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News Update!
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krisluke
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16-Mar-2011 15:49
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Clinton visits Egypt square at heart of revolt
U.S. Secretary of State Hillary Clinton attends a news conference with Egypt's Foreign Minister Nabil Elaraby in Cairo
  She strolled around the square, flanked by security officials, and shook hands with pedestrians, including a woman in a Muslim headscarf and an older man who said: " Welcome to Tahrir Square."   She replied: " Hi, how are you?"   In the early days of the uprising, which began on January 25, the square was the scene of violent clashes between demonstrators and police, who failed to quell the revolt with their until then effective heavy-handed tactics.   The police where then withdrawn from the streets and the army was deployed, surrounding the square with tanks but staying on the sidelines. When protesters were charged by Mubarak supporters on camels and horses on February 2 the army looked on.   But despite the clashes, demonstrations became both protests and festive gatherings of hundreds of thousands. After Mubarak quit on February 11, hundreds of thousands gathered to celebrate his departure.   Much of the anti-Mubarak graffiti has been cleaned away, traffic again flows through the square where several thoroughfares meet and cobbled pavements are being repaired after they were torn up to provide projectiles.   (Reporting by Arshad Mohammed Writing by Edmund Blair Editing by Angus MacSwan) |
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krisluke
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16-Mar-2011 15:47
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Tokyo futures up 4.5 pct on supply concern
BANGKOK, March 16 (Reuters) - Tokyo rubber futures jumped 4.5 percent on Wednesday on the back of short-covering, with contracts snapped-up on supply concerns after three Asian rubber producers sought to prevent further price falls, dealers said.
  * The benchmark rubber contract on the Tokyo Commodity Exchange < 0#JRU:> for August delivery rose 16 yen, or 4.5 percent from Tuesday's close, to settle at 369.0 yen ($4.56) per kg.   * The most active Shanghai rubber futures contract for May delivery < SNRK1> also rose 1,090 yuan to settle at 34,245 yuan ($5,211) per tonne.   * Brent crude fell as much as 1.1 percent to touch a three-week low near $107 on concern about Japan's nuclear crisis, but recovered to erase losses as Bahraini security forces attempted to clear protesters on Wednesday. [0/R]   * The world's top rubber producing countries, Thailand, Indonesia and Malaysia, will hold an urgent meeting this week to find ways to support prices that have collapsed this month, a senior industry official said on Tuesday. [ID:nSGE72E01W]   * Dealers said TOCOM rubber was likely to rise further on Thursday on supply concerns as players feared the top three producers could cut exports, as they did in 2009.   * " TOCOM should continue to rise. However, it depends on how aggressive of measures of the top producers would be," one dealer said. ($1=80.85 Yen) ($1=6.571 Yuan) (Reporting by Apornrath Phoonphongphiphat Editing by Martin Petty) |
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krisluke
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16-Mar-2011 15:45
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China shares end up on Nikkei rebound, energy stocks
HONG KONG, March 16 (Reuters) - China's main stock index closed up 1.2 percent on Wednesday, as panic selling abated in regional stocks and lifted Japan's Nikkei index. Coal and non-nuclear energy stocks surged.
  The benchmark Shanghai Composite Index ended at 2,930.8 points, after a 1.4 percent drop on Tuesday. (Reporting by Emma Ashburn Editing by Jacqueline Wong)   2011-03-16 09:06:12 |
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krisluke
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16-Mar-2011 15:39
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Stocks rebound 6 pct, still seen vulnerable
* Nikkei and TOPIX finish near highs, volume 2nd highest ever
  * Hedge fund short covering in futures fuels rally   * Market skittish, many investors reluctant to step in   * Yen slip on stock rebound, BOJ seen checking FX rates   * Auction of 20-yr JGBs goes well (Adds quote, story links, background)   By Antoni Slodkowski and Akiko Takeda   TOKYO, March 16 (Reuters) - Japan's Nikkei average jumped 5.7 percent on Wednesday as hedge funds rushed to cover short positions in futures after the worst two-day rout since the 1987 crash, even as the ongoing nuclear reactor crisis left the market vulnerable to another wave of selling.   Some Japanese household and foreign institutional investors were notable share buyers after the two-day plunge of more than 16 percent, traders said.   The market remained choppy, swayed by each new development at the stricken nuclear facility north of Tokyo and aftershocks still rattling the capital. Many Japanese investors were skittish and reluctant to step in, fearing more bad news could send shares into another tailspin.   " The market in general understands that Japanese shares are oversold, but uncertainty in the Fukushima nuclear power plant is clearly making market participants very nervous," said Kazuhiro Takahashi, general manager at Daiwa Securities Capital Markets in Tokyo.   The market capitaliation of Tokyo Stock Exchange's first section of big companies rose $222 billion after the combined drop on Monday and Tuesday had wiped off $626 billion. The stock rebound hurt Japanese government bonds, while the yen slipped as market players shifted back into higher-yielding currencies after slashing carry trades the previous day.   The dollar edged up slightly to 80.90 yen but was still not far from a record low of 79.75 hit against the Japanese currency in 1995.   Market players were also still keeping an eye out for Japanese companies and insurers selling their hefty foreign asset holdings and repatriating funds to cover costs from the nuclear crisis, quake and tsunami, a factor that could drive the yen higher.   So far most traders have not seen much fund repatriation.   The Bank of Japan was seen checking rates on currencies with banks in Tokyo, traders said, a warning it could intervene against any further yen strength that would deal another blow to the economy. Japan's finance minister told a meeting with a ruling party lawmaker that he was watching the currency market closely.   " It kind of makes you feel that they are ready to intervene if the dollar falls below 80 yen," said a Japanese bank trader.   The situation at the Fukushima Daiichi nuclear plant 240 km (150 miles) north of Tokyo was still tense. A fire broke out on Wednesday at the plant and sent low levels of radiation wafting into Tokyo, prompting some people to flee the capital.   Some traders said the BOJ's supply cheap funds reduced the need for repatriation, and most felt it would take Japanese insurers weeks to assess their cash needs before deciding to sell any foreign assets.   The Nikkei climbed 5.7 percent to 9,093.72 after having plunged 10.6 percent on Tuesday, still down about 11 percent from Friday's close.   Trading volumes remained massive. The volume on the Tokyo Stock Exchange's first section was 4.9 billion shares, just ahead of Monday's high and the second highest on record after Tuesday's all-time high of 5.8 billion shares.   Blue-chip companies such as Sony Corp and Toyota Motor Corp that were swept up in the fierce selloff this week were bought back.   Sony's shares jumped 8.8 percent. As of Tuesday, Sony was trading at 15.6 times estimates of 12-month forward earnings, Thomson Reuters I/B/E/S data showed -- about half its 10-year average valuation.   Osaka Nikkei futures were up 4.2 percent at 9,000, near the highs of the day.   Aggressive hedge fund selling of Osaka and Singapore-listed Nikkei futures on Tuesday drove the market down as the market panicked over reports of leaking radiation from the Fukushima facility and higher radiation readings near Tokyo.   The broader TOPIX rallied 6.6 percent to 817.63 .   Domestic fund managers have largely stuck to the sidelines, suggesting that they may need to sell into any rebound. Traders said market players were looking at the 9,5000 level -- near Monday's low -- as a zone where to sell and cut losses if the market recovers further.   Some brokers said that blue-chip, global Japanese companies not so dependent on the domestic economy were attractive buys. Among the companies cited were Inpex , Fanuc , Astellas Pharma , Toyota and Nintendo .   " Once the nuclear plant problem is cleared out of the way, the market will go back to the level from before that panic selloff, that is 9,500. But from then on we will have a calm debate about what's the quake impact on corporate performance and on the economy," said Makoto Kikuchi, CEO at Myojo Asset Management Japan.   The Nikkei's 14-day relative strength index, a common technical indicator of whether a market is overbought or oversold, struck a very oversold level of 17 on Tuesday before rising to 30 on Wednesday. A reading below 30 suggests a market is oversold.   Laurence Balanco, a technical analyst at CLSA, said that the Nikkei's RSI had only fallen below 17 on eight occasions since 1970, and the market's average return after one week of doing so was 6.22 percent.   Bonds lost more ground. Ten-year JGB futures were down more than half a point and most yields rose.   Japanese insurers had sold bonds on Tuesday to cover losses in their stock portfolios, raising concerns about whether they would turn up to buy at an auction of 20-year JGBs.   But the auction went better than bond dealers had expected, helping the market stabilise in afternoon trade. After hitting a one-year high of 2.160 percent, 20-year yields fell back to 2.070 percent -- down a basis point on the day.   Worries that Japan will have to issue more debt to pay for the cost of reconstruction have hit long-term Japanese bond yields and the spreads of Japanese sovereign credit default swaps.   Japanese sovereign CDS spreads shrank 14 basis points to 102 basis points thanks to the rebound in stocks, pulling back from near an all-time high. (Additional reporting by Chikafumi Hodo, Hideyuki Sano in Tokyo and Masayuki Kitano in Singapore, Writing by Kevin Plumberg, Editing by Eric Burroughs) |
