Violence may damage Serbia’s chances of joining EU – Sunday Business Post

February 24th, 2008

http://archives.tcm.ie/businesspost/2008/02/24/story30679.asp#

There are fears that violence – especially attacks on embassies – resulting from Kosovo’s declaration of independence could spiral out of control and harm Serbia’s chances of joining the European Union.

Since prime minister Hasim Thaci called the Republic of Kosova into being last Sunday, there have been many incidents of unrest.

The declaration set off a diplomatic firestorm and raised the ire of Russia-backed Serbia. It also sparked fears in countries such as Spain and China that ethnic minority groups would have a new basis for resistance.

Last Thursday, Serbian protesters stormed the US embassy in Belgrade and set it alight. This followed a rally by 200,000 people denouncing the western-backed declaration. More than 100 people were injured and a charred body was later found in the embassy. The US embassy later withdrew non-essential staff from Belgrade. (more…)

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Pakistan fears rigged elections – Sunday Business Post

February 17th, 2008

http://archives.tcm.ie/businesspost/2008/02/17/story30496.asp

Pressure on Musharraf intensifies, as a poll shows 75 per cent of citizens want him to quit, writes Simon Roughneen.

As the people of Pakistan go to the polling stations tomorrow, there are fears that a fixed election could spark off violence and further unrest in the country.

With President Pervez Musharraf’s ratings bottoming out, it seems that only a fix could shore up the former army chief’s floundering premiership after the parliamentary elections. But such a move could result in an outbreak of violence in the country.

Musharraf, who seized power in a coup in 1999, sought to legitimise his rule with rigged 2002 parliamentary polls. He secured a new five-year term as president last year, so will not be taking part in the elections.

However, his party, the Pakistani Muslim League (PML-Q), is facing a hammering. (more…)

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Kosovo independence causes rift – Sunday Business Post

February 17th, 2008

http://archives.tcm.ie/businesspost/2008/02/17/story30495.asp

Kosovo’s leaders are set to declare the Serbian province independent either today or tomorrow morning.

But it is not likely to be a smooth transition. The province, which had been administrated by the UN, could end up controlled by the EU for the foreseeable future.

As the United Nations mission (in charge since 1999, when Nato drove out Serbian troops) packs its bags, the Brussels-run EULEX mission will step in with an 1,800-member security and justice force.

Last Monday, Gerald Knaus of Balkan think tank, the European Stability Initiative, told a Brussels conference that EULEX would be allowed to reverse decisions taken by local authorities and assume other tasks, under a mandate of undecided duration.

Kosovo’s independence is backed by the US, but opposed by Russia and will increase tensions between the two at a time when the countries are already clashing over a number of issues.

The decision angered Russia- which called for an emergency session of the Security Council on the issue – as it believes that giving independence to Kosovo will destabilise Europe by setting off a chain reaction of shifting borders. (more…)

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More than talk required to stem Pakistani Taliban tide- Sunday Business Post

January 27th, 2008

http://archives.tcm.ie/businesspost/2008/01/27/story29893.asp

As President Pervez Musharraf toured Europe last week, retired military officers capitalised on his absence by calling for him to step down to restore democracy and curb Islamists.

A statement from the Ex-Servicemen’s Society, which has more than 100 members, said his resignation was ‘‘in the supreme national interest’’.

Also taking advantage of his absence was the Pakistani Taliban, which stormed a government Frontier Corps fort in the federally-administered tribal areas on January 15.

Here militants have established a self-styled Islamic emirates, in territory beyond Islamabad’s control.

It follows the Pakistan military government’s accusation that a 34-year-old warlord named Baitullah Mehsud ordered Benazir Bhutto’s assassination, a claim disputed by the Pakistan People’s Party (PPP), but backed by the CIA. (more…)

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Cynicism and corruption at the root of Kenya’s problems – Sunday Business Post

January 6th, 2008

http://archives.tcm.ie/businesspost/2008/01/06/story29380.asp

It is too simplistic to say that Kenya’s troubles stem from tribal differences, writes Simon Roughneen.

Kenyans were coyly cynical about their political establishment long before the violence following the presidential election last weekend.

One wisecrack doing the rounds since last year goes ‘‘there is more chance of a Luo becoming president of America than president of this country’’ – a reference to Barack Obama, whose father comes from the same ethnic Luo region in western Kenya as Raila Odinga, the challenger to the incumbent president, Mwai Kibaki, who is from the Kikuyu tribe.

