If Asians got together to name a person of the year, someone who brought surprise, intrigue and economic impact to the region, the choice would be obvious: Mother Nature. Earthquake damage to Christchurch Cathedral in the New Zealand South Island city is seen in September 2011. From earthquakes in Japan and New Zealand to floods in the Philippines and Thailand to Chinese droughts to volcanic eruptions in Indonesia, this was a year overrun by nature's fury. Food shortages and the effects of climate change challenged governments and inflation rates as rarely before. Other forces of nature, meanwhile, ran out of steam. The most surprising thing about Kim Jong Il's death is that we were so surprised. Time was never on the side of the hard-living North Korean leader after a 2008 stroke. Yet, the world seemed to think the laws of science no longer applied to Kim. Unstoppable China also showed signs of being subject to a set of laws -- those of economics, which guarantee that rapid … [Read more...] about Winners of 2011 show tumult across the Pacific
Llc s corp election
U.S. auto CEOs seek $50 bln in federal aid: sources
Chief executives of distressed U.S. auto companies sought a $50 billion federal bailout on Thursday to survive a financial crisis blamed on a worsening economy and the "near collapse" in demand for cars. Rick Wagoner of General Motors Corp, Alan Mulally of Ford Motor Co and Bob Nardelli of Chrysler LLC wore heavy faces while trudging through the deserted halls of Congress where they held long meetings with House Speaker Nancy Pelosi and Senate leader Harry Reid. Chevrolet Uplanders minivans are seen at a dealership in Silver Spring, Maryland, July 1, 2008. … [Read more...] about U.S. auto CEOs seek $50 bln in federal aid: sources
Hedge funds concede oversight inevitable in wake of Madoff
Hedge-fund managers say Bernard Madoff may succeed where Christopher Cox failed: forcing regulation of their US$1.5 trillion industry. Bernard Madoff, money manager and accused mastermind of a US$50 billion investment fraud, walks towards his home along Lexington Avenue after appearing in court in New York, US, on December 17 … [Read more...] about Hedge funds concede oversight inevitable in wake of Madoff
Campaign donations by text? Not so fast, wireless carriers say
Wireless carriers are balking at US regulators' move to allow political donations by text message, a plan that could reshape the nation's campaign finance system by giving cell-phone users the ability to make instant contributions. It also has the support of fundraisers and campaign finance reform groups, which told the FEC that text donations would help "empower" those who can give only a few dollars to campaigns. This year's campaign season has been marked by six- and seven-figure contributions from wealthy donors to groups known as "Super PACs," or political action committees, which have no limits on donations and spending. But the wireless carriers who would oversee the donations-by-text service - including the four US giants Sprint Nextel Corp, Verizon Wireless, AT&T Inc. and T-Mobile USA - have yet to get on board with the plan. The carriers - who account for about 90 percent of the more than 330 million wireless subscriptions in the United States - are worried about … [Read more...] about Campaign donations by text? Not so fast, wireless carriers say
Wal-Mart not alone in reluctance to reveal bribery probe
Tyson Foods Inc. paid $5.2 million to the U.S., admitting it made improper payments to government-employed inspection veterinarians. Photo: Tina Fineberg/Bloomberg When Tyson Foods Inc. and Wal-Mart Stores Inc. received internal reports that employees may have paid bribes in Mexico, each faced the same vexing question: should they turn themselves in to US authorities? Tyson, the biggest US food processor, avoided prosecution by paying $5.2 million and admitting it made improper payments to government-employed inspectors. Wal-Mart, the world’s largest retailer, began an internal probe in 2005, shut it down and didn’t disclose the matter to regulators and prosecutors until late last year, after learning the New York Times was investigating, the paper said. The US offers leniency to companies like Tyson that self- report. Yet many choose to remain quiet, calculating that they will cooperate with the government if it uncovers their bribery. Companies root out their … [Read more...] about Wal-Mart not alone in reluctance to reveal bribery probe