June 9, 2010 Nº 916 - Vol. 8
"Would you like me to give you a formula for success? It's quite simple, really. Double your rate of failure.
You are thinking of failure as the enemy of success. But it isn't at all. You can be discouraged by failure — or you can learn from it. So go ahead and make mistakes. Make all you can. Because, remember that's where you will find success."
Tom Watson
Founder of IBM
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Read Migalhas LatinoAmérica in Spanish every Tuesday and Thursday. Visit the website at www.migalhas.com/latinoamerica
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Only a fraction of those in need file for bankruptcy
Bankruptcy filings are nearing the record 2 million of 2005, when a new law took effect that was aimed at curbing abuse of the system. Filings could reach 1.7 million this year, says law professor Robert Lawless, but few experts believe that debtors are now gaming the system. Instead, concern exists about a growing number of Americans who need bankruptcy protection but cannot get any benefit from it or simply cannot afford to file. As their financial problems worsen, that hurts everyone because it can hinder the economic turnaround. The signs are there: Student loan defaults and home foreclosures are rising, and bank card loan defaults have increased from 7.7% in March to 9.1% in April. But during the same two months, bankruptcy filings fell by 4%. Bankruptcy is supposed to provide a fresh start to people who are in serious financial distress. "And the filing rate doesn't even begin to count the depth of the financial pain."
Supreme Court rules 'forward-looking approach' must be used in bankruptcy cases
The US Supreme Court on Monday ruled 8-1 in Hamilton, Chapter 13 Trustee v. Lanning that the "projected disposable income" of a debtor filing Chapter 13 bankruptcy must be calculated using the "forward-looking approach." In finding so, the court resolved a dispute about the meaning of the statutory term "projected disposable income." The petitioner argued that this meant a "mechanical approach," only taking into account the past monthly average income multiplied by the months in the repayment plan. Respondent contended that in exceptional cases, the court should use the "forward-looking approach," taking into account significant changes in the debtor's circumstances where those changes are known or virtually certain.
Before you open the door to the boardroom, peek through the keyhole!
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1 - GM recalls 1.5 million cars over fire hazard. (Click here)
2 - Actor convicted posthumously of slander in Civil War case. (Click here)
3 - Cyber bullying leads to surge in intervention orders against children. (Click here)
4 - Woman jailed for giving baby methadone-soaked dummy. (Click here)
5 - Federal judge blocks Alaska's wolf-kill plan. (Click here)
6 - Vodafone, Telefonica lose challenge to EU roaming cap. (Click here)
7 - Russia, Turkey and Iran meet, posing test for U.S. diplomacy. (Click here)
8 - Airbus gets $11 billion Emirates order. (Click here)
9 - Why beer can shortage means Brazil will boost rate. (Click here)
10 - BP accused of judge-shopping for seeking Republican judge to handle lawsuits. (Click here)
11 - US genocide lawyer denied bail. (Click here)
12 - Changes in China could raise prices worldwide. (Click here)
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MiMIC Journal
China defends internet censorship
China has defended its right to censor the internet in a document laying out the government's attitude towards the web. It says the country has the right to govern the internet according to its own rules inside its borders. The white paper also reveals just how fast the internet has developed in China in the 16 years since it was first connected. By the end of last year the country had 384m internet users. Google pulled out of mainland China in March over censorship rules
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TLC – USA – Colombia
El empresariado colombiano y, por otra vía, los candidatos presidenciales, Antanas Mockus y Juan Manuel Santos, reclaman a la secretaria de Estado, Hillary Clinton, que visita el país durante su gira por Sudamérica, la viabilidad del Tratado de Libre Comercio, TLC, postergado por EE.UU. desde hace tres años.
