Global Agenda articles from April 2004

Global Agenda archives from April 2004

The unstoppable, surging yen; The surging Japanese yen; The only way is up.
April 1, 2004... The yen is surging again. Will the Japanese authorities halt its rise? Can they? "THIS intervention is stupid," said Fumihiko Igarashi, an opposition politician in Japan's lower house of parliament. "It's a fight we can't win." Indeed, on...

Chirac shuffles the pack.(Jacques Chirac reshuffles his cabinet)
April 1, 2004... After his ruling party suffered a humiliating defeat in the second round of France's regional elections, Jacques Chirac has reshuffled his cabinet, appointing new foreign and finance ministers. Jean-Pierre Raffarin, the prime minister, has...

Still clear as mud; Corporate Germany; The Mannesmann trial buckles, but questions remain.(cases)
April 1, 2004... The judges in the Mannesmann trial have decided that the defendants have no criminal case to answer over the bonuses awarded after the takeover of the German telecoms company by Britain's Vodafone. But the lead judge also said the payments were...

Fightback or death-rattle?(recording industry files suits against illegal file sharing)
April 2, 2004... The recording industry has launched a wave of lawsuits outside America in a bid to curb illegal file-sharing on the internet, which has contributed to a steep decline in music sales. The industry is cutting costs, consolidating...

Cyprus's future in its people's hands; Cyprus talks; A last, best opportunity slipping away.(international relations of Cyprus)
April 2, 2004... Politicians have failed to reach agreement in internationally backed talks to reunite the island of Cyprus. The United Nations will now put its peace plan directly to the people THE Cyprus conflict has, on several occasions, dragged Greece...

Hopeful signs of a job-full recovery.(growth of jobs market in America)
April 5, 2004... At last, American firms are hiring again in earnest: payrolls grew by 308,000 in March. If the job gains continue, interest rates will rise, and so will President George Bush's fortunes FOR months, America's jobless recovery has bemused...

An explosive relationship; Muslims in Europe; Tracking down the terrorists, trying to get on better with the rest.
April 5, 2004... Spain, France and Britain have all scored successes in their hunt for Islamic terrorists. But the real battle for Europe's governments will be to win the hearts and minds of the wider Muslim community THE investigation into the deadly...

Is Iraq becoming a quagmire?(North Atlantic Treaty Organization)(internal conflict in Iraq)
April 5, 2004... As coalition forces battle with both Sunni and Shia militants in Iraq, influential voices in Washington are asking if the country is descending into civil war--and whether America will still be able to hand over power to Iraqis on June 30th ...

An explosive relationship; Muslims in Europe; Tracking down the terrorists, trying to get on better with the rest.(antiterrorism law)
April 6, 2004... Spain, France and Britain have all scored successes in their hunt for Islamic terrorists. But the real battle for Europe's governments will be to win the hearts and minds of the wider Muslim community THE investigation into the deadly...

Is Iraq becoming a quagmire?
April 6, 2004... As coalition forces battle with both Sunni and Shia militants in Iraq, influential voices in Washington are asking if the country is descending into civil war--and whether America will still be able to hand over power to Iraqis on June 30th ...

Uneasy bedfellows; Software; Sun and Microsoft kiss and make up.
April 6, 2004... Microsoft has agreed to pay Sun Microsystems almost $2 billion in return for Sun's dropping its anti-competitive lawsuits. The deal recognises that each is no longer the other's most worrying enemy SCOTT MCNEALY is not known for his...

One country, one system.
April 7, 2004... China's insistence that any political reform in Hong Kong will have to be approved first by Beijing has badly undermined the territory's independence CHINA made it clear this week that any move to introduce greater democracy in Hong Kong...

An explosive relationship; Muslims in Europe; Tracking down the terrorists, trying to get on better with the rest.
April 8, 2004... Spain, France and Britain have all scored successes in their hunt for Islamic terrorists. But the real battle for Europe's governments will be to win the hearts and minds of the wider Muslim community THE investigation into the deadly...

