South Korea Ferry Disaster: Relatives Wait For News About Missing Children

More than 280 people are still missing after a ferry carrying 462 people, mostly high school students, sank off South Korea's southern coast.

Only four people have been confirmed dead so far, but the high number of people unaccounted for suggests that the death toll could rise drastically.

The students on the Sewol ferry were on their way to Jeju island for a four-day trip. Most were in their second year of high school, which would make them 16 or 17.

People look out to the sea as they wait for news of their missing loved onesGetty

Maritime police search for missing passengers near the sunken SewolReuters

Flares are released for a night search, following the sinking of South Korean ferry SewolReuters

Relatives check their phones as they wait for newsGetty

A relative waits at Jindo portGetty

Relatives check the survivor lists at Jindo portGetty

A relative waiting for news of missing passengers stares out to seaGetty

Helicopters fly over the Sewol as it sinks off the coast of Jindo IslandGetty

Passengers are rescued from the sinking ferry by the Republic of Korea Coast GuardGetty

The Republic of Korea Coast Guard attempt to rescue passengers from the stricken ferryGetty

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Adolf Hitler Hunted in Argentina by FBI Agents After Nazi Germany Lost World War II

He went that way? Adolf Hitler was thought to be hiding in Argentina by FBI chief J Edgar HooverGetty

Adolf Hitler was hunted in Argentina by FBI agents because the Fuhrer of Nazi Germany was thought to have fled there while Berlin burned during the dying embers of the second world war.

Newly declassified papers from the archives of the Federal Bureau of Investigatons reveal a mision was authorised to hunt Hiter in the South American Country.

Contemparanious documents spoke about the crazed warlord in the present tense as if he was still alive, instead of having perished in flames in the capital city of his thousand year Reich as the Red Army closed in.

Agents sent to find him were given a physical description - hard to believe that one was considered necessary. It said: "He is suffering asthma and ulcers, and has shaved off his moustache."

An informant supplied directions to where the Fuhrer was supposedly holed up inside a heavily fortified compound, saying: "If you will go to a hotel in San Antonio, Argentina, I will arrange for a man to meet you there and locate the ranch where Hitler is.

"It is heavily guarded of course, and you will be risking your life to go there."

The new details about the search of Hitler come after an author claimed the race-hate mad man survived the war and then settled down in Brazil with a wife - who was black.

According to writer Simoni Renee Guerreiro Dias, HItler actually died in Brazil in 1984, aged 95. She identified Hitler by drawing a moustache on a blurry photograph of a local man from his village, who was known as the 'Old German.'

Jordanian Air Force Destroys 'Syrian Rebels' Convoy on Border

A Jordanian security source said the vehicles destroyed by the air forces were civilian cars mounted with machine guns belonging to Syrian rebelsReuters

Jordan's airforce has destroyed a convoy of military vehicles that were trying to cross the border from Syria.

An army spokesman said the vehicles ignored warnings to stop as they were driving towards the border and were consequently attacked by fighter jets.

"The camouflaged vehicles tried to enter from an area with rugged terrain," the Jordanian army said.

"The fighter jets fired warning shots, but they were ignored, prompting them to destroy the vehicles. The army will not tolerate such actions."

Amman did not say how many vehicles were in the convoy or if there were any casualties.

A Jordanian security source told Reuters the convoy was made up of civilian cars mounted with machine guns driven by Syrian rebels.

They reportedly tried to cross near the northeastern town of Ruwaished.

Damascus has denied the vehicles belonged to the Syrian army.

"No military or armoured vehicles belonging to the Syrian army moved towards the Jordanian border, and so what was targeted by the Jordanian airforce does not belong to the Syrian army," a Syrian military official said.

The Jordanian border is known to be a conduit for smugglers attempting to supply weapons and other items to rebels fighting the regime of Bashar al-Assad.

Amman's armed forces routinely carry out anti-smuggling operations and arrests but the incident appeared to be the first time military aircrafts were openly used along the border.

A spokesman for the Jordanian government said the kingdom was increasingly worried about domestic security threats represented by the infiltration of rebels from Syria.

