Sebelumnya mohon maaf karena penjelasan dari penulis sulit dimengerti atau kurang penjabarannya, itu dikarenakan penulis hanyalah mahasiswa biasa yang baru memulai "tulis-menulis". Di sini dijelaskan rumus"/trik" dalam menghadapi toefl ataupun tes b. inggris lainnya.
Formula
1. Kata "Very" selalu diikuti kata sifat dan "very" tidak mau bertemu dengan :
-Wonderful -Excellent -Terrific
-Marvellous -Fantastic
Ex : Bengkulu is wonderful (Salah "Bengkulu is very wonderful")
2. Kata "So" diikuti kata sifat (adjective).
Dan apabila ada soal " You're so____that I can't wait to express my love.
Maka dintara So dan That ditengah-tengahnya harus kata sifat. "You're So patient That I can't wait to express my love.
3. Such diikuti kata benda (noun). "You're Such___That I can't wait to express my love.
Maka diantara Such dan That haruslah kata benda. "You're Such A patient woman that I can't wait to express my love. A patient woma disana merupakan kata benda.
4. One of selalu diikuti es.
Ex : Bandung is one of big cities.
5. Another dipakai menjelaskan yang lainnya tetapi untuk satu diantara dua.
Ex : I have two brothers. The one is smart and another one is creative.
6. Sedangkan Other untuk menjelaskan yang lain lebih dari satu.
Ex ; I have three rabbits.
He is black. The other ones are white.
Pada other one-nya ditambah s.
7.Because = Diikuti kalimat.
Because of = diikuti benda.
Ex : a. Because, there are too many foods, people can't remember.
b. Because of too many foods, people can't remember.
8. Kata sesudah to harus V1 (kk. pertama)
Ex : Giving attention to someone is diffucult to do.
9. Sebelum Verb3 harus ada has/have tetapi tergantung kalimat.
Ex : USA has imported all carpet wools.
10. Apabila setelah kata keterangan(adverb) pilihannya mengharuskan memilih kata kerja(verb) maka pilihlah V3.
Ex : He is well(keterangan) managered(V3).
Youare seriously(keterangan) thought(v3) by her.
11. Setelah to be( be, been, am, is, are) harus diikuti v3. Apbila ada kalimat setelah to be diikuti v3, itu menunjukan bahwa kalimat itu passive voice.
Ex : Telephone be discovered by A G Bell
12. Somebody Everyone Nothing
Someone Everybody
Something Everything
Kalimat-kalimat diatas + is/was, works(simple present tense), has+v3, aux (does).
Intinya mereka merupakan singular.
13. Neither+nor
Either+ no
14. Cara membedakan v2 dan v3
Sebelum v3 biasanya ada for, since.
Itu merupakan sebagian rumus-rumus toefl yan didapat penulis di kampus, itu masih merupakan dasar-dasarnya. Menurut saya bahasa Inggris sama dengan bahasa-bahasa lainnya. Intinya di kata-kata. Kita harus tahu apa dan bagaimana kata benda, sifat, kerja, dan keterangan itu. Setelah kita paham mengenai hal-hal tersebut barulah masuk ke tahap mempelajari structure. Berikut ada beberapa hal mengenai kata-kata tersebut.
Pada kata benda biasanya berakhir dengan
Ness_Ty_Ion_Ment_Ary_Hood_Ship_Dom_Ist_Ian
Er_Ar_Ro_Ee
Ex : Environment, Sickness
Pada kata sifat biasanya berakhir dengan kata
Full_Able_Less_Ly_Like_Ent_Al_Ish_Ic
Ex : Charitable
Pada kata kerja berakhir dengan
Ate_En_Fy
Ex : Inaugurate
Pada kata keterangan berakhiran dengan kata
Wise_Ly_Wards
Ex : Relatively
Rabu, 29 Oktober 2008
Sabtu, 25 Oktober 2008
Valentino Rossi wins Malaysian MotoGP
World champion Valentino Rossi earned his ninth victory of the season at the Malaysian MotoGP on Sunday, edging past Dani Pedrosa to win a thrilling race.
Rossi started from second on the grid on his Yamaha and stuck close to Pedrosa of Spain, who rode a Honda from pole position.
The Italian rider took the lead on lap ten before cruising to omfortable victory in 43 minutes, 6.007 seconds.
Rossi extended his streak to eight consecutive podium finishes, with a shot at one more during next weekend's season finale in Valencia.
Nearing the end of his maiden MotoGP season, Andrea Dovizioso of Italy came in third after a close battle with Amerin Nicky Hayden.
Earlier, Alvaro Bautista won the 250cc race, but a third place finish for fellow Italian Marco Simoncelli ensured that the latter emerged victorious in the season-long battle for the tile.
Meanwhile, last year's 125cc world champion Gabor Talmacsi of Hungary defended his Malaysian GP ttle, breaking away from a string of rivals who sought to chase him down as he stepped up his quest for the runner-up slot in the 2008 standings.
Rossi started from second on the grid on his Yamaha and stuck close to Pedrosa of Spain, who rode a Honda from pole position.
The Italian rider took the lead on lap ten before cruising to omfortable victory in 43 minutes, 6.007 seconds.
Rossi extended his streak to eight consecutive podium finishes, with a shot at one more during next weekend's season finale in Valencia.
Nearing the end of his maiden MotoGP season, Andrea Dovizioso of Italy came in third after a close battle with Amerin Nicky Hayden.
Earlier, Alvaro Bautista won the 250cc race, but a third place finish for fellow Italian Marco Simoncelli ensured that the latter emerged victorious in the season-long battle for the tile.
Meanwhile, last year's 125cc world champion Gabor Talmacsi of Hungary defended his Malaysian GP ttle, breaking away from a string of rivals who sought to chase him down as he stepped up his quest for the runner-up slot in the 2008 standings.
Hamilton wins Chinese GP, extends title
Lewis Hamilton won the Chinese Grand Prix on Sunday to extend his Formula One drivers' championship lead to seven points.
Hamilton won by 14.9 seconds from his title rival Felipe Massa of Ferrari to move to the brink of his first title, with only one race remaining in Brazil.
"It's that one step closer, but we still have a tough race ahead of us in Brazil," Hamilton said. "I'm feeling good about it. I know it's going to be a tough weekend."
The Briton also led eventual champion Kimi Raikkonen by seven points entering last season's final grand prix but finished only seventh in Brazil and surrendered the title to the Finn.
Massa moved up to second late in the race Sunday, effortlessly passing his obliging Ferrari teammate Raikonnen. Their second and third places, combined with the retirement of McLaren's Heikki Kovalainen, extended Ferrari's lead in the constructors' championship to 11 points.
BMW's Robert Kubica finished sixth, ending his slim title chances.
Hamilton and Massa are now tied for race wins and second places this season, but Hamilton has one more third placing, meaning he has the edge in countback if the pair are tied on points after the final race of the season.
Hamilton will clinch the title in Brazil unless Massa wins and the he finishes no higher than seventh, or Massa finishes second and Hamilton out of the points.
"We are in a tough position, but we know anything can happen," Massa said. "We need to keep our heads up, it's not finished yet.
"We can have a much better car in Brazil than we had here."
Renault's Fernando Alonso finished fourth, ahead of the BMW pair of Nick Heidfeld and Kubica. Toyota's Timo Glock was seventh and Renault's Nelson Piquet Jr. got the final point.
In a lap of little incident, Hamilton got off the line well from pole position and led from start to finish.
"It was a great start, one of the best we have had this year, which was needed," Hamilton said. "From there it was pretty smooth sailing.
"Throughout the weekend we knew we had the pace. On Friday we knew we had more pace."
