Japan Airlines shares plunge 8.73% on China worries

Shares in Japan Airlines (JAL) plunged on Tuesday to close down nearly nine percent, less than a week after relisting, amid concern over a festering territorial spat between Tokyo and Beijing.

The carrier ended the day at 3,395 yen, down 8.73 percent from the previous day but off an intraday low of 3,375 hit in late afternoon trade.

Japan tsunami 'miracle pine' cut down, preserved

A lone pine tree that stood as a symbol of hope in Japan, after surviving the huge tsunami that swept away a forest of 70,000, was being cut down in a bid to preserve it.

The tree, which came to be known as the "miracle pine", will be sliced into pieces and treated before being put back together, in a process expected to cost about 150 million yen ($1.9 million).

A ritual reflecting the beliefs of Shintoism, Japan's animistic native religion, was carried out on the pine before the delicate process began on the shore at Rikuzentakata, a city badly hit by the March 2011 disaster.

Philippines hopeful of discovering onshore oil

An Australian company will soon begin drilling for oil on the Philippine island of Cebu, hoping to tap what may be a huge source of undiscovered wealth for the archipelago, Manila said Monday.

Sydney-based Gas2Grid Ltd. will drill two wells in Carcar City and one in the coastal town of Aloguinsan within three months, Energy Undersecretary Jose Layug said.

The company is "bullish" about the prospect of success which could eventually yield as much as 69 million barrels of oil and 50 billion cubic feet (1.5 billion cubic metres) of gas, he added.

All of the Philippines successful oil operations so far have been in deep waters.

Philippine flood forces hundreds to flee homes

Almost 2,000 people were forced to flee their homes in the southern Philippines after heavy rains caused rivers to burst their banks.

Residents in Sarangani province in the southern island of Mindanao fled to safety before dawn Saturday to take refuge in makeshift shelters, a government gymnasium or with relatives, said civil defence chief Benito Ramos.

ECB meets to discuss new anti-crisis measures

The European Central Bank sits down for its regular monthly policy meeting Thursday amid hopes it will unveil new measures to cure the eurozone's seemingly never-ending debt crisis.

The ECB's decision-making governing council is to convene at the bank's Eurotower headquarters, with financial markets hoping president Mario Draghi will reveal details of a revamped programme to buy up the sovereign debt of eurozone countries.

US plane joins Philippine coastal exercise

A US navy surveillance plane joined Philippine security forces Thursday in an exercise aimed at safeguarding coastal areas in the strife-torn south, the Filipino exercise director said.

The PC-3 Orion flew over the Davao Gulf in the south from an airport in the central Philippines in a mock mission to help local authorities track a seaborne vessel, said Philippine Navy Captain Robert Empedrad.

"The Orion was available, so we requested they take part and spot a vessel," he told AFP.

"They (Orion crew) reported it (the target vessel's position) to us and after we determined the real position of contact, we instructed our ships to conduct an interception."

Japan government to buy islands disputed with China: media

Japan's central government has agreed to buy a group of islands in the East China Sea at the centre of a territorial dispute with China, major Japanese newspapers reported on Wednesday.

The government will soon sign a contract to buy the islands claimed by both countries, known in Japan as Senkaku and in China as Diaoyu, for 2.05 billion yen ($26 million) from its Japanese landowners, the Yomiuri Shimbun said, quoting government sources.

Deputy Chief Cabinet secretary Hiroyuki Nagahama met the landowners on Monday and struck the deal to buy three major islands in the chain, including Uotsurijima, the largest island, Yomiuri said.

Prime Minister Yoshihiko Noda's cabinet would soon confirm the nationalisation of the islands and allocate reserve funds for the purchase, the Asahi Shimbun reported.

Noda plans to formally inform the Chinese about the move on the sidelines of this year's UN assembly later this month, Asahi said.

Testy Japan-China ties took a turn for the worse in August after pro-Beijing activists landed on one of the islands, which are controlled by Japan. They were arrested by Japanese authorities and deported.

Source: MSN.Com

China's Chalco scraps bid for Mongolia coal miner

China's biggest aluminium producer Chalco said it had scrapped a planned bid to take a majority stake in a Mongolian coal miner, after Mongolia's government opposed the deal.