Mohammad al-Momani told Reuters: "We are worried about cases of infiltration... and reports that talk about armed groups that are close to the border and the absence of security there."

Shanghai Gets Mainland China's First Bitcoin ATM Amid Bank Crackdown

Shanghai cafe gets China's first bitcoin ATM despite bank crackdownReuters

BTC China, a leading digital currency exchange, has installed mainland China's first bitcoin ATM in Shanghai, in defiance of local banking regulations that have effectively outlawed the exchanges used to convert local currency yuan into bitcoins, and vice versa.

BTC China has also rolled out an online app that allows individuals to trade bitcoins using their mobile phones. Trading by individuals is not prohibited in China.

Cafe ATM

The new ATM-like services from BTC China have nothing to do with the banking system.

The physical ATM, located in a cafe housed within a mall in Shanghai's Zhangjiang technology park area, allows people to buy bitcoins directly from the exchange for yuan inserted into the machine.

Users cannot withdraw cash.

The web app permits transactions on a direct peer-to-peer basis, rather than selling them on an open exchange.

This also avoids using the banking network or a public online exchange -- transactions are between individuals and liquidity is limited to the amount of cash they have, reported Reuters.

BTC chief executive Bobby Lee told the news agency on 16 April that his exchange was operational and that his trading account at banks had not been shut down.

"News reports said it would be shut down by April 15. It's April 16 and nothing has happened," Lee said.

PBoC Diktat

China's central bank took a hard line on bitcoins in early December 2013 when it banned financial institutions from handling the decentralised crypto-currency.

The People's Bank of China (PBoC) said in a statement that bitcoin is not a currency and therefore banks and other financial services are forbidden from dealing with it.

The action caused the value of bitcoins to plummet over 50% the world over by 18 December, 2013, from a record high of $1,200 at the start of that month.

BTC China stopped accepting bank deposits from its users, causing further panic.

The bitcoin's surge in value from $100 to $1,200 in just four months was believed to be a result of substantial Chinese investment in the currency, but, as was seen during a similar boom and bust in April 2013, the currency is extremely volatile and is not backed up by any central bank.

Alibaba Group's US IPO Filing Expected Next Week

Alibaba's New York IPO filing expected on 21 April.Reuters

Chinese e-commerce giant Alibaba could file for an initial public offering (IPO) in the US on 21 April, according to a Reuters report.

The planned floatation, the largest US listing, could value the Chinese internet firm at as much as $120bn (£71bn, €87bn).

Alibaba could raise some $16bn through the proposed stock sale.

Another given is that Alibaba will use the proceeds of the upcoming share sale to snap up a raft of companies, in a bid to expand its mobile phone services.

Meanwhile, Templeton Emerging Markets Group boss Mark Mobius has said he is not interested in Alibaba's planned New York floatation owing to concerns about the firm's corporate governance.

Yahoo and Japanese telecoms major SoftBank own 24% and 37% of the Chinese firm, respectively.

Underwriters' Fees

Alibaba proposes to award about one-third of the fees for its floatation in the form of incentive bonuses, to wheedle better performance from underwriters, Bloomberg reported on 16 April.

The firm plans to pay at least 1.1% of the total IPO proceeds in fees, pegging the fee-pool at an estimated $200m, the report added.

Earlier in the week, Alibaba, which powers 80% of all Chinese online consumer shopping, reported a 66% surge in sales to $3.06bn for the final quarter of 2013, as compared with a year earlier.

Pre-IPO Investments

Competition is fierce in the world's largest Internet market, China, and Alibaba made several strategic investments ahead of its forthcoming IPO.

The firm in late March picked up a 10% stake in Hong Kong-listed Chinese department store operator Intime, a deal expected to provide Alibaba's e-commerce platform a brick-and-mortar extension.

Earlier in March, Alibaba paid $215m for a minority stake in mobile messaging app maker Tango.

Alibaba has also acquired a controlling stake in ChinaVision Media Group for $804m, giving it access to content including games, films and English Premier League Soccer.

