November 19, 2007 nº 565 - Vol. 5
“There is no such thing as public opinion. There is only published opinion.”
Winston Churchill
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Foreclosure wave sweeps America
A wave of foreclosures and evictions is about to sweep the United States in the wake of the sub-prime mortgage lending crisis. There have already been 1.7 million foreclosure proceedings in the US in the first eight months of 2007, and up to 2 million families are expected to lose their homes over the next two years. Sub-prime lending is spreading across the United States, especially in the booming housing markets of Southern California, Florida, Washington, DC, and New York City. These mortgages carry a much higher risk of default by the borrower That is because most of them are "balloon" mortgages (technically known as hybrid-adjustable rate mortgages, or ARMs), which offer the borrower a fixed-rate loan for two or three years, and then switch to a much higher adjustable rate after that. Many of them are set to switch in the next two years, leaving borrowers unable to afford the higher payments.
Credit losses 'may reach $400bn'
Goldman Sachs estimated that financial companies' losses due to the US sub-prime crisis could be as much as $400bn. Leveraged investors may have to reduce their lending by $2 trillion as a result. The analogy that a $400bn loss "is just an equivalent to one bad day in the stock market" is wrong as most equities are held by the type of investors who "do not adjust their portfolios in response to a capital loss". The macroeconomic consequences could be quite dramatic.
Brazil to build nuclear weapons? 'nonsense'
Brazil plans to spend 1.04 billion reais ($596 million) over the next eight years to develop nuclear power plants and a nuclear-powered submarine. The country won't use the technology to develop weapons, Jobim said. Earlier this week, Brazilian General Jose Benedito de Barros Moreira said the South American country should seek to develop the technology needed to eventually make nuclear weapons to defend itself in a ``more violent and unpredictable world.'' Jobim said Brazil must safeguard the Tupi field and its 5 billion to 8 billion barrels of oil reserves from other nations and from "actions that could come from the area of terror."
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China spying 'biggest US threat'
Chinese espionage poses "the single greatest risk" to the security of US technology, a panel has told Congress. China is pursuing new technology "aggressively", it says, legitimately through research and business deals and illegally through industrial espionage. China has also "embraced destructive warfare techniques", the report says, enabling it to carry out cyber attacks on other countries' infrastructure. A foreign ministry spokesman in Beijing denied any spying activities by China. "China and the US have a fundamental common interest in promoting sound and rapid development," said Liu Jianchao.
Loans cut for Chinese polluters
In the first move of its kind, a dozen Chinese businesses have had loans blocked or withdrawn after being accused of flouting environmental laws. The firms, which have not been named, include a brewer and a power plant.
China Curbs Bank Loans
Chinese authorities are ordering a freeze on bank lending, aiming to curb the runaway investment that threatens to overheat the economy. But even a temporary halt could chill important segments of the economy, including the stock market.
China may let multinationals list
The Shanghai Stock Exchange says it may allow overseas firms such as HSBC to list shares.
US tells Musharraf to step back
A senior US envoy urges Pakistani President Musharraf to lift emergency rule and free opponents. Musharraf seems to be holding his ground.
Watchdog cancels Russia poll plan
The international election watchdog, the OSCE, says it will not send monitors to Russian elections because its staff have been denied visas. The body blamed its decision on "delays and restrictions" in securing permission to enter Russia. The OSCE last month accused Moscow of placing "unprecedented curbs" on its bid to monitor the parliamentary polls. Russia rejected the criticism. Parties loyal to President Vladimir Putin are expected to win the 2 December vote.
Some retailers try to suppress Web scoops on prices
For the last several years, Wal-Mart Stores and other large chains have threatened legal action to intimidate Web sites that obtain advertising circulars early and publish prices online ahead of company-set release dates. But the retailers' threats rest upon some dubious legal arguments, which may be the reason they have not shown a keen interest in going to court over the issue. Wal-Mart asserts that its sales-price data are "protected by copyright and other laws." The "other laws" were never identified or explained in the letter, and the claim of copyright protection for facts themselves, like sales prices, that exist separately from their original expression was rejected by the courts long ago.
Iran brands US dollar 'worthless'
Iranian President Ahmadinejad calls the US dollar "worthless" at the end of the Opec summit. Its decline has affected the revenues of Opec members because most of them price and sell their oil exports in the US currency. Opec leaders pledge to provide reliable supplies of oil and fight global warming as their summit wraps up.
US backs home lending clampdown
The US House of Representatives has voted to regulate mortgage brokers in an attempt to prevent a recurrence of the current housing market crisis. The bill calls for the licensing of mortgage brokers and loan officers and also bans predatory lending practices. Lenders would have to take steps to ensure than prospective borrowers would be able to repay their loans. There would also be a ban on incentive schemes that encouraged brokers to steer borrowers into unsuitable loans.
