May 14, 2010 Nº 906 - Vol. 8
"A business like an automobile, has to be driven, in order to get results"
B. C. Forbes
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Eight banks face US investigation
Eight banks are facing a US investigation into the rating of their mortgage products. New York Attorney General Andrew Cuomo is looking at whether the relationship between the banks and credit rating agencies was manipulated to gain a better ratings for risky securities. The banks under investigation are believed to include Goldman Sachs and Morgan Stanley. Bad US mortgage debt was one of the main causes of the financial crisis. The attorney general has requested information from the eight banks, as well as the three major rating agencies - Standard and Poor's, Moody's and Fitch Ratings. Last month, the Securities and Exchange Commission, which regulates US banking, charged Goldman Sachs with civil fraud over the way it marketed its subprime mortgage products prior to the crisis. (Click here)
US home repossessions hit all-time high
The number of US homes being repossessed hit an all-time high last month, but is set to start falling, says the body that tracks the figures. Banks took control of 92,432 properties in April, up 1% from March, and a 45% rise from a year earlier.
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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 - Los Angeles to boycott Arizona over immigration law(Click here)
2 - New laws crackdown on people smugglers(Click here)
3 - European court ruling sparks German debate over violent criminals(Click here)
4 - Arizona gov. signs bill targeting ethnic studies(Click here)
5 - Amendments target credit card industry(Click here)
6 -Estonia 'can adopt euro' in 2011 - EU Commission (Click here)
7 - 'Hurt Locker' lawsuit target pirates(Click here)
8 - US judge rules against LimeWire in music piracy case (Click here)
9 - Organized crime fears cause ban on 500 euro note sales (Click here)
10 - Small New York town makes English the law(Click here)
11 -Russian spy jailed for sending secret army maps to US(Click here)
12 -Full text of British coalition agreement and video of Cameron and Clegg news conference(Click here)
13 - HTC sues to block iPhone, iPad, iPod sales (Click here)
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MiMIC Journal
US-China human rights dialogue resumes
The United States and China are holding talks on human rights for the first time in two years. Senior officials are meeting behind closed doors for two days in Washington. The US has said it will raise longstanding concerns over freedom of expression and religion in China, as well as the treatment of dissidents. Disagreements over human rights have for years been an irritant in US-China relations.
How a single word can control your prospects' actions
by Tom Trush
In an experiment described in the book "Influence: The Psychology of Persuasion," author Robert Cialdini reveals an almost magical mind trick you can easily apply to your marketing message.
In fact, it involves adding only one word to your copy.
The technique is based on the principle that people seek reasons for taking action when you ask them to do something.
As Cialdini explained, Harvard social psychologist Ellen Langer demonstrated this fact when she went into a library and attempted to cut in front of several people lined up to use the copier.
During the first test, she used the following appeal: "Excuse me, I have five pages. May I use the Xerox machine because I'm in a rush?"
This request-plus-reason approach resulted in 94% of the people allowing her to skip ahead in line.
Next, she shortened her request and tested it on another set of people. "Excuse me, I have five pages. May I use the Xerox machine?" she said.
This time only 60% of the people complied.
At first glance, you might suspect the drop in response during the second test was due to the missing phrase "because I'm in a rush"
But Langer made a third request that proved the entire phrase wasn't the difference. Instead, the disparity was a result of a just one word ?- "because."
"Excuse me, I have five pages. May I use the Xerox machine because I have to make some copies?" she said in her final appeal.
This request resulted in 93% of the people giving up their space in line.
Surprisingly, she experienced this high success rate even though she didn't provide a motive or any extra information that would warrant anyone taking action. All she did was add the word "because" and restate the obvious.
So next time you want to pump up the persuasion in your copy, include the word "because." This simple word acts as a trigger that not only tells your prospects why they should comply, but also increases the likelihood they will take action.