Why Africans Pay Annual £2bn 'Super Tax' to Transfer Money Abroad

A Western Union sign is seen in New York(Reuters)

Africans are paying almost twice as much as other nationals to transfer money home, equating to an annual $2bn "supertax" on the continent, according to a new report.

The UK's top development thinktank, the Overseas Development Institute (ODI) said Africa is losing $1.8bn annually to excessive charges on remittances from migrant workers across the world and has called on the Financial Conduct Authority to investigate leading money transfer providers Western Union and Moneygram over its findings.

In a report titled 'Lost in Intermediation,' the ODI says that the average charge on money transfers to Africa is 12%, almost twice the global average. They calculated that the overcharge when compared to the G8 target of 5%, amounted to $1.8bn each year.

"Migrants sending $200 home can expect to pay 12% in charges, which is almost double the global average. While the governments of the G8 and the G20 have pledged to reduce charges to 5%, there is no evidence of any decline in the fees incurred by Africa's diaspora. There is no justification for the high charges incurred by African migrants," the report said.

The ODI estimated that Moneygram and Western Union accounted for $586m of the loss associated with the 'super tax' and called for greater transparency over remittance charges.The report also urged an investigation into foreign exchange conversion rates.

A Moneygram spokesman told the Guardian newspaper that the ODI's figures were inaccurate and that the company offers a competitive service.

"We don't recognise those numbers at all. There is no Africa premium," he said.

Western Union said the average global revenue earned by the company was between 5-6% of the amount being sent.

"However, our pricing varies between countries depending on a number of factors such as consumer protection costs, local remittance taxes, market distribution, regulatory structure, volume, currency volatility, and other market efficiencies," a company spokesperson added.

Egyptian Mosques Told to Turn off Air Conditioners to Reduce Power Supply

Egyptian mosques told to turn off air conditioning to reduce power supplyReuters

Egypt's interim government is asking mosques across the country to turn off air conditioning, except during prayer time, in order to save energy as the country is battling a severe power crisis.

The latest proposal by the ministry of religious endowments is part of a plan by the government to trim down power consumption in state-run buildings.

There are about 80,000 mosques across Egypt, the Arab world's most populous nation, functioning under the ministry. Places of worship have been ordered not to switch on air conditioners until 15 May, following which it will be switched on only during prayer time.

Although air conditioning equipment is bought by donations collected from worshippers, electricity bills have to be borne by the religious endowment ministry, reports Ahram Online.

It is still unclear how much money the ministry would be saving from the move.

The country has been facing enormous power shortages and this year's is one of the worst.

Cairo's interim administration, which was installed following the dramatic removal of former Islamist president Mohamed Morsi, has been introducing a spate of reforms to deal with the situation.

The caretaker government had recently said the wealthiest 20% of its population would have to pay a higher price for electricity.

Planning minister Ashraf al-Arabi said: "This will benefit the poor, because we will take this from the rich and reallocate it to the poor and social spending. So I believe we have a good story to tell to the Egyptian people."

Oscar Pistorius Judge Thokozile Masipa Postpones Trial

Oscar Pistorius trial is set to drag out for longer following request by prosecutor Gerrie Nel's teamGetty

Oscar Pistorius and Reeva Steenkamp's family face another delay in getting justice with the postponement of his murder trial.

Judge Thokozile Masipa agreed to suspend proceedings from after the Easter holiday until 5 May, following a request by prosecutor Gerrie Nel.

The state asked for a postponement because the trial has already badly overrun the three weeks it was allotted when it began on 3 March. It means other work is stacking up for Nel's junior counsel.

Masipa granted the two-week adjournment to allow lawyers to get up to speed with other work. She said the delay would not harm Pistorius, who is out on bail.

The trial at North Gauteng High Court is the most high-profile court case on the planet at present. Pistorius finished seven days of intense cross-examination today (Wednesday) and looked relieved the ordeal was over.

Masipa said: "This matter, that was meant to run for three weeks, is running for six weeks.

"In coming to my decision, counsel have made themselves available way beyond the time that was envisioned.

"Much of the evidence is technical evidence from experts, much of this time will then be used by my assessors and myself time to go through this evidence.

