A Pakistan court has lifted a ban on Facebook, the social networking website, two weeks after it was blocked for hosting a competition to draw images of the prophet Mohammad
Source: http://www.ft.com
Monday, May 31, 2010
Pakistan court overturns Facebook ban
A Pakistan court has lifted a ban on Facebook, the social networking website, two weeks after it was blocked for hosting a competition to draw images of the prophet Mohammad
Source: http://www.ft.com
Emerging groups make ‘African lions’ roar
Africa’s top 40 companies are emerging as competitors on the global stage, propelled by economies whose performance rivals the Bric nations, according to new research by the Boston Consulting Group
Source: http://www.ft.com
Beijing agrees to start gas talks with Japan
The Chinese premier’s offer of formal talks with Japan that would allow joint development of gas resources in contested waters, suggests Beijing is ready to move forward on long-stalled plans for co-operation in the East China Sea
Source: http://www.ft.com
Köhler resignation blow to Merkel coalition
German president Horst Köhler has added to the pressure on chancellor Angela Merkel by resigning over his remarks that the country’s military effort in Afghanistan protected German commercial interests
Source: http://www.ft.com
Chinese workers swap angst for anger
Suicidal angst is giving way to worker solidarity in southern China, as a factory strike that has halted the Japanese carmaker’s nationwide operations enters its second week
Source: http://www.ft.com
Draghi urges Italy to accept reform
The governor of the country’s central bank warns that the sovereign debt crisis in Greece risks damaging its growth outlook and urged the government to implement structural reforms
Source: http://www.ft.com
Gloomy consumers hit eurozone sentiment
Economic sentiment in the eurozone falls at fastest pace since 2008 financial meltdown as impact of sovereign debt crisis spreads beyond markets
Source: http://www.ft.com
India’s economy grows 8.6 per cent
The strong performance, buoyed by government spending and a recovery in manufacturing, will add pressure on the Reserve Bank of India to raise interest rates to curb high inflation in the coming weeks
Source: http://www.ft.com
ECB warns of ‘hazardous contagion’
The eurozone’s financial sector and economy are facing ‘hazardous contagion’ effects from the region’s debt crisis, according to the European Central Bank, which has also predicted another €195bn in bank write downs this year and next
Source: http://www.ft.com
At least 10 dead after Israel raids convoy
Netanyahu cancels a meeting with Barack Obama just hours after Israeli commandos raided an international flotilla of ships carrying humanitarian supplies to the Gaza Strip, killing at least ten pro-Palestinian activists on board
Source: http://www.ft.com
25 bodies found in mine shaft Taliban train in Iran - Nato chief Man survives balcony fall
Up to 25 bodies have been recovered from an abandoned silver mine, apparently victims of drug gang violence, Mexico's federal police commissioner said.
Source: http://www.herald.ie
Smile like you mean it, but not too fast
The speed of your smile can influence people's first impressions of you, research has shown.
Source: http://www.herald.ie
Drugs fugitive held at airport Teen accused of ransacking
Spanish police have arrested a top drug trafficker with the Italian Camorra crime syndicate who has been on the run for 21 years, since escaping from prison, the interior ministry has revealed.
Source: http://www.herald.ie
Obama's Memorial Day appearance in Illinois delayed by rain, thunderstorm, high winds
ELWOOD, Ill. (AP) — Torrential rain, lightning, thunder and strong winds forced President Barack Obama to delay a Memorial Day speech at the...
Source: http://rss.wn.com
Haverford College officials set to return stolen Descartes letter to rightful owner in France
HAVERFORD, Pa. (AP) — The valuable 17th-century letter was hiding in plain sight, available to almost anyone who checked the "D'' drawer of the library card catalog at Haverford College. "Descartes, Rene (1596-1650) French philosopher. 'Mon Reverend Pere' 27 May, 1641 (?) (in French)," reads the handwritten index card. Yet this signed missive from Descartes, a pivotal figure in Western philosophy and mathematics, had remained unnoticed by scholars for more than a century until a Haverford librarian posted its existence online last fall. The "discovery" of the famous, long-lost letter at first seemed an archivist's dream. But it briefly turned into a nightmare when college officials...
Source: http://rss.wn.com
Pak lifts ban on Facebook
Lahore, May 31, PTI: A Pakistani court on Monday directed authorities to restore access to Facebook nearly two weeks after...
Source: http://rss.wn.com
US presses Pak for more data on air travellers
Eric Schmitt, Washington: The Obama administration is increasing pressure on Pakistan to provide the United States with much broader airline passenger information, a crucial tool that American investigators use to track terrorist travel patterns, but a step that Pakistan has resisted, officials said on Sunday. Pakistan, like other countries, currently provides the names of airline passengers travelling to the United States. But the...
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No shelter from the storm for Haiti quake victims
The Haitian government, which had five months to prepare, says it's still working on emergency and evacuation plans. But it is unclear where people will go with many churches, schools and other potential shelters toppled by the quake. Since the Jan. 12 earthquake killed up to 300,000 people and left more than 1.5 million homeless, there has been little progress on clearing rubble so people can return to their neighborhoods or building sturdier shelters. Dr. Jean Pape, one of the country's most prominent public health experts, estimates that only 1 percent of the masses stuck in dangerous flood zones have been relocated. "There's no give here. Time is just running out," said Mark L....
Source: http://rss.wn.com
Mongolia counts carcasses after harsh winter
Fetid and fly-ridden, the carcasses lie stacked by the hundreds around a burial pit dug by Demberel and a dozen fellow herders. A truck brings dozens more carcasses. Others lie in piles or strewn in nearby valleys, potential health hazards for animals and humans alike. "We're bitter and sad that we've lost all our animals. There's no income for us," said Demberel, a 50-year-old herder and trained veterinarian, straight-backed and with a pockmarked face. "Gathering and loading these carcasses is difficult. They're rotting and they stink." More than 8.2 million animals, nearly a fifth of all livestock in Mongolia, have died in a winter of snow, cold and gales so severe Mongolians have a...
Source: http://rss.wn.com
Afghans to discuss peace at national conclave
About 1,600 Afghans will convene in a giant tent at Kabul Polytechnic University to discuss how to reconcile with the fighters - even as the U.S. rushes in more troops to ramp up the war. Lawmakers, provincial council members, tribal and religious leaders and representatives of civil society will participate. Notably absent from the "peace jirga" - jirga means "large assembly" in Pashto - will be official representatives of the Taliban, although some of the delegates may be insurgent sympathizers. The Taliban have dismissed the jirga as a "phony reconciliation process" and insist they will not negotiate until all foreign troops leave the country. Security has been stepped up in Kabul in case...
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Charles Taylor lawyers oppose Campbell testimony
Prosecutors earlier this month filed a motion seeking to have Campbell subpoenaed to testify about claims Taylor gave her "blood diamonds" at a reception in South Africa in 1997. But Taylor's lawyers said the evidence was "tangential to the real issues" against Taylor and said prosecutors were trying to...
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Colombia's Santos win boon for Wall St and Chavez?
Conservative Juan Manuel Santos...
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Pajamas Media Rough Seas for Israel After Gaza Flotilla Intercepted (Updated through the day)
Video was released to the media from cameras that accompanied the forces landing on the boats, showing the so-called "unarmed humanitarian activists" clearly attacking and beating the soldiers who boarded their ship. The...
Source: http://rss.wn.com
If anyone was wondering Israel still doesn't care what you think.
Since the election of a government containing the political wing of the terrorist group Hamas in 2007, Israel has put the entire territory and its population of 1.5 million on...
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Live coverage: Israel's flotilla raid | Al Jazeera Blogs
Early Monday morning, Israel attacked a flotilla of aid ships...
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Human Sacrifice for Propaganda-- Hamas Supporters Cheapen Lives
Nine people were killed and 7 Israeli wounded on a ship which was illegally trying to take supplies to the Hamas terrorist leaders of Gaza. AS usual the apologists for the terrorists are blaming Israel, condemning...
Source: http://rss.wn.com
Israeli Military Kill Up To 16 Civilian Witnesses on Peace Aid Ships in International Waters ...
The attack was at night, in international waters, the...
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Sunday, May 30, 2010
Shock of 9/11 attacks 'led to increase in lost babies'
Nationwide shock after the 9/11 terrorist attacks on New York may have led to an unexpected surge in miscarriages across the United States, say scientists.
Source: http://www.herald.ie
Video: Baby survives being hit by train
A 15-month-old boy has survived being hit by a train after his pram rolled off the platform at a Melbourne railway station.
Source: http://www.herald.ie
Scientist 'infected' with computer virus
A British scientist claims to be the first human to have been infected with a computer virus after he contaminated an electronic chip which was inserted into his hand.
Source: http://www.herald.ie
Irish backpacker David's attacker jailed for 14 years
A MAN has been sentenced to 14 years for the attack that left Irish backpacker David Keohane with permanent brain damage.
Source: http://www.herald.ie
Betting app
ONLINE bookmaker Betfair has launched the world's first-ever sports-betting app on the iPhone for the World Cup in South Africa.
Source: http://www.herald.ie
'I saw Maddie in pyjamas in back of a van'
A Portuguese witness has come forward to report a possible sighting of Madeleine McCann the day after she disappeared, it was revealed today.
Source: http://www.herald.ie
Teenage truant attacked mum
A TEENAGER who attacked his mother when she discovered he had been playing truant has been ordered to take part in a range of restorative justice activities for the next six months.
Source: http://www.herald.ie
Boy held on bail for arson threat
A 14-year-old boy has been remanded on continuing bail pending sentence for threatening to burn down a woman's home after she complained that youths from an HSE care centre attacked her son.
Source: http://www.herald.ie
89 deaths 'linked to faulty Toyotas'
SUDDEN acceleration in Toyotas may have been a factor in the deaths of 89 people over the past decade, upping the number of deaths possibly linked to the massive recalls, the US government has revealed.
Source: http://www.herald.ie
Baby or drink, Laura warned boozing Bush
Former US president George Bush said his upcoming book will begin with an anecdote about his wife persuading him to give up drinking by pushing him to choose booze or fatherhood.
Source: http://www.herald.ie
Drug gang 'on payroll of Jamaican prime minister'
The same drug gang that is now battling security forces in Jamaica in a bloody stand-off was openly used by the island's ruling party to intimidate opposition voters in elections three years ago.
Source: http://www.herald.ie
Biblical fishermen would now be fined
Were Jesus to return and fish the Sea of Galilee today he might tell a parable, not of prolific catches and the sated crowds of biblical times but of empty nets and a hefty fine.
Source: http://www.herald.ie
Greece launches fraud probe into finance ministry
GREECE is investigating allegations of bribery, illegal economic activity, forged documentation, smuggling, negligence and corruption in the ministry for finance.
Source: http://www.herald.ie
Israel rejects new drive to ban nukes from Mideast
Israel declared late Saturday that it would not take part in a 2012 conference on establishing a nuclear-free Middle East - an Arab-led initiative backed by top ally U.S. and the 188 other signatories to the Nuclear Nonproliferation Treaty. Although a series of U.S. conditions put the conference in doubt, the resolution, and the surprising U.S. support it received, added new pressure on Israel to give up what is almost universally believed to be a sizable nuclear arsenal. Israel refuses to confirm or deny the suspicions. Prime Minister Benjamin Netanyahu intends to discuss the...
Source: http://rss.wn.com
Uribe torchbearer vs. outsider in Colombia vote
Juan Manuel Santos, a Cabinet minister in three administrations and grandnephew of a president, was in a statistical dead heat in pre-election polls with Antanas Mockus, the son of Lithuanian immigrants and a former two-time Bogota mayor running on the Green Party slate. The two lead a field of nine candidates and if none wins a simple majority the two top vote-getters will meet in a June 20 runoff. Santos, 58, bills himself as a continuation of President Uribe's hugely popular U.S-backed security campaign against leftist rebels that has sharply curtailed kidnapping and murder rates. A child of privilege and University of Kansas graduate whose family long ran El Tiempo,...
Source: http://rss.wn.com
Japan's Social Democrats vote to leave coalition
TOKYO (Reuters) - The tiny Social Democratic Party decided on Sunday to leave Japan's ruling coalition, an official said, after the prime minister dismissed its leader from his cabinet for opposing a deal to keep a U.S. Marine base on Okinawa. Japanese Prime Minister Yukio Hatoyama and Chinese Premier Wen Jiabao (R) arrive for the trilateral summit of South Korea, Japan and China in Seogwipo on Jeju island, south of Seoul...
