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Forex news - recent top stories



15:03,  12 July 2007
US May trade deficit up 2.3 pct to 60.0 bln usd as expected 
WASHINGTON (Thomson Financial) - The US trade deficit rose 2.3 pct in May to 60.0 bln usd as Americans imported more and more expensive oil and other commodities.Economists were looking for a 60.0 bln usd deficit, expecting imports to recover from their April slide.

12:49,  12 July 2007
Forex - Euro at all-time high against dollar following strong GDP data 
LONDON (Thomson Financial) - The euro continued to post fresh all-time highs against the dollar, supported by an unexpected upward revision to first quarter GDP growth and robust industrial production figures.

09:45,  12 July 2007
Forex - Euro at fresh all-time high against dollar after hawkish ECB bulletin 
LONDON (Thomson Financial) - The euro climbed to a fresh all-time high against the dollar after a hawkish European Central Bank monthly bulletin, amid ongoing concern about the US sub-prime mortgage market.

09:32,  12 July 2007
Bank of Japan's Fukui gives no fresh hints on when rates will rise 
TOKYO (Thomson Financial) - Bank of Japan (BoJ) governor Toshihiko Fukui gave no new hints Thursday about when the monetary authority might hike its key interest rates as he reiterated that the bank will gradually adjust rates taking into account downside risks and the upside potential for the economy.

06:33,  12 July 2007
Bank of Japan votes 8-1 to keep rate at 0.5 pct, rate hike seen imminent 
TOKYO (Thomson Financial) - The Bank of Japan kept its overnight call rate target unchanged at 0.5 percent for the sixth straight meeting, but a stray vote by a member of the nine-man board suggested a rate hike may be imminent.


See also:       

• United States 

• USA & Canada 

• Business news 
• Government 

16:26, Tuesday, 06 March 2007

Govt. seeking better nuclear detectors


WASHINGTON (AP) - At a busy border crossing, a truck passing through a radiation scanner sets off an alarm. It could be a nuclear device, but it's far more likely to be kitty litter, ceramic tile or a load of bananas.

The machines, first installed after the Sept. 11, 2001 terrorist attacks, measure gamma radiation, but cannot distinguish between low levels of gamma rays that occur naturally in innocent materials, and the makings for weapons that terrorists might use.

So the inspectors must pull the truck or container aside for a second inspection with a hand-held scanner, which, at the nation's busiest ports or border crossings, can lead to backed-up lines that anger drivers and slow commerce.

That's the dilemma of protecting the United States from nuclear terrorism -- a trade-off among accuracy, inconvenience and the expense to taxpayers.

About 600 scanners have been installed at ports and border crossings around the U.S. Government officials are working with several companies to develop new nuclear detectors that won't waste time and that can actually differentiate the potassium in a banana from that in highly enriched uranium.

Tests being conducted in Nevada this month pit new detectors against the older ones, to determine whether the higher accuracy claimed by the makers of the new machines is enough to justify their higher cost -- around $377,000 each, more than six times the cost of the older models.

Later this spring, the new machines will undergo a real-world test on the New York waterfront so Customs officers can judge for themselves if they're an improvement. They're also to be used in similar tests along roads leading to the city as part of an effort to set up a protective perimeter starting in 2008.

Some investigators question whether cutting the time wasted by false alarms might actually increase the deadly possibility of nuclear material slipping by an inspector.

Last October, the congressional Government Accountability Office reported that the new machines, touted as having fewer false alarms, showed a frightening incidence of "false negatives" -- meaning the scanner either misidentified the material as nonthreatening, or failed to detect it at all. That danger is particularly high if the nuclear material is placed beside a nonthreatening substance such as kitty litter, the report said.

It's no idle worry. Al-Qaida and like-minded terrorists have shown a desire both to obtain nuclear materials and to produce mass casualties.

"Criminals and terrorists can obtain a key component for producing nuclear weapons and smuggle it undetected through the airports of countries on high alert against terrorist threats," concluded a report published in February by the EastWest Institute, a think tank that studies global security issues.

