October 25, 2010 Nº 972 - Vol. 8
"Art is a lie that makes us realize truth."
Pablo Picasso
Insider's view: see how local concerns shape up the global world. Read the daily press review in Migalhas International
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French Senate passes pension bill
The French Senate has passed a controversial pension reform bill, which has caused a series of strikes and protests around France. The senators approved Sarkozy's plan to raise the retirement age from 60 to 62, and it could become law as early as next week. Sarkozy says the measure is necessary to reduce the deficit. But hundreds of thousands have protested against what they see as an attack on their rights. Senators passed the motion to raise the retirement age by 177 votes to 153, after the government used a special measure known as a guillotine to cut short the debate on the bill. On Monday, a joint committee of Senate and National Assembly members will meet to agree on a common text. This final version will then be put to a simultaneous vote in both houses of parliament Tuesday or Wednesday.
The mortgage-backed securities mess
While much of the focus lately has been on problems with home foreclosures, the greater threat to financial firms like Bank of America is likely to come from potential liabilities related to billions of dollars of mortgage-backed securities. The Federal Reserve Bank of New York and others are trying to force banks to buy back problem mortgage loans, and Bank of America has vowed to fight demands to take back loans that were not underwritten properly. More troublesome than that, the Securities and Exchange Commission and plaintiffs lawyers may start circling Bank of America and other banks that played a large role in the securitization process, possibly pursuing fraud claims in lawsuits that may challenge the truthfulness of disclosures made in peddling the securities.
Letter to the editor
Sir, Torture as a means of obtaining information or a confession from a suspect, here in Brazil was widely used in the dictatorial government and is rooted as a culture ... which is a mistake, because in cases where the suspect is merely a suspect, the damage is irreparable. Who is to blame? We present cases of confession through torture crimes where the suspect is not actually the murderer. Prepare police might be an idea to curb torture. The police prepared, informed of the rights of the person, whoever she is, is a big step. This does not mean that we are caring for potential assassins and giving them special treatment...we are just enforcing the human rights prevail: everyone has the right to dignity and physical integrity protected. Thanks, Claudia Sinibaldi – Law graduate and post-graduate degree in politics and international relations.
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MiMIC Journal
China unveils own mapping service
China has launched an official online mapping service called Map World. The web-based service gives people access to increasingly detailed satellite images of China and high-level images of other nations. Map World has been created by China's State Bureau of Surveying and Mapping from satellite images collected over the last four years. Within the nation's borders, images have a 2.5m resolution in rural areas and can go down to 0.6m resolution in 300 cities. Beyond its borders, images have a 500m resolution and many nations are blank when users zoom in. Mapping services are tightly restricted in China and any company wanting to offer them must obtain a licence. This imposes strict conditions on what they can show and where the servers hosting the service can be located. The Mapping bureau said about 80 companies, including Nokia, had bought mapping licenses. Google is not thought to be one of them.
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The bank wins…
The Dodd-Frank financial reform law is supposed to correct the problems and abuses that led to the crisis. It could take years to implement. Meanwhile, Wall Street is still engaged in many of the same practices. It is clear there is securities lending, a multitrillion-dollar activity, both before the crash and today. In a typical securities lending deal, a pension fund, or other institutional investor, lets a bank lend some stocks to another investor, say, a hedge fund. (Investors use borrowed shares to "short" or bet against stocks.) In return, the hedge fund puts up a cash deposit. The pension fund then allows the bank to invest the cash, in presumably safe investments to eke out a little extra return.
G20 summit agrees to reform IMF
Finance ministers from the G20 leading economies have agreed reforms of the International Monetary Fund, giving major developing nations more of a say. At a meeting in South Korea, they agreed a shift of about 6% of the votes in the IMF towards some of the fast-growing developing countries. Those nations will also have more seats on the IMF's Board, while Western Europe will lose two seats. But the US will retain the veto it has over key decisions. Such decisions require an 85% vote - Washington holds 17% under the IMF's weighted voting system. The ministers also agreed to refrain from competitive devaluations of their currencies and move towards more market-determined currency systems.
