November 23, 2011 nº 1,116 - Vol. 9


"Nothing strengthens authority so much as silence."

Charles de Gaulle

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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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Happy Thanksgiving

In the United States, the modern Thanksgiving holiday tradition traces its origins to a 1621 celebration, prompted by a good harvest, at Plymouth in present-day Massachusetts. Black Friday is the day following Thanksgiving Day, traditionally the beginning of the Christmas shopping season. On this day, most major retailers open extremely early, often at 4 a.m., or earlier, and offer promotional sales to kick off the shopping season, "Black Friday" indicates the point at which retailers begin to turn a profit, or are "in the black".

  • Top News

Why law schools are so bad at creating lawyers

American law schools are suffering a bit of an image problem. Thanks to a determined group of writers known as "scam bloggers," it's now an open secret that many schools admit far more students than will ever be able to find jobs after graduation. These student often leave campus with six figures of debt and no ability to actually practice law. For years, it has been accepted as a fundamental fact of life in the legal industry that law schools teach students how to think like a lawyer, but not how to be one. It's the difference between being able to parse a 19th century decision on states' rights to regulate waterways and being able to walk a corporate client through a major merger. They're almost entirely different skill sets. Until the recession, nobody treated that as a problem. But now, law firms are facing unprecedented challenges to their business models, and law school graduates are facing the worst job market in memory. A lot of people suddenly care what skills J.D.'s learn in class. Yet, if law students aren't learning what they need in order to succeed as real live lawyers, it's not fair to lay all the blame on academia. Law firms have been guilty accomplices. And in the end, it's the firms who are going to need to force change. corporations are less and less willing to subsidize that on-the-job training. A survey of in-house legal counsel found that more than 20% of companies had started refusing to pay for work by first and second year attorneys on at least some matters. That number is likely to grow. When your legal department budget is getting squeezed, paying your law firm to train its employees just isn't much of a priority. For law firms, that shift in priorities has whittled down a significant source of profits. J.D.'s who can't find any employment also don't have the wherewithal to open their own practice.

A blow to pinstripe aspirations

The struggling financial industry is laying off workers, and those beginning their careers are bearing the brunt of the job cuts and the inevitable loss of status. Much of the burden of Wall Street's latest retrenchment has fallen on young financiers. The number of investment bank and brokerage firm employees between the ages 20 and 34 fell by 25 percent from the third quarter of 2008 to the same period of 2011, a loss of 110,000 jobs from layoffs, attrition and voluntary departures.

Ho Ho Ho!

This year Santa decided to take his magical elves, and eight flying reindeers, to the sunny coast of Natal, a Brazilian city known for its beautiful beaches and dunes. True to tradition, he just finished writing his notes in his book on who has been naughty or nice. This year, he dropped jute bags containing presents and willow canes in Migalhas' chimney, to be distributed. And since we think all Migalhas readers have been behaving well, we will raffle eight books offered by Disal Publishing Group. To get a chance to write your letter to Santa and to participate in the raffle, please click here. Sympathetic magic of Christmas!

Visit our new 'Magic Eye' page and boost your career

Migalhas International, with the support of executive search firms, brings the best career and professional development opportunities to its readers. We call this service the "Magic Eye". Click here to go to our special webpage and find your next lease on life.

  • Crumbs

1 - Ex-Obama fundraiser Rezko is sentenced to 10 1/2 years in kickback scheme - click here.

2 - All judges in Penn State's county recused in abuse case - click here.

3 - 20 students now accused in L.I. case on cheating - click here.

4 - Senate confirms seven to D.C. courts and agencies - click here.

5 - Wall Street protesters file federal lawsuit - click here.

6 - Grieving parents testify on hacking - click here.

7 - Law stopping NI gay couples adopting is challenged - click here.

8 - Somerset taxi drivers fined over smoking in their cabs - click here.

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  • MiMIC Journal

Longer maternity leave in China signals more women's rights

Standard maternity leave will be increased to 98 days from 90 days. The plan includes insurance coverage for claims related to childbirth and miscarriage. If adopted, the changes would make China compliant with International Labor Organization standards established in 2000 and enhance a social insurance law introduced in July that stipulated maternity allowances for all female employees.

Chinese solar companies may move production to dodge U.S. tariff

Chinese solar companies are considering shifting manufacturing to other countries to avoid paying tariffs that may result from a trade complaint. Chinese manufacturers are developing strategies to avoid potential duties, and that the complaint may not give U.S. solar companies the relief they're seeking.

