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We did it again!!!! This time by being included on the Wall Street Journal preferred blog list. Last time we earned the Featured Blog title from WordPress and that’s after winning the Blog of The Minute Award. 

The Wall Street Journal is the Gold Standard for the world in financial reporting and for us to be included as of Friday, November 23, 2007.  The article that made us hit the list was Dollar Sets a New Record Low – Money News 

Blog Posts About This Topic • 

Dollar hits Fresh Lows against Euro and Swiss Franc  westranchbeacon.com• 

Dollar Sets a New Record Low – Money News  zambianchronicle.com 

It goes without saying that we have made great strides in presenting ourselves as one of the most trusted sources for objective reporting. We will forever strive to be the best out there … classy-daddy-3.gif

As a privately and an independently wholly owned interactive media, Zambian Chronicle is committed to bringing only the best and most verifiable information to our audience. 

We would like to take this opportunity to thank all our patrons and pundits who give us all the reasons for wanting to be the best there is, the best way we know how. Happy holidays … thanks a trillion. 

Brainwave R Mumba, Sr.

CEO & President – Zambian Chronicle

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September 30th, 2007 

By Momar Visaya/Asianjournal.com  

NEW YORK — World leaders, CEOs, celebrities and scholars gathered for the opening of the third annual Clinton Global Initiative conference. 

Former President Bill Clinton welcomed the participants from 72 countries and the 52 current and former heads of States who made their way across town from the UN General Assembly. “We are faced with problems that the government is not solving, or the government cannot solve alone,” Clinton said. 

President Gloria Macapagal-Arroyo and former US Vice President Al Gore led the opening plenary. They were joined by Afghanistan President Hamid Karzai, Walmart President and CEO H. Lee Scott, Jr., Archbishop Emeritus and spiritual leader Desmond Tutu and The World Bank Group President Robert Zeellick. 

Clinton introduced the opening plenary panelists, and prefaced his introduction of President Arroyo. He proudly announced that Arroyo was an old friend and a college classmate at Georgetown University. “We’ve been friends for a long, long time,” Clinton said of Arroyo, “and her country’s economy is on the way up and it’s in a very good shape.” 

The former US president also acknowledged the fact that the Philippines “had its fair share of internal conflict brought about by differences in ideology and religion” and asked Arroyo how her government is trying to promote reconciliation in the country. 

“We have developed a paradigm for peace in Mindanao using both soft and hard power,” Arroyo remarked. Soft power, she explained, is about development, while hard power focused on military efforts to attain peace. 

“We do it through interfaith dialogues to promote lasting peace and political stability in our country,” Arroyo said, and explained that her government has been exerting efforts to deepen understanding among various faiths and cultures particularly in parts of Mindanao. 

The annual meeting is the epicenter for global philanthropy and the forum for people who want to get involved and to make a difference. “We’re here because the world is bedeviled by growing inequality. We’re here because we accept our shared responsibility for correcting our problems and we’re here because we believe we can make a difference,” Clinton said. 

The conference is focused on finding ways to solve some of the world’s most pressing problems such as lack of education, poverty alleviation, global health, energy and climate change. Among the notable attendees were former British Prime Minister Tony Blair, celebrity couple Brad Pitt and Angelina Jolie, tennis star Andre Agassi and media mogul Rupert Murdoch. 

Former Vice President Gore brought in more passion to the plenary by sharing his thoughts and ideas about how the world needs more action, rather than talk. “The US has to lead the world in solving this climate crisis and I challenge President Bush to take that step,” Gore said, “The effort to solve the climate crisis is the key to solving other problems.” 

On the other hand, Archbishop Desmond Tutu brought in the lighter side, nonetheless thought-provoking. “Someone in San Francisco approached me and said, ‘Archbishop Mandela!’,” he said laughing, “two for the price of one.” 

Clinton introduced Tutu, saying that he had one of the best one-liners at the conference last year. The archbishop likened religion to a knife. “You can use it to slice bread, which is good, or you can also use it to slice off your neighbor’s arm, which is bad,” he said. 

Arroyo said that terrorists use religion to cause warfare and that something must be done in order to promote more understanding. President Karzai summed it up, saying that it is the “misuse of religion for political purposes that creates the problems.”

In her closing remark, Arroyo thanked Clinton for the opportunity to share to the world that the Philippines had a 7.5% growth rate in the last quarter. 

The last remark, from Desmond Tutu, capped the opening plenary. “How about us helping God realize His utopian dream? God dreams that we could all live in harmony as members of one family – the gays, the lesbians, the so-called straight…,” he said, as he was cut-off by a thunderous applause, and as the camera panned to Clinton, the former president remarked smiling, “It’s up right there with the knife comment.”  

Meanwhile, according to Zambia National Broadcasting Corporation, Dr. Mwanawasa urged countries in the west to redeem themselves before criticizing China for giving more aid to Africa.

Speaking when he answered questions from members of staff of the Clinton Global Initiative, the president said governments in the west were often reluctant to finance development projects in Africa. 

Dr. Mwanawasa said Africa and Zambia in particular is in a hurry to develop and China has come out a dependable partner. The President said very soon, China will embark on a $900 million economic zone project on the Copperbelt where over 60,000 people will be employed.  

The president said also said those wishing to help the country develop are most welcome. On the Zimbawean question, Dr. Mwanawasa reiterated that if Mr Robert Mugabe is not invited to the EU/Africa summit scheduled for Portugal in December, then the whole SADC region will not attend.  

