May 30, 2011 No. 1,047 - Vol. 9
"Idealism is the despot of thought, just as politics is the despot of will"
Mikhail Bakunin
Insider's view: see how local concerns shape up the global world. Read the daily press review in Migalhas International
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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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At I.M.F., a strict ethics code doesn't apply to top officials
At the International Monetary Fund, there is one set of ethics guidelines for the rank-and-file staff and another for the 24 elite executive directors who oversee the powerful organization. Over the last four years, the fund has tightened internal systems for catching ethical misconduct among its 2,400 staff members, establishing a telephone hot line for complaints like harassment; publishing details of complaints in an annual report; and empowering an ethics adviser to pursue allegations, which last year led to at least one dismissal. But the fund's board members remain largely above these controls. The ethics adviser, for example, is not able to investigate any of them. The board is responsible for policing its own directors as well as the managing director. It has a five-person ethics committee, whose work is confidential. And the only way the board can discipline its members is to write a warning letter to them or to their home countries, or the group of countries that appointed them.
Shadow banking makes a comeback
The shadow banking industry is back — and it could become bigger than ever, according to a new report by Standard & Poor's. As traditional lenders and big investment banks face a wave of new rules stemming from the Dodd-Frank financial overhaul, their lightly-regulated brethren — money market funds, private investment companies and hedge funds — see an opportunity to profit. These resurgent shadow-banking firms are aiming to "bolster their balance sheets to take on business that the banks discontinue," according to the report. While the shadow industry has benefits — like providing cheap financing to companies — it also comes with plenty of risk to investors and the broader economy.
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MiMIC Journal
Yuan at record high versus dollar
China's yuan has hit a record high against the US dollar after the US Treasury department said the Chinese currency was undervalued but not manipulated. The People's Bank of China (PBOC) fixed the yuan's mid-point at 6.4856 against the US dollar on Monday. China has been accused by the US and other developed economies of keeping the value of its currency artificially low to boost its exports.
US lawmakers block China firms from Pentagon contracts
Lawmakers in the US House of Representatives have voted to bar Chinese defense firms from receiving Pentagon contracts. It excludes all companies owned by or affiliated to the Chinese government from US defense deals.
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Colombia: land theft put at 7m hectares
The Colombian government says almost seven million hectares of land has been stolen by armed groups involved in the country's civil conflict over the past 25 years. Hundreds of thousands of families were driven from their land by paramilitaries, rebels and drug dealers who had used violence and fraud to take the land.
Mladic to file extradition appeal
Former Bosnian Serb army chief Ratko Mladic is set to file an appeal against his extradition to the UN war crimes tribunal in The Hague.
Fiat to take majority stake in Chrysler
Fiat says it will buy the US government's 6% stake in Chrysler, which will give the Italian car maker a majority share in the US company. Buying out the government would give Fiat 52% ownership of Chrysler. The price will be negotiated within 10 business days.
Egypt court fines Mubarak $90 million for Internet, telecom shutdown during protests
An Egyptian judge on Saturday fined former Egyptian president Hosni Mubarak and two ministers $90 million for shutting down Internet and mobile phone service during the protests culminating in his ouster. The massive fine, the first court ruling against Mubarak since leaving office, is to compensate for damage to the economy resulting from the shutdown of services and must be paid from private assets. Mubarak, already under house arrest at a hospital, is responsible for $33.6 million of the fine issued by the administrative court. The ousted leader has been ordered to stand trial on charges of corruption and conspiring to kill protesters, which may carry the death penalty.
Google responds to PayPal trade secrets lawsuit
Google on Friday responded to allegations of misappropriating trade secrets made in a lawsuit filed by PayPal, arguing that it had done nothing illegal. The lawsuit was filed Thursday in the Superior Court of California following the unveiling of Google Wallet a mobile payment system to be utilized by Google's Android phone line. The suit centers on two former PayPal employees, Osama Bedier and Stephanie Tilenius, who PayPal claims were poached by Google following the breakdown of three-year negotiations to make PayPal the payment system of the Android phones. The lawsuit further alleges that Bedier had given Google confidential documents relating to PayPal's mobile payment strategies and willfully and maliciously shared his knowledge of the company's trade secrets after leaving PayPal, violating California state law. The lawsuit also alleges that Tilenius assisted in recruiting Bedier from PayPal, violating contractual obligations requiring her to refrain from doing so for a year after her departure from the company. The lawsuit also alleges that Google violated state law prohibiting unfair business practices. In response, Google emphasized that it respects trade secrets and that state law and public policy recognize people's ability to seek better employment opportunities.
