May 12, 2010 Nº 905 - Vol. 8
"Business opportunities are like buses, there's always another one coming."
Richard Branson
"Why Do Buses Come in Threes?"
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Read Migalhas LatinoAmérica in Spanish every Tuesday and Thursday. Visit the website at www.migalhas.com/latinoamerica
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Proposal calls for banks to draft 'living wills'
The Federal Deposit Insurance Corp. has proposed to require the country's largest banks to create a plan for their own liquidation in the case of financial stress. By planning for the organized breakup of the country's top 40 banks, the government hopes to avoid some of the chaos and costly bailouts that marked the recent crisis. The FDIC proposal may lead to a clash with large banks, which are concerned that regulators are becoming overly prescriptive and might use information provided by the banks to take a more aggressive regulatory stance. The plan would require large bank holding companies, such as Citigroup Inc., J.P. Morgan Chase & Co., and Bank of America Corp., to show how their bank could be cleanly separated from the parent firm, and then dissolved by regulators. The banks all declined to comment. Some industry officials say the measures will be less valuable to regulators than they think. "The proposal is redundant because regulators and banks engage in contingency planning on a regular basis." "The markets change constantly, and the shelf life of living wills is extremely limited."
Oil executives point fingers in Congress over oil spill
Oil executives have traded blame in Congress over the Gulf Coast oil spill, as the battle to contain it continues. British oil giant BP told a Senate hearing a crucial safety device made by drilling contractor Transocean failed. Senators heard Transocean argue in turn that BP had been in charge and that a third firm, Halliburton, a BP contractor, did not plug the exploratory well properly. Obama was said by the White House to be "deeply frustrated" the oil leak had yet to be stopped. The Obama administration has announced a break-up of the federal oil industry watchdog amid fears of a conflict of interest.
Spain unveils deep budget cuts amid EU economic fears
Spain's prime minister is announcing a new plan to tackle his country's budget crisis, amid concerns that problems afflicting Greece may spread. The budget deficit is currently 11% of GDP. Spain's unemployment rate exceeds 20% - twice the eurozone average. Zapatero has shied away from really painful measures, hoping instead to rely on tax rises, efficiency gains, and economic growth. The European Union is anxious to see more fragile European economies including Spain, Portugal and Greece impose tougher austerity measures.
The language of Business
Georgetown Law and Lex Mercator International Education welcome Migalhas readers to attend a free online lecture entitled "The Language of Big Business: Legal English for Corporate Law". It will take place on May 17, and you can participate in real-time from anywhere in the world. This one-hour lecture will be given by Professor Debra Lee, adjunct professor at Vanderbilt Law School and author of the book American Legal English. Since the event is live in real-time, space is limited, and you can reserve a spot at https://www.lexmercator.com/open/index.html. Cost: No charge.
Before you open the door to the boardroom, peek through the keyhole!
Michael Page specializes in the placement of candidates in permanent, contract, temporary and interim positions within client companies around the world. Have a look at the new section of the Migalhas website and discover the professional development opportunities with large corporations, in legal and business fields, presented by Michael Page International. Click here to peep through the hole!
1 - Gordon Brown resigns as UK prime minister (Click here)
2 - Alcohol law change would not have helped King's boy – Key (Click here)
3 - Government rejects bans on alcohol advertising(Click here)
4 - Tax bills in 2009 at lowest level since 1950 (Click here)
5 - Ariz. referendum drives targeting new law dropped (Click here)
6 -Criminal charges for on-ice hit by former world junior captain Cormier (Click here)
7 - China clears murderer after 'victim' shows up alive (Click here)
8 - Iran says Brazil and Turkey have offered new proposal for a nuclear fuel deal (Click here)
9 -'Prince of Pot' Marc Emery to be extradited to U.S. (Click here)
10 - Fifa approved extra World Cup cash for South Africa (Click here)
11 -Reshaping court’s culture, a woman at a time (Click here)
12 - Goldman Sachs says it expects even more lawsuits (Click here)
13 - Florida suit poses a challenge to health care law (Click here)
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MiMIC Journal
China suffers new school killings
At least six children have been hacked to death in north-western China in the latest in a series of violent attacks on schools. China traditionally has had a comparatively low rate of violent crime, but this is no longer the case. Experts quoted in Western media have suggested that the school attacks are a form of revenge on society by individuals with no outlet for their anger.
