Asking whether California is America's Greece seems like a fair question to more and more people. It's in financial crisis and, like Greece, has teetered on the brink of bankruptcy.
(With a GDP of about $1.9 trillion it also has an economy that is nearly six times that of Greece, so California's too-big-to-fail impact on the global economy is not inconsiderable either.)
And once again this election year California voters are poised to make an even bigger mess of things through their devotion to direct democracy: the ballot initiative, which has made a mess of their tax system.
Read more: 'America's Greece,' California dreams of raising taxes - World - CBC News
6/22/12
Killer Flu: Bird flu pandemic in humans just 'three mutations' away
The world has yet to see a form of the deadly bird flu virus that could spread easily between people and cause a global outbreak - but that doesn’t mean it won’t happen, scientists said on Thursday.
Currently, bird flu, or H5N1 avian flu, can be transmitted from birds to birds, and birds to humans, but not from humans to humans. When it does pass from birds to humans, it is usually fatal.
Read more: Bird flu pandemic in humans just 'three mutations' away - HEALTH - FRANCE 24
After studying 15 years of data on bird flu viruses in the wild, researchers said some strains were already part way along the road to acquiring a handful of mutations needed to change into a form that could cause a devastating human pandemic.
“The remaining... mutations could evolve in a single human host, making a virus evolving in nature a potentially serious threat,” Derek Smith of Britain’s University of Cambridge, who led the research, told reporters.
Read more: Bird flu pandemic in humans just 'three mutations' away - HEALTH - FRANCE 24
European Soccer Cup 2012: Germany rip Greece 4-2 to reach semifinals
Germany's new-look line-up blasted past Greece 4-2 on Friday to reach the last four in Euro 2012. They'll face the winner of Sunday's England-Italy match. Greece had scored with a goal by Giorgos Samaras in the 55th minute and a penalty by Dimitris Salpingidis in the 89th.
Read more: Germany rip Greece to reach semifinals | News | DW.DE | 22.06.2012
Eurozone big four vow billions to boost growth
The leaders of the eurozone's four biggest economies on Friday vowed measures worth up to 130 billion euros ($163 billion) to tackle the bloc's relentless debt crisis, AFP informs.
Meeting for talks in Rome ahead of a crucial EU summit in Brussels next week, the leaders of Germany, France, Italy and Spain looked to soothe global worries with promises to kickstart growth in the bloc's floundering economies.
French President Francois Hollande said the leaders had agreed to mobilise "one percent of European GDP, that is 120 to 130 billion euros, to support growth" -- a move Germany's Angela Merkel hailed as "an important signal".
Italian Prime Minister Mario Monti said the four leaders had agreed that boosting growth in the eurozone was key to restoring confidence.
"The first objective we agree on is to relaunch growth, investments and to create jobs," Monti said at a press conference after the talks.
"The euro is here to stay and we all mean it," he added calling the single currency "irreversible."
Read more: Eurozone big four vow billions to boost growth - FOCUS Information Agency
Meeting for talks in Rome ahead of a crucial EU summit in Brussels next week, the leaders of Germany, France, Italy and Spain looked to soothe global worries with promises to kickstart growth in the bloc's floundering economies.
French President Francois Hollande said the leaders had agreed to mobilise "one percent of European GDP, that is 120 to 130 billion euros, to support growth" -- a move Germany's Angela Merkel hailed as "an important signal".
Italian Prime Minister Mario Monti said the four leaders had agreed that boosting growth in the eurozone was key to restoring confidence.
"The first objective we agree on is to relaunch growth, investments and to create jobs," Monti said at a press conference after the talks.
"The euro is here to stay and we all mean it," he added calling the single currency "irreversible."
Read more: Eurozone big four vow billions to boost growth - FOCUS Information Agency
Turkey confirms Syria shot down F-4 military jet, search for pilots ongoing
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| Turkish F4 jet fighter |
“As a result of information obtained from the evaluation of our concerned institutions and from within the joint search and rescue operations with Syria, it is understood that our plane was brought down by Syria,” Erdogan’s office said.
