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2009-09-15T17:51:00.000-07:00

Panel alleges Nigeria corruption

2008-03-18T17:12:00.000-07:00

The former government spent billions on the energy sector

The government of former Nigerian President Olusegun Obasanjo paid $50m (£25m) to non-existent companies, a parliamentary panel alleges.

The investigative committee said the money was paid as the administration said it was trying to improve the poorly performing power industry.

Committee chairman Ndidi Elumelu said the 34 companies were not registered and so did not exist.

But former ministers quizzed by the committee denied the funds were stolen.

The panel was established earlier this year to find out what happened to money spent on improving power generation between 1999 and 2007.

President Umaru Yar'Adua has said $10 billion was spent with little sign of improvement to electricity supplies.

Energy shortages

Nigeria is a big exporter of oil but suffers from severe energy shortages which produce frequent electricity cuts.

Electricity generation remains at a fraction of the amount needed by a country of 140 million people.

The effect on Nigeria, a regional superpower, has been economically devastating both for businesses and individuals, says the BBC's Alex Last in Lagos.

Nigerian power supplies are a fraction of what the country needs

Mr Yar'Adua has promised to declare "a national emergency" on power, but our correspondent says not much has happened yet.

'Not misappropriated'

The committee said the 34 non-existent companies included some with names such as "Special Projects", "Space Master" and "Sassy Fund".

Previous energy ministers were among those who appeared before the panel, including former Power and Steel Minister Liyel Imoke.

He said no money had been misappropriated.

"The impression is that it has been channelled into private pockets," he said.

"This is not correct".

Olusegun Agagu, another former power minister, conceded at a panel hearing that the performance of the power sector left much to be desired.

"To, however, generalise that nothing has been done in the last eight to nine years to improve the sector is also far from the truth," he said.

http://news.bbc.co.uk/2/hi/africa/7304028.stm

Shooting rocks main Afghan prison

2008-03-18T17:11:00.000-07:00

Pul-e-Charkhi lies on the eastern outskirts of Kabul

Afghan security forces have sealed off the country's main high-security prison after days of unrest there.

Gunfire has been heard from the Pul-e-Charkhi prison, a huge complex built in the 1970s on the outskirts of the capital, Kabul.

Inmates are in control of parts of the prison and say they have taken two Afghan soldiers hostage.

Pul-e-Charkhi is now used to house common criminals as well as al-Qaeda and Taleban suspects.

Protest

Our correspondent says the stand off between prisoners and Afghan security forces, which began on Sunday, appears to be worsening.

Large numbers of soldiers and police have been arriving at the notorious jail which houses some of Afghanistan's most dangerous criminals and Taleban militants.

Inmates had taken control of sections of the building as part of a continuing protest against the authorities.

A number of prisoners contacted the BBC by mobile phone and said that seven inmates had been injured.

They also said that two Afghan national army soldiers had been captured and they would be killed unless mediators were sent in to resolve the dispute.

Our correspondent says it has not been possible to verify if the soldiers had been held.

There has been no official response from the Afghan government, but the defence minister told parliament an operation was being planned to raid the prison after parts of the building were overrun.

An Afghan member of parliament who visited the jail on Monday said the situation had become very tense.

The dispute has been going on for two weeks since an attempted jail-break and the arrest of a large number of prison visitors.

There have been sieges and riots in the past at the prison.

Four years ago the jail was raided by the military after some prisoners tried to escape.

http://news.bbc.co.uk/2/hi/south_asia/7303171.stm

Federal Reserve slashes US rates

2008-03-18T17:07:00.000-07:00

Federal Reserve slashes US rates

Many economists believe the US economy is already in recession

The Federal Reserve has cut US interest rates sharply in an attempt to restore confidence to nervous financial markets and boost the ailing economy.

The central bank lowered rates to 2.25% from 3%, but the cut was smaller than financial markets had expected.

Many economists believe the US economy is already in a recession.

The Fed has taken strong action this week to avert a financial panic after investment bank Bear Stearns was forced into a fire sale to avoid collapse.

US Treasury Secretary Henry Paulson admitted earlier on Tuesday that the economy was facing a "sharp decline" at the moment, but hoped for a recovery later in the year.

Aggressive action

The Fed's action is yet another forceful move in its attempts to alleviate the liquidity crunch and to shore up a rapidly weakening economy,

Arun Raha, senior economist at Swiss Re

The Fed has now lowered rates six times since mid-September, with the economy reeling from the credit crisis that was triggered by a slump in the US housing market.

"Today's policy action, combined with those taken earlier, including measures to foster market liquidity, should help to promote moderate growth over time and to mitigate the risks to economic activity," the Federal Reserve said.

US shares initially trimmed gains after the Fed's announcement but the benchmark Dow Jones industrial average later resumed its ascent.

Wall Street rallied earlier after two leading investment banks, Goldman Sachs and Lehman Brothers, reported smaller falls in profits than analysts had been expecting.

The dollar, which has been hitting record lows against the euro, gained ground.

Recession fears

The Fed is hoping its actions will stave off both a recession in the wider economy and go some way to ease unprecedented conditions in the financial system.

"The Fed's action is yet another forceful move in its attempts to alleviate the liquidity crunch and to shore up a rapidly weakening economy," said Arun Raha, senior economist at Swiss Re.

As the economy worsens, banks and financial institutions are calling in loans and becoming increasingly reluctant to lend money, particularly to borrowers considered to be high risk.

Bear Stearns got into trouble when other banks refused to lend it money over fears that it had too many bad debts due to the sub-prime mortgage crisis.

"There can be no health in the economy until the banking system is working properly," said K Daniel Libby at Sands Brother Select Access Fund.

Inflation concerns

The Fed expressed some concern about inflation in the statement that accompanied the interest decision. Analysts said this could signal that an end to the current cycle of rate cut cycle was fast approaching.

"The economy is in, or close to, a recession, but increasing oil prices have kept inflationary pressures from abating, complicating the Fed's task," said Mr Raha.

US producer prices, released on Tuesday, rose by 0.3% in February compared to the month before, but a key measure of producer core inflation rose by 0.5%, the fastest pace in well over a year.

There were also signs of opposition inside the Fed to the aggressive moves.

Two members of the central bank's rate-setting Federal Open Market Committee voted for a smaller cut in rates.

"By cutting 75 points rather than 100 points, the Fed sought to restore leadership over the market and indicate that its actions would not be entirely dictated by market expectations," the Bank of New York said.

http://news.bbc.co.uk/2/hi/business/7303404.stm

Markets rattled by bank worries

2008-03-17T17:29:00.000-07:00

Investor confidence has been hit by Bear Stearns' problems

Markets worldwide recorded heavy losses in reaction to the emergency bailout of US investment bank Bear Stearns over the weekend.

Wall Street had a rollercoaster day, with the benchmark Dow Jones average ending in positive territory - up 0.18% - after tumbling in early trading.

European shares suffered most, with the UK's FTSE 100 index ending down 3.9%.

Investors fear that the collapse of one of Wall Street's biggest names means that the credit crunch is escalating.

Rate cut expected

In a further attempt to calm credit markets and ward off a recession, the Federal Reserve is expected to cut its key interest rate by an unprecedented one percentage point when it meets on Tuesday.

This would be on top of Sunday's move to reduce its separate discount rate - the interest rate at which it lends to commercial banks - from 3.5% to 3.25%

The Fed is desperately trying to restore confidence in the banking sector.

As the economy worsens, banks and financial institutions are calling in loans and becoming increasingly reluctant to lend money to borrowers, particularly those considered to be high risk.

Bear Stearns got into trouble when other banks refused to lend it money over fears that it had too many bad debts due to the sub-prime mortgage crisis.