Papelera
Un juzgado argentino ordenó a ambientalistas desbloquear el puente fronterizo con Uruguay y estableció que depongan su protesta, antes de que las autoridades se vean en la necesidad de sacarlos por la fuerza. Los ambientalistas mantienen desde hace tres años interrumpido el acceso en protesta contra la papelera finlandesa Botnia que instaló en 2006 una planta en el río fronterizo, la cual generó una disputa diplomática entre Argentina y Uruguay que fue dirimida en el tribunal internacional de La Haya. (Presione aquí)
Malvinas
La petrolera británica Rockhopper Exploration informó que colocó con éxito US$ 70 mlls., de acciones nuevas en el mercado, una ampliación de capital destinada a respaldar sus perforaciones en las Malvinas. La petrolera es una de las cuatro empresas británicas que en febrero pasado comenzó, sucesivamente, sus operaciones de exploración hidrocarburífera en aguas de las islas. Está asociada a la Desire Petroleum y a la Falkland Oil & Gas. Y es la única que dice haber encontrado petróleo de "alta calidad", en la zona de exploración de Sea Lion, al norte del archipiélago. (Presione aquí)
Iran faces 'most significant UN nuclear sanctions'
Iran faces its toughest sanctions for failing to comply with UN demands over its nuclear enrichment.There have been three rounds of UN sanctions against Iran, blocking trade of "sensitive nuclear material", freezing the financial assets of those involved in Iran's nuclear activities, banning all of Iran's arms exports and encouraging scrutiny of the dealings of Iranian banks. The new set of proposed sanctions is aimed at putting pressure on Tehran to stop enriching uranium. Although it was watered down during negotiations with Russia and China on Tuesday, it does tighten existing restrictions on areas like shipping and finance. Its proposals include:
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Prohibiting Iran from buying several categories of heavy weapons including attack helicopters and missiles
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Urging all states to inspect cargo suspected of containing banned items to and from Iran in their territory, including seaports and airports
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Calling on countries to block financial transactions and ban the licensing of Iranian banks if they suspect a link to nuclear activities
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Increasing the number of individuals - reportedly including senior nuclear officials - and companies targeted with asset freezes and travel bans
EU 'to respect national sovereignty on bail-outs'
New European financial regulators would not be able to force national governments to use taxpayer money to rescue failing banks, the EU's internal markets commissioner has said. It has been resisting pressure from other EU governments, especially the French, for the new regulators to have sweeping powers to force bank bailouts.
BP CEO Tony Hayward to testify before Congress next week
You might want to mark your calendar for this one. BP is likely to mean British Pinata next week when its CEO Tony Hayward is scheduled to appear on Capitol Hill before the House Energy and Commerce Committee chaired by Rep. Henry Waxman on Thursday, June 17 at 10 am ET. It will be Hayward's first appearance before Congress to testify about the Deepwater Horizon accident and the resulting massive oil spill in the Gulf of Mexico.
Judge recusals may hinder gulf oil spill lawsuits
At least seven federal judges in New Orleans have stepped aside from handling oil spill lawsuits because of conflicts of interest. Experts say if more judge recusals arise in the Gulf, the courts eventually may have to move the cases to another part of the country.
Indigenous justice law approved in Bolivia
The Bolivian parliament has approved a law giving indigenous communities the right to administer their own justice systems. The government says the measure will allow indigenous groups to settle disputes according to their own cultural values. But opposition parties have warned that it could lead to mob rule.
Poland castration law takes effect
A Polish law that can force some rapists and pedophiles to undergo chemical castration has come into effect. The legislation, passed by Polish MPs last September, applies to men who rape children or immediate family members. The procedure has been tried elsewhere, but usually on a voluntary basis. (Click here)
Brazil sees economy surge by 9%
Brazil's economy grew at its fastest rate in at least 14 years in the first three months of 2010. Its gross domestic product (GDP) surged by 9% compared with the same period a year earlier. However, higher interest rates and the withdrawal of some tax breaks are expected to cool growth eventually. Brazil's economy is the largest in Latin America and the eighth-biggest in the world. Agriculture and industry were among the growth sectors. Much of Brazil's economy is driven by domestic consumer demand rather than exports - which analysts say means it is relatively insulated from Europe's debt crisis and the projected slow recovery of the US. (Click here)
Kerviel tells Paris court he hid nothing from his Societe Generale bosses
Jerome Kerviel, the former Societe Generale SA trader accused of causing a 4.9 billion-euro ($5.8 billion) loss at the bank with unauthorized bets, told a Paris court he "hid nothing" from his supervisors and that all of his actions were visible. (Click here)
UBS-US tax deal rejected by Switzerland's parliament
A major tax agreement between the US and Switzerland has been rejected by the Swiss parliament. The deal would have paved the way for Swiss banking giant UBS to disclose account details to US tax authorities. The late vote by Switzerland's lower house of parliament is unlikely to kill off the deal, but may mean weeks of delay. Berne had promised Washington that account details would be made available by the end of August. Yet this was seen as a step towards ending Switzerland's traditional banking secrecy - and not a decision the government was competent to take alone. The parliament's rejection now throws doubt on whether the August deadline can be met. The deal will have to go back to the Swiss Senate for revision, with a nationwide referendum one possible outcome. (Click here)
Bank of America hit by massive wage lawsuit
Bank of America was hit with a class action lawsuit charging B of A failed to pay for hours worked, failed to pay overtime, and failed to provide required breaks. B of A currently employs about 294,000 people, and the suing class be as large as 180,000 people. Even assuming half the class are former employees, that means B of A allegedly failed to properly pay more than one in four of its current employees. If two thirds of the class are former employees, it's still one in five of present employees claiming that they're not getting what they're owed. B of A is on something of roll this year, getting sued by customers for inflating overdraft fees, by strangers for foreclosing on a house bought with cash, and by the government for failing to make key disclosures when it bought Merrill Lynch. On top of that, it's been cleaning up messes it bought when it acquired Countrywide too.
