Bloomberg.com: China Bans Some Renault Models, Citing Safety Issues - by Laurence Frost and Steve Rothwell

For the complete report from Bloomberg.com click on this link

China Bans Some Renault Models, Citing Safety Issues - by Laurence Frost and Steve Rothwell

China, the world’s biggest auto market, banned imports of some models of Renault SA vehicles, saying they don’t meet national safety standards. The French company said the vehicles in question were damaged in transit. Cars exported to China by the French company pose “serious potential safety risks,” the General Administration of Quality Supervision, Inspection and Quarantine said today. It said Renault should examine its quality-control measures and take steps to ensure the safety of its products. The Laguna, Scenic and Megane models are affected by the ban, which came into the effect on June 4, the statement said. Renault spokeswoman Gita Roux said China’s concerns arose from problems with the transport and storage of a limited number of cars and that there are no issues connected to manufacturing.

Time Magazine: Why the White House Views Iran's Election as a Diplomatic Coup - by Massimo Calabresi

For the complete report from TIME Magazine click on this link

When Obama Administration Iran czar Dennis Ross and top U.S. Iran negotiator William Burns were planning the details of the President's outreach to Tehran with senior European diplomats earlier this spring, they discussed a possible nightmare scenario for the June 12 presidential elections in Iran. It was not, however, the prospect that incumbent Mahmoud Ahmadinejad might win, or even that he might steal the election, as many are alleging he now has, that had them worried. Quite the opposite, it was the possibility that the provocative Iranian President might lose to a moderate challenger.

Ahmadinejad's win may increase Washington's chances of getting tougher sanctions on Iran if they refuse to negotiate, the officials said. Ahmadinejad personifies Iran's unpredictable, dangerous side. He made even more hostile and threatening statements toward Israel and the U.S. during the campaign. And though they dare not say it publicly, Administration officials privately say that the messier and more contentious the post-election period, the more it sends the message to the outside world that even if some Iranians want moderation the hard-liners will not allow it.

Xinhua: EU employment sees steepest drop in first quarter

For the complete report from Xinhua click on this link

EU employment sees steepest drop in first quarter

More than 1.9 million jobs were lost in the first quarter of this year in the 27-nation European Union, the steepest fall on record, official figures showed on Monday.
The number of people hired in the EU dropped by 0.8 percent in the first quarter compared with the previous quarter, the sharpest drop since 1995 when record started, said the EU statistics agency Eurostat. The tally of people employed in the 16-nation euro zone fell by 0.8 percent as well quarter-on-quarter, meaning that 1.2 million jobs were lost. Eurostat said that around 223.8 million people were hired in the EU in the first three month of this year, 146 million of them in the euro zone.

AFP: Britain delivers first Eurofighter jets to Saudi

For the complete report from the AFP click on this link

Britain delivers first Eurofighter jets to Saudi

Saudi Arabia has taken delivery of two Eurofighter Typhoon combat jets, the Ministry of Defence (MoD) said on Friday, the first of a massive order.

The two fighters were the first out of an order for an eventual 72 that has been valued at up to 25 billion euro's (32.9 billion dollars), including armaments and long-term servicing. Saudi Arabia is the first country outside Europe to have the Typhoon, a multi-role aircraft produced by a BAE Systems-led consortium of European firms.

Seeking Alpha: Top European and U.S. Stocks: Who Will Lead Who?

For the complete report from Seeking Alpha click on this link

Top European and U.S. Stocks: Who Will Lead Who?

While the two economies may take different paths, I wanted to see how the markets in Europe and the US are reacting to the various stimulus programs being implemented. I used the Dow Jones Index as the sample index for the US market and the DJ Euro Stoxx 50 Index for Europe. The DJ Stoxx 50 was not used since it includes the UK and I wanted to exclude the UK as it is facing similar problems to those of the US. Like the Dow Jones index, the DJ Euro Stoxx 50 Index is comprised of fifty of the largest companies in continental Europe.

The fact of the matter is that Europe's largest stocks ran much higher than the US's. And after March lows, the European stocks have rebounded and are leading US stocks again. On a 6-months basis, the DJ Euro Stoxx Index is slightly ahead of the Dow Jones Industrial Average as well. Overall these two indices closely track each other.

CSMonitor: Ukraine's other crisis: Weak currency, cheap flights spur 'sex tourism'

For the complete report from the csmonitor.com click on this link

Ukraine's other crisis: Weak currency, cheap flights spur 'sex tourism'

When Tonya came to Kyiv (Kiev) from her small hometown in western Ukraine to study, it was a route out of the dreary provincial life she had grown to hate. She struggled to make ends meet. Her parents, with a combined monthly income of around $200, were hardly in a position to help fund her studies. Tonya feared she would have to give up and return home. But then she found a way to stay: selling her body to foreign men. "My choice was to work as a prostitute or go home," she says, glancing around nervously. "I would never have done it but for the circumstances. I don't want to work as a prostitute, but I need to get an education so I can get a decent job."

