Posts Tagged ‘Israel grossman attorney Blog’

Greece’s Economy Remains Embroiled In Turmoil

Uncategorized | Posted by Israel Grossman Attorney
Apr 17 2015

David Greene talks to David Wessel about whether Greece will receive more loans in exchange for promises to overhaul its economy. Wessel is director of the Hutchins Center at the Brookings Institution

Article source: http://www.npr.org/2015/04/17/400285235/greeces-economy-remains-embroiled-in-turmoil?utm_medium=RSS&utm_campaign=world

Bloomberg Terminals Go Dark For Hours, Sending Ripples Through Markets

Uncategorized | Posted by Israel Grossman Attorney
Apr 17 2015

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Traders are pictured at their desks in front of the DAX board at the Frankfurt stock exchange on Friday.

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Traders are pictured at their desks in front of the DAX board at the Frankfurt stock exchange on Friday.

Traders are pictured at their desks in front of the DAX board at the Frankfurt stock exchange on Friday.

Reuters/Landov

If there’s one piece of hardware that can be found on nearly every trader’s desk, regardless of time zone, it’s the Bloomberg data terminal.

So, when the terminals experienced a global outage lasting hours, it sent chaos through markets where the “screens” are relied upon to analyze and interpret financial data — and to exchange market gossip with other traders around the world.

Zero Hedge, a financial news site, says the outage led to “widespread panic among traders mostly in Europe, who were flying blind and unable to chat with other, just as clueless colleagues (the one function used predominantly on the terminal is not charts, nor analytics, but plain old chat).”

The Wall Street Journal quoted Louis Gargour, the chief investment officer at London-based LNG Capital as saying “We’re flying blind.”

“It’s scary how dependent we have become on our Bloomberg screens,” Anthony Peters, a strategist at London-based capital markets adviser SwissInvest, was quoted by WSJ as saying.

Reuters, which is a Bloomberg competitor, quoted Ioan Smith, managing director of KCG Europe, as saying that traders had to “catch up” on important market chatter “after the Bloomberg terminals came back online, and that’s when we saw the falls in Europe.”

The Associated Press adds the problems “prompted the British government to postpone a planned 3 billion-pound ($4.4 billion) debt issue.”

“Users say the outage started as trading was getting in full swing around 8 a.m. in London, one of the world’s largest financial centers, particularly in foreign exchange and bond markets.”

CNBCsays Bloomberg confirmed that the outage began about 8:20 a.m. London time and that service was restored to most users by 12:45 p.m.

AP notes: “The disruption is likely to cause concern at Bloomberg. The company has become the world’s biggest financial information provider, overtaking rival Reuters. Bloomberg is privately held and is not obliged to divulge financial information, but it said in September that its revenue grew to more than $9 billion in 2014, with 320,000 subscribers globally.”

Article source: http://www.npr.org/blogs/thetwo-way/2015/04/17/400323251/bloomberg-terminals-go-dark-for-hours-sending-ripples-through-markets?utm_medium=RSS&utm_campaign=world

Former IMF Head Rato Is Arrested For Tax Fraud In Spain

Uncategorized | Posted by Israel Grossman Attorney
Apr 17 2015

Rodrigo Rato, who led the International Monetary Fund from 2004-2007, was arrested in Spain last night over charges of tax evasion and money-laundering.

An influential figure in Spanish banking and politics, at the IMF Rato was the predecessor of Dominique Strauss-Khan, who left office under a cloud of legal troubles and allegations of sexual assault.

From Madrid, NPR’s Lauren Frayer reports:

“Tax and customs officials raided Rodrigo Rato’s Madrid home last night, and took him away in a police car.
“He was released overnight. A judge is preparing to charge him with money-laundering and tax fraud. He’s accused of hiding part of his personal fortune overseas illegally and also of mismanaging funds at Bankia, the big Spanish bank he headed before it went bankrupt and needed a bailout.
“Rato headed the IMF from 2004 to 2007. He’s also a top figure from Spain’s ruling conservative party. He served in the past as Spain’s vice president and economy minister. But he’s now become a symbol of corruption revealed when Spain’s economy collapsed.”

Article source: http://www.npr.org/blogs/thetwo-way/2015/04/17/400310741/former-imf-head-rato-is-arrested-for-tax-fraud-in-spain?utm_medium=RSS&utm_campaign=world

South Koreans Mark Ferry Disaster Anniversary

Uncategorized | Posted by Israel Grossman Attorney
Apr 16 2015

It’s been 1 year since a ferry accident in South Korea killed more than 300 people. Most of the victims were high school students on a field trip. The remembrances are going on amid political fallout.

Article source: http://www.npr.org/2015/04/16/400052225/south-koreans-mark-ferry-disaster-anniversary?utm_medium=RSS&utm_campaign=world

Ocean Search Area For Lost Malaysian Airliner Is Set To Double

Uncategorized | Posted by Israel Grossman Attorney
Apr 16 2015

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Australia’s Deputy Prime Minister Warren Truss, left, Malaysia’s Transport Minister Liow Tiong Lai, center, and Chinese Transport Minister Yang Chuantan shake hands after a press conference about Flight MH370 Thursday. The search zone for the missing Malaysia Airlines flight will be doubled if nothing is found in the huge undersea area now being scanned for wreckage.