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Relief convoy sails from Cyprus for blockaded Gaza
NICOSIA (Reuters) - A six-ship convoy carrying 10,000 tonnes of aid for Palestinians set sail for Gaza on Sunday in defiance of an Israeli blockade on the impoverished territory and warnings that it would be intercepted. The ships, led by a Turkish vessel carrying 600 people, left a muster point in international waters off Cyprus early on Sunday....
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Iran oil rig fire may blaze for one month -report
TEHRAN (Reuters) - A fire blazing at an Iranian oil rig may take up to one month to extinguish, the semi-official Mehr news agency...
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Women worry Afghan peace jirga will harm rights
KABUL (Reuters) - As Afghanistan's most powerful men arrive in Kabul for a major conference aimed at starting a peace process with the Taliban, many women are worried the event could lead to a compromise of their hard-won rights. A woman holds a child while watching U.S. Marines and Afghan National Army personnel in Helmand, April 20, 2010. As Afghanistan's most powerful men arrive in Kabul for a major conference aimed at a peace process with the Taliban, many women are worried the event could lead to a compromise of their hard-won rights. (REUTERS/Asmaa Waguih/Files) Afghanistan is holding a peace jirga or an...
Source: http://rss.wn.com
Report: Head of Egypt telecom Orascom sees conclusion of talks with SAfrica's MTN within week
CAIRO (AP) — The chairman of Egyptian mobile phone giant Telecom says he expects talks with MTN Group over the purchase of some of Orascom's units...
Source: http://rss.wn.com
Many Americans dogged by debt stress, despite whittling down IOUs, improved national economy
WASHINGTON (AP) — The economy trudges ahead yet debt dogs many Americans, stressing them out even as they firm up their own financial foundations. There are new jobs produced but old worries persisting for people despite belt-tightening and boosted savings, according to an Associated Press-GfK poll. About 46...
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Death toll hits 93 in gunmen attacks in Pakistan's Lahore
ISLAMABAD - Death toll hit 93 in gunmen attacks in Pakistan's Lahore, local TV channels reported Saturday. More than 100 people were also injured during the Friday attacks, according to the private TV Express. Two groups of...
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30 killed in bus accident in southern India
NEW DELHI - Thirty passengers were burnt to death early Sunday when a bus fell into a ditch and its...
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Volcano eruption spurs evacuation in Ecuador
Tungurahua volcano erupts in Cotalo, some...
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Aid flotilla to set sail for Gaza
A flotilla of ships carrying tons of supplies for the Gaza Strip will set sail for the blockaded territory today, the...
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Seventeen killed in Chinese mine blast
Seventeen miners were killed by a dynamite explosion at a coal mine in central China, authorities said today. Another worker...
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China executes man who attacked 29 children
Chinese authorities today executed a man who attacked a kindergarten in eastern China last month, slashing 29 children and three teachers with a knife, a state news agency reported. Xu Yuyuan was executed after being convicted in mid May of attempted homicide by the Taizhou Intermediate Court in the eastern province of Jiangsu, the official Xinhua News Agency said....
Source: http://rss.wn.com
Tropical storm in Guatemala leaves trail of death
Torrential rains brought by the first tropical storm of the 2010 season pounded Guatemala and southern Mexico, triggering deadly landslides and killing at least 12. Agatha made landfall near the border of...
Source: http://rss.wn.com
India train crash toll rises to 145
Normal rail services resumed across an eastern Indian state today, two days after a train accident blamed on Maoist rebels that killed 145 people, officials said. Thirteen carriages of a high-speed passenger train derailed and then were hit by an oncoming cargo train in West Bengal state early on Friday. Police accuse the rebels of sabotaging the tracks. The death toll climbed to 145 today, said Police Inspector General Surojit Kar...
Source: http://rss.wn.com
Saturday, May 29, 2010
Police find twins safe and well
Twins snatched from social services by their mother were safe and well in police protection today after being recovered by officers.
Source: http://www.herald.ie
BP's waiting game in new gamble to end oil disaster
BP said today everything was going as planned as the oil giant began pumping heavy mud into the leaking Gulf of Mexico well.
Source: http://www.herald.ie
New fears for euro future
CONCERNS about the future of the euro grew this morning after it emerged that China was reviewing its Eurozone debt.
Source: http://www.herald.ie
Islamist backlash over Elton concert
A performance by Elton John sparked outrage among Morocco's anti-gay conservatives.
Source: http://www.herald.ie
Colombian model (30) accused in drugs ring
A Colombian model accused of leading a drug-trafficking gang that persuaded pretty young women to smuggle cocaine to Mexico has been arrested after evading Argentine police for five months.
Source: http://www.herald.ie
Host Linkletter dies aged 97 Red Cross still helping Taliban Arizona border laws slammed Togo crisis in refugee influx
Art Linkletter, who hosted the popular US TV shows People Are Funny and House Party in the 1950s and 1960s, has died at 97.
Source: http://www.herald.ie
Social workers in Baby P horror can work again
Two social workers who admitted a string of failings in their care of Baby Peter will be free to return to work within months after they escaped being struck off today.
Source: http://www.herald.ie
Ripper fear as three prostitutes murdered
FEARS of a new Yorkshire Ripper have returned after the murder of three prostitutes.
Source: http://www.herald.ie
Protests force new Facebook change to protect privacy
Facebook, the world's most-popular social networking site, last night backed down and introduced simplified privacy controls after a storm of protest from users.
Source: http://www.herald.ie
Dad saved by kidney donated from daughter with 'wrong' blood group
Surgeons are celebrating after a father successfully received a kidney from his daughter -- despite them having different blood groups.
Source: http://www.herald.ie
US army ban on gays lifted
US politicians have voted to repeal the 1993 law known as "don't ask, don't tell" and allow gay people to serve openly in the military.
Source: http://www.herald.ie
Murder-charge dad faces trial
A MAN charged with murder in connection with a fatal shooting in Dublin in February has been sent forward for trial to the Central Criminal Court.
Source: http://www.herald.ie
1,000 killed in US Afghan war
The US military has suffered its 1,000th death of the Afghan war. The grim milestone was reached when Nato reported that a service member was killed today in a roadside bombing in southern Afghanistan, according to a count.
Source: http://www.herald.ie
Mum fined for harassing son on Facebook
A woman who locked her son out of his Facebook account and posted vulgarities on his page has been convicted of harassment and ordered not to have contact with the teenager.
Source: http://www.herald.ie
Stephen Griffiths calls himself 'the crossbow cannibal' in court
Stephen Griffiths, the PhD student charged with the murders of three prostitutes in Bradford, has told a court he is "the crossbow cannibal".
Source: http://www.herald.ie
Ring of steel as mob boss Kinahan appears in court
SPANISH police mounted a massive security operation today for the appearance of gangster Christy Kinahan in court.
Source: http://www.herald.ie
Fergie goes on Oprah to say sorry for €580k sting - then must face Andrew
The Duchess of York will record a public apology on the Oprah Winfrey Show today as she attempts to rebuild her life.
Source: http://www.herald.ie
No silver bullet to kill giant oil spill, says Obama
BP will not know until tomorrow at the earliest if its complex attempt to plug the gushing Gulf of Mexico oil leak has worked.
Source: http://www.herald.ie
China Hints It Could Shift Its Stance on an Ally
Prime Minister Wen Jiabao of China promised on Friday that Beijing "will not protect anyone" once it...
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Vatican abuse prosecutor warns hell for culprits
The Vatican prosecutor of...
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Pakistani minority sect demands protection after suicide attacks killed 93 members
LAHORE, Pakistan - Leaders of Pakistan's minority Ahmadi sect demanded better government protection Saturday as they buried many of the 93 sect members killed by Islamist militants at two of the group's mosques. The request could test the government's willingness to take on hard-line Islamists whose influence is behind decades of state-sanctioned discrimination against the Ahmadis in the Sunni Muslim-majority country. The attacks occurred minutes apart Friday in two neighborhoods in the eastern city of Lahore. Two teams of gunmen, including some in suicide vests, stormed the mosques and sprayed bullets at worshippers while holding off police. Thirteen people died overnight at hospitals,...
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Report: Kurdish rebel chief to withdraw from process of seeking dialogue with Turkey
ANKARA, Turkey - Imprisoned Kurdish rebel chief Abdullah Ocalan accused Turkey of ignoring his calls to establish dialogue with his rebels and said he would withdraw from the process, leaving his rebel command in charge, a Kurdish newspaper said Saturday. Ocalan's announcement that he would formally abandon his efforts on Monday comes amid intensified clashes between Kurdish guerrillas and the Turkish military. Kurdish rebels on Saturday killed two soldiers and one pro-government village guard in a clash near the Iraqi border. Turkey's military killed at least 24 Kurdish rebels in an airstrike on rebel hideouts in northern Iraq last week and separate clashes this week. "I am withdrawing...
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Wal-Mart bets on $1 ketchup, cheap soda, in campaign to re-ignite sales
NEW YORK (AP) — is counting on $1 ketchup bottles and sub-$4 cases of Coke to get its low-price mojo back. The sharp cuts came ahead of Memorial Day weekend....
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UK police find human remains in river
LONDON - Police investigating the deaths of three British women say they have recovered what are believed to be human remains in a...
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Kurdish rebel chief to abandon peace efforts
ANKARA, Turkey - A Kurdish news website says imprisoned Kurdish rebel chief Abdullah Ocalan will withdraw from the process of...
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Iraq's al-Maliki says he's only party PM nominee
BAGHDAD - Iraq's prime minister said Saturday he is the only nominee from his political party to run the nation's next government, rejecting suggestions of a consensus candidate to satisfy those concerned about his leadership. Nouri al-Maliki's comments revealed an unwillingness to budge in negotiations with his Shiite partners over forming Iraq's likely next government despite a process that has dragged on in the nearly three months since the March 7 election left the country without a clear winner. Other Shiite political groups and religious leaders whose support al-Maliki is depending on have...
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Diana's daring debut dress _ black, strapless and very sexy _ goes up for sale
LONDON (AP) — It was black and strapless, with a sassy sequined flounce at the bodice and a gloriously full, swishy skirt. The dress was, Lady Diana Spencer thought, so grown-up, just right for her first official engagement after the announcement she was to marry Prince Charles. But when photographs emerged of the then 19-year-old Diana emerging from a limousine at a March, 1981 charity event — all creamy shoulders and ample decolletage — there was a minor scandal over the revealing cut. According to Elizabeth Emanuel, who designed the ball gown with her husband David, they didn't realize the furor the dress would cause. "She just looked fantastic. At that time, she was...
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Vatican abuse prosecutor warns of hell for perpetrators of child sex abuse
VATICAN CITY (AP) — The Vatican prosecutor of clerical sex abuse warned perpetrators on Saturday that they would suffer damnation in hell that would be worse than the death penalty. The Rev. Charles Scicluna, a Maltese priest who is a top official at the Vatican's morality office, led a special "make amends" prayer service in St. Peter's Basilica. The service grew out of a desire by some seminarians in Rome for a day of prayers for the victims...
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Supporters, opponents of Arizona's illegal immigration law plan protests for thousands
PHOENIX (AP) — Rallies in Phoenix are drawing people from out of state who both support and oppose the state's new law targeting...
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India, UAE set to revamp rules governing migration of workers
Dubai, May 29, (PTI) India and the UAE have begun consultations to frame a new agreement on migration of workers that will ensure that the terms of contracts offered by the employers are not altered after their arrival. The broad agreement was reached during the visit to the UAE of Minister of Overseas Indian Affairs Vayalar Ravi, who met UAE Labour Minister Saqr...
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Zardari 'disenchanted' with India's post-Mumbai handling
Islamabad, May 29, (PTI) Pakistan President Asif Ali Zardari has said that he is ''disenchanted'' with the way India handled the bilateral relations in the aftermath of the Mumbai terror attacks as he expected New Delhi to ''behave much more maturely''. "I'm a little disenchanted with India. I expected the largest democracy in the world to behave much more maturely. We are facing a threat on the eastern and western borders," Zardari said in an interview with Newsweek magazine. "This new-age terror has created a phenomenon where a few people can take entire states to war. The fact that these people happen to belong to Pakistan or India or Bangladesh is immaterial. They are non-state actors,...
