You can now read the newsletter on your mobile device, through the migalhas.com/mobile website. The content of the main sections is the same as that found on the newsletter, but optimized for small-screen displays on mobile devices. Migalhas International Mobile, advancing legal news.

_____________

• Top News

A bankruptcy process that works for small and midsize companies

When small and middle-market companies fail, families and founders often lose a business to which they have devoted not only most of their time but also most of their life savings. Others lose as well: employees, suppliers, communities and lenders. Consequently, a federal bankruptcy system that effectively and efficiently rehabilitates distressed small and middle-market companies is essential. Unfortunately, almost three years of testimony at public hearings before the American Bankruptcy Institute Commission to Study the Reform of Chapter 11 suggests exactly the opposite: that the current system is broken. It is cost-prohibitive and ineffective for many companies, particularly in the small and middle-market space. The commission has proposed an innovative alternative framework for small and middle-market companies that need to restructure their finances or business operations. This proposal seeks to reduce the cost of bankruptcy and to provide more effective tools for navigating the Chapter 11 bankruptcy process. It also seeks to allow the families and founders who own these companies an opportunity to retain that ownership interest after the bankruptcy is completed, and to maximize value for all stakeholders.

Visit our new 'Magic Eye' page and boost your career

Migalhas International, with the support of executive search firms, brings the best career and professional development opportunities to its readers. We call this service the "Magic Eye". Click here to go to our special webpage and find your next lease on life.

• Crumbs

1 - Portugal Telecom says reversing Oi merger would destroy value - click here.

2 - China's deputy spy chief Ma Jian and 16 military officials to face corruption charge - click here.

3 - U.S. court rules horse association free to reject clones from registry - click here.

4 - UK and U.S. intelligence agencies to up cyber security cooperation - click here.

5 - Alibaba in major initiative to court China consumer for U.S. retailers - click here.

6 - Obama's Cuba details revealed, to make travel easier to island - click here.

7 - EU Says Part Of Amazon's Luxembourg Tax Deal 'Cosmetic' - click here.

_____________

Shanghai shares sharply lower in Asian trade

The Shanghai Composite was lower by 6.3% to 3,163.72 by midday trade. Chinese shares slumped as brokerages fell on a crackdown by authorities over margin trading, in which investors borrow cash to buy shares. The securities regulator punished top brokerages for illegal activities in their margin business, which had fuelled previous rallies. The brokerages were banned from opening new margin trading accounts for three months, according to media reports.

_____________

Tell your friends and colleagues you’ve read it in Migalhas International

_____________

• Brief News

US Supreme Court will rule on gay marriage nationwide

The US Supreme Court will rule this year on whether gay couples have a right to marry across all states. The justices said they would hear a combined case about marriage bans in four states. But a supreme court ruling on the cases could fully legalize gay marriage in the US. The court previously struck down a US law preventing federal recognition of marriages in states allowing same-sex unions. After that ruling, a wave of decisions in the regional federal appeals courts ended numerous state gay marriage bans. Thirty-six states and the District of Columbia now issue marriage licenses to same-sex couples. Fourteen state bans remain. The case will be argued in April and a decision is expected by late June.

WholeFoods dispute prompts SEC Review of corporate ballots

US securities regulators declared a temporary cease-fire in a continuing battle over whether companies can exclude shareholder ballots that conflict with management's own proposals. The Securities and Exchange Commission on Friday disclosed it was reversing a controversial December decision in which agency staff agreed Whole Foods Market Inc. could exclude a nonbinding shareholder proposal that would make it easier for investors to nominate directors at the high-end grocer. Whole Foods said it should be allowed to exclude the proposal because it was offering a similar corporate governance change. The SEC said going forward it would take "no view" on whether companies could leave such proposals out of their proxy materials. Instead, it plans to review a rule that has allowed firms to exclude measures if management plans to offer similar changes to its governing documents. The reversal will affect all companies, not just Whole Foods.

Richest 1% to own more than the rest

Wealth amassed by the richest 1% will soon overtake the amount owned by everyone else in the world, says charity group Oxfam.

