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US says Russia holding UN Council ‘hostage’ on Syria
US says Russia holding UN Council ‘hostage’ on Syria (AFP) / 6 September 2013 The United States on Thursday accused Russia of holding the UN Security Council “hostage” over the Syria chemical weapons crisis. With the White House pushing Congress to approve military strikes on Syria, US ambassador to the United Nations Samantha Power said she could see no way to seek Security Council approval for action against President Bashar Al Assad because of Russia’s blocking. Amid mounting tensions between Washington and Moscow, Power said Russia’s protection of Assad has put the whole Security Council system of handling international crises under strain. “Even in the wake of the flagrant shattering of the international norm against chemical weapons use, Russia continues to hold the council hostage and shirk its international responsibilities,” Power told reporters as Russia hosted US President Barack Obama at the Group of 20 summit. Power, who took over as US envoy to the United Nations one month ago, said the UN Security Council system, in which the five permanent members — Russia, the United States, China, France and Britain — can veto any resolution, had failed the Syrian people. “Instead the system has protected the prerogatives of Russia — the patron of a regime that has brazenly staged the world’s largest chemical weapons attack in a quarter century,” Power said. The envoy spoke after US officials briefed other UN members on evidence that Assad’s forces carried out an attack using banned poison sarin gas near Damascus on August 21. She said the evidence “overwhelmingly” points to an attack by Assad forces. The United States says more than 1,400 people died in the attack, which the Assad government, supported by Russia, has blamed on Syrian rebels. Since an uprising against Assad erupted in March 2011, Russia and China have vetoed three western-proposed resolutions that would have aimed to increase pressure on Assad, without imposing sanctions. The Russian president said this week he would be ready to consider Security Council action if he could be convinced that Assad forces staged the August 21 attack. Power said she did not believe Putin would budge however. “We have seen nothing in President Putin’s comments that suggest that there is an available path forward at the Security Council,” the US envoy said. The Obama administration is seeking approval from lawmakers for military strikes, which could be joined by France. Power’s comments reinforced Obama’s stance that he was ready to order strikes without UN approval. And she stressed US exasperation at the repeated blocking of Security Council resolutions and statements. The resolutions had been proposed hoping that “our common security and our common humanity might prevail,” she said. “Unfortunately, for the past two and half years the system devised in 1945 precisely to deal with threats of this nature did not work as it was supposed to. It has not protected peace and security for the hundreds of Syrian children who were gassed to death on August 21. It is not protecting the stability of the region.” She added: “To stand back would be to endanger not only international peace and security, not only US national security, but, we also believe, the very international system that we have been working these decades to build.” Continue reading
Upbeat economic data lifts world shares
Upbeat economic data lifts world shares (Reuters) / 5 September 2013 European government bond yields were at near 1-1/2 year highs on Thursday and the dollar clung close to six week peaks on a combination of a better global economic outlook, nervousness about Syria and pending central bank meetings. Russia and China, meanwhile, both warned the US ahead of the G23 meeting in St Petersburg that the end of the Federal Reserve’s bond-buying programme could have a profound impact on the global economy. The European Central Bank and Bank of England were both expected to leave interest rates unchanged, but investors were looking for statements reiterating pledges to keep rates low given recent stronger economic data. ECB President Mario Draghi “is going to want talk down the prospects of recovery a little bit and get people’s feet on the ground” said Will Hobbs, head of equities strategy at Barclays Wealth. European money market rates have been moving higher recently in response to stronger economic data and on expectations the Federal Reserve is set to begin unwinding its stimulus, possibly as soon as later this month. Analysts see little options for the bank other than just maintaining a soft tone in communication, sending German 10-year bond yields have raised to 1-1/2 year highs of 1.981 percent. Earlier the Bank of Japan voted unanimously to maintain its monetary stimulus, while declaring the world’s third-largest economy was on a recovery path, sending the yen briefly above 100 to the dollar, a six week low. In the emerging markets India’s new RBI began his tenure in spectacular fashion by unveiling measures to support the currency and the banking sector that sent the Nifty up 3.3 percent and boosting the rupee. The rupee rose to as high as 65.53 per US dollar, pulling well away from a record low around 68.85 set last week. The gain in Indian stocks and a slight rise in Tokyo’s shares after the BOJ decision helped lifted Asia equity prices by 0.6 percent, to near a three week high. European share markets were up 0.5 percent in early trade, gaining ground for the second day in a row and hitting its highest level since August 27. “People are waiting for cues from the central banks, and there is just no real trend on the market at the moment,” said Guillaume Dumans, co-head of research firm 2Bremans. The euro last traded at $1.3185, down slightly against the stronger dollar and not far from a six-week low of $1.3138. MSCI world equity index was up 0.1 percent following a second day of gains on Wall Street spurred by another set of upbeat USdata, which included the strongest monthly rise in car sales during August since October 2007. “Strong car sales in the US again lifted market confidence in the economy, and lifted expectations that the US Federal Reserve will start cutting back its stimulus this month,” said Isao Kubo, an equity strategist at Nissay Asset Management. Syria Action Markets remained cautious about Syria as a possible US military strike moved one step closer after a Senate committee voted in favour of action, clearing the way for a vote in the full Senate, likely next week. The possible military strike against Syria in reaction to its alleged use of chemical weapons and the Fed’s decision to reduce its stimulus were expected to dominate discussions at a meeting of leaders from the Group of 20 developed and developing economies in St Petersburg. In a note prepared for the meeting the IMF warned that emerging countries were particularly vulnerable to a tightening of US monetary policy. It urged strengthened global action to revitalise growth and better manage risks, adding some downside risks have become more prominent. US President Barack Obama meanwhile was expected to use the meeting to win international backing for a military strike against Syria and this was keeping a floor under oil markets Brent crude rose 56 cents to $115.47, while US oil was up 64 cents to $107.97. Continue reading
UAE, Gulf markets remain bearish on Syria flare-up
UAE, Gulf markets remain bearish on Syria flare-up Issac John / 5 September 2013 Stock markets in the UAE and other Gulf countries continued to plunge on fears of an imminent attack on Syria. Dubai’s benchmark DFM index tumbled to an eight-week low of 3.7 per cent to close at 2,397 points, its lowest finish since July 11, as retail investors cut risk after the United States moved a step closer to launching military action against Syria. Across the Gulf, markets declined in volatile trading as investors opted for short-term trades amid mounting tensions. Abu Dhabi’s benchmark fell 2.3 per cent to 3,648 points, Kuwait’s bourse declined 2.6 per cent to 7,268 points and Qatar’s measure slipped two per cent to 9,348 points. Saudi Arabia’s index was 1.7 per cent lower at 7,697 points. Crude oil held above $115 a barrel on Wednesday as US lawmakers’ support for military action against Syria revived concerns that Middle East oil supplies might be disrupted if the conflict widens. While Syria is not a big oil producer, investors are worried that a strike by Western forces against the country could spread unrest in the Middle East and disrupt supply from the region that pumps a third of the world’s crude. Shares in Emaar fall 3.2 per cent to Dh5.3 although small and mid-cap stocks were among the biggest fallers on Wednesday. Air Arabia and Dubai Financial Market slumped 6.2 per cent, with Arabtec Holdings and Dubai Investments down 5.6 and 5.3 per cent respectively. issacjohn@khaleejtimes.com Continue reading