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Rwandan Police Asked to Release US Attorney
Filed at 10:33 a.m. ET NAIROBI, Kenya (AP) -- An international lawyers' group on Saturday called for the immediate release of an American lawyer charged with genocide denial in Rwanda. Peter Erlinder, who is in Rwanda to help defend an opposition presidential hopeful against charges that include promoting genocidal ideology, was arrested Friday by Rwandan police. The International Criminal Defense Attorneys Association urged individual lawyers and organizations to demand his immediate release, which they say is politically motivated. ''They are political charges, that's all they are,'' Alison Turner, a board member of the ICDAA, told The Associated Press from Nairobi, Kenya. Turner said a...
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Friday, May 28, 2010
Greece calls on EU-IMF rescue loans
Greece has formally asked for the activation of an EU-IMF financial rescue package to help pull the debt-ridden economy out of its crisis.
It had hoped that just the promise of EU support, agreed last month, would have been be enough to reassure markets and help its recovery.
But Greece's problems have continued to hit investor confidence in the euro and other European economies.
Eurozone countries will now provide tens of billions of euros in loans.
Greek prime minister
Mr Papandreou said the aid was a 'national necessity'
On Friday evening, several thousand protesters took to the streets of Athens to demonstrate against further austerity measures.
Earlier this month, a deal was agreed under which eurozone nations would provide emergency loans of up to 30bn euros ($40bn; £26bn) in the first year, with a further 10bn euros coming from the International Monetary Fund (IMF).
The European Commission and the IMF said they were optimistic that the exact details of a loan could be worked out quickly.
However, in Germany, where there has been public opposition to funding a bail-out, Chancellor Angela Merkel said any aid would come with "very strict conditions", including a credible savings plan.
ANALYSIS
Andrew Walker
Andrew Walker, BBC world economics editor, at IMF Headquarters in Washington
Greece's request has come as no surprise to anyone, least of all IMF managing director Dominique Strauss-Kahn. As he pointed out himself, IMF staff have been advising Greece on managing the public finances for weeks.
Why does the rest of the euro area care so much? Partly it wants to avoid the general disruption to the euro area financial markets that would result if Greece failed to pay its debts.
The next candidate for trouble, if the dam bursts, is probably Portugal.
Anxiety also extends to a lesser extent to others such as Spain, Italy and Ireland. Mr Strauss-Kahn was keen to play down the likelihood of further rescues. "Of course, we are prepared to help countries if needed," he said, "but we do not see a need these days to focus on any other countries but Greece."
Let's hope he is right
A German finance ministry official, Joerg Asmussen, said his country was doing its bit. "The German side is ready to act with its part of the aid package. I cannot say anything about the time frame, but originally it should need some two weeks," he said.
Greek Prime Minister George Papandreou, on a visit to the Aegean island of Kastellorizo, said the markets had not responded positively to the austerity measures designed to reduce the country's debts, as he had hoped.
Confidence in the Greece economy has continued to fall, pushing its cost of borrowing to record levels in recent days.
It was therefore now a "national and pressing necessity" to access the EU-IMF aid, he said, and he had asked Finance Minister George Papaconstantinou to make a formal request for the loan plan's activation.
"Our partners will decisively contribute to provide Greece the safe harbour that will allow us to rebuild our ship," added Mr Papandreou.
'Pressure on'
Greece has sent a letter to the European Commission, the European Central Bank and the Eurogroup representing other Eurozone countries "formally requesting the activation of the support mechanism".
For non-eurozone senior officials, the Greek problem looks manageable. They just wish everyone would get on and manage it
Stephanie Flanders, BBC economics editor
Read Stephanie's blog in full
Read your comments
There are still some hurdles to clear though.
The German opposition SPD is demanding a full debate on their portion of the aid package which could delay any German contribution.
So the IMF may be called on to finance the first portion of the aid. The next immediate step will be for eurozone ministers to agree an interest rate for loans to Greece - which will be considerably lower than the 8% they are facing on the open market at the moment.
The BBC economics editor Stephanie Flanders said for non-eurozone senior officials, the Greek problem looked manageable. They just wished everyone would get on and manage it.
She said the clock was now ticking and several countries needed to get parliamentary approval for the plan, which would take some weeks.
She added that delays had already pushed up the amount needed to support Greece, and further pain could be in store.
Uncertainty remains
EURO V US DOLLAR
Last updated: 28 May 2010, 16:20 UK
EUR:USD intraday chart
*Chart shows local time
€1 buys change %
1.2332 -0.0030 -0.24
More data on this currency pair
The euro rallied in late Friday trade, ending in New York 0.6% higher at $1.33.8.
The yield, or interest rate, on Greek 10-year bonds, fell to as low as 7.99% after Mr Papandreou spoke, after rising to nearly 9% on Thursday - its highest level for more than 10 years. It then crept back up to 8.66%.
The fall is a sign of a slight increase in confidence in Greece's ability to pay back its loans. But analysts said there was still significant uncertainty ahead.
"The market's relatively modest reaction to the news that Greece was formally requesting aid from the EU and IMF was a clear sign that the market still believes that Greece will be forced to restructure its debt even with a bail-out," said BNY Mellon's Simon Derrick.
"These concerns were hardly soothed by a comment from the European Commission that it was neither for nor against a restructuring."
In addition, attention has also been turning to other eurozone countries with large deficits in recent days.
BNY Mellon pointed out that Portugal had come under pressure on the markets this week, with the cost of its borrowing rising.
It also remarked that some investors had begun to pull out of investing in Portuguese debt in recent days. "It seems clear which domino currently looks in danger of falling over on the European table," Mr Derrick said.
But one of the members of the European Central Bank Governing Committee, Ewald Nowotny, said Greece's problems should not unsettle other eurozone countries.
He said: "The fiscal situation of, let's say, Spain and Portugal, cannot be compared with the situation of Greece. It should be made very clear that there is no economic basis for negative news about these countries and it should also show very clearly that we do no want to give space for speculation."
Spending cutbacks
The EU-IMF loans package has been put together to help pull Greece out of its debt crisis.
Greece is swamped by 300bn euros of debt and needs to borrow about 54bn euros this year alone.
In the middle of April finance ministers of the eurozone nations agreed to provide up to 30bn euros in emergency loans for debt-hit Greece should it ask for them.
At the time they offered a three-year financing programme at interest rates of about 5%, based on IMF formulas.
Meanwhile, spending cutbacks being introduced by Athens to restore its finances are being resisted.
On Friday, Greek riot police fired tear gas during unrest as about 2,500 people marched through the streets of central Athens in protest at the country's austerity measures in the latest display of public opposition.
It had hoped that just the promise of EU support, agreed last month, would have been be enough to reassure markets and help its recovery.
But Greece's problems have continued to hit investor confidence in the euro and other European economies.
Eurozone countries will now provide tens of billions of euros in loans.
Greek prime minister
Mr Papandreou said the aid was a 'national necessity'
On Friday evening, several thousand protesters took to the streets of Athens to demonstrate against further austerity measures.
Earlier this month, a deal was agreed under which eurozone nations would provide emergency loans of up to 30bn euros ($40bn; £26bn) in the first year, with a further 10bn euros coming from the International Monetary Fund (IMF).
The European Commission and the IMF said they were optimistic that the exact details of a loan could be worked out quickly.
However, in Germany, where there has been public opposition to funding a bail-out, Chancellor Angela Merkel said any aid would come with "very strict conditions", including a credible savings plan.
ANALYSIS
Andrew Walker
Andrew Walker, BBC world economics editor, at IMF Headquarters in Washington
Greece's request has come as no surprise to anyone, least of all IMF managing director Dominique Strauss-Kahn. As he pointed out himself, IMF staff have been advising Greece on managing the public finances for weeks.
Why does the rest of the euro area care so much? Partly it wants to avoid the general disruption to the euro area financial markets that would result if Greece failed to pay its debts.
The next candidate for trouble, if the dam bursts, is probably Portugal.
Anxiety also extends to a lesser extent to others such as Spain, Italy and Ireland. Mr Strauss-Kahn was keen to play down the likelihood of further rescues. "Of course, we are prepared to help countries if needed," he said, "but we do not see a need these days to focus on any other countries but Greece."
Let's hope he is right
A German finance ministry official, Joerg Asmussen, said his country was doing its bit. "The German side is ready to act with its part of the aid package. I cannot say anything about the time frame, but originally it should need some two weeks," he said.
Greek Prime Minister George Papandreou, on a visit to the Aegean island of Kastellorizo, said the markets had not responded positively to the austerity measures designed to reduce the country's debts, as he had hoped.
Confidence in the Greece economy has continued to fall, pushing its cost of borrowing to record levels in recent days.
It was therefore now a "national and pressing necessity" to access the EU-IMF aid, he said, and he had asked Finance Minister George Papaconstantinou to make a formal request for the loan plan's activation.
"Our partners will decisively contribute to provide Greece the safe harbour that will allow us to rebuild our ship," added Mr Papandreou.
'Pressure on'
Greece has sent a letter to the European Commission, the European Central Bank and the Eurogroup representing other Eurozone countries "formally requesting the activation of the support mechanism".
For non-eurozone senior officials, the Greek problem looks manageable. They just wish everyone would get on and manage it
Stephanie Flanders, BBC economics editor
Read Stephanie's blog in full
Read your comments
There are still some hurdles to clear though.
The German opposition SPD is demanding a full debate on their portion of the aid package which could delay any German contribution.
So the IMF may be called on to finance the first portion of the aid. The next immediate step will be for eurozone ministers to agree an interest rate for loans to Greece - which will be considerably lower than the 8% they are facing on the open market at the moment.
The BBC economics editor Stephanie Flanders said for non-eurozone senior officials, the Greek problem looked manageable. They just wished everyone would get on and manage it.
She said the clock was now ticking and several countries needed to get parliamentary approval for the plan, which would take some weeks.
She added that delays had already pushed up the amount needed to support Greece, and further pain could be in store.
Uncertainty remains
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The euro rallied in late Friday trade, ending in New York 0.6% higher at $1.33.8.
The yield, or interest rate, on Greek 10-year bonds, fell to as low as 7.99% after Mr Papandreou spoke, after rising to nearly 9% on Thursday - its highest level for more than 10 years. It then crept back up to 8.66%.
The fall is a sign of a slight increase in confidence in Greece's ability to pay back its loans. But analysts said there was still significant uncertainty ahead.
"The market's relatively modest reaction to the news that Greece was formally requesting aid from the EU and IMF was a clear sign that the market still believes that Greece will be forced to restructure its debt even with a bail-out," said BNY Mellon's Simon Derrick.
"These concerns were hardly soothed by a comment from the European Commission that it was neither for nor against a restructuring."
In addition, attention has also been turning to other eurozone countries with large deficits in recent days.
BNY Mellon pointed out that Portugal had come under pressure on the markets this week, with the cost of its borrowing rising.
It also remarked that some investors had begun to pull out of investing in Portuguese debt in recent days. "It seems clear which domino currently looks in danger of falling over on the European table," Mr Derrick said.
But one of the members of the European Central Bank Governing Committee, Ewald Nowotny, said Greece's problems should not unsettle other eurozone countries.
He said: "The fiscal situation of, let's say, Spain and Portugal, cannot be compared with the situation of Greece. It should be made very clear that there is no economic basis for negative news about these countries and it should also show very clearly that we do no want to give space for speculation."
Spending cutbacks
The EU-IMF loans package has been put together to help pull Greece out of its debt crisis.
Greece is swamped by 300bn euros of debt and needs to borrow about 54bn euros this year alone.
In the middle of April finance ministers of the eurozone nations agreed to provide up to 30bn euros in emergency loans for debt-hit Greece should it ask for them.
At the time they offered a three-year financing programme at interest rates of about 5%, based on IMF formulas.
Meanwhile, spending cutbacks being introduced by Athens to restore its finances are being resisted.
On Friday, Greek riot police fired tear gas during unrest as about 2,500 people marched through the streets of central Athens in protest at the country's austerity measures in the latest display of public opposition.
Prudential delays $21bn rights issue to buy AIA
Prudential has delayed publication of details of a $21bn (£13.8bn) rights issue intended to help fund its $35.5bn acquisition of AIA in Asia.
The insurer said it was continuing discussions with the Financial Services Authority about the terms of the deal.
The delay comes amid turmoil in world stock markets, and unease among investors at the size of the cash call.