Chalco had aimed to acquire up to 60 percent of miner SouthGobi's shares in a deal valued at HK$7.2 billion ($928 million).

"The proposed proportional takeover transaction has minimal prospect of obtaining the necessary regulatory approvals within an acceptable timeframe," Chalco said in a statement to the Hong Kong stock exchange, where it is listed.

The Chinese company had terminated the agreement to buy out SouthGobi's biggest shareholder, Turquoise Hill Resources Ltd. (formerly Ivanhoe Mines), said the statement released late on Monday.

Days after the proposed deal was announced in April, SouthGobi said Mongolian authorities wanted to suspend some of its licences.

The Mongolian company said the government's Mineral Resources Authority had requested suspension of the exploration and mining licence pertaining to its flagship coal mine, Ovoot Tolgoi.

Under the original deal, Chalco would have purchased up to 100 percent of SouthGobi's coal production at market prices for up to two years, leading to concern among some Mongolian politicians over Chinese monopolisation of state resources.

The Ovoot Tolgoi mine is already providing coal to Chinese customers since it is located just 40 km (25 miles) from the Mongolia-China border.

Mongolia has opened up its mining sector to foreign investors in the hope of pulling thousands out of poverty, but the government faces mounting pressure to maintain a larger stake of the resources.

China on Monday expressed hopes that Chinese companies could cooperate with Mongolian firms in the mining sector.

"Chinese enterprises are encouraged to cooperate with their Mongolian counterparts on the basis of Mongolian law and international norms," foreign ministry spokesman Hong Lei was quoted as saying by the official Xinhua news agency.

Chalco was up 3.08 percent to HK$3.01 in Tuesday morning trade in Hong Kong despite the setback.

Sereno in talks with DBM for judiciary’s increased budget

MANILA, Philippines—Chief Justice Maria Lourdes Sereno has expressed confidence that the executive and the legislative branches of government will not hesitate to support the judiciary.

In her speech Monday, Sereno said she has already started talks with the Department of Budget and Management to discuss the judiciary’s budget.

President Benigno Aquino III through the DBM has removed the special allowances of justices and judges at the same time wants billions of court fees being collected by the courts be turned over to the national treasury as part of the government’s general fund.

The proposal is contained in the DBM’s 2013 National Expenditure Program under the General Appropriations Act Special Provision #1 of the judiciary.

The Judiciary is also fighting for an increase in its budget. Out of the P2.006 trillion proposed budget for next year, the judiciary is asking for P17.7 billion.

“I’m asking for time and understanding as I have already started opening the communication lines between the judiciary and the DBM,” Sereno said.

She said the talks appear to be fruitful.

Even during weekends, Sereno said she and the high court’s finance officials are working to check the judiciary’s financial status.

“So, may I ask for your prayers for the success of our talks with the budget department?” Sereno asked.

Damascus suburb 'car bomb kills 15'

A car bomb exploded near a mosque in the southern outskirts of Damascus, killing 15 people, state media reported on Sunday.

"An explosives-laden Suzuki vehicle, parked by an armed terrorist group near the Muaz Bin Jabal mosque, exploded on Saturday evening in the Sbeneh area of Damascus province," the state-owned Tishrin newspaper reported, adding that the blast struck close to a Palestinian refugee camp.

"The intensity of the explosion cut the bodies of the martyrs into pieces," the paper quoted a security official it did not identify as saying. "The blast also damaged the homes and property of people living nearby."

Located on the extreme southern edge of the capital, Sbeneh is a poor neighbourhood where anti-government sentiment is strong.

Hundreds of families have sought shelter in the district since fierce fighting broke out in Damascus in July, according to Rami Abdel Rahman, director of the Syrian Observatory for Human Rights.

A car bomb in the southeast Damascus suburb of Jaramana on August 28 killed at least 27 people, the Observatory said.

Source: MSN.Com

PH Latest News: 20 aftershocks as of Saturday morning

MANILA, Philippines—There have been 20 aftershocks from the 7.6-magnitude quake in the waters off Eastern Samar on Friday night, the National Disaster Risk Reduction and Management Council said in its bulletin released at 6:30 a.m. Saturday.

