EU TO URGE STIMULUS EXIT AT G-20

GRANT JEFFREY ON WORLD GOVERNMENT CONTROL AND THE ENVIROMENTAL RELIGION CULT SCAM OF GLOBAL WARMING UNDER FOR THE GOOD OF THE EARTH SCAM.CARBON TAX,INVISIBLE SKY HOOKS AND INVISIBLE SMOKE SCAM.
http://www.god.tv/video/play?video=1279

Europe to urge exit from stimulus schemes at G20: Merkel
By Sarah Marsh Sarah Marsh – JUNE 19,10

BERLIN (Reuters) – Europe will push for a swift exit from fiscal stimulus programs and a focus on budget consolidation at the G20 meeting next week, German Chancellor Angela Merkel said on Saturday.European participants are of the opinion that this is urgently necessary to prevent such crises from happening again in the future, Merkel said in her weekly podcast.Leaders of the 20 biggest developed and developing economies meet on June 26-27 in Toronto, Canada.Merkel's stance contrasted with that of U.S. President Barack Obama, who this week said public finance problems should be addressed in the medium term -- a warning that clamping down budgets should not be done at the expense of recovery.European governments have been launching austerity measures to head off a spread of the debt crisis begun in Greece.Merkel's cabinet earlier this month unveiled Germany's biggest post-war austerity drive, with planned budget cuts and taxes amounting to 80 billion euros over the next four years.

Economic growth must be sustainable, environmentally friendly and oriented toward the future, Merkel said.She added that the European Union would push again for a global financial transaction tax at the G20 meeting.Germany and France have assembled support for the idea in Europe but most analysts expect next week's meeting to formally bury proposals for a single global bank tax and focus instead on advancing tough new capital rules and ways of winding up failing institutions without taxpayer help.Canada, who hosts next week's summit, has led resistance to the idea of a common levy.There will certainly be controversial discussions about this but I am happy the European council reached a common stance on this for the G20 meeting,Merkel said.A financial transaction tax is contentious because many believe such curbs in Europe would drive trading to other continents. France has supported the idea but Britain is opposed.In a separate interview with German weekly WirtschaftsWoche, German Finance Minister Wolfgang Schaeuble said he hoped Britain would eventually support the tax, once the new government had settled down.I would much prefer to see a financial transaction tax introduced throughout the entire EU including Britain rather than simply in the euro zone, he told the magazine, in a pre-release of the article on Saturday.Merkel said progress had been made on regulatory issues, but further progress needed to be made for example on rules on derivatives in the EU.(editing by Patrick Graham)

Canada wants G20 to set tough new fiscal targets By David Ljunggren - Fri June 18, 3:27 pm ET

OTTAWA (Reuters) – Canada will ask the G20 to agree to tough new fiscal targets at a summit next week, but said the job of tackling debt should only start once the global recovery is assured.Prime Minister Stephen Harper sent a letter to his G20 counterparts on Thursday proposing they agree to cut deficits in half by 2013 and stabilize or start reducing debt-to-GDP ratios by 2016, a senior aide to Harper told reporters on Friday.Canada, which hosts the G8 and G20 summits next week, said countries should fully implement their fiscal stimulus plans but should start the process of fiscal consolidation by next year at the latest.The proposed targets are mostly aimed at advanced countries and will require substantial effort by some, while many emerging economies are already well positioned, officials said in a briefing with reporters.The lesson here is that particularly the advanced countries with higher deficits need to get their fiscal houses in order, but there is a balance to be achieved here between sustained recovery and getting deficits down, the official said.

A lot of countries will get there sooner, including Canada,he said.Asked if some countries would not find Harper's targets too onerous, the official replied:They will have plans to end the stimulus, which will cut their expenditures. And furthermore our nations are recovering, so the revenues will climb and the expenditures will be cut.A unified position on sovereign debt levels is an attempt to soothe markets still on edge over the Greek debt crisis and big deficits elsewhere in Europe.After nearly two years of co-ordinated effort by governments to pour billions into the global economy and stave off an even worse recession, the crisis-forged unity appears to be weakening when it comes to agreeing on when to withdraw stimulus measures.Debt-wary Germany has been pressing for a swift clamp-down on public spending while the Obama administration has put more emphasis on protecting the still-fragile U.S. recovery.

AVOID FINGER-POINTING

Another thorny subject that Canada said will be raised at the G20 meeting, at least behind closed doors, is China's currency peg to the U.S. dollar.As the United States stepped up its pressure on China to move toward a market-based exchange rate and Beijing warned others not to meddle in its affairs, Canada said the issue would inevitably be discussed by the leaders but that no one country should be singled out.

