Monday, June 24, 2013

What happens if the US and China tighten credit simultaneously?

The US and Chinese central banks have reasons for starting to reduce the credit they're pushing into the economy. The risk is that this double-whammy of tightening will be greater than the sum of its parts, weighing on economic growth worldwide. ?

By Jonathan Harsch,?Contributor / June 24, 2013

A stock investor reacts near a board displaying stock prices at a brokerage house in Huaibei in central China's Anhui province Monday June 24, 2013. Global stock markets reeled Monday, with Shanghai's index enduring its biggest loss in four years, after China allowed commercial lending rates to soar in a move analysts said was aimed at curbing a booming underground lending industry.

AP

Enlarge

Confidence in global economic recovery is wavering after a jolting one-two punch that has driven markets down around the world.

Skip to next paragraph

Recent posts

' + google_ads[0].line2 + '
' + google_ads[0].line3 + '

'; } else if (google_ads.length > 1) { ad_unit += ''; } } document.getElementById("ad_unit").innerHTML += ad_unit; google_adnum += google_ads.length; return; } var google_adnum = 0; google_ad_client = "pub-6743622525202572"; google_ad_output = 'js'; google_max_num_ads = '1'; google_feedback = "on"; google_ad_type = "text"; // google_adtest = "on"; google_image_size = '230x105'; google_skip = '0'; // -->

Stock prices fell and bond rates rose late last week after comments from Fed Chairman Ben Bernanke sparked concern that the US central bank would scale back its stimulus plans. On Monday, stock markets around the world moved down again sharply as reports circulated that the Chinese government may have decided to either allow or actually encourage a liquidity squeeze, which threatens to curb economic growth in China and throughout Asia.

One highly visible sign of the changing times came?Monday?when Chinese stock prices suffered their largest declines since August 2009. China?s CSI 300 Index, made up of the 300 biggest companies in the Shanghai and Shenzhen stock exchanges, lost 6.3 percent. This latest drop puts the index 22 percent below this year?s high and firmly in bear market territory.

Behind the Chinese market plunge is mounting fear that China?s central bank will respond not by easing credit but instead by extending new tighter credit standards. The result could be a worsening liquidity crunch that could affect markets and economies worldwide. According to analysts at Moody's Investors Service, the Chinese central bank may have made ?a conscious decision? to curb credit growth in China by deliberately reining in the country?s shadow banking system.

Suicide bombings kill 5 people in Syrian capital

DAMASCUS, Syria (AP) ? Syrian activists and state media say at least five people have been killed in two suicide bombing attacks on security compounds in the capital, Damascus.

Nobody immediately claimed responsibility for Sunday's explosions, but they bore the hallmarks of al-Qaida linked groups that have joined forces with rebels fighting to oust President Bashar Assad.

The state-run news agency says three suicide bombers blew themselves up while trying to break into the Rukneddine police station, killing five people. SANA says three would-be suicide bombers also bombers tried to break into the Criminal Security Branch in the Bab Mousalla area but were caught by security forces before they could detonate their explosives.

Activists also say least 5 people were killed in the first attack.

Source: http://news.yahoo.com/suicide-bombings-kill-5-people-syrian-capital-151914907.html

google io Kelly Rowland Dirty Laundry star trek abercrombie and fitch Rolando McClain angelina jolie abercrombie

Obama to unveil climate plan in Tuesday speech

(AP) ? President Barack Obama is preparing to unveil his long-awaited national plan to combat climate change in a major speech, he announced on Saturday.

"There's no single step that can reverse the effects of climate change," Obama said in an online video released by the White House. "But when it comes to the world we leave our children, we owe it to them to do what we can."

People consulting with White House officials on Obama's plan, to be unveiled Tuesday at Georgetown University, say they expect him to put forth regulations on heat-trapping gases emitted by existing coal-fired power plans. They were not authorized to disclose details about the plan ahead of the announcement and requested anonymity.

