In This EditionRussia and China veto a UN Security Council draft resolution which backs an Arab League plan to promote a regime change in Syria.

A Chinese diplomat addresses the European Security Conference in Munich, saying that the rise of Asia represents greater balance in the international power structure.

The implications of financial crisis dominate the agenda of European annual security conference.

NATO calls on major regional powers to contribute to a multi-billion dollar fund to finance the Afghan forces after foreign troops withdraw from the region in 2014.

Hot Issue ReportsRussia, China Veto UN Resolution on SyriaChina and Russia have vetoed an Arab-European draft resolution on Syria that promotes a regime change in the Middle East nation.

The draft resolution is in line with an Arab League plan which called for Syrian President Bashar Assad to step down.

The resolution, backed by the United States and other European countries, received 13 votes in favor and none abstaining.

Russian UN Ambassador Vitaly Churkin said Russia vetoed the draft resolution because it would send an unbalanced signal to Syria.

Chinese ambassador, Li Baodong, expressed regrets that Russia's revision proposal on the resolution was not taken into account.

He said that to push through a vote when parties are still seriously divided over the issue will not help maintain the unity and authority of the Security Council, or help resolve the issue.

Morocoo's Ambassador Mohamed Loulichki, who introduced the draft resolution, said he is confident that the document still has the ability to make a difference.

"The fact that the Security Council was not able to support the Arab initiative doesn't mean that this initiative does not keep its relevance and the possibility that the crisis in Syria could be resolved through any permutation of this peace plan."UN Secretary-General Ban Ki-moon expressed regret that the Security Council was unable to reach agreement on the resolution.

He called on international community to redouble its efforts to help Syria achieve a nationally-led transition to democracy.

Meanwhile, a Syrian political analyst considered the double veto as a new invitation for all Syrian parties to embark on a dialogue, which is the best solution to the current crisis.

Rise of Asia Signals Greater Balance in Int'l Power Structure: China's Vice FMChina's Vice Foreign Minister Zhang Zhijun says the rise of Asia represents greater balance in the international power structure.

Zhang made the remarks during a panel discussion on "America, Europe and the Rise of Asia" at the Munich Security Conference.

The Chinese diplomat believes the rise of Asia has picked up speed since the beginning of the 21st century, representing greater balance in the international power structure.

He says China welcomes the participation of the United States, Europe and others from outside the region in Asia's development and their constructive contribution to Asia-Pacific affairs.

But in the meantime, he notes that countries outside Asia should fully respect the will of the Asian people and follow the development trend in Asia.

Zhang Zhijun adds that China sees the future of its own development in the common development of Asia.

He reiterates that China is committed to peaceful development and does not seek a sphere of influence.

"With China more developed, China will have a bigger stake in the preservation of peace and stability in this region. There is no reason for us to upset the situation."Zhang points out that friendship and cooperation between China and its Asia neighbors are critical to the peace and prosperity of the region.

He contends that some existing differences and frictions between China and some of its neighbors do not affect the overall relations between China and its neighbors.

Leaders Focus on Europe Debt Crisis at Munich Security ConferenceThe implications of Europe's financial crisis have dominated the agenda of security and defence officials as they gathered in Germany for an annual security conference.

The three-day Munich Security Conference draws together leaders and ministers from more than 70 countries.

Conference chairman Wolfgang Ischinger says Europe's debt crisis has risen as their top security concern.

"More than ever, non-military issues are critical to our security. Our agenda will reflect this evolution. For many European countries, for example, the fate of their common currency may well be the greatest current threat to their security. In other words: it's banks, not tanks that we worry about quite a bit at this moment."Meanwhile, World Bank president Robert Zoellick urges Germany to come with strong leadership to deal with Europe's problems.

"2012 could be a year where Germany becomes a leader of Europe - or what they did not emphasise so much - it could be the year in which Germany stumbles and draws the ire of Europe. Leadership would involve charting a course to try to offer support and incentives particularly with Italy and Spain, which are the fundamentally critical countries here, if they apply fiscal discipline and structural reform. I'm not saying throw money away."The struggles of Italy and Spain with high borrowing costs are a cause for concern because they are considered too big for the Euro-zone's bailout funds to cope with if they need a rescue.

Germany has largely shaped the response to the Euro-zone debt crisis, though criticized by many for focusing too heavily on austerity measures.

Founded in 1962, the Munich Security Conference is to provide a setting where top officials are able to address policy issues in an informal setting.

US Secretary of State Hillary Clinton and Russian Foreign Minister Sergey Lavrov are also in attendance at the conference.

NATO Appeals for Financial Assistance to Afghan Forces after 2014NATO has called on major regional powers to contribute to a multi-billion dollar fund to finance the Afghan forces after foreign troops withdraw from the region in 2014.

NATO Secretary General Anders Fogh Rasmussen says he is appealing to the entire international community to help finance the Afghan forces.

"We have a common goal and that goal is clear: a sovereign Afghanistan in which Afghans are in charge of their own security. But the future of Afghanistan is a matter for the whole international community and so is the long term funding of the Afghan forces because a secure Afghanistan in a stable region is in all our interests."Rasmussen says that it is much cheaper to finance Afghan security forces than to deploy international troops.

