
NEW YORK(foxnews) -- President Obama's special envoy on North Korea says the U.S. has no intention to invade the communist country or change its regime by force.
Stephen Bosworth told the Korea Society Tuesday night that this has been repeatedly made clear to North Korea. The envoy says North Korea's claim to be responding to a threat or hostile policy by the U.S. is "simply groundless."
Bosworth says "negotiations and dialogue are the best means to achieve the goal of complete and verifiable denuclearization of the Korean Peninsula."
North Korea said Tuesday it would use nuclear weapons in a "merciless offensive" if provoked -- its latest rhetoric apparently aimed at deterring any international punishment for its recent atomic test blast.
South Korea has informed the U.S. of up to 20 North Korean bank accounts suspected of being involved in counterfeiting, money laundering and other illegal transactions, a news report said Wednesday.
The move came as Washington considered punishing the North with its own financial sanctions apart from proposed U.N. sanctions. Seven key nations neared agreement on a new U.N. resolution that would toughen sanctions against North Korea for defying the Security Council and conducting a second nuclear test.
South Korea gave the U.S. the information on some 10 to 20 North Korean bank accounts in China and Switzerland at Washington's request, South Korea's Chosun Ilbo newspaper reported, citing an unidentified government official.
Separately, South Korea's Finance Ministry has imposed sanctions on three North Korean companies for helping the country's April 5 long-range rocket test. The move was largely symbolic because the firms don't do business with South Korea.
The North has long been accused of being involved in the counterfeiting of US$100 bills and money laundering -- accusations Pyongyang has denied.
In 2005, the U.S. imposed financial restrictions Banco Delta Asia, a bank in the Chinese territory of Macau, over allegations of money laundering and other financial crimes involving North Korea. The move effectively cut the North off from the global financial system.
South Korea's chief nuclear envoy Wi Sung-lac said Tuesday that the Security Council is expected to adopt a resolution on North Korea within a couple of days, the South's Yonhap news agency reported.
Wi arrived late Tuesday in Beijing for talks with top Chinese officials on the North's nuclear stance, noting China's "special relationship" with Pyongyang.

The report that Jobs will return by the end of the month comes ahead of Apple's Worldwide Developer Conference in San Francisco on Monday, an event at which Jobs unveiled Apple's 3G iPhone a year ago but had not been expected to attend this time.
Jobs, 54, had said his medical leave would run until the end of June when he initially announced the move in January, setting the stage for a July return. Company representatives had said repeatedly he remained involved in strategic decisions and would return as scheduled.
Apple's spokesman did not return calls for comment.
Some analysts and investors feared that Jobs, a survivor of pancreatic cancer, might not return if his health problems did not improve.
Jobs was treated for a rare type of pancreatic cancer in 2004. He appeared gaunt at an Apple event last June and in January said he would take a leave of absence because his health problems were "more complex" than originally thought.
The Apple CEO's recovery "is coming along," the Journal reported.
The report also said two people who do business with Apple have been told by Apple managers that the company is trying to coordinate Jobs' return with a product launch or public event.
Jobs, a college dropout, co-founded Apple in 1976 in a Silicon Valley garage. After a falling-out with the board, he left the company in 1985.
Apple floundered, setting the scene for his return in 1997. The company has flourished under Jobs 2.0, rolling out the concept of a computer as a 'digital hub' along with the iPod and iPhone.

By Ellis Mnyandu
NEW YORK (Reuters) - Stocks rose on Thursday as a brokerage's upbeat view on U.S. banks drove a run-up in financials, while soaring prices of oil and other commodities lifted natural resource companies on bets the economic slump is waning.
RBC Capital Markets upgraded the banking sector, saying it is poised for a multiyear bull market. The KBW bank index .BKX added 4.8 percent.
Crude oil prices surged and underpinned the broader market after Goldman Sachs raised its year-end oil price forecast to $85 a barrel, saying economic stabilization and tight supplies should bode well for prices.
U.S. crude settled up 4 percent at $68.81 a barrel on the New York Mercantile Exchange.
"The bigger gain in oil, not just today, is encouraging on the macro level. It's indicative of demand," said Cleveland Rueckert, market analyst at Birinyi Associates Inc, in Stamford, Connecticut.
