After 100 years of publication, The Christian Science Monitor will stop the presses next year. For good.
Editor John Yemma said Tuesday that his Pulitzer-Prize-winning Boston-based newspaper will stop publishing a daily print edition in favor of its Web site and a to-be-launched weekly news magazine in April, saving $1.5 million to $2 million a year. The paper has been considering the move for two years and made its final decision in the last few weeks.
While other print publications have folded in favor of online in recent years, the Monitor's change is perhaps the most poignant acknowledgment thus far of the radical transformation in the newspaper business. While hardly a major force in journalism anymore, the Monitor is the most well-known and prestigious newspaper in America to completely bail out of the business of printed media.
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#1
For a Somali, being a pirate is a great life, low risk, high reward. It would be even better for the rest of us if we sent a few of these young men to Paradise. We can do that with low risk(to us) and high reward.
Posted by: Richard of Oregon ||
10/28/2008 15:32 Comments ||
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Just what Zimbabwe needs, by gawd, another summit meeting ...
HARARE, Zimbabwe: Officials say a full summit of Zimbabwe's neighbors is planned to try to resolve the southern African nation's political impasse. Tomas Salomao, who is executive secretary of the Southern African Development Community, told reporters early Tuesday that leaders said such a gathering was "a matter of urgency." But he says the date and place have not yet been set.
Zimbabwe opposition spokesman Nelson Chamisa says the summit should involve leaders of all 13 members of the regional bloc.
A power-sharing deal signed Sept. 15 has stalled over how to share government ministries among President Robert Mugabe's party, Morgan Tsvangirai's Movement for Democratic Change and a smaller opposition group. Tsvangirai accuses Mugabe of trying to hold on to too many of the most powerful posts.
Posted by: Steve White ||
10/28/2008 00:00 ||
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UN peacekeeping forces are engaged in heavy fighting against rebels in eastern Democratic Republic of Congo.
Looks like the Indian Air Force's Hind gunships are in action again. India sent an artillery unit last week to reinforce its peacekeepers
The rebels are going to wish that the mighty Uruguayans were still in charge ...
The head of the UN mission, Alan Doss, told the BBC that helicopter gunships and armoured units were supporting the Congolese army north of Goma. The clashes followed reports that hundreds of protesters had attacked the mission's headquarters, saying the UN was not doing enough to protect them. At least 20,000 people are reported to be fleeing towards Goma.
The UN is trying to help government forces prevent rebel troops loyal to renegade general Laurent Nkunda from advancing on Goma, capital of North Kivu province. "We can't allow population centres to be threatened," Mr Doss said. "We had to engage." The muscular response from the UN shows how serious the rebel advance is, reports BBC World Affairs correspondent Mark Doyle.
Earlier, the UN had said it was considering using helicopter gunships against the rebels, but that government troops were also in the area and could be hit.
News of the UN's engagement came as it was confirmed the military commander of the UN mission in DRC - Spain's Lt Gen Vicente Diaz de Villegas y Herreria - had resigned for "personal reasons" after just seven weeks in the job.
The UN said it was working to "ensure continuity of command and to replace General Diaz as quickly as possible". In Goma, a UN spokeswoman said that cars were being damaged and windows shattered in the regional capital as protesters attacked the UN base. Demonstrators are angry that the 17,000-strong UN force has not better protected them against an offensive by rebel forces.
Over the weekend the rebels, who say they are protecting the area's Tutsi minority, captured a major army camp at Rumangabo and the headquarters of Virunga national park. A BBC reporter in eastern DR Congo says the main Kibumba camp for displaced people near Rumangabo has emptied, as people flee towards the city. Gen Nkunda has threatened to take control of Goma.
The UN accused his soldiers of firing rockets at two UN vehicles on Sunday, injuring several troops. A spokesman for Gen Nkunda denied the rebels were involved. His rebels attacked Goma last December. Hundreds of them died as the UN used helicopters under its mandate to protect civilians.
A peace deal was signed in Goma between the government and various rebel groups at the end of January. Although he signed the deal, Gen Nkunda has always refused to disarm while Rwandan Hutu rebels still operate in the area.
About 200,000 people fled their homes after fighting resumed in the area in late August. The United Nations says many refugees are malnourished and some are dying of hunger.
