New York Times (April 29)
The well below BP’s now collapsed offshore drilling rig continues to spill 42,000 gallons of oil per day into the Gulf of Mexico. A solution may be weeks or months away. This is, however, the first major spill in the Gulf. The New York Times warns against overreacting by eliminating conventional fuels from energy policy. The newspaper does, however, call for a speedy and comprehensive investigation arguing: “if oil drilling is to be part of this country’s immediate energy future, it must be done responsibly.”
The well below BP’s now collapsed offshore drilling rig continues to spill 42,000 gallons of oil per day into the Gulf of Mexico. A solution may be weeks or months away. This is, however, the first major spill in the Gulf. The New York Times warns against overreacting by eliminating conventional fuels from energy policy. The newspaper does, however, call for a speedy and comprehensive investigation arguing: “if oil drilling is to be part of this country’s immediate energy future, it must be done responsibly.”
Tags: BP, Gulf of Mexico, Oil
Financial Times (April 29)
Russia settled a long-running border dispute with Norway. While the land border separating the two countries has been fixed since 1826, the maritime border has been hotly disputed. The two countries will split the sea equally, with the maritime border extending from the coast to the North Pole. With the boundary dispute settled, oil companies will be less hesitant to invest in exploration around the Barents Sea. Even more importantly, the Financial Times hopes this signals renewed commitment by Russia to the “rule of law.”
Russia settled a long-running border dispute with Norway. While the land border separating the two countries has been fixed since 1826, the maritime border has been hotly disputed. The two countries will split the sea equally, with the maritime border extending from the coast to the North Pole. With the boundary dispute settled, oil companies will be less hesitant to invest in exploration around the Barents Sea. Even more importantly, the Financial Times hopes this signals renewed commitment by Russia to the “rule of law.”
Tags: Border, North Pole, Norway, Russia
The Independent (April 28)
Europe’s equivalent of the “sub-prime” is fast reaching a point of no return. Greece and Portugal both received new credit rating downgrades. The Independent urges the European Union (EU) and the International Monetary Fund (IMF) to “redouble their efforts” because “every day that a deal for Greece is not forthcoming is another day in which the eurozone’s crisis will spiral further out of control.” Each day increases the risk that more European countries will become “basket cases.”
Europe’s equivalent of the “sub-prime” is fast reaching a point of no return. Greece and Portugal both received new credit rating downgrades. The Independent urges the European Union (EU) and the International Monetary Fund (IMF) to “redouble their efforts” because “every day that a deal for Greece is not forthcoming is another day in which the eurozone’s crisis will spiral further out of control.” Each day increases the risk that more European countries will become “basket cases.”
Tags: Credit rating, EU, Europe, Greek crisis, IMF
New York Times (April 26)
Nobel winner Paul Krugman writes rating agencies, such as Moody’s and S&P, were at the heart of the financial crisis. “Of AAA-rated subprime-mortgage-backed securities issued in 2006, 93 percent….have now been downgraded to junk status.” E-mails show the ratings agencies bent rules to get business and “skewed their assessments to please their clients.” Krugman calls for fundamental reform of the corrupt ratings system.
Nobel winner Paul Krugman writes rating agencies, such as Moody’s and S&P, were at the heart of the financial crisis. “Of AAA-rated subprime-mortgage-backed securities issued in 2006, 93 percent….have now been downgraded to junk status.” E-mails show the ratings agencies bent rules to get business and “skewed their assessments to please their clients.” Krugman calls for fundamental reform of the corrupt ratings system.
Tags: Moody's, NRSROs, Ratings agencies, S&P