Europe rights court rules against Poland in abortion case
The European Court of Human Rights (ECHR) ruled on Thursday that a Polish woman who had been denied genetic testing and an abortion was subjected to "inhuman treatment." The court found violations to Articles 3 (prohibition of inhuman or degrading treatment) and 8 (right to respect for private and family life) of the European Convention on Human Rights.
Car bailouts left behind crash victims
In rescuing the car makers, the U.S. prevented a potential meltdown of the auto industry. But it also washed away the companies' legal responsibility for car-accident victims who had won damages before the bankruptcy sales.
Time
The science of optimism. The Optimism Bias. Those rose-colored glasses? We may be born with them. Why our brains tilt toward the positive.
Newsweek
Are You Ready for More? In a world of climate change, freak storms are the new normal. Why we’re unprepared for the harrowing future.
Business Week
The end of mail. The U.S. Postal Service Nears Collapse. Delivery of first-class mail is falling at a staggering rate. Facing insolvency, can the USPS reinvent itself like European.
The Economist
Welcome to the Anthropocene. Humans have changed the way the world works. Now they have to change the way they think about it, too.
Der Spiegel
Fehlurteile - Wie gerecht kann Justiz sein?
UP to 20 protesters killed, 150 injured as Yemen forces control Freedom Square in Taez
Al Arabiya, Online news, Dubai, United Arab Emirates
Yemeni soldiers killed in al-Qaeda-held town
Al Jazeera, Doha, Qatar
Saudi economy is strong: Naif
Arab News, Pro-government, Jidda, Saudi Arabia
Egypt arrests Iran diplomat on spy charges: report
Asharq Al-Awsat, Pan-Arab daily, London, England
2 shot dead, tanks circle Syria towns: activist
Egyptian Gazette, English-language, Cairo, Egypt
Cabinet approves NIS 145m budget increase ahead of Jerusalem Day
Haaretz, Liberal daily, Tel Aviv, Israel
Peacemakers Swim Against the Tide
IPS Middle East, International cooperative of journalists, Rome, Italy
Gov't-Majlis Harmony Imperative
Iran Daily, English-language, reformist, Tehran, Iran
Two Shuafat men sentenced for killing US citizen in 2006
JPost, Conservative, Jerusalem, Israel
Dear Readers,
Nahamet, Online news portal, Beirut, Lebanon
Arab Peace Initiative Committee Requests Palestine's Full Membership at UN within 1967 Lines & Jerusalem as Capital
Sana, Syrian Arab News Agency, Damascus, Syria
Panel formed on Lebanon poll law
Saudi Gazette, English-language daily, Riyadh, Saudi Arabia
Karzai announces council to push Taliban talks
Times of Oman, English-language daily, Muscat, Oman
Heavy shelling to restore city from Al Qaeda in south Yemen
Yemen Observer, Sana'a, Republic of Yemen
Mladic to file extradition appeal
BBC News, Centrist newscaster, London, England
Nato apologises for civilian deaths
BreakingNews.ie, Online news portal, Cork, Ireland
Minister: Germany to be nuclear-free by 2022
CNN International, London, England
Palin kick-starts tour on motorbike
Daily Express, Conservative tabloid, London, England
Hunt for killer of Red Cross worker finds body of man who jumped under train
Daily Mail, Conservative daily, London, England
Cheryl Cole told she isn't wanted by X Factor UK
Daily Mail, Conservative daily, London, England
Shuttle Endeavour leaves ISS for the last time
EuroNews, International news, Ecully Cedex, France
SERBIA: Mladic to appeal extradition over war crimes
France 24, Issy-les-Moulineaux, France
Turkish miniaturist depicting aura of Istanbul's conquest
Hurriyet Daily News, (Liberal, English-language), Istanbul, Turkey
Yemen leader accused of allowing Islamist takeover
Independent The, London, England
Zuma seeks Libya peace deal
Irish Times The, Centrist daily, Dublin, Ireland
Nicole Scherzinger's Amazing Fashion Evolution
Look Magazine, London, England
Potanin dismisses NorNickel offer
Moscow News The, Independent, Moscow, Russia
When Time Completely Stopped for a Fallen Soldier's Wife
Moscow Times The, Independent daily, Moscow, Russia
Russian scientist photographs souls
MosNews, Online daily, Moscow, Russia
NATO Apologizes For Deaths Of Afghan Civilians
Radio Free Europe, Prague, Czech Republic
Pro-Mladic Serbs Clash With Riot Police
Sky News, Independent newscaster, Middlesex, England
A cheap excuse for opposing open borders
