CPI(M) general secretary Prakash Karat today squarely blamed Prime Minister Manmohan Singh for the prevailing political crisis saying his "renewed bid" to go to the IAEA to seek its approval for the safeguards agreement to operationalise the Indo-US nuclear deal was the main reason for it.
In an article in the latest issue of the CPI(M) party organ "People's Democracy" Karat said that there was actually no time table set for the deal, except that of President Bush ending tenure at the White House. "It is this schedule set out by the United States which is impelling the Prime Minister to go ahead regardless of the consequences," the CPI(M) leader said.
Karat said the reason for such urgency was "the insistence of the Bush Administration that India complete the procedures for the safeguards agreement with the IAEA so that the Americans can take the step of formally initiating the process in the Nuclear Suppliers Group to get the waiver for nuclear trade with India."
"President Bush wants to ensure in the last few discredited months of his presidency that at least the Indo-US nuclear deal will remain as a legacy to be taken up by the next President. This will have some certainty if the NSG clearance is got before his term expires," he said.
Karat, who has been holding parleys with Left, UNPA, Congress and UPA leaders on the issue, said: "the tactics adopted (by the government) has been to try and get the Left to agree piecemeal to a step by step operationalisation of the 123 agreement."
He said it was "a fact that consultation process in the NSG has already been initiated by the US. In September 2007, the Bush Administration presented a pre-decisional draft titled 'Submission of Civilian Nuclear Cooperation with India' to an informal meeting of the NSG."
"It is learnt that a revised note has been submitted subsequently," Karat said, adding that the NSG was awaiting the IAEA clearance to start the procedure. "The way it will go will be that the US would make a request formally for an exemption," he quoted former NSG Chairman Abdul S Minty as saying.
Maintaining that the UPA side was trying to convince the Left that IAEA approval would pave the way for nuclear cooperation with Russia and France, Karat said "nothing can be further from truth."
"In February, Under Secretary of State Nicholas Burns had categorically stated that the US would not get the NSG waiver for India in a "worst case scenario of the 123 agreement being bypassed and India trying to engage in nuclear commerce with other countries," said Karat.
"So that 'passport' which is being sought can be nothing but an American passport," Karat said. Observing that the government and the Congress were fully aware that Left would not be party to them trying to push the deal "through a strategic alliance with the US," he reiterated that there could be "no compromise" on the issue.
Friday, June 27, 2008
Oil rises to $142 for the first time
Crude oil rose to a record above $142 a barrel in New York on Friday and gold advanced as falling stock markets spurred investment in commodities.
Oil has gained 47 percent this year, headed for the biggest six-month gain since 1999, as recession concerns have pushed the MSCI World Index of global equity markets down 12 percent. Oil may rise further if the European Central Bank raises rates on July 3, further weakening the U.S. dollar, traders said.
"It's a combination of equities underperforming and pricing in some further risk on what the ECB will do next week," said Oliver Jakob, managing director of Petromatrix in Zug, Switzerland. Trading volumes are so low that price movements are being exaggerated, he said.
Crude oil for August delivery rose as much as $2.62 a barrel, or 1.9 percent, to $142.26 in electronic trading on the New York Mercantile Exchange. It was at $141.95 at 12:31 p.m. London time.
On Thursday the contract rose $5.09, or 3.8 percent, to $139.64 a barrel, a record settlement price, as Libya threatened to cut output and the president of the Organization of Petroleum Exporting Countries said prices may reach between $150 and $170 within months.
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Stocks sag worldwide as oil price surges
Today in Business with Reuters
Oil rises to $142 for the first time
Gloom descends over Wall Street again
Japan annual inflation hits decade high in May
Many of the companies most reliant on oil, like airlines and refiners, are having to buy futures now after waiting earlier in the year in the expectation of lower prices, said Gerrit Zambo, an oil trader for BayernLB in Munich.
"In the first months of this year consumers were waiting, but now they've reached a painful limit and have no choice but to hedge," Zambo said. "The costs put so much pressure on the companies and they have no choice."
