Headlines

Politics

• McCain Won’t Rule Out Another Preemptive War
• Poll: McCain-Rice Would Beat Obama-Clinton In Democrat Bastion
• Republican Powell Not Sure Who He Will Support, Voices Afghanistan Concerns
• Oprah Takes Hit For Supporting Obama
• Elton John Re: Clinton - Americans’ “Misogynist Attitudes” Amaze Him (Video)

US

• American Cancels 1,000 Flights, Strands 120,000 Passengers, More To Follow (Video)
  
• Congress Outraged Over Iraq’s $6 Billion Budget Surplus From Soaring Oil Prices
• Thousands Of China Demonstrators Disappointed By San Francisco’s Last Minute Route Change
• Katie Couric May Step Down From CBS Evening News Anchor Position
• 50 Cent And Universal Music Sued For Promoting “Gangsta Lifestyle”

International

• Hamas Attack Kills Two Israel Civilians, Shuts Down Gaza’s Fuel Supplies (Video)
• Israeli Study: Hamas In Midst Of Biggest Military Buildup In History
• Pentagon To Deploy New Hand-Held Lie Detectors To Afghanistan
• Egypt Jails Five Men For Homosexuality
• British Prime Minister Will Not Attend Olympic Opening Ceremonies
• Monks Upstage Another Of China’s Guided Foreign Media Tours Of Occupied Tibet (Video)
• Resolution To N. Korean Nuclear Impasse Reached
• Haiti’s President Calls For Food Tax Cuts, Rioting Worsens (Video)
• Zimbabwe’s High Court Delays Ruling On Contested Election Again (Video)

Business & Economics

• Microsoft Talking To News Corp On Yahoo, Yahoo Close To Deal With Time Warner
• New Records - Oil Hits $112, Gas Hits $3.43 (Video)
• As World Inflation Hits Record Highs, Federal Reserve Is Taking Steps To Worsen It
• Chinese Yuan Currency Passes Valuation Milestone Against The Dollar
• Optimized US Import Logistics Now Hindering Trade Shift To Exports

Video of the Day

Massive China protests cause route change and eventual cancellation in Olympic flame relay in San Francisco.

Politics

McCain Won’t Rule Out Another Preemptive War

Asked yesterday if he would rule out another preemptive war as President, John McCain responded “I don’t think you could make a blanket statement about pre-emptive war, because obviously, it depends on the threat that the United States of America faces. If someone is about to launch a weapon that would devastate America, or have the capability to do so, obviously, you would have to act immediately in defense of this nation’s national security interests.”

Poll: McCain-Rice Would Beat Obama-Clinton In Democrat Bastion

A new poll shows a McCain-Condoleeza Rice ticket would defeat an Obama-Clinton ticket in the reliably Democrat state of New York, which would almost certainly be a fatal blow to the Democrats’ chances in the general election. Rice has repeately denied she is interested in McCain’s VP position, but reports have been circulating that Rice is posturing for the spot behind the scenes. However, Rice would provide a big target to the Democrats for her central role in the disastrous planning of the Iraq war.

Republican Powell Not Sure Who He Will Support, Voices Afghanistan Concerns

President Bush’s former Secretary of State, General Colin Powell told Diane Sawyer that he was impressed with Obama and unsure who he was going to vote for, saying he knows all three candidates very well and considers each a friend. Powell also indicated that he thinks Afghanistan is actually a more difficult problem than Iraq because of the greater tribal complexity, massive opium drug trade, and complications with Pakistan and it’s lawless tribal area on Afghanistan’s border which has become a safe haven for al-Qa’ida and the Taliban.

Oprah Takes Hit For Supporting Obama

Just over a year ago, Oprah’s favorability ratings were at 74%, but now, after making her first foray into politics and stumping for Obama, her ratings have taken a hit and now stand at 55%.

Elton John Re: Clinton - Americans’ “Misogynist Attitudes” Amaze Him (Video)

Campaigning with the Clintons in New York and referring to Hillary detractors, Elton John curiously said, “I never cease to be amazed at the misogynist attitude of some of the people in this country. I say to hell with them.” It wasn’t clear exactly to what he was referring.

