gold (Gold Seek)

Where Are US Consumer Goods Prices Headed? (Lew Rockwell)

WEF 2009: Global crisis ‘has destroyed 40pc of world wealth’ (Telegraph):
The past five quarters have seen 40pc of the world’s wealth destroyed and business leaders expect the global economic crisis can only get worse.

Vladimir Putin faces more protests over economy (Telegraph):
Russian opposition groups are planning new protests over the economy after weekend demonstrations that challenged the authority of Vladimir Putin.

Nuclear workers join UK wildcat strikes (Financial Times)

Number of UK long-term jobless set to soar (Financial Times)

Australia faces first budget deficit for 7 years (Financial Times)

Two children should be limit, says green guru (Times Online)

Folding dealers shock car buyers with unpaid liens (AP)

India risks losing its nuclear ally in Washington (The National)

Wars And Economic Failure Have Been Marching Us Towards One World Government (The International Forecaster)

Welfare Aid Isn’t Growing as Economy Drops Off (New York Times)

Federal Agency Kills Thousands of Birds with Pesticide (Natural News)