"relatively strong" aftershock shook a massive quake-formed lake Sunday that had been threatening to flood more than a million people, sending landslides tumbling down surrounding mountains, a state news agency reported.
Engineers and soldiers are still trying to safely drain a lake created by the earthquake.
more photos » The effect of the 20-second quake on the Tangjiashan lake was not immediately known, Xinhua News Agency said. The dam of unstable mud and rocks was under surveillance following the aftershock.
Its magnitude was not immediately known, Xinhua said.
Though water had been draining from a hastily dug diversion channel for nearly two days, the lake continued to swell.
Soldiers blew up wooden houses, boulders and other debris Sunday to speed the flow of water into the spillway. Other troops were deepening the channel and digging on a second spillway on the other side of the dam.
The Tangjiashan lake, created when a landslide dammed the Tongkou River, has become a priority for a government working to head off another catastrophe even as it cares for millions left homeless from the May 12 quake that killed nearly 70,000 people.
More than 1.3 million people live down river from Tangjiashan, and 250,000 of them have been evacuated.
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Government experts, quoted by state media, had played down the threat of imminent flooding, saying Tangjiashan's landslide-created dam should hold. But state media and officials estimated it would be a week before the evacuees could return home, even if all goes well.
The rising water levels of the Tangjiashan lake underscored the persisting threat to quake survivors, even before the aftershock. Though water began draining from the diversion channel early Saturday, the effect was hardly noticeable in some downstream communities.
The turquoise waters of the Tongkou flowed placidly past the village of Jiuling, about 45 kilometers (28 miles) downstream.
"I wish they'd hurry, look at us here," said rice farmer Cai Yuhua, gesturing at a cluster of mostly homemade tents built on a nearby hillside, where she and hundreds of others waited out the flooding threat.
"The last time we could go back to our homes was May 22. I want to go home and look at my things," said Cai, who was living under a striped plastic tarp cast over bamboo poles.
The official death toll from the quake crept up Sunday to 69,136 people, with 17,686 still missing.
Meanwhile, a cargo train derailed in northeastern Sichuan province early Sunday after being struck by rocks falling from a mountain, Xinhua said. One railway worker was killed and another was seriously injured.
It was not known if the falling rocks were related to the May 12 quake or its aftershocks. The rocks may have been loosened by recent heavy rains, Xinhua reported, citing a Chengdu railway administration official.
Rail traffic was suspended or rerouted until the damaged line was repaired Sunday evening.
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Sunday, June 8, 2008
BBVA's Indian MF foray may happen only in next fiscal
The Indian mutual funds foray of Spanish financial services major, BBVA, is likely to get delayed till next fiscal as the company is yet to find a suitable domestic partner for the venture.
BBVA, amongst the largest in the world, has approached a few leading public sector banks in the country for a possible tie-up for its MF business.
However, the bank is yet to receive any favourable response from them, a BBVA official told PTI here on strict condition of anonymity.
"We are yet to find a suitable partner here (for the MF business). Though big in size and present pan-India, Indian banks are lacking in product knowledge, effective risk managment tools and international market knowledge," the official said.
The Spanish lender had entered India in April last year by opening a liaison office in Mumbai and already has an exposure of over USD 1-billion to Indian corporates.
Though BBVA had approached leading public sector lender, Union Bank of India for a potential partnership, UBI is understood to have zeroed in on Beligium-based KBC as its partner.
BBVA's Asia General Manager, Manuel Galatas, during an interaction with PTI sometime ago, had said that the bank had initiated talks with two more state-run banks for the mutual funds business.
Though Galatas declined to identify them, the banks are understood to be Bank of India and Corporation Bank.
BBVA, amongst the largest in the world, has approached a few leading public sector banks in the country for a possible tie-up for its MF business.
However, the bank is yet to receive any favourable response from them, a BBVA official told PTI here on strict condition of anonymity.
"We are yet to find a suitable partner here (for the MF business). Though big in size and present pan-India, Indian banks are lacking in product knowledge, effective risk managment tools and international market knowledge," the official said.
The Spanish lender had entered India in April last year by opening a liaison office in Mumbai and already has an exposure of over USD 1-billion to Indian corporates.
Though BBVA had approached leading public sector lender, Union Bank of India for a potential partnership, UBI is understood to have zeroed in on Beligium-based KBC as its partner.
BBVA's Asia General Manager, Manuel Galatas, during an interaction with PTI sometime ago, had said that the bank had initiated talks with two more state-run banks for the mutual funds business.
Though Galatas declined to identify them, the banks are understood to be Bank of India and Corporation Bank.