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krisluke
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16-Mar-2011 15:37
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Seoul shares end up 1.8 pct as techs, airlines bounce
* Memory chip makers climb on rising chip prices
  * Airlines, tour, nuclear power plays rebound   By Jungyoun Park   SEOUL, March 16 (Reuters) - Seoul shares rose on Wednesday despite concerns about Japan's nuclear crisis, as bargain hunting lifted technology plays and battered transport issues such as Samsung Electronics and Korean Air Line.   The Korea Composite Stock Price Index (KOSPI) finished up 1.77 percent at 1,957.97 points.   " The market has calmed a bit following yesterday's panic selling," said Lee Jin-woo, a market analyst at Mirae Asset Securities.   " There still are concerns about radiation in Japan, but investors seem to be deciding that the likelihood of a total meltdown is not very high," said Lee Sun-yeb, a market analyst at Shinhan Investment Corp.   Foreign investors were buyers of a net 383 million won ($337,900) worth of stocks on the Seoul bourse, after offloading shares in the previous session. Institutions purchased a net 160.5 billion won.   Major blue chips posted robust rebounds, with memory chip makers advancing on the back of strength in chip prices.   Spot prices of NAND-type flash memory chips used in mobile devices rose nearly 3 percent on Tuesday amid supply concerns, according to price tracker DRAMeXchange late on Tuesday.   Shares in Samsung Electronics, the world's No.1 memory chip maker, rose 3 percent and Hynix Semiconductor, the world's second-biggest, climbed 1.7 percent.   Airlines and tour issues also recovered.   Korean Air Line rose 3.9 percent after seeing a 20.8 percent fall in the past month, and Hana Tour rose 2.9 percent following a 20.7 percent loss over the same period.   Shipyards also rallied, with Hyundai Heavy Industries gaining 5.5 percent and Daewoo Shipbuilding & Marine Engineering climbing 8.8 percent.   Nuclear power plant designer KEPCO Engineering & Construction rose 3.6 percent after seeing a 22.3 percent fall over the past five sessions.   But refiners dipped after their recent gains, with S-Oil down 0.7 percent and GS Holdings, the holding firm of the country's No.2 crude oil refiner GS Caltex, losing 2.4 percent.   Makers of filters jumped after fire broke out on Wednesday at a nuclear power plant that has sent low levels of radiation wafting into Tokyo.   South Korea's proximity to Japan prompted concerns radioactive particles could drift towards the country, although winds were blowing away from South Korea on Wednesday.   Shares in Clean & Science, an air filter maker, rallied 5.7 percent.   The KOSPI 200 June futures index finished up 5.4 points at 260.30. The KOSPI 200 spot index rose 5.15 points to 259.44.   The junior Kosdaq market ended up 0.6 percent at 492.36.   Move on day +1.77 percent   12-month high 2,121.06 27 Jan 2011   12-month low 1,532.68 25 May 2010   Change on yr -4.54 percent   All-time high 2,121.06 27 Jan 2011   All-time low 93.10 6 JAN 1981 (Reporting by Jungyoun Park Editing by Jacqueline Wong) |
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niuyear
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16-Mar-2011 14:47
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Very scary in the sense that people facing this type of fatal disaster, could drive people to commite things like 'suicide' or depression piling up. Those officials answerable to this disaster, are especially vulnearable .    Lets hope things can be fixed and no such incidences be seen.
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krisluke
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16-Mar-2011 13:45
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Hong Kong shares slip, Shanghai up as panic wanes
* Hang Seng Index down 0.4 percent, volume low
  * Shanghai Composite up 0.4 percent, energy plays lead   * Unwinding yen carry trade could lead to HK outflows   (Updates to midday)   By Clement Tan and Emma Ashburn   HONG KONG, March 16 (Reuters) - Hong Kong shares shrugged off a stronger start, edging down in low trading volume on Wednesday morning as investors stayed away amid continued wariness over the unfolding Japanese nuclear crisis.   The benchmark Hang Seng Index was down 0.4 percent at 22,579.2 by the midday trading break, a level at which analysts expect stocks to consolidate today after tumbling 2.9 percent on Tuesday.   " There is pessimism, but no more panic today," said Wing Fung Financial Group head of research Mark To.   Ben Kwong, chief operating officer at KGI Asia, said that while the Nikkei rebound would support Hong Kong stocks, strong yen pressure could unwind carrying trades and lead to outflows in the short term.   Overseas events weighed on the Hong Kong market ahead of annual earnings announcements today.   China Mobile announced 2010 its full-year earnings during the midday break, reporting a 3 percent net profit increase, in line with expectations.   Hong Kong and China Gas Co Ltd rose 2.5 percent after the company announced strong 2010 earnings late on Tuesday. Its 2010 net profit was up 6 percent over 2009.     SHANGHAI UP ON NIKKEI REBOUND     The Shanghai Composite Index was up 0.4 percent at midday, following rising Asian stocks and powered by gains in energy counters and materials.   " The market is up because regional stocks, including in Japan, are recovering from yesterday's losses," said Qian Qimin, an analyst at Shenyin and Wanguo Securities in Shanghai.   China's largest coal company China Shenhua Energy Co Ltd rose 3 percent and Aluminum Corp of China Ltd jumped 5 percent in morning trade on expectations of reconstruction demand in Japan.   Nuclear power leader Dongfang Electric Corp Ltd halted its two-day slide, gaining 1 percent in the morning after losing 10 percent so far this week.   Renewable energy stocks saw some profit-taking, with Xinjiang Goldwind Science and Technology Co Ltd , the world's fifth-largest wind turbine maker, down 0.9 percent after rising 8.4 percent Tuesday.   " Nothing else is really moving the market. Tightening expectations haven't changed much today," said Qian.   China inflation expectations receded among households in the first quarter, but more bankers believe monetary policy will be tightened in the second quarter of this year, a survey released by the Chinese central bank on Wednesday showed.   China's insurers gained after Moody's said it saw a stable outlook for the sector. The financial sub-index was up 0.2 percent at midday, with large insurer Ping An Insurance (Group) Co of China Ltd up 0.9 percent. (Editing by Chris Lewis)     ASIA-PACIFIC MARKETS Pan-Asia...... Japan........ S.Korea.... S.E. Asia............ Hong Kong... Taiwan..... Australia/NZ......... India....... China......   OTHER MARKETS: Wall Street........... Gold......... Currency.. Eurostocks........... Oil........... JP bonds... ADR Report.......... LME metals.. US bonds... Stocks News US... Stocks News Europe... DIARIES & DATA: IPO diary & data Asia earnings diary U.S. earnings diary European diary Taiwan diary Wall Street Week Ahead Eurostocks Week Ahead World forecasts   TOP NEWS: For top Asian company news, double click on: U.S. company news European company news Forex news Global Economy news Technology news Telecoms news Media news Banking news Politics/General news Asia Macro data A multimedia version of Reuters Top News is available at: http://topnews.session.rservices.com   LIVE PRICES & DATA: World Stocks < 0#.INDEX> Currency rates Dow Jones/NASDAQ Nikkei FTSE 100 Debt < 0#USBMK=> Hong Kong Dollar LME price overview |
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krisluke
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16-Mar-2011 13:35
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Timeline - Japan's unfolding nuclear crisis
TOKYO (Reuters) - Japan is under global scrutiny over the handling of its nuclear crisis after a huge earthquake crippled several reactors at a nuclear power complex, raising fears of an uncontrolled radiation leak.
