June 8, 2015 nº 1,634 - Vol. 13
'Our growth depends not on how many experiences we devour, but on how many we digest.'
Ralph W. Sockman
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US antitrust reviews of mergers get longer
Mergers and acquisitions have accelerated sharply since the financial crisis faded, but the government's pace for reviewing proposed deals is slowing. The Justice Department and the Federal Trade Commission are taking more time to investigate their most intensely scrutinized mergers. In such deal reviews concluded this year, more than 10 months elapsed, on average, between the transaction's announcement and a yes-or-no decision by the government. That's an increase from an average of seven months in recent years. As time passes, merging firms can become increasingly worried about completing a deal. They have to ensure financing remains in place, and that can cost money. They can begin to lose employees nervous about the future, as well as customers.
Banks' post-crisis legal costs hit $300bn
The total cost of litigation aimed at a group of the biggest global banks since 2010 has broken the $306bn barrier, according to a new study that challenges assumptions that banks are through the worst of post-crisis reparations. The annual study uses regulatory notices, annual reports and other public disclosures to tally the cost of fighting claims of misconduct over rolling five-year periods. In the latest report, which runs until the end of last year, the total for 16 banks stands at $300bn of fines, settlements and provisions — up almost a fifth from the previous year. Despite that trend, many bank executives continue to act as if these are irregular charges from "legacy" issues. A recent flurry of settlements for currency manipulation cited abuses continuing until 2013. New regulatory frameworks may present another litigation risk. The creation in 2010 of the Consumer Financial Protection Bureau in the US, for example, has caused many banks to wonder about "behaviour that might be considered harmful today that might not have been five years ago."
Brussels warns Greece that time is running out on bailout
The European Commission president, strongly rebuked Alexis Tsipras for his strident dismissal of a new bailout offer from Greece's creditors and suggested the prime minister had misled his MPs about the nature of the closed-door negotiations. In his first remarks since Tsipras used an address to the Greek parliament on Friday to reject economic reform measures presented by Juncker on behalf of Greece's creditors as "absurd", the commission president confirmed he had turned away a request by the Greek leader to renew negotiations over the weekend and warned Athens that time was running out.
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Chinese exports fall for a third month
Exports in the world's second largest economy, China, fell for a third consecutive month in May, highlighting slowing demand in the country. Exports fell 2.5% from a year ago in dollar denominated terms, and 2.8% in yuan denominated figures. Both figures were above expectations, but the slide in imports has sparked worries on the domestic end. Domestic demand in China continues to be weak despite stimulus measures by the government and central bank to boost growth. The central bank had lowered interest rates just last month, which was the third time in six months to spur lending and economic activity.
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Google, Facebook at center of EU clash over cyber-attack law
Google Inc. and Facebook Inc. are caught in the middle of a clash between European Union lawmakers on whether the US technology giants should be covered by rules forcing companies to report cyber attacks to government agencies in the 28-nation bloc. While the European Commission wants search engines and social networks included in a revamped law on network and information security, some lawmakers favor a more streamlined approach focusing on critical infrastructure such as banks and power stations.
G7 summit: Obama and Merkel firm on Russia sanctions
At the G7 summit in Bavaria, Western leaders are due to discuss the situation in Ukraine and how to prevent Greece from defaulting on its sovereign debt. Russia has been excluded from what was previously known as the G8, since the annexation of Crimea last year. The West accuses Russia of sending military forces into eastern Ukraine to help the rebels - a charge echoed by analysts. Moscow denies this, saying any Russian soldiers there are volunteers. David Cameron said he was hopeful that there would be a united front to ensure that sanctions were "rolled over" despite admitting that "sanctions are having an impact on all of us". EU sanctions are due to expire at the end of July.
Reward offered in New York jail break 'crisis'
The escape of two murderers from a maximum security jail in New York has been described as a "crisis situation" by the state's governor. Andrew Cuomo said the prison breakout was the first escape from the facility in 150 years. Two inmates, Richard Matt and David Sweat, used power tools to cut through steel walls, slithered through a steam pipe and emerged on the outside through a manhole. More than 200 officers are involved in the manhunt.
Europe rights court backs France decision upholding paralyzed man's right to die
The European Court of Human Rights (ECHR) on Friday upheld a French court's decision allowing Vincent Lambert the right to die, stating it did not violate article 2 of European Convention on Human Rights.
California senate approves right to die legislation
The California Senate on Thursday voted 23-14 to approve a controversial right to die bill. The bill would protect doctors who aide individuals with terminal conditions in dying. The bill's impact is limited to patients who pass a mental competency test are have less than six months to live. The patients would also be given the option to self administer. The California bill is modeled after Oregon's law, which more than 750 people have used to assist in death since it was passed. Sen. Jeff Stone, R-Temecula stated he is worried that California will be known for death tourism if the law passes. The bill now goes before the state Assembly.
New surveillance law includes provisions allowing US to ratify nuclear terrorism treaties
Tucked into the surveillance bill that became law was a little-noticed section that will let the United States complete ratification of two long-stalled treaties aimed at stopping a frightening scenario: terrorists wielding radioactive bombs. "Today, nearly 2,000 metric tons of weapons-usable nuclear materials remain spread across hundreds of sites around the globe — some of it poorly secured," said former Sen. Sam Nunn, co-chairman of the Nuclear Threat Initiative, an organization in Washington that works on the issue. "We know that to get the materials needed to build a bomb, terrorists will not necessarily go where there is the most material. They will go where the material is most vulnerable." The International Convention for the Suppression of Acts of Nuclear Terrorism enact laws to criminalize certain nuclear terrorist actions and punish individuals who possess or use radioactive or nuclear material and devices or damage nuclear facilities. The surveillance law also will let the US finish ratification of the 2005 amendment to the Convention on the Physical Protection of Nuclear Material. The original treaty called for securing material during international transport.
