The leaders of South Korea and Japan agreed Wednesday to expand the size of a currency swap deal and push to resume stalled free trade negotiations, as Tokyo returned looted Korean royal documents in a goodwill gesture.
Seoul and Tokyo have close economic ties and are key U.S. allies in Asia, but many older Koreans still harbor deep resentment against Japan over its 35-year colonial occupation of Korea that ended in 1945. Ties suffered this year because of a territorial dispute and differences over the occupation.
On Wednesday, the leaders of the two countries agreed in a meeting in Seoul that they would expand the size of their total currency swap arrangements to $70 billion from the current $13 billion as a backstop against global economic turmoil. The measures consists of dollar-local currency and bilateral won-yen arrangements.
Swaps allow one central bank to borrow a currency from another, offering an equivalent amount of its own as collateral.
“We reached the agreement … based on a belief that we should strengthen our financial and currency cooperation to preemptively stabilize the financial market as the world’s economic uncertainty is deepening,” South Korean President Lee Myung-bak said at a news conference with Japanese Prime Minister Yoshihiko Noda.
Lee and Noda said they also agreed to bolster efforts to resume stalled negotiations on signing a free trade agreement.
The two countries began free trade talks in 2003, but the negotiations remain stalled over trade barriers on agriculture and fish. The South Korea-Japan deal drew renewed attention after the U.S. Congress ratified a free trade accord with South Korea this month. That deal still needs approval from South Korea’s parliament fast payday loan.
In an effort to improve ties, Noda repatriated five volumes of Korean royal documents that his country took away during its rule.
“The return should be seen as a gift with a political intention,” Seoul National University international relations professor Park Cheol-hee said.
The documents are part of 1,205 historical volumes that Japan agreed to give back to South Korea when Noda’s predecessor, Naoto Kan, met with Lee last year. A Japanese official traveling with Noda told reporters in Seoul that Tokyo is to return the remaining books by Dec.10. The official declined to be named because of office policy.
Noda told Lee that he would seek to return the remanning books at an appropriate time, according to South Korea’s presidential office.
The books’ return came two months after South Korea banned three conservative Japanese lawmakers from entering the country after they arrived at a Seoul airport with a plan to travel near islets at the center of territorial and historical disputes between the countries.
The two countries are also at odds over Seoul’s offer to hold talks on Japan’s compensation of Korean women forced into sexual slavery for Japan during its colonial rule. Japan declined, saying the matter was settled by a 1965 treaty that normalized ties between Japan and South Korea.
“I stated several times that moving toward the future without forgetting history is the basis of South Korea-Japan relations,” Lee said.
Noda told reporters the issue of sex slaves wasn’t discussed during Wednesday’s meeting.
A New York businessman called a “mini-Madoff” because he was arrested weeks after the billion-dollar swindler was sentenced Friday to 25 years in prison and ordered to pay $179 million in restitution _ money he doesn’t have.
Nicholas Cosmo, who apologized as he was sentenced, has had a gambling problem since high school, his lawyer said. He was arrested in January 2009 and pleaded guilty last year to mail and wire fraud.
“I’m going to be working until they put me in the grave,” said one of the victims, Ellen Gabriel, of Yaphank, N.Y., who did not address the court but wept throughout the hearing. The hairdresser said she lost $130,000 _ “my entire life savings.”
Gabriel added that she had researched before investing: “It’s not like we were stupid.”
Four victims did address the court.
“Everything that these people said about me, for the most part, is true,” said Cosmo, the former head of the Long Island-based Agape World and Agape Merchant Advance in New York City.
Agape solicited investors to fund short loans to help companies get temporary financing. Cosmo promised up to 80 percent returns but admitted using investors’ money for personal investments.
“It wasn’t my intention to ever hurt anyone. But I hurt them and I stand here as a guilty man,” Cosmo told the court. “I am truly sorry from the bottom of my heart. I know that probably falls on deaf ears. There’s not a day that goes by that I am not ashamed for what I have done.”
Unlike the more notorious Bernard Madoff, who admitted cheating charities, celebrities and institutional investors out of billions, Cosmo targeted mainly blue-collar workers.
“He preyed on people’s personal relationships and trust,” said Assistant U.S. Attorney Demetri Jones, who had urged a 40-year term. “The victims are everyman _ generations of families.”
The more than 4,000 victims include teachers, police officers, firefighters, nurses and construction workers, Jones said. “They’re not banks. They’re not corporations. They’re people.”
Investors believed they would make returns as high as 80 percent a year from interest collected on short-term loans to businesses. But an investigation revealed that “much of the money paid back to investors … was actually money provided by subsequent investors” _ a Ponzi scheme.