  Below is a timeline of statements made by Japanese authorities and the complex's owner, Tokyo Electric Power (TEPCO), after the quake struck on Friday, the strongest tremor ever recorded in Japan.   (Times are Japan time, which is GMT +9, unless stated)   WEDNESDAY, MARCH 16   13:27 - Japan's nuclear safety agency says operators of the damaged nuclear plant plan to bulldoze an emergency route to the facility to allow access for fire trucks.   11:38 - Japan may seek direct U.S. military help to end the crisis at the plant, the chief government spokesman says.   11:30 - It is not realistic to think that the No. 4 reactor at the plant will " reach criticality" , the chief government spokesman says.   11:19 - The radiation reading at the main gate of the plant rose sharply just after 0100 GMT on Friday and started to fall almost an hour later, the government says.   11:10 - A fuel pool at the No.3 reactor at the Fukushima Daiichi plant may have heated and produced steam, TEPCO says. Media images earlier showed white smoke drifting from the plant.   11:38 - Japan may seek direct U.S. military help to end the crisis at the plant, the chief government spokesman says.   TUESDAY, MARCH 15   20:54 - Radiation levels at the No. 4 reactor of the Fukushima Daiichi nuclear-power plant has become too high to conduct normal work from its control room, Kyodo news agency says. Workers cannot stay long and are going in and out of the control room as well as monitoring from a different place.   20:50 - The radiation level in the Japanese capital, Tokyo, is 10 times normal, but there is no threat to human health, the city government says.   19:09 - Winds are now dispersing radioactive material from the Japanese nuclear crisis over the Pacific Ocean, away from Japan and other Asian countries, the World Meteorological Organisation (WMO) says.   18:20 - Japan's nuclear safety agency says there are two holes of 8-metres square in a wall of the outer building of the quake-hit Fukushima Daiichi No.4 reactor after a blast in the morning.   18:06 - Radiation levels in Chiba prefecture, near Tokyo, are more than 10 times above normal levels, Kyodo reports.   18:01: TEPCO has pulled out 750 workers from the plant since Tuesday, and 50 remain, it says.   17:48 - A pool containing spent fuel at the No.4 reactor may be boiling and the water level may be falling, Kyodo news agency quoted an official at the reactor's operator as saying.   17:31 - Japan has told the U.N. Agency radioactivity was being released " directly" into the atmosphere, the IAEA says.   17:28 - Radiation levels fall at the plant, the government says. Chief Cabinet Secretary Yukio Edano says the radiation level at the main gate of the Fukushima Daiichi complex is 596.4 microsieverts per hour as of 0630 GMT, down from 11,930 microsieverts at 0000 GMT.   16:44 - Japan has told the United Nations nuclear watchdog (IAEA) that it has extinguished a fire at the spent fuel storage pond at the power plant, the Vienna-based agency says.   14:46 - Radiation levels in the city of Maebashi, 100 km north of Tokyo, are up to 10 times normal, Kyodo says, quoting the city government.   14:07 - A no-fly zone is established for a 30-km radius around the plant, Jiji news agency says, quoting the transport ministry.   14:03 - Prime Minister Kan sends a text message to mobile phone users across the country, asking them to conserve power.   14:00 - Radiation levels in Tokyo are " not a problem" , the city government says.   12:37 - Minute levels of radiation have been detected in Tokyo, Kyodo says, quoting local government.   12:03 - Winds over the plant are blowing in a southwesterly direction that includes Tokyo, but will shift later on Tuesday, the weather agency says.   11:57 - Japan's science minister has asked local governments to make more frequent radiation checks, Kyodo news agency says.   The agency also says there has been one explosion at the No. 4 reactor at a stricken plant.   11:08 - Risk of a nuclear leakage is rising, Prime Minister Naoto Kan says, and warns people within a 30-km radius to stay indoors.   11:41 - Radiation levels in Kanagawa prefecture, west of Tokyo, are up to nine times the normal level briefly on Tuesday, Kyodo news agency says, quoting the prefecture government.   11:08 - Risk of a nuclear leakage is rising, Prime Minister Naoto Kan says, and warns people within a 30-km radius to stay indoors.   10:03 - The nuclear safety agency says it is unsure if the explosion at the reactor has damaged one of its reactor containment vessels. If the containment vessel were to break and fuel rods within it to melt, it could cause a major radiation leak.   09:01 - Radiation levels in the air surrounding the plant have risen fourfold after the explosion, plant operator TEPCO says.   08:45 - The roof above overheating No. 2 reactor is damaged and steam in rising from the complex, Jiji news agency reports.   07:57 - Fresh explosion heard at the plant, Japan's nuclear safety agency says.   06:45 - Some damage has been detected at Fukushima Daiichi No. 2 reactor, but no sharp increase in radiation levels has been seen, Chief Cabinet Secretary Yukio Edano says.   MONDAY, MARCH 14   20:10 - Water levels inside the Fukushima Daiichi complex's No. 2 reactor are almost empty, TEPCO says. Jiji news agency says the operator of the plant has started injecting sea water to the reactor in the hope of cooling it down.   19:52 - Jiji quotes TEPCO as saying nuclear fuel rods at the Fukushima Daiichi complex's No.2 reactor, where levels of water coolant around the reactor core had been reported as falling earlier in the day, are now fully exposed. Jiji says a meltdown of the fuel rods cannot be ruled out.   17:23 - Jiji news agency says Japanese authorities have safely cooled down two nuclear reactors at the Fukushima Daini nuclear plant, close to another nuclear complex where they are still struggling to cool three overheating reactors.   16:17 - Chief Cabinet Secretary Yukio Edano confirms water levels at the Fukushima Daiichi plant No.2 reactor are falling and its cooling functions have stopped.   15:26 - The IAEA says Japan has told the U.N. nuclear watchdog the hydrogen explosion at the No.3 reactor at Fukushima Daiichi did not damage the primary containment vessel.   15:17 - Jiji news agency reports that there has been an explosion at a fuel oil tank at a thermal power plant in Fukushima and that the tank is on fire. It is not immediately clear which company the thermal power plant belonged to.   12:43 - Chief Cabinet Secretary Yukio Edano says a large-scale radiation leakage is unlikely from the Fukushima Daiichi plant's No. 3 reactor hit by an explosion after cooling problems.   11:40 - Jiji quotes TEPCO as saying a fresh explosion that rocked Fukushima Daiichi has not damaged the plant's No.3 reactor vessel.   11:20 - Japan's nuclear safety agency confirms a new explosion rocked the Fukushima Daiichi nuclear power complex, sending a plume of smoke into the air. But it says it cannot confirm whether or not the hydrogen explosion at the plant's No. 3 reactor has led to an uncontrolled leak of radioactivity.   11:11 - Domestic media image shows smoke rising from the No.3 reactor at Japan's Fukushima Daiichi nuclear plant. Japanese TV says there was a hydrogen explosion at the plant.   07:29 - TEPCO says it has reported a rise in radiation levels at its Fukushima Daiichi nuclear power plant to the government.   01:43 - Japan Atomic Power says the cooling process is working at its Tokai No. 2 nuclear power plant's reactor although two of the three diesel power generators used for cooling are out of order. The reactor at the plant, about 120 km (75 miles) north of Tokyo in Ibaraki prefecture, was automatically shut after Friday's earthquake and tsunami.   SUNDAY, MARCH 13   23:37 - Jiji quotes TEPCO as saying it is preparing to put sea water into the No.2 reactor at its Fukushima Daiichi nuclear power plant. The company is already injecting sea water into the No. 1 and No. 3 units at the plant to cool them down and reduce pressure inside reactor container vessels.   15:23 - Chief Cabinet Secretary Edano says there is a risk of an explosion at a building housing at the Fukushima Daiichi complex where an explosion on Saturday blew off the roof off another reactor building.   10:38 - Kyodo quotes TEPCO as saying radiation levels have risen above safe limits around the complex and that the firm has informed the government of an " emergency situation" . It did not mean an immediate threat to human health, TEPCO says.   06:20 - The number of individuals exposed to radiation from the Fukushima Daiichi complex could reach as high as 160, an official of the Japan Nuclear and Industrial Safety Agency.   05:41 - In a 20-km radius around the Fukushima Daiichi complex, an estimated 110,000 people have been evacuated, the IAEA says. In a 10-km radius around the nearby Fukushima Daini complex, about 30,000 people have been evacuated.   00:49 - A nuclear accident in Japan on Saturday rates as less serious than both the Three Mile Island accident in 1979 and the 1986 Chernobyl nuclear disaster, Japan's nuclear safety agency said. An official at the agency said it has rated the incident at 4 under the International Nuclear and Radiological Event Scale. Three Mile Island was rated 5 while Chernobyl was rated 7 on the 1 to 7 scale, the official said.   SATURDAY, MARCH 12   22:21 - The IAEA quotes Japanese authorities as saying they are preparing to distribute iodine to people living near the stricken nuclear power complex. Iodine can be used to help protect the body from radioactive poisoning.   20:43 - TEPCO plans to fill the leaking reactor with sea water to cool it and reduce pressure in the unit, Edano says.   " The nuclear reactor is surrounded by a steel reactor container, which is then surrounded by a concrete building," Edano says. " The concrete building collapsed. We found out that the reactor container inside didn't explode."   " We've confirmed that the reactor container was not damaged. The explosion didn't occur inside the reactor container. As such there was no large amount of radiation leakage outside," he adds.   " At this point, there has been no major change to the level of radiation leakage outside (from before and after the explosion), so we'd like everyone to respond calmly."   " We've decided to fill the reactor container with sea water. Trade Minister Kaieda has instructed us to do so. By doing this, we will use boric acid to prevent criticality."   Edano says it will take about five to 10 hours to fill the reactor core with sea water and around 10 days to complete the process. He says due to the falling cooling-water level, hydrogen was generated and leaked into a space between the building and the container. It mixed with oxygen and exploded.   17:47 - Cabinet Secretary Edano confirms an explosion and radiation leak at Fukushima Daiichi. " We are looking into the cause and the situation and we'll make that public when we have further information," Edano says. " At present, we think 10 km evacuation is appropriate."   10:07 - TEPCO has begun releasing pressure from No. 1 reactor at Fukushima Daiichi nuclear plant, the Trade Ministry says. TEPCO says it will prepare for the release of pressure from the second nuclear plant, the Fukushima Daini plant, as pressure mounts. TEPCO and the authorities battle to contain rising pressure at the plants. They say thousands of residents in the area have been evacuated.   09:34 - Kyodo news agency says Japan has begun evacuating about 20,000 people from vicinity of the nuclear plants.   07:19 - TEPCO says it has lost its ability to control pressure in some reactors of a second nuclear power plant at its Fukushima facility. Pressure is stable inside the reactors but rising in the containment vessels, a spokesman says, although he did not know if there would be a need to release pressure at the plant at this point, which would involve a release of radiation.   