Posts by ISP

SINGAPORE (Reuters) - Shares have fallen and the dollar eased in Asia as investors hunkered down for a prolonged war in Iraq and nudged up oil and gold prices.

Wall Street's tumble on Monday set the tone for stock traders, whose hopes for a quick end to the conflict faded amid harrowing pictures of captured and dead American soldiers and defiant retorts by the Iraqi leadership.

"Last week the markets...were pricing in a perfect war and obviously that hasn't been the outcome. (The U.S.-led forces) are going to win but there's going to be a price to pay," said Alan Wills, a broker at Forsyth Barr Frater Williams in New Zealand.

The economic price of the war was underlined on Tuesday when U.S. President George W. Bush asked lawmakers for $75 billion (47 billion pounds) to pay for the campaign and reward key allies.

Worries about the economic cost of a protracted conflict and the impact on consumer and investor sentiment helped shove U.S. and European blue-chip stocks to their biggest losses since September on Monday, although the losses in Asia were more modest.

Oil prices rose, helped by a partial shutdown of Nigeria's production. They bounced back strongly from four-month lows on Monday as Iraqi troops put up stiff resistance to the invading forces.

The dollar eased, with traders sceptical that a special Bank of Japan meeting on Tuesday would take action that would result in a weakening of the yen.

OPTIMISM FADES

Japanese shares lost less than one percent, underpinned by expectations the central bank meeting would take steps to aid the moribund economy.

The Nikkei average was down some 60 points at 8,376.70 by late morning.

"Looking back, last week's rally was based on an overly optimistic view on the war, and market participants have now calmed down, watching progress and what is actually happening," said Takahiro Nakajima, deputy general manager at Norinchukin Zenkyoren Asset Management.

Hong Kong was 0.9 percent lower in early trade. South Korea was the biggest loser, falling 2.3 percent, while Taiwan dropped 1.4 percent and Australia lost 0.7 percent. Singapore was flat.

The Dow tumbled 3.6 percent to 8,214.68 on Monday, snapping an eight-day rally. The Nasdaq Composite Index tumbled 3.7 percent to 1,369.78.

OIL UP

The oil market got a further boost from the shutting of nearly 40 percent of OPEC member Nigeria's oil output due to ethnic violence.

U.S. light crude oil for May delivery was up 18 cents a barrel at $28.84 after soaring 6.5 percent on Monday.

"Hopes for a swift end to this war are now beginning to fade," a Tokyo-based broker said.

Prime Minister Tony Blair said U.S. and British forces were nearing a crucial confrontation with Saddam's elite troops as they race to reach Baghdad as quickly as possible.

But military analysts fear the charge northwards has been so swift that supply lines are stretched and vulnerable to attack.

Gold, a traditional safe haven in times of war, climbed to $330.25 an ounce from $329.50 at the U.S. close.

The dollar was quoted at 120.52 yen, down from 120.65 yen in late New York trade. The euro stood at $1.0657 against $1.0637 in New York.

"Capital flows in New York are currently limited to those from U.S. stocks to Treasuries, and we are still not seeing a capital flight from U.S. assets to elsewhere," said Jun Kato, deputy branch manager at Shinkin Central Bank in New York.

"But if the view grows that the war will go on longer than had been expected, there's a greater risk of the dollar tumbling, as capital would then flow out from the U.S.," he said.

11

The 75 Billion Dollar Question...................

by ISP in

jw
friends

.

.......is it worth it?.

isp

ISP

.......is it worth it?

ISP

112

I'm Done With This Site

by LB in

jw
friends

back when i joined the site i had lots of concerns and i was given some great advice by some special people here.

i'll miss you.

but the time has come for me to move on.

ISP

I hope you come back for another 'tour of duty'!

Wish you well!

ISP

39

Exotic Vacations: your favourite places on the globe

by RAYZORBLADE in

jw
friends

ok folks, honestly, i know many of you have travelled some, and a few have ventured into some pretty exotic far off places.

where did you go on your last vacation?

where is the most exotic place you have visited?

ISP

Jumeriah Beach, Dubai....was great. Its sister Hotel which is 5 mins away is fun to dine in! We had a meal in the underwater restaurant that you get to by submarine ride.

Not sure its worth going at the moment, though!

ISP

14

Camp Xray Latest...Anyone?

by ISP in

not heard a lot on this recently.

are there still hundreds of people chained, blindfolded etc in open cages still?.

kinda topical with the issue of treatment of pows being to the fore now.. isp

ISP

Hmm..........Simon

......Kettle....Pot........Black.........?!

ISP

3

Basra - Humanitarian Crisis Looms

by ISP in

british troops withdraw from basra .

by afp and martin bentham in basra

fierce resistance has forced british troops to withdraw from basra to regroup, british military officials said this afternoon, as the red cross warned of a potential humanitarian crisis in the city.elements of britain's seventh armoured brigade, the desert rats, withdrew from the southern iraqi city - the nation's second largest.

ISP

Hey Simon, there are no plans. They are happy to seal off Basra because they cannot control it. The priority seems to be Baghdad but what do you do let the city of Basra starve and at the same time expect these people to warm to you? Many will feel they were better off under Saddam. Thats not the message the coalition wants to get over, so what are they going to do?

ISP

14

Camp Xray Latest...Anyone?

by ISP in

not heard a lot on this recently.

are there still hundreds of people chained, blindfolded etc in open cages still?.

kinda topical with the issue of treatment of pows being to the fore now.. isp

ISP

Not heard a lot on this recently. Are there still hundreds of people chained, blindfolded etc in open cages still?

