EU eyes permanent mechanism to manage future debt crisis

BRUSSELS, Dec. 15 -- European Union (EU) leaders will gather for their two-day summit on Thursday and Friday, looking to establish a permanent bailout mechanism to manage future debt crisis.


During their autumn summit meeting, the leaders agreed to introduce "limited change" to the Lisbon treaty to allow for the establishment of a permanent crisis management mechanism to safeguard the stability of the eurozone as a whole.

"We will focus on the main issue on our agenda: the limited amendment to the Treaty in order for a permanent mechanism to be established by the Member States of the euro area to safeguard the financial stability of the euro area as a whole," President of the European Council Herman Van Rompuy said in an invitation letter to the leaders.

According to draft documents obtained by the local media, a two-sentence paragraph will be added to the Lisbon treaty, which says "The member states whose currency is the euro may establish a stability mechanism to safeguard the stability of the euro area as a whole. The granting of financial assistance under the mechanism will be made subject to strict conditionality."

After the Greece debt crisis, the EU put together with the International Monetary Fund (IMF) a 750-billion-euro rescue fund to bail out countries that may fall prey to the debt crisis. But the mechanism will expire in 2013.

Germany, the largest contributor to the rescue fund, has argued that the rescue fund is against the so-called non-bailout clause of the Lisbon treaty and called for a change in the treaty to lay a solid foundation for future rescue mechanisms.

The limited change will be conducted in a simplified revision procedure that does not need referendums in member states and will come into force in 2013.

"We need to reach an agreement on a draft decision at our meeting in order for procedures to be launched as fast as possible, both at the EU and national levels, so that this decision can enter into force on 1 January 2013," Van Rompuy said in his letter.

According to the agreement reached at an emergency meeting of EU finance ministers last month, the permanent mechanism, namely the European Stability Mechnism (ESM), will be based on the 440-billion-euro European Financial Stability Facility (EFSF), which is the lion share of the 750-billion-euro rescue fund and is funded by eurozone member states.

But the aid to the member states will be accompanies with "a stringent program of economic and fiscal adjustment and on a rigorous debt sustainability analysis conducted by the European Commission and the IMF, in liaison with the ECB," the ministers said in a statement. And a unanimous decision will be needed by eurogroup ministers to provide the aid.

Another important element of the permanent mechanism is to involve the private sector in future bailout packages, a long-time call from Germany.

"Rules will be adapted to provide for a case by case participation of private sector creditors, full consistent with IMF polices," the ministers said.

To dispel market concerns, the ministers stressed that involvement of the private sector will not be effective before mid-2013 when the temporary rescue fund expires.

The EU leaders are expected to endorse decisions made by the finance ministers.

Recent hot topics such as enlargement of the 750-billion-euro rescue fund and issuing of euro bonds, however, will not be on the agenda of the leaders' summit, according to diplomatic sources.

Germany has been against the two ideas floated recently among some member states and EU officials. 

China, U.S. start trade talks in Washington

Chinese Vice Premier Wang Qishan (L) shakes hands with U.S. Commerce Secretary Gary Locke prior to their meeting in Washington D.C, capital of the United States, Dec. 14, 2010. High-ranking officials of China and the United States started their talks in small groups here on Tuesday afternoon as part of the 21st Joint Commission on Commerce and Trade (JCCT) meeting.

WASHINGTON, Dec. 14 -- China and the United States on Tuesday kicked off their annual trade talks in Washington D.C..


Visiting Chinese Vice Premier Wang Qishan co-chaired the 21st Joint Commission on Commerce and Trade (JCCT) meeting with U.S. Commerce Secretary Gary Locke and Trade Representative Ron Kirk.


High-ranking officials of both countries started their talks in small groups on Tuesday afternoon.


The plenary session of the 21st JCCT meeting will be held on Wednesday. In addition to talks on investment, trade, intellectual property right and other issues, it is expected that the two sides will sign a number of bilateral agreements on governmental cooperation at the talks later that day.


The JCCT began in 1983 as a platform for both countries to promote trade and address issues of mutual concern.


The 20th JCCT was held in east China's Hangzhou City on Oct. 28- 29, 2009.

More Billionaires Pledge to Donate Wealth

VOA News 

Facebook CEO Mark Zuckerberg talks about the new Facebook messaging service at an announcement in San Francisco, 15 Nov 2010

The billionaire founder of Facebook, and 16 other extremely wealthy individuals and families in the United States have agreed to give most of their fortunes to charity.

Mark Zuckerberg's social media empire is estimated to have earned him $6.9 billion. The 26-year old entrepreneur says some wealthy people wait until late in their lives to give back. He says it is a mistake to wait "when there is so much to be done."