The quake has an intensity of 10 kilometers. The Philippine Institute of Volcanology and Seismology issued a level 3 tsunami warning in Surigao, Leyte and Samar provinces.

There have been only one recorded casualty, 50-year-old Emilita Ubalde of Barangay Lapasan, Cagayan de Oro City and one injured, five-year-old Adrian Ubalde, when a landslide occurred near them.

The complete list of aftershocks follows:

31 Aug 2012-10:44 PM 10.73 126.49 010 4.7 091 km S 69° E of Guiuan (Eastern Samar)

31 Aug 2012-10:38 PM 10.85 126.37 010 4.2 074 km S 74° E of Guiuan (Eastern Samar)

31 Aug 2012 – 10:15 PM 10.49 126.77 005 4.7 093 km N 56° E of Burgos (Surigao Del Norte)

31 Aug 2012 – 10:14 PM 10.90 126.47 041 3.9 084 km S 80° E of Guiuan (Eastern Samar)

31 Aug 2012 – 09:31 PM 10.38 126.86 005 5.9 096 km N 65° E of Burgos (Surigao Del Norte)

31 Aug 2012 – 09:27 PM 10.06 126.03 010 5.5 004 km N 11° W of Santa Monica (Surigao Del Norte)

31 Aug 2012 – 09:27 PM 11.15 126.23 013 6.4 057 km N 78° E of Guiuan (Eastern Samar)

31 Aug 2012 – 09:27 PM 10.60 126.80 010 6.3 102 km N 51° E of Burgos (Surigao Del Norte)

31 Aug 2012 – 09:14 PM 10.36 127.00 010 6.4 109km N 70° E of Burgos (Surigao Del Norte)

— 9 after shocks as of 2:45 am sept 1,2012 —

31 Aug 2012 – 10:59 PM 10.28 126.73 010 4.1 078 km N 68° E of Burgos (Surigao Del Norte)

31 Aug 2012 – 10:55 PM 10.31 126.15 010 3.6 033 km N 16° E of Burgos (Surigao Del Norte)

—11 after shocks as of 3 am —

31 Aug 2012 – 11:24 PM 10.32 126.73 007 5.7 080 km N 66° E of Burgos (Surigao Del Norte)

31 Aug 2012 – 11:21 PM 10.45 127.00 010 4.9 113 km N 65° E of Burgos (Surigao Del Norte)

–13 aftershocks as of 3:22 M —

01 Sep 2012 – 12:55 AM 10.80 126.81 011 4.7 119 km N 43° E of Burgos (Surigao Del Norte)

–14 AFTERSHOCKS AS OF 3:25 PM —

01 Sep 2012 – 03:40 AM 10.76 126.85 001 4.6 119 km N 46° E of Burgos (Surigao Del Norte)

01 Sep 2012 – 02:34 AM 10.77 126.87 008 3.7 121 km N 47° E of Burgos (Surigao Del Norte) —16 AFTERSHOCKS AS OF 6:16 am—

01 Sep 2012 – 06:01 AM 10.90 126.69 026 4.8 122 km S 82° E of Guiuan (Eastern Samar)

01 Sep 2012 – 05:22 AM 10.84 126.90 024 4.8 129 km N 45° E of Burgos (Surigao del Norte)

01 Sep 2012 – 04:26 AM 10.87 126.82 012 4.9 122 km S 82° E of Guiuan (Eastern Samar)

01 Sep 2012 – 03:40 AM 10.76 126.85 001 4.6 119 km N 46° E of Burgos (Surigao Del Norte)

—20 aftershocks as of 6:30 —

Source: INQUIRER.net

PH Latest News: Quake topples lamp, burns house in Agusan del Sur

MANILA, Philippines—Roughly P50,000-worth of properties were destroyed after an earthquake that rocked several provinces in the Visayas and Mindanao toppled a lamp and burned a house in Agusan del Sur Friday evening, police said.

Police Officer 2 Bombie Ancla said fire gutted a house along Purok 5, Sitio Babadan in Barangay (village) Libertad in Bunawan, Agusan del Sur at 9:10 p.m., but no one was injured.