The doubling of prices in the last year is "a blessing in disguise" for Asian economies and currencies, according to Stephen Jen, chief currency strategist at Morgan Stanley in London. High transport costs will force the region to become less reliant on exports and more on local demand, Jen said in a report Thursday.
Gold headed for a second weekly gain as the dollar weakened, increasing the appeal of the metal as a hedge against inflation and an alternative investment to the U.S. currency. Gold for immediate delivery rose $5.17, or 0.6 percent, to $922.47 an ounce as of 11:39 a.m. in London.
The MSCI World Index lost 1.8 percent to 1,403.36 at 10:37 a.m. in London as 8 of the 10 industry groups retreated.
The U.S. dollar was 0.2 percent lower at $1.5757 against the euro, and 0.6 percent weaker versus the Japanese currency at 106.33 per yen at 11:37 a.m. London time.
Brent crude oil rose as much as $2.30, or 1.6 percent, to a record $142.13 on London's ICE Futures Europe exchange. The contract traded at $141.74 a barrel at 12:31 p.m
Oil has gained 47 percent this year, headed for the biggest six-month gain since 1999, as recession concerns have pushed the MSCI World Index of global equity markets down 12 percent. Oil may rise further if the European Central Bank raises rates on July 3, further weakening the U.S. dollar, traders said.
"It's a combination of equities underperforming and pricing in some further risk on what the ECB will do next week," said Oliver Jakob, managing director of Petromatrix in Zug, Switzerland. Trading volumes are so low that price movements are being exaggerated, he said.
Crude oil for August delivery rose as much as $2.62 a barrel, or 1.9 percent, to $142.26 in electronic trading on the New York Mercantile Exchange. It was at $141.95 at 12:31 p.m. London time.
On Thursday the contract rose $5.09, or 3.8 percent, to $139.64 a barrel, a record settlement price, as Libya threatened to cut output and the president of the Organization of Petroleum Exporting Countries said prices may reach between $150 and $170 within months.
Multimedia
Interactive Graphic: World Markets
» View
Related Articles
Stocks sag worldwide as oil price surges
Today in Business with Reuters
Oil rises to $142 for the first time
Gloom descends over Wall Street again
Japan annual inflation hits decade high in May
Many of the companies most reliant on oil, like airlines and refiners, are having to buy futures now after waiting earlier in the year in the expectation of lower prices, said Gerrit Zambo, an oil trader for BayernLB in Munich.
"In the first months of this year consumers were waiting, but now they've reached a painful limit and have no choice but to hedge," Zambo said. "The costs put so much pressure on the companies and they have no choice."
The doubling of prices in the last year is "a blessing in disguise" for Asian economies and currencies, according to Stephen Jen, chief currency strategist at Morgan Stanley in London. High transport costs will force the region to become less reliant on exports and more on local demand, Jen said in a report Thursday.
Gold headed for a second weekly gain as the dollar weakened, increasing the appeal of the metal as a hedge against inflation and an alternative investment to the U.S. currency. Gold for immediate delivery rose $5.17, or 0.6 percent, to $922.47 an ounce as of 11:39 a.m. in London.
The MSCI World Index lost 1.8 percent to 1,403.36 at 10:37 a.m. in London as 8 of the 10 industry groups retreated.
The U.S. dollar was 0.2 percent lower at $1.5757 against the euro, and 0.6 percent weaker versus the Japanese currency at 106.33 per yen at 11:37 a.m. London time.
Brent crude oil rose as much as $2.30, or 1.6 percent, to a record $142.13 on London's ICE Futures Europe exchange. The contract traded at $141.74 a barrel at 12:31 p.m
North Korea destroys nuclear reactor tower
North Korea destroyed the most visible symbol of its nuclear weapons program Friday, blasting apart the cooling tower at its main atomic reactor in a sign of its commitment to stop making plutonium for atomic bombs.
An explosion at the base of the cylindrical structure sent the tower collapsing into a cloud of white and gray smoke that billowed into blue skies as international journalists and diplomats looked on, according to video footage filmed by broadcaster APTN at the site.