"I hope the counsel will also take the time to work through this evidence. The postponement is only for seven working days.

"I am aware that the date of the 5 May is not suitable for everybody, but we are pressed for time and we cannot take any more time."

Pistorius denies premeditated murder and claims he mistook Steenkamp for an intruder inside his luxury home on the outskirts of Pretoria. The prosecution alleges he killed her following an argument between the couple.

He also faces charges of illegally firing a gun in public and of illegally possessing ammunition, both of which he denies.

China's Economic Growth Drops to 18-Month Low

Workers clean the exterior of a shopping mall in Beijing.Reuters

The world's second-largest economy expanded at its slowest pace in 18-months at the start of 2014, but logged some improvement in March, suggesting Beijing will not jump in to boost activity.

The Chinese economy grew 7.4% on an annual basis in the January-March quarter, the National Bureau of Statistics said on 16 April. A Reuters poll predicted a 7.3% growth rate for the first-quarter. The economy expanded 7.7% in the fourth-quarter of 2013.

The latest reading is China's slowest annual growth rate since the third-quarter of 2012, when the economy logged a 7.4% growth rate.

The government has so far ruled out a major stimulus to battle short-term dips in growth, suggesting the slowdown was an expected outcome of their reforms drive.

March Activity Data

Other data for March, released on 16 April, showed Beijing could be making some progress in its attempt to boost the role of consumption and wean the economy away from its dependence on exports and infrastructure investments.

Retail sales came in slightly ahead of forecasts, increasing 12.2% annually, while factory output came in just below expectations with an 8.8% increase.

The services sector, which includes retail, made up 49% of the gross domestic product in the first quarter, 4.1 percentage points more than the industrial sector.

"The slowdown of China's economy is a reflection of a transformation of the economic mode," said Sheng Laiyun, of the National Bureau of Statistics.

"There is no fundamental change in the improving trend of China's economy. The economy is still moving steadily towards the expected direction."

Analyst Take

UniCredit Research said in a note to clients: "Growth slowdown will not (and should not) overly alarm the Chinese government - especially as there are very early signs in recent data that rebalancing is underway. Private consumption held up pretty well and was "a decisive contributor to 1Q14 growth", while investment growth slowed markedly.

"Industrial production, the backbone of the Chinese growth model so far, is losing momentum, while services seem to be holding up better. And only [on 15 April], the PBoC released monetary data showing that M2 growth is now undershooting the official target, whereas "credit tapering" continues. Total social financing stock growth slowed further in March, with lending increasingly shifting from shadow banking to bank loans and from short-term to medium-term loans.

"Finally, efforts to deflate the housing bubble is also bearing first fruit, as underpinned by today's property investment growth data, the weakest since early 2009, while property sales and new property construction even fell substantially in 1Q14 - although one has to admit that the striking property slowdown increases the risk of (more) financial accidents in the sector, thus complicating the delicate (re)balancing act facing the Chinese authorities," UniCredit added.

Bill Adams, senior international economist for PNC Financial Services, said in a note: "...the current value of real GDP reached 12.8tn yuan [in the first-quarter], 7.9% more than the same period a year earlier.

"Headline fixed asset investment growth was very low by Chinese standards at 17.6% in year-ago terms in the first quarter, but much of this nominal slowdown is actually due to historically slow increases in investment good prices. Growth has slowed some, and inflation has slowed even more.

"Decent growth and muted inflation provide a green light for China's leadership to double down on its less expansionary credit and fiscal policies in 2014. The door is also wide open for opening state-controlled sectors to private investment, although it will be anything but simple for the Premier to walk through it," Adams said.

"With a decent first quarter taking some pressure off of the government to accelerate investment plans in the remainder of the year, the balance of risks for 2014's full-year GDP growth is little changed following today's numbers," he added.

Iran Eyes Vasectomy Ban to Boost Economy Through Birthrate

Iran's Supreme Leader Ayatollah Ali Khamenei is pushing for tighter rules on birth controlReuters

Iran's parliament is considering a ban on vasectomies as the country seeks to boost its birthrate.

The conservative-dominated parliament is also mulling a tightening of abortion laws as the country turns its back on the progressive family planning rules that have marked the last decades.