Banks hammered

US, UK and European banks were hammered: shares in Lehman Brothers fell 19%, UBS lost 10%, HBOS 12.7% and Germany's Commerzbank fell 6.8%.

At the end of the day the Federal Reserve is stepping up every time and creating a process by which the markets will be allowed to recover

Michael Williams, Tocqueville Asset Management

Send us your comments

However, the Dow Jones ended up 21.16 points at 11,972.25 after tumbling 194 points at the start of trade as investors took heart from JP Morgan's takeover of Bear Stearns, which was backed by the Federal Reserve.

"Investment banks are getting their heads handed to them, but at the end of the day the Federal Reserve is stepping up every time and creating a process by which the markets will be allowed to recover," said Michael Williams at Tocqueville Asset Management in New York.

The broader Standard & Poor's 500 Index fell 0.90%, while the Nasdaq Composite Index, dominated by technology stocks, closed down 1.6%.

Earlier, France's Cac 40 closed down 3.5% and Frankfurt's Dax tumbled 4.1%.

Bush urges calm

US President George Bush attempted to reassure investors on Monday.

"We are in challenging times," Mr Bush said at a press conference.

But he added that the US authorities were "on top of the situation" but "when need be, will act decisively, in a way that continues to bring order to the financial markets."

"In the long run, our economy is going to be fine".

Under scrutiny after the steep fall in its share price, Lehman Brothers also attempted to reassure investors on Monday about its financial situation.

"Our liquidity position has been and continues to be very strong," Lehman Brothers said in a statement.

Asian stocks also fell, with Tokyo's Nikkei average closing 3.7% lower and Hong Kong's Hang Seng slumping 5.2%.

In Mumbai, the Sensex was down 6.5%.

Central bank help

Central banks have been trying to restore some confidence to the financial system.

On Sunday, the US Federal Reserve reduced its discount rate - the interest rate at which it lends to commercial banks - from 3.5% to 3.25% and offered to buy up the assets of other troubled banks.

To ease fears in the UK, the Bank of England on Monday made an extra £5bn ($10bn) available for UK banks to borrow.

Banks scrambled to access the funds and the Bank of England's offer was nearly five times over-subscribed.

"Given the money market conditions this morning, the situation is very serious and represents a new and unwanted twist to the credit squeeze," said Philip Shaw, chief economist at Investec.

"Five billion pounds represents a substantial sum."

Overnight inter-bank dollar lending rates have risen sharply in London to levels not seen since 11 September 2001, reflecting growing unease about the health of the US financial system.

Bear Stearns

Investors' confidence has been hit by the problems at Bear Stearns.

Profile: Bear Stearns

The investment bank was forced to seek emergency funding from the US Federal Reserve last week and was sold over the weekend to JP Morgan Chase for a tiny fraction of its earlier value.

The Fed has agreed to take over up to $30bn of Bear Stearns' assets, removing the risk for JP Morgan.

The quick sale failed to calm investors' nerves who, this week, will receive earnings announcements from other big US investment banks, including Lehman Brothers, Goldman Sachs and Morgan Stanley.

"There is persistent credit uncertainty. Market players have been repeatedly let down which shows the sub-prime mortgage problems are so deep-rooted," said Atsuji Ohara, global strategist at Shinko Securities in Tokyo.

"Just buying an investment bank does not solve the problem," he added.

Dollar woes

Worries about the credit crisis and the health of the banking industry also undermined the dollar.

It fell to 95.72 yen, its lowest level in more than 12 years. The euro hit a record against the dollar, buying $1.5904.

The weak dollar boosted commodities, with oil rising to another record, light sweet crude traded at $111.80 before falling back.

The dollar is also falling because of the expectation that the US Fed will cut interest rates further, making it less attractive to hold dollars as opposed to other currencies.

http://news.bbc.co.uk/2/hi/business/7300017.stm

Ugandan rebel leader leaves base

2008-03-17T17:27:00.000-07:00

Joseph Kony is wanted on war crimes charges by the ICC

Ugandan rebel Lord's Resistance Army leader Joseph Kony has moved to the Central African Republic from his Democratic Republic of Congo base.

Ugandan Minister of State for Defence Ruth Nankabirwa said that by doing so, he was violating a ceasefire deal.

A peace agreement is due to be signed at the end of the month to end the 22-year rebellion in northern Uganda and she expressed fears he may not attend.

The brutal conflict has left thousands dead and nearly two million displaced.

"We are concerned because the CAR is far away from the gazetted area where they are expected to assemble," Mrs Nankabirwa told the BBC's Focus on Africa.

Some LRA rebels are stationed in CAR, but she expressed concern that they were continuing to violate the ceasefire and were not serious about peace.

The LRA say this is an attempt to discredit them.

"Let's wait for the D-day when we are expected to sign the peace agreement and see whether they will come to sign," said Mrs Nankabirwa.

Last week, President Yoweri Museveni said LRA leaders should face local justice.

The LRA insists that the war crimes indictments placed on its leaders at the International Criminal Court are lifted before they sign the deal.

http://news.bbc.co.uk/2/hi/africa/7301399.stm

Tibet violence 'concerns' India

2008-03-17T17:26:00.000-07:00

Mr Mukherjee's comments have not pleased some opposition parties

Politicians in India have expressed concern over the Chinese response to protests inside Tibet.

In a debate in the Indian parliament, Foreign Minister Pranab Mukherjee said he was distressed by reports of the violence in the Tibetan capital, Lhasa.

He said that he hoped the troubles would be solved through dialogue and non-violent means.

Meanwhile police in Nepal have dispersed a crowd of 100 Tibetan protestors and Buddhist monks.

Televised pictures showed police beating some of the protesters and detaining dozens of others in the capital, Kathmandu.

'Inadequate response'

"We are distressed by reports of the unsettled situation and violence in Lhasa and by the deaths of innocent people," Mr Mukherjee told the Indian parliament during a debate on Tibet.

"We hope all those involved will work to improve the situation and remove the causes of such trouble in Tibet, which is an autonomous region of China, through dialogue and non-violent means," he said.

His remarks were criticised by some opposition parties, who described them as an "inadequate response".

Exiled Tibetans have staged several protests in Nepal

"Over 100 innocent protesters have been massacred in Lhasa in the past one week by the Chinese security forces which are involved in ethnic cleansing," Bharatiya National Party MP Vijay Kumar Malhotra said.

"This house should condemn the incidents," Mr Malhotra said.

Mr Mukherjee reiterated that India's policy of non-interference in China was still the same despite recent events.

"New Delhi's policy on China and Tibet has remained unchanged since 1959 despite various political parties being in power at the centre since then," he said as opposition leaders staged a symbolic walkout.

Scuffles

The BBC's Charles Haviland in Kathmandu says that Monday's protest by Tibetans was the first time in a series of demonstrations in Nepal that they have been confronted by police firing teargas.

Our correspondent says that there were running battles between demonstrators and police, with protesters being baton charged and people in the crowd being dragged along the ground.

Several people were injured in scuffles and a monk was seen with blood streaming down his face.

http://news.bbc.co.uk/2/hi/south_asia/7300661.stm

UN calls for restraint in Tibet

2008-03-17T17:21:00.000-07:00

Guide: Life in Tibet

Tibetans describe unrest

Chinese react to violence

UN Secretary General Ban Ki-moon has called on both Chinese forces and demonstrators in Tibet to show restraint after days of rioting.

Mr Ban urged "a peaceful resolution", but made it clear there were no plans for UN intervention.

Up to 80 protesters are reported to have died in the Chinese crackdown.

A Chinese deadline for protesters to surrender has passed, but large numbers of police are patrolling the streets of the regional capital, Lhasa.

Pro-Tibet activists have been demonstrating outside Chinese embassies across the world.

'Conflicting numbers'

Speaking to reporters in New York, Mr Ban said he had met the Chinese ambassador to express his concern.