G8 plus three agree to promote energy efficiency for stable market, climate
The Group of Eight developed member nations and China, India, South Korea agreed on Sunday to step up efforts for energy efficiency so as to lower global market demands and cut greenhouse gas emissions.
Energy ministers from the G8 and the three Asian countries, which were invited to take part in broader discussion over energy-related issues, jointly issued a declaration on concluding their meeting in northeastern Japan's energy capital of Aomori, announcing the establishment of the International Partnership for Energy Efficiency Cooperation, a new framework aimed at facilitating energy-saving measures and transfer of related technologies.
The ministers believed that energy saving and efficiency is one of the quickest, greenest, and most cost-effective way to address energy security, climate change, and ensuring economic growth, according to the declaration.
Under the new framework, which provide a forum while setting no goals for the participants, the G8 plus three nations and potential participants will enhance cooperation and exchange information on environment-friendly technologies for united efforts over cut in oil demands and emissions.
From this point of consideration, energy efficiency is in the common interests of both developed and developing nations, the ministers said.
During discussion for the final version of the document, developing countries including China strongly called on rich nations to facilitate the transfer of environment-friendly technologies and help developing countries reform their traditional way of production.
"Blocks remain high for developing countries to have access to the updated technologies they long for," said Zhang Guobao, vice chairman of China's National Development and Reform Commission.
Japanese Economy, Trade and Industry Minister Akira Amari described the issues of climate change and energy as two sides of the same coin and proposed united solutions.
"We believe that addressing energy security, climate change and economic growth can be achieved in a mutually conducive manner," said a statement.
The ministers said promotion of energy efficiency both in supply and demand chain is a necessary prerequisite for enhancing energy security and mitigation of climate change while supporting economic growth in a cost-effective manner. They agree to work together on green and renewable energy, innovative energy technologies and the development of nuclear energy.
In addition to energy efficiency, high oil prices also dominated agenda of the one-day meeting.
In his opening address, host minister Amari said the current unprecedented and abnormally high oil prices could lead to a recession of the world economy if no action were taken.
As all the ministers agreed that the current level of oil prices are out of normal range and shared serious concern over it, their explanation for reasons behind it diversified.
While the United States insisted that the current record high level of oil prices was a mere result of unbalanced demands and supply, caused somewhat by rising countries' mounting energy needs, China's Zhang pointed out that speculation on the international oil trade market was one of the major reasons behind the abnormal price, which doubled in the past 18 months.
"If we fail to grasp the sticking point, we can never effectively bring the oil price back into normal," Zhang said at a joint news conference held following the meeting.
The United States and some leading economies have been calling on producing countries to expand output and urging developing countries such as China and India to cut subsidies on petroleum products.
"All countries take energy subsidy measures at different development stages, and China's control of oil price is necessary to keep social and political stabilities," said Zhang, who is also director-general of China's newly-established energy department.
"For instance, rocketing energy cost may lead to agricultural problems, and such problems in China may pose danger to the world," Zhang added.
Organizers said that discussions at the meeting will be reflected on the upcoming G8 summit, whose major topics include energy and climate change.
The G8, which groups France, Britain, Germany, Canada, Italy, Russia, Japan, and the United States, together with China, South Korea and India, consume over 50 percent of world energy and are accountable for the same proportion of global greenhouse gas emissions.
Energy ministers from the G8 and the three Asian countries, which were invited to take part in broader discussion over energy-related issues, jointly issued a declaration on concluding their meeting in northeastern Japan's energy capital of Aomori, announcing the establishment of the International Partnership for Energy Efficiency Cooperation, a new framework aimed at facilitating energy-saving measures and transfer of related technologies.
The ministers believed that energy saving and efficiency is one of the quickest, greenest, and most cost-effective way to address energy security, climate change, and ensuring economic growth, according to the declaration.
Under the new framework, which provide a forum while setting no goals for the participants, the G8 plus three nations and potential participants will enhance cooperation and exchange information on environment-friendly technologies for united efforts over cut in oil demands and emissions.
From this point of consideration, energy efficiency is in the common interests of both developed and developing nations, the ministers said.
During discussion for the final version of the document, developing countries including China strongly called on rich nations to facilitate the transfer of environment-friendly technologies and help developing countries reform their traditional way of production.
"Blocks remain high for developing countries to have access to the updated technologies they long for," said Zhang Guobao, vice chairman of China's National Development and Reform Commission.
Japanese Economy, Trade and Industry Minister Akira Amari described the issues of climate change and energy as two sides of the same coin and proposed united solutions.
"We believe that addressing energy security, climate change and economic growth can be achieved in a mutually conducive manner," said a statement.
The ministers said promotion of energy efficiency both in supply and demand chain is a necessary prerequisite for enhancing energy security and mitigation of climate change while supporting economic growth in a cost-effective manner. They agree to work together on green and renewable energy, innovative energy technologies and the development of nuclear energy.