Prudential's statement did not set a new date, but it said it was "entirely committed to the transaction".
The FSA declined to comment.
Capital concerns
The company had been expected to release details to the stock market at 0700 BST on Wednesday.
Continue reading the main story
We are entirely committed to the transaction and remain on track to complete within the timing set out on 1 March
Harvey McGrath Prudential chairman
However, the BBC's business editor, Robert Peston, said there was a last-minute intervention by the FSA on Tuesday night.
"I am told that the FSA raised concerns about the so-called capital structure of the Prudential as enlarged by the enormous takeover," Mr Peston said.
"Or to put it another way, the FSA remains to be convinced that the Pru will be strong enough in a financial sense when the deal has gone through."
Prudential chief executive Tidjane Thiam announced the record-breaking rights issue in March, having been in the job for less than a year.
The company was adamant that the bid for AIA, part of bailed-out US insurer AIG, would not be knocked off course by the FSA's intervention.
Pru chairman Harvey McGrath said: "We are entirely committed to the transaction and remain on track to complete within the timing set out on 1 March.
"The work completed since 1 March with the AIA and Prudential teams has convinced me more than ever that the enlarged Group will be in a position to capture sustainable and highly profitable growth and will deliver substantial long term value for our shareholders," he added.
Prudential added that discussions with other regulatory and anti-trust bodies was progressing as planned.
'Shareholder dissatisfaction'
Prudential shareholders were reportedly already nervous about the size of the rights issue and the company's ability to raise the money at a time when investors are cautious about prospects for the world economy.
Continue reading the main story
There is no cheap or quick way for the Pru to satisfy the FSA
Robert Peston BBC business editor Read Robert's blog here
But Eamonn Flanagan, insurance analyst at Shore Capital, said: "It is too early to call the death of the deal.
"There is shareholder dissatisfaction, but until investors actually have something to vote on, it is too early to talk about the implications of this delay for the wider transaction."
Prudential needs approval from 75% of its shareholders for the deal to go through. A shareholder vote is scheduled for 27 May.
But, according to newspaper reports, Capital Research & Management, Prudential's largest shareholder with 12%, has misgivings about the AIA takeover
The deal is set to double the size of Prudential, and make it the biggest insurer outside China, pushing it ahead of major rivals AXA and Allianz.
Stress test
The FSA telephoned Prudential at about 1930 BST on Tuesday, just as the insurer and its advisers were pricing the rights issue and finalising plans for a series of presentations to investors.
The regulator said it was still "stress testing" the enlarged group's solvency ratio - a measure of a company's ability to meet its long term debt obligations.
It is thought that the FSA wanted a solvency ratio of more than 200%.
Prudential, with surplus capital of £3.4bn, and AIA, with $3.3bn (£2.1bn), are among the best capitalised insurers in the world and both above 200%.
Prudential hopes, therefore, that the FSA's queries are more technical than deal-breaking, and that the issue can be resolved in a matter of days.
But, say analysts, if Prudential is forced to raise more money to satisfy FSA stress tests - either through disposals or from the debt markets - resolving the issue could take longer than a few days.
The insurer said it was continuing discussions with the Financial Services Authority about the terms of the deal.
The delay comes amid turmoil in world stock markets, and unease among investors at the size of the cash call.
Prudential's statement did not set a new date, but it said it was "entirely committed to the transaction".
The FSA declined to comment.
Capital concerns
The company had been expected to release details to the stock market at 0700 BST on Wednesday.
Continue reading the main story
We are entirely committed to the transaction and remain on track to complete within the timing set out on 1 March
Harvey McGrath Prudential chairman
However, the BBC's business editor, Robert Peston, said there was a last-minute intervention by the FSA on Tuesday night.
"I am told that the FSA raised concerns about the so-called capital structure of the Prudential as enlarged by the enormous takeover," Mr Peston said.
"Or to put it another way, the FSA remains to be convinced that the Pru will be strong enough in a financial sense when the deal has gone through."
Prudential chief executive Tidjane Thiam announced the record-breaking rights issue in March, having been in the job for less than a year.
The company was adamant that the bid for AIA, part of bailed-out US insurer AIG, would not be knocked off course by the FSA's intervention.
Pru chairman Harvey McGrath said: "We are entirely committed to the transaction and remain on track to complete within the timing set out on 1 March.
"The work completed since 1 March with the AIA and Prudential teams has convinced me more than ever that the enlarged Group will be in a position to capture sustainable and highly profitable growth and will deliver substantial long term value for our shareholders," he added.
Prudential added that discussions with other regulatory and anti-trust bodies was progressing as planned.
'Shareholder dissatisfaction'
Prudential shareholders were reportedly already nervous about the size of the rights issue and the company's ability to raise the money at a time when investors are cautious about prospects for the world economy.
Continue reading the main story
There is no cheap or quick way for the Pru to satisfy the FSA
Robert Peston BBC business editor Read Robert's blog here
But Eamonn Flanagan, insurance analyst at Shore Capital, said: "It is too early to call the death of the deal.
"There is shareholder dissatisfaction, but until investors actually have something to vote on, it is too early to talk about the implications of this delay for the wider transaction."
Prudential needs approval from 75% of its shareholders for the deal to go through. A shareholder vote is scheduled for 27 May.
But, according to newspaper reports, Capital Research & Management, Prudential's largest shareholder with 12%, has misgivings about the AIA takeover
The deal is set to double the size of Prudential, and make it the biggest insurer outside China, pushing it ahead of major rivals AXA and Allianz.
Stress test
The FSA telephoned Prudential at about 1930 BST on Tuesday, just as the insurer and its advisers were pricing the rights issue and finalising plans for a series of presentations to investors.
The regulator said it was still "stress testing" the enlarged group's solvency ratio - a measure of a company's ability to meet its long term debt obligations.
It is thought that the FSA wanted a solvency ratio of more than 200%.
Prudential, with surplus capital of £3.4bn, and AIA, with $3.3bn (£2.1bn), are among the best capitalised insurers in the world and both above 200%.
Prudential hopes, therefore, that the FSA's queries are more technical than deal-breaking, and that the issue can be resolved in a matter of days.
But, say analysts, if Prudential is forced to raise more money to satisfy FSA stress tests - either through disposals or from the debt markets - resolving the issue could take longer than a few days.
Prudential gives details of £14.5bn rights issue
Insurance giant Prudential has announced plans to raise £14.5bn ($21bn) from shareholders in the UK's biggest rights issue to date.
The extra cash will be used to fund Prudential's planned acquisition of AIA Group - AIG's Asian business.
Prudential's chairman Harvey McGrath called the proposed deal "a unique opportunity".
Details of the rights issue were due two weeks ago, but were delayed after concerns from regulators.
The Financial Services Authority (FSA) complained that the AIA deal could leave the new merged company with insufficient capital, but those worries now appear to have been resolved.
Asia growth
If agreed by shareholders, the acquisition of AIA will see the size of Pru's business more than double in size, with its Asian operations accounting for more than half of its profits.
Continue reading the main story
No one can accuse the Prudential's senior directors of being averse to risk
Robert Peston Robert Peston, BBC business editor Read Robert Peston's blog here
It will also make the Pru the largest insurer in Asia, and the biggest life assurer outside of China.
The Pru currently has about seven million customers in the UK, while AIA has about 30 million customers in Asia.
There is also widespread speculation that the Pru will eventually pull out of the UK and the US completely, making it an Asian-focused business with its headquarters in London.
Prudential's chief executive Tidjane Thiam has set ambitious growth targets for the proposed merged company, with a pre-tax operating profit of at least £3.26bn planned by 2013.
"The combined business will be a fast growing and highly profitable company, with a leading position in many of the most attractive markets in the world," he said.
The extra cash will be used to fund Prudential's planned acquisition of AIA Group - AIG's Asian business.
Prudential's chairman Harvey McGrath called the proposed deal "a unique opportunity".
Details of the rights issue were due two weeks ago, but were delayed after concerns from regulators.
The Financial Services Authority (FSA) complained that the AIA deal could leave the new merged company with insufficient capital, but those worries now appear to have been resolved.
Asia growth
If agreed by shareholders, the acquisition of AIA will see the size of Pru's business more than double in size, with its Asian operations accounting for more than half of its profits.
Continue reading the main story
No one can accuse the Prudential's senior directors of being averse to risk
Robert Peston Robert Peston, BBC business editor Read Robert Peston's blog here
It will also make the Pru the largest insurer in Asia, and the biggest life assurer outside of China.
The Pru currently has about seven million customers in the UK, while AIA has about 30 million customers in Asia.
There is also widespread speculation that the Pru will eventually pull out of the UK and the US completely, making it an Asian-focused business with its headquarters in London.
Prudential's chief executive Tidjane Thiam has set ambitious growth targets for the proposed merged company, with a pre-tax operating profit of at least £3.26bn planned by 2013.
"The combined business will be a fast growing and highly profitable company, with a leading position in many of the most attractive markets in the world," he said.
Why Prudential gambles on Asian growth
Prudential launches its dual primary listing in Hong Kong and secondary listing in Singapore this Tuesday, paving the way for more Asian investors to buy its shares.
The region's large sovereign wealth funds, including Singapore's government-controlled investment arm GIC, are said to be interested.
Asian investors will then have until 4 June to decide whether they want to participate in the rights issue, in which the insurer will make a discount offer of 11 new shares for every two that they own at £1. 04 ($2.09) each.
In Prudential's record-breaking offering, the firm wants to raise $21bn towards financing its $35.5bn offer for AIA, the Asian business of troubled US insurer AIG.
But the UK's largest insurer faces the risk of rejection by its shareholders on 7 June when it needs 75% of them to approve the rights issue.
The Pru is keen to attract more Asian shareholders ahead of the meeting because some of its UK shareholders have already voiced their oppositions.
Robin Geffen, managing director of Neptune Investment Management, is one of them. He has founded an action group.
"Like many shareholders, I remain completely opposed to the course of action that Prudential is intending to pursue," he says.
"Very few shareholders have been consulted and it is not why people bought shares in the Pru.
Prudential also faced a regulatory hurdle earlier this month. It was forced to delay the offering by 12 days when he UK's Financial Services Authority raised concern that the firm would not have enough capital following the takeover.
Most attractive markets
Insurance penetration rate (% of GDP in 2008)
Continue reading the main story
* United Kingdom 15.7%
* Japan 9.8%
* United States 8.7%
* Singapore 7.8%
* India 4.6%
* China 3.3%
* Vietnam 1.4%
* Indonesia 1.3%
Source: Swiss Re
Despite all the challenges, the reason the Pru remains committed to buying AIA is simple.
The purchase would see the size of its business more than double in size, with its Asian operations accounting for more than half its profits.
Prudential's chief executive, Tidjane Thiam, has set ambitious growth targets for the proposed merged company, gunning for a pre-tax operating profit of at least £3.26bn ($4.72bn) by 2013.
"The combined business will be a fast growing and highly profitable company, with a leading position in many of the most attractive markets in the world," he insists.
The Pru is currently the number two life insurer in Asia, following AIA, which has about 30 million customers in the region.
The combined firm "New Prudential" would be a dominant player in Asia, where its population is becoming wealthy enough to appreciate insurance.
Perfect customer
Indonesia is one of the markets where Prudential will be a market leader.
Slamet's street restaurant Many in Indonesia would rather invest than buy insurance
Slamet is a local businessman in Batam, located 20 kilometres off Singapore's south coast.
He owns Warung Makan - a street restaurant - and a boarding house for new employees of factories in the area.
He and his family of two children have no insurance.
"I have other things that I need to spend my money on - like my children's education," he says.
"But I am thinking of expanding my business.
"When I have enough money and the timing is right, I may consider buying insurance."
Slamet and his neighbours are exactly who the Prudential wants to have as its new customers.
In Indonesia, the insurance penetration rate is extremely low.
In 2008, only 1.3% of the country's gdp was spent on insurance, compared with 15.7% in the UK.
Rising Asia
Asia's economic powerhouses - China and India - have slightly higher penetration rates of 3.3% and 4.6% respectively.
But their growing middle classes are investing in pensions and life insurance products to secure a comfortable retirement.
Asia as a whole currently accounts for 21.9% of the world's insurance business.
But once Japan and other newly industrialised nations are excluded, its share falls to 6%.