Cosmo also spent 21 months in federal prison for a 1999 mail fraud conviction.
He had been free on $1.25 million bail until October 2009, when U.S. District Judge Denis Hurley revoked bail after finding Cosmo had violated bail conditions barring him from access to any computer or the Internet.
Cosmo “will bend the rules if he feels it will serve his interests,” the judge said at the time. “He is unlikely to abide by any condition or conditions of his release.”
Sony said Wednesday it has detected a large number of unauthorized attempts to access user accounts on its PlayStation Network and other online entertainment services.
The Tokyo-based company temporarily locked about 93,000 accounts whose IDs and passwords were successfully verified by the intruders. Sony has sent email notifications and password reset procedures to affected customers on the PlayStation Network, Sony Entertainment Network and Sony Online Entertainment services.
Sony said credit card numbers linked to the compromised accounts are not at risk. It has “taken steps to mitigate the activity” and is investigating any wrongful use of the accounts themselves.
The announcement follows an embarrassing data breach in April, which compromised personal data from more than 100 million online gaming and entertainment accounts and forced PlayStation Network to be shut for a month.
Sony confirmed the latest incidents after its security systems detected an unusually high number of log-in attempts that failed, said Sony spokesman Sean Yoneda. The company suspects that those responsible obtained large data sets from other companies or sources, which were then used to try to access Sony accounts.
“What happened in April was a breach on our servers as we said in our announcements,” Yoneda said. “But this time around, there was no intrusion on our servers. This was … taking someone else’s identity and trying to use that to access our services.”
The access attempts occurred between Oct. 7 and Oct. 10 and targeted accounts globally.
Sony’s customer service centers around the world have not seen a spike in user calls related to the incidents, Yoneda said.
Renewable energy advocates, dissatisfied with how the state’s 2008 clean power law was implemented, want voters to help strengthen the measure.
P.J. Wilson, director of Columbia-based Renew Missouri, plans to file papers with the secretary of state’s office today as the first official step toward getting a revised a new renewable energy standard on the ballot next fall, he said.
The proposed rewrite of the state’s existing clean energy standard would require investor-owned utilities to get 25 percent of their electric generation from the wind, sun and other renewable resources by 2025. The current law requires 15 percent by 2021.
Just as importantly, it would clarify certain parts of the existing law that have been a source of sharp disagreements between Missouri’s small-but-growing renewable energy industry and the state’s biggest utilities.
In an emailed statement, Warren Wood, Ameren Missouri’s vice president of regulatory and legislative affairs, said the utility was still reviewing a copy of the ballot initiative it received late Wednesday. “It is premature for us to offer an opinion on the impact of this ballot initiative on our customers’ rates,” he said.
Renew Missouri and other supporters must collect almost 100,000 valid signatures from across the state by early May to get the measure on the ballot next fall. First, language for the petition must be approved by Secretary of State Robin Carnahan.
Two-thirds of Missouri voters approved the renewable energy measure three years ago. Polling conducted by Renew Missouri this summer suggested similarly strong voter interest in a law to aid renewable energy development. But not for the same reason, Wilson said.
“I wouldn’t be filing this if I didn’t think it had strong public support,” he said. “But I think the reason for voter support has shifted.”
The selling point then was energy security, he said. Today, it’s jobs.
The 2008 ballot measure drew no organized opposition. But months of contentious debate followed during the administrative rulemaking process at the Public Service Commission. In the end, a little-known legislative committee stripped a controversial provision from rules advanced by the commission.
The change allowed utilities to meet the green power mandate by purchasing so-called renewable energy certificates instead of building wind or solar farms in Missouri or contracting to buy renewable energy from neighboring states my credit score. Utilities can purchase the certificates from out-of-state renewable energy producers and count each of them as 100 kilowatt hours toward their mandated goals.
Renewable energy backers, including solar and wind companies that would have benefited from the rules as originally written by the PSC, balked at the change. Their dissatisfaction jump-started effort to rewrite the law and implement a stronger renewable energy standard.
The renewable standard being proposed by Renew Missouri would require utilities to develop renewable energy in or purchase it from Missouri or at least within the regional power grid.
It would also clarify ambiguity concerning the impact on electric rates. The existing law caps the impact on electric rates at 1 percent. The proposed ballot initiative would prohibit utilities from spending more for green power than they would spend to purchase or generate fossil fuel-based energy.
The rewrite of the law would also eliminate the legislative review of PSC administrative rules and prohibit Ameren Missouri from counting its century-old Keokuk, Iowa, hydroelectric plant toward the green power mandate.
Nationwide, 32 states and the District of Columbia have renewable energy mandates, according to the Department of Energy. Missouri is one of few states with a voter-approved law.