In addition to energy efficiency, high oil prices also dominated agenda of the one-day meeting.
In his opening address, host minister Amari said the current unprecedented and abnormally high oil prices could lead to a recession of the world economy if no action were taken.
As all the ministers agreed that the current level of oil prices are out of normal range and shared serious concern over it, their explanation for reasons behind it diversified.
While the United States insisted that the current record high level of oil prices was a mere result of unbalanced demands and supply, caused somewhat by rising countries' mounting energy needs, China's Zhang pointed out that speculation on the international oil trade market was one of the major reasons behind the abnormal price, which doubled in the past 18 months.
"If we fail to grasp the sticking point, we can never effectively bring the oil price back into normal," Zhang said at a joint news conference held following the meeting.
The United States and some leading economies have been calling on producing countries to expand output and urging developing countries such as China and India to cut subsidies on petroleum products.
"All countries take energy subsidy measures at different development stages, and China's control of oil price is necessary to keep social and political stabilities," said Zhang, who is also director-general of China's newly-established energy department.
"For instance, rocketing energy cost may lead to agricultural problems, and such problems in China may pose danger to the world," Zhang added.
Organizers said that discussions at the meeting will be reflected on the upcoming G8 summit, whose major topics include energy and climate change.
The G8, which groups France, Britain, Germany, Canada, Italy, Russia, Japan, and the United States, together with China, South Korea and India, consume over 50 percent of world energy and are accountable for the same proportion of global greenhouse gas emissions.
Stocks: Wall Street Hits the Panic Button
frightened Wall Street flooded the stock market with sell orders June 6, sending major indexes plunging 3% and giving investors plenty to ponder over a warm summer weekend.
The big question: Is this a temporary mood swing for a nervous market? If so, fear may dissipate, and the market has a chance to quickly bounce back when better news headlines come along next week.
Or, did something fundamental change on June 6, a day when oil prices spiked $11 per gallon and a jobs report showed the unemployment rate jumping from 5% to 5.5%, the largest rise in 22 years?
Waking Up to a New Reality
Many market observers believe it is the latter: The stock market is catching on to a new, scary reality.
Yes, the worst fears about financial crisis are fading three months after the collapse of investment bank Bear Stearns. But now the focus is on the economy, which remains fragile, and especially inflation, which appears to be heating up.
Making the day's news all the more surprising, the outlook for the economy and inflation seemed to improve in recent weeks. Many pieces of data for May looked better than expected, like retail sales figures and the Institute for Supply Management's manufacturing index, suggesting the economy—while weak—was not in a recession. And, after rapidly rising to a record $135 per barrel, crude oil prices backed off recently, raising hopes that the speculative fever in the commodity markets was cooling off.
What Does the Jobs Report Really Mean?
Both reasons for optimism collapsed June 6, as the Dow Jones industrial average dropped 394.64 points, or 3.13%, to 12,209.81, while the broader Standard & Poor's 500 fell 43.37 points, or 3.09%, to 1,360.68.
Economists debated the true meaning of the May jobs report, as pieces of data gave different pictures of the U.S. economy. But for many, the headlines told the story: The unemployment rate rose by 0.5%, the biggest monthly jump since 1986.
First American Funds (FAF) Chief Economist Keith Hembre warned that such a big jump in the unemployment rate is very troubling. "It's pretty hard evidence that this is a recessionary environment, albeit pretty mild," Hembre says.
Defying the Laws of Supply and Demand
Even if the economy continues to grow slowly in 2008, the rising jobless rate suggests it could be a tough year for many Americans. Michael Strauss, chief economist at Commonfund, expects a "growth recession. It looks, feels, and acts like a recession, but [economic growth] is above zero," he says.
For all the concern about the economy, investors seemed even more unnerved by the surge in oil. After oil backed off recently, "most people thought the pressure was off," says Bill Stone, chief investment strategist at PNC Wealth Management (PNC).
On the Nymex June 6, crude oil for July delivery hit a record of $139.12 before ending the day at $138.54, a $10.75 increase. There were several explanations for the big move, including a Morgan Stanley (MS) analyst's prediction that crude would hit $150 by July, and tough talk toward Iran by an Israeli cabinet member, which raised tensions in the oil-rich Middle East.
George Soros Blames Speculators
Whatever the reason, oil doesn't seem to be obeying the usual laws of supply and demand, Strauss says. Americans are cutting back on driving and other energy use, for example, but oil continues to rise. "We don't appear to be trading on supply-and-demand relationships," Strauss says. "We seem to be trading on supply-and-demand fears."