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© Trey Ryder
FREE LAWYER MARKETING ALERT: If you'd like to receive Trey Ryder's weekly Lawyer Marketing Alert, send an e-mail to [email protected]. Write "Subscribe LMA" in the subject line and write your name and e-mail address in the body of the message.
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Repsol - Venezuela
La española Repsol acordó invertir US$ 750 mlls., entre 2010 y 2014 en el desarrollo del proyecto Carabobo en Venezuela. La firma participará con un 11% en la empresa mixta PetroCarabobo junto con la petrolera estatal venezolana Pdvsa y coordinará el consorcio internacional. (Presione aquí)
Pemex
La mexicana Pemex realizó una oferta de certificados bursátiles por un monto total de US$ 1.213,8 mlls., en tres tramos con vencimientos en 2014 y en 2020.
Ferrosur
La minera Grupo México informó que su subsidiaria Infraestructura y Transportes México (ITM) obtuvo una resolución favorable del Tribunal Federal de Justicia Fiscal y Administrativa en relación con su adquisición de Ferrosur y su fusión con los activos ferroviarios de la compañía.
Autos
La estadounidense Ford ratificó su plan de inversiones por US$ 257 mlls., en Argentina entre 2010 y 2012.
China x Argentina
El embajador de Asuntos Agrícolas de la Cancillería de Argentina, Carlos Cheppi, anticipó que en los próximos días viajará a China una delegación de funcionarios de gobierno y empresarios para seguir evaluando la situación planteada por las trabas al ingreso de aceite de soja en el país asiático.
Brasil - Rusia
El presidente brasileño, Luiz Inácio Lula da Silva, llamó el viernes a estrechar los lazos comerciales y de inversión con Rusia, diciendo que los dos gigantes del grupo BRIC deberían usar sus propias monedas en el intercambio bilateral, alejándose del dólar. Entre el 2002 y el 2008, el comercio entre Rusia y Brasil creció cinco veces, según sostuvo el mandatario en un encuentro con empresarios.
Attorneys jockey in Toyota case
Attorneys offered a federal judge a snapshot of the many hurdles likely to arise in the massive litigation against Toyota, as they launched an aggressive campaign to win lead roles in representing plaintiffs.
Vatican to detail defense
The Vatican is soon due to defend itself in U.S. court, after failing to thwart a lawsuit claiming it ordered American bishops to cover up evidence of child sex abuse.
Transocean asks court to cap gulf rig disaster liability at $26.7 million
Transocean Ltd., the owner and operator of the oil rig leased to BP Plc that exploded last month and killed 11 men, asked a U.S. judge to limit its liability to $26.7 million.
Businessman pleads guilty to banned US exports to Iran
A Taiwanese businessman has pleaded guilty in a US court to attempting to ship banned missile parts to Iran. Yi-Lan Chen was arrested in the US Pacific territory of Guam trying to ship thousands of components with dual military and civilian use. Such exports to Iran are banned under a US embargo. Chen faces up to 20 years in prison at his sentencing in July. He and the company he worked for, Landstar Tech Co, both face a fine of $1m.
Facebook draws protests on privacy issue
Facebook is facing another round of backlash about its privacy policies. A vocal slice of Facebook's 400 million members are grousing about a new feature from the social-networking giant that lets non-Facebook websites post the personal views of Facebook users without their consent. If successful, new Facebook functions could help it gain insights about millions of consumers and help it sell more advertising in its escalating rivalry with online ad leader Google. While the move could change the way people experience the online world, and appeal to marketers, it has sparked privacy concerns.
Lula seeks Iran Nuclear Curb as U.S. says sanctions should follow failure
Lula arrives in Iran tomorrow for a visit that he says may revive diplomatic efforts to curb his hosts' nuclear program -- and that the U.S. says should lead to sanctions if it fails.