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Acuerdo
Los cuerpos de paz de Estados Unidos regresarán a Colombia, después de casi tres décadas de ausencia, para desarrollar proyectos de cooperación y asistencia social en diferentes regiones del país. El canciller del país sudamericano, Jaime Bermúdez y el director de los Cuerpos de Paz, Aaron S. William, firmaron el martes en Washington el acuerdo.
Telecom x Telefónica
Portugal Telecom rechazó una oferta no solicitada, vinculante e incondicional de la española Telefónica para la adquisición de su interés de 50% en Brasicel, la controladora de la firma de telefonía móvil brasileña Vivo. La telefónica ofreció US$ 7.242 millones por las acciones.
Argentina x Brasil
Los empresarios brasileños han sugerido al gobierno de Luiz Inácio da Silva suspender las relaciones comerciales con Argentina, en tanto el vecino no esclarezca las medidas de restricción que aplica a la importación de alimentos que tienen un equivalente de producción nacional. La Federación de Industrias del Estado de Sao Paulo criticó a informalidad de autoridades argentinas a compromisos asumidos en diferentes diálogos binacionales para subsanar el tema de las trabas comerciales. (Presione aquí)
Petrobras
La preocupación global por la crisis de deuda en Europa no alterar los planes de capitalización de la petrolera brasileña Petrobras, así lo confirmó su máximo Ejecutivo, José Sergio Gabrielli, quien sostiene que si bien las '”turbulencias traen dificultades, pero también ofrecen oportunidades”.
Obama rethinking 'Miranda' rights
Officials from the White House, Justice Department and Congress are considering revisions to the criminal rights afforded defendants upon arrest. They want to ask Congress to enact legislation allowing interrogators to question terror suspects for a longer period of time than currently allowed before informing them of their constitutional rights to remain silent and be represented by an attorney. Presidential adviser David Axelrod publicly discussed that the focus is on expanding the "public safety exception that allows a delay in administering" Miranda rights. The question, Axelrod said, is "how elastic is that, and do we need to make any sort of adjustment to it?" According to White House officials, these discussions predated the failed car bombing in Times Square earlier this month. And government officials involved in the discussions say the debate is much broader than the public safety exception to Miranda warnings. The Supreme Court established the public safety exception in 1984. The rule allows interrogators to question defendants without immediately reading their rights if public safety is at stake. Interrogators initially used the public safety exception to question suspected Times Square bomber Faisal Shahzad. They then Mirandized him, and he continued to cooperate, according to government officials. Criticis of the proposed legislation, claimi its impact "would be a fundamental miscarriage of justice."
Go ahead, quit Facebook, but they'll retain and data mine your info
People quitting Facebook have concerns over privacy. First, deleting is different from deactivating, and the deletion process isn't easy for everyone to figure out. Still, even if you do manage to truly delete your account once and for all, "you'll never see that data again. But Facebook will. They still have that information and will continue to use it for data mining," reporters say. Will the data at least be anonymized, a reporter asked? The Facebook rep wouldn't say. Caveat Facebooker.
France parliament passes resolution against burqa
The French National Assembly on Tuesday unanimously passed a resolution condemning the Islamic burqa and other full face veils as contrary to gender equality. The resolution passed with 434 votes, with the remaining members of the 577-seat house abstaining. The passage of the resolution lays the groundwork for a complete ban on full face veils, with draft legislation to be presented to the Cabinet next week. The bill is then expected to go before parliament in July. French President Nicolas Sarkozy is pushing for the ban, despite the Council of State advising the government in March that a complete ban risks violating the French Constitution and the European Convention on Human Rights. Last week, European Parliament Vice President Silvana Koch-Mehrin expressed her support for a continent-wide burqa ban. In April, the Belgian House of Representatives voted 136-0 to approve a bill that would ban the burqa and other full face veils in public. The proposed legislation applies to areas "accessible to the public" or areas meant for "public use or to provide public services." Violators could face a penalty of up to seven days in jail or a fine of 15 to 25 euros. The measure must now go before the Senate.
