News & Current Affairs

September 27, 2008

Chinese astronaut walks in space

Chinese astronaut walks in space

A Chinese astronaut has become the first in his country’s history to take a walk in space.

In an operation broadcast live on national TV, fighter pilot Zhai Zhigang emerged from the capsule orbiting the Earth to wave a Chinese flag.

Mr Zhai, 42, stayed outside the capsule for 15 minutes while his two fellow astronauts stayed in the spacecraft.

The exercise is seen as key to China’s ambition to build an orbiting station in the next few years.

Mr Zhai began the manoeuvre just after 1630 Beijing Time (0830 GMT) on Saturday, and completed it about 15 minutes later.

“I’m feeling quite well. I greet the Chinese people and the people of the world,” he said as he climbed out of the Shenzhou VII capsule.

His colleague, Liu Boming, also briefly got his head out of the capsule to hand him the flag.

Mr Zhai wore a Chinese-made spacesuit thought to have cost between £5m and £20m ($10m-$40m) for the space walk.

The “yuhangyuan” (astronaut) was tethered to the capsule with an umbilical cable.

Mr Zhai retrieved an externally mounted experiment.

The third yuhangyuan on the mission is Jing Haipeng.

Leap

The Shenzhou VII capsule soared into orbit on a Long March II-F rocket from Jiuquan spaceport in north-west China on 25 September.

1958: Base for spaceflights built at Jiuquan, in Gobi desert
April 1970: China launches its first satellite into space
1990-2002: Shenzhou I-IV are launched to develop systems
Oct 2003: The first manned space mission launches on Shenzhou V
Oct 2005: The Shenzhou VI mission takes two men into space
Oct 2007: Chang’e-1 orbiter sent on unmanned mission to the Moon

The rocket put the Shenzhou capsule in a near-circular orbit more than 300km above the Earth.

Earlier, Zhang Jianqi, one of the chief engineers for China’s space programme, said keeping three men in the spacecraft, and then sending one outside, would be a “big test”.

“This is a big technological leap,” he told state-run news agency Xinhua.

“The risks are quite high. Sending up three astronauts is a jump both in quantity and quality.”

The ship is to release a 40kg (90lb) satellite which will circle the orbiter and beam back images to mission control.

At the end of the mission, the Shenzhou re-entry capsule will target a landing in north China’s Inner Mongolia Autonomous Region.

China became only the third nation after the United States and Russia to independently put a man in space when Yang Liwei, another fighter pilot, went into orbit on the Shenzhou V mission in October 2003.

Two years later, Fei Junlong and Nie Haisheng completed a five-day flight on Shenzhou VI.

According to the Associated Press news agency, Xinhua posted an article on its website prior to the lift-off that was written as if Shenzhou VII had already been launched into space.

The article reportedly carried a date of 27 September and came complete with a dialogue between the astronauts.

Chinese media report that this latest mission is the “most critical step” in the country’s “three-step” space programme.

These stages are: sending a human into orbit, docking spacecraft together to form a small laboratory and, ultimately, building a large space station.

The Shenzhou VIII and IX missions are expected to help set up a space laboratory complex in 2010.

China launched an unmanned Moon probe last year about one month after rival Japan blasted its own lunar orbiter into space.
SHENZHOU VII SPACECRAFT

1. Forward orbital module – crew live and work in this section, which contains scientific equipment. In future missions, this module may remain in orbit as part of a Chinese space station
2. Re-entry capsule – contains seats for three crew
3. Propulsion module – contains spacecraft’s power unit and liquid fuel rocket system
4. Solar panels – spacecraft carries one pair of solar panels
5. Spacewalk – One yuhangyuan (astronaut) exits the orbital module on a tether. Another crew member stands just inside to assist in case of an emergency

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Pirates ‘want $35m for tank ship’

Pirates ‘want $35m for tank ship’

Experts say piracy has become big business in the area

Pirates who seized a Ukrainian ship off the coast of Somalia have reportedly demanded a ransom of $35m (£19m) to release the vessel and its crew.

The pirates earlier warned against any attempt to rescue the crew or cargo of the MV Faina, which is carrying 33 battle tanks destined for Kenya.

Pirates have seized dozens of ships near Somalia’s coast in recent months.

A Russian Navy vessel is heading to the region and the US says it is monitoring developments in the area.

A spokesman for the pirates, who gave his name as Jalal Jama Ali, told a Somali website that the group were prepared to negotiate with the Kenyan government, but would not release the vessel unless the ransom was paid.

