Global Agenda articles from October 2004

Global Agenda archives from October 2004

Clipping Fannie Mae's wings; America's mortgage giants; Fannie Mae's turn to have its wings clipped.
October 1, 2004... Regulators have reined in the activities of Fannie Mae, America's biggest issuer of mortgages and securitised housing debt, a year after its twin, Freddie Mac, encountered similar problems. Expect more curbs to follow AMERICA'S legion of...

Pumping up the oil price; The price of oil; Hitting new heights, this time thanks to gangsters, not terrorists.
October 1, 2004... This week, the oil price touched $50 per barrel for the first time, not because of terrorism in the Middle East but because of gangsterism in Nigeria. A combination of past under-investment and current political strife has left producers...

Click to buy and fly; The travel industry's online revolution; New Orbitz.
October 1, 2004... Travel websites are fast catching on with customers and transforming the business of leisure travel. A revolution in business travel may not be far behind IN AN industry known for the fickleness of its customers, booking travel online is...

Kyoto a-go-go.(Russia has approved the Kyoto protocol: the global climate-change treaty)
October 1, 2004... The Russian government has approved the Kyoto protocol. Once approved by the country's parliament too, the global climate-change treaty will come into effect. But what effect will it have? SOVIET Russia was famous for its smokestack...

Mixing it up in Miami.
October 1, 2004... George Bush and John Kerry have clashed head-on for the first time in a 90-minute televised debate on foreign policy. In an exchange devoid of embarrassing slip-ups or memorable one-liners, the president emphasised character while the...

Inviting China to dinner.
October 2, 2004... The G7 finance ministers met in Washington on Friday. China attended their dinner for the first time. Debt relief was also on the menu AN EXTRA place was laid at the high table of economic statecraft on Friday October 1st. For the first...

Mixing it up in Miami.
October 4, 2004... In the first of three televised presidential debates, on foreign policy, George Bush emphasised character while John Kerry focused on results. Round one seems to have gone to the Democratic challenger IN CASE you hadn't heard, John Kerry...

Inviting China to dinner.
October 4, 2004... The G7 finance ministers met in Washington on Friday. China attended their dinner for the first time. Debt relief was also on the menu AN EXTRA place was laid at the high table of economic statecraft on Friday October 1st. For the first...

The taming of the shrewd; The Buttonwood column; Hedge funds: the taming of the shrewd.
October 5, 2004... With returns at hedge funds falling sharply, it is easy to see why their owners want to sell, but much less clear why big investment banks are so keen to buy INTREPID journalist that he is, Buttonwood popped down in the lift to see if the...

No penitence, only missiles; Israel and the Palestinians; No penitence, only missiles, from both sides.
October 5, 2004... As Israel continues its attack on northern Gaza, aimed at stopping Hamas from firing rockets across the border, a row has broken out over Israel's accusation that terrorists are using UN ambulances to carry the missiles WHEN two infants...

Space invaders; SpaceShipOne wins the X-Prize; A private space industry is born.
October 5, 2004... SpaceShipOne has become the first privately funded craft to reach space. It could be your turn next IT IS every schoolboy's dream. Swing clear of the mother ship at 50,000 feet; fire up the jet engine and accelerate to more than Mach 2.9...

No penitence, only missiles; Israel and the Palestinians; No penitence, only missiles, from both sides.
October 6, 2004... As Israel continues its attack on northern Gaza, aimed at stopping Hamas from firing rockets across the border, a row has broken out over Israel's accusation that terrorists are using UN ambulances to carry the missiles WHEN two infants...

Space invaders; SpaceShipOne wins the X-Prize; A private space industry is born.
October 6, 2004... SpaceShipOne has become the first privately funded craft to reach space. It could be your turn next IT IS every schoolboy's dream. Swing clear of the mother ship at 50,000 feet; fire up the jet engine and accelerate to more than Mach 2.9...

The running mates lock horns; The US election debates; The running mates' turn to lock horns.
October 6, 2004... The vice-presidential debate, held in Ohio on Tuesday, was a bruising encounter that saw both Dick Cheney and John Edwards launch personal attacks. It came five days after the first of three presidential debates, in which John Kerry was judged...

No penitence, only missiles; Israel and the Palestinians; No penitence, only missiles, from both sides.(Terrorism)
October 7, 2004... As Israel continues its attack on northern Gaza, aimed at stopping Hamas from firing rockets across the border, a row has broken out over Israel's accusation that terrorists are using UN ambulances to carry the missiles WHEN two infants...

