05/08/2011 World News Today


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This is World News Today. Political leaders from the European


Commission to the White House say, stay calm, breathe deeply - so how


did the markets react? Libya's government denies reports that one


of Colonel Gaddafi's sons was killed in a NATO air strike.


Enough is enough. The Senegalese rappers making a stand against


their government. NASA's latest space mission blasts


off from Cape Canaveral - the Juno probe starts a five year journey to


Jupiter. And opening night at the Fringe. We


meet the veterans and the young hopefuls at this year's festival in


It has been another 10 stay -- tense day on the world's stock


market with more losses caused by fears about debt and stagnant


growth. Despite better-than- expected jobs figures from the


United States and an appeal from the EU to stay calm, the share


sell-off continued today. President Obama attempted to reassure the


markets by sounding an optimistic note, promising that things will


get better. Here is our Business 24 hours of turmoil on the market.


Share prices plunged yesterday in Germany and the rest of Europe,


affecting the Americas. The contagion spread to Asia, Japan,


Hong Kong, Singapore, and then back to Europe. Almost three per --


three trillion pounds wiped off shares worldwide. The crisis was


triggered by growing fears that Italy and Spain will be unable to


pay off their debts. The fears were stemmed a little in July, but the


fears of investors have risen again. I would encourage everybody to stay


calm. The economic recovery is under way. It is important to


protect that recovery from the financial turbulence.


It might be tempting to see these falls in share prices as having


little relevance to us but they directly affect the value of our


pensions, and they say a good deal about the confidence of countries


to invest and create jobs. And when bank's shares fall, that tells us


something about their ability to borrow. And when the banks have no


money they cannot lend, weakening of the economy further.


Unemployment figures in the US turned out to be marginally less


than feared. We are going to get through this.


Things will get better and we will get there together.


If the problem is the excessive indebtedness of a number of rich


European countries, is there a solution?


What this amounts to is that people will have to accept that


governments will be smaller, will spend less, so there will be less


public sector employment, less jobs in the public sector, and less


expenditure on things like pensions and education.


Barclays were down 17%, Royal Bank of Scotland down 20% and Lloyds


down 24%. The Royal Bank of Scotland announced it was back in


the red by �1.4 billion in part because of losses on its loans to


Greece. It would be stupid not to be


cautious and alert to the significant risks out there. But I


think the probabilities are that the world does not turn overnight


from a place that is slowly recovering to a place that is a


disaster area. Commodities market falls in the


prices of copper, lead, zinc and 10 say that we all risk being burnt in


these markets. The latest news from Italy is that


an emergency meeting of finance ministers is to be held. Our


correspondent is in Rome. Silvio Berlusconi and his Finance


Minister have just been holding a news conference at the Prime


Minister's office. They announced the measures they plan to take as a


result of this disastrous day on world markets, and a particularly


bad day also for laterly because their bond rate spread has risen to


new heights and there is a serious fear that Italy's ability to pay


its huge mountain of debt, a heavy inheritance from the past,


according to Silvio Berlusconi, and he also said that there had been


international speculation against Italy. What the Government has


decided to do is to make it a requirement of Italy's written


constitution that every government must have a balanced budget. There


was also an announcement about liberalisation. It is not clear


what this will mean. And finally, there will carry out labour market


reforms. There has been an attempt by the government to tackle the


crisis and create greater credibility for the action plan.


The austerity budget which initially gave a date of 2014 for


introducing new taxes and new fiscal reforms has been brought


forward to 2013. If this will placate the markets remains to be


seen. Thank you very much.


Hugo Dixon is the editor of Reuters Breakingviews and he joins me now.


David was saying that the Italian government is trying to restore its


credibility. I think the sort of things they are


saying are good. This is very new news. We have not seen the details.


Accelerating the austerity programme is one thing the markets


have wanted. They had this programme for austerity but not


until the next general election. They have brought this forward idea


than that is positive. But we need to see the numbers and what is the


mechanism they are using. And what about the labour reforms?


I think that is another thing that the markets are not so impressed by


because that will be good for Italy but it will not feed through for


many years. I think they want the meat today. How much is tax going


up, how much is expenditure going down? Will it happen fast enough?


The last time they had an austerity programme, which was not really an


austerity programme, they delayed it. Then they managed to pass it.


I suppose that is why there is this emergency meeting of finance


ministers. There is a real danger that Italy will default.