Bhopal verdict: Worst legal disaster of recent history
An Indian court on Monday convicted seven former employees of US chemical producer Union Carbide on charges relating to the 1984 Bhopal chemical spill disaster. The seven men were convicted of "death by negligence" and sentenced to two years in prison each and ordered to pay USD $2,100. An eighth man who is now deceased was convicted in absentia. The convictions are the first related to the Bhopal disaster in which nearly 3,800 people were killed when toxic gas was accidentally released in the middle of the night by a chemical plant owned by a Union Carbide subsidiary company. Upwards of 15,000 others later died from exposure to the gas, and 50,000 were left permanently disabled. Union Carbide settled with the Indian government in 1989 for $470 million, ending their liability in the case. The Bhopal disaster has remained a significant issue, as the Indian Parliament has begun discussion on a bill that would cap liability on foreign nuclear power companies operating within the country at $100 million. Victims groups and activists, who had sought more serious charges, criticized the verdict. Death by negligence is most frequently used in deaths involving car accidents, they said. It carries a maximum two-year sentence. Satinath Sarangi, an advocate for the victims, characterized the verdict as "the world's worst industrial disaster reduced to a traffic accident." In the past 25 years some of lawyers involved in the case have died. Some of the judges are gone too. More than 10 to 12,000 victims too have passed away . Some more will die till the justice is achieved. Those who die in the intervening period may include some of the accused, who are already 'old and full of years'. Indian courts are notoriously slow. Jam-packed dockets and a shortage of judges can leave criminal cases hanging for years, or even decades. High-profile cases often drag on for even longer, as skilled lawyers file endless motions and continuances while defendants remain out on bail.
Greek default seen by almost 75% in poll of investors doubtful on Trichet
Global investors have little confidence in Europe's efforts to contain its debt crisis or in European Central Bank President Jean-Claude Trichet, with 73 percent calling a default by Greece likely.
Nato convoy attacked in Pakistan
Al Jazeera, Doha, Qatar
Kuwaiti Opposition Protest Secret Quizzing of PM
Asharq Al-Awsat, Pan-Arab daily, London, England
Piano virtuoso to hold recital on Wednesday
Gulf News, Independent daily, Dubai, United Arab Emirates
Obama to offer Abbas fresh aid for Gaza in flotilla aftermath
Haaretz, Liberal daily, Tel Aviv, Israel
MEDIA-ISRAEL: Beatings, Abuse, Doctored Evidence Emerge
IPS Middle East, International cooperative of journalists, Rome, Italy
Analysis: 2 blockades of Gaza exist
JPost, Conservative, Jerusalem, Israel
Only 24,883 new vehicles hit Dubai roads in 2009
Khaleej Times, English-language daily, Dubai, United Arab Emirates
Iraq- Pure water tank constructed for ID64b
Middle East North African Network, Online financial portal, Amman, Jordan
GM Recalls 1.5 Million Vehicles over Fire Risk, Including Chevrolet, Buick, Hammer
Nahamet, Online news portal, Beirut, Lebanon
Panel formed on Lebanon poll law
Saudi Gazette, English-language daily, Riyadh, Saudi Arabia
South Africa unveils high-speed rail link ahead of World Cup
The Daily Star, Independent daily, Beirut, Lebanon
Israel rejects international inquiry into lethal raid
Times of Oman, English-language daily, Muscat, Oman
Two assassination suspects released
Yemen Observer, Sana'a, Republic of Yemen
The OPEC Fund for International Development Scholarship
Yemen Times, (Independent weekly), Sana'a, Republic of Yemen
Cumbria to pause for gun victims
BBC News, Centrist newscaster, London, England
Dow Jones up at close
BreakingNews.ie, Online news portal, Cork, Ireland
BA crew to vote on further strikes
Daily Express, Conservative tabloid, London, England
Hey diddle diddle... This cow jumped into the POOL
Daily Mail, Conservative daily, London, England
NTT Docomo begins pre-launch operations of LTE network
DMeurope, Online news portal, Amsterdam, Netherlands
PAKISTAN: Gunmen torch NATO supply trucks near Pakistani capital
France 24, Issy-les-Moulineaux, France
Protesters torch homes of accused Iraqi policemen
Hurriyet Daily News, (Liberal, English-language), Istanbul, Turkey
LOOK Loves: Topshop's Super Cute Denim Dungarees
Look Magazine, London, England
Flash floods force Cumbrian town centre businesses to close
News & Star, Independent daily, Carlisle, England
