Must-Reads from Around the World

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Anja Niedringhaus / AP

British Prime Minister David Cameron speaks at the 43rd Annual Meeting of the World Economic Forum, WEF, in Davos, Switzerland, Thursday, Jan. 24, 2013.

Cameron’s Clarion Call — Speaking at the World Economic Forum (WEF) in Davos Thursday, British Prime Minister David Cameron has called for countries to work together in fighting the spread of tax avoidance, writes the BBC. He explained that “trade, tax and transparency” are the U.K.’s economic priorities, particularly during the country’s presidency of the G8 this year. He said those avoiding tax “need to wake up and smell the coffee,” a subtle reference to Starbucks who reportedly pay little tax in the U.K. Cameron reminded the forum that “this is a problem for all countries, not just for Britain.” The PM’s speech in Davos comes a day after his announcement that if reelected in 2015, the Conservative government will call for a referendum to decide whether the U.K. will stay in or out of the European Union. TIME’s Europe editor Catherine Mayer covered Cameron’s E.U. speech.

Moroccan Rape Law – The Moroccan government has announced its plans to change a law that allows rapists to evade charges if they marry their victims, reports Aljazeera. Article 475 of the country’s penal code disregards charges against men convicted of “corruption” or “kidnapping” of a minor if the convicted marries the victim. The change in law follows the case last year of a 16-year-old girl who committed suicide after she was forced to marry a 23-year-old who had raped her. Even though the legal age of marriage in Morocco is 18, judges often approve younger unions. The new article will mean a 10-year penalty for consensual sex after the rape of a minor, but this sentence will double if the sex leads to “deflowering.”


Assassination Plot – The Venezuelan Vice President Nicolas Maduro announced at a rally Wednesday that unidentified groups had entered the country with the aim of assassinating him and the head of the National Assembly, notes Reuters. Maduro was named successor by Hugo Chavez shortly before the Venezuelan president traveled to Havana, Cuba for surgery in early December. This is the fourth surgery Chavez has undergone since he was diagnosed with cancer in his pelvis in mid-2011. Maduro’s claim echoes previous accusations by Chavez that opposition leaders have plotted to kill him during his 14 years in power. Neither the president nor the vice-president has provided proof for these claims.

‘Giant’ Wind Turbines – British and Irish ministers will sign an agreement Thursday to build the world’s largest wind turbines across the Irish midlands, reports the BBC. Environmentalists have described the plan to build the 600 feet towers, which could generate energy for millions of U.K. homes, as “crazy” and believe that it will damage the Irish landscape. The proposed wind towers would transfer energy via cables under the Irish Sea back to the U.K. Even though developers claim that thousands of Irish jobs will be created, Andrew Duncan from Lakelands Wind Information said “it seems to be an Irish solution to a British problem … it seems they want to impose these wind farms on the Irish general public instead.” Irish energy minister Pat Rabbitte confirmed that the project is still in its infancy.

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famulla5
famulla5

European Central Bank President Mario Draghi addressed two of the primary German concerns about the ECB's monetary policy in a speech Tuesday, assuring an audience that there was no reason to fear inflation and that the bank's policies reduced risks to the German taxpayer.

"The ECB remains steadfastly committed to its primary mandate of ensuring price stability. All of our measures are designed to achieve this goal," he assured an audience at the local chamber of commerce's New Year's reception.

"And looking at current and expected inflation rates, there is simply no evidence that could substantiate fears about any deviation from price stability," he said. The ECB seeks to keep inflation in the euro zone at just below 2% over the medium term.

The ECB's policy of lending banks unlimited quantities of funds at maturities of up to two years and lowering interest rates to a record low have sparked fears of inflation in Germany, a population that is notoriously sensitive to price changes.

Both the German population and the head of the country's central bank, Jens Weidmann, have taken a critical stance against the ECB's commitment to buy bonds of troubled euro-zone countries if these states agree to a reform program, arguing that such a strategy undemocratically redistributes risks from southern euro-zone states to northern states.

Mr. Draghi, however, turned the argument on its head, saying that in fact this commitment from the ECB mitigated risks to the German taxpayer. Such measures lower Germany's claims in the intra-euro-zone Target2 payment system, a rough indicator of imbalances in the financial system, and they "reduce possible risks for German taxpayers."

The data backup Mr. Draghi's claims. The Bundesbank's Target2 claims against the Eurosystem have fallen by 95 billion euros ($126.4) since its peak in August, before the ECB announced its bond buying plan. I thank you Firozali A.Mulla DBA


famulla5
famulla5

Why are stocks up? Well, unless youve been in a cave the last couple years years you know that the stock market has been denied normal operation,because of Trillions of dollars pumped into "too big to fall" Zombie,banks and companies. Get out of this rotting corpse of the Dow Jones while u can and put your money into precious metals. Their the only shelter if when this sick and half dead system crashes,along with the Dollar. Be forewarned. I thank you firozaliA.Mulla DBA

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famulla5

A breakthrough in EU? TheEuropean Commissionunveiled a deal on Friday withHewlett-Packard,Telefonicaand eight other telecoms and technology firms aimed at filling up to 700,000 hightech job vacancies. Calling ita grand coalition,EU Telecoms Commissioner Neelie Kroessaid the companies pledged to offer training, free online university courses or provide start-up funding. The European Commission is seeking to spur economic growth, boost competitiveness and tackle a record jobless total of 26.1 million in the 27-country European Union, or 10.7% of the working population. High tech vacancies have proven hard to fill becausejob seekerseither do not have the right qualifications, have qualifications not recognised throughout theEuropean Unionor do not speak English. "The digital skills gap is growing, like ourunemploymentqueues," Kroes, who was in Davos for theWorld Economic Forum, said in a statement on Friday. "We needjoint actionbetween governments and companies to bridge that gap."  I thank you Firozali A.Mulla DBA



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ON EURO The turmoil surrounding Italy's third-largest bank has rocked the country's financial establishment and exposed both the government and the Bank of Italy to difficult questions over how the risky deals could have been hidden from regulators.

It has also become a potentially explosive political issue ahead of national elections on February 24-25. The Tuscan bank, which is already seeking a 3.9 billion euro ($5.2 billion) government bailout, this week revealed loss-making derivatives and structured finance trades that could cost it as much as 720 million euros. Prime Minister Mario Monti, appointed in 2011 at the height of the euro zone debt crisis, promised "maximum clarity and transparency" but denied his government shared responsibility for the crisis at the bank, which bills itself as the world's oldest. He said the problems affected only Monte Paschi and expressed "full and total confidence" in the Bank of Italy, which was headed by European Central Bank President Mario Draghi at the time the deals were made. "Italian savers should know, and I think they know, that Italian banks have been among the most solid during the crisis," he said, adding that the problems at Monte Paschi did not affect the rest of the Italian banking sector. I thank ou FirozaliA.Mulla DBA