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New York Times (April 29)

2010/ 04/ 30 by jd in Global News

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.”

 

Financial Times (April 29)

2010/ 04/ 30 by jd in Global News

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.”

 

The Independent (April 28)

2010/ 04/ 30 by jd in Global News

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.”

 

New York Times (April 26)

2010/ 04/ 30 by jd in Global News

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.

 

Financial Times (April 23)

2010/ 04/ 23 by jd in Global News

North Korea is “a dangerously unpredictable state.” Signs of this arose again with a plot to assassinate a North Korean defector and suspicions over North Korea’s involvement in the sinking of South Korea’s Cheonan warship. The problem: “the world is clueless about how to deal with a regime that responds to neither sticks nor carrots.” The Financial Times warns, however, that we can’t ignore North Korea: otherwise we will wake up one day “to find that a desperate, volatile state can fit a ballistic missile with a nuclear warhead.”

North Korea is “a dangerously unpredictable state.” Signs of this arose again with a plot to assassinate a North Korean defector and suspicions over North Korea’s involvement in the sinking of South Korea’s Cheonan warship. The problem: “the world is clueless about how to deal with a regime that responds to neither sticks nor carrots.” The Financial Times warns, however, that we can’t ignore North Korea: otherwise we will wake up one day “to find that a desperate, volatile state can fit a ballistic missile with a nuclear warhead.”

 

The Times (April 22)

2010/ 04/ 23 by jd in Global News

Flights have resumed across Europe. Some are now complaining the weeklong flight ban was unnecessary. Airlines are even demanding cash for ash. The Times, however, says the authorities made the right decision. It would have been insane to “allow airliners to merrily fly in until one or more of them fell abruptly from the sky.” Too little is known about the limits of safety. Aircraft aren’t currently equipped for ash detection. Pilots don’t have experience flying through ash. The flight ban was the right thing to do.

 

Wall Street Journal (April 21)

2010/ 04/ 21 by jd in Global News

Chairman Ed Whitacre writes that General Motors (GM) is fully repaying, with interest, the $5.8 billion in loans from the U.S. and Canadian governments. He acknowledges that “nobody was happy that GM needed government loans” and that the two governments still own a majority of GM’s equity. Still the repayment signals GM is “making real progress.”

 

New York Times (April 18)

2010/ 04/ 19 by jd in Global News

“Robust reform is the only way to protect the system—and taxpayers—from a repeat catastrophe.” The New York Times says Congress should pass meaningful financial reform which moves derivatives deals “onto transparent, fully regulated exchanges.” Also, Congress should provide resolution authority, allowing regulators to take over failing financial institutions in an orderly manner.

“Robust reform is the only way to protect the system—and taxpayers—from a repeat catastrophe.” The New York Times says Congress should pass meaningful financial reform which moves derivatives deals “onto transparent, fully regulated exchanges.” Also, Congress should provide resolution authority, allowing regulators to take over failing financial institutions in an orderly manner.

“Robust reform is the only way to protect the system—and taxpayers—from a repeat catastrophe.” The New York Times says Congress should pass meaningful financial reform which moves derivatives deals “onto transparent, fully regulated exchanges.” Also, Congress should provide resolution authority, allowing regulators to take over failing financial institutions in an orderly manner.

“Robust reform is the only way to protect the system—and taxpayers—from a repeat catastrophe.” The New York Times says Congress should pass meaningful financial reform which moves derivatives deals “onto transparent, fully regulated exchanges.” Also, Congress should provide resolution authority, allowing regulators to take over failing financial institutions in an orderly manner.

 

The Times (April 14)

2010/ 04/ 15 by jd in Global News

Gordon Brown, David Cameron and Nick Clegg will make UK history. The three possible Prime Ministers will debate each other on TV, marking the first U.S. style debate. But more than ever, British voters are “turned off.” (Only 4% believe what the parties say about their tax plans and a third of voters hope there will be no winner.) Could watching the debate re-interest voters in politics? The Times hopes at least one of the men connects with voters to “galvanise people in their homes and ignite the campaign.”

 

Wall Street Journal (April 12)

2010/ 04/ 12 by jd in Global News

Former U.S. Labor Secretary Robert Reich writes the U.S. lost 8.4 million jobs since the start of the Great Recession in December 2007. He points out, many jobs “will never return.” These jobs have simply been eliminated or outsourced. Because companies used the Great Recession as a chance to cut costs and increase efficiency, Reich believes wages will continue to fall, even if the economy continues to add jobs.

 

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