China's foreign exchange policy is just one of several reforms needed across the G20 countries to ensure balanced global growth, he added.A key message here will be that across the G20 all countries have things they need to do to support strong, sustained, balanced growth,the official told reporters in a briefing.One of those things that I imagine will be discussed is the contribution a more flexible China exchange rate will make to that. But I think it's important to avoid finger-pointing here and to say this in the context of a broader framework where all G20 countries have responsibilities and have policies to pursue.(Reporting by David Ljunggren, writing by Louise Egan; editing by Mario Di Simine and Rob Wilson)

STORMS HURRICANES-TORNADOES

LUKE 21:25-26
25 And there shall be signs in the sun, and in the moon, and in the stars; and upon the earth distress of nations, with perplexity;(MASS CONFUSION) the sea and the waves roaring;(FIERCE WINDS)
26 Men’s hearts failing them for fear, and for looking after those things which are coming on the earth: for the powers of heaven shall be shaken.

Tropical Storm Celia forms off Mexico's coast
JUNE 19,10

MIAMI – Tropical Storm Celia has formed in the Pacific Ocean off the coast of Mexico, though forecasters say it is expected to remain well offshore.The National Hurricane Center in Miami said Saturday morning that Celia is about 355 miles (575 kilometers) south-southeast of Acapulco, Mexico. Winds are reaching about 40 mph (65 kilometers per hour).The depression is moving to the west-southwest at about 5 mph (7kilometers per hour).Meanwhile, Tropical Storm Blas was still swirling 455 miles (735kilometers) south of the southern tip of Baja California. Its winds were at about 65 mph (100 kilometers per hour), but forecasters say it will likely get weaker starting tonight.

More than a million evacuated in China over flood threat
JUNE 19,10

BEIJING (AFP) – More than a million people living along rivers in China's south have been evacuated with water rising to dangerous levels, state media said Saturday, as torrential rains left at least 88 dead.The government said more than 1.4 million residents living on river banks and in low-lying areas had had to move, according to the official China Daily.Zhang Zhitong, deputy director of the Office of State Flood Control and Drought Relief Headquarters, said China's second-largest waterway, the Pearl River, which crosses the south, had breached warning marks on Thursday.

Torrential and virtually unrelenting rain has battered large swathes of China's south since Sunday, triggering devastating floods and landslides that have killed 88 people.The official Xinhua news agency reported that, in the southeastern province of Fujian alone, 31 people had died in rain-triggered landslides.Photos on China News Service showed people in Fujian's Gutian county wearing lifejackets and wading deep in water through flooded streets.State television broadcast images of a bridge in another Fujian town collapsing as water raged underneath it, and in neighbouring Guangdong province, houses were shown almost entirely submerged.Meanwhile, diggers in nearby Jiangxi were seen clearing roads of huge rocks caused by landslides and workers hung off poles, working at restoring electricity for residents.Rescue workers in another town in Jiangxi were seen throwing ropes across a raging river to help people cross to the other side, as they also fetched children stuck in a kindergarten and put them in a small boat.According to the latest statement from the nation's civil affairs ministry, 48 people were still missing in eight provinces and regions in the south and the cost of the disaster had now reached 11 billion yuan (1.6 billion dollars).A total of 155,000 houses had been damaged -- almost half of which had collapsed -- and more than 500,000 hectares of crops had been affected, the ministry said.Authorities have raised the level of their emergency response as rescue and flood-prevention work continues, it added.The National Meteorological Centre warned on Saturday of more rainstorms to come, a day after it issued an orange storm alert -- just one level lower than the nation's most serious red alert.

There will be heavy rain over the next three days, and flood-control work will face enormous challenges,it said in a statement, adding that some of the rainfall in the south was up to three times greater than normal years.

Storms nail Midwest, kill 1, damage skyscraper
Sat Jun 19, 6:51 am ET

DEXTER, Mich. – Severe thunderstorms sweeping through the Midwest have killed a motorist in Michigan, shattered windows in an iconic Chicago skyscraper and knocked out power to hundreds of thousands of people.Sheriff's officials say a driver was killed near Dexter, Mich., about 40 miles west of Detroit, when winds toppled a tree onto a vehicle.In Chicago, powerful winds and heavy rains broke windows in the 110-story Willis Tower. Witnesses say the debris looked like icicles falling from the skyscraper, formerly known as Sears Tower.Utility officials say power is out for about 215,000 Chicago-area customers and 150,000 in Michigan.In Indiana, winds gusts stronger than 75 mph knocked out power to about 60,000 customers. Storms left about 19,000 in the dark in Wisconsin.

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.