Is Iraq becoming a quagmire?
April 8, 2004... As coalition forces battle with both Sunni and Shia militants in Iraq, influential voices in Washington are asking if the country is descending into civil war--and whether America will still be able to hand over power to Iraqis on June 30th ...

Hunting the white elephant; Eurotunnel's board ousted; So much for entente cordiale.
April 8, 2004... Eurotunnel's shareholders have voted to ditch the board of the beleaguered infrastructure operator. How frightened should bosses be of France's army of small investors? THE irony was palpable. Queen Elizabeth II's visit to France this week...

He said, she said; Condoleezza Rice's 9/11 testimony; The Bush administration gets its story straight.
April 8, 2004... Condoleezza Rice has given a firm response to the accusations that the Bush administration did not take terrorism seriously before September 11th. There are now two competing versions of the story, and in a polarised America voters are likely...

Is Iraq becoming a quagmire?
April 9, 2004... As coalition forces battle with both Sunni and Shia militants in Iraq, influential voices in Washington are asking if the country is descending into civil war--and whether America will still be able to hand over power to Iraqis on June 30th ...

Cash and carry; World markets; Why good news in America is bad news for emerging markets.
April 9, 2004... Good news on jobs in America may have troubling repercussions for emerging markets IN FINANCE as in medicine, prevention is better than cure. The International Monetary Fund's Global Financial Stability report, published on Tuesday April...

Is Iraq becoming a quagmire?
April 10, 2004... As coalition forces battle with both Sunni and Shia militants in Iraq, influential voices in Washington are asking if the country is descending into civil war--and whether America will still be able to hand over power to Iraqis on June 30th ...

South Africa set to plod on with Mbeki; South Africa's election; Plodding onwards with Mbeki.
April 12, 2004... President Thabo Mbeki's African National Congress looks set for an easy win in South Africa's elections this week. But there is much to be done to consolidate the gains the country has made in ten years of democracy APRIL is a big month...

He said, she said; Condoleezza Rice's 9/11 testimony; The Bush administration gets its story straight.
April 12, 2004... Condoleezza Rice has given a firm response to the accusations that the Bush administration did not take terrorism seriously before September 11th. There are now two competing versions of the story, and in a polarised America voters are likely...

After a bloody anniversary, calls for a truce.
April 12, 2004... A year after the fall of Saddam Hussein, with coalition forces battling insurgencies by both Sunni and Shia militants, compounded by a wave of hostage taking, the Iraqi Governing Council is seeking an end to the bloodshed AMERICA, Britain...

A chronology of the Middle East conflict.
April 13, 2004... Many peace plans, little peace 1917: In the Balfour Declaration, Britain expresses its support for "the establishment in Palestine of a national home for the Jewish people", though without prejudicing its non-Jewish communities. 1920:...

South Africa set to plod on with Mbeki; South Africa's election; Plodding onwards with Mbeki.
April 13, 2004... President Thabo Mbeki's African National Congress looks set for an easy win in South Africa's elections this week. But there is much to be done to consolidate the gains the country has made in ten years of democracy APRIL is a big month...

He said, she said; The 9/11 hearings; The Bush administration gets its story straight.
April 13, 2004... Condoleezza Rice has given a firm response to the accusations that the Bush administration did not take terrorism seriously before September 11th. There are now two competing versions of the story, and in a polarised America voters are likely...

After a bloody anniversary, calls for a truce.
April 13, 2004... A year after the fall of Saddam Hussein, coalition forces are battling insurgencies by both Sunni and Shia militants, compounded by a wave of hostage-taking. The Iraqi Governing Council is seeking an end to the bloodshed AMERICA, Britain...

Eastward ho!(Japanese consumer demand is picking up)
April 13, 2004... Japanese consumer demand is picking up, wholesale prices are rising and the stockmarket is buoyant. Is the world's second-largest economy finally coming out of its deflationary spiral? BACK from a two-week holiday, much of which was spent...