‘Global security problem’

On Friday, Ukrainian Defence Minister Yury Yekhanurov confirmed 33 Russian T-72 tanks and “a substantial quantity of ammunition” were aboard the Faina.

Ukraine’s foreign ministry said the ship had a crew of 21 and was sailing towards the Kenyan port of Mombasa.

The ship’s captain had reported being surrounded by three boats of armed men on Thursday afternoon, it said.

Earlier reports suggested that the cargo had been destined for south Sudan, but Kenyan government spokesman Alfred Mutua confirmed the tanks were heading to Kenya.

“The cargo in the ship includes military hardware such as tanks and an assortment of spare parts for use by different branches of the Kenyan military,” he said.

Security analyst Knox Chitiyo told the BBC the latest incident showed the waters off Somalia’s coast had become a “global security problem”.

“Piracy has become big business and there seems to be no concerted response to the problem,” said Mr Chitiyo, from the London-based Royal United Services Institute.

Authorities in Somalia’s semi-autonomous region of Puntland say they are powerless to confront the pirates, who regularly hold ships for ransom at the port of Eyl.

Battles and looting in Mogadishu
Life in Somalia’s pirate town

Senior UN officials estimate the ransoms pirates earn from hijacking ships exceed $100m (£54m) a year.

Pirate “mother ships” travel far out to sea and launch smaller boats to attack passing vessels, sometimes using rocket-propelled grenades (RPGs).

Last week, France circulated a draft UN resolution urging states to deploy naval vessels and aircraft to combat such piracy.

France, which has troops in nearby Djibouti and also participates in a multi-national naval force patrol in the area, has intervened twice to release French sailors kidnapped by pirates.

Commandos freed two people whose boat was hijacked in the Gulf of Aden earlier this month and in April, six arrested pirates were handed over to the French authorities for trial.

Russia announced on Friday it would start carrying out regular anti-piracy patrols in the waters off Somalia to protect Russian citizens and ships. A warship had been sent to the area earlier this week, it said.

Somalia has been without a functioning central government for 17 years and has suffered from continual civil strife.

Movie legend Paul Newman dies, 83

Movie legend Paul Newman dies, 83

Hollywood legend Paul Newman has died of cancer at the age of 83, his spokesman has confirmed.

The blue-eyed star of films like Butch Cassidy And The Sundance Kid had died at home on Friday surrounded by family and close friends, said Jeff Sanderson.

Newman was nominated for an Oscar 10 times, winning the best actor trophy in 1987 for The Color Of Money.

In May 2007, he said he was giving up acting because he could no longer perform to the best of his ability.

“I’m not able to work any more… at the level that I would want to,” he told US broadcaster ABC.
I was always a character actor – I just looked like Little Red Riding Hood
Paul Newman

“You start to lose your memory, you start to lose your confidence, you start to lose your invention.

“So I think that’s pretty much a closed book for me.”

Earlier this year, he pulled out of directing a stage production of John Steinbeck’s Of Mice and Men in Connecticut because of unspecified health problems.

Broadcaster Sir Michael Parkinson said Newman had been “a real giant of the cinema”.

“He was the link between the great time of Hollywood, the Cary Grant and people like that, and Tom Cruise,” he told BBC News.

“He fills the gap between the two, and fills it in a most extraordinary, dominant manner.”

Hit films

The star won a total of three Oscars

Although his handsome looks and piercing blue eyes made him an ideal romantic lead, Newman often played rebels, tough guys and losers.

“I was always a character actor,” he once said. “I just looked like Little Red Riding Hood.”

He appeared in some 60 movies, including Cat On A Hot Tin Roof, The Hustler, The Sting and Hud.

Along the way, he worked with some of the biggest names in Hollywood – including Alfred Hitchcock, Robert Altman, Martin Scorsese, Elizabeth Taylor, Lauren Bacall and Tom Hanks.
YOUR MEMORIES
His acting skills will be missed, his films will be watched endlessly
Maggie Jones, Cheltenham, UK

He also appeared with his wife, Joanne Woodward, in several films including Long Hot Summer and Paris Blues. The star later directed his wife in movies such as Rachel, Rachel and The Glass Menagerie.

But his most famous screen partner was undoubtedly Robert Redford, his sidekick in both Butch Cassidy and The Sting.