The demolition of the 60-foot-tall cooling tower at the North's main reactor complex is a response to U.S. concessions after the North delivered a declaration Thursday of its nuclear programs to be dismantled.
"This is a very important step in the disablement process and I think it puts us in a good position to move into the next phase," said Sung Kim, the U.S. State Department's top expert on the Koreas who attended the demolition. Kim shook hands with a North Korean official following the tower's tumble to the ground.
In its first reaction to the developments this week, North Korea's Foreign Ministry welcomed Washington's decision to take the country off the U.S. trade and sanctions blacklists.
"The U.S. measure should lead to a complete and all-out withdrawal of its hostile policy toward (the North) so that the denuclearization process can proceed smoothly," the ministry said in a statement carried by the official Korean Central News Agency.
The symbolic tower explosion came just 20 months after Pyongyang shocked the world by detonating a nuclear bomb in an underground test to confirm its status as an atomic power. The nuclear blast spurred an about-face in the U.S. hard-line policy against Pyongyang, leading to the North's first steps to scale back its nuclear weapons development since the reactor became operational in 1986.
Last year, the North switched off the reactor at Yongbyon, some 60 miles north of the capital of Pyongyang, and it already has begun disabling the facility under the watch of U.S. experts so that it cannot easily be restarted.
The destruction of the cooling tower, which carries off waste heat to the atmosphere, is another step forward but not the most technically significant, because it is a simple piece of equipment that would be easy to rebuild.
Still, the demolition offers the most photogenic moment yet in the disarmament negotiations that have dragged on for more than five years and suffered repeated deadlocks and delays.
Secretary of State Condoleezza Rice said the tower's destruction would mark a step toward disablement, something that has been ongoing for many months to prevent the North from making more plutonium for bombs.
"It is important to get North Korea out of the plutonium business, but that will not be the end of the story," she said in Kyoto, Japan, on the sidelines of a meeting of the Group of Eight industrialized countries.
North Korea's nuclear declaration, which was delivered six months later than the country promised and has not yet been released publicly, is said to only give the overall figure for how much plutonium was produced at Yongbyon — but no details of bombs that may have been made.
Experts believe the North has produced up to 110 pounds of weapons-grade plutonium, enough for as many as 10 nuclear bombs.
The declaration was being distributed Friday by China, the chair of the arms talks, to the other countries involved, U.S. envoy Christopher Hill said.
"We'll have to study it very carefully and then we'll have to work on verification," Hill said in Kyoto.
The declaration does not address the North's alleged uranium enrichment program or suspicions of its nuclear proliferation to other countries, such as Syria
An explosion at the base of the cylindrical structure sent the tower collapsing into a cloud of white and gray smoke that billowed into blue skies as international journalists and diplomats looked on, according to video footage filmed by broadcaster APTN at the site.
The demolition of the 60-foot-tall cooling tower at the North's main reactor complex is a response to U.S. concessions after the North delivered a declaration Thursday of its nuclear programs to be dismantled.
"This is a very important step in the disablement process and I think it puts us in a good position to move into the next phase," said Sung Kim, the U.S. State Department's top expert on the Koreas who attended the demolition. Kim shook hands with a North Korean official following the tower's tumble to the ground.
In its first reaction to the developments this week, North Korea's Foreign Ministry welcomed Washington's decision to take the country off the U.S. trade and sanctions blacklists.
"The U.S. measure should lead to a complete and all-out withdrawal of its hostile policy toward (the North) so that the denuclearization process can proceed smoothly," the ministry said in a statement carried by the official Korean Central News Agency.
The symbolic tower explosion came just 20 months after Pyongyang shocked the world by detonating a nuclear bomb in an underground test to confirm its status as an atomic power. The nuclear blast spurred an about-face in the U.S. hard-line policy against Pyongyang, leading to the North's first steps to scale back its nuclear weapons development since the reactor became operational in 1986.
Last year, the North switched off the reactor at Yongbyon, some 60 miles north of the capital of Pyongyang, and it already has begun disabling the facility under the watch of U.S. experts so that it cannot easily be restarted.