US

American Cancels 1,000 Flights, Strands 120,000 Passengers, More To Follow (Video)

American Airlines threw travelers across the country into a nightmare yesterday when it canceled over 1,000 flights, stranding 120,000 passengers, in order to reinspect aircraft that may not be up to FAA standards. The airline said it will have to cancel another 900 today. The new round of emergency inspections come after hundreds of cancellations over the past several weeks for the same wiring problem after it was revealed the initial inspections failed to fully follow the FAA’s directive. This incident is the latest in a string of airlines having to conduct sudden, mass inspections after it came to light that the FAA and the airlines have been lax in their oversight for years, missing required inspections and letting planes fly that should have been grounded. The FAA announced maintenance and inspection audits will continue through the end of June, extending the possibility of mass groundings until then.

Congress Outraged Over Iraq’s $6 Billion Budget Surplus From Soaring Oil Prices

With the Iraq war and rebuilding already costing the US over $600 billion and expected to cost as much as $3 trillion in the final analysis, lawmakers used Congressional hearings featuring top US Iraq commander General David Petraus and Iraq ambassador Ryan Crocker to express their outrage over the Iraqi government’s $6 billion budget surplus driven by soaring oil prices. Congress is promising to start drawing down US funding levels for Iraq security and reconstruction and demanding the Iraq government start paying for America’s future involvement in the country.

Thousands Of China Demonstrators Disappointed By San Francisco’s Last Minute Route Change

With thousands of rowdy crowds both pro-Tibet and pro-China (with the pro-China demonstrators staged by the Chinese embassy, which bussed in ’supporters’ on as many as 50 buses) lining the planned route of the Olympic flame, engaging in heated exchanges and brief altercations, San Francisco and Chinese officials in a planned maneuver changed the flame relay route at the last minute, disappointing all who turned out to see the flame and sending it along a route on which few actually got to see it. Protesters on both sides were disappointed and angry at what they saw as a cowardly move. Protests around the flame have flared and turned violent around the world as demonstrators use the games as a platform to raise global awareness of China’s brutal occupation of Tibet since it’s 1951 invasion and annexation of the country.

Katie Couric May Step Down From CBS Evening News Anchor Position

After signing a five-year, $15 million a year contract and becoming the first woman to host a network nightly news broadcast two years ago, Katie Couric has seen the CBS Evening News ratings only fall further behind its rivals on NBC and ABC. Under heavy pressure to improve the network’s income statement, CBS executives are hinting that Couric may leave the show as early as next year, after the Presidential Inauguration.

50 Cent And Universal Music Sued For Promoting “Gangsta Lifestyle”

“Hip hop mogul 50 Cent, Universal Music Group and several of its record labels were sued on Wednesday for promoting a ‘gangsta lifestyle’ by a 14-year-old boy who says friends of the rapper assaulted him.”

International

Middle East

Hamas Attack Kills Two Israel Civilians, Shuts Down Gaza’s Fuel Supplies (Video)

In a coordinated attack prefaced with a barrage of mortar fire, a group of four Hamas fighters entered Israel via the checkpoint through which Gaza’s primary fuel supplies are delivered and attacked Israeli civilians, killing two and wounding several others. Two of the terrorists were killed in the attack and Israel shut down the checkpoint until further notice. Hamas regularly provokes Israeli retaliations and punitive measures in order to drum up domestic support for their militant cause that includes the destruction of Israel.

Israeli Study: Hamas In Midst Of Biggest Military Buildup In History

“An Israeli study says Hamas, the militant group that controls Gaza, is engaged in the broadest and most significant military buildup in its history with help from Syria and Iran. It adds that Hamas is restructuring more hierarchically and using more and more powerful weapons, especially longer-range rockets against Israel’s southern communities.”

Pentagon To Deploy New Hand-Held Lie Detectors To Afghanistan

The Pentagon is set to deploy a new weapon to the battleground in Afghanistan - controversial hand-held lie detectors that will supposedly help troops identify insurgents and their collaborators. However a statistician who led a national study into the effectiveness of polygraphs says the data from testing the new detectors was cherry-picked and that they are nowhere near reliable enough to be used in the field by soldiers who are not thoroughly trained in administering the tests, leading to the possibility their use will only exacerbate problems on the ground when soldiers receive faulty readings that they accept with a high degree of certainty.

Egypt Jails Five Men For Homosexuality

“An Egyptian court convicted five men Wednesday on charges of homosexual behavior and sentenced them to three years in prison, officials said.”

Europe

British Prime Minister Will Not Attend Olympic Opening Ceremonies

British Prime Minister Gordon Brown announced yesterday that he will not be attending the Olympics’ opening ceremonies in Beijing, after weeks of suggesting that he would attend. Brown was under pressure to boycott the ceremonies in protest of China’s abysmal human rights record and recent violent crackdown on Tibet independence demonstrators, particularly after German Chancellor Angela Merkel and French President Sarkozy suggested they will be boycotting. Brown said he will attend the closing ceremonies though, as the representative of the 2012 Games’ host country. The announcement is another blow to China, which had widely trumpeted Brown’s expected presence. President Bush has also been under pressure to not go, but he has insisted that he will be in attendance.

