News & Current Affairs

October 2, 2008

US markets wary over rescue deal

US markets wary over rescue deal

Wall Street trader

The markets remain nervous

US shares have fallen sharply with investors cautious over whether the House of Representatives will back the revised bank rescue plan.

The House is due to discuss the scheme later, with a vote expected on Friday. The bill successfully passed through the US Senate on Wednesday.

On Wall Street, the Dow Jones index was down 263 points or 2.4% at 10,571, a slide dragging European shares lower.

The falls came as France said it would host a summit on the financial crisis.

The UK’s FTSE 100 closed was down 1.8% to 4,870.3 points while Germany’s Dax index shed 2.5% and France’s Cac 40 lost 2.3%.

Sentiment was further hit by glum economic data – showing that the number of people filing for new unemployment benefit claims rose to a seven-year high, while factory orders had seen a steeper-than-expected drop in August.

European talks

The office of French President Nicolas Sarkozy said the special meeting on Saturday would discuss a co-ordinated response to the financial turmoil amongst European members of the G8 ahead of a meeting of world finance leaders in Washington next week.

UK Prime Minister Gordon Brown is due to attend, together with German Chancellor Angela Merkel, Italian Prime Minister Silvio Berlusconi and European Central Bank President Jean-Claude Trichet.

Investors are still concerned about the efficiency of this rescue plan and how it can help the global economy
Aric Au, Phillip Securities

But with just two days to go before the talks start, EU members are deeply divided, correspondent said.

France and Holland favor a European response to help banks hit by the credit crisis while Germany and Luxembourg believe a joint rescue plan is not necessary.

European leaders have denied speculation that they wanted to establish a unified 300bn euro ($418.4bn; £236bn) banking rescue deal along the same lines as the US plan.

The rescue idea was said to be being proposed by France, but Mr Sarkozy insisted that there were no such plans.

“I deny both the amount and the principle [of such a plan],” he said.

‘Essential’

In the US, a number of changes had to be made to the $700bn (£380bn) bail-out plan in order to help win approval in the Senate.

These include raising the government’s guarantee on savings from $100,000 to $250,000, tax breaks to help small businesses, expansion of child tax credit, and help for victims of recent hurricanes.

President George W Bush said that the package was “essential to the financial security of every American”.

However, economists said doubts remained about how effective the package would be.

“Investors are still concerned about the efficiency of this rescue plan and how it can help the global economy,” said Aric Au of Phillip Securities in Hong Kong.

McCain and Obama

US presidential hopefuls John McCain and Barack Obama, who both returned from the campaign trail for last night’s Senate debate, voted in favor of the rescue plan.

Senate majority leader Harry Reid, a Democrat, said he was happy with the result and praised both presidential candidates for voting.

“I think it shows that when we work together we can accomplish good things,” he said.

Mitch McConnell, leader of Republican senators, was also in jubilant mood.

“This was a measure that was much needed, to unfreeze the credit markets and get America’s economy working again,” he said.

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September 22, 2008

Dutchman’s Noah’s Ark opens doors

Filed under: Latest, Politics News — Tags: , , , , , , , , , — expressyoureself @ 12:12 am

Dutchman’s Noah’s Ark opens doors

The ark at Schagen

The ark is nearly three storeys high

A half-sized replica of the biblical Noah’s Ark has been built by a Dutch man, complete with model animals.

Dutch creationist Johan Huibers built the ark as testament to his literal belief in the Bible.

The ark, in the town of Schagen, is 150 cubits long – half the length of Noah’s – and three storeys high. A cubit was about 45cm (18in) long.

The ark opened its doors on Saturday, after almost two years’ construction, most of it by Mr Huiber himself.

‘Past comprehension’

“The design is by my wife, Bianca,” Mr Huibers said. “She didn’t really want me to do this at all, but she said if you’re going to anyway, it should look like this.”

Life-size models of giraffes, elephants, lions, crocodiles, zebras and bison are included in the ark’s interior.

The Bible’s Book of Genesis says Noah kept seven pairs of most tamed animals and one breeding pair of all other creatures in the boat, which survived a catastrophic flood sent down by God to punish man.

John Huibers in the ark

Mr Huibers spent nearly two years building the ark

Mr Huibers, a contractor, built the ark out of cedar and pine – because Biblical scholars are still not sure as to which type of wood was used in the ark’s construction.

He began building in May 2005, after he dreamed of the Netherlands being flooded.

“In February 1992, I had a dream that Holland will become flooded. The next day, I found a book about Noah’s Ark in the local bookshop, and since then, my dream has been to build the ark,” he said.

