February 2, 2011 nº 1.002 - Vol. 9
"To achieve, you need thought. You have to know what you are doing and that's real power."
Ayn Rand
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Mubarak says he won't run again as President
Egypt's leader bows to pressure from a week of massive anti-government protests but says he'll serve out the rest of his term. Speaking on Egyptian television he said he would do everything he could to ensure a peaceful transition. Egypt's army called on protesters to return home Wednesday, and Internet connections were restored, as the government moved to restore calm after a wrenching week of protests. Protesters jammed into Cairo's main square continued to reject Mubarak speech and responded by chanting "Leave now!"
Obama presses Mubarak to move 'now'
While he did not say Mubarak should stand down immediately, Obama said "an orderly transition must be meaningful, it must be peaceful and it must begin now". Sen. John Kerry said Mubarak had to accept Egypt's stability "hinges on his willingness to step aside gracefully. Mohamed ElBaradei, the Nobel Peace Prize winner who has become a leading opposition figure, said Mubarak's decision was "an act of deception" that would only "extend the agony." It remains to be seen whether this is enough to satisfy the demands of the Egyptian people for change." The US state department on Tuesday ordered the departure of all non-emergency US government personnel and their families from Egypt and said it would continue to help any US citizens wishing to leave. Multinational companies including Heineken NV, Procter & Gamble Co. and Coca-Cola Co. said they would continue to track developments in Egypt but didn't yet plan to reopen Egyptian offices or bring back evacuated employees .
Egypt unrest
The Arab order is crumbling. But whether it will collapse or somehow re-invent itself is far from certain. Arab rulers, from North Africa to the Gulf, in rich countries and poor, find themselves in essentially the same boat. Virtually without exception, they preside over corrupt autocracies with little or no legitimacy in the eyes of their people. All of them now watch Egypt's "days of rage" with mounting trepidation. In the fate of the ailing Egyptian ruler, 82-year-old Hosni Mubarak, they see their own. Western commentators are right to say the protests are about "them" rather than "us". The anger of the protesters is largely directed inwards - at a bankrupt Arab order - rather than outwards at Israel, the United States or the West. Largely, but not entirely. The West is complicit in Arab autocracy. For decades, American and European leaders chose stability over democracy. Now the chickens are coming home to roost. In fact, if the young demonstrators have a role model - and some actively disavow one - it is democratic Turkey rather than theocratic Iran.
Jordan's King dismisses cabinet amid protests
The dismissal by King Abdullah II follows several large protests across Jordan — inspired by similar demonstrations in Tunisia and Egypt — calling for the resignation of Prime Minister Samir Rifai, who is blamed for a rise in fuel and food prices and slowed political reforms.
FBI involved in hundreds of legal violations over past decade
The FBI reported to a presidential oversight board that between 2001 and 2008 it committed approximately 800 violations of laws, executive orders, or other regulations governing intelligence investigations, according to a report released Monday by the Electronic Frontier Foundation (EFF). The report summarizes nearly 2,500 pages of government documents obtained by EFF through Freedom of Information Act (FOIA) litigation. Many of the documents are reports made to the Intelligence Oversight Board (IOB), an independent agency within the office of the president that oversees the Intelligence Community's compliance with the Constitution and all applicable laws, executive orders, and presidential directives. The report states, "[t]he documents suggest that FBI intelligence investigations have compromised the civil liberties of American citizens far more frequently, and to a greater extent, than was previously assumed." According to the documents, the reported violations to the IOB included violations of intelligence procedures governing investigations and abuses of the FBI's National Security Letter authority, and nearly a fifth were violations of the Constitution, Foreign Intelligence Surveillance Act (FISA), or other laws governing criminal investigations. The FBI said the violations were due to technical mistakes and the amount of substantive violations is small.
Arbitration Express
BP Heads to fast-track Arbitration Over Rosneft Venture
BP's Russian partners in joint venture TNK-BP will not approve payment of $1.8bn dividends for the October to December period. The AAR consortium, which owns half of TNK-BP, announced the decision a day before BP's results when it is expected to confirm the resumption of dividends. It suspended them after the Gulf of Mexico oil spill. TNK-BP's Russian partners argue that under the joint venture's shareholder agreement, both AAR and BP should get involved in new projects in Russia only through TNK-BP, unless one of the partners refused to participate in the project. A BP spokesman said that it was for TNK-BP's board, and not just the Russian shareholders, to decide on whether the October-December dividend should be paid. The joint venture's dividend payouts, half of which are payable to BP, have been a source of income for BP. Meanwhile, a BP spokesman said on Sunday that the company had offered the AAR consortium the option to enter "fast track arbitration" in Sweden to settle the dispute between TNK-BP's shareholders over the BP-Rosneft partnership.