Posted by: john frum ||
10/28/2008 00:00 ||
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(SomaliNet) Mexican security forces have captured a leader of one of Mexico's biggest drug gangs in the border town of Tijuana. Eduardo Arellano Félix was one of the heads of the Arellano Félix family cartel, the gang that dominated the drug trade around Tijuana.
Situated close to the border with the United States, the area around the town has been ravaged for years by violence between rival drug gangs, all fighting each other for control of the lucrative smuggling routes into the US. This year alone, the violence has cost the lives of hundreds of people.
The Mexican government recently declared war on the violent drug trade and considers this latest arrest a major stroke of luck.
This article starring:
Eduardo Arellano Félix
Posted by: Fred ||
10/28/2008 00:00 ||
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(SomaliNet) In an effort to help the effects of the financial crisis, Ukraine is to receive a loan of approximately 13 billion euros from the International Monetary Fund. Dominique Strauss-Kahn, the head of the fund, says the money is needed to preserve confidence in the Ukrainian economy and to maintain the country's economic stability.
However, the loan does not come without conditions. Ukraine must balance its budget and reform its banking sector.
Ukraine is the second European country to receive financial help from the IMF. On Friday, Iceland was granted a loan of approximately 1.5 billion euros.
Posted by: Fred ||
10/28/2008 00:00 ||
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#1
Dear Dominique Strauss-Kahn,
Stop this I say!
Consider the effect on the Ukrainian mail order bride business.
Georgian President Mikheil Saakashvili has named a new prime minister after he dismissed Lado Gurgenidze following agreements with him.
"We took a joint decision with Lado Gurgenidze that he will no longer serve as prime minister," Reuters quoted Saakashvili as saying on Monday. "When I appointed Lado Gurgenidze as prime minister we agreed that he would work for one year and he has done excellent work during this year, he faced extraordinary challenges during his time in office," said Saakashvili.
The Georgian president would ask parliament to approve Georgia's ambassador to Turkey Grigol Mgaloblishvili to replace the outgoing premier. "I have nominated Grigol Mgaloblishvili as the new prime minister of Georgia and we together will soon present a new cabinet," Saakashvili said.
Posted by: Fred ||
10/28/2008 00:00 ||
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Taiwan plans to manufacture up to 300 cruise missiles, despite warming ties with rival China, it was reported Monday.
"President Ma Ying-jeou has given the order for the production of 300 Hsiungfeng 2E cruise missiles," the Taipei-based China Times said, citing what it said was an unnamed authoritative military source. However, the paper said it was not clear when the missiles would be put into service.
Taiwan's defence ministry declined to comment on the report.
The paper said Hsiungfeng 2E, which was developed by the military-run Chungshan Institute of Science and Technology, has a range of around 600 kilometres (375 miles). The missile could be launched on land or at sea, the paper said, and would be capable of hitting airports and missile bases in southeast China, as well as cities such as Shanghai and Hong Kong.
China and Taiwan have been governed separately since the end of a civil war in 1949, but Beijing views the island as part of its territory awaiting reunification, by force if necessary. China has repeatedly threatened to invade Taiwan should the island declare formal independence. However, tensions across the Taiwan Strait have eased since Beijing-friendly Ma Ying-jeou was elected as president in March vowing to boost the economy and improve ties with China.
#2
Topsy turvy world. We have been following the Asian, Europe nexis instead of them following us. Maybe after yesterday things will return to their normal rotation.
Posted by: Jack is Back! ||
10/28/2008 7:04 Comments ||
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(AKI) - A total 392 illegal immigrants arrived on the southern Italian island of Lampedusa overnight aboard two people smugglers' boats.
The first boat had 260 passengers on board, including four women and four children. It was intercepted some 50 nautical miles from Lampedusa and escorted into port by an Italian navy vessel.
The second boat, with 132 illegal immigrants on board, was spotted by the Italian navy at at 4 am local time.
Over 22,500 illegal immigrants have landed on Lampedusa so far this year - more than twice the number that arrived over the same period of 2007, Italian Interior Ministry Roberto Maroni announced earlier this month. Lampedusa is a tiny island that is closer to Africa than the European continent and a favourite drop off point for the people smugglers.
The number of illegal migrants heading for southern Mediterranean countries such as Italy aboard people traffickers' boats surges during the warmer months from April to October. Hundreds arrive each week in search of a better life in Europe aboard people smugglers' boats which mostly set sail from North Africa.
