Roberto Abraham Scaruffi

Wednesday, 2 September 2009

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Times Business

KILL THE COMPETITION

Welcome to today's round-up of business news from The Times: what we're saying, what they're saying, from Michael Beh

Top stories

The Times: The Shanghai stock market fell 7 per cent amid fears that the "China effect" on the global economy is about to fizzle out.

Daily Telegraph: Staff pension payments have gone missing at KeTech, the first company to be saved under the government's Capital for Enterprise rescue fund.

Financial Times: Gordon Brown, the prime minister, pledged tough action to clamp down on, and even claw back, excessive remuneration for bankers.

Comment

Carl Mortished in The Times: The cost of oil for China is now measured in refugees, in tens of thousands of people fleeing there from Burma.

Jeremy Warner in the Daily Telegraph: As the big cheeses return to their desks, we will see if recent rises have been more than an "office boys rally".

Hamish McRae in The Independent: The change of government in Japan presents it with the opportunity to again become the developed world's most dynamic economy.

Upside

The Times: Customer loyalty for Marks & Spencer improved more than any other big British retailer over the past decade, to leave it second only to Asda.

Wall Street Journal: The US government has collected about $30 billion (£18 billion) from its trillion-dollar efforts to rescue the financial system.

Financial Times: Nomura, the Japanese investment bank, will pay no rent for almost six years on its new headquarters building in the City of London.

Downside

The Times: Falling sales of Jaguar and Land Rover luxury vehicles helped push Tata Motors, the Indian conglomerate, to a quarterly loss.

Bloomberg: Brazil plans to increase state control of the oil industry in a bid to produce more oil and collect more revenue.

The Times: BT's plan to bring call centre jobs back to Britain has hit trouble because British workers do not want to cover the same hours as their Indian peers.

Mergers and shakers

The Times: Disney bought Marvel Entertainment in a $4 billion (£2.5 billion) deal that will create an entertainment force as powerful as any superhero.

Financial Times: PetroChina will pay $1.7 billion (£1 billion) for a majority stake in the world's second-biggest oil reserves, two oil sands projects in Canada.

The Times: Almost 10 per cent of prospective executives have withdrawn their applications after aggressive vetting by the City watchdog.

Around Asia

The Times: Japan's stock market surged and then fell following the landmark election win by the Democratic Party of Japan.

Nikkei: Domestic car sales in Japan rose for the first time in 18 months.

Bloomberg: Mitsubishi and IHI joined a ¥2 trillion (£13 billion, $21 billion) Japanese project intending to beam solar-generated electricity from space to earth.

Look ahead

The Times: A strengthened agency to tackle financial crime could be created within the first year of a Conservative government, City lawyers believe.

Daily Telegraph: The UK commercial property market is expected to take more than five years to recover the losses endured during the present downturn.

Bloomberg: Six companies plan initial public offerings in Hong Kong in September and may raise a combined $4.8 billion (£3 billion).

Unfinished business - last week wrapped up

Last Monday

The stock market surged and investors celebrated the biggest rally in world share prices for 50 years.

Centrica, the UK energy giant, won its hostile bid for Venture Production, the oil and gas business.

Tuesday

Royal Bank of Scotland, the state-backed bank, cut the retirement benefits of more than 60,000 of its staff.

Optimism grew as US house prices showed the first signs of life for three years and Ben Bernanke was reappointed Chairman of the Federal Reserve.

Wednesday

Network Rail, the rail infrastructure company, proposed a £34 billion ($55 billion) high-speed rail line from London to Scotland.

US regulators imposed tough new restrictions on private equity firms seeking to buy failed institutions.

Thursday

The Times: The pound slid to a two-month low against the euro and the dollar, raising fears that gross domestic product figures will be worse than expected.

Switzerland agreed to provide France with unprecedented access to accounts held by French people suspected of tax evasion.

Friday

The Icelandic parliament passed the "Icesave" bill agreeing to repay more than $5.5 billion (£3.4 billion) to the British and Dutch governments.

Johnston Press, the beleaguered regional publishing group, reported a plunge in profits and a £485 million debt deal with its banks.