ABN Amro laundering case settled with $500m US payment
The UK's Royal Bank of Scotland has agreed to pay $500m (£336m) to end a money laundering case involving ABN Amro - the lender it bought in 2007. The bank will pay the money to the US government. In exchange, charges against ABN Amro will be dropped. According to the US justice department, the bank helped governments and individuals under US sanctions bring money into the country. RBS bought the Netherlands-based ABN just before the banking crisis erupted.
Bolivians stage indefinite general strike
Bolivia's main trade union has called for an indefinite general strike following a week of intense rallies and riots. Bolivians have been protesting against a government-decreed 5% wage increase, calling for a bigger increase. These are the first such protests facing President Evo Morales since he took office in January 2006.
Garzon 'seeks leave of absence'
High-profile Spanish judge Baltasar Garzon has asked to take a leave of absence to work for the International Criminal Court (ICC). Judicial sources at Spain's National Court say Garzon wants to work as an adviser for the ICC for seven months. The judge was indicted last month for exceeding his authority by launching an inquiry in 2008 into crimes committed by General Francisco Franco's rule.
Wal-Mart agrees to pay as much as $86 million for wage claims
Wal-Mart Stores Inc. agreed to pay as much as $86 million to settle a class-action lawsuit claiming it failed to pay vacation and other wages owed to thousands of California employees when they left the company, lawyers for the former workers said in a court filing.
Virgin could be fined over BA case after OFT suffers trial loss
Virgin Atlantic Airways Ltd. could lose immunity in a U.K. antitrust probe and be fined if it's found to have ruined a criminal price-fixing trial as the nation's antitrust regulator seeks to restore its credibility. The Office of Fair Trading (OFT) was forced this week to abandon a case against four current and former British Airways Plc executives accused in a scheme over passenger fuel surcharges.
Egypt opposition to emergency law
Egypt's parliament has again renewed the emergency law which has been in place for nearly 30 years since the assassination of President Anwar Sadat by an Islamist militant. However it said that new legal limits would be introduced, guaranteeing that it would be used only to counter terrorism and trade in illegal drugs. The government's political opponents claim the legislation is used to target them in the name of national security.
Petrobras says capital plan on track
Petrobras' oil-for-shares capitalization plan is on track to be launched as scheduled by the first half of 2010. Congress is still discussing the capitalization scheme under which the government would receive company shares in exchange for rights to develop unlicensed offshore oil blocks believed to hold 5 billion barrels.
Despite recalls, Toyota reports $1.2 billion profit
Despite being mired in recalls and inquiries into its safety record, Toyota roared back to a profit in the fiscal year that just ended and forecast on Tuesday a further increase in earnings. Profit for the three months was 112 billion yen ($1.2 billion), in contrast to a 766 billion yen loss the year before, as the automaker slashed costs and introduced aggressive sales incentives that lured customers back to its showrooms.
UN rights experts say Arizona immigration law may violate international standards
A group of UN human rights experts said Monday that Arizona's new immigration law could violate international standards that are binding on the US. The group of six UN experts, which includes UN Special Rapporteur on human rights of migrants Jorge Bustamante, said the Arizona law might encourage discrimination: “A disturbing pattern of legislative activity hostile to ethnic minorities and immigrants has been established with the adoption of an immigration law that may allow for police action targeting individuals on the basis of their perceived ethnic origin, and a law that suppresses school programs featuring the histories and cultures of ethnic minorities. ... The law may lead to detaining and subjecting to interrogation persons primarily on the basis of their perceived ethnic characteristics. In Arizona, persons who appear to be of Mexican, Latin American, or indigenous origin are especially at risk of being targeted under the law.” Arizona's immigration law makes it a crime to be an undocumented immigrant and requires police to question anyone whose immigration status appears suspect. (Click here)
US mediation board eases union election rules for airlines, railroads
The National Mediation Board (NMB) on Monday issued a new labor rule that will make it easier for airline and railroad workers to unionize. Under the new rule, the union must only win a majority from votes cast, rather than a majority from all eligible voters. The new rule marks a departure from 76 years of practice under the Railway Labor Act, bringing airlines and railroads in line with most other companies, whose union activities are governed by the National Labor Relations Act. The rule change is expected to trigger union elections at Delta Airlines and could also impact JetBlue Airways and AirTran Holdings. The American Federation of Labor and Congress of Industrial Organizations (AFL-CIO) hailed the new rule as "more fair and more in line with democratic principles." The Air Transport Association (ATA), however, plans to challenge the new rule in court on behalf of the airlines. The final rule change will take effect in 30 days after publication in the Federal Register Tuesday.