Quake off India's Andaman islands
Sat Jun 19, 12:39 am ET

PORT BLAIR, India (Reuters) – A moderate earthquake of magnitude 5.9 struck in the ocean near India's Andaman islands early on Saturday, but no casualties were reported, the U.S. Geological Survey (USGS) and local officials said. No tsunami warning was issued. But residents fled their homes in panic, with the tremors shaking buildings and rattling furniture on the island of Diglipur, 340 km (210 miles) north of capital Port Blair.We were sleeping, but felt the quake quite strongly and we ran out of our home,said resident Ashok Yadav.But initially we were not able to move out of our bed because it was shaking very badly.

Government officials said buildings on the island had developed cracks.There are also cracks on Diglipur roads. In fact in every private house and shop there is some loss of property,Sudeep Saha, an official, told Reuters.Saturday's quake had its epicenter 180 km north by northeast of Port Blair, at a depth of 27.2 km, according to the USGS.Quakes are frequent in the Andamans, a seismic region. A strong 7.5 magnitude earthquake hit the region last Sunday, sparking off tsunami warnings which were later withdrawn.The islands were badly hit by the 2004 Indian Ocean tsunami, triggered by a 9.15 quake off the coast of Sumatra in Indonesia.(Reporting by Sanjib Kumar Roy; Editing by Ron Popeski)

POISONED WATERS

REVELATION 8:8-11
8 And the second angel sounded, and as it were a great mountain burning with fire was cast into the sea: and the third part of the sea became blood;
9 And the third part of the creatures which were in the sea, and had life, died; and the third part of the ships were destroyed.
10 And the third angel sounded, and there fell a great star from heaven, burning as it were a lamp, and it fell upon the third part of the rivers, and upon the fountains of waters;
11 And the name of the star is called Wormwood:(bitter,Poisoned) and the third part of the waters became wormwood; and many men died of the waters, because they were made bitter.(poisoned)

REVELATION 16:3-7
3 And the second angel poured out his vial upon the sea; and it became as the blood of a dead man: and every living soul died in the sea.(enviromentalists won't like this result)
4 And the third angel poured out his vial upon the rivers and fountains of waters; and they became blood.
5 And I heard the angel of the waters say, Thou art righteous, O Lord, which art, and wast, and shalt be, because thou hast judged thus.
6 For they(False World Church and Dictator) have shed the blood of saints and prophets, and thou hast given them blood to drink; for they are worthy.

Anadarko points finger at BP on Gulf oil spill By EILEEN AJ CONNELLY, AP Business Writer – Sat Jun 19, 1:20 am ET

HOUSTON – Anadarko Petroleum Corp., which owns a quarter of BP PLC's blown-out oil well in the Gulf of Mexico, late Friday blasted BP reckless decisions and actions that led to the well's explosion.Anadarko Chairman and CEO Jim Hackett's statement came after some elected officials said Anadarko should help pay for the massive cleanup and spill-related claims. Company spokesman John Christiansen said the comments were in response to a week's worth of testimony and other information and data compiled on the disaster.The mounting evidence clearly demonstrates that this tragedy was preventable and the direct result of BP's reckless decisions and actions,said Hackett in the statement.We recognize that ultimately we have obligations under federal law related to the oil spill, but will look to BP to continue to pay all legitimate claims as they have repeatedly stated that they will do.The information disclosed this week indicates BP operated unsafely and failed to monitor and react to several critical warning signs during the drilling the statement continued. BP's behavior and actions likely represent gross negligence or willful misconduct.BP chief executive officer Tony Hayward said in a statement that the company strongly disagreed with the allegations

These allegations will neither distract the company's focus on stopping the leak nor alter our commitment to restore the Gulf coast,Hayward said. Other parties besides BP may be responsible for costs and liabilities arising from the oil spill, and we expect those parties to live up to their obligations.Anadarko had no employees on the well and was a non-operating partner in the project. A subsidiary of Mitsui & Co. Ltd. of Japan had a 10 percent stake. The rig was owned by Transocean Ltd. of Switzerland and operated by BP.Anadarko also hinted at potential legal action against BP.The statement said BP had a duty to perform the drilling in a good and workmanlike manner and to comply with all applicable laws and regulations.The contract also holds BP responsible to its co-owners for damages caused by its gross negligence or willful misconduct.Christiansen would not say whether Anadarko could be absolved of paying spill-related costs if lawmakers find BP negligent, or confirm that Anadarko intends to take legal action.We're looking at what's available to us under our contractual remedies,he said.Anadarko said any actions it takes to protect its rights relative to BP's performance will not shift the financial burden to taxpayers.Anadarko's statement came as BP's chairman said Hayward was on his way out of the day-to-day oversight of the oil spill crisis, a day after he was pummeled by lawmakers in an appearance on Capitol Hill. Hayward's refusal on Thursday to answer lawmakers' questions, claiming that he was out of the loop, left many members of a House committee furious.BP still has not said what caused the blast at the well.

