Thursday, August 9, 2012
NEWS FROM AFGHANISTAN AUGUST 9, 2012
Photo Credit: U.S. ArmyFROM: U.S. DEPARTMENT OF DEFENSE
Combined Force Arrests Taliban-affiliated InsurgentCompiled from International Security Assistance Force Joint Command News Releases
WASHINGTON, Aug. 9, 2012 - In the Andar district of Afghanistan's Ghazni province, an Afghan and coalition security force today arrested a Taliban-affiliated insurgent responsible for acquiring and emplacing improvised explosive devices along Highway 1, military officials reported.
The Taliban-affiliated insurgent also is responsible for several rocket attacks against Afghan and coalition convoys in the region, officials said.
At the time of his arrest, officials said, the insurgent was actively planning to conduct several more IED attacks along Highway 1, and also was planning to kidnap an Afghan government official.
The security force also detained two suspected insurgents during the operation, officials said.
In other operations today:
-- In the Now Zad district of Helmand province, a combined force detained several suspects and seized several assault rifles during an operation to arrest a Taliban explosives cell leader. The Taliban leader controls an insurgent cell specializing in IEDs and suicide attacks.
-- An Afghan-led, coalition-supported force detained numerous suspects during an operation to arrest a Taliban weapons supplier in the Zharay district of Kandahar province.
-- In the Zharay district of Kandahar province, a combined force detained multiple suspects and seized more than 100 fake IDs during an operation to arrest a Taliban leader. The sought-after Taliban leader is responsible for providing operational guidance to insurgent fighters, as well as planning attacks against Afghan and coalition forces.
-- A combined force killed two insurgents, detained several suspects and seized several firearms during an operation to arrest a Taliban leader in the Baraki Barak district of Logar province. The sought-after Taliban leader builds and emplaces IEDs that are used throughout the region. He also acquires heavy weapons and assault rifles for Taliban insurgents.
In operations yesterday:
-- A combined force killed three insurgents in Ghazni province's Ab Band district.
-- A combined force found and cleared an IED in Kapisa province's Nejrab district.
-- In Khost province, a combined force found and cleared one IED in the Sabari district and another in the Bak district.
-- A combined force killed three insurgents in Kunar province's Nari district.
-- In Logar province, a combined force found and cleared an IED in the Pul-e Alam district.
-- A coalition airstrike killed two insurgents in Logar province's Kharwar district.
-- In Nangarhar province, a combined force detained an insurgent who was emplacing an IED in the Bati Kot district.
-- A combined force found and cleared an IED in Paktika province's Orgun district.
-- A combined force found and cleared an IED in Paktia province's Gardez district.
-- Also in Paktia province, a combined force detained two insurgents who were found in possession of suspicious materials in the Shwak district.
TEST AIRCRAFT DROPS A BOMB
FROM: U.S. NAVY
120808-O-GR159-001 NAVAL AIR STATION PATUXTENT RIVER, Md. (Aug. 8, 2012) F-35B test aircraft BF-3, flown by Lockheed Martin test pilot Dan Levin, completed the first aerial weapons release for any variant of the aircraft. BF-3 dropped an inert 1,000-pound GBU-32 Joint Direct Attack Munition over an Atlantic Ocean test range from an internal weapons bay. The F-35B is the variant of the Joint Strike Fighter designed for use by U.S. Marine Corps, as well as F-35 international partners in the United Kingdom and Italy. The F-35B is capable of short take-offs and vertical landings to enable air power projection from amphibious ships, ski-jump aircraft carriers and expeditionary airfields. The F-35B is undergoing test and evaluation at NAS Patuxent River, Md., and Edwards Air Force Base, Calif., before delivery to the fleet. (U.S. Navy photo courtesy Lockheed Martin/Andy Wolfe/Released)
F-35 Completes First Airborne Weapons Separation
By Victor Chen, F-35 Integrated Test Force Public Affairs
PATUXENT RIVER, Md. (NNS) -- The F-35 Lightning II accomplished a significant test milestone Aug. 8 when the aircraft successfully released a weapon in flight.
