Credit default swaps (CDSs) are derivatives, financial instruments sold over the counter. They transfer the credit risk associated with corporate or sovereign bonds to a third party, without shifting any other risks. European politicians have blamed the CDS market for destabilising Greece, and as a result, there is a new EU Regulation that restricts the use of ‘naked’ CDSs on sovereign (but not corporate) debt. These contracts offer payment on default of a financial instrument even if the buyer of the contract does not hold the underlying bonds.
The original use of a CDS contract was to provide insurance against unexpected losses due to a default by a corporate or sovereign entity. This is a bilateral deal where a ‘protection buyer’ pays a periodic fixed premium, usually expressed in basis points of the reference asset's nominal value, to a counterpart known by convention as the ‘protection seller’. The total amount paid per year as a percentage of the notional principal is known as the CDS spread.
The outstanding gross notional value of live positions of CDS contracts stood at $15 trillion on 31 August 2011 across more than 2 million trades.2 Most of these are on corporate (financial and non-financial) debt, but the sovereign segment has risen since the Eurozone crisis and is 15%–20% of the market now.
The CDS market may be regarded as a useful financial innovation, unless it (a) does not isolate credit risk efficiently; (b) is dominated by ‘naked CDSs’ that perform no hedging function and serve merely to make bets on the future of corporates and sovereigns that can destabilize them.
Read more: Credit Default Swaps: Useful, Misleading, Dangerous?, 30 April 2012 Monday 10:26
4/30/12
The Netherlands: Toilet-bowl toss for Queen’s birthday - by Zoran Bozicevic
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| Queen Beatrix of the Netherlands |
For more: Toilet-bowl toss for Queen’s birthday | Photos | National Post
FATCA adds layer of complexity, penalty exposure to offshore asset reporting - by Andrew M. Mattson, CPA
The acronym for the US Foreign Account Tax Compliance Act—FATCA—is easy to remember if one thinks of “fat cat.” Unfortunately, this may be the only thing about FATCA that is easy. This item highlights the provisions of FATCA that are most likely to affect US tax practitioners and their clients, the taxpayer reporting provisions of new Section 6038D of the Internal Revenue Code (IRC).
Since the enactment in 1970 of the Bank Secrecy Act (BSA), US citizens and residents have been required to report the existence of certain foreign bank and financial accounts. Such reportable accounts are disclosed on Treasury Department Form TD F 90-22.1, Report of Foreign Bank and Financial Accounts (FBAR). The BSA is a part of Title 31 of the United States Code, meaning that it is not part of the US federal tax laws contained in the Internal Revenue Code. The FBAR has received a great deal of attention recently and has been the focus of three amnesty programmes by the IRS.
FATCA, on the other hand, is part of US Code Title 26, the Internal Revenue Code. FATCA requires reporting of a much broader range of offshore assets than a person is required to report on the FBAR. Unfortunately, FBAR and FATCA reporting is duplicative in many instances because filing an FBAR does not fulfill the filing obligation under FATCA, and vice versa. This duplicative reporting, along with the associated client education that needs to take place, represents one of the many challenges of FATCA for US tax practitioners.
Read more: FATCA adds layer of complexity, penalty exposure to offshore asset reporting
Since the enactment in 1970 of the Bank Secrecy Act (BSA), US citizens and residents have been required to report the existence of certain foreign bank and financial accounts. Such reportable accounts are disclosed on Treasury Department Form TD F 90-22.1, Report of Foreign Bank and Financial Accounts (FBAR). The BSA is a part of Title 31 of the United States Code, meaning that it is not part of the US federal tax laws contained in the Internal Revenue Code. The FBAR has received a great deal of attention recently and has been the focus of three amnesty programmes by the IRS.
FATCA, on the other hand, is part of US Code Title 26, the Internal Revenue Code. FATCA requires reporting of a much broader range of offshore assets than a person is required to report on the FBAR. Unfortunately, FBAR and FATCA reporting is duplicative in many instances because filing an FBAR does not fulfill the filing obligation under FATCA, and vice versa. This duplicative reporting, along with the associated client education that needs to take place, represents one of the many challenges of FATCA for US tax practitioners.
Read more: FATCA adds layer of complexity, penalty exposure to offshore asset reporting
France: Hollande's eurozone assignment: by Wolfgang Münchau
Six days to go in France. Crude antipathy seems to be the main reason French voters are likely to throw out their president. Nicolas Sarkozy does not look like a president, talk like a president, or act like a president. But there is a better reason why he deserves to be ejected. He won the 2007 campaign with a promise of ambitious economic reforms. He was one of the few European politicians with a mandate for big changes. He flunked it for a reason that already became apparent during the 2007 campaign: he was hyperactive. Reforms are for boring politicians.
We are still in the campaign and stuff can happen in six days. But Francois Hollande is so far ahead in the polls – and has been for a long time – that it is hard to see how Sarkozy can still pull off a surprise. It will take a lot more than a convincing performance on Wednesday in the scheduled television debate.
The two most important aspects of a Hollande presidency would be its impact on the French economy and its impact on the eurozone. On the first, I consider the effect broadly neutral. On the second, I think it would be significantly positive.
Sarkozy’s two greatest failures as a reformer are his failure to implement a single contract for all French labour and to scale back public expenditure. Hollande is not promising structural reform either. Europe’s experience is that such changes are more likely to be delivered by the left than the right and usually under stress. France will ultimately adopt those reforms, no matter who is president. Hollande should, however, resist the pressure from the left to raise the minimum wage and to reverse the increases in the pension age.
What about Hollande’s threat of a marginal 75 per cent tax rate on incomes over €1 million? It is as politically astute as it is economically inconsequential. A few more rock stars may move from Paris to Geneva or Brussels. Some bankers on high bonuses may move to London. Some chief executives will pay the tax. But frankly, who cares? It would be hard to make the claim these days that France would lose any talent here. Most entrepreneurs will not be affected, as they do not amass their wealth in the form of earned income, let alone bonuses.
The main reason why I look forward to a Hollande presidency is for its impact on Europe. At present, all the large, and many of the small, eurozone countries are governed by centre-right governments. Angela Merkel is their undisputed queen. Hollande is not going to be a comfortable partner.
For more: Hollande's eurozone assignment | Wolfgang Münchau, Financial Times | Commentary | Business Spectator
We are still in the campaign and stuff can happen in six days. But Francois Hollande is so far ahead in the polls – and has been for a long time – that it is hard to see how Sarkozy can still pull off a surprise. It will take a lot more than a convincing performance on Wednesday in the scheduled television debate.
The two most important aspects of a Hollande presidency would be its impact on the French economy and its impact on the eurozone. On the first, I consider the effect broadly neutral. On the second, I think it would be significantly positive.
Sarkozy’s two greatest failures as a reformer are his failure to implement a single contract for all French labour and to scale back public expenditure. Hollande is not promising structural reform either. Europe’s experience is that such changes are more likely to be delivered by the left than the right and usually under stress. France will ultimately adopt those reforms, no matter who is president. Hollande should, however, resist the pressure from the left to raise the minimum wage and to reverse the increases in the pension age.
What about Hollande’s threat of a marginal 75 per cent tax rate on incomes over €1 million? It is as politically astute as it is economically inconsequential. A few more rock stars may move from Paris to Geneva or Brussels. Some bankers on high bonuses may move to London. Some chief executives will pay the tax. But frankly, who cares? It would be hard to make the claim these days that France would lose any talent here. Most entrepreneurs will not be affected, as they do not amass their wealth in the form of earned income, let alone bonuses.
The main reason why I look forward to a Hollande presidency is for its impact on Europe. At present, all the large, and many of the small, eurozone countries are governed by centre-right governments. Angela Merkel is their undisputed queen. Hollande is not going to be a comfortable partner.
For more: Hollande's eurozone assignment | Wolfgang Münchau, Financial Times | Commentary | Business Spectator
Europe's Anti-Austerity Calls Mount as Election Campaigns Climax
A recession in Spain and forecasts of rising unemployment in the 17-nation euro area are amplifying criticism of the German-led austerity agenda in election campaigns this week in France and Greece.
With Spain's largest unions leading marches involving thousands of protesters in 55 cities yesterday,
Prime Minister Mariano Rajoy's government battled to prevent Spain from becoming the next country to seek a bailout. In France, the final round of presidential elections on May 6, Socialist frontrunner Francois Hollande pushed back against German Chancellor Angela Merkel's focus on deficit reduction.
"Watching Spain now is exactly like watching Ireland around October 2010 before Ireland was forced into its bailout," Megan Greene, a senior economist at Roubini Global Economics LLC, told Bloomberg Television's "Street Smart" on April 27. "The government can't win no matter what it does."
EU chief Barroso won’t go to Ukraine for the Euro 2012 championships over rights concerns
The chief of the European Union’s head office will not go to Ukraine during the European soccer championships in June unless there is a swift improvement in the human rights situation there.
Several other top officials in Europe joined EU Commission President Jose Manuel Barroso on Monday in piling the pressure on the leadership in Kiev in support of jailed former Prime Minister Yulia Tymoshenko.
Barroso announced he will follow the lead of EU’s Justice Commissioner Viviane Reding who also said she would skip the ceremonial Euro2012 opening on June 8.
The tournament, Europe’s most important soccer championship for national teams, is being co-hosted by Poland and Ukraine from June 8 until July 1.
For more: EU chief Barroso won’t go to Ukraine for the Euro 2012 championships over rights concerns - The Washington Post
Several other top officials in Europe joined EU Commission President Jose Manuel Barroso on Monday in piling the pressure on the leadership in Kiev in support of jailed former Prime Minister Yulia Tymoshenko.
Barroso announced he will follow the lead of EU’s Justice Commissioner Viviane Reding who also said she would skip the ceremonial Euro2012 opening on June 8.
The tournament, Europe’s most important soccer championship for national teams, is being co-hosted by Poland and Ukraine from June 8 until July 1.
For more: EU chief Barroso won’t go to Ukraine for the Euro 2012 championships over rights concerns - The Washington Post
4/29/12
Internet and Privacy: U.S. turns spy agency on itself, critics of cyber bill say - by Tabassum Zakaria
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| (cartoon by Mark Parisi) |
The House approved the bill 248-168, prompting the top Republican and Democrat on the intelligence committee who sponsored it to issue a joint statement lauding the bipartisan approval.
The legislation allows federal agencies such as the National Security Agency, an intelligence agency that eavesdrops overseas and protects classified U.S. government computer networks, to share secret cyber threat information with American companies to help the private sector protect its networks.
Critics had raised privacy concerns that the sharing in return of “threat information” from private network operators to the government was so broad as to allow the NSA to effectively collect data on American communications, which is generally prohibited by law.
For more: U.S. turns spy agency on itself, critics of cyber bill say - The Globe and Mail
Fatca, despite worldwide protests as a major infringement on personal privacy laws could still be forced into law by financial sector and some Governments
The European Nordic banking associations have recently opened FATCA reciprocity talks. This regardless of Fatca being widely criticized by privacy advocates around the World including the European parliament, as an infringement on privacy laws,
FATCA , supported by the financial, banking, insurance industries, and most conservative national governments, is not only considered to be a very controversial proposal but also a major infringement on Privacy laws, which has resulted in massive criticism of Fatca worldwide
The
push for reciprocity under the US Foreign Account Tax Compliance Act
(Fatca)
is
gaining pace say the supporters of Fatca, with banks in four Nordic countries now urging
their national governments to facilitate this bilateral agreements with
the US.
The reciprocity
agreements will allow foreign financial institutions to report European and US
customer data to their national governments..
