Global Agenda articles from July 2003

Global Agenda archives from July 2003

On a roll.
July 1, 2003... Although the outbreak of SARS is likely to knock some of the shine off it, the strength of China's economy is having a growing impact on world trade THE full effects of Severe Acute Respiratory Syndrome (SARS) have yet to be felt, and are...

Schroder tries to get a grip; Germany's economy; Another dose of medicine.
July 1, 2003... Germany is in economic crisis, says a new report. The government has announced plans for new tax cuts from next year, aimed at kickstarting the economy. Will it be enough? AT LEAST it is a start. The news that the German government has...

The extraordinary lightness of banking; Buttonwood: American banks; Getting better, or just lucky?
July 1, 2003... Times are tough, right? Try telling America's big banks, which are raking in record profits. Luck has played a big part SAY what you like about bankers, they have proved astonishingly adept over the years at finding novel ways to lose...

No golden days; America's impecunious states; A $38 billion hole--and that's just California.
July 1, 2003... Most American states have now closed the books on fiscal 2003, after a year of slashing spending and raising taxes. But their financial woes will not go away in 2004, especially in budget-less California, which is $38 billion in the red ...

Will the new men make a difference? Central bankers; Changing of the guard.
July 1, 2003... Mervyn King took over as governor of the Bank of England this week; sometime later this year a new head of the European Central Bank will be appointed; and Alan Greenspan's current term as Fed chairman ends in 2004. Does any of this matter in...

Still one state, two systems?
July 2, 2003... Up to half a million people have protested in Hong Kong about a new law that threatens the freedoms guaranteed when the territory was handed back to China. Is Hong Kong's democracy at risk? And where are the political reforms promised in China?...

America v the rest.
July 2, 2003... The Bush administration is going to extremes to stop Americans being tried by the new International Criminal Court: now it is even withdrawing military aid to key allies TO CUT off the biggest source of cocaine flooding on to America's...

Problems, problems; Post-war Iraq; Who said nation-building was easy?
July 3, 2003... Patchy public services, continuing guerrilla attacks on coalition troops, widespread criminality, confusion over oil revenues and the financing of reconstruction, and still no sign of a home-grown government--just some of the problems facing...

A truce of sorts; Middle East; A fragile truce.
July 3, 2003... Most Palestinian militants have agreed a temporary ceasefire and Israeli troops have pulled out of much of Gaza and Bethlehem. The internationally backed "road map" for Middle East peace now stands a chance, though the truce is incomplete and...

Problems, problems; Post-war Iraq; Who said nation-building was easy?
July 4, 2003... Patchy public services, continuing guerrilla attacks on coalition troops, widespread criminality, confusion over oil revenues and the financing of reconstruction, and still no sign of a home-grown government--just some of the problems facing...

On the road again? The tourism industry; Faint signs of life.
July 4, 2003... As worries about SARS and war recede, the beleaguered tourism industry is showing faint signs of life. But Americans, the world's biggest holiday spenders, are still staying close to home AS AMERICANS take to the roads and skies this...

Khodorkovsky cornered; A Russian oligarch in trouble; When business and politics collide.
July 4, 2003... Russia's government is hounding the country's richest man. Could his political ambitions be the reason? RUSSIA'S billionaire "oligarchs" had the run of the country in the early post-Soviet years. But under President Vladimir Putin they...

Strikes, sabotage and a nervous world economy; The oil market; Next stop $35 a barrel?
July 7, 2003... The oil price has been surprisingly strong, topping $30 a barrel in recent days. Because of widespread looting and sabotage, Iraq has yet to resume exports. And if a general strike in oil-rich Nigeria continues much longer, prices could go even...

Who's hiding what? Iraq's weapons of mass destruction; Intelligence v spinning.
July 7, 2003... A parliamentary committee has cleared the British government's communications chief of wrongdoing in the preparation of a dossier on Saddam Hussein's banned weapons. But the rows on both sides of the Atlantic about the nature of the evidence...

Bringing regime change to Africa; President Bush's African trip; Bringing regime change to a strife-torn continent.
July 9, 2003... As President George Bush begins his tour of Africa, he is demanding that Liberia's President Charles Taylor step down, and preparing a possible military intervention. America is also putting pressure on Zimbabwe's leader, Robert Mugabe, to...

