President Obama announced that Osama bin Laden, the leader of Al Qaeda responsible for the Sept. 11 attacks, was killed in a firefight during an operation he ordered Sunday inside Pakistan, ending a 10-year manhunt for the world’s most wanted terrorist. Here's the full text and above is the video of Obama's speech
PAKISTAN TRUTH REVELED FINALLY: The Times reports that the mansion was constructed in 2005. As Ogle Earth reports, there is construction noticeable in 2005 on Google Earth shots of a site that fits with descriptions of the area in 2005:
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The property was valued at $1 million, but it had neither a telephone nor an Internet connection. Its residents were so concerned about security that they burned their trash rather putting it on the street for collection like their neighbors.
Osama Bin Laden Death implications on Global financial Sector
Oil price relief?
Question now arise whether oil prices would abate post the fall of Al Qaeda's leader.
First let's understand how Al Qaeda controlled oil prices.
Al Qaeda, through numerous video's, audio's and Internet messages, had made it overwhelmingly clear, that the American economy would be greatly affected at their hand. It was part of their extensive plan to destroy America
Al Qaeda's destruction of oil pipelines and refineries resulted in rising costs of gasoline and the ripple effect of that was felt all over America.
The most significant risk to oil production in the kingdom is an Al-Qaeda attack emanating from Yemen. Al-Qaeda has targeted Saudi's energy infrastructure on several occasions, most notably during the 2006 attempted truck bomb attack on the Abqaiq complex, the world's largest oil processing facility, a report said.
There had also been fears that Al-Qaeda could take advantage of the recent wave of destabilizing unrest in Yemen to plot new attacks targeting Saudi Arabia, thus causing a further spike in oil prices.
Now with its leader being assassinated there are possibilities the attacks may be reduced. "Al-Qaeda is still a threat and it's independent from Bin Laden, but I think to the extent that he has been an important rallying point for that ideology, it's a positive," said Jeremy Friesen, commodity strategist at Societe Generale to livemint.com.
In fact, Oil prices fell by more than a dollar on Monday on reports that al-Qaeda leader Osama Bin Laden is dead and after Nato air strikes over the weekend killed one of Libyan leader Moammar Gadhafi's sons.
ICE Brent crude for June fell $1.08 to $124.81 a barrel, still within $3 of last month's 32-month high above $127, while US crude slid $1.61 to $112.28 at 8:48am.
Global stocks rise
Global stocks have picked up on news of Bin Laden's death. The dollar rebounded from three-year lows and US crude slid more than 1% on Monday on the back of news that a US-led operation killed Osama bin Laden in Pakistan.
By lowering national security risks overall, this is likely to bolster equity markets and lower US Treasury prices in a reverse flight to quality movement," said Mohamed El-Erian, Chief Executive Officer and Co-Chief Investment Officer at PIMCO, which oversees $1.2 trillion assets.
The Indian stock markets haven't, however, taken positively to the news and have been volatile. Analysts believe the terrorist death would renew confidence into developed markets, thereby, redirecting FII flows from emerging markets. India is now on high alert and fear further 26/11kind of attacks.
Will aid to Pakistan stop?
Pakistan had been steadily denying that it was harbouring Osama. "Our reaction from day one to such stories is clear," Deputy Information Minister Samsam Bokhari had said. "He is not here." However, after Osama being found and killed in Pakistan will America stop supporting Pakistani militants?
In his official statement Obama was going out of his way to sound deferential to Pakistan and to emphasize that Osama was an enemy of Pakistan as well as of America. This may have been in order to avoid an outrage from Pakistan.
So it remains to be seen how US would now treat Pakistan.
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Nearly 10 years after the traumatic Sept 11, 2001 attacks on the World Trade Centre in New York and the Pentagon, the world's most wanted terrorist leader Osama bin Laden has been killed in Pakistan.
Osama Bin Laden Dead | Osama Bin Laden Killed | Al Qaeda Leader Dead at Abbottabad Mansion (VIDEO, PHOTOS): LIVE UPDATE
9.00 pm: Refusing to talk to striking Air India pilots, the government said it will wait till the stir is called off and abide by the court's order on the Contempt of Court proceedings initiated by the airline management.
"I have already stated that there will be no talks with the pilots till they are on strike," Civil Aviation Minister Vayalar Ravi told reporters. Here is the full story
8.45 pm: The Delhi High Court deferred the bail plea of five corporate honchos, including the promoter of Etisalat DB, Sanjay Chandra, in connection with the 2G spectrum fraud case, till Wednesday.
8.30 pm: Osama bin Laden taunted and defied the United States in a series of audio and occasional video messages for nearly a decade after the attacks of Sept. 11, 2001. Here's the highlight
8.20 pm: Timeline - Some of the major attacks carried out or inspired by al Qaeda and its associates.
8.10 pm: The killing of Osama bin Laden in a firefight with U.S. forces in a Pakistani town on Sunday caps a series of al Qaeda leaders captured or killed in Pakistan since the Sept. 11 attacks. Here's the list
8.00 pm: Governments across the world have hailed the US action against Osama bin Laden, and put their forces on alert to thwart possible retaliatory attacks, the Wall Street Journal reports. Read more
7.45 pm: Members of an elite Navy Seals team dropped by helicopter to the compound were under orders to kill not capture bin Laden, a senior US security official told Reuters. Here is the full story
7.30 pm: US and NATO officials sought to reassure Afghans that Osama bin Laden's death will not weaken the international mission in Afghanistan, even as the Afghan president said the successful strike in Pakistan shows that the fight against terrorism should focus more outside his country's borders.
7.15 pm: Osama’s violent jihad no longer holds any appeal in the Middle-East, and his death will be received with relief, reports the Wall Street Journal. Its writer Margaret Coker says, “Ten years ago, the philosophy that only violence would bring about change appeared valid for many in a region filled with geriatric and entrenched authoritarian rulers who for decades had dismissed the need for change and had ruthlessly cracked down on any time of local dissent. But public opinion swung away from al Qaeda in recent years, due to the growing disgust for its suicide bombings and civilian targets. At the same time, radical political and social changes that have led to the ousters of entrenched leaders in Egypt and Tunisia and outright rebellion in Libya have further discredited the group.” Read the full article here
6:50 pm: The killing of Osama bin Laden will deal a big psychological blow to al Qaeda but may have little practical impact on an increasingly decentralized group that has operated tactically without him for years. Al Qaeda has also been hurt ideologically by uprisings in the Arab world by ordinary people seeking democracy and human rights -- notions anathema to bin Laden, who once said democracy was akin to idolatry as it placed man's desires above God's. Reuters has the story
6:40 pm: Within about two hours of reports first surfacing (and since confirmed by the President) that Osama Bin Laden had been killed, a Facebook Page titled "Osama Bin Laden is DEAD" has already accumulated more than 300,000 "likes."
The page appears to be adding thousands of likes by the minute with users also sharing hundreds of comments and links to stories about the news.
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