UN Council studies new Iraq resolution
UNITED NATIONS, Nov. 6 (UPI) -- The U.N. Security Council Wednesday began considering the revised U.S. draft resolution that, if approved in a vote anticipated by week's end, would declare Iraq in continuing "material breach" of previous measures and warn Baghdad of "serious consequences" -- the diplomatic term for use of force -- if it fails to cooperate with weapons inspectors. The measure, co-sponsored by Britain, gives Baghdad a "final opportunity to comply" with past and present U.N. resolutions and lays out a strict timetable of compliance.
Powell cancels trip pending UN's Iraq vote
WASHINGTON, Nov. 6 (UPI) -- U.S. Secretary of State Colin Powell has canceled his trip to the Far East because of the impending U.N. Security Council vote on Washington's Iraq resolution, the State Department announced Wednesday. The United States tabled its resolution on Iraq in the Security Council earlier Wednesday and expects a vote Friday.
The revised U.S. draft resolution, if approved, would declare Iraq in continuing "material breach" of previous measures and would warn Baghdad of "serious consequences" -- the diplomatic term for use of force -- if it fails to cooperate with weapons inspectors. It arranges for the U.N. weapon inspectors to be operating in Iraq in 45 days after its passage.
Qatar ask for Arab League Summit
CAIRO, Egypt, Nov. 6 (UPI) -- Qatar has asked for an emergency summit meeting of the Arab League, league sources told United Press International Wednesday. The request was reported as the organization prepared to hold an emergency foreign ministers meeting in Cairo next Sunday to take up Libya's notice, given last month, that it was quitting the league. In a letter to league Secretary General Amr Musa, Qatari Foreign Minister Hamad bin Jasim said he wanted a summit to discuss the situation in the Palestinian territories and Iraq. But the Lebanese An Nahar newspaper said Wednesday Qatar might be considering quitting the league, too.
Bush reaches out to Democrats
WASHINGTON, Nov. 6 (UPI) -- President George W. Bush, heartened by Tuesday's election results, was reaching out to Democrats Wednesday to encourage a bipartisan approach to legislation in the 108th Congress and in the lame-duck session that begins next week, the White House said Wednesday. White House spokesman Ari Fleischer said Bush had no public events scheduled so he could use the telephone to stress "the election is behind us and we need to work together" for the good of the country.
Landrieu faces Dec. 7 runoff with Terrell
NEW ORLEANS, Nov. 5 (UPI) -- Sen. Mary Landrieu, D-La., is pitted against Republican State Elections Commissioner Suzanne Haik Terrell in a runoff Dec. 7 after failing to win the magic 50 percent in Louisiana's unique open primary. The outcome of the Landrieu showdown with Terrell could determine control of the Senate depending on the outcome of other Senate races around the country. With nearly 100 percent of the vote counted, Landrieu had 47 percent and Terrell, with 26 percent, was her closest challenger. There were seven other candidates in the primary, three of them Republicans. Speaking to a rally, Landrieu called the outcome a "great victory" though she faces what is expected to be a well-financed challenge from Terrell.
Chicago prepares for anarchists
CHICAGO, Nov. 6 (UPI) -- Hoping to avert the kind of violence that gripped Seattle during the 1999 World Trade Organization meeting, the city took a number of steps in advance of Thursday's opening of the Trans-Atlantic Business Dialogue meeting. Thousands of anarchists are expected to descend on the city as corporate leaders from the European Union and the United States, along with senior government officials, confer on trans-Atlantic trade policy. The meeting is being hosted by Boeing. Registration began Wednesday. The city has assembled a special squad of 130 police officers -- all at least 6-foot-4 -- to handle demonstrators.
Fed cuts key interest rate to 1.25%
WASHINGTON, Nov. 6 (UPI) -- The U.S. Federal Reserve Board Wednesday cut the key short-term interest rate, the federal funds rate, by 50 basis points to 1.25 percent. The monetary easing exceeded Wall Street's expectations, and it marks the Fed's first effort to jump-start the economy this year. It takes the fed funds rate to near the July 1961 level when it averaged 1.17 percent. The Fed didn't target rates at that time, however. In its statement announcing the cut, Fed policy-makers warned that "greater uncertainty, in part attributable to heightened geopolitical risks, is currently inhibiting spending, production, and employment."
Stocks climb on rate cut
NEW YORK, Nov. 6 (UPI) -- Investors were in a buying mood Wednesday after the Federal Reserve Board cut its key short-term interest rate half a point and the surprising election night resignation of Securities and Exchange Commission head Harvey Pitt. The blue-chip Dow Jones industrial average rose 92.74 points, or 1.07 percent, to 8,771.01, while the tech-heavy Nasdaq composite index gained 17.82 points, or 1.27 percent, to 1,418.99.