06:37 - U.S. officials say the U.S. military did not provide any coolant for the Japanese nuclear plant, despite Clinton's earlier remarks. They say U.S. Air Force " assets" in Japan delivered coolant to a nuclear plant. One U.S. official says Japan had asked the United States for the coolant but ultimately handled the matter on its own.   03:14 - Cabinet Secretary Edano says TEPCO realises the need to release pressure inside the plant, that this could cause a small radiation leak.   03:13 - Kyodo news agency quotes Japan's trade minister as saying a radiation leak could take place at the plant.   03:04 - Japan's nuclear safety watchdog confirms TEPCO is considering steps to lower the pressure in a container in the No. 1 reactor. A spokesman for the Nuclear and Industrial Safety Agency says it is unknown whether radiation levels are high in the container, which is inside a turbine building.   02:00 - Kyodo news agency quotes TEPCO as saying pressure inside the No. 1 reactor rose to 1.5 times designed capacity.   01:46 - Jiji quotes TEPCO as saying pressure inside the No. 1 reactor at the plant has been rising, with the risk of a radiation leak. It plans to take measures to release the pressure, the report says.   01:27 - Jiji says Fukushima prefecture expects cooling function at the plant to be restored by 1630 GMT (0130 local)   00:40 - U.S. Secretary of State Hillary Clinton says the United States has transported coolant to the stricken nuclear plant. " We just had our Air Force assets in Japan transport some really important coolant to one of the nuclear plants," Clinton says at a meeting of the President's Export Council.   00:38 - The World Nuclear Association, the main nuclear industry body, says it understands the situation is under control, and water is being pumped into the reactor's cooling system. An analyst at the association says he understood a back-up battery power system had been brought online after about an hour, and begun pumping water back into the cooling system.   FRIDAY, MARCH 11   22:45 - Vienna-based International Atomic Energy Agency (IAEA) says Japan advised that a heightened state of alert has been declared but no release of radiation had been detected.   It says Japanese authorities also reported a fire at the Onagawa nuclear power plant, which has since been extinguished.   " They say Onagawa, Fukushima Daini and Tokai nuclear power plants were also shut down automatically, and no radiation release has been detected," the statement says.   21:55 - The government says radiation has leaked from one of the plant's reactors.   21:49 - Jiji news agency says evacuation area around the plant is extended to 3 km from 2 km and quotes authorities as saying no radioactive leak has been confirmed.   21:34 - TEPCO confirms water levels falling inside reactors at the plant, and says it is trying to avert the exposure of nuclear fuel rods by restoring power to its emergency power system so that it can pump water inside the reactors.   19:46 - The government reveals a cooling problem at TEPCO's Fukushima Daiichi nuclear plant on the northeast coast, which bore the brunt of the quake and tsunami. Chief Cabinet Secretary Yukio Edano says the government has declared an emergency as a precaution but he says there is no radioactive leak.   (Compiled by Mark Bendeich and World Desk Asia)   First Published: 2011-03-16 12:55:23 Updated 2011-03-16 13:24:47 |
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krisluke
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16-Mar-2011 13:33
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Workers allowed back into quake-damaged Japan nuclear plant
TOKYO (Reuters) - Workers ordered to leave a quake-damaged nuclear power plant in northeastern Japan were allowed back in after radiation levels fell, the Japan nuclear agency said.
  Pumping of seawater at reactors at No. 1, 2 and 3 was proceeding smoothly, it said.   First Published: 2011-03-16 09:38:31 Updated 2011-03-16 11:42:31 |
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krisluke
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16-Mar-2011 13:31
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Snapshot - Japan's nuclear crisis
TOKYO (Reuters) - Following are main developments after a massive earthquake struck northeast Japan on Friday and set off a tsunami.
  - Workers ordered to leave the quake-damaged Fukushima Daiichi nuclear plant in northeastern Japan were allowed back in after radiation levels fell.   - Authorities plan to bulldoze an emergency route to crippled reactor No.4 to allow access for fire trucks.   - France urges nationals living in Tokyo to leave country or move south. Two Air France planes on their way to begin evacuation.   - Radiation levels in Ibaraki, north of Tokyo, 300 times normal level but well below hazardous levels, Kyodo says.   - Seawater pumped into Daiichi reactors No.1, 2, and 3 to cool fuel rods. Workers also trying to bring down temperatures at reactors No.5 and No. 6 from normal levels. U.S. military help sought.   - Fire breaks out at reactor No.4 earlier on Wednesday a day after a blast blew a hole in the building housing spent fuel rods. White smoke seen coming from the nuclear facility.   - No plans yet to extend evacuation zone near the facility, 240 km (150 miles) north of Tokyo.   - Fuel rods in the No. 1 reactor were 70 percent damaged and the rods in the No. 2 reactor were 33 percent damaged, Kyodo says.   - Winds over the radiation-leaking nuclear power plant in northern Japan will blow from the northwest and out into the Pacific Ocean on Wednesday, the Japan Meteorological Agency says.   - Japan's benchmark Nikkei average up 4.5 percent on Wednesday after suffering its worst two-day rout since 1987. The index surged over 6 percent at one point.   - Tens of thousands of people still missing since Friday's quake and tsunami. Food and water in short supply in parts of the northeast.   - About 850,000 households in the north were still without electricity in near-freezing weather   - Some residents leave the capital. Others stock up on food.   - Death toll is expected to exceed 10,000, and rescue workers are continuing to search coastal cities for survivors.   (Tokyo bureau Compiled by World Desk Asia) |
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krisluke
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16-Mar-2011 13:30
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Iron Ore-Spot prices fall further, traders eyeing Japan
* Buyers still reluctant with prices expected to slip further * Traders looking for discounts from diverted Japan cargoes
    SHANGHAI, March 16 (Reuters) - Spot iron ore prices extended falls on Wednesday, with steel mills from top consumer China still reluctant to buy on expectations that weaker Japanese demand will improve supplies.   Steelmaking facilities in Japan, the world's second-largest producer after China, have been disrupted as a result of the massive earthquake and tsunami that struck the country last Friday.   Spot offers of Indian ore with 63.5 percent iron fell to as low as $168-$170 per tonne delivered to China, from $170-$174 a tonne on Tuesday, traders said.   Prices have dropped around 15 percent from their peak of around $200 per tonne in mid-February, and traders do not expect the situation to improve, given the low trading volumes.   " The market lacks any signs of improvement for now, and steel mills still don't want to make any bookings, although they've continued to make inquiries to us," said a dealer in Shanghai.   Analysts said speculative trade activity was the main reason for the price surge in January, and the market had not yet reached the end of a correction.   " Given the high inventory levels at steel mills and at the ports, as well as expectations of further price falls after the Japan earthquake, I think $160 would be reasonable," said Wu Wen'an, analyst with HNA Topwin Futures in Shanghai.   While the quake will not make a huge difference to available iron ore supplies, it has had a psychological impact on Chinese traders and prices are falling more quickly, Oriental Securities said in a note.   Traders are looking to pick up cargoes diverted from Japan following the suspension of a number of ports and mills in the country.   " Traders don't expect a big surge in iron ore supplies because Japan might reduce its iron ore consumption in the near term, but some are actively searching for any possible shipments destined for Japan at a cheaper price," the trader added.     FUNDAMENTALS STILL WEAK   The major iron ore indexes, which global miners use to set quarterly contract prices, fell again on Tuesday.   Platts' 62 percent iron ore index < IODBZ00-PLT> eased by 50 cents to $165 per tonne including freight on Tuesday, a level not seen since Nov. 25.   The Steel Index's 62 percent benchmark < .IO62-CNI=SI> slipped nearly 1 percent to $164.7 a tonne, its weakest since Dec. 7, while Metal Bulletin's 62 percent gauge < .IO62-CNO=MB> slid 1.1 percent to $163.89 a tonne, the lowest since Dec. 8.   China's daily crude steel output reached a record of 1.94 million tonnes in February, but demand didn't keep pace, and the surge in steel and ore stockpiles is likely to lead to a slowdown in coming months, said Scarlett Chan, analyst with Citigroup.   " Demand for ore and coking coal has more downside than upside, given the historical high production of steel," Chan said in a note on Wednesday. " Medium and small mills have stopped purchasing raw materials, as proved by weak imports in February and softening prices of ore in the spot market." (Reporting by Ruby Lian and David Stanway Editing by Ramthan Hussain) |
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krisluke
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16-Mar-2011 13:28
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How To Live In A World With Declining Oil ProductionWe don’t know precisely how oil supply will work out, but if it declines quickly, we need to think about how we can deal with such an outcome. A quick decline could come if some combination of events starts oil production on a downward spiral. For example, Middle Eastern revolutions could take a significant amount of production off-line. As a result, oil prices could spike, leading to recession and debt defaults in many countries. The resulting financial crisis could make it difficult to maintain the current level of international trade, and could lead to a sharp reduction in oil supply within a few years because repair parts and international expertise needed for extraction drops off greatly. This might be described as an application of Liebig’s Law of the Minimum. Oil is present, but various above-ground issues interfere with its production. Declining energy return on energy invested (EROI) will tend to make the situation worse, because it will tend to keep oil prices high and raise the need for investment capital. There is a possibility that lack of capital and failing international trade will also cause interference with the production of electricity, natural gas, coal, and uranium. Most of what we have been told are renewables (solar PV, large wind, electric cars) likely will cease to be manufactured in such a situation, since their production depends on the availability of fossil fuels. We don’t know if such an adverse situation will arise, but if such a situation is even a possibility, it seems as though it should affect our approach to transition. The ideas I would suggest for dealing with this adverse situation are the following: 1.  Resetting our view of the world to match what people historically have had. 2.  Planning for the basics, to the extent we can. 3.  Living life now as fully and completely as we can, since we really don’t know how bad the decline will be. While this whole approach may be shooting too low, I think it can be a useful exercise for reshaping our thinking. People throughout the ages have lived without fossil fuels, and many have lived happy fulfilling lives, in spite of their circumstances. If our circumstances actually turn out better than this, everything will seem better in comparison. 1. Resetting our view of the world to match what people historically have had. We now expect a life expectancy of about 78 years. This is wonderful, but far in excess of what people historically have experienced. Wikipedia shows that before modern times, average lifespans at birth were in the range of 25 to 30 years. I am sure that some people lived to the age of 60 or 70, but these were the exception, rather than the rule.