Privacy body to re-examine Google
Britain's privacy watchdog is to look again at what personal information internet giant Google gathered from private wi-fi networks. The Information Commissioner's Office had investigated a sample earlier this year after it was revealed that Google had collected personal data during its Street View project. At the time, it said no "significant" personal details were collected. But Google has since admitted that e-mails and passwords were copied.
Sudan government 'committed to January referendum'
A senior US senator has said Sudan's government has assured him it will hold a referendum on independence for the south and is committed to the outcome. John Kerry added that Sudan - which is under US sanctions - could benefit in important ways if it kept that promise. Earlier, Sudan's president said the referendum should lead to further negotiations between north and south. Sudan has been subject to US sanctions since 1997, and the economic impact on the country is of great concern to President Bashir and his ruling National Congress Party.
US environmental group sues to reinstate drilling moratorium
The Center for Biological Diversity filed a lawsuit Friday against Interior Secretary Ken Salazar, seeking to have the deepwater drilling moratorium reinstated. The lawsuit, filed in the US District Court for the District of Columbia, argues hat Salazar's order to lift the ban without conducting a comprehensive review of the effects of drilling on wildlife and the environment violated the National Environmental Policy Act (NEPA) and is arbitrary and capricious. Earlier this month, Salazar announced the end of a six-month moratorium on certain types of deepwater oil drilling, seven weeks ahead of schedule. The moratorium was put in place following the Deepwater Horizon oil spill in April, in which the Center states spilled more than "200 million gallons of oil into the Gulf of Mexico."
Indian law firms still on top in global ranking
Indian law firms, which beat some of the world's biggest to emerge as top legal advisors to global deals last year, have retained their edge with three domestic firms finding pride of place in the top 10 ranking. In the area of public private partnerships (PPP), Luthra & Luthra retained the No. 1 slot as a global player for the second year in a row with a 7.6% market share, valued at $3.29 billion for the first nine months of 2010. This cemented its advantage over some of the world`s largest firms like Clifford Chance, Allen & Overy, DLA Piper and Linklaters. India Law Services secured the No. 3 position with a 5.4% market share, valued at $2.35 billion. However, DSK Legal, which was at No. 2 in 2009, failed to make it to the top 10 this time. Luthra & Luthra also secured the No. 2 slot behind Linklaters in the global project finance category with a market share of 3.7% by offering legal advice for 17 deals worth $15.5 billion. Amarchand, Mangaldas and Shroff slipped from No. 3 position in 2009 to the 7th slot in the top 10 ranking with a 3.9% share across 13 deals valued at $8.3 billion. Overall, India`s market share in global PPP in the top 10 category for 2010 was 13%, accounting for $5.6 billion and 11.2% in global project finance, accounting for $23.9 billion.
Vodafone given $2.5bn Indian tax bill deadline
Indian tax authorities have given Vodafone 30 days to pay a 112bn rupee ($2.5bn, £1.6bn) tax bill, as part of an ongoing tax dispute. The formal demand relates to the mobile phone company's 2007 purchase of the Indian telephone assets of Hong Kong conglomerate Hutchison Whampoa. Vodafone will appeal against the tax at the Indian supreme court on Monday. The firm says the $11bn transaction was exempt from tax because it took place between two offshore entities. But the Indian tax department now says that Vodafone must pay the capital gains tax, and has handed the company its first formal tax demand.
Judges removed from Wilders trial
Judges in the hate speech trial of Dutch anti-Islam MP Geert Wilders have been ordered to step down by an independent appeals panel. The move follows a request by Wilders' lawyers who said they feared the judges were biased against him. Wilders' lawyer had argued that the bench at Amsterdam District Court had created "an impression of partiality" by putting off a decision on the defense's request to recall a witness. The legal process that began in January must now begin again with new judges. Wilders faces five charges of inciting hatred and discrimination against Muslims. If found guilty, he faces a maximum sentence of one year in jail.