The debate on the costs of the Afghan security forces came after NATO allies agreed on Thursday to step back from the lead combat role in Afghanistan and let local forces take their place as early as next year.

The Afghan forces are scheduled to take full responsibility of the country's security after 2014, when the US-led NATO troops pull out of Afghanistan.

NATO nations are expected to pay the estimated 6 billion U.S. dollars annual bill as the impoverished Afghanistan cannot afford it.

Filipinos Protest US Planned Military Expansion in the PhilippinesFilipino activists have rallied near the U.S. Embassy in Manila to protest ongoing negotiations between Manila and Washington to station more U.S. troops in the Philippines.

The protest also commemorated the 113th anniversary of the Philippine-American War, during which Filipinos rose to resist U.S. colonial forces.

Renato Reyes is secretary general of the New Patriotic Alliance, a leftist political coalition in the Philippines.

"We are against any form of U.S. intervention which we believe only exacerbates the tension, would only provoke China and North Korea and would only add to the problem and complication in the region. The U.S. is not here to defend peace; they are here to look after their own economic and political interest."The Philippine defense minister, Voltaire Gazmin, said last month the country was considering a U.S. proposal to deploy surveillance aircraft on a temporary, rotating basis to enhance its ability to guard disputed areas in the South China Sea.

Gazmin said there would be more exercises with U.S. forces and a rotating presence through port visits for exercises, repairs and re-supply.

The Philippine foreign minister and defense minister are set to visit Washington next month for talks with their counterparts, Hillary Clinton and Leon Panetta.

The effort to expand military ties between the United States and the Philippines comes as part of Washington's strategy to expand its military presence in Asia.

Russians Protest Putin's Grip on PowerTens of thousands of Russians have flooded downtown Moscow to demand an end to Prime Minister Vladimir Putin's grip on power, casting a strong challenge to his bid to reclaim the presidency in March.

The crowd appeared to be even bigger than two similar rallies held in December, despite temperatures plunging to minus 20 degrees Celsius.

Sergey Udaltsov is leader of the opposition movement 'Left Front'.

"People have woken up. Russia has radically changed after the dishonest elections of December 4th. People started to realize that they are citizens and that many things depend on them, that there is a need to obtain real change from the authorities and to put these authorities under the control of the people."Another opposition figure, Mikhail Prokhorov, who is also candidate for the Russian presidency, arrived to canvass support at the rally.

"I will change the way our government turns toward the people. And I will make our country a place where one wants to live and where we can see a future for our children."Many Russians took to the streets in December, protesting alleged fraud in the parliamentary elections, which awarded Putin's Party with a majority of the votes.

Putin is set to return to the Russian presidency in March. He held the post for two consecutive terms from 2000 to 2008.

Iran Supreme Leader Defiant on Western SanctionsIran's Supreme Leader Ayatollah Ali Khamenei says Iran would　retaliate over Western-backed oil sanctions and any threat of attack.

Khamenei's comments are the first direct response to tighter sanctions recently imposed by the West to force Tehran to abandon its nuclear program.

"These sanctions are to put pressure on Iran to withdraw from the nuclear issue and other issues. But what would happen if we do not withdraw? These sanctions are to force Iran to back down and Iran will not give up."Khamenei warns that the "painful and crippling" Western sanctions would only increase the resilience of Iran to pursue its ambitions.　The supreme leader's warning comes amid growing talk about a possible Israeli attack on Iran.

"The more they threaten us, the more harmful it will be for them. They should know, and of course they know that in return for such war threats and oil embargo threats, we have our own threats to make in proper time if deemed necessary."In January, the EU imposed further sanctions against Iran's oil exports as well as its central bank in a bid to ramp up pressure over Iran's disputed nuclear program.

U.S. media reports say U.S. Defense Secretary Panetta believes there is a growing possibility Israel would attack Iran as early as April to stop it building a nuclear bomb.

Iran has repeatedly stressed that its nuclear program is for peaceful purposes.

Spanish Government Approves Banking Sector Reform PlanSpain's new government has approved a plan forcing banks to set aside an estimated 65 billion US dollars in new provisions to cover toxic real estate assets.

The Cabinet passed the plan a day after Finance Minister Luis de Guindos unveiled it.

De Guindos feels positive about the new plan.

"This will mean the better financing of Spanish bank institutions, which will be healthier, more transparent and with a better cooperative government. Sooner or later this will have to reflect on more credit for families and Spanish companies."Under the new plan, to avoid having to leave piles of money idle, banks will be under pressure to sell assets such as land and foreclosed or unsold homes at lower market prices.

Banks unable to meet the new provisions to cover troubled holdings will have the option of presenting merger plans to the government and could get government assistance from an existing bailout fund.

Following the collapse of the housebuilding and construction boom in 2007, the book value of the property on Spanish banks' accounts is regarded as inflated.

This has spooked foreign investors, making it hard for Spanish banks to tap capital markets for money to lend to Spanish businesses and households.

The conservative government, elected later last year, is working to chip away at a bloated deficit and keep Spain from having to request a bailout like Greece did.