The current law requires utilities to gradually increase renewable energy sales until they reach the 15 percent target in 2021. The proposed goal of 25 percent by 2025 equals the renewable energy target in Illinois.
“It’s pretty middle of the pack,” Wilson, said.
Renew Missouri is recruiting and training volunteers to help collect petition signatures and soliciting donations to support the effort. The has conducted held training sessions around the state in recent weeks, including one at the St. Louis County Public Library in Frontenac on Thursday night.
Toronto Councillor Adam Vaughan can tell the minute he looks at a condo building in his downtown ward if it
President Ali Abdullah Saleh abruptly returned home to Yemen on Friday after more than three months of being treated in Saudi Arabia for wounds from an assassination attempt, in a move apparently aimed to ensure his grip as his loyalists and opponents wage urban warfare in the capital.
Hours after his return, the fighting intensified as heavily shelling hit the strongholds of Saleh’s opponents in the capital, reinforcing fears that his return signals an escalation of fighting into an full-fledged attempt to crush his rivals.
The White House was blindsided by the sudden return. U.S. officials conceded it was a surprise and said Secretary of State Hillary Rodham Clinton wasn’t warned of Saleh’s plans when she met Tuesday in New York with the foreign minister of Saudi Arabia, which has been working with Washington and Yemen to try to arrange a transfer of power.
The return could be a significant blow to those attempts. A degree of stability in the strategic but impoverished Arab nation is a priority for the United States, which wants a partner to continue the fight against one of al-Qaida’s most active branches, based in Yemen and accused of plotting attacks in the U.S. Islamic militants have already exploited months of turmoil to seize control of cities in southern Yemen.
Abdullah Obal, an opposition leader, said he believed Saleh “returned to run the war and drive the country into an all-out civil war.”
“The cannons are now speaking. Gunfire is doing all the talking,” Obal said.
Saleh made no immediate public appearances, but his return breathed life into the camp of his supporters who turned up in the thousands for the Friday sermon that became a massive show of faith in the country’s leader for 33 years.
“We love you, Ali,” chanted thousands massed on Boulevard 70, a street near the presidential compound.
The return threatens to further break open the deep divisions that have riven Yemen since the protest movement kicked off in February demanding Saleh’s ouster and an end to his authoritarian regime. Saleh’s security forces cracked down hard on protesters, killing hundreds, which prompted members of his government, miltary and allied tribes to join the opposition.
In early June, an explosion ripped through a mosque where Saleh was praying in his Sanaa presidential compound. The blast left him severely burned over much of his body and wounded with wooden shards, and nearly a dozen of his top aides were seriously wounded. Saleh has since been in Saudi Arabia for treatment.
Both the U.S. and Saudi Arabia were believed to be trying to keep Saleh from leaving Saudi Arabia, and signing onto a deal proposed by Gulf Arab states, under which he would resign and hand power to his vice president to form a national unity government in return for immunity from any prosecution.
The mercurial Saleh has repeated promised to sign the agreement, then refused at the last minute.
White House Press Secretary Jay Carney said Friday, “We urge President Saleh to initiate a full transfer of power and arrange for presidential elections to be held before the end of the year within the framework” of the agreement.
“A political solution is the best way to avoid bloodshed,” he said.
This week, the deadlock that endured even during Saleh’s absence broke down into the worst violence in months after he recently delegated his vice president to restart negotiations with opponents on the deal. It was considered another stalling tactic by Saleh. It sparked an escalation in the protests and a violent crackdown in Sanaa and other cities.
Forces loyal to the president’s son Ahmed attacked protesters in the streets and battled troops led by one of the regime’s top rivals, Maj. Gen. Ali Mohsen al-Ahmar, a former Saleh aide who joined the opposition early in the uprising, as well as tribal fighters who back the protesters.
Around 100 people have been killed _ mostly protesters as regime troops hit their gathering with shelling or barrages of sniper fire from rooftops. Residents have been forced to hunker down in their homes or flee the city as the two sides exchanged bombardment over Sanaa from strongholds in the surrounding hills.
Saleh slipped back into the country before dawn on Friday. In a statement on the state news agency, he called for a truce, saying “the solution won’t be through cannons and barrels, but through dialogue, understanding and ending the bloodshed.”
But his opponents dismissed the negotiations call, convinced that Saleh has no intention to step down and aims to break his rivals with military force. Sultan al-Barkani, the head of the ruling party’s bloc in parliament and a Saleh backer, told Al-Jazeera television that it was “totally unlikely” that the president will resign. “Saleh will not leave except through elections,” he said.
