September 28, 2009 Nº 823 - Vol. 7
"In order to act, you must be somewhat insane. A reasonably sensible man is satisfied with thinking."
George Clemenceau
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South American nations agree to start $20B bank
Seven South American nations on Saturday signed an agreement to create a Bank of the South with startup capital of $20 billion. The development bank has been touted by Chavez as a counterweight to U.S.-influenced international lenders and the region's finance ministers in May agreed to fund it with $7 billion. The South-American Leaders formally signed on to the pact and announced that the starting capital would be $20 billion. It was unclear how much each country would contribute, but under the previous $7 billion figure announced in May, Argentina, Venezuela and Brazil were to have each pledged $2 billion, while Uruguay, Ecuador, Paraguay and Bolivia were to have chipped in smaller amounts. According to Chavez, the creation of such an institution of public international right is favorable and will help to create and consolidate a financial system that will stop the negative impact caused by the world financial crisis. The idea is to strengthen the integration and reduce asymmetries. Its functions will be financial organs of government, autonomous institutions, mixed enterprises, private enterprises, cooperatives, projects in key economic sectors, as well as in the social sector. Chavez also offered to help create a "South-South bank" with African countries in the future.
E.U. to release some bank stress test results
Twenty-two large banks in Europe may have accumulated credit losses of close to €400 billion for this year and next, according to officials who have seen a draft of conclusions of "stress tests" conducted by European regulators. At a meeting next Thursday and Friday in Sweden, European Union finance ministers are planning to publish at least one headline figure on banking health based on the results of the test. E.U. finance ministers are also planning soon to initiate a stress test for European insurance companies, with the results to be assessed in the spring. With their more conservative investment strategies, insurers — with the notable exception of the U.S. giant American International Group — generally steered clear of the most toxic structured products that brought a number of Western banks to their knees last year. But unlike banks, many insurers are now suffering from the record-low level of interest rates in the major economies. This had dented their returns from investments like bonds, while they have fixed obligations in the form of policy payouts.
New signs that recovery may come in dribs and drabs
New figures on home sales and manufacturing activity suggested on Friday that economic recovery was likely to occur in fits and starts because of high unemployment, a mercurial stock market and shaky consumer demand.
Complex investments spur lawsuits in Europe
If European banks thought their problems in structured finance were almost over, a growing band of lawyers is bidding them to think again. The development follows in the footsteps of the U.S., where cases against financial-services firms increased significantly last year compared with the previous year. Banks in Europe are having to increasingly defend their roles in selling or structuring complex financial products, such as credit default swaps or collateralized debt obligations. There are far more claims issued in the first half of this year, compared with the same six months last year. The "loser pays" system of European jurisprudence means it is much riskier to file a speculative claim in Europe than it is in the U.S., a cost that had held European litigants back while they had the worst of the credit crisis to deal with. "People are not going to waste time and energy on litigation when they are fighting for survival, but once people feel the business is secure, they face a situation where they have often lost hundreds of millions of dollars, having entered into highly complex structures, and they look to what went wrong and who is to blame." The litigation costs are higher in Europe. A large number of the claims emerging concern mis-selling. Many of the products banks were selling or generating were highly complex, and investors complain they weren't made sufficiently aware of the risks hidden among the complexities.
Guantanamo closure deadline may be missed
The Obama administration may not be able to meet the January deadline set early this year for the closure of Guantanamo Bay, senior administration officials said Friday. Speaking on condition of anonymity, the officials told AP, the Washington Post, CNN and other media outlets that the difficulty in finding host countries for detainees who can be released and domestic facilities to hold prisoners who won't be released is unlikely to be resolved by January. The Washington Post reports that White House Counsel Gregory Craig - already an object of criticism on this and other issues - has been relieved of his responsibility for overseeing the closure of the detention center. Senate Minority Leader Mitch McConnell (R-KY) said that he would continue to oppose the closure "until there is a plan that keeps Americans as safe or safer than keeping detainees in the secure detention center." Meanwhile, Marine Major General Michael Lehnert, who oversaw the construction and initial operations at Guantanamo Bay, has said he supports closing the facility as soon as practicable but rejected proposals to send detainees to domestic military installations.
