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World News - OECD warns on global imbalances
The Organisation for Economic Cooperation and Development (OECD) has warned that the global imbalances in world trade are unsustainable and must be tackled. Opening the global think tank's annual forum, Greek finance minister George Alogoskoufis said the situation posed major risks to global economic stability. He told reporters that although it was too early to talk of a "crisis" in the markets, recent falls in global stock and currency markets could be the beginning of a "correction" based on uncertainty about the future direction of interest rates. And in a barely veiled criticism of the United States he called for greater international economic policy coordination to prevent large countries abusing their position and practicing "beggar-my-neighbour policies". ...
http://news.bbc.co.uk

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Editor - 09:58:00 05-22-06
 
At Least 60 Killed In Darfur Clashes Armed Groups Battle For Territory Ahead Of Expected Truce
More than 60 people have died in fighting in Darfur during the past few days, the African Union and United Nations reported, as various armed groups in the west Sudanese region battled for territory ahead of an expected disarmament. Militia hailing from nomadic Arab tribes launched two separate attacks in South Darfur on Friday that killed 29 and six ethnic African villagers, Moussa Hamani, the chief information officer for the AU peacekeeping mission to Darfur, said in Khartoum on Sunday. The UN mission to Sudan said in an email press release Sunday that villagers in another South Darfur village had attacked a local Arab militia, known as Janjaweed, on Friday. Eleven farmers and eight Janjaweed were killed, the United Nations said. ...
http://www.cbsnews.com/stories/2006/05/22/world/main1639009.shtml?source=RSS&attr=World_1639009

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Editor - 09:54:00 05-22-06
 
NYSE in $21bn Euronext merger bid
The New York Stock Exchange (NYSE) has unveiled plans to merge with the pan-European Euronext exchange. The proposed move would create a transatlantic stock market giant worth $21bn (16bn euros; £11bn). If successful, the merger bid would trump rival plans by Germany's Deutsche Boerse for a tie-up with Euronext. Competition between exchanges has been increasing, and analysts are predicting more mergers as the companies look to cut costs and boost client numbers. Earlier this year, Euronext called off its attempts to buy the London Stock Exchange after US firm Nasdaq increased its stake. Since then, Nasdaq has continued to build its holding, and said on Friday it now had now topped 25%. ...
http://news.bbc.co.uk/2/hi/business/5003558.stm

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Editor - 09:51:00 05-22-06
 
U.S. shipping Tamiflu stockpile to Asia
The United States is sending a stockpile of the antiviral drug Tamiflu to Asia as a first defense against a possible flu pandemic, Secretary of Health and Human Services Mike Leavitt said Monday. Leavitt said Washington has shipped treatment courses of Tamiflu to a secure location in an unidentified Asian country. The drug, produced by the Swiss-based Roche Holding AG, is regarded as the best initial defense against a pandemic resulting from a possible mutation of the deadly H5N1 bird flu virus into a strain easily passed between people. "It is a stockpile that would belong to the United States and we would control its deployment," Leavitt said in Geneva, where he was attending the World Health Assembly, the annual meeting of the U.N. health agency's 192 members. He declined to say how much of the drug had been sent but said the shipment would arrive later this week. ...
http://www.usatoday.com/news/health/2006-05-22-tamiflu-shipment_x.htm?csp=34

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Editor - 09:47:00 05-22-06
 
Police Can Enter Home to Break Up Fight, U.S. High Court Says
Police officers don't violate the Constitution when they go into a private home to prevent a fistfight from escalating, the U.S. Supreme Court ruled. The justices unanimously cleared the way for prosecution of three people arrested after officers entered a Brigham City, Utah, house where a late-night party had turned violent. A lower court had derailed the prosecutions by saying the entry violated the constitutional ban on unreasonable searches and seizures. ``An officer is not like a boxing (or hockey) referee, poised to stop a bout only if it becomes too one-sided,'' Chief Justice John G. Roberts Jr. wrote for the court. The ruling broke little new ground. In a concurring opinion, Justice John Paul Stevens, who often champions the rights of accused criminals, called Roberts's opinion ``so clearly persuasive that it is hard to imagine the outcome was ever in doubt.'' ...
http://quote.bloomberg.com/apps/news?pid=10000087&sid=aDhwH7w1jXbM&refer=home

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Editor - 09:46:00 05-22-06
 
Rival security forces do battle on streets of Gaza
Gaza witnessed its most severe sectarian fighting in weeks today as militiamen loyal to Islamist party Hamas traded gun and mortar fire with state police, turning the centre of Gaza City into a battlezone. A car belonging to the Jordanian ambassador and bearing diplomatic registration plates was caught in the crossfire, killing the driver. Hamas gunmen hid in an abandoned building near to the parliament offices, firing grenades at the rival police. Other militants, armed with rocket-propelled grenade launchers, took up positions across the centre. At least seven people were injured in the clash.Witnesses said that today's confrontation was the most intense in the escalating conflict between gunmen loyal to the Hamas government and security forces allied with Mahmoud Abbas, the moderate Palestinian President....
http://www.timesonline.co.uk/article/0,,3-2191884,00.html

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Editor - 09:41:00 05-22-06
 

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