In addition to his Academy Award for best actor, he was given an honorary Oscar in 1986 “in recognition of his many and memorable compelling screen performances and for his personal integrity and dedication to his craft”.

Newman became a professional racing driver and took second place at Le Mans in 1979

In 1994, he won a third Oscar, the Jean Hersholt Humanitarian Award, for his charitable work.

His philanthropic efforts included the establishment of summer camps for children who suffered from life-threatening illnesses.

He also donated profits from his Newman’s Own food range to a number of charitable organisations.

Newman’s last film role was as the voice of Doc Hudson, one of the most famous racing cars in history, in the Pixar animation Cars.

It was perhaps a fitting epitaph for the actor, who had a lifelong fascination with the sport – and put his film career on hold in the 1970s to become a professional racing driver.

He is survived by his wife, five children, two grandsons and his older brother Arthur.

Republican quits in Hispanic row

Republican quits in Hispanic row

Mr de Baca said he was referring to the older generation of Hispanics

A Republican official in the US has resigned over comments he made to the BBC that “Hispanics consider themselves above blacks”.

Fernando de Baca, the chairman of the Republican Party in Bernalillo County, New Mexico, also said Hispanics “won’t vote for a black president”.

Mr de Baca spoke last week but resisted calls from his own party to resign, saying he was quoted out of context.

He said he decided to step down because of the “media circus” that developed.

Mr de Baca had been approached by the BBC’s Jon Kelly for comments on the presidential election campaign at the New Mexico State Fair in Albuquerque, part of Bernalillo County.

He was explaining why he thought John McCain would do well in the state, which has large population of Hispanics.

“The truth is that Hispanics came here as conquerors. African-Americans came here as slaves.”

He said the Latino emphasis on hard work and family values and the Catholic Church’s opposition to abortion made the community naturally conservative.

The remarks appeared on the BBC News website on its Talking America blog.

After calls grew for his resignation, he said the comments were taken out of context and that he was referring to views held by the older generation of Hispanics.

“Snippets were used to try and embarrass me,” Mr de Baca, 70, told the Associated Press (AP) news agency.

He said a “media circus” had developed that was obscuring the election issues.

“It’s time to step aside and let the candidates and the political races that are so important to this country and democracy be placed in focus,” he told AP.

McCain and Obama spar in first debate

McCain and Obama spar in first debate

US presidential rivals Republican John McCain and Democrat Barack Obama have attacked each other over foreign policy and the economy, in their first debate.

Mr Obama said a $700bn (£380bn) plan to rescue the US economy was the “final verdict” on years of Republican rule.

He said Mr McCain had been “wrong” on Iraq and tried to link him to President Bush. The Republican senator described his rival as too inexperienced to lead.

Neither landed a knockout blow but polls suggested Mr Obama did better.

An immediate telephone poll by CNN and Opinion Research Corp found 51% said Mr Obama had won, to 38% for Mr McCain.

A poll of uncommitted voters by CBS News found that 39% gave Mr Obama victory, 25% thought John McCain had won, and 36% thought it was a draw.

Both campaigns claimed victory, with Mr McCain’s team saying their candidate had shown a “mastery on national security issues” while Mr Obama’s aides said he had passed the commander-in-chief test “with flying colours”.
All things considered, it’s about a draw
Matthew Yglesias, Think Progress

First presidential debate scorecard
Analysis: McCain wins on points
Send us your comments
US voters’ views

Tens of millions of Americans were expected to watch the debate on TV, with only about five weeks to go before the 4 November elections.

Senator McCain said he did not need “any on-the-job training”.

“I’m ready to go at it right now,” he added.

But Senator Obama said Mr McCain had been “wrong” about invading Iraq and that the war had led the US to take its eye off the ball in Afghanistan, where it should have been pursuing al-Qaeda.

Mr McCain argued that as a result of the “surge” – which involved sending some 30,000 extra US troops to Iraq – US military strategy was succeeding.

“We are winning in Iraq and we will come home with victory and with honour,” he said.

The televised debate in Oxford, Mississippi, focused largely on foreign policy but began with discussion of the economic crisis gripping the US.

Speaking about the financial bail-out plan under discussion by the US Congress, Mr Obama said: “We have to move swiftly and we have to move wisely.”
NEXT DEBATES
2 Oct – vice-presidential rivals. Topic: Domestic and foreign policy
7 Oct – presidential contenders. Topic: Any issues raised by members of the audience
15 Oct – presidential contenders. Topic: Domestic and economic policy

Mr McCain said he believed it would be a long time before the situation was resolved.