Kinda topical with the issue of treatment of POWs being to the fore now.

ISP

3

Basra - Humanitarian Crisis Looms

by ISP in

british troops withdraw from basra .

by afp and martin bentham in basra

fierce resistance has forced british troops to withdraw from basra to regroup, british military officials said this afternoon, as the red cross warned of a potential humanitarian crisis in the city.elements of britain's seventh armoured brigade, the desert rats, withdrew from the southern iraqi city - the nation's second largest.

ISP

AMNESTY INTERNATIONAL
PRESS RELEASE
News Flash

AI Index: MDE 14/039/2003 ( Public )
News Service No: 066
24 March 2003 Iraq: Humanitarian needs of civilians must be met Amnesty International today lent its voice to concerns expressed by the International Committee of the Red Cross at the plight of civilians in Basra, in Southern Iraq, who have been without water since Friday afternoon. Basra has been under fire by the USA and its allied forces for the last three days.

"We are concerned that the situation in Basra may be mirrored in other cities and regions in Iraq. Military authorities have a responsibility to carefully assess the implications on civilians of any object that they target. All parties to the conflict in Iraq have a responsibility to ensure that the humanitarian needs of the civilian population are fully met."

"With the escalation of military activity in Iraq it is vital that the health and safety of ordinary civilians is given increasing consideration," Amnesty International said.

Both the Iraqi authorities and the military authorities of the USA and its allies must facilitate access and the operations of humanitarian organizations.

3

Basra - Humanitarian Crisis Looms

by ISP in

british troops withdraw from basra .

by afp and martin bentham in basra

fierce resistance has forced british troops to withdraw from basra to regroup, british military officials said this afternoon, as the red cross warned of a potential humanitarian crisis in the city.elements of britain's seventh armoured brigade, the desert rats, withdrew from the southern iraqi city - the nation's second largest.

ISP

British troops withdraw from Basra
By afp and Martin Bentham in BASRA
Fierce resistance has forced British troops to withdraw from Basra to regroup, British military officials said this afternoon, as the Red Cross warned of a potential humanitarian crisis in the city.Elements of Britain's Seventh Armoured Brigade, the Desert Rats, withdrew from the southern Iraqi city - the nation's second largest. They had come under attack, as they blocked the main routes into the city from the north and south, from mortar fire and from guerrillas disguised in civilian clothes.Military officials also said that irregular forces pretended to surrender and used women and children as decoys.British commanders said this evening that they were considering calling in Royal Marine Commandos and the 16th Air Assault Brigade, the parachute regiment. Both forces specialise in urban warfare and peacekeeping and are considered far better suited to street combat than the Challenger 2 tanks and Warrior armoured personnel carriers of the Desert Rats."It looks like being a lot tougher than we thought. We are now looking at using the Queens and the paras. Basra is a divisional operation now, not just 7th Armoured Brigade," said one officer. Some of the strongest resistance today came from the Fedayin militia and security services armed with rocket propelled grenades and machine guns.Members of the Fedayin, a militia controlled by Saddam's son Uday, have taken to disguising themselves in civilian clothes, mixing with families and then emerging from crowds to fire on the coalition forces, military officials said.They said they were also concerned that the Iraqis might use a captured British vehicle as a car bomb.The Desert Rats had at one point surrounded the city and Tony Blair told the House of Commons today that Basra had been "made secure". But military officials later admitted that they had vastly underestimated the strength of Iraqi resistance and the loyalty of Basra's population to Saddam."We're currently taking stock of the situation. We were expecting a lot of hands up from Iraqi soldiers and for the humanitarian operation in Basra to begin fairly quickly behind us, with aid organisations providing food and water to the locals," Captain Patrick Trueman said. "But it hasn't quite worked out that way."There are significant elements in Basra who are hugely loyal to the regime. Their loyalty is rewarded with a better standard of living than most, so they don't want to give it up easily." British artillery shells were later fired into the city, where 1,000 Iraqi fighters are believed to be sheltering, some using civilian buildings as bases.Serious pockets of resistance were also uncovered in al Zubayr, a town about 15 miles west of Basra. Meanwhile the International Committee of the Red Cross said that Basra's population of around 2 million was facing a potential humanitarian crisis.The main water treatment plant on the northern edge of Basra, scene of fierce fighting, has been out of action since Friday due to a power cut. "If we do not manage to re-establish the water system in Basra very rapidly to a sufficient level, we will have a major humanitarian crisis," Balthasar Staehelin, ICRC Director General of the Middle East and North Africa told a news conference.Although other plants were able to supply 40 per cent of usual needs, the quality of the water was poor, the ICRC said. Daytime temperatures in Basra can reach 40 degrees Celsius (104 Fahrenheit).Kofi Annan, the United Nations Secretary General called for urgent measures to help restore water and electricity."A city of that size cannot afford to go without electricity or water for long. Apart from the water aspect, you can imagine what it does for sanitation," he said. Al-Jazeera television reported bombing in Basra today, showing columns of smoke rising from the city.

Bush said there would be massive aid pouring in within 36 hours, that was 24 hours ago. There is little chance of there being any great change in the status quo in the next 12 hours. Basra was supposed to be 'liberated' but it doesn't appear to want it. It now harbours militia groups which make controlling the city impossible. It would take months to clear the streets of Basra. We've seen what happens in Northern Ireland, Palestine in that its virtually impossible to clear militants from an area.

So whats the next move? Provide water and food? Feed your enemies or let the innocent suffer?

ISP