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The progress on ending too big to fail
Federal Deposit Insurance Corp. Chairman Martin Gruenberg is giving a noteworthy speech today outlining the progress US and international regulators have made in making "too big to fail" a thing of the past. Now, regulators are probably never going to declare total victory on solving the problem of "too big to fail" – or the government feeling compelled to bail out giant financial firms lest their failure wreck the financial system – but Gruenberg makes the case that regulators have made tremendous progress and that the work has been "somewhat underappreciated." He focuses on three main areas of headway: powers regulators gained to force big banks to make structural changes, the new "orderly liquidation authority" that enables the FDIC to seize and dismantle failing firms outside of bankruptcy if necessary; and global coordination on how to deal with a big financial failure. Prior to the 2008 crisis, everyone thought it was next to impossible for a big, global financial firm to fail – and so regulators did little to prepare for such a prospect, Gruenberg recalls. This, in hindsight, proved to be a mistake, he said. The whole speech is worth a read, presenting a good primer on the work FDIC has done to making taking down a major financial firm – either through bankruptcy or an FDIC-led resolution process – a reality. The crux of Mr. Gruenberg's argument: "This framework helps to ensure that financial markets and the broader economy can weather the failure of a SIFI; that shareholders, creditors, and culpable management of the firm will be held accountable without cost to taxpayers; and that such an institution can be would down and liquidated in an orderly way," he says.
Lawyers don't know enough about business. Law schools are trying to fix that
The popularity of an American legal education is dwindling in the face of disappointing job prospects for graduates. To rescue themselves from oblivion, some law schools are fashioning themselves after a more successful educational institution: business school. In April, New York Law school announced it would make room in its building for an offsite location for the University of Rochester's Simon Business School, making it easier for law students to take B-School classes. The same month, Harvard Business School announced it would offer incoming students an 11-week course in the fundamentals of business created by HBX, its online business training program. "Lawyers need to understand and use the tools and skills involved in growing and running a business," said Harvard Law School Dean Martha Minow in a statement on Harvard Business School's website. "Law firms, businesses, and also public sector and nonprofit employers increasingly value these skills." Harvard Law will cover most of the $1,800 tuition for the program, although students will have to pay $250 to take the courses. Harvard and New York Law are heeding growing calls to fundamentally reshape the education that comes with a JD. Research published last year by three Harvard law professors suggested that litigators and hiring attorneys at big law firms are desperate for law graduates that understand basic accounting and corporate finance. The 124 attorneys, from such bulwark firms as Skadden Arps and Latham & Watkins, said many business courses were more critical to post-JD life than courses on environmental law or the First Amendment.
Visit our new 'Magic Eye' page and boost your career
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1 - Egypt's Hosni Mubarak jailed in corruption retrial - click here.
2 - Starbucks not liable in case of police officer who spilled hot coffee in his lap - click here.
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China-Russia drills in Med show shifting strategies
The Russian and Chinese navies have begun their first joint exercises in the Mediterranean that will last for about a week. Though small scale, it is a signal of growing defense ties between Beijing and Moscow and a demonstration that China's maritime horizons are broadening. Two Chinese missile frigates are involved along with a supply vessel. Some six Russian ships are also taking part, and the exercises will encompass safety drills, replenishment at sea, escort missions and some live firing. The Chinese warships had previously visited the Russian Black sea base of Novorossiysk (another first for the Chinese navy) as part of the Victory in Europe celebrations.
China smartphone sales shrink, market 'increasingly saturated'
Experts say nearly everyone in China who wants a smartphone has one. The challenge for manufacturers now is to convince them to upgrade.