The region has seen double digit growth rates in the last few years and is expected to generate up to 40% of the global growth over the next five years.
It is a dream opportunity for Prudential.
That is why there is also widespread speculation that the Pru will eventually pull out of the UK and the US completely, making it an Asian-focused business with its headquarters in London.
The region's large sovereign wealth funds, including Singapore's government-controlled investment arm GIC, are said to be interested.
Asian investors will then have until 4 June to decide whether they want to participate in the rights issue, in which the insurer will make a discount offer of 11 new shares for every two that they own at £1. 04 ($2.09) each.
In Prudential's record-breaking offering, the firm wants to raise $21bn towards financing its $35.5bn offer for AIA, the Asian business of troubled US insurer AIG.
But the UK's largest insurer faces the risk of rejection by its shareholders on 7 June when it needs 75% of them to approve the rights issue.
The Pru is keen to attract more Asian shareholders ahead of the meeting because some of its UK shareholders have already voiced their oppositions.
Robin Geffen, managing director of Neptune Investment Management, is one of them. He has founded an action group.
"Like many shareholders, I remain completely opposed to the course of action that Prudential is intending to pursue," he says.
"Very few shareholders have been consulted and it is not why people bought shares in the Pru.
Prudential also faced a regulatory hurdle earlier this month. It was forced to delay the offering by 12 days when he UK's Financial Services Authority raised concern that the firm would not have enough capital following the takeover.
Most attractive markets
Insurance penetration rate (% of GDP in 2008)
Continue reading the main story
* United Kingdom 15.7%
* Japan 9.8%
* United States 8.7%
* Singapore 7.8%
* India 4.6%
* China 3.3%
* Vietnam 1.4%
* Indonesia 1.3%
Source: Swiss Re
Despite all the challenges, the reason the Pru remains committed to buying AIA is simple.
The purchase would see the size of its business more than double in size, with its Asian operations accounting for more than half its profits.
Prudential's chief executive, Tidjane Thiam, has set ambitious growth targets for the proposed merged company, gunning for a pre-tax operating profit of at least £3.26bn ($4.72bn) by 2013.
"The combined business will be a fast growing and highly profitable company, with a leading position in many of the most attractive markets in the world," he insists.
The Pru is currently the number two life insurer in Asia, following AIA, which has about 30 million customers in the region.
The combined firm "New Prudential" would be a dominant player in Asia, where its population is becoming wealthy enough to appreciate insurance.
Perfect customer
Indonesia is one of the markets where Prudential will be a market leader.
Slamet's street restaurant Many in Indonesia would rather invest than buy insurance
Slamet is a local businessman in Batam, located 20 kilometres off Singapore's south coast.
He owns Warung Makan - a street restaurant - and a boarding house for new employees of factories in the area.
He and his family of two children have no insurance.
"I have other things that I need to spend my money on - like my children's education," he says.
"But I am thinking of expanding my business.
"When I have enough money and the timing is right, I may consider buying insurance."
Slamet and his neighbours are exactly who the Prudential wants to have as its new customers.
In Indonesia, the insurance penetration rate is extremely low.
In 2008, only 1.3% of the country's gdp was spent on insurance, compared with 15.7% in the UK.
Rising Asia
Asia's economic powerhouses - China and India - have slightly higher penetration rates of 3.3% and 4.6% respectively.
But their growing middle classes are investing in pensions and life insurance products to secure a comfortable retirement.
Asia as a whole currently accounts for 21.9% of the world's insurance business.
But once Japan and other newly industrialised nations are excluded, its share falls to 6%.
The region has seen double digit growth rates in the last few years and is expected to generate up to 40% of the global growth over the next five years.
It is a dream opportunity for Prudential.
That is why there is also widespread speculation that the Pru will eventually pull out of the UK and the US completely, making it an Asian-focused business with its headquarters in London.
Prudential's Asian shares debut ahead of AIA merger vote
Prudential's shares fell on their debut on the Hong Kong and Singapore stock markets after they were caught up in a slide in global equity prices.
There are also concerns about Prudential's planned £24.6bn ($35.5bn) takeover of AIG's Asia arm, AIA.
Prudential wants to attract Asian investors for its £14.5bn rights issue, which will help fund the AIA deal.
But there is some opposition to the deal, as investors have questioned whether Prudential is paying too much.
'Comfortable'
Prudential chairman Harvey McGrath said he was confident of shareholder approval for the takeover.
"I think the vast majority are very comfortable with the transaction," said Mr McGrath, who was in Hong Kong for the share opening.
In Hong Kong, Prudential shares were slightly down from their opening price of $59.70 Hong Kong dollars at HK$58.90.
In Singapore, they were also down from the opening price of 7.72 Singapore dollars at SG$7.41.
Merger questions
Continue reading the main story Indonesian businessman Slamet
I have other things that I need to spend my money on - like my children's education.
Slamet Businessman, Batam island, Indonesia Pru gambles on underinsured Asia
The insurer needs a 75% shareholder vote on 7 June to get the AIA deal approved.
While some investors believe AIA could be a good business, there are questions about whether Prudential is paying the right price.
There was further pressure on Tuesday with a report in the Financial Times saying that AIA's chief executive Mark Wilson planned to quit the business in the event of a takeover.
He was reported to have told colleagues that a joint Prudential-AIA business could not work.
'New Prudential'
Asian investors have until 4 June to decide whether they want to participate in the rights issue.
Prudential is keen to attract more Asian shareholders ahead of the 7 June meeting, because of the opposition already being voiced by some UK shareholders.
Prudential is currently the number two life insurer in Asia, following AIA, which has about 30 million customers in the region.
The combined firm "New Prudential" would be a dominant player in Asia, where the population is becoming wealthy enough to afford insurance.
There are also concerns about Prudential's planned £24.6bn ($35.5bn) takeover of AIG's Asia arm, AIA.
Prudential wants to attract Asian investors for its £14.5bn rights issue, which will help fund the AIA deal.
But there is some opposition to the deal, as investors have questioned whether Prudential is paying too much.
'Comfortable'
Prudential chairman Harvey McGrath said he was confident of shareholder approval for the takeover.
"I think the vast majority are very comfortable with the transaction," said Mr McGrath, who was in Hong Kong for the share opening.
In Hong Kong, Prudential shares were slightly down from their opening price of $59.70 Hong Kong dollars at HK$58.90.
In Singapore, they were also down from the opening price of 7.72 Singapore dollars at SG$7.41.
Merger questions
Continue reading the main story Indonesian businessman Slamet
I have other things that I need to spend my money on - like my children's education.
Slamet Businessman, Batam island, Indonesia Pru gambles on underinsured Asia
The insurer needs a 75% shareholder vote on 7 June to get the AIA deal approved.
While some investors believe AIA could be a good business, there are questions about whether Prudential is paying the right price.
There was further pressure on Tuesday with a report in the Financial Times saying that AIA's chief executive Mark Wilson planned to quit the business in the event of a takeover.
He was reported to have told colleagues that a joint Prudential-AIA business could not work.
'New Prudential'
Asian investors have until 4 June to decide whether they want to participate in the rights issue.
Prudential is keen to attract more Asian shareholders ahead of the 7 June meeting, because of the opposition already being voiced by some UK shareholders.
Prudential is currently the number two life insurer in Asia, following AIA, which has about 30 million customers in the region.
The combined firm "New Prudential" would be a dominant player in Asia, where the population is becoming wealthy enough to afford insurance.
Prudential in fresh AIA takeover talks
Prudential has confirmed it is in talks to renegotiate its deal to take over the AIG's Asian business AIA.
The UK insurer announced its plans to take over AIA for £24.6bn ($35.5bn) earlier this year, but has since faced a backlash from shareholders.
It is now believed to be seeking a lower price for the deal, in order to appease investors who think it is paying too much.
The Pru has called the deal a "one-off" opportunity to access the Asian market.
There is widespread speculation that the insurer could eventually quit the UK and US altogether should the acquisition of AIA go ahead, focusing entirely on the fast-growing Asian insurance markets.
Prudential said that discussions with AIG about the current status of the deal had taken place and were continuing.
"These discussions may or may not lead to a change in the terms of the combination of AIA and Prudential," the insurer said in a short statement.
There is speculation that Prudential is looking to cut the price of the deal by about £3.5bn.
Earlier this month, Prudential announced plans to raise £14.5bn from shareholders to fund the acquisition of AIA - the UK's biggest rights issue to date.
PRUDENTIAL
Last updated: 28 May 2010, 16:07 UK
Prudential intraday chart
*Chart shows local time
price change %
543.00p -4.50 -0.82
More data on this share price
In London, Prudential shares fell at the beginning of trading on Friday.
Robin Geffen, managing director of Neptune Investment Management, has been among the most vocal Prudential shareholders to object to the deal.
"In this case, there's one desperate buyer paying an extraordinarily high price for AIA," he said.
"Those who have some sympathy [for the deal] say it's a one-off opportunity for Asian growth - that is completely wrong."
But insurance analyst Toby Langley from Sanford Bernstein said cutting the price of the takeover might help to win over other investors.
"The management team still have a lot to do before the shareholders vote on the deal on 7 June, but the vote still remains winnable," he said.
"[Cutting the price] will go a long way towards [winning it]. This is an attractive deal - it could be made even more so."
The UK insurer announced its plans to take over AIA for £24.6bn ($35.5bn) earlier this year, but has since faced a backlash from shareholders.
It is now believed to be seeking a lower price for the deal, in order to appease investors who think it is paying too much.
The Pru has called the deal a "one-off" opportunity to access the Asian market.
There is widespread speculation that the insurer could eventually quit the UK and US altogether should the acquisition of AIA go ahead, focusing entirely on the fast-growing Asian insurance markets.
Prudential said that discussions with AIG about the current status of the deal had taken place and were continuing.
"These discussions may or may not lead to a change in the terms of the combination of AIA and Prudential," the insurer said in a short statement.
There is speculation that Prudential is looking to cut the price of the deal by about £3.5bn.
Earlier this month, Prudential announced plans to raise £14.5bn from shareholders to fund the acquisition of AIA - the UK's biggest rights issue to date.
PRUDENTIAL
Last updated: 28 May 2010, 16:07 UK
Prudential intraday chart
*Chart shows local time
price change %
543.00p -4.50 -0.82
More data on this share price
In London, Prudential shares fell at the beginning of trading on Friday.
Robin Geffen, managing director of Neptune Investment Management, has been among the most vocal Prudential shareholders to object to the deal.
"In this case, there's one desperate buyer paying an extraordinarily high price for AIA," he said.
"Those who have some sympathy [for the deal] say it's a one-off opportunity for Asian growth - that is completely wrong."
But insurance analyst Toby Langley from Sanford Bernstein said cutting the price of the takeover might help to win over other investors.
"The management team still have a lot to do before the shareholders vote on the deal on 7 June, but the vote still remains winnable," he said.
"[Cutting the price] will go a long way towards [winning it]. This is an attractive deal - it could be made even more so."
Universal unveils rebuilt studios
Universal Studios in Los Angeles has unveiled its $200m (£137m) rebuilt outdoor sets - with imitation New York streets - destroyed by fire in 2008.
The four acre site, which features 13 city blocks, will be used in films and in the behind-the-scenes studio tour.
Film director Steven Spielberg, who helped with the rebuild, said it was "a fertile basis for everyone's use, everyone's imagination".
The June 2008 fire destroyed film sets and damaged a library of film reels.
Fire investigators said it was started accidentally by workers using a blowtorch.
'Great memories'
Spielberg, who was one of the first to arrive after the fire started, said it was "truly an inferno".
"The flames were hundreds of feet into the air and everything was coming down quickly," he said.
The new sets includes versions of New York's Central Park, Wall Street and Broadway as well as London and Paris streets.
California Governor Arnold Schwarzenegger, who shot five films on the Universal backlot, said he had "all kinds of really great, great memories of this studio".
Films including Back to the Future, To Kill a Mockingbird and The Blues Brothers were all shot on Universal's outdoor sets.
The four acre site, which features 13 city blocks, will be used in films and in the behind-the-scenes studio tour.
Film director Steven Spielberg, who helped with the rebuild, said it was "a fertile basis for everyone's use, everyone's imagination".
The June 2008 fire destroyed film sets and damaged a library of film reels.
Fire investigators said it was started accidentally by workers using a blowtorch.
'Great memories'
Spielberg, who was one of the first to arrive after the fire started, said it was "truly an inferno".