He said the SADC member states strongly feel that isolating Mr. Mugabe was not the answer. Dr. Mwanawasa, who is also the SADC chairman, said the leaders in the region were well resolved to continue engaging Mr. Mugabe in dialogue rather than isolating him as the west would rather do.    

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Former U.S. Federal Reserve chairman Alan Greenspan said it is possible that the euro could replace the U.S. dollar as the reserve currency of choice.

According to an advance copy of an interview to be published in Thursday’s edition of the German magazine Stern, Greenspan said that the dollar is still slightly ahead in its use as a reserve currency, but added that “it doesn’t have all that much of an advantage” anymore.

The euro has been soaring against the U.S. currency in recent weeks, hitting all-time high of $1.3927 last week as the dollar has fallen on turbulent market conditions stemming from the ongoing U.S. subprime crisis. The Fed meets this week and is expected to lower its benchmark interest rate from the current 5.25 percent.

Greenspan said that at the end of 2006, some 25 percent of all currency reserves held by central banks were held in euros, compared to 66 percent for the U.S. dollar.

In terms of being used as a payment for cross-border transactions, the euro is trailing the dollar only slightly with 39 percent to 43 percent.

Greenspan said the European Central Bank has become “a serious factor in the global economy.”

He said the increased usage of the euro as a reserve currency has led to a lowering of interest rates in the euro zone, which has “without any doubt contributed to the current economic growth.”

© 2007 Associated Press. All Rights Reserved.

By press time of the article above, the US Federal Reserve had not yet announced its intentions to cut benchmark rates by half a percentage point.

As of the time of this posting the rate stood at 4.75% bringing new surge in the markets around the world with the Dow Jones gaining over 300 points in one day … thanks a trillion.

Brainwave R Mumba, Sr.

Market Reaction Around The World …


StarPhoenix

Interest rates decision spurs Australian stock market
Melbourne Herald Sun, Australia – 1 hour ago
THE US central bank’s decision to slash interest rates for the first time in four years spurred the Australian stock market to its biggest one-day rise in a
Fed Cuts Rate Half Point, and Stock Markets Soar New York Times
Fed lowers interest rate, and stock markets soar Kansas City Star
Fed’s Rate Cut Korea Times
TheStreet.com (subscription) – San Jose Mercury News
all 2,326 news articles »


Aljazeera.net

Asia markets soar after US rate cut
Aljazeera.net, Qatar – 8 hours ago
Asian stock markets have seen strong gains, following the first cut in US interest rates for four years. Shares on Wednesday were up by more than 3 per cent
Asia Stocks Jump After Wall Street Surge Washington Post
Most Asian markets lower; Tokyo stocks fall amid renewed concern International Herald Tribune
Financials weigh on Asian stock markets Financial Times
Euro2day – Euro2day
all 393 news articles »


StarPhoenix

Toronto stocks seen rising on commodities
Reuters Canada, Canada – 3 hours ago
TORONTO (Reuters) – Toronto’s main stock market index was seen opening higher on Wednesday as the US Federal Reserve’s bigger-than-expected interest rate
Stocks surge post-Fed Globe and Mail
Toronto stocks steady ahead of Fed decision Reuters Canada
Toronto stocks steady before Fed decision Reuters Canada
Globe and Mail – The Canadian Press
all 146 news articles »


Montreal Gazette

Clash Of The Emirates
Forbes, NY – 21 hours ago
could give Nasdaq an extra-thick financial shield against the ambitions of Dubai as well as more investment in international stock markets for Qatar.
Stockholm shares close lower, but OMX up on M&A speculation – UPDATE Forbes
all 48 news articles »


Hindu

Stock markets, rupee scale record highs
Earthtimes.org – 2 hours ago
The 30-stock Bombay Stock Exchange sensitive index (Sensex) rose 653.63 points or 4.2 percent to 16322.75 at close. All the components of the index were
Markets surge on Fed Reserves rate cut buzz Business Standard
Sensex breaches 16000 mark; up 653 points at close Zee News
Sensex recovers initial losses in late morning deals Hindu
Hindu – Economic Times
all 87 news articles »

Stock Market Update – Wed Sep 19 12:00:01 EDT 2007
Reuters – 11 minutes ago
5.5% gain in the stock. The feeling that the market is getting a bit overbought on a short-term basis could invite some afternoon selling interest.

Stock Market Update – Wed Sep 19 09:45:01 EDT 2007
Reuters – 2 hours ago
COM] The stock market has started the session on an upbeat note as the good vibes from yesterday’s trading continue to be felt.

Global stock markets rally after US interest-rate cut
Belfast Telegraph, United Kingdom – 8 hours ago
Stock markets across the world are continuing to rally amid signs that the global credit crunch is starting to ease. The rally follows a decision by the US

Stock Market Update – Wed Sep 19 10:35:01 EDT 2007
Reuters – 1 hour ago
COM] Buying interest has calmed after the excited start that followed yesterday’s rate-cut rally and the huge gains in foreign markets overnight.


Capital News 9

After Fed cut, debt market problems persist
CNNMoney.com – 1 hour ago
Global stock markets cheered Tuesday after the central bank cut the target for a key short-term interest rate. On Wall Street, the Dow Jones industrial
AP Executive Morning Briefing The Associated Press
Debt Market Looks to Fed to Restore Confidence New York Times
Wall St. awaits the other Fed guy CNNMoney.com
CNN-IBN – USA Today
all 157 news articles »