October 1, 2007 nº 547 - Vol. 5
“Listen to many, speak to a few.”
William Shakespeare
Insider's view: see how local concerns shape up the global world. Read the daily press review in Migalhas International
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UBS suffers US sub-prime loan hit
UBS AG, the world's largest wealth manager, unveiled $3.4 billion in losses, swept out senior managers and slashed jobs in one of the biggest casualties yet worldwide from the credit crunch. The Swiss wealth manager admitted that the hefty losses will see its third-quarter earnings slump by between 600m and 800m Swiss francs. Critics are questioning UBS's dual strategy of investment banking and wealth management. UBS called the results, which mark the first loss for the bank in nine quarters, "unsatisfactory". It said it will now cut 1,500 jobs and carry out extensive management changes -- a sharp reversal of its recent build-up. The losses would appear to exceed those reported so far by other investment banks. UBS's announcement is likely to send shivers down the spines of investors, who have harbored fears over the extent the downturn in the US housing market will have spread to the wider economy.
Pentagon launches Africa command
The US has launched a new command centre for military operations in Africa, in a sign of a clear increase in American interest in Africa. Known as Africom, the initiative was first announced in February and will be based initially in Stuttgart, Germany. The Pentagon says Africom will allow the US to have a more integrated and effective approach to the continent. This is a significant re-ordering of the US military, and an increased interest that can be explained in three words - oil, terrorism and instability. The US now gets over 10% of its oil from Africa and is concerned about competition from China. It is also worried about the potential threat from Islamic extremists in failed or failing states.
Guantanamo inmates to get lawyers
Fourteen "high-value" detainees held at the US military prison at Guantanamo Bay are to be given access to lawyers, without special security precautions. The Pentagon said the 14 had the same chance to challenge their designation as "enemy combatants" as other inmates. They argued in court papers "that attorney-client conversations could reveal classified elements of the CIA's secret detention program and its controversial interrogation tactics."
Critics angry at Bush climate plan
Bush infuriated his critics by professing world leadership on climate change at his meeting of the top 16 world economies - while offering no new substantive policy and implicitly rejecting binding emissions controls. Bush, who has been skeptical of climate change, said at the forum in Washington that our understanding of the science had moved on. He agreed that energy security and climate change were major challenges and pledged to solve both problems. He also proposed a new global fund from the US, Japan and Europe to channel clean technology to developing countries.
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Ecuador leader claims poll win
Ecuadorean President Rafael Correa has claimed victory in elections for a new constituent assembly. Critics say the reforms will focus more power in the president's hands and accuse him of wanting to turn the South American country into a socialist state.
Met's Menezes trial due to start
The trial of the Metropolitan Police over the fatal shooting of Jean Charles de Menezes is due to begin. The office of the commissioner of police is charged with failing to ensure that the public and De Menezes were not put at risk during the surveillance, pursuit and detention of a suspected suicide bomber. The penalty on conviction is an unlimited fine.
Should Justices disclose reasons for recusals?
This Washington Post editorial argues that they should. It first notes the justification for not disclosing reasons for recusals: “Supreme Court Justices have traditionally declined to elaborate on why they’ve stepped aside. One reason: a legitimate concern that revealing the cause for a recusal could empower future litigants to manufacture conflicts — such as hiring the spouse or child of a justice as a lawyer on the case — to force the removal of a justice who appears philosophically hostile to their arguments.” It then argues that the most recent recusals of Justice Roberts and Justice Breyer from a pending securities suit were likely due to their ownership of stock in the parent corporation of a party. Justice Roberts is since back on the case, likely because he sold his stock. The editorial argues that since such financial stakes are eventually revealed in the justices’ annual financial disclosure statements, there is no harm in revealing stock ownership as a reason for recusal. But it never explains how that translates into an argument for disclosing the reasons for all recusals. Its more convincing point is that the lawyers in the case can generally figure out the reason for the recusal anyway, so why keep the public in the dark?
So Your Child Wants to Be a Lawyer
If you're determined to set your kid on the path to lawyering at an early age, you might consider The ABA Journal U.S. Supreme Court Coloring and Activity Book. The 32-page book is filled with easy activities and simple line drawings of famous justices like Thurgood Marshall, Louis Brandeis and every member of the current court. Kids—or their yet-to-be-nominated parents—can even draw themselves as a justice.
Justice Clarence Thomas' Memoir Unveils Bitterness
Supreme Court Justice Clarence Thomas' autobiography hits bookstores Oct. 1, coinciding with the court's new term. He received a $1.5 million advance for the memoir. He offers vivid, and at times, seething details about events surrounding his nomination.
Child health bill faces Bush veto
The US Senate has overwhelmingly passed a bill to expand a children's health care insurance scheme (SCHIP), setting up a policy showdown with Bush. He has threatened to veto the bill, which he argues takes the program beyond its original purpose of insuring children from low-income families. The legislation would raise tobacco taxes to provide an extra $35bn to insure some 10 million children. It is set to be a campaign issue in next year's elections, analysts say.