"The flames were hundreds of feet into the air and everything was coming down quickly," he said.
The new sets includes versions of New York's Central Park, Wall Street and Broadway as well as London and Paris streets.
California Governor Arnold Schwarzenegger, who shot five films on the Universal backlot, said he had "all kinds of really great, great memories of this studio".
Films including Back to the Future, To Kill a Mockingbird and The Blues Brothers were all shot on Universal's outdoor sets.
Ofcom unveils anti-piracy policy
Lists of Britons who infringe copyright are to be drawn up by the UK's biggest ISPs, under proposals from the regulator Ofcom.
The plan is contained in a draft code of practice it hopes will curb copyright infringement.
Names and the number of times individuals infringe will be logged.
Music firms and movie studios can request details from the list they can decide whether to start their own action against serial infringers.
"It is imperative that a system that accuses people of illegal online activity is fair and clear," said Anna Bradley, chair of the Communications Consumer Panel.
The Panel, in partnership with Consumer Focus, Which, Citizens Advice and the advocacy body the Open Rights Group, has released a set of principles it believes should govern the code of practice.
The principles say sound evidence is needed before any action is taken, consumers must have the right to defend themselves and the appeals process must be free to pursue.
Appeals process
The code initially only applies to big ISPs but could be extended, even to mobile networks, if infringement on smaller networks grows.
It tells ISPs under what circumstances they should inform customers that their accounts are allegedly being used to pirate copyrighted material.
Ofcom said the code should come into force in early 2011. The call for the creation of the code is contained in the controversial Digital Economy Act (DEA).
One of the most controversial elements of that act was its granting of powers to the Secretary of State to cut people off if they ignore warnings.
However, the code says: "The Secretary of State has not indicated his intention to make use of these provisions at this time and this consultation is not concerned with this aspect of the DEA."
Initially the code will only apply to ISPs that have more than 400,000 customers. This includes BT, Talk Talk, Virgin Media, Sky, Orange, O2 and the Post Office.
An independent appeals process will also be set up for those customers who believe they have been wrongly accused of copyright infringement.
Ofcom has begun a consultation exercise on the proposals which will conclude on 30 July.
The communications watchdog said the code would go alongside other work to educate customers about copyright infringement, promotion of legal alternatives to file-sharing networks and targeted action against the most persistent offenders.
The plan is contained in a draft code of practice it hopes will curb copyright infringement.
Names and the number of times individuals infringe will be logged.
Music firms and movie studios can request details from the list they can decide whether to start their own action against serial infringers.
"It is imperative that a system that accuses people of illegal online activity is fair and clear," said Anna Bradley, chair of the Communications Consumer Panel.
The Panel, in partnership with Consumer Focus, Which, Citizens Advice and the advocacy body the Open Rights Group, has released a set of principles it believes should govern the code of practice.
The principles say sound evidence is needed before any action is taken, consumers must have the right to defend themselves and the appeals process must be free to pursue.
Appeals process
The code initially only applies to big ISPs but could be extended, even to mobile networks, if infringement on smaller networks grows.
It tells ISPs under what circumstances they should inform customers that their accounts are allegedly being used to pirate copyrighted material.
Ofcom said the code should come into force in early 2011. The call for the creation of the code is contained in the controversial Digital Economy Act (DEA).
One of the most controversial elements of that act was its granting of powers to the Secretary of State to cut people off if they ignore warnings.
However, the code says: "The Secretary of State has not indicated his intention to make use of these provisions at this time and this consultation is not concerned with this aspect of the DEA."
Initially the code will only apply to ISPs that have more than 400,000 customers. This includes BT, Talk Talk, Virgin Media, Sky, Orange, O2 and the Post Office.
An independent appeals process will also be set up for those customers who believe they have been wrongly accused of copyright infringement.
Ofcom has begun a consultation exercise on the proposals which will conclude on 30 July.
The communications watchdog said the code would go alongside other work to educate customers about copyright infringement, promotion of legal alternatives to file-sharing networks and targeted action against the most persistent offenders.
West Bank road partially opened to Palestinian traffic
The Israeli military has partially opened a motorway that runs through the occupied West Bank to Palestinian drivers, to comply with a ruling by Israel's Supreme Court.
For Israelis, Highway 443 is a major link between Jerusalem and Tel Aviv.
The Israeli military banned Palestinian cars in 2002 after shooting attacks on the road killed six Israeli motorists.
In 2009, Israel's Supreme Court ruled that the general closure of the road to Palestinians was illegal.
The road was built in the 1980s, according to the Israeli human rights group B'tselem, some of the land was expropriated privately-owned Palestinian land.
At the time it was argued that the road would benefit Palestinians.
The 25km (15 mile) four-lane road links Israel's coastal plain with the area north of Jerusalem. About 14km of it run through the West Bank. An estimated 40,000 Israeli drivers use the route daily.
'False impression'
As it opened the road, the Israeli military set up new road blocks and checkpoints along the route.
Palestinians will now able to use part of Highway 443 to reach some of the villages alongside it.
West Bank and Israel map
Access to Ramallah - the West Bank's economic and administrative centre - will not be allowed, nor will the road provide access to Jerusalem for Palestinian drivers.
The Association for Civil Rights in Israel (ACRI), which petitioned the Supreme Court to allow Palestinians onto Highway 443, said the army was "acting in utter disregard of the spirit of the ruling".
"This creates the false impression of new regulations, genuine freedom of movement and adherence to the rule of law, though in fact no real change will occur," Acri said in a statement.
Israel has built an extensive road network in the West Bank to serve the settlements.
Palestinian traffic is prohibited or restricted on these roads by a system of roadblocks and checkpoints that human rights groups have criticised as informal and arbitrary.
Israeli security officials say the restrictions are imposed for security reasons.
The restrictions on access to roads force Palestinians to use long and winding routes rather than direct roads, adding greatly to the duration of journeys.
Israel has occupied the West Bank, including East Jerusalem, since 1967, settling close to 500,000 Jews in more than 100 settlements.
There are about 2.5 million Palestinians living in the West Bank.
The settlements are illegal under international law, although Israel disputes this.
For Israelis, Highway 443 is a major link between Jerusalem and Tel Aviv.
The Israeli military banned Palestinian cars in 2002 after shooting attacks on the road killed six Israeli motorists.
In 2009, Israel's Supreme Court ruled that the general closure of the road to Palestinians was illegal.
The road was built in the 1980s, according to the Israeli human rights group B'tselem, some of the land was expropriated privately-owned Palestinian land.
At the time it was argued that the road would benefit Palestinians.
The 25km (15 mile) four-lane road links Israel's coastal plain with the area north of Jerusalem. About 14km of it run through the West Bank. An estimated 40,000 Israeli drivers use the route daily.
'False impression'
As it opened the road, the Israeli military set up new road blocks and checkpoints along the route.
Palestinians will now able to use part of Highway 443 to reach some of the villages alongside it.
West Bank and Israel map
Access to Ramallah - the West Bank's economic and administrative centre - will not be allowed, nor will the road provide access to Jerusalem for Palestinian drivers.
The Association for Civil Rights in Israel (ACRI), which petitioned the Supreme Court to allow Palestinians onto Highway 443, said the army was "acting in utter disregard of the spirit of the ruling".
"This creates the false impression of new regulations, genuine freedom of movement and adherence to the rule of law, though in fact no real change will occur," Acri said in a statement.
Israel has built an extensive road network in the West Bank to serve the settlements.
Palestinian traffic is prohibited or restricted on these roads by a system of roadblocks and checkpoints that human rights groups have criticised as informal and arbitrary.
Israeli security officials say the restrictions are imposed for security reasons.
The restrictions on access to roads force Palestinians to use long and winding routes rather than direct roads, adding greatly to the duration of journeys.
Israel has occupied the West Bank, including East Jerusalem, since 1967, settling close to 500,000 Jews in more than 100 settlements.
There are about 2.5 million Palestinians living in the West Bank.
The settlements are illegal under international law, although Israel disputes this.
France beat Turkey and Italy to stage Euro 2016
France have beaten Turkey and Italy for the right to stage the European Championship in 2016.
France previously staged the tournament in 1960 and were hosts again in 1984, winning it with a team captained by Michel Platini, the Uefa president.
The French, hosts and winners of the 1998 World Cup, beat Turkey by just a single vote after Italy were eliminated in the first round of voting.
Euro 2016 will feature 24 countries playing 51 matches over one month.
"This is a beautiful day for us," said Jean-Pierre Escalettes, president of the French Football Federation.
"It is a moment of intense emotion to know that in 2016 France will welcome European football and will fulfil its promises.
"What counts for us is to have the full confidence of Uefa and this trust will not be betrayed.
"We also understand the frustration of Italy and Turkey - particularly Turkey, who lost by a single vote after bidding for a third time."
606: DEBATE
Give your reaction to Uefa's decision
Platini admitted the contest had put him in a difficult situation - he is French, but of Italian descent and enjoyed his best playing years at Juventus.
"It was not an easy situation for me - I am French, my name is Italian and I have many friends in Turkey. But Uefa has proved once again that we have democracy."
French President Nicolas Sarkozy and former national team star Zinedine Zidane supported their country's case in a presentation to Uefa's ruling executive in Geneva on Friday.
The French government has pledged to help guarantee the projected 1.7bn euro (£1.45bn) cost of building and renovating stadiums despite the worldwide economic problems.
"When I spoke to the French Football Federation, we asked ourselves whether we wanted to be candidates in the middle of a crisis," he told the ceremony during the French presentation.
"But sport is an answer to the crisis. It is because we are in a crisis that we need sport. Nothing is more powerful than sport and, within sport, nothing is more powerful that football."
France's winning bid for 2016 consisted of 12 venues - the Stade de France where France defeated Brazil in the 1998 World Cup final, Paris Saint Germain's Parc des Princes, Lens, Lille, Bordeaux, Nice, Toulouse, Marseille, Lyon, Strasbourg, Saint Etienne and Nancy.
Zidane spoke of being a young fan in the Marseille stadium watching Platini's extra-time goal carry France past Portugal in a classic semi-final in 1984.
News Tracker - Loading
Zinedine Zidane was part of France's bid to stage the tournament
"That is the type of experience I want to live again," said Zidane. "Winning is beautiful but it's great to see all the people in the streets partying. This is what I would like to give my children."
Platini added: "It was a very narrow decision - the work done by all three federations was outstanding, and I would like to congratulate the French.
"It has been a complicated situation from the outset and I believe there is a sigh of relief from French football, and they can now upgrade all their stadia to make them up to the same standard as other countries in Europe."
Turkey were bidding to host their first major football tournament while Italy's chances had been written off after a critical review of their bid following Uefa's inspection visits.
Problems and delays in Poland and Ukraine, who will jointly host Euro 2012, may have persuaded Uefa's executive committee to avoid choosing Turkey, an untried country.
"We all did our best," said Turkey President Abdullah Gul, who had called on Uefa to take a "historic decision" and help bring Turkey, which has a Muslim majority, closer to the heart of Europe. "We are saddened that it was lost by one point."
The 2016 event will feature 24 countries for the first time, up from 16 in 2012, as France becomes the first country to stage the European Championship three times.
France previously staged the tournament in 1960 and were hosts again in 1984, winning it with a team captained by Michel Platini, the Uefa president.
The French, hosts and winners of the 1998 World Cup, beat Turkey by just a single vote after Italy were eliminated in the first round of voting.
Euro 2016 will feature 24 countries playing 51 matches over one month.
"This is a beautiful day for us," said Jean-Pierre Escalettes, president of the French Football Federation.
"It is a moment of intense emotion to know that in 2016 France will welcome European football and will fulfil its promises.
"What counts for us is to have the full confidence of Uefa and this trust will not be betrayed.
"We also understand the frustration of Italy and Turkey - particularly Turkey, who lost by a single vote after bidding for a third time."
606: DEBATE
Give your reaction to Uefa's decision
Platini admitted the contest had put him in a difficult situation - he is French, but of Italian descent and enjoyed his best playing years at Juventus.
"It was not an easy situation for me - I am French, my name is Italian and I have many friends in Turkey. But Uefa has proved once again that we have democracy."
French President Nicolas Sarkozy and former national team star Zinedine Zidane supported their country's case in a presentation to Uefa's ruling executive in Geneva on Friday.