Billionaire trader George Soros told the U.S. Senate on June 3 that the price of oil was a "bubble" driven mostly by speculation. Others seemed to agree, as the oil markets calmed earlier in the week. If there was a ray of hope that speculative fever might leave energy markets, that faded June 6. "Whatever is driving oil prices, it's not going away," says Dan Genter, president of RNC Genter.
High energy costs would slow the economy even further. "If [oil] sticks at this level, you've got to be concerned about future economic growth," Stone says.
Hoping for a Blowoff
Rising commodity prices also add to inflation worries. Inflation, in turn, could prompt the Federal Reserve to quickly raise interest rates later this year. "That will shock the market," Genter says.
One hope for the stock market is that oil's runup is a "blowoff rally." That is Morgan Keegan Chief Technical Strategist John Wilson's term for one last rally before oil prices quickly collapse and speculators flee the market all at once. "I think crude could drop $20 or $30 in a heartbeat," Wilson says.
Another hope for stock investors is that the market is simply overreacting. "I don't think the world changed today," says John Merrill of Tanglewood Capital Management. Oil's surge may be temporary, and plenty of other economic data suggests the economy is holding up O.K., he says.
Investors must hope that the market is focusing far too much on a couple of nasty news headlines—news that will be soon forgotten. But the fear is that those headlines are merely a harbinger of worse things to come.
The big question: Is this a temporary mood swing for a nervous market? If so, fear may dissipate, and the market has a chance to quickly bounce back when better news headlines come along next week.
Or, did something fundamental change on June 6, a day when oil prices spiked $11 per gallon and a jobs report showed the unemployment rate jumping from 5% to 5.5%, the largest rise in 22 years?
Waking Up to a New Reality
Many market observers believe it is the latter: The stock market is catching on to a new, scary reality.
Yes, the worst fears about financial crisis are fading three months after the collapse of investment bank Bear Stearns. But now the focus is on the economy, which remains fragile, and especially inflation, which appears to be heating up.
Making the day's news all the more surprising, the outlook for the economy and inflation seemed to improve in recent weeks. Many pieces of data for May looked better than expected, like retail sales figures and the Institute for Supply Management's manufacturing index, suggesting the economy—while weak—was not in a recession. And, after rapidly rising to a record $135 per barrel, crude oil prices backed off recently, raising hopes that the speculative fever in the commodity markets was cooling off.
What Does the Jobs Report Really Mean?
Both reasons for optimism collapsed June 6, as the Dow Jones industrial average dropped 394.64 points, or 3.13%, to 12,209.81, while the broader Standard & Poor's 500 fell 43.37 points, or 3.09%, to 1,360.68.
Economists debated the true meaning of the May jobs report, as pieces of data gave different pictures of the U.S. economy. But for many, the headlines told the story: The unemployment rate rose by 0.5%, the biggest monthly jump since 1986.
First American Funds (FAF) Chief Economist Keith Hembre warned that such a big jump in the unemployment rate is very troubling. "It's pretty hard evidence that this is a recessionary environment, albeit pretty mild," Hembre says.
Defying the Laws of Supply and Demand
Even if the economy continues to grow slowly in 2008, the rising jobless rate suggests it could be a tough year for many Americans. Michael Strauss, chief economist at Commonfund, expects a "growth recession. It looks, feels, and acts like a recession, but [economic growth] is above zero," he says.
For all the concern about the economy, investors seemed even more unnerved by the surge in oil. After oil backed off recently, "most people thought the pressure was off," says Bill Stone, chief investment strategist at PNC Wealth Management (PNC).
On the Nymex June 6, crude oil for July delivery hit a record of $139.12 before ending the day at $138.54, a $10.75 increase. There were several explanations for the big move, including a Morgan Stanley (MS) analyst's prediction that crude would hit $150 by July, and tough talk toward Iran by an Israeli cabinet member, which raised tensions in the oil-rich Middle East.
George Soros Blames Speculators
Whatever the reason, oil doesn't seem to be obeying the usual laws of supply and demand, Strauss says. Americans are cutting back on driving and other energy use, for example, but oil continues to rise. "We don't appear to be trading on supply-and-demand relationships," Strauss says. "We seem to be trading on supply-and-demand fears."
Billionaire trader George Soros told the U.S. Senate on June 3 that the price of oil was a "bubble" driven mostly by speculation. Others seemed to agree, as the oil markets calmed earlier in the week. If there was a ray of hope that speculative fever might leave energy markets, that faded June 6. "Whatever is driving oil prices, it's not going away," says Dan Genter, president of RNC Genter.
High energy costs would slow the economy even further. "If [oil] sticks at this level, you've got to be concerned about future economic growth," Stone says.