Ultra confirms interest in Exxon's Brazil assets
Brazilian fuel and petrochemicals firm Ultrapar Participacoes SA confirmed on Friday its interest in buying ExxonMobil Corp.'s assets in Brazil. The company said, "We have an interest in expansion in the area of fuel distribution... Within this context, we have an interest in acquiring (Esso) assets." The purchase of Esso's 1,800 service stations in Brazil would give Ultra a "nationwide dimension."
Dead? You still have to pay library fine!
Even the dead apparently have to pay the fines on their overdue books at one Westchester County library. Elizabeth Schaper said she was charged a 50-cent late fee while turning in a book that her late mother had checked out of a Harrison Public Library branch. Schaper's mother, who died at the age of 87 on Sept. 16 after suffering a massive stroke, had checked out "The Price of Silence" by Camilla Trinchieri from the library a few days earlier. But the man behind the library counter told her of the 50-cent fee. "I told him that maybe he didn't hear me right, that my mother had just died, otherwise I'm sure that she would have returned it on time," Schaper said. "His only reply was that, 'That will be 50 cents.'"
Polish opposition campaigns in UK
The leader of Poland's main opposition party, Donald Tusk, is campaigning in the UK and the Irish Republic ahead of a election in Poland in October. It is estimated that more than one million Poles now live in Britain.
Hedge funds could lose offshore shelter
Embargoed! The U.S. Senate Finance Committee is reviewing whether to change the nation's tax rules to prevent offshore hedge funds from sidestepping withholding taxes on U.S. stock dividends by using derivatives. The evaluation is at an early stage and is part of a multi pronged examination of taxation of hedge funds by the committee.
Naval centre to combat cocaine
Seven nations are launching a fresh effort to intercept drug smuggling runs across the Atlantic into Europe from Latin America. A special centre is being opened in Portugal to co-ordinate rapid response naval operations against the trade. Officials say the amount of cocaine being smuggled into Europe has been rising. The Lisbon-based Maritime Analysis and Operations Centre - Narcotics (MAOC-N) has been set up for a new concerted continental effort against Latin America-based producers.
IMF picks France's Strauss-Kahn as its new leader
The International Monetary Fund chose France's Dominique Strauss-Kahn as its new leader to chart a new course for the 185-nation lending organization and restore its relevance in a world that seems to need it less and less. Lately, countries no longer are borrowing as often as they did, so funds for operations are down, staff cuts are imminent, and the agency may have to sell gold reserves to make ends meet.
Surrogate mother gives birth to her own twin grandchildren in Brazil
A 51-year-old surrogate mother for her daughter has given birth to her own twin grandchildren in northeastern Brazil. Rosinete Palmeira Serrao decided to serve as a surrogate mother after four years of failed attempts at pregnancy by her 27-year-old daughter. Brazilian law stipulates that only close relatives can serve as surrogate mothers. De Brito is an only child and none of her cousins volunteered, so Serrao agreed to receive four embryos from her daughter.
White House urge approval of Law of the Sea treaty
The White House urged the US Senate Foreign Relations Committee to approve the UN Convention on the Law of the Sea. It argued that US military interests are at risk while the US remains outside of the treaty. Negroponte noted that joining the convention is the "best way to secure navigational and economic rights related to the law of the sea," while England added that membership in the treaty will "support the global mobility of our armed forces and the sustainment of our combat forces overseas." Opponents of the treaty argue that the treaty does exempt some military activities, but does not specify which ones. Others argue that the treaty fails to take into account special US military and commercial interests.
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Time
The Osprey: A Flying Shame. $20 billion later, the tilt-rotor aircraft V-22 Osprey arrives in Iraq to make its combat debut — lacking firepower and the ability to land safely
Newsweek
A Mormon's Journey: Mitt's Mission. Voters can't connect with a candidate they feel they don't know. Mitt Romney has to decide how much he wants to share.
Business Week
The Power Players. Meet the most influential people in the business of sports. Introducing BusinessWeek's Power 100, our ranking of the most influential people in the world of sports
The Economist
Burma's saffron revolution. If the world acts in concert, the violence in Myanmar should be the last spasm of a vicious regime in its death throes.
L'Express
Le defi des familles recomposees
Der Spiegel
Ich, Joschka Fischer (autobiographie).