Posted by: Fred ||
10/28/2008 00:00 ||
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#1
I take it that if you reach Lampedusa alive, you have won the Golden Ticket?
About 90 percent of American Muslims are expected to vote for Barack Obama on November 4, according to a key Muslim community leader, who wished to remain anonymous since any open or overt expression of support from a Muslim group for Obama is likely to hurt rather than help his bid for the White House.
Leading Muslim organisations and groups have been requested by Obama's people not to declare their support to the Democratic candidate openly as they fear it will be used to decry the senator as a 'crypto Muslim' or 'jihadi manqué,' so much paranoia about Islam and Muslims has been spread by neocon supporters of John McCain and certain radical, ultra conservative church and evangelical groups.
According to Agha Saeed of the American Muslim Taskforce on Universal Rights and Elections, "Our goal is to maximise Muslim voter turnout, support candidates who support civil liberties, world peace, universal healthcare, better education, a fair immigration policy and social justice. Even if better candidates were to win on November 4, it will take a long and determined effort to help restore America's promise, ideals and principles." The American Muslim Taskforce is planning to release a Muslim-American voter survey in the next few days.
Posted by: Fred ||
10/28/2008 00:00 ||
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#1
Just remember, WAFF.com [old] > MUSLIM CLERIC-ACTIVIST - argued its impossible for any Muslim to also be SECULARIST???
#3
If I recall correctly, and I'm not sure I do, aren't there between one and two million Muslims legally resident in the U.S.? What percent of that are actually citizens? Of course, this is an intersecting set with African Americans, 90% of whom are also projected to vote for Obama next Tuesday. It will be interesting to see what actually happens with both groups when they are alone with their ballot.
#4
It will be interesting to see what actually happens with both groups when they are alone with their ballot.
I've had more than a few of my hard working black associates confide to me that they are not voting for ObamaFueher. Of course they also say they'd never say that out loud for fear of being branded as Uncle Toms.
#5
Even if communist better candidates were to win on November 4, it will take a long and determined effort to help restore America's promise, ideals and principles."
Yep, too long. So, get the HELL OUT NOW and we'll call you when it's ready!
#6
Leading Muslim organisations and groups have been requested by Obama's people not to declare their support to the Democratic candidate openly as they fear it will be used to decry the senator as a 'crypto Muslim' or 'jihadi manqué"...
Sure. Sounds like a guy I'd wanna vote for if I was a Muslim...
The U.S. Air Force will stand up a new major command called Global Strike Command devoted strictly to the nuclear enterprise, the service announced Oct. 24 at the Pentagon. "We've taken many corrective actions in response to painful lessons learned," Air Force Secretary Michael Donley told reporters, but "more work remains to be done."
Air Force leaders released a so-called roadmap, titled "Reinvigorating the Air Force Nuclear Enterprise," that details major actions the service will take, including:
* Establish the new command, led by a three-star, lieutenant general, and a Headquarters Air Force staff office, both devoted to nuclear enterprise matters;
* Consolidate sustainment functions under Air Force Materiel Command's Air Force Nuclear Weapons Center;
* Improve nuclear stewardship in Air Force corporate processes; and
* Create strategic plans that address long-term nuclear requirements, including those for cruise missiles,
bombers, dual-capable aircraft and intercontinental ballistic missiles (ICBMs).
Nuclear-coded B-52 and B-2 bombers from the 8th Air Force and nuclear-tipped ICBMs under the 20th Air Force will fall under Global Strike Command instead. Yet the move splits the bomber force, with B-1s staying in Air Combat Command, according to the secretary.
The so-called Schlesinger Report - from the Secretary of Defense Task Force on Nuclear Weapons Management chaired by James Schlesinger, who has been both an energy and defense secretary - had recommended all bombers fall under a new command. But, Donley said, "We thought we should preserve the gains made in the last 15 years in making the bomber force more effective for support of theater [operations]."
Initial operating capability for the new command is expected in September 2009, officials said.
The decision to stand up a new major, nuclear command was made early this month at a conference of the air services' four-star generals (Aerospace DAILY, Oct. 9). The move follows the firing of the last Air Force secretary and chief of staff in June, as well as a series of disciplinary actions taken after nuclear management mishaps.
A definitive, high-level report last month detailed 180 corrective actions, costing up to $1.5 billion.