Food is more complicated. We know that people around the world, and throughout the ages, have eaten a wider variety of foods than we do now. Foods that we would consider unpalatable for food, such as acorns, have been eaten. Kudzu, a plant that many of us in the US South would consider a weed, seems to have many valuable purposes, including use as a food.
There may be a few things that we can carry over. Clearly, hand tools such as knives are helpful. Some recent inventions, such as solar hot water heating and solar ovens for cooking, may continue to be useful. If metal that we have today that is no longer needed can be reprocessed, it may serve to be a source of tools for the future. I would expect mining of all types to drop dramatically, without fossil fuels.
This post originally appeared at Oilprice.com |
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krisluke
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16-Mar-2011 09:01
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Wall St falls on Japan some see drop temporary
![]() The New York Stock Exchange seen with a Wall street sign in front
  * Some investors expect fall to be short-lived   * Fed sees economy on firmer footing, maintains policy   * Indexes down: Dow 1 pct, S& P 1 pct, Nasdaq 1.2 pct (Updates with Fed comments, changes byline)   By Ryan Vlastelica   NEW YORK, March 15 (Reuters) - U.S. stocks slumped 1 percent in a broad selloff on Tuesday as fears Japan's nuclear power crisis could turn into a larger catastrophe drove investors to less risky assets.   Some investors, however, expected the drop to be temporary, with the U.S. economy taking only a short-term hit, although the nuclear power industry will face longer term consequences.   In a second straight day of losses tied to Japan, the S& P 500 fell to within four points of support at 1,257, which was its 2010 closing level. The U.S. benchmark index fell more than 2 percent at the start of trading and the Nasdaq composite index briefly turned negative for the year.   Equities modestly pared losses but remained sharply lower after the U.S. Federal Reserve maintained its ultra-loose monetary policy and said the economy was gaining traction.   Options activity on the iShares MSCI Japan Index fund suggested that some investors believe the sell-off could be overdone, and they are either closing out recent long put positions or opening new bullish strategies.   " It is our view at this stage that there shouldn't be sustained disruptions and this shouldn't be more than a short-term drag on the United States," said Jim McDonald, chief investment strategist at Chicago-based Northern Trust Global Investments, which has about $650 billion in assets under management.   " While the outlook of nuclear accidents is justifiably scary, other nuclear issues have had small impacts on U.S. stocks and that's the most likely scenario here."   A Japanese nuclear power plant sent low levels of radiation wafting into Tokyo, prompting people to flee the capital. Officials and markets were still trying to assess the full extent of destruction from Japan's earthquake and tsunami, with at least 10,000 people feared dead.   The Global X Uranium exchange traded fund fell 10 percent to $14.13. Shaw Group, an engineering and construction company that is part of a consortium that builds reactors, dropped 2.9 percent to $33.87 on many times its 10-day average trading volume.   Shares of General Electric Co, which has combined nuclear ventures with Japan's Hitachi Ltd, dropped 2 percent to $19.53.   " This will clearly change the risk assessment over the next one- to two-year period for the attractiveness of nuclear power," McDonald said. " This will give people pause."   The Dow Jones industrial average was down 125.29 points, or 1.04 percent, at 11,867.87. The Standard & Poor's 500 Index was down 13.21 points, or 1.02 percent, at 1,283.18. The Nasdaq Composite Index was down 31.62 points, or 1.17 percent, at 2,669.35.   More than five stocks fell for every one that rose on the New York Stock Exchange while on the Nasdaq about 80 percent of stocks were negative.   At its session low, the S& P 500 had given back more than half the gains of the latest leg of the stock market rally, from Dec. 1 to the year's high on Feb. 18. The S& P 500 is down about 4 percent since the start of the month after having rallied from early September. It is still up 21 percent since September.   The CBOE VIX volatility index remained up 13.4 percent in a sign of investor anxiety.   Dollar-denominated Nikkei futures fell 5.2 percent and are down more than 10 percent for the year.   Among U.S. stocks affected by Japan, insurer American International Group Inc slid 2.1 percent at $36.72, while aluminum producer Alcoa Inc lost 1.2 percent at $15.92. (Additional reporting by Doris Frankel and Rodrigo Campos Editing by Leslie Adler) |
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krisluke
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16-Mar-2011 08:59
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Libya no-fly zone draft resolution circulated at U.N.