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Michael Page specializes in the placement of candidates in permanent, contract, temporary and interim positions within client companies around the world. Have a look at the new section of the Migalhas website and discover the professional development opportunities with large corporations, in legal and business fields, presented by Michael Page International. Click here to peep through the hole!
1 - Illinois legalizes civil unions for same-sex couples - Click here.
2 - Florida judge rules health care reform unconstitutional - Click here.
3 - Donald LeBuhn from California filed class action lawsuit against Apple on iPhone 4 glass breakage - Click here.
4 - Economy, employment concerns stall plans for 3 new law schools in New York - Click here.
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China's Baidu sees profits treble
Quarterly profits at Chinese internet search engine Baidu have more than trebled as its dominance in its homeland continues.
U.S. firms, China are locked in major war over technology
China's bureaucrats have been rolling out an array of interlocking regulations and state spending aimed at making their country a global technology powerhouse by 2020. The new initiatives—shaped by rising nationalism and a belief that foreign companies unfairly dominate key technologies—range from big investments in national industries to patent laws that favor Chinese companies and mandates that essentially require foreign companies to transfer technology to China if they hope to sell in that market. "It's a huge, long-term strategic issue," says a top executive at a U.S. technology firm operating in China. "It isn't just the crisis of the day for U.S. business. It's the crisis."
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Techint - sanciones
El gobierno argentino advirtió a la compañía siderúrgica Techint aplicar la Ley de Abastecimiento debido al aumento en el precios de sus laminados entre 3 y 4%.
(Presione aquí)
Vale
La peruana Gold Oil firmó un acuerdo con la brasileña Vale para venderle una participación, denominada "farm-out", en el bloque hidrocarburífero terrestre 21 en Perú por US$ 2 mlls. en efectivo.
(Presione aquí)
Negocios
La mexicana Alfa a través de su subsidiaria Dak Americas concretó la adquisición del negocio integrado de PTA y PET a la estadounidense Eastman Chemical Company. La firma latinoamericana pagará US$ 600 mlls. en efectivo.
(Presione aquí)
Health-Care law goes to Appeals Courts, opposing States weigh enforcement
The fight over Obama 's health-care law, after federal judges split on whether it's constitutional, is headed to three U.S. appeals courts as states examine whether the statute is enforceable. A judge for the US District Court for the Northern District of Florida on Monday struck down the health care reform law as unconstitutional. The lawsuit was joined by 26 states and the National Federation of Independent Businesses (NFIB) and was filed last March. The suit challenged the constitutionality of the health care reform law and sought an injunction and declaratory relief. Judge Roger Vinson held that requiring all Americans over the age of 18 to have health insurance violated the Constitution by exceeding Congress' Commerce Clause power
Google reaches agreement with states over privacy breach
Connecticut Attorney General George Jepsen announced Friday that he has reached an agreement with Google to avoid court proceedings over the company's collection of private data from unsecured personal and business Wi-FI networks for its Street View maps service. Connecticut announced in June that it would lead a multi-state investigation against Google for possible privacy law violations. Under the agreement, Google will not be required to produce the information it collected. Instead, Google must only stipulate that its Street View cars did collect data that contained data and private information. Jepsen expressed his belief that choosing negotiations over court proceedings is the right course of action for the state
Financial institutions in New York warned by FBI of Al-Qaeda terror threat
Financial institutions in New York were told by the FBI that they face a potential terrorist threat from al-Qaeda, a spokesman for the bureau said.
Switzerland blocks funds of Haiti ex-leader Duvalier
Switzerland has blocked funds held in Swiss bank accounts by Haiti's former leader Jean-Claude Duvalier under a law that has just come into force. The funds of some $6m were frozen in 1986 after Duvalier was ousted as Haitian president. Last year, a Swiss court ruled that the money be returned to him but the Bern government sought a new law covering the restitution of the money to Haiti. Duvalier has been charged with theft and misappropriation of funds during his 1971-1986 rule and is also being sued for torture and other crimes against humanity.
UN rights chief offers Haiti assistance with Duvalier prosecution
The UN High Commissioner for Human Rights, Navi Pillay, offered technical assistance on Tuesday to Haitian authorities in the prosecution of former Haitian president Jean-Claude Duvalier for serious human rights violations. Pillay urged prosecutors to move forward, indicating that violations like torture, extrajudicial killings and rape are not subject to a statute of limitations. The charges stem from alleged abuses that occurred from 1971 to 1986 when Duvalier was in power in Haiti. Pillay called on Haiti to provide justice to the thousands who suffered well-documented violations.
Dow Closes at its highest level since june 2008
US shares closed at their highest level in more than two years on Tuesday, as upbeat corporate earnings and strong US manufacturing data added to confidence in the US recovery. Wall Street's Dow Jones index closed above 12,000 points on Tuesday for the first time since mid-2008. And the Standard & Poor's 500 index - a broader measure of US shares - closed at its highest level since August 2008. But unemployment and house market woes continue to hang over the US economy.