#1
Methinks the USAF Academy's days at Colorado Springs, as known in the 20th Century, are ostensibly NUMBERED, TO WAIT FOR A FUTURE DAY VEE SERVICE MERGER WID NASA-JPL, ETC. INTO A NEW "STARFLEET/SPACE ACADEMY".
ALa STAR TREK, the only RUSH LIMBAUGH-QEEESTIONNE TO ANSWER IS WHETHER TO KEEP ANY POST-WOT OWG STARFLEET COMMAND = FEDERATION OF PLANETS BASED IN SAN FRANCISCO???
CAPTAIN KIRK > NOT KHAN BUT "NNNNNAAAAAAAAAAANNNNCCCCYYYYY(s), CIIIIIINNNNDDDDDDDYYYYYY, BBBAAAABBBBBBSSSSSS" [Pelosi/Wilson, Sheehan, Boxer]???
#2
Really, this part of the military needs to get up to speed. Consider deteriorating conditions in Pakistan. Many have posted that SF could do a smash and grab of their nuclear weapons if required. That might not be possible or may not work.
If we require a preemptive counter-force strike, we can't screw that up. It must be 100% with the fewest weapons possible.
#6
I was SAC and this is not SAC not even a mere image of it. First, SAC ruled the Air Force back then even when they were tenants the base CO knew who the real boss was and it wasn't ADC or TAC. Of course, SAC controlled a big budget and had the nukes but most importantly it was the counter weight to the Soviet Union - that and the Navy sub corps. Think LeMay and Rickover. Who else was out there that was going to take them on. McPeak is a wuss and he will not be a reliable SecDef.
Posted by: Jack is Back! ||
10/28/2008 7:25 Comments ||
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#7
"Reinvigorating the Air Force Nuclear $1.5 billion Corrective Action Money Machine Enterprise,"
There, fully reinvigorated in language the tax payer can understand.
#8
My Late FIL (father-in-law) flew B-36's under SAC during troubled times. He told of fond memories about commanders Lemay and others. I had the opportunity to take in one of their convention/reunions down in Fort Worth a few years back and found myself sitting with a great deal of history. Th number 2 guy with the Flying Tigers, the pilot who flew over Hiroshima the day after taking the photos of the devastastion and many others who still lived and breathed country first. It was probably one of the finest weekends of my life.
Do what they did with Blair's sister in law. Let em in, don't let em out...
Israel plans to interdict a boatfull of far-left wing protesters if it crosses into Israeli territorial waters on its way to Gaza to "break" Israel's blockade, senior government officials said Monday.
The Free Gaza movement is planning to set sail Tuesday from Cyprus to Gaza, for the second such demonstration since August. Israel, eager to avoid a well-publicized incident on the high seas and believing the protesters were just seeking a provocation, allowed the protesters in two boats to make their way to Gaza then, but has no plans to tolerate a repeat performance this time, the officials said.
The officials said the decision to stop the boat was made last month at the "highest governmental levels," just prior to plans by the protesters to set sail on what would have been their second protest voyage. That trip was scuttled at the last minute.
Among the 26 passengers expected on board the boat this time are five physicians, 1976 Nobel Peace Prize winner Mairead Maguire, who has been involved in the protests at Nil'in, MK Jamal Zahalka (Balad) and Palestinian Legislative Council member Mustafa Barghouti.
"This second trip is just one of many we intend to organize over the next year," said American volunteer Greta Berlin. "We have lawyers, members of parliament and other professionals already on our passenger lists for upcoming voyages." The group said it would be carrying medicines. Yeah, make sure you bring something this time besides your useless asses. I read the locals were pissed they didn't get any goodies last time.
Israeli officials said the decision to interdict the ship was taken because in August the group "exploited" the fact it was not barred from Gaza and demonstrated in Gaza on behalf of Hamas and were used by Hamas for propaganda purposes.
The source said if the group was going to create a provocation against Israel regardless of whether they are stopped on the high seas or allowed into Gaza, Israel might as well stop them before they can reach shore.
Israel made clear in August, when it did allow in the first two boats, that this was not a blanket policy, but rather that it would evaluate each incident separately.
Posted by: Mike ||
10/28/2008 17:34 Comments ||
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#4
"We have lawyers, members of parliament and other persons of ill repute professionals
Isn't this kind of like waving a red cape in front of the bull? I mean lawyers and members of the parliment - talk about temptation.... With a Nobel [un]Peace Prize winner to boot!