People power; A stunning climbdown by Hong Kong's boss; Protests and resignations force Tung to delay his "anti-subversion" law.
July 9, 2003... Hong Kong's government has delayed implementation of a controversial new anti-subversion law. This policy reversal was prompted by a high-level government resignation and large street protests by citizens concerned that the proposed law...

Bubbles and bonds; The Buttonwood column; Is there a bond-market bubble?
July 9, 2003... Commentators are oozing Schadenfreude at the popping of a bubble in Treasury markets. But it is too soon to say there was a bubble in the first place THERE is, it would seem, a bubble in talk about bubbles. First there was the stockmarket...

People power; Hong Kong's political crisis; Worrying days for Tung, and his masters in Beijing.
July 9, 2003... Huge demonstrations in Hong Kong have forced its chief executive, Tung Chee-hwa, to delay implementation of a controversial anti-subversion law. This has raised questions about Mr Tung's position, about whether Beijing can prevent a move to...

Still spreading; The SARS outbreak; China comes clean.
July 10, 2003... As the SARS virus continues to spread, China admits that it under-reported the number of cases and the World Health Organisation extends its travel warning to three new regions. Economists are now predicting that the disease will have a more...

ElBaradei's critical mission; Iran's nuclear ambitions; A critical mission for the UN's watchdog.
July 10, 2003... The UN's chief nuclear watchdog has visited Iran to press it to accept tougher inspections of its facilities, which are necessary to check it is not making nuclear bombs. To deter it, though, tougher action from world leaders may be needed ...

Tough measures for tough times; The return of the hostile takeover; As stockmarkets pick up, predators go hunting again.
July 10, 2003... Canada's Alcan has launched a bid for France's Pechiney which, if successful, would be the first foreign hostile takeover of a French company since the early 1980s. Coming weeks after Oracle's unsolicited bid for PeopleSoft, could this be a...

Not very intelligent; Iraq's weapons of mass destruction; The flawed case against Saddam.
July 10, 2003... The White House has admitted that a key part of its case against Iraq--the claim that Saddam Hussein was trying to procure uranium from Africa in order to make nuclear weapons--had been at least partly discredited by intelligence sources. The...

Advance, Australia fair; Australia's tougher foreign policy; Howard's hairy chest.
July 10, 2003... As it prepares to lead a military intervention in its troubled neighbour, the Solomon Islands, Australia is taking a more assertive role as a regional power while restoring strong ties with its traditional ally, America LIKE his friend...

Chopping away; World interest-rate cuts; Why Europe won't join in.
July 10, 2003... Interest rates in Asia are falling, as economies struggle with recession and the after-effects of the SARS crisis. But Europe's central bankers are resisting the rush to cheaper money WHAT do Britain, South Korea, Singapore and Indonesia...

Not very intelligent; Iraq's weapons of mass destruction; The flawed case against Saddam.
July 11, 2003... The White House has admitted that a key part of its case against Iraq--the claim that Saddam Hussein was trying to procure uranium from Africa in order to make nuclear weapons--had been at least partly discredited by intelligence sources. The...

Advance, Australia fair; Australia's tougher foreign policy; Howard's hairy chest.
July 11, 2003... As it prepares to lead a military intervention in its troubled neighbour, the Solomon Islands, Australia is taking a more assertive role as a regional power while restoring strong ties with its traditional ally, America LIKE his friend...

Sex for sale, legally; Prostitution; The oldest profession goes legit.
July 11, 2003... Though some governments are still trying to crack down on prostitution, others are realising that it is better to legalise and license it than to suffer the ill effects of driving it underground. New Zealand has just done so; Belgium looks set...

Hatched, but not despatched; Asbestos litigation; An end to the financial disease?
July 11, 2003... A Senate committee has agreed a bill to establish a federal trust fund that would end asbestos litigation. Companies and insurers have welcomed plans for the $100 billion-plus fund, which would limit their liabilities and end the current...

People power; Hong Kong's political crisis; Worrying days for Tung, and his masters in Beijing.
July 14, 2003... Huge demonstrations in Hong Kong have forced its chief executive, Tung Chee-hwa, to delay implementation of a controversial anti-subversion law. This has raised questions about Mr Tung's position, about whether Beijing can prevent a move to...