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Energía
La mexicana Pemex firmó un memorándum de entendimiento con el consorcio formado por la italiana Enel y la española Abengoa para la ejecución conjunta de una planta de cogeneración que surtirá a la refinería Antonio Dovalí Jaime ubicada en Salina Cruz, Oaxaca, en el sur de México. La instalación requerirá una inversión de US$950 mlls. (Presione aquí)
Omisión
La presidenta argentina Cristina Kirchner pidió hacer caso omiso de cualquier acción intimidatoria de los fondos especulativos que buscan cobrar un juicio por bonos impagos y ratificó que su gobierno, que concluye en diciembre, quiere pagar a todos los acreedores en iguales términos. (Presione aquí)
Fraude fiscal
Una serie de riesgos relacionados con los emisores de ADSs (American Depositary Shares) visualizó el grupo minero SQM, en el marco de un informe entregado a la Securities and Exchange Commission el 1/5, que el martes se transmitió a la Superintendencia de Valores y Seguros de Chile. (Presione aquí)
GM
La automotriz estadounidense General Motors Co informó que suspendió el martes la producción en una fábrica ubicada en el sur de Brasil, debido a una disputa con camioneros que transportan vehículos desde la planta. La compañía aseguró que las firmas de transporte Tegma y Transzero dejaron de recoger los automóviles compactos fabricados en la planta en el sureño estado de Río Grande do Sul, lo que obligó a General Motors a detener la producción.
Toyota and Nissan recall 6.5 million cars over airbags
Japanese car giants Toyota and Nissan are recalling a total of 6.5 million cars globally to replace potentially faulty airbag inflators made by Takata. Toyota said it was recalling just under five million cars, including the Corolla, Vitz and other models made between March 2003 and November 2007. Nissan is recalling about 1.56 million cars over the same issue. Both carmakers said the recall was for investigative purposes and no accidents or injuries have been reported.
Asia tops biggest global school rankings
The biggest ever global school rankings have been published, with Asian countries in the top five places and African countries at the bottom. Singapore heads the table, followed by Hong Kong, with Ghana at the bottom. The OECD economic think tank says the comparisons - based on test scores in 76 countries - show the link between education and economic growth. "This is the first time we have a truly global scale of the quality of education," said the OECD's education director, Andreas Schleicher. "The idea is to give more countries, rich and poor, access to comparing themselves against the world's education leaders, to discover their relative strengths and weaknesses, and to see what the long-term economic gains from improved quality in schooling could be for them," he said.
Sweden top court rejects Assange appeal
The Swedish Supreme Court on Monday rejected an appeal by WikiLeaks founder Julian Assange seeking to overturn a 2010 arrest warrant for alleged sexual assault that was reissued by a lower court late last year. The warrant requires Assange to leave the Ecuadorian embassy in London where he has found asylum and travel to Sweden in order to be questioned about the allegations. Assange refuses to leave the embassy without a guarantee that he will not be extradited to the US to face espionage charges. In a 4-1 decision, the court allowed the arrest warrant to stand, as accommodations had already been made to question Assange in London.
Bill proposes ban on tuition clawbacks in bankruptcy
A federal lawmaker is proposing to ban bankruptcy trustees from trying to claw back tuition money from universities and, in some cases, college students themselves.
Wed or lose your benefits, firms warn gay couples
Amid a push that has made same-sex unions legal in 37 states and the District of Columbia, some employers are telling gay workers they must marry in order to maintain health-care coverage for their partners.
New laws to target radicalisation
David Cameron is to set out a string of new powers to tackle radicalisation, saying the UK has been a "passively tolerant society" for too long. The PM will tell the National Security Council a counter-extremism bill will be in the Queen's Speech on 27 May. The bill will include new immigration rules, powers to close down premises used by extremists and "extremism disruption orders". Cameron will say a "poisonous" extremist ideology must be confronted.
Amnesty: Libya migrants facing rape and torture
Refugees and migrants crossing through Libya face human rights abuses including torture and rape, Amnesty International (AI) reported Sunday. The report asserts that foreign nationals in Libya are subject to alarming rates of rape, torture and abduction, causing many to risk their lives crossing the Mediterranean Sea trying to escape. AI also noted that a recent upsurge in xenophobia has caused some of the abuses against religious minorities, namely Christians, who are subject to exploitation, torture and unlawful killings by armed groups enforcing a blighted version of Islamic law. In order to ameliorate the situation, AI called for the re-opening of neighboring borders and challenged the EU to investigate the human rights abuses, in addition to the search and rescue operations to which they have already committed themselves.
