G-8 ministers upbeat on economy

Finance ministers from the world’s most industrialized nations were upbeat about the global economy Saturday despite global jitters about rising interest rates and tumbling stocks.

The G-8 ministers’ final statement focused on the dangers of galloping oil prices and “widening” global imbalances. But it did not mention interest rate increases in several countries and recent declines on world markets. And ministers later brushed aside fears of economic turbulence.

“As we look around the global economy today we see no major crises, no major economies in recession, we see strong growth, inflation well-contained, interest rates at the low end of the historic level and rising prosperity,” U.S. Treasury Secretary John Snow said at a news conference.

The ministers’ statement made no direct reference to the U.S. trade deficit but recognized that tackling global imbalances was a “shared responsibility.”

Snow reaffirmed a goal of slashing the deficit before President Bush leaves office in 2008. “We are well on target for cutting the deficit in half,” he said.

Taipei, Taiwan

Protesters demand Taiwan leader quit

Some 20,000 Taiwanese demonstrated in the capital Saturday, demanding the president resign over allegations some of his relatives engaged in insider trading.

The protest was part of an opposition campaign for a referendum to oust President Chen Shui-bian, whose term ends in 2008.

The recall referendum can only take place if two-thirds of Taiwan’s 225-seat legislature approves it. The opposition would need the support of the 10 independent lawmakers and another 25 from Chen’s Democratic Progressive Party to achieve the required majority.

The outcome is considered unlikely, but the opposition is pushing ahead in the hopes of pressuring the president to step down.

Rio de Janeiro, Brazil

28 suspected of illegal logging

Police arrested 28 people suspected of operating an illegal logging ring in Brazil’s Amazon rain forest and were looking for 46 more, officials said.

Some 300 officers in five states were involved in Friday’s operation to shut down a gang accused of using phony permits to harvest rare tropical hardwoods.

Three agents from the federal environmental agency and one member of the Acre state environment protection agency were among those arrested, police said.

According to the Environment Ministry, the loggers cut some 5.3 million cubic feet of wood worth an estimated $20 million over three years.

Beirut, Lebanon

Hariri death probe extension asked

A U.N. team investigating the assassination of a former Lebanese prime minister reported “considerable progress” in its work and asked that its mandate be extended by up to one year, according to a report released Saturday.

The report from Belgian prosecutor Serge Brammertz’s investigators said Syria – which had been accused of obstructing the probe into Rafik Hariri’s death – has cooperated in some respects. Some senior-level Syrian officials have been implicated in the Feb. 14, 2005, bombing that killed Hariri and 22 others, they said.

Hariri’s killing provoked an international outcry that ultimately forced Syria to withdraw thousands of its troops from Lebanon in April 2005, ending nearly three decades of military dominance of the country. Syria has denied involvement in Hariri’s death.