Obama administration defends against health care lawsuit
The US Department of Justice (DOJ) on Tuesday filed its first response to one of several lawsuits challenging the controversial new health care reform law. In a brief filed in the US District Court for the Eastern District of Michigan, the DOJ defended the law, asserting that Congress acted within its powers to regulate interstate commerce. The suit, filed in March by conservative public interest group the Thomas More Law Center on the same day President Barack Obama signed the bill into law, argues that the mandate that all individuals carry health insurance is unconstitutional.
Canada man pleads guilty in first terrorism fundraising case
Canadian resident Prapaharan Thambithurai pleaded guilty Tuesday to raising money for the Liberation Tigers of Tamil Eelam (LTTE) in the nation's first case involving fundraising for a banned terrorist group. Thambithurai admitted raising between $2,000 and $3,000 between late 2007 and March 2008, acknowledging that he knew part of the money would go to the LTTE, which was banned in Canada in 2006. Thambithurai is the first to be charged under the controversial terrorism financing legislation, introduced almost 10 years ago.
Holder admits to not reading Arizona's immigration law despite criticizing it
Despite repeatedly voicing concerns about Arizona's new immigration enforcement law in recent weeks and threatening to challenge it, Attorney General Eric Holder said Thursday he has not yet read the law -- which is only 10 pages long. "I have not had a chance to -- I've glanced at it," Holder said at a House Judiciary Committee hearing when asked had he read the state law cracking down on illegal immigrants. Holder told reporters last month that he fears the new law is subject to abuse and that the Justice Department and the Homeland Security Department are in the midst of conducting a review.
When should a company disclose a Wells notice?
A Wells notice is given by the S.E.C.'s enforcement division when it is planning to recommend to the full commission that it authorize charges for a violation of the securities laws. Not every Wells notice results in litigation, and it is often viewed as an invitation to negotiate a settlement, which is how most S.E.C. cases are resolved. The disclosure question related to potential litigation with the S.E.C. is left largely to corporate management to decide because the rules are quite vague on when such information is material, requiring a company to report it. Regulation S-K, Item 103, deals with disclosure of "legal proceedings," and it requires a company to do the following: “Describe briefly any material pending legal proceedings, other than ordinary routine litigation incidental to the business, to which the registrant or any of its subsidiaries is a party or of which any of their property is the subject. Include the name of the court or agency in which the proceedings are pending, the date instituted, the principal parties thereto, a description of the factual basis alleged to underlie the proceeding and the relief sought. Include similar information as to any such proceedings known to be contemplated by governmental authorities.” An S.E.C. investigation is not a "pending legal proceeding," and it is arguable that a Wells notice does not yet meet the standard for disclosure, although its clear threat of litigation brings it much closer to something that would be material to investors. The fact that the S.E.C. rule specifically identifies governmental litigation supports disclosing the Wells notice, but no company has even been found in violation of the disclosure rules for not doing so. If a company concludes it should disclose a Wells notice, the next question is when it should release the information. Regulation S-K applies to quarterly and annual reports, which may not come out for weeks or even months after a company receives a Wells notice, as happened with Moody's when it received the notice on March 18 and filed its 10-Q on May 7. Companies often file a form 8-K to disclose important matters more quickly, but the rules for that form do not address litigation issues directly, so a potential suit would not have to be disclosed immediately. There is a catch-all provision on form 8-K for "other events" that a company considers important for investors even though it may not otherwise be required to disclose them. But this is discretionary, so it is a matter of choice for a company whether it believe investors should be notified earlier.
Imminent end of secrecy to shake up Swiss banking
As Swiss lawmakers appear poised to resolve a tax dispute between UBS and Washington, one thing is becoming clear: an end to absolute banking secrecy will change the country's pre-eminent financial sector. Niche private banks that previously specialized in undeclared assets in Geneva and Zurich will have to adapt, and some may fail, analysts and academics predict. Those that remain will have fewer assets to manage. The changes are being wrought not only because of what is known in Switzerland as the UBS bill, which Parliament is expected to pass early next month. Several updated tax treaties with the United States, France, Germany and other countries, by promising government cooperation, also aim to dissuade would-be tax dodgers from trying to shelter undeclared assets in Switzerland. "In my view, it's over, and it's not a bad thing," Luc Thevenoz, a professor of law at the University of Geneva, said of using Swiss banks to hide from the tax collector. The switch was not Switzerland's idea. Its neighbors, painfully aware of the tax receipts they were losing, have been increasing the pressure for years. But it was not until the United States government threatened UBS, the biggest Swiss bank, with criminal prosecution slightly more than a year ago that the wall really began to tumble.
