Financial News 9/12/12 – US Embassador killed in Lybia, German Court Approves Rescue Fund


Financial News 9/12/12 – US Embassador killed in Lybia, German Court Approves Rescue Fund

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    US officials have confirmed, the US ambassador to Libya is among four Americans killed, in an attack on the US consulate in Benghazi. Unidentified armed men stormed the grounds overnight, amid anger among Muslims, over a US-produced film, that is said to insult the Prophet Muhammad. They shot at buildings and threw handmade bombs into the compound. It has not been confirmed how the ambassador, J Christopher Stevens, and the others died. Protesters against the film also attacked the US embassy in Cairo on Tuesday night, where protesters tore down the US flag of the US embassy, which was flying at half-mast to mark the 9/11 attacks. I just had a look at the mentioned US produced film. The production value looks like it was made in someone’s back yard, using pretty bad green screen technique. That this little piece of crap movie was able to lead to 5 people losing their lives, boggles my mind. The attack was condemned by UK Foreign Secretary William Hague as “brutal and senseless”, and I must agree. This should not have happened full stop.

    On Wall Street, stocks opened higher today, after a top German court said it supported the euro zone’s new 700-billion-euro bailout fund, to help the region battle its debt crisis. Leader Angela Merkel called it “a good day”, but the Constitutional Court imposed conditions, including a cap on Germany’s contribution, which it said could only be overruled by the German parliament. Critics had argued that the ESM commits Germany to potentially unlimited funding of debt-ridden eurozone states. Spanish, Italian and German share indexes all rose after the ruling, while the euro continued its recent gains to post a hit a new four-month high against the dollar, at $1.29. Even the borrowing costs on Spanish and Italian 10-year bonds fell. So all in all great news, until the Germans get tired of sponsoring the PIGS – also known as Portugal, Italy, Greece and Spain.

    BMW driver beware of thieves’ new methods! A device for sale on the internet is allowing thieves to steal BMWs and other high-end cars without the need for the owner’s keys, a BBC Watchdog investigation has found. In some parts of the country police have been leafleting BMW owners, warning them of the possibility of this kind of theft. BMW has responded in the usual reliable German way, saying that BMWs security is being taken very seriously and is being investigated, although the firm is not at fault, but simply a victim of new hi-tech organized crime. Also, apparently none of its latest models – new 3 Series, 5 Series, 6 Series and 7 Series – nor any other BMW built after September 2011 can be stolen using this method.

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