“This isn’t the beginning of the end of this crisis,” he said. “This is the end of the beginning if we come out with a package that will keep these institutions stable and we’ve got a lot of work to do.”

Mr McCain attacked Mr Obama over his record on finance, saying he had asked for millions of dollars in so-called “earmarks” – money for pet projects – as an Illinois senator.

The Republican also suggested a spending freeze in many areas apart from defence, but Mr Obama likened the proposal to using a hatchet when a scalpel was needed.

Both candidates agreed that the bail-out plan would put massive pressure on the budget of the next president and mean cuts in government spending.

‘Serious threat’

Asked about Iran, Mr McCain stressed that Tehran was a threat to the region and, through its interference in Iraq, to US troops deployed there.

He outlined a proposal for a “league of democracies” to push through painful sanctions against Tehran that were presently being blocked in bodies like the United Nations because of opposition from Russia.

He criticised Mr Obama for his previously stated willingness to hold talks with the leaders of Iran without preconditions.

Mr Obama rejected that criticism, saying he would reserve the right as president “to meet with anybody at a time and place of my choosing if I think it’s going to keep America safe”.

However, he said he agreed with his Republican rival that “we cannot tolerate a nuclear Iran” and the threat that that would pose to Israel, a staunch US ally.

‘Safer today’

Mr McCain accused Mr Obama of “a little bit of naivete” in his initial response to the conflict between Georgia and Russia.

“Russia has now become a nation fuelled by petro-dollars that has basically become a KGB [former secret services name] apparatchik-run government. I looked in [Russian Prime Minister Vladimir] Mr Putin’s eyes and I saw three letters – a K, a G and B,” McCain said.

Speaking about the so-called war on terror, Mr McCain said he believed the nation was safer than it had been the day after the 11 September 2001 terror attacks but there was still a long way to go.

Mr Obama pointed to the spread of al-Qaeda to some 60 countries and said that the US had to do more to combat that, including improving its own image as a “beacon of light” on rights.

“One of the things I intend to do as president is restore America’s standing in the world,” Mr Obama said.

Mr McCain sought to distance himself from President George W Bush’s administration, which has very low public approval ratings.

“I have opposed the president on spending, on climate change, on torture of prisoners, on Guantanamo Bay, on the way that the Iraq war was conducted,” he said.

“I have a long record and the American people know me very well… a maverick of the Senate.”

Mr McCain had earlier vowed not to attend the forum in Mississippi until Congress approved the economic bail-out plan, but he reversed his decision after some progress was made towards a deal.

September 26, 2008

West ‘agrees new Iran resolution’

West ‘agrees new Iran resolution’

Iran maintains that the purposes of its nuclear programme are peaceful

The foreign ministers of the five permanent members of the UN Security Council and Germany have agreed a draft resolution on Iran’s nuclear programme.

Diplomats said the new resolution would reaffirm three earlier rounds of UN sanctions, and make it clear that the Security Council wants Iran to comply.

The agreement came after discussions between the US and Russia in New York.

On Wednesday, Iran’s president warned it would resist “bullying powers” who tried to thwart its nuclear ambitions.

Addressing the UN General Assembly in New York, Mahmoud Ahmadinejad said his country supported dialogue but would not accept “illegal demands”.

Western powers suspect Iran wants to build a nuclear weapons capability. Tehran says its nuclear programme is peaceful.

The UN Security Council has already imposed three packages of sanctions against Iran for defying its calls to halt uranium enrichment and plutonium reprocessing, and refusing to answer questions from the International Atomic Energy Agency (IAEA).

In a report last week, the agency said that without further information, it would not be able to provide assurances about Iran’s nuclear programme to the international community.

Team finds Earth’s ‘oldest rocks’

Team finds Earth’s ‘oldest rocks’

The rocks contain structures which might indicate life was present

Earth’s most ancient rocks, with an age of 4.28 billion years, have been found on the shore of Hudson Bay, Canada.

Writing in Science journal, a team reports finding that a sample of Nuvvuagittuq greenstone is 250 million years older than any rocks known.

It may even hold evidence of activity by ancient life forms.

If so, it would be the earliest evidence of life on Earth – but co-author Don Francis cautioned that this had not been established.

“The rocks contain a very special chemical signature – one that can only be found in rocks which are very, very old,” he said.

