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Libya 'to pull Swiss bank assets'

Libya is to withdraw assets from Swiss banks, estimated at $7bn, as a diplomatic row over the arrest of the Libyan leader's youngest son escalates.

Hannibal Gaddafi and his wife were detained in Geneva for assault in July, but the charges were later dropped.

The state-run news agency Jana also said that Libya was halting oil shipments to Switzerland.

An unnamed foreign ministry official said it was for the "poor treatment of Libyan diplomats and businessmen".

All kinds of economic co-operation with Switzerland are to be stopped until Geneva clarifies its motives, Jana quotes him as saying.


The BBC's Rana Jawad in the Libyan capital, Tripoli, says Libya had previously demanded an apology from Swiss authorities for the arrest of Muammar Gaddafi's son.

The couple were accused of hitting two of their staff.

They were released on bail three days later and Libya did not follow through on a threat at the time to halt oil shipments.

The two servants dropped all charges after receiving undisclosed compensation.

Libyan oil firm Tamoil says it supplies 20% of the Swiss fuel market and has more than 300 petrol stations in the country.

Swiss authorities have made no immediate comment on the latest developments.

Story from BBC NEWS

Published: 2008/10/10 08:58:47 GMT

In other news on the BBC:

Bank turmoil fuels phishing boom - phishing attacks are up at least 180% over last year. Credit card fraud is likewise on the rise. UK reports 302 million pounds lost in the first six months of 2008, up 14% from the first six months of 2007.

According to an EU-commissioned study - the global economy is losing more money from the disappearance of forests than through the current banking crisis. The economics of climate change are monetizing biodiversity and carbon sinks like forestland. Study leader Pavan Sukhdev, in a statement to BBC News said: "So whereas Wall Street by various calculations has to date lost, within the financial sector, $1-$1.5 trillion, the reality is that at today's rate we are losing natural capital at least between $2-$5 trillion every year."

Repossession being considered a "mental threat" is not surprising. I'm glad that 90 year old woman in Ohio does not have to worry about foreclosure anymore. I never did find out why Polk, in 2004, took out a 30-year, 6.375 percent mortgage for $45,620 with a Countrywide Home Loan office in Cuyahoga Falls, Ohio and an $11,380 line of credit.

Also... lucky those in the UK, as well as other countries with socialized health care, for whom mental health care is relatively free.

The National Council for Voluntary Organisations says that at least 60 of its 6,500 members may have lost up to 120 million pounds of deposits that were meant for long-term projects. This includes The Cat Protection League. I wonder how the financial downturn is affecting U.S. based charities…

Where is the outrage? Why isn't OUR leader (US-Centric, yes) demanding the recent falls in the price of oil be passed on to the consumer?

Fear grips global stock markets…. Still. Never seems to end, does it? Turmoil! Fear! Plunging value of money! Fear! Be Afraid!

In other, other news:

Man Kills Bear With Stick

New Invasion of V's Lizard Aliens Coming! Here's the Variety article and for good measure… The Wiki.

Did you know that the 1980's miniseries V, in which aliens invaded Earth, served as an allegory for the Holocaust and Nazi Germany? Scott Peters, one of the two executive producers of the new V, said he won’t duplicate that concept, except that the new "V" will still focus on what happens when the masses have blind faith in their leaders.

Will Jesus be returning as an Atlantic blacktip shark? In a study reported Friday in the Journal of Fish Biology, scientists said DNA testing proved that a pup carried by a female Atlantic blacktip shark in the Virginia Aquarium & Marine Science Center contained no genetic material from a male.

The first documented case of asexual reproduction, or parthenogenesis, among sharks involved a pup born to a hammerhead at an Omaha, Neb., zoo.

Interesting, reminds me of a Charlotte Perkins Gilman novel: Herland. Electronic text of the book to be found here.

Hey! Who gave this guy permission to build my library?! OMGF! *drools heavily into cupped hand to protect the books* Follow the link for more tasty personal library pictures… Yum.

Last, but certainly not least if [ profile] crabbyolbastard has anything to say about it: New chips poised to revolutionize digital photography.


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