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Let the Headlines Speak
Mar 17th, 2013
Daily News
From the Internet
Categories: Today's Headlines;Contemporary Issues

Cyprus Bank Holiday Extended Through Tuesday As Confusion Spreads
The Cypriot cabinet has declared Tuesday a bank holiday, for fear of capital flight, and this may even be stretched to Wednesday, as depositors are certain to withdraw huge sums from the Cypriot banks after the haircut imposed.

Cypriots shocked as euro bail out includes 10pc tax on bank accounts
Residents of Cyprus reacted with shock yesterday after the government agreed to a €10 billion (HK$101 billion) bailout that includes an unprecedented levy on all bank deposits. But it includes €5.8 billion to be raised through the bank deposit levy of up to 9.9 per cent, which will apply to everyone from pensioners to Russian oligarchs and tens of thousands of British expats.

+30.5B: Federal Spending Up, Not Down, in First 5 Months of FY13
Federal spending was up $30.5 billion in the first five months of fiscal 2013 compared to the first five months of fiscal 2012, according to newly released data from the U.S. Treasury.

Israeli PM appoints hardline military chief
Israeli Prime Minister Benjamin Netanyahu has appointed a hard-line former military chief as the country's new defence minister. Moshe Yaalon, a former army commando, has said Iran's suspect nuclear programme is Israel's top security concern. He has been vague about whether Israel might carry out a military strike on Iran.

Russia’s Mediterranean Task Force to Comprise 5-6 Warships – Navy Chief
The Russian Navy will maintain 5-6 warships in the Mediterranean Sea as a task force to defend Russia’s interests in the area, Navy Commander Adm. Viktor Chirkov said on Sunday. "Up to five-six warships must be present in the Mediterranean Sea on a permanent basis and control must be exercised through the command of the [Russian] Black Sea Fleet,” Chirkov said in an interview with the Zvezda TV network run by the Defense Ministry.

‘Iranian cmdrs. authorized to launch immediate counterattack’
“Our commanders have received authorization to immediately respond to any hostile action by the enemy without allowing enemy to think twice [about its act of aggression],” Brigadier General Masoud Jazayeri said on Saturday. Jazayeri made the remarks in response to Israeli leaders threat to use force against the Islamic Republic over the country’s nuclear energy program.

Iran launches destroyer in the Caspian Sea
Iran launched a domestically built destroyer in the Caspian Sea on Sunday, its first deployment of a major warship in the oil-rich region, state TV reported... He (President Mahmoud Ahmadinejad), said the deployment aimed to bolster peace and friendship in the region. "The destroyer is there to meet those who want to jeopardize the security of surrounding nations," he said, without elaborating.

N Korea warns world of nuclear war breakout
NORTH KOREA has threatened to target the prime minister of South Korea and told residents to evacuate islands within range of its artillery, warning the world that "a nuclear war may break out". Military sources in Seoul said the North Koreans test-fired two short-range missiles into the Sea of Japan on Friday, just as the United States announced plans to boost its missile defences against Asian threats.

Anti-Israel groups push product, performers boycott
At the very moment SodaStream, an Israeli company, was advertising its popular make-your-own-soft-drink gadget...pro-Palestinian activists were urging consumers to boycott the company because one of its factories is located in what they say is "an illegal Israeli settlement in the occupied Palestinian West Bank." Launched by a new group called the Interfaith Boycott Coalition, the SodaStream campaign is just one of the many ways the...movement has tried to isolate Israel...

U.S. Cancels Part of Missile Defense That Russia Opposed
The United States has effectively canceled the final phase of a Europe-based missile defense system that was fiercely opposed by Russia and cited...a major obstacle to cooperation on nuclear arms reductions and other issues. ...Russian news accounts...raised the possibility that the decision could portend a breakthrough in what...has been a largely intractable dispute between Russia and the United States.

Google Glass: The opposition grows
...the people behind this anti-cyborg movement claim that there's no way you'll ever know that someone wearing Google Glass is recording your every word and movement. There's no way of even knowing if someone else is recording you through their glasses from somewhere in the cloud.

Chinese President Xi Jinping calls for renaissance
The new Chinese President, Xi Jinping, has said he will fight for "the great renaissance of the Chinese nation," in his first speech as head of state. Closing the annual National People's Congress, he urged delegates to reject extravagance and fight corruption. At a news conference later, new Premier Li Keqiang said sustainable economic growth would remain the top priority.

Major US Jewish group elects 1st openly gay rabbi
The Reconstructionist Rabbinical Association has elected an openly gay rabbi to lead the national rabbinic organization. Rabbi Jason Klein, the executive director of Hillel at the University of Maryland, Baltimore County, since 2006, was elected to lead the RRA during its 39th annual convention in New Orleans, which ended on Wednesday.

