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The Other Costs Of Financial Ruin. . .

Facing Losses, Billionaire Takes His Own Life

The New York Times / World Business | Tuesday, January 6, 2009

Adolf Merckle, 74, was ranked as the world's 94th richest person in 2008, according to Forbes magazine. Photo: Reuters

By CARTER DOUGHERTY
Published: Tuesday, January 6, 2009
FRANKFURT � Adolf Merckle, the German billionaire whose speculation in volatile Volkswagen stock had pushed his sprawling business empire to the edge of ruin, has committed suicide, his family said Tuesday. Mr. Merckle, 74, was found dead on railroad tracks near his villa in the southern German hamlet of Blaubeuren on Monday evening. German authorities in the nearby city of Ulm confirmed the death and said there was no sign anyone else was involved. �The distress to his firms caused by the financial crisis and the related uncertainties of recent weeks, along with the helplessness of no longer being able to handle the situation, broke the passionate family businessman, and he ended his life,� the family said in a statement.

The police said a suicide note had been found; its contents were not publicly released. More than any other single investment, Mr. Merckle�s poorly timed bet on Volkswagen shares caused the financial distress that led to his death. Last fall, Mr. Merckle lost hundreds of millions of euros when he was caught in a brief but ferocious speculative riptide linked to a campaign by Porsche, the sports car manufacturer, to seize control of Volkswagen. He was facing the dismantling of his empire and the sale of major holdings at the time of his death. Porsche announced late Monday � around the time Mr. Merckle was taking his own life � that it had acquired slightly more than 50 percent of Volkswagen shares, up from a 42.6 percent voting stake in October. Porsche has said it planned to buy 75 percent of Volkswagen during the course of the year, as it seeks more operating control of Europe�s biggest carmaker.

A native of Dresden who made his way to Western Germany after World War II, Mr. Merckle parlayed a family business in chemicals into one of the biggest pharmaceutical concerns in the world. Ratiopharm, a maker of generic medicines that was a recognized brand itself, became the pride of the family. Other businesses included Phoenix, a pharmaceutical wholesaler; and HeidelbergCement, a building materials supplier that in 2007 acquired a British rival, Hanson, to become a leading global player. Forbes estimated Mr. Merckle�s fortune at $9.2 billion in 2008, making him No. 94 on its list of the world�s richest people. The financial crisis began taking its toll on HeidelbergCement last year as the debt incurred to buy Hanson became more burdensome.

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Ebola; Deadly Comeback in the Congo

Ebola alert shuts Angolan border

There is no absolute cure for ebola. Image: BBC.co.uk / Media Images / SPL

BBC News / Africa | Story last updated Tuesday, January 9, 2009 | 05:05 GMT

The authorities in Angola say they have closed part of the border with the Democratic Republic of Congo to prevent the spread of the deadly Ebola virus.

Angolan officials said all movement of people from northern Luande Norte province to DR Congo would be stopped. The outbreak in DR Congo was the first in Africa in several months and the fourth in DR Congo since 1976. It is believed to have infected at least 40 people of which more than ten have died. "We are suspending all movement of people and trade with the DRC in the province of Lunda Norte", said Angolan Health Minister Jose Van Dunem.

Reuters news agency reported Mr Van Dunem as saying that no cases of Ebola had been diagnosed in Angola so far but that the Angolan military and police were on the alert for signs of the virus in the north-east border region. Ebola is a highly infectious fever which causes vomiting, diarrhoea, and internal and external bleeding. The disease kills 80% of those it infects and there is no known cure.

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Severe Natural Gas Crisis hits SE Europe

Russia halts gas supplies to south-east Europe

WELT ONLINE / English News | Tuesday, January 6, 2009 10:15

Earlier on Tuesday Bulgaria's Economy Minster said all Russian gas supplies via Ukraine to Bulgaria, Turkey, Greece and Macedonia had been halted as a result of the Moscow-Kiev price row. Picture: AFP

All supplies of Russian gas via Ukraine to Bulgaria, Turkey, Greece and Macedonia were halted on Tuesday due to a dispute between Moscow and Kiev over gas prices, officials in Sofia said. Turkish Energy Minister Hilmi Guler confirmed that supplies to his country had been completely cut.

