Bilderberg.org

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http://www.forbes.com/sites/lauriebennett/2012/02/04/billionaires-channel-millions-to-think-tanks/

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http://www.state.gov/secretary/rm/2012/02/183326.htm

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Securing our Internet – I visit the Munich Security Conference
Last weekend, I attended the Munich Security Conference. A cold couple of days – but a great opportunity to meet many interesting and influential figures in the field of defence, security and foreign affairs. I was there to highlight the increasing importance of Internet security. Internet attacks are ever more a threat to our well-being, being used as a new instrument for political and economic disruption; espionage; and potentially outright attacks instigated by terrorist groups or foreign governments. Meanwhile, some say cyber crime accounts for over $1 trillion—more than the global drugs trade.

Several speakers mentioned the relevance of the prolonged economic downturn: that in such an economic climate, Internet hackers risk becoming increasingly like terrorists, like what happened with the “red brigades” of the 1970s crisis. I sincerely hope this does not happen. But nonetheless we cannot ignore the problem of internet security: it is too important an issue to overlook, but too many still do. So later this year I’m planning an ambitious strategy for Europe to make sure that governments and the private sector wake up to the importance of acting in this area.

At the same time, we need to be careful and to protect freedom of speech and privacy. The Internet should not left to the military or to inter-state treaties—as though it were just another arena in which to exercise national power. The Internet has a very special nature, providing us all with an opportunity to connect and express ourselves: our priority should be to preserve this special character. So security should be combined with freedom: an important challenge in places where democratic voices still struggle to be heard. There was a lot of food for thought for me in that conference and I will continue to consult before coming up with proposals in the autumn.

Another thought. Syria was mentioned a lot in Munich, with an powerful and moving intervention by Nobel peace price laureate Tawakkol Karman. It was truly a great inspiration to meet someone fighting so hard for human rights and freedom of expression in a country like Yemen, where those rights are so valuable. The consensus at the conference was that it was a real shame that the UN Security Council, gathering in New York on 4 February, had been unable to adopt a resolution on Syria: the killing has to stop. But we should pay tribute to the many women and men who continue to struggle for freedom, by going out in the streets of Syria, risking their lives so that their children may come to know a freer life. I hope we can help them keep hope in the future and it made me ever more determined to find a way to protect and support such Internet activists.

[Edit: you can now see online my speech to the conference on the above topics]

Number of views: 1312
http://blogs.ec.europa.eu/neelie-kroes/munich-security/

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http://seekingalpha.com/article/358361-analyzing-thursday-s-noteworthy-insider-buys-and-sells-in-healthcare-and-tech-sectors

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http://www.bloomberg.com/news/2012-02-09/stanford-deutsche-bank-gupta-bp-news-corp-in-court-news.html

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http://news.nationalpost.com/2012/02/10/liberals-reach-post-election-high-but-tories-rule-the-polls/

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http://www.todayszaman.com/columnist-271023-private-debt-stock-in-turkey.html

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Friday Newspaper Review - - Irish Business News - - February 10, 2012
By Finfacts Team
Feb 10, 2012 - 6:38 AM


The Irish Independent reports that former US President Bill Clinton last night gave a ringing endorsement to our economy by urging some of the world's biggest investors to pump their money into it.

He told a star-studded cast of US corporate chieftains -- with trillions of dollars at their disposal to invest -- they would be "nuts" not to seize the opportunity.

Among those listening were influential figures like:

- Henry Kravis and Richard Roberts, co-chief executives of the investment firm Kohlberg, Kravis Roberts.
- Rich Ross, chairman of Walt Disney Studios.
- A senior executive from the world's most successful investment fund, Warren Buffett's Berkshire Hathaway.

- Wilbur Ross, whose $1.5bn (€1.12bn) investment in Bank of Ireland is already showing a huge profit.

Mr Clinton admitted there were huge challenges ahead, but believed the Irish economy could bounce back.

But it needed a boost from US investment, he told told the special meeting of investors and Irish American business leaders in New York.

Taoiseach Enda Kenny said the response had been exceptionally positive.

Mr Clinton's extraordinarily robust comments were made as the creation of around 500 IDA-backed highly-skilled jobs were announced yesterday in Galway, Leixlip, Sligo and Cork

"Irish America is well placed to help Ireland beat the law of averages," he said.

