Global Agenda articles from July 2005

Global Agenda archives from July 2005

Return of the Mack.(John Mack)
July 1, 2005... Following the resignation of Philip Purcell as boss of Morgan Stanley, the board has picked John Mack, his former arch-rival, to run the Wall Street firm. Mr Mack will probably be able to quell the turmoil that has engulfed the bank, but that...

Bank of America's big buy; MBNA sold for $35 billion; Bank of America goes credit-card shopping.
July 1, 2005... America's second-biggest bank is spending $35 billion to acquire MBNA, the country's leading stand-alone credit-card provider. Why are banks keen to buy into a business that has seen growth slow and may soon be hurt by a deteriorating credit...

Schroder gets his way by losing; German politics; Schroder "loses" a confidence vote, opening the way to an early election.(Gerhard Schroder)
July 1, 2005... At Chancellor Gerhard Schroder's urging, the German parliament has rejected his government in a confidence vote, making it likely that elections will be held a year early, in September. Whoever wins will have to get a grip on Germany's dismal...

Now the battle begins.
July 3, 2005... Sandra Day O'Connor has announced that she is stepping down after 24 years on America's Supreme Court. The court's chief justice, William Rehnquist, is also expected to retire soon. Liberals and conservatives are preparing for a bruising battle...

Now the battle begins; America's Supreme Court; O'Connor retires, sparking a battle that will shape the nation's future.
July 4, 2005... Sandra Day O'Connor has announced that she is stepping down after 24 years on America's Supreme Court. The court's chief justice, William Rehnquist, is also expected to retire soon. Liberals and conservatives are preparing for a bruising battle...

The G8's African challenge; The G8 summit; The challenge in Gleneagles.
July 4, 2005... Help for Africa will be high on the agenda of the G8 summit in Gleneagles this week. But it is not clear that debt relief, or even substantially increased aid flows, will be enough to produce success where so many previous development efforts...

The G8's African challenge; The G8 summit; The challenge in Gleneagles.
July 5, 2005... Help for Africa will be high on the agenda of the G8 summit in Gleneagles this week. But it is not clear that debt relief, or even substantially increased aid flows, will be enough to produce success where so many previous development efforts...

Schroder gets his way by losing; German politics; Schroder "loses" a confidence vote, opening the way to an early election.
July 5, 2005... At Chancellor Gerhard Schroder's urging, the German parliament has rejected his government in a confidence vote, making it likely that elections will be held a year early, in September. Whoever wins will have to get a grip on Germany's dismal...

First-mover disadvantage; The Buttonwood column: carbon-emissions trading; Europe's first-mover disadvantage.(permits)
July 5, 2005... Europe and its new carbon-emissions trading system are doing their bit to make pollution history. Where is everyone else? WHILE aircraft laden with G8 leaders screech down British runways, ready for the climate-change dust-up at Gleneagles,...

Victory for Koizumi, but delivery is delayed; Japanese postal and financial services; A green light for Japan Post's privatisation, but delivery is delayed.(privatisation of Japan Post)
July 5, 2005... Junichiro Koizumi has narrowly won parliamentary backing for his plan to privatise Japan Post, the world's largest financial institution. Removing such a large chunk of cash from the state's grip will cause potential problems for rival banks...

The G8's African challenge; The G8 summit; The challenge in Gleneagles.
July 6, 2005... Help for Africa will be high on the agenda of the G8 summit in Gleneagles this week. But it is not clear that debt relief, or even substantially increased aid flows, will be enough to produce success where so many previous development efforts...

First-mover disadvantage; The Buttonwood column: carbon-emissions trading; Europe's first-mover disadvantage.(emissions-trading system )
July 6, 2005... Europe and its new carbon-emissions trading system are doing their bit to make pollution history. Where is everyone else? WHILE aircraft laden with G8 leaders screech down British runways, ready for the climate-change dust-up at Gleneagles,...

London pips Paris at the finishing line.
July 6, 2005... In one of the closest contests in the history of the modern Olympics, London has been chosen to host the 2012 games, edging out Paris in the final round of voting. After Athens's soaring costs and its struggles to get the venues ready in time...

Victory for Koizumi, but delivery is delayed; Japanese postal and financial services; A green light for Japan Post's privatisation, but delivery is delayed.(postal-reform bill)(privatization of Japan Post)
July 6, 2005... Junichiro Koizumi has narrowly won parliamentary backing for his plan to privatise Japan Post, the world's largest financial institution. Removing such a large chunk of cash from the state's grip will cause potential problems for rival banks...