Bribery Details
Scandal-scarred Siemens paid millions of euros in bribes to officials in Nigeria, Russia and Libya as it sought to win contracts, a court ruled.
Backdating Cases
Settlements have been reached in recent months on some private lawsuits arising from the stock-options backdating scandal, with several rendering relatively modest payouts compared with some class-action suits.
Corporations Use Surveys to Get Feedback on Outside Lawyers
Corporate legal departments eager to keep better tabs on their outside lawyers are asking about their performance in surveys of company executives and in-house lawyers. Formal surveys are being used more often, especially by small and midsize companies as general counsels are managing their outside law firms more closely through more rules, better technology and tighter budgeting. A survey also found that in-house lawyers are requiring competitive bidding for legal work, getting discounts for early payment of bills, and requiring associates working on their projects to have minimum levels of experience.
New York appeals court upholds Kozlowski grand larceny conviction
A New York appellate court unanimously upheld the convictions of former Tyco International CEO L. Dennis Kozlowski and former CFO Mark Swartz Thursday, rejecting arguments that the pair had been convicted of grand larceny, securities fraud and falsifying business records on insufficient evidence. The court affirmed their eight to 25-year prison sentences and fines of $70 million for Kozlowski and $35 million for Swartz. Lawyers for the two said they would try to appeal to the New York Court of Appeals , New York's top court. Last month, Corporate Officers & Directors Insurance (CODA), a subsidiary of ACE Bermuda, filed a petition in a New York trial court requesting an order compelling Kozlowski to pay the insurer approximately $1.97 million. CODA provided directors and officers liability insurance to Kozlowski, and won an arbitration award in the UK for recovery of money paid in legal fees to the former executive.
France Constitutional Council approves DNA testing for immigrants
The Constitutional Council of France Thursday approved a controversial amendment to an immigration law that would allow voluntary DNA testing to establish family ties between recent immigrants and relatives already living in France. The Council also rejected an amendment that would have allowed for the collection of ethnic data to promote diversity. The French Parliament passed the immigration bill in October, and it will take effect after Sarkozy signs it and it is published in the official register.
US House passes bill to protect corporate attorney-client privilege
The US House of Representatives passed legislation by voice vote Tuesday that would ban federal prosecutors from threatening to prosecute corporations for refusing to turn over information protected by attorney-client privilege . The Attorney-Client Privilege Act of 2007 would bar prosecutors from demanding that a corporation waive its attorney-client privilege and from considering a corporation's cooperation with that demand in deciding whether to prosecute. Rep. Robert Scott (D-VA) said the bill was necessary to stop over-zealous US attorneys from intimidating corporations from protecting their rights. In 2006, former US Deputy Attorney General Paul McNulty announced that the Department of Justice would no longer encourage corporations to turn over confidential records to officials investigating corporate fraud. The McNulty Memorandum revised portions of the 2003 Thompson Memorandum , which included business record turnover as a factor prosecutors could use in determining whether corporations were cooperating with investigations, by requiring prosecutors to receive McNulty's approval before seeking investigative facts gathered by corporate counsel and protected by attorney-client privilege.
US vote rivals in 'scandal' spat
A bitter dispute has broken out between the two main candidates for the Democratic Party nomination in next year's American presidential election. A prominent newspaper columnist claims Hillary Clinton supporters told him her campaign has scandalous information about principal rival, Barack Obama. Obama has reacted with outrage, but the Clinton team say they know nothing about the reports. They say he is showing his inexperience getting so worked up about them. This is more than the normal cut and thrust of election politics.
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Time
One Day in America
In a country this big and diverse, being average still leaves you room to be different
Newsweek
Books aren’t dead. Amazon's attempt to reinvent the book.
Business Week
The Consumer Crunch. Recession or not, American families will be forced to tighten their belts
The Economist
America's vulnerable economy. Recession in America looks increasingly likely. Can booming emerging markets save the world economy?