Raikkonen was second for most of the race, before conceding that position to Massa on lap 50 of 56 to keep the Brazilian's title hopes alive.
Team orders prohibit a driver deliberately giving up track position to a teammate, but Raikkonen dropped his lap time from in the 1-minute, 38-second range to 1-minute, 40-second range for two laps as Massa caught and oertook, before stepping up his pace again.
"I am not in a position to challenge for the championship," Raikkonen said. "I know what the team expects and I am happy to try to achieve the maximum points for the team. For my season it does not make any difference."
Hamilton had no problem with Ferrar's swap.
"They're a team," Hamilton said. "I know in my position, if Heikki was leading, we'd probably do the same thing. They did a great job."
The only incident of note in a race that Massa described as "not very exciting" came at the first corner when Toyota's Jarno Trulli and Sebastien Bourdis of Toro Rosso collided. Trulli retired as a result after struggling on for a lap, while Bourdais was dropped to 18th place before climbing to finish 13th.
Hamilton's win was the ninth of his career, and he set a fastest lap for the first time this season. He achieved the combination of race win, fastest lap and pole position for the second time in hs career, after last year's Japanese GP.
Hamilton won by 14.9 seconds from his title rival Felipe Massa of Ferrari to move to the brink of his first title, with only one race remaining in Brazil.
"It's that one step closer, but we still have a tough race ahead of us in Brazil," Hamilton said. "I'm feeling good about it. I know it's going to be a tough weekend."
The Briton also led eventual champion Kimi Raikkonen by seven points entering last season's final grand prix but finished only seventh in Brazil and surrendered the title to the Finn.
Massa moved up to second late in the race Sunday, effortlessly passing his obliging Ferrari teammate Raikonnen. Their second and third places, combined with the retirement of McLaren's Heikki Kovalainen, extended Ferrari's lead in the constructors' championship to 11 points.
BMW's Robert Kubica finished sixth, ending his slim title chances.
Hamilton and Massa are now tied for race wins and second places this season, but Hamilton has one more third placing, meaning he has the edge in countback if the pair are tied on points after the final race of the season.
Hamilton will clinch the title in Brazil unless Massa wins and the he finishes no higher than seventh, or Massa finishes second and Hamilton out of the points.
"We are in a tough position, but we know anything can happen," Massa said. "We need to keep our heads up, it's not finished yet.
"We can have a much better car in Brazil than we had here."
Renault's Fernando Alonso finished fourth, ahead of the BMW pair of Nick Heidfeld and Kubica. Toyota's Timo Glock was seventh and Renault's Nelson Piquet Jr. got the final point.
In a lap of little incident, Hamilton got off the line well from pole position and led from start to finish.
"It was a great start, one of the best we have had this year, which was needed," Hamilton said. "From there it was pretty smooth sailing.
"Throughout the weekend we knew we had the pace. On Friday we knew we had more pace."
Raikkonen was second for most of the race, before conceding that position to Massa on lap 50 of 56 to keep the Brazilian's title hopes alive.
Team orders prohibit a driver deliberately giving up track position to a teammate, but Raikkonen dropped his lap time from in the 1-minute, 38-second range to 1-minute, 40-second range for two laps as Massa caught and oertook, before stepping up his pace again.
"I am not in a position to challenge for the championship," Raikkonen said. "I know what the team expects and I am happy to try to achieve the maximum points for the team. For my season it does not make any difference."
Hamilton had no problem with Ferrar's swap.
"They're a team," Hamilton said. "I know in my position, if Heikki was leading, we'd probably do the same thing. They did a great job."
The only incident of note in a race that Massa described as "not very exciting" came at the first corner when Toyota's Jarno Trulli and Sebastien Bourdis of Toro Rosso collided. Trulli retired as a result after struggling on for a lap, while Bourdais was dropped to 18th place before climbing to finish 13th.
Hamilton's win was the ninth of his career, and he set a fastest lap for the first time this season. He achieved the combination of race win, fastest lap and pole position for the second time in hs career, after last year's Japanese GP.
Man United held 1-1 by Everton in Premier League
Everton held Manchester United to a 1-1 draw Saturday in another setback for the defending champions as they try to catch the Premier League leaders.
The Red Devils were cruising after Darren Fletcher scored in the 22nd minute, but Marouane Fellaini leveled in the 63rd.
United is five points adrift of Chelsea and Liverpool, which play each other Sunday and are level on 20 points atop the standings.
Third-place Hull was at West Bromwich Albion later Saturday and could also reach 20 points with a win.
Sunderland beat Newcastle 2-1 in the northeast derby, which saw Joey Barton return for the Magpies after serving a six-match ban for attacking a teammate during his Manchester City career. Newcastle fans threw objects at Barton, forcing police to intervene, before the midfielder was brought on in the 85th.
Man United looked headed for its seventh consecutive victory in all competitions after Fletcher controlled a pass from Ryan Giggs, rounded Joleon Lescott and shot through goalkeeper Tim Howard's legs.
Nemanja Vidic could have extended the lead but his shot was cleared off the line by Leon Osman and Howard then denied both Cristiano Ronaldo and Ryan Giggs.
Everton was lucky to have conceded just one goal in the first half and the Toffees found their way back into the match when Fellaini rose above Vidic to head a cross from former United defender Phil Neville past goalkeeper Edwin van der Sar.
Wayne Rooney, who scored his first career goal for Everton in 2002, missed chances to score his 100th against his former club.
Tempers flared after the break when United center back Rio Ferdinand confronted former teammate Phil Neville after his strong challenge on Ronaldo.
"I don't think the referee protected our players enough," manager Alex Ferguson said. "I don't know what the game is coming to with some of the tackles and the speed of the tackles."
Rooney was substituted in the 72nd after being booked for a late tackle on Mikel Arteta, unjustly according to Ferguson.
"The referee (Alan Wiley) was to blame because he booked him for nothing and the crowd was egging him on, wanting him to be sent off," Ferguson said. "In that situation you wonder who will be next."
Ronaldo, still struggling to regain his form after undergoing ankle surgery, squandered a chance to restore United's lead in the 87th when the winger turned Nani's cross wide.
"He had a chance, he may have done better," Ferguson said. "But to be honest, we didn't deserve anything at that point. It was a hanging-on job."
At the Stadium of Light, Kieran Richardson ended Sunderland's 28-year wait for a home win over Newcastle with a 75th-minute free kick.
Sunderland went ahead in the 20th when Djibril Cisse lunged with his right foot to steer in Steed Malbranque's misdircted shot.
But the lead only lasted 10 minutes as Newcastle striker Shola Ameobi, unmarked at the far post, leapt to head in Geremi's free kick.
"We deserved it and played some good stuff," Sunderland manager Roy Keane said. "There were no silly challenges and we just focused on the win."
Sunderland could face repercussions after its fans came onto the pitch to celebrate the victory.
"Hopefully it won't take away from what the players have achieved today," Keane said. "But it's been a while since they've been celebrating and they've got to be allowed to enjoy these things."
The Red Devils were cruising after Darren Fletcher scored in the 22nd minute, but Marouane Fellaini leveled in the 63rd.
United is five points adrift of Chelsea and Liverpool, which play each other Sunday and are level on 20 points atop the standings.
Third-place Hull was at West Bromwich Albion later Saturday and could also reach 20 points with a win.
Sunderland beat Newcastle 2-1 in the northeast derby, which saw Joey Barton return for the Magpies after serving a six-match ban for attacking a teammate during his Manchester City career. Newcastle fans threw objects at Barton, forcing police to intervene, before the midfielder was brought on in the 85th.
Man United looked headed for its seventh consecutive victory in all competitions after Fletcher controlled a pass from Ryan Giggs, rounded Joleon Lescott and shot through goalkeeper Tim Howard's legs.