While Kenya is often portrayed as a business-oriented tourist haven in a troubled region, more than 350 people have been killed in the past week since Kenya’s electoral commission announced that Kibaki somehow pulled back a million vote deficit to win the election.

Street violence, church massacres and foiled demonstrations followed, suggesting that Kenya risks political meltdown along ethnic-tribal lines.

After a US diplomatic intervention, Kibaki said yesterday that he is ready to form a government of national unity to end the crisis that followed his disputed election. The president also said he may accept opposition demands for a fresh election, but only by court order. However, o n the streets the fighting continues.

While Kenya’s tribal divisions are a proximate cause, they are not the underlying source of the violence. (more…)

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State investment funds set to play stronger world role – Sunday Business Post

December 30th, 2007

http://archives.tcm.ie/businesspost/2007/12/30/story29239.asp

Huge, secretive government funds involved in buying-in and baling out are causing a stir in global financial circles, writes Simon Roughneen.

A financial fairytale of sorts was told around New York on Christmas Eve, with Merrill Lynch confirming a $4.4 billion injection from Singapore’s Temasek – run by Ho Ching, wife of the prime minister – as the embattled bank seeks to recover from losses inflicted in the ongoing sub-prime mortgage debacle.

The Asian white knight is the latest state-owned fund to grab a stake in institutions hit by sub-prime losses and pressured by an inter-bank credit squeeze.

The Merrill Lynch deal came after Morgan Stanley sold a $5 billion 9.9 per cent stake to China’s Investment Corporation – an arm of Beijing’s central bank.

With more quarterly loss reports imminent and write-downs due, expect more deals along these lines, replicating the $7.5 billion pumped into Citigroup by Abu Dhabi’s Sovereign Wealth Fund (SWF). Prior to getting its own infusion, Morgan Stanley estimated that SWFs have invested more than $37 billion in financial institutions since April 2007.US President George W Bush has take notice, telling media on December 20 that ‘‘I’m fine with capital coming in from overseas . . . to help bolster financial institutions’’. (more…)

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Bali: thinktank or hot air? – Sunday Business Post

December 9th, 2007

http://archives.tcm.ie/businesspost/2007/12/09/story28852.asp

The Bali talks aim to draft a proposal before Kyoto ends, but critics say nothing will be achieved, writes Simon Roughneen.

Apparently oblivious to the irony, around 20,000 delegates descended on the idyllic Indonesian resort of Bali last week for two weeks of talks about a replacement regime for the Kyoto Protocol.

Between December 3 and 14, the aircraft bringing throngs of bureaucrats, politicians, NGOs, journalists and activists will stamp the same carbon footprint as Chad does in an entire year.

Meanwhile, Anglican church bells around Ireland were to ring out at 2pm yesterday, to mark the global day of action on climate change and urge local politicians to do more about it.

But despite the best efforts of the Church of Ireland, no new deal will come from Bali. The talkfest aims merely to lay the bedrock for an agreement sometime before 2012, when Kyoto lapses.

A multitude of working groups, seminars and backroom chats in five-star hotels will deliberate the technical minutiae of policies that western countries must implement if the required cutbacks in consumption and economic activity are to be implemented. (more…)

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The greed behind Burma’s agony – Sunday Business Post

September 30th, 2007

http://archives.tcm.ie/businesspost/2007/09/30/story26992.asp

Corruption is endemic in the military-dominated Burmese economy, and army cadres have been enriched using the country’s natural resources, writes Simon Roughneen in Kuala Lumpur.

With at least 14 people dead after Burmese soldiers opened fire on protesters in Rangoon last Wednesday and Thursday – and fears that the toll could be much higher – Burma’s ‘‘people power’’ revolution seemed to be fading by this weekend.

Only a few thousand reportedly took to the streets, down from an estimated 100,000 before the government’s violent reaction. However, cracks in the ruling junta over the crushing of dissent mean that an olive branch may be offered to the pro-democracy movement.

Last Friday, diplomatic sources in Bangkok said that the junta’s second-in-command, General Maung Aye, was scheduled to meet democracy icon Aung San Suu Kyi, after dissenting from the bloody crackdown authorised by General Than Shwe, Burma’s military dictator.

As the killing proceeded, the UN Security Council failed in an attempt to impose western-led global sanctions against the Burmese regime.

Punitive measures were blocked by China and Russia last Wednesday evening, although agreement was reached on a watered-down press statement expressing ‘‘concern’’ and urging ‘‘restraint, especially from the government’’. (more…)

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