Thai army moves against red shirts
Al Jazeera, Doha, Qatar
US: Iran Sanctions Negotiations Making Progress
Asharq Al-Awsat, Pan-Arab daily, London, England
Mohammad presents awards to top journalists
Gulf News, Independent daily, Dubai, United Arab Emirates
Palestinians: Settlers killed stone-throwing teen near Ramallah
Haaretz, Liberal daily, Tel Aviv, Israel
MIDEAST: Is Israel Sliding Towards a Police State?
IPS Middle East, International cooperative of journalists, Rome, Italy
Turning tide for Egypt as Arab League head?
JPost, Conservative, Jerusalem, Israel
Free Wi-Fi at Zabeel Park for Al Shamil, eLife subscribers
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
Bloody Clashes as Kyrgyz Authorities Push to Regain South
Nahamet, Online news portal, Beirut, Lebanon
Panel formed on Lebanon poll law
Saudi Gazette, English-language daily, Riyadh, Saudi Arabia
Gibbs: Hariri to meet Obama on PM's first official visit to US
The Daily Star, Independent daily, Beirut, Lebanon
Yemen al Qaeda arm claims attack on UK ambassador
Times of Oman, English-language daily, Muscat, Oman
Operation for saving people's lives
Yemen Observer, Sana'a, Republic of Yemen
Documenting our small successes
Yemen Times, (Independent weekly), Sana'a, Republic of Yemen
Cameron to finish naming his team
BBC News, Centrist newscaster, London, England
Jockey airlifted to hospital after race fall
BreakingNews.ie, Online news portal, Cork, Ireland
Cheryl's brother charged over raid
Daily Express, Conservative tabloid, London, England
Have-a-go-hero Martin Richardson batters gun-wielding robber with a chair
Daily Mail, Conservative daily, London, England
Zain Group Q1 revenues up 11% to USD 1.15 bln
DMeurope, Online news portal, Amsterdam, Netherlands
THAILAND: Fresh clashes in Bangkok after violent army crackdown on 'Red Shirts'
France 24, Issy-les-Moulineaux, France
Turkish Press Scan for May 14
Hurriyet Daily News, (Liberal, English-language), Istanbul, Turkey
First Fashion Vending Machine Hits Harvey Nichols!
Look Magazine, London, England
Inquiry after bin wagon overturns on main Cumbrian road
News & Star, Independent daily, Carlisle, England
Reports: Clashes Erupt In South Kyrgyzstan
Radio Free Europe, Prague, Czech Republic
Foreign Journalist Shot In Thailand Trouble
Sky News, Independent newscaster, Middlesex, England
Merkel Warns of Europe's Collapse: 'If Euro Fails, So Will the Idea of European Union'
Spiegel International, Liberal newsmagazine, Hamburg, Germany
After the coalition smiles, here come the cuts
The Guardian, Liberal daily, London, England
Troops battle Red Shirts protesters as crisis deepens
The Independent, London, England
Kyrgyzstan sees further unrest
The Irish Times, Centrist daily, Dublin, Ireland
IKEA Masters Rules of Russian Business
The Moscow Times, Independent daily, Moscow, Russia
Mister Blue Sky
The Sun, London, England
My perfect weekend: Rupert Grint
The Telegraph, London, England
Pope says gay marriage is 'insidious and dangerous'
The Telegraph, Conservative daily, London, England
Lovelorn kangaroo stalks women in Australian Outback
Times Online, Conservative daily, London, England
KPK leaders meet national police chief
Antara News, News agency, Jakarta, Indonesia
3 Pakistanis arrested in Times Square bomb probe
China Post, English-language daily, Taipei, Taiwan
10th Seoul International Financial Forum Kicks Off
Chosun Ilbo, Conservative daily, Seoul, South Korea