In a 2006 report, the U.N. International Atomic Energy Agency listed 16 confirmed incidents of trafficking in highly enriched uranium or plutonium globally from 1993 to 2005.

Concerns about terrorists obtaining nuclear material increased dramatically after the attacks of Sept. 11, 2001, but the Bush administration's efforts to deal with the issue were scattered across different agencies.

As early as 2002, the GAO lamented the lack of any government-wide plan to guide U.S. efforts to combat nuclear smuggling. It said "some programs were duplicative, and coordination among U.S. agencies was not effective."

It was not until April 2005 that the Domestic Nuclear Detection Office was created in the Homeland Security Department to coordinate the government's development of technology to detect nuclear materials.

Later that year, at the Nevada test site just north of Las Vegas where the military once tested atomic weapons, the nuclear office began testing new machines, using sophisticated technology that can distinguish among different types of radioactive material. The older machines currently in use at ports and border crossings measure whether there is an elevated amount of radiation, but cannot identify its source.

To test the new machines, the nuclear office sent trucks carrying radiological materials on 7,000 runs down a row of scanners developed by 10 companies. They chose three finalists whose models are still under evaluation.

The newer models use crystals that absorb radioactive wavelengths to suggest what the material is. The operator analyzes the emissions using the machine's sophisticated software.

"We don't expect this to be 100 percent perfect immediately, but we will continue to refine it," said Vayl Oxford, head of the nuclear office.

Oxford will recommend to Homeland Security Secretary Michael Chertoff following this month's tests whether the machines should be certified for use. The agency plans to spend $80 million this year to buy 104 of the advanced models, and ultimately wants to put them at 380 border sites. Congress has said that can't happen until the machines are proven effective.

Some critics have raised concerns about both performance and cost of the new technology. They worry that the crystals are too delicate for the new devices to be deployed in the real world, where sand or salt water can interfere with their performance.

In a 2005 report, the GAO said, "Environmental conditions at many ports, such as the existence of high winds and sea spray, can affect radiation detection equipment's performance and sustainability." Oxford has acknowledged that the crystals used by the newer models are delicate and require more maintenance than the older ones. Also, the advanced model made by one company requires cool temperatures to operate effectively.

In its October report, the GAO questioned the nuclear office's decisions about moving forward with the new models and concluded the agency did not justify its initial $1.2 billion contract with the three companies for their prototypes. And to judge the costs and benefits of the newer models, the agency relied on assumptions about the new machines' anticipated performance rather than considering actual test results, the GAO said.

The report said the new scanners could not meet the nuclear office's standard of correctly identifying highly enriched uranium 95 percent of the time. Rather, the three finalists could recognize the uranium only 70 percent to 88 percent of the time, and could identify uranium masked by another substance such as kitty litter just 17 percent to 53 percent of the time.

Oxford acknowledged that "some misunderstandings and/or disagreements remain" between his office and GAO, but promised that the testing this month in Nevada and later in New York would support the validity of his assumptions. He said he stood behind the basic conclusion that the new program is a "sound investment" for the government.


 

Forex news - 06 March 2007
17:15 Illinois to investigate Ameren promotion
17:02 Pakistan airline cuts European flights
16:42 Latvia govt extends deadline for selling stake in telecoms cos
16:39 Spanish leader pushes N. Africa train
16:35 Forex - Major currencies trade in a range; dollar little affected by data
16:26 Deadline nears for unclaimed '03 refunds
16:26 Govt. seeking better nuclear detectors
16:22 US public increasingly pessimistic about victory in Iraq - poll
16:22 Calif. wants fed declaration for freeze
16:21 Premera ends effort to go public
16:20 AFX TOP STORIES Europe 1605 GMT
16:20 AFX TOP STORIES Global 1605 GMT
16:19 Group warns of gas-pump price problems
16:18 US demands North Korea 'come clean' about uranium program
16:14 UK'S Alexander says EU/US open skies deal 'falls short' on access to US UPDATE
15:55 Latvia govt approves plan for curbing inflation, sees budget surplus by 2009
16:22 Senate debates airport screeners' union



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