The professor of geology, who is based at McGill University in Montreal, added: “Nobody has found that signal any place else on the Earth.”

“Originally, we thought the rocks were maybe 3.8 billion years old.
The exciting thing is that we’ve seen a chemical signature that’s never been seen before
Prof Don Francis, McGill University

“Now we have pushed the Earth’s crust back by hundreds of millions of years. That’s why everyone is so excited.”

Ancient rocks act as a time capsule – offering chemical clues to help geologists solve longstanding riddles of how the Earth formed and how life arose on it.

But the majority of our planet’s early crust has already been mashed and recycled into Earth’s interior several times over by plate tectonics.

Before this study, the oldest whole rocks were from a 4.03 billion-year-old body known as the Acasta Gneiss, in Canada’s Northwest Territories.

The only things known to be older are mineral grains called zircons from Western Australia, which date back 4.36 billion years.

Date range

Professor Francis was looking for clues to the nature of the Earth’s mantle 3.8 billion years ago.

He and colleague Jonathan O’Neil, from McGill University, travelled to remote tundra on the eastern shore of Hudson Bay, in northern Quebec, to examine an outcrop of the Nuvvuagittuq greenstone belt.

The rocks turned out to be far older than first thought

They sent samples for chemical analysis to scientists at the Carnegie Institution of Washington, who dated the rocks by measuring isotopes of the rare earth elements neodymium and samarium, which decay over time at a known rate.

The oldest rocks, termed “faux amphibolite”, were dated within the range from 3.8 to 4.28 billion years old.

“4.28 billion is the figure I favour,” says Francis.

“It could be that the rock was formed 4.3 billion years ago, but then it was re-worked into another rock form 3.8bn years ago. That’s a hard distinction to draw.”

The same unit of rock contains geological structures which might only have been formed if early life forms were present on the planet, Professor Francis suggested.

Early habitat?

The material displays a banded iron formation – fine ribbon-like bands of alternating magnetite and quartz.

This feature is typical of rock precipitated in deep sea hydrothermal vents – which have been touted as potential habitats for early life on Earth.

“These ribbons could imply that 4.3 billion years ago, Earth had an ocean, with hydrothermal circulation,” said Francis.

“Now, some people believe that to make precipitation work, you also need bacteria.

“If that were true, then this would be the oldest evidence of life.

“But if I were to say that, people would yell and scream and say that there is no hard evidence.”

Fortunately, geologists have already begun looking for such evidence, in similar rocks found in Greenland, dated 3.8 billion years.

“The great thing about our find, is it will bring in people here to Lake Hudson to carry out specialised studies and see whether there was life here or not,” says Francis.

“Regardless of that, or the exact date of the rocks, the exciting thing is that we’ve seen a chemical signature that’s never been seen before. That alone makes this an exciting discovery.”

China astronauts braced for walk

China astronauts braced for walk

The spacecraft is now in a stable, circular orbit

China’s three astronauts have spent their first day in orbit preparing for the mission’s spacewalk.

A 42-year-old fighter pilot, Zhai Zhigang, is due to carry out the 20-minute manoeuvre at 1630 Beijing Time (0830 GMT) on Saturday.

It will be the first time Chinese yuhangyuan (astronauts) have ventured outside their spacecraft.

Their Shenzhou VII capsule soared into orbit on a Long March II-F rocket from Jiuquan spaceport in north-west China.

The rocket put the Shenzhou capsule in a near-circular orbit more than 300km above the Earth.

Mr Zhai is joined on the mission by two other “yuhangyuan” – Liu Boming and Jing Haipeng.

The astronauts have been training in a water tank

Zhang Jianqi, one of the chief engineers for China’s space programme, said keeping three men in the spacecraft, and then sending one outside, would be a “big test”.

“This is a big technological leap,” he told state-run news agency Xinhua.

“The risks are quite high. Sending up three astronauts is a jump both in quantity and quality.”

When Mr Zhai carries out his extra-vehicular activity (EVA), he is expected to wear a Chinese-made spacesuit thought to have cost between £5m and £20m ($10m-$40m).

1958: Base for spaceflights built at Jiuquan, in Gobi desert
April 1970: China launches its first satellite into space
1990-2002: Shenzhou I-IV are launched to develop systems
Oct 2003: The first manned space mission launches on Shenzhou V
Oct 2005: The Shenzhou VI mission takes two men into space
Oct 2007: Chang’e-1 orbiter sent on unmanned mission to the Moon

The yuhanguan will be tethered to the capsule with a cable that provides him with life support and a communications link with the spacecraft.