TIBET DIVIDE

China says Tibet was always part of its territory

Tibet enjoyed long periods of autonomy before 20th century

1950: China launched a military assault

Opposition to Chinese rule led to a bloody uprising in 1959

Tibet's spiritual leader the Dalai Lama fled to India

Q&A: China and Tibet

International reaction

Tibet adds to Olympic woes

He also had an informal lunch with members of the Security Council, where the issue of Tibet was not on the agenda.

Mr Ban said his office would continuously monitor events inside Tibet but there was no room for intervention or further action by UN officials.

Russia's UN Ambassador, Vitaly Churkin, said Tibet was "not a matter for the Security Council".

His country - a veto-wielding permanent member like China - is chairing the council this month.

UN spokeswoman Michele Montas said on Monday that the body had no independent reports of what was happening in Tibet.

"We have completely conflicting numbers in terms of how many people died," she added.

The exiled Tibetan government says at least 80 protesters died in a Chinese crackdown beginning last week.

Eyewitness: Lhasa 'in cinders'

Send us your comments

The Beijing-backed Tibetan regional government has confirmed the deaths of 13 "innocent civilians", blaming them on mobs in Lhasa, and insists security forces have not used lethal weapons against any protesters.

With China continuing to ban all foreigners from getting into Tibet, the BBC's James Reynolds has been visiting neighbouring provinces where half the Tibetan people live.

In one major city, our correspondent saw police cars at almost every junction and passed a jeep carrying soldiers with shotguns and camouflaged flak jackets.

China calls the Tibetan protests "deliberate sabotage" and many ordinary Chinese people seem to agree, our correspondent adds.

One man told the BBC he wanted the Communist Party to send the army to Tibet to take control.

Another said that the demonstrations were planned by the Dalai Lama to ruin the Beijing Olympic Games.

'Terrible cost'

US Secretary of State Condoleezza Rice has called on Beijing to open talks with the Dalai Lama, who heads the Tibetan government-in-exile from India.

The UK's Minister for Africa, Asia and the United Nations, Mark Malloch-Brown, warned China risked wrecking its international image as the host of this summer's Olympic Games if the Tibet violence escalated.

"With the Olympics ahead... they really will pay a terrible cost in international public opinion if they're seen to violently crack down on dissidents," he told the BBC.

However, the European Union's 27 sports ministers have dismissed the idea of a boycott over Tibet.

"The only people who are punished in a boycott are athletes," said Pat Hickey, president of the European Olympic Committee.

China says Tibet has always been part of its territory but Tibet enjoyed long periods of autonomy before the 20th Century and many Tibetans remain loyal to the Dalai Lama, who fled in 1959.

http://news.bbc.co.uk/2/hi/asia-pacific/7301912.stm

Pakistan border strike 'kills 16'

2008-03-16T18:06:00.000-07:00

At least 16 people have been killed in a missile strike on a building near Pakistan's northern border with Afghanistan, state television has said.

The attack took place in the South Waziristan region, where tribal militants are based, Reuters news agency reported residents as saying.

The Pakistani state TV report said several missiles destroyed the house of a suspected militant leader.

Reuters reported the military saying seven militants were among the dead.

"Initial reports suggest militants were hiding there and seven of them were killed and several wounded," an unnamed military official told the news agency.

A local tribesman said foreign militants were believed to be staying at the compound, in a village near Wana in South Waziristan.

"Militants have cordoned the blast site and are taking out bodies from the rubble," the tribesman told AFP news agency.

"The missile has left only part of a boundary wall intact and turned the compound into a pile of debris," he said.

War on militants

It was not clear who launched the strike.

A local tribesman, Rahim Khan, told the Associated Press that the missiles were fired from an unmanned drone aircraft.

US forces, operating in neighbouring Afghanistan, are believed to have been behind previous strikes in Pakistan's border region.

In February, at least 12 people - including suspected militants - were killed in a missile attack on a house near the Afghan border.

A month earlier, a senior al-Qaeda leader, Abu Laith al-Libi, was killed in a strike in North Waziristan.

The US considers strikes in the tribal border region - the heartland of al-Qaeda and the Taleban - to be vital in its war against Islamist militancy.

However, the Pentagon seldom confirms them, since Pakistan publicly opposes any US strike on its territory.

http://news.bbc.co.uk/2/hi/south_asia/7299352.stm

Pakistan restaurant hit by blast

2008-03-16T00:11:00.000-07:00

Following the blast, bystanders and guards rushed to help the injured

Scene of bombing

A bomb blast at a restaurant in Islamabad has killed a Turkish woman and injured at least 10 other people, according to security officials.

The bomb exploded at the Luna Caprese Italian restaurant in the centre of the Pakistani capital.

It is the first attack that has apparently targeted foreigners in Islamabad since 2002, analysts say.

Two foreign diplomats, one from the US and one from the UK, were among the injured, their governments said.

Those injured also include nationals from Japan, Canada and Turkey, officials say. Five are US nationals, according to police.

'Deafening'

Witnesses said Saturday evening's explosion occurred in a garden at the back of the restaurant, leaving a crater in the ground and blowing out the windows.

Part of the back wall of the restaurant also collapsed.

"It was deafening," Tariq Mahmood, a waiter at the restaurant, told Reuters news agency.

"We pulled out at least eight people from the wreckage. Most of them were foreigners," he said.

Police evacuated the restaurant and closed off the building following the explosion.

Islamabad and nearby Rawalpindi have been the scene of several recent attacks on government and military personnel.

They have been blamed on pro-Taleban militants fighting the Pakistani army in the country's tribal regions near the border with Afghanistan.

Luna Caprese is located in a busy shopping area, and is one of the few restaurants that serve alcohol in Islamabad.

There have been concerns raised recently by security officials over the lack of protection of such venues, the BBC's Syed Shoaib Hasan reports from Pakistan.

Foreigners, especially those from Western countries, were advised last year to stay away from public places and popular restaurants, he says.

Are you in the area? Did you witness the explosion? Use the form below to send us your accounts, some of which may be published:

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http://news.bbc.co.uk/2/hi/south_asia/7298609.stm

Deadly crane collapse in New York

2008-03-16T00:08:00.000-07:00

The crane crushed the building that it landed on

Enlarge Image

A construction crane has toppled into apartment blocks in New York, killing at least four people and injuring 10, Mayor Michael Bloomberg has said.

He told reporters that three of the injured were in a serious condition.

He said the collapsing crane - which had stood 19 storeys high - "basically just flattened" a low-rise apartment building on Manhattan's East Side.

The area has been evacuated, and a rescue operation is under way amid fears that people are trapped.

Mr Bloomberg described the incident as a "tragic event" and said the crane had broken during a routine operation to extend its height, by inserting a section and raising its top part.

"This accident is one of the worst the city has had," Mr Bloomberg said.

I heard a big crash, and I saw dust immediately. Bricks were flying through the air

Maureen Shey, eyewitness

"Our thoughts go to the families. I hope we will not find other victims."

"Everybody was running, running. It was devastating," witness Greta Welkhammer told local TV station NY1.

The crane "literally split in half", she said.

John PlaGreco, who owns Fu Bar in the crushed low-rise building, told the Associated Press he feared one of his employees was dead in the rubble.

A witnesses said the crane broke in half

"Our bar is done," he said. "The crane crashed the whole building. If I wasn't watching a Yankees game, I would've come to work early and gotten killed."

The collapse also overturned and crushed cars, left rubble piled high and caused a huge dust cloud to rise over the neighbourhood.

Firefighters with sniffer dogs were scouring the rubble for signs of further victims.

Fire Commissioner Nicholas Scoppetta said the search was "a painstaking hand operation, as we try to remove the rubble so we don't cause further collapse or injure anyone who may still be in that building".

