Posts Tagged ‘South Korea’

The U.S. military will conduct an anti-submarine warfare exercise with South Korea early next month, sending a message to the North that Washington is committed to defending its ally, the Pentagon said on Wednesday.Pentagon spokesman Bryan Whitman said the joint exercise, which is likely to annoy regional power China, would be conducted off the western coast of the Korean Peninsula and was aimed at defending against “sub-surface” attacks, particularly following the sinking of one of the south’s warships in March.

“This exercise certainly sends a clear message to North Korea that the U.S. is committed to the defense of the Republic of Korea,” Whitman told reporters. “Our commitment is unequivocal.”Asked about China’s likely negative reaction, Whitman said Beijing had no reason to view the joint series of exercises as a threat to its security.

“These exercises are intended to deter North Korea from future destabilizing attacks such as that which occurred with Cheonan,” he said, referring to the sinking of the South Korean warship earlier this year, which was blamed on Pyongyang.The North has denied involvement in the sinking of the Cheonan, which killed 46 sailors, and sees the latest string of joint exercises as a provocation by its neighbor and Washington.After Seoul competed drills near a disputed maritime border off the west coast this month, the North retaliated by firing a barrage of artillery shells in the same area.

SUCCESSION JITTERS

Relations across the divided peninsula have become more fraught following the attack on the Cheonan and there also is growing concern in Washington over the North’s increasingly unpredictable behavior.U.S. Defense Secretary Robert Gates said last week that recent provocations by the North should be seen in the context of tensions surrounding the succession of leader Kim Jong-il, who is expected to hand over power to his youngest son.

Gates said Kim’s youngest son was probably seeking to “earn his stripes” with the North Korean military and he was concerned that there were more attacks ahead.The latest military exercise, planned for early September, followed a visit by Gates and U.S. Secretary of State Hillary Clinton to Seoul last month, Whitman said.The exercise will focus on anti-submarine warfare tactics, techniques and procedures and was designed specifically to improve the readiness and proficiency of U.S. and South Korean forces against potential sub-surface attacks, he said.Whitman said the exercise was still in the planning stages and declined to provide details on which U.S. ships might be involved or the scope or length of the exercise.As the North’s only major ally, China has called the U.S. drills a threat to both its security and regional stability.After a joint U.S.-South Korea naval drill in the Sea of Japan last month, China conducted its own heavily publicized military exercises.(Reuters)

Tokyo  – FIFA officials who examined the Japanese candidacy to host the 2022 World Cup gives thumbs up at the main soccer stadium outside Tokyo, according to the chairman of Japan’s candidacy. Five-member team from world soccer’s governing body had visited the 64 000 seat stadium in the satellite town of Saitama, north of Tokyo, after being two days in the city of Osaka. Saitama Stadium, which has been used in the nine-year-old World Cup 2002, organized jointly by Japan and North Korea, and became the headquarters of J-League club, Urawa Red Diamonds, who won the Champions League Asian Football Confederation (AFC) in 2007.

Fifa’s team, led by President of the Chilean Football Federation Harolds Mayne-Nicholls, check out the stadium, which is one of the 13 stadiums are included in the nomination list of Japan, about an hour and check the condition of the field, seating, and locker room.

“They check everything is rincidan seemed very impressed,” said President of the Japan Football Association, Motoaki Inukai, who led Japan’s nominating committee, told reporters. FIFA inspectors arrived in Japan Monday for a four-day visit. The visit is the first visit of the tour two months to nine candidates for World Cup 2018 and 2022.

A total of 24 officials of the FIFA executive will choose the host on December 2 in Zurich. In Osaka, they used a helicopter to inspect the field the former central railway station of the city, a place that will build the stadium with a capacity of 83 000 seats and will use solar-powered electricity and will be used for the opening and final matches in the year 2022.

They also attended the presentation of the candidacy of Japan, including a plan to serve football fans around the world to watch live matches are broadcast in three dimensions. In Tokyo, they visited the convention center in downtown, The Tokyo International Forum, before meeting with Prime Minister Naoto Kan.

