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Sony boss recalls Jackson's brilliance

NEW YORK, June 26 (UPI) -- Sony, which released five of Michael Jackson's wildly popular albums, said Friday the late U.S. pop star left an indelible imprint on popular music and culture.

The 13-time Grammy Award-winning recording artist died in Los Angeles Thursday after going into cardiac arrest. He was 50. The circumstances of his death are under investigation and an autopsy was expected to be conducted Friday.

"Off the Wall," "Thriller," "Bad," "Dangerous" and "HIStory" were released by Epic Records, a Sony Music label, and are among the top-sellers of all time.

Jackson sold an estimated 750 million records worldwide, released 13 No. 1 singles and was twice inducted into the Rock 'n' Roll Hall of Fame -- for his solo career and work with The Jackson 5.

The Guinness Book of World Records recognized Jackson as the most successful entertainer of all time and "Thriller" as the biggest selling album of all time.

"Michael Jackson was a brilliant troubadour for his generation, a genius whose music reflected the passion and creativity of an era," Howard Stringer -- chairman, chief executive officer and president of Sony Corp. -- said in a statement. "His artistry and magnetism changed the music landscape forever. We have been profoundly affected by his originality, creativity and amazing body of work."

"Michael Jackson's unsurpassed artistry and beloved music brought joy to every corner of the world," added Rolf Schmidt-Holtz, chief executive officer of Sony Music Entertainment. "It was a true privilege for all of us in the Sony Music family to work with one of the most talented superstars in the history of music. We will miss him greatly."

Mousavi vows not to back down

TEHRAN, June 26 (UPI) -- Iranian opposition leader Mir Hossein Mousavi, in a statement, vowed not to bow to "recent pressures" to change his mind about challenging election results.

In a statement posted on his newspaper's Web site, Mousavi said the pressures were aimed at isolating him and "making me change my position regarding the annulment of the election," The Wall Street Journal reported Friday.

"I cannot modify black as white and white as black," Mousavi was quoted as saying. "This is not the solution to expect me to express something in which I don't believe."

Mousavi and other presidential candidates protested the outcome of the June 12 election in which President Mahmoud Ahmadinejad was declared the winner, charging widespread ballot fraud. Protesters have wracked Iran since. Official reports say 17 people have died, most on Saturday when protesters confronted police and pro-government militias.

Press TV, an Iranian government-funded broadcaster, reported Mousavi as saying "those responsible for electoral fraud" sided with factions behind the post-election violence, CNN reported.

CNN said it was unable to verify the statement on the Web site because access to it appeared to be blocked. The Iranian government has cracked down on the demonstrations and news-gathering by international journalists.

Ayatollah Ali Khamenei has given the Guardian Council, which oversees the country's election, until next week to examine claims of ballot irregularities and certify the polls, but public statements by Khamenei and the council indicate Ahmadinejad's win will stand.

10 die in Baghdad bike mart blast

BAGHDAD, June 26 (UPI) -- A motorcycle bomb exploded at a bicycle market in Baghdad Friday, killing 10 and wounding 25 people, police said.

Police said most of the victims were teenagers, the Kuwaiti news agency KUNA reported.

The bombing comes just days before U.S. combat troops are scheduled to pull out of Iraqi cities. As part of a security agreement with Iraq, U.S. combat troops are to withdraw from Iraqi cities and towns by Tuesday.

Karzai leads despite his unpopularity

NEW YORK, June 26 (UPI) -- Afghanistan President Hamid Karzai appears poised to win re-election even though most voters view him largely as a failure, political observers say.

Karzai's popularity is sagging amid a Taliban resurgence and chaos envelopes much of a country divided by deep-seated ethnic, religious and tribal rivalries, The New York Times reported. Widely held expectations that Karzai will easily win the election despite his unpopularity have left many Afghans disenchanted, dashing their hopes for progress, and could discourage some from voting, the newspaper said Thursday.

Karzai has managed to win the support of his opponents or reduce them to long shots, the Times said. Often, he relies on government resources like employees, helicopters and airplanes to help his campaign and makes no secret of cutting deals with militia commanders known for brutality and corruption, the newspaper said.

The U.S. government had staunchly supported Karzai, but President Barack Obama recently criticized the Afghan president, pointing to weakness and corruption in his government.

A Karzai victory, the Times said, could thwart American efforts to fight the Taliban in Afghanistan.

Russia considers banking bailout plan

MOSCOW, June 26 (UPI) -- Fearing bad loans could seriously jeopardize its economy, Russia is reported considering a banking bailout plan, government officials say.

The proposal would go beyond the emergency action of the United States, analysts told The Financial Times.

Deputy Prime Minister Igor Shuvalov called a meeting of financial experts Friday in Moscow to consider taking stakes in troubled banks and recapitalize the country's banking system, the Times said.

One of several plans under consideration would see the issue of treasury bills to boost the balance sheets of Russia's 55 biggest banks (those with a minimum of $1.6 billion in assets), the Times reported. In return, the state would get preferred shares.

Unlike the U.S. bank bailout, the Russian plan would see the government take board seats and have veto rights.

Analysts said such a plan would allow banks to declare the true level of bad loans and enable them to start lending again in 2010.