As oil spews in Gulf, BP chief at UK yacht race By RAPHAEL SATTER, Associated Press Writer - JUNE 19,10

LONDON – BP chief executive Tony Hayward, often criticized for being tone-deaf to American concerns about the worst oil spill in U.S. history, took time off Saturday to attend a glitzy yacht race off England's Isle of Wight.Spokeswoman Sheila Williams said Hayward took a break from overseeing BP efforts to stem the undersea gusher in Gulf of Mexico to watch his boat Bob participate in the J.P. Morgan Asset Management Round the Island Race.The one-day yacht race is one of the world's largest, attracting hundreds of boats and thousands of sailors.In a statement, BP described Hayward's break as a rare moment of private time and said that no matter where he is, he is always in touch with what is happening within BP and can direct recovery operations if required.That is likely to be a hard sell in the slick-hit Gulf states struggling to deal with the up to 120 million gallons of oil that have escaped since April 20 from a blown-out undersea well operated by Hayward's company.

It was not clear whether Hayward actually took part in the race or attended as a spectator. Williams refused to comment beyond saying that the embattled chief executive was there with his son.Peta Stuart-Hunt, a press officer for the event, said Hayward wasn't listed on any of the crew list.If he is on the boat, he's in contravention of the rules, she said.Whatever the case, Hayward's appearance at the race is likely to draw outrage in the United States, where he has already been criticized for failing to answer questions from U.S. lawmakers.(This version CORRECTS to worst spill in U.S. history in first paragraph. )

DISEASES

REVELATION 6:7-8
7 And when he had opened the fourth seal, I heard the voice of the fourth beast say, Come and see.
8 And I looked, and behold a pale horse:(CHLORES GREEN) and his name that sat on him was Death, and Hell followed with him. And power was given unto them over the fourth part of the earth, to kill with sword,(WEAPONS) and with hunger,(FAMINE) and with death,(INCURABLE DISEASES) and with the beasts of the earth.(ANIMAL TO HUMAN DISEASE).

DRUG PUSHERS AND ADDICTS

REVELATION 18:23
23 And the light of a candle shall shine no more at all in thee; and the voice of the bridegroom and of the bride shall be heard no more at all in thee: for thy merchants were the great men of the earth; for by thy sorceries (DRUGS) were all nations deceived.

REVELATION 9:21
21 Neither repented they of their murders, nor of their sorceries (DRUGS), nor of their fornication, nor of their thefts.

Measles outbreak kills more than 700 in Africa
Fri Jun 18, 7:52 am ET

ADDIS ABABA (AFP) – A recent measles outbreak in eastern and southern Africa has killed more than 700 people, threatening to reverse gains made over several years to stem the disease, the United Nations said on Friday.As of mid-June 2010, the outbreak has affected 47,907 children in 14 countries, resulting in 731 deaths. The most recent confirmed measles outbreaks were reported from Malawi, Mozambique and Zambia, a statement said.The worst-hit country is Zimbabwe with 517 reported deaths.

The UN Children's Fund (UNICEF) and the World Health Organisation warned the outbreak has put recent gains in reducing mortality due to this highly contagious disease at risk of being reversed.The statement said that control strategies, including routine immunisations, recommended by the two UN agencies in recent years needed to be more rigorously implemented.The current wave of measles outbreaks comes as a result of gaps in the implementation of the control strategies. These gaps have been caused by inadequate financial commitments from governments and partners,it said.Measles are easily preventable. In order to sustain our efforts and successes in combating the disease, we urgently need to fill the funding gaps. Otherwise, we will again see more measles deaths in the near future,said UNICEF Regional Director for Eastern and Southern Africa, Elhadj As Sy.Measles can cause severe complications such as pneumonia, diarrhoea and encephalitis.

Campbell Soup recalls 15M pounds of SpaghettiOs By MARY CLARE JALONICK, Associated Press Writer – Fri Jun 18, 7:07 am ET

WASHINGTON – Campbell Soup Co. is recalling 15 million pounds of SpaghettiOs with meatballs after a cooker malfunctioned at one of the company's plants in Texas and left the meat undercooked.

