Vietnam Faces Asia-High 15 Percent Inflation Rate

Posted June 6th, 2011 at 5:20 am (UTC-5)
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Vietnam says it is now hoping to contain inflation to 15 percent this year.

The forecast, released late last week and reported Monday, is the second upward revision in the estimated inflation rate in a month, and compares to a target of 7 percent at the start of the year.

The World Bank said last week that Vietnam's inflation rate would peak this month at 22 percent before falling back through the rest of the year. The rate of almost 20 percent in May was the highest of 17 Asian economies tracked by the Bloomberg news agency.

Government officials have also revised the projected rate of growth in gross domestic product to 6 percent, down from a target of 6.5 percent announced a month earlier. The target rate for inflation was set at 11.75 percent last month.

Tokyo Markets, Dollar Down

Posted June 6th, 2011 at 5:10 am (UTC-5)
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Japanese share prices ended lower Monday, while the dollar was flat against the yen.

Tokyo's Nikkei index fell 1.2 percent to close at 9,380.

The dollar was selling at 80.18 yen in currency trading, down slightly from late Friday.

Gold was trading at $1,544.16 an ounce.

Suicide Blast Kills 7 in Iraq

Posted June 6th, 2011 at 4:55 am (UTC-5)
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Iraqi officials say a suicide attacker has detonated a bomb-laden car in the city of Tikrit, killing at least seven people and wounding 15 others.

The blast happened Monday outside a compound that houses several palaces built during the rule of the late Iraqi leader Saddam Hussein. Officials say an Iraqi army colonel and several soldiers are among the dead.

The attack follows a series of coordinated bombings in the city last Friday that killed 21 people.

Tikrit is Saddam's hometown and is located about 130 kilometers north of the capital, Baghdad.

Also Monday, officials say gunmen opened fire on several security checkpoints in Baghdad, killing four people.

Australian Cattlemen Propose Limits on Exports to Indonesia

Posted June 6th, 2011 at 4:45 am (UTC-5)
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Australia's cattle industry has advanced a plan to ensure the humane slaughter of livestock in Indonesia in the wake of a television expose that shocked Australian viewers.

The Australian government immediately banned exports of live cattle to 11 Indonesian abattoirs after last week's program, which showed cattle being beaten, gouged and kicked before being killed with repeated cuts to the throat.

Under the industry plan released Monday, cattle would be shipped to only 25 slaughterhouses that already meet international standards set by the Paris-based World Organization for Animal Health. That is down from 100 abattoirs at present.

The industry group says it also wants animal welfare officers permanently stationed at the approved slaughterhouses to ensure compliance with the standards.

The industry group, called Meat and Livestock Australia, says the proposal has been submitted to Agriculture Minister Joe Ludwig. However, a few members of parliament, including independent and Greens members whose support is vital to the government, are calling for a complete ban on cattle exports to Indonesia.

The trade was valued at $344 million last year.

Asian Markets Lower

Posted June 6th, 2011 at 4:30 am (UTC-5)
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Asian stock markets were lower in trading Monday.

Tokyo's Nikkei index fell 1.2 percent to close at 9,380.

Elsewhere, share prices were lower in Sydney, Wellington and Manila. Markets in Hong Kong, Shanghai and Taipei were closed for the Dragon Boat Festival.

The dollar was selling at 80.18 yen in currency trading, down slightly from late Friday.

Santorum Set to Enter Republican Presidential Field

Posted June 6th, 2011 at 3:50 am (UTC-5)
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A former senator from the northeastern U.S. state of Pennsylvania is set to join the field of Republican presidential candidates seeking to unseat President Barack Obama in 2012.

Rick Santorum is expected to formally announce his candidacy Monday.

He has made frequent trips to the states that hold the first votes in the nominating process, including Iowa, New Hampshire and South Carolina.

Santorum served two terms in the U.S. Senate before being defeated in his re-election bid in 2006.