By Louis Charbonneau
  UNITED NATIONS (Reuters) - Supporters of a no-fly zone to halt Libyan government air strikes on rebels circulated a draft resolution at the U.N. Security Council on Tuesday that would authorise one, but other states said questions remained.   The draft was distributed at a closed-door meeting by Britain and Lebanon after the Arab League called on the council on Saturday to set up a no-fly zone amid advances by leader Muammar Gaddafi's troops against the rebels based in the east.   The draft, obtained by Reuters, says the council " decides to establish a ban on all flights in the airspace of (Libya) in order to help protect civilians."   It authorizes member states to " take all necessary measures to enforce compliance" and says countries implementing the ban would be doing so in cooperation with the Arab League and in cooperation with U.N. Secretary-General Ban Ki-moon.   It could also open the door to military action beyond a no-fly zone. The draft explicitly " authorizes members of the League of Arab States and other states which have notified the Secretary-General ... to take all necessary measures to protect civilians and civilian objects in (Libya)."   After receiving the draft, members of the 15-nation council adjourned without taking action and were due to reconvene on Wednesday to engage in what British U.N. Ambassador Mark Lyall Grant said would be " paragraph-by-paragraph" discussion.   A spokesman for British Prime Minister David Cameron told reporters in London the negotiations would not be easy.   " There are a very broad range of views in the council," he said. " We are going into this with our eyes open. We are under no illusions. This will be a difficult negotiation."   The draft also provides for the expanding of sanctions already slapped by the U.N. council on Libyan leaders on February 26 -- including asset freezes, travel bans and an arms embargo -- to cover all assets abroad of the Gaddafi government.   The White House said President Barack Obama discussed efforts at the United Nations and potential Security Council action during a meeting with his national security team on Libya earlier on Tuesday. White House officials were not immediately available to comment on the draft resolution.   Some key council members including the United States, Russia and Germany, have expressed doubts about whether a no-fly zone is advisable or would work.   Washington has said Arab nations should participate in enforcing the no-fly zone, which would mean the use of Arab aircraft that might have to shoot down Libyan planes violating the flight ban.   QUESTIONS RAISED   German Ambassador Peter Wittig told reporters after the meeting his country still had queries.   " We raised questions we felt are still not fully answered, as to the Arab participation in such a measure, as to whether the implementation of such a zone would run counter to the intention of the Arab League itself, the Arab League having pointed out that there should be no foreign intervention," Wittig said.   Lebanese Ambassador Nawaf Salam said there was no contradiction. " Foreign intervention is something else," he said. " We hope (a no-fly zone) would have a deterrent effect."   Chinese Ambassador Li Baodong, president of the Security Council this month, said, " Some members have questions, and they need clarifications before a decision is made.   " Just like other members, China also expects our Lebanese colleague to give us clarification and answers tomorrow," Li said.   Indian Ambassador Hardeep Singh Puri expressed surprise at the intention to ban " all flights" over Libya and not just military ones. " We're still at a preliminary stage," he said.   French Ambassador Gerard Araud, whose country supports a no-fly zone, said he would like to see a vote on the resolution as early as Wednesday but doubted it could be that soon.   Before the meeting, Araud voiced impatience with the slow council response. " We are deeply distressed by the fact that things are worsening on the ground, that the Gaddafi forces are moving forward and the council has not yet reacted," he said.   (Additional reporting by Keith Weir in London Editing by Peter Cooney)   First Published: 2011-03-16 07:22:31 Updated 2011-03-16 08:24:08 |
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krisluke
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16-Mar-2011 08:58
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Fire at Japan nuclear reactor heightens radiation threat
By Shinichi Saoshiro and Chisa Fujioka
  TOKYO (Reuters) - Japan raced to avert a catastrophe after fire broke out on Wednesday at a nuclear plant that has sent low levels of radiation wafting into Tokyo, prompting some people to flee the capital and triggering growing international alarm.   Public broadcaster NHK said flames were no longer visible at the building housing the No.4 reactor of the plant in Fukushima, 240 km (150 miles) north of Tokyo, hours after the operator reported fire had broken out at the quake-crippled facility.   Experts say spent fuel rods in a cooling pool at the No. 4 reactor could be exposed by the fire and spew more radiation into the atmosphere. Operator Tokyo Electric Power said it was considering using a helicopter to dump boric acid, a fire retardant, on the facility.   Japan's Nuclear and Industrial Safety Agency said two workers were missing after blasts at the facility a day earlier blew a hole in the building housing the No. 4 reactor.   In the first hint of international frustration at the pace of updates from Japan, Yukiya Amano, director general of the International Atomic Energy Agency, said he wanted more timely and detailed information.   " We do not have all the details of the information so what we can do is limited," Amano told a news conference in Vienna. " I am trying to further improve the communication."   The U.S. Department of Energy said it had sent a team of 34 people to help Japan with the crisis.   Japanese Prime Minister Naoto Kan on Tuesday urged people within 30 km (18 miles) of the facility -- a population of 140,000 -- to remain indoors, as authorities grappled with the world's most serious nuclear accident since the Chernobyl disaster in Ukraine in 1986.   Officials in Tokyo said radiation in the capital was 10 times normal at one point but not a threat to human health in the sprawling high-tech city of 13 million people.   The best advice experts could give them was to stay indoors, close the windows and avoid breathing bad air -- steps very similar to those for handling a smog alert or avoiding influenza.   While these steps may sound inconsequential, experts said the danger in Tokyo, while worrisome, is slight -- at least for now.   " Everything I've seen so far suggests there have been nominal amounts of material released. Therefore, the risks are generally low to the population," Jerrold Bushberg, who directs programs in health physics at the University of California at Davis, said in a telephone interview.   Winds over the plant will blow from the north along the Pacific coast early on Wednesday and then from the northwest towards the ocean during the day, the Japan Meteorological Agency said.   Fears of trans-Pacific nuclear fallout sent consumers scrambling for radiation antidotes in the U.S. Pacific Northwest and Canada. Authorities warned people would expose themselves to other medical problems by needlessly taking potassium iodide in the hope of protection from cancer.   The nuclear crisis and concerns about the economic impact from last week's earthquake and tsunami have hammered Japan's stock market.   The Nikkei index was up over 6 pct in early trading on Wednesday after ending down 10.6 percent on Tuesday and 6.2 percent the day before. The fall wiped some $620 billion off the market.   SCRAMBLE TO STOP WATER EVAPORATING   Authorities have spent days desperately trying to prevent the water which is designed to cool the radioactive cores of the reactors from evaporating, which would lead to overheating and the release of dangerous radioactive material into the atmosphere.   " The possibility of further radioactive leakage is heightening," a grim-faced Kan said in his address to the nation on Tuesday.   " We are making every effort to prevent the leak from spreading. I know that people are very worried but I would like to ask you to act calmly."   Levels of 400 millisieverts per hour had been recorded near the No. 4 reactor, the government said. Exposure to over 100 millisieverts a year is a level which can lead to cancer, according to the World Nuclear Association.   The plant operator, Tokyo Electric Power Co., pulled out 750 workers, leaving just 50, and a 30-km (19 mile) no-fly zone was imposed around the reactors. There have been no detailed updates on what levels the radiation reached inside the exclusion zone.   A Reuters reporter using a Geiger counter showed negligible levels of radiation in the capital late on Tuesday.   Despite pleas for calm, residents rushed to shops in Tokyo to stock up on supplies. Don Quixote, a multi-storey, 24-hour general store in Roppongi district, sold out of radios, flashlights, candles and sleeping bags.   In a sign of regional fears about the risk of radiation, China said it would evacuate its citizens from areas worst affected but it had detected no abnormal radiation levels at home. Air China said it had cancelled some flights to Tokyo.   The U.S. Navy said some arriving warships would deploy on the west coast of Japan's main Honshu island instead of heading to the east coast as planned because of " radiological and navigation hazards."   Several embassies advised staff and citizens to leave affected areas in Japan. Tourists cut short vacations and multinational companies either urged staff to leave or said they were considering plans to move outside Tokyo.   German technology companies SAP and Infineon were among those moving staff to safety in the south.   SAP said it was evacuating its offices in Tokyo, Osaka and Nagoya and had offered its 1,100 employees and their family members transport to the south, where the company has rented a hotel for staff to work online.   " Everyone is going out of the country today," said Gunta Brunner, a 25-year-old creative director from Argentina preparing to board a flight at Narita airport. " With the radiation, it's like you cannot escape and you can't see it."   " WHAT THE HELL IS GOING ON?"   Japanese media have became more critical of Kan's handling of the disaster and criticised the government and the nuclear plant operator for their failure to provide enough information on the incident.   Kan himself lambasted the operator for taking so long to inform his office about one of the blasts on Tuesday, Kyodo news agency reported.   Kyodo said Kan had ordered TEPCO not to pull employees out of the plant. " The TV reported an explosion. But nothing was said to the premier's office for about an hour," a Kyodo reporter quoted Kan telling power company executives.   " What the hell is going on?"   Nuclear radiation is an especially sensitive issue for Japanese following the country's worst human catastrophe -- the U.S. atomic bombs dropped on Hiroshima and Nagasaki in 1945.   There have been a total of four explosions at the plant since it was damaged in last Friday's massive quake and tsunami. The most recent were blasts at reactors Nos. 2 and 4.   Concern now centres on damage to a part of the No.4 reactor building where spent rods were being stored in pools of water outside the containment area, and also to part of the No.2 reactor that helps to cool and trap the majority of cesium, iodine and strontium in its water.   Before Tuesday's explosion the temperature in Number 4 reactor's cooling pool was 84 C, higher than normal due to a lack of electricity after the quake, said Hidehiko Nishiyama, chief spokesman of the Nuclear and Industrial Safety Agency.   Since then the temperature had been rising and there was a possibility that it was boiling, he said.   It would take 7-10 days for the water to boil away, leaving the spent fuel rods exposed to the air, said Kazuya Aoki, a director for safety examination. As long as the spent fuel rods were covered with water there should be no leak of radioactive material from them, he said.   VILLAGES AND TOWNS WIPED OFF THE MAP   The full extent of the destruction from last Friday's 9.0-magnitude earthquake and the tsunami that followed it was becoming clear as rescuers combed through the region north of Tokyo where officials say at least 10,000 people were killed.   Whole villages and towns have been wiped off the map by Friday's wall of water, triggering an international humanitarian effort of epic proportions. A 6.4-magnitude aftershock -- a significant earthquake in its own right on any other day -- shook buildings in Tokyo late on Tuesday but caused no damage.   About 850,000 households in the north were still without electricity in near-freezing weather, Tohuku Electric Power Co. said, and the government said at least 1.5 million households lack running water. Tens of thousands of people were missing.   Hiromichi Shirakawa, chief economist for Japan at Credit Suisse, said in a note to clients that the economic loss will likely be around 14-15 trillion yen ($171-183 billion) just to the region hit by the quake and tsunami.   " The earthquake could have great implications on the global economic front," said Andre Bakhos, director of market analytics at Lec Securities in New York. " If you shut down Japan, there could be a global recession."   (Additional reporting by Nathan Layne, Linda sieg, Risa Maeda, and Leika Kihara in Tokyo, Chris Meyers and Kim Kyung-hoon in Sendai, Taiga Uranaka and Ki Joon Kwon in Fukushima, Noel Randewich in San Francisco, Tan Ee-lyn in Singapore and Miyoung Kim in Seoul Writing by David Fox and Jason Szep Editing by Andrew Marshall and Dean Yates) |
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krisluke
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16-Mar-2011 08:56
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Nikkei jumps 6 pct after steep fall, JGBs drop
TOKYO, March 16 (Reuters) - The Nikkei share average rose more than 6 percent in early Wednesday trade, recapturing about half of its heavy loss the previous day that was spurred by an escalating safety crisis at a quake-stricken nuclear power facility.