The uranium row, contd.
July 14, 2003... The CIA's director, George Tenet, has taken responsibility for allowing an unsubstantiated claim--that Saddam Hussein was trying to procure uranium from Africa in order to make nuclear weapons--to be included in President George Bush's...

Patrolling the world; Restructuring America's military; With a little help from its friends.
July 15, 2003... The 148,000 American troops in Iraq won't be leaving anytime soon, General Tommy Franks told a Senate committee last week. Behind the scenes, the Pentagon is preparing an overhaul of America's military presence overseas AFGHANISTAN, Iraq,...

On the foundations of Troy; The Buttonwood column; Is the market for mortgage-backed securities heading for another crash?
July 15, 2003... Might the market for mortgage-backed securities be heading for one of its periodic blow-ups? IS THE giant American market for mortgage-backed securities--bundles of mortgages parcelled into securities of differing riskiness--now in safer...

Chirac storms the stability pact.
July 15, 2003... France's President Jacques Chirac has angered other EU countries by proposing a relaxation of the euro area's rules on budget deficits. He also faces opposition from Jean-Claude Trichet, the Frenchman who, at Mr Chirac's insistence, will soon...

A council of democracy; Iraq's new ruling council; Representative government, American-style.
July 16, 2003... Iraqis and their American occupiers have finally agreed on the membership and powers of the first interim Iraqi "government". America has conceded that the new governing council will have some executive power, but the path to democracy remains...

Shoring up a fragile truce.
July 16, 2003... As Ariel Sharon visits London and Oslo, the fledgling ceasefire between his armed forces and Palestinian militant groups comes under renewed strain A TERROR killing on the Tel Aviv beachfront in the early hours of Tuesday July 15th...

Moving on; A big week for Citigroup; Prince, the new king.
July 16, 2003... After agreeing to buy Sears' credit-card business, Citigroup has picked Charles Prince to replace Sandy Weill as chief executive. Together with better-than-expected quarterly results this week, these are signs that the world's biggest...

Best friends, still?(Tony Blair to visit Washington)(Editorial)
July 17, 2003... As Tony Blair heads to Washington for talks with the president and lawmakers, he will try to play down apparent strains in the "special relationship" between Britain and America. But plenty of disagreeable topics will be on the agenda,...

Heads roll, but not Tung's (yet).
July 18, 2003... After mass protests forced Hong Kong's government to moderate a controversial anti-subversion law, two of its most unpopular officials resign. But will letting his underlings go allow Hong Kong's chief executive, Tung Chee-hwa, to hang on to...

More questions than answers; Anglo-American relations; Blair goes to Washington.
July 18, 2003... Tony Blair's whirlwind trip to Washington produced a show of good feeling with President George Bush and American lawmakers. But questions about the handling of pre-war intelligence by America and Britain clouded the visit, as did the uncertain...

Apocalypse soon? Iran's and North Korea's nuclear plans; Averting an apocalypse.
July 21, 2003... Amid reports that North Korea may have a second plutonium plant, the IAEA says it presents the world's gravest nuclear-weapons threat. But Iran is running it a close second. Can a dangerous showdown be averted in either case? THIRTY-FIVE...

So many peace plans, so little peace; Many peace plans, little peace; A chronology of the Middle East conflict.
July 22, 2003... A chronology of the Middle East conflict 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....

The battles back home; The fallout from Iraq; Suicide in Britain, misgivings in America.
July 22, 2003... George Bush and Tony Blair continue to face awkward questions about the Iraq war and occupation. The suicide of David Kelly, a top British weapons expert, is particularly uncomfortable for Mr Blair LAST week's friendly meeting between Tony...

Scrapping over prisoners; Strains in the Middle East peace process; Prison brawl.
July 22, 2003... The latest obstacle on the "road map" to peace in the Middle East is a squabble over the number of Palestinian prisoners Israel is prepared to release. Ariel Sharon may not want to show his hand before meeting George Bush next week ...

One victim every minute.
July 23, 2003... Many countries, from Brazil to Britain, are trying to cut violent crime by taking guns out of circulation, but the world is awash with more than 600m of them--and they continue killing almost 60 people an hour LAST Thursday, as a Brazilian...