Citigroup takes ownership of EMI
US banking giant Citigroup has taken over the ownership of EMI, the music company where it was the major creditor. The bank had loaned money to Guy Hands' private equity firm Terra Firma to help it to buy the business in 2007. But the £4.2bn takeover was a failure, with Terra Firma believing it massively overpaid for the company. Now it has been forced to hand EMI over to Citi after not being able to keep up interest payments on the loans.
Container ships 'avoiding' Egypt
The unrest in Egypt has led to some container ships being re-routed as vessels look to bypass Egyptian ports and stop at other countries to refuel. The Suez Canal Authority said movement of traffic through the canal was unaffected. Despite reassurances from the Canal Authority, on Monday the price of Brent crude oil topped $100 a barrel for the first time in two years on concerns that the canal might close, disrupting supplies. Meanwhile, the credit rating agency Standard and Poor's lowered its long-term foreign currency sovereign ratings on Egypt to BB from BB+.
UK Government rethinks net blocking
The UK government has announced that it is to look again at plans to block websites that infringe copyright. The controversial measures formed part of its crackdown on net pirates, outlined in the Digital Economy Act (DEA). The decision to review it follows a raft of complaints about the workablility of the legislation.
Last blocks net addresses set to be shared
The internet has taken a big step closer to running out of addresses. The last five blocks of 16 million addresses to be handed over the central pool of net addresses will run out in the Autumn and there will be no more of the current generation of addresses available. Drawn up in the 1970s, IPv4 has room for about 4.3 billion addresses. The rapid growth of the net has quickly depleted that stock and the entire address space is expected to be exhausted by September 2011. A replacement scheme, IPv6, has been drawn up that has trillions of addresses available but progress towards using it has been slow. It is now more vital than ever that ISPs, organizations, governments and all other internet stakeholders begin to deploy IPv6
Mexico's Carlos Slim unveils $8.3bn investment drive
Mexican tycoon Carlos Slim says he is to invest $8.3bn in 19 countries, mainly in Latin America. The bulk of the money, some $3.6bn, is destined for his businesses in Mexico, including telecommunications, mining and road-building. Other key countries for investment were Brazil, Colombia, Peru, Chile and Argentina, he said.
Tiririca takes elected seat in congress
Brazilian TV clown Tiririca, Grumpy, by his stage name, who won more votes than any other candidate in last October's congressional elections, has been sworn into office. Francisco Oliveira Silva was applauded as he took his seat alongside other new members of congress in Brasilia. He was cleared to assume office after a court ruled he met the literacy requirement for public office. He was one of several celebrities from the world of sport and entertainment who were elected to Congress.
Monster snow and megastorms, Oh My!
The US is "freaking out over Midwest megastorm." Other alarming adjectives attached to the wintrified system — slip-sliding across America — include "monster" and "historic." The National Weather Service issued "an unusually dire blizzard warning, calling the storm expected to start Tuesday 'potentially life-threatening.' " The Weather Channel deems it a "multi-day, dangerous, destructive winter storm" and warns: "ice, tornadoes, snow all on table."
Hungary to consult with EU over objections to controversial media law
Hungarian Deputy Prime Minister Tibor Navracsics indicated Monday that Hungary is willing to consult with the EU over its controversial new media law. In a letter responding to the European Commission's request for more information regarding the law, Navracsics continued to defend the law but said his government would make modifications if it is found to violate EU law. The new law creates the National Media and Communications Authority (NMHH), which controls private television and radio broadcasters, newspapers and online news sites. Under the new law, the government can fine broadcasters more than 700,000 euros and newspapers and news websites roughly 90,000 euros if their coverage is deemed unbalanced or immoral by the media authority, whose members are all loyal to the ruling Fidesz party. Apart from freedom of expression concerns, the law also appears to apply to media companies both inside and outside Hungary, which violates EU regulations, as broadcasters are only to be subject to the rules of the country in which they are established.
Governors making pension cuts may be thwarted by employee suits
New Jersey Governor Chris Christie said he doesn't mind breaking promises to pensioners to close a $10.5 billion budget deficit -- even if they sue. "I have bigger issues than who sues me," said Christie, 48, a Republican and former federal prosecutor who wants to end cost-of-living increases for retirees. "Get in line." Public workers in Colorado, South Dakota and Minnesota are already suing their states, which are among 18 that want to pare pension costs by increasing employee contributions, raising the retirement age or curbing cost-of-living increases.
