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• Top News

Concerns grow over Facebook deal

Facebook's flotation has run into more controversy amid reports of concerns about the way advisers disclosed information to investors. As shares fell another 9% on Tuesday, regulators said they may review the disclosure process to see if some investors got favorable access. The SEC and regulatory body FINRA both said they would look into the matter. Morgan Stanley, lead underwriter on the flotation, said it was "in compliance with all applicable regulations". Reuters and the Wall Street Journal reported that Facebook's advisers may have revised their financial forecasts for the social networking company, but that only selected investors were told. Much of the blame for the fall in share price is being pinned on lead underwriters Morgan Stanley and the Nasdaq exchange itself, with many commentators saying that the sale was over-priced. There must have been some sober second thoughts about this.

Obama health care hangs on clause queried by US Court

When the US Supreme Court upheld the 1964 Civil Rights Act, the justices said next to nothing about racial equality, the ideal that drove the landmark law's enactment. Instead, the court cited the constitutional clause that lets Congress regulate interstate commerce, saying the law barred discrimination at hotels and restaurants used by travelers moving across state lines. In the last 75 years, the commerce clause has become one of the Constitution's most potent provisions, underlying federal laws that affect every American business and consumer, from the 1938 minimum wage statute to the 2010 Dodd-Frank financial regulations. Next month the 16-word clause will play a starring role again as the focus of the fight over Obama's health-care law. Critics say it has expanded far beyond the original purpose and are looking to the health case to re-establish some limits. "The modern version of the commerce clause is designed to allow the federal government to regulate anything and everything in the national economy," said Richard Epstein, a University of Chicago law professor who contends the health-care law is unconstitutional. The bulk of the Patient Protection and Affordable Care Act falls comfortably within the commerce clause power, at least as it's been defined by the Supreme Court over the past seven decades. Health care accounts for 18 percent of the US economy, and much of the business, including the sale of prescription drugs, takes place across state lines.

Supreme Court denies benefits for children conceived after father's death

The US Supreme Court ruled unanimously Monday in Astrue v. Capato that children conceived by IVF - in vitro fertilization after a parent's death are not entitled to that parent's social security benefits. Justice Ruth Bader Ginsburg announced the decision, which agreed with the SSA - Social Security Administration that an IVF child conceived after death could only inherit benefits if guaranteed by state intestacy law.

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1 - Does Facebook wreck marriages? - click here.

2 - Google ordered to mend its ways fast or face antitrust action - click here.

3 - Ex-Yahoo director, fund manager made illegal trades: U.S. - click here.

4 - Strauss-Kahn investigated for alleged rape at D.C. hotel sex party - click here.

5 - Gucci wins $4.66 mln, ban on Guess knock-offs - click here.

6 - Kodak patent declared invalid in case vs Apple, RIM - click here.

7 - FDIC targets banks over soured mortgage debt - click here.

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• MiMIC Journal

Chinese fakes 'used in US planes'

Vast numbers of counterfeit Chinese electronic parts are being used in US military equipment, a key Senate committee investigation finds. A year-long probe found 1,800 cases of fake parts in US military aircraft; more than 70% of an estimated one million suspect parts were traced back to China. The failure of a key part could pose safety and national security risks and lead to higher costs for the Pentagon, the committee said. After China, the UK and Canada were found to be the next-largest source countries for fake parts.

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Supreme Court rules courts cannot award cost of document translation

The US Supreme Court on Monday ruled 6-3 in Taniguchi v. Kan Pacific Saipan, Ltd. that the cost of translating documents cannot be awarded to the winning party in federal court under 28 USC § 1920(6). Although it had been common practice for 70 years for federal courts to include people who translate written documents as "interpreters" under § 1920(6), the Supreme Court held that the most natural definition of "interpreter" was one that did oral translation and that the standard was for parties to bear their own litigation costs unless Congress explicitly states otherwise.

Argentina capital recognizes same-sex marriage for tourists

The city of Buenos Aires passed a resolution Friday that will recognize same-sex marriages for non-citizens, making it the fourth district in Argentina to legalize such marriages. The new law allows tourists and other foreigners to exercise the same marriage rights afforded to citizens of Argentina. In a statement, the FALGBT - Federacion Argentina de Lesbianas, Gays, Bisexuales, y Trans said it was an important step for human rights around the world.

Brazil house passes slave labor amendment

Lawmakers approved a constitutional amendment Tuesday that strengthens punishments for landowners and others who force people into slave-like working conditions, in which thousands of Brazilians are trapped. The amendment allows the government to confiscate without compensation all the property of anyone found to be using slave labor, which is most common on remote farms but also occurs in urban sweatshops in places like Sao Paulo. The measure says that besides having their property confiscated, offenders will also be subject to penalties for using slave labor that are already in Brazil's penal code, including fines and jail terms of up to eight years.