Opportunity

"You'd have to be nuts not to take advantage of the unique investment opportunity presented by one of the most business-friendly countries in the world, with the youngest, best-educated workforce in Europe and an unemployment pool of 14pc.

"The Irish Government will do its job on the public finances, but others must step up to the plate to help on the jobs front," he added.

Some of the potential investors had been taken aback to hear how young people comprise such a high proportion of our population.

With trillions of dollars available for investment in US banks and corporates alone, "demographics will play a key role in investment decisions" the former president added.

"If you think the US economy and the global economy will recover, Ireland is the place to invest. It is the only sophisticated economy in Europe with an average age lower than that of the US."

Mr Kenny said our economy was more competitive now, with wages lower and labour more plentiful.

The Taoiseach also confirmed that the State would take on part of the risk of lending to small businesses because banks, re-capitalised by taxpayers, were not providing credit.

His remarks were seen as confirmation that a credit guarantee scheme for small firms will be contained in jobs initiative due to be unveiled by Enterprise minister Richard Bruton on Monday.

Tanaiste Eamon Gilmore said there had been pressure on Ireland's corporate tax regime but he believed it was now understood in Europe that the corporation tax regime was here to stay.

At a separate meeting earlier, Mr Kenny said we would stand by our low corporation tax. But he warned that the Government's freedom of action was severely limited by the state of the public finances.

"Dealing with the troika (EU/IMF/ECB) is like saying in your own house that you want to do such and such, and somebody in the corner says: 'You can't do that; you haven't got the money.'

Burden

"For the first time, we don't have our own sovereignty and independence. We won't get them back until we restore the public finances.

"By 2016, the centenary of the Rising, we intend that Ireland will be the best small country in the world to do business," Mr Kenny said.

He told Bloomberg TV in New York that Ireland would not seek any debt write-down, but was hoping to cut the cost of the debt.

"We made it very clear that Ireland has not sought, and will not seek, any write-down. We pay our dues in full and on time.

"We could ease that burden somewhat by having the facilities that are now available under the EFSF and the ESM, that were not available when Ireland borrowed a very substantial amount of money for bank recapitalisation.

"I can't answer you right now as to what facilities the ECB may give there, but I'm sure that's a matter that we will reflect on very seriously given the fact that Ireland is paying its way and is making real progress."

He hoped the political agreement in Greece would allow Europe to concentrate on the development of the single market and the emphasis on growth, which Ireland had insisted be on the agenda of every EU summit from now on.

The Irish Independent also reports that homeowners hoping for a cut in their mortgage payments are likely to be disappointed again next month.

The European Central Bank (ECB) yesterday left interest rates on hold at 1pc, and it now seems borrowers will have to wait until April or May for a cut.

Another decrease in rates would have directly benefited 400,000 tracker mortgage holders, along with some of the 250,000 homeowners on variable rates.

But ECB governors last night admitted they did not even discuss reducing interest rates at their latest key monthly meeting.

The ECB usually softens up markets at least a month ahead of an impending rate cut, either by pointing to the slowing of inflation -- which creates a good climate for cutting rates -- or by saying governors had discussed a rate cut.

Yesterday ECB chief Mario Draghi said the ECB's powerful 23-man council "didn't discuss any prospective or current change in interest rates" at its meeting.

It is believed that issues on how to resolve Greece's debt impasse dominated the agenda, and Mr Draghi left Frankfurt almost immediately after the monthly press conference so he could attend last night's talks of eurozone finance in Brussels. Mr Draghi's comments that inflation was likely to stay above the ECB's target level for "several months to come" was also interpreted by some as a sign that the ECB was unlikely to opt for an interest rate cut any time soon.

Uncertainty

This is because a cut could feed inflation by giving people more cash to spend.

There was a glimmer of hope for borrowers, however, as Mr Draghi repeatedly stressed that "uncertainty was high" and the economy remained risky.

If the economy is derailed and growth slows, then inflation will ease and the ECB may feel the climate is right to cut interest rates. "A rate cut is not going to happen in March. But there will be one in the next three months," said Alan McQuaid, an economist with Bloxham Stockbrokers.

He said that Mr Draghi's comments left the impression that some central bankers were uncomfortable with rates falling below 1pc.