When the draft
Fatca regulations were released in February this year, the UK, Spain,
Italy, France and Germany issued a statement of intent alongside the
US detailing their intention to seek reciprocal agreements.
One can only hope that advocate groups, politicians and others will remain vigilant that Fatca is not sneaked through one way or the other and becomes a law, just like the recent controversial bill that will give the U.S. Department of Home Security access to EU airline passengers' personal information including credit card data..
EU-Digest
EU-Digest
Credit Cards soon obsolete? Canada leads world in digital wallet tech, so what’s the holdup?
Thousands of Canadian retailers already have equipment in place to let customers pay for purchases with a swipe of their mobile phones, putting the country in the lead in developing a system that could one day make cash obsolete.
All that's needed is an agreement between banks, credit card companies and telecoms, and that appears to be coming soon, promising to transform how Canadians pay for everything from their morning coffee to a tankful of gasoline.
If consumers embrace the system – and that's still a big “if” – clip-and-save coupons, transit passes, library cards and perhaps even driver's licenses could become things of the past.
“It is truly ground-breaking and revolutionary,” said Stephen Gardiner, a managing partner for strategy at Accenture PLC, a consultancy that advises companies on mobile commerce.
Canada is not the first country to try such a project. Phone companies, credit card providers and banks in Britain, Japan and South Korea have tried to set up mobile payment systems, but none have yet lived up to the hype.
For more: Canada leads world in digital wallet tech, so what’s the holdup? - The Globe and Mail
All that's needed is an agreement between banks, credit card companies and telecoms, and that appears to be coming soon, promising to transform how Canadians pay for everything from their morning coffee to a tankful of gasoline.
If consumers embrace the system – and that's still a big “if” – clip-and-save coupons, transit passes, library cards and perhaps even driver's licenses could become things of the past.
“It is truly ground-breaking and revolutionary,” said Stephen Gardiner, a managing partner for strategy at Accenture PLC, a consultancy that advises companies on mobile commerce.
Canada is not the first country to try such a project. Phone companies, credit card providers and banks in Britain, Japan and South Korea have tried to set up mobile payment systems, but none have yet lived up to the hype.
For more: Canada leads world in digital wallet tech, so what’s the holdup? - The Globe and Mail
"More Europe, not less Europe" - says Danish Prime Minister Helle Thorning-Schmidt on the future of the EU
The EU should not take the blame for the economic crisis in the individual member states.
That was one of the main points of Monday’s meeting between the president of the European Commission, José Manuel Barroso, and Prime Minister Helle Thorning-Schmidt on the future of the EU at the University of Copenhagen.
“The crisis was not created at a European level, but was basically created because the member states didn’t keep their own house in order,” Thorning-Schmidt said, arguing that “the lesson is that what each individual country chooses to do will affect the rest and our solutions must be carried out in co-ordination with one another.”
Barroso said that is easy to blame the EU for the crisis – pointing to the perceived snowball effect of the problems in Italy and Greece – but the fact is that the crisis began in the individual countries. But to get out of the crisis, he said, the member states must stick together and both co-operate and make compromises.
According to Thorning-Schmidt, that is already happening. “The actions over the last months have shown that the EU is wiling to act together and act in solidarity,” she said.
She dismissed the recent criticism levelled at the EU that it hasn’t taken concrete action.
For more: "More Europe, not less Europe" | The Copenhagen Post | The Danish News in English
That was one of the main points of Monday’s meeting between the president of the European Commission, José Manuel Barroso, and Prime Minister Helle Thorning-Schmidt on the future of the EU at the University of Copenhagen.
“The crisis was not created at a European level, but was basically created because the member states didn’t keep their own house in order,” Thorning-Schmidt said, arguing that “the lesson is that what each individual country chooses to do will affect the rest and our solutions must be carried out in co-ordination with one another.”
Barroso said that is easy to blame the EU for the crisis – pointing to the perceived snowball effect of the problems in Italy and Greece – but the fact is that the crisis began in the individual countries. But to get out of the crisis, he said, the member states must stick together and both co-operate and make compromises.
According to Thorning-Schmidt, that is already happening. “The actions over the last months have shown that the EU is wiling to act together and act in solidarity,” she said.
She dismissed the recent criticism levelled at the EU that it hasn’t taken concrete action.
For more: "More Europe, not less Europe" | The Copenhagen Post | The Danish News in English
Alternative Energy: U.S. and China clash in trade dispute over alternative energy technologies - by Stephen Vagus
The U.S. and China have been locked in a trade dispute over clean energy projects for some time. The U.S. government recently launched an investigation into wind turbine towers that are being exported from China. The investigation is meant to find any purposeful deficiencies present in the turbines and whether they are being sold at unfair discounts, a fact that the Chinese government has taken issue with. China claims that the investigation is worsening the trade dispute and could put a halt to any progress toward reducing carbon emissions and cooperation toward sustainability.
The Chinese Ministry of Commerce notes that the dispute and the investigations that are becoming increasingly common from the U.S. could damage the interest of American companies looking to do business in the country. Government officials assert that they will continue to adhere to the commitments that they made at the recent G20 summit in Cannes, France, and hopes that the U.S. will show respect for these commitments by allowing the country to operate within its own laws and regulations.
China has been earnest in its pursuit of alternative energy thus far, hoping to significantly reduce its carbon emissions by 2020. Though the country is largely self-reliant, cooperation is key to attaining this goal. If relations between the two countries do not improve, it could put the sustainability goals of both nations in jeopardy.
The Chinese Ministry of Commerce notes that the dispute and the investigations that are becoming increasingly common from the U.S. could damage the interest of American companies looking to do business in the country. Government officials assert that they will continue to adhere to the commitments that they made at the recent G20 summit in Cannes, France, and hopes that the U.S. will show respect for these commitments by allowing the country to operate within its own laws and regulations.
China has been earnest in its pursuit of alternative energy thus far, hoping to significantly reduce its carbon emissions by 2020. Though the country is largely self-reliant, cooperation is key to attaining this goal. If relations between the two countries do not improve, it could put the sustainability goals of both nations in jeopardy.
For more: U.S. and China clash in trade dispute over alternative energy technologies
The Netherlands: Tulips in bloom
Bulb fields along the Dutch west coast have erupted into a kaleidoscope of color as tulips and other flowers burst into bloom. The most easily accessible fields are mainly found in the coastal strip between the cities of Leiden and Haarlem and are easily accessible by car or train from Amsterdam. Sitting on the top floor of a double-decker train is actually one of the best vantage points to view the broad bars of different colored flowers stretching over pancake-flat fields. If you want to get an even closer look, pay a visit to the world famous Keukenhof park and its flower displays in Lisse, about 25 miles south of Amsterdam. The Keukenhof is open thru May 20.
For more: The Netherlands: Tulips in bloom - Travel - MiamiHerald.com
For more: The Netherlands: Tulips in bloom - Travel - MiamiHerald.com
4/28/12
Local politicians braced for backlash as Europe turns against austerity - by Peter Beaumont
European voters sick of endless belt-tightening are threatening a backlash that could sweep their political leaders from power if they do not listen to the growing chorus for change.
At the end of last month, 5,000 people marched through Dublin to protest against the imposition of a €100 (£80) household tax that the Irish government was already struggling to collect from voters sick of austerity measures imposed on a stagnating economy.
It was a small demonstration by the standards of some that have taken place across Europe in recent months – in places such as Syntagma Square in Athens, or in Spanish cities during the general strike that took place just before the Dublin protest – but numbers on the streets are not everything these days.
As polls in Ireland revealed last week, support for the coalition government's policies is collapsing, while backing for Sinn Féin – which is calling for a "no" vote in next month's referendum on the EU fiscal compact that would bind member states other than the UK, which opted out, to budget deficits of 3% or less in perpetuity – has propelled it into the rank of Ireland's second most popular party after Fine Gael. Whether there will still be a fiscal compact to vote on, when the Irish go to the polls, is a moot point. The likely winner of the second round of the French presidential elections next Sunday, the Socialist, François Hollande – who some polls put nine points ahead of the incumbent, Nicolas Sarkozy – has said he would revise the deal.
For more: Politicians braced for backlash as Europe turns against austerity | Business | The Observer
At the end of last month, 5,000 people marched through Dublin to protest against the imposition of a €100 (£80) household tax that the Irish government was already struggling to collect from voters sick of austerity measures imposed on a stagnating economy.
It was a small demonstration by the standards of some that have taken place across Europe in recent months – in places such as Syntagma Square in Athens, or in Spanish cities during the general strike that took place just before the Dublin protest – but numbers on the streets are not everything these days.
As polls in Ireland revealed last week, support for the coalition government's policies is collapsing, while backing for Sinn Féin – which is calling for a "no" vote in next month's referendum on the EU fiscal compact that would bind member states other than the UK, which opted out, to budget deficits of 3% or less in perpetuity – has propelled it into the rank of Ireland's second most popular party after Fine Gael. Whether there will still be a fiscal compact to vote on, when the Irish go to the polls, is a moot point. The likely winner of the second round of the French presidential elections next Sunday, the Socialist, François Hollande – who some polls put nine points ahead of the incumbent, Nicolas Sarkozy – has said he would revise the deal.
For more: Politicians braced for backlash as Europe turns against austerity | Business | The Observer
Political Revolution in Germany: Pirates Country's Third Strongest Party in New Poll
Germany's Green Party used to be the model for upstart political parties in the country. But now it appears that the new Internet-freedom Pirate Party is on an even more rapid path to nationwide success. And it has overtaken the Greens in public opinion polls, as well.
According to a survey released by the pollsters at Forsa for broadcaster RTL on Tuesday, the political newcomers currently enjoy 13 percent of voter support and are now the third most popular party in the country ahead of the environmentalist Greens, which lagged behind at 11 percent.
The results come after a pair of recent eyebrow-raising successes in state elections. Last September, the Pirates received 8.9 percent of the vote in Berlin city-state elections. In March, the party followed that up with 7.4 percent in the tiny western state of Saarland, more than two percentage points ahead of the Greens.
or more: Political Revolution in Germany: Pirates Country's Third Strongest Party in New Poll - SPIEGEL ONLINE
According to a survey released by the pollsters at Forsa for broadcaster RTL on Tuesday, the political newcomers currently enjoy 13 percent of voter support and are now the third most popular party in the country ahead of the environmentalist Greens, which lagged behind at 11 percent.
The results come after a pair of recent eyebrow-raising successes in state elections. Last September, the Pirates received 8.9 percent of the vote in Berlin city-state elections. In March, the party followed that up with 7.4 percent in the tiny western state of Saarland, more than two percentage points ahead of the Greens.
or more: Political Revolution in Germany: Pirates Country's Third Strongest Party in New Poll - SPIEGEL ONLINE
Civil Liberties: Have Facebook and Google Turned Into Government Spies? The Dangerous New Law Before the US Congress (CISPA)
T he U.S. House of Representatives is expected to pass a reprehensible cyber-security bill that seeks to protect online companies—giant social media firms to data-sharing networks controlling utilities—from cyber attack. It is reprehensible because, as Democratic San Jose Rep. Zoe Lofgren said this week, it gives the federal government too much access to the private lives of every Internet user. Or as Libertarian Rep. Ron Paul also bluntly put it, it turns Facebook and Google into “government spies.”