BF-3, a short take-off and vertical landing F-35 variant, executed an inert 1,000-pound GBU-32 Joint Direct Attack Munition (JDAM) separation weapon over water in an Atlantic test range while traveling at 400 knots at an altitude of 4,200 feet.
"While this weapons separation test is just one event in a series of hundreds of flights and thousands of test points that we are executing this year, it does represent a significant entry into a new phase of testing for the F-35 program," said Navy Capt. Erik Etz, director of test for F-35 naval variants. "Today's release of a JDAM was the result of extraordinary effort by our team of maintainers, engineers, pilots and others who consistently work long hours to deliver F-35 warfighting capability to the U.S. services and our international partners."
The release was the first time for any version of the F-35 to conduct an airborne weapon separation, as well as the first from an internal weapons bay for a fighter aircraft designated for the U.S. Marine Corps, the United Kingdom and Italy.
The milestone marks the start of validating the F-35's capability to employ precision weapons and allow pilots to engage the enemy on the ground and in the air.
"[Using an internal weapons bay] speaks to how much capability the JSF is going to bring to the troops," said Dan Levin, Lockheed Martin test pilot for the mission. "Stealth, fifth-generation avionics and precision weapons ... coupled with the flexible mission capability of the short take-off and vertical landing F-35B is going to be huge for our warfighters."
An aerial weapons separation test checks for proper release of the weapon from its carriage system and trajectory away from the aircraft. It is the culmination of a significant number of prerequisite tests, including ground fit checks, ground pit drops and aerial captive carriage and environment flights to ensure the system is working properly before expanding the test envelope in the air.
Aircraft and land-based test monitoring systems collected data from the successful separation, which is in review at the F-35 integrated test force at Naval Air Station Patuxent River.
The F-35B is the variant of the Joint Strike Fighter designed for use by U.S. Marine Corps, as well as F-35 international partners in the United Kingdom and Italy. The F-35B is capable of short take-offs and vertical landings to enable air power projection from amphibious ships, ski-jump aircraft carriers and expeditionary airfields. The F-35B is undergoing test and evaluation at NAS Patuxent River, Md., and Edwards Air Force Base, Calif., prior to delivery to the fleet.
For more information, visit www.navy.mil, www.facebook.com/usnavy, or www.twitter.com/usnavy.
MEMORIAL DEDICATION HONORING HELICOPTER CRASH THAT CLAIMED 38 LIVES
FROM: U.S. NAVY
Rear Adm. Sean Pybus, right, commander of Naval Special Warfare Command, right, and Force Master Chief (SEAL) Stephen Link salute as "Taps" is played during a memorial dedication ceremony at Naval Special Warfare Command in honor of the one-year anniversary of the Extortion 17 helicopter crash. The crash claimed the lives of 38 personnel, including 22 special operations forces in Afghanistan on Aug. 6, 2011. U.S. Navy photo by Mass Communication Specialist 3rd Class Geneva G. Brier (Released) 120806-N-CG160-082
SUICIDE ATTACK KILLS USAID FOREIGN SERVICE OFFICER IN AFGHANISTAN
FROM: U.S. STATE DEPARTMENTDeath of USAID Officer in Afghanistan
Press Statement
Hillary Rodham Clinton
Secretary of State
Washington, DC
August 9, 2012
The United States strongly condemns the suicide attack yesterday in Kunar province, Afghanistan, that killed USAID Foreign Service Officer Ragaei Abdelfattah, three ISAF service members and an Afghan civilian, and injured a State Department Foreign Service officer. On behalf of President Obama and the American people, I have sent my deepest condolences to Ragaei’s family and to the entire U.S. Mission in Afghanistan.