L'Express
Francois Fillon secrets de jeunesse
Der Spiegel
Warum lächelt diese Frau? (Merkel) Das Zerbröckeln der Großen Koalition
Zimbabwe 'ready for UK invasion'
BBC News, Centrist newscaster, London, England
232 children released from Mayi Mayi forces in the Kivus by UNICEF and partners
CongoPlanet.com, Independent online news aggregator
Hackman to promote credit union
GhanaWeb, Online news portal, Amsterdam, Netherlands
Nigeria: Investigate Widespread Killings by Police
Human Rights Watch (Africa), International news press releases
Aussie PM slams Japanese whale hunt
iafrica, Online news portal, Cape Town, South Africa
Outrage after 'renowned' UCT professor dies
Independent Online, News portal, Cape Town, South Africa
Land Bank says treasurer not suspended
Mail & Guardian Online, Liberal, Johannesburg, South Africa
Child survives horror crash
News24.com, Online news portal, Cape Town, South Africa
Peru draws Brazil 1-1 in WC qualifier
Brazil Sun, Independent online news aggregator
Beenie Man and Alicia Keys for American Music Awards 2007
Caribbean News Portal, Online news aggregator
US: Guantanamo Judge Allows Military Commissions to Proceed in Khadr Case
Human Rights Watch (Americas), International news press releases
Venezuela: Lightning in the Sky Fed by Underground Methane
IPS Latin America, International cooperative of journalists, Rome, Italy
AID RAINS DOWN - Gov't commits $1.5b for hurricane victims, road repairs. Prime Minister vows to halve oil dependence by 2017
Jamaica Gleaner, Independent daily, Kingston, Jamaica
Peru: Photo of the day - 14 Tons of Illegal Medicine
Living in Peru, News portal, Lima, Peru
Troops capture Taliban's birthplace
The Globe and Mail, Centrist daily, Toronto, Canada
Quebec village mourns
Toronto Star, Liberal daily, Toronto, Canada
President delays departure for S'pore to wait for VP
Antara News, News agency, Jakarta, Indonesia
A Raffle Rather than an Ability Test
Chosun Ilbo, Conservative daily, Seoul, South Korea
JD(S) to vote against BJP govt in K'taka
India Express, News portal, Mumbai, India
In Video: 50 Cent coming to Mumbai
India Times, Conservative daily, New Delhi, India
Poulter wins Dunlop Phoenix title
Japan Times, Independent centrist, Tokyo, Japan
Man drowns trying to rescue friend
Malaysian Star, Online news portal, Selangor Darul Ehsan, Malaysia
Trapped Australian miners reach safety
New Zealand Herald, Conservative daily, Auckland, New Zealand
39 dead in Ukrainian coal mine blast
People's Daily Online, English-language, Beijing, China
I was really, really scared: Nicole Kidman
Sydney Morning Herald, Centrist daily, Sydney, Australia
Gowda directs JD(S) to vote against government
The Hindu, Left-leaning daily, Chennai, India
Darling to outline Northern Rock options
BBC News, Centrist newscaster, London, England
Kidman tells judge of 'car chase' terror
BreakingNews.ie, Online news portal, Cork, Ireland
Nightmare that seems to get worse every day
Daily Express, Conservative tabloid, London, England
Murat's girlfriend 'spotted with Madeleine' two days after she vanished
Daily Mail, Conservative daily, London, England
Bouygues Telecom to launch 3G service next week
DMeurope, Online news portal, Amsterdam, Netherlands
Shambles: The truth behind the Mathew Street fiasco
icLiverpool, Online news portal, Liverpool, England
Early tally gives edge to pro-independence party in Kosovo
International Herald Tribune, Independent daily, Paris, France
Bangladesh cyclone death toll hits 15,000
The Telegraph, Conservative daily, London, England
'Bodies are floating in the rivers and paddy fields. It's unbearable'
Times Online, Conservative daily, London, England
Jerusalem's Mayor Lupolianski Faces Stiff Opposition
Arutz Sheva, Online, right-wing, Tel Aviv, Israel
Chavez: US Attack on Iran Will Spike Oil
Asharq Al-Awsat, Pan-Arab daily, London, England
Pakistan election on January 8, says Musharraf
Gulf News, Independent daily, Dubai, United Arab Emirates
Politics-US: Seizure of Iranians Failed to Validate Bush Line
IPS Middle East, International cooperative of journalists, Rome, Italy
Arab Bank, Agility sign loan deal
Middle East North African Network, Online financial portal, Amman, Jordan
Cyclone Leaves 10,000 Dead, Millions Homeless in Bangladesh
Nahamet, Online news portal, Beirut, Lebanon
Fire at Saudi gas pipeline kills at least 28 people
The Daily Star, Independent daily, Beirut, Lebanon
Taiz citizens protest against injustice, poor living standards
Yemen Times, Independent weekly, Sana'a, Yemen
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Copyright 2007 - Migalhas International
The messages that appear in this newsletter are for informational purposes only. They are not intended to be and should not be considered legal advice nor substitute for obtaining legal advice from competent, independent, legal counsel in the relevant jurisdiction.
Transmission of this information is not intended to create, and receipt does not constitute, an attorney-client relationship. The information contained on this list may or may not reflect the most current legal development.