Spiked, (Alternative Internet Magazine), London, England
Mysterious Virus Attacks South Korean Citizens, a Type of Flu Suspected
WNC News, London, England
RI embassy awaiting funds for evacuating Indonesians from Yemen
Antara News, News agency, Jakarta, Indonesia
Thailand hosts Asean air forces meeting
Bangkok Post, Independent, Bangkok, Thailand
Al-Qaida group tightens grip on Yemen town
China Post, English-language daily, Taipei, Taiwan
N.Korean Regime Prefers Begging to Reform
Chosun Ilbo, Conservative daily, Seoul, South Korea
Wifi operators are ISPs so not liable for copyright breaches: Computer Society
Computer World, IT information, Fairfax, New Zealand
North Korean leader celebrates ?successful? trip to China
Daily Jang, Left-wing daily, Karachi, Pakistan
Obama vows national response to Missouri tornado
Dawn, English-language daily, Karachi, Pakistan
Behind the Pakistan F-16 deal, a tale of many wheels
Hindu The, Left-leaning daily, Chennai, India
New sex harassment scandal rocks France
Hindustan Times, New Delhi, India
Paternity suits to baby swapping, social cases keep police DNA lab busy
India Express, News portal, Mumbai, India
Mayor to zoom on Mangalore streets in new car
India Times, Conservative daily, New Delhi, India
Stabilizing reactors by year's end may be impossible: Tepco
Japan Times, Independent centrist, Tokyo, Japan
Malta says 'Yes' to divorce
New Zealand Herald, Conservative daily, Auckland, New Zealand
North Korean leader celebrates ?successful? trip to China
News The, Left-wing, Karachi, Pakistan
Two injured in Jalalabad explosion
Pajhwok Afghan News, (Independent news agency), Kabul, Afghanistan
Railway linking Jordan, Iraq to be installed
People's Daily Online, English-language, Beijing, China
Syrian security forces fire on protest, killing 4
Sify News, Chennai, India
ISAF apologises for Afghan civilian deaths
Straits Times, Pro-government, Singapore
I was gutless over ads
Sydney Morning Herald, Centrist daily, Sydney, Australia
Yemen: Yemen leader accused of allowing Islamist takeover
Taiwan News, English-language daily, Taipei, Taiwan
Bunun teacher gives aboriginal students new voice
Taiwan Today, Government Information Office, Taipei, Taiwan
'Hangover Part II' tops US box office
Thaindian News, Bangkok, Thailand
Australia & New Zealand Banking Group hires Richard Yetsenga to head global foreign exchange strategy
The Economic Times, Business, Mumbai, India
Taliban co-founder tipped off US on Osama bin Laden hideout: Report
Times of India, Conservative, New Delhi, India
Obama hails 'heroes' of tornado-struck Missouri town
Canadian Broadcasting Centre, Toronto, Ontario
WANTED: The Caribbean Richard Branson - Do you have what it takes?
Caribbean360, Online news portal, St. Michael, Barbados
Cholera death toll reaches 30 in Dominican Republic
Dominican Today, Independent daily, Santo Domingo, Dominican Republic
The importance of India’s diaspora
Globe and Mail The, Centrist daily, Toronto, Canada
Australian new home sales displayed minimal increase in April
International Business Times, Business news organization, New York, U.S
Amnesty's Tireless Vigil during South America's Dark Night
IPS Latin America, International cooperative of journalists, Rome, Italy
Bruce fires back - PM attacks Gleaner over WikiLeaks cables
Jamaica Gleaner, Independent daily, Kingston, Jamaica
Strauss-Kahn Case Spurs Women to Report Minister
Newser, News web site, Chicago, U.S
Dollar struggles near 2-week lows; stocks steady
Reuters, Business News, New York, U.S
Yemeni soldiers killed near al Qaeda-held city
Reuters, World News, New York, U.S
Triple shooting jolts peace-loving Kensington
Toronto Star, Toronto, Ontario
PNM 'rebirth' group slams Mayor Lee Sing
Trinidad Guardian, Independent daily, Port-of-Spain, Trinidad
France's Carla Bruni shows off bump at G8 summit
Vancouver Sun The, Conservative, Vancouver, Canada
Zuma to seek peace deal in Libya
BBC News, Centrist newscaster, London, England
GHANBATT marks 'UN Blue Helmet Day'
GhanaWeb, Online news portal, Amsterdam, Netherlands
Bomb blasts rock Nigeria
iafrica, Online news portal, Cape Town, South Africa
SRI LANKA: Women "key" to water projects
Irin News, Humanitarian news and analysis, Nairobi, Kenya
Is it possible to achieve peace while keeping the ideology of war?
Sudan Tribune, Khartoum, Sudan
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