For more: Facebook and Google Turned Into Government Spies? The Dangerous New Law Before Congress (CISPA) | Civil Liberties | AlterNet
But that’s not the biggest problem with the Congress’s urge to address a real problem—protecting the Internet from cyber attacks. While House passage launches a process that continues in the Senate, the bigger problem with the best known of the cyber bills before the House, CISPA, the Cyber Intelligence Sharing and Protection Act, is not what is in it -- which is troubling enough -- but what is not on Congress’s desk: a comprehensive approach to stop basic constitutional rights from eroding in the Internet Age.
“I don’t think the current cyber-security debate is adequately protecting civil liberties,” said Anjali Dalal, a resident fellow with the Information Society Project at Yale Law School (and a blogger). “CISPA seems to place constitutionally suspect behavior outside of judicial review. The bill immunizes all participating entities ‘acting in good faith.’ So what happens when an ISP hands over mountains of data under the encouragement and appreciation of the federal government? We can’t sue the government, because they didn’t do anything. And we can’t sue the ISP because the bill forbids it.”
For more: Facebook and Google Turned Into Government Spies? The Dangerous New Law Before Congress (CISPA) | Civil Liberties | AlterNet
4/27/12
French Presidential Poll: Hollande 54.5%, Sarkozy 45.5% In 2nd Election Round
In a poll released Monday by Ifop, 54.5% of potential voters would chose Hollande if elections were held now, while 45.5% of them would pick Sarkozy.
Among the voters who chose to support far-left candidate Jean-Luc Melenchon in the first round of elections, 83% of them said that they would vote for Hollande in the second round, while only 6% plan to vote for Sarkozy, said Ifop.
In the first round of French presidential elections held last Sunday, Hollande got 28.6% of the votes, Sarkozy 27.2%. Le Pen came third with 17.9% and Melenchon 11.1%, while Bayrou got 9.1% of the votes. Five minor candidates, including the green candidate, shared the remaining votes.
EU-Digest
Among the voters who chose to support far-left candidate Jean-Luc Melenchon in the first round of elections, 83% of them said that they would vote for Hollande in the second round, while only 6% plan to vote for Sarkozy, said Ifop.
In the first round of French presidential elections held last Sunday, Hollande got 28.6% of the votes, Sarkozy 27.2%. Le Pen came third with 17.9% and Melenchon 11.1%, while Bayrou got 9.1% of the votes. Five minor candidates, including the green candidate, shared the remaining votes.
EU-Digest
The US Economic Scene: Money, Power, and Wall Street - a revealing PBS Frontline Special
A PBS Frontline TV program investigates the inside story and exposes the unprecedented and uneasy partnership between government leaders and titans of finance. The program also explores some of the key decisions, missed opportunities and struggles to rescue and repair a shattered economy.
Decades of deregulation kept the government’s top officials in the dark about the complicated financial products that drove the meltdown. As Wall Street innovated, its revenues skyrocketed, and financial institutions of all stripes tied their fortunes to one another.
Said Josef Ackermann, Deutsche Bank CEO: “We were bullish on the mortgage market in general, and {bundling and selling} subprime {mortgage risk} was an element of it.”
Decades of deregulation kept the government’s top officials in the dark about the complicated financial products that drove the meltdown. As Wall Street innovated, its revenues skyrocketed, and financial institutions of all stripes tied their fortunes to one another.
Said Josef Ackermann, Deutsche Bank CEO: “We were bullish on the mortgage market in general, and {bundling and selling} subprime {mortgage risk} was an element of it.”
Beginning with the government bailout of the collapsing investment bank Bear Stearns in the spring of 2008, the film tells the story of how the country’s leaders - Treasury Secretary Henry Paulson, Federal Reserve Chairman Ben Bernanke and New York Federal Reserve President Timothy Geithner - struggled to respond to a financial crisis that caught them by surprise.
For more: OHIO FRAUDclosure: Money, Power, and Wall Street - PBS Frontline Special
Alternative Energy: Global Atlas for Solar Energy and Wind Power launched
The International Renewable Energy Agency, IRENA, and the German Aerospace Center (Deutsches Zentrum für Luft- und Raumfahrt; DLR) presented the first Global Atlas for Solar Power and Wind Energy.
Global Atlas for Solar Power and Wind Energy launched. The International Renewable Energy Agency, IRENA, and the German Aerospace Center (Deutsches Zentrum für Luft- und Raumfahrt; DLR) presented the first Global Atlas for Solar and Wind Energy at the Clean Energy Ministerial Forum, which took place in London on 25 and 26 April 2012. The atlas provides open access to information about where solar and wind energy can best be exploited, and is set to accelerate the development of renewable energy sources.
Global database set to accelerate the transition to renewable energies - energy ministers attending international forum on low-carbon energy
For more: REVE - Regulación Eólica con Vehículos Eléctricos -
Global Atlas for Solar Power and Wind Energy launched. The International Renewable Energy Agency, IRENA, and the German Aerospace Center (Deutsches Zentrum für Luft- und Raumfahrt; DLR) presented the first Global Atlas for Solar and Wind Energy at the Clean Energy Ministerial Forum, which took place in London on 25 and 26 April 2012. The atlas provides open access to information about where solar and wind energy can best be exploited, and is set to accelerate the development of renewable energy sources.
Global database set to accelerate the transition to renewable energies - energy ministers attending international forum on low-carbon energy
For more: REVE - Regulación Eólica con Vehículos Eléctricos -
EU - What's so special about the Franco-German relationship?
Reliability on the one side of the Rhine, and lightness of being on the other - characteristics that complement each other. Are Germany and France really Europe's dream team? What's the basis of their relationship?
That idiom is the first thing Celine Caro thinks of when she thinks about what it is that could possibly make France so appealing for Germans: "France has this reputation that it's the country of good cuisine". Caro has been living in Germany for ten years and works for a political foundation. Her friends and family have come to understand her enthusiasm for Germany now, she says, but it took a while. She recalls how her French friends reacted when she decided to move to Germany to study - they all thought it was strange and that Germany was boring. "Now I'm in Berlin, and the French are completely thrilled. At the moment Berlin is Europe's best capital."
Both countries, she says, at some point understood that they were "better off together than apart." The 1963 Elysee Treaty institutionalized the reconciliation. "What happened in terms of reconciliation in the post-war period is almost a miracle," Deussen adds, especially when you look at just how deep the differences were. Petra Sigmund is the press spokesperson of the German Embassy in Paris and says she is fascinated by the way the relationship developed: "What's so precious about Franco-German relationships is how we move towards each other even if we have very different instinctive reactions to many questions."
For more: What's so special about the Franco-German relationship? | Europe | DW.DE | 26.04.2012
That idiom is the first thing Celine Caro thinks of when she thinks about what it is that could possibly make France so appealing for Germans: "France has this reputation that it's the country of good cuisine". Caro has been living in Germany for ten years and works for a political foundation. Her friends and family have come to understand her enthusiasm for Germany now, she says, but it took a while. She recalls how her French friends reacted when she decided to move to Germany to study - they all thought it was strange and that Germany was boring. "Now I'm in Berlin, and the French are completely thrilled. At the moment Berlin is Europe's best capital."
Both countries, she says, at some point understood that they were "better off together than apart." The 1963 Elysee Treaty institutionalized the reconciliation. "What happened in terms of reconciliation in the post-war period is almost a miracle," Deussen adds, especially when you look at just how deep the differences were. Petra Sigmund is the press spokesperson of the German Embassy in Paris and says she is fascinated by the way the relationship developed: "What's so precious about Franco-German relationships is how we move towards each other even if we have very different instinctive reactions to many questions."
For more: What's so special about the Franco-German relationship? | Europe | DW.DE | 26.04.2012
Canada: Harper’s brand hits ‘new low’ amid robo-call, F-35 scandals: poll - by Gloria Galloway
The numerous clouds looming over theCanadian Conservative government have caused many Canadians who thought highly of Prime Minister Stephen Harper two months ago to question his competence, his trustworthiness and his vision for Canada, a new poll suggests.
Mr. Harper still edged out NDP Leader Thomas Mulcair – and easily outdistanced Interim Liberal Leader Bob Rae - in the leadership index portion of a telephone survey conducted by Nanos Research between April 13 and April 18.
The dramatic decline in Mr. Harper’s personal cachet occurred as his Conservatives were being accused of suppressing the opposition vote during the last election and hiding billions of dollars in the planned purchase of a fleet of fighter jets. It was also a period when Industry Minister Christian Paradis was found to have broken parliamentary ethics rules.
“It’s pretty clear that Stephen Harper’s brand has taken a hit in the last month on all of these measures. This is a new low for him over the last four years,” pollster Nik Nanos said in a telephone interview. “I think this has to be of big concern for the Conservatives because a big part of their brand has been built around Stephen Harper.”
For more: Harper’s brand hits ‘new low’ amid robo-call, F-35 scandals: poll - The Globe and Mail
Mr. Harper still edged out NDP Leader Thomas Mulcair – and easily outdistanced Interim Liberal Leader Bob Rae - in the leadership index portion of a telephone survey conducted by Nanos Research between April 13 and April 18.
The dramatic decline in Mr. Harper’s personal cachet occurred as his Conservatives were being accused of suppressing the opposition vote during the last election and hiding billions of dollars in the planned purchase of a fleet of fighter jets. It was also a period when Industry Minister Christian Paradis was found to have broken parliamentary ethics rules.
“It’s pretty clear that Stephen Harper’s brand has taken a hit in the last month on all of these measures. This is a new low for him over the last four years,” pollster Nik Nanos said in a telephone interview. “I think this has to be of big concern for the Conservatives because a big part of their brand has been built around Stephen Harper.”
For more: Harper’s brand hits ‘new low’ amid robo-call, F-35 scandals: poll - The Globe and Mail
Standard and Poor's Strikes again: Spain crisis deepens with jobless rise, downgrade - by Daniel Woolls and Pan Pylas
The government reported Friday that unemployment rose to 24.4 percent in the first quarter -- compared with 22.9 percent in the fourth quarter -- and that more than half of Spaniards under 25 are now without jobs. The bleak employment report came one day after ratings agency Standard & Poor's downgraded the country's debt.
The Spanish economy is in recession for the second time in three years as the damage from a housing bust persists. Foreclosures are rising, Spain's banks are in worse financial shape and the government's deficit is hitting worrisome levels.
The figures were another blow to the conservative government of Mariano Rajoy after Standard & Poor's late Thursday became the first of the three leading credit rating agencies to strip Spain of an A rating. It cited a worsening budget deficit, worries over the banking system and poor economic prospects for its decision to reduce the rating by two notches from A to BBB+.
S&P even warned that a further downgrade is possible as it left its outlook assessment on Spain at "negative."
For more: Spain crisis deepens with jobless rise, downgrade - BusinessWeek
The Spanish economy is in recession for the second time in three years as the damage from a housing bust persists. Foreclosures are rising, Spain's banks are in worse financial shape and the government's deficit is hitting worrisome levels.
The figures were another blow to the conservative government of Mariano Rajoy after Standard & Poor's late Thursday became the first of the three leading credit rating agencies to strip Spain of an A rating. It cited a worsening budget deficit, worries over the banking system and poor economic prospects for its decision to reduce the rating by two notches from A to BBB+.
S&P even warned that a further downgrade is possible as it left its outlook assessment on Spain at "negative."
For more: Spain crisis deepens with jobless rise, downgrade - BusinessWeek
The Netherlands: Marihuana : "the party is over - no more drug tourism to Holland" as judge backs cafe cannabis ban
A judge in the Netherlands has upheld a new law to ban foreign tourists from entering cannabis cafes.
Under the new law, Dutch residents will still be allowed into the cafes, as long as they have valid identification, or possibly hold a new "weed pass", which is also being debated.
