Monday, February 13, 2012
Muslims Claim Israel Planning to Build on Temple Mount
Israel is planning to build a new structure on the Temple Mount, adjacent to the Al-Aqsa Mosque, the Bethlehem-based Ma’an news agency reported on Saturday.
The report cited the Al-Aqsa Foundation for Endowment and Heritage, which claimed that a committee within the Israeli municipality of Jerusalem has submitted plans for the new structure.
According to the foundation, the 3,700-square-meter structure will be built near the Mughrabi Gate. It will consist of five floors, two of which will be underground.
The building will reportedly be designed to include a Jewish museum, lecture halls, exhibition halls, a library and archives center, and a center for information.
Ma’an quoted a statement by the Al-Aqsa Foundation, which claimed the structure would be built on Islamic and Arab ruins.
“The building will serve settlers and foreign tourists who visit the square,” the foundation said. “The Israeli archeology department has been digging and excavating for about five years demolishing structures that date back to different Arab and Islamic eras.”
Israel has not officially responded to the claims, a report on Israel’s Channel 2 Newson Saturday said.
Last week, the Al Aqsa Heritage Foundation’s website featured photos of IDF soldiers touring the Temple Mount. The foundation claimed that two photos are of a Jewish man urinating on a wall within the Temple Mount compound.
However, the website did not provide any evidence that the man is indeed Jewish or that he was indeed engaged in the act they claim he was engaged in. Nor is there any account or documentation that he was approached by anyone following his supposed act of sacrilege, as one would have expected to happen.
Arutz Sheva
Iranian oil bourse will start trading oil in currencies other than the dollar from March 20
“The dispute over Iran’s nuclear programme is nothing more than a convenient excuse for the US to use threats to protect the 'reserve currency’ status of the dollar,” the newspaper, which calls itself the voice of the Islamic Revolution, said.
“Recall that Saddam [Hussein] announced Iraq would no longer accept dollars for oil purchases in November 2000 and the US-Anglo invasion occurred in March 2003,” the Times continued. “Similarly, Iran opened its oil bourse in 2008, so it is a credit to Iranian negotiating ability that the 'crisis’ has not come to a head long before now.”
Iran has the third-largest oil reserves in the world and pricing oil in currencies other than dollars is a provocative move aimed at Washington. If Iran switches to the non-dollar terms for its oil payments, there could be a new oil price that would be denominated in euro, yen or even the yuan or rupee.
India is already in talks with Iran over how it can pay for its oil in rupees.
Even more surprisingly, reports have suggested that India is even considering paying for its oil in gold bullion. However, it is more likely that the country will pay in rupees, a currency that is not freely convertible.
Last week, Indian state-owned group Hindustan Petroleum said that Indian businesses could not pay for Iranian crude imports in rupees unless the federal finance ministry exempted such payments from crippling withholding tax. This issue remains unresolved.
India and Iran have agreed – but not yet started – to settle 45pc of payments for Iranian oil in rupees. Iran will then use the currency to buy imports from India.
New Delhi currently spends about $12bn (£7.6bn) on Iranian oil each year, importing 12pc of the country’s needs from the country.
India pays for its oil in dollars, routed through a bank in Turkey after a previous mechanism was shut down in 2010. The Indian government has been resisting calls to stop importing oil from the pariah state.
“There have been problems with regard to Iran’s nuclear programme,” Manmohan Singh, India’s prime minister, said on Friday. “We sincerely believe that this issue can be and should be resolved by giving maximum scope to diplomacy.”
All of this means that the EU ban on Iranian oil imports, which comes into force on July 1, could hit Europe harder than it does Iran.
The country currently supplies 500,000 barrels of oil per day to the EU and there is a potential oil price spike in the offing should Iran pre-emptively stop the flow of oil to Europe, which it has threatened to do.
This could be disastrous to businesses that are already finding the economic climate tough.
“While Iran may be able to find markets for much of its oil output in Asia, the alternative sources of supply to Europe are still unclear,” Caroline Bain, a commodities analyst at the Economist Intelligence Unit, said.
“Until the supply outlook stabilises, the oil price is expected to continue to reflect this uncertainty rather than the likelihood of lower growth in global oil consumption in 2012.”
The worries are already sending ripples of concern around the world.
“While we have been listing the Iranian situation as a source of upside risk for a decade, there are some new factors that can make for a far more dangerous outcome, as the current drift of policy on both sides is creating the risk of a significant escalation,” Sudakshina Unnikrishnan, an analyst at Barclays Capital, said.