Also affected was Romania where Russian gas supplies were reduced by 75 percent from contracted levels, the state-controlled Transgaz pipeline operator said. "We are in a crisis situation,� Bulgaria�s economy ministry said in a statement. Russia ordered on Monday a reduction in gas flow to Europe via Ukraine, a measure it said was to stop its neighbour from stealing fuel. Ukraine said the move would jeopardise supplies to Europe which is facing freezing temperatures. The gas row has raised new questions about Russia�s reliability as an energy supplier and rekindled Western suspicions -- still fresh after Russia�s war with Georgia last year -- that the Kremlin bullies its pro-Western neighbours.

"Russia and Ukraine must find an urgent solution because the energy systems of dozens of countries are at risk,� Economy and Energy Minister Petar Dimitrov told national radio. Sofia said the gas flow to Bulgaria as well as the transit to Turkey, Greece and Macedonia had been suspended as of 3.30 a.m. (0130 GMT). Turkey�s Guler said his country had raised supplies of Russian gas delivered via a pipeline which passes under the Black Sea to 48 million cubic metres per day from 40 million. A source at Ankara�s Iranian embassy said Iran might increase its gas flows to Turkey -- which has started to use liquid natural gas sources and natural gas stores -- to cover the shortfall. Iran supplies about a third of Turkey�s gas.

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India Hands Mumbai Attack Evidence unto Pakistan

Indian soldiers stand guard outside the Taj Mahal Hotel in Mumbai in late November. Image: Google hosted news / AFP

India hands evidence on Mumbai attacks to Pakistan

AFP | Monday, January 5, 2009

NEW DELHI (AFP) � India on Monday handed to Pakistan what it said was evidence linking the country to the Islamic militants who attacked Mumbai in November, India's foreign minister announced. The government also said it was launching a major diplomatic offensive to maintain international pressure on Islamabad, which has so far rejected New Delhi's demands to extradite a list of terror suspects. "We have today handed over to Pakistan evidence of the links with elements in Pakistan of the terrorists who attacked Mumbai on 26th November," Pranab Mukherjee told reporters. "What happened in Mumbai was an unpardonable crime. As far as the government of Pakistan is concerned, we ask only that it implement the bilateral commitments that it has made at the highest levels to India, and practises her international obligations," he added.

Mukherjee's deputy, Shivshankar Menon, passed the evidence to Pakistan's high commissioner (ambassador) in New Delhi and later pointed a finger of blame at the country's "establishment." "It's hard to believe that something of this scale that took so long in preparation... could occur without anybody anywhere in the (Pakistan) establishment knowing," he told reporters. Islamabad confirmed that it had received the dossier, and Prime Minister Yousuf Raza Gilani again said he would take action if "credible evidence" was provided. The material includes details of the interrogation of Mohammed Ajmal Amir Iman -- also known as Mohammed Ajmal Kasab -- who was the lone surviving gunman and who India says is a Pakistani national.

It also details the militants' communications with "elements" in Pakistan during the attack, recovered weapons and other equipment, retrieved global positioning system data and satellite phones. "It is our expectation that the government of Pakistan will promptly undertake further investigations in Pakistan and share the results with us so as to bring the perpetrators to justice," Mukherjee said. New Delhi would share the evidence with foreign ministers around the world and would brief foreign ambassadors in New Delhi, the minister said. The November 26-29 assault on India's financial capital left 172 dead, including nine attackers. Indian officials say the banned Pakistan-based militant group Lashkar-e-Taiba trained and equipped the 10 militants who stormed Mumbai.

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Israel's Stand: ''No Deal until the Best Deal Can be Made''

Israel rebuffs a series of calls for ceasefire

Israel has rebuffed a series of international mediation efforts and vowed to press on with its military campaign for as long as Hamas continues to fire rockets from the Gaza Strip.