The destruction of the cooling tower, which carries off waste heat to the atmosphere, is another step forward but not the most technically significant, because it is a simple piece of equipment that would be easy to rebuild.
Still, the demolition offers the most photogenic moment yet in the disarmament negotiations that have dragged on for more than five years and suffered repeated deadlocks and delays.
Secretary of State Condoleezza Rice said the tower's destruction would mark a step toward disablement, something that has been ongoing for many months to prevent the North from making more plutonium for bombs.
"It is important to get North Korea out of the plutonium business, but that will not be the end of the story," she said in Kyoto, Japan, on the sidelines of a meeting of the Group of Eight industrialized countries.
North Korea's nuclear declaration, which was delivered six months later than the country promised and has not yet been released publicly, is said to only give the overall figure for how much plutonium was produced at Yongbyon — but no details of bombs that may have been made.
Experts believe the North has produced up to 110 pounds of weapons-grade plutonium, enough for as many as 10 nuclear bombs.
The declaration was being distributed Friday by China, the chair of the arms talks, to the other countries involved, U.S. envoy Christopher Hill said.
"We'll have to study it very carefully and then we'll have to work on verification," Hill said in Kyoto.
The declaration does not address the North's alleged uranium enrichment program or suspicions of its nuclear proliferation to other countries, such as Syria
Wednesday, June 25, 2008
INDIAN SHARE MARKET
Wednesday, Jun 25, 2008 Updated 12:26 IST
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SPICETELE 71.05 34197450 30.73
RNRL 74.95 5549951 -1.19
IFCI 44.20 5096959 0.57
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ISPATIND 24.40 4817243 0.21
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CFI 2025.00
NICKEL 930.00
CRUDEOIL 5864.00
CARDAMOM 607.50
CRUDEOIL 5869.00
LEAD 80.00
KAPASKHALI 455.00
ZINC 83.10
KAPASKHALI 438.40
LEAD 78.75
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Stocks MF F&O Commodities
Market drops as data fans economic fears
Nikkei dips 0.5%, blue chips down
Euro mkts end lower on US economic woes
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Home
Stocks
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Commodities
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Markets » Home
SENSEX 14120.33
13.75 0.10%
NIFTY 4216.25
25.15 0.60%
CNX BANK 5456.35
-33.50 -0.61%
CNX IT 4067.50
-41.45 -1.01%
CNXMCAP 5561.45
-2.45 -0.04%
CNX 500 3373.95
14.90 0.44%
NSE Gainers
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Market
Sensex | Nifty
Top Performers: Sensex
Top Gainers Top Losers
Company Price % Ch
SPICETELE 71.05 30.73
DCHL 120.65 5.93
CONCOR 794.00 5.87
GECALSTHOM 1286.50 4.57
CENTURYTEX 563.00 4.31
Company Price % Ch
IBREALEST 329.00 -7.89
PHOENIXLTD 192.95 -6.15
JAICORPLTD 336.45 -5.00
AIRDECCAN 80.00 -4.71
ESSARSHIP 101.00 -4.45
Stock Tips
CLSA sets a Buy on Hindalco
Citi sets Buy on Everest Kanto Cylinders
CLSA sets an outperform on Nalco
CLSA sets BUY on Cairn India
Merrill Lynch sets SELL on MM
Mutual Funds : Top Performers
Equity - Diversified 6 mth 1 yr 3 yr
DSP ML Small And Mid Cap ... 25.66 0.00 0.00
ICICI Pru Equity & De... 9.73 14.15 0.00
ICICI Pru Equity & De... 9.67 16.98 0.00
HDFC Arbitrage Fund - WP ... 5.05 0.00 0.00
HDFC Arbitrage Fund (Div-... 4.86 0.00 0.00
Global Markets
Index Last Change
NASDAQ 2368.28 -17.46 (-0.73%)
DJIA 11807.43 -34.93 (-0.29%)
NIKKEI 13820.98 -28.58 (-0.21%)
FTSE 5634.70 -32.50 (-0.57%)
SENSEX 14120.33 13.75 (0.10%)
NIFTY 4216.25 25.15 (0.60%)
Most Active: Sensex
Top Gainers
Company Price Volume % Chg
SPICETELE 71.05 34197450 30.73
RNRL 74.95 5549951 -1.19
IFCI 44.20 5096959 0.57
RPL 166.20 5080091 1.47
ISPATIND 24.40 4817243 0.21
Corporate Announcements
Binani Industries clarifies on news item
Binani Industries clarifies on news item