“Iran may close the Strait of Hormuz, causing an anticipated 50pc rise in crude oil prices, resulting in widespread economic havoc,” the Tehran Times columnist noted.
So the EU ban could be counter productive, as it keeps the oil price high. However, as long as President Ahmadinejad’s economic war doesn’t escalate into an actual war, we may manage to avoid a crippling oil spike.
The Telegraph
Warning Iran Against Hitting 'Soft' American Targets
The Iranian government has now made crystal clear that it is at war not only with Israel and Zionism but with Jewish communities throughout the world. As Iran's Rafah news website—identified with President Mahmoud Ahmadinejad—threatened last month, Iran plans to "take the war beyond the borders of Iran, and beyond the borders of the region." And last week an Iranian News Agency headline declared that "Israeli people must be annihilated."
These and other recent threats have, according to news reports, led Israeli and American authorities to believe that Iran is preparing attacks against Israeli embassies and consulates world-wide, as well ...
WSJ
Greece to Complete Private Creditor Bond Swap in March
Greece will complete a debt restructuring deal with private creditors in March to help the country stay afloat and avoid default on its massive debt, a government spokesman said on Monday.
“The government bond swap will be completed already in March,” Pantelis Kapsis told reporters.
The Greek parliament approved early on Monday a deeply unpopular austerity bill envisaging belt-tightening, wage and pension cuts.
The bill envisages 3.3 billion euros ($4.35 billion) in wage, pension and job cuts as the price of the 130-billion-euro rescue package from the European Union and the International Monetary Fund, Greece’s second since 2010. Greece needs the funds before March 20 to meet debt repayments of 14.5 billion euros.
Greece is also set to reduce its massive 360 billion euro debt by about 100 billion euros through a swap deal with private creditors.
RIA Novosti
Al-Qaeda leader urges Muslim world to support Syrian uprising
So Al-Qaeda, NATO and the United States agree on this....
Ayman al-Zawahri, global head of al-Qaeda since the death of Osama bin Laden last May, issued the call to arms in an eight-minute video posted on an Islamic website on Sunday entitled "Onwards, Lions of Syria".
Dressed entirely in white, with an assault rifle displayed by his side, Egyptian born al-Zawahri urged Muslim states including Iraq, Lebanon and Jordan to come to the aid of Syrian protesters and urged Syrian protesters not to ally themselves with the Western powers, including the US and the United Nations, or the Arab League.
"Our people in Syria, don't rely on the West or the United States or Arab governments and Turkey," Mr Zawahri said."You know better what they are planning against you. Our people in Syria don't depend on the Arab League and its corrupt governments supporting it."
The Arab League is expected to meet next week to discuss forming a joint UN-Arab mission to send to Syria following the recent failure of a team of UN monitors to quell the civil violence, now entering its eleventh month.
In Homs, activists say hundreds have been killed in a week of intense, renewed shelling by government forces.
"Wounded Syria still bleeds day after day, while the butcher, son of the butcher Bashar bin Hafiz (Hafez al-Assad), is not deterred to stop.
"But the resistance of our people in Syria despite all the pain, sacrifice and bloodshed escalates and grows," Mr Zawahri said, in his second video message to the Syrian people.
In June, the terrorist leader dismissed US support for Syria's pro-democracy activists as insincere and asked protesters to extend their opposition to Washington and Israel.
US officials claim the Iraqi branch of al-Qaeda is responsible for two recent explosions in the Syrian capital Damascus and was almost certainly behind last Friday's suicide blast in Aleppo, which killed 28 people. US intelligence reports suggest the bombings were carried out on the orders of Mr Zawahri, who they suspect is attempting to hijack the violent events in Syria and reassert al-Qaeda's presence in the region.
The Telegraph
Ayman al-Zawahri, global head of al-Qaeda since the death of Osama bin Laden last May, issued the call to arms in an eight-minute video posted on an Islamic website on Sunday entitled "Onwards, Lions of Syria".
Dressed entirely in white, with an assault rifle displayed by his side, Egyptian born al-Zawahri urged Muslim states including Iraq, Lebanon and Jordan to come to the aid of Syrian protesters and urged Syrian protesters not to ally themselves with the Western powers, including the US and the United Nations, or the Arab League.
"Our people in Syria, don't rely on the West or the United States or Arab governments and Turkey," Mr Zawahri said."You know better what they are planning against you. Our people in Syria don't depend on the Arab League and its corrupt governments supporting it."
The Arab League is expected to meet next week to discuss forming a joint UN-Arab mission to send to Syria following the recent failure of a team of UN monitors to quell the civil violence, now entering its eleventh month.