A survey last autumn by FEMEN revealed that an astonishing 67.5 percent of women in Kyiv between 17 and 22 had received an offer from foreigners of money for sex. And with the Euro 2012 soccer tournament fast approaching, when thousands of male fans are expected to descend on the country, concerns that the problem is not being taken seriously enough by the authorities or society led FEMEN to take to the streets to draw attention to the problem.A police estimate in February forecast that the sex industry is set to more than double in value, going from $700 million in 2008 to $1.5 billion this year.

ESPN: Soccer - Australia launch 2018 World Cup bid in Canberra

For the complete report from ESPN Soccernet click on this link

Australia launch 2018 World Cup bid in Canberra

Australian Football Federation chairman Frank Lowy has called on the Australian public to unite behind the 2018/2002 World Cup bid, which was officially launched at Parliament House in Canberra. Lowy said their support was vital to the success of Australia's bid for either the 2018 or the 2022 World Cup, which he described as "realistic and achievable". "Our aim is to show FIFA and the football world that we are passionate about football and welcoming the world," Lowy said.

Telegraph.co.uk: Church of England attempts to broaden appeal with songs by U2 and prayers for Google - by Jonathan Wynne-Jones

For the complete report from the Telegraph click on this link

Church of England attempts to broaden appeal with songs by U2 and prayers for Google - by Jonathan Wynne-Jones

Christian services that feature DJs, songs of the Irish band U2 and prayers for the chief executives of Google and Wal-Mart are being promoted by the Church of England. The ideas for alternative-style worship are part of an initiative launched by Dr Rowan Williams, the Archbishop of Canterbury, to appeal to the younger generation. They are set out in a new book compiled by the Church's Fresh Expressions programme, which aims to boost church attendance with more relevant and exciting services.

One Holy Communion service promoted in the book, called Ancient Faith, Future Mission, begins with the congregation being shown a video clip from the YouTube website about a United Nations anti-poverty campaign. Worshippers are told that "our planet is messed up" and that "things are not right". A psalm is recited in "beat poetry" style to the accompaniment of African Djembe drums, and prayers are said "for the corporate world, for influential CEOs who oversee billion-dollar industries". The prayers go like: "We pray for John Chambers of Cisco Systems, Bill Gates of Microsoft, Dr Eric Schmidt of Google Inc, H Lee Scott Jr of Wal-Mart Stores and others who have already made commitments to justice." However, traditionalists have criticised the unorthodox services as "pointless" and "shallow", and have warned that experimenting with Church tradition would do more harm than good.

ESA: MIRAVI - Tracking the globe with ESA's Envisat Meris Image Rapid Visualization

To track the earth from the worlds largest Observation satellite Europe's Envisat click on this link

MIRAVI - Tracking the globe with ESA's Envisat Meris Image Rapid Visualization

Have you ever wanted to track natural events in progress, such as fires, floods and volcanic eruptions, or simply explore the planet through the eyes of a satellite? ESA has created a website, MIRAVI, which gives access to the most recently acquired images from the world’s largest Earth Observation satellite, Envisat.
MIRAVI, short for MERIS Images RApid VIsualisation, tracks Envisat around the globe, generates images from the raw data collected by Envisat’s optical instrument, MERIS, and provides them online within two hours.

AP: BRIC summit watched for signals on dollar

For the complete report from the AP click on this link

BRIC summit watched for signals on dollar

When the leaders of Brazil, Russia, India and China gather for their first full-fledged summit, they will be closely watched for signs of policy shifts that could affect the global role and strength of the U.S. dollar. During the summit Tuesday in the Ural Mountains city of Yekaterinburg, Russian President Dmitry Medvedev is likely to reprise Russia's call for a new global reserve currency to augment the dollar. The Russian proposal reflects both the Kremlin's push for greater international clout and a concern shared by other so-called BRIC members that soaring U.S. budget deficits could spur inflation and weaken the dollar.

BBC NEWS: Iran reformists held after street clashes

For the complete report from the BBC NEWS click on this link

Iran reformists held after street clashes

Up to 100 members of Iranian reformist groups have been arrested, accused of orchestrating violence after the disputed presidential election result. Backers of defeated reformist Mir Hossein Mousavi were rounded up overnight, reports said, including the brother of ex-President Khatami. Angry crowds took to the streets to protest against President Mahmoud Ahmadinejad's re-election, in spite of Mr Mousavi's post-election call to avoid violence. He has refused to accept the election result, calling it a "dangerous charade" and alleging wide-scale irregularities.