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Australia's Deputy Prime Minister Warren Truss, left, Malaysia's Transport Minister Liow Tiong Lai, center, and Chinese Transport Minister Yang Chuantan shake hands after a press conference about Flight MH370 Thursday. The search zone for the missing Malaysia Airlines flight will be doubled if nothing is found in the huge undersea area now being scanned for wreckage.

Australia’s Deputy Prime Minister Warren Truss, left, Malaysia’s Transport Minister Liow Tiong Lai, center, and Chinese Transport Minister Yang Chuantan shake hands after a press conference about Flight MH370 Thursday. The search zone for the missing Malaysia Airlines flight will be doubled if nothing is found in the huge undersea area now being scanned for wreckage.

Mohd Rasfan/AFP/Getty Images

It’s been more than a year since Malaysia Airlines Flight MH 370 was lost with 239 people on board. Officials now say they’ll double the already huge search area in the southern Indian Ocean to 46,000 square miles if the plane isn’t found by next month.

International search teams have used aircraft and underwater scans to look for the Boeing 777 since it disappeared from flight trackers in March of 2014. A report that was released last month says the locator beacon on the plane’s “black box” flight recorder had a battery that was more than a year out of date.

Despite several false alarms and a wealth of theories, no trace of the plane has been found. For perspective, the current search area of 23,000 square miles is nearly the size of the state of West Virginia. The new search area would be more like the size of Pennsylvania.

From Beijing, NPR’s Anthony Kuhn reports:

“Representatives of the Malaysian, Chinese and Australian governments are meeting in Kuala Lumpur. They sent a letter to family members of those aboard the plane. It says that if the current search comes up empty, they’ll double the search area to about 46,000 square miles.

“The news was welcomed by next-of-kin, some of whom worry that searchers will just give up if they don’t find anything.”

Officials say they’ve looked at around 60 percent of the current search area, according to The Wall Street Journal. The search group has committed to looking for the missing airliner for at least one more year.

Article source: http://www.npr.org/blogs/thetwo-way/2015/04/16/400060403/ocean-search-area-for-lost-malaysian-airliner-is-set-to-double?utm_medium=RSS&utm_campaign=world

South Korea President Promises To Raise Sewol Ferry, One Year After Tragedy

Uncategorized | Posted by Israel Grossman Attorney
Apr 16 2015

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People pay tribute at a group memorial altar for victims of the sunken South Korean ferry Sewol at a remembrance hall in Ansan Thursday.

Jung Yeon-Je/AFP/Getty Images


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People pay tribute at a group memorial altar for victims of the sunken South Korean ferry Sewol at a remembrance hall in Ansan Thursday.

People pay tribute at a group memorial altar for victims of the sunken South Korean ferry Sewol at a remembrance hall in Ansan Thursday.

Jung Yeon-Je/AFP/Getty Images

Speaking on the first anniversary of a catastrophe that killed 304 people, President Park Geun-hye has pledged to salvage the Sewol ferry, which capsized and sank during a trip to a resort island. Nine bodies are believed to remain inside the ship.

“Most of the victims were actually students from a single high school,” NPR’s Elise Hu reports, “so this obviously sent the country into deep grief — but also outrage, since the rescue effort was widely viewed as bungled.”

The ship’s captain and several crew members notoriously abandoned the ship as it was sinking. The ship tilted at an extreme angle, and it’s been reported that conflicting orders were given to passengers. A transcript of radio distress calls showed confusion and panic.

More than half of the ship’s crew members survived; several were arrested. The captain was later sentenced to more than 30 years in jail. The ferry’s owners have also faced intense scrutiny, and one month after the disaster, Park disbanded the Coast Guard.

The president’s promise today “is the first time that Park explicitly mentioned the salvage,” the Yonhap news agency says.

The pledge comes as relatives of the victims demand accountability and closure. They’re also unhappy with the government’s plan to place a special inquiry into the tragedy under the control of the president’s office.

Today, families at one memorial altar turned their backs on the country’s prime minister. And The Korea Herald reports, “families of the missing, who have camped in makeshift homes at Jindo Harbor since the accident, vacated the spot upon hearing of the president’s planned visit, in an apparent show of protest.”

Other politicians’ attempts to visit memorial sites were met with boos — and in one case, a brawl, the newspaper reports.

Article source: http://www.npr.org/blogs/thetwo-way/2015/04/16/400064018/south-korea-president-promises-to-raise-sewol-ferry-one-year-after-tragedy?utm_medium=RSS&utm_campaign=world

The All-Work, No-Play Culture Of South Korean Education

Uncategorized | Posted by Israel Grossman Attorney
Apr 15 2015

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Students take the annual College Scholastic Ability Test, or college entrance exam, at a high school in Seoul last November. Students face enormous pressure to do well on the test and get into a top university. Airplanes are grounded on the day of the test so they won’t disturb the students.

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Students take the annual College Scholastic Ability Test, or college entrance exam, at a high school in Seoul last November. Students face enormous pressure to do well on the test and get into a top university. Airplanes are grounded on the day of the test so they won't disturb the students.

