February 19, 2016 nº 1,710 - Vol. 13

"Everything tends to make us believe that there exists a certain point of the mind at which life and death, the real and the imagined, past and future, the communicable and the incommunicable, high and low, cease to be perceived as contradictions."

Andre Breton

In today's Law Firm Marketing: Clients know when you put them first

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  • Top News

Shale faces March madness with $1.2 billion in interest due

The US shale industry must come up with $1.2 billion in interest payments by the end of March as $30-a-barrel oil makes it harder for companies to scrape up the cash needed to stay current on their debts. Almost half of the interest is owed by companies with junk-rated credit, according to data compiled by Bloomberg on 61 companies in the Bloomberg Intelligence index of North American independent oil and gas producers. Energy XXI Ltd. said in a filing Tuesday that it missed an $8.8 million interest payment. The following day, SandRidge Energy Inc. announced that it didn’t make a $21.7 million interest payment. Oil has tumbled about 70 percent since a June 2014 peak of $107 a barrel. While prices were high, many drillers spent more money than they earned, plugging the shortfall with debt. West Texas Intermediate futures rose 2.7 percent to $31.49 a barrel at 8:29 a.m. in New York Thursday. That debt has become increasingly burdensome as prices collapse. Since the start of 2015, 48 North American oil and gas producers have declared bankruptcy, owing more than $17 billion. Bankruptcies in the oil and gas industry could surpass levels seen in the Great Recession.

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  • MiMIC Journal

China teenagers jailed in US over kidnapping and assault

Three Chinese teenagers living in the US have been jailed for kidnap and assault, in a case that has sparked discussion in China about unsupervised children studying abroad. The court in Los Angeles on Wednesday gave the 19-year-olds sentences ranging from six to 13 years for two attacks.

Apple Pay to be available in China this week

Apple has confirmed that its alliance with China's state-owned bankcard association, China UnionPay, will allow the lender's cardholders to use Apple Pay from this week. The union between Apple and UnionPay was announced late last year, but was subject to various approvals. Shoppers around the world are being encouraged to use smartphones instead of cards to pay for in-store purchases. Alibaba's Alipay currently dominates China's electronic payments market.

China’s foreign exchange reserves dwindling rapidly

China’s foreign-exchange reserves have shrunk by nearly a fifth since the summer of 2014, as Beijing has moved to shore up the value of its currency.

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  • Historia Verdadera

Bajo investigación

Asamblea Nacional de Venezuela autoriza investigar a ex director de la petrolera PDVSA por delitos administrativos y corrupción. (LA – clique aquí)

Energía

Enel Green Power, la mayor compañía italiana de energía renovable, ingresó al mercado peruano al obtener los derechos para proveer suministros a tres plantas eléctricas en el país. La compañía controlada por el grupo Enel invertiría cerca de 400 mlls. de euros para generar la capacidad energética requerida.

Contrato

La española Abengoa se adjudicó, en consorcio al 50% con GyM, un contrato para la mejora del servicio de agua y alcantarillado del área metropolitana de Lima, Perú por US$ 52 mlls.

Gas

La estatal petrolera de Bolivia, YPFB, ofreció a la rusa Gazprom seis áreas de exploración gasífera en el país con un potencial de 9,2 TCF. La próxima semana se prevé la firma de convenios de estudios para determinar su factibilidad técnica y económica.

  • Law Firm Marketing

Clients know when you put them first

By Linda Julian

How will your client know you're putting them first ?

Here's what our research reveals:

-- You always show an interest in their business -- not just when you're looking for more business.

-- You are brave about giving the client sound advice they may not want to hear.

-- You frame advice in terms to which they can relate.

-- You de-jargonize advice and use language and metaphors which are familiar and comfortable for your client.

-- You communicate with them in the style and via the media they prefer.

-- You anticipate their needs.

-- You maintain their confidences.

-- You constantly watch out for their interests matter-by-matter and also at a broader level.

-- You are clear about bad news -- you don't duck and weave.

-- You understand their objectives and your role in advancing their interests.

-- You care about the personal, business unit, and organisation-wide implications of the matters you deal with and advice you give.

-- You are responsive to their needs and requests, including when it's at some personal inconvenience to you.

-- You promptly do what you promise.

-- You care about their money and look after their investment in your services by helping them spend wisely with you.

-- You seek their feedback.

-- You are prepared to decline work around which they would have strong commercial sensitivities or see as conflicts.

-- You are always looking for ways to improve.

Just as your clients will know when you put them first, so our research reveals that they'll reward you for doing so.

This article was authored by Linda Julian.