Yes and No. I think that Italy is a rich country, and ultimately the


Italian people have enough money to bail out their own government. It


is too big to be bailed out by the rest of Europe because, why would


the Germans take deeper into their own pockets? But the Italians are


rich enough if they can be properly taxed. In terms of this finance


ministers' meeting, this is partly to do with Italy but it is much


more a Nicolas Sarkozy initiative, he is head of the G7. He loves to


grandstand on the world stage. They will discuss more than just Italy.


When they have that brought discussion, do you think that there


are chances for radical change now? The idea about a common debt?


I still do not think that you will get there. I personally think that


the Germans will not be willing to do that. I doubt that even the


French would be willing to do that. Themselves, I've they opened their


own pockets, they would be tracked down by it. Their own credit rating,


which is important for them, it is only there by a whisker. They could


be downgraded, even the French. When this comes to shove, I do not


think they would be prepared to have that sort of common European


bond. I think they will put a lot of pressure on the Italians and the


Spanish, which are the two monsters, to tighten their own belts. Looking


at the other side of the Atlantic, the jobs figures are not as bad as


some feared in the US. Is there room for stability there now?


think so. 117,000 new jobs which sounds like a lot in one month. I


think the problem was that all of these shenanigans in Congress over


the last few weeks have rattled the market. Thank you very much.


The Libyan government has denied reports that one of Colonel


Gaddafi's sons has been killed in an overnight NATO air strike. It is


the second time this year that Khamis Gaddafi has been reported


killed. It comes as fierce clashes continue between products -- pro-


Gaddafi forces and rebel fighters. Rebels in the west of the country


say they are running dangerously short of ammunition which could


lead to a stalemate. Despite this, rebels say they have taken new


ground and had advanced from the port city of Misrata to the


outskirts of Zliten. Bahrain a mother and her two young


children, victims of a NATO air strike according to the regime. --


by the end. -- burying. In the town centre, it is quiet. It is still


under government control. But the rebels are battling to change that.


For two months, they have been advancing on Zliten. The furthest


they have got is the suburbs. They have needed plenty of help from


above. This is one of the waiters to airstrikes by the RAF, which has


been pounding targets in and around the time, destroying some of the


regime's concealed weapons. At the front line, we find this rebel


Brigade resting during a lull in the fighting. His source told us


that they cannot advance much further because they are


dangerously low on ammunition. This amateur army is running on empty.


The fighters here say they are still relying on home-made,


improvised weapons. This anti-tank gun, bolted to a Pickup truck. They


have captured some arms from Colonel Gaddafi's forces. They took


this anti- aircraft guns about a week ago. But they sometimes run


short on ammunition. At times they have been down to the last box of


bullets. What can I say? Our ammunition


could run out any time now. What I have is maybe enough for one or two


days. The commander took me to a lookout


post to get away if glimpse of Colonel Gaddafi's men. They were


across the sand dunes about two: utters a way, visible with


binoculars and perhaps watching us as well. -- two: utters. --


kilometres. The fighters say that to get there, they need bullets.


Syrian activists say security forces have shot dead at least


seven people during protests near Damascus. They say another


protester was also killed in the city of Homs. Thousands are


reported to have takena to the streets across the country on


Friday demanding that the President resign. That's despite the


continued crackdown in Hama, where state television says troops have


Another Friday, another protest after prayers. This one in a suburb


of Damascus. In dozens of other places in the country, people are


calling for they these it -- the regime to go. Then panic as


shooting broke out. Activists said the security forces opened fire.


State TV said it was gunmen shooting from rooftops and that


police were among the casualties. Here, government forces appear to


be consolidating their grip. State TV pictures so the City firmly


under the control of government troops. Residents continue to so --


to report shelling and shooting in areas. The authorities insist this


is all the work of arm, terrorist gangs. They repeatedly so put --


footage from last Sunday reportedly showing armed protesters. State to


be said that 20 soldiers were killed, but activists say that


President a sad has lost his legitimacy to governor. We continue


to support the Syrians and their efforts.