Nemanja Vidic could have extended the lead but his shot was cleared off the line by Leon Osman and Howard then denied both Cristiano Ronaldo and Ryan Giggs.
Everton was lucky to have conceded just one goal in the first half and the Toffees found their way back into the match when Fellaini rose above Vidic to head a cross from former United defender Phil Neville past goalkeeper Edwin van der Sar.
Wayne Rooney, who scored his first career goal for Everton in 2002, missed chances to score his 100th against his former club.
Tempers flared after the break when United center back Rio Ferdinand confronted former teammate Phil Neville after his strong challenge on Ronaldo.
"I don't think the referee protected our players enough," manager Alex Ferguson said. "I don't know what the game is coming to with some of the tackles and the speed of the tackles."
Rooney was substituted in the 72nd after being booked for a late tackle on Mikel Arteta, unjustly according to Ferguson.
"The referee (Alan Wiley) was to blame because he booked him for nothing and the crowd was egging him on, wanting him to be sent off," Ferguson said. "In that situation you wonder who will be next."
Ronaldo, still struggling to regain his form after undergoing ankle surgery, squandered a chance to restore United's lead in the 87th when the winger turned Nani's cross wide.
"He had a chance, he may have done better," Ferguson said. "But to be honest, we didn't deserve anything at that point. It was a hanging-on job."
At the Stadium of Light, Kieran Richardson ended Sunderland's 28-year wait for a home win over Newcastle with a 75th-minute free kick.
Sunderland went ahead in the 20th when Djibril Cisse lunged with his right foot to steer in Steed Malbranque's misdircted shot.
But the lead only lasted 10 minutes as Newcastle striker Shola Ameobi, unmarked at the far post, leapt to head in Geremi's free kick.
"We deserved it and played some good stuff," Sunderland manager Roy Keane said. "There were no silly challenges and we just focused on the win."
Sunderland could face repercussions after its fans came onto the pitch to celebrate the victory.
"Hopefully it won't take away from what the players have achieved today," Keane said. "But it's been a while since they've been celebrating and they've got to be allowed to enjoy these things."
Beckham close to joining AC Milan on loan
AC Milan is close to signing David Beckham in a loan deal that would allow the Los Angeles Galaxy midfielder and former England captain to play in Italy's Serie A for a few months starting in January.
"He'll stay here in Milan on loan for a few months. We're discussing it with his agent," Milan vice president Adriano Galliani said Wednesday on the club's Web site.
With the Major League Soccer season in the United States nearly over, Beckham is eager to join another club in Europe so he can remain match fit and keep his place in England's squad for World Cup qualifying.
England coach Fabio Capello has said he will not pick players who are not active.
"We'll sign him for a few months and then he'll go back. Beckham has chosen Milan," Galliani said at Malpensa airport before flying to a UEFA Cup match. "Our team is very competitive and will remain as is, but Beckham is something different and intriguing."
While many Italian clubs are struggling with attendance, Galliani noted that 65,000 fans showed up for Milan's home game Sunday with Sampdoria.
"Beckham will bring more fans," Galliani said.
Beckham would join a stellar squad at Milan, including Brazil standouts Ronaldinho, Kaka and Alexandre Pato, plus Italy's Andrea Pirlo and Gennaro Gattuso.
"For me it will be a pleasure," Milan coach Carlo Ancelotti said. "Beckham is a serious athlete, a great professional. If he'll be available for four months with us, we'll be very happy."
Ancelotti also indicated Beckham could play for Milan in the UEFA Cup.
"If he becomes available for Milan, evidently it will be for both in Italy and in Europe," the coach added.
During the MLS offseason last year, Beckham trained with English Premier League side Arsenal to keep fit but did not play for the club.
Beckham starred for Manchester United and Real Madrid before joining the Galaxy in January 2007 in a multi-million-dollar five-year deal.
He quit as England captain after the 2006 World Cup and was dropped from the team by Steve McLaren. But he was later reinstated to the national side, and has been used sparingly by England coach Fabio Capello, appearing as a late substitute in all four World Cup qualifying victories against Andorra, Croatia, Kazakhstan and Belarus.
Beckham now has 107 England appearances, one short of the record 108 for an outfield player by 1966 World Cup-winning captain Bobby Moore. Goalkeeper Peter Shilton holds the England record of 125.
England has a probable friendly against Spain lined up for February, plus a home friendly against Slovakia in March, followed by World Cup qualifiers against Ukraine in April, and Kazakhstan and Andorra in June.
RI turns to China for power plant projects
With China having pledged the majority of financing for Indonesia's first 10,000 megawatt (MW) power plant project, the government is again seeking China's help to fund a second 10,000 MW plant, a minister says.
In a meeting with Chinese President Hu Jintao on Thursday in Beijing, Indonesian President Susilo Bambang Yudhoyono offered an closer ties between the two countries, including in the energy sector, at a time when world economy is taking a pummeling.
Energy and Mineral Resources Minister Purnomo Yusgiantoro, who also attended the meeting, said Indonesia was optimistic China was relatively immune to the global credit crunch and still had plenty of cash to offer.
With more than 80 percent of the proposed 10,000 MW coal-fired power plant's financing coming from China, Purnomo said there was no reason why China could not play an equally pivotal role in the second phase of the program, which would promote the use of renewable energy sources in power generation.
"When you look around the globe, where else would you look for liquidity if not China, or perhaps the Middle East? We need more than US$10 billion (for the second program). That's not small money; we need to remain aggressive, especially at a time of crisis like this," Purnomo said.
He did not say how much investment Indonesia was expecting from China.
The first 10,000 MW program was launched in 2006 to meet the country's ever-increasing electricity needs, in particular in the Java-Bali system, where demand is rising at an average of 6.7 percent per year. To date, project contracts have been signed for an installed capacity of 8,700 MW.
The government, through state power firm PT PLN, has secured Rp 13 trillion and $1.5 billion from local and foreign banks respectively, in particular China Exim Bank and Bank of China.
Purnomo added the government was so upbeat about China's participation in the second program that it was considering adopting the independent power producer (IPP) scheme -- a business-to-business deal requiring no government guarantee -- in the second program.
The current program obliges the government to provide investors with some form of guarantee.
"We are seriously considering turning to the IPP scheme for the second program. This of course would be good for the state budget because no guarantee would be needed. And the responses so far are relatively good. They basically said 'no problem'," he said, adding the ministry would continue working on the matter.
"They are even ready to provide so-called concessional loans for the government, on top of their financing commitment for the projects, just as they did for the first program (worth $400 million)."
Also on Thursday, President Yudhoyono Susilo and his delegation met with representatives of China Exim Bank and other companies to discuss investment opportunities in Indonesia, including in the power sector.
No details about the outcome of the meeting were available.
Also on the agenda during the Yudhoyono-Hu Jintao meeting was a push for the renegotiation of Indonesia's Tangguh liquefied natural gas (LNG) contract with the Chinese province of Fujian. The renegotiation is aimed mostly at revising up the commodity's price to better reflect current market prices.
The contract was signed in 2002, obliging Tangguh to supply LNG to Fujian for 25 years, beginning in 2009.
The contract has been heavily criticized for stipulating a fixed LNG selling price, rather than the progressive rate common to other gas deals to ensure rates remain consistent with market prices. The price of LNG has been pegged at $2.40 per million British thermal units (MMBtu) in the contract.
Presidential spokesman Dino Pati Djalal said the two leaders acknowledged the need for the contract renegotiation, with the renegotiation teams expected to finalize the process soon. Finance Minister Sri Mulyani Indrawati heads the Indonesian team, with Vice President Jusuf Kalla directly supervising the talks.