The Rundown - June 9
Radio Free Europe, Prague, Czech Republic
Chinese Drug Makers Skirt Mephedrone Ban
Sky News, Independent newscaster, Middlesex, England
Moving the Markets: Europe Looks to Break US Ratings Monopoly
Spiegel International, Liberal newsmagazine, Hamburg, Germany
Judges told not to delay Iraq deportation flight
The Guardian, Liberal daily, London, England
Polls open in Dutch national elections
The Independent, London, England
Oil rises on US stock decline
The Irish Times, Centrist daily, Dublin, Ireland
Putin Wants Russians to Move
The Moscow Times, Independent daily, Moscow, Russia
Cops open fire at 3 Lions hotel
The Sun, London, England
Patrick Stewart and James Cordon cross swords at Glamour Women awards
The Telegraph, London, England
Cumbria shootings: Derrick Bird's sons to plan father's funeral
The Telegraph, Conservative daily, London, England
Chinese killed by North Korean border guards
Times Online, Conservative daily, London, England
Japan needs 117 nurses from Indonesia
Antara News, News agency, Jakarta, Indonesia
IMF warns Asia of spillovers from European crisis
China Post, English-language daily, Taipei, Taiwan
10th Seoul International Financial Forum Kicks Off
Chosun Ilbo, Conservative daily, Seoul, South Korea
SC resumes 18th Amendment petitions hearing
Dawn, English-language daily, Karachi, Pakistan
Kazakhstan hands over CICA presidency to Turkey
Gazeta.kz, Official online newspaper, Kazakhstan
Want to join spouse in UK? Pass English test
Hindustan Times, New Delhi, India
Ensuring Pak don't use military aid against India: US
India Express, News portal, Mumbai, India
Acid attack on C'garh woman for affair
India Times, Conservative daily, New Delhi, India
Universities' risky business
Japan Times, Independent centrist, Tokyo, Japan
NGOs support control on sugar
Malaysian Star, Online news portal, Selangor Darul Ehsan, Malaysia
Tensions high after US Border Patrol kills Mexican teen
New Zealand Herald, Conservative daily, Auckland, New Zealand
Commander surrenders
Pajhwok Afghan News, (Independent news agency), Kabul, Afghanistan
French shipping giant to expand service linking Asia, South Africa
People's Daily Online, English-language, Beijing, China
Miley finds beau's fashion statement 'odd'
Sify News, Chennai, India
Sydney goes the full Bieber
Sydney Morning Herald, Centrist daily, Sydney, Australia
Honda hit by new strike in China
Taiwan News, English-language daily, Taipei, Taiwan
International Austronesian Conference gets underway
Taiwan Today, Government Information Office, Taipei, Taiwan
Militants demand $1.5 mn for release of Russian sailors
Thaindian News, Bangkok, Thailand
Amid Bhopal rage, panel starts work on nuclear liability Bill
The Hindu, Left-leaning daily, Chennai, India
Liberal, NDP insiders talk merger
Canadian Broadcasting Centre, Toronto, Ontario
Hilary Clinton heads to Barbados for security talks
Caribbean360, Online news portal, St. Michael, Barbados
LIME sponsors Expo 2010
Cayman Net News, Online news portal, George Town, Cayman Islands
Santiago's Mayor again at the center of scandal
Dominican Today, Independent daily, Santo Domingo, Dominican Republic
FOOD: Something Smells Rotten in Venezuela
IPS Latin America, International cooperative of journalists, Rome, Italy
Roadblock
Jamaica Gleaner, Independent daily, Kingston, Jamaica
Sofia Mulanovich eliminated at semifinals of Movistar Peru Classic
Living in Peru, News portal, Lima, Peru
Military tries to disperse dark cloud over Tweed left by Russell Williams
The Globe and Mail, Centrist daily, Toronto, Canada
André Marin keeps ombudsman job
Toronto Star, Toronto, Ontario
Arise my people...
Trinidad Guardian, Independent daily, Port-of-Spain, Trinidad
Major cocaine seizure in Gambia
BBC News, Centrist newscaster, London, England
DR Congo suspends police chief over Floribert Chebeya death
CongoPlanet.com, Independent online news aggregator
Nana Addo's man defects to Alan's camp
GhanaWeb, Online news portal, Amsterdam, Netherlands
Ahmadinejad snubs meeting
iafrica, Online news portal, Cape Town, South Africa
Robber gave cop his favourite tie
Independent Online, News portal, Cape Town, South Africa
Medrek's Siye criticizes Western Hypocrisy on Ethiopia
Jimma Times, Online news portal, Jimma, Ethiopia
Slightly early births linked to autism, dyslexia
Mail & Guardian Online, Liberal, Johannesburg, South Africa
Mokoena: Bafana fired up
News24.com, Online news portal, Cape Town, South Africa
Abia releases fund for salary arrears
Vanguard, Independent daily, Lagos, Nigeria
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