Ragaei’s work over the last year was critical to our efforts to support Afghanistan's political, economic, and security transitions and was an example of the highest standards of service. Over the last 15 months -- partnering with local officials -- he worked in eastern Afghanistan to help establish new schools and health clinics, and deliver electricity to the citizens of Nangarhar and Kunar provinces. Ragaei was so committed to our mission and to the people of Afghanistan that he volunteered to serve a second year.
With the work of people such as Ragaei, the civilian surge we launched in Afghanistan in 2009 has made a tremendous impact, strengthening the capacity of the Afghan Government and laying a foundation for long-term sustainable development. Though we are shocked and saddened by this loss and will miss Ragaei, our efforts will continue.
I send my thanks to our Diplomatic Security and military colleagues who work hard to ensure that our civilians in the field can get out each and every day to work side-by-side with our Afghan partners. Yesterday’s tragic incident is a reminder of our shared mission and shared sacrifice. It strengthens our resolve to continue working with the Afghan people to build their economy, democratic institutions, rule of law, and security so that Afghanistan can stand on its own as a stable, secure, and increasingly prosperous country.
I also want to send my appreciation today to all of my State Department and USAID colleagues around the world who work every day in challenging environments to advance U.S. interests and promote freedom and prosperity.
UNEMPLOYMENT INSURANCE WEEKLY CLAIMS REPORT FOR WEEK ENDING AUGUST 4, 2012
In the week ending August 4, the advance figure for seasonally adjusted initial claims was 361,000, a decrease of 6,000 from the previous week's revised figure of 367,000. The 4-week moving average was 368,250, an increase of 2,250 from the previous week's revised average of 366,000.
The advance seasonally adjusted insured unemployment rate was 2.6 percent for the week ending July 28, unchanged from the prior week's unrevised rate.
The advance number for seasonally adjusted insured unemployment during the week ending July 28 was 3,332,000, an increase of 53,000 from the preceding week's revised level of 3,279,000. The 4-week moving average was 3,304,750, an increase of 4,500 from the preceding week's revised average of 3,300,250.
The advance number of actual initial claims under state programs, unadjusted, totaled 317,580 in the week ending August 4, an increase of 4,934 from the previous week. There were 354,408 initial claims in the comparable week in 2011.
The advance unadjusted insured unemployment rate was 2.5 percent during the week ending July 28, unchanged from the prior week's unrevised rate. The advance unadjusted number for persons claiming UI benefits in state programs totaled 3,239,100, a decrease of 7,551 from the preceding week. A year earlier, the rate was 2.8 percent and the volume was 3,580,433.
The total number of people claiming benefits in all programs for the week ending July 21 was 5,750,084, a decrease of 214,367 from the previous week.
Extended benefits were only available in Idaho during the week ending July 21,
Initial claims for UI benefits by former Federal civilian employees totaled 1,455 in the week ending July 28, an increase of 125 from the prior week. There were 2,418 initial claims by newly discharged veterans, a decrease of 104 from the preceding week.
There were 17,456 former Federal civilian employees claiming UI benefits for the week ending July 21, a decrease of 494 from the previous week. Newly discharged veterans claiming benefits totaled 39,172, a decrease of 32 from the prior week.
States reported 2,412,938 persons claiming EUC (Emergency Unemployment Compensation) benefits for the week ending July 21, a decrease of 119,890 from the prior week. There were 3,158,312 claimants in the comparable week in 2011. EUC weekly claims include first, second, third, and fourth tier activity.
The highest insured unemployment rates in the week ending July 21 were in Puerto Rico (4.3), theVirgin Islands (4.1), New Jersey (3.8), Pennsylvania (3.8), Alaska (3.6), Connecticut (3.6), California (3.5), Rhode Island (3.4), New York (3.2), and Nevada (3.1).
The largest increases in initial claims for the week ending July 28 were in New York (+3,250), Washington (+485), Nebraska (+136), Mississippi (+111), and Connecticut (+46), while the largest decreases were in Kentucky (-4,884), California (-4,738), Georgia (-2,206), Florida (-1,840), and Ohio (-1,810).