Visitors were stunned. “It’s past comprehension,” Mary Louise Starosciak told the Associated Press.

“I knew the story of Noah, but I had no idea the boat would have been so big.”

The ark includes a 50-seat theatre showing a segment of the Disney film Fantasia retelling the story of Noah’s Ark.

US visitor Lois Poppema told AP she thought the Netherlands was the right place for an ark to be built: “Just a few weeks ago we saw Al Gore on television .. saying that all Holland will be flooded.

“I don’t think the man who made this ever expected that global warming will become [such an important] issue – and suddenly having the ark would be meaningful in the middle of Holland.”

September 18, 2008

Mrs Sarkozy meets Metallica on TV

Mrs Sarkozy meets Metallica on TV

Singer Carla Bruni, the wife of French President Nicolas Sarkozy, has given a rare performance, appearing alongside rock bands Metallica and Kings of Leon.

The acts were all on UK music TV show Later… with Jools Holland, where Mrs Bruni-Sarkozy told the host her husband was “very kind” about her music.

“I play it at home and I disturb him with it in the middle of the night,” the 40-year-old former model said.

She married Mr Sarkozy in February and released her third album in July.

The TV show, starting its 33rd series, is renowned for its eclectic mix of music.

Metallica, Carla Bruni and Jools Holland (far right)

Metallica provided a contrast to Carla Bruni on Jools Holland’s show

Mrs Bruni-Sarkozy tapped her foot and clapped as heavy metal monsters Metallica performed tracks from their number one album Death Magnetic.

But their music could not be further apart, with Mrs Bruni-Sarkozy’s sultry, breathy chanson style evoking Parisian cafes, while Metallica normally soundtrack sweaty stadiums.

As well as the French first lady and Metallica, the program also featured the group at the top of the UK singles chart – Tennessee blues-rockers the Kings of Leon.

One edition of the show went out live on Tuesday, while another extended version was filmed to be broadcast on BBC Two on Friday.

Jools Holland, the former Squeeze musician turned TV host, interviewed Mrs Bruni-Sarkozy for both shows.

Her appearance came just days after she met Pope Benedict XVI, while she has also accompanied Mr Sarkozy meeting dignitaries such as the Queen and the Dalai Lama in recent months.

During the live episode, Holland asked what it was like mixing her roles as a singer-songwriter and president’s wife.

Carla Bruni
It’s not so hard – it’s just like playing in a film
Carla Bruni on being the French first lady

“I don’t really mix them up – I separate them,” she replied. “I play my music and then I go with my husband when he needs me.”

He was involved in her music but did not act like a critic or a fan, she said – and it did not “drive him mad” when she played it in the middle of the night.

“It’s just a very different world for him,” she said. “But he’s very kind and he listens to all my doubts.”

Asked whether she wrote songs about her husband – who was not present for the TV show – she simply replied: “Well, I write songs about my life.”

Wearing an elegant trouser suit, Mrs Bruni-Sarkozy performed one song, Tu Es Ma Came, on the live show.

She translated it variously as: “You’re my junk, you’re my type, you’re my cup of tea.”

It was about “being addicted to someone in a toxic way and in a lovely way”, she said.

During the recorded show, she also performed L’Amoureuse, or The Woman in Love, with a chorus that repeats the line: “Je suis l’amoureuse.”

Carla Bruni and Nicolas Sarkozy with Pope Benedict XVI

Carla Bruni and Nicolas Sarkozy met Pope Benedict XVI last week

But she has said 95% of her latest album was written before she met Mr Sarkozy.

During the interview for Friday’s show, she gave further insights into her new life.

“I have my husband’s world,” she said. “It’s like I just try to be with him and be cool about it and not change everything I know and my way of living.

“It’s not so hard. It’s just like playing in a film.”

She then accompanied Holland on a version of US blues singer Bessie Smith’s song Nobody Knows You When You’re Down and Out.

Security fears

Mrs Bruni-Sarkozy’s latest album, Comme Si De Rien N’Etait, went straight to number one in France.

It came six years after her first release, Quelqu’un M’a Dit, which sold two million copies around the world.

She had previously said she would not play any more live shows for security reasons until her husband leaves his job.

Mrs Bruni-Sarkozy was given a warm reception, but the biggest cheer of the night went to Metallica, who closed the recorded show with their 1991 piledriver Enter Sandman.

The other acts on the bill were UK rapper Sway, New Jersey singer-songwriter Nicole Atkins and British pop newcomer VV Brown.

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