The G8's African challenge; The G8 and Africa; Will more aid and debt relief succeed where previous development efforts have failed?
July 7, 2005... Help for Africa will be high on the agenda of the G8 summit in Gleneagles this week. But it is not clear that debt relief, or even substantially increased aid flows, will be enough to produce success where so many previous development efforts...

Miller martyred; Journalism and the law in America; A reporter goes to prison--and becomes a martyr.
July 7, 2005... A reporter for the New York Times has been jailed for refusing to talk about her source in a scandal over the outing of a CIA spy. How much protection should journalists be permitted to give those who provide them with information anonymously?...

Rush-hour attack on London.(terrorism law )
July 7, 2005... At least 38 have been killed in explosions on London's metro system and on board a bus, as Britain hosts the Group of Eight summit in Scotland. Details are unclear but it looks disturbingly like a repeat of 2004's horrific Madrid train bombings...

Miller martyred; Journalism and the law in America; A reporter goes to prison--and becomes a martyr.
July 8, 2005... A reporter for the New York Times has been jailed for refusing to talk about her source in a scandal over the outing of a CIA spy. How much protection should journalists be permitted to give those who provide them with information anonymously?...

The hunt for the London bombers begins.
July 8, 2005... More than 50 are now known to have been killed in explosions on London's Underground system and on board a bus, apparently timed to coincide with Britain's hosting of the Group of Eight summit. A huge hunt for the bombers is now under way ...

Good, but not great; The G8 summit; Disappointing, say the activists; impressive, say the seasoned summit-watchers.
July 8, 2005... Leaders of the Group of Eight countries have concluded their summit in Gleneagles with a series of communiques, despite the London terrorist attacks that disrupted the meeting. Though the declarations are not as bold as activists had hoped,...

An icon under fire; Scandal at Volkswagen; An iconic company, and Germany's business model, under fire.(Volkswagen AG)
July 8, 2005... A corruption scandal at Volkswagen, Europe's largest carmaker, has called into question Germany's consensual business model AS A symbol of Germany's traditional consensual model of business, there is none better than Volkswagen (VW)....

Holier-than-thou no more; Brazil's political crisis; Scandals drag Lula down.(Lula da Silva)
July 11, 2005... The corruption scandal surrounding Brazil's governing Workers' Party has deepened, forcing the resignation of a string of top officials. According to one poll, many Brazilians suspect that President Lula da Silva--Latin America's leading...

An icon under fire; Scandal at Volkswagen; An iconic company, and Germany's business model, under fire.
July 11, 2005... A corruption scandal at Volkswagen, Europe's largest carmaker, has called into question Germany's consensual business model AS A symbol of Germany's traditional consensual model of business, there is none better than Volkswagen (VW)....

Good, but not great; The G8 summit; Disappointing, say the activists; impressive, say the seasoned summit-watchers.
July 12, 2005... Leaders of the Group of Eight countries have concluded their summit in Gleneagles with a series of communiques, despite the London terrorist attacks that disrupted the meeting. Though the declarations are not as bold as activists had hoped,...

Holier-than-thou no more; Brazil's political crisis; Scandals drag Lula down.(Lula da Silva)
July 12, 2005... The corruption scandal surrounding Brazil's governing Workers' Party has deepened, forcing the resignation of a string of top officials. According to one poll, many Brazilians suspect that President Lula da Silva--Latin America's leading...

Whither equities? The Buttonwood column: stockmarkets; More fearful of oil-price spikes than terrorist attacks.
July 12, 2005... Stockmarkets have more to fear from a spike in the oil price than from a terrorist attack AFTER last Thursday's blasts, it is business as usual in London this week--or so we are pretending. For those who lost family or friends, things will...

Britain's first suicide-bombing?
July 12, 2005... Police investigating the London terrorist attack have identified the four men suspected of planting the bombs and think they may all have died in the attacks--though this has not been confirmed, it looks like the attack was Britain's first...

Holier-than-thou no more; Brazil's political crisis; Scandals drag Lula down.
July 13, 2005... The corruption scandal surrounding Brazil's governing Workers' Party has deepened, forcing the resignation of a string of top officials. According to one poll, many Brazilians suspect that President Lula da Silva--Latin America's leading...

Britain's first suicide-bombing?
July 13, 2005... Police investigating the London terrorist attack have identified the four men suspected of planting the bombs and think they may all have died in the blasts--though this has not been confirmed, it looks like the attack was Britain's first...