Each 0.25pc reduction in eurozone rates reduces monthly repayments by €30 on a €200,000 tracker mortgage. Those with trackers automatically benefit from a rate cut.

The 250,000 homeowners with variable rates are at the mercy of their lenders.

Most lenders only passed on at least some of December's ECB rate cut to their variable-rate customers, with Ulster Bank passing on 0.2pc and Bank of Ireland passing on between 0.10pc and 0.15pc.

But variable-rate homeowners with KBC Bank and National Irish Bank did not benefit from the reduction.

Permanent TSB did cut its variable rates by 0.7pc but still has the highest variables in the market at 5.19pc.

Research by the Central Bank released last month, found that some variable rates are up to 3pc higher than tracker rates.

This means that home owners with a €200,000 mortgage on a variable rate with Permanent TSB will be paying up to €360 more a month in repayments than a householder on a tracker rate who holds a mortgage loan of the same size.

The Irish Times reports that Eurozone finance ministers have told Greece that it will have to find €325 million in new cutbacks within days and ensure parliament approves a harsh new austerity plan before they back the country’s second EU-IMF bailout.

The direction from the ministers came as the Government said any resolution to the Greek crisis will make it easier for Ireland to continue its tentative return to private debt markets this year.

The ministers imposed a six-day deadline on Greek authorities to comply with their wishes and said all three parties in its coalition must pledge to implement the austerity plan and continue to do so after a general election expected in April.

The ultimatum from the ministers, who will meet again next Wednesday to sign off on the €130 billion rescue, came at the end of a day in which Greece’s technocrat prime minister Lucas Papademos finally secured his government’s support for the new reform package.

The escalation of pressure on Greece reflects frustration in Europe at the failure of its leaders to execute policies promised in its unsuccessful first bailout. Ministers had signalled as they arrived in Brussels that they would not be endorsing the new bailout straight away.

The ministers will insist that no new loans are released without evidence that Athens is executing the plan in full.

“No disbursement before implementation. We cannot live with a system where promises are made and repeated and repeated and the implementation measures are from time to time too weak,” said Luxembourg’s premier Jean-Claude Juncker, chief of the group of ministers.

Mr Juncker said Greek MPs must vote to approve the package next Sunday and said the government must identify an additional €325 million in “structural expenditure reductions” by Wednesday to ensure fiscal targets are met.

Strong political assurances from the three government parties on the implementation of the plan will also be required.

“These three elements need to be in place before we can take decisions,” Mr Juncker told reporters late last night in Brussels.

EU economics commissioner Olli Rehn said a draft agreement with private Greek creditors to restructure the country’s national debt is practically finalised.

The deal will reduce the country’s debt burden “towards” the target of 120 per cent of national output, he said. However, there was no clarity as to how the funding gap required to achieve the 120 per cent target would be bridged.

“The future of Greece is first and foremost in the hands of those who have political responsibility in the government and in the parliament,” Mr Rehn said.

He and Mr Juncker expressed confidence that the parliament will back the plan this weekend. A Greek government spokesman said it was clear that Athens was “still halfway" towards realising its objective of securing the second bailout.

Minister for Finance Michael Noonan said as he arrived in Brussels that the second rescue would help to stabilise the euro zone.

“I think in bond pricing the contagion effect of the crisis in Greece is factored in to bond prices in Ireland, so a Greek resolution would enable us to get back to the markets as we expect to do some time in the course of the year,” he said.

Although Ireland has sufficient funding until late 2014, the Minister said Dublin might seek to build up some advance funds even though that was not necessary. Dublin might also repeat a recent debt-swap to lessen Ireland’s €12 billion refinancing requirement at the start of 2014.

“We have no requirement for funds at present. But it would be strategic for the National Treasury Management Agency in the course of the year to test the market to see at what rate we could get funds and wemight decide to accumulate some funds in advance of requirement,” Mr Noonan said.

Echoing remarks made by many of his counterparts, Mr Noonan said that it was too early to say whether the second Greek bailout was a done deal.
The Irish Times also reports that three IDA Ireland-backed firms have announced 485 new jobs at locations in Cork, Kildare, Galway and Sligo.

An additional 150 construction jobs will be supported over the next two years in Sligo as Abbott Pharmaceutical invests €85 million in its manufacturing facilities.

US technology giant HP is creating 150 software research and development positions over the next three years at its sites in Leixlip, Co Kildare, and Galway.