(no offense to any lawyers who read this. Its just that some give the rest of you a bad name....)
#5
If the Israelis had a sense of humor, they could have turned this into the boat ride from hell. Sneak aboard and dump quarts of crab lice, scabies mites and bedbugs, then smear copious amounts of Norwalk virus, mumps and chicken pox contamination around.
The crew and passengers would probably set their own ship on fire to end it all.
Oooooh, I can't wait til he calls me...
A young Palestinian in a Gaza refugee camp is doing his part to get out the vote for Barack Obama. Well this is great news, huh, Barry?
With a little help from the Internet, 24-year-old Ibrahim Abu Jayab is cold calling random American families from his parents' home, imploring them to vote Obama. Seated in front of his computer, he uses the Skype internet phone service to leave messages for potential voters. Geez, I thought they were all living in dark caves over there and eating stale Ritz crackers that came in through the tunnels...
"I'm Ibrahim Abu Jayab from Gaza Strip. I support the Senator Obama from Gaza Strip," he said in one. "I think the Senator Obama achieve the peace in the world and in my area. For the peace, please elect Senator Obama. Thank you very much." Make millions of calls, Ibrahim. I'll bet it'll do wonders for his support.
The media student at Al-Aqsa University, who doesn't speak English, recited these words specifically for this purpose. Call me, Ibrahim. I'll teach you all kinda new English words. Now, now, I'm guessing he has lots of practice at rote memorization ...
His computer features a screensaver of a smiling Obama giving a thumbs-up. Has ACORN contacted you yet? Looks like you'd be good for at least 4 or 5 absentee ballots...
Head of the Cairo-based al-Azhar University's committee for fatwas or religious rulings has approved a woman's right to fight back if her husband uses violence against her, according to press reports on Monday. "A wife has the legitimate right to hit her husband in order to defend herself," Sheikh Abdel Hamid al-Atrash was quoted as saying by Egyptian independent daily al-Masry al-Youm. "Everyone has the right to defend themselves, whether they are a man or a woman... because all human beings are equal before God," he added.
Al-Azhar is Sunni Islam's highest authority. The declaration by Atrash comes after similar rulings by religious leaders in Saudi Arabia and Turkey.
Saudi Sheikh Abdel Mohsen al-Abyakan had, a few days ago, stressed the fact that a wife should resort to "the same kind of violence" as her husband used against her, whether it be with a leather strap or a wire cable.
On Sunday, prominent Turkish Muslim preacher and writer Fethullah Gulen even ruled that a woman should return the violence with interest. "She should give back two blows for each one received," the paper quoted him as saying.
Posted by: Fred ||
10/28/2008 00:00 ||
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#1
I wonder how many Muslum husbands will sleep warily as a result of this fatwa. I thought Muslums were prohibited from charging interest.
Posted by: Richard of Oregon ||
10/28/2008 0:51 Comments ||
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#2
Charging is one thing, Richard. Voluntarily paying is something else altogether.
A well-known Saudi singer has called for using music to treat patients with psychological disorders, believing religious therapy usually yields undesirable results. Slamming an oak door on the fingers of both hands probably yields better results, especially with the third or fourth application.
Posted by: Fred ||
10/28/2008 00:00 ||
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#1
I give you music. You give me dope. Deal?
Posted by: Richard of Oregon ||
10/28/2008 0:47 Comments ||
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#2
Music therapy - Brittany Spears, over and over and over until you get the psychological disorder you desire.
Iran's Foreign Ministry says Esha Momeni, a Los Angeles-born Iranian-American graduate student, is being investigated by the judiciary. "The relevant bodies are pursuing her case. Nothing has been finalized yet," said Foreign Ministry spokesman Hassan Qashqavi on Monday.
Momeni's attorney Mohammad Ali Dadkhah says the 28-year-old California State University student was conducting a research concerning the status of women in Iran. She was reportedly arrested on Oct. 15 after a driving violation.
"Esha Momeni's parents told me she has been informed of the accusations over her activities in the women's signature campaign," AFP quoted Dadkhah as saying.
The US has requested Switzerland, which represents American interests in Tehran, to find out more about Momeni's case.
Posted by: Fred ||
10/28/2008 00:00 ||
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Freight rates for shipping are crashing at the fastest pace ever recorded as banks shut off credit lines to the industry, precipitating a sudden crunch in world trade.