Cash and carry; World markets; Why good news in America is bad news for emerging markets.
April 14, 2004... Good news on American jobs and surprising news on American inflation may have troubling repercussions for emerging markets IN FINANCE as in medicine, prevention is better than cure. The International Monetary Fund's Global Financial...

A bloody anniversary; Insurgence in Iraq; After a bloody anniversary, Bush vows to stay the course.
April 14, 2004... A year after the fall of Saddam Hussein, coalition forces are battling insurgencies by both Sunni and Shia militants, compounded by a wave of hostage-taking. In a rare news conference, George Bush has pledged that America will meet the June...

Leaving Gaza, settling in the West Bank?
April 14, 2004... Israel's prime minister, Ariel Sharon, has won support from George Bush for his Gaza pull-out plan. Palestinians have mixed feelings about the plan but are furious at Mr Sharon's pledge--which Mr Bush tacitly backed--to keep chunks of the West...

Investigating the investigators.(9/11 commission's investigations )
April 14, 2004... Two heads of the Department of Justice, two FBI directors and a CIA director have all come under scrutiny at the 9/11 commission's hearings. The focus on the intelligence agencies' failures could deflect the fire that had been directed recently...

Leaving Gaza, settling in the West Bank?
April 15, 2004... Israel's prime minister, Ariel Sharon, has won support from George Bush for his Gaza pull-out plan. Palestinians have mixed feelings about the plan but are furious at Mr Sharon's pledge--which Mr Bush tacitly backed--to keep chunks of the West...

A landslide for Mbeki.
April 15, 2004... President Thabo Mbeki's African National Congress has won a landslide victory in South Africa's elections. But there is much to be done to consolidate the gains the country has made in ten years of democracy ON WEDNESDAY April 14th, voters...

After the bloodshed, an anxious calm.
April 15, 2004... The fighting in Iraq has given way to a wary ceasefire in most of the country, but the root causes of the conflict remain. Tense diplomacy is expected ahead of the planned June 30th handover of sovereignty THE guns have fallen mostly...

Leaving Gaza, settling in the West Bank?
April 16, 2004... Israel's prime minister, Ariel Sharon, has won support from George Bush for his Gaza pull-out plan. Palestinians have mixed feelings about the plan but are furious at Mr Sharon's pledge--which Mr Bush tacitly backed--to keep chunks of the West...

A landslide for Mbeki.(Thabo Mbeki's African National Congress has won in South Africa's elections)
April 16, 2004... President Thabo Mbeki's African National Congress has won a landslide victory in South Africa's elections. But there is much to be done to consolidate the gains the country has made in ten years of democracy ON WEDNESDAY April 14th, voters...

After the bloodshed, an anxious calm.
April 16, 2004... The fighting in Iraq has given way to a wary ceasefire in most of the country, but the root causes of the conflict remain. Tense diplomacy is expected ahead of the planned June 30th handover of sovereignty THE guns have fallen mostly...

Young, liberal and in command.(Uri Party)
April 16, 2004... Anger over an impeachment has helped a youthful, anti-establishment party to win South Korea's elections. Big changes may follow in a pivotal Asian democracy ON THURSDAY April 15th, the challengers won a crucial battle in their bid to...

Good for the few, bad for the many; EU/Mercosur trade talks; Another nail in Doha's coffin?
April 16, 2004... The prospects of a trade deal between Mercosur and the European Union look good. The prospects for the Doha round of world trade talks look ever worse MERCOSUR, the customs union forged by Brazil, Argentina, Uruguay and Paraguay, was...

After the bloodshed, an anxious calm.
April 19, 2004... The fighting in Iraq has given way to a wary ceasefire in most of the country but the causes of the conflict remain. Tense diplomacy is expected ahead of the planned handover of sovereignty on June 30th THE guns have mostly fallen silent...

Good for the few, bad for the many; EU/Mercosur trade talks; Another nail in Doha's coffin?(European Union)
April 19, 2004... The prospects of a trade deal between Mercosur and the European Union look good. The prospects for the Doha round of world trade talks look ever worse MERCOSUR, the customs union forged by Brazil, Argentina, Uruguay and Paraguay, was...