The next visit was to South Korea, Australia, Holland and Belgium jointly nominate, Russia, UK, Spain, Portugal, the United States, and Qatar. Japan, South Korea, and Qatar only nominate for the 2022 World Cup, while the lainnnya tried to nominate himself for the World Cup in 2018 or 2022.(AFP)

Seoul, A number of robot guards that can detect and kill the enemy deployed in South Korea  along the border with North Korea are heavily guarded, as officials said on Tuesday (13 / 7). “Our military has been testing the robots along the border,” said a defense ministry spokesman (Kemenhan), as quoted by AFP. South Korean robot used is a combination of two robots that have the ability to investigate, track, shoot and recognize the sound system integrated into a single unit, he said, declining to give further details.

Robot that per-unit costs 400 million won (330,000 dollars) was installed last month at a checkpoint in the middle of the Military Free Zone, which divides the peninsula, Yonhap news agency said. A military officer who was not quoted by name said the ministry would deploy robots guards along the front lines of the Cold War world and then, if the test was successful. Robot using motion and heat detection devices to sense a possible threat, and alert the command center, said Yonhap.

If the command center operator can not identify the possibility of an intruder through audio or video communication system of robots, operators can be ordered to fire a weapon or a 40mm automatic grenade launcher. Carousel is now also developing advanced combat robots armed with weapons and sensors that can complement the soldiers on the battlefield. Carousel has a conscript army with a strength of 655 000 compared to the Pyongyang army which reached 1.2 million. Meanwhile, there are estimates, declining birth rate means Seoul in the future will strive to maintain the number of troops.(AFP)

Seoul, (TVOne).

A number of robot guards that can detect and kill the enemy deployed in South Korea (ROK) along the border with North Korea (North Korea) are heavily guarded, as officials said on Tuesday (13 / 7).

“Our military has been testing the robots along the border,” said a defense ministry spokesman (Kemenhan), as quoted by AFP.

South Korean robot used is a combination of two robots that have the ability to investigate, track, shoot and recognize the sound system integrated into a single unit, he said, declining to give further details.

Robot that per-unit costs 400 million won (330,000 dollars) was installed last month at a checkpoint in the middle of the Military Free Zone, which divides the peninsula, Yonhap news agency said.

A military officer who was not quoted by name said the ministry would deploy robots guards along the front lines of the Cold War world and then, if the test was successful.

Robot using motion and heat detection devices to sense a possible threat, and alert the command center, said Yonhap.

If the command center operator can not identify the possibility of an intruder through audio or video communication system of robots, operators can be ordered to fire a weapon or a 40mm automatic grenade launcher.

Carousel is now also developing advanced combat robots armed with weapons and sensors that can complement the soldiers on the battlefield.

Carousel has a conscript army with a strength of 655 000 compared to the Pyongyang army which reached 1.2 million.

Meanwhile, there are estimates, declining birth rate means Seoul in the future will strive to maintain the number of troops.

Reporting from Mesa, Arizona .As a candidate for president, Republican John McCain lamented his party’s tough talk on illegal immigration. “In the long term, if you alienate the Hispanics, you’ll pay a heavy price,” he told a group of Milwaukee businessmen in October 2006.Back then, some strongly favored walling off the U.S. Mexico border to address the problem, but not McCain. “I think the fence is least effective,” the Arizona senator said.

Lately, however, McCain has transformed himself from a champion of broadbased reform — who spoke of illegal immigrants as “God’s children,” deserving of love and compassion — into a fierce advocate for the kind of crackdown he once scorned.In a recent TV ad, McCain blamed illegal immigrants for all manner of problems facing his state: “smuggling, home invasions, murder.” It is time, he said, for Washington to “complete the danged fence.”Facing his toughest reelection fight in years, McCain’s future may hinge on whether voters see him as honest or opportunistic.

Old allies are dismayed. “Someone who was a visionary … has gone from being very large to very, very small,” said Rep. Luis V. Gutierrez (DIll.), who worked with McCain and the late Massachusetts Democratic Sen. Edward M. Kennedy on a bipartisan immigration overhaul bill.Old foes are dismissive. Among them is former Rep. J.D. Hayworth, McCain’s main rival in the August primary and a longtime adversary. “An electionyear conversion,” Hayworth said.