  In the bond market, 10-year Japanese government bond futures dropped as the market braced for a 1.1 trillion yen ($13 billion) 20-year JGB auction, the last bond auction in the financial year to March 31. ($1 = 80.720 Japanese Yen) (Reporting by Hideyuki Sano Editing by Edmund Klamann) |
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krisluke
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15-Mar-2011 12:16
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*Check Out The News Alert People In China Just Got: " If Rain Comes, Remain Indoors 24 Hours...Radiation Could Hit Philippines At 4 PM"![]() Image: Mad House Photography via Flickr
A text message has been circulating around, warning Filipinos to stay indoors since radiation coming from a leak in a devastated Fukushima nuclear plant may hit local winds starting 4 p.m. today. In an interview with ANC's Dateline Philippines, however, Philippine Institute of Volcanology and Seismology (Phivolcs) Director Renato Solidum debunked claims of fear-mongering message senders, assuring Filipinos that there is zero probability that radiation, if there is indeed a leak, would come our way.
Update 2, from ABSCBN: Some government offices in Vintar, Ilocos Norte provinces and classes at a school in Cagayan de Oro (CDO) closed early on Monday following a rumor spread through text messages that radiation from a nuclear power plant in Japan has reached the Philippines... Town hall employees in Vintar went home 3 p.m. and shut down their offices after receiving the text message, which the Department of Science and Technology (DOST) has described as a hoax. Vintar Mayor Mayor Jose Foronda allegedly ordered employees to go home to ensure their safety.He also allegedly ordered the health office to distribute iodine among town residents. In Cagayan de Oro, meanwhile, some schools canceled classes because of the same radiation threat rumors.
Earlier: A Chinese resident just tipped us this alert he just got minutes ago. BBC Newsblast to people in China: Japan government confirms radiation leak at Fukushima nuclear plant. Asian countries should take necessary precaution. If rain comes, remain indoors for 24 hours. Close doors and windows. Swab neck skin with Betadine where thyroid area is. Radiation hits thyroids first. Take extra precautions. Radiation may hit Philippines starting at 4 PM today. That's all we know right now. We'll update this if we hear more. |
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krisluke
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15-Mar-2011 11:35
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Gaddafi forces press rebels, no-fly diplomacy crawls
PARIS/AJDABIYAH, Libya (Reuters) - Libyan leader Muammar Gaddafi's forces pressed closer to the opposition stronghold of Benghazi while diplomatic efforts to impose a no-fly zone to help the rebels made little headway.
  France pressured G8 foreign ministers at a meeting in Paris on Monday to agree action on Libya and back its efforts to speed up a U.N. Security Council decision on imposing a no-fly zone, but hit pushback from partners like Germany.   German Foreign Minister Guido Westerwelle called for urgent talks in the Security Council for targeted sanctions on Gaddafi's government, but voiced opposition towards military action.   " We are very sceptical about a military intervention and a no-fly zone is a military intervention," he told reporters after the dinner with G8 counterparts.   A divided Security Council also discussed the idea of authorising a no-fly zone, but no consensus emerged among its 15 members and Russia said it had questions about the proposal.   " Fundamental questions need to be answered, not just what we need to do, but how it's going to be done," Russian ambassador Vitaly Churkin said in New York.   Meanwhile, Libyan government artillery and tanks re-took the small town of Zuwarah, 120 km (70 miles) west of Tripoli after heavy bombardment, resident Tarek Abdallah said by telephone.   Perhaps more significantly, they were shrinking the swathe of eastern Libya still held by revolutionary forces.   They captured the important eastern oil terminal town of Brega late on Sunday, and on Monday Libyan jets flew behind rebel lines to bomb Ajdabiyah, the only sizeable town between Brega and the rebel stronghold of Benghazi.   ROAD TO BENGHAZI   Ajdabiyah commands roads to Benghazi and Tobruk that could allow Gaddafi's troops to encircle Libya's second city and its 300,000 inhabitants.   Soliman Bouchuiguir, president of the Libyan League for Human Rights, said in Geneva that if Gaddafi's heavily armed forces broke through to attack Benghazi, there would be " a real bloodbath, a massacre like we saw in Rwanda" .   Saturday's endorsement from the Arab League satisfies one of three conditions set by the Western NATO alliance for it to police Libyan air space, that of regional support. The other two are proof its help is needed and a Security Council resolution.   " Now that there is this Arab League statement, we do hope that it's a game changer for the other members of the council," French U.N. ambassador Gerard Araud said in New York.   Lebanese ambassador Nawaf Salam, sole Arab representative on the council, said Lebanon wanted it to act as fast as possible.   " We think it is not only a legitimate request, it is a necessary request," he said. " Measures ought to be taken to stop the violence, to put an end to the ... situation in Libya, to protect the civilians there."   U.N. Deputy High Commissioner for Human Rights Kyung-wha Kang said in Geneva that Gaddafi's government had " chosen to attack civilians with massive, indiscriminate force" .   News of humanitarian suffering or atrocities could be taken as a sign that help is needed. But while Human Rights Watch has reported a wave of arbitrary arrests and disappearances in Tripoli, hard evidence is so far largely lacking.   (Additional reporting by Maria Golovnina and Michael Georgy in Tripoli, Tom Pfeiffer in Benghazi, Mariam Karouny in Djerba, Tunisia, Tarek Amara in Tunis, Louis Charbonneau and Patrick Worsnip at the United Nations, James Regan, Tim Hepher, Arshad Mohammed and John Irish in Paris Writing by Michael Roddy Editing by Jonathan Thatcher) |
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krisluke
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15-Mar-2011 11:13
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ANALYSIS-Quake may turn Japan to a diesel importer from exporter
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  * Japan may turn gas oil importer on 100,000 bpd supply shortfall   * Cracks surge to highest since Sept. 29, 2008   * Unaffected refiners stop selling spot cargoes, seek to buy   * Shell, BP seen bidding strongly for ULSD cargoes since Friday   By Yaw Yan Chong   SINGAPORE, March 14 (Reuters) - Japan may become a diesel importer from being Asia's second-biggest exporter of the fuel as Friday's earthquake crippled a quarter of its refining capacity, squeezing supplies with many other plants in the region scheduled to shut for maintenance.   The world's third-biggest economy will have a shortfall in output of at least about 100,000 barrels-per-day (bpd). That gap may rise as reconstruction work starts for what Prime Minister Naoto Kan called the biggest crisis the nation has encountered in the 65 years since the end of World War Two.   " Even if they completely stopped exports, the post-quake production volumes will not be sufficient to meet the pre-quake demand," said Victor Shum, senior principal with Purvin & Gertz in Singapore. " With their consumption at 820,000 bpd, they would still have to import even if they were to stop all exports and keep all their gas oil production at home."   At least a quarter of Japan's 4.52 million barrels-per-day (bpd) refining capacity is down following the massive 9.0-Richter scale earthquake.   The refineries were running at utilisation rates of around 90 percent prior to the quake, with an average of 30 percent yield for gas oil, or 1.22 million bpd. After meeting domestic demand, the country exported 189,729 bpd in 2010.     Based on the amount of refining capacity down, the equivalent loss of gas oil production would be about 305,000 bpd, leaving a shortfall of about 118,000 bpd, or the equivalent of one Medium-Ranged (MR) cargo every two days, for the duration the refineries are down.   The shortage could be more severe, propelling gas oil to record levels seen in 2008, when cracks surged above $40.00 a barrel and hit an all-time high of $45.17 a barrel on May 23 that year, if the Japanese supplies do not recover by the global peak demand season during year-end winter months, traders said.   " The market is already strong before the disruption to Japanese supplies, mainly on improving demand and thinning supplies due to the usual refinery maintenance season," a Singapore-based Western distillates trader said.   " The refineries don't look like they are going to come back up anytime soon. The Japanese would naturally draw cargoes from South Korea and possibly even India and that would lead to a shortage in the West, which can be particularly severe during the winter."     JAPAN STOPS SELLING SPOT BARRELS   Japan has already stopped selling cargoes to the spot market, particularly the ultra-low sulphur diesel (ULSD) grade, and are privately discussing with counterparties on halting deliveries for some parcels that were sold prior to the earthquake, traders said.   They have also started looking to buy cargoes, from countries including South Korea, both for local consumption and to cover commitments to customers outside the country. It bought at least a 30,000-tonne lot over the last weekend.   " We just shipped off most of our cargoes and have one left for second-half March," a Japanese trader said.   At least one 30,000-tonne ULSD parcel, for second-half March loading from South Korea, has been purchased by a Japanese refiner at prices that couldn't be immediately confirmed, traders said.   Oil majors BP and Shell, who are regular buyers of ULSD cargoes from Japan, have also emerged to seek cargoes from the Singapore spot market, including bidding for cargoes at strong price levels since Friday.   On Monday, Shell bid for 150,000 barrels, while BP sought 170,000 barrels, both for prompt March 29-April 4 loading, at premiums of $3.50 and $3.70 a barrel to Singapore spot quotes, respectively, on a free-on-board (FOB) basis, up from below $3.00 value before the earthquake.   " It's not just that the two big boys came out to bid for prompt cargoes at strong levels but the fact that no one sold to them. I think we can safely expect price levels to strengthen from here on," a Singapore-based Asian gas oil trader said.   " The Japanese could be short for a long time. No one knows when the refineries will start coming back, even at partial levels. And the shortfall is quite serious. Are there even enough production from the rest of Asia to meet their shortfall of one MR cargo every two days?"     CRACKS HIGHEST SINCE NOVEMBER 2008   Reflecting the keen interest in the ULSD market, the Asia swaps market started seeing unusual bids/offers in the price spread between 10-ppm gas oil and the benchmark 0.5 percent sulphur grade.   A deal for the spread's April contract, for 50,000 barrels, was transacted at $4.00 a barrel in late trade.   Reflecting the stronger diesel market, its April cracks surged to premium of $23.41 a barrel to Dubai crude, up $1.80 from the previous session's 25-month high and at its highest level since Sept. 29, 2008.   The cracks has been strengthening from below $18.00 a barrel since the end of last month, largely due to expectations of thinner supplies ahead of Asia's refinery maintenance season.   Planned shutdowns of crude units, led by China and Japan, will cut 2.12 million barrels of output a day, or 6.8 percent of the region's total, in the April-June quarter, a Reuters survey based on average aggregate capacity taken offline showed.   Gasoil's prompt forward curve structure, from March till July, turned positive, with its March/April and April/may timespreads firmly backwardated at above 10 cents a barrel and with strong buying interests seen. (Reporting by Yaw Yan Chong Editing by Manash Goswami) |
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Japan warns radioactive levels high around plant after blast
By Taiga Uranaka and Ki Joon Kwon
  FUKUSHIMA, Japan (Reuters) - Japan's prime minister warned on Tuesday that radioactive levels had become high around an earthquake-stricken nuclear power plant after explosions at two reactors, adding that the risk of more radioactive leakage was rising.   Naoto Kan urged people within 30 km (18 miles) of the facility north of Tokyo to remain indoors.   The French embassy in the capital warned in an advisory that a low level of radioactive wind could reach Tokyo -- 240 km (150 miles) south of the plant -- in about 10 hours.   The reactor operator asked the U.S. military for help, while Kyodo news agency said radiation levels nine times normal levels had been briefly detected in Kanagawa near Tokyo.   " We are making every effort to prevent the leak from spreading. I know that people are very worried but I would like to ask you to act calmly," Kan said in an address to the nation.   As concern about the crippling economic impact of the double disaster mounted, Japanese stocks plunged 7.0 percent to their lowest level in nearly two years, compounding a drop of 7.6 percent the day before. The two-day fall has wiped around $500 billion off the market.   There have been a total of four explosions at the plant since it was damaged in last Friday's massive earthquake and tsunami.   Authorities had previously been trying to prevent meltdowns in three of the Fukishima Daiichi complex's nuclear reactors by flooding the chambers with sea water to cool them down.   The full extent of the destruction wreaked by last Friday's massive quake and tsunami that followed it was still becoming clear, as rescuers combed through the region north of Tokyo where officials say at least 10,000 people were killed.   " It's a scene from hell, absolutely nightmarish," said Patrick Fuller of the International Red Cross Federation from the northeastern coastal town of Otsuchi.   Kan has said Japan is facing its worst crisis since World War Two and, with the financial costs estimated at up to $180 billion, analysts said it could tip the world's third-biggest economy back into recession.   The U.S. Geological Survey upgraded the quake to magnitude 9.0, from 8.9, making it the world's fourth most powerful since 1900.   Car makers, shipbuilders and technology companies worldwide scrambled for supplies after the disaster shut factories in Japan and disrupted the global manufacturing chain.   BLAST DAMAGES ROOF, WORKERS TOLD TO LEAVE   The fear at the Fukushima plant is of a major radiation leak after the quake and tsunami knocked out cooling systems.   Jiji news agency said the first explosion on Tuesday damaged the roof and steam was rising from the complex. It also reported some workers had been told to leave the plant, a development one expert had warned beforehand could signal a worsening stage for the crisis.   The worst nuclear accident since the Chernobyl disaster in Ukraine in 1986 has drawn criticism that authorities were ill-prepared and revived debate in many countries about the safety of atomic power.   Switzerland put on hold some approvals for nuclear power plants and Germany said it was scrapping a plan to extend the life of its nuclear power stations. The White House said U.S. President Barack Obama remained committed to nuclear energy.   Whilst the Fukuskima plant's No.1 and No.3 reactors both suffered partial fuel rod meltdowns, operator Tokyo Electric Power Co (TEPCO) had earlier said the No.2 reactor was now the biggest concern.   A sudden drop in cooling water levels when a pump ran out of fuel had fully exposed the fuel rods for a time, an official said. This could lead to the rods melting down and a possible radioactive leak.   TEPCO had resumed pumping sea water into the reactor early on Tuesday.   U.S. warships and planes helping with relief efforts moved away from the coast temporarily because of low-level radiation. The U.S. Seventh Fleet described the move as precautionary.   South Korea, Hong Kong, Singapore and the Philippines said they would test Japanese food imports for radiation.   France's ASN nuclear safety authority said the accident could be classified as a level 5 or 6 on the international scale of 1 to 7, putting it on a par with the 1979 U.S. Three Mile Island meltdown, higher than the Japanese authorities' rating.   Japan's nuclear safety agency has rated the incidents in the No.1 and No.3 reactors as a 4, but has not yet rated the No. 2 reactor.   TOWNS FLATTENED   About 850,000 households in the north were still without electricity in near-freezing weather, Tohuku Electric Power Co. said, and the government said at least 1.5 million households lack running water. Tens of thousands of people were missing.   " The situation here is just beyond belief, almost everything has been flattened," said the Red Cross's Fuller in Otsuchi, a town all-but obliterated. " The government is saying that 9,500 people, more than half of the population, could have died and I do fear the worst."   Kyodo news agency reported that 2,000 bodies had been found on Monday in two coastal towns alone.   Whole villages and towns have been wiped off the map by Friday's wall of water, triggering an international humanitarian effort of epic proportions.   " When the tsunami struck, I was trying to evacuate people. I looked back, and then it was like the computer graphics scene I've seen from the movie Armageddon. I thought it was a dream . it was really like the end of the world," said Tsutomu Sato, 46, in Rikuzantakata, a town on the northeast coast.   In Tokyo, commuter trains shut down and trucks were unable to make deliveries as supermarket shelves ran empty.   Estimates of the economic impact are only now starting to emerge.   Hiromichi Shirakawa, chief economist for Japan at Credit Suisse, said in a note to clients that the economic loss will likely be around 14-15 trillion yen ($171-183 billion) just to the region hit by the quake and tsunami.   Even that would put it above the commonly accepted cost of the 1995 Kobe quake which killed 6,000 people.   The earthquake has forced many firms to suspend production and global companies -- from semiconductor makers to shipbuilders -- face disruptions to operations after the quake and tsunami destroyed vital infrastructure, damaged ports and knocked out factories.   " The earthquake could have great implications on the global economic front," said Andre Bakhos, director of market analytics at Lec Securities in New York. " If you shut down Japan, there could be a global recession."   (Additional reporting by Nathan Layne, Risa Maeda and Leika Kihara in Tokyo, Chris Meyers and Kim Kyung-hoon in Sendai, Fredrik Dahl and Michael Shields in Vienna, Noel Randewich in San Francisco and Miyoung Kim in Seoul Writing by John Chalmers Editing by Dean Yates) |
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