The Baltic Dry Index measuring rates for coal, iron ore, and grains, and other dry goods plummeted below 1000 yesterday, down 92pc since peaking in June.
The daily rental rates for Capesize big ships have dropped $234,000 to $7,340 in weeks, leaving operators stuck with heavy losses on long leases. Empty ships are now crowding Singapore and other global ports.
"It is extremely serious, " said Jeremy Penn, president of the Baltic Exchange. "Freight rates have never fallen this steeply before. It is telling us that world trade in raw materials has slowed dramatically. Shippers are having genuine difficulty obtaining letters of credit from banks," he said.
The shipping crisis is another blow to the City of London, which earned £1.3bn in foreign receipts from the industry last year. Maritime services employs 14,500 staff in the UK.
It is also beginning to cause strains in Greece, where the yield spread between Greek 10-year bonds and German Bunds rocketed to a post-EMU record of 123 basis points yesterday.
The upheavals on the bond markets came as Iceland was forced to raise interest rates 6 percentage points to 18pc by the IMF as a condition for its $2bn (£1.3bn) rescue package.
The draconian terms raise fears that the IMF will apply the same medicine to Hungary, Ukraine, Belarus, Serbia, as well as Pakistan and a long list of other countries that may soon need a bail-out. Critics says the Fund risks repeating errors it made in Asia's 1998 crisis when it imposed a one-size-fits-all contraction policy on the region, causing bitter anti-Western feelings and arguably making matters worse.
A deflationary strategy of this kind could prove counterproductive or worse if applied in enough countries simultaneously. It would defeat a key purpose of the rescues, which is to stabilise the global financial system.
The Icelandic krona traded for the first time in a week, but dealers said it was changing hands at roughly 240 to the euro compared with the rate of 152 to the euro fixed by the central bank.
Ominously for Greece, this is the first time its debt has broken its tight linkage with Italian bonds which traded at spreads of 100 yesterday. The markets are now clearly singling out the country as the most vulnerable of the EMU members.
"This shipping slowdown is a worry for Greece, " said Chris Pryce, a director of Fitch Ratings, which downgraded the country's credit outlook last week. Fitch warned that Greece has a public debt of 92pc of GDP, leaving it no safe margin for fiscal stimulus in a downturn.
"Shipping has overtaken tourism to become the country's biggest industry. They get their finance from other countries, so I think there are going to be a lot of worried bankers in London," he said.
Shipping specialists say the Royal Bank of Scotland and HSBC provide the lion's share of loans for both the bulk goods and tanker fleets, exposing these two banks to further potential losses.
Greek shipping families control a third of the global freight market for bulk goods, with operations split between London and Pireaus.
Mr Pryce said Greek banks had expanded rapidly in the Balkan region and Turkey, with heavy exposure to Serbia and Macedonia. "They saw this as a growth region, but they may be thinking differently about it now," he said.
Michael Klawitter, a credit strategist at Dresdner Kleinwort, said the market flight from Greek bonds marked a dangerous moment for the euro. "There has been a massive widening of spreads. We are no longer having a theoretical discussion about the viability of monetary union. People are really concerned for the first time," he said.
"It is not surprising that they are looking closely at Greece. Greek banks have been buying all kinds of assets across the Balkans and they are heavily exposed to the housing market," he said.
Greece has a current account deficit of 15pc of GDP, the highest in the eurozone. Investors were willing to turn a blind eye to this during the credit boom, but they have now become wary of any country with a deficit in double digits.
Mr Klawitter said Greece is not the only country in the eurozone that is coming under the microscope. "The spreads on what was once rock-solid Austrian debt have reached 90. Investors have started to look at the numbers and they realise that cross-border loans by Austrian banks to Eastern Europe are over 80pc of GDP, and that is really worrying in this turmoil. They have seriously begun to think that one or several East Europe an countries are going to fail to get their act together and go the way of Iceland," he said.
According to preliminary calculations, the Dow rose 889.35, or 10.88 percent, to 9,065.12. That was its second-largest point gain, coming after the 936 points the Dow jumped on Oct. 13.
The Dow was up 456 points at 3 p.m. and rose as much as 906.31 before edging back.
The gains in the 30 blue chip stocks were stunning Alcoa Inc. was up 19.25 percent, while Verizon Communications Inc. rose 14.63 percent. Even oil stocks shot higher, withstanding another drop in the price of crude Exxon Mobil Corp. and Chevron Corp. each rose more than 13 percent.
