The US Spy Plane Crisis
The US spy plane crisis has entered its second week with no sign yet of a resolution of 1)diplomatic and military differences. Chinese authorities are still demanding an apology. US Secretary of State, Colin Powel, has said “Sorry,” for the death of the Chinese pilot, but Washington will not apologize for the incident. It’s almost ninedays since the US spy plane was forced to land in southern China, after 2)colliding with a Chinese jet fighter. China’s president has committed eighty planes and ships to search for the fighter pilot, missing after the collision between its fighter jet and the US spy plane.
The pilot has been identified as Wang Wei. The Chinese state media quoting national defense ministry officials said President Jiang had ordered the pilot’s rescue 3)at all costs. With public anxiety rising in the US, the Bush administration says it will not 4)accede to President Jiang’s demand that Washington apologize for the mid-air collision.
South Korean’S Protest over Japanese Textbooks
South Korea’s government has recalled its ambassador to Japan in the latest protest at a controversial school textbook. The ambassador has been ordered to return to Seoul immediately for 5)consultations. Seoul says the book 6)glosses over Japan’s colonial and war-time past. The South Korean government had already lodged a formal protest over the book.
Benazir Bhutto Faces A Retrial
The Supreme Court in Pakistan has ordered that the country’s former Prime Minister Benazir Bhutto face a 7)retrial on charges of corruption. She was convicted and sentenced to five years in prison, two years ago. This has now been set aside. The Pakistan government says it is preparing new charges of corruption against both Ms. Bhutto and her husband.
A New Partnership between Britain and Yugoslavia
Britain’s Foreign Secretary, Robin Cook, is to meet Yugoslavia’s President, Vojislav Kostunica in Belgrade today for talks over a new partnership between the two countries. Mr. Cook is expected to seek the 8)hand-over of former leader, Slobodan Milosevic, to the International War-Crimes Tribunal.
Japan’s Bank Rescue Plan
The Japanese government has released its bank rescue plan. It’s the third plan in three years and it’s considered lacking in detail and probably unworkable. Basically the 16 biggest banks have two years to write off their worst bad debts. To help them absorb the massive hit to their 9)balance sheets, the government will set up a fund to buy back some of the approximately $350 billion of shares Japan’s banks own. The yen fell sharply on the release of the rescue plan, then improvedwhen the Japanese government said it would take action against yen weakness.
European Software Stocks Sink
European software stocks, such as SAP and Logica have fallen after Autonomy, the UK software group, announced after the close Thursday, that it would not meet first quarter sales targets. Autonomy blamed the dramatic slow-down of demand in Europe for its 10)woes. Its share price plummeted as much as 59% in morning trade.
Sophie Resigns from PR Firm
Britain’s royal family is drawing up new guidelines on how its members should conduct their business affairs. This comes after the resignation on Sunday of Sophie, Countess of Wessex, as chairman of her public relations company, following comments made to an undercover reporter.
Recent days in the media spotlight have been a trial for the countess. She is now considering her future public and professional life. But the compromise worked out with the queen and the palace seems designed to allow her to remain in business.
Kyoto Treaty on Global Warming
Meanwhile a European Union delegation is holding talks in China, in an attempt to 11)salvage the Kyoto Treaty on global warming. The United States rejected the 12)accord last month. The Swedish Environment Minister Kjell Larsson, who is leading the delegation, says the EU is hoping to convince other countries to ratify the pact without Washington. He says Chinese officials have expressed support for such a move.
Golf News
Golf and Tiger Woods is making all the headlines at the US Masters in 14)Augusta, where his second round of 66, has taken him to within two strokes of the leader. Still ahead though, is the previously unknown American, Chris DeMarco, who’s on 10-under-15)par after two rounds.
European Champions League
The first in sport in football Bayern Munich have taken the advantage against Manchester United in their European Champions League quarter final tie, while Real Madrid have suffered an astonishing defeat against Galatasaray. Bayern beaten by United in the final two years ago, gained their revenge with a one-nil win in Manchester. In Istanbul, defending champions Real Madrid led two-nil at half-time, but in the second half, Galatasaray mounted a comeback, and won the game three-two.