Turkey would decide on its response to the incident once all of the details became clear, it said in the statement, issued after a two-hour meeting between Erdogan, members of his cabinet and the military.
Read more: Turkey confirms Syria shot down F-4 military jet, search for pilots ongoing
Russia urges Syria to implement Annan peace plan
Russian Foreign Minister Sergei Lavrov said on Friday that he had urged Syria's government to "do a lot more" to implement envoy Kofi Annan's U.N.-backed peace plan, but that foreign countries must also press rebels to stop the violence.
After talks with Syria's foreign minister, Lavrov said Syria's government was prepared to withdraw forces from cities and towns simultaneously with rebels and suggested Moscow would seek support for such an agreement among other nations.
His remarks appeared aimed to indicate that Moscow is putting pressure on President Bashar al-Assad's government while at the same time making clear his opponents share the blame for persistent violence.
Read more: Russia urges Syria to implement Annan peace plan | Reuters
After talks with Syria's foreign minister, Lavrov said Syria's government was prepared to withdraw forces from cities and towns simultaneously with rebels and suggested Moscow would seek support for such an agreement among other nations.
His remarks appeared aimed to indicate that Moscow is putting pressure on President Bashar al-Assad's government while at the same time making clear his opponents share the blame for persistent violence.
Read more: Russia urges Syria to implement Annan peace plan | Reuters
Saint Petersburg: Airbus sells A380 jets to Russia in historic deal
In the historic agreement, the contract was signed by Transaero General Director Olga Pleshakova and Airbus Executive Vice President Christopher Buckley at the annual Saint Petersburg Economic Forum.
Read more: Airbus sells A380 jets to Russia in historic deal | Business | DW.DE | 21.06.2012
The 10 Worst Airport Terminals Slideshow at Frommer's
Most airports are awful. Some are lovely, like the 10 prettiest airport terminals profiled last week. But most are at best joyless econoboxes, at worst purgatorial warehouses of stalled lives.
Some airports deserve special condemnation, though. In some cases, they deserve to be literally condemned. Assembling this top 10 list of misfits I scanned professional surveys and delay statistics and asked my frequent-traveler friends to come up with the ten airports where you'd least like to spend an extra hour.
Maybe you'll find your own least-favorite airport left off this list. What about Atlanta's immigration delays, Washington Dulles's absurd midfield terminal, or Heathrow Terminal 5's baggage indigestion problems? There are too many frustrating airports in the world to include here -- these are just my bottom 10 picks.
Read more: The 10 Worst Airport Terminals Slideshow at Frommer's
Some airports deserve special condemnation, though. In some cases, they deserve to be literally condemned. Assembling this top 10 list of misfits I scanned professional surveys and delay statistics and asked my frequent-traveler friends to come up with the ten airports where you'd least like to spend an extra hour.
Maybe you'll find your own least-favorite airport left off this list. What about Atlanta's immigration delays, Washington Dulles's absurd midfield terminal, or Heathrow Terminal 5's baggage indigestion problems? There are too many frustrating airports in the world to include here -- these are just my bottom 10 picks.
Read more: The 10 Worst Airport Terminals Slideshow at Frommer's
Leaders of Germany, France, Italy and Spain to discuss proposals to ease debt crisis
The leaders of Germany, France, Italy and Spain gathered in Rome on Friday to seek agreement on ways to pull Europe out of its crippling debt crisis.
Germany's Angela Merkel, Francois Hollande of France, Spanish Prime Minister Mariano Rajoy and host Mario Monti of Italy will get together to push for consensus to give momentum to a crucial summit of European Union leaders in Brussels on June 28 and 29.
Monti has warned of severe consequences for the 17 countries that use the euro and the world economy if next week's summit fails.
Read more: Leaders of Germany, France, Italy and Spain to discuss proposals to ease debt crisis
Germany's Angela Merkel, Francois Hollande of France, Spanish Prime Minister Mariano Rajoy and host Mario Monti of Italy will get together to push for consensus to give momentum to a crucial summit of European Union leaders in Brussels on June 28 and 29.
