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AMERICAS
First Lady Michelle Obama travels to Mexico
Michelle Obama traveled to Mexico for her first trip alone as First Lady of the United States. She visited an elementary school in Mexico City. Mrs. Obama gave a speech to thousands of students at the elite Iberoamericana University. During the speech, she did not mention the drug wars but instead urged the college students to give to those who were less fortunate. This message came in light of the fact that Mexico has a huge gap between rich and poor. The visit follows Mrs. Obama’s unannounced visit to Haiti, where she and Dr. Jill Biden visited victims of the January earthquake.
Jury sentences Brazilian man for murder of American nun
A jury sentenced a Brazilian rancher in the city of Belen to 30 years in prison for the murder of an American-born nun. The rancher was convicted of ordering the murder of Sister Dorothy Stang. She was killed in 2005 after organizing protests by rural residents against land seizures by ranchers and timber merchants. The rancher was convicted in 2007 of ordering Stang’s killing, but that verdict was overturned a year later in a retrial. Stang was a naturalized Brazilian citizen. She had lived in the country for over 20 years.
Brazil signs trade agreements with China
Brazil signed trade agreements with China during a BRIC summit in the Brazilian capital of Brasilia. The agreements are designed to increase trade and energy cooperation between members of the group, which include Brazil, China, India and Russia. A Chinese steel plant will also be built in Brazil and many expect that the BRIC countries will try to push for greater representation in global bodies, such as the International Monetary Fund. The steel plant will be China’s biggest investment in Brazil.
Haiti struggles with fuel shortages
Haiti has experienced delays in fuel arriving from Venezuela, causing Haitians to wait at gas pumps for hours. The country is still struggling to cope with a devastating earthquake that hit in January. Drivers in the capital, Port-au-Prince, searched the city for fuel on account of Haiti only being able to get the amount of fuel it needs through imports from other countries. The government tried to reassure citizens that the fuel was on its way, but most Haitians are impatient with the lack of basic necessities that are a result of the recent earthquake. Haiti gets fuel twice a month, mostly from Venezuela. The ship carrying the fuel was delayed after it stopped in Antigua and Barbuda, in the eastern Caribbean.
EUROPE
Icelandic Volcano Forces Flight Disruptions Across Europe
A volcano in Iceland has forced aviation authorities across northern and central Europe to suspend flights, as authorities worry volcanic ash and clouds will disrupt airspace. Europe’s air traffic agency Eurocontrol said on Friday that almost 2/3 of flights had been cancelled, with the International Air Transport Association estimating that the volcanic disturbance is costing the industry at least $200 million a day. As travel chaos around the globe ensues, it remains unclear whether ash cloud will prevent world leaders from attending the funeral of the late Kyrgyzstan President Lech Kacynski and the first lady Maria, who were killed in an airplane crash in Russia last weekend.
French Government denies Visa to Bin Laden's son
Noted terrorist, Osama Bin Laden's son - Omar bin Laden - was denied a visa to visit France on Thursday. Osama bin Laden's fourth son was attempting France as well as other Europeon Union countries to promote his newest book. The novel entitled "Osama bin Laden: A Family Portrait," denounces his father's recent involvement in the U.S. and his actions. Omar bin Laden collaborated with his mother, Najwa, the first of Osama bin Laden's five wives. The pair worked closely with American Journalist Jean Sasson.
Noted terrorist, Osama Bin Laden's son - Omar bin Laden - was denied a visa to visit France on Thursday. Osama bin Laden's fourth son was attempting France as well as other Europeon Union countries to promote his newest book. The novel entitled "Osama bin Laden: A Family Portrait," denounces his father's recent involvement in the U.S. and his actions. Omar bin Laden collaborated with his mother, Najwa, the first of Osama bin Laden's five wives. The pair worked closely with American Journalist Jean Sasson.