The talks must be completed before February next year when the plant enters its first phase of production.
Asia, Europe to urge key IMF role in credit crisis
Asian and European leaders called Friday for a coordinated response to the global financial meltdown and prepared to endorse a critical role for the International Monetary Fund in aiding the hardest-hit countries.
Speaking in Beijing on a day when stock markets plunged across Asia, Chinese President Hu Jintao told assembled leaders of 43 nations that the crisis had badly dented China's economic juggernaut.
"The global financial crisis has noticeably increased the uncertainties and factors for instability in Chinas economic development," Hu said in remarks at the opening of the biennial Asia-Europe Meeting, known as ASEM.
China has made "active efforts to the best of its ability" to mitigate the crisis and will work with the international community to revive stability "with a sense of responsibility," Hu said, pledging his government would vigorously expand domestic demand and maintain healthy financial markets.
The two-day ASEM summit seeks to build consensus on how to respond to the crisis ahead of a Nov. 15 meeting of the 20 largest economies in Washington, D.C.
What emerged Friday was strong sentiment i favor of rewriting rules for overseeing the global economy and a leading role for international financial institutions such as the IMF.
A draft of a meeting statement on the crisis seen by The Associated Press called on the IMF and other financial institutions to act immediately to help stabilize strugglig banks and staunch the flood of red ink on regional stock exchanges.
"Leaders agreed that the IMF should play a critical role in assisting countries seriously affected by the crisis, upon their request," the draft said.
If adopted, the statement would be among the strongest calls yet for a leadg role in the crisis for the IMF, long known as the international lender of last resort. Countries as disparate as Hungary, Ukraine, Iceland and Pakistan have already turned to the IMF for help in bridging liquidity crunches.
The draft statement said leaders agreed to "undertake effective and comprehensi reform of the international monetary and financial systems."
"They agreed to quickly take appropriate initiatives in this respect, in consultation with all stakeholders and the relevant international financial institution," it said.
Japanese Prime Minister Taro Aso, leader of the world's second-largest economy, "strongly supports" a critical role for the IMF, Japanese Foreign Ministry spokesman Kazuo Kodama said.
In remarks at the opening ceremony, French President Nicolas Sarkozy called for a united Asia-Europe front at the Washington meeting.
"Europe is going to act in a united way, and we will submit proposals that we have developed together. Europe would like Asia to support our efforts and would like to make sure that on the 15th of November we can face the world together and say that the causes of this unprecedented crisis will never be able to happen again," Sarkozy said.
ASEM has no mandate to issue decisions, and participants differ widely on their views toward international cooperation and intervention by global bodies. Free-trading Singapore and economic powerhouse Germany are attending, along with isolated, impoverished Myanmar and landlocked, authoritarian Laos.
Responses to the crises have varied widely so far. Europe has already approved a plan under which the 15 euro countries and Britain put up a total of 1.7 trillion euros (US$2.3 trillion) in guarantees and emergency aid to help banks.
Asian financial systems are less shaky, having had less direct exposure to the toxic sub-prime mortgages that are wreaking havoc on U.S. and European markets. Showing a notable lack of urgency, South Korea, China, Japan and the 10-country Association of Southeast Asian Nations recommitted themselves to an US$80 billion emergency fund to help those facing liquidity problems - to be established by next June.
China and other Asian economies are, however, expected to take a major hit from a drop in exports and foreign investment. Even before the crisis hit last month, China's economy was beginning to slow. Growth in the third quarter slowed to 9 percent, which, although the fastest among the largest economies, was down from 11.9 percent for all of 2007. The World Bank says a further retreat is expected next year.
The crisis has again raised the threat of economic nationalism, and in remarks to the assembly, EU Commission President Jose Barroso warned countries against resorting to protectionism and isolation.
"Just as we should strive for open societies, governed by the rule of law, so we must work to have open markets, but markets with rules," Barroso said.
Speaking in Beijing on a day when stock markets plunged across Asia, Chinese President Hu Jintao told assembled leaders of 43 nations that the crisis had badly dented China's economic juggernaut.
"The global financial crisis has noticeably increased the uncertainties and factors for instability in Chinas economic development," Hu said in remarks at the opening of the biennial Asia-Europe Meeting, known as ASEM.
China has made "active efforts to the best of its ability" to mitigate the crisis and will work with the international community to revive stability "with a sense of responsibility," Hu said, pledging his government would vigorously expand domestic demand and maintain healthy financial markets.
The two-day ASEM summit seeks to build consensus on how to respond to the crisis ahead of a Nov. 15 meeting of the 20 largest economies in Washington, D.C.
What emerged Friday was strong sentiment i favor of rewriting rules for overseeing the global economy and a leading role for international financial institutions such as the IMF.
A draft of a meeting statement on the crisis seen by The Associated Press called on the IMF and other financial institutions to act immediately to help stabilize strugglig banks and staunch the flood of red ink on regional stock exchanges.
"Leaders agreed that the IMF should play a critical role in assisting countries seriously affected by the crisis, upon their request," the draft said.
If adopted, the statement would be among the strongest calls yet for a leadg role in the crisis for the IMF, long known as the international lender of last resort. Countries as disparate as Hungary, Ukraine, Iceland and Pakistan have already turned to the IMF for help in bridging liquidity crunches.
The draft statement said leaders agreed to "undertake effective and comprehensi reform of the international monetary and financial systems."
"They agreed to quickly take appropriate initiatives in this respect, in consultation with all stakeholders and the relevant international financial institution," it said.
Japanese Prime Minister Taro Aso, leader of the world's second-largest economy, "strongly supports" a critical role for the IMF, Japanese Foreign Ministry spokesman Kazuo Kodama said.
In remarks at the opening ceremony, French President Nicolas Sarkozy called for a united Asia-Europe front at the Washington meeting.
"Europe is going to act in a united way, and we will submit proposals that we have developed together. Europe would like Asia to support our efforts and would like to make sure that on the 15th of November we can face the world together and say that the causes of this unprecedented crisis will never be able to happen again," Sarkozy said.
ASEM has no mandate to issue decisions, and participants differ widely on their views toward international cooperation and intervention by global bodies. Free-trading Singapore and economic powerhouse Germany are attending, along with isolated, impoverished Myanmar and landlocked, authoritarian Laos.
Responses to the crises have varied widely so far. Europe has already approved a plan under which the 15 euro countries and Britain put up a total of 1.7 trillion euros (US$2.3 trillion) in guarantees and emergency aid to help banks.
Asian financial systems are less shaky, having had less direct exposure to the toxic sub-prime mortgages that are wreaking havoc on U.S. and European markets. Showing a notable lack of urgency, South Korea, China, Japan and the 10-country Association of Southeast Asian Nations recommitted themselves to an US$80 billion emergency fund to help those facing liquidity problems - to be established by next June.
China and other Asian economies are, however, expected to take a major hit from a drop in exports and foreign investment. Even before the crisis hit last month, China's economy was beginning to slow. Growth in the third quarter slowed to 9 percent, which, although the fastest among the largest economies, was down from 11.9 percent for all of 2007. The World Bank says a further retreat is expected next year.
The crisis has again raised the threat of economic nationalism, and in remarks to the assembly, EU Commission President Jose Barroso warned countries against resorting to protectionism and isolation.
"Just as we should strive for open societies, governed by the rule of law, so we must work to have open markets, but markets with rules," Barroso said.
Asia, Europe to urge key IMF role in credit crisis
Asian and European leaders called Friday for a coordinated response to the global financial meltdown and prepared to endorse a critical role for the International Monetary Fund in aiding the hardest-hit countries.