There are about 700 coffee shops, as they are called, in the Netherlands. The cultivation and sale of soft drugs through them is decriminalized, although not legal; police generally tolerate possession of up to five grams of cannabis.
The nationwide ban is being strongly opposed by the Mayor of Amsterdam, Eberhard van der Laan, because around a third of the city's tourists visit to smoke cannabis in the cafes. Already in November the city of Maastricht brought in a coffee shop ban for foreign tourists from all countries, except Belgium and Germany, from where the majority of foreign customers come.
The majority of the Dutch population is happy with the ban, because most of Marihuana trade is now being controlled by criminal elements in the Dutch society.
EU-Digest
Under the new law, Dutch residents will still be allowed into the cafes, as long as they have valid identification, or possibly hold a new "weed pass", which is also being debated.
There are about 700 coffee shops, as they are called, in the Netherlands. The cultivation and sale of soft drugs through them is decriminalized, although not legal; police generally tolerate possession of up to five grams of cannabis.
The nationwide ban is being strongly opposed by the Mayor of Amsterdam, Eberhard van der Laan, because around a third of the city's tourists visit to smoke cannabis in the cafes. Already in November the city of Maastricht brought in a coffee shop ban for foreign tourists from all countries, except Belgium and Germany, from where the majority of foreign customers come.
The majority of the Dutch population is happy with the ban, because most of Marihuana trade is now being controlled by criminal elements in the Dutch society.
EU-Digest
4/26/12
The Netherlands - International Court Of Justice: Charles Taylor convicted of Sierra Leone war crimes
A United Nations-backed court in The Hague has convicted former Liberian president Charles Taylor of war crimes.
The 64-year-old was found guilty of “aiding and abetting” rebel fighters who waged an 11-year civil war in neighbouring Sierra Leone.
Taylor is the first head of state convicted by an international court since the post-World War II Nuremberg trials. He is likely to be sentenced by the end of May and will serve his prison term in Britain.
For More: Charles Taylor convicted of Sierra Leone war crimes | euronews, world news
The 64-year-old was found guilty of “aiding and abetting” rebel fighters who waged an 11-year civil war in neighbouring Sierra Leone.
Taylor is the first head of state convicted by an international court since the post-World War II Nuremberg trials. He is likely to be sentenced by the end of May and will serve his prison term in Britain.
For More: Charles Taylor convicted of Sierra Leone war crimes | euronews, world news
US Presidential Elections: Hispanics back Obama over Romney on policy says Poll
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| President Obama |
Hispanics also feel the Democratic Party better serves the needs of most Americans than the Republican Party, which bodes poorly for Romney and members of his party running in congressional and state elections.
Latinos clearly backed Obama over Romney on seven out of eight issues, from immigration to social security, in a Reuters/Ipsos poll released on Thursday. The two were in a statistical tie in the eighth area: the economy.
Thirty-three percent of Hispanics felt Obama has a better policy, plan or approach on immigration, compared to 14 percent for Romney who was criticized by Latinos for suggesting illegal immigrants should “self-deport” themselves.
For more: Hispanics back Obama over Romney on policy: Poll | World | News | Toronto Sun
The Netherlands: In a remarkable political achievement Dutch progressive politicians agree on austerity budget deal
The Dutch caretaker government and three opposition parties announced today Thursday that they managed to strike a provisional 2013 austerity budget deal.
Prospects for a successful deal to reduce the deficit by an April 30 deadline seemed unlikely given the timing of Wilders' walkout and the fact that few political parties appeared willing to take responsibility for a round of politically unpopular cuts ahead of a general election in September.
However, all five parties involved in the talks managed to agree on a package today. Measures include pay freezes and housing market reforms, but most details have not yet been released.
Rutte and his free-market VVD party remain partners in the caretaker government with De Jager's Christian Democrats. The other three parties who negotiated the deal had opposed Rutte's administration, mainly because of the anti-immigration and anti-Islam policies of Wilders' party. Alexander Pechtold, the leader of the small centrist D-66 party, said the swift agreement was evidence Rutte had been wrong to co-operate with Wilders in the first place.
The agreement will now be vetted by government economists and the parliament, but it is still seen as a remarkable political achievement.
EU-Digest
Prospects for a successful deal to reduce the deficit by an April 30 deadline seemed unlikely given the timing of Wilders' walkout and the fact that few political parties appeared willing to take responsibility for a round of politically unpopular cuts ahead of a general election in September.
However, all five parties involved in the talks managed to agree on a package today. Measures include pay freezes and housing market reforms, but most details have not yet been released.
Rutte and his free-market VVD party remain partners in the caretaker government with De Jager's Christian Democrats. The other three parties who negotiated the deal had opposed Rutte's administration, mainly because of the anti-immigration and anti-Islam policies of Wilders' party. Alexander Pechtold, the leader of the small centrist D-66 party, said the swift agreement was evidence Rutte had been wrong to co-operate with Wilders in the first place.
The agreement will now be vetted by government economists and the parliament, but it is still seen as a remarkable political achievement.
EU-Digest
Kazakhstan’s Borat-style promise and peril - Sonia Verma
Kazakhstan, the former Soviet republic in Central Asia, has seen the future, and apparently it resembles Canada’s capital.
“Ottawa is our target. You can walk the streets during the whole of the night, “ Kairat Kelimbetov, the Deputy Prime Minister of Kazakhstan, said with envy. He was in Canada last week to drum up investment for his homeland, and counter persistent myths that his country is a cauldron of eccentricity.
The latter task was made all the more complicated by recent comments from Nursultan Nazarbayev, Kazakhstan’s long-time leader, who outlined an ambitious but controversial plan to clean up Astana, his country’s own capital. He ordered police to ticket drivers of unwashed vehicles, crack down on gambling dens and discipline anyone found guilty of the most minor of misdemeanours, such as leaving chewing gum at street crossings. The President explained his strategy was meant reduce Astana’s crime rate, which is 1.7 times the national average.
For more: Kazakhstan’s Borat-style promise and peril - The Globe and Mail
“Ottawa is our target. You can walk the streets during the whole of the night, “ Kairat Kelimbetov, the Deputy Prime Minister of Kazakhstan, said with envy. He was in Canada last week to drum up investment for his homeland, and counter persistent myths that his country is a cauldron of eccentricity.
The latter task was made all the more complicated by recent comments from Nursultan Nazarbayev, Kazakhstan’s long-time leader, who outlined an ambitious but controversial plan to clean up Astana, his country’s own capital. He ordered police to ticket drivers of unwashed vehicles, crack down on gambling dens and discipline anyone found guilty of the most minor of misdemeanours, such as leaving chewing gum at street crossings. The President explained his strategy was meant reduce Astana’s crime rate, which is 1.7 times the national average.
For more: Kazakhstan’s Borat-style promise and peril - The Globe and Mail
Britain - Soccer: John Terry barred from lifting European Cup if Chelsea win final UEFA European Cup - by Dominic Fifield
John Terry is set to be denied the opportunity to lift the European Cup should Chelsea triumph in Munich next month because Uefa is reluctant to permit a suspended player from joining in the post-match presentation ceremony on the pitch.
The England defender was dismissed for violent conduct 37 minutes into Tuesday's 2-2 draw at Barcelona after kneeing Alexis Sánchez in the back of his legs. Uefa's control and disciplinary body will decide the length of the ban when it meets on 31 May but the offense carries a minimum one-match sanction, meaning the 31-year-old will miss the final against Bayern Munich in their Allianz Arena on 19 May. The governing body has the power to extend the punishment into next season.
Although Chelsea expect Terry to attend the game in Germany, he will not be permitted to sit on the bench and will have to watch from the stands, just as Paul Scholes and Roy Keane did with Manchester United in 1999 when the midfielders were serving one-match bans. The vice-captain, Frank Lampard, if available and selected, will lead out the team in Terry's absence in Germany and Uefa expects the winning side's captain on the night to mount the podium and accept the trophy. Any proposed change to that arrangement would have to be sanctioned by the governing body's disciplinary committee, but Chelsea are currently relaxed on the issue.
For more: John Terry barred from lifting European Cup if Chelsea win final | Football | The Guardian
The England defender was dismissed for violent conduct 37 minutes into Tuesday's 2-2 draw at Barcelona after kneeing Alexis Sánchez in the back of his legs. Uefa's control and disciplinary body will decide the length of the ban when it meets on 31 May but the offense carries a minimum one-match sanction, meaning the 31-year-old will miss the final against Bayern Munich in their Allianz Arena on 19 May. The governing body has the power to extend the punishment into next season.
Although Chelsea expect Terry to attend the game in Germany, he will not be permitted to sit on the bench and will have to watch from the stands, just as Paul Scholes and Roy Keane did with Manchester United in 1999 when the midfielders were serving one-match bans. The vice-captain, Frank Lampard, if available and selected, will lead out the team in Terry's absence in Germany and Uefa expects the winning side's captain on the night to mount the podium and accept the trophy. Any proposed change to that arrangement would have to be sanctioned by the governing body's disciplinary committee, but Chelsea are currently relaxed on the issue.
For more: John Terry barred from lifting European Cup if Chelsea win final | Football | The Guardian
With austerity failing, Europe turns its focus toward growth - by Jay Bryan
It's been arguably the most serious danger hanging over global financial markets for more than two years, and now there are signs that it's getting worse. Or, if we're lucky, maybe a lot better.
As if to emphasize the difficulties of slashing your way back to economic health, even Britain learned that it had fallen into a double-dip recession, joining much of continental Europe. As a non-member of the eurozone, the U.K. has its own, ultra-easy, monetary policy, but even this seems unable to offset the drag from a budget cutting government.
That's the bad news. But there's good news too, and it's probably more important.
It's that all this bad news has finally begun to convince skeptical political leaders and, maybe more important, bond-buying financial executives, that austerity isn't the best route to debt reduction.
"The tide is certainly shifting," says investment adviser Peter Berezin, managing editor of the Bank Credit Analyst.
"Markets now seem to understand that austerity damages growth. The view has shifted from a very firm focus on cutting to a focus on growth." Berezin sees this not only in the lack of a positive reaction when new austerity measures are announced, but also in comments from clients.
Note EU-Digest: Austerity which benefits only corporations and the wealthy while it makes "Joe Bloke" the tax payer pay the bill won't work. In America the Republicans and T-Party will also figure this out eventually.
As if to emphasize the difficulties of slashing your way back to economic health, even Britain learned that it had fallen into a double-dip recession, joining much of continental Europe. As a non-member of the eurozone, the U.K. has its own, ultra-easy, monetary policy, but even this seems unable to offset the drag from a budget cutting government.
That's the bad news. But there's good news too, and it's probably more important.
It's that all this bad news has finally begun to convince skeptical political leaders and, maybe more important, bond-buying financial executives, that austerity isn't the best route to debt reduction.
"The tide is certainly shifting," says investment adviser Peter Berezin, managing editor of the Bank Credit Analyst.
"Markets now seem to understand that austerity damages growth. The view has shifted from a very firm focus on cutting to a focus on growth." Berezin sees this not only in the lack of a positive reaction when new austerity measures are announced, but also in comments from clients.
Note EU-Digest: Austerity which benefits only corporations and the wealthy while it makes "Joe Bloke" the tax payer pay the bill won't work. In America the Republicans and T-Party will also figure this out eventually.
4/25/12
UEFA Champions League Soccer: Bayern Munich to play Chelsea in Champions League final
Bayern Munich reached the Champions League final beating nine-time champions Real Madrid 3-1 on penalties after the two-legged match finished 3-3 on aggregate.
