Obama addresses military as gov’t shuts down

WASHINGTON — President Barack Obama is telling members of the military he’ll work to get Congress to re-open the government as soon as possible.

Obama is addressing troops in a video message after Congress missed a midnight deadline to avert a partial government shutdown.

Obama says troops in uniform will remain on duty as usual. He says he’s signed a law ensuring troops get paid on time. He says ongoing operations in Afghanistan and elsewhere will continue and the U.S. will ensure those in harm’s way have what they need.

But Obama says Defense Department civilians may be furloughed. He says that compounds the damage from spending cuts that have already affected the military.

Hundreds of thousands of government workers will be off the job Monday, but some essential services will continue.

source: newsinfo.inquirer.net

Oil prices mixed in Asian trade

SINGAPORE—Oil prices were mixed in Asian trade Wednesday after climbing in New York as concerns over a US-led military strike on Syria returned.

New York’s main contract, West Texas Intermediate for delivery in October, eased 26 cents to $108.28 in mid-morning trade, while Brent North Sea crude for October gained 12 cents to $115.80.

Market jitters over Syria resurfaced after Republican House Speaker John Boehner and his right hand man Eric Cantor said they would support a strike against the Assad regime over its alleged use of chemical weapons.

The move was a rare gesture of unity in a divided Congress and left US President Barack Obama hopeful of securing a vote for action from lawmakers next week.

Investors fear US intervention could lead to a wider conflict in the politically volatile Middle East, a key source of the world’s crude oil supplies.

Oil prices have tumbled from multi-month highs after Obama said he would seek approval from Congress for military action. They had soared on speculation of imminent US strikes.

source: business.inquirer.net

Dollar sags in Asia on Syrian tension

TOKYO—The dollar edged down against the safe-haven yen in Asia on Tuesday due to concerns over a possible US military action against Syria.

The dollar was at 98.29 yen in Tokyo afternoon trade, down from 98.51 yen in New York Monday afternoon.

The euro bought $1.3373 and 131.45 yen compared with $1.3369 and 131.68 yen.

The greenback lost ground in the wake of a decline in Tokyo stocks and due to concerns over a possible US military strike against Syria, said a dealer at a Japanese bank.

“The possibility of the US military attacks could make investors risk averse, weighing on the dollar,” he told Dow Jones Newswires.

US Secretary of State John Kerry gave the most explicit warning yet to Damascus that the US would take action over the chemical weapons attack, which he labelled a “moral obscenity”.

Speaking amid reports that Washington and its allies are preparing to launch a punitive cruise missile strike on Syrian targets, Kerry accused Bashar al-Assad’s regime of engaging in a cover-up.

“Let me be clear. The indiscriminate slaughter of civilians, the killing of women and children and innocent bystanders by chemical weapons is a moral obscenity,” he declared in a televised statement.

“By any standard it is inexcusable, and despite the excuses and equivocations that some have manufactured, it is undeniable.”

Emerging Asia currencies were mostly lower, with the Indian rupee trading at 65.32 to the dollar, down from 64.23 Monday afternoon and close to a record low of 65.56 last week.

Expectations of an end to the US stimulus programme have seen investors in recent months repatriate some of the vast sums that have poured into emerging economies, hitting currencies and equities.

“Coming on the heels of Friday’s soft US new home sales report, the market has become even more alert to the (US) economy’s readings into the September 18 FOMC,” National Australia Bank said.

Some speculate the US central bank would announce its start of tapering the bond-buying programme at the next September 17-18 meeting of the policy-setting Federal Open Market Committee.

The dollar rose to 10,925 Indonesian rupiah from 10,770 on Monday.

It went up to 44.43 Philippine pesos from 44.20 pesos, to 1,115.85 South Korean won from 1,113.20 won, and to Sg$1.2824 from Sg$1.2791, and to Tw$29.97 from Tw$29.89.

The Thai baht was flat at 32.16 baht.

The Australian dollar fell to 89.81 US cents from rose to 90.39 cents. The Chinese yuan fetched 16.03 yen against 16.07 yen.

source: business.inquirer.net