Monti has warned of severe consequences for the 17 countries that use the euro and the world economy if next week's summit fails.
Read more: Leaders of Germany, France, Italy and Spain to discuss proposals to ease debt crisis
6/21/12
European Soccer Cup: Ronaldo's goal sends Portugal to semifinals
After his fine footwork failed to find the target, Cristiano Ronaldo knocked in the only goal Thursday with a thrusting header, sending Portugal into the European Championship semifinals with a 1-0 victory over the Czech Republic.After Ronaldo twice hit the post, he finally darted in from behind his marker in the 79th minute with all the instincts of an all out striker and headed a cross from Joao Moutinho straight at the ground and up past the flailing hands of Czech Republic goalkeeper Petr Cech.
"I remember in the last game I hit the post twice, too," said Ronaldo, who scored his third goal in the last two matches. "But the most important thing is I managed to score this time, we won and are in the semifinals. Now it is big smiles and good music."
Read more: Ronaldo's goal sends Portugal to semifinals
Bad news spurs global market plunge - by David Berman
The latest economic measures paint a picture of a global recovery that has slowed to an alarming degree, and raise fears that commodity prices have further to fall, setting the stage for more volatility ahead – particularly for Canada’s commodity-sensitive benchmark index.
Investors fled from stocks and commodities Thursday amid disappointing reports from virtually every corner of the globe, testing the confidence of the markets at a time when the health of the world economy is already threatened.
In the troubled euro zone, a manufacturing report fell to its lowest level in three years and included a weak outlook for employment. “With labour components continuing to deteriorate, it becomes even more painful for politicians to put in place these austerity measures,” said Stéfane Marion, chief economist and strategist at National Bank Financial.
Along with the weak economic reports, two analysts from Goldman Sachs Group Inc. recommended that investors sell short the S&P 500 – or bet that the U.S. benchmark index will fall – adding one more reason to shy away from stocks.
Read more: Bad news spurs global market plunge - The Globe and Mail
Investors fled from stocks and commodities Thursday amid disappointing reports from virtually every corner of the globe, testing the confidence of the markets at a time when the health of the world economy is already threatened.
In the troubled euro zone, a manufacturing report fell to its lowest level in three years and included a weak outlook for employment. “With labour components continuing to deteriorate, it becomes even more painful for politicians to put in place these austerity measures,” said Stéfane Marion, chief economist and strategist at National Bank Financial.
Along with the weak economic reports, two analysts from Goldman Sachs Group Inc. recommended that investors sell short the S&P 500 – or bet that the U.S. benchmark index will fall – adding one more reason to shy away from stocks.
Read more: Bad news spurs global market plunge - The Globe and Mail
Despite Its Troubles, the Euro Area Is Making Progress - by by Jacob Funk Kirkegaard
No resolutions of the political crisis came from an acrimonious if informal EU Council meeting. To paraphrase Charles Dickens’s famous comment about America’s propensity to declare doom, it seems as if the global media, financial markets, and pundits are to be believed, the euro area is always depressed, always stagnated, and always in an alarming crisis—and never was otherwise.
The future of Europe, however, will not be determined by the poor 2012 euro area second quarter economic performance. The drop in the euro’s value is good for external demand, and the likelihood of an actual Greek exit from the euro is much overblown.1 The “informal EU Council” was never expected to produce “deliverables.” In other words, as usual, the euro gloom is exaggerated. In fact, the last week brought several encouraging developments.
Read more: RealTime Economic Issues Watch | Despite Its Troubles, the Euro Area Is Making Progress
Financial World: elected officials still feel compelled to protect powerful financial interests.
The long shot big hope for Wall Street reformers Wednesday was that JP Morgan CEO Jamie Dimon would trip up before the Senate banking committee and expose the need for tighter rules governing big banks. His firm, after all, recently lost billions making risky bets with depositor funds on the line.
Instead, with some notable exceptions, the senators themselves turned the cross-examination into a coronation, and exposed the extent to which elected officials still feel compelled to genuflect to powerful financial interests.