Bastian Schweinsteiger slotted home the winning penalty in a thrilling shootout which saw Bayern lead 2-0 at one point after Cristiano Ronaldo and Kaka missed theirs for Real.
However, Toni Kroos and captain Philippo Lahm then missed theirs with Xabi Alonso getting one back for Real but Sergio Ramos blasted his effort high into the stands and Schweinsteiger made no mistake.
EU-Digest
Bastian Schweinsteiger slotted home the winning penalty in a thrilling shootout which saw Bayern lead 2-0 at one point after Cristiano Ronaldo and Kaka missed theirs for Real.
However, Toni Kroos and captain Philippo Lahm then missed theirs with Xabi Alonso getting one back for Real but Sergio Ramos blasted his effort high into the stands and Schweinsteiger made no mistake.
EU-Digest
Russia: Rosneft Picks Italy’s Eni For $120 Bln Offshore Projects
Russian oil giant Rosneft and Italy’s Eni will invest $70 billion in developing Barents Sea offshore deposits and $55 billion in Black Sea offshore production under a strategic partnership agreement signed by the companies on Wednesday.
"The two firms will invest $50-70 billion for full development in the Barents Sea and about $50-55 billion in the Black Sea,” according to preliminary forecasts, Rosneft President Eduard Khudainatov said.
The deal was signed by Khudainatov and Eni Board Chairman Paolo Scaroni in the presence of Russian Prime Minister and President-elect Vladimir Putin.
For more: Rosneft Picks Italy’s Eni For $120 Bln Offshore Projects | Business | RIA Novosti
"The two firms will invest $50-70 billion for full development in the Barents Sea and about $50-55 billion in the Black Sea,” according to preliminary forecasts, Rosneft President Eduard Khudainatov said.
The deal was signed by Khudainatov and Eni Board Chairman Paolo Scaroni in the presence of Russian Prime Minister and President-elect Vladimir Putin.
For more: Rosneft Picks Italy’s Eni For $120 Bln Offshore Projects | Business | RIA Novosti
Germany must accept growth pact says Hollande - by Hugh Carnegy
At a press conference in Paris, the Socialist party leader sharpened his tone on Europe, clearly responding to the big vote won in Sunday’s first round of the election by far right and far left candidates who strongly attacked austerity policies led by Berlin.
He called for a “new Europe” which stressed “solidarity, progress and protection” and warned against a split between northern and southern countries in the European Union. “If we say Germany will pay to cover the debts and deficits, I understand their reticence. Everybody must make their efforts [on public finances],” he said.. “But Germany must realise that it is growth that will allow us to solve a big part of our problems.”
For more: Germany must accept growth pact says Hollande - FT.com
Europe coughing up cash for US military gamble in Iran says analyst
Europeans should question why they are being asked to pay for an American-Israeli adventure in Iran during a time of unprecedented austerity, political analyst Chris Bambery told RT.
Iran says it will definitely put a swift stop to oil exports to "certain" European countries. A possible cut in supplies to other EU states is still under discussion.
The move comes in response to an EU oil embargo scheduled to come into force on July 1.
Political analyst Chris Bambery believes Tehran is referring to leading European powers like Britain and France when it refers to “certain” countries. He cites well-documented Western fears of Iranian-directed terrorist attacks in the US and Europe and Tehran's possession of missiles capable of reaching both.
For more: Europe coughing up cash for US military gamble in Iran - analyst — RT
Iran says it will definitely put a swift stop to oil exports to "certain" European countries. A possible cut in supplies to other EU states is still under discussion.
The move comes in response to an EU oil embargo scheduled to come into force on July 1.
Political analyst Chris Bambery believes Tehran is referring to leading European powers like Britain and France when it refers to “certain” countries. He cites well-documented Western fears of Iranian-directed terrorist attacks in the US and Europe and Tehran's possession of missiles capable of reaching both.
For more: Europe coughing up cash for US military gamble in Iran - analyst — RT
France’s Sarkozy rules out deal with far-right
French President Nicolas Sarkozy ruled out any deal with the far-right National Front of Marine Le Pen, backed by nearly a fifth of voters in a presidential election first round, to give them cabinet jobs or help them win seats in parliament.
An opinion poll showed two-thirds of Sarkozy supporters want him to break with past policy and strike an alliance with the Front after Le Pen’s 17.9 percent score on Sunday made her 6.4 million backers key to a May 6 presidential runoff.
Sarkozy said on Wednesday that listening to Le Pen’s backers did not mean he could envisage far-right ministers in a conservative-led government. “There will be no pact with the National Front,” he told France Info radio, saying there were too many issues on which the parties disagreed to imagine giving the party cabinet posts.
For more: France’s Sarkozy rules out deal with far-right - Arab News
An opinion poll showed two-thirds of Sarkozy supporters want him to break with past policy and strike an alliance with the Front after Le Pen’s 17.9 percent score on Sunday made her 6.4 million backers key to a May 6 presidential runoff.
Sarkozy said on Wednesday that listening to Le Pen’s backers did not mean he could envisage far-right ministers in a conservative-led government. “There will be no pact with the National Front,” he told France Info radio, saying there were too many issues on which the parties disagreed to imagine giving the party cabinet posts.
For more: France’s Sarkozy rules out deal with far-right - Arab News
Dropping the euro: a typical example of cutting off your nose to spite your face
Obviously, even though they are not saying it, the financial and banking
community, including Wall Street probably would want nothing more than that Europe abandons
the EURO.
Among the many negatives such a catastrophic move would bring for consumers is that business people and tourists once again will have to pay the banks a fee for exchanging their money from one currency into another when traveling or doing business around Europe.
Bottom-line - getting rid of the EURO is not a good idea.
EU-Digest
Among the many negatives such a catastrophic move would bring for consumers is that business people and tourists once again will have to pay the banks a fee for exchanging their money from one currency into another when traveling or doing business around Europe.
Bottom-line - getting rid of the EURO is not a good idea.
EU-Digest
The Netherlands: Misleading articles in foreign press about the Netherlands abandoning the euro
Several misleading articles are appearing in the foreign press about the possibility of the Netherlands leaving the euro. Nothing is further removed from the truth say leaders from all political parties in the Netherlands, except Geert Wilders from the far right "anti-everything" PVV party, who is blamed for quitting the government after an agreement was reached on the austerity measures.
DigtalJournal writes: "The Netherlands has been drawn into the debt crisis in Europe as the government failed to agree on budget cuts, thus casting doubt on its support for the Euro zone. Elections are now planned for September and "analysts" have said that one of the EU's strongest economies might just bring about the demise of the Euro".
Russian TV reports: "The Dutch government has collapsed after failing to win coalition support for its austerity plans. Elections are set to be held in September and "analysts" say one of the EU’s strongest economies may bring the unified currency’s demise".
EU-Digest
DigtalJournal writes: "The Netherlands has been drawn into the debt crisis in Europe as the government failed to agree on budget cuts, thus casting doubt on its support for the Euro zone. Elections are now planned for September and "analysts" have said that one of the EU's strongest economies might just bring about the demise of the Euro".
Russian TV reports: "The Dutch government has collapsed after failing to win coalition support for its austerity plans. Elections are set to be held in September and "analysts" say one of the EU’s strongest economies may bring the unified currency’s demise".
EU-Digest
4/24/12
Multi-National Corporations: The Walmart Bribery Scandal: Big Box Boxed In - by Richard Levick
Chalk one up for old-fashioned hard copy investigative reporting. When the New York Times story about alleged bribery of Mexican officials by Walmart hit the newsstands this weekend, it set the “anti-corruption community” abuzz, at the very least providing a dramatic reminder that the Foreign Corrupt Practices Act is no paper tiger; that the potential for civil and possibly criminal government action is immense; and that, especially for a retail giant that lives on public loyalty, the brand threat here should be taken very seriously.
For more: The Walmart Bribery Scandal: Big Box Boxed In - Forbes
For more: The Walmart Bribery Scandal: Big Box Boxed In - Forbes
Middle East: Gas deal dispute reflects change in Israel-Egypt relations - by Jeffrey Fleishman
The decorum of diplomacy has devolved into embarrassing headlines and testy one-liners in the increasingly strained relations between Egypt and Israel.
Israeli Prime Minister Benjamin Netanyahu said Tuesday that Egypt's Sinai peninsula had become a "kind of Wild West" overrun by militants, terrorists and arms smugglers. Over the weekend, Foreign Minister Avigdor Lieberman had suggested massing more Israeli troops along the border with Egypt.
That drew a bit of mafia parlance from Egypt's military ruler, Field Marshal Mohamed Hussein Tantawi: "Our borders, especially the northeast ones, are inflamed. We do not attack neighboring countries but will defend our territory. We will break the legs of anyone trying to attack us or who come near the borders."
Rhetoric for domestic consumption, to be sure, but it symbolizes the changed tenor between the two countries since last year's revolution, in which Egyptian President Hosni Mubarak, who kept close ties with Israel, was deposed. Islamists are on the rise in Egypt, and Tantawi is keenly aware that the 1979 Egypt-Israeli peace treaty was never enshrined in the Egyptian soul.
For more: Gas deal dispute reflects change in Israel-Egypt relations - latimes.com
Israeli Prime Minister Benjamin Netanyahu said Tuesday that Egypt's Sinai peninsula had become a "kind of Wild West" overrun by militants, terrorists and arms smugglers. Over the weekend, Foreign Minister Avigdor Lieberman had suggested massing more Israeli troops along the border with Egypt.
That drew a bit of mafia parlance from Egypt's military ruler, Field Marshal Mohamed Hussein Tantawi: "Our borders, especially the northeast ones, are inflamed. We do not attack neighboring countries but will defend our territory. We will break the legs of anyone trying to attack us or who come near the borders."
Rhetoric for domestic consumption, to be sure, but it symbolizes the changed tenor between the two countries since last year's revolution, in which Egyptian President Hosni Mubarak, who kept close ties with Israel, was deposed. Islamists are on the rise in Egypt, and Tantawi is keenly aware that the 1979 Egypt-Israeli peace treaty was never enshrined in the Egyptian soul.
For more: Gas deal dispute reflects change in Israel-Egypt relations - latimes.com
Syria crisis: Can UN mission succeed? by Jim Muir
Will the new acronym UNSMIS - the UN Supervision Mission in Syria - pass into the Middle East's lexicon and take up its place alongside those of other deployments, such as UNTSO and Unifil, which have for decades been helping keep some of the region's potential flashpoints from exploding?
The Americans and others are clearly sceptical, and have already warned that their support for a renewal of the mission, when its initial mandate expires in three months' time, should not be taken for granted.
For more: BBC News - Syria crisis: Can UN mission succeed?
Soccer - UEFA Champions League: 10-man Chelsea dethrone Barcelona to enter final
Lionel Messi missed a penalty as holders Barcelona were sent crashing out of the Champions League semi-finals after 10-man Chelsea battled to a 2-2 draw at the Camp Nou here on Tuesday.
Chelsea, leading 1-0 from the first leg, snatched a 3-2 aggregate win on a night of extraordinary drama which saw the Premier League side recover from 2-0 down and the dismissal of captain John Terry to reach next month's Munich final.
For more: Champions League: 10-man Chelsea dethrone Barcelona to enter final | News | NDTVSports.com
Chelsea, leading 1-0 from the first leg, snatched a 3-2 aggregate win on a night of extraordinary drama which saw the Premier League side recover from 2-0 down and the dismissal of captain John Terry to reach next month's Munich final.
