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Oil prices soar, leaders gather for Saudi Arabia summit, OPEC president says output increase would be "illogical and irrational"
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Oil prices surged as some members of the Opec producers' cartel rejected demands to increase output ahead of tomorrow's meeting in Saudi Arabia to discuss soaring fuel costs. The president of Opec, Chakib Khelil, said yesterday that it would be "illogical and irrational" for it to increase output.
On Thursday oil prices fell sharply - around $5 a barrel - after Saudi Arabia announced a production hike of 200,000 barrels a day and China increased fuel prices by dropping subsidies.
But yesterday, New York's main oil futures contract, light sweet crude for July delivery, jumped $4.27 to $136.20 a barrel at one stage and in London Brent North Sea crude for August rose $3.46 to $134.46.
Venezuela initially refused to attend the meeting, but energy minister Rafael Ramirez reportedly changed his mind at the last minute after blaming speculators and the falling dollar for the high prices. Meanwhile, Iran said raising output would not curtail prices.
Saudi Arabia, the world's largest producer and the de facto leader of Opec, called the summit in the hope of easing the strains on consuming economies caused by soaring oil prices.
European Union foreign policy chief Javier Solana denies agreement on new sanctions against Iran
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LUXEMBOURG, June 16 - European Union foreign ministers neither discussed nor agreed a new round of sanctions against Iran at a meeting on Monday, a spokeswoman for EU foreign policy chief Javier Solana said.
Asked about a statement by British Prime Minister Gordon Brown announcing new EU sanctions on Iran's financial, oil and gas sectors, the spokeswoman said: "There was no discussion of sanctions today. I know nothing about that."
"No decision has been taken today. That is the answer to your question: no decision has been taken today," said Solana when asked to clarify whether the ministers have come up with a decision on Iran. He emphasized the EU's "double track" strategy to Iran -- offer to open negotiations on the one hand and UN sanctions on the other.
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Photo courtesy of Xinhua Agencies
Original Source: Reuters and Xinhua
Like minds pair up: Brown & Bush both resist calls for more rapid withdrawals from an unpopular war
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LONDON: After talks with President George W. Bush, Prime Minister Gordon Brown promised tougher measures in Iran and Afghanistan, saying that Britain would freeze the assets of Iran's biggest bank and increase its troop strength in Afghanistan.
Appearing with Bush at a news conference, he sought to speak directly to the Iranian people, saying that Tehran's refusal to resolve international concerns over its nuclear activities would only lead to further isolation. Specifically, he said, the sanctions would be designed to freeze the assets of Iran's biggest bank, Bank Melli. "We will take action today that will freeze the overseas assets of the biggest bank in Iran, the Melli bank, and secondly, action will start today for a new phase of sanctions on oil and gas," he said, without elaborating.
For his part, Bush refused to rule out any action in Iran, saying "all options" were on the table — a formula he has used that has been interpreted as not precluding military strikes. read more »
India. Trade heavily hit. Ordinary people unhappy. Protests escalate. State brought to standstill amidst rising fuel prices
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Police in Indian-administered Kashmir have used water canons and batons to disperse hundreds of government employees upset over fuel price rises. Dozens of people were detained after protesters gathered outside the office of the state's chief minister in the centre of the summer capital, Srinagar. "Roll back price of petrol, diesel and cooking gas," the protesters shouted before they were dispersed. Similar protests have also taken place in the north-eastern state of Assam.
The state was brought to a standstill on Monday by opposition parties unhappy about the fuel price rises. They have accused the central government of "inept handling" of oil prices. Offices, banks, shops and schools were closed and traffic stayed off the road. "The government has no concern for the common people," the coalition of tribal groups from Assam's hill areas said in a statement. "This will force tribals into starvation."
Miraculous: 5 missing divers found after 48 hours' hovering between life and death
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They will always remember it as the most terrifying 48 hours of their lives. Five divers who were missing for two days off Indonesia, have described how they were plunged from one life-threatening crisis into another after being swept away by strong currents. The rescued group hugged and wept tears of joy on Saturday after first surviving for nine hours in treacherous, shark-infested seas and then fighting off the world's largest and most deadly lizards on a remote island. The divers, who had clung to a log in the sea to prevent them from drowning, were found by national park rangers on an island inhabited by Komodo dragons, carnivores capable of killing humans. The exhausted, dehydrated, sun-burnt and hungry group had to throw rocks to repel the most persistent reptile as it repeatedly tried to attack them. Komodo dragons grow up to 10ft long and can kill animals more than twice their size, including water buffalo.
The five vanished, and were feared dead, after a dive off Tawa Besar island inside the Komodo National Park on Thursday. They were swept 25 miles away from their original position by fierce currents. The three rescued Britons are Charlotte Allin, 24, and her boyfriend Jim Manning, 30, both from Devon, and Kathleen Mitchinson, who was living in Indonesia. The other divers, Helena Naradainen who is Swedish, and Laurent Pinel, who is French, are also safe. read more »
From police reporter to legendary sportscaster: Jim McKay covered 12 Olympic games, host of "Wide World of Sports" for 37 years
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"They're all gone."
More than 35 years later, simply typing those words evokes memories of hooded terrorists and an unspeakable massacre. They were uttered by the great Jim McKay on worldwide television during the 1972 Summer Olympics, after 11 Israeli athletes and coaches were kidnapped in the Olympic Village and slaughtered during a failed rescue attempt at the Munich Airport.
Living Legacy, Robert F. Kennedy (Nov20 1925-Jun6 1968). 40yrs ago, Kennedy, known as Bobby, was leaving a victory celebration..
Today the U.S. marks 40 years since the assassination of Senator Robert F Kennedy, known as Bobby, as he campaigned for the Democratic presidential nomination.
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Kathleen Kennedy Townsend, who was Maryland's first female lieutenant governor, is still moved by the strangers who approach her to describe how her father inspired them. "Not a day goes by that someone doesn't come up to me and say they were affected by my father's legacy in some way," Townsend, now 56, said during an interview this week at a Lutherville coffee shop.
Forty years ago, Kennedy was leaving a victory celebration at the Ambassador Hotel in Los Angeles when he was felled by an assassin's bullets. Kennedy had just won the California Democratic primary for president. He died on June 6, 1968 at age 42. His death shattered his family, people across the nation and a generation of young idealists who had looked to him with hope during a decade of great upheaval. Though shaken, many went on to follow his path. Today, notable Marylanders point to his legacy of social justice, integrity and courage as an enduring inspiration for their lives and deeds. read more »
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