The Chosun Ilbo (June 21)
Win or lose, North Korea will gain at least $10 million from FIFA for its World Cup appearance. If the North advances to the next round, the figure will rise. This money is significant to the North. $10 million is equivalent to three-months of wages for the 43,000 North Koreans who work in the Kaesong Industrial Complex.
Tags: FIFA, North Korea, Soccer, World Cup
The Wall Street Journal (June 20)
China will move toward a more flexible exchange rate, dropping the yuan’s dollar peg. This announcement comes at a good time, ahead of the G-20 meeting. This means the exchange rate won’t overcloud the major issue: “the failures of U.S. and European economic policies.” The WSJ points out the revalued yuan will not be the silver bullet that solves these problems.
China will move toward a more flexible exchange rate, dropping the yuan’s dollar peg. This announcement comes at a good time. Ahead of the G-20 meeting, this means the exchange rate won’t overcloud the major issue: “the failures of U.S. and European economic policies.” The WSJ points out the revalued yuan will not be the silver bullet that solves these problems.
The Economist (June 17)
Warren Buffet and Bill Gates are calling on the rich to give it away. They are asking billionaires to make a public giving pledge to donate at least half of their fortunes to charities and other good causes. Those who make the giving pledge will be invited to an annual summit for great givers. Buffet has himself pledged to give 99% of his wealth away, most of it to the Bill and Melinda Gates Foundation.
Tags: Bill Gates, Billionaire, Charity, Warren Buffet
The Washington Post (June 17)
BP will escrow $20 billion to fund the oil spill cleanup. The Post puts this amount in perspective. That’s enough money “to buy all the shares of the Kellogg Co. And it’s larger than the annual economic output of 90 countries.” Not many companies can make a $20 billion mistake and still survive. Fortunately, it looks like BP can.
The Independent (June 17)
The UK will eliminate the Financial Services Authority (FSA), assigning its regulatory functions to the Bank of England (BOE). The Independent agrees the FSA was “next to useless,” with the fatal weakness of seeing “the world through the eyes of those firms it was supposed to be monitoring.” The newspaper hopes the new regulators at the BOE “will regard themselves as gamekeepers….rather than cheerleaders.”
Tags: Bank of England, FSA, UK
The Wall Street Journal (June 17)
Nationally recognized statistical ratings organizations (NRSROs) may finally be on their way out. The Journal calls it a miracle, giving much credit to Congressman Barney Frank who “is close to eliminating one of the root causes of the financial meltdown of 2008.” Not yet a done deal, it looks as if all requirements to use NRSROs will be eliminated from federal laws and regulations.
The Economist (June 15)
Japan’s Space Agency JAXA deserves double credit. First there was the successful launch of Ikaros, an Earth-orbiting satellite powered by a 200 square meter solar sail. Then there was the successful return of the Hayabusa capsule. The Economist notes “Japan’s space programme has, so far, been a lot more successful than Britain’s was.” Oddly enough, the capsule landed in Australia near the place where Britain once launched three rockets. This strengthens the impression that Japan is “picking up” the space baton that Britain dropped long ago.
Japan’s Space Agency JAXA deserves double credit. First there was the successful launch of Ikaros, a satellite powered by a 200 square meter solar sail, which will orbit Earth. And then there was the successful return of the Hayabusa capsule. The Economist notes “Japan’s space programme has, so far, been a lot more successful than Britain’s was.” Notably, the capsule landed in Australia near the place where Britain launched its Black Knight, Black Arrow and Blue Streak rockets. This strengthens the impression that Japan is “picking up a baton” that Britain dropped long ago.
Time (June 14)
“There is no time to lose” on climate change. The first generation to recognize global warming “could also be the last that has a chance of slowing and eventually reversing the process.” Entitled “Leaving a Good Legacy” the commentary declares we must begin combating climate change now.”If we do nothing, we will likely bequeath to them a less habitable — perhaps even uninhabitable — planet, the most negative legacy imaginable.”
Tags: Climate change, Global warming
Investment Week (June 14)
A charity lunch with Warren Buffet sold for a record $2.63 million on eBay. All told, some 77 bids were placed for this lunch at the Smith & Wollensky steakhouse on New York’s Third Avenue. The winning bid was anonymous. The auction benefits the Glide Foundation, a charity Buffet has supported annually with similar auctions. The previous high bid for a Buffet lunch was $2.1 million in 2008.
Tags: Charity, Record, Warren Buffet
The Times—London (June 12)
The Times says the International Whaling Commission (IWC) “must suspend any vote until it has established all the facts.” The vote refers to lifting the moratorium on whaling. The facts refer to alleged “grubby dealings” by Japan to buy votes “with overseas aid, cash payments in envelopes and the offer of prostitutes.”