Birla Kennametal - Outcome of AGM
Odyssey Technologies - Outcome of AGM
Commodities : MCX
Top Gainers Top Losers
CFI 2025.00
NICKEL 930.00
CRUDEOIL 5864.00
CARDAMOM 607.50
CRUDEOIL 5869.00
LEAD 80.00
KAPASKHALI 455.00
ZINC 83.10
KAPASKHALI 438.40
LEAD 78.75
Top Stories
Stocks MF F&O Commodities
Market drops as data fans economic fears
Nikkei dips 0.5%, blue chips down
Euro mkts end lower on US economic woes
'India' firms AIM mkt cap crosses $6bn
Markets might see technical rally: IL&FS
10-15% correction likely: Chirnside
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Tuesday, June 24, 2008
Bill Clinton backs Obama, but that doesn't mean they're bosom buddies
Former President Clinton on Tuesday offered to help Barack Obama win the White House, although what work he'll do for his wife's former rival remained uncertain.
The Obama campaign is still smarting over some of Bill Clinton's criticism in the primary race, while the last Democratic president remains a popular political draw. But before the two can work together, they have to speak.
Obama and Hillary Rodham Clinton have taken steps to join efforts in the last three weeks — she met with him privately, endorsed his campaign and will campaign with him Friday. But the former Democratic president and the man running to be the next one haven't talked since the campaign ended.
Obama spokesman Bill Burton said the 42nd president came up in a phone call between Obama and Hillary Clinton on Sunday. They talked about how Obama should connect with Bill Clinton in the future, Burton said.
Bill Clinton extended his support to Obama for the first time Tuesday in a one-sentence statement from spokesman Matt McKenna.
"President Clinton is obviously committed to doing whatever he can and is asked to do to ensure Senator Obama is the next president of the United States," McKenna said.
It's not clear what Obama might ask him to do. The campaign wasn't specific when asked.
"A unified Democratic Party is going to be a powerful force for change this year and we're confident President Clinton will play a big role in that," was all Burton would say.
Bill Clinton will not be attending the rally with his wife and Obama Friday in the symbolic town of Unity, N.H. McKenna said the former president is in Europe this week to celebrate Nelson Mandela's 90th birthday, give speeches and work for the William J. Clinton Foundation.
Hillary Clinton spokesman Mo Elleithee issued a statement after her husband's that didn't mention him. "Senator Clinton is very pleased with how quickly the party is coming together after the primaries, and she will continue to do everything she can to unite Democrats behind Senator Obama as our nominee," Elleithee said.
Bill Clinton was an outspoken critic of Obama during the primary race. He said Obama's opposition to the Iraq war was a "fairy tale" and raised questions about whether the first-term Illinois senator had the experience to lead the country. His remarks angered some black leaders who felt Clinton was dismissing Obama's historic bid, as when he compared Obama's win in South Carolina to Jesse Jackson's victories there in the 1980s.
Clinton fumed in response that it was Obama's campaign that "played the race card on me."
The Obama campaign is still smarting over some of Bill Clinton's criticism in the primary race, while the last Democratic president remains a popular political draw. But before the two can work together, they have to speak.
Obama and Hillary Rodham Clinton have taken steps to join efforts in the last three weeks — she met with him privately, endorsed his campaign and will campaign with him Friday. But the former Democratic president and the man running to be the next one haven't talked since the campaign ended.
Obama spokesman Bill Burton said the 42nd president came up in a phone call between Obama and Hillary Clinton on Sunday. They talked about how Obama should connect with Bill Clinton in the future, Burton said.
Bill Clinton extended his support to Obama for the first time Tuesday in a one-sentence statement from spokesman Matt McKenna.
