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HOARDING OF GOLD AND SILVER

DOCTOR DOCTORIAN FROM ANGEL OF GOD
then the angel said, Financial crisis will come to Asia. I will shake the world.

JAMES 5:1-3
1 Go to now, ye rich men, weep and howl for your miseries that shall come upon you.
2 Your riches are corrupted, and your garments are motheaten.
3 Your gold and silver is cankered; and the rust of them shall be a witness against you, and shall eat your flesh as it were fire. Ye have heaped treasure together for the last days.

REVELATION 18:10,17,19
10 Standing afar off for the fear of her torment, saying, Alas, alas that great city Babylon, that mighty city! for in one hour is thy judgment come.
17 For in one hour so great riches is come to nought. And every shipmaster, and all the company in ships, and sailors, and as many as trade by sea, stood afar off,
19 And they cast dust on their heads, and cried, weeping and wailing, saying, Alas, alas that great city, wherein were made rich all that had ships in the sea by reason of her costliness! for in one hour is she made desolate.

EZEKIEL 7:19
19 They shall cast their silver in the streets, and their gold shall be removed: their silver and their gold shall not be able to deliver them in the day of the wrath of the LORD: they shall not satisfy their souls, neither fill their bowels: because it is the stumblingblock of their iniquity.

REVELATION 13:16-18
16 And he(FALSE POPE) causeth all, both small and great, rich and poor, free and bond, to receive a mark in their right hand, or in their foreheads:(CHIP IMPLANT)
17 And that no man might buy or sell, save he that had the mark, or the name of the beast, or the number of his name.
18 Here is wisdom. Let him that hath understanding count the number of the beast: for it is the number of a man; and his number is Six hundred threescore and six.(6-6-6) A NUMBER SYSTEM

WORLD MARKET RESULTS
http://money.cnn.com/data/world_markets/

HALF HOUR DOW RESULTS MON NOV 24,2008

09:30 AM +32.98
10:00 AM +119.33
10:30 AM +273.43
11:00 AM +292.71
11:30 AM +312.22
12:00 PM +351.49
12:30 PM +204.30
01:00 PM +255.67
01:30 PM +265.07
02:00 PM +300.67
02:30 PM +309.43
03:00 PM +314.21
03:30 PM +426.04
04:00 PM +396.97 8443.39

S&P 500 851.81 +51.78

NASDAQ 1472.02 +87.67

GOLD 821.50 +29.7

OIL 54.42 +4.49

TSE 300 8440.87 +285.48

CDNX 723.12 +18.95

S&P/TSX/60 511.92 +19.24

MORNING,NEWS,STATS

Dow +153 points at 4 minutes of trading.
Dow +351 at high this mornng.
Dow +77 at low this morning.

HOME SALES
-Forclosures 45% of sales.
-YOY prices -11%.
-September to October -4%.
THE MARKETS NOW
-Will Obama Stimulus entice buyers?
-Historic Lows:Home builders,Insurance,REITS.
-At least 10 year Lows:Banks,Retailers,Semis,Drugs.

CITIGROUP gets $20 BILLION,plus guarentees of hundreds of BILLIONS of dollars in risky assets.

THE MYSTERIOUS $306 BILLION
Citigroup bailout:
-What are these securities,loans,and commitments for commercial and residential real Estate?
-How do the markets on this Portfolio compare to other Banks?
SAVING CITIGROUP
-Gov. guarentees $306 BILLION of troubled assets.
-FED to provide loan to backup pool if needed.
-Citigroup gets $20 BILLION from TARP.
-Gov. recieves preferred shares with 8% dividend.
LOSSES TO COME
-If $306 BILLION Portfolio is written down another 20%
-Citi on hook for $32 BILLION.
-TARP on the hook for $5 BILLION.
-FDIC on the hook for $10 BILLION.
-FED gives a loan for the rest.
WERE GONNA NEED MORE TARP
-Should this be the plan for all Banks bad assets.
-Bailouts originally punished Equity holders,Now they help them.

CITIGROUP YTD SEGMENT PROFITS
-Global Cards 07 $3.74 BILLION,08 $776 MILLION.
-Consumer Banking 07 $2.74 BILLION,08 -1.88 BILLION.
-Institutional Clients 07 $6.57 BILLION,08 -10.42 BILLION.
-Global wealth Man't 07 $1.45 BILLION,08 $1.06 BILLION.
-Net Income 07 $13.45 BILLION, 08 -10.42 BILLION.

22 Banks seised by regulators so far since crisis began.
Financials up 7-11% at begining of trading today.
Citigroup opens at $6.04 a share this morning.
Stocks rally today on Citigroup bailout.

AFTERNOON,NEWS,STATS

Dow at high today so far +365.
Dow at low today +77

ECONOMY WRAPUP
-Bussinesses cut 240,000 jobs in OCT 1,180,300 jobs year to date.
-jobless rate at 6.5% in OCT,highest since MAR 2004.
-Number of people collecing unemployment benefits at highest level since 1982.
-Wage income rose 0.2% in OCT despite 240,000 job cuts.
-3rd Q GDP:-0.3%,2nd Q GDP:2.83%,1st Q GDP:0.9%.
-30 countries are in recession (moody's Economy.com).
-Last recession lasted 8 months from MAR TO NOV 2001.
-Profits for S&P companies down for 6 straight quarters,down$163.7 BILLION in Q3.
-Consumer prices drop 1% in OCT,Largest 1 month drop in 60 years.
-Consumer prices still 3.7% higher than a year ago.
-National Average for a gallon of gas is $2.07,lowest since MAR 2005.
-Crude Oil trading near $50 a barrel,a 22 month low.
-Consumer Credit balances rose $6.9 BILLION in SEPT,erasing decline of previous month.
-OCT auto sales declined sharply,worst month in 25 years.
-OCT retail sales fall 2.8%,their lagest decline on record.
-Mortgage demand decreased 6.2% over past week,30 YR fixed rate down to 6.16%.
-OCT housing starts fell 4.5% to lowest level since GOV. started tracking in 1959.
-OCT existing home sales down 3.1% after surprising SEPT increase.
-OCT existing Median home price declined 11.3% from OCT 2007.
-OCT Median existing Home Price $183,300 is lowest since 2004.
-New Home Sales rose 2.7% in SEPT,down 33.1% from 1 year ago.
-Median Home price down 9.1% from 1 year ago to $218,400 nationally.
-Indusrial production -6% annualized for Q3,biggest decline since 1991.
-ISM Manufacturing Index fell in OCT to lowest level since SEPT 1982.

WRAPUP,NEWS,STATS

Dow +552 at high today.
Dow +77 at low today.
Dow up 4.9% today.
Dow up 11.8% in last 2 days.
Dow,S&P have 1st 2 day gains in November.
Dow,S&P biggest 2 day rally by pecentage points since October 1987.
S&P up 6% today.
S&P up 13% in last 2 days.
Nasdaq up 6.3% today.
Nasdaq up 11.9% in last 2 days.
CITI lost $21 BILLION in last 4 quarters.
Citi soars 55% today.
Energy stocks gain as crude oil prices soar today.
Crude Oil gains 9% today.
HP Q4 revenue $33.6 BILLION Vs $33.32 BILLION forcast.
HP Q4 EPS $1.03 Vs $1.01 forcast.

