International

Date: Mon, 29 Dec 2008 05:02:08 -0500
TOP STORIES as of 1000 GMT -- 29 December, 2008

ISRAEL CONTINUES ATTACKS ON GAZA
The death toll from a weekend of Israeli airstrikes on Gaza tops
300, Palestinian medical sources say as the Hamas-ruled
territory endures a third day of air raids. Each side blames the
other for violating an Egyptian-brokered cease-fire that
formally expired on Friday, December 19.

U.N.: GAZA HUMANITARIAN PLIGHT 'DISASTROUS'
Israeli airstrikes pounding Gaza are deepening the humanitarian
crisis in an area that was already in deep distress, according
to a United Nations aid official.

OBAMA CLOSELY MONITORING GAZA, ADVISER SAYS
The U.S. president-elect's senior adviser said that while Barack
Obama is monitoring the situation in Gaza closely, "the fact is
that there is only one president at a time."

WORLD MARKETS FIGHT BACK AFTER BRUTAL YEAR
Europe's major markets opened in solidly positive territory on
Monday, heading into the final trading days of a
brutal-but-historic year. Asia and Pacific markets were mixed on
Monday, but gained strength at the end of the trading day.

PRO-INDIA PARTIES WIN MAJORITY IN KASHMIR POLLS
Pro-India parties have won enough seats in the state assembly to
form a ruling alliance in Indian-administered Kashmir, according
to initial tallies.

BANGLADESHIS VOTE ON RETURN TO DEMOCRACY
Bangladesh went to the polls Monday in an election that civil
rights groups hailed as a return to democracy after almost two
years of an army-backed government, but one many citizens viewed
with a tinge of apprehension.

RICE: PEOPLE WILL THANK BUSH FOR ACHIEVEMENTS
U.S. Secretary of State Condoleezza Rice said that despite
President George W. Bush's low approval ratings, people will
soon "start to thank this president for what he's done."

$10K STATUE STOLEN FROM MADOFF'S ESTATE
Police say a sizable statue worth more than $10,000 was stolen
this month from the Florida estate of Bernard Madoff, the Wall
Street investment adviser accused of operating a $50 billion
Ponzi scheme.

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BUSINESS

KUWAIT SCRAPS $17B CHEMICAL DEAL
Kuwait decides to cancel a deal to form a $17.4 billion
petrochemical joint venture with U.S. company Dow Chemical. The
move may put Dow's plan to use the money to repay a large part
of its $13 billion debt in peril.

JAPAN'S INDUSTRIAL OUTPUT SEES RECORD FALL
Japan's industrial output took the largest drop in history in
November over October, tumbling 8.1 percent -- nearly double the
previous high of 4.3 percent in January 2001, according to a
report from the Ministry of Economy, Trade and Industry.

CHINA DAIRIES TO COMPENSATE VICTIMS
Victims of tainted baby formula, which caused hundreds of
thousands of infants to become sick, six of whom died, are
expected to be compensated by 22 Chinese dairy producers that
made the milk.