U.S.-EQUATORIAL GUINEA RELATIONS
Map Credit: U.S. State DepartmentFROM: U.S. STATE DEPARTMENTThe United States established diplomatic relations with Equatorial Guinea in 1968, following the country's independence from Spain. Equatorial Guinea's President has held office for more than three decades, and his party dominates the legislature. Three major U.S. foreign policy issues form the cornerstone of the bilateral relationship with Equatorial Guinea -- good governance and democracy; the protection of human rights; and U.S. national security, especially access to energy resources. The United States seeks to encourage improved human rights, the development of a working civil society, greater fiscal transparency, and increased government investment in Equatorial Guinea's people in areas such as health and education.
U.S. Assistance to Equatorial GuineaU.S. assistance to Equatorial Guinea has focused on introducing the country’s military and police forces to the principles of human rights, good governance, and democracy, and on improving regional maritime security. The U.S. Agency for International Development has several small regional projects, but does not have a presence within the country. The Ambassador's Self-Help Fund annually finances a number of small grassroots projects. Equatoguineans visit the U.S. under programs sponsored by the U.S. Government, U.S. oil companies, and educational institutions.
Bilateral Economic RelationsEquatorial Guinea's hydrocarbon riches dwarf all other economic activity; the country's oil reserves are located mainly in the Gulf of Guinea. U.S. oil companies are one of Equatorial Guinea’s largest investors, and they have a lead role in oil and gas exploration and extraction. Equatorial Guinea's exports to the U.S. are dominated by petroleum products. In an effort to attract increased U.S. investment, U.S. passport-holders are entitled to visa-free entry for short visits. Imports from the United States include machinery, iron and steel products, optic and medical instruments, and inorganic chemical and rare earth minerals.
Equatorial Guinea's Membership in International OrganizationsEquatorial Guinea has used its oil wealth to expand its foreign presence, establishing diplomatic missions in other countries. Equatorial Guinea and the United States belong to a number of the same international organizations, including the United Nations, International Monetary Fund, and World Bank. The country also is an observer to the Organization of American States and World Trade Organization.
CFTC CHAIRMAN GENSLER OP-ED REGARDING INTEREST RATES
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Photo: CFTC Chairman Gary Gensler. Credit: CFTCFROM: U.S. COMMODITY FUTURES TRADING COMMISSION
"Libor, Naked and Exposed – New York Times OP-ED"
Opinion by Chairman Gary Gensler
August 7, 2012AMERICANS who save for the future, use credit cards or borrow money for tuition, cars and homes deserve assurance that the interest rates on their savings and loans are set in a reliable and honest way.
That’s why the revelation that the British bank Barclays attempted to manipulate the London interbank offered rate, or Libor — one of the benchmark rates used to determine the cost of borrowing around the world — is so disturbing. But the Barclays case isn’t only about misconduct by large financial institutions. It also raises questions about the reliability and accuracy of these key interest rates, which are largely determined by the private sector, without significant government oversight.
When you save money in a money market fund or short-term bond fund, or take out a mortgage or a small-business loan, the rate you receive or pay is often based, directly or indirectly, on Libor. It’s the reference rate for nearly half of adjustable-rate mortgages in the United States; for about 70 percent of the American futures market; and for a majority of the American swaps market, where businesses hedge risks from changes in interest rates.
Libor is supposed to be the average rate at which the largest banks honestly believe they can borrow from one another unsecured (that is, without posting collateral). Libor was set up in the 1980s when banks regularly made loans to other banks on that basis.
However, the number of banks willing to lend to one another on such terms has been sharply reduced because of economic turmoil, including the 2008 global financial crisis, the European debt crisis that began in 2010, and the downgrading of large banks’ credit ratings this year.
Banks have shifted toward secured borrowing and, on occasion, borrowing from central banks like the Federal Reserve and the European Central Bank. As Mervyn King, the governor of the Bank of England, said of Libor in 2008: "It is, in many ways, the rate at which banks do not lend to each other."
