Mainstream News

Could the U.S. delay Obamacare’s mandate for individuals, too?

"President Barack Obama can expect mounting pressure to make new concessions on healthcare reform, especially the requirement that all Americans obtain insurance, after delaying penalties for businesses for the first year of his plan. The individual mandate, which the U.S. Supreme Court upheld as constitutional a year ago, is the government’s only lever to compel young healthy people to sign up for federally subsidized coverage in new online health insurance marketplaces that are slated to begin enrolling new beneficiaries on October 1. If too few younger adults enroll, insurance costs could soar and jeopardize the entire reform effort." Continue reading →

Continue ReadingCould the U.S. delay Obamacare’s mandate for individuals, too?

Egypt’s army ‘ready to die’ to protect against ‘any terrorist, radical or fool’

"Egypt’s high command said on Wednesday the army was ready to die to defend Egypt’s people against terrorists and fools, in a response to Islamist President Mohamed Mursi that was headlined 'The Final Hours' on the official Facebook page of the Supreme Council of the Armed Forces (SCAF). Issued three hours after Mursi appeared on television to reject an ultimatum from Sisi that he share power with his opponents or face a military solution by 10:00 a.m. EDT (1500 GMT), a military source said the statement made clear that the armed forces would not abandon their demands." Continue reading →

Continue ReadingEgypt’s army ‘ready to die’ to protect against ‘any terrorist, radical or fool’

Cheers erupt as Egyptian president removed and constitution suspended by military

"The head of Egypt’s armed forces issued a declaration on Wednesday suspending the constitution and appointing the head of the constitutional court as interim head of state. In a televised broadcast, flanked by military leaders, religious authorities and political figures, General Abdel Fattah al-Sisi effectively declared the removal of elected Islamist President Mohamed Mursi. Sisi called for presidential and parliamentary elections, a panel to review the constitution and a national reconciliation committee that would include youth movements. He said the roadmap had been agreed by a range of political groups." Continue reading →

Continue ReadingCheers erupt as Egyptian president removed and constitution suspended by military

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 →

Continue ReadingTurkish court throws out Taksim redevelopment project that sparked mass protests

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 →

Continue ReadingNorth and South Korea prepare to negotiate directly after years of mistrust

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

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

China’s central bank ready to unveil deposit insurance

"The central bank released the China Financial Stability Report 2013 on 7 June, saying that a consensus has been reached on the establishment of a deposit insurance system and that the system may be launched and implemented at a suitable time. Sources say China will set up an insurance fund and the maximum coverage for each bank account will initially be set at Rmb500,000. With the absence of a deposit insurance system, the state has actually taken on the responsibility to guarantee deposits in banks, which can easily lead to slack risk management and excessive speculation of commercial banks in seeking profits, the central bank report said." Continue reading →

Continue ReadingChina’s central bank ready to unveil deposit insurance

Loan Practices of China’s Biggest Banks Raising Concern

"Text message solicitations began arriving on the mobile phones of many of China’s wealthy last month, promising access to lucrative wealth management products with yields far above the government’s benchmark savings rate. The offers are not coming from fly-by-night operators but some of China’s biggest banks. They are raising huge pools of cash to finance a relatively new and highly profitable sideline business: lending outside the scrutiny of bank regulators. The complex way they go about making off-the-balance-sheet loans is at the heart of China’s $6 trillion shadow banking industry, which the government is now trying to tame." Continue reading →

Continue ReadingLoan Practices of China’s Biggest Banks Raising Concern