  • Brief News

World economy needs ‘urgent action’

The Organisation for Economic Co-operation and Development (OECD) is calling for urgent action by world leaders to tackle slowing growth. The call came as the think tank cut its global economic forecasts for 2016. Last year, it forecast 2016 growth of 3.3%. It now says that will be just 3%. It said trade, investment and wage growth were all too weak, adding that cutting interest rates and other monetary policy fixes were not sufficient to reflate growth. Interest rates in many parts of the world have been cut to attempt to stimulate borrowing and investment. Rates in many countries, including the UK, are at record lows. The US, notably, raised its rates by a sliver late last year. This was designed to calm investors' nerves, but to many, it now seems like a prematurely optimistic move.

France lawmakers vote to extend state of emergency

The French National Assembly voted Tuesday to extend the state of emergency for three months to ensure the country is able to respond to impending terrorist threats, despite concerns the bill infringes on civil liberties. Law No 1238 extends Law No. 55-385 of 3 April 1955, which limits the state of emergency to 15 days, gives expansive police power to government officials, and prohibits the movement of residents and vehicles by decree. The concerns over infringement of civil liberties prompted a promise to reduce limits on freedoms and ensure any decrees are subject to jurisprudence.

FBI not asking for Apple ‘back door’

The White House says a court ruling asking Apple to help the FBI access data on a phone belonging to the San Bernardino gunman does not mean asking for a "back door" to the device. The FBI was asking for access to a single device. Apple chief Tim Cook says circumventing security software on the iPhone risks the security of all its customers. The court had ordered the technology company to alter Farook's iPhone so that the FBI could make unlimited attempts at the passcode without the risk of erasing the data - Apple has provided default encryption on its devices since 2014, allowing only users with knowledge of the passcode to access its contents.

Defining moment: What Europe's reporters make of Brexit talks

The European Union's 28 leaders are deciding on the reform package negotiated by UK Prime Minister David Cameron, but their governments are largely pre-occupied with other issues. The first EU Council session ended with no agreement on several issues as Number 10 played down hopes of a deal.

UK Supreme Court: joint enterprise law incorrectly interpreted

The UK Supreme Court ruled Thursday that a law on "joint enterprise" has been misinterpreted for 30 years, opening the door for many convicted murderers to appeal their convictions. Under the former interpretation of the law, a person could be convicted of murder without committing the murder himself if he acted in conjunction with the killer and could have foreseen the killer's actions. The judges ruled that this foresight standard is not, on its own, a sufficient test. President of the Supreme Court Lord Neuberger stated that the correct position is that, "foresight of what the principal might do is evidence from which the jury may infer that he intended to assist or encourage to do so, but it is for the jury to decide on the whole evidence of whether he had the necessary intent." The ruling was related to two different joint enterprise cases, in which both men's murder convictions have now been overturned. It may also open the door for many more prisoners to appeal their own convictions.

Obama imposes new North Korea sanctions

Obama has signed new expanded sanctions on North Korea, after the country fired a test missile earlier this month. The country has refused to stop its nuclear program and the bill was easily passed by Congress. The sanctions cut off money North Korea needed to develop miniaturized nuclear warheads and long-range missiles. The US and China are negotiating over a UN Security Council resolution on new sanctions.

Russia files lawsuit against Ukraine over $3bn debt

Russia has filed a lawsuit against Ukraine at London's High Court over a $3bn (£2.1bn) debt. The action was taken following unsuccessful attempts to agree on a debt restructuring, Russian Finance Minister Anton Siluanov has said. Ukraine announced in December that it would not make the repayment, claiming that Russia had refused to accept terms offered to other creditors.

Argentina signs deal to close US class action suit over defaulted debt

Argentina and US bondholders on Tuesday settled a class action lawsuit over defaulted debt from 2001. According to the court appointed monitor, Daniel Pollack, creditors who participate would receive 100 percent of the principal owed and 50 percent of the interest owed on that principal. The exact number of bondholders that are covered under the class action settlement will not be known for several weeks. On February 5, the nation of Argentina offered $6.5B to settle its $100B debt obligation. Pollack stated that Tuesday's settlement "fits within the numbers" of the proposed offer. Two of the six leading bondholders have accepted the terms of the offer.

Airbnb under pressure as Japan cracks down

Under pressure from the hotel industry and a populace concerned with the surge of foreigners in their neighborhoods, Prime Minister Shinzo Abe’s government has released guidelines for home sharing -- called minpaku in Japanese -- that could make most Airbnb rentals in the country illegal.

Obama to make historic Cuba visit in March

Obama has confirmed he will visit Cuba in March as part of a broader trip to Latin America. He will be only the second sitting US president in history to travel to the island's capital of Havana. US Republicans have criticized the visit, saying it should not take place while the Castro family is in power. Washington and Havana restored diplomatic ties last July and the US relaxed travel and trade restrictions after a 54-year freeze.