Hoping for a Blowoff
Rising commodity prices also add to inflation worries. Inflation, in turn, could prompt the Federal Reserve to quickly raise interest rates later this year. "That will shock the market," Genter says.
One hope for the stock market is that oil's runup is a "blowoff rally." That is Morgan Keegan Chief Technical Strategist John Wilson's term for one last rally before oil prices quickly collapse and speculators flee the market all at once. "I think crude could drop $20 or $30 in a heartbeat," Wilson says.
Another hope for stock investors is that the market is simply overreacting. "I don't think the world changed today," says John Merrill of Tanglewood Capital Management. Oil's surge may be temporary, and plenty of other economic data suggests the economy is holding up O.K., he says.
Investors must hope that the market is focusing far too much on a couple of nasty news headlines—news that will be soon forgotten. But the fear is that those headlines are merely a harbinger of worse things to come.
Exiting race, Clinton solidly backs Obama
Hillary Rodham Clinton said Saturday what Barack Obama's backers have wanted to hear for weeks: she endorses his campaign and will do everything she can to get him elected president.
It remains to be seen how the two Democratic powerhouses will meld their machines -- or how long it will take for the political healing to take place -- but Obama supporters said they were encouraged by how unequivocal her endorsement was.
Photos: Clinton throws her support to Obama Photos: Key moments in Hillary Clinton's campaignCritic's notebook: Hillary Clinton's concession speech
Blog: Top of the Ticket
2008 electoral vote map
As Clinton suspended her groundbreaking presidential campaign, she trumpeted her many primary victories as a historic achievement and called on her supporters to move beyond the long, sometimes bitter contest.
Accused earlier in the week of failing to make a gracious exit after it became clear that Obama had clinched the nomination, Clinton sent a different message in her concession speech.
"Life is too short, time is too precious, and the stakes are too high to dwell on what might have been," Clinton said in a half-hour speech to thousands of supporters who packed into Washington's National Building Museum. "We have to work together. And that is why I will work my heart out to make sure Sen. Obama is our next president. I hope and pray that all of you will join me in that effort."
It was a dramatic and emotional end to a campaign that had brought Clinton closer to the White House than any woman in U.S. history.
It marked the beginning of a general election campaign that pits Obama against Sen. John McCain, the presumptive Republican nominee, and poses a stark choice about the direction the U.S. can take after eight years of George W. Bush's presidency.
Obama and his allies welcomed Clinton's endorsement and praised her for the message her campaign sent about women's rights.
"I am thrilled and honored to have Sen. Clinton's support," Obama said. "But more than that, I honor her today for the valiant and historic campaign she has run. She shattered barriers on behalf of my daughters and women everywhere, who now know that there are no limits to their dreams."
Obama watched the speech on the Internet and phoned Clinton afterward. She did not take the call because she was speaking with supporters at the time.
But signs of detente immediately appeared on the two candidates' websites: Obama's invited supporters to e-mail Clinton to thank her for her campaign; Clinton's site posted a new message: "Support Senator Obama . . . . Together we can write the next chapter in America's story."
Dana Marie Kennedy, a Democratic activist who recruits women to run for political office, said she came all the way from Phoenix to hear Clinton's speech and was not ready yet to transfer her loyalty to Obama.
"I will get there, but I need a few days," she said.
Democrats in both camps said that Clinton had done all she could in throwing her weight behind Obama, putting to rest -- at least for now -- lingering questions about whether she might only go through the motions of backing him.
"She sounded all the notes we hoped she would on a very difficult day," said David Axelrod, Obama's senior political advisor.
But he acknowledged that some in the audience harbored bitter feelings, witnessed in the scattered booing that punctuated every comment she made about Obama. "This wasn't a rally for Barack Obama. It was a celebration of her candidacy," Axelrod said.
Her endorsement ends the agony for those Democrats who were torn between the two senators.
"How the loser loses determines whether the winner can win," said Rep. Rahm Emanuel (D-Ill.), who is close to both Clinton and Obama. "She did exactly what he needed today."
William A. Galston, a Brookings Institution political analyst who supports Clinton, said, "I'm totally confident it will translate into real on-the-ground help. She sent a pretty unequivocal message to supporters to cool it and figure out how to get with the program."
Clinton's unqualified endorsement of Obama cleared the way for the two campaigns to meld their strengths. A key question is whether Clinton can transfer to Obama the loyalties of those voters -- including many women, Latinos and working-class whites -- who flocked to her and shunned Obama during the primary season.
It remains to be seen how the two Democratic powerhouses will meld their machines -- or how long it will take for the political healing to take place -- but Obama supporters said they were encouraged by how unequivocal her endorsement was.
