June 23, 2010 Nº 922 - Vol. 8

"Hindsight is always 20/20."

Billy Wilder


Read Migalhas LatinoAmérica in Spanish every Tuesday and Thursday. Visit the website at www.migalhas.com/latinoamerica


  • Top News

Law firms predict more layoffs among non-equity partners, support staff

A new survey released Tuesday by national consulting firm Altman Weil shows that law firms nationwide still expect to conduct layoffs in 2010, though at a lesser rate than in 2009. The survey, titled "Law Firms in Transition 2010," said 67 percent of law firms cut support staff, 43 percent cut paralegals and 44 percent cut associates last year, while only 25 percent cut equity partners and 26 percent cut non-equity partners. The firms polled said they believe there are more layoffs on the horizon and that support staff and non-equity partners remain in the crosshairs for the bulk of them. Non-equity partners are typically let go ahead of associates because associates are better leveraged. While the vast majority of the survey's respondents said the economic downturn was more an accelerator of existing trends than a game changer, the overarching theme of their responses was that the current legal landscape and the pre-recession legal landscape look very different.

BP faces a network of penalties and compensation claims for years to come

Lawyers on both sides of the Atlantic are waiting to find out how exactly the $20bn compensation fund BP has agreed to set up in the wake of the Deepwater Horizon oil spill will work. And the fund is just one part of a network of penalties and compensation claims that could test the law in areas ranging from corporate relationships in the oil industry to UK rules on shareholders' rights. "The whole world is going to be suing everybody." If the new body is modelled on the 9/11 compensation fund for New Yorkers, applicants will have to waive their right to sue BP in separate proceedings – reducing the legal burden BP faces. BP's second big legal problem is the unpredictable fine it is likely to face once it finally caps the oil flow from the well, while a third financial hit will come from the myriad lawsuits filed by aggrieved groups ranging from people who claim their health has been damaged to shareholders who say they were misled by the company. Lawyers say this last aspect of the case might become even more convoluted because about three-fifths of BP's shareholders are in the UK, raising the possibility that they might try to launch a novel legal action in London under provisions in the 2006 Companies Act.

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  • Crumbs

1 - Poll finds deep concern about energy and economy (Click here)

2 - Germany, France join U.K. in taxing banks (Click here)

3 - General McChrystal summoned to White House over Rolling Stone interview (Click here)

4 - General Motors creates South America unit (Click here)

5 - Thousand people missing in north-east Brazil floods (Click here)


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MiMIC Journal

Chinese yuan flexibility comments buoy markets

Stock markets and Asian currencies have risen after weekend comments by China's central bank about its yuan policy. US stocks climbed sharply in the morning but lost ground in late trading, while major European markets closed up about 1%.


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  • Historia Verdadeira


La petrolera estatal brasileña Petrobras aprobó el martes una fuerte ampliación de su capital que se canalizará por medio de una mega emisión de acciones que podría llegar hasta un máximo de US$ 86.000 millones. La medida surge tras que sus accionistas avalaran la reforma a su estatuto.


La cooperativa canadiense Agropur y un consorcio liderado por grupo Chemo (laboratorios) pujan estos días por el contrato de exclusividad para la compra de la láctea santafesina Milkaut de Argentina. Agropur, la cooperativa más importante de Canadá y que en la Argentina es socia de Adecoagro, que cuenta entre sus accionistas al magnate George Soros, en La Lácteo, una usina radicada en Córdoba. En Franck, Adecoagro está instalando una planta secadora de Arroz, para ser industrializado.


El banco español Bbva, luego de salir librada de la coyuntura de la crisis bancaria, ahora espera invertir en los mercados emergentes para fortalecer la relación con sus clientes y su presencia en mercados como el de capitales. Según adelantaron sus ejecutivos se planifica su ingreso a Perú, Colombia y Chile. (Presione aquí)

Dólares - México

Para frenar el ingreso de recursos de procedencia ilícita en el sistema bancario, el gobierno de México retomó la experiencia de Colombia, que fue la primera nación en limitar las operaciones con dólares en efectivo. Las medidas están dirigidas a desincentivar la recepción de dólares en efectivo, por lo que se espera la desaparición de las casas cambiarias. (Presione aquí)

  • Brief News

Mexico government asks judge to strike down Arizona immigration law

The Mexican government on Tuesday filed an amicus curiae brief with the US District Court for the District of Arizona asking that the recently passed Arizona immigration law be declared unconstitutional. The brief was filed in support of the petitioners in a class action lawsuit filed last month by the American Civil Liberties Union (ACLU), as well as several other advocacy groups, seeking an injunction against implementation of the law. Mexico asserted two substantial and compelling interests in filing its brief. The government claims a substantial interest in ensuring its "bilateral diplomatic relations" with the US remain "transparent, consistent and reliable, and not frustrated by the actions of individual US states."

Federal judge blocks deepwater drilling ban in Gulf

A US federal court judge blocks President Barack Obama's six-month moratorium on deep water oil drilling in the Gulf of Mexico.