Rove in the spotlight; Karl Rove and the Plame affair; Uncomfortable times for the man the American left loves to hate.
July 13, 2005... A scandal over the unmasking of a CIA agent, which has already seen a journalist sent to jail for refusing to reveal her source, is now putting an uncomfortable spotlight on Karl Rove, George Bush's chief political adviser UNTIL recently,...

Solving Britain's first suicide-bombing.
July 14, 2005... Police investigating the London terrorist attack have identified the four men suspected of planting the bombs and think they may all have died in the attack, making it Britain's first suicide-bombing. It appears that three of the bombers were...

Rove in the spotlight; Karl Rove and the Plame affair; Uncomfortable times for the man the American left loves to hate.
July 14, 2005... A scandal over the unmasking of a CIA agent, which has already seen a journalist sent to jail for refusing to reveal her source, is now putting an uncomfortable spotlight on Karl Rove, George Bush's chief political adviser UNTIL recently,...

Rove in the spotlight; Karl Rove and the Plame affair; Uncomfortable times for the man the American left loves to hate.
July 15, 2005... A scandal over the unmasking of a CIA agent, which has already seen a journalist sent to jail for refusing to reveal her source, is now putting an uncomfortable spotlight on Karl Rove, George Bush's chief political adviser UNTIL recently,...

Harry Potter and the all-too-rare windfall.(Harry Potter and the Half-Blood Prince)
July 15, 2005... The latest volume in the Harry Potter series is set to break all publishing records, to the delight of booksellers. The success of the Potter books has also made its author vastly wealthy and provided a windfall for its publisher. But it is an...

Rove in the spotlight; Karl Rove and the Plame affair; Uncomfortable times for the man the American left loves to hate.
July 18, 2005... A scandal over the unmasking of a CIA agent, which has already seen a journalist sent to jail for refusing to reveal her source, is now putting an uncomfortable spotlight on Karl Rove, George Bush's chief political adviser UNTIL recently,...

Harry Potter and the all-too-rare windfall.
July 18, 2005... The latest volume in the Harry Potter series is set to break all publishing records, to the delight of booksellers. The success of the Potter books has also made its author vastly wealthy and provided a windfall for its publisher. But it is an...

The truce under severe test.
July 18, 2005... With Israeli troops massing on Gaza's border and Palestinian militants continuing to fire rockets, their fragile ceasefire has never looked more shaky. But it can still be rescued THE level of trust was never very high, but now it seems to...

The truce under severe test.
July 19, 2005... With Israeli troops massing on Gaza's border and Palestinian militants continuing to fire rockets, their fragile ceasefire has never looked more shaky. But it can still be rescued THE level of trust was never very high, but now it seems to...

A chance for peace--but some big obstacles.(Indonesia)
July 19, 2005... Negotiators representing the Indonesian government and rebels in Aceh have agreed a formula to end the breakaway province's deadly 30-year conflict. However, peace hopes have been raised and dashed before--and there are still some serious...

Welcome to the nuclear club.
July 19, 2005... Indian officials are hailing a breakthrough in relations with America following a meeting in Washington, DC between India's prime minister, Manmohan Singh, and George Bush. America has come close to accepting India, which has not signed...

Playing with fire; Taiwan and China; Another flare-up.(referendums)
July 20, 2005... Taiwan is continuing its efforts to soothe Chinese tempers over remarks made by its president, Chen Shui-bian. Mr Chen infuriated China by expressing support for a referendum in Taiwan to decide whether it should declare formal independence...

The truce under severe test.
July 20, 2005... With Israeli troops massing on Gaza's border and Palestinian militants continuing to fire rockets, their fragile ceasefire has never looked more shaky. But it can still be rescued THE level of trust was never very high, but now it seems to...

A chance for peace--but some big obstacles.
July 20, 2005... Negotiators representing the Indonesian government and rebels in Aceh have agreed a formula to end the breakaway province's deadly 30-year conflict. However, peace hopes have been raised and dashed before--and there are still some serious...

Another tech-stocks bubble? The Buttonwood column: tech stocks; Once more unto the breach.
July 20, 2005... Internet firms are all the rage again. Another triumph of hope over experience? MARKETS like these need heroes, and Google is the closest thing they've got. With most share prices stuck in the mud until recently, Google's has shot up by...

Greenspan's last words?
July 20, 2005... Alan Greenspan, the chairman of America's Federal Reserve, has given what may be the last of his twice-yearly speeches to Congress on monetary policy before his expected retirement. Those pleading for lower interest rates--or at least an end to...

