World gripped by 'international currency war'
The world is in the midst of an "international currency war" according to Brazil's finance minister as governments force down the value of their currencies to boost their struggling economies. The comments are the first public admission made by a senior policymaker about a practice which has become increasingly widespread since the global economic downturn. Many countries, notably China, have been deliberately weakening their currencies by selling them on foreign exchanges or keeping interest rates artificially low to make their exports cheaper. Economists fear that such moves are resulting in increasing currency volatility and instability. Increasing competition among individual countries to devalue also makes it harder to mount a co-ordinate policy response to the economic downturn; particularly amid fears of a renewed slowdown. The issue is likely to be high on the agenda at the upcoming G20 meeting in November in South Korea. China has resisted pressure from the US to allow the value of its currency, the Yuan, to rise. Many countries in Asia, including the host, are reluctant to raise the issue for fear of antagonizing China, a major trading partner. Switzerland also began selling Swiss francs on foreign exchanges last year to weaken its currency. Brazilian finance minister Guido Montego made his comments in a speech in Sao Paulo last night to Brazilian industrial leaders ahead of presidential elections on Sunday."We're in the midst of an international currency war, a general weakening of currency. This threatens us because it takes away our competitiveness," he said.
Former UK Minister created Muslim Women's advisory group to help defeat radical Islam
The former Communities Minister described her efforts to build new groups representing young and female British Muslims in order to counter traditional male-dominated groups. Hazel Blair blamed the lack of wider representation for British Muslims as a factor in growing dissatisfaction with mainstream politics. She told a Labor Party fringe meeting how the Government had tried to engage with other groups as well as long-standing organizations such as the Muslim Council for Britain (MCB) - and even created her own groups made up of young women professionals. She said: "We recognized that there was a danger of the Government only being seen to engage with one organization, which was wrong because it squeezed out other voices. There are a lot of young people and new people coming up and their voices should be heard."I helped set up a group called Muslim Women's Advisory Group. They call themselves the MWAGs. I never called them that. That was what they called themselves."
British college bans veils
A college in Britain has banned veils, drawing criticism from Muslim community leaders, a media report said. Burley College, Lancashire, said that for security reasons, all students, staff and visitors must remove any 'items of clothing which cover their face'. The ban covers anything concealing faces. Community leaders were outraged by the college decision. 'There are human rights issues at stake. People have the right to wear what they want,' Abdul Hamid Qureshi, former head of Lancashire Council of Mosques, was quoted as saying. A college spokeswoman said: 'The decision was taken solely on increasing safety of staff, students and visitors.'
Dutch agree coalition with anti-Islam party support
Two Dutch parties agreed on Tuesday to form a coalition, with support from a far-right party whose leader is on trial for inciting hatred against Muslims, and its main task will be to implement austerity measures. The parliamentary leaders of the VVD Liberal Party and CDA Christian Democrats reached agreement to form a minority government, the first in the Netherlands since 1939, with support in parliament from the anti-Islam PVV Freedom Party. Freedom Party leader Geert Wilders said the coalition deal would prove "fantastic" for the Netherlands. "There will be a historic policy, which will be very different on various matters," he said.
Egypt's pope 'sorry' for bishop's Koran comments
the leader of Egypt's Coptic Christians has apologized for "inappropriate" comments by a bishop that cast doubt on the authenticity of some Koran verses. Earlier, Bishop Bishoy had said that - contrary to Muslim belief - some verses of the Koran may have been inserted after the death of Prophet Muhammad. Egypt's al-Azhar Islamic authority said the comments threatened national unity."This kind of behavior is irresponsible and threatens national unity at a time when it is vital to protect it," said Grand Imam Ahmed al-Tayyeb in a statement issued on Saturday by al-Azhar, one of the key centers of religious learning in Sunni Islam. He was reacting to comments carried in the Egyptian media in which Bishop Bishoy, the Coptic Church's second highest clergyman, called into question the Koranic verses disputing the divine nature of Jesus Christ.
Iran dismisses claims of cyber attack on Bushehr plant
Foreign Ministry spokesman Ramin Mehmanparast has rejected claims that the Bushehr power plant has come under cyber attacks. "This is also a new game and soft warfare (against Iran)," Mehmanparast said during his weekly press briefing on Tuesday. He said the Busher plant will be connected to the main electricity supply of the country within one to two months. Iranian information technology officials have confirmed that some of the country's industrial systems have been targeted by a cyber attack, but they said engineers are capable of countering the problem. According to the Associated Press, a complex computer worm dubbed Stuxnet has infected many industrial sites in Iran and is capable of taking over power plants. German cyber expert Ralph Lanner wrote in a blog post last week that Iran's Busher Nuclear power plant may have been the target of the Stuxnet malware virus.
'Self-defense': NATO choppers strike Pakistan
NATO helicopters based in Afghanistan carried out at least two airstrikes in Pakistan that killed more than 50 militants. NATO justified the strikes based on "the right of self-defense." Pakistan is sensitive about attacks on its territory, but U.S. officials have said they have an agreement that allows aircraft to cross a few miles into Pakistani airspace if they are in hot pursuit of a target. The tribal area where the strikes took place is largely controlled by militants who regularly carry out attacks against NATO troops in Afghanistan. The U.S. rarely uses manned aircraft to carry out strikes in North Waziristan and instead relies on drone attacks that American officials refuse to acknowledge publicly."The ISAF helicopters did cross into Pakistan territory to engage the insurgents," said Donald. "ISAF maintains the right to self-defense, and that's why they crossed the Pakistan border."The strike killed 49 militants, said U.S. Maj. Michael Johnson, another ISAF spokesman.
Lack of 'Rare Earth' Minerals Could Cause Major Problems for the World
This week it was reported that the Chinese have curtailed or halted the supply of what are called "rare earth materials" to Japan, in apparent retaliation for Japan's refusal to issue an apology in its dispute with China over a detained fishing boat captain. The reduction in the supply of these materials could cause major problems not only in Japan, but around the world. China mines 93 percent of these rare earth materials, which sell for several hundred dollars a pound. Most of the sales are to Japan. Japan then uses these materials to produce products ranging from making glass for solar panels to the motors used by hybrid cars like the Toyota Prius. "These are things that some folks in the industry refer to as 'technology metals'," said Jeff Green, a Washington lobbyist trying to coax Congress to make it more affordable for US companies to get back into the mining of these rare earth materials. "These are things that make magnets stronger, make electronics smaller and things move faster, so they are really the next generation of high performance metals. Without these, things like your iPhone wouldn't be as small as it is and wind turbines wouldn't produce the power that they do." Green adds "It also could have grave economic impacts. If you look at the United States trying to go to a renewable energy standard of 20 percent by 2030, there currently isn't the rare earth material available to build those wind turbines to help build that economy. So, unless the U.S. comes online, we really can't ever get to a renewable energy standard set forth by the administration." The US Defense Department is compiling a report on the national security impact of US dependence on the Chinese provided materials and this week, a Senate committee will probe the issue as well.