The more important verdict, however, rests with voters like Linda StapleyWilliams, 60, a retired high school teacher and GOP activist in Mesa. She wonders: “Did he change his position as he was exposed to new information? Because that can be an admirable thing. Or did he change his opinion because the outcry was so overwhelming and there was no way he was going to get reelected if he didn’t?”

McCain — who holds a comfortable, if not overwhelming, lead in polls — declined to be interviewed. Last month he told the Arizona Republic it was “a political ploy” to say he changed his immigration stance.For years, McCain criticized Washington for failing to control the border, pushed for stiffer law enforcement and worked to pry federal dollars loose to help Arizona pay the costs of illegal immigration. But that was only part of the solution, he said many times.

“Congress cannot take a piecemeal approach to a national security crisis,” McCain said in a Senate floor speech in September 2006. “I believe the only way to truly secure our border and protect our nation is through the enactment of comprehensive immigration reform.”Working with Democrats, McCain introduced an enforcement bill in 2005 that included a guestworker program and a provision allowing citizenship for illegal immigrants who learned English, paid a fine, underwent background checks and waited several years before seeking permanent residence.

The legislation was strongly backed by President George W. Bush and passed the Senate with bipartisan support. But the measure drew fierce criticism from grassroots Republicans angry at what they considered amnesty. The bill was killed in the House.Even so, McCain’s coauthorship continues to antagonize many back home.

On a recent hot afternoon, a group of seven GOP women gathered in Mesa over cold drinks to talk about McCain. All were pleased with his harder line, including support for Arizona’s stringent new law against illegal immigration — though some found him more believable than others. None would consider voting for McCain had he not repudiated the 2005 immigration bill.”That’s a dealbreaker,” said Sharon Giese, 63, one of two Arizona representatives on the Republican National Committee. Others nodded.

Mesa typifies the changes in Arizona over the last decade or so, with its explosive growth and influx of Latinos. Once a faroff satellite of Phoenix, Mesa has become the state’s thirdmost populous city, with about 460,000 residents. (That’s more than Cleveland or Miami.)Much of the community has the feel of an upscale oasis. Broad streets, laid out in the grid pattern favored by Mesa’s Mormon founders, are lined with tidy subdivisions and earthtoned shopping centers, a cool mist drifting from the redtile rooftops.

But the heavily Latino neighborhoods near downtown show all the signs of incipient urban decay: empty homes, slashes of graffiti, bars on windows, weeds poking through cracked sidewalks.Since taking a harder line on illegal immigration, the Arizona senator’s future may hinge on whether voters see him as honest or opportunistic.Mesa’s Latino population soared over the last decade, three times faster than the total population, to more than 115,000 residents. Today, 1 in 4 people living in Mesa is Latino, up from 1 in 5 in 2000, according to Tony Sissons, a Phoenix demographics expert.But the Republican women were adamant their support for tough border enforcement has nothing to do with race. Rather, they said, it has everything to do with following the law.

“I feel for the people in Mexico because I know they want the best for the families,” said Heather Sandstrom, 52, a retired TV newscaster. “I think it’s great if they want to immigrate here…. We’d love to have you. But do it legally.”McCain used to say the same thing. In recent months, however, he has made the kind of provocative statements he once condemned. Instead of lamenting the “human tragedy” of illegal bordercrossers dying in the desert, as he did in 2008, he accuses undocumented foreigners of deliberately crashing into other cars — apparently so they can flee when pursuing officers stop to tend accident victims.

“Arizona is under siege in many respects,” McCain said in a recent Fox News appearance. “We have broken borders. We have people flooding across. We have drug cartels inflicting incredible damage.”In fact, statistics suggest that Arizona is safer than it was in the 1990s, when the tide of illegal immigration began to surge. New FBI figures rate Phoenix as one of the four safest big cities in America. From 2008 to 2009, data show, violent and property crimes fell nearly 9% in Mesa and surrounding suburbs.

For many, however, the numbers don’t compute; the news is filled with crime stories linked to suspected illegal immigration or drug trafficking: the killing of a cattle rancher near the Mexico border, the shooting of a sheriff’s deputy in Pinal County.

