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Kidnapped Chinese Workers Highlight Violence Over Sudan Oil
October 30, 2008 - 11:00pmOverview
Five of the nine Chinese oil workers who were kidnapped on Oct. 18 in the Kordofan region of Sudan, which is adjacent to Darfur, were killed on Monday. There are conflicting reports on how the Chinese were killed, with China asserting that they died in a failed rescue attempt and the Sudanese government stating that they were executed by their captors. Of the remaining four hostages, two were injured and escaped and two remain with the unidentified kidnappers. Accor-ding to the Associated Press, the Sudanese Foreign Ministry, who reported the executions, has blamed Darfur rebels from the Justice and Equality Movement. The organization has denied any involvement, and tribal chiefs in the area are currently negotiating with the kidnappers.
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Financial Crisis Sends World Reeling in Its Wake
October 16, 2008 - 11:00pmOver the last three months, Wall Street has taken America on a wild ride, dragging the world along with it. Setting records for the lowest drops and highest rises, the unstable market has left the economy in disarray and many are wondering what will come next. From an imploded housing market, to the collapse of multi-national corporations like Merrill Lynch, the effects are being felt across the globe.
Origin
While Wall Street has been left reeling in the wake of plunging stock indexes, what caused the recession? Many have traced the collapse of banks and the subsequent economic decline to the stagnant credit markets generated by subprime loans.
Pirates off Somali Coast Raise Global Concerns
October 2, 2008 - 11:00pmOverview
Tensions are escalating in the Gulf of Aden off the Somali coast, where 20 Somali pirates have hijacked a Ukrainian vessel loaded with 33 Soviet-era tanks, rocket launchers and ammunitions on its way to Kenya. The pirates have demanded a $20 million ransom for the safe return of the cargo and 20 crewmembers. Somalia has authorized foreign powers to free the ship by any means necessary; currently six U.S. warships are monitoring the situation, and the European Union is staging an attack with help from over 10 countries, including Britain, Germany and Russia.
Origin
These piracy acts are not a new occurrence; over 26 ships have been hijacked in the last year, with ransoms totaling nearly $30 million according to the Associated Press.
Italy Pays Libya $5B in Reparations
September 4, 2008 - 11:00pmIn an unprecedented political move, Italy has agreed to pay $5 billion in reparations to Libya for its 32-year occupation of the country over half a century ago. According to the BBC, Libya is the first African country to be compensated for colonial rule.
Libya, which seceded to the Italians in 1911 from the Ottoman Empire, became a unified Italian colony in the early 1930s. Italy relinquished claims to the country in 1947, and Libya officially declared independence in 1951.