For reformers, that adds up to an opportunity missed. But that came as no surprise to one of the Democrats with a stake in strong financial oversight – Volcker rule author Jeff Merkley (D-OR).
"I think that if Dimon came in and surprised everyone … if he came in and said there are systemic issues that have been raised here, that I think do need to be addressed, it would change the conversation to have a champion among one of the major banks," Merkley told TPM this week in advance of Dimon's appearance before the committee. "I would be very surprised if we saw that testimony."
Read more: Senators fawn over Jamie Dimon despite JP Morgan trading fiasco | Brian Beutler | Comment is free | guardian.co.uk
Instead, with some notable exceptions, the senators themselves turned the cross-examination into a coronation, and exposed the extent to which elected officials still feel compelled to genuflect to powerful financial interests.
For reformers, that adds up to an opportunity missed. But that came as no surprise to one of the Democrats with a stake in strong financial oversight – Volcker rule author Jeff Merkley (D-OR).
"I think that if Dimon came in and surprised everyone … if he came in and said there are systemic issues that have been raised here, that I think do need to be addressed, it would change the conversation to have a champion among one of the major banks," Merkley told TPM this week in advance of Dimon's appearance before the committee. "I would be very surprised if we saw that testimony."
Read more: Senators fawn over Jamie Dimon despite JP Morgan trading fiasco | Brian Beutler | Comment is free | guardian.co.uk
US: 3 000 American soldiers to serve in Africa next year as US expands shadow war, sets up air bases
The United States will have 3 000 soldiers serving in Africa next year as it scales up its presence on the continent in the face of a growing number of threats, including al Qaeda and al Shabaab. It has also established a dozen air bases on the continent since 2007, mainly for surveillance purposes.
The US Army last month announced it would deploy a brigade to Africa in 2013 as part of a pilot programme that assigns brigades on a rotational basis to regions around the globe. At least 3 000 soldiers will serve tours across the continent next year, training foreign militaries and aiding locals.
As part of a “regionally aligned force concept,” soldiers will live and work among Africans in safe communities approved by the US government, Major General David R. Hogg, head of U.S. Army Africa, told Army Times.
Africa has emerged as a greater priority for the US government because terrorist groups there have become an increasing threat to US and regional security. At the moment there are more than 1 200 soldiers currently stationed at Camp Lemonnier, Djibouti.
Read more: 3 000 American soldiers to serve in Africa next year as US expands shadow war, sets up air bases | DefenceWeb
The US Army last month announced it would deploy a brigade to Africa in 2013 as part of a pilot programme that assigns brigades on a rotational basis to regions around the globe. At least 3 000 soldiers will serve tours across the continent next year, training foreign militaries and aiding locals.
As part of a “regionally aligned force concept,” soldiers will live and work among Africans in safe communities approved by the US government, Major General David R. Hogg, head of U.S. Army Africa, told Army Times.
Africa has emerged as a greater priority for the US government because terrorist groups there have become an increasing threat to US and regional security. At the moment there are more than 1 200 soldiers currently stationed at Camp Lemonnier, Djibouti.
Read more: 3 000 American soldiers to serve in Africa next year as US expands shadow war, sets up air bases | DefenceWeb
Canada: RBC, 14 other banks, downgraded by Moody's
Ratings agency Moody's Investor Service Thursday downgraded the credit ratings of Canada's biggest bank, the Royal Bank of Canada, and 14 other banks with global operations.
Moody's cut RBC's long-term deposit rating by two notches to Aa3, saying it faces a high probability of needing government support because of the exposure of its global investment banking operations to a possible financial crisis.
A downgrade usually means that it becomes more costly for banks to raise money by selling debt. Investors demand higher interest for riskier debt, which is what the downgrades represent.
Read more: RBC, 14 other banks, downgraded by Moody's - Business - CBC News
Moody's cut RBC's long-term deposit rating by two notches to Aa3, saying it faces a high probability of needing government support because of the exposure of its global investment banking operations to a possible financial crisis.
A downgrade usually means that it becomes more costly for banks to raise money by selling debt. Investors demand higher interest for riskier debt, which is what the downgrades represent.