Great Britain holds first televised Prime Minister Debate
On Thursday, leaders of the three major political parties in Britain met on national television tto participate in an organized debat. This debate was the first of its kind in the United Kingdom. While the three debaters are also the top three candidates for the position of Prime Minister, voters in the United Kingdom vote based on the party these men represent. In this parliamentary system, the party that gains a majority of seats able to choose their Prime Minister. Incumbent Gordon Brown, and Challengers David Cameron, and Nick Clegg are the leading “candidates” for the office. It is still unclear what the overall effect of this historical debate will be on the immediate election which will be held on May 6th . Early indications show Liberal Democrat leader Nick Clegg to be the winner of the debate in public opinion polls.
MIDDLE EAST
Olmert faces new corruption charges
Ehud Olmert, the former prime minister of Israel has been accused of bribery charges, Olmert was forced to step down last year during a corruption scandal. Police identified Olmert as a key suspect this week in a case where millions of dollars were exchanged for the promotion of real estate projects, including a controversial housing scheme in Jerusalem in which zoning laws had to be changed. While Olmert was mayor of Jerusalem in the 1990s he is suspected of taking over $1 million in bribes. Formal charges have yet to be brought against Olmert but reports say that they might laid in the near future. Olmert is already facing three other counts of corruption.
Obama doubtful of Peace in the Middle East
Barack Obama, who had the Israeli-Palestinian conflict an issue of high importance during his time in office, has said this week that Washington’s influence in negotiations between the two is very limited. Obama says that he has little hope for swift progress towards Middle East peace and that he has underestimated the obstacles to a renewed peace process in the Israeli-Palestinian conflict. Israel is historically one of the U.S’s strongest allies in the Middle East but, over the past months relations have been very tense between the two countries. Tension has emerged as a result of the permanent settlements that Israel has been building on Palestinian land. Both the Israeli Prime Minister and U.S officials say that they are working towards a resolution on the issue of settlements, but the Israelis are not compromising easily.
Report Claims Pakistan Failed to Protect Bhutto
The assassination of Benazir Bhutto, former Pakistani leader, in 2007 could have been prevented according to a report by the U.N. A U.N report released this week blames the killing of Bhutto on insufficient security measures for her protection. The report also accuses Pakistani officials of not properly investigating the assassination, which they believe to be a deliberate move. In addition, the report said the Pakistani government had failed to provide Bhutto with the same security measures it had ordered for two other former prime ministers who belonged to the main political party backing then president Pervez Musharraf.
AFRICA
Minimal tourism in Libya
After leader, Moammar Gaddafi, sparked a feud with Swiss authorities after his son’s arrest in Geneva in 2008, the level of tourism has progressively diminished. Libya, which ended its isolationist policies almost 6 years ago, has been looking to increase foreign investment and tourism in order to improve their economic standing. The current government -imposed “jihad” against the Swiss is just one example of Libya’s age old animosity towards the West. With the negative Swiss response this time around, Libyan’s are starting to doubt Gaddafi’s decision making.
Report Urges Senegal to end long-established Violations
Human Rights Watch released a report Thursday urging the government of Senegal to crack down on the “religious instruction” being forced upon thousands of children. At least 50,000 children are being forced to beg on the streets and live in slave-like conditions, with the rationalization by the government that it is following instructions from the Koran. The problem is becoming more widespread with the increase in trafficking of children from neighboring Guinea- Bissau.
Rape Becoming the Norm in Congo
While sexual assault cases handled by major Congolese hospitals have decreased from 2004 to 2008, the number of civilian rapes has increased “17-fold” according to researchers. A study commissioned by Oxfam and the Harvard Humanitarian Initiative, which interviewed over 4,000 women who have been raped, was made public Thursday. The report predicts a further rise in rape cases between 2009 and 2010.