Speaking in Beijing on a day when stock markets plunged across Asia, Chinese President Hu Jintao told assembled leaders of 43 nations that the crisis had badly dented China's economic juggernaut.
"The global financial crisis has noticeably increased the uncertainties and factors for instability in Chinas economic development," Hu said in remarks at the opening of the biennial Asia-Europe Meeting, known as ASEM.
China has made "active efforts to the best of its ability" to mitigate the crisis and will work with the international community to revive stability "with a sense of responsibility," Hu said, pledging his government would vigorously expand domestic demand and maintain healthy financial markets.
The two-day ASEM summit seeks to build consensus on how to respond to the crisis ahead of a Nov. 15 meeting of the 20 largest economies in Washington, D.C.
What emerged Friday was strong sentiment i favor of rewriting rules for overseeing the global economy and a leading role for international financial institutions such as the IMF.
A draft of a meeting statement on the crisis seen by The Associated Press called on the IMF and other financial institutions to act immediately to help stabilize strugglig banks and staunch the flood of red ink on regional stock exchanges.
"Leaders agreed that the IMF should play a critical role in assisting countries seriously affected by the crisis, upon their request," the draft said.
If adopted, the statement would be among the strongest calls yet for a leadg role in the crisis for the IMF, long known as the international lender of last resort. Countries as disparate as Hungary, Ukraine, Iceland and Pakistan have already turned to the IMF for help in bridging liquidity crunches.
The draft statement said leaders agreed to "undertake effective and comprehensi reform of the international monetary and financial systems."
"They agreed to quickly take appropriate initiatives in this respect, in consultation with all stakeholders and the relevant international financial institution," it said.
Japanese Prime Minister Taro Aso, leader of the world's second-largest economy, "strongly supports" a critical role for the IMF, Japanese Foreign Ministry spokesman Kazuo Kodama said.
In remarks at the opening ceremony, French President Nicolas Sarkozy called for a united Asia-Europe front at the Washington meeting.
"Europe is going to act in a united way, and we will submit proposals that we have developed together. Europe would like Asia to support our efforts and would like to make sure that on the 15th of November we can face the world together and say that the causes of this unprecedented crisis will never be able to happen again," Sarkozy said.
ASEM has no mandate to issue decisions, and participants differ widely on their views toward international cooperation and intervention by global bodies. Free-trading Singapore and economic powerhouse Germany are attending, along with isolated, impoverished Myanmar and landlocked, authoritarian Laos.
Responses to the crises have varied widely so far. Europe has already approved a plan under which the 15 euro countries and Britain put up a total of 1.7 trillion euros (US$2.3 trillion) in guarantees and emergency aid to help banks.
Asian financial systems are less shaky, having had less direct exposure to the toxic sub-prime mortgages that are wreaking havoc on U.S. and European markets. Showing a notable lack of urgency, South Korea, China, Japan and the 10-country Association of Southeast Asian Nations recommitted themselves to an US$80 billion emergency fund to help those facing liquidity problems - to be established by next June.
China and other Asian economies are, however, expected to take a major hit from a drop in exports and foreign investment. Even before the crisis hit last month, China's economy was beginning to slow. Growth in the third quarter slowed to 9 percent, which, although the fastest among the largest economies, was down from 11.9 percent for all of 2007. The World Bank says a further retreat is expected next year.
The crisis has again raised the threat of economic nationalism, and in remarks to the assembly, EU Commission President Jose Barroso warned countries against resorting to protectionism and isolation.
"Just as we should strive for open societies, governed by the rule of law, so we must work to have open markets, but markets with rules," Barroso said.
Speaking in Beijing on a day when stock markets plunged across Asia, Chinese President Hu Jintao told assembled leaders of 43 nations that the crisis had badly dented China's economic juggernaut.
"The global financial crisis has noticeably increased the uncertainties and factors for instability in Chinas economic development," Hu said in remarks at the opening of the biennial Asia-Europe Meeting, known as ASEM.
China has made "active efforts to the best of its ability" to mitigate the crisis and will work with the international community to revive stability "with a sense of responsibility," Hu said, pledging his government would vigorously expand domestic demand and maintain healthy financial markets.
The two-day ASEM summit seeks to build consensus on how to respond to the crisis ahead of a Nov. 15 meeting of the 20 largest economies in Washington, D.C.
What emerged Friday was strong sentiment i favor of rewriting rules for overseeing the global economy and a leading role for international financial institutions such as the IMF.
A draft of a meeting statement on the crisis seen by The Associated Press called on the IMF and other financial institutions to act immediately to help stabilize strugglig banks and staunch the flood of red ink on regional stock exchanges.
"Leaders agreed that the IMF should play a critical role in assisting countries seriously affected by the crisis, upon their request," the draft said.
If adopted, the statement would be among the strongest calls yet for a leadg role in the crisis for the IMF, long known as the international lender of last resort. Countries as disparate as Hungary, Ukraine, Iceland and Pakistan have already turned to the IMF for help in bridging liquidity crunches.
The draft statement said leaders agreed to "undertake effective and comprehensi reform of the international monetary and financial systems."
"They agreed to quickly take appropriate initiatives in this respect, in consultation with all stakeholders and the relevant international financial institution," it said.
Japanese Prime Minister Taro Aso, leader of the world's second-largest economy, "strongly supports" a critical role for the IMF, Japanese Foreign Ministry spokesman Kazuo Kodama said.
In remarks at the opening ceremony, French President Nicolas Sarkozy called for a united Asia-Europe front at the Washington meeting.
"Europe is going to act in a united way, and we will submit proposals that we have developed together. Europe would like Asia to support our efforts and would like to make sure that on the 15th of November we can face the world together and say that the causes of this unprecedented crisis will never be able to happen again," Sarkozy said.
ASEM has no mandate to issue decisions, and participants differ widely on their views toward international cooperation and intervention by global bodies. Free-trading Singapore and economic powerhouse Germany are attending, along with isolated, impoverished Myanmar and landlocked, authoritarian Laos.
Responses to the crises have varied widely so far. Europe has already approved a plan under which the 15 euro countries and Britain put up a total of 1.7 trillion euros (US$2.3 trillion) in guarantees and emergency aid to help banks.
Asian financial systems are less shaky, having had less direct exposure to the toxic sub-prime mortgages that are wreaking havoc on U.S. and European markets. Showing a notable lack of urgency, South Korea, China, Japan and the 10-country Association of Southeast Asian Nations recommitted themselves to an US$80 billion emergency fund to help those facing liquidity problems - to be established by next June.
China and other Asian economies are, however, expected to take a major hit from a drop in exports and foreign investment. Even before the crisis hit last month, China's economy was beginning to slow. Growth in the third quarter slowed to 9 percent, which, although the fastest among the largest economies, was down from 11.9 percent for all of 2007. The World Bank says a further retreat is expected next year.
The crisis has again raised the threat of economic nationalism, and in remarks to the assembly, EU Commission President Jose Barroso warned countries against resorting to protectionism and isolation.
"Just as we should strive for open societies, governed by the rule of law, so we must work to have open markets, but markets with rules," Barroso said.
TEN TIMES WORLD CHAMPION
WBA featherweight champion Chris John of Indonesia, right, fights challenger Hiroyuki Enoki of Japan in their boxing title bout in Tokyo, Japan, on Friday. John won by 3-0 decision, his 10th successful title defense. (AP/Itsuo Inouye)
WBA featherweight champion Chris John of Indonesia, right, fights challenger Hiroyuki Enoki of Japan in their boxing title bout in Tokyo, Japan, Friday, Oct. 24, 2008. John won by 3-0 decision.(AP/Itsuo Inouye)
WBA featherweight champion Chris John of Indonesia celebrates after defeating challenger Hiroyuki Enoki of Japan in their title bout in Tokyo, Japan, on Friday. (AP/Itsuo Inouye)
WBA featherweight champion Chris John of Indonesia carries his trophies after defeating challenger Hiroyuki Enoki of Japan in their title bout in Tokyo, Japan, on Friday. (AP/Itsuo Inouye)
Asian nations commit to US$80 billion crisis
Asian nations on Friday recommitted themselves to establishing an US$80 billion emergency fund, as leaders from across Asia and Europe gathered in Beijing to discuss the global financial meltdown.