Photos: Clinton throws her support to Obama Photos: Key moments in Hillary Clinton's campaignCritic's notebook: Hillary Clinton's concession speech
Blog: Top of the Ticket
2008 electoral vote map
As Clinton suspended her groundbreaking presidential campaign, she trumpeted her many primary victories as a historic achievement and called on her supporters to move beyond the long, sometimes bitter contest.
Accused earlier in the week of failing to make a gracious exit after it became clear that Obama had clinched the nomination, Clinton sent a different message in her concession speech.
"Life is too short, time is too precious, and the stakes are too high to dwell on what might have been," Clinton said in a half-hour speech to thousands of supporters who packed into Washington's National Building Museum. "We have to work together. And that is why I will work my heart out to make sure Sen. Obama is our next president. I hope and pray that all of you will join me in that effort."
It was a dramatic and emotional end to a campaign that had brought Clinton closer to the White House than any woman in U.S. history.
It marked the beginning of a general election campaign that pits Obama against Sen. John McCain, the presumptive Republican nominee, and poses a stark choice about the direction the U.S. can take after eight years of George W. Bush's presidency.
Obama and his allies welcomed Clinton's endorsement and praised her for the message her campaign sent about women's rights.
"I am thrilled and honored to have Sen. Clinton's support," Obama said. "But more than that, I honor her today for the valiant and historic campaign she has run. She shattered barriers on behalf of my daughters and women everywhere, who now know that there are no limits to their dreams."
Obama watched the speech on the Internet and phoned Clinton afterward. She did not take the call because she was speaking with supporters at the time.
But signs of detente immediately appeared on the two candidates' websites: Obama's invited supporters to e-mail Clinton to thank her for her campaign; Clinton's site posted a new message: "Support Senator Obama . . . . Together we can write the next chapter in America's story."
Dana Marie Kennedy, a Democratic activist who recruits women to run for political office, said she came all the way from Phoenix to hear Clinton's speech and was not ready yet to transfer her loyalty to Obama.
"I will get there, but I need a few days," she said.
Democrats in both camps said that Clinton had done all she could in throwing her weight behind Obama, putting to rest -- at least for now -- lingering questions about whether she might only go through the motions of backing him.
"She sounded all the notes we hoped she would on a very difficult day," said David Axelrod, Obama's senior political advisor.
But he acknowledged that some in the audience harbored bitter feelings, witnessed in the scattered booing that punctuated every comment she made about Obama. "This wasn't a rally for Barack Obama. It was a celebration of her candidacy," Axelrod said.
Her endorsement ends the agony for those Democrats who were torn between the two senators.
"How the loser loses determines whether the winner can win," said Rep. Rahm Emanuel (D-Ill.), who is close to both Clinton and Obama. "She did exactly what he needed today."
William A. Galston, a Brookings Institution political analyst who supports Clinton, said, "I'm totally confident it will translate into real on-the-ground help. She sent a pretty unequivocal message to supporters to cool it and figure out how to get with the program."
Clinton's unqualified endorsement of Obama cleared the way for the two campaigns to meld their strengths. A key question is whether Clinton can transfer to Obama the loyalties of those voters -- including many women, Latinos and working-class whites -- who flocked to her and shunned Obama during the primary season.
India rejects China's claim over small part of Sikkim
On the eve of Foreign Ministerial talks, India today virtually rejected China's claim over a small part of Sikkim, saying the state's boundary issue has been settled.
Foreign Secretary Shivshankar Menon said the recent Chinese claim over 'finger area' in Sikkim border will be discussed at the talks between External Affairs Minister Pranab Mukherjee and his Chinese counterpart Yang Jiechi in Beijing tomorrow.
"I think, we will discuss peace and tranquility along the entire line, including where the boundary is settled. In the Sikkim sector, the boundary is actually settled between the two of us (India and China)," Menon told TimesNow channel when asked whether the 'finger area' issue will figure in talks.
China recently laid claim over the 'finger area', asking India to dismantle a pile of stones there.
The two sides will discuss ways to "manage" the border together, Menon said.
"The border is basically peaceful. Peace and tranquility has been maintained along the boundary, along the border and along the LAC for several years now," he said.
He said the Chinese side is expected to raise the Tibet matter during the bilateral talks as it has been a "sensitive issue in the last few months." "We will discuss Tibet as well, but there is no change in our position. Our position remains the same," the foreign secretary said.
India has been maintaining that the Tibetan Autonomous Region is a part of the Peoples' Republic of China.
India, which is home to the Tibetan government-in-exile, saw widespread protests against the Chinese "occupation" of Tibet during the Olympic Torch run in Delhi. PTI
Foreign Secretary Shivshankar Menon said the recent Chinese claim over 'finger area' in Sikkim border will be discussed at the talks between External Affairs Minister Pranab Mukherjee and his Chinese counterpart Yang Jiechi in Beijing tomorrow.