The European Union and Canada have voiced concern about allegations of irregularities. BBC correspondent John Simpson, in Tehran, says the truth about this election may never be known. But many observers in Iran feel that the final result did not reflect the extraordinary numbers of people who turned out to vote, he added.

Washington Post: Early On, Europe Is Out Front in Overhaul of Global Financial System - by Anthony Faiola

For the complete report from the washingtonpost.com click on this link

Early On, Europe Is Out Front in Overhaul of Global Financial System - by Anthony Faiola

Europe is moving rapidly to overhaul the global financial system in the wake of the economic crisis, pushing through new measures and proposing others that could impose significant restrictions on American and other firms based far beyond its borders.The Europeans are now out front, for instance, in setting strict new standards for rating agencies and risk management at firms selling mortgage-backed securities. Europe has also seized the initiative in developing new rules to monitor hedge funds while forging ahead this week with plans to create two new powerful regulatory agencies in Europe, according to analysts and regulators.

Under a draft proposal issued by the European Commission, the ruling body of the 27-member European Union, U.S. hedge funds may have to subject themselves to tight European oversight or be barred from doing business with European clients. The scope of these efforts is generating a measure of friction, with U.S. officials as well as among some Europeans who favor a more cautious approach toward regulation, such as the British. The sense of alarm is even greater among financial firms that fear Washington may ultimately follow the path set by the Europeans -- historically more disposed to regulation than Americans.

Note EU-Digest: At least as a first step this is excellent policy by the EU to avoid future financial disasters as the one we are presently experiencing world-wide.

theage.com.au: Mounting deficits spark US economy jitters

For the complete report from theage.com click on this link

Mounting deficits spark US economy jitters

Gaping US trade and budget deficits and a weak auction of government debt that pushed interest rates higher pointed to a bumpy road to recovery for the world's largest economy on Wednesday. A Federal Reserve report noting businesses see some signs of moderation in the contraction, even though conditions were weak or deteriorated further in May, failed to ease anxiety about the economy. Instead, financial markets found new reasons to worry that massive government spending and Fed cash infusions will lead to dangerous inflation and undercut any fledgling rebound.

Note EU-Digest: European Union countries in March rejected calls by U.S. officials and European trade unions to increase spending further to boost growth. Earlier this month, German Chancellor Angela Merkel criticized Britain and the United States over the amount they're spending on stimulus programs. When talking about root causes of the economic crises everybody agrees that the problems in U.S. economy has played the biggest role in causing the crises,so it seems somewhat illogical for the EU to listen or to copy the US remedies to solving the financial crises.

European Voice: A new balance of power emerges - by Peter S. Rashish

For the complete report from the European Voice click on this link

A new balance of power emerges - by Peter S. Rashish

The European Parliament elections suggest that a power shift is under way in the European Union. A new triumvirate consisting of Germany, France, and Poland may be emerging; a triumvirate that will keep Berlin in the lead, increase central and eastern Europe's clout and also offer Paris the opportunity to play the role of honest broker. Those forming the US's developing strategy for transatlantic engagement should take note. It is clear that the incumbent parties in Germany, France and especially Poland, all of whom are members of the centre-right European People's Party, were the big winners. German Chancellor Angela Merkel's CDU-CSU won 42 seats, while French President Nicolas Sarkozy's UMP took 29 seats. In both countries, the left-of-centre opposition suffered defeats of historic proportions. But the most impressive victory was scored by Civic Platform, the party of Polish Prime Minister Donald Tusk, which garnered 44% of the vote and 25 seats. Poland – one of the central and eastern European countries best weathering the economic crisis – is going to try to make its voice heard.

While US President Barack Obama has now made two visits to Europe since his inauguration and the tone of transatlantic relations has improved, it appears that his administration's strategy for engagement with the European Union is still evolving. In two policy areas that would benefit from close US-EU co-operation – energy security and the post-crisis economic agenda – Washington should build in an approach that takes account of this emerging EU balance of power.

NYTimes: Europe Cool to Microsoft’s Offer on Internet Explorer - By Kevin O'Brien

For the complete report from the NYTimes.com click on this link

Europe Cool to Microsoft’s Offer on Internet Explorer - By Kevin O'Brien

European regulators, wary of repeating an earlier mistake, signaled this week that Microsoft’s offer to sell a browser less Windows system on the Continent did not go far enough. The decision has left some antitrust lawyers in Brussels scratching their heads. “Microsoft is offering to sell Windows in Europe without their own browser — you would think this is what the commission wants,” said Alec Burnside, a competition lawyer at Linklaters in Brussels. “You would expect them to say ‘Thank you’ and close the case.”

Note EU-Digest: the EU must not close the case, Microsoft continues to force-feed all kinds of "goodies" into the consumers Microsoft Windows computer system by means of its so called "updates", without providing very specific information on what the consumer is "updating".

