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G7 expresses worries over yen's rise

Tokyo - Seven of the world's leading industrialized countries expressed concern Monday over the yen's strength against other major currencies and pledged to cooperate in stabilizing the global financial system.

"We are concerned about the recent excessive volatility in the exchange rate of the yen and its possible adverse implications for economic and financial stability," said an emergency statement released by the Group of Seven (G7), which consists of Britain, Canada, France, Germany, Italy, Japan and the United States.

The statement was released on Japan's request, Japanese Finance Minister Shoichi Nakagawa said after the yen soared to a 13-year high against the dollar.

Australian stocks in decline

Australian stocks in decline Sydney - Australian stocks slid Monday as fears of a worldwide recession grew.

The ASX 200 lost 60 points, or 1.5 per cent, to 3,809.

Losses were stemmed by rising values in the mining sector. Market leader BHP Billiton was up 1.5 per cent as bargain hunters moved on a counter considered oversold. Gold miners also did better.

The local currency was trading at a five-year low. It has lost 37 per cent in value against the US dollar in three months.

The Australian dollar was trading at 61 US cents, up from the low of 60 cents on Friday.

Arctic icecap is now even melting in winter

London, Oct 27 : A new research by British scientists has indicated that the Arctic icecap is now shrinking at record rates in the winter as well as summer, adding to evidence of disastrous melting near the North Pole.

According to a report in The Times, the research was undertaken by Dr Katharine Giles, who led the study and is based at the Centre for Polar Observation and Modelling at University College London (UCL).

Her team found that the widely reported summer shrinkage, which this year resulted in the opening of the Northwest Passage, is continuing in the winter months with the thickness of sea ice decreasing by a record 19 percent last winter.

Legendary rockers to form supergroup for 2012 Olympics

London 2012 OlympicsLondon, October 27: Veteran rockers are set to come together to form a supergroup to raise the curtain for the 2012 Olympic games in London.

Legendary rock stars, such as the 61-year-old David Bowie and ‘Led Zepplin’s 64-year-old Jimmy Page, might be heard making some noise at the opening ceremony.

Though ex-Beatle Sir Paul McCartney, 66, and Ringo Starr, 68, are suspected to be long shots, legends like Van Morrison, 63, Phil Collins, 57, Elton John, 61, and Sting, 57 may be expected to take the stage.

Officers who hounded Zardari, Gilani in jail get promotions in NAB!

Officers who hounded Zardari, Gilani in jail get promotions in NAB!Islamabad, Oct 27 : In what could come as a surprise to one and all, several retired military officers who had consistently hounded former prisoners like President Asif Ali Zardari and Prime Minister Yousuf Raza Gilani during the last eight years of the National Accountability Bureau (NAB), were quietly promoted shortly before the organisation was to be wound up.

Obama campaign cuts TV station’s cord over Joe Biden grilling

Obama campaign cuts TV station’s cord over Joe Biden grillingOrlando, Fla, Oct 27 : Barack Obama’s campaign has pulled the plug on a Florida news station’s access to the presidential candidate after an anchorwoman angered Democratic vice presidential candidate Joe Biden with uncomfortable questions during a satellite interview.

WFTV-Channel 9 anchorwoman Barbara West quizzed Biden about Obama’s intention to “spread the wealth,” referring to the Democratic White House contender’s comments to “Joe the Plumber.”

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