HERE WE ARE FOLKS I MISSED THIS ARTICLE BUSH HAS GIVEN AMERICA OVER TO THE EU,PROPHECY HAS BEEN FULFILLED ON ITS WAY TO THE EU CONTROLLING THE WHOLE WORLD ECONOMIES.

Dick Morris - Bush Hands Over Reins of U.S. Economy to EU
Wednesday, November 19, 2008 2:28 PM By: Dick Morris & Eileen McGann.

The results of the G-20 economic summit amount to nothing less than the seamless integration of the United States into the European economy. In one month of legislation and one diplomatic meeting, the United States has unilaterally abdicated all the gains for the concept of free markets won by the Reagan administration and surrendered, in total, to the Western European model of socialism, stagnation, and excessive government regulation. Sovereignty is out the window. Without a vote, we are suddenly members of the European Union. Given the dismal record of those nations at creating jobs and sustaining growth, merging with the Europeans is like a partnership with death. At the G-20 meeting, Bush agreed to subject the Securities and Exchange Commission (SEC) and our other regulatory agencies to the supervision of a global entity that would critique its regulatory standards and demand changes if it felt they were necessary. Bush agreed to create a College of Supervisors.

According to The Washington Post, it would examine the books of major financial institutions that operate across national borders so regulators could begin to have a more complete picture of banks' operations.Their scrutiny would extend to hedge funds and to various exotic financial instruments. The International Monetary Fund (IMF), a European-dominated operation, would conduct regular vigorous reviews of American financial institutions and practices. The European-dominated College of Supervisors would also weigh in on issues like executive compensation and investment practices. There is nothing wrong with the substance of this regulation. Experience is showing it is needed. But it is very wrong to delegate these powers to unelected, international institutions with no political accountability. We have a Securities and Exchange Commission appointed by the president and confirmed by the Senate, both of whom are elected by the American people. It is with the SEC, the Treasury, and the Federal Reserve that financial accountability must take place.

The European Union achieved this massive subrogation of American sovereignty the way it usually does, by negotiation, gradual bureaucratic encroachment, and without asking the voters if they approve. What's more, Bush appears to have gone down without a fight, saving his debating time for arguing against the protectionism that France's Nicolas Sarkozy was pushing. By giving Bush a seeming victory on a moratorium against protectionism for one year, Sarkozy was able to slip over his massive scheme for taking over the supervision of the U.S. economy. All kinds of political agendas are advancing under the cover of responding to the global financial crisis. Where Franklin Roosevelt saved capitalism by regulating it, Bush, to say nothing of Obama, has given the government control over our major financial and insurance institutions. And it isn't even our government! The power has now been transferred to the international community, led by the socialists in the European Union. Will Obama govern from the left? He doesn't have to. George W. Bush has done all the heavy lifting for him. It was under Bush that the government basically took over as the chief stockholder of our financial institutions and under Bush that we ceded our financial controls to the European Union. In doing so, he has done nothing to preserve what differentiates the vibrant American economy from those dying economies in Europe.

Why have 80 percent of the jobs that have been created since 1980 in the industrialized world been created in the United States? How has America managed to retain its leading 24 percent share of global manufacturing even in the face of the Chinese surge? How has the U.S. GDP risen so high that it essentially equals that of the European Union, whose population is 50 percent greater? It has done so by an absence of stifling regulation, a liberation of capital to flow to innovative businesses, low taxes, and by a low level of unionization that has given business the flexibility to grow and prosper. Europe, stagnated by taxation and regulation, has grown by a pittance while we have roared ahead. But now Bush — not Obama — Bush has given that all up and caved in to European socialists. The Bush legacy? European socialism. Who needs enemies with friends like Bush? 2008 Dick Morris & Eileen McGann.

Dow ends up nearly 400 after bailout of Citigroup By TIM PARADIS, AP Business Writer NOV 24,08
AIG 1.77 +0.17
C 5.95 +2.18
FNM 0.34 +0.04
FRE 0.45 +0.04

AP – Trader Paul LaRegina works on the floor of the New York Stock Exchange Friday, Nov. 21, 2008. (AP Photo/Richard … NEW YORK – Wall Street barreled higher Monday for the second straight session, this time in a relief rally over the government's plan to bail out Citigroup Inc. — a move it hopes will help quiet some of the uncertainty hounding the financial sector and the overall economy. The Dow Jones industrials soared nearly 400 points and the major indexes all jumped more than 4.5 percent.The advance gave the market its first two-day advance since Oct. 30-31. Although investors sensed last week that a rescue of Citigroup was forthcoming, investors nonetheless were heartened, even emboldened, by the U.S. government's decision late Sunday to invest $20 billion in Citigroup and guarantee $306 billion in risky assets.

Wall Street's enthusiasm surged not only because the bailout answered questions about Citigroup but also because many observers saw the move as offering as a model for how the government might carry out other bank stabilizations.This could be the template for saving the banks, said Scott Bleier, founder of market advisory service CreateCapital.com.The government has taken a new quill out, they've gone to where they didn't go before in terms of trying to secure the system, Bleier said. Some of that vulnerability seems to be gone now.Still, the market remains wary, especially with the economy in a serious downturn. The Dow was up more than 500 points in the last hour before giving up some of its gains — many investors wanted to take some money off the table before the next bit of bad news arrives. And the market has frequently done sharp reversals since the start of the credit crisis 15 months ago.

The efforts from the Treasury Department, the Federal Reserve and the Federal Deposit Insurance Corp. to help stabilize Citigroup are only the latest this year to support a banking system troubled by bad debt and flagging confidence. Besides implementing its $700 billion bailout plan for the overall financial industry, the government has bailed out insurance giant American International Group Inc. and taken over lenders Fannie Mae and Freddie Mac.You're definitely seeing relief, said Anthony Conroy, managing director and head trader for BNY ConvergEx Group. More than anything, the Fed repaired some of the psychological damage that was being done to the sector. I think the Fed is poised to do whatever they possibly can to help the financials get through the current turmoil.Not all banks are unhealthy, so knowing that the Fed is there is enough, Conroy said.According to preliminary calculations, the Dow rose 396.97, or 4.93 percent, to 8,443.39.Broader stock indicators also jumped. The Standard & Poor's 500 index advanced 51.78, or 6.47 percent, to 851.81, and the Nasdaq composite index rose 87.67, or 6.33 percent, to 1,472.02.The Russell 2000 index of smaller companies rose 30.25, or 7.44 percent, to 436.79.On the Net:
New York Stock Exchange: http://www.nyse.com Nasdaq Stock Market: http://www.nasdaq.com.

UK cuts VAT to jumpstart economy
VALENTINA POP Today NOV 24,08 @ 09:52 CET

The British government was set to announce a cut of 2.5 percent to its value-added tax on Monday (24 November) as part of a broader stimulus package aimed at jumpstarting the economy. Meanwhile, German Chancellor Angela Merkel was resisting calls for similar moves from her party over the weekend and is set to meet French President Nicolas Sarkozy about the EU rescue package to be unveiled on Wednesday.

