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Search teams found at least 10 bodies Friday near where a Russian-made jetliner crashed into the side of an Indonesian volcano while on a demonstration flight for potential buyers from airlines, an official said.
All 45 aboard the Sukhoi Superjet-100 are feared dead.
The search team used ropes to climb up to the wreckage on the near-vertical slopes of Mount Salak, search and rescue agency spokesman Gagah Prakoso said. The 10 bodies they found are being prepared to be transported from the crash site by helicopter.
Local television showed what appeared to be the plane’s tail with the blue-and-white Sukhoi logo, part of a wing and bits of twisted metal scattered along the slope like confetti.
The jetliner slammed into the dormant volcano Wednesday at nearly 800 kph (480 mph). Russian and French investigators have arrived to join the ongoing investigation into the cause.
The Superjet-100 is Russia’s first new model of passenger jet since the fall of the Soviet Union two decades ago and was intended to help resurrect its aerospace industry business cards.
The ill-fated Superjet was carrying representatives from local airlines and journalists on what was supposed to be a 50-minute demonstration flight. Just 21 minutes after takeoff from a Jakarta airfield, the Russian pilot and co-pilot asked for permission to drop from 10,000 feet to 6,000 feet (3,000 meters to 1,800 meters). They gave no explanation, disappearing from the radar immediately afterward.
It was not clear why the crew asked to shift course, especially since they were so close to the 7,000-foot (2,200-meter) volcano, or whether they got an OK, officials have said.
Communication tapes will be reviewed as part of the investigation, but it’s unlikely they will be released to the public any time soon.
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Swiss central bank President Thomas Jordan said policy makers are ready to take further measures if needed to weaken the franc as its strength poses
Federal Reserve Chairman Ben Bernanke says further bond purchases by the Fed remain “very much on the table” if the economy needs further support.
Bernanke says the central bank remains prepared to take additional actions, referring to a possible third round of bond buying. Two now-expired programs of Fed bond purchases have been intended to push down long-term interest rates to encourage borrowing and spending.
Bernanke is speaking at a news conference after a two-day policy meeting.
He says the central bank believes that while inflation has risen lately, it will remain within the Fed’s 2 percent target.
Germany’s ZEW survey of investor optimism unexpectedly rose in April for a fifth straight month in another upbeat sign for Europe’s biggest economy despite recurring turmoil from the debt crisis hitting the 17 countries that use the euro.
The survey’s index, released Tuesday, rose to 23.4 from 22.3 in March. Analysts had expected a dip to 19.0, with some predicting a figure as low as 15.0.
The upbeat views run counter to the recent concern about bond market pressure on Spain and Italy, and were gathered from 275 financial experts between April 2 and April 16, during which the interest rate on those countries’ bonds rose _ a sign of financial distress.
Germany’s economy, driven by strong exports to Asia and North American, is expected to outpace the eurozone economy as a whole this year. The Bundesbank, the country’s national central bank, forecasts growth of 0.6 percent this year and 1.8 percent next year.
The eurozone economy as a whole is expected to shrink by 0.3 percent, according to estimates by the European Union’s executive commission.
Cutbacks in government spending in indebted countries including Greece, Ireland, Portugal, Spain and Italy are weighing on growth and boosting unemployment in large parts of the shared currency bloc.
ZEW President Wolfgang Franz said the data for Germany showed that “financial market experts have maintained their positive outlook for the next half year. “
He said the small size of the increase suggested that optimism was beginning to run up against concerns about possible risks. “The fact that the indicator is running in place shows, however, that the optimism about the real economy has been held back by significant risks, such as for example cyclical weakness of important trade partners and the debt crisis in the eurozone.”
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The leader of Cyprus’ Orthodox Christian Church says it wants to invest in the country’s energy sector.
Archbishop Chrysostomos II said Monday the Church is looking primarily at solar panel manufacturing and building a power plant as part of investment plans that could run in the “tens and possibly hundreds of millions” of euros (dollars).
Chrysostomos II says the Church’s investment is aimed at boosting the country’s economy.
Eurozone member Cyprus is relying on a (EURO)2.5 billion ($3.27 billion) low-interest loan from Russia to see it through this year after a string of credit rating downgrades have left it unable to borrow from international markets.
Officials hope the discovery of a sizable, offshore natural gas field will help turn the economy around.
If you thought having thousands of Twitter followers made you famous, how about showing up in a reality television series?
Bravo announced plans on Wednesday for two new shows focused on the tech realm.
The network is teaming with Facebook founder Mark Zuckerberg’s sister Randi Zuckerberg, who left Facebook in August to start her own media company, for a series with the working title of "Silicon Valley."
According to Bravo’s site, the show "captures the intertwining lives of young professionals on the path to becoming Silicon Valley’s next great success stories."
It’s too early to tell say whether Facebook founder Mark Zuckerberg will make a cameo. Perhaps instead of cat-fights, viewers will see code wars and hackathons. Bravo was mum on the details, and Zuckerberg — that’s Randi, not Mark — did not immediately respond to a request for comment.
Bravo also unveiled plans for a tech series with the working title called "Huh?," giving viewers an inside look at the crew behind ICanHasCheezburger.com. Run by entrepreneur Ben Huh, the Seattle-based Cheezburger, Inc. is known for LOLcats, FAIL blog, and its empire of Internet memes.
Bravo has frequently teamed up with buzzy tech startups, from Foursquare to TaskRabbit, to promote its shows, so a show tracking the young founders behind many of those startups isn’t a complete surprise.
Let’s just hope "Silicon Valley" doesn’t end up titled "Real Entrepreneurs of Silicon Valley."
While the debate over "QE3" continues within the Federal Reserve, it seems more policymakers are leaning away from supporting further stimulus.
At the central bank’s last policymaking meeting, Fed officials continued to discuss whether they should buy more assets in a third round of quantitative easing, commonly known as QE3.
But only "a couple" members were in favor of more stimulus, as opposed to two months earlier, when a "few" did so.
"A couple of members indicated that the initiation of additional stimulus could become necessary if the economy lost momentum or if inflation seemed likely to remain below its mandate consistent rate of 2% over the medium run," minutes released Tuesday said.
The Fed’s language on the overall economy also seemed more upbeat than in January, pointing to "encouraging" jobs data.
Since the financial crisis, the Fed has purchased $2.3 trillion in Treasuries and mortgage debt in the first two rounds of quantitative easing. The intent is that these policies will bring interest rates lower, boosting the economy by giving businesses and consumers access to cheaper credit.
Some members have recently indicated that by buying more mortgage backed securities, the Fed may be able to give a bigger boost to the struggling U.S. housing market.
Others have pointed to stronger jobs data as a sign that the economy is healing on its own, and may not need further assistance from the Fed.
Richmond Fed President Jeffrey Lacker was the only member of the central bank’s 10-person Federal Open Market Committee voting against the use of language that specifies interest rates will likely remain low until the end of 2014.
He believes the economy will heat up enough to warrant a hike in interest rates before then.