The 1990s saw Iran's leadership offer subsidised vasectomies and free condoms amid concerns that the country's population was growing too fast.

That sentiment is now in reverse. The supreme leader Ayatollah Ali Khamenei condemned Iran's progressive contraception policy last year, describing it as an imitation of a western lifestyle.

He called on the government to deal with Iran's ageing population by increasing the number of people in Iran to 150 million, nearly double the current figure.

The Iranian news agency Fars reported that a large majority of the delegates voted in favour of debating the tougher rules and the ban on vasectomies.

"If we move forward like this, we will be a country of elderly people in a not too distant future," Khamanei said last October, according to Fars.

"Why do some prefer to have one...or two children? Why do men or women avoid having children through different means?" he said.

"The reasons need to be studied. We are not a country of 75 million, we have [the capacity] to become at least 150 million, if not more."

Iran's economy is currently suffering the effects of Western-imposed sanctions over the state's disputed nuclear programme.

Washington has led efforts to limit trading, investment and impose asset freezes on Iranian individuals and businesses. Western leaders are concerned that Iran is attempting to develop the capacity to produce a nuclear weapon, while Tehran has always maintained that its nuclear programme is purely peaceful.

In the wake of Iran's 1979 Islamic revolution, families were encouraged to have many children, as then-Ayatollah Ruhollah Khomeini sought a baby boom throughout the years of the Iran-Iraq war.

After the population swelled to around 60 million in a decade, the 90s authorities encouraged family planning services through massive government subsidies.

The tide began to turn against readily available birth control measures with the election of Mahmoud Ahmadinejad in 2005.

He went on to unveil a government grant of $950 (£565, €686) for each new born baby, paid in to a state bank account, which would receive an extra $95 annually until the baby reaches 18.

Around 65% of Iran's population is under the age of 30.

Japan: Shrinking and Ageing Population Hinders Abe's Effort to Boost Government Coffers

76-year-old Minekatsu Kinugasa (R) and his 74-year old wife Kiyoko seen making "imagawayaki' buns with sweet fillings at their shop in central Tokyo, in 2013.Reuters

Japan's population is ageing and shrinking and that presents two problems for Prime Minister Shinzo Abe's government - Tokyo will have to figure out a way to boost tax revenue from a shrinking labour force while it battles rising costs associated with financing its aging society.

Japan's working population, defined as those between 15 and 64 years old, has dropped to less than 80 million for the first time in 32 years, according to data published by the Internal Affairs Ministry.

Postwar baby boomers are heading into retirement and people aged 65 or older make up 25% of the population in the world's third-largest economy, the ministry said on its website on 15 April.

That reading is the highest in any country the world over, according to the Population Reference Bureau.

Japan's population has declined for a third year, by 0.17% to 127.3 million as of 1 October, 2013, as births drop and deaths rise.

The nation's fertility rate, at 1.39 children per woman, is the fourth-lowest among the member states of the Organization for Economic Cooperation and Development (OECD).

Children up to 14 years old account for just 12.9% of the population, according to the ministry, while people aged 75 or older make up 12.3% of Japan's population

Most-Indebted Economy

Japan's debt has expanded to more than twice the size of the nation's economic output, partly owing to rising social security and health costs associated with its aging population.

Tokyo is trying different things to strengthen the economy and the government's coffers. It has raised the national sales tax to 8% from 5%, and is trying to get more women to join the workforce, while it contemplates easing restrictions on immigration.

"The problem of the low birthrate and aging population is getting more serious and the scale of the fall is remarkable," said chief cabinet secretary Yoshihide Suga, reported Bloomberg.

"Given the circumstances, it is a matter of urgency to build a society where women can shine," he said, adding that more child-care provisions and a better working environment for women were needed.

Mizuho Securities' chief market economist Yasunari Ueno said in a 9 April note to clients: "We have argued for some time that Japan has a lot to learn from Australia and the US, which have demonstrated successfully that welcoming people from a variety of nations, who may think differently and have different cultures but are highly talented, strengthens the economy on both the demand and supply sides."