Obal, the opposition member, blamed the U.S. and Saudi Arabia for not exerting enough pressure on Saleh to quit. He said the opposition was hardening its position in the face of Saleh’s return and that any accord “can no longer give guarantees against prosecution amid all this killing.”
Violence continued even after Saleh’s return. Thuds of mortar rounds raged after sunset in the northern and western part of the capital where Saleh’s opponents have been based. Mortars hit the square in central Sanaa where protesters demanding Saleh’s ouster are camped out, killing two. Other mortars hit a group of anti-Saleh tribal fighters in a neighborhood where battles have raged with Saleh loyalists, killing two tribesmen.
During a brief lull in the fighting, there were mass protests by both sides.
At the opposition rally on Boulevard 60, demonstrators carried pictures of those killed in the violence as speakers urged security forces to stop killing their own people. “The people want the trial of the butcher,” the crowd chanted.
Abdel-Hadi al-Azazi, a protest leader, warned that Saleh’s return means “more divisions, more escalation and confrontations.”
“We are on the verge of a very critical escalation,” he told The Associated Press.
April Alley, a Yemen researcher with the International Crisis Group, said Saleh’s suprise return put both his supporters and opponents off balance, creating an explosive situation but one with also high stakes.
“There is greater incentive to actually come through with a deal,” she said, particularly as negotiations over ways to implement the power transfer had been ongoing until the recent violence.
Retired army general Ahmed Salem said Saleh, an astute military man who has balanced tribal and security loyalties for decades, will be driven by the battle cry.
“He will attempt to stop the advances of his adversaries, and will try to improve his situation on the ground,” Salem said. “His return will enable his supporters, lifts their spirit after a period of confusion because of lack of political management.”
A federal court judge has ruled that the name of Italian food truck Mangia Mobile is too close to the name of bricks-and-mortar restaurant Mangia Italiano, and the food truck’s owners are scrambling to find a new name.
U.S. District Judge Carol E. Jackson issued a preliminary injunction on Monday. Even if her order is eventually overturned, the food truck will stick with its new name, attorney Al Watkins said. “In effect, they’re changing their name for good,” he said. “My clients don’t want to be confused with Mangia Italiano any more than Mangia Italiano wants to be confused with Mangia Mobile.”
Siblings Thomas, Catherine and Alex Daake own the food truck. “I believe they are holding hands and singing Kumbaya as we speak as they are contemplating name alternatives,” Watkins said. (Actually, they were vending toasted ravioli, arancini deep-fried rice balls and a variety of sandwiches at Forest Park and Euclid avenues.)
The Daakes are asking the public to send suggestions for the name to Watkin’s law firm, Kodner, Watkins and Kloecker, at contact@kwklaw quick guaranteed personal loans.net. They’re looking for a name that, like Mangia, has six letters.
They’ll take down their existing Facebook page and website and inactivate their Twitter account within the next day or so. Because they announce the truck’s whereabouts through social media, selecting a new name is a priority. “It’s going to be a little bit of a logistical problem,” Watkins said.
In the meantime, they intend to stick to their previously announced schedule for this week. In addition to serving lunch today at BJC, they’ll be at Ninth and Locust streets on Wednesday, Eighth and Market streets on Thursday, and Broadway and Pine Street on Friday.
More homeowners are ‘underwater’
Bionic ear maker Cochlear has been forced to begin a global recall of the world’s thinnest hearing implants after some stopped working.
The Sydney-based company, which dominates the world’s bionic ear market, said on Monday it was mystified as to why some of its award-winning Nucleus CI500 devices were suddenly shutting down.
The company has begun recalling its entire Nucleus CI500 range, which makes up the bulk of its sales, from shelves after a rise in the number of faults with the CI512 model.
Shares in Cochlear fell 14.68 Australian dollars ($15.21), or 20 percent, to close at AU$57.50 ($59.58), the lowest in over two years.
The National Hurricane Center says Tropical Storm Nate has weakened somewhat as it heads toward expected landfall later today in southern Mexico.
The Miami-based center said at 5 a.m. EDT (0900 GMT) Sunday that Nate was centered 60 miles (95 kilometers) northeast of Veracruz. It said Mexican authorities have replaced a hurricane warning from Tuxpan to Veracruz with a tropical storm warning. Nate has top sustained winds of 60 mph (95 kph) and is moving west at 7 mph (11 kph) low fee payday loans.
Meanwhile, U.S. forecasters say Tropical Storm Maria had 60-mph (95-kph) winds early Sunday, intensifying slightly while moving northwest at 13 mph (20 kph) on a gradual course away from the northeast Caribbean toward the open Atlantic. Maria’s center was 95 miles (150 kilometers) east-northeast of St. Thomas early Sunday.
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