CHINA/EUROPE - The beginnings of a trade war between China and the European Union could escalate into a damaging battle that might hurt the UK, economists have warned.
BRUSSELS, EUROPE - The International Monetary Fund has admitted to major mis-steps over the past three years in its handling of the bailout of Greece, the first spark in a debt crisis that spread across Europe. In an internal document marked "strictly confidential," the IMF said it badly underestimated the damage that its prescriptions of austerity would do to Greece's economy, which has been mired in recession for the last six years. The IMF conceded that it bent its own rules to make Greece's burgeoning debt seem sustainable and that, in retrospect, the country failed on three of its four criteria to qualify for aid.
EUROPE - When certain countries must protect their economies to survive, going looking for tax revenues in tax havens and, at the same time, paradoxically let their banks use unorthodox methods to avoid bankruptcy, others have chosen to bet on gold.
USA - President Barack Obama’s nominee for United States ambassador to the United Nations gave a highly anti-Israel interview in April 2002 in which she said that "external intervention" may be necessary to prevent "genocide" and "major human rights abuses" in the "Palestine/Israeli situation".
EUROPE - Britain was yesterday threatened with having to quit the European Union if it refuses to 'kowtow' to Strasbourg's human rights judges. The warning was delivered by the new head of the European Court of Human Rights, amid an increasing determination among Tory Cabinet ministers to leave its jurisdiction.
FRANCE - France is in the grip of a crisis. As both its economy and European influence weaken, scandal has hobbled its political elite. The country needs drastic overhaul, but President Hollande does nothing but waver and hesitate.
JORDAN - We knew it would happen. After months of anticipation, Jordanian authorities have initiated a ban on news sites that have not yet registered and been licensed by the Press and Publications Department, effectively blocking more than 300 news websites. According to local media organization 7iber (which means “ink” in Arabic):
SACRAMENTO, USA – The state Senate approved legislation Wednesday that would use California’s tax policy in an attempt to pressure the Boy Scouts of America into fully accepting gay members. The bill would make the organization ineligible for nonprofit tax breaks, despite its vote last week to accept openly gay scouts while blocking gays from becoming scout leaders.
ALASKA - In Alaska, scores of volcanoes and strange lava flows have escaped scrutiny for decades, shrouded by lush forests and hidden under bobbing coastlines. In the past three years, 12 new volcanoes have been discovered in Southeast Alaska, and 25 known volcanic vents and lava flows re-evaluated, thanks to dogged work by geologists with the US Geological Survey (USGS) and the US Forest Service. Sprinkled across hundreds of islands and fjords, most of the volcanic piles are tiny cones compared to the super-duper stratovolcanoes that parade off to the west, in the Aleutian Range.
USA - Did you know that Barack Obama has been secretly negotiating the most important trade agreement since the formation of the World Trade Organization? Did you know that this agreement will impose very strict Internet copyright rules, ban all "Buy American" laws, give Wall Street banks much more freedom to trade risky derivatives and force even more domestic manufacturing offshore?
EUROPE - The European Commission has announced it is imposing temporary anti-dumping levies on Chinese solar panel imports. It comes despite opposition from Germany and other European Union members, and amid fears it could spark a trade war. The Commission - the EU's executive arm - argues that Chinese firms are unfairly undercutting rivals. EU trade commissioner Karel De Gucht has said Chinese panels are being sold below cost and damaging competition. The measures come into force on Thursday, 6 June, in all of the bloc's 27 member states.
EGYPT - Egypt will demand Ethiopia stop building a dam on one of the main tributaries of the Nile, a senior government aide said on Wednesday, ramping up a confrontation over the project that Egypt fears will affect its main source of water.
CHINA - What in the world is China up to? Why are the Chinese hoarding so much gold? Does China plan to back the yuan with gold and turn it into a global reserve currency? Could it be possible that China actually intends for the yuan to eventually replace the US dollar as the primary reserve currency of the planet?
ROME, ITALY - Pope Francis has attacked a “culture of waste” and stressed that discarding food was like stealing from the world’s poor. The pontiff dedicated his weekly audience in St Peter’s Square to the United Nations World Environment Day to draw attention to the excesses of consumerism and food wastage. “This culture of waste has made us insensitive even to the waste and disposal of food, which is even more despicable when all over the world, unfortunately, many individuals and families are suffering from hunger and malnutrition,” the Pope said. “Once our grandparents were very careful not to throw away any leftover food.”
ISRAEL - The coming days will be crucial for both Israelis and Palestinians, US Secretary of State John Kerry said Monday, warning against the dire implications of failing to reach a two-state solution.