The British VAT cut from 17.5 to 15 percent, the lowest rate allowed by EU law, was to be presented on Monday by finance minister Alistair Darling as part of the pre-budget report aimed at increasing consumer spending and thus pumping more money into the economy. But Conservative leader David Cameron has warned the government's plans will lead to a future tax bombshell, with UK's external borrowing skyrocketing to record levels of over €118 billion (£100 billion).Leading British retailers also feared that the VAT cut would be too little, as shoppers were reluctant to make much even of the sharp price reductions unveiled in recent days by high-street retailers.

Andy Garbutt, retail director of consultants PWC, thought the VAT reduction would only have a marginal impact.Are people going to notice 2.5 per cent? In retail it really has to be a fifth or a quarter, he told the Telegraph.The British newspaper also noted that retailers who sold at fixed prices could pocket the difference and not go through the trouble of recalculating the prices.

Merkel under pressure

Meanwhile, in Germany, similar VAT cuts were planned for the 2009 post-election period, with conservative Chancellor Angela Merkel reluctant to move earlier, despite calls from within the Christian Democrat's Bavarian sister party, the Christian Social Union, and the business community.Pressure was also coming from outside for the German government to move more quickly, with French President Nicolas Sarkozy receiving Ms Merkel on Monday to talk about the EU stimulus package set to be unveiled on Wednesday.According to the Frankfurter Allgemeine, Paris was not happy with the German contribution to this package and thought Berlin had more room for manoeuvre.Yet Ms Merkel was not willing to concede more, as Germany was already stretching its budget and increasing its external debt by €18 billion in order to finance the national rescue package.On the climate change front, Ms Merkel was also facing calls from her fellow conservatives to try to water down the EU agreement until the recession-plagued economy was back on track. Bavarian premier Horst Seehofer said in an interview with the Bild am Sonntag newspaper that he had written to Merkel calling on her to back away from EU climate protection goals set to be approved next month.The automobile industry needs more room to manoeuvre in its implementation of the targets, he said. What good are multi-million-euro fines (for violating emissions rules) if at the end of the day the jobs are gone? said Seehofer, whose state is home to such German automakers as BMW and Audi.German economy minister Michael Glos, also a member of the Christian Social Union, agreed that Germany could ill afford to make a priority of climate protection while the economy is hobbled by the global financial crisis.It is not the time to burden the economy with excessive environmental targets, he said.And the conservative premier of Lower Saxony, Christian Wulff, also called for a two-year hiatus to the EU climate package.Until now, Ms Merkel has been a champion of the EU's climate change plan, having brokered a promise last year by EU leaders to cut greenhouse gas emissions by 20 percent on 1990 levels by 2020.

France and Germany not to follow Britain in cutting VAT
ELITSA VUCHEVA Today NOV 24,08 @ 17:32 CET

Cuts to value-added tax as a response to the financial crisis and a means to boost the economy are not appropriate for Germany or France, German Chancellor Angela Merkel and French President Nicolas Sarkozy said on Monday (24 November) in Paris.A general cut in VAT is the response chosen by some countries but is not the right answer for France and Germany, Ms Merkel was reported as saying by French news agency AFP.She said France and Germany would hold more talks on how to provide targeted aid instead.Mr Sarkozy echoed the German chancellor's position. When we lower the VAT, what does that bring? Only lower prices. We think other measures, such as emphasising innovation and research, would be more effective for our economies, German agency DPA reports.The Franco-German meeting in Paris came just hours before Britain was due to unveil a cut to the UK VAT from 17.5 percent to 15 percent.The VAT stands at 19.6 and 19 percent in France and Germany, respectively.

The risk that we are running today, taking into account information that is not always easy [to interpret], is that we mistake haste for action, Ms Merkel said.The two leaders also reaffirmed the willingness they had expressed earlier to help getting Europe's car-makers back on their feet.Our determination to help European industry and notably the automobile industry is total and that is a point on which we agree completely, the French president said.

Not a cent more

Despite their unanimity on these issues, however, Mr Sarkozy did not manage to increase Ms Merkel's enthusiasm for a Europe-wide plan to boost the economy, which the European Commission is to unveil on Wednesday and which is expected to be worth some €130 billion.The French president said that the two countries agreed on the need for measures to resist the economic crisis, but added: France is working on that, Germany is thinking about it.For her part, Ms Merkel replied: We will have many joint discussions yet, about thinking as well as about negotiating.She was categorical, however, that Germany - Europe's biggest economy - was not to spend a cent more than what it is already contributing to boost the bloc's economic performance.Her government earlier this month unveiled a €32-billion plan – amounting to around 1.3 percent of Germany's GDP – for its economy, including measures such as tax cuts, infrastructure projects and cheap corporate loans.The plan the commission is to present on Wednesday will be discussed by EU leaders during their meeting in Brussels on 11-12 December.

APEC: Global crisis can be overcome in 18 months By JOSEPH COLEMAN, Associated Press NOV 23,08

LIMA, Peru – Pacific Rim nations assured the world Sunday that the global financial crisis can be quelled in 18 months, but provided few details of how they expect that to happen — or how their governments can help.The 21 economies, which represent more than half of the world's productive power, also pledged during a two-day summit not to erect new protectionist barriers for the next year, and to jump-start stalled World Trade Organization talks.The main accomplishment of the Asia-Pacific Economic Cooperation forum was a widening of support for the Washington Declaration made last weekend by major economies that pledged to maintain free trade despite pressures to protect domestic industries.The leaders voiced confidence that the crisis could be resolved by mid-2010, though they did not go much beyond the steps outlined in the Group of 20 summit in Washington.We are convinced that we can overcome this crisis in a period of 18 months, the leaders said in a statement. We have already taken urgent and extraordinary steps to stabilize our financial sectors and strengthen economic growth.The reassuring words were added early Sunday to a declaration the leaders had signed off on the previous day. Delegates from several countries said the changes were made overnight at the request of the summit's host, Peruvian President Alan Garcia.We have agreed that this meeting produce a clear and firm statement that breaks the vicious cycle of anguish and uncertainty, Garcia said Sunday. We — united as the world's peoples, governments and businesses — are going to beat the crisis.The 18-month timeline fits with a calculation by the International Monetary Fund, which forecast developed economies would grow barely 0.1 percent in 2009, and that the world would emerge from the crisis the following year.

But some delegates and analysts were skeptical that the timetable was much more than wishful thinking, and some leaders distanced themselves from the language. Mexican President Felipe Calderon described the date as more of an estimate than a prediction.Canadian Prime Minister Stephen Harper went a step further.I think it would be speculative to commit to that kind of timeline, he said.And Dan Price, an aide to George W. Bush, said the U.S. president thinks the global economy can be fixed even faster.That particular sentence was added by the president of Peru as the chair, Price said aboard Air Force One. Certainly, some in the region may think that recovery may take 18 months. President Bush believes that the actions we are taking now will begin to produce results in the much nearer term.Vinod Aggarwal, director of the APEC Study Center at the University of California-Berkeley, said the timeline was useful in sending a signal to markets.I don't think it will make that much difference, but I don't think it hurts, he said.More important, he said, was the leaders' agreement to send ministers to Geneva next month to jump-start the so-called Doha round of World Trade Organization talks. Concern over the global financial crisis has injected new urgency into the negotiations, which collapsed in July.In their final declaration, the APEC leaders said they were deeply concerned about instability in food prices, were committed to battling corruption and piracy, and supported decisive and effective long-term cooperation to combat climate change.