Sharon pushes ahead, regardless.
April 19, 2004... After winning America's tacit backing for his plan to keep part of the West Bank while abandoning Gaza, Israel's prime minister, Ariel Sharon, has further enraged the Palestinians by sending his troops to assassinate Hamas's new leader ...

The Bundesbank loses its head.
April 19, 2004... The resignation of Ernst Welteke, the president of the Bundesbank, opens a vacancy on the European Central Bank's rate-setting council. The choice of his successor may have a big effect on how well the ECB does its job in future OH, TO be...

Another head rolls in the boardroom.(investigations of Royal Dutch-Shell Group of Cos.)
April 19, 2004... Amid fresh revelations in the scandal over Royal Dutch/Shell's misreporting of its reserves, the firm's finance director, Judith Boynton, has become the third of the oil giant's top executives to lose her job. The upheaval may now force Shell...

After the bloodshed, an anxious calm.
April 20, 2004... The fighting in Iraq has given way to a wary ceasefire in most of the country, but the causes of the conflict remain. Tense diplomacy is expected ahead of the planned handover of sovereignty on June 30th THE guns have mostly fallen silent...

The Bundesbank loses its head.
April 20, 2004... The resignation of Ernst Welteke, the president of the Bundesbank, opens a vacancy on the European Central Bank's rate-setting council. The choice of his successor may have a big effect on how well the ECB does its job in future OH, TO be...

Warnings to be ignored.
April 20, 2004... American banks continue to make vast profits. Will the good times end when the Fed raises interest rates? IN RECENT years, Buttonwood has written many an article on the American banking system. Learned, pithy and opinionated, the only thing...

Another head rolls in the boardroom.
April 20, 2004... Amid fresh revelations in the scandal over Royal Dutch/Shell's misreporting of its reserves, the firm's finance director, Judith Boynton, has become the third of the oil giant's top executives to lose her job. The upheaval may now force Shell...

Blushes at the Bundesbank; Germany's central-banking scandal; Welteke out, Weber in.
April 21, 2004... The Bundesbank has a new president, to replace the disgraced Ernst Welteke. But does Europe have too many central bankers for its own good? OH, TO be a central banker! A monopoly supplier of a much sought-after commodity (money), you have...

The calm is shattered; Iraq; End of the calm.
April 21, 2004... Four suicide bombings in and near Basra have killed 68, including children, and violence has flared elsewhere in Iraq. This comes as new members of the American-led coalition waver. America may now have to send more troops of its own THE...

A blow for the forces of evil; Terror in Saudi Arabia; Striking at the heart of the kingdom.
April 21, 2004... Saudi Arabia's security forces have scored a number of successes in their efforts to round up Islamic extremists. But, as Wednesday's huge car bombing in Riyadh shows, the terrorists can still strike at the heart of the kingdom WITH its...

Warnings to be ignored.
April 22, 2004... American banks continue to make vast profits. Will the good times end when the Fed raises interest rates? IN RECENT years, Buttonwood has written many an article on the American banking system. Learned, pithy and opinionated, the only thing...

The calm is shattered; Iraq; End of the calm.
April 22, 2004... Four suicide bombings in and near Basra have killed more than 70, including children, and violence has flared elsewhere in Iraq. This comes as new members of the American-led coalition waver. America may now have to send more troops of its own...

A blow for the forces of evil; Terror in Saudi Arabia; Striking at the heart of the kingdom.
April 22, 2004... Saudi Arabia's security forces have scored a number of successes in their efforts to round up Islamic extremists. But, as Wednesday's huge car bombing in Riyadh shows, the terrorists can still strike at the heart of the kingdom WITH its...

Oil-for-fraud.(Oil for Food misuse)
April 22, 2004... A scandal surrounding the UN's former oil-for-food programme in Iraq has begun to heat up, just as the Bush administration is approaching the UN to take a greater role in the country IT COULDN'T be a worse time for a scandal. George Bush's...

