The U.S. military aind Iraqi authorites held a ceremony on October 23 marking the transfer of security responsibility for the province of Babil from the U.S. military to the Iraqi government. Babil is the 12th of 18 Iraqi provinces to be transferred to Iraqi control. The transfer-of-power ceremony was held in the provincial capital, Hilla, located near the ruins of the ancient city of Babylon.
Iraq's cabinet said on October 21 it would demand changes in the proposed security agreement between the United States and Iraq, raising doubts that the document would quickly be approved. The United Nations Security Council resolution that authorizes American troop operations in Iraq expires on December 31, and unless an agreement can be reached by then, or the Security Council votes to extend the existing resolution, American troops would be required to cease operations in Iraq on that date.
On October 16, the Swiss government — despite previous assurances that its banking system was largely immune from the worldwide banking crisis — issued a long-term loan of up to $54 billion to its largest bank, UBS AG. Agence France Presse reported that to secure its loan, the Swiss government will take a temporary stake of 9.3 percent in the bank.
During a two-day European Union summit held in Brussels from October 15-16, French President Nicolas Sarkozy (whose country holds the EU's rotating presidency) stressed that the EU would maintain its stringent goals to reduce carbon emissions, despite economic objections from some EU member nations. Following the prevailing opinion held by much of the world, the EU’s leaders have based their continent-wide regulations on the theory that periodic variations in global temperatures are the result of man-made causes, such as emissions of C02 gasses.
Mbhazima Shilowa, the former premier (equivalent to a U.S. governor) of South Africa’s wealthy Gauteng province, announced in a press conference on October 14 that he had resigned from the ruling African National Congress (ANC) and would join a breakaway group headed by former Defense Minister Mosiuoa Lekota.