It is also hiring an extra 130 technical support staff in Kildare.

The new Abbott manufacturing facilities in Sligo will support its pipeline of new drugs, primarily for the treatment of cancer, kidney conditions and viral infections, said Calum Park, site director for Abbott Ireland Pharmaceutical Operations.

The plant will be completed in 2014, and will provide 175 new jobs, bringing total employment at the site to 300. Most of the jobs will be filled before the plant opens.

Abbott has 13 manufacturing, commercial and shared services sites across the country, which employ nearly 4,000 people.

In Cork, online games company Big Fish Games is to create 30 jobs with the establishment of a research and development centre that looks at how cloud computing technologies can be applied to gaming.

The timing of the announcements was co-ordinated by IDA Ireland and coincided with the attendance of Taoiseach Enda Kenny, Tánaiste Eamon Gilmore and Minister for Jobs Richard Bruton at an Invest in Ireland conference hosted by former US president Bill Clinton in New York yesterday.

Speaking from that event, IDA Ireland chief executive Barry O’Leary described it as “an excellent day”, and said the announcements would highlight to “US business leaders the many advantages of investing in Ireland”.

The new HP jobs would not have been secured without “a collaborative approach” with IDA Ireland, said Martin Murphy, managing director of HP Ireland.

“Foreign direct investment is a very competitive space at the moment,” said Mr Murphy. “We are competing with a lot of other countries to win jobs.”

Mr Murphy said the 130 technical support jobs were predicated on HP locating the RD jobs in Ireland. The software development jobs will be split between a Galway laboratory, which looks at new ways of delivering and managing software, and the Silicon Valley company’s Leixlip campus.

HP will have about 4,200 staff in Ireland following the expansion, but Mr Murphy said local management were in talks with its parent company and the State about other projects that could be brought to Ireland.

Big Fish Games is a US firm that specialises in so called “casual games”, which are played on the web and mobile devices, and promises to deliver a new game every day. Established in 2002, it currently has about 70 staff in Cork.

Its chief executive Jeremy Lewis is a vocal champion of investment in Ireland, and has appeared in IDA promotional videos.

The computer games industry employs about 1,500 in Ireland, but IDA and other State agencies have identified it as an area of potential significant jobs growth.

The global healthcare group Abbott employs 91,000 people and sells its products in more than 130 countries. In the quarter to the end of December last it had revenues of $10.3 billion.

HP is the largest technology company in the world with a portfolio that spans printing, PCs, software and services. Following a number of strategic blunders during 2011, former eBay chief executive and candidate for California governor Meg Whitman assumed control at HP.

The Irish Examiner reports that National Asset Management Agency chairman Frank Daly expects the agency to receive up to €500m in fresh security for its loans on foot of talks with debtors.

Mr Daly unveiled this projection to those at last night’s annual dinner of the Dublin Chamber of Commerce. He said the agency had made progress in obtaining charges over debtor assets that were previously unencumbered and reversing transfers of assets by debtors to family members.

Mr Daly said: "We have been granted charges over assets with an aggregate value of €221m and have succeeded in reversing asset transfers totalling €160m. We expect that, once this process is concluded, the aggregate value of these unpledged assets may prove to be in the region of €500m." He rejected criticisms the agency had been slow to make decisions and said he had developed a thick skin since chairing "one of the most controversial bodies ever established here".

Mr Daly said: "We have made 6,000 individual credit decisions since the end of March 2010 and the average turnaround time for credit decisions is less than six days. Clearly there are outliers but this is understandable if the decision being made is complex and there is a lot of taxpayers’ money at risk."

He said NAMA recognised the role it must play as a catalyst for renewing sustainable activity in the Irish property market, through residential and commercial property initiatives.

Mr Daly said NAMA plans to acquire property assets, on an arm’s length basis, from receivers (or from debtors who cede secured property directly to NAMA) and will package them in various combinations which can then be monetised through sale to investors.

Meanwhile, the Government has appointed International Fund for Ireland chairman Denis Rooney, Blackstone’s Gerry Murphy and former HSBC chief executive Michael Geoghegan as the three-man NAMA advisory board.

Foreign news reviews and more comprehensive coverage of Irish news is available in our Daily News Digest in the Global category on Finfacts Premium.