"President Clinton is obviously committed to doing whatever he can and is asked to do to ensure Senator Obama is the next president of the United States," McKenna said.
It's not clear what Obama might ask him to do. The campaign wasn't specific when asked.
"A unified Democratic Party is going to be a powerful force for change this year and we're confident President Clinton will play a big role in that," was all Burton would say.
Bill Clinton will not be attending the rally with his wife and Obama Friday in the symbolic town of Unity, N.H. McKenna said the former president is in Europe this week to celebrate Nelson Mandela's 90th birthday, give speeches and work for the William J. Clinton Foundation.
Hillary Clinton spokesman Mo Elleithee issued a statement after her husband's that didn't mention him. "Senator Clinton is very pleased with how quickly the party is coming together after the primaries, and she will continue to do everything she can to unite Democrats behind Senator Obama as our nominee," Elleithee said.
Bill Clinton was an outspoken critic of Obama during the primary race. He said Obama's opposition to the Iraq war was a "fairy tale" and raised questions about whether the first-term Illinois senator had the experience to lead the country. His remarks angered some black leaders who felt Clinton was dismissing Obama's historic bid, as when he compared Obama's win in South Carolina to Jesse Jackson's victories there in the 1980s.
Clinton fumed in response that it was Obama's campaign that "played the race card on me."
Storm hits China after lashing Philippines
Tropical storm Fengshen surged toward Taiwan and southeast China on Wednesday after leaving a path of destruction in the Philippines where the search for more survivors from a capsized ferry has proved fruitless.
Survivors who had spent 48 hours drifting in the sea after the ferry sunk recover in hospital.
1 of 3 Fengshen was downgraded to a tropical storm late Tuesday. But it still managed to shut down much of Hong Kong. Schools, courts and even the financial markets were closed for part of Wednesday, The Associated Press reported.
In the Philippines, meanwhile, people struggled to recover from Fengshen's deadly impact as a typhoon when it hit the country last weekend.
Divers found bodies but so far no survivors inside the hull of the ferry that capsized in the typhoon, a Philippine Coast Guard official said Tuesday.
A total of 864 people -- 725 of them passengers -- were aboard the Princess of the Stars when it overturned about a mile off Sibuyan Island early Saturday as Typhoon Fengshen pummeled the Philippines, according to the ship's owner, Sulpicio Lines. Watch the storm hit Hong Kong »
Rescuers earlier found at least 34 survivors and at least 11 dead from a ferry that capsized in a typhoon, the Philippine Information Agency said Monday.
Divers received no response on Monday when they hammered on the 23,824-ton Princess of Stars that was jutting from the water off Sibuyan island in the central Philippines.
"We're not ruling out that somebody there is still alive," coast guard chief Wilfredo Tamayo told The Associated Press. "You can never tell."
But high seas that have prevented rescue ships from approaching the ferry showed no sign of abating Monday as officials planned how to enter the ship -- either with divers or by drilling a hole in the hull, Tamayo said. Watch aerial pictures of the sunken ferry »
Hope faded by the hour that large numbers of survivors will be found on land where communications were hit by the weekend storm that killed at least 163 people.
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Officials added that they have also found victims and survivors from other fishing boats that capsized in the area.
A U.S. Navy ship equipped with helicopters will soon join the search and rescue effort, said Richard Gordon, the head of the Philippines Red Cross and a member of the country's Senate.
Fishermen found 30 survivors from the ferry Princess of Stars, which rolled over early Saturday morning, Gordon said. One person died after being picked up, and another was lost during rescue efforts, he said, but the remaining 28 have been delivered to police.
"There's quite a few people out there that are still missing," he said. "We are trying our best to find them, and I hope we could get some help." Watch images of the ferry sinking »
The Princess of Stars had 864 people on board, according to the vessel's owner, Sulipicio Lines. The manifest posted on the company's Web site lists 725 passengers, 112 crew members and 27 others including security escorts, canteen personnel, and sea marshalls.
It overturned about a mile off the shore of Sibuyan Island early Saturday as Typhoon Fengshen pummeled the Philippines.