The Agriculture Department announced the recall late Thursday. Campbell spokesman Anthony Sanzio said the company is recalling certain lots of the product manufactured since December 2008 out of an abundance of caution because officials don't know exactly when the cooker at the Paris, Texas, plant malfunctioned. Officials believe it happened recently but aren't sure, he said.The meatballs that went through the cooker did not get the requisite amount of heat, according to the company.Recalled are certain lots of three varieties of the pasta product often consumed by children: SpaghettiOs with Meatballs, SpaghettiOs A to Z with Meatballs, and SpaghettiOs Fun Shapes with Meatballs (Cars).The USDA said there are no reports of illnesses associated with the product and Sanzio said the company has received no customer complaints to date.The recalled products have EST 4K, as well as a use-by date between June 2010 and December 2011 printed on the bottom of the can. The products were manufactured between December 2008 and June 2010 and distributed to retail establishments nationwide.Sanzio said the company believes there are about 35,000 cases of SpaghettiOs subject to the recall on the market right now. He said USDA announced the recall of 15 million pounds because that is all of the product that has been manufactured since December 2008. Much of it has likely been consumed.

Consumers with questions about the recall can call Campbell's Hotline at (866) 495-3774.Online:USDA Food Safety and Inspection Service: http://www.fsis.usda.gov/

Marie Callender recall after salmonella outbreak By MARY CLARE JALONICK, Associated Press Writer – Fri Jun 18, 12:21 am ET

WASHINGTON – ConAgra Foods is recalling all Marie Callender's brand cheesy chicken and rice frozen meals after they have been possibly linked to a salmonella outbreak in 14 states.The company said it was recalling the meals after it was informed by the federal Centers for Disease Control and Prevention of a possible link between the meals and 29 illnesses. Eight of those sickened reported eating the product in April or May 2010.The Agriculture Department's Food Safety and Inspection Service, which announced the recall late Thursday, said the most recent illness was reported May 22.The company is recalling all of the meals, which are labeled Marie Callender's Cheesy Chicken and Rice White Meat Chicken and Broccoli over Rice Topped with Rich Cheddar Sauce,regardless of production date.The product was distributed to retail outlets nationwide.The most common symptoms of salmonella are diarrhea, abdominal cramps and fever within eight hours to 72 hours of eating a contaminated product. It can be life-threatening, especially to those with weakened immune systems.

Egypt says will not alter Palestinian unity pact
By Marwa Awad Marwa Awad – JUNE 19,10

CAIRO (Reuters) – Egypt will not amend a pact written to reconcile rival Palestinian movements and the Islamist Hamas should join Fatah in signing it, Foreign Minister Ahmed Aboul Gheit said Saturday.Hamas has objected to the proposal for a Palestinian national unity government, fearing its military wings used to seize control of Gaza in 2007 would be broken up and demanding guarantees of international recognition.

Forging Palestinian unity is regarded as crucial to reviving any prospect for a Palestinian state based on peace with Israel. Fatah, the mainstream movement until a 2006 election victory by Hamas, backs negotiated peace but the Islamists reject it.
Hamas members were quoted by independent Palestinian news agency Maan Friday as saying Egypt had accepted Hamas's proposal for amendments to the pact that, along with the Egyptian document, would become points of reference.Aboul Gheit responded: Such reports on the reconciliation process are inaccurate and do not represent Egypt's position which stands as it has always been: the existing document must be signed by Hamas as it has been signed by Fatah.Egypt has no inclination nor is it ready to allow for any amendments to this document either in the form of direct changes made to it or even as an appendix,Aboul Gheit told reporters.

PACT DETAILS

The pact also calls for restoring the security forces of the Palestinian Authority, the Fatah-led body created under 1990s interim peace deals, and planning for legislative and presidential elections in Gaza and the Israeli-occupied West Bank.

Egypt, the main mediator in the internal Palestinian feud, drafted the pact in October 2009 after staging talks for six months between Fatah, Hamas and smaller Palestinian factions.Aboul Gheit was speaking after a meeting between President Hosni Mubarak and U.S. special envoy George Mitchell, who is mediating indirect talks between Israel and Palestinian President Mahmoud Abbas's Palestinian Authority

The PA holds sway only in self-rule areas of the West Bank.The Egyptian document has not been changed and still stands, Aboul Gheit said.We invite our brothers in Hamas to sign the pact. As for their reservations, those can be directly discussed between Hamas and Fatah.Fatah signed the pact in October 2009 while Hamas refrained, demanding guarantees that it would be recognized internationally should it win in a future election and that no embargo would be imposed on it.After Hamas wrested control of Gaza from Fatah, Israel tightened its blockade of the impoverished coastal strip.Hamas and other factions also demand clarification over a clause in the pact banning the creation of military formations outside the authority of the new unity government, saying this clause could be used to dismantle their military wings in Gaza.Any reduction in military ranks for Hamas and smaller factions such as Islamic Jihad in Gaza would undermine their political clout in dealings with Abbas's Fatah.Mitchell called on all parties to avoid any unnecessary confrontations.Hamas refuses to recognize agreements Fatah signed with Israel and has been locked in a power struggle with the formerly dominant Fatah faction since it won an election four years ago.(Reporting by Marwa Awad; Editing by Mark Heinrich)

Iran denies U.S. assertion its missiles menace Europe
Sat Jun 19, 8:16 am ET

TEHRAN (Reuters) – Iran's defense minister on Saturday denied U.S. assertions that its missiles posed a threat to Europe and said Washington was spreading propaganda.

