Firecrackers exploded in the air and dishes smashed in the streets. On July 13 the Chinese people were celebrating the International Olympic Committee announcement of Beijing as the 2008 Olympic host. This is the first time China will host the Olympics.
Wall Street will look at the state of the U.S. economy this week. Last week, it became apparent that many jobs will be lost as a result of the terrorist attacks. Airlines have received a bail-out package from the government, but that will not put people back in the air. Hotel chains have been revealing less-than-stellar occupancy rates. Many restaurants are beginning to offer discounts. Cities are now pleading for tourists. In New York, plays are closing.
As recently as seven months ago, U.S. authorities detailed in open court an extensive network of companies and bank accounts established by Osama bin Laden and his terror group, enterprises as diverse as road construction and peanut farming. Witnesses during the trial of suspects charged in the 1998 bombings of two U.S. embassies in Africa identified businesses that bin Laden's al-Qaida group ran in Sudan to obtain equipment and cash and provide favors for the Sudanese government.
GAZA CITY, Gaza Strip -- Palestinian leader Yasser Arafat said Tuesday he ordered his forces to prevent any attacks on Israeli soldiers and to hold back even if fired upon. Israel responded by promising not to launch attacks on Palestinians.
PESHAWAR, Pakistan -- Many Pakistanis living near the Afghan border say they are ready to join a holy war against America, and possibly their own government, if the United States attacks Afghanistan.
NEW YORK -- The losers included airline, insurance and entertainment stocks while defense issues were among the few winners when prices tumbled on Wall Street Monday, the first day of trading after last week's terrorist attacks.
President Bush said Monday the United States wants terrorism suspect Osama bin Laden \"dead or alive.\" \"We will win the war and there will be costs,\" Bush said during a visit to the Pentagon, badly damaged when hit by one of the hijacked airliners. \"The U.S. military is ready to defend freedom at any cost,\" he said as the Defense Department readied call-up orders for an estimated 35,000 reservists.
Chain letters urging people to "put money into the markets" were distributed last week via the Internet. Many traders announced they would not sell stocks short. Fund managers said they would not attempt to profit off of terrorism. The Securities and Exhange Commission announced it changed its rules dealing with corporate share repurchase programs. And, the Federal Reserve lowered interest rates by half a percentage before the opening bell even rang (in a show of support, the Bank of Canada, the Swiss National Bank and the European Central Bank also lowered interest rates by half a percentage). Yet, many on Wall Street had the feeling that stocks would suffer on Monday.
WASHINGTON -- A second arrest warrant for a material witness in the hijackings investigation was issued by federal prosecutors in New York, the Justice Department said Saturday. The person had not yet been arrested at the time the warrant was issued. Investigators expected to issue additional warrants, perhaps as soon as Saturday evening, as the investigation into Tuesday's attacks shifts into higher gear.
Even after the shocking terror last week, economists' general concern was the consumer spending level. According to CNNfn.com, consumer spending fuels around two thirds of the economy. The "psychological impact is what makes (this situation) highly unpredictable," Bill Witte, a professor of economics said. Any tragedy on the national level might influence consumer psychology and change the behavior of spending in the immediate future. But it is very difficult to measure how much correlation will exist between the tragedy and consumer psychology. In general, it is perceived reactions from the terrorist attacks will not have long-term effects for the U.S. economy.
WASHINGTON -- The United States pressed Pakistan on Thursday to close its border with Afghanistan and to cut off funds for terrorist groups, a senior White House official said. The appeal coincided with Secretary of State Colin Powell's identifying Osama bin Laden as a key suspect in this week's terror attacks. Powell also was promised cooperation by Pakistan's president. Bin Laden operates in Afghanistan with sanctuary provided by the Taliban, a fundamentalist Muslim group that controls most of the country. President George Bush called the strike against New York and Washington "the first war of the 21st century" and vowed revenge. "There's a quiet anger in America."
WASHINGTON -- Searchers found the black box of one hijacked airliner in Pennsylvania and received a signal from the black box of the plane that crashed at the Pentagon, officials said Thursday. Attorney General John Ashcroft said the FBI was working on "thousands and thousands of leads" in the investigation of Tuesday's terror attacks. Search crews will not be able to retrieve the black box at the Pentagon, which could contain information about the last minutes of the hijacked commercial jetliner, until they are able to enter the collapsed area of the Pentagon, where the plane's fuselage rests.
A frantic guard outside the Supreme Court shouted at strolling passers-by: "You don't have time to stay in this area!" Why, he was asked, what happened? "Explosions! Leave!"
U.S. officials began piecing together a case linking Osama bin Laden to the worst terrorist attack in U.S. history, aided by an intercept of communications between his supporters and harrowing cell phone calls from victims aboard the jetliners before they crashed on Tuesday.
The nation's securities markets shut down and New York's financial district was left in chaos Tuesday by the terrorist attack that devastated the World Trade Center. The New York Stock Exchange, American Stock Exchange and Nasdaq Stock Market planned to remain closed at least through Wednesday. Analysts were divided on the effect the attacks would have when trading resumes.
Air traffic around the nation was halted for the first time in history Tuesday as stunned travelers watched televised pictures of the smoking ruins of New York's World Trade Center and the Pentagon, both attacked by terrorists. The Federal Aviation Administration ordered all outbound flights grounded following the fiery twin disaster at the World Trade Center around 9 a.m. The FAA said the ban would not be lifted until Wednesday at noon EDT, at the earliest.