"I think, we will discuss peace and tranquility along the entire line, including where the boundary is settled. In the Sikkim sector, the boundary is actually settled between the two of us (India and China)," Menon told TimesNow channel when asked whether the 'finger area' issue will figure in talks.
China recently laid claim over the 'finger area', asking India to dismantle a pile of stones there.
The two sides will discuss ways to "manage" the border together, Menon said.
"The border is basically peaceful. Peace and tranquility has been maintained along the boundary, along the border and along the LAC for several years now," he said.
He said the Chinese side is expected to raise the Tibet matter during the bilateral talks as it has been a "sensitive issue in the last few months." "We will discuss Tibet as well, but there is no change in our position. Our position remains the same," the foreign secretary said.
India has been maintaining that the Tibetan Autonomous Region is a part of the Peoples' Republic of China.
India, which is home to the Tibetan government-in-exile, saw widespread protests against the Chinese "occupation" of Tibet during the Olympic Torch run in Delhi. PTI
Yahoo delivers search toolbar via software packager
SAN FRANCISCO (Reuters) - Yahoo Inc has inked a deal to expand distribution of its Web search services on personal computers via a pact with software packaging firm Acresso Software, the companies said on Thursday.
Acresso, which was recently spun off by entertainment media security company Macrovision Corp, makes the widely used InstallShield, a technology used by software makers and corporate network administrators to install new PC programs.
Under the deal, Acresso plans to distribute to its customer base of more than 500 million computer users the Yahoo Toolbar -- an add-on to browsers that users can download, providing access to search and other Web navigation services from Yahoo.
The deal is designed to keep Yahoo from losing share in the competitive Web search market. Yahoo makes most of its money running ads alongside Web search and other services it offers.
Rival Google Inc, the dominant Web search provider, has struck a succession of similar distribution deals for its own toolbar with partners ranging from software maker Adobe to PC maker Dell to social network MySpace.
Microsoft Corp, the No. 3 in U.S. Web search after Yahoo, this week displaced Yahoo in a deal with Hewlett-Packard Co to distribute Microsoft search services on HP PCs.
InstallShield is used by 71,000 organizations, half of them independent software developers and the rest corporate network administrators seeking to ensure smooth software installation.
The Yahoo Toolbar will be an optional add-on that software developers using InstallShield may choose to include alongside their own programs. Yahoo will pay Acresso an undisclosed amount for bringing in new Yahoo search users. Continued...
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Acresso, which was recently spun off by entertainment media security company Macrovision Corp, makes the widely used InstallShield, a technology used by software makers and corporate network administrators to install new PC programs.
Under the deal, Acresso plans to distribute to its customer base of more than 500 million computer users the Yahoo Toolbar -- an add-on to browsers that users can download, providing access to search and other Web navigation services from Yahoo.
The deal is designed to keep Yahoo from losing share in the competitive Web search market. Yahoo makes most of its money running ads alongside Web search and other services it offers.
Rival Google Inc, the dominant Web search provider, has struck a succession of similar distribution deals for its own toolbar with partners ranging from software maker Adobe to PC maker Dell to social network MySpace.
Microsoft Corp, the No. 3 in U.S. Web search after Yahoo, this week displaced Yahoo in a deal with Hewlett-Packard Co to distribute Microsoft search services on HP PCs.
InstallShield is used by 71,000 organizations, half of them independent software developers and the rest corporate network administrators seeking to ensure smooth software installation.
The Yahoo Toolbar will be an optional add-on that software developers using InstallShield may choose to include alongside their own programs. Yahoo will pay Acresso an undisclosed amount for bringing in new Yahoo search users. Continued...
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Pakistanis despise or lionise 9/11 mastermind
A day after al Qaeda's Sept. 11 mastermind made his first appearance in a U.S. military court, Pakistanis were divided between admiration and revulsion for their countryman, Khalid Sheikh Mohammed.
"He deserves to be hanged," spat Mazhar Awais, an observant Muslim who runs a pharmacy in the northwestern city of Peshawar.
"Islam doesn't allow the killing of innocent people. If you're against the U.S. government, it doesn't mean kill Americans."
Many Pakistanis believe al Qaeda and its cohorts have brought dishonour on Islam by killing civilians and fellow Muslims.
But anti-American sentiment runs deep in Pakistan, where President Pervez Musharraf is often cursed for caving in to pressure to join a "war on terrorism" many Pakistanis see as America's, not theirs.
Mohammed, widely known by his initials KSM, has no shortage of admirers.