Load roar

Stephen Kaplan, an owner of the Reliance Construction Group, told AP the company had contracted the work out to another company and described the incident as "an absolute freak accident".

Ten people were injured - three were said to be seriously hurt

He said a piece of steel fell and sheared off one of the ties holding the crane to the building, causing it to detach and topple.

Residents of the area reported hearing a loud roar as the crane came down.

"First I heard a rumble, and it increased, and then it increased," said Bill Reilly, who lives nearby. "It continued building in strength... it shook the six-storey brick building that I live in."

Maureen Shey, who lives opposite the under-construction building from which the crane fell, said: "I heard a big crash, and I saw dust immediately. Bricks were flying through the air.

"I saw the whole thing. I thought the crane was coming in my window."

The crane missed her building.

http://news.bbc.co.uk/2/hi/americas/7299007.stm

Bear Stearns gets emergency funds

2008-03-16T00:06:00.000-07:00

Bear Stearns is one of the best-known US Wall Street firms

US bank Bear Stearns has got emergency funding, in a move that raises fears that one of Wall Street's biggest names is on the verge of collapsing.

JP Morgan Chase will provide the money to Bear Stearns for 28 days with the Federal Reserve of New York's backing.

JP Morgan is also trying to get long-term financing for Bear Stearns.

Bear Stearns' problems stem from the global credit crunch and the worry is that other lenders may also have major funding problems, analysts said.

Withdrawn funds

Bear Stearns is Wall Street's fifth largest investment bank, and has been at the centre of the US mortgage debt crisis. Recently, speculation had intensified that it was struggling to fund its daily business.

Our liquidity position in the last 24 hours had significantly deteriorated

Bear Stearns

Q&A: Bear Stearns crisis

BBC business editor Robert Peston said Bear Stearns had been taken to the brink of insolvency over the past 24 hours by a sudden collapse in confidence on the part of its hedge fund clients.

As a result, these funds rushed to withdraw their assets.

"The rescue of Bear Stearns demonstrates that the worst of the global credit crunch is not yet behind us," he said.

He says that if Bear Stearns had been allowed to collapse, it could have put the whole financial system at risk.

Bear Stearns shares dropped as much as 53% on the news before finishing Friday trading down 46%.

'Other banks'

The credit crunch was caused because banks became less willing to lend to each other after they suffered large losses on investments linked to the US housing market, and the sub-prime sector in particular.

MAIN SUB-PRIME LOSSES SO FAR

Citigroup: $18bn

Merrill Lynch: $14.1bn

UBS: $13.5bn

Morgan Stanley $9.4bn

HSBC: $3.4bn

Bear Stearns: $3.2bn

Deutsche Bank: $3.2bn

Bank of America: $3bn

Barclays: $2.6bn

Royal Bank of Scotland: $2.6bn

Freddie Mac: $2bn

JP Morgan Chase: $3.2bn

Credit Suisse: $1bn

Wachovia: $1.1bn

IKB: $2.6bn

Paribas: $197m

Source: Company reports

Timeline: Sub-prime crisis

Sub-prime lenders focus on clients with poor or non-existent credit histories, and a record number of borrowers have defaulted on loans.

The subsequent freezing-up of the credit markets created problems for a number of companies which relied on borrowing money to fund their business.

In the UK, Northern Rock ran into trouble when its line of relatively cheap credit dried up.

At the end of last year, Bear Stearns reported that it had made its first ever quarterly loss after buying investments linked to the US mortgage market.

It was one of the first to admit it had problems linked to sub-prime mortgages, after two of its hedge funds had to be bailed out.

Analysts said that Bear Stearns may not be the only bank suffering in the US.

"The situation is very much that Bear Stearns was very close to the edge and it was much worse than we all thought," said Michael Klawitter of Dresdner Kleinwort.

"It raises severe concerns over other banks."

'Restore confidence'

Alan Schwartz, president and chief executive officer of Bear Stearns, said: "Bear Stearns has been the subject of a multitude of market rumours regarding our liquidity.

"We have tried to confront and dispel these rumours and parse fact from fiction.

This is America's Northern Rock

Robert Peston,
BBC business editor

"Amidst this market chatter, our liquidity position in the last 24 hours had significantly deteriorated," he added.

"We took this important step to restore confidence in us in the marketplace, strengthen our liquidity and allow us to continue normal operations."

BBC business editor Robert Peston said that the move by JP Morgan and the Fed of New York was essentially a central bank bailout.

"In just the last 24 hours Bear Stearns came close to running out of the cash or liquidity it needs to meet its daily requirements," he said.

"So enter the US Federal Reserve. It is promising to supply whatever liquidity is required by JP Morgan Chase, the leading bank, to help Morgan provide whatever funds are required by Bear Stearns.

"Since JP Morgan is saying there is no risk to its shareholders, this represents a central bank bailout of Bear Stearns.

"This is America's Northern Rock."

news.bbc.co.uk

Two killed as storms maul Georgia

2008-03-16T00:05:00.000-07:00

Storm aftermath

A state of emergency has been declared in the US state of Georgia after two people died in storms, a day after a tornado hit the city of Atlanta.

Emergency officials confirmed one woman died in Polk County and another in Floyd County as storms lashed the south-eastern state.

Friday's 130mph (209km/h) twister left almost 30 people injured and damaged hotels, skyscrapers and sports arenas.

Some 10,000 people were still without power on Saturday.

As the National Weather Service issued a string of tornado warnings on Saturday, a state emergency management official said: "We're bracing for another round of whatever mother nature throws at us."

'Disaster'

As officials priced the damage from Friday's twister at up to $200m (£99m), Georgia Governor Sonny Perdue declared it a "disaster".

Basketball fans watching a game in Atlanta's Georgia Dome had scrambled for cover as the stadium roof rippled and debris rained down.

The nearby Philips Arena, where the Atlanta Hawks were playing the Los Angeles Clippers, was also hit.

And the headquarters of news network CNN in the city was left with damaged ceilings and windows after being battered by Friday's storm.

news.bbc.co.uk

Kenya leak 'not company's fault'

2008-03-15T20:39:00.000-07:00

The containers contained nitric acid and emitted yellow fumes

A Ugandan mining company implicated in a toxic leak near the Kenyan port city of Mombasa has denied any responsibility for the incident.

The Kasese Cobalt Company Limited (KCCL) says it is trying to understand what happened to a consignment of nitric acid which was dumped in Kipevu.

Hundreds of people say they have become ill after the containers were dumped.

The KCCL says that it has been importing nitric acid without incident for the past 10 years.

Nitric acid is used in the mining of cobalt.

KCCL general manager Bob Jennings told the BBC that the leak had started while the containers were still in the Kenyan port and that his company is not responsible for the safety of containers in transit.

Mr Jennings said the shipping company - a Ugandan firm named Southern Enterprises - had informed Kenya's environment authorities about the leak at least one month ago.

I don't enjoy sex like I used to. My wife has been complaining too - I'm suspecting that it is the toxic waste to blame as we've never had a problem before

Slum resident

Villagers' fears

But Kenya's National Environmental Management Authority (Nema) says the problem was reported less than two weeks ago - when the containers had already been dumped in the residential area.

The Mombasa port authorities say they were not aware that the containers were leaking before they were released from the port.

A private environmental consultant, Phillip Mwabe says his company - Environmental and Combustion Consultants Limited - was contracted to clear the chemicals last week, but he believed that the containers had probably been leaking for a month.

The management of the shipping company in Mombasa have been ordered to appear in court on Monday.

Health problems

Witnesses told the BBC the containers were abandoned in a slum - known as Kalahari Village - near the port about a month ago by a truck driver who had noticed liquid seeping out.

A BBC reporter in Mombasa says two women living in a Kipevu slum have complained of having miscarriages.