The Republican women lamented the changes they have seen over the last few years: more day laborers hustling on more street corners, schools increasingly burdened by children who can’t speak English, hospitals filled with illegal immigrants receiving free medical care.”It’s just not fair,” said retiree Carol Jacobsen, 71, who moved to Arizona from the Midwest in 2001. “They’re getting a free ride.”

In 2007, McCain and Kennedy tried to reach agreement on a new immigration bill. By then, McCain was seeking the GOP presidential nomination and being pummeled for his immigration stance; his campaign nearly collapsed that summer, about the same time overhaul efforts died on Capitol Hill.Although McCain rallied to win the nomination, the outcry convinced him that border security had to be addressed before other steps could be considered.

Some who worked with McCain on comprehensive legislation hope he will resume talks once the election is past. (Assuming he wins.) “I don’t think this has staying power with him, mentally or in his heart,” Gutierrez said of McCain’s current position.

That’s what worries Son Hee Williamson, who emigrated legally, she stresses from South Korea nearly 40 years ago. She likes the senator’s tougher approach to illegal immigration. “But I don’t know if he’s going to keep that promise” if reelected, the GOP activist said.She is still deciding who to support in August.

SEOUL, South Korea  An explosion caused by a torpedo likely tore apart and sank a South Korean warship near the North Korean border, Seoul’s defense minister said Sunday, while declining to assign blame for the blast as suspicion increasingly falls on Pyongyang.Defense Minister Kim Tae-young said an underwater explosion appeared to have ripped apart the vessel, and a torpedo blast seemed the most likely cause. Investigators who examined salvaged wreckage separately announced Sunday that a close-range, external explosion likely sank it.

“Basically, I think the bubble jet effect caused by a heavy torpedo is the most likely” cause, Kim told reporters. The bubble jet effect refers to the rapidly expanding bubble an underwater blast creates and the subsequent destructive column of water unleashed.Kim, however, did not speculate on who may have fired the weapon and said an investigation was ongoing and it’s still too early to determine the cause.

Soon after the disaster, Kim told lawmakers that a North Korean torpedo was one of the likely scenarios, but the government has been careful not to blame the North outright, and Pyongyang has denied its involvement.As investigations have pointed to an external explosion as the cause of the sinking, however, suspicion of the North has grown, given the country’s history of provocation and attacks on the South.

The Cheonan was on a routine patrol on March 26 when the unexplained explosion split it in two in one of South Korea’s worst naval disasters. Forty bodies have been recovered so far, but six crew members are still unaccounted for and are presumed dead.
The site of the sinking is near where the rival Koreas fought three times since 1999, most recently a November clash that left one North Korean soldier dead and three others wounded. The two Koreas are still technically at war because their 1950-53 Korean War ended in a truce, not a peace treaty.

Also Sunday, investigators said a preliminary investigation of the front part of the 1,200-ton ship – retrieved the day before – pointed to an external explosion.Chief investigator Yoon Duk-yong told reporters that an inspection of the hull pointed to an underwater explosion. He appeared to support the bubble jet effect theory, saying, “It is highly likely that a non-contact explosion was the case rather than a contact explosion.”

But he, too, said it was too early to determine what caused the explosion.Earlier Sunday, Prime Minister Chung Un-chan said South Korea will take “stern” action against whoever was behind the explosion as the country started a five-day funeral for the 46 dead and missing sailors. Makeshift alters were set up in Seoul and other major cities to allow citizens to pay their respect.

“We will remember all of you in the name of the Republic of Korea to let you keep alive in our hearts,” said Chung, clad in a black suit and tie. The 46 sailors will be promoted by one rank and awarded posthumous medals, he said.In Pyongyang, the North marked the 78th anniversary of the founding of the country’s military Sunday with a vow to “mercilessly” punish any hostile moves by “the imperialist enemies,” a term it uses when referring to the U.S.