The leaders called for greater APEC participation in the IMF and other multilateral lenders. Japan said last week it was ready to lend up to $100 billion to the Washington-based organization, but China has so far resisted entreaties to dig into its $1.9 trillion in reserves. The summit could be the final foreign trip for George W. Bush as U.S. president. Barack Obama replaces him on Jan. 20, and delegates in Lima said there was little incentive to propose more concrete action without Obama's presence. Obama, who did not send representatives to Lima, pressed forward back home, announcing a plan to save or create 2.5 million jobs by the end of 2010 and preparing to introduce leaders of his economic team on Monday. Harper said he expects Canada to officially enter recession by the New Year and is studying a financial stimulus package. If it is necessary for there to be government spending to bolster domestic consumption and stimulate investment markets, we will undertake those measures,he said. Associated Press writers Frank Bajak in Lima and Ben Feller aboard Air Force One contributed to this report.

Wall Street braces for another pivotal week By JOE BEL BRUNO, AP Business Writer NOV 23,08

NEW YORK – Wall Street faces another pivotal week, with investors enmeshed in a stock market knocked to 11-year lows amid growing fears about the fate of the nation's ailing automobile industry and banking system.The market, considered a forward-looking gauge of the economy, appears to lack any catalysts for buying. The triggers of last week's massive stock losses continue to hang over the market, with no bailout seen for Detroit's three automakers and Citigroup Inc. shares plunging to all-time lows.And, that's just the start of it — even more uncertainty is expected to come in a week shortened by the Thanksgiving holiday. A stream of economic reports, the start of the holiday shopping season, and more clues about the job market will keep investors scrambling in the coming days.One thing investors can expect is more volatility in a fractious market, where thin volume exacerbates the market's wild swings. Last week, the stock market slumped to lows not seen since 1997on Thursday before recovering with a big rally the next day.The question analysts pondered over the weekend is whether investors can find a way to build on Friday's rally. The answer could come Monday afternoon when President-elect Barack Obama is scheduled to introduce his economic team.It seems to me that President-elect Obama has a chance to do something important that could improve people's psychology, said Peter Cohan, principal of Peter S. Cohan & Associates. If Obama can reverse the psychology — make people believe that he understands the problem and will do what's needed to solve it — then they will start to engage again with the economic system.

Obama is expected to name Timothy Geithner, president of the New York Federal Reserve bank, as Treasury Secretary; Lawrence Summers, a former treasury secretary under President Bill Clinton, is expected to be named as director of the National Economic Council.On Friday, the stock market got a jolt of confidence after talk that Geithner would become Treasury Secretary began to float around trading floors. The Dow Jones industrial average surged nearly 500 points.However, the big gain finished a pretty dismal week in which the Dow lost 5.3 percent, the Standard & Poor's 500 index fell 8.4 percent, and the Nasdaq composite lost 8.8 percent. The Dow is off nearly 14 percent for the month of November, and has plunged 40 percent from last year.Obama's news conference might also provide details about some of his plans to help right the economy.Over the weekend, Obama's top aides said he wants the new Congress to approve massive spending and fresh tax cuts in January, probably far distancing a $175 billion campaign proposal, so he can sign it after taking office. He also outlined the framework of a plan to save or create 2.5 million jobs by the end of 2010.Obama could also face questions about what should be done about Ford Motor Co., Chrysler LLC, and General Motors Corp. Congress postponed debates on aid to the automakers, and that caused even more fears about how steep the U.S. recession would be if one of those companies were to go bust.There are also concerns the government might have to rescue Citigroup. A crisis in confidence erased about half of the financial company's stock-market value in a matter of days.Citigroup, whose board met Friday to discuss the situation, maintains that it is adequately capitalized and doesn't plan to break up the company. It has seen its market value plunge to about $21 billion on Friday from more than $270 billion at the end of 2006.

Investors are also expected to pay close attention to a number of economic reports due to be released during the week, including readings on existing and new home sales for October, and weekly U.S. jobless claims data. But the most-watched reports are those focused on consumers, whose spending drives more than two-thirds of the U.S. economy.Wall Street will again look to Black Friday, the day after Thanksgiving that kicks off the holiday shopping season. The day, typically the busiest shopping day of the year, is used as a gauge for consumer spending.There are also a number of retailers that will report quarterly results, including Tiffany and Co., Talbots Inc., American Eagle Outfitters Inc., and Dollar Tree Inc.

Gulf shares slump despite government moves by Omar Hasan Omar Hasan – Sun Nov 23, 8:41 am ET

KUWAIT CITY (AFP) – Most stock markets in the energy-rich Gulf slumped on the week's opener Sunday as intervention by governments failed to restore sentiment among investors worried by global financial turmoil.Riyadh cut interest rates for the third time in six weeks, slashing the repo rate by one percentage point a day after the Saudi bourse -- the region's largest -- sank more than nine percent.Kuwait and Oman last week set up special funds to buy stocks on the sagging markets while the United Arab Emirates on Saturday announced the start of a process to merge two leading real estate finance firms.All seven regional markets dropped, with Dubai, Doha and Saudi shares leading the way.I think there is much negative sentiment in the Gulf bourses because of the flurry of (bad) news from the international markets, head of economic research at Kuwait's Global Investment House, Faisal Hasan, told AFP.There was also a contagion effect from the slump of the Saudi market, on Saturday.The Saudi bourse is open from Saturday to Wednesday while other Gulf stock exchanges operate from Sunday to Thursday.The Saudi Tadawul All-Shares Index (TASI), which dived 9.2 percent on the week's opener on Saturday, slid another 3.8 percent to 4,264.52 points, a near five-year low, despite the news of the rate cut.The TASI has plummetted 12.6 percent in the last two days and is down 61 percent on the year.

The index was pulled dowm by the banking and petrochemicals sectors which dropped 4.7percent and 1.9 percent, respectively, while Telecoms dived 7.1 percent. Market leader SABIC dropped 3.6 percent.The market failed to react to news that the Saudi Arabian Monetary Agency (SAMA) has cut the repurchase (repo) rate, the kindgom's benchmark interest rate, to 3.0 percent, barely half its 5.5 percent level before the cuts began.SAMA also cut the mandatory reserve for local banks from 10 percent to seven percent, freeing huge liquidity for banks to lend. The measure is estimated to release 16 billion dollars for lending.In the United Arab Emirates, the Dubai Financial Market dived 4.7 percent to 1,917.15, the lowest level in more than four years, pulled down by the market leader, property developer Emaar which shed 7.8 percent.Emaar stock closed at 2.73 dirhams (0.74 dollars), its lowest in well over four years. The share has shed more that 81 percent this year. The real estate sector lost 7.6 percent.Dubai's sister market, the Abu Dhabi Securities Exchange, dropped 1.26 percent to 2,797.76 points as the leading real estate sector shed 2.5 percent and energy sector dropped 6.1 percent.The two markets were unimpressed by news that Amlak Finance and Tamweel, two Dubai-based property finance firms with assets of around seven billion dollars, have begun a merger process.Shares of the two were suspended on the Dubai market.The merger will establish a real estate finance bank compliant with Islamic Sharia rules. The Kuwait Stock Exchange, the second largest Arab bourse, closed down 0.75 percent at 8,809.30 points despite a 1.1percent increase by the leading banking sector.Doha Securities Market ended the day four percent weaker at 5,575.81 points, a two-year low, while Muscat Securities Market dropped 2.6 percent. Bahrain Stock Exchange finished 0.85 percent lower.