Draw your own conclusions.
October 7, 2004... Critics of the Iraq war will feel vindicated by a new report, concluding that Saddam Hussein had no illicit weapons. But the war's backers will feel equally vindicated by its findings that he was readying to restart his weapons programmes at...

America flies to war; Airbus and Boeing; A transatlantic row over subsidies goes to the WTO.
October 7, 2004... A long-running transatlantic row over subsidies to Airbus and Boeing has gone to the World Trade Organisation. Expect tempers to fray THE rumbling of a trade war over state aid to Europe's Airbus has been in the air for months. On Wednesday...

Draw your own conclusions; The Iraq Survey Group report; The last word on Saddam Hussein's weapons programmes?(American-led Iraq Survey Group)
October 8, 2004... Critics of the Iraq war will feel vindicated by a new report, concluding that Saddam Hussein had no illicit weapons. But the war's backers will feel equally vindicated by its findings that he was readying to restart his weapons programmes at...

Facing terror on several fronts.(Red Sea resorts)
October 8, 2004... At least 28 people have died in bomb blasts at Red Sea resorts popular among Israeli tourists, with suspicion falling on groups linked to al-Qaeda. The attacks come as Israel is conducting a military incursion in Gaza to stop Palestinians...

Undecided voters and an indecisive recovery.(Presidential candidates)
October 8, 2004... The second presidential debate may be the first to address the economy. But the economy is sending mixed messages THE second presidential debate, to be held on Friday October 8th in St Louis, Missouri, will take questions from voters who,...

Undecided voters and an indecisive recovery.
October 9, 2004... The second presidential debate may have been the first to address the economy, but the economy is sending mixed messages THE second presidential debate, held on Friday October 8th in St Louis, Missouri, took questions from voters who, after...

Undecided voters and an indecisive recovery.
October 10, 2004... The second presidential debate may have been the first to address the economy, but the economy is sending mixed messages THE second presidential debate, held on Friday October 8th in St Louis, Missouri, took questions from voters who, after...

Facing terror on several fronts.
October 11, 2004... At least 32 people have died in bomb blasts at Red Sea resorts popular among Israeli tourists, with suspicion falling on groups linked to al-Qaeda. The attacks come as Israel is conducting a military incursion in Gaza to stop Palestinians...

Undecided voters and an indecisive recovery.
October 11, 2004... The second presidential debate may have been the first to address the economy, but the economy is sending mixed messages THE second presidential debate, held on Friday October 8th in St Louis, Missouri, took questions from voters who, after...

The economy trumps Iraq; Australia's election; Howard wins the popular vote, despite an unpopular war.
October 11, 2004... John Howard, Australia's prime minister, has won a fourth term. Iraq did not lose him the election, but it was the economy that won it ON SATURDAY October 9th, John Howard, Australia's prime minister and an ally in the American-led war in...

A fair vote, despite a few inkspots.
October 11, 2004... Afghanistan's historic presidential election seems to have been fairly successful, despite threats of violent disruption--and despite most of President Hamid Karzai's rivals having threatened a boycott over allegations of multiple voting ...

The magnetism of metals.
October 11, 2004... Oil is not the only commodity soaring in price. So, too, are base metals such as copper, aluminium and lead IT IS not just the price of oil that is scaling fresh heights. Base metals are close to, or breaking, new records too. The...

The economy trumps Iraq; Australia's election; Howard wins the popular vote, despite an unpopular war.
October 12, 2004... John Howard, Australia's prime minister, has won a fourth term. Iraq did not lose him the election, but it was the economy that won it ON SATURDAY October 9th, John Howard, Australia's prime minister and an ally in the American-led war in...

Many unhappy returns.
October 12, 2004... While rich-world investors struggle to make decent returns, investors from emerging markets are lending to America as never before WHAT links the ludicrous price of property in London with financial markets? One answer is obvious: the...

Something for everyone.
October 12, 2004... What began as a commendable effort to resolve a festering trade dispute with Europe has ended up as a feast for special-interest groups. So much for making America's tax code simpler, fairer and less distorting IN AMERICA, says Willem...

America's privilege, the world's worry.
October 12, 2004... The dollar plumbed new depths against the euro this week. The greenback's fall has unnerved European policymakers. But it is their Asian counterparts who have most reason to worry CHARLES DE GAULLE, founder of France's fifth republic,...

Making hay; The Buttonwood column; Are Europe's banks undervalued?
October 12, 2004... Most of Europe's banks have been trading on lower multiples than their American rivals. Is it time to re-rate them? BUTTONWOOD had a small sorrow recently. It involved a lock of hair. Before heading out to the long grass some years ago, she...