Indonesia executions 'will not curb drugs problem'

Executing two Australian drug smugglers on death row in Indonesia will not solve its drug problem, Australian Foreign Minister Julie Bishop has said. "I don't believe that executing people is the answer to solving the drug problem and certainly the trafficking of drugs in and out of Indonesia," she said. It is a long-standing position of Australian governments to oppose the death penalty and the execution of Australian nationals by foreign governments. But Indonesian President Joko Widodo has said he will not give clemency to any of the drug smugglers on death row. Indonesia ended a four-year unofficial moratorium on executions in 2013. No executions took place in 2014.

Uber taxi firm promises 50,000 jobs under 'new' Europe deal

The chief executive of the on-line taxi-sharing firm Uber has said he wants to make 2015 a year of rapid expansion in Europe. Travis Kalanick told a conference in Munich that Uber could create 50,000 jobs as part of a "new partnership" with European cities. Fast-expanding Uber has drawn criticism across the world from regulators and established taxi operators. Kalanick's comments were seen as a bid to build bridges with critics. The San Francisco start-up is valued at $40bn (£25.5bn), based on the latest fundraising from investors.

Azul, Brazilian airline started by JetBlue founder, delays I.P.O. plans again

The delay in the I.P.O. comes as emerging market companies have suffered as investors fear slowing growth, even though low oil prices are helping airlines. Azul had filed in December to list shares on both the New York and São Paulo stock exchanges. The airline was reportedly seeking to raise $400 million. The offer, according to the prospectus, was for preferred shares only, which offer dividends but no voting rights. JetBlue founder David Neeleman would have retained his 67 percent stake in the common shares, giving him full control of Azul.

Obama to call for tax hike on the wealthy in State Of The Union

Obama will in his State of the Union address push for tax raises on the wealthy to help the middle classes. The proposals would raise $320 billion over a decade, to fund benefits such as tax credits. The speech is the centerpiece of the US political diary and may shape both Obama's legacy and the 2016 election. According to US officials, who spoke on condition of anonymity, the plans include:

• Closing a loophole allowing the wealthiest Americans to pass on certain assets tax free
• Raising capital gains tax on the richest earners from 23.8% to 28%
• New fees on US financial firms with more than $50 billion (£33 billion) in assets

A growing theme in US politics is the need to make sure the economic recovery extends to all and that there's social mobility for those with aspirations. Still, there's a desire not to frighten the horses too much. The White House is stressing 99% of these increases will fall on the richest 1%.

Spain's former king Juan Carlos faces paternity claim

Spain's beleaguered former King Juan Carlos came under another cloud Wednesday: a paternity suit. The nation's Supreme Court said it would investigate a paternity claim filed against the monarch by a Belgian woman who says her mother had a relationship with him in the 1960s while he was crown prince. Juan Carlos could be ordered to take a paternity test if there is sufficient evidence to back the woman's case.

King's family builds its own legacy of legal battles

King is an American hero, but King is also a business. And like a lot of businesses, the fighting between stakeholders can get really, really ugly. Rev. Martin Luther King Jr.'s children have feuded bitterly over his legacy for years — with outsiders and each other. They've made some widely criticized decisions in their stewardship of their father's estate. They're often criticized, but some believe their desire to tightly control their father's estate is fair. "There's nothing wrong with selling a commercial product, even for a saint. You have a national holiday, but you don't have the right to control his words, his images, his ideas. King's estate is the rightful inheritance of King's family.”

Arizona passes law requiring high school students to pass citizenship test

Arizona Governor Doug Ducey on Thursday signed legislation that will require all Arizona High School students to take and pass the US Citizenship test before they are able to graduate, beginning in the 2016-17 school year. Supporters from the Arizona State Legislature introduced the American Civics Act in an effort to increase civics education and basic government knowledge, the deficiency of which House Majority Leader Steve Montenegro says is "alarming" based on findings in a federal study. However, opponents of the new law believe other more efficient ways to teach students US government principles might exist. Opponents also express skepticism over the fact that the bill was passed subsequent to a court order forcing Arizona to repay schools for funding that was cut off years ago during the recession.

