China, S Korea and Japan to begin free trade talks
The leaders of China, Japan and South Korea, three of Asia's biggest economies, have agreed to begin talks this year for a free-trade agreement.
The three leaders also signed a trilateral investment agreement, at a summit in Beijing on Sunday.
China is the biggest trading partner of both Japan and South Korea.
As with other free-trade agreements between countries, this one could still face long negotiations and trade barriers.
Trade boost
"The establishment of a free-trade area will unleash the economic vitality of our region and give a strong boost to economic integration in East Asia," said Chinese Premier Wen Jiabao.
He also said the pact would help the nations at a time of rising trade protectionism.
Japanese Prime Minister Yoshihiko Noda said economic co-operation was essential to maintaining the Asia-Pacific region as the growth centre of the world economy.
Trade between the three countries reached $690bn in 2011, up from only $130bn in 1999, according to a Chinese government report.
Political tensions
The leaders also agreed on Sunday to work together to ease regional disputes and tensions, specifically on the Korean Peninsula.
North Korea conducted a failed rocket launch last month and there are fears it is preparing another nuclear test.
South Korea's President Lee Myung-bak said the nations would not accept "further nuclear tests or further provocation" from North Korea.
"What is most urgent (for us) now is to make all-out efforts to prevent the escalation of tensions on the Korean Peninsula," Mr Wen Jiabao said at a joint news conference.
JPMorgan boss Jamie Dimon admits failures
The chief executive of JPMorgan Chase, Jamie Dimon, says he was "dead wrong" in April to dismiss concerns over the bank's trading practices.
At the time he played down concerns over bets the bank made on the markets.
On Thursday JPMorgan said it had lost $2bn (£1.2bn) on trading activities in just six weeks, and said there could be further losses to come.
In a US television interview, Mr Dimon said he did not know the full extent of the problem in April.
Back then he described the concerns as a "tempest in a teapot".
Speaking on NBC's Meet the Press Mister Dimon said: "We made a terrible, egregious mistake, there's almost no excuse for it."
The bank's shares plunged by almost 10% on Friday, wiping $14bn from its value.
The losses have prompted US politicians to call for tighter financial regulation.
'Bad judgement'
The company said the losses resulted from a strategy of hedging that was supposed to protect the bank from risk.
But critics disputed his claims, alleging that such losses were more likely to have come from risky bets.
On Thursday, Mr Dimon, who serves both as chief executive and chairman of JPMorgan, blamed the losses on "errors, sloppiness and bad judgement" and warned "it could get worse".
The trading loss was revealed in a regulatory filing, and will dent the company's profits, although it still expects to make about $4bn this quarter.
Analysts say the firm is still in better health than many of its competitors, and the losses incurred should be manageable.
The trading was carried out by a small unit based in London.
Media reports have focused on a single trader, Frenchman Bruno Michel Iksil, nicknamed the London Whale, who reportedly made big bets on the financial markets as part of a hedging strategy.
But insiders have dismissed claims that he was a "rogue trader", saying it was the wider strategy that was at fault.
US regulators have said they are taking notice of the developments, but no inquiry has yet been officially announced.
German Finance Minister Wolfgang Schaeuble eyes EU role
German Finance Minister Wolfgang Schaeuble has indicated interest in becoming chairman of the eurozone finance ministers' regular meetings.
It is a key position that involves coordinating policy among the 17 countries that use the euro.
Known as the Eurogroup, it holds its next meeting on Monday.
In an interview with a German newspapers Mister Schaeuble said he could not exclude the possibility of being its next chairman.
The post will probably become vacant in June as the current chairman, Luxembourg's Prime Minister Jean-Claude Juncker is unlikely to seek another term.
The Eurogroup also includes the head of the European Central Bank and the European commissioner for economic and monetary affairs.
In the interview in the German newspaper, Welt am Sonntag, Mr Schaeuble said: "As German finance minister I already have to be strongly involved.
"So that is why I do not say that I will under no circumstance take on the chairmanship.
"And I also haven't heard my colleagues saying: 'Dear god, please not Schaeuble.' So that is also not bad.
"But for now let's wait and see."
The Eurogroup played a key role in coordinating Europe's response to the financial meltdowns in Greece, Portugal and Ireland.
On Monday Greece is again likely to be under discussion as politicians there are struggling to form a government.
It will also be an opportunity for finance ministers to discuss Spain's efforts to restore confidence in its finances.
Earlier on Sunday Prime Minister Mariano Rajoy defended his government's austerity measures as "necessary", but tens of thousands of Spaniards joined protests on Saturday against the austerity drive.
China allows banks to lend more in bid to boost economy
China has cut the amount of funds banks have to hold in a reserve, in a bid to boost its economy.