The Telegraph.co.uk | Monday, January 9, 2009

An Israeli soldier sits next to artillery shells. Photo: REUTERS

By Damien McElroy in Jerusalem
Last Updated: 7:54PM GMT 05 Jan 2009
President Nicolas Sarkozy of France arrived in Israel on a personal mission to broker a ceasefire. An EU delegation, consisting of the French, Czech and Swedish foreign ministers, also visited Jerusalem. After meeting Mahmoud Abbas, the Palestinian leader, Mr Sarkozy declared that "violence must halt" and was later due to attend a dinner with Ehud Olmert, the Israeli prime minister. The EU delegation was politely rebuffed by Tzipi Livni, the foreign minister and a contender for the premiership in Israel's election due on Feb 10. She said the time for a ceasefire was not at hand. Miss Livni appeared to complain that the European delegation had not understood the fundamental change in Israel's outlook. "Before the military operation, Hamas targets Israelis whenever it likes and Israel shows restraint," she said. "This is no longer going to be the equation. When Israel is targeted, Israel is going to retaliate."

While Israel and Hamas each hope to emerge from the conflict with the upper hand, a cessation of violence is a distant prospect. America has conspicuously refused to put pressure on Israel but growing concern over conditions within Gaza could yet propel Israel to settle on terms with Hamas. "We don't want a band aid here," said one Israeli official. "We want a durable, lasting peace that ensures peace and calm." Tony Blair, the international envoy in the Middle East, predicted that pressure on Israel would increase as fighting stretched beyond a 10th day. "We are doing everything we possibly can to bring about an end to a situation of immense suffering and deprivation," he said. "I know over next few days there are going to be intensive diplomatic efforts. We will increase our efforts to bring about a resolution to this situation."

But foreign envoys have so far failed to find a plan that would satisfy Israel. Even if Hamas promised not to rocket Israeli territory, Israel would hold out for internationally backed "guarantees" that the group would be stripped of its capacity to attack. That would mean sealing the tunnels used to smuggle rockets into the Strip across the Egyptian border under international supervision and imposing a monitoring regime to thwart launches. The government is determined that the group does not replicate Hizbollah's successful efforts to restore its missile stocks in the aftermath of the 2006 war despite the deployment of a French and Italian-led peacekeeping force. Diplomats detected divisions between Hamas leaders inside Gaza and exiled politburo members in Syria. While the exiles indicated they were open to truce offers, the rhetoric from inside the territory was harshly hostile towards Israel.

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Somali Pirates Sailing Stormy Seas; France Captures 19

French soldiers arresting presumed Somali pirates. Image: Google hosted news / AFP

France foils two Somali pirate attacks, holds 19: Paris

AFP | Sunday, January 4, 2009 | 3 hours ago

PARIS (AFP) � A French warship Sunday foiled attempts by Somalian pirates in the Gulf of Aden to seize two cargo vessels and intercepted 19 people, the French president's office said. "Three days after a French vessel thwarted an attack on a Panamanian cargo ship" the frigate Jean de Vienne conducted a "decisive action" against "two new attacks" it said in a statement. "The 19 Somali pirates who tried to seize the two boats were intercepted," it added, saying they carried weapons, ammunition and material for boarding ships. "They will be transferred to the Somali authorities," it added. The French defence ministry said pirates attempted to attack a Croatian and a Panamanian ship and that French forces seized assault rifles, two rocket launchers, and more than 1,000 litres of oil.

On Thursday, a French warship thwarted an attack by pirates, presumed to be Somalis, on a Panamanian-flagged cargo vessel. They arrested eight suspects to be handed over to the Somali authorities. In October, the French navy handed over nine suspected pirates to the authorities in the breakaway state of Puntland in the northeast of the country. Another 12 suspected pirates are currently being held in France. They were arrested during two separate operations to free the crew of two French yachts in April and September of last year. Somalia, which has been ravaged by civil war since 1991, has become a global hotspot for piracy in recent years. An Islamist militia which briefly controlled most of Somalia in 2006 had all but rooted out piracy but attacks surged again after the hardline movement was ousted by an Ethiopian troop invasion.

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Quakes Terrorize Indonesians Once Again. . .

