Les dessous de l’information mondiale-Downside World News

Décryptage, Analyses, Veille – Downside The World News

Archive for January 28th, 2008

Landesbanks’ Subprime Exposure 80 Bln Eur

without comments

Landesbanks’ Subprime Exposure 80 Bln Eur -Report
Mon Jan 28, 2008

powered by SphereFRANKFURT (Reuters) – Four German state banks have a combined exposure of almost 80 billion euros ($117.2 billion) to risky assets and the state bank of Bavaria, BayernLB, could need an over 2 billion euro write-down, FOCUS magazine reported.

Germany’s Landesbanks are financial institutions owned by regional government and local community savings banks.

FOCUS, in a preview received on Saturday of an article due for publication on Monday, said the other three banks were WestLB, LBBW and HSH Nordbank.

The banks are considering whether to transfer their U.S. subprime debt-related instruments to a special-purpose vehicle, the weekly magazine reported without citing its sources.

A BayernLB spokesman told Reuters on Saturday that no figures were available, declining further comment. Nobody at LBBW was immediately available for comment.

WestLB this week announced a 2007 loss of 1 billion euros and subprime write-downs of the same magnitude. WestLB said its owners would foot the bill.

LBBW said on Jan. 18 that it expected a 2007 net profit of more than 300 million euros despite taking a hit from credit market problems linked to the U.S. subprime mortgage crisis.

HSH Nordbank said in November that it had seen no significant impact from the subprime crisis. On Saturday, a spokesman said HSH Nordbank was not aware of any moves to transfer assets to a special purpose vehicle.

HSH Nordbank’s total exposure to securities tied to U.S. subprime mortgages was 1.8 billion euros, the spokesman said.

Two German banks, stock exchange listed IKB (IKBG.DE: Quote, Profile, Research) and the state bank of Saxony, SachsenLB, have already been bailed out after subprime losses.

http://www.reuters.com/article/bankingFinancial/idUSL2651648120080128?pageNumber=2&virtualBrandChannel=10001

 

Written by eldib

January 28, 2008 at 11:49 pm

Posted in Uncategorized

Tagged with ,

Threat as 10-ton satellite set to crash back to Earth

without comments

Threat as 10-ton satellite set to crash back to Earth

A LARGE American spy satellite has lost power and is expected to crash back to Earth sometime late next month.

The 10-ton satellite’s controllers admit that they do not know where it might come down and they have no way of controlling the return of a vehicle which may contain hazardous materials.

“Numerous satellites over the years have come out of orbit and fallen harmlessly,” said Gordon Johndroe, a spokesman for the US National Security Council. “We are looking at all potential options to mitigate any possible damage that this satellite may cause.” Governments around the world have been warned of the satellite’s plight.

The spokesman refused to speculate on the possibility that the satellite may be shot down by a missile to prevent any debris causing damage.

If the US government elected not to use that method to destroy the errant satellite, then it could opt instead to employ America’s new laser weapons for use against incoming missiles, which are now being tested on board a modified Boeing jumbo jet.

Falling satellites and their trajectories can usually be predicted well in advance and airlines notified. The lack of certainty over the reentry location of this dying spy in the sky, not to mention the risk from any poisonous materials that it may be carrying, underlines the threat the satellite poses as it plunges from its orbit 100 miles above the Earth.

Last year 270 passengers on board an airliner above the Pacific had a lucky escape when the wreckage of a blazing Russian satellite narrowly missed their aircraft.

Pilots of the Latin American Airbus A340 saw the fiery debris streaking through the darkness directly ahead of them. The wreckage caused a sonic boom, which temporarily drowned out the noise of the jet’s four engines.

The near-disaster happened about four hours southwest of Auckland, New Zealand, and air traffic controllers quickly realised that the flaming wreckage was what remained of a communications satellite that had not been due to enter the Earth’s atmosphere for a further 12 hours. The Pacific area is favoured for bringing satellites to Earth because of the relatively light population.

The largest uncontrolled reentry of a Nasa spacecraft from space orbit was Skylab, the 78-ton space station that fell back to Earth in 1979. The debris from the station fell across the Indian Ocean and a remote part of Western Australia. There were no reported injuries or damage from Skylab.

In 2000 Nasa engineers successfully directed a safe return from orbit of the 17-ton Compton Gamma Ray Observatory using rockets on board the satellite to bring it down in a remote part of the Pacific.

The difficulty or predicting reentry was reinforced two years later when debris from a science satellite crashed onto the Earth’s surface several thousand miles from where it had been expected to impact. Elements of the 7,000lb satellite rained down over the Gulf. Fortunately there was no reported injury to life or property.

The most dangerous satellite disaster came in January 1978 when a fireball streaked through the skies of western Canada, heralding the demise of a Russian spy satellite.