It is the third time the central bank has made such a move in six months.
It follows recent economic data suggesting that the Chinese economy is slowing down. In April industrial output growth slowed to 9.3% - the slowest rate since 2009.
The People's Bank of China says banks will have to hold half a percentage point less in reserve.
For the nation's biggest lenders it means they will have to hold 20% of their assets in cash reserves.
The move should free up banks to lend billions of yuan.
China's economy has been slowing for more than a year. In the first quarter of 2012 it grew 8.1% compared with 8.9% in the fourth quarter of 2011.
Meanwhile, China has agreed to launch negotiations for a free trade pact with Japan and South Korea.
The agreement came at a summit in Beijing.
China is already the most important trading partner for Japan and South Korea.
Greek Radical Left Leader Refusing Coalition Talks
The leader of a group of Greek far-left parties, which finished second in last week's parliamentary elections, is refusing to take part in more talks to form a coalition government.
Alexis Tsipras said Sunday he will not become what he calls an accomplice in a crime against Greek society.
He said those who govern Greece and support the deep spending cuts demanded by the European Union did not get the message of the voters.
Greek President Karolos Papoulias is struggling to broker talks between the three top party leaders to form a new coalition government and avoid another round of parliamentary elections.
None of the top three parties in last week's vote — conservative New Democracy, radical left Syriza, and the socialist PASOK — won enough parliamentary seats to vote to form a government. And, when given the chance, the party chiefs were not able to find enough support to form a coalition on their own.
The talks are scheduled to resume Monday.
The New Democracy and PASOK parties could form a coalition if the small Democratic Left party decides to join them. But that party has so far refused to join unless Syriza does.
The previous Greek government — a New Democracy-PASOK coalition — agreed to demands from its international lenders for deep spending cuts in exchange for the country's second bailout in two years. This includes slashing government jobs, raising taxes, and cutting pensions. Greeks have taken to the streets in sometimes violent protests against the bailout plans.
Syrian Troops Storm Village; Violence Spills into Lebanon
Syrian troops backed by tanks killed at least five civilians, torched homes and looted shops when they overran a rebellious Sunni Muslim farming village Sunday, as tensions from the 14-month-old uprising also spilled into neighboring Lebanon.
Sunday's raid against the impoverished village of al-Tamana, 55 kilometers northwest of Hama, cast further doubt on the viability of U.N.-Arab League envoy Kofi Annan's plan to end the bloody conflict peacefully.
The Britain-based Syrian Observatory for Human Rights said al-Tamana was “subjected to collective punishment” with “over half of its houses burned, several people executed [upon arrest] and the rest killed from bombardment.”
The watchdog group said at least 25 people – 18 civilians, five soldiers and two anti-government rebels – were killed Sunday as violence ripped through various Syrian flashpoint areas.
Opposition activists said al-Tamana had seen regular anti-government protests. The village was one of dozens of Sunni settlements torched since Syrian President Bashar al-Assad's forces seized control of the cities of Homs and Hama.
Residents of the nearby Alawite village of al-Aziziyeh, a recruiting ground for the loyalist Shabbiha militia, took part in a separate assault on al-Tamana Friday.
Syria's Sunni majority is at the forefront of the uprising against Mr. Assad, whose Alawite sect is an offshoot of Shi'ite Islam.
In a sign the sectarian tension threatens to spill over into Lebanon, three people were killed early Sunday when gunbattles broke out in an Alawite enclave and surrounding Sunni neighborhoods of the northern port city of Tripoli.
Lebanon is sharply split along sectarian lines, with 18 religious sects. But it also has a fragile political fault line precisely over the issue of Syria.
An array of pro-Syrian parties support Mr. Assad's government, as do many Lebanese citizens. Others oppose the Syrian leader and accuse Damascus of heavy-handed meddling in Lebanese affairs.
Violence by Mr. Assad's forces and his increasingly armed foes has continued despite an April 12 cease-fire declared by Mr. Annan and the presence of a U.N. monitoring mission now with about 150 observers on the ground.
In another development Sunday, two Turkish journalists who had been detained in Syria for two months arrived in Istanbul on a plane from Iran, after Tehran helped negotiate their release.
Reporters Adem Ozkose and Hamit Coskun were abducted by pro-government militiamen and handed over to Syrian intelligence, which held them separately in a Damascus prison. The two men said they feared they would die after spending 55 days isolated in cramped concrete cells.
US, Pakistan, Afghan Military Hold Talks
The commander of NATO-led forces in Afghanistan met with the army chiefs of Pakistan and Afghanistan in Islamabad Sunday to discuss border security and anti-terror coordination.