Zimbabwe high court dismisses terrorism charges against cabinet nominee
Zimbabwe's Supreme Court on Monday dismissed terrorism and other charges against Movement for Democratic Change (MDC) party treasurer and deputy agriculture minister-nominee Roy Bennett. Bennett, a close ally of Prime Minister Morgan Tsvangirai ally and opponent of President Robert Mugabe, was acquitted after the presiding judge found insufficient evidence to convict.
Children killed in new China attack
Al Jazeera, Doha, Qatar
Russian, Syrian Presidents Hold Talks in Damascus
Asharq Al-Awsat, Pan-Arab daily, London, England
Abu Dhabi wins green city awards
Gulf News, Independent daily, Dubai, United Arab Emirates
Report: 104 believed dead after passenger plane crashes in Libya
Haaretz, Liberal daily, Tel Aviv, Israel
MIDEAST: Israeli Settlers Step Up Attacks on Palestinian Mosques
IPS Middle East, International cooperative of journalists, Rome, Italy
Obama: Move to direct talks ASAP
JPost, Conservative, Jerusalem, Israel
Mohammed to lead UAE team to GCC Summit
Khaleej Times, English-language daily, Dubai, United Arab Emirates
Iraq- Pure water tank constructed for ID64b
Middle East North African Network, Online financial portal, Amman, Jordan
Despite Security Boost, 7 Children Killed in China School Attack
Nahamet, Online news portal, Beirut, Lebanon
Panel formed on Lebanon poll law
Saudi Gazette, English-language daily, Riyadh, Saudi Arabia
Iraqi forces 'negligent' after attacks kill 110
The Daily Star, Independent daily, Beirut, Lebanon
Iran seeks nuclear talks with EU s Ashton
Times of Oman, English-language daily, Muscat, Oman
Yemen will discuss its MDG report at the end of this year, Alsoswa
Yemen Observer, Sana'a, Republic of Yemen
Documenting our small successes
Yemen Times, (Independent weekly), Sana'a, Republic of Yemen
Coalition government sets to work
BBC News, Centrist newscaster, London, England
Clinton urges Egypt to end emergency law
BreakingNews.ie, Online news portal, Cork, Ireland
'Dead' Hannah and Lawless coming back for Spartacus prequel
Daily Express, Conservative tabloid, London, England
Gordon Brown quits as Prime Minister with emotional resignation speech
Daily Mail, Conservative daily, London, England
Deutsche Telekom revenues drop 0.6%, net profit grows 38%
DMeurope, Online news portal, Amsterdam, Netherlands
UK ELECTION: David Cameron takes over as Britain's new premier
France 24, Issy-les-Moulineaux, France
Akbank guitar days host classical guitar heroes
Hurriyet Daily News, (Liberal, English-language), Istanbul, Turkey
Get The Look: Frankie Sandford's Fierce Office Heels
Look Magazine, London, England
Gordon Brown resignation an 'honourable act' say Cumbrian MPs
News & Star, Independent daily, Carlisle, England
Passenger Plane Crashes In Libya, 105 Feared Dead
Radio Free Europe, Prague, Czech Republic
Live: Britain's New Government Takes Shape
Sky News, Independent newscaster, Middlesex, England
Cameron Takes the Helm in Britain: Starting Anew with a Coalition of Convenience
Spiegel International, Liberal newsmagazine, Hamburg, Germany
Cameron and Clegg lead coalition into power
The Guardian, Liberal daily, London, England
Plane en route to Heathrow crashes in Libya
The Independent, London, England
Law bans head shop products
The Irish Times, Centrist daily, Dublin, Ireland
Putin Visits Mine as Death Toll Passes 50
The Moscow Times, Independent daily, Moscow, Russia
Dave new world
The Sun, London, England
WAGs film BBC World Cup slum documentary
The Telegraph, London, England
New Cabinet: who got what job?