Undecided voters and an indecisive recovery.
October 13, 2004... The second presidential debate may have been the first to address the economy, but the economy is sending mixed messages THE second presidential debate, held on Friday October 8th in St Louis, Missouri, took questions from voters who, after...

A fair vote, despite a few inkspots.
October 13, 2004... Afghanistan's historic presidential election seems to have been fairly successful, despite threats of violent disruption--and despite most of President Hamid Karzai's rivals having threatened a boycott over allegations of multiple voting ...

Wheel-spinning around Europe; European carmakers; Volkswagen in the dock, others in the red.
October 13, 2004... With some notable exceptions, European carmakers are struggling to make money in a difficult market. Volkswagen, the biggest of the lot, is profitable. But it is having a tough time persuading its unions to accept job cuts, and may be about to...

Can Kerry keep it up?
October 13, 2004... The third and final televised debate between George Bush and John Kerry will focus on domestic issues. This has long been seen as Mr Kerry's turf--which may give the president an advantage THE Democrats are talking of a clean sweep. Heading...

A fair vote, despite a few inkspots.
October 14, 2004... Afghanistan's historic presidential election seems to have been fairly successful, despite threats of violent disruption--and despite most of President Hamid Karzai's rivals having threatened a boycott over allegations of multiple voting ...

Wheel-spinning around Europe; European carmakers; Volkswagen in the dock, others in the red.
October 14, 2004... With some notable exceptions, European carmakers are struggling to make money in a difficult market. Volkswagen, the biggest of the lot, is profitable. But it is having a tough time persuading its unions to accept job cuts, and may be about to...

Another small step for Kerry?
October 14, 2004... The third and final televised debate between George Bush and John Kerry focused on domestic issues. Instant polls called it a draw or another Kerry win, but will it do anything to boost the challenger's momentum? Clean sweep, or dead heat?...

Boxed in and clogged up.
October 14, 2004... Ports in the big western economies are getting clogged up by the rising volume of world trade. They will need to follow Asia's example and spend more on building the infrastructure where it is needed THE acceleration in merchandise trade,...

Another small step for Kerry?
October 15, 2004... The third and final televised debate between George Bush and John Kerry focused on domestic issues. Instant polls called it a draw or another Kerry win, but will it do anything to boost the challenger's momentum? Clean sweep, or dead heat?...

Tsvangirai acquitted--for now.
October 15, 2004... Zimbabwe's main opposition leader, Morgan Tsvangirai, has been acquitted of trumped-up charges of "treason". But he still faces others, and there is no sign of repentance from President Robert Mugabe LET nobody doubt that Zimbabwe's...

Frozen by oil-price fears.
October 18, 2004... Another week, another record: the price of oil breached $55 per barrel on Monday. Americans face a bleak and expensive winter. Central bankers are worried too THE word petroleum has its roots in the Latin words oleum, which means oil, and...

A new gold standard?(Harmony)
October 18, 2004... A tussle for control of Gold Fields, a large South African gold-mining company, is likely to send ripples far beyond Johannesburg CECIL RHODES, founder of Gold Fields, one of South Africa's oldest mining companies, must be turning in his...

Lukashenka's luck, his people's misfortune.
October 18, 2004... Belarus's president has consolidated his hold on power in a sham referendum BELARUS is not a lucky country. A third of its people were killed in the second world war; many others died in Stalin's purges. The nuclear disaster at Chernobyl,...

Many unhappy returns.
October 19, 2004... While rich-world investors struggle to make decent returns, investors from emerging markets are lending to America as never before WHAT links the ludicrous price of property in London with financial markets? One answer is obvious: the...

Wheel-spinning around Europe; European carmakers; Volkswagen in the dock, others in the red.
October 19, 2004... With some notable exceptions, European carmakers are struggling to make money in a difficult market. Volkswagen, the biggest of the lot, is profitable. But it is having a tough time persuading its unions to accept job cuts, and may be about to...

Frozen by oil-price fears.
October 19, 2004... Another week, another record: the benchmark price of oil breached $55 per barrel on Monday. Americans face a bleak and expensive winter. Central bankers--and even oil exporters--are worried too THE word petroleum has its roots in the Latin...

A new gold standard?
October 19, 2004... A tussle for control of Gold Fields, a large South African gold-mining company, is likely to send ripples far beyond Johannesburg CECIL RHODES, founder of Gold Fields, one of South Africa's oldest mining companies, must be turning in his...