The meeting of the Afghanistan-Pakistan-ISAF Tripartite Commission came as Pakistani civilian and military leaders are preparing for talks Tuesday on ending the nearly six-month blockade of NATO supply routes into Afghanistan, following a NATO air strike last November that mistakenly killed 24 Pakistani soldiers.
The meeting, the first in nearly a year, is a key component of the international community's engagement in Afghanistan and has offered the opportunity for discussion on issues of tactical, operational and strategic importance.
The ISAF commander, U.S. General John Allen, said he was “very encouraged” by the talks with Pakistani General Ashfaq Parvez Kayani, and Afghan General Sher Muhammad Karimi.
General Allen said “there was agreement these meetings are important to achieving continued progress toward our shared goals of a peaceful, stable, and prosperous Afghanistan” so the country “can no longer be a safe haven for terrorists again.”
After the deadly NATO air strike, already tense U.S.-Pakistani ties plunged into a diplomatic deadlock. Pakistani officials demanded an unconditional apology. But Washington refused and Islamabad retaliated by cutting off NATO ground supply routes to international forces in Afghanistan. In return, the U.S. withdrew as much as $3 billion of promised military aid.
Islamabad also demanded an end to drone strikes, arguing they are counter-productive because they kill civilians, exacerbate anti-U.S. sentiment and violate sovereignty.
Washington says the strikes are crucial to defeating al-Qaida and the Taliban.
Merkel’s Conservatives Trounced in German State Election
German Chancellor Angela Merkel's conservatives suffered an embarrassing loss in Sunday's legislative election in Germany's most populous state as she continues pushing for economic austerity in Europe.
Preliminary results show the opposition left-wing Social Democrats winning 39 percent of the vote in North Rhine-Westphalia. Ms. Merkel's Christian Democrats won 26 percent.
The Social Democrats will likely form a coalition with the Greens in the state.
The conservative candidate for governor, German environment minister Norbert Roettgen, calls Sunday's election a bitter defeat that really hurts.
Some German political analysts say the results in North Rhine-Westphalia may be a harbinger of next year's federal election, in which Chancellor Merkel plans to seek another term.
Ms. Merkel is still calling for economic austerity across Europe even after voters in Greece and France last week ousted parties that back deep spending cuts.
She plans to hold her first meeting with France's incoming socialist president, Francois Hollande, after his inauguration this week.
More babies for Beyonce?
It sounds like Blue Ivy won’t be an only child for long.
Beyonce told 'Entertainment Tonight' she "definitely" wants to have more kids with her husband, Jay-Z - and that she’s open to the amount.
Um, does that mean a “19 Kids and Counting”-size brood is in the Carter-Knowles’ future?
Bey says she hasn’t even gotten that far in the planning process.
"I don't know how many,” the 30-year-old superstar said. “God knows I don’t know yet."
But one thing the world’s most beautiful woman does know is that she was meant to be a mom.
"I have such a full life," she said. "I feel like now I know the reason that I was born."
In the meantime, the singer says she’s just happy to fit nicely into her non-maternity clothes - especially since she hasn’t been working out much.
"I haven't had much time in the gym [since Blue was born]," the celeb revealed. Instead, "I've been rehearsing,” she said of the secret to her slim shape. “I have a show coming up and it's my first show in a year."
Bey hits Atlantic City for a series of shows this Memorial Day.
CNN
Romain Virgo drops 'The System' album
Singer Romain Virgo this week released his explosive sophomore album, The System.
The album which exhibits Virgo's musical growth since releasing his self-titled debut album, Romain Virgo in June 2010, features 15 hard-hitting tracks.
He says this album does not represent a departure from the style which brought him to the fore, but there is evidence of musical exploration. "People will definitely hear the growth in my music, style and the topics I choose to explore on this album. The System is about all the facets of life: from everyday problems to love, poverty, making the right decisions, and so on. So there is definitely something for everyone on this album."
The System will feature a number of previously released singles including the title track, System, the hit Rich In Love, the powerful, I Know Better, and the well-produced reggae remake of the Adele original, Don't You Remember.
Virgo says, "We released four of the tracks on the album as singles so fans could get a taste of the new album and a hint of the quality and topic range that would be coming on the album. We hope that they will not only go out and get the album, but also listen to it and rank it among their favourites and classics."
The singer also says among the chief producers who made the album possible were Donovan Germain, Shane Brown, and Dawin and Omar Brown of Vikings Productions. "I have to say a big thank you to them and everyone on my team who helped to make this possible, and I really hope the fans love the album as much as we do."
Track Listing:
System
Minimum Wage
Another Day Another Dollar
Food Fi Di Plate
Dem A Coward
I Know Better
Mama's Song
Not Today
Rich In Love
Ray Of Sunshine
Fantasize
Fired Up Inside
Don't You Remember (Adele Cover)
Broken Heart feat. Busy Signal
Press On