South Africa's World Cup Court: sudden justice

South Africa, which is often called one of the most dangerous countries in the world, was determined not to have crime disrupt the World Cup. The government promised that visitors would not encounter lawlessness -- and backed up that promise by installing special courts to handle cases during the soccer tournament.

'Hundreds missing' in Brazil floods

More than 600 people are missing after days of heavy rain in north-eastern Brazil triggered flooding, officials have said. A state of emergency has been declared in dozens of districts, many of which have been cut short of electricity and water.

'Cannibal' trial opens in France

A French convict has gone on trial for murdering and eating part of the body of his cell-mate. He then allegedly cut him open, removing a rib and pulling out part of his lung, mistaking it for Baudry's heart. Before the trial, he had told investigators that he wanted to eat his victim's heart in order to take his soul.

India invites more law firms to bid for government asset sales

India has introduced a tender process for legal advice on its 400 billion rupees ($8.6 billion) asset sale program that allows more law firms to participate. Law firms were invited and judged on objective parameters such as the firms' capital market experience, profiles and experience of individuals, after which they considered the financial bids.

NY law would be 1st to take DNA from all criminals

Gov. David Paterson has proposed roughly doubling New York's DNA database to include samples from even low-level offenders, making it the first in the nation to so broadly collect and use that evidence to solve crimes and exonerate people wrongly convicted.

Banks have repaid 75% of bailout, Geithner says

The Treasury secretary said taxpayers were recovering their investment from the financial bailouts as the program was wound down.

Sweden prosecutor to probe possible oil company complicity in Sudan war crimes

Sweden's international prosecutor, Magnus Elving, announced Monday that he would investigate the possible role of Lundin Petroleum in crimes against humanity committed in Sudan from 1997 to 2003. The investigation will examine allegations made in a report released by the European Coalition on Oil in Sudan (ECOS), which alleged that Sudanese troops attacked and displaced civilians so that Lundin could have access to land for oil drilling.

Court sides with Monsanto in seed case

The Supreme Court struck down an injunction that barred farmers from planting Monsanto's Roundup Ready alfalfa seed until the U.S. government completed a study of whether the seed's use would affect crops.

India high court orders government to explain action on honor killings

The Supreme Court of India on Monday ordered the central government and seven state governments to explain the steps they have taken to reduce honor killings. The order comes in response to a petition filed by Shakti Vahini, a non-governmental human rights organization seeking the implementation of stricter laws against the perpetrators of honor killings.

High Court upholds antiterror law

The Supreme Court upheld a federal law banning "material support" for foreign terrorist organizations, rejecting challenges that the measure could impinge on U.S. citizens' First Amendment rights.

  • Daily Press Review

US general summoned to Washington
Al Jazeera, Doha, Qatar

Allawi Accuses Iraqi Government of Facilitating Assassination Plot
Asharq Al-Awsat, Pan-Arab daily, London, England

Mohammad meets Greek minister
Gulf News, Independent daily, Dubai, United Arab Emirates

Malaysia seeks emergency UN session on Gaza-flotilla deaths
Haaretz, Liberal daily, Tel Aviv, Israel

Canadian Rendition Probe Expands to U.S., Syria
IPS Middle East, International cooperative of journalists, Rome, Italy

4 dead, 12 hurt in Turkey bus bombing
JPost, Conservative, Jerusalem, Israel

Firm's file suspended for flouting midday break
Khaleej Times, English-language daily, Dubai, United Arab Emirates

Barak tells UN to shelve flotilla raid probe plan
Middle East North African Network, Online financial portal, Amman, Jordan

Istanbul Bus Bombing Kills Five as Kurdish Violence Flares
Nahamet, Online news portal, Beirut, Lebanon

Panel formed on Lebanon poll law
Saudi Gazette, English-language daily, Riyadh, Saudi Arabia

Kurdish rebels claim deadly bombing in Istanbul
The Daily Star, Independent daily, Beirut, Lebanon

Iran bars two UN inspectors in nuclear dispute
Times of Oman, English-language daily, Muscat, Oman

The imaginary invalid play wows Yemeni audience
Yemen Observer, Sana'a, Republic of Yemen

The OPEC Fund for International Development Scholarship
Yemen Times, (Independent weekly), Sana'a, Republic of Yemen

Coalition defends Budget choices
BBC News, Centrist newscaster, London, England

Fugitive drug lord surrenders
BreakingNews.ie, Online news portal, Cork, Ireland

Swinney: Cuts go too far, too fast for Scots
Daily Express, Conservative tabloid, London, England

British death toll in Afghanistan creeps up to 301
Daily Mail, Conservative daily, London, England

Worldmax abandons Amsterdam Wimax service
DMeurope, Online news portal, Amsterdam, Netherlands

Vienna Philharmonic in Istanbul for first time
Hurriyet Daily News, (Liberal, English-language), Istanbul, Turkey