Ahmad Vahidi accused U.S. counterpart, Robert Gates of engaging in psychological warfare when he said on Thursday U.S. intelligence showed Iran had scores or even hundreds of missiles it could use against Europe.Iran's missile capability has been designed and built to defend itself against any military aggression and it does not impose a threat to any country,Vahidi told the students' news agency ISNA.America creates propaganda with the aim of spreading its dominance over Europe and finding excuses not to eliminate its nuclear weapons in the region and to put pressure on Russia.The United States succeeded in persuading Russia, and fellow U.N. Security Council veto-holder China, to support a fourth round of sanctions earlier this month against Iran over its disputed nuclear energy program.Moscow later criticized the United States and the European Union for imposing sanctions going well beyond those approved by the U.N. Security Council, comments which Gates said showed Russia's schizophrenic approach to Iran.Iranian President Mahmoud Ahmadinejad severely criticized Moscow last month when it became clear Russia would back Washington's push for widened U.N. sanctions , but Iranian rhetoric since then has softened.

Vahidi said the United States aimed to humiliate its former Cold War adversary, which has significant trade ties with Iran.America ... tries to humiliate Russia by creating regional disputes and straining regional relationships to undermine Russia's position in the region,he said.It is the consequence of trusting a government which is not trustworthy.Iran, the world's No. 5 oil producer, says its nuclear fuel enrichment program is a peaceful effort to generate more electricity for its rapidly growing population.But its refusal to stop refining uranium -- a process with both civilian and military uses -- in exchange for trade and diplomatic benefits on offer has led the West to suspect it is after nuclear weapons -- a concern which has brought about four sets of United Nations sanctions against Tehran since 2006.(Reporting by Ramin Mostafavi; Writing by Robin Pomeroy; Editing by Mark Heinrich)

Iran warns Germany over EU sanctions
Sat Jun 19, 4:41 am ET

TEHRAN (AFP) – The new European Union sanctions against Iran will not deter its efforts to gain nuclear technology, deputy foreign minister has told German officials, state news agency IRNA reported on Saturday.IRNA said that Ali Ahani warned during a recent meeting in Germany that the new (EU) decision taken to intensify sanctions... is destructive, coming at a time when Tehran is deciding whether to respond to an EU offer of talks.It said Ahani emphasised that EU sanctions will in no way affect the Iranian government and people's determination to seek their legitimate right to exploit nuclear technology under the supervision of the IAEA.Iran maintains its nuclear programme is peaceful and under the supervision of the International Atomic Energy Agency, the UN atomic watchdog. Western powers suspect it is aimed at making weapons.On June 9 the UN Security Council imposed a fourth set of sanctions on the Islamic republic over its nuclear programme. Soon after the UN move, EU foreign affairs chief Catherine Ashton offered to hold talks with Tehran.The UN measures were followed on Wednesday by a separate set of restrictions imposed by the United States and a day later by the European Union.

The EU sanctions include a ban on new investment, technical assistance and technology transfers to Tehran's huge gas and oil industry, particularly as regards refining and liquefied natural gas.They also target the transport, banking and insurance sectors and slap new visa bans and asset freezes on the Islamic Revolutionary Guard Corps (IRGC).New US sanctions target insurance companies, oil firms and shipping lines linked to Iran's atomic or missile programmes as well as the IRGC and Defence Minister Ahmad Vahidi.Before the EU move, parliament speaker Ali Larijani had warned that Tehran would retaliate if the new measures were adopted.
IRNA said that Larijani, speaking in the holy city of Qom on Thursday, said: If the European Union imposes sanctions, Iran will consider retaliation.

