Hourly News updated 08:00 2011/10/05

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At the UN Security Council, an attempt to have a resolution passed on Syria has now been vetoed by both the Chinese and Russian delegations¹.

Citing an over-reaching mandate², China and Russia have used their vetoes in the security council to block the motion.

The proposal, which was put forward by the Europeans, could have potentially led to sanctions on Syria.

China has consistently called for dialogue to end the unrest in Syria, suggesting that outside interference in the country won't be constructive³.

 

 

Italy credit rating slashed⁴ by Moody's from Aa2 to A2?

Moody's has downgraded Italy's government bond rating from Aa2 to A2, with a negative outlook.

Moody's says the downgrade reflects the weight of growing risks, relative to some positive credit data.

The upside for Italy includes a lack of significant imbalances in the economy or severe pressure on private financial and non-financial sector⁵ balance sheets, as well as the actions undertaken by the government over the summer. 

Moody's also notes that the uncertain market environment, and the risk of further deterioration⁶ in investor⁷ sentiment, could constrain⁸ Italy's access to the debt market.

 

 

New measures agreed by EU finance ministers to supervise transactions

European Union finance ministers have agreed on new rules to better handle derivates trading.

The complicated over-the-counter financial tools have been blamed for being the catalyst⁹ of the global financial crisis.

If approved by the European Parliament, the new EU rules will require trades in most derivatives¹⁰ that are not done on a regulated exchange to pass through clearing houses. 

The new European agreement has been reached amid heightened concern over the plunge¹¹ of the share prices of French-Belgian bank Dexia.

France and Belgium are now fighting to prevent Dexia from going under as investors¹² grow increasingly worried over the bank's ability to survive a renewed credit crunch¹³.

 

 

Yemeni warplanes bomb al-Qaida strongholds, 12 killed

Yemen's airforce has gone on the offensive in the southern part of the country.

The Yemeni airforce has launched several strikes on suspected al-Qaeda targets in Abyan, killing¹⁴ at least a dozen suspected militants¹⁵.

The strikes have taken place in the city of Ja'ar, the second largest city in Abyan, which is currently under al-Qaeda control.

At the same time, heavy fighting is also being reported between Yemeni government ground forces and al-Qaeda fighters near Abyan's provincial¹⁶ capital of Zinjibar.

Since May, al-Qaeda has been in control of several cities in Abyan, which is just east of the strategic port city of Aden.

 

 

Afghanistan seals 'strategic partnership¹⁷' with India

In another sign of the deteriorating¹⁸ ties between Afghanistan and Pakistan, Afghan President Hamid Karzai has now inked a strategic partnership agreement with Pakistan's main rival India.

The new agreement, signed in New Delhi, is designed to not only boost trade and cultural ties between the two countries, but security links as well. 

Hamid Karzai says Afghanistan and India share a desire to see a future free of extremism and violence.

The two sides have also signed deals to boost cooperation in mining, oil and gas.

 

 

Egyptian activists¹⁹ plan new protest against military rulers

A number of Egyptian groups are planning a new protest on Friday against the ruling military council. 

The National Coalition²⁰ for Change and the Youth Revolution Union are among those advocating for a new demonstration²¹, trying to press the military to lift the emergency law.

They are also demanding amendments²² to the electoral law and the cancellation²³ of the Shura Council, which is Egypt's upper house of parliament. 

A nation-wide state of emergency remains²⁴ in effect following the mass storming of the Israeli embassy in Cairo in September which left a number of people dead.

 

 

iPhone 4S unveiled

Apple has now unveiled the latest version the iPhone.

The iPhone 4S has around 200 new features, and is running Apple's latest mobile operating system, the iOS 5.

The iPhone 4S, which goes on sale in the US next Friday, will come in black or white and will cost 199 US dollars for a 16 gigabyte-version.

A 64-gig version is also going to be available for 399-US dollars.

Apple expects to put the iPhone 4S on sale on the international market in December.

 

 

Washington gears up for "Occupy D.C." rally

While hundreds of demonstrators continue to occupy the streets of New York, a small scale "Occupy D.C." demonstration is gradually gaining traction²⁵ in the U.S. capital.

Dozens of demonstrators have been camping out on the grass near the area where major lobbyists maintain their offices in Washington.

They're now planning a mass rally for Thursday.

The "Occupy" rallies have been springing up in large US cities over the past few weeks, with the demonstrators -- who are mostly young people -- saying they're frustrated²⁶ with the state of politics and economics in the US.

Hundreds of demonstrators were arrested earlier this week in New York after blocking traffic on one of the bridges leading to Manhattan.

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