MARKETS

FTSE 100 4,908.90 up 0.8% (Friday close)

Dow 9,496.28 down 0.5% (Monday close)

S&P 500 1,020.62 down 0.8% (Monday close)

Nasdaq 2,009.06 down 1% (Monday close)

Nikkei 10,540.61 up 0.5% (latest)

Hang Seng 19,780.03 up 0.3% (latest)

Currencies

Sterling $1.628/1.1355 euros (latest)

Euro $1.4338 (latest)

Commodities

Brent crude $69.69 up 4 cents (latest)

West Texas crude $70.01 up 5 cents (latest)

Gold $953.40 down 10 cents (latest)

New York
Reuters: US stocks fell on Monday following falls in China. Energy stocks led with decline. Exxon Mobil fell 1.4 per cent and Chevron fell 1.1 per cent. Financial stocks reversed last week's rally. Citigroup fell 4.4 per cent and AIG fell 9.8 per cent on an analyst's recommendations. Marvel Entertainment rose 25.2 per cent on a buyout deal from Disney. Oil services firm BJ Services rose 4.1 per cent on a buyout from larger rival Baker Hughes. Volume again was light.

Asia
Bloomberg: Asian stocks rose in morning trade, led by technology and mining companies. Hon Hai Precision Industry, the world's largest contract maker of electronics, rose 6.3 per cent in Taipei on an analyst's upgrade. Samsung Electro-Mechanics, an electronic-parts maker, rose 5.5 percent in Seoul on a recommendation. Rio Tinto, the world's third-largest miner, rose 1.2 per cent and BHP, the largest, rose 0.5 per cent in Sydney after strong manufacturing growth in China. The MSCI Asia Pacific Index rose 0.3 percent to 113.70 in morning trade.

Michael Beh
michaelwbeh@gmail.com

http://enews.voanews.com

VOANews.com - News from Voice of America

President Lech Kaczynski attends ceremonies marking the 70th anniversary of the beginning of WW II at the Monument of Westerplatte Defenders, in Gdansk, 1 Sept 2009 Ceremonies in Poland Mark Start of WWII
Polish political, religious leaders recall sacrifices of countrymen in struggle against Hitler's forces


Gen. Ahmad Vahidi delivers speech in open session of parliament, Tehran, 01 Sept 2009 Iranian Parliament Signals Support for Defense Minister-Designate
General Vahidi is wanted by Interpol for alleged ties to deadly bombing of Jewish cultural center in Argentina 15 years ago


South Korean cargo trucks head to the North Korean city of Kaesong, 1 Sept 2009 North, South Korea Normalize Cross-Border Traffic Audio Clip Available
South Korean Unification Ministry spokeswoman says traffic set to resume at levels not seen for more than a year


Ousted Honduran president Manuel Zelaya (r)  with Jorge Taiana, president of OAS general assembly after meeting in Washington, 01 Jul 2009 Ousted Honduras Leader in Washington Tuesday
Manuel Zelaya to meet with members of Organization of American States


Workers count ballots at the Independent Election Commission in Kabul, Afghanistan, 27 Aug 2009 Experts: Elections Last Chance to Resolve Afghan Conflict Video clip available
Mounting questions about Afghan elections could undercut credibility


In this image grab taken from a newscast on Libya's official television, Libyan leader Moammar Gadhafi (L) welcomes freed Lockerbie bomber Abdelbaset al-Megrahi (R) in Tripoli, 21 Aug 2009 Libyans Defend Megrahi Welcome Audio Clip Available
Convicted Lockerbie bomber, who has terminal cancer, was released last month by Scotland on compassionate grounds


Pierre Mamboundou, President of Gabon People's Union speaks to the media at his party headquarters in Libreville, 31 Aug 2009 Gabon Awaits Presidential Results
Three candidates declare victory: Former Defense Minister Ali Ben Bongo, long-time opposition leader Pierre Mamboundou, and former Interior Minister Andre Mba Obame


H1N1 vaccine H1N1: Do Rich Nations Have Obligation to Help Developing World Tackle Flu Pandemic? Audio Clip Available
Initial scarcity of vaccine may delay availability for poor nations


Katrina makes landfall Study Probes Racial Tension Between Hurricane Katrina Evacuees and Houston Community Audio Clip Available
New study shows that many Houstonians resented newcomers from New Orleans


Britian's pubs are under threat British Pub Tradition Under Threat Video clip available
Pubs close at alarming rate

http://www.voanews.com/english/africa/

VOANews.com - News from Voice of America

To listen or watch one of our programs or to read more visit our website at www.voaafrica.com.