"What's happening in Guantanamo Bay? What's happening in Iraq and Afghanistan? We believe the U.S. is an aggressor and he's a hero," said Syed Sajjad Ali Shah, a retired government school principal in Peshawar.
Mohammed is on trial with four al Qaeda comrades for conspiring to murder civilians in the 2001 attacks.
They also face 2,973 counts on murder, one for each person killed when hijacked passenger planes slammed into the World Trade Centre, the Pentagon and a Pennsylvania field.
On his first appearance, Mohammed asserted his right to act as his own attorney, declared his wish to be a martyr, and chanted an Islamic verse in Arabic, before pausing to cheerfully translate its meaning into English.
His bravado resonated among Pakistanis looking for a hero to stand up against U.S. hegemony and Muslim rulers dependent on American support.
"He's a beacon of light for Muslims. It's the time to say no to the U.S. and the West. Otherwise history won't forgive us," said Dr. Tariq bin Wahab in the southern central city of Multan.
"We have to get rid of U.S. agents like General Musharraf who have sold our country for his vested interests."
Others were sickened by Mohammed's posturing in court.
"He's a killer; he's not a martyr," said Sameena Gul, a human rights activist in Islamabad.
Mobeen Ansari, a college student in Karachi, struck a similar note.
"I think he's a criminal and the 9/11 incident has just caused hatred," he said.
More dispassionately, some saw the U.S. military trial becoming a public relations disaster for Washington, as few people will believe it could be fair.
"He's been charged (with) a global terror act, so they should hold a global level trial. It cannot be a military trial," said Muhammad Akram, a 45-year-old lawyer in the southern city of Karachi.
Others clung to conspiracy theories that the events of Sept. 11 had nothing to do with Muslims or Pakistanis.
"I don't think this was done (by anyone) from our part of the world," said Nosheen Razzak, a radio jockey, from Karachi.
"I don't think it was done by Muslims." (Additional reporting by Asim Tanveer, Aftab Borka and Sahar Ahmed; Writing by Simon Cameron-Moore; Editing by Jerry Norton)
"He deserves to be hanged," spat Mazhar Awais, an observant Muslim who runs a pharmacy in the northwestern city of Peshawar.
"Islam doesn't allow the killing of innocent people. If you're against the U.S. government, it doesn't mean kill Americans."
Many Pakistanis believe al Qaeda and its cohorts have brought dishonour on Islam by killing civilians and fellow Muslims.
But anti-American sentiment runs deep in Pakistan, where President Pervez Musharraf is often cursed for caving in to pressure to join a "war on terrorism" many Pakistanis see as America's, not theirs.
Mohammed, widely known by his initials KSM, has no shortage of admirers.
"What's happening in Guantanamo Bay? What's happening in Iraq and Afghanistan? We believe the U.S. is an aggressor and he's a hero," said Syed Sajjad Ali Shah, a retired government school principal in Peshawar.
Mohammed is on trial with four al Qaeda comrades for conspiring to murder civilians in the 2001 attacks.
They also face 2,973 counts on murder, one for each person killed when hijacked passenger planes slammed into the World Trade Centre, the Pentagon and a Pennsylvania field.
On his first appearance, Mohammed asserted his right to act as his own attorney, declared his wish to be a martyr, and chanted an Islamic verse in Arabic, before pausing to cheerfully translate its meaning into English.
His bravado resonated among Pakistanis looking for a hero to stand up against U.S. hegemony and Muslim rulers dependent on American support.
"He's a beacon of light for Muslims. It's the time to say no to the U.S. and the West. Otherwise history won't forgive us," said Dr. Tariq bin Wahab in the southern central city of Multan.
"We have to get rid of U.S. agents like General Musharraf who have sold our country for his vested interests."
Others were sickened by Mohammed's posturing in court.
"He's a killer; he's not a martyr," said Sameena Gul, a human rights activist in Islamabad.
Mobeen Ansari, a college student in Karachi, struck a similar note.
"I think he's a criminal and the 9/11 incident has just caused hatred," he said.
More dispassionately, some saw the U.S. military trial becoming a public relations disaster for Washington, as few people will believe it could be fair.
"He's been charged (with) a global terror act, so they should hold a global level trial. It cannot be a military trial," said Muhammad Akram, a 45-year-old lawyer in the southern city of Karachi.
Others clung to conspiracy theories that the events of Sept. 11 had nothing to do with Muslims or Pakistanis.
"I don't think this was done (by anyone) from our part of the world," said Nosheen Razzak, a radio jockey, from Karachi.
"I don't think it was done by Muslims." (Additional reporting by Asim Tanveer, Aftab Borka and Sahar Ahmed; Writing by Simon Cameron-Moore; Editing by Jerry Norton)
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