Regulators close Nev. bank for 83rd failure in 2010 By MARCY GORDON, AP Business Writer Marcy Gordon, Ap Business Writer – Fri Jun 18, 10:20 pm ET

WASHINGTON – Regulators on Friday shut down a Nevada bank, raising to 83 the number of U.S. bank failures this year.The Federal Deposit Insurance Corp. took over Nevada Security Bank, based in Reno, with $480.3 million in assets and $479.8 million in deposits. Umpqua Bank, based in Roseburg, Ore., agreed to assume the assets and deposits of the failed bank.The failure of Nevada Security Bank is expected to cost the deposit insurance fund $80.9 million.In addition, the FDIC and Umpqua Bank agreed to share losses on $368.2 million of Nevada Security Bank's loans and other assets.With 83 closures nationwide so far this year, the pace of bank failures is more than double that of 2009, which was already a brisk year for shutdowns. By this time last year, regulators had closed 40 banks. The pace has accelerated as banks' losses mount on loans made for commercial property and development.The number of bank failures is expected to peak this year and be slightly higher than the 140 that fell in 2009. That was the highest annual tally since 1992, at the height of the savings and loan crisis. The 2009 failures cost the insurance fund more than $30 billion. Twenty-five banks failed in 2008, the year the financial crisis struck with force, and only three succumbed in 2007.As losses have mounted on loans made for commercial property and development, the growing bank failures have sapped billions of dollars out of the deposit insurance fund. It fell into the red last year, and its deficit stood at $20.7 billion as of March 31.The number of banks on the FDIC's confidential problem list jumped to 775 in the first quarter from 702 three months earlier, even as the industry as a whole had its best quarter in two years.

A majority of institutions posted profit gains in the January-March quarter. But many small and midsized banks are likely to continue to suffer distress in the coming months and years, especially from soured loans for office buildings and development projects.The FDIC expects the cost of resolving failed banks to grow to about $100 billion over the next four years.The agency mandated last year that banks prepay about $45 billion in premiums, for 2010 through 2012, to replenish the insurance fund.Depositors' money — insured up to $250,000 per account — is not at risk, with the FDIC backed by the government.

Europe won't let euro zone state fail: ECB's Trichet
Sat Jun 19, 7:42 am ET

BERLIN (Reuters) – Europe will not allow its weakest members to collapse under their debt burden, European Central Bank President Jean-Claude Trichet said in an interview with German weekly Welt am Sonntag.According to the paper, Trichet ruled out the possibility of Greece, Spain or Portugal not being able to pay back their debt.We will not allow this to happen. We did not create the Maastricht Treaty in order to then go back again,he said in the interview due to be published on Sunday.

Trichet again defended the ECB's decision to buy back government bonds last month, in order to calm bond markets and bring down borrowing costs for heavily-indebted Greece and other financially strained euro zone members.The situation was dramatic. Europe was at the epicenter of the crisis at this time, he said.The controversial step to start buying government debt opened a deep rift at the ECB's top table, pitting Trichet against ECB and Bundesbank heavyweight Axel Weber. Weber has openly criticized the move, arguing it creates serious stability risks.In the last few weeks I understood one thing: in Germany, some things are interpreted differently, Trichet said.The no-bailout clause means that there is no duty to offer subsidies or transfer. But it does not mean that in exceptional circumstances, one country should not be allowed to offer support to another.The Maastricht Treaty, which paved the way for the euro single currency, says no euro zone country should bail out another. Germany has dismissed the idea of the EU becoming a transfer zone, where rich members subsidize poorer states.I wish the German public had reacted with the same indignation toward the breach of the European stability pact in 2004 as toward our decision to buy state bonds,said Trichet.(Reporting by Sarah Marsh; editing by Patrick Graham)

Factbox: Main features of China's currency system
JUNE 19,10

China will gradually make the yuan's exchange rate more flexible, the central bank said on Saturday a week before a G20 summit, strongly suggesting that it was ready to break the currency's 23-month-old dollar peg.A central bank statement was released following mounting pressure on Beijing to allow the yuan to appreciate in line with its economic strength since the global economy began to recover.

Here are the main features of China's currency system.
-- China revised the basic rules governing its foreign exchange system after it revalued the yuan, or renminbi, by 2.1 percent against the dollar on July 21, 2005.
-- China said it had shifted to a managed floating exchange rate based on market supply and demand with reference to a basket of currencies, to replace a single exchange rate system with the central bank announcing the yuan's value on a daily basis.
-- However, Beijing suspended the managed floating system in July 2008, effectively repegging the currency to the dollar to try to protect its economy from the global financial crisis.
-- Chinese officials, including President Hu Jintao, had said they would continue yuan reforms initiated in 2005.
-- The yuan is allowed to rise or fall by 0.5 percent a day against the dollar from an opening mid-point set by the central bank at 9.15 a.m. (0115 GMT) based on quotes collected from market makers.
-- In actual trade, the yuan has almost always held within 0.15 percent of the dollar mid-point. Since mid-2008, the central bank has used the mid-point to keep the yuan within about 100 pips of 6.83 per dollar.
-- The yuan's daily trading band against other major currencies is set at plus or minus 3 percent from the daily mid-point.
-- The central bank has said the dollar, euro, yen and Korean won are the main currencies in its reference basket. Others include the Singapore dollar, sterling, the Malaysian ringgit, Russian rouble, Australian dollar, Thai baht and Canadian dollar. The weightings are kept secret.(Reporting by Lu Jianxin and Edmund Klamann: Editing by Neil Fullick)