Other slum residents have complained of breathing difficulties, stomach upsets and chest pains.

The containers are still emitting yellow fumes

Nema and the private environmental company say the chemicals have been cleared and the area is now safe.

But the BBC's Joseph Odhiambo in Mombasa says he visited the area and could still see yellow fumes coming out of the container and black sludge on the ground.

Mombasa Municipal Council chief health officer Josephant Maithya told our correspondent that the area is still not safe.

Compensation

Residents of the affected village are now demanding compensation.

They say the chemicals had destroyed property, corroding the metal sheets used to build houses and melting anything made of plastic.

Residents say their livestock have also been affected and some of the animals have died.

According to residents, the acid seems to have entered the latrine systems.

Kibibi, whose house was near the chemical spill, alleges she miscarried as a result.

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news.bbc.co.uk

Chad rebels dismiss peace accord

2008-03-15T20:36:00.000-07:00

Chadian rebels attacked the country's capital last month

Chadian rebels have dismissed a peace agreement between Chad and Sudan, saying they will continue their campaign to overthrow Chad's president.

The presidents of Chad and Sudan signed an accord on Thursday aimed at ending hostilities between the two countries.

A senior commander of the joint UN-Africa Union force in Darfur said the deal will not work unless rebels from both countries are included.

Meanwhile, the UN said it is returning many more refugees to South Sudan.

A spokesman for the Chadian rebel National Alliance said the non-aggression pact signed by Chad's President Idriss Deby and Sudan's President Omar al-Bashir did not concern them.

They want talks with Chad's president, said Ali Gadaye.

"If Deby doesn't want dialogue, then we're going to chase him out by force."

Attempted coup

In their accord, the presidents of Chad and Sudan agreed to stop armed groups from using their respective territories to attack their neighbour.

In Sudan's West Darfur, bordering eastern Chad, the commander of the joint UN-AU peacekeeping force said the agreement will not have any impact unless the rebels are brought into negotiations.

As soon as rebels start fighting, Brig Gen Balla Kaita told the BBC, "nobody will know if it's between rebels and their government or is it going to be between the two countries".

The peace accord was mediated by Senegal's President Abdoulaye Wade and was signed on the sidelines of an Organisation of the Islamic Conference in Senegal's capital Dakar.

Just hours before it was signed, Chad accused Sudan of sending heavily armed columns of Chadian rebels across its border. There has been no independent confirmation of any crossing.

It is the sixth deal in five years and the war of words between the two sides is highly unlikely to end with the signing of the agreement, says the BBC's Will Ross in Dakar.

Chadian troops fought off an attempted coup last month in a fierce two-day battle in the capital N'Djamena.

Southern repatriations

At least 200,000 people have died and more than two million displaced in five years of conflict in Darfur.

Many refugees have crossed into Chad where a European Union force has recently deployed to protect them.

In South Sudan, the United Nations refugee agency said there is a growing desire among refugees from South Sudan to return home in time for a census next month.

The UN said 3,000 refugees a week had been repatriated to South Sudan from Uganda, Kenya and Ethiopia since January - up from 600 a week.

A national census in April is being held to prepare for Sudan's first democratic election in 23 years, due in 2009.

A referendum on whether South Sudan should secede is due two years later.

news.bbc.co.uk/

Nigerian deals 'wasted billions'

2008-03-15T20:34:00.000-07:00

Olusegun Obasanjo is still influential in Nigeria's ruling party

Some $2.2bn-worth of Nigerian energy contracts were awarded without a bidding process by the former president and his energy minister, officials say.

One was to a company with less than $200 of base capital at the time, a witness told a parliamentary committee.

It is investigating why $16bn of investment in the energy sector during Olusegun Obasanjo's eight years in power failed to end power shortages.

Ex-President Abdulsalami Abubakar heads one of the firms, the committee heard.

He is chairman of Energo Nigeria Ltd, which received a $163m contract to build a power station by 2009.

According to a state official, only 5% of the work has so far been completed.

The staff in the Ministry of Energy was never involved

James Olotu
Government official

The BBC's Ahmed Idris in the capital, Abuja, says this week's parliamentary hearings, which are being aired on television, are causing a stir with their revelations.

He says many parts of the country go for days without electricity and businesses and many homes rely on their generators.

When President Umaru Yar'Adua came to power last year he announced he would declare a "state of emergency" on the country's energy crisis.

Nigeria currently has 10 power stations - they are all between 20 and 30 years old.

Last month, Vice-President Goodluck Jonathan said power cuts were an "embarrassment" to Nigeria - after black-outs affected a meeting he was attending.

Testimonies

The House of Representatives committee is investigating why six power stations - already paid for by the government - are yet to be completed years after they were begun.

Many businesses cannot rely on a regular electricity supply

It has called all the contractors to give testimony about their progress.

Two witnesses told the hearings, which began on Tuesday, that bushes from the the site where a South African company, Pivot, had been contracted to build a station in the oil-rich Niger Delta have yet to be cleared.

Pivot, which had a base capital of $200 at the time it received its contract, had received about 75% of the money for the project, government official James Olotu said.

Mr Olotu heads the National Integrated Power Projects, a government organisation set up by Mr Obasanjo to try to attract private investment into the energy sector.

He and another official said that Mr Obasanjo and former Energy Minister Liyel Imoke personally approved all the contracts.

"The staff in the Ministry of Energy was never involved," Mr Olotu told the committee.

President Yar'Adua is also expected to appear before the committee and it is likely that Mr Obasanjo himself will be called to give evidence.

The committee is expected to give its recommendations within a month.

news.bbc.co.uk

Hot videos

2008-03-15T20:26:00.000-07:00

Forty years on, and "My Lai" is synonymous with "massacre".

2008-03-15T20:19:00.000-07:00

504 people were killed by US soldiers in the My Lai massacre

The killing of Iraqi civilians at Haditha has often been referred to as a modern-day My Lai.

The name is shorthand for slaughter of the defenceless, the benchmark of American wartime atrocity.

The murders of 504 men, women, children and babies happened in a northerly province of South Vietnam on 16 March 1968.

It proved to be a turning point for public opinion about the Vietnam War.

Yet, most of what we know about the event comes from a single, widely publicised court martial in 1970-71.

A young Lieutenant - William Calley - in Charlie Company was tried and convicted of murdering 22 "oriental human beings" in My Lai on that sunny morning in 1968.

Forgotten tapes

Media attention on Lt Calley's trial was extensive and the glare of publicity so bright it hid the wider, more awful truth.

Before that trial got under way, the United States army had, behind closed doors, completed an investigation of its own into the events at My Lai, and specifically into the possibility that those in authority had deliberately covered up a massacre.

Convened on 1 December 1969 in the basement of the Pentagon, The Department of the Army Review of the Preliminary Investigations into The My Lai Incident, known in abbreviated form as The Peers Inquiry, was chaired by Lt Gen William 'Ray' Peers.

In just 14 weeks, the Peers Inquiry conducted a comprehensive and wide-ranging investigation into the events of 16 March.

More than 400 witnesses were interviewed, and their testimony was tape-recorded.

When the inquiry concluded on 15 March 1970, those recordings were boxed-up, stored and forgotten.

That day it was just a massacre. Just plain right out, wiping out people

Leonard Gonzales
Testimony to the Peers Inquiry

In 1987, they were shipped to the US National Archives, as one small portion of a massive group of records of US Army activities in Vietnam.

There they remained hidden, never catalogued, never investigated, never uncovered - until last year.

I spent many months trying to track down the tapes.

Again and again, I was told they did not exist, but after much persistence, 48 hours of recordings from the key witnesses were declassified and made available to me.

And on 15 March, on the eve of the 40th anniversary of the massacre, some of the most powerful testimony will be broadcast for the first time, on the Archive Hour on BBC Radio 4.