The pledge by South Korea, China, Japan and the 10-country Association of Southeast Asian Nations was reached at a breakfast meeting, according to the office of South Korean President Lee Myung-bak, who attended the meeting.
Few details were given, although a preliminary agreement reached in May stated that Japan, South Korea and China would contribute 80 percent of the fund, to be set up by next June, with ASEAN countries covering the remainder. ASEAN consists of Brunei, Cambodia, Indonesia, Laos, Malaysia, Myanmar, the Philippines, Singapore, Thailand and Vietnam.
The deal would enable countries to borrow from the fund when facing a liquidity crunch.
It builds on the so-called Chiang Mai Initiative, in which the 13 nations set up bilateral contracts to supply funds through currency swap lines.
The summit later Friday of 43 Asian and European nations hopes to establish a consensus on a common approach to the global crisis.
The meltdown has injected a new sense of urgency into the normally plodding biennial Asia-Europe Meeting, known as ASEM, with EU Commission President Jose Barroso saying "unprecedented levels of global coordination" are needed to deal with the crisis.
"It's very simple: We swim together, or we sink together," Barroso said at a news conference Thursday in Beijing ahead of meetings with top Chinese leaders.
ASEM has no mandate to issue decisions, but participants hope it will build momentum toward a common stance ahead of a Nov. 15 meeting of the world's top economies in Washington to discuss the worst financial crisis since the 1930s.
However, ASEM's members differ widely on their views toward international cooperation and intervention by global bodies. Free-trading Singapore and economic powerhouse Germany are attending, along with isolated, impoverished Myanmar and landlocked, authoritarian Laos.
French President Nicolas Sarkozy has pledged to use the ASEM meeting to persuade Asian nations to back a plan to redraw the rule book for international capitalism, calling for a global system of regulation.
Chinese Foreign Ministry spokesman Liu Jianchao echoed the need for changes to the current system.
"We need to explore the possibilities of reforming the international economic structure ... (to) stabilize the international financial markets, and ensure the stable operation of the international economy," he said.
Europe has already approved a plan under which the 15 euro countries and Britain put up a total of 1.7 trillion euros (US$2.3 trillion) in guarantees and emergency aid to help banks.
China's financial system had less direct exposure to the toxic sub-prime mortgages that are wreaking havoc on U.S. and European markets, although it and other Asian economies are expected to take a major hit from a drop in exports and foreign investment.
The vice president of one of China's main state-owned lenders said Thursday he expected the crisis to start to bite over the next six months.
"We shouldn't think this is going to be over soon. The key issue for Asian countries is to prevent the banking crisis from turning into a currency crisis," the Bank of China's Zhu Min said in remarks to the Asia-Europe Business Forum in Beijing.
"This is going to be a long and cold winter," Zhu said.
The pledge by South Korea, China, Japan and the 10-country Association of Southeast Asian Nations was reached at a breakfast meeting, according to the office of South Korean President Lee Myung-bak, who attended the meeting.
Few details were given, although a preliminary agreement reached in May stated that Japan, South Korea and China would contribute 80 percent of the fund, to be set up by next June, with ASEAN countries covering the remainder. ASEAN consists of Brunei, Cambodia, Indonesia, Laos, Malaysia, Myanmar, the Philippines, Singapore, Thailand and Vietnam.
The deal would enable countries to borrow from the fund when facing a liquidity crunch.
It builds on the so-called Chiang Mai Initiative, in which the 13 nations set up bilateral contracts to supply funds through currency swap lines.
The summit later Friday of 43 Asian and European nations hopes to establish a consensus on a common approach to the global crisis.
The meltdown has injected a new sense of urgency into the normally plodding biennial Asia-Europe Meeting, known as ASEM, with EU Commission President Jose Barroso saying "unprecedented levels of global coordination" are needed to deal with the crisis.
"It's very simple: We swim together, or we sink together," Barroso said at a news conference Thursday in Beijing ahead of meetings with top Chinese leaders.
ASEM has no mandate to issue decisions, but participants hope it will build momentum toward a common stance ahead of a Nov. 15 meeting of the world's top economies in Washington to discuss the worst financial crisis since the 1930s.
However, ASEM's members differ widely on their views toward international cooperation and intervention by global bodies. Free-trading Singapore and economic powerhouse Germany are attending, along with isolated, impoverished Myanmar and landlocked, authoritarian Laos.
French President Nicolas Sarkozy has pledged to use the ASEM meeting to persuade Asian nations to back a plan to redraw the rule book for international capitalism, calling for a global system of regulation.
Chinese Foreign Ministry spokesman Liu Jianchao echoed the need for changes to the current system.
"We need to explore the possibilities of reforming the international economic structure ... (to) stabilize the international financial markets, and ensure the stable operation of the international economy," he said.
Europe has already approved a plan under which the 15 euro countries and Britain put up a total of 1.7 trillion euros (US$2.3 trillion) in guarantees and emergency aid to help banks.
China's financial system had less direct exposure to the toxic sub-prime mortgages that are wreaking havoc on U.S. and European markets, although it and other Asian economies are expected to take a major hit from a drop in exports and foreign investment.
The vice president of one of China's main state-owned lenders said Thursday he expected the crisis to start to bite over the next six months.
"We shouldn't think this is going to be over soon. The key issue for Asian countries is to prevent the banking crisis from turning into a currency crisis," the Bank of China's Zhu Min said in remarks to the Asia-Europe Business Forum in Beijing.
"This is going to be a long and cold winter," Zhu said.
KPK to take over investigations of BLBI corruption cases from AGO
The Corruption Eradication Commission (KPK) has established four special teams to probe graft cases centered on Bank Indonesia liquidity support (BLBI) funds, which it will take over from the Attorney General's Office.
The AGO and the KPK met at the latter's headquarters in South Jakarta on Wednesday to discuss the BLBI cases, before the anti-graft body took over their investigation.
The KPK has been under mounting pressure from the public to take over investigations into the BLBI cases after the AGO was slammed by several groups for failing to resolve them.
Senior AGO prosecutor Urip Tri Gunawan was recently sentenced to 20 years in prison for receiving bribes from a businesswoman linked to tycoon Sjamsul Nursalim, one of those implicated in a BLBI case.
"We split up the discussion of the BLBI cases into four groups. The first concerns cases that have been handed over to the court, especially the execution of asset recovery to the state," KPK chairman Antasari Azhar told a press conference after Wednesday's meeting.
The second group, he went on, focused on BLBI cases whose investigations had been stopped by the AGO due to the issuance of a "release-and-discharge" letter from the government, including those involving the Indonesian National Commercial Bank (BDNI) and the Asian Central Bank (BCA).
Antasari said the KPK would also investigate the issuance process for the release-and-discharge letters by the administration of former president Megawati Soekarnoputri.
"Because it was a government policy, we will focus more on the officials who committed wrongdoings in the process (of the letter's issuance)," he said.
He said the KPK was also evaluating which cases needed to be investigated further.
"We will be objective in the handling of each case; we will declare it clear if the issuance was done according to regulations," he said.
"The third group of cases comprises those whose investigations were dropped because they were not proven to have caused state losses," Antasari said.
