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The Economist | News Analysis

Sovereign debt and the euro: All for one
11 03 2010 Eurocrats offer up half-baked ideas to prevent a future sovereign-debt scare NOW that Greece has given in to pressure from its peers for a more austere budget, the euro zone’s policy brass suddenly seems more sympathetic towards its most troubled member. On reflection, perhaps the fault with Greece’s parlous public finances lay not just with its budgetary profligacy but also elsewhere: in the absence of a central euro-zone authority for helping out cash-strapped countries; or with the credit-rating agencies that had unhelpfully downgraded Greek government bonds; or with the amoral speculators who had bet against those bonds and helped drive up borrowing costs. It was mildly surprising that some of the messages of support came from Germany, where fiscal indiscipline is least tolerated. On March 7th the finance minister, Wolfgang Schauble, floated the idea of a European Monetary Fund (EMF) to act as a lender of last resort to euro-zone countries that could not raise funds in capital markets on tolerable terms. He offered few details about how an EMF would be financed or how it would operate. It would not be a “competitor” to the IMF, based in Washington, DC, though it would seek to police the fiscal policies of lax member countries. ...

The Israel-Palestine peace process: More than just a charade?
10 03 2010 The Israeli-Palestinian peace process resumes, after a fashion IT WAS a wretched beginning to what had been hailed as the hopeful resumption of peace talks, albeit indirect ones, between the Israelis and Palestinians under the aegis of an American mediator. Barely had America’s vice-president, Joe Biden, begun a visit to Israel to herald a new era of compromise and goodwill than it was announced, as if deliberately to poison the mood, that 1,600 new houses would be built for Jewish settlers in a big Jewish suburb in the Israeli-annexed eastern part of Jerusalem that Palestinians see as their fledgling state’s future capital. Palestinian politicians were united in fury. Arabs and other peacemaking outsiders viewed the action as the illest of omens. Mr Biden sharply “condemned” the action as “precisely the kind of step that undermines the trust we need right now.” A sheepish-looking Binyamin Netanyahu, Israel’s prime minister, let his aides claim implausibly that he had been unaware of the building decision. The next day his minister of interior dismissed it as a “routine, technical” step, while conceding that the timing was unfortunate, and apologised. Unsurprisingly, the incident increased scepticism towards the promised new round of talks. ...

Life insurance: Snoopy sniffs an opportunity
10 03 2010 AIG reluctantly hands its crown as America’s global life insurer to MetLife ANOTHER week, another opportunity for AIG’s rivals to expand at the American insurer’s expense. Days after sealing a $35.5 billion deal for its Asian life-insurance operations with Britain’s Prudential, the firm, which is being dismembered to recoup bail-out costs, agreed on March 8th to sell another crown jewel, Alico. The acquisition propels New York-based MetLife, which is paying $15.5 billion, into the industry’s global elite. Though it is the biggest life insurer in America, where its Snoopy logo is ubiquitous, it has been tentative abroad. Alico will give it a presence in 64 countries, up from 17 now, taking its non-American revenue from 15% of the total to 40%. The biggest leap will be in Japan, the world’s second-largest life market, in which Alico is a top-tier competitor. But MetLife’s boss, Robert Henrikson (who took over in 2006 from Robert Benmosche, now AIG’s chief executive), also has his eye on the faster-growing markets in Eastern Europe, the Middle East and Latin America that make up almost a quarter of Alico’s business. Another attraction is its distribution network: 60,000 agents, brokers and other local middlemen. ...

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