Broader stock indicators also surged. The Standard & Poor's 500 index rose 91.59, or 10.79 percent, to 940.51, and the Nasdaq composite index rose 143.57, or 9.53 percent, to 1,649.47.
The Russell 2000 index of smaller companies rose 34.15, or 7.62 percent, to 482.55.
Advancing issues outnumbered decliners by more than 4 to 1 on the New York Stock Exchange, where volume came to a moderate 1.72 billion shares compared with 1.34 billion shares traded Monday.
"I guess we're just coming out of this oversold situation. I think you've got a lot of players on the sidelines," said Dan Demming, trader at Stutland Equities in Chicago. "There's just no one standing in the way right now."
He contends investors are also anticipating an interest rate cut. The Fed is expected to cut its target fed funds rate by half a point to 1 percent.
Bond prices were mixed as some investors looked for the safety of government debt. The yield on the three-month Treasury bill, regarded as the safest investment around and an indicator of investor sentiment, fell to 0.76 percent from 0.77 percent Monday. The lower yield indicates an increase in demand. Meanwhile, the yield on the benchmark 10-year Treasury note rose to 3.86 percent from 3.69 percent late Monday.
The dollar was mixed against other major currencies, while gold prices fell.
Light, sweet crude settled down 49 cents to settle at $62.73 a barrel on the New York Mercantile Exchange.
Investors worldwide snapped up stocks after posting huge declines Monday on economic worries. Japan's Nikkei stock average jumped 6.41 percent and Hong Kong's Hang Seng index surged 14.4 percent its biggest gain in 11 years a day after plunging more than 12 percent. Britain's FTSE 100 rose 1.92 percent, Germany's DAX index jumped 11.3 percent, and France's CAC-40 rose 1.55 percent.
#4
I sure hope Paulson isn't using any of the handout money to buy stock. I've noticed that everything - even the nominally bankrupt companies - is up. Somebody is buying the entire market.
The cable news channel is "completely out of control," said writer-producer Linda Bloodworth-Thomason, a self-proclaimed liberal Democrat.
She added that she would prefer a lunch date with right-leaning Fox News star Sean Hannity over left-leaning MSNBC star Keith Olbermann.
Olbermann was criticized by many who attended Monday's luncheon sponsored by the Caucus for Producers, Writers & Directors at the Beverly Hills Hotel. The event was dubbed "Hollywood, America and Election '08."
Continued on Page 49
#1
"It diminishes us," she said of her fellow Democrats.
It diminishes the imaginary high ground you put yourselves on. It's who you are and your fellow travelers are. You are just as bias, bigoted and intolerant as the people you have looked down upon for years and generations. All you are doing is seeing the Freudian Project that the rest of us have watched for our cognizant lives. If the image in the mirror isn't to your liking then heal thyself before you point your finger at everyone else.
Fahad al-Deweesh, a vice president at a Persian Gulf investment firm, is getting e-mails from old finance classmates at the University of Southern California he hasn't heard from in years, asking what the job market here looks like for Americans.
Grand idea. Have the Malefactors of Great Wealth start all over in Romantic Araby.
Posted by: Fred ||
10/28/2008 00:00 ||
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#1
White Finance Flight?
I must be dreaming.
Go East young men!!!
A multi-volume chronology and reference guide set detailing three years of the Mexican Drug War between 2010 and 2012.
Rantburg.com and borderlandbeat.com correspondent and author Chris Covert presents his first non-fiction work detailing
the drug and gang related violence in Mexico.
Chris gives us Mexican press dispatches of drug and gang war violence
over three years, presented in a multi volume set intended to chronicle the death, violence and mayhem which has
dominated Mexico for six years.
Rantburg was assembled from recycled algorithms in the United States of America. No
trees were destroyed in the production of this weblog. We did hurt some, though. Sorry.
(AKI) - A total 392 illegal immigrants arrived on the southern Italian island of Lampedusa overnight aboard two people smugglers' boats.
About 90 percent of American Muslims are expected to vote for Barack Obama on November 4, according to a key Muslim community leader, who wished to remain anonymous since any open or overt expression of support from a Muslim group for Obama is likely to hurt rather than help his bid for the White House. 
The cable news channel is "completely out of control," said writer-producer Linda Bloodworth-Thomason, a self-proclaimed liberal Democrat.