Environmental groups have been pleading with Obama to take that step, but the administration has said it's focused first on controls on new power plants. The Environmental Protection Agency, using its authority under the Clean Air Act, has already proposed controls on new plants, but the rules have been delayed ? to the chagrin of states and environmental groups threatening to sue over the delays.

An administration official said last week that Obama was still weighing whether to include existing plants in the climate plan. The official wasn't authorized to comment by name and requested anonymity.

The White House wouldn't disclose any details Saturday about what steps Obama may call for. But his senior energy and climate adviser, Heather Zichal, said last week that controls on greenhouse gas emissions from power plants would be a major focus. She also said the plan would boost energy efficiency of appliances and buildings, plus expand renewable energy.

Putting a positive spin on a contentious partisan issue, Obama said the U.S. is uniquely poised to deal with the serious challenges posed by climate change. He said American scientists and engineers would have to design new fuels and energy sources, and workers will have to adapt to a clean energy economy.

"We'll need all of us, as citizens, to do our part to preserve God's creation for future generations," Obama said.

Environmental groups have for months been pushing Obama to make good on a threat he issued to lawmakers in February in his State of the Union address: "If Congress won't act soon to protect future generations, I will." Obama's move to take the matter into his own hands appears to reflect a growing consensus that opposition in Congress is too powerful for any meaningful, sweeping climate legislation to pass anytime soon.

"They shouldn't wait for Congress to act, because they'll be out of office by the time that Congress gets its act together," Rep. Henry Waxman, the top Democrat on the House Energy and Commerce Committee, said in an interview.

Environmental groups applauded the announcement that Obama was finally releasing a plan for executive action, but made clear they want to see firm proposals ? including controls for existing power plants.

"Combating climate change means curbing carbon pollution ? for the first time ever ? from the biggest single source of such dangerous gases: our coal-fired power plants," said Frances Beinecke, president of the National Resources Defense Council. "We stand ready to help President Obama in every way we can."

Another key issue hanging over the announcement ? but unlikely to be mentioned on Tuesday ? is Keystone XL, a pipeline that would carry oil extracted from tar sands in western Canada to refineries along the Texas Gulf Coast. A concerted campaign by environmental activists to persuade Obama to nix the pipeline appears to be an uphill battle. The White House insists the State Department is making the decision independently.

Obama's speech on Tuesday will come the day before he leaves for a weeklong trip to three African nations.

___

Online:

http://www.youtube.com/watch?v=gcL3_zzgWeU

___

Reach Josh Lederman on Twitter at http://twitter.com/joshledermanAP

Associated Press

Source: http://hosted2.ap.org/APDEFAULT/f70471f764144b2fab526d39972d37b3/Article_2013-06-22-US-Obama-Climate-Change/id-f720b89da85949c8a69abe7bac2e11fd

wnba draft tax day april 17 tu pac hologram shuttle pippa middleton space shuttle discovery

Analysis: For Obama, a world of Snowden troubles

By Warren Strobel and Paul Eckert

WASHINGTON (Reuters) - Since his first day in office, President Barack Obama's foreign policy has rested on outreach: resetting ties with Russia, building a partnership with China and offering a fresh start with antagonistic leaders from Iran to Venezuela.

But the global travels on Sunday of former National Security Agency contractor Edward Snowden highlight the limits of that approach. Leaders Obama has wooed - and met recently - were willing to snub the American president.

The cocky defiance by so-called "non-state actors" - Snowden himself and the anti-secrecy group, WikiLeaks, completes the picture of a world less willing than ever to bend to U.S. prescriptions of right and wrong.

Snowden flew out of Hong Kong, the semi-autonomous Chinese territory, early on Sunday after Hong Kong authorities rebuffed a U.S. request to detain him pending extradition to the United States for trial. Snowden has acknowledged leaking details of highly classified NSA surveillance programs.

Beijing may merely have wished to get rid of a potential irritant in its multifaceted relationship with Washington. But Snowden's next stop was Russia, a U.S. "frenemy" in which the friend factor has been harder to spot since President Vladimir Putin returned to power in May 2012.