Copyright 2011 by Finfacts.com

http://www.finfacts.ie/irishfinancenews/article_1023906.shtml
posted for education purposes only for lmited groups

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The United States government and its NATO puppets have been killing Muslim men, women and children for a decade in the name of bringing them democracy. But is the West itself a democracy?

Skeptics point out that President George W. Bush was put in office by the Supreme Court and that a number of other elections have been decided by electronic voting machines that leave no paper trail. Others note that elected officials represent the special interests that fund their campaigns and not the voters. The bailout of the banks arranged by Bush's Treasury Secretary and former Goldman Sachs chairman, Henry Paulson, and Washington's failure to indict any banksters for the fraud that contributed to the financial crisis, are evidence in support of the view that the US government represents money and not the voters.

Recent events in Greece and Italy have created more skepticism of the West's claim to be democratic. Two elected European prime ministers, George Papandreou of Greece and Silvio Berlusconi of Italy, were forced to resign over the sovereign debt issue. Not even Berlusconi, a billionaire who continues to lead the largest Italian political party, could stand up to the pressure brought by private bankers and unelected European Union officials.

Papandreou lasted only 10 days after announcing on October 31, 2011, that he would let the Greek voters decide in a referendum whether or not to accept the austerity being imposed on the Greek people from the outside. Austerity is the price charged by the EU for lending the Greek government the money to pay to the banks. In other words, the question was austerity or default. However, the question was decided without the participation of the Greek people.

Consequently, Greeks have taken to the streets. The conditions accompanying the latest tranche of the bailout have again brought large numbers of Greeks into the streets of Athens and other cities. Citizens are protesting a 20% cut both in the minimum wage and in pensions larger than 12,000 euros ($15,800) annually and more cuts in public sector jobs. Greek taxes were raised 2.3 billion euros last year and are scheduled to rise another 3.4 billion euros in 2013. The austerity is being imposed despite Greece's unemployment rate of 21% overall and 48% for those under the age of 25.




One interpretation is that the banks, which were careless in their loans to governments, are forcing the people to save the banks from the consequences of their bad decisions.

Another interpretation is that the European Union is using the sovereign debt crisis to extend its power and control over the individual member states of the EU.

Some say that the EU is using the banks for the EU's agenda, and others say the banks are using the EU for the banks' agenda.

Indeed, they may be using each other. Regardless, democracy is not part of the process.

Greece's appointed -- not elected -- prime minister is Lucas Papademos, He is a former governor of the Bank of Greece, a member of Rockefeller's Trilateral Commission, and former vice president of the European Central Bank. In other words, he is a banker appointed to represent the banks.

On February 12 the appointed prime minister, whose job is to deliver Greece to the banks or to Brussels, failed to see the irony in his statement that "violence has no place in a democracy." Neither did he see any irony in the fact that 40 elected representatives in the Greek parliament who rejected the bailout terms were expelled by the ruling coalition parties. Violence begets violence. Violence in the streets is a response to the economic violence being committed against the Greek people.

Italy has formed a second democratic government devoid of democracy. The appointed prime minister, Mario Monti, doesn't have to face an election until April 2013. Moreover, according to news reports, his "technocratic cabinet" does not include a single elected politician. The banks are taking no chances: Monti is both prime minister and minister of economics and finance.

Monti's background indicates that he represents both the EU and the banks. He is former European advisor to Goldman Sachs, European chairman of the Trilateral Commission, a member of the Bilderberg Group, a former EU Commissioner, and a founding member of the Spinelli Group, an organization launched in September 2010 to facilitate integration within the EU, that is, to advance central power over the member states.

There is little doubt that European governments, like Washington, have been financially improvident, living beyond their means and building up debt burdens on citizens. Something needed to be done. However, what is being done is extra-democratic. This is an indication that Western elites -- the Trilateral Commission, the Council on Foreign Relations, Bilderberg Group, the EU, transnational corporations, over-sized banks, and the mega-rich -- no longer believe in democracy.

