East Timor President Concedes Election Defeat
East Timor President Jose Ramos-Horta conceded defeat on Monday in his bid to win a second term in office.
With more than 70 percent of the ballots counted, results show Francisco Guterres, from the main opposition Fretilin party, ahead with about 28 percent of the vote. He is followed by former military chief Jose Maria de Vasconcelos with 25 percent. They will go on to a run-off election in mid-April.
President Ramos-Horta, a Nobel Peace laureate, trailed with about 18 percent. In a news conference Monday, Mr. Ramos-Horta congratulated the two candidates.
Official results are not expected until Tuesday.
In a statement released Sunday, U.N. Secretary-General Ban Ki-moon commended East Timor for conducting elections in an atmosphere of order and calm.
Voters cast their ballots Saturday in the second presidential election since East Timor, one of the world's youngest and poorest nations, won independence from Indonesia in 2002.
Violence during presidential voting in 2006 nearly plunged the country into civil war, but officials reported no unrest during the latest election.
If the presidential run-off and an upcoming parliamentary vote in June run smoothly, a contingent of U.N. and Australian peacekeepers is scheduled to pull out of the country by the end of this year.
Seoul Slams North Korean Rocket Plan as Nuclear Test
South Korea accused North Korea on Monday of using a planned satellite launch to further development of a long-range missile capable of carrying a nuclear payload.
The North announced Friday that it would launch a rocket in mid-April to put a satellite into orbit for peaceful purposes.
After a meeting Monday morning of foreign and security ministers, presided over by South Korean President Lee Myung-bak, the presidential Blue House issued a statement calling the planned launch a “grave provocation.”
The statement said South Korea would work with the international community and discuss the matter with the leaders of related countries, including the United States, Japan, China, Russia and the European Union during next week's Nuclear Security Summit in Seoul.
The U.S., Russia, South Korea and Japan have all condemned the planned launch, saying it violates a U.N. ban on all North Korean launches using ballistic missile technology.
U.N. Secretary-General Ban Ki-moon said on Friday that such a launch could affect plans to deliver food aid to the impoverished North.
King of Tonga Dies
Tonga's prime minister has announced the death of the Pacific island nation's King George Tupou V.
Prime Minister Lord Tu'ivakano says the 63-year-old monarch died Sunday in a Hong Kong hospital, with his younger brother and heir to the throne, Crown Prince Tupouto'a Lavaka, at his side.
King Tupou, known to the outside world for eccentricities such as being driven around in a London taxi, will be remembered by his subjects for introducing democracy to the nation of 100,000 people. He was sworn in as king in September 2006 following the death of his father, King Taufa'ahau Tupou IV.
In November 2010, the Polynesian nation held its first direct elections, which marked the end of centuries of monarchic rule in Tonga. In December, the newly elected parliament confirmed Lord Tu'ivakano as the country's first elected prime minister.
Previous prime ministers were appointed by the king.
Sachin Tendulkar scores his 100th international century for India
India's Sachin Tendulkar has become the first player to score 100 international centuries by compiling a ton in a one-day game against Bangladesh in Dhaka.
The 38-year-old completed his landmark century, his 49th in one-day cricket, with a single clipped to square leg.
After being dismissed for 114, he said: "I was not thinking about the milestone. It hasn't sunk in."
Tendulkar had twice been out in the 90s after scoring his 99th century against South Africa in March 2011.
The right-hander, who holds the record for scoring the most Test and one-day runs, has also scored 51 Test tons.
Tendulkar, whose own celebration was a little muted, was immediately congratulated by the Bangladesh players after he jogged through for the single to bring up his century, scored off Shakib Al Hasan.
The hundred was Tendulkar's first against Bangladesh in one-day cricket and he added another 14 runs before edging a Mashrafe Mortaza delivery to wicketkeeper Mushfiqur Rahim.
He added: "A year ago when I got my 99th hundred no-one spoke about it during the World Cup, then I guess it was the media who began talking about it.
"Wherever I went, to a restaurant, the house keeping, the room service, whoever I met just spoke about the 100th hundred.
"It became a little difficult mentally, because I am not playing only for my 100th hundred.