These changes in the markets raise questions about the integrity of this important benchmark.
First, why is Libor so different from another benchmark interest rate for borrowing in United States dollars — Euribor, or euro interbank offered rate? Both rates are calculated on the basis of banks’ answers to roughly the same question. For Libor, a bank is asked at what rate it thinks it can borrow, while for Euribor, a bank is asked at what rate it thinks other banks are able to borrow. And yet the Euribor for dollar borrowings is about twice as high as the comparable Libor.
Second, why have Libor and other benchmark rates typically not been aligned, since 2008, with the borrowing rates that would be implied by foreign exchange markets? A long-established financial theory known as interest rate parity says that the difference in interest rates between two countries should be roughly in line with the expected change in exchange rates between the countries’ currencies. (If it isn’t, that opens an opportunity for arbitrage, the practice of taking advantage of price differences.)
Until 2007, as the theory predicted, the difference between the borrowing rate in one currency and the lending rate in another could typically be derived from foreign currency exchange rates. In the last few years, that hasn’t been the case, and this divergence between theory and practice has yet to be adequately explained.
Third, why is the volatility of the dollar-denominated Libor so much lower than the volatility of other short-term credit market rates? Just like stocks and bonds, short-term interest rates experience a certain volatility. But Libor has less severe swings than comparable rates.
In addition, the variation in rates that some banks submit to the British Bankers’ Association — the private group that oversees Libor — don’t seem to match the variation in the rates for their credit default swaps (financial instruments that are similar to insurance and are one measure of a bank’s credit risk). There have been times when the swap rates have widened for particular banks (suggesting a growing credit risk) even as their Libor submissions have remained stable (suggesting that the banks’ borrowing costs haven’t changed).
Anyone saving or borrowing for the future has a real stake in the integrity of Libor and in the answers to these questions.
When the Commodity Futures Trading Commission, which oversees derivatives markets, began looking into interest-rate setting in 2008, we were guided not only by questions about the decline of actual unsecured lending among banks, the supposed basis of Libor, but also by our founding statute, the Commodity Exchange Act. The law prohibits attempts to manipulate and falsely report information that tends to affect the price of a commodity — including interest rates like Libor.
Markets work best when benchmark rates are based on observable transactions. The public is shortchanged if Libor, the emperor of rates, is not clothed in such transactions.
One solution might be to use other benchmark rates — like the overnight index swaps rate, which is tied to the rate at which banks lend to one another overnight — that are based on real transactions. There are also benchmark rates based on actual short-term secured financings (loans in which collateral is pledged) between banks and other financial institutions.
For any new or revised benchmark to be broadly accepted by the financial markets, borrowers, lenders and hedgers who rely on Libor would benefit from a process for an orderly transition.
The Barclays case demonstrates that Libor has become more vulnerable to misconduct. It’s time for a new or revised benchmark — an emperor clothed in actual, observable market transactions — to restore the confidence of Americans that the rates at which they borrow and lend money are set honestly and transparently.
Gary Gensler is the chairman of the Commodity Futures Trading Commission.
RECENT PHOTOS FROM U.S. AIR FORCE NATIONAL GUARD
FROM: U.S. AIR FORCE NATIONAL GUARD
Air National Guard members, 167th Airlift Wing, unload equipment from a C-5 Galaxy aircraft for the Patriot Exercise in Volk Field, Wis., July 13, 2012. The 2012 Patriot Exercise gives 1100 guard personnel from 15 states the opportunity to integrate with local and state agencies during valuable training simulations. (National Guard photo by Master Sgt. Aaron Smith/Released)
Air National Guard members remove equipment from a C-17 Globemaster III in support of PATRIOT 12 Exercise. PATRIOT 12 held at Volk Field, Wis. is used to sharpen the skills of emergency responders. (National Guard photo by Master Sgt. Ralph J. Kapustka/Release)
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