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Honduran threat to Brazil mission
Honduras has threatened to revoke Brazil's right to a diplomatic mission in a dispute over the status of Manuel Zelaya. The ousted Honduran President took refuge in the Brazilian embassy in Tegucigalpa after sneaking into the country on Monday, three months after he was sent into exile. Honduras's interim government has given Brazil 10 days to either grant Zelaya asylum or hand him over. It has also issued a decree allowing it to ban protests and reporting.
IMF destabilizes Honduras by recognizing Zelaya, Central Bank chief says
The International Monetary Fund's decision to recognize ousted Honduran President Manuel Zelaya may further destabilize the country's idling economy
Obama hails 'tough regulations'
The world's leading nations have agreed "tough new regulations" to prevent another global financial crisis, Obama has said. These relate to the amount of money banks have to hold in reserve and to excessive pay for bankers. Obama also outlined plans to give emerging economies a greater say in the global economy. The G20 will effectively replace the G8 group of developed economies. Global leaders also announced a deal to shift the balance of voting in the International Monetary Fund (IMF) towards growing nations such as China at the summit .
What is the G20?
• Set up after the Asian financial crisis in 1999 as a forum for finance ministers and central bankers
• First G20 leaders summit in 2008 to discuss response to economic crisis
• Members are: Argentina, Australia, Brazil, Canada, China, EU, France, Germany, India, Indonesia, Italy, Japan, Mexico, Russia, Saudi Arabia, South Africa, South Korea, Turkey, UK, USA
• Joined by Spain, Netherlands, International Monetary Fund and World Trade Organisation
Victorious Merkel vows recovery
Conservative Angela Merkel, who swept back to power in Sunday's election, will now open talks with the liberal Free Democrats (FDP). She said the priority of her second term in office will be to return prosperity to Europe's largest economy and that protecting and creating jobs would be her "highest aim".
Director Roman Polanski arrested by Swiss
He's being held on a 31-year-old U.S. arrest warrant for having sex in 1977 with a 13-year-old girl. A lawyer acting for Polanski said he will challenge his arrest and any attempts to extradite him to the US. Prosecutors want Polanski to return to be sentenced. He pleaded guilty at the time as part of a plea bargain but then fled abroad.
EU in tussle over CO2 emissions
The European Commission is considering pursuing a legal fight with the EU's top court over management of the EU Emissions Trading Scheme (ETS). On Wednesday the European Court of First Instance annulled commission decisions which sought to cut the CO2 emissions quotas of Poland and Estonia. The court defended the right of EU states to set their own CO2 quotas. "We are very disappointed and are studying the judgment with a view to a possible appeal," the commission said.
Under pressure for nukes, Iran test-fires missiles
Nations trying to stop Iran's suspected nuclear weapons program plan tell Tehran that it must provide "unfettered access" to its previously secret Qom enrichment facility within weeks. The show of force comes days after warnings to Tehran over a newly revealed nuclear facility.
NATO believes Karzai will win vote
The United States and NATO countries with forces in Afghanistan have told the government of President Hamid Karzai they believes he will be re-elected despite problems with the August 20 vote. Washington and the NATO countries also told the Karzai administration that they will support the Afghan leader's policy of seeking to get Taliban fighters to defect. NATO foreign ministers reached "consensus" that Karzai would probably "continue to be president" at a Friday meeting in New York. Based on preliminary results, incumbent president Karzai has 54.6 percent of the votes declared valid, against 27.8 percent for ex-foreign minister Abdullah Abdullah. The result however will not be finalized until several electoral fraud investigations are resolved. If a significant number of votes are invalidated, Karzai's score could edge below 50 percent, forcing him into a run-off vote with Abdullah.
Triple a aims to pass texting-while-driving laws in all 50 states by 2013
American Automobile Association (AAA) is beginning a nationwide effort to pass federal and state laws, which would ban texting while driving in all 50 states by 2013. Some people don't need two thumbs to do it, they can manage one handed. But nobody can read and write and drive at the same time. Studies have shown that text messaging takes the driver's eyes off the road an average of 4.6 seconds, or as long as it takes to travel the length of a football field at 55 miles per hour. Interestingly, a number of surveys indicate that 80 to 90 percent of the people approve the bans.