Hasan believes it may be some time yet before markets in the Gulf region start to recover strongly.I think we are near to the bottom, but stocks are likely to remain volatile for some more weeks, the analyst said. The sharp slide in the price of oil, the main source of income for Gulf states, is negatively affecting investor sentiment over fears about its impact on Gulf economies. Benchmark crude oil prices have plunged by two thirds from their record highs above 147 dollars a barrel in July.

APEC leaders say global economic crisis can be overcome by mid-2010
Sun Nov 23, 12:43 PM By The Canadian Press

LIMA, Peru - Leaders of the 21 Pacific Rim countries declared Sunday at their summit in Peru that the global financial crisis that's threatening to push the world into recession can be overcome by mid-2010. We are convinced that we can overcome this crisis in a period of 18 months, the 21 leaders said in a statement as they wrapped up their two-day meeting. We have already taken urgent and extraordinary steps to stabilize our financial sectors and strenthen economic growth.The words of confidence were added to a joint declaration that the leaders of the Asia-Pacific Economic Co-operation forum originally issued on Saturday. One delegate, who spoke to The Associated Press on condition of anonymity, said the changes were made at the request of the summit's host, Peruvian President Alan Garcia. Prime Minister Stephen Harper is among the heads of governments at the summit. Harper has repeatedly advocated free trade among nations as a solution to the stumbling world economy. He has also cautioned against protectionist measures, which he says would exacerbate the economic downturn. The APEC leaders added language to the declaration saying they were sending their ministers to Geneva next month to jumpstart the so-called Doha round of World Trade Organization talks. Concern over the global financial crisis injected new urgency into the negotiations. The 21 members, who represent more than half the world's economy, are struggling to restore confidence in the world's ailing financial system by declaring their opposition to new trade barriers.

The summit endorsed a blueprint worked out at a summit of top economies in Washington, but stopped short of major new proposals to ward off a punishing global recession. A broad 12-point declaration was expected at the end of the summit Sunday. A preliminary draft provided by two delegations sad the nations were deeply concerned about instability in food prices, were committed to battling piracy, and supported decisive and effective long-term co-operation to combat climate change.
While such summits have in the past focused on a grab bag of issues, this year's meeting in the Peruvian capital has been dominated by the world's economic meltdown. A credit crunch in the United States has roiled global markets and dragged part of the world into recession. On Saturday, APEC countries - including those not represented at the recent Washington summit - endorsed the conclusions of that meeting. Those included a pledge to resist domestic pressures to protect industries, while ensuring that small-and medium-sized companies have enough credit to stay afloat. The leaders called for greater APEC participation in the International Monetary Fund and other multilateral lenders. Japan said last week it was ready to lend up to US$100 billion to the IMF, but China has so far resisted entreaties to dig into its $1.9 trillion in reserves.-With files from The Associated Press.

Canada and Colombia sign free-trade agreement
Sat Nov 22, 5:49 am

ETLIMA (Reuters) – Canada and Colombia signed a free- trade agreement on Friday, hoping to boost investment and trade flows at a time of global economic instability.
The pact, which has been criticized by union leaders in both countries as well as opposition politicians and human rights activists who say Colombia is not doing enough to stop attacks on activists, includes side agreements on labor and environmental rights.The deal must be ratified by lawmakers in both countries. It was signed as leaders from the United States, China, Japan, Canada, Australia and other Pacific Rim economies gather in Peru's capital, Lima, for a summit of the Asia Pacific Economic Cooperation, or APEC, forum.Canadian Prime Minister Stephen Harper and Colombian President Alvaro Uribe said at a news conference the trade deal sent an anti-protectionism message at a time of economic turmoil when some countries have increased trade barriers.Harper said a stalled Colombia-U.S.free trade deal would also send a message of commitment to open markets if it could move forward.Colombia and the United States signed a trade deal two years ago, but the U.S. Congress has not approved it.Colombia is an aspiring member of APEC and Uribe was in Peru to speak with business leaders before the APEC summit, although he will not participate in the leaders' meeting.We are taking a very big step at a time of world financial crisis. It's a step of confidence, Uribe said of the trade deal with Canada.Trade between the countries topped $1 billion (675 million) last year, the Canadian prime minister's office said in a statement.The deal would eliminate tariffs on 98 percent of current Canadian exports to Colombia, either immediately, or in the next 10 years.

Over a three-to-seven year period, tariffs on most Colombian exports to Canada would also be cut.(Reporting by Marco Aquino; Writing by Dana Ford; Editing by Fiona Ortiz and Peter Cooney)

Brussels to recognise European aspirations of post-Soviet states
PHILIPPA RUNNER Today NOV 24,08 @ 17:38 CET

EUOBSERVER / BRUSSELS - The European Commission is to propose pulling the EU's six post-Soviet neighbours closer to the West by recognising their European aspirations and creating a new European Economic Area. But a draft communique indicates that EU-Russia relations have preferential status.The conflict in Georgia in August 2008 and its broader repercussions have resulted in increased awareness of the vulnerability of Eastern partners, the draft commission communication on the Eastern Partnership (EP) - seen by EUobserver - says. There is a sense of urgency among member states as to the need to enhance relations with our Eastern neighbours to support them in drawing closer to the EU.The new EU policy - first floated by Poland and Sweden last year - proposes signing Association Agreements with Belarus, Moldova, Ukraine, Georgia, Armenia and Azerbaijan in the next few years and to acknowledge the European identity and aspirations of these countries.The draft communique underlines that the new pacts, which recall the association treaties signed with Poland or Lithuania prior to the 2004 round of enlargement, do not amount to a promise of future accession. The conclusion of Association Agreements will be without prejudice to the partners' European aspirations.But the EP is to contain measures designed to send a clear and lasting political message of EU solidarity and to produce benefits perceived and recognised by citizens of the partner countries.The moves include establishing a single deep and comprehensive free trade area, providing the basis for the development of a common internal market, such as the European Economic Area [EEA], which the EU currently has with Iceland, Norway and Liechtenstein. The future EEA will require the six states to take over the entire acquis communautaire [the EU's legal code], including the acceptance of European Court of Justice rulings.

