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The Times—London (May 31)

2010/ 05/ 31 by jd in Global News

While Americans once liked “No Drama Obama” and his cool, rational approach to handling disasters, feelings are changing. Now, Americans want superman. “A nation whose distrust of central government has reached a post-Civil War high” now wants “a huge and powerful government to jump in” and fix what is now America’s worst oil spill. Alas, neither Obama nor the government can plug the hole: “That job can only be done by BP.”

While Americans once liked “No Drama Obama” and his cool, rational approach to handling disasters, feelings are changing. Now, Americans want superman. “A nation whose distrust of central government has reached a post-Civil War high” now wants “a huge and powerful government to jump in.” Alas, neither Obama nor the government can plug the hole: “That job can only be done by BP.”

 

New York Times (May 30)

2010/ 05/ 31 by jd in Global News

The U.S. is facing a string of economic challenges that “constitute an emergency.” Uncertainty in Europe is just one threat. The New York Times writes persistently high unemployment is the “biggest danger.” Nearly half of the 9.9% currently unemployed have been without jobs for half a year or more. At current growth rates, it would take roughly 5 years to attain full employment. Moreover, current growth rates are unlikely as state governments slash budgets and headcounts. The New York Times calls on Congress to keep supporting the economy and postpone cost cutting. The “recovery is still fragile and needs are still great.” Focusing on the deficit now runs the great risk of “condemning the economy to a long, hard slog of subpar growth, barely indistinguishable, in effect, from recession itself. That would be worse for the nation’s finances than upfront spending.”

The U.S. is facing a string of economic challenges that “constitute an emergency.” Uncertainty in Europe is just one threat. The New York Times writes persistently high unemployment is the “biggest danger.” Nearly half of the 9.9% currently unemployed have been without jobs for half a year or more. At current growth rates, it would take roughly 5 years to attain full employment. Moreover, current growth rates are unlikely as state governments slash budgets and headcounts. The New York Times calls on Congress to keep supporting the economy and postpone cost cutting. The “recovery is still fragile and needs are still great.” Focusing on the deficit now runs the great risk of “condemning the economy to a long, hard slog of subpar growth, barely indistinguishable, in effect, from recession itself. That would be worse for the nation’s finances than upfront spending.”

 

Los Angeles Times (May 30)

2010/ 05/ 31 by jd in Global News

The World Cup may offer a chance to shame North Korea where soccer is the number one sport. For the first time in 44 years, North Korea has qualified for the World Cup. While FIFA is unlikely to bar North Korea from the games, teams and individual players could use non-compulsory equipment, such as armbands or wristbands, to protest. Non-compulsory equipment could be emblazoned with the number 46, representing the lives of the South Korean sailors killed on the Cheonan.

The World Cup may offer a chance to shame North Korea where soccer is the number one sport. For the first time in 44 years, North Korea has qualified for the World Cup. While FIFA is unlikely to bar North Korea from the games, teams and individual players could use non-compulsory equipment, such as armbands or wristbands, to protest. Non-compulsory equipment could be emblazoned with the number 46, representing the lives of the South Korean sailors killed on the Cheonan.

 

Financial Times (May 28)

2010/ 05/ 31 by jd in Global News

The Financial Reporting Council (FRC) has “set a new high watermark for post-crises governance standards.” The largest 350 listed companies in the UK (the FTSE 350) are now asked to hold annual elections for each director. They are also being encouraged to adopt more diverse boards (only 12% of FTSE 100 directors are women) and utilize external reviews of board effectiveness on at least a triennial basis. Lastly, the new code makes clear that boards are responsible for risk management. This summer, the FRC will release a Stewardship code outlining the responsibilities of shareholders.

The Financial Reporting Council (FRC) has “set a new high watermark for post-crises governance standards.” The largest 350 listed companies in the UK (the FTSE 350) are now asked to hold annual elections for each director. They are also being encouraged to adopt more diverse boards (only 12% of FTSE 100 directors are women) and utilize external reviews of board effectiveness on at least a triennial basis. Lastly, the new code makes clear that boards are responsible for risk management. This summer, the FRC will release a Stewardship code outlining the responsibilities of shareholders.

 

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