UN: Engage with rebels to protect humanitarian law
The world body must engage more with insurgent groups in conflicts around the world to ensure they too are respecting the Geneva Conventions. U.N. Secretary-General Ban Ki-moon said. He urged national governments involved in such conflicts to accept the necessity of the U.N. talking to "non-state armed groups." "We must focus more attention on compliance with international humanitarian law by non-state armed groups," Ban said. Governments battling insurgent groups have traditionally discouraged international contacts with their opponents, fearing these could indirectly legitimize the rebel cause.
Brazil's 2016 olympic bid gets presidential push
The easiest job in the world belongs to Lula, as he supports Rio de Janeiro for the 2016 Olympics. All he has to do is say "Rio has the most beautiful beaches in the world," and he has an instant audience. He made this simple statement Tuesday, and right away I was picturing the long foamy waves and Corcovado in the background and, well, all right, I was also picturing "The Girl From Ipanema." In a week or so, Lula will fly to Copenhagen for the Oct. 2 vote by the International Olympic Committee that will decide from among Chicago, Tokyo, Madrid and Rio. He will undoubtedly mention beaches. But he will also push his other talking points: Brazil is an emerging economic giant and it deserves to represent South America, which has never hosted the Olympics.
A move to curb digitally altered photos in ads
Lawmakers in Britain and France are proposing ways to signal when a picture has been retouched, to counter the sometimes-unrealistic body image these photographs convey.
Moussaoui wants new trial
A lawyer for Zacarias Moussaoui said the Sept. 11 conspirator's guilty plea was invalid because he was denied potentially helpful evidence and the right to choose his own counsel.
Time
Detroit: The Death — and Possible Life — of a Great City (The Well / Cover Story)
Hubris, racial tension, myopic politicians and the woeful auto industry brought this iconic American city to its knees. Here's how the Motor City can rise again. The first installment of a yearlong look inside the once and future Detroit
Newsweek
The Taliban in Their Own Words.
Business Week
Why The Market Will Keep Going Up. Searching for True North. Investing gauges are broken, market signals are mixed, and money managers don't know where to turn. What exactly is the "new normal"?
The Economist
The power of mobile money. Mobile phones have transformed lives in the poor world. Mobile money could have just as big an impact.
Le Nouvel Observateur
50 ans de coups tordus et de cabinets noirs.
Der Spiegel
Fehlkonstruktion Mensch. Warum wir für die moderne Welt nicht geschaffen sind.
Suspect Arrested in Iraqi Taekwondo Team Murders
Asharq Al-Awsat, Pan-Arab daily, London, England
Cambodia records first swine flu fatality
Gulf News, Independent daily, Dubai, United Arab Emirates
WATCH: What does Chavez think of Ahmadinejad's Holocaust denial?
Haaretz, Liberal daily, Tel Aviv, Israel
MIDEAST: A Good Time Not to Make Peace
IPS Middle East, International cooperative of journalists, Rome, Italy
Arabs and Israelis tell clashing tales of the land
JPost, Conservative, Jerusalem, Israel
Dud Cheques Get Fewer as Economy Looks Up
Khaleej Times, English-language daily, Dubai, United Arab Emirates
Bahrain extends $21m aid to fishing industry
Middle East North African Network, Online financial portal, Amman, Jordan
Suspected Petrol Bomb Thrown at Irish Finance Ministry
Nahamet, Online news portal, Beirut, Lebanon
Panel formed on Lebanon poll law
Saudi Gazette, English-language daily, Riyadh, Saudi Arabia
US invites Syrian official to start slow rapprochement
The Daily Star, Independent daily, Beirut, Lebanon
Iran test-fires Shahab 3 missile
Times of Oman, English-language daily, Muscat, Oman
Humanitarian agencies step up aid in Sa'ada
Yemen Times, Independent weekly, Sana'a, Yemen
Cut bonuses, Darling tells banks
BBC News, Centrist newscaster, London, England
Gardaí seek witnesses to Dublin stabbing
BreakingNews.ie, Online news portal, Cork, Ireland
Union plans BNP Question Time demo
Daily Express, Conservative tabloid, London, England
Retune your Freeview box this week or 25m sets will stop working, viewers warned
Daily Mail, Conservative daily, London, England
Orange to start iPhone sales in UK