He said the KPK would also calculate the value of assets recovered by BLBI debtors to check whether they matched with the value of their debts.
"The fourth group comprises cases taken over by the Finance Ministry," he said, but did not elaborate.
Antasari said Wednesday's meeting was the first in a series of meetings between the KPK and the AGO to determine which BLBI cases would be taken over by the anticorruption body.
He said in addition to all the documents from the AGO, the KPK would also consider facts revealed in court, to decide which BLBI cases to take over.
Assistant attorney for special crimes Marwan Effendi said the AGO was open to working with the KPK in resolving the BLBI cases.
"We will hand over to the KPK all documents related to the BLBI cases," he said.
He added the AGO would be ready to summon the attorneys who handled the cases.
The BLBI scandal revolves around Rp 144.5 trillion (US$14.5 billion) in BLBI money, disbursed to 48 banks during the 1997-1998 Asian financial crisis.
World leaders to meet on economy in Washington
Leaders from 20 nations will meet Nov. 15 in Washington to address the global financial crisis - the first in a series of summits to resolve what economists predict could be a long and deep economic downturn, the White House announced Wednesday.
The first meeting will be held to discuss underlying causes of the financial crisis, review progress being made to address it and start developing reforms needed to ensure it does not happen again, White House press secretary Dana Perino said.
"The president had spent the past couple of days on the phone with a lot of different leaders talking to them about their thoughts about this meeting," Perino said.
This will be the first in a series of summits that bring together leaders from countries that participate in the G-20 finance process to discuss current economic challenges. The so-called G-20 are: Argentina, Australia, Brazil, Canada, China, France, Germany, India, Indonesia, Italy, Japan, South Korea, Mexico, Russia, Saudi Arabia, South Africa, Turkey, the United Kingdom, the United States, and the European Union.
At the first meeting, working groups will be set up to develop recommendations to be considered by leaders in subsequent summits. The White House will host a dinner on the eve of the summit. The location of the meeting, however, has not yet been announced.
President George W. Bush, French President Nicolas Sarkozy and European Commission President Jose Manuel Barroso, who met at the Camp David presidential retreat last week, announced the series of summit, saying the international community needs to work together to address the credit crisis that has shaken markets around the globe.
Noting that the summit will be held after the election, it is too early to know whether the president-elect, be it John McCain or Barack Obama, who were notified about the meeting Wedneday, will attend. It is also unclear whether subsequent summits would be held while Bush is still in office.
"The leaders will review progress being made to address the current financial crisis, advance a common understanding of its causes, and, in order to avoid a repetition, agree on a common set of principles for reform of the regulatory and institutional regimes for the world's financial sectors," Perino said.
The managing director of the International Monetary Fund, the president of the World Bank, the United Nations Secretary-General and the chairman of the Financial Stability Forum also have been invited to participate.
The first meeting will be held to discuss underlying causes of the financial crisis, review progress being made to address it and start developing reforms needed to ensure it does not happen again, White House press secretary Dana Perino said.
"The president had spent the past couple of days on the phone with a lot of different leaders talking to them about their thoughts about this meeting," Perino said.
This will be the first in a series of summits that bring together leaders from countries that participate in the G-20 finance process to discuss current economic challenges. The so-called G-20 are: Argentina, Australia, Brazil, Canada, China, France, Germany, India, Indonesia, Italy, Japan, South Korea, Mexico, Russia, Saudi Arabia, South Africa, Turkey, the United Kingdom, the United States, and the European Union.
At the first meeting, working groups will be set up to develop recommendations to be considered by leaders in subsequent summits. The White House will host a dinner on the eve of the summit. The location of the meeting, however, has not yet been announced.
President George W. Bush, French President Nicolas Sarkozy and European Commission President Jose Manuel Barroso, who met at the Camp David presidential retreat last week, announced the series of summit, saying the international community needs to work together to address the credit crisis that has shaken markets around the globe.
Noting that the summit will be held after the election, it is too early to know whether the president-elect, be it John McCain or Barack Obama, who were notified about the meeting Wedneday, will attend. It is also unclear whether subsequent summits would be held while Bush is still in office.
"The leaders will review progress being made to address the current financial crisis, advance a common understanding of its causes, and, in order to avoid a repetition, agree on a common set of principles for reform of the regulatory and institutional regimes for the world's financial sectors," Perino said.
The managing director of the International Monetary Fund, the president of the World Bank, the United Nations Secretary-General and the chairman of the Financial Stability Forum also have been invited to participate.
Chris John extends unbeaten title defenses to 10 matches
World Boxing Association (WBA) featherweight champion Chris John of Indonesia successfully defended his title for the 10th time in a row after beating Japanese contender Hiroyouki Enoki in Tokyo on Friday.
Chris won on points in a unanimous 118-110, 118-110, 117-111 decision in his fifth mandatory title bout, a 12-round match held at Korakuen Hall. He scored most of his points in the first five rounds, thanks to a combination of solid defending and aggressive attacking.
Despite having a shorter reach -- 175 centimeters to Enoki's 177.5 -- Chris managed to land most of his jabs and uppercuts, giving the home favorite little room to exercise his typically aggressive technique.
Enoki, born on the same day as Chris -- Sept. 14, 1979 -- changed his tactics in the sixth round to launch close-range attacks and block a flurry of punches from Chris.
Enoki grew in confidence to dominate the seventh and eighth rounds, repeatedly cornering the defending champion.
In the 10th and 11th rounds, Chris regained control of the fight and maintained his upper hand until the final bell.
With this victory, Chris extends his unbeaten run to 42 wins (22 KOs) and 1 tie, and ends Enoki's unbeaten run of 27 wins (19 KOs) and 2 ties.
"Enoki has strong punches and some of them hit me so hard and left a cut in my right temple in the fifth round," Chris was quoted as saying by Antara at the post-fight press conference.
"Fortunately I managed to maintain control of the fight until the final round," he said.
"I predicted a tough fight against Enoki. And it was. But from the very beginning, I believed I could beat him," he said.
Chris was earlier quoted by SecondsOut.com that after sweeping aside the Japanese challenger, he planned to fight American Rocky Juarez in the United States next January, adding that negotiations with Golden Boy Promotion were still underway.
Indover bailout a 'necessary risk'
The central bank claims a planned bailout of its ailing Netherlands-based unit, Indonesische Overzeese Bank N.V. (Indover), is considerably cheaper than risking its credibility in the eyes of foreign financial institutions.
"We have made calculations. If it's to Bank Indonesia's advantage, then perhaps the lowest cost is the bailout," BI governor Boediono said Friday.
"But that's not what we're aiming for. There are other aims -- to prevent adverse indirect impacts to the country's economy, such as the flow of funds and cost of borrowing."
The House of Representatives' Commission XI, which oversees financial affairs, approved late Thursday BI's proposal to save Indover by providing 545.6 million euros, which sources claim could be unrecoverable and considered a state loss.
The bailout will be the second for Indover, after BI propped it up with more than Rp 3 trillion (US$306 million) in 2001.
BI is concerned Indover's collapse could dent BI's credibility as a monetary and banking regulator, especially after a BI-issued "comfort letter" was misused by Indover to get loans from foreign creditors.
A knock to BI's credibility would have an adverse effect on the country's sovereign and financial institution ratings, as well as impact export and import financing, as foreign banks lose confidence in Indonesia's financial system.
Lower ratings would force the government and local firms into paying higher interest rates for foreign-exchange loans because of higher risks. Likewise, the cost of protecting government debts from default would also rise.
A Dutch court, on an order from the country's central bank, froze Indover's assets due to a liquidity shortage after BI, a 100 percent owner of the bank, failed to provide liquidity to support Indover as it succumbed to the global financial crisis.