WikiLeaks, which says it is helping the 30-year-old Snowden, said via Twitter that he intended to go to Ecuador, whose government has antagonistic relations with Washington. Ecuador's foreign minister, Ricardo Patino Aroca, said, also via Twitter, that his government had received an asylum request from Snowden.

To be sure, the U.S. government is certain to marshal all of its diplomatic, legal and political powers to return Snowden to the United States, where he is charged with offenses under the Espionage Act and with theft of government property.

The United States has revoked Snowden's passport, sources familiar with the decision said on Sunday.

But Snowden has significant levers of his own, in the form of a cache of NSA secrets of unknown size and scope.

Senator Dianne Feinstein, chairwoman of the Senate Intelligence Committee, said on Sunday that the U.S. government apparently does not know the extent of the secrets taken by Snowden, whose last job was as a systems administrator at an NSA listening post in Hawaii.

"The only thing I've learned is that he could have over 200 separate items and whether that's true or not, that's what has been relayed to me," Feinstein said on CBS "Face the Nation."

Snowden told Hong Kong's South China Morning Post on Saturday that the United States hacks into Chinese mobile phone traffic and text messaging, as well as Chinese university sites that host some of the country's major Internet hubs.

It is unclear whether such revelations played a role in Hong Kong authorities' decision to let Snowden depart, despite the U.S. request to detain him and begin extradition procedures.

Privately, U.S. officials say they believe Beijing authorities made the call to allow Snowden to leave. In doing so, the Chinese may have simply been passing along a "hot potato," that could have grown into a diplomatic spat.

"For China, this is certainly a bit of a relief. They don't want to let him stay there for a prolonged stay," said Cheng Li, an expert on Chinese politics at the Brookings Institution, a Washington think tank.

"If things get out of control (with Snowden) that will certainly undermine any achievement made in the summit in California, so China is probably very happy that Russia will be the main target," Li said, referring to the meetings between Obama and Chinese President Xi Jinping earlier this month.

FALLOUT

Obama, who took flak in recent months over the Internal Revenue Service targeting of conservative groups and Justice Department subpoenas of media phone calls in other leak cases, has so far not faced major criticism of his administration's handling of Snowden.

Most U.S. lawmakers' ire has been directed at Snowden himself, as well as the systems that permitted him to get a sensitive job with contractor Booz Allen Hamilton and make away with evidence of some of the U.S. government's most shielded intelligence programs.

But U.S. Representative Peter King, a frequent Obama critic and Republican who sits on the permanent select committee on intelligence, said the president should be more aggressive in defending the surveillance programs that U.S. officials say have thwarted terrorist attacks, and more assertive with foreign partners.

"I find it troubling that the president has been so quiet on this. And again, I'm not saying he can control it, but there should be more of a presence including defending the NSA program," King told CNN. "It just seems as if we're adrift right now and I think that these countries are taking advantage of it.

"This is definitely a diplomatic hit at the president, at the U.S., but as Americans we have to support the president."

If Russia allows Snowden to continue on his journey toward Ecuador, it could wipe out what is left of Obama's policy, dating from 2009, of trying to "reset" relations with Moscow after they turned chilly under his predecessor.

Washington and Moscow have clashed recently over Russia's human rights, adoption by Americans of Russian orphans, missile defenses and, most consequentially, the civil war in Syria.

A photograph of Obama and Russian President Vladimir Putin at last weekend's G8 summit, their hands clasped and staring unsmilingly into space, caught the mood of U.S.-Russian relations.

"What's infuriating here is Prime Minister Putin of Russia aiding and abetting Snowden's escape," said New York Senator Chuck Schumer, like Obama a Democrat. "The bottom line is very simple. Allies are supposed to treat each other in decent ways, and Putin always seems almost eager to put a finger in the eye of the United States, whether it is Syria, Iran, and now, of course, with Snowden."

"That's not how allies should treat one another, and I think it will have serious consequences for the United States-Russia relationship," Schumer told CNN's "State of the Union" program.