Die rot-grünen Jahre
Outrage at Darfur troop killings
BBC News, Centrist newscaster, London, England
Army calls on rebels to integrate
CongoPlanet.com, Independent online news aggregator
Train more vocational/tech teachers - Universities urged
GhanaWeb, Online news portal, Amsterdam, Netherlands
UN: Security Council's Troop Plan in Chad/CAR Risks Failing Many
Human Rights Watch (Africa), International news press releases
Child killed in tragic stabbing
iafrica, Online news portal, Cape Town, South Africa
Dad thought son was an animal
Independent Online, News portal, Cape Town, South Africa
Mbeki 'must break his silence on Pikoli'
Mail & Guardian Online, Liberal, Johannesburg, South Africa
'Dad thought son was an animal'
News24.com, Online news portal, Cape Town, South Africa
Huge crowds in Costa Rica protest U.S. pact
Brazil Sun, Independent online news aggregator
Kool Haus cancels Elephant Man and Sizzla concerts in Toronto
Caribbean News Portal, Online news aggregator
Chilean President Visits Human Rights Watch
Human Rights Watch (Americas), International news press releases
A Towering Success for Community Activists
IPS Latin America, International cooperative of journalists, Rome, Italy
Lawmen killed - Cop, Jamaica Defence Force (JDF) private murdered in separate incidents
Jamaica Gleaner, Independent daily, Kingston, Jamaica
Rivals circle in case Alliance deal falters
The Globe and Mail, Centrist daily, Toronto, Canada
Review takeovers: McGuinty
Toronto Star, Liberal daily, Toronto, Canada
Indonesia holds hearing in Soeharto son lawsuit
Antara News, News agency, Jakarta, Indonesia
Ukrainian Exit Poll Shows Presidential Party Distant Third
Chosun Ilbo, Conservative daily, Seoul, South Korea
No constitutional breakdown in Tamil Nadu: CM
India Express, News portal, Mumbai, India
Servant drugs, robs old man in Delhi
India Times, Conservative daily, New Delhi, India
Villegas captures Tokai Classic
Japan Times, Independent centrist, Tokyo, Japan
Ipoh-Lumut Highway needs another RM100m: Samy
Malaysian Star, Online news portal, Selangor Darul Ehsan, Malaysia
Ten killed in Pakistan suicide blast
New Zealand Herald, Conservative daily, Auckland, New Zealand
Tymoshenko's party ahead in Ukraine elections
People's Daily Online, English-language, Beijing, China
Simone v Shane: more money for an old idea
Sydney Morning Herald, Centrist daily, Sydney, Australia
Apex court stays Tamil Nadu bandh
The Hindu, Left-leaning daily, Chennai, India
Osborne 'to cut inheritance tax'
BBC News, Centrist newscaster, London, England
Pamela Anderson set to wed
BreakingNews.ie, Online news portal, Cork, Ireland
Osborne pledges to cut inheritance tax as Tories launch 'great fightback'
Daily Mail, Conservative daily, London, England
TeliaSonera hosts Nordic gaming tournament
DMeurope, Online news portal, Amsterdam, Netherlands
Security scare as JLA intruder boards plane
icLiverpool, Online news portal, Liverpool, England
Ukrainians vote as accusations fly
International Herald Tribune, Independent daily, Paris, France
Council's GBP 10m consultants bill
Manchester Online, Independent daily, Manchester, England
Free Fall in France: Hard Times at Alcatel-Lucent
Spiegel International, Liberal newsmagazine, Hamburg, Germany
Labour attacks Cameron on 'unaffordable' tax cuts
The Guardian, Liberal daily, London, England
Market correction 'significant' - ECB
The Irish Times, Centrist daily, Dublin, Ireland
Afghan models show beauty under the burqa
The Scotsman, Moderate daily, Edinburgh, Scotland
TV star Anne in 'm divorce
The Sun, Conservative tabloid, London, England
Tories reveal plan to cut inheritance tax
The Telegraph, Conservative daily, London, England
'Orange Princess' triumphs in polls
Times Online, Conservative daily, London, England
PA Arabs Pessimistic on November's Middle East Parley
Arutz Sheva, Online, right-wing, Tel Aviv, Israel
Taliban Rebuffs Karzai's Offer
Asharq Al-Awsat, Pan-Arab daily, London, England
Pakistan suicide blast kills 15
Gulf News, Independent daily, Dubai, United Arab Emirates
Israel set to release 87 Palestinian prisoners by Monday afternoon
Haaretz, Liberal daily, Tel Aviv, Israel
Esca suspends 11 brokers for one month - UAE
Middle East North African Network, Online financial portal, Amman, Jordan
U.N Envoy Holds 2nd Round of Talks in Myanmar
Nahamet, Online news portal, Beirut, Lebanon
Iran moves to designate CIA, US Army 'terrorists'
The Daily Star, Independent daily, Beirut, Lebanon
Saleh wants a full presidential system
Yemen Times, Independent weekly, Sana'a, Yemen
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The messages that appear in this newsletter are for informational purposes only. They are not intended to be and should not be considered legal advice nor substitute for obtaining legal advice from competent, independent, legal counsel in the relevant jurisdiction.
Transmission of this information is not intended to create, and receipt does not constitute, an attorney-client relationship. The information contained on this list may or may not reflect the most current legal development.