Some of the interviewees' statements reveal the mentality of the soldiers involved in the massacre.

"I would say that most people in our company didn't consider the Vietnamese human... A guy would just grab one of the girls there and in one or two incidents they shot the girls when they got done," said Dennis Bunning.

"That day it was just a massacre. Just plain right out, wiping out people," said Leonard Gonzales.

"Kill everything"

The wider, more awful truth that Gen Peers uncovered, was that this was an illegal operation, planned and co-ordinated at Task Force level by Lt Col Frank Barker.

It wiped out not one but three villages: My Lai, Binh Tay and My Khe.

And not one, but two companies were involved: Bravo and Charlie.

Both of these companies were given the same briefing by their respective commanding officers, permitting them "to kill everything and anything."

"It's not just the people of Task Force Barker that are on trial... It's the Army, it's you and it's me... and it includes our country and our people in the eyes of the world," said Gen Peers, during his investigation.

He concluded that 30 senior officers had been negligent in their duty.

After the inquiry, 14 officers were charged with crimes.

Ha Thi Quy, a survivor of the massacre, remembers the dead

But the only participant convicted of anything at My Lai was Lt William Calley.

Gen Peers also proposed new methods of training soldiers, guidelines for the treatment of civilians in wartime and new army leadership criteria.

His recommendations still influence today's army training manuals.

"The My Lai Tapes" are a record not only of atrocity writ large but also of heroism.

They are a record of how war can bring out not only the worst but also the best in people.

Above all they are a record of lessons learned 40 years ago, in My Lai, Binh Tay and My Khe - lessons that should not be forgotten.

Celina Dunlop is picture editor of the Economist. The Archive Hour: The My Lai Tapes will be broadcast on BBC Radio 4 at 2000 GMT on Saturday, 15 March, 2008. You can also listen online for seven days after that at Radio 4's Listen again page.

news.bbc.co.uk

China sets Tibet protest deadline

2008-03-15T20:17:00.000-07:00

China sets Tibet protest deadline

Witnesses said tanks were patrolling the streets of Lhasa

Rioting in Lhasa

The authorities in Tibet have given anti-Chinese demonstrators until Monday to surrender, following violence that officials say left 10 people dead.

"The plot of the separatists will fail," the head of Tibet's government warned as security forces patrolled the main city, Lhasa.

State media said the 10 killed in Friday's clashes had included business people who were "burnt to death".

But exiled Tibetan leaders put the death toll higher and blamed China.

"There have been 30 confirmed deaths until today, and over 100 unconfirmed deaths," the Tibetan government in exile, which is based in northern India, said.

International concern

James Miles, a British journalist in Lhasa, said there were some clashes on Saturday morning, but they were not on the same scale as Friday.

TIBET DIVIDE

China says Tibet always part of its territory

Tibet enjoyed long periods of autonomy before 20th century

1950: China launched a military assault

Opposition to Chinese rule led to bloody uprising in 1959

Tibet's spiritual leader the Dalai Lama fled to India

'I counted 40 trucks'

Tibetan monastery tense

Police used tear gas to disperse demonstrators defying a curfew in the old quarter of the city, he said.

Police later cordoned off the centre.

"Lhasa is completely closed and there is Chinese military all over," Danish tourist Bente Walle told Reuters news agency.

In a statement quoted by the state-run news agency Xinhua, the Tibetan government urged "the lawbreakers to give themselves in by Monday midnight" and promised that "leniency would be given to those who surrender".

Tibetan government Chairman Qiangba Puncog denounced the "plot of the separatists".

"We will challenge them firmly, according to law," AFP news agency quoted him as saying.

He said no shots had been fired by police since the start of the unrest.

Officials told Xinhua that those killed on Friday were "all innocent civilians" - among them hotel employees and shop owners.

Western countries have expressed concern at the clashes, and US officials called on the Chinese to act with restraint.

The violence - the worst in Tibet since 1989 - erupted on the fifth day of largely peaceful protests that began on Monday's anniversary of a 1959 uprising against Chinese rule.

Fires broke out near the Jokhang temple, one of the most sacred sites for Tibetan Buddhists, and Xinhua reported that shops, banks and hotels were destroyed.

'Long-simmering resentment'

News agency pictures aired on Saturday showed young men setting fire to a Chinese flag and throwing rocks, while state media said police had fired tear gas to disperse protesters.

Riot aftermath in pictures

The demonstrations - like those last September in Burma - were initially led by Buddhist monks and then attracted crowds of ordinary people.

Chinese officials said the riots had been "organised, premeditated and masterminded" by Tibet's exiled political leader, the Dalai Lama.

He denied the allegations, and urged China to "address the long-simmering resentment of the Tibetan people through dialogue".

Events in Tibet sparked fresh protests in the neighbouring Chinese province of Gansu - which has a large ethnic Tibetan population.

Police fired tear gas near the Labrang monastery on Saturday, a BBC reporter at the scene said.

Tibetan exiles held demonstrations in several countries, including Australia and India.

In Nepal, police arrested about 10 people during a protest in Kathmandu.

BBC China editor Shirong Chen in Beijing says the Chinese government does not want bloodshed five months before staging the Olympic Games.

On the other hand, it cannot allow the monks and other Tibetans to vent their anger as this could be seen as a sign of weakness, he says.

International Olympic Committee President Jacques Rogge rejected the idea - urged by some Tibetan protesters and supporters such as Hollywood actor Richard Gere - of an international boycott of the Games.

He told the Associated Press that a boycott would not solve anything and would penalise innocent athletes.

Many Tibetans claim their culture has been diluted or even destroyed by Beijing and they resent the local presence of Han Chinese, China's biggest ethnic group.

China says Tibet has always been part of its territory, although Tibet enjoyed long periods of autonomy before the 20th Century.

news.bbc.co.uk

Albania rocked by huge explosions

2008-03-15T20:13:00.000-07:00

Albania rocked by huge explosions

Rescuers have been unable to reach the main blast site

Blast footage

At least five people have been killed and more than 240 injured in a series of huge explosions at an arms dump near the Albanian capital, Tirana.

They happened as specialists were dismantling obsolete munitions at the site, next to Gerdec village.

The blasts caused injuries and damage in a wide surrounding area, and were heard more than 170km (100 miles) away in the Macedonian capital Skopje.

Some 4,000 people were evacuated and it is feared the death toll could rise.

Rescuers have been unable to reach the main blast site as ammunition continues to detonate at the dump, many hours after the first blast. Special army units have been deployed in armoured vehicles.

The rescue operation was halted after night fell, but is due to resume at daybreak on Sunday.

The problem of ammunition in Albania is one of the gravest, and a continuous threat

Prime Minister Sali Berisha

Hospitals have taken in injured people suffering burns, concussion, broken limbs and cuts from flying glass and shrapnel.

Juela Mecani, a spokeswoman for Albanian Prime Minister Sali Berisha, said a number of homes near the depot had been "completely destroyed", and that the authorities had evacuated all neighbouring villages.

Rescuers had managed to find and save 25 residents who had hidden in a communist-era bunker when the explosions began, she added.

'Ten minutes to flee'

Police said the cause of the explosions was not immediately clear, but terrorism was not suspected.

Mr Berisha's office quoted witnesses as saying the initial explosion was smaller than subsequent blasts, allowing many of the estimated 110 workers on the site to escape.

In pictures: Albania blasts

'Shrapnel falling from sky'

"Ten minutes passed before the biggest blast and many workers used this time to flee," its statement said.

"The government is trying to identify all the workers, one by one, but the situation is difficult and the explosions continue."

Mr Berisha, a heart specialist, promised an official inquiry into the accident after visiting victims in hospitals in Tirana.

"The problem of ammunition in Albania is one of the gravest, and a continuous threat," Mr Berisha said.