Residents inspect a collapsed hotel after an earthquake struck in Manokwari, Papua province, Indonesia, Sunday, Jan. 4, 2009. A series of powerful earthquakes at dawn killed at least three people and injured dozens more in remote eastern Indonesia on Sunday, cutting power lines and badly damaging buildings. (AP Photo/Budi Setiawan)

Series of quakes hit Indonesia, killing 4

The Associated Press | Sunday, January 4, 2009

By MURSIDIN ODE � 4 hours ago
MANOKWARI, Indonesia (AP) � A series of powerful earthquakes killed at least four people and injured dozens in remote eastern Indonesia Sunday and briefly triggered fears of another tsunami in a country still recovering from 2004's deadly waves. One of the quakes � a 7.3-magnitude tremor � was felt as far away as Australia and sent small tsunamis into Japan's southeastern coast. Residents near the epicenter in Papua province rushed from their homes in search of higher ground shortly after the first 7.6-magnitude quake struck at 4:43 a.m. local time (1943 GMT), afraid that huge waves might wash over the island. The epicenter was about 85 miles (135 kilometers) from Papua's main city of Manokwari and occurred at a depth of 22 miles (35 kilometers), the U.S. Geological Survey said. It was followed by dozens of aftershocks.

At least four people died, dozens were injured and some 135 homes and other buildings were badly damaged or toppled in the province. Power lines fell, cutting off electricity, and the runway of Manokwari's Rendani airport was cracked, prompting the cancellation of commercial flights. The government initially issued a tsunami warning but lifted it within an hour after it was confirmed that the epicenter was on land, not water. Quakes centered onshore pose little tsunami threat to Indonesia itself, but those close to the coast can churn up large waves that sometimes reach the coastlines of other countries such as Japan. Japan reported tsunamis between 4 inches (10 centimeters) and 16 inches (40 centimeters) high hitting its shores following the temblors.

A huge quake off western Indonesia caused the 2004 Indian Ocean tsunami that killed about 230,000 people, more than half of them on the western Indonesian island of Sumatra. Four years on, the multibillion dollar rebuilding process is almost complete. Residents in Papua's Manokwari � a jumble of low-lying brick and cement structures home to 167,000 people � remained jittery late Sunday, with thousands prepared to sleep outside for fear of aftershocks. "We don't feel safe," said Simon, 32, who was staying outside with his wife and three kids. "It's just in case there are strong aftershocks." Local officials drove through the streets warning people not to return to structures that might be vulnerable if an aftershock hit.

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Israel Pushes Into Gaza

Israeli soldiers maneuver on the Israeli-Gaza border waiting to deploy into the Gaza Strip. Image: Google hosted news / AFP

US warns against return to status quo in Gaza

AFP | Saturday, January 3, 2009

WASHINGTON (AFP) � President George W. Bush was briefed on the situation in Gaza where Israel sent in troops Saturday, while the United States warned any ceasefire must prevent a return to the "status quo" with Hamas. Hours after the Jewish state launched a ground incursion into the Hamas-run territory, following a deadly week-long air assault aimed at halting rocket attacks, the White House said Bush had been kept abreast of Israel's activities and US officials were in contact with Israeli, European and regional leaders. As Gaza medics reported at least 460 people killed and thousands wounded, the State Department expressed its concern for potential civilian consequences but reiterated that any ceasefire would have to bar Hamas from more attacks.

"We are working toward a ceasefire that would not allow a reestablishment of the status quo ante, where Hamas can continue to launch rockets out of Gaza and to condemn the people of Gaza to a life of misery," said State Department spokesman Sean McCormack. "It is obvious that that ceasefire should take place as soon as possible, but we need a ceasefire that is durable, sustainable, and not time limited," he said on the eighth day of the military offensive, Israel's largest since its 2006 war with Lebanon. "The United States is deeply concerned about the humanitarian situation and the protection of innocents," McCormack said. "In this vein, we have expressed our concerns to the Israeli government that any military action needs to be mindful of the potential consequences to civilians."

McCormack accused Hamas, which seized power of Gaza in 2007, of staging an "illegal coup against the forces of president Mahmud Abbas," and holding "the people of Gaza hostage." "They have used Gaza as a launching pad for rockets against Israeli cities, and have contributed deeply to a very bad daily life for the Palestinian people in Gaza and to a humanitarian situation that we have all been trying to address," he said. "Hamas has made it very difficult for the people of Gaza to have a reasonable life." While European nations expressed alarm at Israel's actions and called for an urgent ceasefire, a White House spokesman Anthony Warren said Bush "was briefed this afternoon on the current situation in Gaza and the actions of the IDF" (Israeli Defense Forces).