His back-up, Mr Liu, will monitor the activity, presumably to reel the spacewalker back inside if there is an emergency.

Mr Zhai will retrieve an externally mounted experiment and oversee the release of a satellite.

During their 68 hours in orbit, the astronauts will be able to enjoy an unprecedented choice of food. The menu includes spicy chicken with peanuts, shrimps and dry fruits.

“We have tried to make them taste like stir-fried dishes they have on Earth,” Chen Bin, who is in charge of food for the astronauts, told state-run news agency Xinhua.

At the end of the mission, the Shenzhou re-entry capsule will target a landing in north China’s Inner Mongolia Autonomous Region.

China became only the third nation after the United States and Russia to independently put a man in space when Yang Liwei, another fighter pilot, went into orbit on the Shenzhou V mission in October 2003.

Two years later, Fei Junlong and Nie Haisheng completed a five-day flight on Shenzhou VI.

According to the Associated Press, Xinhua posted an article on its website prior to the lift-off that was written as if Shenzhou VII had already been launched into space.

The article reportedly carried a date of 27 September and came complete with a dialogue between the astronauts.

Chinese media report that this latest mission is the “most critical step” in the country’s “three-step” space programme.

These stages are: sending a human into orbit, docking spacecraft together to form a small laboratory and, ultimately, building a large space station.

The Shenzhou VIII and IX missions are expected to help set up a space laboratory complex in 2010.

China launched an unmanned Moon probe last year about one month after rival Japan blasted its own lunar orbiter into space.

Terror suspects held on KLM plane

Filed under: Latest, Politics News — Tags: , , , , , , — expressyoureself @ 2:46 pm

Terror suspects held on KLM plane

The KLM passenger carrier was destined for Amsterdam

Police in Germany have arrested two terrorism suspects on a plane preparing to take off from Cologne-Bonn airport.

The two men, both in their early 20s and of Somali origin, were under surveillance for months, police say.

They were said to be “possibly planning attacks” and had left suicide notes at their flats expressing their wish to die in a “holy war”.

The KLM airliner, which was bound for Amsterdam, was eventually allowed to take off after a luggage search.

Police boarded flight KL1804 at 0655 (0455 GMT), police spokesman Frank Scheulen said.
“The police did not storm the plane – it was done by ordinary police, special forces were not used,” he added, contradicting earlier reports by KLM staff that commandos had made the arrests.

He said the suspects – a 23-year-old Somali and a 24-year-old Somali-born German citizen – were “under suspicion of participating in a jihad [holy war] action and of possibly planning attacks”.

The remaining passengers were ordered off the aircraft for a baggage inspection.

The plane was cleared for departure just over an hour later and has since landed in Amsterdam.

Germany’s federal crime office said on Thursday it was hunting for two Islamic militants believed to be on their way to Germany.

The arrests in Cologne are thought to be unconnected with that terror alert.

Bank giant HSBC axes 1,100 jobs

Bank giant HSBC axes 1,100 jobs

HSBC hopes the cuts will allow it to weather the storm on financial markets

Banking giant HSBC is to axe 1,100 jobs worldwide, blaming the current financial turmoil for the decision.

About half of the cuts, which will affect back room jobs at its global banking and markets operation, will take place in the UK.

HSBC employs about 335,000 people around the world.

Last month, HSBC said half year profits fell 28% to $10.2bn (£5.2bn), as it was forced to write-off $14bn from bad debts in the US and asset write-downs.

Meanwhile, pre-tax profits fell 35% to $2.1bn during the same period.

An HSBC spokesman said the firm had opted to reduce its workforce, “because of market conditions and the economic environment, and our cautious outlook for 2009”.

Many of the job-losses will be at the headquarters of HSBC’s investment banking division, which are in London’s Canary Wharf.

Banks around the world have been coming under increased pressure from the credit crisis currently affecting financial markets.

The problems have forced governments to step in and boost money markets as well as bail out a number of companies.

Earlier this year, the UK government had to buy mortgage lender Northern Rock, while in the US lenders Fannie Mae and Freddie Mac have been rescued as well as insurer AIG and investment bank Lehman Brothers filed for bankruptcy.

Do you work for HSBC? Are you concerned by the proposed job-cuts? Send us your comments

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