"The 99 hundreds that I scored, nobody spoke about them. Everyone had their opinion but eventually I have got to do what is important for the team.
"I have lost about 50 kilos. Enjoy the game and chase your dreams. I had to wait for 22 years for one dream, the World Cup."
England Test captain Andrew Strauss was among a host of players to offer their congratulations to Tendulkar.
He told BBC Sport: "Sachin is a player by which all others are measured over the last 10-15 years, and for him to go out and get a hundred hundreds is an amazing achievement without precedent - it's unlikely to be achieved again."
International Cricket Council chief executive Haroon Lorgat has also applauded the feat.
"On behalf of every cricket fan around the globe I congratulate Sachin on becoming the first person to score 100 centuries for his country," he said.
"This is indeed a magnificent feat and not likely to be easily emulated. The number 100 is special for a batsman and to record 100 centuries for your country is a massive statement.
"Like millions of others I have followed his career ever since he first played for India as a gifted 16-year-old and now, more than two decades later, his passion and personal records, which include more than 33,000 runs at international level, is a modern day wonder.
"Sachin is a true role model who will undoubtedly hold a special place in cricket's history."
Narayanaswami Srinivasan, the president of the Board of Control for Cricket in India said: "Ever since he made his international debut in November 1989, Sachin Ramesh Tendulkar has strode cricketing arenas the world over, like a colossus.
"He has been an inspiration to billions, and an ornament to the sport. March 16, 2012 will never be forgotten by cricket-lovers."
India Prime Minister Manmohan Singh issued a statement, adding: "He has made India proud.
"Tendulkar's long career has been a triumph of class, character and courage. I wish him many more innings and feats to continue inspiring the youth."
He began his Test career as a 16-year-old in 1989 against Pakistan and scored 15 in a blood-soaked shirt after being hit in the face by a Waqar Younis delivery.
The following year he scored his first Test century, against England at Old Trafford and in 1992 became Yorkshire's first overseas signing.
Tendulkar surpassed fellow India legend Sunil Gavaskar's record of 34 Test centuries in 2005, became the highest Test-run scorer in 2008 and scored the first double century in a one-day international in 2010.
Tendulkar has scored 15,470 Test runs and 18,260 in the one-day game.
Falkland Islands oil dispute: UK hits back at Argentina
The UK has hit back at Argentina's threats of court action over Falkland Islands oil exploration, calling its behaviour "illegal intimidation".
Foreign minister Hector Timmerman had threatened legal action against firms drilling off the UK territory, over which Argentina claims sovereignty.
But the UK Foreign Office said it was a legitimate commercial venture.
Prime Minister David Cameron said Britain would "continue to protect and defend" the islands.
In threatening legal action against oil prospectors, Mr Timmerman had told reporters: "The gas and oil that is found in the South Atlantic belongs to the Argentinian people.
"All these companies are entering illegal territory."
UN resolutions
He warned that legal action would target oil companies as well as firms providing them with financial and logistic support.
It was the latest in a series of measures taken in recent months by Argentina to assert its claim to sovereignty over the Falklands, which it calls the Malvinas.
Mr Timmerman said companies involved in oil exploration in Falklands waters were "violating UN resolutions" calling for talks on sovereignty.
The UK Foreign Office said the right to develop the hydrocarbon sector was an "integral part" of the Falkland islanders' right to self-determination.
"These latest attempts to damage the economic livelihoods of the Falkland Islands people regrettably reflect a pattern of behaviour by the Argentine government," the Foreign Office said.
"From harassing Falklands shipping to threatening the islanders' air links with Chile, Argentina's efforts to intimidate the Falklands are illegal, unbecoming and wholly counter-productive," it added
Several British companies are searching for oil and gas in Falklands waters.
One of them - Rockhopper - says it has found significant reserves and is seeking investment partners to begin production.
The search for oil has inflamed tension over the disputed islands ahead of the 30th anniversary of the Falklands War.
On 2 April 1982 Argentina invaded the Falklands, only to be defeated by a British task force sent to recover them.
The UK says there will be no negotiations on sovereignty as long as the Falkland islanders wish to remain British.