The Americans are also what tightening economic sanctions. --


already. Measures to punish the energy sector are also expected


soon. More likely to get attention as a shift in position from or


Russia. President Medvedev said that aside would face a difficult


fate if he failed to carry out reforms. There is in no sign yet


that the regime well heed it outside appeals and abandon the


repression. The opposition have dismissed the proposed reforms as


Some of the day's other news - a Ukrainian a judge has ruled that


the former prime minister be taken into custody. The judge accused her


of the repeated violations of court rules, including impeding


A polar bear has killed a British teenager and endured for others in


the far north of Norway. -- endured four others. The bear was then


killed by another member of the Nasser has launched a billion


dollar mission to Jupiter. -- NASA. It will take a Friday years to


reach the planet but it is hoped that it will bring a wealth of new


information. -- five years. It is by far the largest planet in our


solar system and fight -- scientists also believe it may have


been the first to be formed. Knowing about its structure and


composition could help explain more about other planets. I am now


joined by the head of planetary science at the University College


London. Thank you for coming in. Why is it important to send this


probe? Jupiter or is a huge planet and we


must understand its structure and form. The measurements are very


important. We must understand how it formed. There are implications


for why we are all here. It will put the Elf and other planets into


context. -- air. -- Earth. It has a hydrogen and helium. It has brought


things in from the solar nebula when it allegedly formed.


I was intrigued by the claim that the History of Our planet lies on


Jupiter's. Basically that is because it


informed first. -- formed. If they find it accord -- a core, then that


might be important proof. Getting the composition is just one of the


jewels. Because it is so massive and has a lot of the Solar system's


overall mass, there are implications as regards how other


planets formed. The storms there have been going on


for more than three centuries, they believe.


That is correct. Ever since Galileo was looking. We have seen the


Jupiter or for a while - the Great Red Spot, what is underneath? We do


not know. But this will provide underneath the clouds of Jupiter.


The counter rotating zones and belts. Each moving faster than a


Formula One car. Underneath that, we just do not know what is


happening. As we go towards the centre we may find a liquid, sorry,


a metallic hydrogen core. There is so much to find out and


quite a few years to wait. If yes, five years.


Thank you very much. Tension has been growing in Senegal fuelled by


public anger about the rising cost of living. It has formed a protest


movement against the current administration. The movement is led


by two musicians and a journalist. There are encouraging young people


to register to vote ahead of next year's elections. This report from


the car. -- Dakar. My voting card will be the solution to my


suffering, sank this rap collective. -- sang. Along with a journalist


they have decided to create a social movement demanding change


during the power cuts last January. It is a peaceful moment. A


political and secular. -- apolitical. We want to raise


awareness so that people understand that power ultimately comes back to


them. As a voter registration in meals a


clause activists are encouraging more people to sign up. -- kneels


its close. It seems to be walking. More youngsters are registering to


vote. 200 people everyday here. The movement won its first victory in


June. After a day of unprecedented riots the President with De Roux


and attempted change to the constitution. -- withdrew. The


movement has increasingly attracted the attention of the opposition.


Members complain of police harassment. Some have been beaten,


others are rested then released without charges.


Intimidation is a lost cause because these youngsters are


determined. Officials should be walking to address their concerns


because their expectations are not just those of the movement but of


the entire population. President Abdul I lacked is holding


firm for now. He insists he will win a cup tell me. He denies that


he is attempting a handover to his son. -- he insists he will win a


third term. By February 2012 but the movement could be on a position


to make good on its call that While the rest of the world is


struggling with grow with the Edinburgh Fringe Festival gets a


bigger every year. -- struggling The biggest arts festival in the


world. Bigger than ever. Rather daunting for a new comedian.


Jessica possmac a venue is called at the wheel rim. -- Jessica


possmac a venue is called the we room.


I will lose thousands. You sound like my parents. It is a very hard


to justify. At least not to anybody who is not a comedian. But you


simply have to do it. Even the established comedians will


come here to sell a new show. Especially if it is a departure


from the norm. Ruby Wax is looking at the topic of mental illness.


We are sort of on a platter, here! Back when Paul Daniels was just


starting out the Fringe was really a fringe event. Now, three decades


later, he is a devotee. I am in love with the French. It is


the greatest place to be. I was chatting to Dave Cox -- Dave Gorman


earlier on. Everybody is early -- everybody is here.


The Edinburgh Fringe. A university come trade show come holiday camp


for comedians young and old. How Hello. If you have plans this


weekend the weather is looking very mixed. We are expecting heavy rain


tomorrow in northern England, Northern Ireland, and later on in


Scotland. A fine night in between times with a low pressure waiting


in the wings. It will then turn wet early in the morning. The heaviest


rain will be in northern England in the afternoon. Possibly thunder


also. Most of East Anglia and the South East should remain dry but it


will not be as warm as a today. It will not be quite as nice as today


in many parts. A wet start in Northern Ireland. Some will be


heavy showers. Disappointing temperatures for the time of the


year. Central and southern Scotland will get wetter and wetter during


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