The remains of the satellite came down over Great Slave Lake and fell across the North West Territories, Alberta and Saskatchewan spreading mildly toxic radioactive waste.

In the subsequent furore the then Canadian prime minister, Pierre Trudeau, accused the United States of failing to warn the Ottawa government of the impending danger.

http://www.timesonline.co.uk/tol/news/uk/science/article3258166.ece

Written by eldib

January 28, 2008 at 6:53 am

Posted in USA

Tagged with , ,

Covert bid to push US troops into Pakistan

without comments

Covert bid to push US troops into Pakistan

The United States has started to shift its attention to remplace Musharraf’s  successor as army chief, Gen. Ashraf Kiyani

WASHINGTON: The United States will soon have boots on the ground inside Pakistan following a decision by the Pentagon to send Special Forces, ostensibly to train Pakistani troops to meet the terrorist challenge that is threatening to destabilise the country. An internal communication called a planning order has been issued by Admiral William Fallon, commander of the US Central Command, asking US military commanders to develop “new approaches” to help Pakistan combat terrorism, senior defense officials revealed in a background briefing on Wednesday. “New approaches” appeared to be a euphemism for covert US intervention in Pakistan where anti-American sentiment is high. AP reported that the program envisages a timeline stretching to 2015.

US officials put plenty of gloss on the intervention plan to save Pakistan’s face, saying a central assumption in the approach is that no such US training contribution would be made without the Pakistani government’s prior approval.

But they have also indicated that Pakistan has accepted the new US plan, having left Washington with little choice as its vaunted military ceded territory to Al Qaeda and Taliban elements on its western border, amid reports of troop desertion and surrender.

Details of the US plans were not revealed but Admiral Fallon has been in Pakistan this week holding talks with Pakistan’s new army supremo Ashraf Kiyani, even as it’s “President” Gen. (Retd) Musharraf is on an eight-day tour of Europe.

US officials are now letting it be known that they have Kiyani’s green signal for the operation, even as Musharraf has been protesting any direct US action. Before leaving for Pakistan, Fallon cryptically said US assistance will now be “more robust” and Pakistan had shown greater willingness to accept that help.

Publicly, US officials are repeating ad nauseum that US forces would go to Pakistan only with the approval and at the invitation of the Pakistani government, and their mandate would be strictly to train the Pakistani military in counter-terrorism and counter-insurgency operation.

But the real motive – hand’s on monitoring and control — is evident from the fact that such training could be imparted any other place, including in the United States itself, as it happens in the case of joint exercises between India and the US.

Most interventions in Third World countries begin with such ventures involving advisors and trainers, as it happened with the Soviet involvement in Afghanistan and Cuba. Although widely regarded as a vassal state, Pakistan had avoided direct involvement of US troops inside its territory to avoid a public backlash from an increasingly anti-American mood in the country.

The US too has been trying to keep the operation low-key but the information has been dribbling out.

On Thursday, the LA Times ran a story saying “the Pentagon is making plans to send military personnel to Pakistan to train its security forces, taking advantage of promising ties with the country’s new top general.”

Across the continent, a Washington Post columnist wrote a spot report from Rawalpindi on the meeting between Fallon and Kiyani that clearly undermined Musharraf, and virtually spelt his political obituary.

In contrast with the Musharraf years, it quoted Fallon saying, “I would expect the army gets a lot more attention now because the guy who’s in charge only has one job…I’m encouraged that he seems to understand the necessity of doing counterinsurgency.”

The reference was to Kiyani, who had emerged as a Washington favorite with glowing portrayals in the U.S media even as Musharraf is being trashed as a has-been who is now a serious liability to the United States.

On his European tour, Musharraf too has been spitting fire, saying the US will be “sadly mistaken” if it thinks a few of its forces can do what 100,000 Pakistani troops is finding it difficult. He has gone as far as saying the US will regret it if it puts boots in the ground inside Pakistan.

Washington’s cover story so far: US troops and planners will go there just to train Pakistani forces.

Musharraf has also been trying to sell Pakistan as a stable entity even as the country is falling apart economically and politically amid widespread shortages of essential commodities and rising anger against his leadership.

On Wednesday, an organization of retired military personnel, including some top generals, asked Musharraf to quit the scene, a demand the itinerant president contemptuously dismissed.

But judging by the noises coming from Washington, the United States has started to shift its attention to Musharraf’s successor as army chief, Gen. Ashraf Kiyani with the intention of bidding its long-favored dictator goodbye.

http://timesofindia.indiatimes.com/India/Covert_bid_to_push_US_troops_into_Pak/articleshow/2729511.cms

Written by eldib

January 28, 2008 at 6:34 am