________________________________

Here are today's top stories from VOA Africa:

H1N1 vaccine H1N1: Do Rich Nations Have Obligation to Help Developing World Tackle Flu Pandemic? Audio Clip Available
Initial scarcity of vaccine may delay availability for poor nations


Pierre Mamboundou, President of Gabon People's Union speaks to the media at his party headquarters in Libreville, 31 Aug 2009 Gabon Awaits Presidential Results
Three candidates declare victory: Former defense minister Ali Ben Bongo, long-time opposition leader Pierre Mamboundou, and former interior minister Andre Mba Obame


No smoking sign South Africa Gets Tough on Smoking Audio Clip Available
New laws boost fines, restrict tobacco marketing, protect children


Moammar Gadhafi attends show for 40th anniversary of military coup that brought him to power, at military airfield outside Tripoli, 01 Sep 2009 Libya's Gadhafi Marks 40 Years in Power
Some world leaders expected to attend festivities for anniversary of military coup that brought him to power


In this image grab taken from a newscast on Libya's official television, Libyan leader Moammar Gadhafi (L) welcomes freed Lockerbie bomber Abdelbaset al-Megrahi (R) in Tripoli, 21 Aug 2009 Libyans Defend Megrahi Welcome Audio Clip Available
Convicted Lockerbie bomber, who has terminal cancer, was released last month by Scotland on compassionate grounds


A child collects water from a puddle after a rainstorm near the Torotoro village, Somalia (File Photo - 27 Mar 2009) Thousands Felled by Diarrhea Outbreak in Ethiopian Capital
Ethiopia reports 4,000 Acute Watery Diarrhea cases have been confirmed in the past 10 days, as UN says children might be especially vulnerable to infection because of malnutrition


French Michel Jarraud, Secretary General of World Meteorological Organization (WMO) (File) Experts Say Better Information Will Help Nations Adapt to Climate Change Audio Clip Available
About 2,500 decision makers and scientists from 150 nations are studying environmental issues at third World Climate Conference


Niger Delta in Nigeria Nigerian Amnesty Plan Facing Critical Challenges
Despite amnesty, plan to end militant attacks in volatile delta appears to be in danger of falling apart

Tuesday, 1 September 2009

Bush's Third Term? You're Living It

By David Swanson

Chinese shares plunge amid fears of default

Chinese shares plunge amid fears of default

Investors take panic amid fears the recovery may be unsustainable and some companies may default on derivative contracts

http://www.dailyalert.org/

Prepared for the
Conference of Presidents of Major American Jewish Organizations

by the Jerusalem Center for Public Affairs
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DAILY ALERT

August 31, 2009


In-Depth Issue:

Welcome to Camp Hamas - Arnon Ben-Dror (IDF Spokesman)
700 summer camps for children and teenagers were run by Hamas this summer in the Gaza Strip. Operating under the slogan, A "Victory for Gaza - The Glory of Jerusalem," the camps trained Hamas' next generation. In the same area many summer camps are operated by UNRWA (United Nations Relief and Works Agency) - the main "competition" of Hamas's summer camps. Hamas reacted by accusing the UNRWA camps of being "child corrupters" and tried to discourage the parents from sending their kids to the foreign aid organization's camp. According to Arab and Palestinian media, 100,000 children and teenagers participated in Hamas camps this year.


Siemens Buys 40% Stake in Solar Company Arava Power - Ehud Zion Waldoks (Jerusalem Post)
German industrial giant Siemens signed a $15m. investment agreement with Israeli solar power company Arava Power on Thursday at Kibbutz Ketura. The agreement gives Siemens a 40-percent stake in the company, with the controlling 60% remaining in the hands of the local firm. It is the largest-ever foreign investment in a solar development company in Israel.


Arafat Arms Smuggler Imprisoned (BBC News)
An Israeli military court has sentenced a former aide of the late Palestinian leader, Yasser Arafat, to 20 years in prison for weapons trafficking. Fuad Shubaki organized and financed an arms shipment on the Karine-A cargo ship that was intercepted by Israeli forces in 2002, the court ruled.


Madonna Lands in Israel Ahead of Tel Aviv Concerts (Ha'aretz)
Pop music icon Madonna landed in Israel Sunday morning, ahead of her back-to-back concerts in Tel Aviv on Sept. 1 and 2.


Israel Campus Beat Launched (Conference of Presidents, Israel Campus Coalition, JCPA)
Forward it to someone you know on campus.