"There is a colossal, crazy amount of it dating back to 1945."

Aid offered

The blasts smashed windows at Tirana's nearby international airport, and prompted a brief suspension of flights.

The base was a central collection point for an arsenal amassed by Albania's former communist dictatorship.

Albania has been offered international medical and other aid

Albania has about 100,000 tons of excess ammunition stored in former army depots across the country, according to Defence Minister Fatmir Mediu.

The military experts at the base where the blasts occurred were being assisted by employees of a US company contracted by Nato to help the Albanian army dispose of surplus munitions.

It is unclear whether Americans or other foreigners were among the victims.

The US embassy in Tirana said it was unable to confirm whether there were foreigners present at the dump.

Countries including the US, Italy, Greece, Macedonia, Turkey and Kosovo have offered medical and other aid to the Albanian authorities in the wake of the explosions.

news.bbc.co.uk

Four die when New York City crane collapses

2008-03-15T20:10:00.000-07:00

Four die when New York City crane collapses

NEW YORK (CNN) -- Emergency workers were searching for at least one person who might be trapped in a building damaged when a crane collapsed in Manhattan on Saturday, killing four construction workers, and injuring 17, Mayor Michael Bloomberg said.

Three of the injured were in critical condition, authorities said. Five firefighters had minor injuries.

Ten neighborhood residents were among those hurt, three of them critically, when a portion of the crane detached and "completely destroyed" a four-story townhouse, New York's mayor said at a news conference.

Dismantling the crane, which remains balanced on a building, will be a risky undertaking, Lt. Gov. David Paterson said just two days before he replaces Gov. Eliot Spitzer, who announced his resignation last week. Watch a flyover of the scene »

"While we would never want these types of tragedies in New York City, this is actually the best-prepared place for it to happen," Paterson said at the briefing.

The crane also caused extensive damage to an 18-story residential high-rise across the street from the construction site. Other nearby buildings have been evacuated, officials said.

John PlaGreco, who owns Fu Bar in the crushed building, told The Associated Press that he feared one of his employees was buried in the rubble.

"Our bar is done," he said. "The crane crashed the whole building. If I wasn't watching a Yankees game, I would've come to work early and gotten killed."

A piece of steel fell and sheared off one of the ties holding the crane in place, causing it to detach and topple, Stephen Kaplan, an owner of Reliance Construction Group told AP.

"It was an absolute freak accident," Kaplan said. "All the piece of steel had to do was fall slightly left or right and nothing would have happened."

Kaplan added that the company had subcontracted the work.

City officials told AP they had issued 13 violations to the site in the past 27 months, a normal amount for a project of that size. Inspectors examined the crane Friday and found nothing wrong with it, according to AP.

State officials inspected the crane Friday and found no violations.

On March 4 a caller told city officials that the upper part of the crane appeared to lack the proper number of ties to the building, AP reported cited City Building Department records. On March 6 a city inspector at the site determined there was no violation, AP reported

News Network.

Hume and wife hurt in car crash

2008-03-15T20:04:00.001-07:00

Hume and wife hurt in car crash

Mr and Mrs Hume were treated for minor injuries

Former SDLP leader John Hume and his wife Pat have been injured in a car collision in County Donegal.

The Nobel Prize laureate was in one of two cars involved in the smash at Carrowprassna near Greencastle at 1730 GMT, a SDLP spokesman said.

The couple was taken to Altnagelvin Hospital in Londonderry where they were treated for minor injuries.

Mr Hume won the international peace prize in 1998 for his role in the Northern Ireland peace process.

news.bbc.co.uk

Mother's joy at Shannon reunion

2008-03-15T20:01:00.000-07:00

Mother's joy at Shannon reunion

Shannon's parents kissed in front of their home in celebration

The mother of Shannon Matthews said she was "overwhelmed" at being reunited with her daughter.

Police rescued the nine-year-old from a flat in Dewsbury, West Yorkshire more than three weeks after she disappeared. She is now in social services care.

Her mother Karen Matthews, 32, said she had never given up hope and "just couldn't stop crying, knowing she's back where she belongs and safe".

Shannon's stepfather's uncle has been arrested on suspicion of abduction.

Michael Donovan, a 39-year-old formerly known as Paul Drake, remains in custody.

He and Shannon were found by police in two concealed compartments under a divan bed at a flat in Lidgate Gardens, Batley Carr, West Yorkshire on Friday afternoon.

Police have since interviewed Shannon and have said she is "on the road to recovery following her ordeal".

I never gave up hope and now she'll be able to come home and sleep in her room again

Karen Matthews, Shannon's mother

Shannon's mother and stepfather Craig Meehan, 22, returned home late on Saturday afternoon after spending Friday night in a hotel.

They stood outside their house in Dewsbury to briefly to pose for photographers.

Karen Matthews said: "I never gave up hope and now she'll be able to come home and sleep in her room again. We've got her new pink bedding which she'll love.

"The police have helped a lot. We can't thank them enough."

She also thanked the local community for their support.

"We're just happy to be a family again. That's all we've wanted - Shannon back and safe - now the family is safe again," she said.

West Yorkshire police said Shannon had spent "a comfortable and settled night" watching films and playing with a kitten after she was found.

Map of where Shannon was found

Leon Rose, Shannon Matthews' biological father, said when he saw his daughter he would "grab hold of her and give her a cuddle and tell her I love her".

"All that counts is that Shannon has been found safe and well. I'm thankful that the nightmare is over - it's now a dream come true," he said.

Police sources have defended the amount of time it took to find Shannon just one mile from her home.

Michael Donovan is pictured here in 1994. Pic: Ross Parry Agency

They said there were "literally hundreds of people" in a "huge family network" that required a large amount of resources.

The search operation was the force's biggest since the Yorkshire Ripper case.

But Yorkshire MEP Edward Macmillan-Scott said police should have carried out more thorough checks.

He said: "In more than three out of four cases like this a family member is involved so a thorough search would have included the suspect in this case."

The Labour MP for Dewsbury, Shahid Malik, said "After 24 days, seldom is it that you get the kind of positive outcome that we've got in Dewsbury, and we ought to be celebrating that."

He said people should be thanking the police and local community for their efforts.

news.bbc.co.uk

Rapidshare leecher 2007 2.0 | 1.98 MB

2008-03-15T19:44:00.001-07:00

Rapidshare leecher 2007 2.0 | 1.98 MB

The application supports proxy servers, so you can download many files at the same time (using different proxy).
Rapidshare Ultimate 2007 is a software to download files from the world's largest file-sharing network Rapidshare, based on the source code donated by previous RapidLeecher author.

The application supports proxy servers, so you can download many files at the same time (using different proxy) and multiple instance of the software.

Here are some key features of "RapidShare Leecher":
· Fully Automated Downloading.
· Automatic CAPTCHA Image Detection.
· Silent operation mode, will sit and wait for links in system tray.
· Proxy Support for simultaneous downloads and unlimited downloading.
· Inbuilt Downloader with detailed static's.
· Full installer and uninstaller.
· Very simple to use.
· Pleasant, easy to use interface.

2008 original themes for XP

2008-03-15T19:40:00.000-07:00

19 TM. | 2008 original themes for XP
Size : 13.07 MB

Aqua Real 4.01

2008-03-15T19:35:00.000-07:00

Aqua Real 4.01

The excellent 3D-screensaver executed in the form of an aquarium with beautiful small fishes.
Small fishes not simply float, they can be touched a mouse (they in a fright will get away) or to feed (cliques with the right button on an aquarium). Besides, the structure of the keeper includes utility Aqua Real Active Desktop which allows to place an aquarium directly on the Desktop: small fishes will float among your icons.