Mr Cameron said: "The people of the Falkland Islands could not be clearer that they want to continue their status as an overseas territory of the United Kingdom.
"As long as they want that, that is not going to change."
India uses budget speech to sound upbeat economic note
India's Finance Minister Pranab Mukherjee has unveiled the country's annual budget, saying that the economy is turning around.
He added that India would look to reduce subsidies, accelerate reforms and state asset sales and boost infrastructure spending.
The budget comes as the government's popularity has slumped due to a number of scandals and policy failures.
There were concerns it may sacrifice fiscal prudence in order to win votes.
"I don't see any populist schemes, but this not a reformist budget either," said A Prasanna of ICICI Securities in Mumbai.
"It is a status quo budget. I think the political compulsions made them decide that the best way is to play it safe," Reuters news agency quoted him as saying.
Recovery signs
The government's plans for development have been hampered by a slowdown in the economy.
During the last three months of 2011, India's economy grew at its slowest pace in three years.
Growth was 6.1% in the fiscal third quarter, though on Friday Mr Mukherjee explained that it was only a temporary slowdown.
He forecast that the economy would expand by 6.9% in the current fiscal year ending in March, with growth accelerating to 7.6% in the financial year running from 2012 to 2013.
"Though we have been able to limit the adverse impact of the slowdown in our economy, this year's performance has been disappointing," Mr Mukherjee said.
However, he explained that when compared to other nations "India still remains among the front-runners in economic growth".
He added that "there are signs of recovery in the coal, fertiliser, cement and electricity sectors".
--BBC
Fiat plants in Italy shut over fuel strike
Italian carmaker Fiat has shut down five of its plants in its home country as it struggles to cope with an ongoing transport strike.
Lorry drivers have been protesting over taxes on petrol passed in the austerity budget of Prime Minister Mario Monti since January, maintaining road blocks.
Fiat has said that it has made 20,000 fewer cars over the last three weeks due to the protests.
Fiat chief executive Sergio Marchionne is due to meet Mr Monti later.
A Fiat spokeswoman told the BBC that its plants - four in the south of Italy and one in Turin - had closed on Friday.
The closure includes its Pomigliano plant, near Naples, where it is making the new Panda.
Plant closures in the past weeks had stopped production and it predicted a 10% loss of its Italian market share for this month if drivers don't resume work in the coming days.
Union battles
Separately, it was revealed this week that Mr Marchionne received 14.5m euros (£12m) in compensation - 2.5m euros in cash and the rest in shares.
The Fiat Group is the largest private taxpayer in Italy and also controls US carmaker Chrysler.
Since taking over as chief executive in 2004, Mr Marchionne has been reorganising the company's car plants in Italy.
Despite resistance from unions, more flexible work practices have been introduced.
But according to the company, Fiat's Italian plants are running at just 50% of their potential capacity, while plants in the US and Poland are working at full speed.
Mr Monti leads a government of technocrats tasked with leading Italy out of its debt crisis, and has pushed through a package of spending cuts, tax rises and pension reforms.
Mr Monti took over from Silvio Berlusconi last year in response to the crisis, and says that without the measures Italy would face economic disaster like that which has affected Greece.
Air Berlin losses widen in 2011
Germany's second largest airline, Air Berlin, has reported worse-than-expected losses for 2011 as it continues its efforts to downsize.
The budget carrier reported a net loss of 271.8m euros ($322m; £205m) for the year to 31 December 2011. It made a loss of 97.2m euros in 2010.
Air Berlin blamed the weather, strikes, rising fuel costs, the Arab spring and a new tax for its poor performance.
The firm is 30%-owned by Abu Dhabi-based carrier Etihad.
Air Berlin's revenues rose 13.7% to 4.23bn euros and the number of passengers rose by 1.2% to 35.3 million.
Tax 'distortion'
"Despite record figures for turnover and passenger numbers, we cannot be satisfied with the 2011 results," said chief executive Hartmut Mehdorn.
"Not only as a result of the severe winter in Europe in early 2011, the Arab Spring, air-traffic control strikes and the threat of strike action, the results remained well below expectations," he added.