“As per initial investigation, natumba yung lampara kaya nagkaron ng sunog sa loob,” Ancla said, noting that the house is owned by one Joselito Galbano.

He said, however, investigators have yet to identify other circumstances in the incident.

The fire was completely put out by 9:25 p.m. Friday.

A 7.6-magnitude earthquake hit the sea area east of Eastern Samar Friday evening prompting a tsunami alert warning 3 across the region, seismologists earlier said.

Residents living near coastal areas in affected areas have been evacuated from their houses to higher ground.

Source: INQUIRER.net

7.6 quake hits eastern PH

A minute-long 7.6-magnitude earthquake hit off the Philippine’s coast on Friday, triggering a tsunami warning for the eastern part of the archipelago and Indonesia, US seismologists said.

Philippine authorities said the quake shook the eastern Philippines but as of press time, there were no reports of extensive damage.

The US Geological Survey said the quake had a depth of 34 kilometers and hit at 8:47 p.m. (1247 GMT), 139 km east of the city of Sulangan on Samar island. The epicenter was located at 93 km east of Sulangan  in the resort town of Guian in Samar.

But a report sent by Inquirer Mindanao said a grandmother died when she tried to get her 5-year-old grandchild out of their house which was hit by a landslide at the time the earthquake struck in Barangay Kauswagan, Cagayan de Oro City, on Friday night. Emelinda Ubalde, 54, died before reaching the hospital for treatment, but her grandchild was hurt.

Marketgoers lining up to buy goods at a fiesta fair along the boulevard in Surigao province scampered for safety when news of the earthquake spread.

Police Senior Insp. Diomedes Cuadra said initial reports did not indicate any casualty or injury, though there were unconfirmed reports of damage to property .

But the quake did scare local residents, especially patients in hospitals, who were seen going out on the streets. Some even carrying their oxygen tanks with them.

The USGS had initially reported the quake as having a magnitude of 7.9, but revised it to 7.6.

The Pacific Tsunami Warning Center said in a bulletin any wave generated by the quake would be expected to hit Indonesia first.

Source: Inquirer Bureaus

Facebook cracks down on insincere "Likes"

Facebook ramped up efforts Friday to get rid of "Likes" that aren't from people genuinely interested in giving a virtual thumbs up to pages at the world's leading social network. 

"We have recently increased our automated efforts to remove Likes on pages that may have been gained by means that violate our Facebook terms" of service, the Facebook security team said in a blog post.

"These newly improved automated efforts will remove those Likes gained by malware, compromised accounts, deceived users or purchased bulk Likes."

Facebook has long given members the ability to endorse pages at the social network by clicking on "Like" icons.

High numbers of Likes can give "fan count" status to pages, particularly those dedicated to brands.

"A Like that doesn't come from someone truly interested in connecting with a page benefits no one," Facebook said.

"This improvement will allow pages to produce ever more relevant and interesting content, and brands will see an increase in the true engagement around their content."

Facebook expected that less than one percent of the fan count on any given page would be trimmed as a result of the crackdown on "suspicious Likes."

Source: MSN.Com

UN ups pressure on Iran over nuclear activities

Iran was under increased diplomatic pressure on Friday after an International Atomic Energy Agency report said it was expanding its controversial nuclear programme and had "hampered" the UN watchdog's work.

The report added to criticism of Iran's nuclear stand by UN chief Ban Ki-moon at a two-day Non-Aligned Movement summit in Tehran that was to wrap up on Friday.

Iran's supreme leader Ayatollah Ali Khamenei opened the summit with a speech railing against the United States, the "Zionist wolves" of Israel and the "dictatorship" of the UN Security Council, which are at the forefront of the pressure directed at his country.

He said Iran would "never" cease its nuclear energy activities, regardless of UN and Western sanctions, and insisted that the programme was not aimed at developing nuclear weapons, whose use he called an "unforgiveable sin."

The International Atomic Energy Agency report released late on Thursday -- in the middle of the Tehran summit -- said Iran had doubled its capacity to enrich uranium at its underground Fordo nuclear facility by installing, but not yet switching on, more than 1,000 more centrifuges.