POWER OUTAGE

REVELATION 16:10-11
10 And the fifth angel poured out his vial upon the seat of the beast; and his kingdom was full of darkness; and they gnawed their tongues for pain,
11 And blasphemed the God of heaven because of their pains and their sores, and repented not of their deeds.

Zimbabwe, Zambia plunge into darkness
Fri Jun 18, 1:39 pm ET

HARARE (AFP) – Parts of Zimbabwe and most of neighbouring Zambia suffered a massive blackout for about 10 hours on Friday, as a fault crippled the hydro-electric dam that supplies most of the countries' power.A breakdown at Kariba dam disrupted the entire electrical grid and caused problems at secondary stations, said Fullard Gwasira, a spokesman for the Zimbabwe Electricity Supply Authority (ZESA).We had a system disturbance this morning in Kariba leading to loss of power in the country," he told AFP.The systems disturbance has resulted in loss of power from Kariba North, South and Kafuwe gorge (in Zambia). This system disturbance resulted in the loss of 736 megawatts which has resulted in some parts of the country and Zambia not having electricity.Zimbabwe only generates a total of 900 megawatts of power, and needs about 2,100 megawatts to keep the lights on across the country.About 10 hours later, five of the six units at Kariba had been restored.One unit is still down until Sunday, so there will be continuous blackouts in some parts of the country, Gwasira said.Most of Harare lost power for the day, leading to gridlock throughout the city as traffic lights stopped working.All of the Zambian capital Lusaka lost power and national radio went off the air as electricity in most of the country disappeared for about 10 hours.There was a fault at Kariba dam power station, which affected almost the entire country, said Lucy Zimba of Zambia's state power company. She said engineers were still trying to determine what caused the fault.

The blackouts came one week after Zimbabwe authorities had assured the country that power would run continuously through the World Cup.Gwasira said engineers were attending to the problem and trying to find what led to this system disturbance.
Zimbabwe's ageing power generation stations have been facing growing technical problems as a result of neglect due to years of economic crisis.

Myanmar denies allegations it is seeking nukes
Sat Jun 19, 6:41 am ET

YANGON, Myanmar – Myanmar has sent a letter to the U.N. nuclear agency insisting it has no current or future plan to develop a nuclear program in the isolated country's second denial this month after reports emerged it may be seeking an atomic weapon.

Myanmar's military government has denied similar allegations in the past, but suspicions have mounted recently that the impoverished Southeast Asian nation has embarked on a nuclear program.Myanmar's envoy to the International Atomic Energy Agency, Win Tin, dismissed the allegations as groundless and unfounded in a letter sent Friday, according to a Saturday report in the New Light of Myanmar newspaper. The Foreign Ministry issued a denial on June 11.No activity related to uranium conversion, enrichment, reactor construction or operation has been carried out in the past, is ongoing or is planned for the future in Myanmar, the letter said, according to the newspaper which is a mouthpiece for the junta.The letter was sent in response to one from the IAEA dated June 14 that asked Myanmar to outline any nuclear-related activities or ambitions, the newspaper said.Earlier this month, the Norway-based Democratic Voice of Burma, a Myanmar exile news service, charged that the junta, aided by North Korea, is actively pursuing a nuclear weapons program with the aim of developing a bomb and long-range missiles.It said its conclusions were based on a five-year study and revelations by a recent Myanmar army defector who smuggled out extensive files and photographs. The report also said that Myanmar is still far from producing a nuclear weapon.Win Tin's letter noted that Myanmar is a signatory of the Nuclear Non-Proliferation Treaty and the agency's so-called safeguards agreement.As stated in the safeguards agreement, Myanmar will notify the agency if it plans to carry out any nuclear activities,the letter said.Last month, U.N. experts monitoring sanctions imposed against North Korea over its nuclear and missile tests said their research indicated it was involved in banned nuclear and ballistic missile activities in Iran, Syria and Myanmar, which is also called Burma.Documents that surfaced earlier showed that North Korea was helping Myanmar dig a series of underground facilities and develop missiles with a range of up to 1,860 miles (3,000 kilometers).