Perhaps future historians will conclude that democracy once served the interests of money in order to break free of the power of kings, aristocracy, and government predations, but as money established control over governments, democracy became a liability. Historians will speak of the transition from the divine right of kings to the divine right of money.



http://www.paulcraigroberts.org/

Paul Craig Roberts was an editor of the Wall Street Journal and an Assistant Secretary of the U.S. Treasury. His latest book, HOW THE ECONOMY WAS LOST, has just been published by CounterPunch/AK Press. He was awarded the Treasury Department's (more...)

http://www.opednews.com/articles/Is-Western-Democracy-Real-by-Paul-Craig-Roberts-120214-400.html

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http://af.reuters.com/article/metalsNews/idAFL5E8DE8EO20120214

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http://www.rudaw.net/english/world/4418.html

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If anything is a tough sell at the moment, it must be the euro.

As Athens cleans its debris-strewn streets and ratings agencies threaten further downgrades, now might not seem the time to convince others of the benefits of the single currency.

Yet, with the euro zone struggling to pull itself back from the economic precipice, that is just what the European Union's two most senior officials were trying to do yesterday - and in China of all places.

While China's economy, with its unique form of authoritarian capitalism, is expected to expand about 8.5 per cent this year, the euro zone economies are forecast by the International Monetary Fund to contract 0.5 per cent.
http://www.thenational.ae/news/world/asia-pacific/the-euro-s-travelling-salesmen

Despite this, the European Council president, Herman Van Rompuy, and the European Commission president, José Manuel Barroso, arrived at the University of International Business and Economics in Beijing to press the case for the euro to hundreds of Chinese students. They were also there to launch an exhibition extolling the currency's virtues.

Mr Van Rompuy talked of the "astonishing success" of the euro's launch and insisted, in a nod to the length of Chinese history, a common theme used to butter up audiences, "that Europe and China can think in decades, yes even centuries".

"Therefore a period of crisis, such as we live these days, does not distract us from our sense of direction and from our goal: more Europe," he said.

Although the euro zone has been accused of a lack of coordinated action over its sovereign debt crisis, yesterday there appeared to be near perfect harmony between Mr Van Rompuy and Mr Barroso's speechwriters.

One might conclude that, recognising the difficulty of their task, they were simply mounting an extra effort to ram home the message that the currency has improved trade both within and beyond Europe and that the continent is well on the way to putting its economic house in order.

As both men said, more than US$1 billion (Dh3.67bn) of that trade each day is with the dragon economy, although some have said China's undervaluing of the yuan means it benefits from this bilateral trade more than Europe does.

On Tuesday, the two EU leaders met the Chinese premier, Wen Jiabao, who expressed China's support for the euro zone but declined to commit to investing any of his country's $410 billion (Dh1.47 trillion) sovereign wealth fund into the euro zone's planned €500bn bailout fund.

There is an obvious irony to Europe having to come cap in hand to China, a country where the leadership never lets the people forget they were humbled by predatory European powers in the 19th century.

The audience listening to Mr Van Rompuy and Mr Barroso, however, were in forgiving mood.

"Colonialism was a long time ago. Now we are brothers. China should help the euro get over the crisis," said Wang Xueqing, a fourth-year information management and systems student at the university.

dbardsley@thenational.ae

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http://www.marketwatch.com/story/clariant-ag-change-in-the-board-of-directors-of-clariant-2012-02-15

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....(following of the hereunder article)
Separately, Canadian authorities reiterated warnings that the so-called Volcker rule may stem liquidity for Canadian government bonds, Finance Minister Jim Flaherty said in a letter to Treasury Secretary Timothy Geithner released yesterday.

Bank of Canada Governor Mark Carney echoed those concerns in a separate letter to Federal Reserve Chairman Ben S. Bernanke. “The proposed rule may undermine, rather than support, progress toward creating a safer, more resilient and more efficient global financial system,” Carney wrote.

Canadian policy makers have joined European and Asian colleagues in speaking out against the rule.

Canadian government bonds should be exempt from the regulations, Flaherty said, noting that U.S. government bonds are excluded. The rule risks impeding financial institutions from acting as “market makers” for government bonds in Canada, as well as for corporate bonds and stocks, he added.
http://news.businessweek.com/article.asp?documentKey=1376-LZCK1N0D9L3501-2DDREGLBN8CKRVH3F8DCUSU452

FOR EDUCATION PURPOSES ONY FOR LIMOITED GROUPS

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IN AB SANDVIK...NATURALLY
http://www.rttnews.com/1820717/sandvik-ab-s-nomination-committee-finalises-proposals-for-board-s-composition.aspx?type=qf