The French government has pledged to help guarantee the projected 1.7bn euro (£1.45bn) cost of building and renovating stadiums despite the worldwide economic problems.
"When I spoke to the French Football Federation, we asked ourselves whether we wanted to be candidates in the middle of a crisis," he told the ceremony during the French presentation.
"But sport is an answer to the crisis. It is because we are in a crisis that we need sport. Nothing is more powerful than sport and, within sport, nothing is more powerful that football."
France's winning bid for 2016 consisted of 12 venues - the Stade de France where France defeated Brazil in the 1998 World Cup final, Paris Saint Germain's Parc des Princes, Lens, Lille, Bordeaux, Nice, Toulouse, Marseille, Lyon, Strasbourg, Saint Etienne and Nancy.
Zidane spoke of being a young fan in the Marseille stadium watching Platini's extra-time goal carry France past Portugal in a classic semi-final in 1984.
Zinedine Zidane was part of France's bid to stage the tournament
"That is the type of experience I want to live again," said Zidane. "Winning is beautiful but it's great to see all the people in the streets partying. This is what I would like to give my children."
Platini added: "It was a very narrow decision - the work done by all three federations was outstanding, and I would like to congratulate the French.
"It has been a complicated situation from the outset and I believe there is a sigh of relief from French football, and they can now upgrade all their stadia to make them up to the same standard as other countries in Europe."
Turkey were bidding to host their first major football tournament while Italy's chances had been written off after a critical review of their bid following Uefa's inspection visits.
Problems and delays in Poland and Ukraine, who will jointly host Euro 2012, may have persuaded Uefa's executive committee to avoid choosing Turkey, an untried country.
"We all did our best," said Turkey President Abdullah Gul, who had called on Uefa to take a "historic decision" and help bring Turkey, which has a Muslim majority, closer to the heart of Europe. "We are saddened that it was lost by one point."
The 2016 event will feature 24 countries for the first time, up from 16 in 2012, as France becomes the first country to stage the European Championship three times.
China 'will not protect' Korea ship attackers
China "will not protect" whoever sank a South Korean warship in March, Prime Minister Wen Jiabao has said.
"China objects to and condemns any act that destroys the peace and stability of the Korean peninsula," Mr Wen was quoted as saying after talks in Seoul.
South Korea has blamed the North for sinking the Cheonan with a torpedo.
Beijing is under pressure to take a strong stance against North Korea but so far has not accepted the findings of an independent investigation.
"The Chinese government will decide its position by objectively and fairly judging what is right and wrong about the incident while respecting the international probe and responses to it by each nation," said Mr Wen.
Beijing has previously called for all sides to show restraint.
The BBC's John Sudworth in Seoul says Beijing's refusal so far to condemn its old ally has been a major source of frustration to South Korea and President Lee Myung-bak.
But some in South Korea will see Mr Wen's comments as a sign of a subtle and careful shift in position by the Beijing authorities, says our correspondent.
A spokesman for Mr Lee said Seoul was "fully concentrating on diplomatic efforts to hold North Korea responsible" for the 26 March attack on the Cheonan, which left 46 sailors dead.
In a rare news conference on Friday, North Korea again accused the South of "fabricating" evidence, and warned an "extremely serious situation is being created in the Korean peninsula in which a war may break out at any moment".
Sanctions
South Korea says an investigation involving international teams uncovered indisputable evidence that North Korea fired a torpedo at the ship.
ANALYSIS
Continue reading the main story
John Sudworth
BBC News, Seoul
Wen Jiabao's comment buys Beijing a bit of time and prolongs the really difficult decision - choosing between its understandable desire not to provoke its prickly neighbour, and its need to be seen to be acting as a responsible global power.
The dilemma highlights, some observers say, a tension within China's ruling elite. For the old guard the ties with North Korea run deep, forged on the battlefield of the Korean War in which many Chinese lives were lost fighting on the northern side. For the new generation of leaders, China's growing relationship with South Korea is the way of the future, with two way trade now worth more than $150bn (£100bn) a year.
In the end, these younger voices may win out and North Korea may become to be seen, not as an ally but as a strategic liability. That would be a very bleak prospect for Pyongyang indeed.
Q&A: Inter-Korean crisis Decoding North Korea's wrath
Investigators said they had discovered part of the torpedo on the sea floor which carried lettering that matched a North Korean design.
Seoul has announced a package of measures, including a halt to most trade with North Korea and is also seeking action via the United Nations Security Council.
Pyongyang, which fiercely denies the allegations, has retaliated by scrapping an agreement aimed at preventing accidental naval clashes with South Korea.
It also warned of an immediate attack if the South's navy violated the disputed Yellow Sea borderline - the site of deadly naval skirmishes in 1999 and 2002.
On Tuesday, North Korea announced it would sever all ties with the South. It had also banned South Korean ships and planes from its territory.
At the press conference in Pyongyang on Friday, North Korea's policy chief, Maj Gen Pak Rim-su, accused Seoul of trespassing in its waters and "kicking up a frenzy for confrontation".
He said blaming North Korea for the sinking was "an open declaration of war and a heinous criminal act which drives inter-Korean relations to the situation of war and the self-destruction of digging their own grave".
Meanwhile, Japan has said it is tightening its already stringent sanctions against North Korea.
It said it was lowering the amount of cash which individuals can send to North Korea without declaring it from 10m yen (£110,000: £75,000) to 3m yen.
The parliament in Tokyo also passed a bill to enable the Japanese coastguard to inspect vessels on the high seas suspected of carrying North Korean weapons or nuclear technology, in line with a 2009 UN Security Council resolution.
The Associated Press news agency quoted the head of the Public Security Intelligence Agency as saying he had ordered officials to keep a closer eye on the some one million North Koreans living in Japan.
North and South Korea are technically still at war after the Korean conflict ended without a peace treaty in 1953
"China objects to and condemns any act that destroys the peace and stability of the Korean peninsula," Mr Wen was quoted as saying after talks in Seoul.
South Korea has blamed the North for sinking the Cheonan with a torpedo.
Beijing is under pressure to take a strong stance against North Korea but so far has not accepted the findings of an independent investigation.
"The Chinese government will decide its position by objectively and fairly judging what is right and wrong about the incident while respecting the international probe and responses to it by each nation," said Mr Wen.
Beijing has previously called for all sides to show restraint.
The BBC's John Sudworth in Seoul says Beijing's refusal so far to condemn its old ally has been a major source of frustration to South Korea and President Lee Myung-bak.
But some in South Korea will see Mr Wen's comments as a sign of a subtle and careful shift in position by the Beijing authorities, says our correspondent.
A spokesman for Mr Lee said Seoul was "fully concentrating on diplomatic efforts to hold North Korea responsible" for the 26 March attack on the Cheonan, which left 46 sailors dead.
In a rare news conference on Friday, North Korea again accused the South of "fabricating" evidence, and warned an "extremely serious situation is being created in the Korean peninsula in which a war may break out at any moment".
Sanctions
South Korea says an investigation involving international teams uncovered indisputable evidence that North Korea fired a torpedo at the ship.
ANALYSIS
Continue reading the main story
John Sudworth
BBC News, Seoul
Wen Jiabao's comment buys Beijing a bit of time and prolongs the really difficult decision - choosing between its understandable desire not to provoke its prickly neighbour, and its need to be seen to be acting as a responsible global power.
The dilemma highlights, some observers say, a tension within China's ruling elite. For the old guard the ties with North Korea run deep, forged on the battlefield of the Korean War in which many Chinese lives were lost fighting on the northern side. For the new generation of leaders, China's growing relationship with South Korea is the way of the future, with two way trade now worth more than $150bn (£100bn) a year.
In the end, these younger voices may win out and North Korea may become to be seen, not as an ally but as a strategic liability. That would be a very bleak prospect for Pyongyang indeed.
Q&A: Inter-Korean crisis Decoding North Korea's wrath
Investigators said they had discovered part of the torpedo on the sea floor which carried lettering that matched a North Korean design.
Seoul has announced a package of measures, including a halt to most trade with North Korea and is also seeking action via the United Nations Security Council.
Pyongyang, which fiercely denies the allegations, has retaliated by scrapping an agreement aimed at preventing accidental naval clashes with South Korea.
It also warned of an immediate attack if the South's navy violated the disputed Yellow Sea borderline - the site of deadly naval skirmishes in 1999 and 2002.
On Tuesday, North Korea announced it would sever all ties with the South. It had also banned South Korean ships and planes from its territory.
At the press conference in Pyongyang on Friday, North Korea's policy chief, Maj Gen Pak Rim-su, accused Seoul of trespassing in its waters and "kicking up a frenzy for confrontation".
He said blaming North Korea for the sinking was "an open declaration of war and a heinous criminal act which drives inter-Korean relations to the situation of war and the self-destruction of digging their own grave".
Meanwhile, Japan has said it is tightening its already stringent sanctions against North Korea.
It said it was lowering the amount of cash which individuals can send to North Korea without declaring it from 10m yen (£110,000: £75,000) to 3m yen.
The parliament in Tokyo also passed a bill to enable the Japanese coastguard to inspect vessels on the high seas suspected of carrying North Korean weapons or nuclear technology, in line with a 2009 UN Security Council resolution.
The Associated Press news agency quoted the head of the Public Security Intelligence Agency as saying he had ordered officials to keep a closer eye on the some one million North Koreans living in Japan.
North and South Korea are technically still at war after the Korean conflict ended without a peace treaty in 1953
US President Barack Obama to visit oil-hit Louisiana
US President Barack Obama is to visit the Louisiana coast to view first-hand the damage wrought by what is said to be the largest oil spill in US history.
BP is continuing to pump heavy mud into the damaged well in the Gulf of Mexico as part of the high-risk "top kill" procedure to block the flow of oil.
BP's chief executive Tony Hayward said the outcome would not be clear for another 48 hours.
BP said its response costs to the huge oil spill had risen to $930m (£640m).
Mr Hayward told US media that the "top kill" process - untested before at this depth of 5,000ft (1.5km) - was "going pretty well according to plan".
He said that BP engineers had successfully completed a second phase - pumping in debris, known as a "junk shot" - which would next allow them to pump in more heavy-weight mud.
If the mud works in stopping the flow, BP can then pour cement to seal the well for good.
"Clearly I'm as anxious as everyone in America is to get this thing done," Mr Hayward said.
Responsibility
Mr Obama's trip later on Friday will be his second to the Gulf since the Deepwater Horizon rig exploded on 20 April, killing 11 workers.
He will tour affected areas to try to reassure Americans he remains in charge of the clean-up operation, correspondents say.
First, alongside Coast Guard Adm Thad Allen, Mr Obama is to inspect a beach guarded by a protective boom, the White House said.
Then he is to visit a US Coast Guard station in Grand Isle, Louisiana, where he will meet Louisiana Governor Bobby Jindal, Florida Governor Charlie Crist, Louisiana Senators Mary Landrieu and David Vitter and others.
The thick crude oil has already permeated more than 110km (70 miles) of Louisiana's coastline, threatening fragile wetlands and putting the vital fishing industry at risk.
Map
New estimates from a panel of US scientists said at least 12,000 barrels (504,000 gallons) were leaking into the Gulf every day, far exceeding the 1989 Exxon Valdez disaster.
Speaking at the White House on Thursday, President Obama vowed to hold BP accountable for the "horrific disaster".
He stressed that his administration, and not BP, was in charge.
But he admitted the government did not have the technology to deal with the damaged oil well, meaning that Washington must rely on BP.
ANALYSIS
Continue reading the main story
Mark Mardell
BBC News, Washington
When President Barack Obama arrives in Louisiana, he'll find a state where people are increasingly angry, not necessarily at him, but at the way they watched almost in slow motion as the oil has come ashore despite all the frantic efforts to stop it.
Still it's the spill deep within the ocean that may do the most damage to the vital fishing and shrimping industry.
The president has said he wants the people who live along the Gulf of Mexico to know that this "horrible catastrophe" is the first thing he faces when he wakes in the morning and the last thing he thinks of at night, and that he will make sure BP pays every last dime owed to people.
The president suggested that BP had hidden the true size of the spill, which government experts say is at least twice as big as the company claimed, perhaps four times as much - making it the biggest spill in US history.
Mardell: Obama takes the stand Q&A: Drilling restrictions From shrimp fisher to oil-collector
He has suggested that in future there might be teams and equipment ready to deal with a deep water leak paid for by oil companies but under US government control.
