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Egyptian ministers resign in wave as Army deadline nears

"Egyptian foreign minister Kamel Amr became the sixth minister to tender his resignation from the Morsi government. Amr follows the ministers for tourism, environment, communications and legal affairs and water utilities. Morsi, along with the Egyptian prime minister, met with the head of the armed forces for a second day on Tuesday. Egypt’s state news agency MENA reported that millions have staged demonstrations against President Mohamed Morsi’s government since Sunday. Prior to Amr’s resignation, the other four ministers had stated that their move came as an act of 'solidarity with the people’s demand to overthrow the regime.'" Continue reading →

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Turkish court throws out Taksim redevelopment project that sparked mass protests

"A Turkish court has cancelled a project to redevelop Istanbul’s central Taksim square, a copy of the court’s decision showed, ruling in a dispute that triggered a nationwide wave of violent anti-government protests. The administrative court ruled in early June, at the height of the unrest, that a master plan to reshape the square violated preservation rules, the square’s identity and other regulations, according to a lawyer for the plaintiffs. The decision may jeopardize what many saw as Prime Minister Tayyip Erdogan’s personal quest to remake Taksim Square in the teeth of opposition that led to mass protests over his perceived authoritarian style of rule." Continue reading →

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The Revolution of Brazil – An Interview

"This picture was taken in Brasilia, the capital of Brazil during last week’s protests. The protests took place in front of the National Congress building where there is a small lake, the ministry buildings can be seen at the back. At some point protesters tried to invade the building across the lake and were repelled by the police with tear gas and batons. They are known to have been using rubber bullets as well. Later in the evening the protesters broke through and ended up on top of the building. It was a huge symbol to Brazil when they broke through. A few of them were quoted as saying something in the lines of 'we are taking our home back'." Continue reading →

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Brazilian leader asks for referendum after worst unrest in 20 years

"The move, widely supported by the public, came after three weeks of protests over corruption and public spending which marred the Confederations Cup, a dress rehearsal for next year’s football World Cup, which will also be held in Brazil. On Tuesday night truck drivers blocked roads in at least 10 states to press for the elimination of tolls and fuel subsidies. Leftist leader Rousseff last week proposed a national pact with state governors to boost public services and guarantee a balanced budget. A Datafolha poll showed that 68 percent of Brazilians back Rousseff’s proposals." Continue reading →

Continue ReadingBrazilian leader asks for referendum after worst unrest in 20 years

North and South Korea prepare to negotiate directly after years of mistrust

"North and South Korea will sit down to their first talks for years on Sunday, confronting decades of mutual distrust in an apparent search for some positive end to months of soaring military tensions. The working-level discussions in the border truce village of Panmunjom are intended to pave the way for ministerial-level talks in Seoul on Wednesday. The talks came about after an unexpected reversal on Thursday from North Korea which suddenly dropped its default tone of high-decibel belligerence and proposed opening a dialogue." Continue reading →

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China media warns Philippines of ‘counterstrike’ in South China Sea

"China's state media warned that a 'counterstrike' against the Philippines was inevitable if it continues to provoke Beijing in the South China Sea, potentially Asia's biggest military troublespot. A front-page commentary said that the Philippines had committed 'seven sins' in the South China Sea. These include the 'illegal occupation' of the Spratly Islands, inviting foreign capital to engage in oil and gas development in the disputed waters and promoting the 'internationalization' of the waters, said the commentary. The Philippines has called on the United States to act as a 'patron', while ASEAN has become an 'accomplice,' said the commentary." Continue reading →

Continue ReadingChina media warns Philippines of ‘counterstrike’ in South China Sea

China, Russia Begin Naval Drills In Sea Of Japan

"Six weeks after South Korea and the US flexed their naval muscles in a joint naval exercise, a mere month after China protested over joint Japan-US naval drills, and amid growing US tensions with the Russians, a Chinese fleet consisting of seven naval vessels departed Qingdao to join in Sino-Russian naval drills scheduled to begin this weekend. The eight-day exercise is expected to be conducted at the sea area and airspace of the Peter the Great Gulf in the Sea of Japan with the Chinese fleet. A total of 18 vessels, one submarine, three fixed-wing planes, five carrier-based helicopters and two teams of special forces from the two countries will participate." Continue reading →

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The Man Who Lost $2 Million an Hour!

"Last year, he lost about $19.4 BILLION! What a terrible year. And this year, it’s not getting any better. So far he’s lost another $10.3 billion. That’s a total loss of $29.7 billion in less than two years. But, according to Forbes, he’s still worth about $4.8 billion … so there’s no need to feel sorry for this 'poor' guy. He only has himself to blame. He’s the one who made such bad investment decisions. Last year, he made news around the globe when he said: 'I will be the world’s richest man.' He was the world’s 7th richest man. After losing a big chunk of his fortune last year, today, he’s not even one of the top three richest Brazilians." Continue reading →

Continue ReadingThe Man Who Lost $2 Million an Hour!

You’re Not That Important

"Americans like to think that they’re the world’s most-important consumers. While that’s true now, our reign is coming to an end. Here’s the news: By 2015, Asia will have more consumers than all of the West combined, reclaiming its spot as #1 for the first time in 300 years, largely thanks to the emergence of China and its rapidly rising middle class. With anemic economic growth in the U.S. and many developed euro zone countries now slipping back into recession, multinational retailers have been angling for expansion elsewhere — and they are now targeting increasing numbers of consumers from emerging and frontier markets." Continue reading →

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ECB Suspends Cyprus Government Bonds as Collateral

"Cyprus’s local-currency issuer rating was lowered to restricted default by Fitch Ratings yesterday after the nation completed an exchange of government bonds for longer-dated securities. The bond exchange is part of commitments under a 10 billion-euro ($13 billion) bailout that saved Cyprus’s financial sector from collapse in March. Under the rescue program, deposits above 100,000 euros are taxed after an initial plan with a levy on deposits of less than 100,000 euros was rejected by parliament. Banks using such bonds to obtain funding will have to tap their national central banks’ Emergency Liquidity Assistance programs." Continue reading →

Continue ReadingECB Suspends Cyprus Government Bonds as Collateral