It also said that UN inspectors wanting to see part of a military base in Parchin, outside Tehran, which is suspected of hosting tests of explosives that could be used in a nuclear warhead, had been "significantly hampered" by months of refused access, what looked like intensive scrubbing and scraping at the site, and the use of covers to shield the site from satellite cameras.

A member of Iran's parliamentary national security and foreign policy commission, Hossein Naqavi Hosseini, was quoted by the ISNA news agency as saying that the timing of the report's release was "politically motivated" with the aim of "undermining the summit."

"This report does not raise any points or content but merely repeats the agency's previous claims," he said.

Iran's uranium enrichment, and its Fordo bunker, were two of the key points raised in negotiations this year by the P5+1 -- the UN Security Council's five permanent members plus Germany -- that have all but stalled.

EU foreign policy chief Catherine Ashton, representing the P5+1, is to talk with Iran's chief nuclear negotiator Saeed Jalili "in the coming days," Ashton's spokesman said on Thursday.

Iranian officials have dismissed the UN concerns over their nuclear activities, saying that Parchin was an off-limits military base, that the focus on it was overblown and that suspicions about its atomic programme were based on "false" Western intelligence.

Ban, on his first visit to Iran as UN secretary general, this week told Khamenei and President Mahmoud Ahmadinejad their country needed to take concrete steps to allay international concerns, notably by complying with the IAEA and with UN resolutions.

He warned about bellicose rhetoric from Israel and Iran that has been rising in recent weeks, saying "a war of words can quickly spiral into a war of violence."

In a speech at an Iranian diplomats' college on Thursday, he also warned about the "cost of Iran's current trajectory," saying that "any country at odds with the international community... finds itself isolated from the thrust of common progress."

While the top leaders of Israel -- which is widely believed to possess the Middle East's sole nuclear arsenal -- have given the impression they are poised to launch imminent strikes on Iran, the United States is emphasising diplomacy.

"The window of opportunity to resolve this remains open... but it will not remain open indefinitely," White House spokesman Jay Carney said on Thursday.

The worsening showdown added to other issues overshadowing the NAM summit in Tehran.

A key one has been the hosts' steadfast support for Syrian President Bashar al-Assad in his regime's deadly 18-month conflict with insurgents.

On Thursday, Egypt's new President Mohamed Morsi -- making the first trip to Iran by an Egyptian head of state since the 1979 Islamic revolution -- used the summit to openly voice his support for the Syrian opposition.

The "oppressive" Syrian regime had lost all legitimacy and was confronted with the same pro-democracy rebellions that had swept the Arab world, including Egypt, since 2010, he said, as Ahmadinejad listened stone-faced.

Source: MSN.com

US helps Philippines fortify defense in Palawan

NEW PATROL BOATS US Ambassador Harry Thomas and Police Director Samuel Diciano pour champagne on two patrol boats during the turnover of $9-million worth of equipment donated by the US government to the PNP Special Boat Unit in Palawan on Thursday. PNP-PIO

Pursuing its pivot to Asia strategy, the United States on Thursday handed over to the Philippines new equipment to improve surveillance and law enforcement operations in the West Philippine Sea (South China Sea) as President Benigno Aquino prepared to meet China’s leader for talks that may include territorial disputes in those waters.

US Ambassador to the Philippines Harry Thomas turned over to police and local government officials in Palawan province two new patrol boats and two boat-towing pick-ups to support the Philippine National Police Special Boat Unit (SBU) in the island province.

The United States is also helping the Philippines build a new SBU outstation on Balabac Island, off Palawan’s southernmost tip close to Sabah in Borneo.

Police and local officials in Palawan said the new equipment would not be used for border patrols in disputed parts of the West Philippine Sea but for surveillance against transnational crimes.

Source: Philippine Daily Inquirer

Japan court to rule on Apple-Samsung patent brawl

A Japanese court on Friday will issue a ruling in a bitter patent dispute between Apple and its South Korean rival Samsung, the latest case in a global war between the two technology giants.

The Tokyo District Court was expected to rule on Apple's claim that Samsung illegally copied technology from its iconic iPhone and iPad tablet for some of its Galaxy smartphones and the Galaxy Tab.

Samsung has steadfastly denied those claims in a string of similar cases filed across the globe.