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News Resources - North America and Europe:

  • Puzzling Shift in Iran's Nuclear Program Is Reported - David E. Sanger and William J. Broad
    International nuclear inspectors reported over the weekend that Iran had dramatically increased its capability to produce nuclear fuel over the summer, even while slowing the pace at which it was enriching the uranium that the West fears could one day fuel nuclear weapons. The slowdown puzzled the inspectors, and Iran offered no clues about whether technical problems or political considerations accounted for its action.
    Outside nuclear experts who dissected the International Atomic Energy Agency's latest report said that if Iran's current stockpile of low-enriched uranium were further purified, it would have nearly two warheads' worth of bomb fuel. Some U.S. intelligence officials have suggested that Iran is trying to build up enough centrifuges that it could "break out" of the Nuclear Nonproliferation Treaty at any moment and produce weapons fuel. (New York Times/St. Louis Post-Dispatch)
    See also Iran's Nuclear Program Has Military Aspects, Says IAEA - Yossi Melman
    According to a new report from the International Atomic Energy Agency, there are military aspects to Iran's nuclear program. Among details was an indication that a foreign scientific expert helped Iran in their efforts to develop a "metallic hemisphere," a reference to a nuclear bomb. (Ha'aretz)
    See also Text of the IAEA Report (IAEA)
  • Lockerbie Bomber "Set Free for Oil" - Jason Allardyce
    The British government decided it was "in the overwhelming interests of the United Kingdom" to make Abdelbaset Ali Mohmed al-Megrahi, the Lockerbie bomber, eligible for return to Libya, leaked ministerial letters reveal. Gordon Brown's government made the decision after discussions between Libya and BP over a multi-million-pound oil exploration deal had hit difficulties. These were resolved soon afterwards. A Ministry of Justice spokesman said trade considerations had been a factor in negotiating the prisoner exchange deal. The spokesman claimed the deal was ultimately "academic" because Megrahi had been released on compassionate grounds. (Times -- UK)
  • Iraq al Qaeda Militant Says Syria Trained Him - Muhanad Mohammed
    Iraq aired a confession from a suspected al Qaeda militant Sunday who accused Syrian intelligence agents of training foreign fighters like himself in a camp before sending them to fight in Iraq. The videotaped accusations, aired by Baghdad security spokesman Qassim al-Moussawi in a news conference, could worsen a row between Iraq and Syria over accusations that Syria supports Islamist militants responsible for attacks in Iraq. (Reuters/Washington Post)
    See also "Bombs Hampering U.S.-Syria Resolution" - Herb Keinon
    A spate of deadly bombs in Iraq this month that killed dozens of people has also significantly hampered the U.S.-Syrian rapprochement, according to assessments reaching Jerusalem. (Jerusalem Post)
News Resources - Israel, the Mideast, and Asia:

  • Former Prime Minister Olmert Indicted - Aviad Glickman
    The State Prosecutor's Office filed official corruption charges against former Prime Minister Ehud Olmert Sunday. The indictment includes charges of fraud, breach of trust, falsifying corporate records and tax evasion, as well as a charge of fraudulently obtaining benefits to which the State attributes aggravated circumstances.
    In an official statement issued Sunday night, Olmert's attorneys said that they were "sorry, but not surprised, to learn of the indictment against former Prime Minister Ehud Olmert. We are now gearing to prove his innocence." (Ynet News)
  • NATO Interest in Iran Increasing - Yaakov Katz
    NATO's interest in Iran has dramatically increased in recent months as the Islamic Republic works to upgrade its ballistic missiles and increase their range so they can penetrate deep into Europe, according to officials at the Western military alliance. The NATO interest in Iran at this stage focuses mostly on intelligence gathered around the world regarding the Islamic Republic's nuclear program. (Jerusalem Post)
  • Mortars Fired towards Sderot - Shmulik Hadad
    Palestinians in north Gaza fired at least two mortars towards Sderot Sunday evening, but there were no reports on injury or damage. On Saturday night Israel Air Force jets bombed a tunnel in the northern Gaza Strip. The tunnel was aimed at allowing terrorists to infiltrate Israel and carry out an attack against civilians or soldiers. The attack was a response to the firing of a Qassam rocket from the northern Gaza Strip on Saturday morning. (Ynet News)
Global Commentary and Think-Tank Analysis (Best of U.S., UK, and Israel):

