Tag: Morning Shinbun

Estimate of TARP losses falls to $25 billion

The projected cost of the $700-billion financial bailout fund drops sharply, according to a new report from the nonpartisan Congressional Budget Office.

By Jim Puzzanghera, Los Angeles Times

November 30, 2010

Reporting from Washington –

The projected cost of the $700-billion financial bailout fund – initially feared to be a huge hit to taxpayers – continues to drop, with the nonpartisan Congressional Budget Office estimating Monday that losses would amount to just $25 billion.

That’s a sharp drop from the CBO’s last estimate, in August, of a $66-billion loss for the Troubled Asset Relief Program, known as TARP. Going back to March, the budget office estimated that the program would cost taxpayers $109 billion.

Cables shine light into secret diplomatic channels

The confidential material was obtained by WikiLeaks and released despite requests by the U.S. government not to do so

By Scott Shane and Andrew W. Lehren

WASHINGTON  – A cache of a quarter-million confidential American diplomatic cables, most of them from the past three years, provides an unprecedented look at backroom bargaining by embassies around the world, brutally candid views of foreign leaders and frank assessments of nuclear and terrorist threats.

Some of the cables, made available to The New York Times and several other news organizations, were written as recently as late February, revealing the Obama administration’s exchanges over crises and conflicts. The material was originally obtained by WikiLeaks, an organization devoted to revealing secret documents. WikiLeaks intends to make the archive public on its Web site in batches, beginning Sunday.

The anticipated disclosure of the cables is already sending shudders through the diplomatic establishment, and could conceivably strain relations with some countries, influencing international affairs in ways that are impossible to predict.

N. Korea preps missiles amid U.S. war games

Pyongyang warns of ‘merciless’ assault if further provoked as joint naval drills begin

msnbc.com news services

YEONPYEONG ISLAND, South Korea – The sound of new artillery fire from North Korea just hours after the U.S. and South Korea launched a round of war games in Korean waters sent residents and journalists on a front-line island scrambling for cover Sunday.

None of the rounds landed on Yeonpyeong Island, military officials said, but South Korea’s Defense Ministry later ordered journalists off the island.

U.S. now in Afghanistan as long as Soviets were

The last Red Army troops left in 1989, driven out after nine years and 50 days by U.S.-backed fighters known as mujahedin. Despite contrasts, the U.S. and Soviet wars have common narrative elements.

By Laura King and Sergei L. Loiko, Los Angeles Times

November 27, 2010

Reporting from Kabul, Afghanistan, and Moscow – As wartime days go, Friday was a fairly quiet one in Afghanistan. Helicopters skittered across the sky; convoys rumbled along desert roads; soldiers in mountain outposts scanned the jagged peaks around them.

But one thing set the day apart: With its passing, the length of the U.S. military’s campaign in Afghanistan matched that of the Soviet Union’s long and demoralizing sojourn in the nation.ion.

Britain’s austerity plan leaves many bracing for painful changes

Prime Minister David Cameron plans to slash $128 billion in spending over four years, upending a culture of governmental responsibility in a nation that provides everything from free healthcare to aid for mothers.

By Henry Chu, Los Angeles Times

Reporting from Wimbledon, England – Britain is about to undergo an extreme makeover. And Festus Grant is worried.

The 71-year-old was crippled by a stroke early this year, and he doesn’t know how he would have coped without the “angel of mercy” who knocked on his door a few days after he came home to his modest flat after three months in the hospital.

The care worker from the Stroke Assn. helped him piece his life back together. She arranged follow-up trips to the doctor and signed him up for a shuttle service that takes him shopping once a week.

N. Korea warns of retaliation; Seoul orders security beefed up

S. Korea government in emergency meeting; joint exercises with U.S. move ahead

msnbc.com news services

INCHEON, South Korea – South Korea’s president vowed Thursday to boost security around islands near the site of this week’s artillery attack by North Korea.

His order to beef up security came as North Korea warned of more “retaliation” if Seoul carries out “reckless military provocations.”

“We should not let our guard down in preparation for another possible North Korean provocation,” South Korean President Lee Myung-bak said at an emergency government meeting Thursday.

North and South Korea Exchange Dozens of Artillery Shells



By MARK McDONALD

Published: November 23, 2010

SEOUL, South Korea – North and South Korea exchanged artillery fire on Tuesday after dozens of shells fired from the North struck a South Korean island near the countries’ disputed western sea border, South Korean military officials said.

The South Korean military immediately went to “crisis status,” said a Defense Ministry official. There were widespread media reports that Seoul had scrambled F-16 fighter jets but the official declined to confirm whether the planes were in the air.

The South Korean broadcaster YTN reported that one marine had been killed and three others seriously wounded in the shelling on the island, in addition to two civilian casualties. TV footage showed large plumes of black smoke spiraling from the island.

High-seas piracy drama plays out in U.S. courtroom

Five Somalis accused of attacking a Navy ship await their fate in the first such trial in almost 200 years.

By Bob Drogin, Los Angeles Times

Reporting from Norfolk, Va. –

The moon was bright, the sea was calm, and the pirates easily spotted their prey – a large gray ship plodding through waves 576 nautical miles off the coast of Somalia.

Three men jumped from a command boat into an open skiff and raced toward the target. They opened fire with AK-47 rifles as they neared the starboard side, hitting a mast and several life lines.

No one was hurt, and the April 1 incident normally might have drawn little notice. Somali sea bandits have attacked several hundred freighters, tankers and other merchant ships this year. They have successfully hijacked 40 vessels and their crews and held them for ransom..

North Koreans Unveil Vast New Plant for Nuclear Use



By DAVID E. SANGER

Published: November 20, 2010

WASHINGTON – North Korea showed a visiting American nuclear scientist earlier this month a vast new facility it secretly and rapidly built to enrich uranium, confronting the Obama administration with the prospect that the country is preparing to expand its nuclear arsenal or build a far more powerful type of atomic bomb.

Whether the calculated revelation is a negotiating ploy by North Korea or a signal that it plans to accelerate its weapons program even as it goes through a perilous leadership change, it creates a new challenge for President Obama at a moment when his program for gradual, global nuclear disarmament appears imperiled at home and abroad. The administration hurriedly began to brief allies and lawmakers on Friday and Saturday – and braced for an international debate over the repercussions.

In Lisbon, they talk. In Afghanistan, they die.

Christopher Davies, 22, was the 100th British serviceman to die this year in a war that Nato’s leaders – gathered today for a crucial summit – have no idea how to win.

By Michael Savage and Kim Sengupta in Lisbon Saturday, 20 November 201

Christopher Davies, a guardsman with the 1st Battalion Irish Guards, has been named as the 100th member of Britain’s armed forces fighting in Afghanistan to die this year.

The 22-year-old’s death was given extra poignancy yesterday as world leaders gathered to formulate an exit strategy from the bloody and intractable campaign. It has now claimed the lives of 345 British servicemen and women since it began in 2001.

Guardsman Davies, from St Helens, Merseyside, died after being ambushed and shot by insurgents while on patrol in the Nahr-e Saraj district, Helmand Province, on Wednesday.