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  • Historia Verdadera

Marcas

La multinacional Johnson & Johnson quiere quedarse con el registro de la marca Evitron, el caso es parte de un litigio de patentes en Colombia. (Presione aquí)

Minería

Ecuador está muy cerca de suscribir contratos con la canadiense Kinross y Ecuacorriente para la explotación de dos enormes proyectos mineros por US$ 3 000 mlls., dijo el martes a Reuters el viceministro de Minas, Federico Auquilla. (Presione aquí)

Hello!

El empresario Carlos Slim adquirió por medio de su telefónica AMX - América Móvil el 33.03 % de las acciones de Telmex - Teléfonos de México que estaban en manos de inversores privados de México y Estados Unidos, por las que pagó US$ 4,566.9 mlls. (Presione aquí)

  • Brief News

Private markets offer valuable service but little disclosure

Information is the lifeblood of capital markets. The value of stocks is based on information, which is why securities laws are intended to ensure that all investors have at least minimum amounts of information. Private, closed markets like SharesPost and SecondMarket aid in the cause of market transparency, providing platforms to trade shares of companies that have yet to go public. At the same time, the limited amount of information available to investors in these markets raises some questions. Regulators, which have been looking at these markets, may be right to be concerned. Public companies are required to make copious disclosures to the Securities and Exchange Commission, including audited financials that are reviewed by the S.E.C. The agency recently prompted Groupon and Zynga to revise their accounting disclosures before their I.P.O.'s. In closed markets, shareholders fly blind, relying on anything they can glean from almost anywhere but the companies themselves.

Despite a rough year, hedge funds maintain their mystique

The funds are expensive and most investors rarely see the storied returns of some star portfolios. But the money keeps flowing in. This year alone, more than $70 billion in new money has gone to hedge funds, mostly from pensions and endowments. The average hedge fund investor earned about 6 percent annually from 1980 to 2008 — a hair above the 5.6 percent return they would have made just holding Treasury securities.

Pressure on Merkel amplifies

Merkel faces growing calls to soften her resistance to euro-zone bonds that would raise appeal for investors but make each euro member liable for the debts of the others.

Egypt protest rejects army offer

Protesters continue to occupy Cairo's Tahrir Square despite Egypt's military rulers promising to speed up the transfer to democratic rule.

Landmine use highest since 2004

More countries deployed anti-personnel mines last year than in any year since 2004, an international survey of landmines has found. Four countries which have not signed an international treaty banning the weapons - Syria, Libya, Burma and Israel - laid new mines this year. Armed groups in Afghanistan, Colombia, Burma and Pakistan also laid new mines.

South Africa pass controversial 'secrecy bill'

South African MPs have overwhelmingly approved a controversial media bill despite widespread criticism of it. Opponents warned it could be used to outlaw "whistle-blowing and investigative journalism". The ANC says the law will safeguard state secrets and national security.

U.S. Justice Department reviewing debit card fees

The department is reviewing allegations by a U.S lawmaker that banks and trade associations may have coordinated increases in debit card fees in violation of antitrust laws.

Merck & Co agrees $1bn Vioxx settlement in US

US drugs firm Merck & Co has agreed to pay almost $1bn to settle criminal and civil charges arising from the marketing of one of its drugs. The company will pay a $322m criminal fine and $628m to settle civil charges regarding the promotion of the painkiller Vioxx. Merck & Co promoted the drug for rheumatoid arthritis before it was officially approved. The drug was withdrawn in 2004.

German MPs unite against murders blamed on neo-Nazis

Parliament in Germany has united to express its shame at the failure of security services to stop a neo-Nazi cell accused of 10 murders. The 10 victims were killed over a decade. Their suspected killers were only discovered this month. Merkel has already called the case a national disgrace, asking how the cell could have remained undetected for so long.

FCC joins Justice Department in opposing AT&T, T-Mobile merger

The chairman of the Federal Communications Commission wants AT&T to prove that its merger with T-Mobile would be "in the public interest." The move throws another roadblock in the proposed $39 billion merger. ATT commented: "'It is yet another example of a government agency acting to prevent billions in new investment and the creation of many thousands of new jobs at a time when the U.S. economy desperately needs both,' he said in a statement. 'At this time, we are reviewing all options.'"

ICC prosecutor in Libya to discuss trials of Gaddafi's son, intelligence chief

ICC - International Criminal Court chief prosecutor Luis Moreno-Ocampo arrived in Libya Tuesday to discuss plans for the trials of recently arrested Saif al-Islam Gaddafi, son of late former Libyan leader Muammar Gaddafi, and Abdullah al-Senussi, former Libyan chief of intelligence, for crimes against humanity. Ocampo will meet with Libyan officials to find out what their national plan for trials and proceedings are, as well as discuss where the two men will be tried for international crimes.