The Telegraph, Conservative daily, London, England
Eight killed in Chinese school knife attack
Times Online, Conservative daily, London, England
President: World democracy now ebbing
Antara News, News agency, Jakarta, Indonesia
Britain's David Cameron becomes PM; Brown out
China Post, English-language daily, Taipei, Taiwan
10th Seoul International Financial Forum Kicks Off
Chosun Ilbo, Conservative daily, Seoul, South Korea
US missiles kill at least 24 in North Waziristan
Dawn, English-language daily, Karachi, Pakistan
State Office of Public Prosecutor of Belarus received inquiry from Bishkek on Bakiev's extradition
Gazeta.kz, Official online newspaper, Kazakhstan
105 dead in Tripoli airport plane crash: security official
Hindustan Times, New Delhi, India
UK-bound migrants to face torrid time
India Express, News portal, Mumbai, India
Delhi: 2 girls stabbed outside school
India Times, Conservative daily, New Delhi, India
Democracy far from perfect
Japan Times, Independent centrist, Tokyo, Japan
Kapar MP lodges police report against Selangor-owned sand mining firm
Malaysian Star, Online news portal, Selangor Darul Ehsan, Malaysia
Libyan Airbus crash kills 104 - report
New Zealand Herald, Conservative daily, Auckland, New Zealand
Commander surrenders
Pajhwok Afghan News, (Independent news agency), Kabul, Afghanistan
Dollar at upper 92 yen in Tokyo
People's Daily Online, English-language, Beijing, China
Myanmar junta rejects international poll monitors
Sify News, Chennai, India
Puppy sparks deadly row
Sydney Morning Herald, Centrist daily, Sydney, Australia
Asian markets fall back as euro fears persist
Taiwan News, English-language daily, Taipei, Taiwan
Taiwan chef's restaurant makes S. Pellegrino top 50 list
Taiwan Today, Government Information Office, Taipei, Taiwan
Maoists open fire at police outpost in Chhattisgarh
Thaindian News, Bangkok, Thailand
Krishna-Qureshi talks in Islamabad on July 15
The Hindu, Left-leaning daily, Chennai, India
Missing family found dead in Quebec landslide
Canadian Broadcasting Centre, Toronto, Ontario
Woman loses children, husband, parents in suspicious fire
Caribbean360, Online news portal, St. Michael, Barbados
High level meeting dissects tax issues
Cayman Net News, Online news portal, George Town, Cayman Islands
Anticorruption group forces senators to come clean
Dominican Today, Independent daily, Santo Domingo, Dominican Republic
MEXICO: Children in the Line of Fire in Ciudad Juárez
IPS Latin America, International cooperative of journalists, Rome, Italy
FLIP-FLOP: Golding admits sanctioning contract with Manatt
Jamaica Gleaner, Independent daily, Kingston, Jamaica
Peru: Greek crisis not to affect tourists arrivals from Europe, tourism operators estimate
Living in Peru, News portal, Lima, Peru
More than 100 feared dead in Libyan plane crash
The Globe and Mail, Centrist daily, Toronto, Canada
G20 summit scuppers Halladay's first trip to Toronto as a Philly
Toronto Star, Toronto, Ontario
Prisons officers get car park
Trinidad Guardian, Independent daily, Port-of-Spain, Trinidad
Plane crash in Libya 'kills 104'
BBC News, Centrist newscaster, London, England
TP Mazembe reach Champions League group phase
CongoPlanet.com, Independent online news aggregator
My dismissal was orchestrated by NDC executives - Khalid
GhanaWeb, Online news portal, Amsterdam, Netherlands
N Korea claims nuke fusion
iafrica, Online news portal, Cape Town, South Africa
Libya crash: slim chance of survivors
Independent Online, News portal, Cape Town, South Africa
Ethiopia presents $ 58 billion birr worth five year power plan
Jimma Times, Online news portal, Jimma, Ethiopia
Spar first-half profit up, sees World Cup growth
Mail & Guardian Online, Liberal, Johannesburg, South Africa
Boy survives Tripoli crash - reports
News24.com, Online news portal, Cape Town, South Africa
EXCOF holds valediction for Yar'Adua today
Vanguard, Independent daily, Lagos, Nigeria
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