U.S. Senator Lindsey Graham, a South Carolina Republican, sought to keep the focus squarely on Snowden.

"He compromised our national security program designed to find out what terrorists were up to. So, the freedom trail is not exactly China, Russia, Cuba, Venezuela," Graham told Fox News.

"So, I hope we'll chase him to the ends of the Earth, bring him to justice and let the Russians know there will be consequences if they harbor this guy," he said.

(Additional reporting by Mark Hosenball, Phil Stewart, Toby Zakaria and Tom Ferraro. Editing by Fred Barbash and Doina Chiacu)

Source: http://news.yahoo.com/analysis-obama-world-snowden-troubles-215653183.html

jon corzine austin rivers austin rivers sweet home alabama etch a sketch the host hoodie

Week 8 of Jackson trial features experts, emotion

LOS ANGELES (AP) ? A look at key moments this past week in the wrongful death trial in Los Angeles between Michael Jackson's mother, Katherine Jackson, and concert giant AEG Live LLC, and what is expected at court in the week ahead:

THE CASE

Jackson's mother wants a jury to determine that the promoter of Jackson's planned comeback concerts didn't properly investigate Dr. Conrad Murray, who was convicted of involuntary manslaughter by a criminal jury for Jackson's June 2009 death. AEG's attorney says the case is about personal choice, namely Jackson's decision to have Murray serve as his doctor and give him doses of a powerful anesthetic as a sleep aid. Millions, possibly billions, of dollars are at stake.

WHAT HAPPENED THIS PAST WEEK

? Jackson's personal chef Kai Chase told jurors about Jackson's relationship with his children as well as her impressions that the singer appeared weaker in the final weeks of his life. She recounted numerous tender moments, including a party Jackson threw for his daughter Paris on her 11th birthday, complete with a private circus.

? Charles Czeisler, an expert sleep researcher from Harvard University, told jurors that Jackson was totally sleep-deprived by the time of his death because the singer's use of propofol was not giving him actual sleep but was akin to being in a drug-induced coma.

WHAT THE JURY SAW

? Jurors got their first glimpse of Jackson's oldest children, Prince and Paris, testifying. An AEG lawyer played short clips of the pair to challenge testimony offered by Chase. The two-minute clip of Paris Jackson's testimony showed her alternately looking down and at an AEG Live attorney as she described her father's rocky relationship with her former nanny.

? The jury was shown several images related to how Jackson raised his children, including a handwritten note that Paris wrote Chase thanking her for several gifts she bought for the family while at Disneyland.

QUOTABLE MOMENTS

? "It was the most beautiful expression of love I've ever seen," Chase said about a Cirque du Soleil-style circus that Jackson hired for Paris' 11th birthday.

? "The meticulous detailing of his deterioration here was both profound and sad," Czeisler said of emails documenting Jackson's missed rehearsals and inability to perform songs and dance moves without tour worker being afraid he would hurt himself.

WHAT'S NEXT

? Jurors will hear from an expert in medical conflict of interest cases and may also hear testimony from Tim Leiweke, the former CEO of AEG Live's parent company, the Anshutz Entertainment Group. Leiweke's testimony may be shown to jurors from his videotaped deposition.

Source: http://news.yahoo.com/week-8-jackson-trial-features-experts-emotion-151810969.html

This Is the End US Open 2013 Lindsay Mills Black Forest fire PS4 vs Xbox One ABC Family The Division

Wells snaps slump as Yankees rally past Rays

By RACHEL COHEN

AP Sports Writer

Associated Press Sports

updated 5:38 p.m. ET June 22, 2013

NEW YORK (AP) - Vernon Wells glanced at the scoreboard and noted that the fastball he'd seen well clocked in at 96 mph.

Big slump or not, Wells felt good about his pinch-hit at-bat with the Yankees trailing Tampa Bay in the seventh inning Saturday. So with a confident swing, he smashed a three-run, go-ahead double that carried New York to a 7-5 win over the Rays.