Philip Morris sues to block new Australia tobacco label requirements

Philip Morris Asia Ltd. on Monday initiated legal proceedings on behalf of its Australian subsidiary Philip Morris Ltd. against the Australian government to block new plain package labeling requirements for tobacco products set to go into effect in December 2012. The company is also seeking compensation for the loss of value of its trademarks and Australian investments.

Justice Dept. sues Utah over immigration law

The department said that the law usurps federal authority and could potentially lead to the harassment and detention of American citizens and authorized visitors. Civil rights groups filed a lawsuit earlier this year, and a federal judge granted a temporary restraining order in May against the law.

Madoff trustee reaches $326m settlement with IRS

The trustee liquidating Bernard Madoff's investment company reached a settlement with the U.S. Internal Revenue Service to recover $326 million reported to the Internal Revenue Service as federal income tax that was withheld from dividend payments and transferred to the agency purportedly on behalf of the con man's foreign account holders.

  • Daily Press Review

Egypt protesters reject military concessions
Al Jazeera, Doha, Qatar

Gaddafi's son betrayed by his own desert guide
Asharq Al-Awsat, Pan-Arab daily, London, England

'Libya will not hand over Gaddafi son Seif to ICC'
Egyptian Gazette, English-language, Cairo, Egypt

U.S. Republicans debate attack on Iran, Israel nuclear weapons
Haaretz, Liberal daily, Tel Aviv, Israel

'Syrian forces kill 23 civilians, 5 deserters'
JPost, Conservative, Jerusalem, Israel

Home care 'breaches human rights'
BBC News, Centrist newscaster, London, England

Military leader: Egypt elections to be on time
CNN International, London, England

Harry rides a Harley to Las Vegas
Daily Express, Conservative tabloid, London, England

Parents who named children 'Adolf Hitler' and 'Aryan Nation' won't receive custody of newborn son Hons
Daily Mail, Conservative daily, London, England

Want to know the secret of Ruth Jones' stunning weight loss? She just counted the calories
Daily Mail, Conservative daily, London, England

Soltanieh: 'Do not threaten or try to use force against Iranians'
EuroNews, International news, Ecully Cedex, France

EGYPT: Egypt's military chief calls for elections by July 2012
France 24, Issy-les-Moulineaux, France

Generals cling on, but crowds and bloodshed grow
Independent The, London, England

Inflation in Russia lower than 7 percent
Moscow News The, Independent, Moscow, Russia

Leveson Inquiry: Andy Coulson set me up, says Steve Coogan
Telegraph The, Conservative daily, London, England

Michael Jackson's brothers settle suit over 'Thriller' and 'Beat It' jackets
Telegraph The, Celebrity news, London, England

SET index drops 0.27% midday
Bangkok Post, Independent, Bangkok, Thailand

Gov't takes action to limit short selling
China Post, English-language daily, Taipei, Taiwan

Can Mobile Phone Use Bring Changes to N.Korea?
Chosun Ilbo, Conservative daily, Seoul, South Korea

New Zealand chopper crashes putting up Xmas tree
Hindustan Times, New Delhi, India

Karnataka says no NEET till 2014
India Times, Conservative daily, New Delhi, India

Mizuho, Mitsubishi UFJ to finance 1.6 billion Oman power plant project
Japan Times, Independent centrist, Tokyo, Japan

South African govt cracks down on reporting of secrets
New Zealand Herald, Conservative daily, Auckland, New Zealand

Raisin Monday turns to Foam Fight!
People's Daily Online, English-language, Beijing, China

Australia to make forced marriage illegal
Straits Times, Pro-government, Singapore

Kyle cops Holden's wrath
Sydney Morning Herald, Centrist daily, Sydney, Australia

Billy Graham overtakes Obama became the biggest wheel for Christian
Taiwan News, English-language daily, Taipei, Taiwan

US economy expands 2% in September quarter
The Economic Times, Business, Mumbai, India

G20 case reveals 'largest ever' police spy operation
Canadian Broadcasting Centre, Toronto, Ontario

Gingrich calls for humane approach to illegal immigration
Globe and Mail The, Centrist daily, Toronto, Canada

Argentina Inundated with E-Waste
IPS Latin America, International cooperative of journalists, Rome, Italy

U.S. stock futures extend losses after weak China flash PMI
Reuters, Business News, New York, U.S

Yemeni president in Saudi to sign power transfer deal - state tv
Reuters, World News, New York, U.S

Ajax teacher accused of slashing wife's throat in Jamaica found not guilty
Toronto Star, Toronto, Ontario

Egypt protest rejects army offer
BBC News, Centrist newscaster, London, England

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