In Homs, activists say hundreds have been killed in a week of intense, renewed shelling by government forces.
"Wounded Syria still bleeds day after day, while the butcher, son of the butcher Bashar bin Hafiz (Hafez al-Assad), is not deterred to stop.
"But the resistance of our people in Syria despite all the pain, sacrifice and bloodshed escalates and grows," Mr Zawahri said, in his second video message to the Syrian people.
In June, the terrorist leader dismissed US support for Syria's pro-democracy activists as insincere and asked protesters to extend their opposition to Washington and Israel.
US officials claim the Iraqi branch of al-Qaeda is responsible for two recent explosions in the Syrian capital Damascus and was almost certainly behind last Friday's suicide blast in Aleppo, which killed 28 people. US intelligence reports suggest the bombings were carried out on the orders of Mr Zawahri, who they suspect is attempting to hijack the violent events in Syria and reassert al-Qaeda's presence in the region.
The Telegraph
Italian Banks Downgraded
UniCredit, Intesa Sanpaolo and Banca Monte dei Paschi di Siena were among 34 Italian financial firms downgraded by Standard & Poor’s on Friday after the credit ratings firm reduced the nation’s grade last month.
Long-term ratings on UniCredit, Italy’s biggest bank, and Intesa, its second largest, were lowered to BBB+ from A, S.& P. said in a statement. Monte dei Paschi, the No. 3 bank, was reduced to BBB from BBB+. All three have a negative outlook, the agency said.
Italy’s credit rating was cut two levels, to BBB+ from A on Jan. 13 after S.& P. said European leaders’ struggle to contain the region’s debt crisis would complicate the country’s efforts to finance borrowings. S.& P. revised its banking industry country risk assessment, known as Bicra, for Italy to Group 4 from Group 3, citing mounting risks.
“Italy’s vulnerability to external financing risks has increased, given its high external public debt, resulting in Italian banks’ significantly diminished ability to roll over their wholesale debt,” S.& P. said in a separate statement on the country’s financial industry. “We anticipate persistently weak profitability for Italian banks in the next few years.”
European nations are grappling with a debt crisis now in its third year as they seek to restore budget order and shore up the region’s financial industry. Spreads on some Italian banks are trading as if they were rated at the cusp of investment grade.
The extra yield investors demand to hold bonds of UniCredit and for Intesa rather than government debt was 508 basis points on Thursday, or 5.08 percentage points, compared with an average 306 basis points in the Bank of America Merrill Lynch Euro Corporates Banking Index. European BBB-ranked bonds are at 381 basis points and BB debt at 664, Bank of America Merrill Lynch index data show.
Fitch Ratings downgraded Intesa to A- from A, and Monte dei Paschi to BBB from BBB+ in a statement on Feb. 6. The credit ratings company affirmed its A- rating on UniCredit.
S.& P. downgrades linked to Europe’s debt crisis have not necessarily led to shifts in bond prices, as investors anticipated declines in creditworthiness. The French 10-year bond was little changed in the five days after S.& P. on Jan. 13 lowered the nation to AA+ from AAA.
UniCredit, Intesa and Monte dei Paschi did not respond to e-mails seeking comment.
NY Times
More UK jobs pain ahead, experts warn
The Chartered Institute of Personnel and Development (CIPD) said businesses in the first three months of this year were planning to shed jobs at the fastest rate since spring 2009.
UK unemployment is likely to hit 2.85m by the end of 2012 according to the CIPD, as tough business conditions undermine the private sector's ability to absorb the thousands to be axed from the public sector.
The latest available data from the Office for National Statistics showed 2.68m people were unemployed in the three months to November.
The survey of more than 1,000 employers by YouGov for the CIPD found that worsening employment prospects were the result of a sharp fall in business confidence in the past three months.
“Whereas employers were in ‘wait and see’ mode three months ago, more private sector firms, particularly among private sector services firms, have decided to push the redundancy button in response to worsening economic news," said Gerwyn Davies, public policy adviser at the CIPD.
"This will exert yet more pressure on a jobs market that is buckling under the strains of contractions in economic growth and public sector employment."
The survey revealed a further widening of the north-south divide in job prospects, with the outlook improving modestly in the south of England but falling in the north.
“With redundancies looking set to be a feature in growing numbers of firms in the months to come, business leaders need to focus attention on communicating and consulting with staff to build trust and employee engagement in these uncertain times," said Mr Davies.
"Employees are likely to respond more positively to change, and even to the threat of redundancies, if they feel that they have a voice in the workplace and that senior leaders listen to their views before taking decisions.”
The Telegraph
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