So close and yet so far.
April 22, 2004... Russia has vetoed a United Nations resolution aimed at encouraging Greek-Cypriots to change their minds and vote "yes" in Saturday's referendum on the UN plan to reunite the island. A row between the European Union and Greek-Cypriot leaders has...

Another head rolls in the boardroom.
April 22, 2004... Amid fresh revelations in the scandal over Royal Dutch/Shell's misreporting of its reserves, the firm's finance director, Judith Boynton, has become the third of the oil giant's top executives to lose her job. The upheaval may now force Shell...

The G7 and the duck-billed platypus.
April 23, 2004... The rich countries' weekend communique on exchange rates was vacuous because they all want different things. So expect more of the same A CAMEL, goes the old saw, is a horse designed by a committee. What that makes this weekend's statement...

The coming storm.(value-at-risk )
April 23, 2004... Banks are risking ever more of their own money in search of returns. Have they really learned nothing? IN THE autumn of 1998, Buttonwood was at a conference organised by Credit Suisse First Boston in--appropriately enough--Monte Carlo, when...

Our mutual friend.
April 23, 2004... Why is so much money pouring into mutual funds? AN UNUSUAL slip by a great writer, but there is little doubt that the Dickens novel of the title was tautologous: either "a mutual friend" or "our friend" would have been fine. Of course,...

Things you can drop on your foot.
April 23, 2004... China needs them in spades, as it were, which is good news for Japan IF SO many markets are so expensive and expensiveness is relative, then something, it has been well pointed out by readers, must be cheap. But what, damn it? Although...

Herb lore from the Sage of Omaha.
April 23, 2004... Wise words from Warren IN A perhaps vain attempt to make his garden less like the scruffy yard that it is, Buttonwood recently took his mother and two daughters to Syon Park, a gardening centre in west London. His girls enthused about...

Ford focus.
April 23, 2004... With stockmarkets looking shaky once again, the auto sector would seem to be a particularly bad bet NO PETROLHEAD, Buttonwood used to drive a Honda people carrier, and now toddles around in a Fiat Punto, a modest car with much to be modest...

Crude arguments.
April 23, 2004... Markets should worry about the surging oil price NERVES, it is clear, are becoming increasingly frayed in financial markets. In general, the riskier and more generously valued the market, the edgier investors are. They are increasingly...

Eastward ho!
April 23, 2004... Japanese consumer demand is picking up, wholesale prices are rising and the stockmarket is buoyant. Is the world's second-largest economy finally coming out of its deflationary spiral? BACK from a two-week holiday, much of which was spent...

The calm is shattered.
April 23, 2004... In the wake of this month's surge in violence, including devastating bombings in and near Basra, the American-led coalition is rethinking some of its policies THE nervous calm in Iraq was abruptly shattered on the morning of Wednesday...

So close and yet so far.
April 23, 2004... Russia has vetoed a United Nations resolution aimed at encouraging Greek-Cypriots to change their minds and vote "yes" in Saturday's referendum on the UN plan to reunite the island. A row between the European Union and Greek-Cypriot leaders has...

The best use of aid?
April 23, 2004... As the World Bank holds its spring meetings with the IMF in Washington, it reports that aid is flowing a little more generously, but a lot more strategically. For that, thank--or blame--the war on terror NO ONE knows better than Rodrigo...

A chance for peace and unity wasted.
April 25, 2004... The UN's plan for ending three decades of conflict and reuniting Cyprus has been rejected by the Mediterranean island's Greek-Cypriot majority--to the anger of the world powers that backed the plan. The Turkish-Cypriot north of the island will...

The best use of aid? Aid to poor countries; A little more generous, a lot more strategic.
April 25, 2004... As the World Bank holds its spring meetings with the IMF in Washington, it reports that aid is flowing a little more generously, but a lot more strategically. For that, thank--or blame--the war on terror NO ONE knows better than Rodrigo...