Oil rose on Thursday as U.S. data showing a drop in jobless claims boosted expectations of an economic recovery that could revive energy demand. First-time jobless claims fell for a third straight week and the number of people remaining on the benefit rolls fell for the first time since the start of the year.
But Rueckert said he preferred for oil to hold around $60 barrel. "You don't want to have the same thing that happened last year when it ... becomes a burden to a lot of the consumers who are supposed to drive economic growth."
The Dow Jones industrial average .DJI gained 74.96 points, or 0.86 percent, to 8,750.24. The Standard & Poor's 500 Index .SPX climbed 10.70 points, or 1.15 percent, to 942.46. The Nasdaq Composite Index .IXIC rose 24.10 points, or 1.32 percent, to 1,850.02.
A broad run-up in commodities prices lifted shares of basic material companies, with aluminum producer Alcoa Inc (AA.N) up 6.2 percent at $10.69, while Newmont Mining (NEM.N) , the world's No. 2 gold producer, advanced 2.2 percent to $47.44.
The S&P materials index .GSPM gained 2.2 percent, while the gold BUGS index .HUI rose 3.3 percent.
Gold futures rose almost 2 percent on Thursday.
In the energy sector, Chevron Corp (CVX.N) shares ended up 2.2 percent to $69.72, while Exxon Mobil (XOM.N) added 1.3 percent to $72.98.
The S&P energy index .GSPE rose 2 percent.
Shares of Caterpillar Inc (CAT.N) , which sells bulldozers and excavators, shot up 3.7 percent to $38.02.
Among bank stocks, Bank of America (BAC.N) climbed 5.9 percent to $11.87 and Wells Fargo (WFC.N) shot up 4.0 percent to $25.10.
Shares of JPMorgan Chase (>JPM.N) rose 4.0 percent to $35.35, making it one of the Dow's top boosts. Citigroup raised its price target on JPMorgan's stock and said it saw the bank's commercial real estate losses as manageable.
Brokerages' views on the financial sector are of keen interest to investors, with the government still trying to resuscitate banks and lending to support an economic recovery.
Plane maker Boeing (BA.N) rose 4.6 percent to $50.57 after UAL Corp (UAUA.O), parent of United Airlines, asked Boeing and its European competitor EADS (EAD.PA) to bid on an order of up to 150 planes.
On the Nasdaq, Apple Inc (AAPL.O) shares rose 2 percent to $143.74 after Societe Generale started coverage of the technology bellwether with a "buy" rating.
While Thursday's economic reports generally supported expectations that the economy is starting to improve, disappointing May sales reported by major retailers showed that consumers are still holding onto their wallets.
Government data showed U.S. non-farm productivity rose by 1.6 percent in the first quarter, much stronger than initially estimated.
Investors are cautious about what Friday's report on U.S. employment might reveal as they look for more definitive signs that the recession that begun in December 2007 is easing. Since hitting a 12-year low on March 9, the S&P 500 has risen nearly 40 percent.
Volume was moderate on the New York Stock Exchange, where about 1.36 billion shares changed hands, below last year's estimated daily average of 1.49 billion. On the Nasdaq, about 2.50 billion shares were traded, above last year's daily average of 2.28 billion.
Advancers outnumbered decliners on the NYSE by a ratio of about 7 to 2, while on the Nasdaq, about five stocks rose for every 2 that fell.
(CNN) -- President Obama delivered his long-awaited and wide-ranging speech Thursday on American and Muslim relations, offering a hand of friendship to Islam and addressing an array of quandaries and conflicts dividing the two cultures.
JERUSALEM (CNN) -- Israelis and Palestinians had one thing in common Thursday: They hung on every word in President Obama's wide-ranging speech on U.S. and Muslim relations.
By Alexei Oreskovic
SAN FRANCISCO (Reuters) - Apple Inc kicks off its annual developers' extravaganza on Monday under a tight lid of secrecy, with investors expecting the electronics maker to unveil new or cheaper versions of its popular iPhone.