For more: Champions League: 10-man Chelsea dethrone Barcelona to enter final | News | NDTVSports.com
Financial Markets: "Wall Street And Too Big To Fail Banks Pushing Another Sand Castle - Junk Bonds"
Too big to fail Morgan Stanley, JPMorgan Chase & Co., and Bank of America Corp. are recommending junk bonds as a hedge "while sovereign-debt crisis flares in Europe and concern mounts over the strength of the U.S. recovery".
This despite the fact that extra yield investors demand to hold U.S. junk bonds rather than government debt has declined 103 basis points this year to 620 basis points even though spreads are up from last year’s low of 452 on Feb. 21, 2011.
Said one European investor: "you must either be out of your mind or totally stupid to believe these financial institutions, this looks like another big sand castle".
EU-Digest
This despite the fact that extra yield investors demand to hold U.S. junk bonds rather than government debt has declined 103 basis points this year to 620 basis points even though spreads are up from last year’s low of 452 on Feb. 21, 2011.
Said one European investor: "you must either be out of your mind or totally stupid to believe these financial institutions, this looks like another big sand castle".
EU-Digest
UEFA Champions League: Soccer Match Preview between Barcelona v Chelsea
Chelsea will step out at Camp Nou in Barcelona on Tuesday evening attempting to eliminate Barcelona and secure what had previously seemed an unlikely place in the UEFA Champions League final.
Interim first-team coach Roberto Di Matteo has overseen a remarkable turnaround in fortunes and following their much-discussed, disciplined and strategic 1-0 semi-final first-leg win over defending kings of Europe, Barcelona, the final is within reach.
Following their weekend defeat to Real Madrid, the Primera Liga title is slipping away from Barcelona and so retaining the Champions League
has been a top priority for Guardiola, who has been linked with a move to Chelsea in the summer.For more: Match Preview | Barcelona v Chelsea - 24th April 2012 | Sky Sports | Football News
The Netherlands: Political crises not out of control if political elite pulls together
The Wall Street Journal reports that "the Dutch government fell amid a dispute over budget cuts, underscoring the growing difficulty Europe's leaders face against a darkening economic picture, massive debts, angry voters and volatile financial markets.
On Monday, Dutch Prime Minister Mark Rutte became the latest euro-zone leader to fall victim to the region's economic funk, tendering his resignation after failing to win enough backing in parliament for measures to cut the country's budget deficit. The leaders of Greece, Portugal, Ireland, Spain and Italy also have been forced out recently as the region's economy worsens.
The Netherlands, one of the few triple A rated economies in the world ( the US is not) which has the fifth-biggest economy in the 17-nation euro zone, has more room to maneuver than many of its peers, economists say. The country is a net lender to rather than a borrower from the rest of Europe, unlike the euro's southern members. That matters, because the European countries with debt crises are those that need to borrow large amounts from abroad each year".
Note EU-Digest: The situation in Europe and in this case the Netherlands is not as gloomy as the US financial press and some of their cohorts in Europe seem to indicate for obvious reasons. Dutch Prime Minister Mark Rutte will be speaking to the Dutch Parliament today and its thought highly possible that the Dutch outgoing Government will eventually try to come up with a budget which is acceptable to a majority of the parties in the Parliament and the EU before the elections are held.
For more go to the WSJ a Rupert Murdoch owned newspaper
On Monday, Dutch Prime Minister Mark Rutte became the latest euro-zone leader to fall victim to the region's economic funk, tendering his resignation after failing to win enough backing in parliament for measures to cut the country's budget deficit. The leaders of Greece, Portugal, Ireland, Spain and Italy also have been forced out recently as the region's economy worsens.
The Netherlands, one of the few triple A rated economies in the world ( the US is not) which has the fifth-biggest economy in the 17-nation euro zone, has more room to maneuver than many of its peers, economists say. The country is a net lender to rather than a borrower from the rest of Europe, unlike the euro's southern members. That matters, because the European countries with debt crises are those that need to borrow large amounts from abroad each year".
Note EU-Digest: The situation in Europe and in this case the Netherlands is not as gloomy as the US financial press and some of their cohorts in Europe seem to indicate for obvious reasons. Dutch Prime Minister Mark Rutte will be speaking to the Dutch Parliament today and its thought highly possible that the Dutch outgoing Government will eventually try to come up with a budget which is acceptable to a majority of the parties in the Parliament and the EU before the elections are held.
For more go to the WSJ a Rupert Murdoch owned newspaper
Journalistic Ethics: Billionaires' day at the Leveson inquiry - by Michael White
The Leveson inquiry into phone hacking has turned its attention to the secretive, foreign-based billionaires whose shadowy grip on much of Fleet Street influences millions of ordinary British lives. But the session was not all about the Telegraph-owning Barclay brothers. The Russian oligarchs and their Australian rival, Rupert Murdoch, also shared the spotlight.
They are all very different, but also similar, as billionaires tend to be, in important respects, such as having lots of money. And their devotion to free enterprise and meritocracy also has a strongly counterintuitive side to it: heredity.
So the Russian tycoon Alexander Lebedev, who bought the London Evening Standard and (for £1) the Independent, was represented by his son, Evgeny (31), to whom dad gave both newspapers, as dads do. The Barclay twins, Dave and Fred, did the same. They sent young Aidan Barclay (55), who is chairman of the Telegraph Media Group, but does not own it yet.
For more: Billionaires' day at the Leveson inquiry | Media | The Guardian
They are all very different, but also similar, as billionaires tend to be, in important respects, such as having lots of money. And their devotion to free enterprise and meritocracy also has a strongly counterintuitive side to it: heredity.
So the Russian tycoon Alexander Lebedev, who bought the London Evening Standard and (for £1) the Independent, was represented by his son, Evgeny (31), to whom dad gave both newspapers, as dads do. The Barclay twins, Dave and Fred, did the same. They sent young Aidan Barclay (55), who is chairman of the Telegraph Media Group, but does not own it yet.
For more: Billionaires' day at the Leveson inquiry | Media | The Guardian
Journalistic Ethics: James Murdoch appears at Leveson Inquiry - by Sam Marsden
James Murdoch is being grilled in London today about his stewardship of News International during the years when the phone-hacking scandal was growing.
The media boss is being asked asked about his time in charge of his father's UK national newspapers when he gives evidence to the Leveson Inquiry into press standards. He is likely to face fresh questions about when he learned that phone-hacking was not restricted to a single “rogue reporter”.
Two News of the World executives claim they warned him in June 2008 that the practice of illegally intercepting voicemail messages extended beyond the paper's former royal editor Clive Goodman, who was jailed in January 2007..
Mr Murdoch, 39, admitted last month that he shares the blame for not uncovering hacking sooner but denied turning a “blind eye” to alleged wrongdoing.
For more: James Murdoch appears at Leveson Inquiry - Home News - UK - The Independent
4/23/12
Turkish PM lashes out at Iraqi counterpart, denies meddling - by Ayla JeanYackley
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| Turkish PMTayyip Erdogan |
The row heated up on Thursday when Erdogan accused Iraqi Prime Minister Nuri Al-Maliki of acting “self-centered” and inciting tensions between the country’s Shiites, Sunnis and Kurds amid a constitutional crisis in Baghdad.
Maliki in turn branded Turkey a “hostile state” and said Erdogan’s remarks “represent another return to flagrant interference in Iraqi internal affairs,” according to a statement on his website on Friday.
For more: Turkish PM lashes out at Iraqi counterpart, denies meddling - Arab News
Chinese Premier Kicks off Official Visit to Sweden
Chinese Premier Wen Jiabao arrived here Monday afternoon for an official visit to Sweden, aimed at further promoting bilateral ties.
In a written speech upon his arrival at the airport, Wen said that the friendly exchanges between the two peoples have a time-honored history though China and Sweden are located far apart.
Over the past years, the two nations have conducted frequent high-level exchanges, Wen said. And the two sides have reaped bumper harvests in economic and trade cooperation and carried out increasingly close exchanges in various areas, he added.
China attaches great importance to its relations with Sweden and stands ready to make concerted efforts, on the basis of mutual respect, equality and mutual benefit, to continuously promote the friendship between the two peoples and make fresh progress in advancing practical cooperation in various areas, he said.
For more: Chinese Premier Kicks off Official Visit to Sweden
In a written speech upon his arrival at the airport, Wen said that the friendly exchanges between the two peoples have a time-honored history though China and Sweden are located far apart.
Over the past years, the two nations have conducted frequent high-level exchanges, Wen said. And the two sides have reaped bumper harvests in economic and trade cooperation and carried out increasingly close exchanges in various areas, he added.
China attaches great importance to its relations with Sweden and stands ready to make concerted efforts, on the basis of mutual respect, equality and mutual benefit, to continuously promote the friendship between the two peoples and make fresh progress in advancing practical cooperation in various areas, he said.
For more: Chinese Premier Kicks off Official Visit to Sweden
Italy launches Europe's first private high-speed train
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| the Italo high-speed train |
The dark-red bullet-shaped "Italo" trains are run by NTV, a company headed by Ferrari boss Luca di Montezemolo who wants to take a quarter of the market from state rail network Trenitalia, the biggest employer in the country.
"Italo has arrived, the competition has kicked off," NTV told its first passengers on an inaugural trip from Rome to Naples as they admired interiors that included a cinema carriage, leather seats and panoramic windows.
The project is one example of the new ambitions of the eurozone's third largest economy under Monti, a former EU competition commissioner who plans to shake up a sluggish economy heavily influenced by protectionist traditions.
Economics professor Monti came to power in November replacing Silvio Berlusconi and has said he wants to take on "vested interests" as well as calling for large-scale privatisations.
For more: Italy launches Europe's first private high-speed train | theSundaily
France: Le Pen says she’s no Wilders
Ms Le Pen has distanced herself from her father’s controversial views on the Holocaust and anti-Semitism. “I am not racist, not anti-Semitic, not xenophobic, but patriotic,” she said.
La Peste Blonde, as she has been called, succeeded in bringing the National Front not just back into the spotlight, but into the competition for presidency with a driving force. She dismisses the label “extreme right” for her party, seeing herself as a “moderate”.
“That’s the difference between Geert Wilders and me. He reads the Qur’an literally: you can’t interpret the Qur’an – or indeed the Bible – literally. I resist fundamentalists who want to impose their will and law on France. Sharia Law is not compatible with our principles, our values or democracy,” Ms Le Pen asserted in the interview with Radio 1 reporter Frank Renout.
Le Pen says she’s no Wilders | Radio Netherlands Worldwide
La Peste Blonde, as she has been called, succeeded in bringing the National Front not just back into the spotlight, but into the competition for presidency with a driving force. She dismisses the label “extreme right” for her party, seeing herself as a “moderate”.
“That’s the difference between Geert Wilders and me. He reads the Qur’an literally: you can’t interpret the Qur’an – or indeed the Bible – literally. I resist fundamentalists who want to impose their will and law on France. Sharia Law is not compatible with our principles, our values or democracy,” Ms Le Pen asserted in the interview with Radio 1 reporter Frank Renout.
Le Pen says she’s no Wilders | Radio Netherlands Worldwide
The end of Europe’s right-wing winter? - by Owen Jones
For those who hoped the biggest crisis of capitalism since the 1930s would lead to a new wave of left-wing politics, the three-and-a-half years since Lehman Brothers went under have been a depressing experience. The right dominate Europe. Neo-liberalism should have been left on the ropes by the financial catastrophe: instead, it was handed its greatest opportunity yet.
I was in Portugal last November, and leading businesspeople and economists were entirely candid that the crisis made it possible to introduce policies – such as privatization, the slashing of taxes on the wealthy, and the repealing of workers’ rights – that were not possible in normal times.