A chance for peace and unity wasted.
April 26, 2004... The UN's plan for ending three decades of conflict and reuniting Cyprus has been rejected by the Mediterranean island's Greek-Cypriot majority--to the anger of the world powers that backed the plan. The Turkish-Cypriot north of the island will...

The best use of aid? Aid to poor countries; A little more generous, a lot more strategic.
April 26, 2004... As the World Bank held its spring meetings with the IMF in Washington at the weekend, it reported that aid was flowing a little more generously, but a lot more strategically. For that, thank--or blame--the war on terror NO ONE knows better...

A thoroughly French affair; Drug mergers; Sanofi bags Aventis, with a little help from the French government.
April 26, 2004... After months of resistance, Aventis has finally agreed to merge with Sanofi. The deal follows intense pressure on both parties by the French government, which wants to create a national champion in pharmaceuticals. Novartis, a Swiss group that...

A chance for peace and unity wasted.(Cyprus unification)
April 27, 2004... The UN's plan for ending three decades of conflict and reuniting Cyprus has been rejected by the Mediterranean island's Greek-Cypriot majority--to the anger of the world powers that backed the plan. The Turkish-Cypriot north of the island will...

A thoroughly French affair; Drug mergers; Sanofi bags Aventis, with a little help from the French government.
April 27, 2004... After months of resistance, Aventis has finally agreed to merge with Sanofi. The deal follows intense pressure on both parties by the French government, which wants to create a national champion in pharmaceuticals. Novartis, a Swiss group that...

Unpicking cotton subsidies.(World Trade Organisation ruling for cotton subsidy controversy)
April 27, 2004... In a landmark ruling, the World Trade Organisation has sided with Brazil in its case against America's cotton subsidies. Controversial they have always been, but are the rich countries' agricultural subsidies now illegal too? AMERICAN...

Policy in the balance; EU enlargement (2); The shifting balance of power in policymaking.(European Union)
April 29, 2004... How will enlargement change the balance of power on the EU's biggest issues? THE May 1st enlargement will have a significant effect on European Union policy in a number of areas. Here, we look at some of the most important of these: ...

A May Day milestone.(European Union expansion)
April 29, 2004... After years of often tortuous preparations, the European Union is expanding from 15 countries to 25. The new entrants should catch up with its founder members eventually. But they might not want to emulate them too closely WHAT was a...

Ever-expanding Union? EU enlargement (3); Where lies the Union's final frontier?(European Union)
April 29, 2004... There are worries that a European Union of 25 member countries will prove unmanageable. But the queue to join continues growing. Could the Union one day expand to take in the whole of continental Europe and beyond? RATHER like the various...

Thaksin's quandary.
April 29, 2004... Attacks by mysterious militant groups in southern Thailand have met with a tough response by the country's security forces. The renewed violence could dent the aura of invincibility around the prime minister, Thaksin Shinawatra TO SOLDIERS...

Unpicking cotton subsidies.(America's cotton subsidies)
April 30, 2004... In a landmark ruling, the World Trade Organisation has sided with Brazil in its case against America's cotton subsidies. Controversial they have always been, but are the rich countries' agricultural subsidies now illegal too? AMERICAN...

A May Day milestone.(European Union membership expands)
April 30, 2004... After years of often tortuous preparations, the European Union is expanding from 15 countries to 25. The new entrants should catch up with its founder members eventually. But they might not want to emulate them too closely WHAT was a...

A double-edged sword.(corporates, European Union expansion)
April 30, 2004... For a decade and a half already, western companies have been exploiting the EU newcomers' proximity and cheap labour to establish low-cost manufacturing plants. Joining the Union will bring the new members a few more benefits--and some...

Thaksin's quandary.(prime minister Thaksin Shinawatra of thailand)
April 30, 2004... Attacks by mysterious militant groups in southern Thailand have met with a tough response by the country's security forces. The renewed violence could dent the aura of invincibility around the prime minister, Thaksin Shinawatra TO SOLDIERS...