The Eastern Partnership will aim to create visa free travel in the long-term, but to waive the cost of obtaining EU visas more quickly and to set up Common Application Centres in the six countries to help people enter the EU's passport-free Schengen zone.On the energy front, memorandums of understanding are to help guarantee EU energy security, leading to joint management, and even ownership of pipelines by companies of supplier, transit and consumer countries.The draft communique indicates that Armenia should close its Medzamor nuclear plant and notes EU concern over energy infrastructure in conflict zones, such as a Russia-Balkans gas pipeline running through the disputed Moldovan region of Transdniestria.At the institutional level, the commission is to publish the final version of its EP communication on 3 December, in time for the French EU presidency's last summit on 11 December to cement the text in its conclusions.The draft communique proposes holding an Eastern Partnership Summit in June 2009 to launch the project. Follow-up meetings of EU and Eastern Partnership foreign ministers are to take place each Spring. Senior officials from the 27 + 5(6) countries are to meet twice-yearly to prepare for the ministerials. The European Partnership is to raise the EU's per capita spending in the region from the current €6 per head to €12 per head by 2013 and €20 per head by 2020, compared to the current €30 per head in the Balkans. The shift will cost €2.1 billion, atop the lost income of €75 million per year as a result of waiving EU visa costs.

The Russia question

A brief sentence in the political preamble of the commission's draft communique indicates that EU-Russia relations will take priority over EU relations with the Eastern Partnership countries, however.The Eastern Partnership ...should be seen as complementary to the relations between the EU and Russia, the draft text states.The EU already gives Russia privileged treatment compared to other post-Communist neighbours such as Ukraine in trade and visa negotiations, offering to let Russian passenger jets fly in the EU under Russian rules or to change EU visa laws to help Russians travel into the union.

Mixed bag

The 25 +5(6) formula also highlights problems relating to varied democratic standards in the EP states, with Belarus' (the sixth country in the brackets) participation in the scheme under a question mark pending a review of EU diplomatic sanctions against Minsk in March. The hardline administrations of President Aliyev of Azerbaijan and President Sargsyan of Armenia - where police shot 10 people during post-election protests in March - will make strange bedfellows for the more democratic governments in Georgia and Ukraine.Partner countries continue to face similar challenges in developing their democratic institutions, the commission text says, in phrasing that could cause offence to the post-revolutionary administrations in Tbilisi and Kiev.

EARTHQUAKES

MATTHEW 24:7-8
7 For nation shall rise against nation, and kingdom against kingdom: and there shall be famines, and pestilences, and earthquakes, in divers places.
8 All these are the beginning of sorrows.

MARK 13:8
8 For nation shall rise against nation, and kingdom against kingdom:(ETHNIC GROUP AGAINST ETHNIC GROUP) and there shall be earthquakes in divers places, and there shall be famines and troubles: these are the beginnings of sorrows.

LUKE 21:11
11 And great earthquakes shall be in divers places, and famines, and pestilences; and fearful sights and great signs shall there be from heaven.

Strong quake hits waters off western Indonesia Sat Nov 22, 2:33 pm ET

JAKARTA, Indonesia – A powerful earthquake struck the waters off western Indonesia late Saturday, but it did not trigger a tsunami and there were no initial reports of injuries or damage.The U.S. Geological Survey said the 6.8-magnitude quake hit 90 miles southwest of Bengkulu, a city on Sumatra island. It was centered about three miles beneath the ocean floor.Though strong and shallow, the temblor did not spawn a tsunami, said Fauzi, an official with Indonesia's geological agency. Like many here, he only uses one name.Residents in Bengkulu, a city frequently hit by quakes, showed few signs of panic, said Haris Said Hakim, a geological agency official based in the city. Powerful temblors often send people fleeing their homes and running to high ground.The nearby town of Muko-Muko also seemed calm and did not appear to suffer any damage, said Sudirman, a military officer. He, too, uses only one name.Indonesia is prone to seismic upheaval due to its location on the so-called Pacific Ring of Fire, an arc of volcanos and fault lines encircling the Pacific Basin.A massive earthquake off Sumatra in December 2004 triggered a tsunami that killed more than 230,000 people along the Indian Ocean coastline.

5.1 magnitude earthquake strikes off Puerto Rico Sun Nov 23, 5:02 am ET

SAN JUAN, Puerto Rico – The U.S. Geological Survey says a moderate earthquake with a preliminary magnitude of 5.1 struck before dawn off the coast of Puerto Rico.There was no immediate word that the quake was felt or caused any damage.The USGS says the quake struck 61 miles north of the capital, San Juan, at a depth of 6.2 miles.

EARTH DESTROYED WITH THE EARTH

GENESIS 6:11-13
11 The earth also was corrupt before God, and the earth was filled with violence.(WORLD TERRORISM,MURDERS)
12 And God looked upon the earth, and, behold, it was corrupt; for all flesh had corrupted his way upon the earth.
13 And God said unto Noah, The end of all flesh is come before me; for the earth is filled with violence (TERRORISM) through them; and, behold, I will destroy them with the earth.

Volcano erupts in Nicaragua with small quakes Sat Nov 22, 12:48 pm ET

MANAGUA, Nicaragua – Nicaragua's San Cristobal volcano is spewing ash and gas, provoking a shudder of small earthquakes.The Nicaraguan Institute of Territorial Studies says the volcano has been erupting for two days, causing quakes of up to magnitude-4.The institute says Saturday's eruptions pose no imminent threat to the surrounding population.The 5725-foot (1,745-meter) volcano is about 70 miles (110 kilometers) west of the capital, Managua.It neighbors the Casitas volcano, whose lake burst open during Hurricane Mitch in 1998. Some 2,000 people were killed.

OZONE DEPLETION

ISAIAH 30:26-27
26 Moreover the light of the moon shall be as the light of the sun, and the light of the sun shall be sevenfold, as the light of seven days, in the day that the LORD bindeth up the breach of his people, and healeth the stroke of their wound.
27 Behold, the name of the LORD cometh from far, burning with his anger, and the burden thereof is heavy: his lips are full of indignation, and his tongue as a devouring fire:

MATTHEW 24:21-22,29
21 For then shall be great tribulation, such as was not since the beginning of the world to this time, no, nor ever shall be.
22 And except those days should be shortened, there should no flesh be saved: but for the elect’s sake those days shall be shortened (Daylight hours shortened)
29 Immediately after the tribulation of those days shall the sun be darkened, and the moon shall not give her light, and the stars shall fall from heaven, and the powers of the heavens shall be shaken:

REVELATION 16:7-9
7 And I heard another out of the altar say, Even so, Lord God Almighty, true and righteous are thy judgments.
8 And the fourth angel poured out his vial upon the sun; and power was given unto him to scorch men with fire.
9 And men were scorched with great heat, and blasphemed the name of God, which hath power over these plagues: and they repented not to give him glory.

METEORS HIT THE EARTH

REVELATION 6:12-17
12 And I beheld when he had opened the sixth seal, and, lo, there was a great earthquake; and the sun became black as sackcloth of hair, and the moon became as blood;
13 And the stars of heaven fell unto the earth, even as a fig tree casteth her untimely figs, when she is shaken of a mighty wind.
14 And the heaven departed as a scroll when it is rolled together; and every mountain and island were moved out of their places.
15 And the kings of the earth, and the great men, and the rich men, and the chief captains, and the mighty men, and every bondman, and every free man, hid themselves in the dens and in the rocks of the mountains;
16 And said to the mountains and rocks, Fall on us, and hide us from the face of him that sitteth on the throne, and from the wrath of the Lamb:
17 For the great day of his wrath is come; and who shall be able to stand?