DMeurope, Online news portal, Amsterdam, Netherlands
Liverpool city council launches probe into £30,000 appointment of Liberal Democrat councillor's girlfriend
icLiverpool, Online news portal, Liverpool, England
Fury at Shipman letters auction
Manchester Online, Independent daily, Manchester, England
Mailbox 9.27.2009
Radio Prague, Online news portal, Prague, Czech Republic
Boy, 10, Dies After Air Weapon Shooting
Sky News, Independent newscaster, Middlesex, England
World Reaction to Merkel Victory: 'Germany Has Unfortunately Become Italianized'
Spiegel International, Liberal newsmagazine, Hamburg, Germany
Brown pill 'smears' are despicable, says Mandelson
The Guardian, Liberal daily, London, England
Iran conducts third round of missile tests
The Irish Times, Centrist daily, Dublin, Ireland
Roman Polanski arrested and facing extradition over sex with underage girl
The Telegraph, Conservative daily, London, England
Iran test fires nuclear missile capable of hitting Israel and parts of Europe
Times Online, Conservative daily, London, England
Sukabumi shaken by 5.5-magnitude earthquake
Antara News, News agency, Jakarta, Indonesia
10th Seoul International Financial Forum Kicks Off
Chosun Ilbo, Conservative daily, Seoul, South Korea
Blast in Bannu kills five
Dawn, English-language daily, Karachi, Pakistan
IAF denies 'espionage' incident
India Express, News portal, Mumbai, India
Armed robbery on Kalka-Delhi train
India Times, Conservative daily, New Delhi, India
Fukushima faces major consumer affairs challenge
Japan Times, Independent centrist, Tokyo, Japan
MIC Youth: We won't allow another Indian party in BN
Malaysian Star, Online news portal, Selangor Darul Ehsan, Malaysia
Suicide bombing in Pakistan
New Zealand Herald, Conservative daily, Auckland, New Zealand
Iran test-fires Shahab-3 missile
People's Daily Online, English-language, Beijing, China
Victim in Centennial Park killing named
Sydney Morning Herald, Centrist daily, Sydney, Australia
India pleased as G20 summit scales new height
The Hindu, Left-leaning daily, Chennai, India
Momentum to ease ahead of Golden Week
The Standard, Business daily, Hong Kong
STAFFORD OUT...Outspoken AT&LU general-secretary suspended
Antigua Sun Online, Independent daily, St. John's, Antigua
Serani making moves in US - combo with Latifah
Caribbean News Portal, Online news aggregator
St Lucia, Barbados take special steps as flu cases surge
Caribbean360, Online news portal, St. Michael, Barbados
FCO: UK right to restrict borrowing
Cayman Net News, Online news portal, George Town, Cayman Islands
Dominican President visits NYU Bookstore
Dominican Today, Independent daily, Santo Domingo, Dominican Republic
SOUTH AMERICA-AFRICA: Coming Together to Fight Poverty
IPS Latin America, International cooperative of journalists, Rome, Italy
'Protect me' - Golding urges Labourites to defend his stance on Budget
Jamaica Gleaner, Independent daily, Kingston, Jamaica
Peru: Francis Allison resigns as housing minister
Living in Peru, News portal, Lima, Peru
Unboxing the PSP Go
The Globe and Mail, Centrist daily, Toronto, Canada
The high cost of nourishing the North
Toronto Star, Liberal daily, Toronto, Canada
?Gopee-Scoon speaks at Summit handover
Trinidad Guardian, Independent daily, Port-of-Spain, Trinidad
Zimbabwe drops activist charges
BBC News, Centrist newscaster, London, England
Madagascar President Prevented from Taking Floor at UN General Assembly
CongoPlanet.com, Independent online news aggregator
50 injured in bus accident
Daily Monitor, Independent daily, Kampala, Uganda
Ex-teacher crafts money through works
Daily Nation, Independent daily, Nairobi, Kenya
Ghana hosts International Air Cadet Association Conference
GhanaWeb, Online news portal, Amsterdam, Netherlands
Human mosaic in Madrid
iafrica, Online news portal, Cape Town, South Africa
Off-duty cop shot seven times: Details emerge
Independent Online, News portal, Cape Town, South Africa
FM Seyoum- "last eighteen years have not been easy for Ethiopians"
Jimma Times, Online news portal, Jimma, Ethiopia
Grenade attack kills four in Rwanda
Mail & Guardian Online, Liberal, Johannesburg, South Africa
Passenger kills taxi driver
News24.com, Online news portal, Cape Town, South Africa
Abia and the sale of Abam Rubber Estate?
Vanguard, Independent daily, Lagos, Nigeria
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