Cover note; The Buttonwood column; Spitzer turns his guns on the insurance industry.
October 19, 2004... New York's combative attorney-general, Eliot Spitzer, has a new target: America's insurers and insurance brokers. His spotlight is on rigged bids and incentive-skewing commissions AT SUPPER on Saturday, Buttonwood was told by an old college...

An ugly regime becomes even uglier.
October 19, 2004... The ousting and arrest of Myanmar's prime minister suggest that hardliners in the South-East Asian country's military junta are tightening their grip. Political reform and the release of Aung San Suu Kyi, the opposition leader, look further...

Frozen by oil-price fears.
October 20, 2004... Another week, another record: the benchmark price of oil breached $55 per barrel on Monday. Americans face a bleak and expensive winter. Central bankers--and even oil exporters--are worried too THE word petroleum has its roots in the Latin...

A new gold standard?
October 20, 2004... A tussle for control of Gold Fields, a large South African gold-mining company, is likely to send ripples far beyond Johannesburg CECIL RHODES, founder of Gold Fields, one of South Africa's oldest mining companies, must be turning in his...

Cover note; The Buttonwood column; Spitzer turns his guns on the insurance industry.
October 20, 2004... New York's combative attorney-general, Eliot Spitzer, has a new target: America's insurers and insurance brokers. His spotlight is on rigged bids and incentive-skewing commissions AT SUPPER on Saturday, Buttonwood was told by an old college...

Frozen by oil-price fears; The oil markets; Frozen by price fears.
October 21, 2004... Another week, another record: the benchmark price of oil breached $55 per barrel on Monday. Americans face a bleak and expensive winter. Central bankers--and even oil exporters--are worried too THE word petroleum has its roots in the Latin...

Cover note; The Buttonwood column; Spitzer turns his guns on the insurance industry.
October 21, 2004... New York's combative attorney-general, Eliot Spitzer, has a new target: America's insurers and insurance brokers. His spotlight is on rigged bids and incentive-skewing commissions AT SUPPER on Saturday, Buttonwood was told by an old college...

An ugly regime becomes even uglier.
October 21, 2004... The ousting and arrest of Myanmar's prime minister suggest that hardliners in the South-East Asian country's military junta are tightening their grip. Political reform and the release of Aung San Suu Kyi, the opposition leader, look further...

Can the African Union bring peace to Darfur? Darfur; Can African troops bring peace to Darfur?
October 21, 2004... The 53-country African Union is sending thousands of troops to the Darfur region of Sudan, in the hope of ending the genocide there. Those Darfuris who are not murdered by militiamen face a famine worse than any in living memory AFTER more...

Can the African Union bring peace to Darfur? The crisis in Sudan; Can the African Union's troops bring peace to Darfur?
October 22, 2004... The 53-country African Union is sending thousands of troops to the Darfur region of Sudan, in the hope of ending the genocide there. Those Darfuris who are not murdered by militiamen face a famine worse than any in living memory AFTER more...

Premium blend; Luxury-goods companies; Looking smarter, and to Asia.
October 22, 2004... For the winners, the luxury-goods market has recovered strongly from its low point a few years ago. But will the good times last? WHICH tipple will the directors of Moet-Hennessy, part of the luxury-goods group LVMH, choose to toast their...

Can the African Union bring peace to Darfur? The crisis in Sudan; Can the African Union's troops bring peace to Darfur?
October 25, 2004... The 53-country African Union is sending thousands of troops to the Darfur region of Sudan, in the hope of ending the genocide there. Those Darfuris who are not murdered by militiamen face a famine worse than any in living memory AFTER more...

A protectorate as divided as ever.
October 25, 2004... The people of Kosovo, a United Nations protectorate since 1999, voted for a new parliament on Saturday. But almost all of the province's ethnic Serbs boycotted the poll, presaging yet another, possibly violent, Balkan crisis THE results of...

On a roll; A new steel giant; Mittal on a roll.
October 25, 2004... High steel prices and surging demand for the metal are helping billionaire Lakshmi Mittal to take a bold move into America, in a deal that also creates a new world leader in the industry LAKSHMI MITTAL, a London-based billionaire of Indian...

On a roll; A new steel giant; Mittal on a roll.
October 26, 2004... High steel prices and surging demand for the metal are helping billionaire Lakshmi Mittal to take a bold move into America, in a deal that also creates a new world leader in the industry LAKSHMI MITTAL, a London-based billionaire of Indian...