The battles back home; The fallout from Iraq; Suicide in Britain, misgivings in America.
July 23, 2003... George Bush and Tony Blair continue to face awkward questions about the Iraq war and occupation. The suicide of David Kelly, a top British weapons expert, is particularly uncomfortable for Mr Blair's government, but may also damage the BBC ...

Crunch time; America and Liberia; A desperate cry for help.
July 23, 2003... Hundreds of Liberians have died in recent days as rebel and government troops battle for control of the capital city. Pressure is growing on America to commit troops WILL America help Liberia? Refugees in the embattled capital of Monrovia...

Reviving the sick men of Europe; Economic reform in Europe; Getting a bit braver.
July 24, 2003... Germany's government and opposition have agreed a reasonably ambitious package of health-care reforms, two months after the French government pushed through changes that will make its pension system less generous. With Europe's economies still...

A pair of aces trumped; Uday and Qusay Hussein; The sons' reckoning.
July 24, 2003... Two of the most hated figures in Saddam Hussein's regime--his two sons, Uday and Qusay--have been killed in a raid. Will this help quell resistance to the American occupation? NOBODY in Iraq, save perhaps their father and a few other close...

Tied up in red tape; Regulating business in America; Politics gets in the way of reform.
July 24, 2003... The House of Representatives has defeated a proposal to liberalise the ownership rules for American television stations, thus inflicting a defeat on regulators and the White House. It is part of a broader trend for politicians to interfere with...

Crunch time; America and Liberia; A desperate cry for help.
July 28, 2003... America is stationing more than 2,000 marines off the coast of Liberia, where rebel and government troops are battling for control of the capital city. This half-measure will not stop the fighting WILL America help Liberia? Refugees in the...

A pair of aces trumped; Iraq after Uday and Qusay; Now for Saddam.
July 29, 2003... Two of the most hated figures in Saddam Hussein's regime--his two sons, Uday and Qusay--have been killed in a raid. Will this help quell resistance to the American occupation? NOBODY in Iraq, save perhaps their father and a few other close...

Democrats in search of a hero; America's Democratic Party; In need of a hero.
July 29, 2003... As the Democrats struggle to find a credible challenger to George Bush in next year's election, they also risk losing America's most populous state: Governor Gray Davis of California will face a "recall" vote in which he may be up against one...

Making the most of the ceasefire.
July 29, 2003... President George Bush must press the Israeli and Palestinian prime ministers to make the most of the current lull in fighting and push on with the peace process. Otherwise, they risk its collapse IT IS a month since Palestinian militant...

A showdown over Aung San Suu Kyi.
July 30, 2003... To Myanmar's military leaders she is a danger to stability; to the outside world Aung San Suu Kyi is a heroine. Is the rest of Asia turning against the junta's treatment of her? THE pressure on the military junta that runs Myanmar to...

Retirement blues; The pensions black hole; Still deep.
July 30, 2003... As fears grow that America's pensions rescue fund may itself need rescuing, Britain's main business organisation predicts that pension-fund deficits will damage economic growth for several years THE world's main stockmarkets are now about...

No model for Iraq.
July 31, 2003... The Bush administration is considering awarding a further $1 billion in aid to Afghanistan. The Americans want to show that their wars can bring democracy and prosperity. But Afghanistan is still poor and lawless THE Bush administration is...

Taking offence over a fence; Israelis and Palestinians; An offensive fence.
July 31, 2003... In their Washington talks, President George Bush failed to deter Israel's prime minister, Ariel Sharon, from continuing to build a security fence in the West Bank--to the Palestinians' fury THE talks that President George Bush held on...

Time for another UN resolution?
July 31, 2003... America and Europe do not yet agree on who or what should control Iraq. A new United Nations resolution, or a handover of power to Iraqis, might encourage more countries to participate in peackeeping HEARTENED by the killing of Saddam...

Crowded out; Travel and tourism; The internet revolution.
July 31, 2003... As British Airways' latest dispute with its unions shows, travel and tourism companies are finding it difficult to modernise as quickly as they would like. They need to keep trying, because the internet and the trend towards late booking have...