Wells was in a 9-for-87 slide that landed him on the bench the past two days, with rookie outfielder Zoilo Almonte starting in his place. But with the Yankees down 5-4, Wells batted for No. 9 hitter Chris Stewart with the bases loaded and two outs.

"Through his struggles, I think his at-bats against lefties were still pretty good," manager Joe Girardi said. "We just liked the matchup. Vern's been doing it for a long time in big spots."

Wells' drive to right-center bounced above the top of the wall, where it hit a fan's glove and was ruled fan interference.

The umpires allowed all three runners to cross home plate, determining David Adams would have scored from first base if not for the fan interference. They sent Wells back to second, but the Yankees suddenly had a 7-5 lead.

Rays manager Joe Maddon argued that it should have been called a ground-rule double, with only two runs scoring.

"It was good to hit a ball and it not land in somebody's glove," Wells said. "And it came at a great time."

Tampa Bay led 5-3 after top prospect Wil Myers hit a grand slam for his first career home run in the sixth.

Wells' first extra-base hit since May 31 got CC Sabathia (8-5) off the hook after he allowed five runs in seven innings.

"It's frustrating," Sabathia said. "I'm happy these guys came back and were able to overcome that."

Mariano Rivera worked a scoreless ninth for his 26th save.

Meanwhile, Almonte kept up his hot hitting, starting in Wells' place in left field. On Friday night, he went 3 for 4 with a home run. He was 1 for 2 with two walks and three RBIs on Saturday.

"It's not easy at all, but I'm trying my best," Almonte said through a translator. "I feel like I'm seeing the ball really well and I just hope it continues."

David Robertson came on after the Yankees took the lead and pitched a perfect eighth with two strikeouts.

Joel Peralta (1-4) took over for the Rays in the seventh and immediately got in trouble. He loaded the bases with one out on two walks and Lyle Overbay's double, and was pulled for lefty Jake McGee.

McGee struck out Jayson Nix for the second out but walked Adams to force in a run, the second time the Yankees scored on a bases-loaded walk. Adams had never drawn a walk in 86 career plate appearances before Saturday; he had two in the game.

Wells then batted for Stewart, who was 0 for 3 with a double play to end a second-inning threat.

As bad as his numbers looked, Wells insisted he had felt OK at the plate. The time off gave him the chance to work on his swing in the batting cage.

"I never lose confidence," he said. "As soon as you lose confidence, you're done."

The Rays trailed 3-1 when the Yankees intentionally walked Evan Longoria with two outs to get to Myers.

The rookie came in hitting .190 in five games since he was called up from the minors at the beginning of the week. He'd had exactly one hit in four straight games before going 3 for 4 on Saturday in his first start as a designated hitter.

Longoria was 2 for 2 with a double and a solo homer that accounted for the Rays' lone run when the Yankees intentionally walked him. On a 1-2 count, Myers hit a high fly to center. Brett Gardner jumped at the fence and the ball bounced off the webbing of his glove and into the stands, though it appeared to already be over the wall when he touched it.

"It was just awesome to be down two strikes and the crowd cheering and to be able to put a swing like that on it," Myers said. "Just a cool experience."

Rays rookie starter Alex Colome is yet to allow an earned run over 10 innings in two career starts. He gave up three unearned runs, five hits and five walks with three strikeouts in 4 1-3 innings. The Rays handed out a season-worst nine walks.

"Walks really kicked our butt today," Maddon said.

With two outs in the third, Almonte singled on a two-strike count to drive in two runs and give the Yankees a 2-1 lead. He walked with the bases loaded in the fifth.

NOTES: Myers became the first visiting player to hit a grand slam at Yankee Stadium for his first career home run since Detroit's Ricky Peters in 1980. Myers is the second player in club history with a grand slam for that first homer. Jorge Velandia did it in 2007, also against the Yankees. ... Rays LHP Alex Torres allowed no hits and struck out three in 1 2-3 innings, extending his scoreless streak to open the season to 20 innings. ... Yankees 2B Robinson Cano had a career-high four walks. ... RHP Ivan Nova (2-1) looks to extend his career record against Tampa Bay at Yankee Stadium to 5-0 on Sunday, the park's 67th Old-Timers' Day. Rays RHP Chris Archer (1-3), their second straight rookie starter, is 0-5 on the road in his career.