Olivia Rubin Launches 'Oli Rubi'
Look Magazine, London, England

Excellent turnout at Silloth vintage rally
News & Star, Independent daily, Carlisle, England

Report Says U.S. Contracts Funding Afghan Insurgents
Radio Free Europe, Prague, Czech Republic

Keep The Faith: Fans Still Believe In England
Sky News, Independent newscaster, Middlesex, England

Suspected Jihadist Nabbed: Police in Pakistan Arrest German Islamist
Spiegel International, Liberal newsmagazine, Hamburg, Germany

Osborne's austerity budget: Pain now, more pain later
The Guardian, Liberal daily, London, England

Top US general's career on the line after suprise attack on Obama
The Independent, London, England

Morgan's century leads England home
The Irish Times, Centrist daily, Dublin, Ireland

Artist Investigated in Test of Extremism Law
The Moscow Times, Independent daily, Moscow, Russia

VAT's the way Osborne hikes it
The Sun, London, England

Celebrity sightings
The Telegraph, London, England

Gen Stanley McChrystal quotes were 'on the record'
The Telegraph, Conservative daily, London, England

Bull 1, Mexican matador: never again
Times Online, Conservative daily, London, England

Road crippled by landslide
Antara News, News agency, Jakarta, Indonesia

U.S. slaps BP with new US$51-mil. spill bill
China Post, English-language daily, Taipei, Taiwan

10th Seoul International Financial Forum Kicks Off
Chosun Ilbo, Conservative daily, Seoul, South Korea

Gilani for people focused policies
Dawn, English-language daily, Karachi, Pakistan

China's move on its currency signals confidence in growth outlook
Gazeta.kz, Official online newspaper, Kazakhstan

Another two British soldiers killed in Afghanistan
Hindustan Times, New Delhi, India

Honour killing: Second girl found dead in car
India Express, News portal, Mumbai, India

Kids, aged 5 & 7, kill criminal in UP
India Times, Conservative daily, New Delhi, India

Prayer for peace in Okinawa
Japan Times, Independent centrist, Tokyo, Japan

MCA council to discuss exams
Malaysian Star, Online news portal, Selangor Darul Ehsan, Malaysia

Please explain - US general summoned to Washington
New Zealand Herald, Conservative daily, Auckland, New Zealand

Commander surrenders
Pajhwok Afghan News, (Independent news agency), Kabul, Afghanistan

Airbus considering new joint ventures
People's Daily Online, English-language, Beijing, China

Boeing requests more inspections after cracks in wing pylons
Sify News, Chennai, India

Shower Posse boss caught
Sydney Morning Herald, Centrist daily, Sydney, Australia

Yuan move boosts regional markets
Taiwan News, English-language daily, Taipei, Taiwan

2010 National Award for Arts winners announced
Taiwan Today, Government Information Office, Taipei, Taiwan

Honduras declares emergency due to dengue
Thaindian News, Bangkok, Thailand

BJP in damage control mode
The Hindu, Left-leaning daily, Chennai, India

Some politicians under foreign influence: CSIS
Canadian Broadcasting Centre, Toronto, Ontario

Police anticipate attacks after Dudus capture
Caribbean360, Online news portal, St. Michael, Barbados

Bahamas First acquires Sagicor
Cayman Net News, Online news portal, George Town, Cayman Islands

Photo reveals hair raising Dominican airspace at 37,000 feet
Dominican Today, Independent daily, Santo Domingo, Dominican Republic

CUBA: Church-State Dialogue Sends "Signals" to the World
IPS Latin America, International cooperative of journalists, Rome, Italy

No end to emergency
Jamaica Gleaner, Independent daily, Kingston, Jamaica

State workers in Peru to have holidays between June 26-29
Living in Peru, News portal, Lima, Peru

While Toronto goes into lockdown, Huntsville opens its arms to world leaders
The Globe and Mail, Centrist daily, Toronto, Canada

Pilot killed in crash near Buttonville airport
Toronto Star, Toronto, Ontario

?Licensing documents stored in leaking shed
Trinidad Guardian, Independent daily, Port-of-Spain, Trinidad

'Sixty dead' in Congo train crash
BBC News, Centrist newscaster, London, England

Lumumba's Family Seeks Justice in Former Congo Prime Minister's Killing
CongoPlanet.com, Independent online news aggregator

Constant knocking of children can lead to mental illness - Bukari
GhanaWeb, Online news portal, Amsterdam, Netherlands

Girl recounts 3096 days
iafrica, Online news portal, Cape Town, South Africa

Be proud, boys!
Independent Online, News portal, Cape Town, South Africa

"Miracle" at Addis Ababa minibus crash
Jimma Times, Online news portal, Jimma, Ethiopia

Argentina and South Korea emerge victorious
Mail & Guardian Online, Liberal, Johannesburg, South Africa

Mixed emotions as SA bow out
News24.com, Online news portal, Cape Town, South Africa

El Rufai asks court to hands off trial
Vanguard, Independent daily, Lagos, Nigeria


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