Thousands of customers, developers and investors are set to convene in San Francisco for Apple's Worldwide Developers' Conference, hoping to catch a glimpse of its latest high-tech wonders.
But while Apple made waves with its unveiling of the 3G iPhone at last year's event, this year's takes place against a more uncertain backdrop.
Steve Jobs, Apple's charismatic CEO and master showman, is still on medical leave and not due back until July. And the first credible challenger to Apple's iPhone, Palm Inc's new Pre smartphone, makes its grand debut on store shelves just two days before Apple's gala.
While many analysts believe Apple has a variety of new gadgets in the pipeline -- from new iPhone models to a long rumored, so-called tablet mini-PC -- the company has said the conference will focus on important but less sexy software operating system upgrades
Others on Wall Street believe the stage is set for a surprise product announcement.
Apple's shares have risen about 17 percent in the past two weeks, compared with a 5.7 percent gain in the Dow Jones Industrial Average during the same period.
"The consensus expectation is that they will also announce the next iteration of the iPhone," said Oppenheimer & Co analyst Yair Reiner.
A few Internet blogs have cited allegedly thin iPhone retail inventories as a tell-tale sign that Apple is clearing the decks to release a new model.
Speculation on a new iPhone has ranged from a model with a physical keyboard to handsets that boast more flash memory and faster processors.
WISH LIST
A less expensive, $99 iPhone is also on wish lists, as is the possibility of a model with a cheaper data plan or one sold through a carrier other than AT&T Inc, with which Apple has an exclusive distribution agreement.
Given the proximity to the launch of the Palm Pre smartphone on Saturday, some analysts reckon Apple will hold off on announcing any new iPhones.
"It gives you some time to study the Pre, see what the problems are and roll out a campaign against it," said Rob Enderle, principal analyst at the Enderle Group consulting firm.
Piper Jaffray analyst Gene Munster expects new iPhones to ship in July, regardless of whether or not Apple announces them at the conference or a later date, while he has forecast a 2010 release date for an Apple tablet PC.
Munster deemed a surprise appearance by Jobs at the show "unlikely," although he said in a recent note to investors he expects Jobs to be back by the end of the month.
According to Apple, the new iPhone 3.0 operating system unveiled at the conference will include 100 new features, including the ability to cut and paste text and improved search functionality. Apple has also said it will showcase its new Snow Leopard operating system for Mac computers.
With expectations so high, some analysts warn Apple's stock will be under pressure no matter what the company announces.
"We still like Apple's long term prospects, but believe at current prices, we could see some sell-off post-WWDC," BMO Capital Markets analyst Keith Bachman wrote in a recent investor note.
OSLO (Reuters Life!) - Microsoft founder Bill Gates said on Wednesday that billionaires ought to give away most of their wealth to charitable causes, and they would even find they enjoyed it.
Gates has given much of his wealth from Microsoft, the U.S. software giant that made him the world's richest man, to the Bill & Melinda Gates Foundation, a philanthropic powerhouse.
"I think all billionaires should give away the vast majority of their fortunes -- though I don't say they shouldn't leave anything to their kids," Gates told a gathering at Oslo's opera house.
"I think they would enjoy it, their kids would be better off, and the world would be better off," Gates said
"I'm a great believer that great wealth should go from the richest to the poorest," he said, seated next to his wife Melinda who co-chairs the foundation.
Gates renewed his appeal to eradicate polio, saying the goal was well within reach, which would make it the second major communicable disease entirely wiped out after smallpox in the late 1970s.
"We have to get rid of polio because if we don't, it will spread back and we will have millions affected," he said.
Gates said his foundation's biggest success had been in the field of vaccination.
"Vaccination is the area where we have saved millions of lives, and there is more to be done."
Gates said it was a big disappointment that science had not produced a vaccine to prevent HIV/AIDS, but he said he was optimistic about some emerging prevention methods that could be used by women to stop infection before a vaccine is discovered.
Once one of those methods proved to work, he said, the foundation would work "to get it out there and dramatically decrease the number getting (the disease)."
"The holy grail for AIDS is to have a vaccine, which is something we are also working on," Melinda Gates said.
"It will probably be 10 to 15 years before we get that," Bill Gates said. - Reuters
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