A stealth nominee flies into enemy territory.
July 20, 2005... George Bush has nominated John Roberts, a staunch conservative, to fill the Supreme Court vacancy left by the retirement of the moderate "swing voter", Sandra Day O'Connor. Republicans want a quick confirmation but the Democrats are gearing up...

Seeking new beer drinkers in the high Andes.
July 20, 2005... SABMiller is set to become the world's second-largest brewer after its proposed takeover of Bavaria, a Colombian firm with strong sales across the Andean region. It is the latest in a string of deals in which big brewers have sought new...

Another tech-stocks bubble? The Buttonwood column: tech stocks; Once more unto the breach.(Column)
July 21, 2005... Internet firms are all the rage again. Another triumph of hope over experience? MARKETS like these need heroes, and Google is the closest thing they've got. With most share prices stuck in the mud until recently, Google's has shot up by...

Terror returns to London.
July 21, 2005... Exactly two weeks after the deadly bombings of London's transport system on July 7th, Britain's capital has been hit by a fresh wave of attacks--though with few casualties this time. Were the four reported explosions the work of further members...

Another tech-stocks bubble? The Buttonwood column: tech stocks; Once more unto the breach.
July 22, 2005... Internet firms are all the rage again. Another triumph of hope over experience? MARKETS like these need heroes, and Google is the closest thing they've got. With most share prices stuck in the mud until recently, Google's has shot up by...

Hunting another gang of bombers.
July 22, 2005... Police have shot dead a suspected suicide-bomber on a London Underground train and issued photographs of four suspects urgently sought after a second round of bomb attacks on the British capital. Unlike in the July 7th attacks there were few...

China lets the yuan rise--but how far?(revaluation)
July 22, 2005... China has revalued its currency, the yuan, and linked it to a basket of currencies--though it is not yet clear how far it will be allowed to rise. The move may ease trade tension with America, though China's slowing economy, which is boosting...

Hunting the London bombers, shooting the wrong man; London under attack again; Hunting the bombers, shooting the wrong man.
July 25, 2005... London's police have admitted that the suspected suicide-bomber they gunned down on an Underground train in fact had nothing to do with the latest round of bombing attacks on the city's public-transport system. Police are still urgently seeking...

Many suspects, few certainties.
July 25, 2005... It remains unclear who carried out the bombing of the Egyptian Red Sea resort of Sharm el-Sheikh, killing dozens of people, mostly locals. Whoever turns out to have been behind the attack, it is unlikely to encourage President Hosni Mubarak to...

Heavy metal.(copper)
July 26, 2005... Copper hit an all-time high this week, after China announced plans to revalue the yuan. Why? DESPERATE for light relief on deadline day last week, Buttonwood was clicking through new company results and came across a blast from her past....

Hunting the London bombers, shooting an innocent man; After the attacks on London; Hunting the bombers, shooting an innocent man.
July 27, 2005... London's police have admitted that the suspected suicide-bomber they gunned down on an Underground train was an innocent Brazilian man, unconnected with the latest round of bombing attacks on the city's public-transport system. Police are still...

Disorganised labour.
July 27, 2005... America's trade-union movement has suffered its biggest split in 50 years, with a big group of unions breaking away from the AFL-CIO. The breakaway group wants more money spent on recruiting members rather than lobbying politicians. It may be...

Deserving cases, getting too little help.(drought puts millions of people at risk of starvation in Mali and Niger)
July 27, 2005... Drought and locust plagues have put several million people at risk of starvation in Mali and Niger. Despite months of alerts from aid agencies, neither country is getting all the aid it needs--Mali especially, as a fairly well-run, moderate...

Many suspects, few certainties.(suicide bombings)
July 28, 2005... It remains unclear who carried out the bombing of the Egyptian Red Sea resort of Sharm el-Sheikh, killing dozens of people, mostly locals. Whoever turns out to have been behind the attack, it is unlikely to encourage President Hosni Mubarak to...

Now, IRA stands for I Renounce Arms; The IRA ends its armed struggle; No more bombs or bullets, just ballots.(Irish Republican Army)
July 28, 2005... After a three-year logjam in the Northern Ireland peace process, the IRA has announced that it is finally abandoning its armed struggle for a united Ireland--ordering its fighters to dump their arms and pledging henceforth to seek its goal by...

Schrempp runs out of road.(Jurgen Schrempp to quit DaimlerChrysler AG)
July 28, 2005... Jurgen Schrempp, who tried to create a global carmaker through the merger of Daimler-Benz and Chrysler in 1998, has announced he is quitting as the firm's boss, amid shareholder anger at the giant firm's continued poor performance. Vast losses...