REVELATION 8:12-13
12 And the fourth angel sounded, and the third part of the sun was smitten, and the third part of the moon, and the third part of the stars; so as the third part of them was darkened, and the day shone not for a third part of it, and the night likewise.
13 And I beheld, and heard an angel flying through the midst of heaven, saying with a loud voice, Woe, woe, woe, to the inhabiters of the earth by reason of the other voices of the trumpet of the three angels,which are yet to sound!

Witnesses: Large meteor streaks across Canada sky Sun Nov 23, 11:45 am ET

SASKATOON, Saskatchewan – Scientists say they hope to find remnants of a meteor that brilliantly lit up the sky before falling to earth in western Canada.University of Calgary planetary scientist Alan Hildebrand called it one of the largest meteors visible in the country in the last decade.Widely broadcast video images showed what appeared to be a speeding fireball Thursday night over Saskatoon that became larger and brighter before disappearing as it neared the ground.Hildebrand said Friday that he received about 300 email reports from witnesses.It would be something like a billion-watt light bulb, said Hildebrand, who also co-ordinates meteor sightings with the Canadian Space Agency.Tammy Evans was wakened by her 10-year-old daughter who ran into the bedroom.She said there was a flash of light, the house shook twice and it sounded like dinosaurs were walking, Evans said.Hildebrand suspects it broke up into pieces and he plans to investigate around Macklin, Saskatchewan near the Alberta border.Rick Huziak, an amateur astronomer in Saskatoon, helped operate a camera on top of the University of Saskatchewan physics building that captured video of the meteor.It was quite spectacular. The ground lights up all over the place, he said.Martin Beech, an associate professor of astronomy at the University of Regina, said meteorites are valuable to learning about the history of the solar system.
Picking up a meteorite is almost equivalent to doing a space exploration mission between Mars and Jupiter, he said.

MUSLIM NATIONS

EZEKIEL 38:1-12
1 And the word of the LORD came unto me, saying,
2 Son of man, set thy face against Gog,(RULER) the land of Magog,(RUSSIA) the chief prince of Meshech(MOSCOW)and Tubal,(TOBOLSK) and prophesy against him,
3 And say, Thus saith the Lord GOD; Behold, I am against thee, O Gog, the chief prince of Meshech(MOSCOW) and Tubal:
4 And I will turn thee back, and put hooks into thy jaws,(GOD FORCES THE RUSSIA-MUSLIMS TO MARCH) and I will bring thee forth, and all thine army, horses and horsemen, all of them clothed with all sorts of armour, even a great company with bucklers and shields, all of them handling swords:
5 Persia,(IRAN,IRAQ) Ethiopia, and Libya with them; all of them with shield and helmet:
6 Gomer,(GERMANY) and all his bands; the house of Togarmah (TURKEY)of the north quarters, and all his bands:(SUDAN,AFRICA) and many people with thee.
7 Be thou prepared, and prepare for thyself, thou, and all thy company that are assembled unto thee, and be thou a guard unto them.
8 After many days thou shalt be visited: in the latter years thou shalt come into the land that is brought back from the sword, and is gathered out of many people, against the mountains of Israel, which have been always waste: but it is brought forth out of the nations, and they shall dwell safely all of them.
9 Thou shalt ascend and come like a storm, thou shalt be like a cloud to cover the land, thou, and all thy bands, and many people with thee.(RUSSIA-EGYPT AND MUSLIMS)
10 Thus saith the Lord GOD; It shall also come to pass, that at the same time shall things come into thy mind, and thou shalt think an evil thought:
11 And thou shalt say, I will go up to the land of unwalled villages; I will go to them that are at rest, that dwell safely, all of them dwelling without walls, and having neither bars nor gates,
12 To take a spoil, and to take a prey; to turn thine hand upon the desolate places that are now inhabited, and upon the people that are gathered out of the nations, which have gotten cattle and goods, that dwell in the midst of the land.

ISAIAH 17:1
1 The burden of Damascus. Behold, Damascus is taken away from being a city, and it shall be a ruinous heap.

PSALMS 83:3-7
3 They (ARABS,MUSLIMS) have taken crafty counsel against thy people,(ISRAEL) and consulted against thy hidden ones.
4 They have said, Come, and let us cut them off from being a nation; that the name of Israel may be no more in remembrance.
5 For they have consulted together with one consent: they are confederate against thee:(TREATIES)
6 The tabernacles of Edom,and the Ishmaelites;(ARABS) of Moab, and the Hagarenes;
7 Gebal, and Ammon,(JORDAN) and Amalek;(SYRIA) the Philistines (PALESTINIANS) with the inhabitants of Tyre;(LEBANON)

EZEKIEL 39:1-8
1 Therefore, thou son of man, prophesy against Gog,(LEADER OF RUSSIA) and say, Thus saith the Lord GOD; Behold, I am against thee, O Gog, the chief prince of Meshech (MOSCOW) and Tubal: (TUBOLSK)
2 And I will turn thee back, and leave but the sixth part of thee, and will cause thee to come up from the north parts,(RUSSIA) and will bring thee upon the mountains of Israel:
3 And I will smite thy bow out of thy left hand, and will cause thine arrows to fall out of thy right hand.
4 Thou shalt fall upon the mountains of Israel, thou, and all thy bands,( ARABS) and the people that is with thee: I will give thee unto the ravenous birds of every sort, and to the beasts of the field to be devoured.
5 Thou shalt fall upon the open field: for I have spoken it, saith the Lord GOD.
6 And I will send a fire on Magog,(NUCLEAR BOMB) and among them that dwell carelessly in the isles: and they shall know that I am the LORD.
7 So will I make my holy name known in the midst of my people Israel; and I will not let them pollute my holy name any more: and the heathen shall know that I am the LORD, the Holy One in Israel.
8 Behold, it is come, and it is done, saith the Lord GOD; this is the day whereof I have spoken.

JOEL 2:3,20,30-31
3 A fire(NUCLEAR BOMB) devoureth before them;(RUSSIA-ARABS) and behind them a flame burneth: the land is as the garden of Eden before them, and behind them a desolate wilderness; yea, and nothing shall escape them.
20 But I will remove far off from you the northern army,(RUSSIA,MUSLIMS) and will drive him into a land barren and desolate, with his face toward the east sea, and his hinder part toward the utmost sea, and his stink shall come up, and his ill savour shall come up, because he hath done great things.(SIBERIAN DESERT)
30 And I will shew wonders in the heavens and in the earth, blood, and fire, and pillars of smoke.(NUCLEAR BOMB)
31 The sun shall be turned into darkness, and the moon into blood, before the great and the terrible day of the LORD come.

