Archive for March 27th, 2011

March 27, 2011

Libya decends into chaos whilst Libyan oil still pumps out to coalition forces countries

[Austin Kilroy, Middle East and Africa Contributor]

Attacks and counter attacks, wins and counter wins in the ongoing war involving the Libyan rebels and the incumbent regime is causing Libya to decend into one of world’s most troubled ‘conflict zones’.

The ongoing saga is well-updated by Huffington Post and access to the stories can be gained by clicking on the photo above.

The fighting in Libya is compounded by the involvement of western coalition forces which although assisting the rebels with air strikes, are refusing to arm them although the Libyan regime was previously armed by the same coalition forces countries who are now rallying to the defence of the rebels.

Coincidentally, despite the conflicts in the country, Libyan oil is still flowing out by the barrels to the coalition forces countries.

No doubt , post conflict and on the assumption that the rebels win (although this is by no means certain), there will be an oil reward price to be paid by the rebels to the coalition forces countries which having armed the Libyan regime to enable it to attack and kill its people so effectively, will certainly wish to be rewarded for their role in ‘defending the Libyan people’ once the conflict is over.

Last week, Der Spiegel reports that Dirk Niebel, a member of the German Free Democrats (FDP) partry on the TV program ‘Talkshow’, said that the coalition forces countries was were hypocrites. “It is notable that exactly those countries which are blithely dropping bombs in Libya are still drawing oil from Libya,” he said.

March 27, 2011

Iran is not only ‘nuke-competent’ now, but has ‘flying saucer’

[Alice Hoffman, Middle East and Africa News Contributor]

Huffpost World reports that further Iran‘s determination to establish itself as a leading force in the international community and now not only is it ‘nuke-competent’, but has startled the world community by its announcement that it has the world’s first flying saucer at its command.

The official state-run Iranian News Agency claims that (Fars’ website) the saucer was shown to Ayatollah Seyed Ali Khamene last week who approved its use for as an aerial spy device. The saucer has been named “Zohal” and is reportedly part of a new generation of upright flyers.

March 27, 2011

Fukushima plant radiation emission reads 10 million times higher than normal

[Justin Bridge, Japan Nuclear Disaster News Contributor]

HuffPost World: On Sunday, one of the distressed reactors at Japan‘s troubled Fukushima plant showed radiation emissions of more than 10 million times higher than normal prompting workers to flee the plant.

What is clear is that following the authorities confirmation that at least one of the cores of the reactors had been breached, far higher levels of radiation than before are now escaping into the atmosphere and environment.

This incident has done nothing to pour cold water on a concerned international community which is becoming more irritated over the failure of the Japanese government to admit the magnitude of the problem and provide it with reliable data. There is concern that the Fukushima catastrophe is dire and will make Japan practically inhabitable for many years to come and cause high radioactive fallout to affect most countries of the world.

Our News Contributor in Japan has this to say: “The situation is far, far worse than the government is prepared to admit to. It’s all about ‘saving face’ now and are worried if they admit that they messed up, people and other countries will ask them for huge compensation.  Everyone can see that they screwed up badly – the plant is out of control, cooling it is something that hopeful dreams are made up of  as meltdown is well in process. They should come clean and tell everyone what the truth is so that people can get out, or protect themselves before its too late. As for me, I will be leaving Tokyo on Monday”.

March 27, 2011

German banks bracing themselves for a wave of compensation claims following Germany’s highest court’s adverse ruling on investment product sales

[Kristina Rosenberg, Financial News Contributor]

Spiegel ONLINE International: Deutsche Bank is reeling from an adverse judgment against it by Germany‘s highest civil court which ruled that the bank had failed to caution its clients of the risks in an investment product it had sold to them shortly before the financial crisis.

Lawyers are currently studying the judgment which will be certain to have enormous consequences for the German banking market and could precipitate a wave of similar cases against all German banks which could attract compensation figures running into many millions.

The company, ILLE Paper Service, had taken Deutsche Bank to court saying that it had not been warned of the risks  that a financial product it had bought from the bank in 2005 had entailed. The court held for the company and ordered the bank to pay EUR 541,074, plus interest, in compensation to  the  company.  The bank’s lawyers are reported to be getting ready to defend similar cases against the bank.

The offending Deutsche Bank‘s product,  a “spread ladder swap,” was a wager on the future development of interest rates. The judge said that bank failed in its legal duty to advise its clients that the risk to them was unlimited if they lost the wager. He said that the bank had deliberately made the product unfriendly to their clients so that it would profit from the sale.   He went on to say that the bank’s clients should have the same “level of knowledge” as the bank itself when selling such products as only then could they be in  a proper position to decide if they wanted to proceed with the wager.  Currently, the bank is in similar disputes with municipalities and businesses in Germany which are claiming that they had not been properly advised of the investment risks in respect to products they had purchased from the bank.

Clients of other German banks have also begun similar compensation claims.

Deutsche Bank made a profit of EUR2.3 billion last year.