Friday, March 18, 2011

UN Approves Military Action to Protect Civilians From Qaddafi

The United Nations Security Council authorized the use of air attacks and a no-fly zone over Libya to protect civilians from forces loyal to Libyan leader Muammar Qaddafi trying to end a monthlong uprising.
The resolution, approved yesterday 10-0 with five abstentions, allows the U.S., the U.K., France and Arab nations to “take all necessary measures” to protect civilians. It excludes “a foreign occupation force of any form on any part of Libyan territory,”
Qaddafi has threatened to “destroy” the opposition movement and take Benghazi, a city of 1 million people and the center of the uprising against his four-decade rule. He said yesterday he would show “no mercy” to “traitors” who don’t surrender.
The UN vote drew cheers and celebratory gunfire from hundreds of anti-Qaddafi Libyans gathered in Benghazi. Brazil, China, Germany, India and Russia abstained from voting in New York.

Tuesday, March 15, 2011

Japan quake may cause double dip

The recent Japanese earthquake may cause the world economy back into a double dip recession situation, RAM Ratings Chief Economist Dr Yeah Kim Leng said."The quake may shave 2%-5% of the Japanese GDP for this year. From the experience of the Kobe quake, that disaster shaved off 2% of the Japanese economy at that time," Yeah told reporters at the RAM-Investor 2011 roundtable briefing.

"We are concerned of the medium to long term impact of this earthquake. But the efforts by the Bank of Japan to pump in US$183 billion into the financial system may stem any major sell down in the capital markets and reassures investors," he said. He also said that the CONSTRUCTION industry in Japan is set to be a major gainer after this disaster as the government there starts rebuilding the cities affected by the quake and tsunami.