Also see [GRAPHIC PHOTOS] Live Updates: Passenger Jet Downed in Ukraine, Buk Missile Attack Suspected, 23 American Passengers Suspected Dead
The missile shot skyward from war-ravaged eastern Ukraine. With deadly accuracy more than six miles up, it detonated just in front of the Malaysia Airlines jetliner, sending hundreds of jagged steel shards ripping through its aluminum skin at up to 5,600 mph and shearing the cockpit from the rest of the plane.
“The 15-month Dutch investigation blamed a Soviet-made surface-to-air Buk missile for downing the Amsterdam to Kuala Lumpur flight, but it did not explicitly say who had fired it.”
The two pilots and purser in the cockpit died instantly, and the Boeing 777 disintegrated and fell to earth, killing the rest of the 298 men, women and children aboard Flight 17 on July 17, 2014, Dutch investigators said Tuesday in a long-awaited report.
“The Dutch Safety Board also found that the tragedy wouldn’t have happened if the airspace of eastern Ukraine had been totally closed to passenger planes as fighting raged below.”
Some of the victims may have been conscious for 60 to 90 seconds, the Dutch Safety Board said, but they probably were not fully aware of what was happening in the oxygen-starved, freezing chaos. The tornado-like airflow surging through the doomed jet as it came apart was powerful enough to tear off people’s clothes and leave naked corpses amid the fields of sunflowers.
“Our investigation showed that all parties regarded the conflict in eastern part of Ukraine from a military perspective. Nobody gave any thought of a possible threat to civil aviation.”
— Safety Board chairman Tjibbe Joustra
The 15-month Dutch investigation blamed a Soviet-made surface-to-air Buk missile for downing the Amsterdam to Kuala Lumpur flight, but it did not explicitly say who had fired it. It identified an area of 320 square kilometers (120 square miles) where it said the launch must have taken place, and all of the land was in the hands of pro-Russian separatists fighting Ukrainian forces at the time of the disaster, according to daily maps of fighting released by the Ukrainian National Security Council.
The Dutch Safety Board also found that the tragedy wouldn’t have happened if the airspace of eastern Ukraine had been totally closed to passenger planes as fighting raged below.
“Our investigation showed that all parties regarded the conflict in eastern part of Ukraine from a military perspective. Nobody gave any thought of a possible threat to civil aviation,” Safety Board chairman Tjibbe Joustra said in releasing the report at a military base in the southern Netherlands.
He spoke in front of the partially reassembled red, white and blue Malaysian jetliner, much of the left side of its mangled fuselage front riddled with shrapnel holes.
Russian officials were prompt to dismiss the Dutch report, with Deputy Foreign Minister Sergei Ryabkov calling it an obvious “attempt to make a biased conclusion, in essence to carry out a political order.”
Earlier Tuesday, the Buk’s manufacturer presented its own report trying to clear the separatists, and Russia itself, of any involvement.
The Russian state-controlled consortium Almaz-Antey said it conducted experiments, including one in which a Buk missile was detonated near the nose of an airplane similar to a 777, and it contended they contradicted the conclusion that a Buk missile of the kind used by the Russians destroyed Flight 17. Almaz-Antey had earlier suggested that it could have been a model of Buk that is no longer in service with the Russian military but is part of Ukraine’s arsenal.
It said the experiments also rebutted claims the missile was fired from Snizhne, a village that was under rebel control. An Associated Press reporter saw a Buk missile system in that vicinity on the same day.
Despite the moves by Moscow, Prime Minister Mark Rutte of the Netherlands called on Russia to fully cooperate with a separate criminal investigation that Dutch prosecutors are conducting into the downing of the plane, in which 196 Dutch nationals died. Read the rest of this entry »
Apple’s share of profits is remarkable given that it sells fewer than 20% of smartphones
“Roughly 1,000 companies make smartphones. Just one reaps nearly all the profits.”
While the world worries about Greece, there’s an even bigger problem closer to home: China
A stock market crash there has seen $3.2 trillion wiped from the value of Chinese shares in just three weeks, triggering an emergency response from the government and warnings of “monstrous” public disorder.
“If China does not find support today, the disorder could be monstrous.”
And the effects for Australia could be serious, affecting our key commodity exports and sparking the beginning of a period of recession-like conditions.
“State-owned newspapers have used their strongest language yet, telling people ‘not to lose their minds’ and ‘not to bury themselves in horror and anxiety’. [Our] positive measures will take time to produce results,” writes IG Markets.
“All short-selling — the practice of betting that stocks will fall — has been banned, and Chinese media has rushed to reassure citizens.”
“If China does not find support today, the disorder could be monstrous.”
In an extraordinary move, the People’s Bank of China has begun lending money to investors to buy shares in the flailing market. The Wall Street Journal reports this “liquidity assistance” will be provided to the regulator-owned China Securities Finance Corp, which will lend the money to brokerages, which will in turn lend to investors.
The dramatic intervention marks the first time funds from the central bank have been directed anywhere other than the banks, signalling serious concern from authorities about the crisis.
At the same time, Chinese authorities are putting a halt to any new stock listings. The market regulator announced on Friday it would limit initial public offerings — which disrupt the rest of the market — in an attempt to curb plunging share prices.
“The market crash there is generating headlines, but it’s not going to have the same impact as a comparable crash would in a developed market.”
While the exact amount of assistance hasn’t been revealed, the WSJ reports no upper limit has been set.
All short-selling — the practice of betting that stocks will fall — has been banned, and Chinese media has rushed to reassure citizens.
Yesterday, shares in big state companies soared in response to the but many others sank as jittery small investors tried to cut their losses, Associated Press reports. The market benchmark Shanghai Composite closed up 2.4 percent but still was down 27 percent from its June 12 peak.
Experts fear it could turn into a full-blown crash introducing even more uncertainty into global markets as Europe teeters on the edge of a potential eurozone exit by Greece, after Sunday’s controversial referendum.
For Australia, the market crash in China is likely to impact earnings on key exports iron ore and coal, further slashing government revenue, while also putting downward pressure on the Australian dollar.
Jordan Eliseo, chief economist with ABC Bullion, said it was important to remember that the amount of wealth Chinese citizens have tied up in the stock market is relatively minor compared with western investors.
Stocks only make up about 8 per cent of household wealth in China, compared with around 20 per cent in developed nations. Read the rest of this entry »