Read more: RBC, 14 other banks, downgraded by Moody's - Business - CBC News
Europe crisis gets a respite as Greece swears in a new government
Greece swore in conservative politician Antonis Samaras as prime minister on Wednesday, ending a six-week government crisis and offering a rare respite for the nation and the beleaguered euro currency zone – even if it didn’t address the underlying causes of Europe’s economic slide.
Samaras, a 61-year-old American-educated economist, took office at the head of an uneasy coalition that groups his center-right New Democracy party with its historic rival, the Socialist PASOK, and the Democratic Left, a small reformist party.
Looking determined and grim, Samaras lowered expectations in his first remarks as prime minister. “We will have to work hard to give our people tangible hope,” he said on emerging from the office of Greek President Karolos Papoulias.
Read more: Europe crisis gets a respite as Greece swears in a new government - World Wires - MiamiHerald.com
Samaras, a 61-year-old American-educated economist, took office at the head of an uneasy coalition that groups his center-right New Democracy party with its historic rival, the Socialist PASOK, and the Democratic Left, a small reformist party.
Looking determined and grim, Samaras lowered expectations in his first remarks as prime minister. “We will have to work hard to give our people tangible hope,” he said on emerging from the office of Greek President Karolos Papoulias.
Read more: Europe crisis gets a respite as Greece swears in a new government - World Wires - MiamiHerald.com
6/20/12
Greece stays in the Euro family - New Greek government formed
A conservative-led government has taken power in Greece promising to negotiate softer terms on its harsh international bailout, help the people regain their dignity and steer the country through its biggest crisis for four decades.
The swearing-in of Antonis Samaras as prime minister after elections last Sunday ended weeks of uncertainty that rattled financial markets and threatened to push near-bankrupt Greece out of the euro zone.
Samaras, a Harvard-educated economist from a prominent Greek family, will head an alliance of his New Democracy party and Socialist PASOK rivals - the same discredited establishment parties which have dominated politics since 1974.
Read more: New Greek government formed - europe - world | Stuff.co.nz
The swearing-in of Antonis Samaras as prime minister after elections last Sunday ended weeks of uncertainty that rattled financial markets and threatened to push near-bankrupt Greece out of the euro zone.
Samaras, a Harvard-educated economist from a prominent Greek family, will head an alliance of his New Democracy party and Socialist PASOK rivals - the same discredited establishment parties which have dominated politics since 1974.
Read more: New Greek government formed - europe - world | Stuff.co.nz
WikiLeaks' Julian Assange faces arrest, seeks asylum at Ecuador embassy
British police stood poised Wednesday to arrest WikiLeaks founder Julian Assange should he step out of Ecuador's London embassy — but authorities conceded he is beyond their grasp as long as he stays inside.
Assange, who faces questioning about alleged sex crimes in Sweden, says he is seeking political asylum at the South American nation's diplomatic mission.
Police said that he had violated the terms of his bail, which include an overnight curfew, and "is now subject to arrest." Police officers were stationed outside the Edwardian apartment block in the tony Knightsbridge district that houses the embassy, along with a small group of pro-Assange protesters waving "Free Assange" placards.
Read more: WikiLeaks' Julian Assange faces arrest, seeks asylum at Ecuador embassy
Assange, who faces questioning about alleged sex crimes in Sweden, says he is seeking political asylum at the South American nation's diplomatic mission.
Police said that he had violated the terms of his bail, which include an overnight curfew, and "is now subject to arrest." Police officers were stationed outside the Edwardian apartment block in the tony Knightsbridge district that houses the embassy, along with a small group of pro-Assange protesters waving "Free Assange" placards.
Read more: WikiLeaks' Julian Assange faces arrest, seeks asylum at Ecuador embassy
Syria: Dutch help block weapons delivery to Syria
The Dutch navy was involved in the international effort to stop a potential weapons delivery to Syria, according to caretaker Minister of Foreign Affairs Uri Rosenthal.