Sulipicio said the family of each person killed in the accident will receive 200,000 pesos (approximately $4,600), the Philippine Information Agency reported.
The crew of the vessel, which can hold up to 2,000 people, reported that its engines had failed during a regular run from Manila and Cebu City, according to Vice Adm. Wilfredo Tamayo, the head of the country's coast guard.
Rescuers knocked on the ferry's hull Sunday evening in hopes of hearing signs of survivors within the capsized ship, the captain of which had given orders to abandon it before contact was lost. Watch a report on the disaster »
"Many of them were wearing life jackets," Gordon said. "Hopefully we can still find them alive."
The typhoon has killed at least 140 people on land, with at least 255 more reported missing, he said.
The storm had not been expected to hit the Philippines when it first formed last week. But the storm struck the islands Friday with winds of about 140 km/h (90 p.m.) before moving north toward China and Taiwan. A storm warning posted along the ferry's course would not have required the vessel to cancel its trip, but relatives of the passengers have questioned why the ship was allowed to leave port.
"They should not have let the ship sail because there was a typhoon coming," Isadora Salinas said. "How can they do that? They won't even give out information about what happened."
Gordon said Sulpicio Lines -- which operates the ferry -- has a history of previous accidents, "and people are pouncing on them right now."
Survivors who had spent 48 hours drifting in the sea after the ferry sunk recover in hospital.
1 of 3 Fengshen was downgraded to a tropical storm late Tuesday. But it still managed to shut down much of Hong Kong. Schools, courts and even the financial markets were closed for part of Wednesday, The Associated Press reported.
In the Philippines, meanwhile, people struggled to recover from Fengshen's deadly impact as a typhoon when it hit the country last weekend.
Divers found bodies but so far no survivors inside the hull of the ferry that capsized in the typhoon, a Philippine Coast Guard official said Tuesday.
A total of 864 people -- 725 of them passengers -- were aboard the Princess of the Stars when it overturned about a mile off Sibuyan Island early Saturday as Typhoon Fengshen pummeled the Philippines, according to the ship's owner, Sulpicio Lines. Watch the storm hit Hong Kong »
Rescuers earlier found at least 34 survivors and at least 11 dead from a ferry that capsized in a typhoon, the Philippine Information Agency said Monday.
Divers received no response on Monday when they hammered on the 23,824-ton Princess of Stars that was jutting from the water off Sibuyan island in the central Philippines.
"We're not ruling out that somebody there is still alive," coast guard chief Wilfredo Tamayo told The Associated Press. "You can never tell."
But high seas that have prevented rescue ships from approaching the ferry showed no sign of abating Monday as officials planned how to enter the ship -- either with divers or by drilling a hole in the hull, Tamayo said. Watch aerial pictures of the sunken ferry »
Hope faded by the hour that large numbers of survivors will be found on land where communications were hit by the weekend storm that killed at least 163 people.
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Officials added that they have also found victims and survivors from other fishing boats that capsized in the area.
A U.S. Navy ship equipped with helicopters will soon join the search and rescue effort, said Richard Gordon, the head of the Philippines Red Cross and a member of the country's Senate.
Fishermen found 30 survivors from the ferry Princess of Stars, which rolled over early Saturday morning, Gordon said. One person died after being picked up, and another was lost during rescue efforts, he said, but the remaining 28 have been delivered to police.
"There's quite a few people out there that are still missing," he said. "We are trying our best to find them, and I hope we could get some help." Watch images of the ferry sinking »
The Princess of Stars had 864 people on board, according to the vessel's owner, Sulipicio Lines. The manifest posted on the company's Web site lists 725 passengers, 112 crew members and 27 others including security escorts, canteen personnel, and sea marshalls.
It overturned about a mile off the shore of Sibuyan Island early Saturday as Typhoon Fengshen pummeled the Philippines.
Sulipicio said the family of each person killed in the accident will receive 200,000 pesos (approximately $4,600), the Philippine Information Agency reported.
The crew of the vessel, which can hold up to 2,000 people, reported that its engines had failed during a regular run from Manila and Cebu City, according to Vice Adm. Wilfredo Tamayo, the head of the country's coast guard.