The Tokyo ruling comes a week after the iPhone maker won more than $1.0 billion in a massive US court victory over Samsung with jurors finding that the South Korean firm had "willfully" infringed on Apple's patents.

Jurors rejected the South Korean electronics firm's patent theft counterclaims against Apple.

The high-profile verdict affects patents on a range of Samsung products including some of its popular smartphones and its Galaxy 10 tablet -- devices alleged to have been copied from the iPhone and iPad.

Also last week, a court in Seoul ruled the pair had both swiped each other's technology and awarded damages to both technology giants.

It also imposed a partial ban on product sales in South Korea of Apple's iPhone 4 and iPad 2, as well as Samsung's Galaxy S and Galaxy S II among other products.

"If the (Japanese) verdict rules that Samsung violated patent rights, it would have a significant impact on Samsung," said Michiru Takahashi, a patent lawyer at Jones Day in Tokyo.

"But if the verdict does not recognise a violation... Samsung will regain momentum," she added.

The patent cases could shake up the sizzling market for mobile devices in which Apple has been losing ground to rivals like Samsung that use the Android operating system developed by Google.

A survey by research firm IDC showed Samsung shipped 50.2 million smartphones globally in the April-June period, while Apple sold 26 million iPhones. IDC said Samsung held 32.6 percent of the market to 16.9 percent for Apple.

Source: MSN.Com

BIR files tax evasion case against Corona

Three months after his ouster as Chief Justice, Renato Corona was slapped with a  P150-million tax evasion charge by the Bureau of Internal Revenue (BIR).

Corona said the charge filed by the BIR in the Department of Justice (DOJ) Thursday against him, his daughter Ma. Carla and her husband Constantino Castillo III was part of a continuing persecution by the Aquino administration.

Internal Revenue Commissioner Kim Henares said that Corona had a total net worth of P161.15 million from his declared income of P26.45 million based on an examination of his SALN submitted during his  trial.

“There were underreported assets, undeclared assets, unreported cash. All of these were included and determined what his real net worth is for the end of each specific year,’’ Henares said in a news conference at the DOJ main office.

She said Corona should pay the government P120.5 million in taxes, inclusive of surcharges and interests covering 2003, 2004, 2005, 2007, 2008 and 2010.

Henares said Corona’s net worth could be even more, saying the assessment did not cover dollar accounts.

She added that Corona had revoked a waiver on all his bank accounts he signed during his Senate trial when he challenged his accusers to do the same to open a new regime of transparency. It was resoundingly ignored.

In a statement, Banco de Oro confirmed that Corona had revoked the waiver and was seeking relief from a Makati court from the BIR action against its client in view of the bank secrecy law prohibiting disclosure of accounts without the consent of the owner.

Malacañang said Henares was simply plugging loopholes in the tax system and the complaint filed in the DOJ was a natural consequence of Corona’s being found guilty by the Senate impeachment court in May of fudging declarations in his statement of assets, liabilities and net worth (SALN) for which he was sacked.

“Since this administration started, the filing of tax evasion cases has been ongoing,” said presidential spokesperson Edwin Lacierda.

“This is not something extraordinary,” Lacierda said. “In this particular case, there’s already existing evidence to support the filing of a tax evasion case.”

Corona’s daughter is being sued in connection with a tax liability amounting to P9.93 million, and her husband, for a tax liability of P20.24 million.

Source: Philippine Daily Inquirer

G7 calls on oil producers to raise output

The G7 industrial countries called Tuesday on oil producers to increase output, saying higher prices posed "substantial risks" to the global economy.

With growth weakening in key economies and tensions over Iran worrying major oil importers, finance ministers of the powerful group also hinted they were ready to push for the release of strategic oil reserves to prevent a tightening of the market.

"The current rise in oil prices reflects geopolitical concerns and certain supply disruptions," the Group of Seven finance ministers said in a statement.

"We encourage oil-producing countries to increase their output to meet demand, while drawing prudently on excess capacity."

"We remain vigilant of the risks to the global economy," the ministers said in the statement, which was released by the US Treasury.

"In this context and mindful of the substantial risks posed by elevated oil prices, we are monitoring the situation in oil markets closely."