Greenberg Ruled Liable for Reinsurance Damages
A judge has held Maurice R. Greenberg, the former chief executive of American International Group, liable for damages on a reinsurance transaction that the New York attorney general, Andrew M. Cuomo, said helped the insurer hide losses, Reuters reports. In a ruling on Thursday, Justice Charles E. Ramos of New York State Supreme Court also found Howard Smith, A.I.G.'s former chief financial officer, liable on the transaction, which involved an entity called Capco Reinsurance Company. The attorney general's office says the company hid more than $200 million in losses from an auto warranty insurance program.
Iraq high court rules delay in government formation unconstitutional
The Iraqi Supreme Court ruled Sunday that the seven-month delay in forming a government following the March parliamentary elections was unconstitutional, ordering parliament to reconvene. The lawsuit was filed by an independent group after the parliament failed to elect a parliamentary speaker during a brief session in June. The parliament failed to formally close the session in an attempt to circumvent constitutional constraints in forming the new government. Under the Iraqi Constitution, the speaker is responsible for electing a president, who then asks the largest political bloc to form the government. The delay can be attributed in part to the close results of the March elections. The secular Iraqiya alliance, led by Iyad Allawi, holds a slim two-seat lead over the Shiite State of Law coalition of incumbent Prime Minister Nouri al-Maliki. Acting Speaker Fouad Massoum said Sunday that he would abide by the ruling and expects to announce the date of the next session by the end of the week.
Time
Restoring The American Dream. The grim reality is that technology and globalization are shattering the middle class. With the midterms around the corner, the good news is that a bipartisan policy agenda can return the country to prosperity. But no one says it will be easy.
Newsweek
The Prematurity Puzzle. Research on early births could hold clues to disorders like autism and cerebral palsy.
Business Week
Mortgage Mess: Shredding the Dream. The foreclosure crisis isn't just about lost documents. It's about trust—and a clash over who gets stuck with $1.1 trillion in losses.
The Economist
The next emperor. A crown prince is anointed in a vast kingdom facing vaster stresses. China is in a fragile state.
Der Speigel
Irak - Die Pentagon-Protokolle - Über 100.000 Tote und immer noch kein Frieden.
Panel formed on Lebanon poll law
Saudi Gazette, English-language daily, Riyadh, Saudi Arabia
US under rising pressure over WikiLeaks allegations
The Daily Star, Independent daily, Beirut, Lebanon
Verizon Q3 profits hit by staff cut charges
DMeurope, Online news portal, Amsterdam, Netherlands
6 Extra Years Sought for Khodorkovsky
The Moscow Times, Independent daily, Moscow, Russia
Never mind the F-word, says equalities minister
The Telegraph, London, England
10th Seoul International Financial Forum Kicks Off
Chosun Ilbo, Conservative daily, Seoul, South Korea
Guantanamo trial set to resume for Canadian
Hindustan Times, New Delhi, India
MACC opens 20 investigation papers after audit report 2008
Malaysian Star, Online news portal, Selangor Darul Ehsan, Malaysia
Australia to benefit from G20's agreement on currency control: Treasurer
People's Daily Online, English-language, Beijing, China
Regulators close 4 banks in Fla., Ga.
Sify News, Chennai, India
Naxal threat fails to deter Bihar voters
The Hindu, Left-leaning daily, Chennai, India
Winnipeg shootings sparked by drug offer
Canadian Broadcasting Centre, Toronto, Ontario
Cholera cases emerge in Haiti's capital
Caribbean360, Online news portal, St. Michael, Barbados
MEXICO: Juárez Residents Fight for Safe Public Spaces
IPS Latin America, International cooperative of journalists, Rome, Italy
Town house turmoil: Minister's wife under fire...... Questions raised over Juliette Holness' project
Jamaica Gleaner, Independent daily, Kingston, Jamaica
Court case seeks to strip sperm donors' anonymity
The Globe and Mail, Centrist daily, Toronto, Canada
OAS pays tribute to late Barbados PM
Trinidad Guardian, Independent daily, Port-of-Spain, Trinidad
Sudan 'committed to referendum'
BBC News, Centrist newscaster, London, England
AFP: Oromo people celebrate once-banned festival
Jimma Times, Online news portal, Jimma, Ethiopia
Tara KLamp director faces extradition
Mail & Guardian Online, Liberal, Johannesburg, South Africa
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