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AIG repays $6.9 billion of US TARP bailout

WASHINGTON – Bailed-out insurance giant AIG repaid $6.9 billion of a US government bailout Tuesday, using proceeds from the sale of its stake in industry rival MetLife, the US Treasury said. A Treasury statement said that American International Group used $6.6 billion of the $9.6 billion it received from the…

Scientists warn of ‘dangerous over-reliance’ on GPS

LONDON – Developed nations have become “dangerously over-reliant” on satellite navigation systems such as GPS, which could break down or be attacked with devastating results, British engineers said Tuesday. The Royal Academy of Engineering said the application of the technology was now so broad — from car sat-navs to the…

EU pulls up shy of bold climate emissions targets

STRASBOURG – The European Commission on Tuesday set out recommendations for EU states to radically slash CO2 emissions by 2050, but avoided upsetting governments or industry with precise targets. Climate action commissioner Connie Hedegaard and energy colleague Guenther Oettinger laid out their “roadmap” to 2050, but stressed that its success…

UN food rights expert urges trading regulation

GENEVA – The UN expert on food rights on Tuesday urged regulation of agriculture commodities trading to stop a speculative bubble that is artificially helping to drive up food prices. Olivier De Schutter, the UN special rapporteur on the right to food, warned that the situation may be amplified by…

US concerned over disappearance of Chinese activists

WASHINGTON– The United States expressed concern Tuesday over the disappearance of prominent Chinese lawyers and activists in China. Up to 100 leading rights lawyers and activists have disappeared since mid-February, campaigners said, as police launched a crackdown to try to avert any political unrest echoing popular uprisings in the Arab…

US, Libyan opposition meet in Cairo

WASHINGTON – US Ambassador to Libya Gene Cretz and other US officials met in Cairo with members of the opposition seeking to topple Libyan leader Moamer Kadhafi, the State Department said Tuesday. The State Department declined to identify Cretz’s interlocutors but said Washington has been in contact with opposition members…

Obama, Cameron discuss Libya no-fly zone

WASHINGTON – US President Barack Obama and British Prime Minister David Cameron agreed Tuesday to plan a “full spectrum” of action on Libya, including a possible no-fly zone, surveillance and a relief effort. Obama and Cameron spoke amid calls for immediate international action to halt Moamer Kadhafi’s crackdown on rebels…

Wall Street insider trading trial picks jury

NEW YORK – The trial of former hedge fund tycoon Raj Rajaratnam began Tuesday in New York with the painstaking selection of a jury in a case prosecutors see as an example of Wall Street corruption and greed. Sri Lankan-born Rajaratnam, 53, used insider information at his Galleon Group fund…

US Treasury Secretary Geithner bullish on global economy

BERLIN – The US Treasury Secretary said Tuesday the global economy was at its healthiest for several months, in bullish remarks on a whirlwind trip to Germany where he also discussed the euro crisis. Speaking after a meeting with Wolfgang Schaeuble, Germany’s finance minister, Timothy Geithner said: “We see a…

Arab uprisings raise hope, doubts among filmmakers

OUAGADOUGOU – Popular uprisings that toppled veteran leaders in the Arab world have raised hopes among north African filmmakers that the winds of change will also blow across the burgeoning industry. But there are fears too that the revolts which ousted Tunisia’s Zine El Abidine Ben Ali, Egyptian strongman Hosni…