In hindsight, expecting an automatic boost for the left was always a bit optimistic. As the global economy tanked, there was no coherent left with a mass base that could have benefited from the aftermath. The ‘left’ – as traditionally understood – had been all but wiped out as a significant political force on a global scale: largely, because of the rise of the New Right, the acceleration of globalisation, and the triumphalism that followed the collapse of the Soviet bloc. Even leftists who abhorred Stalinist totalitarianism appeared discredited: after all, it was ‘The End of History’, as Francis Fukuyama put it. ‘It’s time to say: We’ve won, goodbye,’ as US neo-conservative Midge Decter put it in 1990, summing up the mood of the time.
But has the first round of France’s presidential election finally punctured the European right’s hegemony, bolstering the confidence of an embattled left? It’s an answer that needs a hell of a lot of caveats, that’s for sure.
For more: The end of Europe’s right-wing winter? | | Independent Notebook - A selection of Independent views - Blogs
I was in Portugal last November, and leading businesspeople and economists were entirely candid that the crisis made it possible to introduce policies – such as privatization, the slashing of taxes on the wealthy, and the repealing of workers’ rights – that were not possible in normal times.
In hindsight, expecting an automatic boost for the left was always a bit optimistic. As the global economy tanked, there was no coherent left with a mass base that could have benefited from the aftermath. The ‘left’ – as traditionally understood – had been all but wiped out as a significant political force on a global scale: largely, because of the rise of the New Right, the acceleration of globalisation, and the triumphalism that followed the collapse of the Soviet bloc. Even leftists who abhorred Stalinist totalitarianism appeared discredited: after all, it was ‘The End of History’, as Francis Fukuyama put it. ‘It’s time to say: We’ve won, goodbye,’ as US neo-conservative Midge Decter put it in 1990, summing up the mood of the time.
But has the first round of France’s presidential election finally punctured the European right’s hegemony, bolstering the confidence of an embattled left? It’s an answer that needs a hell of a lot of caveats, that’s for sure.
For more: The end of Europe’s right-wing winter? | | Independent Notebook - A selection of Independent views - Blogs
Suriname: The Netherlands continues Suriname anti-amnesty lobby
Suriname should not expect a change in policy from the Dutch, despite the fall of the Dutch government. National and international efforts against Suriname in view of the adopted Amnesty Act will be continued.
Lower House legislators Kathleen Ferrier (CDA) and Harry van Bommel (SP), in separate interviews, told de Ware Tijd that outgoing Foreign Minister Uri Rosenthal has full support of the House. ‘All political parties in the Lower House support the Rutte/Verhage policy towards Suriname with regards to the adopted Amnesty Act,’ Ferrier told dWT. Dutch efforts to get EU and OAS support in condemning Suriname will continue as before, says van Bommel. Both Ferrier and Van Bommel, who are on the Foreign Affairs commission in the House, say that the Dutch cabinet crisis will not favor Bouterse.
In last week’s Suriname debate Rosenthal had already announced that he would address the Amnesty Act in the EU Foreign Council. He said then that many EU countries have no ties with Suriname. Van Bommel, who is expected to be the next Foreign Minister, says that Rosenthal will be at the EU meeting as scheduled. ‘If his presence there is hindered, there will still be ways to address the issue, Ferrier says. Rosenthal had asked during the debates to issue a statement with other countries for international support for the court martial judges. Van Bommel argues that an outgoing government does not have a weakened position internationally, so the policy will be continued as before.
For more: The Netherlands continues Suriname anti-amnesty lobby - Stabroek News - Guyana
Lower House legislators Kathleen Ferrier (CDA) and Harry van Bommel (SP), in separate interviews, told de Ware Tijd that outgoing Foreign Minister Uri Rosenthal has full support of the House. ‘All political parties in the Lower House support the Rutte/Verhage policy towards Suriname with regards to the adopted Amnesty Act,’ Ferrier told dWT. Dutch efforts to get EU and OAS support in condemning Suriname will continue as before, says van Bommel. Both Ferrier and Van Bommel, who are on the Foreign Affairs commission in the House, say that the Dutch cabinet crisis will not favor Bouterse.
In last week’s Suriname debate Rosenthal had already announced that he would address the Amnesty Act in the EU Foreign Council. He said then that many EU countries have no ties with Suriname. Van Bommel, who is expected to be the next Foreign Minister, says that Rosenthal will be at the EU meeting as scheduled. ‘If his presence there is hindered, there will still be ways to address the issue, Ferrier says. Rosenthal had asked during the debates to issue a statement with other countries for international support for the court martial judges. Van Bommel argues that an outgoing government does not have a weakened position internationally, so the policy will be continued as before.
For more: The Netherlands continues Suriname anti-amnesty lobby - Stabroek News - Guyana
The Netherlands: Dutch PM Rutte 'tenders his cabinet's resignation' to the Queen who will take it under advisement
Today Dutch Prime Minister Mark Rutte tendered his cabinet's resignation to Queen Beatrix after the collapse of talks on austerity measures this past weekend. The queen said she will take it under advisement.
An official statement and address to the parliament by PM Rutte is expected either today or tomorrow.
The ruling VVD-CDA coalition and its far-right parliamentary ally the PVV of Geert Wilders had launched make-or-break talks on the contentious issue of austerity measures on March 5.
The talks aimed at cutting 16 billion euros (U$21 billion) off the budget, which sat at 4.7 percent of gross domestic product for 2011 and steer Europe's fifth-largest economy back within EU deficit targets.
On Saturday afternoon after some seven weeks of negotiations Wilders suddenly quit the talks and shortly afterwards Rutte announced its failure, saying new elections were likely.
The possibility of a June 27 election is being mentioned as the earliest date for the election but this could be postponed till the autumn.
Fraction leaders of all the political parties in the Dutch parliament are presently discussing the possibility of putting together a budget which meets EU demands and can be supported by a majority in Parliament before the elections are held .
EU-Digest
An official statement and address to the parliament by PM Rutte is expected either today or tomorrow.
The ruling VVD-CDA coalition and its far-right parliamentary ally the PVV of Geert Wilders had launched make-or-break talks on the contentious issue of austerity measures on March 5.
The talks aimed at cutting 16 billion euros (U$21 billion) off the budget, which sat at 4.7 percent of gross domestic product for 2011 and steer Europe's fifth-largest economy back within EU deficit targets.
On Saturday afternoon after some seven weeks of negotiations Wilders suddenly quit the talks and shortly afterwards Rutte announced its failure, saying new elections were likely.
The possibility of a June 27 election is being mentioned as the earliest date for the election but this could be postponed till the autumn.
Fraction leaders of all the political parties in the Dutch parliament are presently discussing the possibility of putting together a budget which meets EU demands and can be supported by a majority in Parliament before the elections are held .
EU-Digest
The Netherlands: Geert Wilders seen by peers as unreliable, insulting and opportunist
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| Geert Wilders |
His unreliability at first was well camouflaged but came in to the open when about two years ago he signed a governing agreement with two major Dutch "establishment" political parties, the VVD and the Christian Democrats. In this agreement, even though he promised to support the minority government of Rutte, he distanced himself from it by not joining the actual cabinet of the Government.
Looking back at it today one realizes that even this "physical" distance was not enough for Wilders. Governing in a coalition system which has always been the Dutch norm in politics also requires compromise. Mr Wilders, to the contrary, ridiculing this very Dutch culture of compromise.
Wilders also used his Government "inside/outside" position" to insult cultures, religions and people, like the President of Turkey during his state visit to the Netherlands, his Freedom Party started a website inviting people to complain about Polish immigrants, Wilders also condemned the Queen for wearing a headscarf when visiting a mosque in Oman, and at Ground Zero in New York he spoke out against Islam.
More recent, attempting to explain why he walked out of the austerity negotiations with his partners in the Dutch Government, Wilders lashed out at the European Union, saying it was all their fault and that the Netherlands should not blindly obey commands from Brussels.
Sniping at Europe, or bashing away at immigration or non-Judeo-Christian religions gave Wilders quite an audience in the past and initially he scored very well in the polls and in the voting booth.
Obviously today the question is if the Dutch voter will once again fall for this charlatan politician, or will his party, the PVV, which presently is in turmoil self destruct, just like it did for the party of his populist predecessor Pim Fortuyn? Time will tell.
EU-Digest
Europe swings left: "it's not only important to solve Europe's financial crises, but also to get rid of those who created it"
"Traders and strategists" saw little respite for non-German debt in coming days with investors worried Socialist Francois Hollande - who won the first round of France's presidential poll on Sunday - might loosen his country's commitment to austerity.
On the political crises in the Netherlands, financial institutions also expressed fear, "until we see a new coalition cobbled together in Holland and signs they are going to take action to cut the budget deficit over the medium-term investors are going to be nervous over Dutch bonds," RIA Capital Markets strategist Nick Stamenkovic said.
Citigroup, a tax payer bailed out "too big to fail financial institution" said: "the euro was caught between Holland and Hollande."
"We suspect that more indications that the euro zone countries are softening their commitment to fiscal targets and that austerity policies could push sovereign debt yields higher still going forward. The headwinds for the single currency could intensify because more funding difficulties for the euro zone core could undermine the efforts to create a credible firewall for Spain and Italy," Citigroup said in a "fear mongerin"g morning note to its clients.
A French left wing parliamentarian hearing the news of Hollande's victory said, "its not a question that we should not solve Europe's financial crises, but in the process we should also get rid of those who created it"
EU-Digest
The Internet: a new avenue for love and marriage
According to new research commissioned by Match.com, people are using online dating services to meet new people in ever increasing numbers:
1 in 5 singles have dated someone they met on an online dating site,
1 in 5 new relationships now begin on an online dating site,
and 1 in 6 couples getting married first met on an online dating site.
For couples getting married, that statistic places online dating sites third in ways to meet a partner – behind school/work and friends/family, but ahead of bars, clubs, social events, and through their places of worship.
According to the research here’s the breakdown on where people who’ve married in the past three years met their spouses:
EU-Digest
For couples getting married, that statistic places online dating sites third in ways to meet a partner – behind school/work and friends/family, but ahead of bars, clubs, social events, and through their places of worship.
According to the research here’s the breakdown on where people who’ve married in the past three years met their spouses:
- Through Work/School 36%
- Through Friend/Family Member 26%
- Via Online Dating Site 17%
- Through Bars/Clubs/Other Social Events 11%
- Through their Church/Place of Worship 4%
- Other 7%
EU-Digest
4/22/12
Internet: Hundreds of thousands may lose Internet connection in July - by Lolita C.Baldor
For computer users, a few mouse clicks could mean the difference between staying online and losing Internet connections this summer.
Unknown to most of them, their problem began when international hackers ran an online advertising scam to take control of infected computers around the world. In a highly unusual response, the FBI set up a safety net months ago using government computers to prevent Internet disruptions for those infected users. But that system is to be shut down.
The FBI is encouraging users to visit a website run by its security partner, http://www.dcwg.org , that will inform them whether they're infected and explain how to fix the problem. After July 9, infected users won't be able to connect to the Internet.
Most victims don't even know their computers have been infected, although the malicious software probably has slowed their web surfing and disabled their antivirus software, making their machines more vulnerable to other problems.
For more: Hundreds of thousands may lose Internet in July - Hawaii News Now - KGMB and KHNL
Unknown to most of them, their problem began when international hackers ran an online advertising scam to take control of infected computers around the world. In a highly unusual response, the FBI set up a safety net months ago using government computers to prevent Internet disruptions for those infected users. But that system is to be shut down.