Islamic Republic News Agency: Primary results say Ahmadinejad is winner of elections in Iran

For the complete report from the Islamic Republic News Agency click on this link

Primary results say Ahmadinejad is winner of elections in Iran

Primary results of the 10th Presidential Elections show that Mahmoud Ahmadinejad has got the majority of the votes. According to the head of Elections Headquarters Kamran Daneshjoo, Ahmadinejad has recieved 69.04 percent of the counted votes until 23:50 hours local time. Daneshjoo said Mir Hossein Mossavi has got 28.42 percent, Mohsen Rezaee 1.62 percent and Mehdi Karrobi 0.9 percent of the votes.

Fox Forum: America's economic power on the Global Stage Waning - by Mallory Factor

For the complete report from the FOX Forum click on this link

America's economic power on the Global Stage Waning - by Mallory Factor

The global stage may appear complex, but there are really just two kinds of players: creditor nations and debtor nations. Today, autocratic oil-rich Islamic states such as Saudi Arabia and Kuwait and resource-rich states such as China and Russia are developing huge holdings in Western currency, debt, and industries, while democratic Western governments slip deeper and deeper into debt. Though these countries are not richer than the United States or other Western nations, they are now the creditors of those nations. The power is shifting. A new relationship is emerging, one that no longer favors the West. The West’s poor fiscal discipline and failed economic policies have allowed this shift to happen. The economic power of these rising nations began with their central banks purchasing excess reserves of dollars and duros and, later, U.S. and European debt. More recently, many countries have established new financial vehicles called Sovereign Wealth Funds to make direct investments in global companies and industries, thereby extending their nation’s financial influence. Guided by the best and brightest from Wall Street and making more and more sophisticated investments in our economy, these foreign governments are aiming for greater returns, both economic and political, from their investments.

Given their growing economic might, the new “creditor nations” will have the power to further their geopolitical ambitions by using a weapon of international diplomacy and warfare that hasn’t been seen in centuries: economic statecraft. In the emerging world order, global dominance will not be decided only by armies and aircraft, but by greenbacks and euros, rubles and renminbi as well. And the US can no longer simply impose their views on the world. Creditor nations are now projecting power with their economic might — and in new and innovative ways.

EUBusiness: EU, US 'preparing WTO action against China'

For the complete report from EUbusiness.com click on this link

EU, US 'preparing WTO action against China'

The European Union and the United States are preparing to launch joint WTO action against China over Chinese restrictions on exporting raw materials, an EU source said on Thursday. "The European Union is currently getting something ready with the United States," the source said on condition of anonymity. Brussels and Washington aimed to formally seek consultations on June 22, the first step in opening a case before the World Trade Organization. The source said the move concerned about 20 raw materials that resource-hungry China was restricting its companies from exporting in breach of its commitments when it joined the WTO in 2001. The materials include tungsten, copper, bauxite, antimony, yellow phosporous, magnesium carbonate, molybdenum, rare earths and indium.

Setimes.com: Greece moves to curb illegal immigration

For the complete report from the Setimes click on this link

Greece moves to curb illegal immigration

The Greek government decided on Thursday (June 11th) that trafficking illegal immigrants will be considered a crime. At a session chaired by Prime Minister Costas Karamanlis, the cabinet agreed to establish special detention centers to house illegal immigrants for up to a year, rather than the current three-month limit. Interior Minister Prokopis Pavlopoulos says Karamanlis will seek discussion regarding the matter at the EU summit next week. His main requests will be in two-fold -- agreements with third countries for the repatriation of illegal immigrants, and obliging countries that have already signed such agreements to observe them. The opposition Communist Party of Greece compares the proposed new centres to "concentration camps".

Cnet News: Alternative Energy: First floating wind turbine buoyed off Norway - by Martin LaMonica

For the complete report from CNET News click on this link

Alternative Energy:: First floating wind turbine buoyed off Norway - by Martin LaMonica

So far development of offshore wind farms has been restricted to places where turbines can be attached to the sea bed. But earlier this week, Siemens and energy company StatoilHydro installed what they call the first large-scale floating turbine. The installation is off the coast of Norway, and testing is expected to last for two years. The Hywind turbine will still have a ballast that is tied to the sea floor with cables. Wires will transfer the electricity produced to the mainland grid starting in July.

If successful, the project could open up offshore wind to countries that don't have relatively shallow waters of 100 feet to 165 feet off their coasts. The Hywind is suitable for depths of about 400 feet to more than 2,200 feet. "Hywind could open...new opportunities for exploitation of offshore wind power, as the turbines could be placed much more freely than before," Henrik Stiesdal, chief technology of the Siemens' Wind Power business unit, said in a statement. The turbine in Norway will be 7.4 miles offshore where the water is 721 feet deep. It will be utility-size turbine, with a hub height of about 100 feet, capable of generating 2.3 megawatts of electricity.