How startups learned to love debt

As venture capital reaches a high not seen since the dot-com boom, more technology startups are becoming addicted to quick, cheap loans. The percentage of US venture rounds involving convertible debt has doubled since 2012.

India high court voices law and order concerns over student sedition case

India's high court on Thursday expressed concern over law and order following widespread protests over the arrest of a student leader for sedition. Kanhaiya Kumar, the head of the student union at Delhi's Jawaharlal Nehru University, was arrested last Friday for sedition for allegedly chanting ant-India slogans at a rally last week. He has denied participating in the chanting. Kumar was attacked on Wednesday on his way into court by right wing lawyers.

Oregon occupier countersues for $666 billion, citing 'works of the devil'

Shawna Cox, one of the last militants to be arrested for occupying an Oregon wildlife refuge last month, has filed a countersuit against the US government and others in which she alleges "damages from the works of the devil in excess of 666,666,666,666.66." While she invoked the number of the beast in her request for damages, Cox listed a wide array of people she plans to subpoena, including: ranchers in the western US; judges and prosecutors; Oregon's current and former governor; local and state police officers; FBI agents; and "various law professors."

Swiss won't rethink 1,000-franc note

Swiss officials have no plans to follow the European Central Bank and consider withdrawing their highest-denomination banknote to help fight crime. A day after ECB President Mario Draghi told lawmakers that there’s “increasing conviction” around the world that such bills are used for illegal purposes, Swiss National Bank Spokesman Walter Meier said by telephone that his institution “isn’t thinking about getting rid of the 1,000-franc note.” Draghi has told lawmakers twice this month that officials are reviewing the 500-euro ($559) note, which law-enforcement officials say makes it easier for criminals and terrorists to smuggle large sums of money. There were more than 43.3 million of the more valuable 1,000-franc ($1,015) bills in circulation as of November, according to Swiss central bank statistics, more than twice as many as in 2000.

  • Daily Press Review

Turkey sacks Ankara police chief after suicide bombings
Al Jazeera, Doha, Qatar

MPs approve Osborne's budget rules
BBC News, Centrist newscaster, London, England

Israeli-Palestinian violence: What you need to know
CNN International, London, England

Heidi Klum is 'mom and a dad at the same time' since her split from Seal in 2012
Daily Mail, Conservative daily, London, England

Denmark's Princess Marie denies boob job after Her & Nu magazine claimed she had one
Daily Mail, Conservative daily, London, England

Tense times in Jerusalem
EuroNews, International news, Ecully Cedex, France

Israel seals off East Jerusalem after 'Day of Rage' attacks
France 24, Issy-les-Moulineaux, France

?? Sanat to present a rich program in its new season
Hurriyet Daily News, (Liberal, English-language), Istanbul, Turkey

'Blood moon' prompts Mormon announcement: This is NOT the end of the world
Independent The, London, England

Pompeii's pilferers punished with a curse from the gods
Telegraph The, Conservative daily, London, England

The Apprentice 2015: episode 1, live
Telegraph The, Celebrity news, London, England

Hung ouster in motion, Chu calls for party unity
China Post, English-language daily, Taipei, Taiwan

Up to 10 Million People Made Sick by Their Phones
Chosun Ilbo, Conservative daily, Seoul, South Korea

Pope Francis makes historic first US visit
Hindustan Times, New Delhi, India

Minister vows to return donations from firms involved in bid-rigging
Japan Times, Independent centrist, Tokyo, Japan

Financial services startup Square files for $275M IPO
New Zealand Herald, Conservative daily, Auckland, New Zealand

Ukraine President cancels trip over protests in eastern Ukraine
Straits Times, Pro-government, Singapore

Beat the post holiday blues
Sydney Morning Herald, Centrist daily, Sydney, Australia

Nike says expects revenue of $50 bn by 2020
The Economic Times, Business, Mumbai, India

It's official ó the 1% finally own 50% of everything
Canadian Broadcasting Centre, Toronto, Ontario

New York teen dies after beating at church during 'counselling'
Globe and Mail The, Centrist daily, Toronto, Canada

Liberty Reserve Brought Down By 'Joe Bogus': How The Feds Arrested Arthur Budovsky
International Business Times, Business news organization, New York, U.S

Wall St declines as Wal-Mart's weak forecast drags on retailers
Reuters, Business News, New York, U.S

Malaysia's embattled PM facing stern test as parliament returns
Reuters, World News, New York, U.S

Blue Jays cut lead to 2-1 against Rangers in Game 5
Toronto Star, Toronto, Ontario

US troops to help fight Boko Haram
BBC News, Centrist newscaster, London, England

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