Pyongyang routinely accuses the U.S. of plotting to invade the North, despite the repeated denials by Washington.”If the imperialist enemies intrude into” the North’s territory, “its army will beat them back at a stroke by mercilessly showering bombs and shells on them,” the North’s main Rodong Sinmun newspaper said in an editorial carried by the official Korean Central News Agency. It didn’t mention the ship sinking.(AP)

Nairobi  Somali pirates on Wednesday threatened to blow up a ship hijacked the majors unless the ransom was paid $ 20 million, and hijack a Panamanian-flagged merchant ship. South Korea sent a destroyer to ambush dream Samho carrying two million barrels of crude oil with a crew that includes five South Koreans and 19 citizens of the Philippines, after the ship was seized this month.

“We are demanding $ 20 million ransom for the release of South Korean ship,” said Hashi, leader of the pirates that controlled the ship was owned by a Singapore company. “The ship and its crew safe. We know that a number of warships to attack plan, but told them that the ship will be detonated if they attack us,” said the pirate nest in Hobyo.

Meanwhile, Andrew Mwangura, officials of the East African Seafarers Assistance Programme based in Kenya, said the Panamanian-flagged vessel MV VOC controlled pirate Daisy at dawn at the site some 190 kilometers southeast of the port Salalah in Oman. The ship was manned by 21 Filipinos.

He said the big ship sailing from the United Arab Emirates to a port that is not mentioned on the Suez Canal when it was hijacked. It is unclear what brought the ship of goods.

EU naval patrols in the area confirmed the hijacking of ships weighing 47,183 tons of it in the news site. Three hijacked Thai fishing vessel at the weekend and a series of failed attacks launched since then.

Pirates operating off the coast of Somalia to increase piracy attacks on ships in the Indian Ocean and Gulf of Aden in recent months despite a foreign navy held off the coast of the Horn of Africa . The waters off the coast of Somalia is home to most piracy-prone world, and the International Maritime Bureau reporting 24 attacks in the region between April and June 2008 alone.

The pirates attacked more than 130 merchant ships in that year, an increase of more than 200 percent of the attacks in 2007, according to the International Maritime Bureau. Pirate groups in Somalia, which operates in a strategic sea lane that connects Asia and Europe, making millions of dollars in ransoms from hijacking ships in the Indian Ocean and the Gulf of Aden.

Multinational naval patrols in the strategic sea route connecting Europe with Asia through the Gulf of Aden availability appears that only the bands of pirates operating expand their attacks deeper into the Indian Ocean.

Pirate the failed Horn of Africa country is currently holding a dozen ships and over 200 crew, including British couples ship hijacked off the Seychelles. Security Council has approved the operation of incursions into Somali territorial waters to fight piracy, but warships patrolling the area did not do much, according to Puntland Fisheries Minister Ahmed Saed Ali Nur.

the weak Somali transitional government, currently battling a bloody insurgency, is not able to stop the action of the pirates who hijack ships and demand ransom for the release of vessels and their crews. Pirates armed with rocket-propelled grenades and automatic rifles, using speedboats to pursue their goal. Submerged Somalia since the lifting of energy and anarchism war commanders overthrew dictator Mohamed Siad Barre in 1991. In addition to piracy, kidnappings and deadly violence have also affected the country.( Reuters)

SEOUL  The Korean government south  was initiated new legislation to reduce the rampant opium use internet, following the death of a child aged three months for negligent parents. Jae-Beom Kim and Kim Yun-jeong, they threatened to jail for being guilty of neglecting her daughter who was three months. Her son died of malnutrition. Apparently, his parents rarely fed him for being too busy dwelling on the Internet. That couples prefer to keep the child in a virtual online gaming rather than maintaining their own biological child. All this is because both have been addicted to playing online.

“This is a big enough phenomenon that occurred throughout the history of the internet in South Korea. Addictions are almost the same with drink and drugs addiction, such as a requirement that makes the person back again to the internet many times,” said Professor of Clinical Forensic Psychology at Monash University James Ogloff, was quoted by ABC Net, Monday (12/4/2010). South Korean government predicts there is approximately two million Internet users, or approximately 9 percent of the total number of South Korean Internet users, who fall into the category of addiction.