Piety and impropriety.
October 26, 2004... On Wednesday, members of the European Parliament will vote to approve or reject the new European Commission, headed by Jose Manuel Barroso. Many of them are furious that Rocco Buttiglione, a Catholic who thinks homosexuality a sin, has kept his...

The parable of the cats; The Buttonwood column; The markets growl.
October 26, 2004... The financial markets are fretting about a record oil price, the prospect of slower growth, a wobbly dollar and much more BUTTONWOOD'S cats are normally the very picture of somnolent peacefulness. Last night, however, the purrs turned into...

Piety and impropriety; The new European Commission under fire; Barroso looks for a way out of the crisis.(Jose Manuel Barroso)
October 27, 2004... The European Parliament has threatened to veto the new European Commission unless Rocco Buttiglione, a Catholic who thinks homosexuality a sin, is moved from his post as justice commissioner. Fearing defeat, Jose Manuel Barroso, who heads the...

Sharon scores a victory but risks a mutiny.(Ariel Sharon)
October 27, 2004... Israel's parliament has voted to support Ariel Sharon's plan to pull Jewish settlers out of the Gaza strip and parts of the West Bank. It would be an historic withdrawal but it is not assured, for Mr Sharon now faces a power struggle IT...

Tugging at the grass roots.(Presidential elections)
October 27, 2004... With less than a week to go until election day, the race between George Bush and John Kerry is tied. All eyes are on their parties' efforts to get out the vote--and the legal shenanigans that may ensue WITH the American presidential...

Sharon scores a victory but risks a mutiny; Israel's disengagement from Gaza; Sharon scores a parliamentary victory but risks a ministerial mutiny.(Ariel Sharon)
October 28, 2004... Israel's parliament has voted to support Ariel Sharon's plan to pull Jewish settlers out of the Gaza strip and parts of the West Bank. It would be an historic withdrawal but it is not assured, for Mr Sharon now faces a power struggle IT...

Tugging at the grass roots.
October 28, 2004... With less than a week to go until election day, the race between George Bush and John Kerry is tied. All eyes are on their parties' efforts to get out the vote--and the legal shenanigans that may ensue WITH the American presidential...

The end of the Arafat era? Yasser Arafat's illness; What now for Palestinians, war or peace?
October 28, 2004... The veteran Palestinian leader, Yasser Arafat, is being flown to Paris for urgent treatment after becoming seriously ill. His death or incapacitation could remove a big obstacle to Middle East peace. Or it could trigger a bloody power struggle...

Ah, there's the brake pedal.
October 28, 2004... China's central bank has raised interest rates for the first time in nine years. Can overinvestment be curbed without the economy slowing too sharply? AS EVERY disciple of Milton Friedman knows, the effects of monetary policy are felt only...

Not exactly what they seem to be.
October 28, 2004... Big western oil companies' record profits may be masking future problems LEADING oilmen gathered this week in London for the "Oil & Money" conference, an annual expense-account jamboree often preoccupied with the industry's woes. This...

Piety and impropriety; The new European Commission under fire; Barroso looks for a way out of the crisis.
October 29, 2004... The European Parliament has threatened to veto the new European Commission unless Rocco Buttiglione, a Catholic who thinks homosexuality a sin, is moved from his post as justice commissioner. Fearing defeat, Jose Manuel Barroso, who heads the...

Tugging at the grass roots.
October 29, 2004... With only a few days to go until election day, the race between George Bush and John Kerry is tied. All eyes are on their parties' efforts to get out the vote--and the legal shenanigans that may ensue WITH the American presidential campaign...

The end of the Arafat era? Yasser Arafat's illness; What now for Palestinians, war or peace?
October 29, 2004... The veteran Palestinian leader, Yasser Arafat, has flown to Paris for urgent treatment after becoming seriously ill. His death or incapacitation could remove a big obstacle to Middle East peace. Or it could trigger a bloody power struggle among...

Ah, there's the brake pedal.
October 29, 2004... China's central bank has raised interest rates for the first time in nine years. Can overinvestment be curbed without the economy slowing too sharply? AS EVERY disciple of Milton Friedman knows, the effects of monetary policy are felt only...

Not exactly what they seem to be.(western oil companies)
October 29, 2004... Big western oil companies' record profits may be masking future problems LEADING oilmen gathered this week in London for the "Oil & Money" conference, an annual expense-account jamboree often preoccupied with the industry's woes. This...

Tugging at the grass roots.
October 30, 2004... With only a few days to go until election day, the race between George Bush and John Kerry is tied. All eyes are on their parties' efforts to get out the vote and the legal shenanigans that may ensue. Meanwhile, every piece of news, from...