Reporter suing Al Jazeera for $100 million over Egypt detention
Mohamed Fahmy, an Al Jazeera journalist and Canadian national, announced plans on Monday to sue the network for negligence and seek USD $100 million in damages. Formerly a CNN journalist, Fahmy and two other Al Jazeera English journalists were convicted and sentenced by an Egyptian judge last year on charges of aiding terrorists and endangering national security for their roles in the coverage of the Muslim Brotherhood movement that eventually ousted then-president Mohamed Morsi.
Argentine bonds fall after hedge fund asks to block payment
Argentine bonds issued under local law, which have continued to get paid after the country's July default, declined after hedge fund Aurelius Capital Management said it's seeking to block the payments. The nation's 2024 bonds reversed earlier gains and slid 0.25 cent to 98.17 cents on the dollar, pushing yields up 0.05 percentage point to 9.1 percent at 5 p.m. New York time. Aurelius claims that Argentina's $1.4 billion of bonds sold in April are subject to US District Court Judge Thomas Griesa's ruling, which says that some of the country's performing bonds are subject to equal treatment, or pari passu, with defaulted debt. That means they can't be serviced unless the nation also pays defaulted bonds from 2001.
Dozens killed as armed men open fire on bus in Pakistan
Al Jazeera, Doha, Qatar
Self-test: Do you have what it takes to be prime minister of Israel?
Haaretz, Liberal daily, Tel Aviv, Israel
New laws to target radicalisation
BBC News, Centrist newscaster, London, England
5 dead, at least 50 injured after Amtrak train derails
CNN International, London, England
Simon Gross becomes the first housemate to be evicted from Big Brother
Daily Mail, Conservative daily, London, England
Disabled pensioner Alan Barnes admits he is struggling to settle into his new home bought with GBP 300,000 in donations after he was mugged
Daily Mail, Conservative daily, London, England
UK: ginger man accused of plotting to kill Prince Charles 'for the sake of the Aryan people'
EuroNews, International news, Ecully Cedex, France
Yemen ceasefire begins as Iran sends cargo ship
France 24, Issy-les-Moulineaux, France
In photos: Venice Bienale opens
Hurriyet Daily News, (Liberal, English-language), Istanbul, Turkey
Nepal earthquake: US helicopter carrying eight 'may have gone down in river' as it delivered aid
Independent The, London, England
Major Ukrainian TV provider drops Russian channels
Moscow News The, Independent, Moscow, Russia
Elon Musk denies criticising employee for going to birth of child
Telegraph The, Conservative daily, London, England
Cate Blanchett says she has had 'many' relationships with women
Telegraph The, Celebrity news, London, England
Two dead as S. Korean reservist goes on rampage
China Post, English-language daily, Taipei, Taiwan
Park Needs to Tackle New Power Structure in Northeast Asia
Chosun Ilbo, Conservative daily, Seoul, South Korea
Crews searching for missing Malaysia plane find shipwreck
Hindustan Times, New Delhi, India
Begging Mafia and kidney racketeers involvement probed in missing minors
India Times, Conservative daily, New Delhi, India
U.S. to station Ospreys at Yokota Air Base starting in 2017
Japan Times, Independent centrist, Tokyo, Japan
UK government to publish Prince Charles secret letters
New Zealand Herald, Conservative daily, Auckland, New Zealand
Ukraine President cancels trip over protests in eastern Ukraine
Straits Times, Pro-government, Singapore
Beat the post holiday blues
Sydney Morning Herald, Centrist daily, Sydney, Australia
Protest in Bangladesh over blogger's 'evil' murder
The Economic Times, Business, Mumbai, India
'Absolute disastrous mess': Amtrak crash in Philadelphia leaves at least 5 dead
Canadian Broadcasting Centre, Toronto, Ontario
Hundreds search for missing U.S. helicopter after second Nepal quake kills scores
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
Caribbean Looks to Paris Climate Summit for Its Very Survival
IPS Latin America, International cooperative of journalists, Rome, Italy
Japan's three top carmakers to expand Takata air bag recalls by millions
Reuters, Business News, New York, U.S
Closer defence ties between U.S., Gulf critical to terrorism fight - Kerry
Reuters, World News, New York, U.S
TTC's new streetcars plagued with manufacturing problems
Toronto Star, Toronto, Ontario
Migrants' deportation halted in SA
BBC News, Centrist newscaster, London, England
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