Students take the annual College Scholastic Ability Test, or college entrance exam, at a high school in Seoul last November. Students face enormous pressure to do well on the test and get into a top university. Airplanes are grounded on the day of the test so they won’t disturb the students.

Ed Jones/AFP/Getty Images

In South Korea, grim stories of teen suicide come at a regular clip. Recently, two 16-year-old girls in Daejeon jumped to their deaths, leaving a note saying, “We hate school.”

It’s just one tragedy in a country where suicide is the leading cause of death among teens, and 11 to 15 year-olds report the highest amount of stress out of 30 developed nations.

A relentless focus on education and exams are often to blame. For a typical high school student, the official school day may end at 4 p.m., but can drag on for grueling hours at private cram institutes or in-school study hall, often not wrapping up until 11 p.m.

“Every high school, they do this,” high school juniors Han Jae Kyung and Yoon Seoyoon tell NPR.

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A student completes her workbook at study hall.

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A student completes her workbook at study hall.

A student completes her workbook at study hall.

Elise Hu/NPR

The 14-hour days in classrooms reflects South Korean society’s powerful focus on educational achievement.

“The overriding impression was just a level of intensity I had never experienced at all,” say Tom Owenby. He spent five years in Seoul, teaching English and AP history classes. He’s now a professor at Beloit College in Wisconsin, but his Korean experience is hard to forget.

“It’s not about finding your own path or your own self as it is about doing better than those around you. It’s in many ways a zero sum game for South Korean students,” says Owenby.

Everything here seems to ride on a single college entrance exam — the suneung — taken in November. It’s so critical that planes are grounded on test day for fear of disturbing the kids.

Results determine which universities students can get into, and since there are as few as three colleges considered top tier by future employers, the competition is fierce and the stakes are sky high.

“The chances into of getting into a really top school are the chances of you getting hit by lightning,” student Han Jae Kyung says.

It’s no surprise, then, that researchers found more than half the Koreans aged 11 to 15 reported high levels of stress in their daily lives. That’s a higher percentage of stressed out kids than in any of the 30 other developed nations that are part of the OECD, or Organisation for Economic Co-operation and Development.

“It’s kind of alarming actually. If young students (are) not happy, we cannot guarantee their happiness when they grow up, so our future will be really dark,” says Kim Mee Suk, a researcher at the Korea Institute for Health and Social Affairs, which helped conduct the stress study. She ties the demand for college success to a national drive to keep the economy humming.

“We don’t have enough natural resources, the only resources we have (are) human resources. So actually everybody equipped with higher education would be best for our country but not good for their own selves. So we have really a big dilemma,” Kim says.

She and others are calling for more play time and less test-based curricula. But watching from afar, Owenby says he’s not optimistic.

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Students take off their shoes before entering the study hall.

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Students take off their shoes before entering the study hall.

Students take off their shoes before entering the study hall.

Elise Hu/NPR

“Even if policymakers were hoping to move in that direction, there’s such pressure from parents to try to give their sons, their daughters the best educational opportunity possible. And it becomes what’s often termed as an educational arms race,” Owenby says.

A race to succeed so intense it can have tragic consequences. And there are social consequences, too. Many parents say they chose not to have more children because supporting all the cramming simply costs too much.

See behind-the-scenes posts from this piece and others at our new East Asia Tumblr, Elise Goes East. Hae Ryun Kang contributed to this report.

Article source: http://www.npr.org/blogs/parallels/2015/04/15/393939759/the-all-work-no-play-culture-of-south-korean-education?utm_medium=RSS&utm_campaign=world

Obama: Iranian-Backed Fighters Must Respect Iraq’s Sovereignty

Uncategorized | Posted by Israel Grossman Attorney
Apr 15 2015

In a meeting with Iraq’s prime minister at the White House on Tuesday, President Obama had a warning for Iran — as that country wades into the battle against the self-proclaimed Islamic State in Iraq.

Article source: http://www.npr.org/2015/04/15/399751440/obama-iranian-backed-fighters-must-respect-iraq-s-sovereignty?utm_medium=RSS&utm_campaign=world

European Union Accuses Google Of Abusing Its Market Dominance

Uncategorized | Posted by Israel Grossman Attorney
Apr 15 2015

The European Union has been looking into whether Google favors its own products in online searches. EU officials have filed a complaint against Google. The tech giant has not yet formally responded.

Article source: http://www.npr.org/2015/04/15/399787580/european-union-accuses-google-of-abusing-its-market-dominance?utm_medium=RSS&utm_campaign=world

Iran To Try ‘Washington Post’ Journalist With Economic Spying

Uncategorized | Posted by Israel Grossman Attorney
Apr 14 2015

News reports from Iran say Washington Post Tehran bureau chief Jason Rezaian will be tried for espionage, 10 months after his arrest. Renee Montagne talks to Iranian-Canadian journalist Maziar Bahari.

Article source: http://www.npr.org/2015/04/14/399516214/iran-to-try-washington-post-journalist-with-economic-spying?utm_medium=RSS&utm_campaign=world