Official: Russians want to search for oil off Cuba NOV 23,08

Reuters –HAVANA – Russian oil companies could soon begin searching for oil in deep Gulf of Mexico waters off Cuba, a top diplomat said just days before Russian President Dmitry Medvedev visits the island.Russian oil companies have concrete projects for drilling in Cuba's part of the gulf, said Mijail Kamynin, Russia's ambassador to Cuba, to the state-run business magazine Opciones.Kamynin also said Russian companies would like to help build storage tanks for crude oil and to modernize Cuban pipelines, as well as play a role in Venezuelan efforts to refurbish a Soviet-era refinery in the port city of Cienfuegos, according the article published this weekend.Medvedev comes to former Cold War ally Cuba on Thursday, part of a tour of Latin America to strengthen his country's economic and political ties in the region. Kamynin said trade between Russia and the island would top $400 million this year.Washington's nearly 50-year-old trade embargo prohibits U.S. companies from investing on the island. But Cuba's state-run oil concern has signed joint operating agreements with companies from several countries to explore waters that Cuban scientists claim could contain reserves of up to 20 billion barrels of oil.Brazilian President Luiz Inacio Lula da Silva visited Cuba in October for the signing of agreements allowing state-run Petroleo Brasileiro SA to invest $8 million initially for a seven-year, deep-water exploration project north of the famed beach resort of Varadero. If reserves are confirmed, Brazil would produce oil and natural gas recovered there over the next 25 years.Opciones did not give details on what the Russian proposals would entail.The Soviet Union was communist Cuba's chief economic benefactor until it disbanded, throwing the island's economy into disarray. Cuba-Russia relations soured after that, but warmed when President Vladimir Putin visited in 2000.

Iran holds defence drills Sun Nov 23, 9:16 am ET

TEHRAN (Reuters) – An Iranian militia held civil defense drills on Sunday to prepare for any hostile air strikes and the military said it could close a waterway crucial for world oil supplies if Iran was attacked.The exercises organized by student members of the Basij militia were held at hundreds of schools across the country and involved transporting wounded people and putting out fires after a fictitious bombardment by enemy planes.The United States and Israel have hinted they could take military action if Iran presses ahead with a nuclear program they believe is aimed at making atomic bombs.Iran, which says the program is for peaceful purposes, says it will retaliate for any strikes against it.State television showed pictures of ambulances with sirens wailing rushing to the scene of a simulated attack and people lying on the ground with bloodied faces.Officials also reiterated that Iran was ready to close down the Strait of Hormuz, a sea route at the mouth of the Gulf through which 40 percent of the world's traded oil passes, if the United States attacked.Navy Commander Rear Admiral Habibollah Sayari said foreign forces in the region were being closely watched and Iran would not allow any foreign ship to enter its waters.We are capable of closing the Strait of Hormuz, he told IRNA news agency.

Rasoul Sanairad, a senior Basij political officer, said the strait provided an exceptional opportunity for defending the nation, according to Fars News Agency.
Military experts say Iran's armed forces cannot match U.S. military technology but could still cause havoc on shipping routes, particularly using small craft for hit-and-run attacks.Iran's navy will hold exercises in December involving missile-equipped battleships and scuba-diving special forces, state radio said.The Basijis are a paramilitary force estimated to have 12 million members who uphold Islamic revolutionary values. In the 1980s war with Iraq, they provided much of the manpower for the front. In peacetime, they help enforce Iran's strict Islamic dress and other moral codes.(Reporting by Hashem Kalantari and Parisa Hafezi; Writing by Fredrik Dahl; Editing by Angus MacSwan.

China, Russia pledge deeper cooperation NOV 23,08

LIMA (AFP) – Chinese President Hu Jintao and his Russian counterpart Dmitry Medvedev on Sunday pledged closer cooperation to face the world financial crisis, a Chinese spokesman said.Both leaders agreed the world political and economic situation is experiencing great change and that the two sides must strengthen cooperation to face the current economic troubles, Chinese foreign ministry spokesman Liu Jianchao told AFP.Russian media reports on the meeting in the Peruvian capital quoted Hu saying the two must work together against the most deep and serious changes since the Cold War.Meeting on the sidelines of the Asia-Pacific Economic Cooperation forum, Medvedev told Hu the current world problems should not inhibit both sides from discussing fully fledged cooperative, strategic relations in all their fullness, Russian media reported.Russia and China, once bitter Cold War foes, have been developing increasingly close relations, seen by many as a potential check on US power.Trade ties, particularly in the energy sector, have grown rapidly in recent years.Hu called for even closer cooperation in the finance and energy spheres as a potential buffer against the global crisis, Liu said.The two sides need to work together to be able to reduce the risks from the financial crisis and safeguard economic growth, Liu quoted Hu as telling Medvedev.At the same time they agreed to push forward reform of the world financial system.During their 45-minute meeting, the two leaders also pledged to pursue a six-nation effort, chaired by China, to denuclearize North Korea, Liu said.The process has snagged on questions over how North Korea will carry out the scrapping of its nuclear programs and how that will be verified.

Russian media last week quoted the country's energy minister as saying Moscow and Beijing would resume talks about oil shipments via a new pipeline next week, after they were reportedly halted over a financial dispute.The talks on a 25-billion-dollar (20-billion-euro) loan package from China to Russian state pipeline monopoly Transneft and oil company Rosneft had been suspended due to absurd Chinese conditions for the loan package, Russian media had quoted a source as saying.The loan was to be offered in exchange for oil deliveries through a pipeline to be built in Siberia.

Japan, Russia agree on concrete steps to end territorial row Sat Nov 22, 9:56 pm ET

LIMA (AFP) – Japan and Russia have agreed to take concrete steps toward resolving a territorial dispute, while urging North Korea to show a clear plan for junking its nuclear program, an official said.Japanese Prime Minister Taro Aso, who took office in September, held his first talks with Russian President Dmitry Medvedev on the sidelines of a summit of Asia-Pacific leaders in Lima on Saturday.As for the territorial issue ... we agreed to order government officials to begin concrete work, said a Japanese government official, who attended the APEC talks.Russia and Japan have never signed a peace treaty to formally end World War II due to Tokyo's claims over four islands which Soviet troops seized in 1945 off Japan's northern island of Hokkaido.Aso and Medvedev also called on North Korea to clarify steps it would take to denuclearize under a six-nation aid-for-disarmament pact.As for the North Korean issue, we agreed on the need for a document to practically verify Pyongyang's declearization process, the Japanese official said.

Russia threatens to cut off gas to Ukraine: report Sat Nov 22, 6:54 am ET

MOSCOW (AFP) – Russia's Gazprom will cut off gas deliveries to Ukraine on January 1 unless a new contract is signed, a company spokesman said on Saturday, making a threat that could affect deliveries to Europe.We would like to avoid such a scenario, we would like to agree on everything before New Year's, but as you understand, we cannot deliver gas without a contract, spokesman Sergei Kupriyanov was quoted as saying by Interfax news agency.Negotiations between Russia and Ukraine are being held up by a large debt, he said, speaking two days after Russian President Dmitry Medvedev demanded Ukraine repay 2.4 billion dollars (1.9 billion euros) of debt to Gazprom.An earlier dispute between Russia and Ukraine over gas prices led to a brief interruption of gas supplies in several European countries in January 2006. Most of the EU's gas imports from Russia are pumped through Ukraine.

Kupriyanov said the full and unconditional liquidation of outstanding debts by Ukraine was required under an agreement signed last month by Russian Prime Minister Vladimir Putin and his Ukrainian counterpart Yulia Tymoshenko.However, this has not happened so far, he added, according to Interfax.Following Medvedev's demand, Ukraine's state gas company Naftogaz said it had no debt to Gazprom but owed around 1.26 billion dollars to gas trader RosUkrEnergo, an intermediary for Russia-Ukraine gas exchanges.