Cypriots Shocked As Euro Bail Out Includes 10pc Tax on Bank Accounts
Mar 17th, 2013
Daily News
Associated Press, Bloomberg, Reuters, Agence France-Presse
Categories: Today's Headlines;Contemporary Issues

Residents of Mediterranean island run on ATMs after government agrees to €10b bailout that includes unprecedented levy on bank accounts

Residents of Cyprus reacted with shock yesterday after the government agreed to a €10 billion (HK$101 billion) bailout that includes an unprecedented levy on all bank deposits.

The debt rescue package, agreed with the euro zone and International Monetary Fund earlier in the day in Brussels, is significantly less than the €17 billion Cyprus had initially sought.

But it includes €5.8 billion to be raised through the bank deposit levy of up to 9.9 per cent, which will apply to everyone from pensioners to Russian oligarchs and tens of thousands of British expats.

At the same time, a "withholding tax" would be imposed on interest on bank deposits, and Cyprus will have to hike corporate tax to 12.5 per cent from 10 per cent and sell off state assets to help balance the public finances.

The levy will see deposits of more than €100,000 hit with a 9.9 per cent charge when lenders reopen their doors after a scheduled public holiday tomorrow. Under that threshold and the levy drops to 6.75 per cent.

Though it was reached too late for Cyprus newspapers, and other forms of traditional media were caught unawares, the bailout deal prompted some to queue up outside banks to withdraw cash from ATMs.

Cypriot bank officials said that depositors can access all their money except the amount set by the levy. But that hardly assuaged people who continued to withdraw cash from ATMs until the machines ran out, unsure what or how much would be taxed. Officials said that withdrawing funds yesterday would not reduce anyone's levy.

Analyst Sony Kapoor cautioned that there was no point in pulling out cash, tweeting: "Dear Cyprus bank depositors, the time to line outside ur banks was last week, no point now."

The levy came as a shock to most people following strict assurances from Cyprus' President Nicos Anastasiades that he would not accept a deal which required depositors to share in the losses.

Cypriot and European officials feared that forcing depositors take a hit would undermine investors' confidence in Cyprus and other weaker euro zone economies and even possibly lead to bank runs.

Shaun Richards, who described himself an independent economist, tweeted: "If those in charge in the euro area actually wanted to start a bank run this charge on depositors in Cyprus should do the trick."

A flood of angry comments flowed on the internet.

"The Cyprus deal is exactly why I don't keep money in the bank anymore," one person wrote on Twitter. "Brussels can commandeer your cash. Just like that."

Co-operative bank branches, which, unlike the main lenders, usually open for business on Saturdays, kept their doors closed as their systems were shut down.

"They call Sicily the island of the mafia," said a pensioner. "It's not Sicily, it's Cyprus. This is theft, pure and simple."

Ministers were in a race against the clock to thrash out legislation and push it through parliament, which the speaker's office would convene today.

"I wish I was not the minister to do this," Cypriot Finance Minister Michael Sarris said in Brussels. "Much more money could have been lost in a bankruptcy of the banking system or indeed of the country."

Cyprus is the fifth country to secure a debt rescue package from its euro zone partners in the three-year debt crisis.

The price tag for Cyprus is small compared with two rescues for Greece worth some €380 billion, Ireland's €85 billion, Portugal's €78 billion and €41 billion for Spanish banks.

American Support for Israel At All - Time High
Mar 17th, 2013
Daily News
Israel Today - Staff
Categories: Today's Headlines;The Nation Of Israel

A new Gallup poll shows that support for Israel among American voters is at an all-time high, which is saying something, since pro-Israel sentiment was never lacking in the US.

According to the survey, 64 percent of all Americans side with Israel in its ongoing conflict with the Palestinians and the wider Arab world. That matches the high point of support recorded in 1991 during the first Gulf War, when Saddam Hussein was lobbing missiles at Tel Aviv.

Today, only 12 percent of Americans said they sympathize with the Palestinian narrative of the conflict.

As usual, support for Israel was much higher among Republicans (78%), but was still a firm majority among Democrats (55%).

Of possible concern is that the vast majority of those supporting Israel from both sides of the political map are from the older generations. As one moves into the younger age brackets, that support wanes. For comparison, while 71 percent of Americans over the age of 55 support Israel, that number drops to 55 percent among Americans aged 18- to 34-years-old.

That's not to say the younger generation is siding against Israel (support for the Palestinian side tops out at just 24 percent), but the Jewish state has largely failed to speak to this demographic in as effect a manner as it reached their parents.

The poll results were published just days before President Barack Obama was scheduled to arrive in Israel. In line with the findings, Obama was expected to avoid putting any additional pressure on Israel to meet Arab demands


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