BI claimed an amendment to the central bank law forbade it from operating any business firm as of January next year, and said help for Indover would have burdened BI with responsibilities for the bank beyond that period.
Also on Friday, Vice President Jusuf Kalla urged BI and law enforcers to investigate officials involved in the Indover troubles before bailing out the Amsterdam-based bank.
"We will help Indover meet its obligations as per regulations. But BI must take responsibility for investigating those involved in creating this mess," he said.
Sources say BI would not have spared Indover if not for the comfort letter, used to assure creditors that Indover would not be short-lived under BI's ownership.
"We are conducting an audit on the case. We have told the House about the divestment problems and the comfort letter. It will all be probed thoroughly," said Boediono, who took the helm at BI in May.
Sources say Boediono put himself at risk of prosecution because of the bailout, which could potentially lead to state losses.
"Boediono is cleaning up the mess made by certain BI officials who had long benefited through Indover. If the bank was sold a long time ago, this problem would not have come up," said a source at a foreign bank.
Attorney General Hendarman Supandji said prosecutors would investigate Indover for any illegal activities leading to past and present problems at the bank.
Adverse impact from Indover woes
- There could be an indirect negative perception from the domestic and international financial market players about the credibility of Bank Indonesia as the shareholder and also as the monetary authority and banking supervisor.
- A possibility of a cut in the Indonesian sovereign and financial institution ratings.
- An increase in the premium of credit default swap for every Indonesian foreign loan.
- A possible cross default due to market perception that Indover's failure is BI's fault.
- Influencing the availability of funds to businesses, and increasing the cost for trade financing, already on the rise.
- An early redemption, a halting of roll-over facilities, and a possible limit in Indonesian foreign loan facilities.
Asia, Europe reach consensus on financial crisis
Asian and European leaders said Saturday they have reached a broad consensus on ways to deal with the global financial meltdown and will present their views at a crisis summit next month in Washington.
Speaking at the close of a two-day Asia-Europe Meeting in China's capital, the leaders called for new rules for guiding the global economy and a leading role for the International Monetary Fund in aiding crisis-stricken countries.
The biennial forum, known as ASEM, generally does not make decisions, and a statement issued by the leaders indicated how much the crisis in global markets has driven world opinion and institutions.
"I'm pleased to confirm a shared determination and commitment of Europe and Asia to work together," EU Commission President Jose Barroso said at a closing news conference.
He said participants would use the statement as the basis of their approach at the Nov. 15 Washington summit of the 20 largest economies.
Although short on details, the statement, adopted Friday, calls on the IMF and similar institutions to help stabilize struggling banks and shore up flagging share prices.
"Leaders agreed that the IMF should play a critical role in assisting countries seriously affected by the crisis, upon their request," it said.
Participants also agreed to "undertake effective and comprehensive reform of the international monetary and financial systems," the statement said.
The document is one of the strongest endorsements yet for a leading role in the crisis for the Washington-based IMF, long known as the international lender of last resort.
Responses to the crisis among participants have been varied thus far. The 15 euro countries and Britain reacted in dramatic fashion, agreeing to put up a total of US$2.3 trillion in guarantees and emergency aid to help banks. In contrast, South Korea, China, Japan and the 10-country Association of Southeast Asian Nations have merely recommitted themselves to an US$80 billion emergency fund to help those facing liquidity problems - to be established by next June - even while their stock markets tumble and export markets dry up.
Speaking for the hosts, Chinese Premier Wen Jiabao said financial innovation needed to be balanced with regulation, and called for measures to reduce the impact of the meltdown on jobs, growth and trade.
"We need to use every means to prevent the financial crisis from having an impact on the growth of the real economy," Wen said.
He said that the direct impact of the crisis on China had been relatively light, but the accompanying slowdown in the world economy and export demand would "inevitably have an impact on China's economy."
China will seek to do its part by maintaining "fairly fast and stable economic growth," Wen said. Although growth in the third quarter slowed to 9 percent - down from 11.9 percent for all of 2007 - China's economy continues to grow at the fastest rate among the largest economies.
French President Nicolas Sarkozy said the Beijing summit had raised expectations for solid results when the leaders meet in Washington.
"They have all expressed their willingness for the Washington summi to be a place where we make some decisions, and we have all understood that it would not be possible to simply meet and have a discussion, we need to turn it into a decision-making forum," Sarkozy said.
German Chancellor Angela Merkel called for the IMF to become a "guard for the stability of the interntional finance system," and said there was unanimous agreement that it needed to take on a supervisory role.
She also called for the step-by-step integration of the IMF into the Financial Stability Forum, founded in 1999 by the Group of Seven leadig industrialized countries and aimed at bolstering the international financial system.
The IMF, whose loans normally include strict provisions, is discussing loan packages with close to a dozen countries from Iceland to Pakistan, and is examining ways to speed up the process.
Speaking at the close of a two-day Asia-Europe Meeting in China's capital, the leaders called for new rules for guiding the global economy and a leading role for the International Monetary Fund in aiding crisis-stricken countries.
The biennial forum, known as ASEM, generally does not make decisions, and a statement issued by the leaders indicated how much the crisis in global markets has driven world opinion and institutions.
"I'm pleased to confirm a shared determination and commitment of Europe and Asia to work together," EU Commission President Jose Barroso said at a closing news conference.
He said participants would use the statement as the basis of their approach at the Nov. 15 Washington summit of the 20 largest economies.
Although short on details, the statement, adopted Friday, calls on the IMF and similar institutions to help stabilize struggling banks and shore up flagging share prices.
"Leaders agreed that the IMF should play a critical role in assisting countries seriously affected by the crisis, upon their request," it said.
Participants also agreed to "undertake effective and comprehensive reform of the international monetary and financial systems," the statement said.
The document is one of the strongest endorsements yet for a leading role in the crisis for the Washington-based IMF, long known as the international lender of last resort.
Responses to the crisis among participants have been varied thus far. The 15 euro countries and Britain reacted in dramatic fashion, agreeing to put up a total of US$2.3 trillion in guarantees and emergency aid to help banks. In contrast, South Korea, China, Japan and the 10-country Association of Southeast Asian Nations have merely recommitted themselves to an US$80 billion emergency fund to help those facing liquidity problems - to be established by next June - even while their stock markets tumble and export markets dry up.
Speaking for the hosts, Chinese Premier Wen Jiabao said financial innovation needed to be balanced with regulation, and called for measures to reduce the impact of the meltdown on jobs, growth and trade.
"We need to use every means to prevent the financial crisis from having an impact on the growth of the real economy," Wen said.
He said that the direct impact of the crisis on China had been relatively light, but the accompanying slowdown in the world economy and export demand would "inevitably have an impact on China's economy."
China will seek to do its part by maintaining "fairly fast and stable economic growth," Wen said. Although growth in the third quarter slowed to 9 percent - down from 11.9 percent for all of 2007 - China's economy continues to grow at the fastest rate among the largest economies.
French President Nicolas Sarkozy said the Beijing summit had raised expectations for solid results when the leaders meet in Washington.
"They have all expressed their willingness for the Washington summi to be a place where we make some decisions, and we have all understood that it would not be possible to simply meet and have a discussion, we need to turn it into a decision-making forum," Sarkozy said.
German Chancellor Angela Merkel called for the IMF to become a "guard for the stability of the interntional finance system," and said there was unanimous agreement that it needed to take on a supervisory role.
She also called for the step-by-step integration of the IMF into the Financial Stability Forum, founded in 1999 by the Group of Seven leadig industrialized countries and aimed at bolstering the international financial system.
The IMF, whose loans normally include strict provisions, is discussing loan packages with close to a dozen countries from Iceland to Pakistan, and is examining ways to speed up the process.
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