US law enforcement kept database of US calls overseas

US law enforcement until last year maintained a database of international phone calls that was obtained from telecommunications companies under subpoenas that don't require court approval. The database tracked phone numbers that initiated and received calls and the time and duration of the communications. It allowed investigators to query a number when they had a "reasonable articulable suspicion" that it was linked to a federal criminal investigation. The records didn't include content of the calls or personal identifying information, according to the filing.

• Weekly Magazine Review

Time
The European front.

Newsweek
The Jihadi's Tale

Business Week
Labor crisis

The Economist
Energy: Seize the day

Der Spiegel
Der Terror der Verlierer. Warum junge Männer Europa den Krieg erklären

L'Espresso
Il prezzo della liberta

Daily Press Review

Yemen forces and Houthi rebels clash in Sanaa
Al Jazeera, Doha, Qatar

Amr Moussa Considers Election Boycott
Asharq Al-Awsat, Pan-Arab daily, London, England

Higher Knesset electoral threshold has not united parties
Haaretz, Liberal daily, Tel Aviv, Israel

EU holds talks over terrorism threat
BBC News, Centrist newscaster, London, England

'Icezilla' storm coats Northeast, makes roads slick
CNN International, London, England

The broody bunch: Coronation Street's Brooke Vincent joins Lucy Jo Hudson and pals for Catherine Tyldesley's baby shower in Manchester
Daily Mail, Conservative daily, London, England

Israeli strike on Syrian Golan Heights 'kills Hezbollah's Jihad Mughniyeh'
Daily Mail, Conservative daily, London, England

Greece again calls for return of Elgin Marbles
EuroNews, International news, Ecully Cedex, France

Hezbollah militants killed in Israeli strikes in Syria
France 24, Issy-les-Moulineaux, France

Turkish PM warns EU against 'stigmatizing Muslims'
Hurriyet Daily News, (Liberal, English-language), Istanbul, Turkey

Wealthiest 1% set to be richer than other 99% combined
Independent The, London, England

Pope Francis leaves Philippines after record-breaking Asia tour
Telegraph The, Conservative daily, London, England

Freddie Fox: 'I am very ambitious. I have a voracious appetite'
Telegraph The, Celebrity news, London, England

Record 6 mil. join pope for Manila Mass
China Post, English-language daily, Taipei, Taiwan

China Deploys Nuclear Missiles at Mt. Baekdu
Chosun Ilbo, Conservative daily, Seoul, South Korea

Wealth of top 1 will be more than combined wealth of 99 by 2016 British charity
Hindustan Times, New Delhi, India

Layers of memories through an artist's eye
India Times, Conservative daily, New Delhi, India

Okada defeats Hosono to win DPJ presidential election
Japan Times, Independent centrist, Tokyo, Japan

Cosby welcomed by audience in California city of Turlock
New Zealand Herald, Conservative daily, Auckland, New Zealand

Ukraine President cancels trip over protests in eastern Ukraine
Straits Times, Pro-government, Singapore

The Lowdown - Asian Cup: Iraq v Palestine
Sydney Morning Herald, Centrist daily, Sydney, Australia

Clarke 'ahead of schedule' in World Cup recovery
Taiwan News, English-language daily, Taipei, Taiwan

Marc Bolland's strategy in focus as Marks & Spencer's clothes lose universal appeal
The Economic Times, Business, Mumbai, India

Mali government declares country Ebola-free
Canadian Broadcasting Centre, Toronto, Ontario

On the front line of a culture clash in Portsmouth, England
Globe and Mail The, Centrist daily, Toronto, Canada

Liberty Reserve Brought Down By 'Joe Bogus': How The Feds Arrested Arthur Budovsky
International Business Times, Business news organization, New York, U.S

Cuba and the United States - A New Era?
IPS Latin America, International cooperative of journalists, Rome, Italy

Brent crude steady around $50, but weak Chinese outlook weighs on market
Reuters, Business News, New York, U.S

Haiti announces new government, cabinet to be sworn in Monday
Reuters, World News, New York, U.S

Demolition work begins on Stollerys before heritage designation decided
Toronto Star, Toronto, Ontario

Boko Haram 'in Cameroon kidnappings'
BBC News, Centrist newscaster, London, England