? 2012 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.


advertisement

More newsGetty Images
Returning ... when?

CSN Washington: Bryce Harper wants to take his rehab slowly. The Nationals want him to speed things up. Who will win this battle of wits?

Source: http://nbcsports.msnbc.com/id/52284778/ns/sports-baseball/

cbs sports ncaa tournament kids choice awards Miley Cyrus Twerk ncaa march madness cbs march madness bracket

Sunday, June 23, 2013

Militants kill 9 foreign tourists, 1 Pakistani

Pakistani rescue workers unload the casket of a foreign tourist who was killed by Islamic militants from an ambulance to shift in a morgue of local hospital in Islamabad, Pakistan, Sunday, June 23, 2013. Islamic militants wearing police uniforms shot to death foreign tourists and at least one Pakistani before dawn as they were visiting one of the world?s highest mountains in a remote area of northern Pakistan that has been largely peaceful, officials said. (AP Photo/Anjum Naveed)

Pakistani rescue workers unload the casket of a foreign tourist who was killed by Islamic militants from an ambulance to shift in a morgue of local hospital in Islamabad, Pakistan, Sunday, June 23, 2013. Islamic militants wearing police uniforms shot to death foreign tourists and at least one Pakistani before dawn as they were visiting one of the world?s highest mountains in a remote area of northern Pakistan that has been largely peaceful, officials said. (AP Photo/Anjum Naveed)

FILE - In this May 4, 2004 file photo, Nanga Parbat, the ninth highest mountain in the world, is seen from Karakorum Highway leading to neighboring China in Pakistan's northern area. Gunmen wearing police uniforms killed 11 foreign tourists and one Pakistani before dawn Sunday, June 23, 2013 as they were visiting one of the world?s highest mountains in a remote area of northern Pakistan, officials said. (AP Photo/Musaf Zaman Kazmi, File)

Pakistani rescue workers unload the casket of a foreign tourist, who was killed by Islamic militants, from an ambulance to shift in a morgue of local hospital in Islamabad, Pakistan, Sunday, June 23, 2013. Islamic militants wearing police uniforms shot to death nine foreign tourists and one Pakistani before dawn as they were visiting one of the world?s highest mountains in a remote area of northern Pakistan that has been largely peaceful, officials said. (AP Photo/Anjum Naveed)

Pakistani rescue workers unload the casket of a foreign tourist who was killed by Islamic militants, from an ambulance to shift in a morgue of local hospital in Islamabad, Pakistan, Sunday, June 23, 2013. Islamic militants wearing police uniforms shot to death foreign tourists and at least one Pakistani before dawn as they were visiting one of the world?s highest mountains in a remote area of northern Pakistan that has been largely peaceful, officials said. (AP Photo/Anjum Naveed)

(AP) ? At least a dozen Islamic militants wearing police uniforms shot to death nine foreign tourists and one Pakistani before dawn Sunday as they were visiting one of the world's highest mountains in a remote area of northern Pakistan that has been largely peaceful, officials said.

The foreigners who were killed included five Ukrainians, three Chinese and one Russian, said Pakistani Interior Minister Chaudhry Nisar Ali Khan. One Chinese tourist was wounded in the attack and was rescued, he said.

The local branch of the Taliban took responsibility for the killings, saying it was to avenge the death of a leader killed in a recent U.S. drone strike.

The shooting was one of the worst attacks on foreigners in Pakistan in recent years and is likely to damage the country's already struggling tourism industry. Pakistan's mountainous north ? considered until now relatively safe ? is one of the main attractions in a country beset with insurgency and other political instability.

The attack took place at the base camp of Nanga Parbat, the ninth highest mountain in the world at 8,126 meters (26,660 feet). Nanga Parbat is notoriously difficult to climb and is known as the "killer mountain" because of numerous mountaineering deaths in the past. It's unclear if the tourists were planning to climb the mountain or were just visiting the base camp, which is located in the Gilgit-Baltistan region of Pakistan.