The president's comments came as questions were increasingly being asked about whether he had been sufficiently engaged in handling the disaster, says the BBC's Adam Brookes in Washington.
In a shake-up of the offshore oil industry, Mr Obama suspended test drilling on 33 rigs in the Gulf of Mexico, as well as halting exploratory deepwater drilling for another six months.
In addition, he cancelled the sale of some offshore leases off the coasts of Alaska and Virginia.
Correspondents say the move marks a shift in policy since March, when President Obama gave the go-ahead to widen the scope for offshore drilling in order to reduce dependency on oil imports.
Meanwhile, the head of the Minerals Management Service (MMS), which oversees drilling operations, has resigned.
Elizabeth Birnbaum and the MMS have come under fire from lawmakers over lax oversight of drilling operations.
The president blasted the "scandalously close relationship" between oil companies and regulators, and said officials granting exploration permits would no longer be responsible as well for ensuring safety.
The US government on Thursday approved part of an ambitious plan to build barrier islands to stop oil from coming ashore in Louisiana.
US officials warned the coming hurricane season could be one of the worst on record.
BP is continuing to pump heavy mud into the damaged well in the Gulf of Mexico as part of the high-risk "top kill" procedure to block the flow of oil.
BP's chief executive Tony Hayward said the outcome would not be clear for another 48 hours.
BP said its response costs to the huge oil spill had risen to $930m (£640m).
Mr Hayward told US media that the "top kill" process - untested before at this depth of 5,000ft (1.5km) - was "going pretty well according to plan".
He said that BP engineers had successfully completed a second phase - pumping in debris, known as a "junk shot" - which would next allow them to pump in more heavy-weight mud.
If the mud works in stopping the flow, BP can then pour cement to seal the well for good.
"Clearly I'm as anxious as everyone in America is to get this thing done," Mr Hayward said.
Responsibility
Mr Obama's trip later on Friday will be his second to the Gulf since the Deepwater Horizon rig exploded on 20 April, killing 11 workers.
He will tour affected areas to try to reassure Americans he remains in charge of the clean-up operation, correspondents say.
First, alongside Coast Guard Adm Thad Allen, Mr Obama is to inspect a beach guarded by a protective boom, the White House said.
Then he is to visit a US Coast Guard station in Grand Isle, Louisiana, where he will meet Louisiana Governor Bobby Jindal, Florida Governor Charlie Crist, Louisiana Senators Mary Landrieu and David Vitter and others.
The thick crude oil has already permeated more than 110km (70 miles) of Louisiana's coastline, threatening fragile wetlands and putting the vital fishing industry at risk.
Map
New estimates from a panel of US scientists said at least 12,000 barrels (504,000 gallons) were leaking into the Gulf every day, far exceeding the 1989 Exxon Valdez disaster.
Speaking at the White House on Thursday, President Obama vowed to hold BP accountable for the "horrific disaster".
He stressed that his administration, and not BP, was in charge.
But he admitted the government did not have the technology to deal with the damaged oil well, meaning that Washington must rely on BP.
ANALYSIS
Continue reading the main story
Mark Mardell
BBC News, Washington
When President Barack Obama arrives in Louisiana, he'll find a state where people are increasingly angry, not necessarily at him, but at the way they watched almost in slow motion as the oil has come ashore despite all the frantic efforts to stop it.
Still it's the spill deep within the ocean that may do the most damage to the vital fishing and shrimping industry.
The president has said he wants the people who live along the Gulf of Mexico to know that this "horrible catastrophe" is the first thing he faces when he wakes in the morning and the last thing he thinks of at night, and that he will make sure BP pays every last dime owed to people.
The president suggested that BP had hidden the true size of the spill, which government experts say is at least twice as big as the company claimed, perhaps four times as much - making it the biggest spill in US history.
Mardell: Obama takes the stand Q&A: Drilling restrictions From shrimp fisher to oil-collector
He has suggested that in future there might be teams and equipment ready to deal with a deep water leak paid for by oil companies but under US government control.
The president's comments came as questions were increasingly being asked about whether he had been sufficiently engaged in handling the disaster, says the BBC's Adam Brookes in Washington.
In a shake-up of the offshore oil industry, Mr Obama suspended test drilling on 33 rigs in the Gulf of Mexico, as well as halting exploratory deepwater drilling for another six months.
In addition, he cancelled the sale of some offshore leases off the coasts of Alaska and Virginia.
Correspondents say the move marks a shift in policy since March, when President Obama gave the go-ahead to widen the scope for offshore drilling in order to reduce dependency on oil imports.
Meanwhile, the head of the Minerals Management Service (MMS), which oversees drilling operations, has resigned.
Elizabeth Birnbaum and the MMS have come under fire from lawmakers over lax oversight of drilling operations.
The president blasted the "scandalously close relationship" between oil companies and regulators, and said officials granting exploration permits would no longer be responsible as well for ensuring safety.
The US government on Thursday approved part of an ambitious plan to build barrier islands to stop oil from coming ashore in Louisiana.
US officials warned the coming hurricane season could be one of the worst on record.
Pakistan mosque attacks in Lahore kill dozens
Gunmen have launched simultaneous attacks on two mosques of the minority Ahmadi Islamic sect in Lahore, killing more than 70 people, Pakistani police say.
The death toll is rising as rescuers pull bodies from the mosques, which were packed for Friday midday prayers.
Police say they have secured both buildings, but they are still searching for militants who fled the scene.
Lahore has been the scene of a string of brazen attacks.
It is unclear who carried out the attacks, but suspicion has fallen on the Pakistani Taliban, Ali Dayan Hassan of Human Rights Watch told the BBC.
Mr Hassan said the worshippers were "easy targets" for militant Sunni groups who consider the Ahmadis to be infidels.
The attacks come as controversy rages in Pakistan over "blasphemous" caricatures of the Prophet Muhammad on Facebook.
'Indiscriminate' firing
Police say most of the worshippers who had been taken hostage inside the mosque in the heavily built-up Garhi Shahu area have managed to get out, the BBC's Aleem Maqbool reports from Islamabad.
Continue reading the main story Rescuers remove a body from a mosque in Lahore, 28 May Eyewitness: Mosque attack
Pakistani forces are going room-to-room at the mosque and combing buildings in the area in the search for militants, our correspondent says.
The police have warned that some of the militants managed to flee and could be at large with their suicide belts, he adds.
Police took control of the other mosque in the nearby Model Town area after a two-hour gunfight.
Gunmen opened fire indiscriminately at the mosque, before security forces managed to kill one militant and capture two others, eyewitnesses told the BBC.
WHO ARE THE AHMADIS?
Continue reading the main story
* A minority Islamic sect founded in 1889, Ahmadis believe their own founder, Mirza Ghulam Ahmad, who died in 1908, was a prophet
* This is anathema to most Muslims who believe the last prophet was Muhammad, who died in 632
* Most Ahmadi followers live in the Indian subcontinent
* Ahmadis have been the subject of sectarian attacks and persecution in Pakistan and elsewhere
* In 1974 the Pakistani government declared the sect non-Muslim
Who are the Ahmadis?
They were said to be armed with AK-47 rifles, shotguns, grenades and possibly other explosive devices.
Police said some of the attackers took up position on top of the minarets, and fired assault rifles at police engaged in gunfights with militants below.
Some of them blew themselves up afterwards inside the mosques.
A dozen ambulances have taken the dead and injured to hospitals.
The attacks come after at least 45 people were killed in March when two suicide bombers attacked a crowded residential area.
Persecuted minority
Sectarian attacks have been carried out by various militant groups in Punjab province, and across Pakistan in the past.
While the Ahmadis consider themselves Muslim and follow all Islamic rituals, they were declared non-Muslim in Pakistan in 1973, and in 1984 they were legally barred from proselytising or identifying themselves as Muslims.
Members of the community have often been mobbed, or gunned down in targeted attacks, says the BBC's M Ilyas Khan in Islamabad.
But this is the first time their places of worship have suffered daring and well co-ordinated attacks that bear the mark of Taliban militants, our correspondent adds.
The London-based Ahmadi association issued a statement condemning the attacks.
"The attacks are the culmination of years of unpoliced persecution of the [Ahmadis]... Today's attack is the most cruel and barbaric," the Ahmadiyya Muslim Community UK said in a statement.
The Chief Minister of Pakistan's Punjab region, Shahbaz Sharif, also condemned the violence.
"The entire nation of Pakistan feels heartfelt sorrow over the shootings in places of worship. No condemnation, however strong, will be enough for these incidents."
map
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The death toll is rising as rescuers pull bodies from the mosques, which were packed for Friday midday prayers.
Police say they have secured both buildings, but they are still searching for militants who fled the scene.
Lahore has been the scene of a string of brazen attacks.
It is unclear who carried out the attacks, but suspicion has fallen on the Pakistani Taliban, Ali Dayan Hassan of Human Rights Watch told the BBC.
Mr Hassan said the worshippers were "easy targets" for militant Sunni groups who consider the Ahmadis to be infidels.
The attacks come as controversy rages in Pakistan over "blasphemous" caricatures of the Prophet Muhammad on Facebook.
'Indiscriminate' firing
Police say most of the worshippers who had been taken hostage inside the mosque in the heavily built-up Garhi Shahu area have managed to get out, the BBC's Aleem Maqbool reports from Islamabad.
Continue reading the main story Rescuers remove a body from a mosque in Lahore, 28 May Eyewitness: Mosque attack
Pakistani forces are going room-to-room at the mosque and combing buildings in the area in the search for militants, our correspondent says.
The police have warned that some of the militants managed to flee and could be at large with their suicide belts, he adds.
Police took control of the other mosque in the nearby Model Town area after a two-hour gunfight.
Gunmen opened fire indiscriminately at the mosque, before security forces managed to kill one militant and capture two others, eyewitnesses told the BBC.
WHO ARE THE AHMADIS?
Continue reading the main story
* A minority Islamic sect founded in 1889, Ahmadis believe their own founder, Mirza Ghulam Ahmad, who died in 1908, was a prophet
* This is anathema to most Muslims who believe the last prophet was Muhammad, who died in 632
* Most Ahmadi followers live in the Indian subcontinent
* Ahmadis have been the subject of sectarian attacks and persecution in Pakistan and elsewhere
* In 1974 the Pakistani government declared the sect non-Muslim
Who are the Ahmadis?
They were said to be armed with AK-47 rifles, shotguns, grenades and possibly other explosive devices.
Police said some of the attackers took up position on top of the minarets, and fired assault rifles at police engaged in gunfights with militants below.
Some of them blew themselves up afterwards inside the mosques.
A dozen ambulances have taken the dead and injured to hospitals.
The attacks come after at least 45 people were killed in March when two suicide bombers attacked a crowded residential area.
Persecuted minority
Sectarian attacks have been carried out by various militant groups in Punjab province, and across Pakistan in the past.
While the Ahmadis consider themselves Muslim and follow all Islamic rituals, they were declared non-Muslim in Pakistan in 1973, and in 1984 they were legally barred from proselytising or identifying themselves as Muslims.
Members of the community have often been mobbed, or gunned down in targeted attacks, says the BBC's M Ilyas Khan in Islamabad.
But this is the first time their places of worship have suffered daring and well co-ordinated attacks that bear the mark of Taliban militants, our correspondent adds.
The London-based Ahmadi association issued a statement condemning the attacks.
"The attacks are the culmination of years of unpoliced persecution of the [Ahmadis]... Today's attack is the most cruel and barbaric," the Ahmadiyya Muslim Community UK said in a statement.
The Chief Minister of Pakistan's Punjab region, Shahbaz Sharif, also condemned the violence.
"The entire nation of Pakistan feels heartfelt sorrow over the shootings in places of worship. No condemnation, however strong, will be enough for these incidents."
map
Are you in Lahore? Did you witness what happened? Send us your eyewitness accounts using the form below.
Send your pictures and videos to yourpics@bbc.co.uk or text them to 61124 (UK) or 0044 7725 100 100 begin_of_the_skype_highlighting 0044 7725 100 100 end_of_the_skype_highlighting (International). If you have a large file you can upload here.
Read the terms and conditions
At no time should you endanger yourself or others, take any unnecessary risks or infringe any laws. In most cases a selection of your comments will be published, displaying your name and location unless you state otherwise in the box below. If you wish to remain anonymous, please say so in the box.
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