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• Daily News Brief

  March 6, 2009

  EXECUTIVE SUMMARY

  - Markets plummet globally. Concerns linger at banks, automakers.
  - NATO to restore diplomatic relations with Russia.
  - U.S. officials dispatched to Syria for exploratory meetings.
  - African Union, Arab parliaments questioning Bashir warrant decision.

   

   

  Top of the Agenda: Markets Plummet

  Asian markets fell sharply this morning, following major declines in U.S. and European equity markets yesterday. Japan's Nikkei index fell 3.5 percent (MarketWatch) and Hong Kong's Hang Seng slid 2.4 percent. The declines came on the heels of another rough day in the United States. U.S. equity markets nose-dived, with the Dow Jones Industrial Average sliding over 4 percent (WSJ). Financial and automaker stocks led the plunge, which left the Dow at its lowest level since April 1997, down more than 25 percent in 2009 alone. European stocks, which also fell sharply on Thursday, edged slightly higher in trading on Friday morning.

  Traders say a number of factors contributed to the slide. First, Chinese authorities failed to deliver a new stimulus package, following indications from Chinese government officials that Prime Minister Wen Jiabao might do so in his annual "work report" speech, which he delivered yesterday. The Financial Times reports concerns over whether China would be able to boost domestic demand combined with renewed fears about weakness at U.S. banks and automakers to sour investor sentiment.

  With talk of nationalization in the air, Citigroup's shares at one point yesterday fell below $1 a share (AP), a symbolic barrier but one that spooked investors. General Motors, meanwhile, said in its annual report that internal auditors had raised serious questions (NYT) about the firm's ongoing viability. In Germany, Chancellor Angela Merkel said the beleaguered automaker Opel should consider insolvency (FT) rather than seeking a government bailout.

   

   

  MIDDLE EAST: U.S. Officials to Syria

  Two senior U.S. officials were dispatched to Syria today to hold "preliminary conversations" in what the Guardian says is an apparent softening of U.S. policy toward a country Washington sees as a linchpin for peace in the Middle East. The officials are Dan Shapiro of the White House's national security council and Jeffrey Feltman, the State Department's top Middle East diplomat. Feltman met last week with Syria's ambassador to the United States.

  GAZA: The human rights advocacy group Amnesty International accused Israel of "wanton" destruction of family homes in the Gaza Strip. An official from Amnesty told the BBC that methods Israel used in its recent air-raid campaigns have raised concerns about war crimes.

   

   

  PACIFIC RIM: South Korea Diverts Jets

  Seoul said it would divert South Korean civilian jets (BBC) flying over North Korean territory following threats from Pyongyang that it "could not guarantee" their safety. The Korea Times looks at Seoul's diplomatic efforts to pressure Pyongyang to withdraw the threat.  Yonhap reports Seoul is saying the threats are against international law and "inhumane."

  U.S. ENVOY: The Chosun Ilbo profiles Stephen Bosworth, the new U.S. envoy who will serve as a negotiator at the Six-Party Talks on North Korean denuclearization. Bosworth arrives in Seoul to meet with South Korean officials on Saturday.

  This Backgrounder explains the Six-Party Talks framework.

  INDONESIA: The Jakarta Post reports state-funded infrastructure projects aimed at boosting the Indonesian economy will kick off within the next two weeks.

   

   

  SOUTH & CENTRAL ASIA: Sri Lanka Conflict

  The Sri Lankan government said it would open two "safe routes" (al-Jazeera) to let civilians escape fighting between government forces and Tamil Tiger rebels in the north of the country.

  This Backgrounder explains the decades-long conflict.

  PAKISTAN: Dawn reports Pakistani investigators see signs that the terror group Lashkar-e-Taiba, which was accused of plotting the terror attacks in Mumbai last year, may also have played a role in the recent attacks on the Sri Lankan cricket team in Lahore.

  This Backgrounder profiles Lashkar-e-Taiba.

   

   

  AFRICA: Sudan and the AU

  Al-Jazeera reports major questions remain about how the African Union will respond to the International Criminal Court issuing an arrest warrant for sitting Sudanese President Omar al-Bashir. The article says the bloc of African countries, which argues the warrant will disrupt peace negotiations in Darfur, is considering approaching the UN Security Council to try to delay the indictment.

  Meanwhile, a bloc representing twenty-two Arab parliaments, the Arab Inter-Parliamentary Union, called on the UN Security Council to suspend the warrant (Arab News) against Bashir, saying it will serve to escalate the conflict in Darfur.

  Paul Stares and Alex Noyes, both of CFR, write in Newsweek today that imprisoning Bashir, while it would bring a measure of justice, would also prove disastrous for Darfur.

  Several African and Arab papers ran op-eds today accusing the ICC of hypocricy for issuing warrants in some countries but ignoring ostensible war crimes in other. See today's Daily Opinion Roundup for more.

  KENYA: The United Nations urged an investigation (Daily Nation) into the recent murder of two prominent Kenyan human rights activists.

   

   

  AMERICAS: Colombia Extradition Policy

  The Miami Herald reports new rulings by Colombia's supreme court marked a major shift in extradition policy and put U.S. and Colombian officials in a quandary. Legal extradition, the article says, is an important tool U.S. and Colombian officials have used to corner and dismantle criminal organizations. The court decisions, the piece says, could complicate future efforts to deal with kidnappings, arms trafficking, and other cases involving support for a group labeled a terrorist outfit.

  MEXICO: The Los Angeles Times reports recent drug violence is dampening tourism to Mexico, particularly after outbursts of violence in tourist-focused locales like Cancun.

   

   

  EUROPE: U.S.-Russia-NATO

  With Washington saying it wants to pursue a "reset" of relations with Russia, NATO announced it would restore full diplomatic ties with Moscow (RFE/RL).

  Meanwhile, U.S. Secretary of State Hillary Clinton attempted to explain (BBC) the new approach to Europeans, saying she doesn't think Russia should have a veto on NATO expansion.

  ABKHAZIA: Russia announced it would deploy (Ria Novosti) nearly four thousand troops to Abkhazia, the former province of Georgia that recently declared itself an independent country, but which the United States and much of Europe does not recognize as sovereign.

   

   

  OPINION ROUNDUP

  In Friday's roundup: Criticisms of President Obama's budget proposals; why the United States and China must cooperate on the global economic crisis; and the hypocrisy of the arrest warrant for Sudan's Bashir.

  For a free email subscription to the Daily News Brief and other CFR.org eNewsletters, please click here.

   

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