The statement applauded Saudi Arabia's commitment, made at the Group of 20 summit in Los Cabos, Mexico, in June, to mobilize spare capacity when necessary to ensure supplies to the market are adequate.

But it also suggested the leading industrial democracies were ready to tap into global strategic oil reserves to keep price pressure down.

"We stand ready to call upon the International Energy Agency to take appropriate action to ensure that the market is fully and timely supplied," the statement said.

"We remain committed to well-functioning and transparent energy markets."

The statement came four days after the Petroleum Economist magazine reported that the IEA, which represents oil-consuming nations, was reluctantly backing the idea of a release of strategic oil stockpiles by major importers in September.

The IEA came behind the idea after Washington signaled it would move alone on a release

"The loss of supplies from sanctions-hit Iran will be used to justify the move," the magazine said.

It added that the move could involve as much or more than last year's release of 60 million barrels from stockpiles.

Sanctions on large crude exporter Iran to pressure the government to curtail its nuclear activities -- accused by the West to be aimed at developing nuclear weapons -- have tightened oil markets and helped boost prices.

Many worry that a military attack on Iran by Israel and/or the United States to wreck its nuclear installations could result in sharp disruptions of the flow of supplies from the oil-rich Gulf on Iran's southwest coast.

Oil prices nevertheless remain around 13 percent below their peak of the past year.

The US benchmark WTI crude closed in regular New York trade Tuesday at $96.33 a barrel, and fell only slightly in after-market trade following the G7 announcement.

That price compared with the year's low in late June of around $77 a barrel, but still well beneath the 52-week high of $110.65 and far below the July 2008 all-time peak of $145 a barrel.

The London benchmark, Brent crude, was at $112.58, compared with its June low of around $89. In July 2008 Brent spiked to $147 a barrel.

Source: MSN.Com

Aquino tells Sereno: Restore people’s trust in judiciary

MANILA, Philippines — President Benigno Aquino III on Monday urged Chief Justice Maria Lourdes Sereno to restore people’s trust in the judiciary, ensure a fair justice system, and stand her ground in the face of odds, assuring her of the country’s full backing.

“Umaasa akong titimbangin mo ang iyong hatol at pasya upang manumbalik ang kumpyansa ng taumbayan sa institusyong iyong pamumunuan (I expect that you weigh your judgment and decision so that people’s trust in the institution you’re heading will be restored),” Mr. Aquino said in a speech marking National Heroes’ Day at the Libingan ng mga Bayani.

Aquino, who administered the oath to Sereno last Saturday in Malacañang, said the Filipino people expected nothing less than a fair dispensation of justice in the country’s courts.

“The people’s mandate to you is: let the fair system of justice prevail. It should be impartial to either the rich or poor, to ordinary Filipinos or the powerful,” he said before a crowd of diplomats, Cabinet officials and veterans under a tent behind the Tomb of the Unknown Soldier.

Mindful of the challenges that await her in the next 18 years of her term, Mr. Aquino assured the 52-year-old Sereno that the whole country was behind her.

“To our new Chief Justice, don’t lose heart when a deluge of challenges comes your way. Be assured that the Filipino nation is your ally (kasangga mo),” he said.

Sereno has a work cut out for her, mainly restoring the image of the judiciary months after Chief Justice Renato Corona was ousted by the Senate in an impeachment trial for non-disclosure of assets in violation of the Constitution.

But first she has to address the issue of how to bring together all the 13 justices, including the more senior ones who observers said felt bypassed because of her appointment.

When she took her oath before the President, only four of her colleagues — Associate Justices Martin Villarama Jr.,  Estela Perlas-Bernabe, Mariano del Castillo and Bienvenido Reyes — were around.

Absent were the five most senior justices — Senior Associate Justice Antonio Carpio and Associate Justices Presbitero Velasco Jr., Teresita Leonardo-De Castro, Arturo Brion and Diosdado Peralta — as well as Associate Justices Lucas Bersamin, Jose Perez and Jose Mendoza.

Aquino said Sereno’s appointment as the country’s new chief magistrate has added more meaning to the country’s commemoration of the National Heroes’ Day.

“She’s the first lady Chief Justice and one of the youngest heads of the judiciary,” the President added.

Source: Philippine Daily Inquirer