We are witneesing the seccond chapter of World War 3

U.S. Vice President Cheney visits IraqReuters - 1 hour 32 minutes agoBAGHDAD (Reuters) -U.S. Vice President Dick Cheney, an architect of the U.S-led invasion of Iraq, made an unannounced visit to Baghdad on Monday, just days before the fifth anniversary of the war.
Cheney, who last visited Baghdad in May, made Iraq the first stop of his nine-day Middle East tour that will also take him to Saudi Arabia, Jerusalem, the Palestinian
territories, Turkey and Oman.
He arrived amid an upsurge in violence since January, including a number of suicide bombings that the U.S. military has blamed on al Qaeda.
But military commanders say this does not represent a trend and that attacks are actually down 60 percent from the middle of last year.
Cheney, a strong supporter of sending an additional 30,000 U.S. troops to Iraq last year, has warned critics that a premature U.S. withdrawal would spark chaos
and further bloodshed.
Both Democratic presidential candidates, Hillary Clinton and Barack Obama, have vowed to start bringing troops home in 2009 if elected.
Republican candidate John McCain, also in Baghdad, said last week the quickest way of bringing the war to a conclusion was by "continuing the surge".
U.S. President George W. Bush will receive a new assessment soon from the top U.S. commander in Iraq, General David Petraeus, and U.S. Ambassador Ryan
Crocker that he will consider in deciding whether any changes are needed to U.S. strategy.
The United States wants Saudi Arabia and other Arab allies like Egypt to establish diplomatic presences in Iraq.
(Writing by Randy Fabi)

Stocks slide as U.S. bank troubles deepen

By Rafael Nam Reuters - 41 minutes agoHONG KONG (Reuters) - Asian stocks sank on Monday to their lowest since August 2007 and the dollar tumbled as the
fire sale of U.S. bank Bear Stearns and the Federal Reserve's emergency cut of a key lending rate sparked concerns that the global credit crisis will claim more
casualties.
European stocks were set to drop as well, with the FTSE's 100 seen down as much as 1.8 percent and Germany's DAX seen down 2.2 percent, while U.S. stock
futures also pointed to a sharply lower session.
The dollar sank to a record low against the euro and a 13-year low against the yen, sending spot gold and crude futures hurling towards record highs.
Other safe-haven assets also rose. Both Japanese government bond futures and U.S. Treasury futures rose to five-year highs.
"I'm sure we'll see one or two other victims," said Angus Gluskie, portfolio manager at White Funds Management in Sydney.
"It shows that banks were holding lots of exposure to difficult areas and in the end, it has come back to bite equity holders."
The MSCI measure of Asian stocks outside Japan dropped 3.2 percent as of 6:09 a.m. (British time), after earlier hitting its lowest since August 20, 2007. The index
is now down about 20 percent so far this year, a sharp reversal from five previous years of double-digit gains.
In an unexpected move before markets opened in Asia, the Federal Reserve lowered the discount rate it charges on direct loans to banks and implemented steps to
provide cash to a wider range of financial firms, using tools last used in the Great Depression.
Minutes earlier, JPMorgan Chase & Co had said it would buy Bear Stearns for a rock-bottom price of $2 a share, valuing the U.S. investment bank at the centre of
a widening global credit crisis at about $236 million.
The uncertainty caused futures on the federal funds rate to soar, fully pricing in a 1 percentage point rate cut at or before the Fed's policy meeting on Tuesday.
"Desperate times need desperate measures. The Federal Reserve is doing what it takes to restore stability and if it means cutting the discount rate on a Sunday night
in the U.S., then so be it," said Craig James, chief equities economist at Commesec in Sydney.
Financial companies were hammered, including Mitsubishi UFJ Financial Group and South Korea's biggest lender Kookmin Bank.
The shockwaves in Asia prompted government leaders to say they are monitoring the developments in the financial sector.
"We are only at the beginning stages of a crisis. It's totally impossible to forecast the world economy. I think, maybe, a world economic crisis is just beginning," South
Korean President Lee Myung-bak said on Monday, according to a pool report.
PAINFUL 2008
Japan's Nikkei average dropped 3.7 percent, hitting earlier its lowest since August 2005, with exporters such as Toyota Motor Corp sinking along with the U.S.
dollar.
Elsewhere in Asia, shares in Hong Kong and India fell around 4 percent each, while Australian stocks fell 2.3 percent.
Stocks in South Korea, Taiwan and Singapore fell a little under 2 percent.
Asian stocks are suffering from a painful 2008 as subprime and credit-related writedowns in the global financial sector are happening at a time when the U.S.
economy is widely expected to be in or about to enter a recession.
The twin effects are having a knock-on effect from Bangkok to Tokyo.
Local currencies are strengthening in line with the slumping dollar, denting the growth outlook for the export-dependent region, while surging food and energy prices
are hitting the pocketbooks of Asian consumers.
That is leaving central banks in a bind as they must deal with slowing economic growth but rising inflation.
DOLLAR SINKS, GOLD SOARS
Speculation of joint global central banks interventions hit markets as the U.S. currency plunged 3 percent against the yen at one point to hit its lowest since 1995
before clawing back to around 96.8 yen.
The euro vaulted to a record $1.5905 against the dollar, but then retreated to $1.5850.
Spot gold surged more than 3 percent to a record $1,030.80 an ounce, buoyed by the dollar's weakness and a bid-to-safety. Bullion was last traded at $1,024.40.
Oil jumped to its latest record as well, with crude for April delivery up at 89 cents at $111.10 a barrel, off a peak $111.42 hit earlier in the session.
Investors opted for other asset classes perceived to be safer, with Japanese June 10-year futures jumping a five-year high, and last traded at 1.43 point to 141.70.
US State Dept. donates $220,000 worth anti-terrorism equipment to police Monday, 17 March 2008 The United States Department of State's Bureau of Diplomatic Security, Office of Antiterrorism Assistance will donate approximately $220,000 worth of equipment
to the Sri Lanka National Police (SLNP) in a brief ceremony Tuesday, March 18, 2008 at 9:00 a.m. at the American Embassy.
The purpose of the equipment is to sustain and enhance the critical capabilities of the security forces of Sri Lanka in their efforts to fight terrorism, according to a
media release from the US Embassy in Sri Lanka. The donation consists of three Explosives Incident Countermeasures kits, two Post-Blast Investigation kits and two Hostage Negotiations kits, which will be divided
between the SLNP and the Special Task Force.
IGP Y.P. Victor Perera, as well as Senior Deputy Inspector General – Administration – Mr. Bodhi Liyanage; Senior Deputy Inspector General – Range III – Mr.
Mahinda Balasooriya; Senior Deputy Inspector General – Range IV – Mr. Nimal Illangakoon; and Deputy Inspector General – Commandant / Special Task Force –
Mr. Nimal Lewke are expected to attend the donation ceremony.