Jae-beom and Yun-jeong reportedly often visit the center online game named PC Bang in Seoul, almost similar to an internet cafe. In Seoul, the popularity of the PC Bang is pretty big. Even the South Korean government plans to introduce software that is capable of handling approximately 8.8 percent of internet users are addicted. One software includes programs to turn off the internet when consultation is not required, and another one is software that can create an online gamer to feel exhausted after a few minutes to play internet.

Seoul Over 80 percent of South Koreans favor the death penalty, and want more that 50 prisoners had been sentenced to be executed in the country, according to research institute poll of the ruling party on Sunday. The results of a survey conducted through telephone interviews on Friday by Youido Institute of 3049 adults across the country, clearly influenced by the rape and murder of a 13-year-old boy in the port city of Busan, southern South Korea.

Last week the police apprehended Kim Kil-tae, 33, who has made two previous rape, the murder of the girl. According to the survey, 83.1 percent of respondents said the death penalty is necessary to prevent such barbaric crimes, while 11.1 percent opposed it for reasons of human rights and the remaining 5.8 per cent in doubt. “margin of error” to reach 1.77 percent.

Poll results came out about two weeks after the Constitutional Court which consisted of nine men a fatwa issued five to four that the death penalty does not violate the state constitution. South Korean court issued the death penalty was not yet carrying out executions since February 1998 when the Kim Dae-jung, dissident who was sentenced to death in 1980 but later forgiven, became president of South Korea.

Regarding the fate of the 59 prisoners who had been sentenced to death, 91.4 percent said they do not allow execution means breaking the law, according to the survey. The survey results were released after Ahn Sang-soo, the Grand National Party leaders of the ruling, calling for the execution of the prisoner.(Yonhap-OANA)

LONDON  World markets fell Friday after the U.S. Federal Reserve unexpectedly raised interest rates for emergency bank loans, triggering fears that regular borrowing costs could also move higher soon, slowing the recovery in the world’s largest economy.The central bank said Thursday it will bump up the “discount” lending rate by one-quarter point to 0.75 percent effective Friday, part of a pullback of the extraordinary aid it provided to fight the financial crisis.Although the Fed said the step should not be seen as a signal that it will soon boost interest rates for consumers and businesses, markets were spooked.After sharp drops in Asia, Germany’s DAX stock index was down 0.2 percent at 5,671.28 and Britain’s FTSE 100 was flat at 5,326.84. France’s CAC-40 fell 0.2 percent to 3,742.09.Wall Street was also expected to fall on the open. Dow Jones industrials futures were down 50 points at 10,325.00 and Standard & Poor’s 500 futures were 8.2 points lower at 1,097.40.

Growing optimism about the strength of the U.S. economy had helped boost the Dow Jones industrial average rise by 3 percent over the past three days. But the surprise Fed announcement after Wall Street trading closed left traders wondering whether the so-called “exit strategy” from a loose monetary policy could come faster than expected and stifle U.S. consumer demand.”It begs the questions of why this was not done, or at least signaled at a regular Federal Open Market Committee meeting,” said Marc Ostwald, strategist at Monument Securities in London.”It certainly is the case that the Fed wants to see how money markets function without so much of the liquidity life support that the Fed has been providing, and as such one can term this a form of ‘kite flying’,” said Ostwald.The Fed move, which doesn’t change consumer borrowing rates, also helped boost the U.S. dollar and push the euro below nine-month lows – a sign traders may be turning away from higher-risk investments, analysts said.The euro fell to $1.3504 from $1.3529 late Thursday after trading at nine-month lows below $1.3400. After rising against the Japanese yen, the dollar was flat at 91.75 yen.

The euro has been under pressure in recent months over worries about the debt problems of Greece and other countries in Europe, such as Portugal and Spain. Although the EU said it was committed to helping Greece in case of a default, it did not provide any concrete plans for a bailout but limited itself to demand more spending cuts.Economic data in Europe, meanwhile, failed to shore up investor sentiment. The purchasing managers’ survey of the eurozone, an economic indicator published by Markit research group, was stable in February, suggesting the recovery from recession has stagnated somewhat.A rise in the manufacturing reading offset a drop in the services sector, providing “little hope that the much-needed domestic recovery is beginning to materialize,” said Ben May, European economist at Capital Economics in London.Markets in China and Taiwan are closed this week for the Lunar New Year holiday.Earlier in Asia, Hong Kong’s Hang Seng stock index led decliners, diving 528.13, or 2.6 percent, to 19,894.02 while Japan’s Nikkei 225 stock average dropped 212.11, or 2.1 percent, to 10,123.58.”As the dollar strengthens, we see less appetite for riskier assets such as Asian stocks.” said Jit Soon Lim, head of equity research for Southeast Asia for Nomura in Singapore. “We’re bullish on the region’s economic growth, but bearish on risk.”