France authorities arrest Srebrenica massacre suspect
French authorities announced Tuesday the identity of a Serbian man arrested a day earlier and suspected of participating in the 1995 Srebrenica massacre in Bosnia, where a total of 8,000 Bosnian Muslims were killed. Milorad Momic, who has allegedly been living under a false name in France, is a suspected former member of the Serbian paramilitary group, the Scorpions, which took part in the massacre. French police officers arrested Momic on Monday under an international arrest warrant, and he may be extradited to Serbia to face trial for crimes against humanity. Prosecutors believe that Momic is part of a Scorpion group that videotaped the murder of Bosnian Muslims near Srebrenica.
Italy court convicts former Guantanamo detainee
An Italian court on Monday convicted former Guantanamo Bay detainee Mohamed Ben Riadh Nasri on terror charges and sentenced the Tunisian man to six years in prison. Prosecutors accused Nasri of working for a terror group associated with al Qaeda while living in Milan in the 1990s. The US transferred Nasri, who was arrested in Afghanistan, from Guantanamo Bay to Italy in 2009 along with Abdel Ben Mabrouk as the part of the government's plan to shut down the detention center. Nasri's lawyer said he plans to appeal the conviction.
Iraq PM defends ruling placing key institutions under government control
Iraqi Prime Minister Nouri al-Maliki on Sunday defended an Iraqi Supreme Court decision finding that several independent agencies must be placed under the control of the government. Among the agencies affected are the Central Bank of Iraq, the Supreme Commission of Human Rights, the Independent High Electoral Commission (IHEC), the Integrity Commission, the Financial Inspection Office, and the Media and Communications Committee. The ruling, handed down two weeks ago, came at the request of Maliki, who had asked the court in December to clarify the government's role in the management of these bodies under the Iraqi Constitution.
Bet on foreclosure boom turns sour for investors
David J. Stern may be the best-known beneficiary of the foreclosure boom, having made millions in recent years from evictions processed by his law firm, the largest of its kind in Florida. But when he took part of his firm public early last year, he had plenty of help from a constellation of investors also looking to cash in on people losing their homes. Early in 2010, the back-office processing operations of Mr. Stern's law firm were converted into a publicly traded company called DJSP Enterprises. Mr. Stern pocketed nearly $60 million from that transaction, public filings show. Before the DJSP windfall, Mr. Stern enjoyed a lifestyle that featured grand mansions, flashy sports cars and a yacht called ‘Misunderstood.’ But the days of easy money are over for Mr. Stern, his law firm and DJSP investors.
Pre-Paid Legal in $650 million buyout
Pre-Paid Legal Services, which underwrites and sells legal service plans through a network of law firms, said on Monday that it had agreed to be bought out for $650 million by MidOcean Partners, a private equity firm based in New York. MidOcean is acquiring all the outstanding shares of Pre-Paid for $66.50 a share, a premium of more than 10 percent over Pre-Paid's closing price on Friday. "We were drawn to Pre-Paid because of the company's strong and unique value proposition to its members, associates and provider network," MidOcean said.
The paradox of corporate taxes
With one of the world's highest corporate tax rates, the United States still raises less revenue from corporations than it used to. The reason is in the tax code. Of the 500 big companies in the well-known Standard & Poor's stock index, 115 paid a total corporate tax rate — both federal and otherwise — of less than 20 percent over the last five years. Thirty-nine of those companies paid a rate less than 10 percent. Over the last five years, Boeing paid a total tax rate of just 4.5 percent; Southwest Airlines paid 6.3 percent; Yahoo paid 7 percent; Prudential Financial, 7.6 percent; General Electric, 14.3 percent. The Business Roundtable, one of the most important corporate lobbying groups says it supports corporate tax reform. But it actually favors only a reduction in the tax rate. The group refuses to say whether it also favors a reduction of loopholes.
Wall Street pay reaches record $135 billion
Compensation and benefits at publicly traded banks and securities firms rose 5.7% from 2009. An increasing portion reflects deferred compensation.
Mubarak concessions 'insufficient'
Al Jazeera, Doha, Qatar
UN rights chief urges calm during Egypt protests
Asharq Al-Awsat, Pan-Arab daily, London, England
Dubai Customs seizes 9kg opium hidden in toys
Gulf News, Independent daily, Dubai, United Arab Emirates
Jordan names new prime minister after protests
The Daily Star, Independent daily, Beirut, Lebanon
Adult-only flights: Airlines urged to consider banning children to give other travellers peace
Daily Mail, Conservative daily, London, England
Should Kids Be Banned From Planes?
Sky News, Independent newscaster, Middlesex, England
China Praises Departing U.S. Ambassador
Chosun Ilbo, Conservative daily, Seoul, South Korea
Parliament votes unanimously in favour of referendum to extend President's rule
Gazeta.kz, Official online newspaper, Kazakhstan
Malaysia to evacuate 11,000 students from Cairo
New Zealand Herald, Conservative daily, Auckland, New Zealand
UN offers to help prosecute Baby Doc
Caribbean360, Online news portal, St. Michael, Barbados
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