The gunmen were wearing uniforms used by the Gilgit Scouts, a paramilitary police force that patrols the area, said the interior minister. The attackers abducted two local guides to find their way to the remote base camp. One of the guides was killed in the shooting, and the other has been detained and is being questioned, said Khan.

"The purpose of this attack was to give a message to the world that Pakistan is unsafe for travel," said the interior minister in a speech in the National Assembly, which passed a resolution condemning the incident. "The government will take all measures to ensure the safety of foreign tourists."

Pakistani Taliban spokesman Ahsanullah Ahsan claimed responsibility for the attack, saying their Jundul Hafsa group carried out the shooting as retaliation for the death of the Taliban's deputy leader, Waliur Rehman, in a U.S. drone attack on May 29.

"By killing foreigners, we wanted to give a message to the world to play their role in bringing an end to the drone attacks," Ahsan told The Associated Press by telephone from an undisclosed location.

At least a dozen gunmen were involved in the attack, local police officer Jahangir Khan said.

The attackers beat up the Pakistanis who were accompanying the tourists, took their money and tied them up, said a senior local government official. They checked the identities of the Pakistanis and shot to death one of them, possibly because he was a minority Shiite Muslim, said the official, speaking on condition of anonymity because he was not authorized to talk to reporters.

Although Gilgit-Baltistan is a relatively peaceful area, it has experienced attacks by radical Sunni Muslims on Shiites in recent years.

The attackers took the money and passports from the foreigners and then gunned them down, said the official. It's unclear how the Chinese tourist who was rescued managed to avoid being killed. The base camp has basic wooden huts, but most tourists choose to sleep in their own tents.

Local police chief Barkat Ali said they first learned of the attack when one of the local guides called the police station around 1 a.m. on Sunday. The military airlifted the bodies to Pakistan's capital, Islamabad, Sunday afternoon.

"We hope Pakistani authorities will do their best to find the culprits of this crime," the Ukrainian ambassador to Pakistan, Volodymyr Lakomov, told reporters outside the hospital where the bodies were taken.

The Pakistani government condemned the "brutal act of terrorism" in a statement sent to reporters.

"Those who have committed this heinous crime seem to be attempting to disrupt the growing relations of Pakistan with China and other friendly countries," said a statement issued by the Foreign Ministry.

Pakistan has very close ties with neighboring China and is sensitive to any issue that could harm the relationship. Pakistani officials have reached out to representatives from China and Ukraine to convey their sympathies, the Foreign Ministry said.

Many foreign tourists stay away from Pakistan because of the perceived danger of visiting a country that is home to a large number of Islamic militant groups, such as the Taliban and al-Qaida, which mostly reside in the northwest near the Afghan border. A relatively small number of intrepid foreigners visit Gilgit-Baltistan during the summer to marvel at the peaks of the Himalayan and Karakoram ranges, including K2, the second highest mountain in the world.

Syed Mehdi Shah, the chief minister of Gilgit-Baltistan, condemned the attack and expressed fear that it would seriously damage the region's tourism industry.

"A lot of tourists come to this area in the summer, and our local people work to earn money from these people," said Shah. "This will not only affect our area, but will adversely affect all of Pakistan."

The area has been cordoned off by police and paramilitary soldiers, and a military helicopter was searching the area, said Shah.

"God willing we will find the perpetrators of this tragic incident," said Shah.

The government suspended the chief secretary and top police chief in Gilgit-Baltistan following the attack and ordered an inquiry into the incident, said Khan, the interior minister.

___

Associated Press writer Rasool Dawar contributed to this report from Peshawar, Pakistan.

Associated Press

Source: http://hosted2.ap.org/APDEFAULT/3d281c11a96b4ad082fe88aa0db04305/Article_2013-06-23-Pakistan/id-7820ea0e3bc3470ab551d8915691e6b0

Olympic Schedule 2012 NBC Olympics