The Republican field already includes former Massachusetts governor Mitt Romney, former U.S. House speaker Newt Gingrich, former Minnesota governor Tim Pawlenty and current Texas Representative Ron Paul.

Former Alaska governor Sarah Palin has not said whether she will enter the race, after running as the Republican vice presidential candidate in 2008.

Gates Continues His Farewell Tour in Afghanistan

Posted June 6th, 2011 at 3:50 am (UTC-5)
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Outgoing U.S. Defense Secretary Robert Gates is bidding a final farewell to the U.S. troops in Afghanistan. He flew Monday to a troop base in Paktika province, which borders Pakistan.

The forward operating base in Omnah district is in a remote and dangerous part of the province.

Secretary Gates, who is retiring at the end of the month, visited southern Afghanistan Sunday. In his remarks during visits to bases in Kandahar and Helmand provinces, Gates said a soon-to-begin U.S. troop withdrawal from Afghanistan should start with support troops, not combat soldiers.

The defense secretary has also warned Afghan President Hamid Karzai that his country needs to increase security, and that failure to do so would put the smooth withdrawal of U.S. forces at risk.

Field commanders at both bases said they have seen significant security gains, but the violence rages on. On Sunday, four NATO service members were killed in southern and eastern Afghanistan.

Later in the week he travels to Brussels for a NATO security conference. One of the topics will be the situation in Afghanistan.

Saturday, the defense secretary hinted that he saw a possible end in sight to the nearly 10-year-old war, thanks to security gains in the past 18 months.

At a recent security conference in Singapore, Gates said there could be peace talks with the Taliban within a year. However, he cautioned the talks would only occur if NATO's ground advances in Afghanistan continue to put pressure on the insurgents.

Indonesian Cleric Accuses US as Terrorism Trial Winds Down

Posted June 6th, 2011 at 3:40 am (UTC-5)
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Radical cleric Abu Bakar Bashir issued a final statement at his Indonesian terrorism trial Monday, once more charging that the case against him was orchestrated by the United States and Australia.

The cleric, who faces a possible life sentence, charged that the foreign powers were working through “devils” in Indonesia to carry out a crusade against devout Muslims.

A final verdict is expected later this month in the long-running trial. Bashir is accused of funding and helping to organize a terrorist training camp that was discovered last year in northwestern Aceh province.

Bashir made similar claims of foreign influence in his formal defense statement two weeks ago. At that time he admitted raising money but said it was for legitimate purposes, not to fund terrorist activities.

Bashir is considered to have been the spiritual leader of Jemaah Islamiyah, which is blamed for a series of terrorist attacks including the 2002 Bali bombings that killed 202 people.

The preacher spent more than two years in prison on charges related to the Bali attacks before his conviction was overturned.

17 Killed in US Drone Attacks in Pakistan

Posted June 6th, 2011 at 3:25 am (UTC-5)
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Intelligence officials in northwest Pakistan say three U.S. drone-fired missile strikes have killed at least 17 militants.

Authorities say all the strikes Monday were in South Waziristan, the country's restive tribal region near the Afghan border.

U.S. drone strikes against insurgents in the border region of Pakistan have been a source of friction between the two countries.

U.S. officials have never publicly acknowledged the use of drones inside Pakistan, but privately they have confirmed the strikes to various news outlets, saying the operations have killed mostly militants.

The attacks come after the reported death of al-Qaida operative Ilyas Kashmiri in a U.S. drone strike in the tribal region Friday.

Industry Group Predicts Plunge in Airline Profits

Posted June 6th, 2011 at 3:00 am (UTC-5)
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An international industry group predicts that airline profits will plummet this year because of natural disasters, political violence and higher fuel prices.

At its annual meeting in Singapore Monday, the International Air Transport Association said airlines will probably earn only $4 billion in 2011, down from $18 billion last year.

IATA Director-General Giovanni Bisignani said in a statement that profit expectations for the industry have been slashed by the March 11 earthquake in Japan, unrest in the Middle East and North Africa, and a sharp rise in oil prices.

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