Spotmau PowerSuite 2008 Professional Wincare v2.0.4283

2008-03-15T19:33:00.000-07:00

Spotmau PowerSuite 2008 Professional Wincare v2.0.4283

Spotmau PowerSuite 2008

Spotmau PowerSuite 2008 is a powerful toolkit providing all essential utilities for home PC owners. It can solve most PC problems for a home user.

Spotmau PowerSuite 2008 includes many useful tools for your PC:
- Windows Recovery provides a complete solution to recover your corrupt Windows such as partition table recovery, lost/missing files recovery and so on.
- Windows Doctor (Windows Speedup, Smart Uninstall, IE Manager, Startup Manager) provides Step by Step Guide to speedup your PC. Remove your unwanted applications; restore default settings of your Internet Explorer; enable you to choose which programs to run automatically at Windows startup; change your desktop icon and right click menu.
- Password & Key Finder finds your lost passwords for Email, MSN, IE and asterisks; finds you Windows, Office and IE product or CD keys.
- Windows Admin/User Password Recovery can easily reset Windows Vista/2003/XP/2000/NT administrator/user password to blank or change the password.
- BIOS/CMOS Password Recovery helps you instantly find or clear your computer's BIOS/CMOS Password.
- Clean up History clears up all your activity records on your computer to protect your privacy.
- Data Transfer can be used to backup your personal data before Windows reinstallation. It can transfer files to the removable media/devices, or to a second, undamaged internal hard disk when your Windows has crashed or the hard disk has been damaged.
- File Shredder deletes files and folders permanently from your hard disk.
- Disk Clone & Backup package provides all kinds of clone options under Windows: Disk to Disk, Disk to Image, Disk from Image, Partition to Partition, Partition to Image, Partition from Image. You can easily backup disks/partitions or transfer all data from one disk to another, or even burn to CD/DVD, with several mouse clicks. This utility is for cloning Windows 98, ME, NT, 2000, XP, 2003 and Vista. It supports IDE, SATA, SCSI, and USB interfaces.
- Desktop Secretary easily manages your daily duties and business schedules.

Key Benefits:
- Boot up ANY desktop or laptop
- Optimize, Clean & Speed up your system
- Find Windows admin/user, email, MSN, IE, asterisks Passwords & MS product keys
- Clean up history or hide your private stuff
- Backup & Recover Windows
- Clone Windows 98, ME, NT, 2000, XP, 2003 and Vista
- Transfer all data from one disk or partition to another
- Restore IE options
- Smartly and completely uninstall any programs
- Support IDE, SATA, SCSI and USB interfaces
- Automatically find CD Drive to install ANY Windows
- Permanently clear up all your activity records from your computer
- Backup the operating system and restore it in the event of a fatal system crash or virus attack

Bruce Springsteen - Philadelphia Magic Night (Oct 06,2007) (MP3@320Kbps)

2008-03-15T19:24:00.000-07:00


Download the Torrent:	Bruce Springsteen - Philadelphia Magic Night (Oct 06,2007) (MP3@320Kbps) [Foo]

	Bruce Springsteen - Philadelphia Magic Night (Oct 06,2007) (MP3@320Kbps) Bruce Springsteen - Philadelphia Magic Night October 06 2007, Wachovia Center, Philadelphia, PA, USA Disc 1 01. Intro 02. Night 03. Radio Nowhere 04. Prove It All Night 05. Gypsy Biker 06. Magic 07. Reason To Believe 08. The Ties That Bind 09. She's The One 10. Livin' In The Future 11. The Promised Land 12. Town Called Heartbreak 13. Incident On 57th Street 14. Cadillac Ranch 15. Devil's Arcade Disc 2 01. The Rising 02. Last To Die 03. Long Walk Home 04. Badlands 05. Girls In Their Summer Clothes 06. Thundercrack 07. Born To Run 08. Dancing In The Dark 09. American Land 10. No Surrender* 11. Candy's Room* 12. Darkness On The Edge Of Town* 13. Brilliant Disguise* * = Bonus Tracks 10-13 October 09 2007, Continental Airlines Arena, East Rutherford, NJ, USA

The Attic, The Hiding Of Anne Frank - DVDRip - A KARMADrome KvCD by The Poison Dwarf

2008-03-15T19:18:00.000-07:00

Download the Torrent:	The Attic, The Hiding Of Anne Frank - DVDRip - A KARMADrome KvCD by The Poison Dwarf

	The Attic, The Hiding Of Anne Frank - DVDRip - A KARMADROME KVCD BY THE POISON DWARF Plot Summary During the Nazi occupation of Amsterdam, Otto Frank decides to hide his family, who are Jewish, after his daughter Margot is called to appear for transport to a Nazi labour camp. Miep Gies, Otto Frank's office assistant hides them in the attic above the office. The film tells the true story of Gies' struggle to keep the family hidden and safe, as the Nazis turn Amsterdam upside-down. Based upon Gies' memoirs and Anne Frank's famous diary. Credited Cast Mary Steenburgen .......... Miep Gies Paul Schofield ............ Otto Frank Huub Stapel ............... Jan Gies Eleanor Bron .............. Edith Frank Lisa Jacobs ............... Anne Frank Directed by .. John Erman For more info visit : h**p://www.imdb.com/title/tt0094685/ Genre: ....... Drama/Historical Fiction Country: ..... USA Language: .... English Source: ...... DVDRip Format: ...... Bin/Cue Chapters: .... Every 5 Minutes Runtime: ..... 1 hrs 53 Minutes Video: ....... Mpeg1/PAL Audio: ....... Mpeg2/44.1kHz/128kbps/Stereo Res: ......... 352x288 Size: ........ 797Mb (Bin File) Tracker: ..... H33T Burn Tested .. Yes

Size:	798.20 MB

GreenBox Logo Maker 1 0

2008-03-15T18:23:00.000-07:00

Download the Torrent:	GreenBox Logo Maker 1 0 [h33t] [Original]

	GreenBox Logo Maker 1.0 [h33t] [Original] GreenBox 1 : Logo maker Art is green :: GreenBox Logo maker is an innovative and easy to use product that makes it possible for any business owner to design professional business logos, create advertisements, design nice page headers for a web site and other identifying graphics in just minutes. The easy to use features of GreenBox include hundreds of fully modifiable logo templates and objects categorized by industry and interest, high quality graphical engine, creative tools and special effects. GreenBox does not require any knowledge in using any graphical application, so don't be limited to a single concept from an overpriced design firm! By modifying or importing images, shapes, graphic objects and text, each professionally designed logo included the software is able to produce thousands of unique results—all in a matter of minutes! The main features include: Over 200 professionally designed and fully modifiable logo templates categorized by industry and interest Over 1800 objects and shapes for making logos Easy to use, drag & drop, graphical engine for image and text manipulation: scale, rotate, align, groups, layers etc. Over 30 effects for object and text editing such as Shadow, Transparency, Brightness, Blur, Gradient, etc. Plug-ins for adding special effects such as Jitter, Pixelate, Sharp, Water etc. Regular, Polygonal, Concave, Wavy, Circular, Outline and Perspective Text Full screen editing Export to PDF, JPG, TIF and other file formats Professional, Creative, Refined & Designer fonts included The built in Internet browser for accessing new objects, templates, 40,000 free fonts, 100,000 pictures, etc. And much, much, more... To obtain a complete overview of the tools offered by GreenBox Logo maker as well as the full list of features, please click on the following link: Features In addition to creating company and corporate logos, you can use GreenBox for creating identifying graphics or text for website icons and buttons, page headers, titles for eBooks, text effects for digital movies, sports teams, festivals, churches, fundraisers local guides, conventions, educational institutions, television or radio media, newspapers and publications, music events or artists - or any other graphics. GreenBox Logo maker software has all the right tools to aid your creativity! Instructions: Run setup! All files were checked against viruses with Kaspersky Antivirus! Have fun! Please, seed! Thank you!