The FBI is encouraging users to visit a website run by its security partner, http://www.dcwg.org , that will inform them whether they're infected and explain how to fix the problem. After July 9, infected users won't be able to connect to the Internet.
Most victims don't even know their computers have been infected, although the malicious software probably has slowed their web surfing and disabled their antivirus software, making their machines more vulnerable to other problems.
For more: Hundreds of thousands may lose Internet in July - Hawaii News Now - KGMB and KHNL
Iran: Israel stepping up covert ops: defence chief
Israel's defence chief has confirmed his forces are carrying out increased special operations beyond the country's borders.
In an interview to be published on Wednesday to mark the eve of Israel's independence day, Lieutenant General Benny Gantz also says Israel is ready to attack Iran's nuclear sites if ordered to do so.
"We think that a nuclear Iran is a very bad thing, which the world needs to stop and which Israel needs to stop - and we are planning accordingly," he said. "In principle, we are ready to act."
For more: Israel stepping up covert ops: defence chief - ABC News (Australian Broadcasting Corporation)
In an interview to be published on Wednesday to mark the eve of Israel's independence day, Lieutenant General Benny Gantz also says Israel is ready to attack Iran's nuclear sites if ordered to do so.
"We think that a nuclear Iran is a very bad thing, which the world needs to stop and which Israel needs to stop - and we are planning accordingly," he said. "In principle, we are ready to act."
For more: Israel stepping up covert ops: defence chief - ABC News (Australian Broadcasting Corporation)
Aircraft Industry: Euro rival’s plane better than Canadian Bombardier’s Q400 on short haul, expert says - by Brent Jang
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| French-Italian ATR 72-600 |
The French-Italian ATR 72-600 is the ideal fit for WestJet because it’s more fuel efficient than Bombardier Inc.’s Q400, said Ben Cherniavsky, a Vancouver-based analyst with Raymond James Ltd.
“According to our detailed calculations, the ATR fleet delivers superior returns,” he said in a research report Thursday.
The ATR 72-600 – with a list price at $23-million (U.S.), compared with the Q400 at $30-million – stands out on shorter routes that WestJet will be considering for its new regional subsidiary, Mr. Cherniavsky said. “Our analysis reveals that there are relatively few markets in Canada where the speed of the Q400 makes a material enough difference to offset its higher costs.”
For more: Euro rival’s plane better than Bombardier’s Q400 on short haul, expert says - The Globe and Mail
Chinese Politics: Bo Xilai’s fall signals victory for China’s reformers - by Mark Mackinnon
The fall of Bo Xilai, once the rising star of China’s Communist Party, has been spectacular to watch. Initially purged last month because his superiors feared he might launch a “new Cultural Revolution,” the ouster was shocking enough to spark rumours that Mr. Bo and his allies were planning to seize power in Beijing via a coup d’état.
The very public humiliation of Mr. Bo – now stripped of all party posts after previously being seen as a shoo-in to be named to the Standing Committee – has brought to the surface the decades-old split that pits a group of liberal-minded reformers like Premier Wen Jiabao against a hard-line wing of the party that believes it is time for China, after 20 years of unprecedented economic growth accompanied by widening inequality, to increase state control and turn back toward its socialist roots.
It’s the biggest rupture inside China’s ruling elite since 1989, when Zhao Ziyang was ousted as Communist Party chairman after he sided with the pro-democracy demonstrators on Tiananmen Square. The shift comes at a critical juncture, just months before the Communist Party will unveil its new leadership lineup, with seven of the nine current members of the all-powerful Standing Committee of the Politburo set to retire this fall. The new Politburo lineup will set the direction for the world’s rising superpower for the coming decade.
For more: Bo Xilai’s fall signals victory for China’s reformers - The Globe and Mail
The very public humiliation of Mr. Bo – now stripped of all party posts after previously being seen as a shoo-in to be named to the Standing Committee – has brought to the surface the decades-old split that pits a group of liberal-minded reformers like Premier Wen Jiabao against a hard-line wing of the party that believes it is time for China, after 20 years of unprecedented economic growth accompanied by widening inequality, to increase state control and turn back toward its socialist roots.
It’s the biggest rupture inside China’s ruling elite since 1989, when Zhao Ziyang was ousted as Communist Party chairman after he sided with the pro-democracy demonstrators on Tiananmen Square. The shift comes at a critical juncture, just months before the Communist Party will unveil its new leadership lineup, with seven of the nine current members of the all-powerful Standing Committee of the Politburo set to retire this fall. The new Politburo lineup will set the direction for the world’s rising superpower for the coming decade.
For more: Bo Xilai’s fall signals victory for China’s reformers - The Globe and Mail
French Presidential elections: Hollande beats Sarkozy and both heading to French vote runoff
With 75 percent of the vote counted, Hollande had 27.9 percent of ballots cast and Sarkozy 26.7 percent, according to figures released by the Interior Ministry after final polls closed.
Le Pen was in third with 19.2 percent of the vote so far. In fourth place was leftist firebrand Jean-Luc Melenchon with 10.8 percent, followed by centrist Francois Bayrou with 9.2 percent and five other candidates with minimal support.
Turnout was also surprisingly high, projected by polling agencies at about 80 percent, despite concern that a campaign lacking a single overarching theme had failed to inspire voters.
Internet: A thorny Question: Managing Your "Online Life" after you die..
The pieces of our lives that we put online can feel as eternal as the Internet itself, but what happens to our virtual identity after we die?
It's a thorny question, and for now, the answer depends on which sites you use. Privacy is a major issue. So are company policies to delete inactive accounts.
In general if next a next of kin asks to have a profile taken down, Facebook will usually comply. It will not, however, hand over a user's password to let a family member access the account, which means private messages are kept just that.
Rival MySpace has a similar policy blocking account access but has fewer restrictions on profile-viewing.
MyDeathSpace.com was started by an enterprising entrepreneur who felt there was a market for people who wanted to stay or be kept alive on the Internet even after they died.
Take your pick...
It's a thorny question, and for now, the answer depends on which sites you use. Privacy is a major issue. So are company policies to delete inactive accounts.
In general if next a next of kin asks to have a profile taken down, Facebook will usually comply. It will not, however, hand over a user's password to let a family member access the account, which means private messages are kept just that.
Rival MySpace has a similar policy blocking account access but has fewer restrictions on profile-viewing.
MyDeathSpace.com was started by an enterprising entrepreneur who felt there was a market for people who wanted to stay or be kept alive on the Internet even after they died.
Take your pick...
Commercial Space flight: SpaceX grows up: ISS test on April 30 key to next step
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| SpaceX ready for April 30 launch |
Today, SpaceX is on the verge of an historic attempt to send the first private spacecraft to the International Space Station, after a planned April 30 launch from Cape Canaveral, and has become the face of commercial spaceflight.
Many believe a successful docking to the ISS would represent a paradigm shift in spaceflight operations and validate Musk’s conviction that a small, entrepreneurial company could upset the status quo.“They’re coming in and saying we can do this better, we can do this cheaper, and we’re going to make a go of it,” said Jim Muncy, a space-policy analyst whose clients include SpaceX. “It is absolutely the quintessential American business story.”
For more: SpaceX grows up: ISS test key to next step | FLORIDA TODAY | floridatoday.com
US Military: Rock musician and gun-rights advocateTed Nugent cut from concert after Obama remarks
The US Army cut rock musician and gun-rights advocate Ted Nugent from a summer concert program at Fort Knox, Kentucky, on the same day he met with two US Secret Service agents over recent comments he made about President Barack Obama.
Nugent, 63, told NRA supporters in St. Louis that he would be "dead or in jail" next year if Obama is re-elected in the November 6 election.
In comments directed at administration officials, Nugent said, "We need to ride into that battlefield and chop their heads off in November."
On Thursday, Nugent said he had a "solid" meeting with the Secret Service agents and the Secret Service said the matter had been resolved with no further action expected.
For more: Ted Nugent cut from concert after Obama remarks | ENTERTAINMENT News
Nugent, 63, told NRA supporters in St. Louis that he would be "dead or in jail" next year if Obama is re-elected in the November 6 election.
In comments directed at administration officials, Nugent said, "We need to ride into that battlefield and chop their heads off in November."
On Thursday, Nugent said he had a "solid" meeting with the Secret Service agents and the Secret Service said the matter had been resolved with no further action expected.
For more: Ted Nugent cut from concert after Obama remarks | ENTERTAINMENT News
Britain: some 100,000 women have been illegally and brutally mutilated sexually locally
As many as 100,000 women in Britain have undergone female genital mutilations with medics in the UK offering to carry out the illegal procedure on girls as young as 10, it has been reported.
Investigators from The Sunday Times said they secretly filmed a doctor, dentist and alternative medicine practitioner who were allegedly willing to perform circumcisions or arrange for the operation to be carried out.
The practice, which involves the surgical removal of external genitalia and in some cases the stitching of the vaginal opening, is illegal in Britain and carries up to a 14 year prison sentence. It is also against the law to arrange FGM.
Known as "cutting", the procedure is traditionally carried out for cultural reasons and is widespread across Africa. It is thought to be needed as proof of a girl's "purity" for when she marries, but victims are rarely given anaesthetic and frequently suffer long-term damage and pain.
Research suggests that every year up to 6,000 girls in London are at risk of the potentially fatal procedure, and more than 22,000 in the UK as a whole.
EU-Digest
Investigators from The Sunday Times said they secretly filmed a doctor, dentist and alternative medicine practitioner who were allegedly willing to perform circumcisions or arrange for the operation to be carried out.
The practice, which involves the surgical removal of external genitalia and in some cases the stitching of the vaginal opening, is illegal in Britain and carries up to a 14 year prison sentence. It is also against the law to arrange FGM.
Known as "cutting", the procedure is traditionally carried out for cultural reasons and is widespread across Africa. It is thought to be needed as proof of a girl's "purity" for when she marries, but victims are rarely given anaesthetic and frequently suffer long-term damage and pain.
Research suggests that every year up to 6,000 girls in London are at risk of the potentially fatal procedure, and more than 22,000 in the UK as a whole.
EU-Digest
Syrian troops attack Damascus suburb despite UN truce monitors
Syrian troops stormed and shelled districts in a suburb of the capital Damascus Sunday, activists said, a day after the Security Council voted to expand the number of UN truce monitors from 30 to 300 in hopes of salvaging an international peace plan marred by continued fighting between the military and rebels.
An eight-member team is already on the ground in Syria, and since Thursday has visited flashpoints of the 13-month-long conflict. Fighting generally stops when the observers visit an area, but there has been a steady stream of reports of violence from towns and regions where they have not yet gone.
The cease-fire and observer mission are part of international envoy Kofi Annan’s plan for ending the violence in Syria and launching talks between President Bashar Assad and those trying to oust him. Syria’s opposition and its Western supporters suspect Assad is largely paying lip service to the cease-fire since full compliance could quickly sweep him from power.
For more: Syrian troops attack Damascus suburb despite UN truce monitors - Arab News
An eight-member team is already on the ground in Syria, and since Thursday has visited flashpoints of the 13-month-long conflict. Fighting generally stops when the observers visit an area, but there has been a steady stream of reports of violence from towns and regions where they have not yet gone.
The cease-fire and observer mission are part of international envoy Kofi Annan’s plan for ending the violence in Syria and launching talks between President Bashar Assad and those trying to oust him. Syria’s opposition and its Western supporters suspect Assad is largely paying lip service to the cease-fire since full compliance could quickly sweep him from power.
For more: Syrian troops attack Damascus suburb despite UN truce monitors - Arab News
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