Fifty-one suspects arrested in Khyber Agency
Dawn, English-language daily, Karachi, Pakistan
Kohl's Department Stores joins boycott of Uzbek cotton
Gazeta.kz, Official online newspaper, Kazakhstan
Pak's Supreme Court summons Law Minister
Hindustan Times, New Delhi, India
Despite Pak protest, India plans civilian trek to Siachen
India Express, News portal, Mumbai, India
'Radiation risk in Delhi's Mayapuri'
India Times, Conservative daily, New Delhi, India
Canadiens close out Pens, Igloo in impressive display
Japan Times, Independent centrist, Tokyo, Japan
Padang Serai MP Gobalakrishnan fined RM3,000, could lose seat
Malaysian Star, Online news portal, Selangor Darul Ehsan, Malaysia
NZ embassy closed as Thai violence intensifies
New Zealand Herald, Conservative daily, Auckland, New Zealand
Commander surrenders
Pajhwok Afghan News, (Independent news agency), Kabul, Afghanistan
China invests in large South African cement plant
People's Daily Online, English-language, Beijing, China
Chowrasia shoots five-over 75 on European Tour
Sify News, Chennai, India
Yogi's bear necessities
Sydney Morning Herald, Centrist daily, Sydney, Australia
Victims in China school attack were as young as three
Taiwan News, English-language daily, Taipei, Taiwan
Rising star shows off international make-up award
Taiwan Today, Government Information Office, Taipei, Taiwan
Queens man who stabbed wife 250 times ‘didn't eat her liver as claimed'
Thaindian News, Bangkok, Thailand
‘Cancer' of terror, not India, a threat to Pakistan: Obama
The Hindu, Left-leaning daily, Chennai, India
Canadian soldier killed in Afghanistan
Canadian Broadcasting Centre, Toronto, Ontario
Golding admission prompts resignation calls
Caribbean360, Online news portal, St. Michael, Barbados
Information now a hot topic
Cayman Net News, Online news portal, George Town, Cayman Islands
No-shows postpone trial in the case of the Bani murders
Dominican Today, Independent daily, Santo Domingo, Dominican Republic
LATIN AMERICA: Highest Crime Rates in World Require Effective Measures
IPS Latin America, International cooperative of journalists, Rome, Italy
Stalled! Private-sector groups, trade unions halt meeting with Gov't to discuss Manatt
Jamaica Gleaner, Independent daily, Kingston, Jamaica
Peru's exports grew by 43% during the first quarter of 2010
Living in Peru, News portal, Lima, Peru
Thai troops fire on protesters
The Globe and Mail, Centrist daily, Toronto, Canada
Canadian soldier dies in IED attack in Afghanistan
Toronto Star, Toronto, Ontario
AG sued for $80 million
Trinidad Guardian, Independent daily, Port-of-Spain, Trinidad
Somali pirates release UK tanker
BBC News, Centrist newscaster, London, England
Mazembe banking heavily on Mputu for success
CongoPlanet.com, Independent online news aggregator
Women urged to get involve in decision making
GhanaWeb, Online news portal, Amsterdam, Netherlands
Red Shirt general shot
iafrica, Online news portal, Cape Town, South Africa
Blog posted of crash survivor's family safari
Independent Online, News portal, Cape Town, South Africa
Ethiopia says 18 Ogaden rebels killed
Jimma Times, Online news portal, Jimma, Ethiopia
Son breaks news of Tripoli tragedy
News24.com, Online news portal, Cape Town, South Africa
JAMB: FG sets up c'ttee on candidates' complaint
Vanguard, Independent daily, Lagos, Nigeria
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