Asia

Monks Upstage Another Of China’s Guided Foreign Media Tours Of Occupied Tibet (Video)

“China suffered another unexpected public relations setback on Wednesday when Buddhist monks interrupted a government-managed news media tour in western China by waving a Tibetan flag and protesting that the authorities were depriving them of their human rights.” This is the second time monks have upstaged one of China’s guided foreign media tours in Tibet.

Resolution To N. Korean Nuclear Impasse Reached

“North Korea has reached an agreement on compensation in exchange for providing full details of its nuclear programmes. The issue has been hindering progress in disarmament talks between North Korea and the US, China, Japan, South Korea and Russia. The deal includes North Korea’s demand to be removed from a US terrorism blacklist, as well as energy aid and major diplomatic and security benefits.”

Americas

Haiti’s President Calls For Food Tax Cuts, Rioting Worsens (Video)

“Haiti’s president tried to halt a week of rioting Wednesday by calling for tax cuts on imported food, but the capital descended deeper into chaos as looters and protesters took control of the streets.” Haitians have been hit particularly hard by soaring global food costs due to their dependence upon imported rice and the country’s extreme poverty. Protesters are calling for the president’s resignation and for the government to do something about food prices.

Africa

Zimbabwe’s High Court Delays Ruling On Contested Election Again (Video)

“Zimbabwe’s High Court will wait until Monday to issue its ruling on whether it will order the Electoral Commission to release the March 29 presidential results, a journalist at the courtroom told CNN.” Ruling dictatorial President Robert Mugabe has been delaying the release of the election results for over a week now, taking steps that seem to indicate he is preparing to remain in power at all costs in the face of an election that he is widely believed to have lost. Reports coming out of Zimbabwe include his government moving ballot counting from the precincts to a central government location for counting and arresting journalists and members of the opposition party.

Business & Economics

Microsoft Talking To News Corp On Yahoo, Yahoo Close To Deal With Time Warner

After having it’s takeover offer repeatedly rejected by Yahoo’s board of directors as being too low, Microsoft now is in talks with News Corporation - the parent of Fox, the Wall Street Journal, and the New York Post - raising the possibility of the two companies teaming up to raise the bid and put more pressure on Yahoo’s board and shareholders. Yahoo has been seeking another company to partner with in a bid to remain independent and fend off Microsoft - one of potential partner was News Corp - and is reportedly close to a deal in which it will merge with Time Warner’s AOL unit and outsource its search technology to Google.

New Records - Oil Hits $112, Gas Hits $3.43 (Video)

New oil and gas price records were set yesterday when for the first time oil hit $112 a barrel and the national average gas price hit $3.43 a gallon, possibly on its way to the $4 predicted by the Department of Energy for this summer.

As World Inflation Hits Record Highs, Federal Reserve Is Taking Steps To Worsen It

“After several years of relative stability, a wave of rising prices is washing over the world economy. It comes at a most inconvenient time. The Federal Reserve is sharply cutting U.S interest rates — the opposite of the usual response to rising inflation — to prevent the housing bust and credit crisis from causing a deep, prolonged recession. That’s making the global response to inflation more complicated.”

Chinese Yuan Currency Passes Valuation Milestone Against The Dollar

“China’s currency breached a new milestone Thursday, as the U.S. dollar bought less than seven yuan for the first time in over a decade and as Beijing increasingly permits its exchange rate to reflect the continued power of its economy.” The US government has long called on China to let its currency float as the Chinese government was artificially keeping the Yuan devalued relative to the Dollar to make Chinese exports artificially cheap in the US, leading to the huge trade balances the US has maintained with China.

Optimized US Import Logistics Now Hindering Trade Shift To Exports

“Many U.S. companies hoping to profit from surging exports created by the weak dollar are facing an unexpected hurdle: There aren’t enough of the big, metal shipping containers that help form the backbone of the global economy. The shortage is threatening to limit the benefits U.S. producers can reap from one of the few bright spots in an otherwise troubled economy.” The problem lies in the fact that the US economy has become optimized for getting exports into the country as cheaply as possible. Now that the balance of trade is shifting back, companies are finding US logistics to be highly inefficient when operating in reverse.