Rescuers knocked on the ferry's hull Sunday evening in hopes of hearing signs of survivors within the capsized ship, the captain of which had given orders to abandon it before contact was lost. Watch a report on the disaster »
"Many of them were wearing life jackets," Gordon said. "Hopefully we can still find them alive."
The typhoon has killed at least 140 people on land, with at least 255 more reported missing, he said.
The storm had not been expected to hit the Philippines when it first formed last week. But the storm struck the islands Friday with winds of about 140 km/h (90 p.m.) before moving north toward China and Taiwan. A storm warning posted along the ferry's course would not have required the vessel to cancel its trip, but relatives of the passengers have questioned why the ship was allowed to leave port.
"They should not have let the ship sail because there was a typhoon coming," Isadora Salinas said. "How can they do that? They won't even give out information about what happened."
Gordon said Sulpicio Lines -- which operates the ferry -- has a history of previous accidents, "and people are pouncing on them right now."
Sunday, June 22, 2008
700 Missing After Philippines Typhoon
Hundreds of passengers were feared trapped and may have died after their ferry capsized in the Philippines during Typhoon Fengshen, said two survivors who struggled to shore Sunday.
The storm left at least 155 dead, submerging entire communities and setting off landslides, said Sen. Richard Gordon, head of the national Red Cross, but there were concerns the death toll would jump dramatically.
The 72 people listed as missing did not include the more than 740 passengers and crew aboard the MV Princess of Stars, and worried relatives wept as they waited for news. Gordon said he has asked U.S. authorities for help in finding anyone who might still be alive inside the ferry and was told "they are going to try very, very hard."
A rescue ship battling huge waves and strong winds reached the ferry Sunday, one end jutting out of the water upside-down, more than 24 hours after it lost radio contact. There was no sign of survivors at the site, and only four people who were on board were known to have reached shore alive.
"They haven't seen anyone. They're scouring the area. They're studying the direction of the waves to determine where survivors may have drifted," coast guard spokesman Lt. Senior Grade Arman Balilo said.
Villagers found six bodies — including a man and a woman who had bound themselves together — along with children's slippers and life jackets that washed ashore nearby.
Officials were checking reports that a large number of survivors might have reached one nearby island and that a lift raft was spotted off another, coast guard spokesman Cmdr. Antonio Cuasito said.
"We can only pray that there are many survivors so we can reduce the number of casualties," he said.
Reynato Lanoria, a janitor on the ship, estimated about 100 people could have survived, "but the others were trapped inside."
"I think they are all dead by now," he told DZMM radio after making it to shore by jumping in the water and reaching a life raft.
The storm left at least 155 dead, submerging entire communities and setting off landslides, said Sen. Richard Gordon, head of the national Red Cross, but there were concerns the death toll would jump dramatically.
The 72 people listed as missing did not include the more than 740 passengers and crew aboard the MV Princess of Stars, and worried relatives wept as they waited for news. Gordon said he has asked U.S. authorities for help in finding anyone who might still be alive inside the ferry and was told "they are going to try very, very hard."
A rescue ship battling huge waves and strong winds reached the ferry Sunday, one end jutting out of the water upside-down, more than 24 hours after it lost radio contact. There was no sign of survivors at the site, and only four people who were on board were known to have reached shore alive.
"They haven't seen anyone. They're scouring the area. They're studying the direction of the waves to determine where survivors may have drifted," coast guard spokesman Lt. Senior Grade Arman Balilo said.
Villagers found six bodies — including a man and a woman who had bound themselves together — along with children's slippers and life jackets that washed ashore nearby.
Officials were checking reports that a large number of survivors might have reached one nearby island and that a lift raft was spotted off another, coast guard spokesman Cmdr. Antonio Cuasito said.
"We can only pray that there are many survivors so we can reduce the number of casualties," he said.
Reynato Lanoria, a janitor on the ship, estimated about 100 people could have survived, "but the others were trapped inside."
"I think they are all dead by now," he told DZMM radio after making it to shore by jumping in the water and reaching a life raft.
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