Europe rights court rules member states can decide which prisoners can vote

The ECHR - European Court of Human Rights ruled Tuesday that member states have broad discretion in deciding which prisoners should get the right to vote, giving the UK six months to propose amendments to its laws. In the present case, the court found that there was no violation of Article 3 of Protocol No. 1 of the European Convention on Human Rights when the Italian government refused to grant the right to vote to a convicted murderer. The UK government was allowed to intervene in the case after the ECHR found in 2005 that its blanket ban on voting rights for prisoners violated the Convention. The court entered a judgment in November 2010 noting that there had been no change to the UK laws since the 2005 ruling and giving the UK government six months to present legislative proposals. The court later agreed to defer the start of that six-month period until after the ruling in the Italian case. The UK now has six months to propose changes.

Egyptians vote in landmark poll

More than a year after the Arab Spring uprising, Egyptians are heading to the polls in the first free presidential election in their history. The race is wide open and none of the 12 candidates is expected to get an outright majority. If those forecasts prove true, a runoff will take place next month between the two top vote-getters.

World Bank: East Asia 'vulnerable' to eurozone crisis

The eurozone debt crisis could harm the growth of East Asian economies, the World Bank has warned. The bank said that a "serious disruption" in the eurozone could hurt growth and dent demand for exports from East Asia. It said that East Asian countries need to boost domestic demand to rebalance their economies and sustain growth. The bank warned that a faster-than-expected slowdown in China was also a threat to the region's growth.

Eurozone biggest threat to global outlook, OECD says

The eurozone crisis is the single biggest threat to the global economy, according to the Organisation for Economic Co-operation and Development. The economy of the 17 nations that use the euro will shrink 0.1% this year, before rebounding to 0.9% growth next year, the OECD predicts. By contrast, the US economy will expand by 2.4% this year and 2.6% in 2013. The OECD also seemed to back calls by some Europeans to combine spending cuts with measures to boost growth.

European banks unprepared for Greek Exit from Euro

Europe's banks, sitting on $1.19 trillion of debt to Spain, Portugal, Italy and Ireland, are facing a wave of losses if Greece abandons the euro. While lenders have increased capital buffers, written down Greek bonds and used central-bank loans to help refinance units in southern Europe, they remain vulnerable to the contagion that might follow a withdrawal, investors say. Even with more than two years of preparation, banks still are at risk of deposit flight and rising defaults in other indebted euro nations. Should Greece go, its new currency probably would suffer an immediate devaluation of as much as 75 percent against the euro, forcing individuals and companies to default on foreign loans. Unless European leaders could make a credible case that a Greek exit was an exceptional and isolated incident, depositors in other nations might decide to withdraw euros from banks or shift them to countries seen as safer. The highest risk facing the banks at the moment is the possibility of deposit runs. A Greek exit would be a Pandora's box.

US 'could fall off fiscal cliff'

The US could fall off a "fiscal cliff" if tax rises and spending cuts due to take effect at the end of 2012 are not avoided, auditors have said. The US economy could go in to recession, shrinking at a rate of 1.3% in the first half of 2013. Expiring Bush-era tax cuts are due to be amplified by $1.2tn of spending cuts due on 1 January. The combination of higher taxes on the middle class and the wealthy, as well as spending cuts, would severely impact the size of the US economy. It is unlikely that Congress and the White House will take action before the presidential election on 6 November.

Joining Law of the Sea Treaty can't wait

Wednesday begins a comprehensive discussion about whether the United States should join the Law of the Sea Convention. The Senate Foreign Relations Committee intends to provide a forum for debate on this issue for the first time since 2007. The US effectively lived by its terms, even as a nonparty to the treaty and a holdout. But they have deprived themselves of its benefits for the past 30 years. They should be asking why it has taken them so long to have this discussion. By not joining Law of the Sea, the US dealt themselves out of the game that's unfolding right in front of them. The pact will lock in the favorable navigational rights that military and shipping interests depend on every day. It can strengthen a hand against China and others, which are staking out claims in the Pacific, the Arctic or elsewhere. The US business community — including the shipping, transportation, telecommunications and energy industries, as well as the US Chamber of Commerce — joins the military in supporting it.

Federal appeals court rejects challenge to American Indian trust settlement

The US Court of Appeals for the District of Columbia Circuit on Tuesday rejected a challenge to a $3.4 billion settlement in the American Indian trust class-action lawsuit. Judge Thomas Hogan of the US District Court for the District of Columbia approved the settlement last June—the largest in US government history. Class member Kimberly Craven appealed, claiming an impermissible intra-class conflict. The appeals court rejected her claim.