The plan is set to be sent to Parliament for a yes-or-no vote with no amendments.

Obama Urges Jobs Bill as he Seeks ReelectionWith encouraging jobs figures, US President Barack Obama now calls on the US Congress to pass a payroll tax extension and avoid sabotaging the recovery.

Latest data show U.S. unemployment dipped to 8.3 percent in January and the economy created new jobs at the fastest pace in nine months.

"In January, American businesses added another 257,000 jobs. The unemployment rate came down because more people found work. Altogether we added 3.7 million new jobs over the last 23 months. So I want to send a clear message to Congress: do not slow down the recovery that we're on. Don't muck it up. Keep it moving in the right direction."Despite the positive job numbers, Republicans say the unemployment rate is still too high. And they attribute the lion's share of blame on the Democrats for blocking many jobs bills.

House Speaker John Boehner:

"You know the president asked us to work with him. We have worked with him. A lot of these bills he supports and his jobs council supports and all of them have passed with bipartisan support in the House. So if the president really wants to get the economy moving again, really wants to improve his own chances at re-election, maybe he'll pick up the phone and call Senator Reid and ask Senate Democrats to get off their rear ends."Analysts say Obama faces a tough reelection campaign at a time of deep discontent among voters even if growth continues.

Flooding to Continue in AustraliaThousands of Australians have been cut off by floodwaters as heavy rainfall sent river levels soaring across the country's east, leaving isolated farmers dependent on airdrops for supplies.

Around 10,000 people around the town of Moree in New South Wales have been cut off from the wider community. 18 helicopters and one fixed-wing aircraft were sent out to re-supply isolated communities across the state.

Flood warnings are in place for dozens of rivers in New South Wales and Queensland states, with some reaching flood levels above 13 meters. Residents in the Queensland state town of Charleville are facing an anxious wait as a temporary levee threatened to spill over.

Anna Bligh is the Premier of Queensland.

"In Charleville, an anxious wait as the river is still rising very slowly. Currently, the levee is holding but with the river is still rising, there's a lot of nerves in Charleville today."More than 500 people have to spend the night in local evacuation centers.

The government has provided eight defense force helicopters to assist in the relief effort.

In the badly hit town of Roma, the flood levels are now stable.

"We still can't get back over there because the water is still through the house. I've got the house and the car and everything over there. But we got out with our lives so that's all right."Australia's Bureau of Meteorology has predicted flooding will continue for days or even weeks in some areas.

The country's new disaster comes a year after devastating floods across all four of Australia's eastern states.

Last year's flood disaster also inundated coal mines, pushing up the price of coal.

China Daily: Bright Future for TiesGerman Chancellor Angela Merkel Saturday wrapped up her three-day official visit to China, the fifth trip to this country since she took office in 2005.

Commenting on Merkel's latest visit, an editorial in the China Daily says it presents a good opportunity for the two countries to promote bilateral cooperation and enrich their strategic partnership amid world wide economic difficulties.

The editorial says closer economic and trade ties between China and Germany will not only benefit the twon countries, but also contribute to enhancing bilateral ties between China and the European Union, as Germany is China's biggest trade partner within the EU.

Sino-Germany bilateral trade topped 170 billion US dollars last year, and the two countries are working together to push the figure to 300 billion by the year 2015.

The article notes that since the eurozone crisis broke out in 2009, China has repeatedly thrown its weight behind Europe, and Chinese Premier Wen Jiabao said after meeting with Merkel during her latest visit that China is considering greater involvement in helping the eurozone to tide over the financial crisis.

The China Daily editorial concludes that at a time when the world is facing formidable challenges, ranging from the European debut crisis to the situation in the middle east, China and Germany have everything to gain if they can deepen their level of mutual trust and cooperate more on the world stage.

***************************50 Years on, More are Calling on Washington to End Embargo on CubaCuba observed the 50th anniversary this week of the political and economic embargo imposed by the United States on the island country.

Meanwhile, many observers in the US are openly questioning the effectiveness and legitimacy of Washington's obsolete policy of containment.

The US formally broke off diplomatic relations with Cuba in 1961 over ideological differences following the victory of the Cuban Revolution in 1959 led by Fidel Castro. A tough US trade and social embargo has been in place almost since the revolution. The embargo was aimed at fostering change in Cuba by isolating the country economically and politically.

A commentary by China's Xinhua News Agency says support for the long-standing embargo has vanished among both the international community and US citizens.

The article notes that an overwhelming majority of the 193 UN member countries have voted against the embargo at consecutive UN General Assembly meetings, over the past 20 years.

The Xinhua commentary says Cuba's current leader Raul Castro, since taking power in 2008, has made repeated calls for normalizing relations between Havana and Washington.

Hopes ran high that the embargo would finally be lifted when U.S. President Barack Obama took office in 2009. But so far, progress has been slow and only a small number of restrictions have been eased.

In conclusion, the Xinhua article cites an American scholar with the Washington-based think tank, Cato Institute, who states that it's time to let go of a policy that only serves to punish the innocent and antagonize the friends of Americans.