Eight Red Cross Staff Members Kidnapped in Congo
The International Committee of the Red Cross has reported a kidnapping of eight staff members in the South Kivu region of the Congo last Friday by an “armed group.” The missing eight are supposedly being held in an area that has felt the strongest response after the 1994 genocide in neighboring Rwanda. The Red Cross is demanding the group, identified as the Mai Mai Yakutumba, to release the members “as quickly as possible.”
ASIA
Chinese Earthquake Death Toll climbs
A powerful magnitude 6.9 earthquake struck the Qinghai Province, in western China, on Wednesday, with state media projecting the official death toll at 1,144 as of Friday. While rescuers continue to search for those missing and still alive, freezing temperatures with each passing nightfall hamper the chances of survival.
First Aggressive Action by Thai Government
On Friday, several leaders of the Red Shirt protest movement escaped from a hotel in Bangkok, further humiliating the Thai government, whose security forces had been surrounding the Thai hotel. The deputy prime minister announced the raid live on television while the protesters were escaping, following the governments failed attempt to disburse last Saturday’s rallies. Red shirt protestors have been bombarding the capital for the past month, demanding the resignation of the government and new elections.
Is it too late for the blame game?
By Rehana Nathoo
After the wake of the financial crisis that hit the global economy of late, mortgage owners, bank account holders, and the average citizen came together in an uproar at the lack of punishment dealt to banks who dispensed unsavory investments. Goldman Sachs was one such bank that came under severe scrutiny. On Friday, the Securities and Exchange Commission issued a civil suit where they accused the big firm of creating and selling mortgage investments destined for failure.
This landmark suit is the first time that regulators have taken strict action against a Wall Street firm that helped investors gain from the housing market collapse. Goldman’s profits were a result of their betting against the mortgage investments it had sold to its clients. The suit specifically named a Vice President at the firm, Fabrice Tourre, who was identified as a key creator and seller of these investments.
Goldman responded with an official statement, citing the S.E.C accusations as “completely unfounded in law and fact” and said it would “vigorously contest them and defend the firm at its reputation,” according to the New York Times.
The S.E.C introduced the faulty investment as Abacus 2007-AC1, and included it among 25 other deals that Goldman created to allow select clients to bet against a burgeoning housing market. The deals were intended to protect Goldman from losses when the mortgage market collapsed, and provide profits for the bank during this difficult time. As the Abacus investments spiraled downwards in value, Goldman along with a variety of hedge funds, profited off of these negative bets. Clients of the investment banking giant, who purchased 10.9 billion dollars of investments in aggregate, lost billions of dollars.
According to Goldman, Abacus 2007 –AC1 was created at the request of John A. Paulson, a noted hedge fund manager. Goldman allowed Paulson to select mortgage bonds that he wished to bet against, and ultimately chose ones he thought would lose the most value. Those bonds were then packaged into Abacus 2007-AC1. Goldman sold the package to investors such as pension funds, foreign banks, insurance companies and other hedge funds.
The S.E.C. complaint, however, asserts that the odds were stacked against Abacus investors primarily because the investment consisted of bonds that Paulson had deemed most likely to fail. Goldman assured investors that the bonds would be chosen by an independent manager.
While Paulson was not named in the suit, Goldman’s stock plummeted by more than 10 percent a half hour after the announcement was made. In the last few months, the firm has consistently defended its actions. In a letter published last week in Goldman’s annual report to investors, the bank refuted criticism that it had created and sold mortgage-line securities in which it had no confidence in.
It has been months since the S.E.C. has started its investigation on mortgage investment packages, such as Abacus, that have been created by Wall Street firms. The commission has interviewed many individuals who structured these deals and advised these firms to prepare themselves for similar lawsuits. It has already sent the major bank, Wells, a notice of its intentions.
The next few month will reveal which banks are identified as having taken advantage of investors and what their punishments will entail. Whether their actions are justifiable or not, one would hope that the most recent financial crisis has proven the need for investors to be both reserved in their investment decisions and more critical of so-called “expert advice.”
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