EU lawyer: unemployed migrants not entitled to social benefits
A top EU legal adviser stated on Thursday that unemployed EU migrants are not automatically entitled to social benefits during their first three months in a different EU country. The recommendation came from the advocate general of the Court of Justice. Germany had asked the court to review the case of a Spanish man who had arrived in Germany with his son in June 2012 and was denied benefits for the following August and September. Advocate General Melchior Wathelet stated, "EU citizens who move to a member state of which they are not nationals may be excluded from entitlement to certain social benefits during the first three months. ... Since the member states cannot require EU citizens to have sufficient means of subsistence and personal medical cover for a three-month stay, it is legitimate not to require member states to be responsible for them during that period." However, he did note that an EU migrants who were actively seeking work within those three months could seek other benefits. The Advocate General's opinion is non-binding, but the court generally rules according to his findings.
Ruling trims defunct law firms' right to unfinished business
A federal judge in California dealt a blow to bankruptcy trustees winding down failed law firms, ruling that the defunct law firm Howrey LLP has no right to profits from unfinished legal work its partners brought to their new firms. Judge James Donato of the US District Court in San Francisco overturned a bankruptcy-court ruling and dismissed the trustee’s lawsuits against eight firms that took on Howrey partners. In doing so, the judge roundly rejected the so-called unfinished business doctrine that bankruptcy trustees have argued gave them authority to claw back money earned on pending legal matters for the benefit of creditors.
LegalZoom sues North Carolina State Bar
LegalZoom, which sells do-it-yourself wills and other legal documents online, is suing the Carolina state bar, accusing the state agency of "unlawful monopolization" in violation of the Sherman Act. The company, which sells do-it-yourself wills and other legal documents online, is suing over the bar's refusal to register its prepaid legal plans marketed to individuals and small businesses. Offered in 42 states, the plans connect customers to LegalZoom-contracted attorneys, who provide phone consultations and yearly "legal check-ups" as part of a package and can be retained at a discounted rate.
Efforts to curb confiscation powers hit headwinds
Moves to limit seizures of money, homes and other property from people who may never be convicted of a crime are stalling out amid a wave of pressure from prosecutors and police.
Time
Why America can’t kick its painkiller problem
Newsweek
Kurdish party thwarts Erdogan's ambitions with Turkish election advance
Business Week
GSI 1 pill/day x 12 weeks = $94,500
The Economist
US-Arab relations. Entangled. Lashing the Middle East
Der Spiegel
Arme Freiheit. Terror im Kopf
L'Espresso
Renzi riparte della famiglia
S Korea shuts nearly 2,000 schools as MERS cases soar
Al Jazeera, Doha, Qatar
James carries Cavs to overtime win over Warriors, evens NBA finals
Haaretz, Liberal daily, Tel Aviv, Israel
PM warning to ministers over EU deal
BBC News, Centrist newscaster, London, England
FIFA probes if bribes affected World Cup bidding
CNN International, London, England
Age-defying Anne Robinson, 70, looks as youthful as ever as she dons a chic suit and stylish sunglasses at festival
Daily Mail, Conservative daily, London, England
With a school party on a Commons visit in 1976, two Labour grandees Greville Janner and George Thomas who 'abused children'
Daily Mail, Conservative daily, London, England
European ships rescue 4,000 migrants, Italy feels overstretched
EuroNews, International news, Ecully Cedex, France
Turkey's ruling party loses majority, Kurdish party enters parliament
France 24, Issy-les-Moulineaux, France
Curtain set to rise on Istanbul Opera Festival
Hurriyet Daily News, (Liberal, English-language), Istanbul, Turkey
Israeli strikes at Gaza Strip after rocket attacks from Hamas rival the Omar Brigades
Independent The, London, England
Tony Awards 2015: list of winners
Telegraph The, Conservative daily, London, England
Kate Moss 'kicked off flight for being disruptive'
Telegraph The, Celebrity news, London, England
Wang expresses will to run if drafted
China Post, English-language daily, Taipei, Taiwan
MERS Infections Rise to Nearly 90
Chosun Ilbo, Conservative daily, Seoul, South Korea
Turkey ruling party loses parliamentary majority: 98% count
Hindustan Times, New Delhi, India
Delhi slurped ice cream worth Rs 20 lakh this weekend at India Gate!
India Times, Conservative daily, New Delhi, India
Japan, France wary of Beijing's reclamation binge in South China Sea
Japan Times, Independent centrist, Tokyo, Japan
Governor: 2 inmates must have taken days to pull off escape
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
Five Chinese banks to issue interbank CD to foreign financial institutions in Shanghai FTZ: Sources
The Economic Times, Business, Mumbai, India
South Korea will track cellphones of those under MERS quarantine
Canadian Broadcasting Centre, Toronto, Ontario
Yemen army headquarters hit with Saudi-led air strikes, at least 45 killed
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
Ni Una Menos - The Cry Against 'Femicides' Finally Heard in Argentina
IPS Latin America, International cooperative of journalists, Rome, Italy
GE close to selling private equity lender to top Canada pension fund
Reuters, Business News, New York, U.S
South Korea reports jump in MERS infections, sixth patient dies
Reuters, World News, New York, U.S
John Tory calls for full stop to carding, citing 'eroded public trust'
Toronto Star, Toronto, Ontario
Documents 'show Fifa bribe payments'
BBC News, Centrist newscaster, London, England
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