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Quake Activity at Yellowstone Grabbing More Attention as ''Headliner''

A Spurt of Quake Activity Raises Fears in Yellowstone

TIME / CNN | Health & Science | Friday, January 2, 2009

The Firehole River in Yellowstone National Park flows past other geysers, including Old Faithful, part of the Yellowstone Caldera. Photo: Jose Azel / Aurora / Getty

By Pat Dawson / Billings
Story originally posted Thursday, Jan. 01, 2009
We who live along Montana's Yellowstone River are downstream from a simmering volcanic caldera, a geologic hot spot that has become especially active recently. Indeed, Yellowstone National Park contains the floor of a gigantic volcanic cauldron, one that rises and sinks with the forces that lie beneath � hence the picturesque geysers and steam holes. But a wave of recent earthquake activity is raising fears that have their origins 642,000 years ago � when a Yellowstone "supervolcano" exploded so violently that it created the caldera itself. Such an explosion � 1,000 times more powerful than the explosion of Mount St. Helens in 1980 � today would not only cover most of the United States with ash but throw so much dust into the atmosphere that the world's climate could change.

Could the current activity be the warning signs of another such apocalypse? Or just a large, but not world-ending earthquake, like the 7.5 on the Richter scale temblor that happened on a summer night in 1959, causing a mountain to slide down into a campground, killing 28 people and damming the Madison river? Last week, geologists at the Yellowstone Volcano Observatory (YVO) annouced that they had recorded "a notable swarm of earthquakes underway since Dec. 26 beneath Yellowstone Lake." The strongest tremor among the hundreds in the last week measured 3.9 on Dec. 27; most of the readings above 2.8 were felt by park employees and visitors around the lake area. The activity relaxed in magnitude early this week but then flexed upward again to top the 3.0 scale by early New Year's eve. "This December 2008 earthquake sequence is the most intense in this area for some years," YVO reported, "and is centered on the east side of the Yellowstone caldera," the ancient collapsed volcano beneath Yellowstone Lake.

The scientists said they cannot immediately "identify any causative fault or other feature without further analysis." (See a gallery of recent volcanic eruptions.) This activity could have a whole range of consequences. In a study released last year, the United States Geological Survey said possible hazards could include hydrothermal explosions, when steam breaks through the surface and forms a crater. That has happened 26 times in the park's 127 years of record-keeping. The USGS discounted chances for cataclysmic eruption of the caldera, noting that the hot, active magma chamber below Yellowstone has turned into "largely crystallized mush." But the same study also said: "Depending on the nature and magnitude of a particular hazardous event and the particular time and season when it might occur, 70,000 to more than 100,000 persons could be affected; the most violent events could affect a broader region or even continent-wide areas."

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Prime Minister Gordon Brown Looks Ahead to a 'Tough' 2009

Brown warns of tough year ahead

Prime Minister Gordon Brown has warned 2009 "won't be easy" for Britain as it deals with the global economic crisis. Photo: BBC News.co.uk / PA

BBC News / Politics | Story last updated at 06:55 GMT, Thursday, 1 January 2009

Gordon Brown has warned 2009 "won't be easy" for Britain as it deals with the global economic crisis.

In the prime minister's traditional new year message he insisted Britain would pull through - but he admitted the challenge was "enormous". The PM tried to strike an optimistic note, saying the British people and the government had shown their ability to meet similar challenges in the past. But shadow chancellor George Osborne accused Mr Brown of "arrogance". He said in a statement: "Gordon Brown is living in a fantasy land of his own imagination - not the Britain of 2009. "He talks of tomorrow, but ignores the role he played in creating the mess of today."

'Build tomorrow'

The prime minister said 2009 should be about preparing jobs and infrastructure for the future. "This coming year won't be easy, but I am determined that this government will be the rock of stability and fairness on which the British people can depend," he said. "The scale of the challenges we face is matched by the strength of my optimism that the British people can and will rise to meet them. "Because we're not a do nothing people and we've always risen to every challenge, we can meet the security challenge, the environmental challenge and the enormous economic challenge."

The PM said the task for 2009 is to "build tomorrow", with jobs for the digital age and the green agenda, new transport and communications infrastructure and enhanced skills. He said that by working with Britain's world partners, such actions would ensure the UK would "hit the ground running" after the downturn. "Today the issues may be difference, more complex, more global," he said. "And yet the qualities that are needed to meet them have been demonstrated in abundance by the British people before."

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