Egypt court convicts police in absentia for protester deaths

An Egyptian court on Tuesday convicted five police officers in absentia for the death of protesters last year and sentenced each to 10 years in prison. The men were charged with killing protesters during the 2011 revolution. The conviction was a victory for victims' families who have seen many police acquitted on similar charges. Nearly 200 police officers and government officials, including former president Hosni Mubarak, have been charged in connection with the deaths of at least 846 protesters, but acquittals have been common. Last week, 14 police officers were acquitted on similar charges.

Supreme Court declines to hear appeal of $675,000 damage award for music sharing

The US Supreme Court on Monday denied certiorari in Tenenbaum v. Song BMG Music, et al., an appeal by a student who was fined $675,000 by a jury for illegally downloading and sharing 30 songs on the Internet. Chief Justice John Roberts and Justice Breyer abstained from the decision without explanation. The case now goes back to the US District Court for the District of Massachusetts which has the power to reduce excessive awards under the common law practice of remittitur.

Daily Press Review

Egyptians vote in landmark presidential poll
Al Jazeera, Doha, Qatar

Ankara makes arrests in FSA commander kidnap plot
Asharq Al-Awsat, Pan-Arab daily, London, England

Yemen, US vow to crush Qaeda
Egyptian Gazette, English-language, Cairo, Egypt

Netanyahu delays vote on bill to sanction illegal West Bank outposts
Haaretz, Liberal daily, Tel Aviv, Israel

Analysis: J'lem anxious as Egyptians vote
JPost, Conservative, Jerusalem, Israel

Egyptians vote in landmark poll
BBC News, Centrist newscaster, London, England

Egyptians votes in historic presidential election
CNN International, London, England

Mazda and Fiat work on convertible
Daily Express, Conservative tabloid, London, England

Who's making that racket: New world record as 91 fanfare trumpeters mark the Queen's Diamond Jubilee... and she probably heard every note
Daily Mail, Conservative daily, London, England

Glee graduates! Emotional finale sees Finn and Rachel in tear-jerking split, while fans are left with end of series cliffhangers...
Daily Mail, Conservative daily, London, England

Spanish teachers and students say 'No' to cuts
EuroNews, International news, Ecully Cedex, France

EGYPT: Egyptians begin voting in historic presidential poll
France 24, Issy-les-Moulineaux, France

Turkey's changing role in NATO
Hurriyet Daily News, (Liberal, English-language), Istanbul, Turkey

EU leaders face growth plan pressure as they meet in Brussels
Independent The, London, England

Izvestia editor resignation rumors swirl
Moscow News The, Independent, Moscow, Russia

Greece on brink of collapse
Telegraph The, Conservative daily, London, England

Stella McCartney tells her children some home truths
Telegraph The, Celebrity news, London, England

NACC: Justice workers intimidated
Bangkok Post, Independent, Bangkok, Thailand

China stays businesswoman's execution after outcry
China Post, English-language daily, Taipei, Taiwan

3 Hurdles for Hyundai to Maintain Its Glory
Chosun Ilbo, Conservative daily, Seoul, South Korea

Indian tops ICSE worldwide
Hindustan Times, New Delhi, India

Ahmedabad realty bucks national trend, up 30%
India Times, Conservative daily, New Delhi, India

Magic get rid of Van Gundy
Japan Times, Independent centrist, Tokyo, Japan

Bus plunges into Ganges killing 26
New Zealand Herald, Conservative daily, Auckland, New Zealand

Tokyo Sky Tree officially opens to public
People's Daily Online, English-language, Beijing, China

Luers & Pickering: The Nixon Option for Iran?
Straits Times, Pro-government, Singapore

The world's richest woman
Sydney Morning Herald, Centrist daily, Sydney, Australia

Singapore inflation rises to 4-month high as costs soaring of housing, transport
Taiwan News, English-language daily, Taipei, Taiwan

Tax increases, spending cuts could cause US recession relapse
The Economic Times, Business, Mumbai, India

Egyptians vote in 1st post-Mubarak presidential election
Canadian Broadcasting Centre, Toronto, Ontario

Ten years of sacrifice, no sense of victory for Canada in Afghanistan
Globe and Mail The, Centrist daily, Toronto, Canada

Japan's Trade Deficit Rises In April Amid Increasing Oil And Gas Imports
International Business Times, Business news organization, New York, U.S

Belo Monte Dam Hit by Friendly Fire
IPS Latin America, International cooperative of journalists, Rome, Italy

Wall Street ends flat after late volatility
Reuters, Business News, New York, U.S

Greek exit 'unavoidable' if reform stops - German MP
Reuters, World News, New York, U.S

Family prays for miracle as baby clings to life after tumble into pond
Toronto Star, Toronto, Ontario

Egyptians vote in landmark poll
BBC News, Centrist newscaster, London, England

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