South Korea’s Kospi declined 27.29, or 1.7 percent, to 1,593.90. India fell 1 percent and Indonesia dropped 0.5 percent.Singapore’s stock measure retreated 0.9 percent despite an increase of the government’s 2010 economic growth forecast to between 4.5 percent and 6.5 percent from 3 percent to 5 percent.In the U.S. on Thursday, the Dow rose 83.66, or 0.8 percent, to 10,392.90 while the broader Standard & Poor’s 500 index rose 7.24, or 0.7 percent, to 1,106.75. The Nasdaq composite index rose 15.42, or 0.7 percent, to 2,241.71, its fifth straight advance.Oil prices slid to near $78 a barrel after the Fed’s rate hike sent the U.S. dollar higher.Benchmark crude for March delivery was down 90 cents at $78.16 in electronic trading on the New York Mercantile Exchange. The contract added $1.73 to settle at $79.06 on Thursday.(AP)

SYDNEY Energy giant PetroChina Co. Ltd. has pulled out of a $40 billion deal to buy natural gas from a project off Australia, leaving Woodside Petroleum Ltd. looking for new customers.Reasons for letting the preliminary agreement lapse were not given, but analysts said Tuesday it was probably because PetroChina had become dissatisfied with the cost in the two years since the deal was signed.Woodside informed Australia’s stock exchange on Monday that an early stage agreement for the Browse Basin liquefied natural gas project off Western Australia state had not been settled by a Dec. 31 deadline and had now lapsed.A spokesman for PetroChina Ltd. in Beijing, Liu Weijiang, said on Tuesday he had no information on the deal and asked a reporter to call again later.Under the September 2007 agreement, PetroChina would potentially buy up to three million metric tons (3.3 million tons) of LNG per year from the project for up to 20 years.At the time, it was one of Australia’s largest export deals with an estimated worth of AU$45 billion ($40 billion).Since then, deals between prospective developers of the massive gas reserves on Australia’s so-called Northwest Shelf and customers have accelerated, with companies in China, Japan and South Korea signing on to multibillion dollar, two-decade agreements last year.The lapse of the PetroChina deal means that the terms, including price, for a large chunk of the Brown Basin gas are once again fully open to negotiation.

“The deal was good at the time, but in the past two years things have been changing rapidly,” said Peter Kopetz, energy analyst with Western Australia-based State One Stockbroking.PetroChina would probably look for other sources of gas, said Yang Wei, an oil industry analyst at Guotai Junan Securities in Shanghai.”I think it’s probably that the price is not right. It’s too expensive,” he said.PetroChina in August reached a $41 billion deal to buy natural gas from another project in the same region, that is being developed by Chevron.Chinese energy companies have signed a multibillion-dollar string of deals to import oil and gas from the Gulf, Africa, Central Asia and elsewhere to feed the demands of the country’s rapidly growing economy.Woodside had hoped the Browse project would be in production by 2012, but the company said Monday this timeline was no longer realistic, and a final investment decision by partners including Woodside, Chevron, BHP Billiton and Royal Dutch Shell would not be made until mid-2012.

Woodside said an agreement for CPC Corporation Taiwan to buy up to three million metric tons (3.3 million tons) of LNG per year for up to 20 years from the Browse project was still in place, and the company was looking for more customers.”Woodside remains in ongoing discussions with other Asia-Pacific LNG customers in relation to potential sales from its portfolio of Australian LNG developments, including the Browse project,” Woodside said in a statement.Woodside shares closed just shy of 1 percent higher on Tuesday at AU$47.97.(AP)