The company has called for the government to scrap a new air traffic control tax introduced in 2011.
Mr Mehdorn argued the tax "leads to distortion of competition, is environmentally nonsensical and puts jobs at risk".
The struggling carrier is in the middle of a efficiency drive designed to cut 200m euros from its costs in 2012.
However, it said it would be hard to predict whether it would make a profit in 2012 due to the worsening economy.
Following a rapid expansion, Air Berlin has failed to record an operating profit since 2007.
US diplomat warns...Stanford's fraud case has message for Caribbean
The recently concluded fraud case in which Texan billionaire Allen Stanford was convicted of running a US$7-billion Ponzi scheme using a bank in Antigua and Barbuda should serve as a warning to small societies in the Caribbean, a senior US diplomat has said.
Addressing a meeting of the heads of the Financial Intelligence Unit that ended in Barbados on Wednesday, chargé d'affaires at the US Embassy, Christopher Sandrolini, said the region could not afford to relax its vigilance and laws given its vulnerability to criminals.
"Somebody like the recently convicted Allen Stanford obviously had a devastating effect in Antigua in particular, the number of people he employed, the devastating effect on that economy when he went down. It's just one classic example of how vigilant a small society has to be because of the ripple effects that any major crime can have," Sandrolini said.
Stanford was convicted on March 6 of masterminding the Ponzi scheme by bilking tens of thousands of investors of high-yield certificates of deposit at his Antigua-based Stanford International Bank.
The eight men and four women jury found him guilty on 13 of 14 counts. Two days later, the same jury decided that Stanford must forfeit US$330 million in assets in 29 bank accounts seized by the US government.
"I think the drug trafficking threats in many of the islands are already being seen in terms of the rise in crime, the rise in the availability of weapons, the increase in youth gangs, the general climate of fear that can be created, and how easily somebody with money and influence gained through crime can begin to have a corrosive effect and an intimidating effect on the governments and people," Sandrolini added.
Barbados' Attorney General, Adriel Brathwaite, underscored the need for the region to share intelligence given that criminals were building regional networks.
"If we are addressing money laundering and terrorism financing from a Caribbean perspective, then we must ensure that we share our best practices," Brathwaite said.
British High Commissioner to Barbados and the Eastern Caribbean, Paul Brummell, endorsed the call for countries to exchange more information. But he cautioned that this intelligence could become useless if countries do not have adequate legislation in place.
Landmark case
Brummell highlighted a landmark case in St Vincent and the Grenadines in which a local businessman, Antonio 'Que Pasa' Gellizeau, and Bermudan sailor Winston Robinson were found guilty on two charges of money laundering involving US$1.7 million in cash.
He attributed the successful outcome of the case to the adoption of good practice and sharing of experience.
The financial intelligence meeting discussed practical ways to enforce forfeiture, money laundering and proceed of crime legislation in a bid to curb serious crimes, including drug trafficking.
Officials are also hoping to strengthen the capacity of personnel leading the fight in investigating money laundering offences and tracking the proceeds of crime.
- CMC
Europe Looking to Boost Its Bailout Fund
The 17-nation euro currency bloc appears ready to boost the size of the continent's bailout fund to handle future financial emergencies of its debt-ridden countries.
A new $656 billion rescue fund is set to take effect in July. But financial experts in Europe and elsewhere say the fund is too small, and should be increased to cover debts in some of the continent's bigger economies, such as Italy and Spain, if they ever neared default and needed outside assistance. Already, the continent has used a smaller, temporary bailout fund to rescue Greece, Ireland and Portugal with billions of dollars in aid.
European news agencies reported Friday that the eurozone finance ministers, when they meet at the end of the month in Copenhagen, could add $252 billion remaining in the interim fund to the new account to create a rescue fund of more than $900 billion.
That still would be less than some analysts say is necessary. But Germany, with Europe's strongest economy, has opposed creation of what it believes would be too large a fund. German Chancellor Angela Merkel told a group of industry leaders a compromise on the size of the fund could be reached.
But she said that it is important there is no “permanent, incalculable increase of the funds.”