  • Palestine Problem Hopeless, But Not Serious - Spengler
    "The situation for the Palestinian people is intolerable," declared President Barack Obama in his June 4 Cairo address. Really? Compared to what? Things are tough all over. The Palestinians are one of many groups displaced by the population exchanges that followed World War II, and the only ones whose great-grandchildren still have the legal status of refugees. Why are they still there? The simplest explanation is that they like it there, because they are much better off than people of similar capacities in other Arab countries.
    GDP per capita in the West Bank and Gaza comes to $3,380, much higher than in Egypt and significantly higher than in Syria or Jordan. Why should any Palestinian refugee resettle in a neighboring Arab country? Other data confirm that Palestinians are highly literate, richer and healthier than people in most other Arab countries, thanks to the United Nations Relief and Works Agency and payments of Western as well as Arab governments. As refugees, they live longer and better than their counterparts in adjacent Arab countries. It is not surprising that they do not want to be absorbed into other Arab countries and cease to be refugees. (Asia Times)
  • Cynicism Prevails for Vote-Hungry Officials in Sweden and Israel - David Stavrou
    There's no proof of anything in the Aftonbladet story, no real investigation and no news value whatsoever. It's a bizarre combination of speculation, unconfirmed testimonies and half truths from 17-year-old, washed up stories. Israelis are right in claiming this is the stuff blood libels against Jews were always made from. But that, I think, is not the point here. It's more important that this is the stuff a certain kind of modern journalism is made from.
    Aftonbladet makes racist attacks disguised as legitimate political journalism. Theirs isn't traditional anti-Semitism based on religion (the Jews killed Jesus). It isn't even modern anti-Semitism (the Jews are rich and control the world). This is post modern anti-Semitism. It's all about ratings. It sells newspapers. Nobody cares about the truth because it's subjective anyway.
    To be fair, Foreign Minister Bildt and Sweden's political establishment didn't have to limit freedom of speech; they weren't requested to close down Aftonbladet or to censor it. All they needed to do was to say they don't believe the allegations and they see them as provocative and irresponsible. Instead of that, Bildt chose to distance himself from Sweden's ambassador to Israel who did exactly that. He did the math: no one gains political points in Sweden from pleasing Israel. Quite the opposite. (The Local - Sweden)
  • What Obama Is Missing in his Policy on Israel - Erielle R. Reshef
    Several misconceptions have permeated American foreign policy in the Middle East. First, that applying pressure on Israel will placate its adversaries enough to bring them to the negotiating table. Second, that an Israeli settlement-freeze is the key to unlocking peace in the region. Third, that an American-imposed agreement will take hold. Fourth, that there is a Palestinian government capable of striking and implementing a peace deal on behalf of all Palestinians. President Obama's insistence on the ripeness of the Israeli-Palestinian conflict for solution is fundamentally miscalculated. With whom should Israel sign a peace deal? A hasty American solution will only lead to unsustainable peace and deepened hostility. The writer, from Oklahoma City, is a student at the Interdisciplinary Center in Herzliya. (Oklahoman)
Observations:

Israel, Iran and Obama - Editorial (Wall Street Journal)

  • The International Atomic Energy Agency has produced another alarming report on Iran's nuclear program. Meanwhile, Iran intends to introduce a resolution that would ban military attacks on nuclear facilities.
  • The mullahs understand that the only real challenge to their nuclear ambitions is likely to come from Israel. They've long concluded that the U.N. is no threat, as IAEA chief Mohamed ElBaradei has in practice become an apologist for Iran's program. They can also see that the West lacks the will to do anything, as the Obama Administration continues to plead for Tehran to negotiate even as Iran holds show trials of opposition leaders and journalists for saying the recent re-election of Mahmoud Ahmadinejad was fraudulent. The irony is that the weaker the West and U.N. appear, the more probable an Israeli attack becomes.
  • The reality that Western leaders don't want to admit is that preventing Iran from getting the bomb is an Israeli national imperative, not a mere policy choice. That's a view shared across Israel's political spectrum. Israelis can see the relentless progress Iran is making toward enriching uranium, building a plutonium-breeding facility and improving on its ballistic missiles - all the while violating U.N. sanctions without consequence.
  • This threat has only increased in the wake of Iran's stolen election and crackdown. The nature of the regime seems to be changing from a revolutionary theocracy to a military-theocratic state that is becoming fascist in operation.
  • Israel also looks warily on the Obama Administration's policy of diplomatic pleading with Iran, which comes after six years of failed diplomatic overtures by the European Union and Bush Administration. In its first seven months, the Administration has spent more diplomatic effort warning Israel not to strike than it has rallying the world to stop Iran.
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