The British Minister of Foreign Affairs William Hague says the ship in question, the MV Alaed, is on its way back to Russia. There are indications that the ship is loaded with weapons, including attack helicopters. It does not appear that the MV Alaed sailed into Dutch waters but Minister Rosenthal says the Netherlands played its role in the EU weapons embargo against the Syrian regime.
The MV Alaed is registered on Curaçao, one of the countries within the Kingdom of the Netherlands. Via authorities on Curaçao, an attempt was made to inspect the ship. The crew did not submit to the request for inspection and the MV Alaed subsequently disappeared from radar, after the signaling system was turned off. “This led the insurance company to revoke the ship’s coverage,” according to Rosenthal.
There is no international weapons embargo against the Syrian regime, which means Russia is allowed to sell weapons to Syria. But the EU has implemented a weapons embargo, which prohibits insurance companies from providing coverage for ships carrying weapons to Syria. Uninsured ships are not allowed to enter most ports, which means they must either continue sailing in international waters or return to the port from which they departed.
Read more: Dutch help block weapons delivery to Syria | Radio Netherlands Worldwide
The British Minister of Foreign Affairs William Hague says the ship in question, the MV Alaed, is on its way back to Russia. There are indications that the ship is loaded with weapons, including attack helicopters. It does not appear that the MV Alaed sailed into Dutch waters but Minister Rosenthal says the Netherlands played its role in the EU weapons embargo against the Syrian regime.
The MV Alaed is registered on Curaçao, one of the countries within the Kingdom of the Netherlands. Via authorities on Curaçao, an attempt was made to inspect the ship. The crew did not submit to the request for inspection and the MV Alaed subsequently disappeared from radar, after the signaling system was turned off. “This led the insurance company to revoke the ship’s coverage,” according to Rosenthal.
There is no international weapons embargo against the Syrian regime, which means Russia is allowed to sell weapons to Syria. But the EU has implemented a weapons embargo, which prohibits insurance companies from providing coverage for ships carrying weapons to Syria. Uninsured ships are not allowed to enter most ports, which means they must either continue sailing in international waters or return to the port from which they departed.
Read more: Dutch help block weapons delivery to Syria | Radio Netherlands Worldwide
Netherlands Launches Tax Twittering Service - by Ulrika Lomas
The Dutch finance ministry has announced plans to make available to individuals from this summer a twittering service for enquiries to the country’s tax and customs administrations.
According to the finance ministry, from this summer entrepreneurs will be able to direct enquiries and queries to the Dutch tax administration via twitter, while holidaymakers will be able to gain relevant travel information from the customs department. This service will enable holidaymakers for example to more quickly ascertain from their holiday destination what they can and cannot take back into the Netherlands.
Dutch State Secretary for Finance Frans Weekers has launched two pilot schemes, operational from June 18 to September 28, to enable queries to be put to the country’s tax authorities in this way, the finance ministry revealed.
Championing the latest service, Weekers highlighted the fact that many entrepreneurs are now active in social media, and insisted that it is therefore logical for the tax office to be able to answer questions via twitter and entrepreneurial forums. The same is true for holidaymakers, who will be able to receive a swift response from a tweet or from a message on facebook, Weekers said.
Read more: Netherlands Launches Tax Twittering Service
According to the finance ministry, from this summer entrepreneurs will be able to direct enquiries and queries to the Dutch tax administration via twitter, while holidaymakers will be able to gain relevant travel information from the customs department. This service will enable holidaymakers for example to more quickly ascertain from their holiday destination what they can and cannot take back into the Netherlands.
Dutch State Secretary for Finance Frans Weekers has launched two pilot schemes, operational from June 18 to September 28, to enable queries to be put to the country’s tax authorities in this way, the finance ministry revealed.
Championing the latest service, Weekers highlighted the fact that many entrepreneurs are now active in social media, and insisted that it is therefore logical for the tax office to be able to answer questions via twitter and entrepreneurial forums. The same is true for holidaymakers, who will be able to receive a swift response from a tweet or from a message on facebook, Weekers said.
Read more: Netherlands Launches Tax Twittering Service
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