The new donors have joined a charitable project called the "Giving Pledge" started by billionaires Warren Buffett and Bill Gates. The group now has 57 members and is looking for new recruits outside the United States.

The pledges come at a time when the economic crisis has increased the need for social services and decreased overall charitable donations.

US Inflation Low

U.S. consumer prices posted their smallest increase in five months during November, a sign that there is little threat of inflation for the time being.

Wednesday's report from the Labor Department showed the Consumer Price Index rose just one-tenth of a percent in November, which is less than the previous month.

Low inflation is one result of the slow economy. High unemployment restrains wages because it increases competition for jobs, and makes workers more willing to take lower pay. And the high rate of foreclosures means more homes are put on the rental market, which means landlords must cut rental costs to attract tenants.
U.S. economic problems are at the top of the agenda today in Washington, as President Barack Obama meets with the leaders of many major companies, exchanging ideas on boosting growth and cutting unemployment.

MSN AdCenter Secrets

Promote your business with MSN adCenter

What's New with Bing and adCenter?

Learn about the latest adCenter features and enhancements right here. Whether you already have an account or you’re just curious about the services available through adCenter, you can check this page often for updates on how best to manage and use an online advertising account.

New and improved Microsoft Advertising adCenter features

Microsoft Advertising adCenter Fall 2010 Upgrade includes a number of key updates that focus on giving you improved business insight, better campaign management and more convenience. Many of these new features are just what you’ve asked for, and they’re designed specifically to help you get the most from your search advertising spend.

October features for the Fall 2010 Upgrade:
 

• Search campaign change history report
  When did you first try that new keyword? Find the answer to that and similar questions with this new report. It tracks the change history for your search accounts, campaigns, ad groups, ads, and keywords. 

• Import and export improvements
  To make bulk editing more simple, you can export an Excel spreadsheet of campaign details, edit them, and then re-import into adCenter. Plus, formats are consistent between the adCenter UI and DesktopBeta. It’s also possible to save and restart a pending or incomplete import process at any time.

• Reporting date range improvements
  Most campaign performance reports offer two new date range views: Last 14 days and Last 30 days. 

September features for the Fall 2010 Upgrade:

• Enhanced search network distribution
  You will have control over where your search ads are displayed, and you will be able to select your search ad network distribution at the ad group level. You can choose to display on Yahoo! Search and Bing, on partner sites exclusively, or on the entire search network (which is the default setting). Yahoo! Search or Bing sites cannot be independently selected. We expect the Yahoo! ad serving transition to adCenter to begin in mid-October Remember, if you are an existing Yahoo! advertiser you will still need to manage your Yahoo! Search Marketing account until ad serving fully transitions to adCenter.
• Enhanced website exclusion
  You can use the enhanced website exclusion feature for search ads to designate—at the campaign and ad group levels—up to 500 individual sites where you do not want to display your search ads. By managing the sites on which your ads will not appear, you can help improve ROI on your paid search campaigns.
• Campaign analytics
• The new campaign analytics features provides information about site-visitor activity that occurs on your website as a result of your paid search campaigns. That includes conversions, revenue from conversions, advertising cost, and other visitor-related data. Additionally, the reports cover such information as sources of traffic to your website and segmentation by attributes such as age group, gender, and geographical location.
• Budget improvements
  This update will help you plan your campaign budget more precisely as you see a more consistent, predictable daily spend. With the budget improvements, your actual daily spend will be a lot closer to your original budget setting--bringing adCenter budget overspend for any given day more in line with the industry standard. If you have set a low daily or monthly budget in anticipation of overspending, increase it now so that it better reflects the actual amount you want to spend.  

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EU launches antitrust probe into alleged Google abuses

 

The probe does not imply any wrongdoing by Google

The European Commission has launched an investigation into Google after other search engines complained that the firm had abused its dominant position.

The EC will examine whether the world's largest search engine penalised competing services in its results.
The probe follows complaints by firms including price comparison site Foundem and legal search engine ejustice.fr.

Google denies the allegations but said it would work with the Commission to "address any concerns".
Earlier this year the attorney general of Texas launched a similar investigation following complaints from firms including Foundem.

The objections in both cases are from competitors which allege that Google manipulates its search results.
"The European Commission has decided to open an antitrust investigation into allegations that Google has abused a dominant position in online search," the body said in a statement.

It said the action followed "complaints by search service providers about unfavourable treatment of their services in Google's unpaid and sponsored search results coupled with an alleged preferential placement of Google's own services."

The Commission's investigation does not imply any wrongdoing by Google.

"Since we started, Google we have worked hard to do the right thing by our users and our industry," said the firm in a statement.

"But there's always going to be room for improvement, and so we'll be working with the Commission to address any concerns."

Core business


Google offers two types of search result - unpaid results produced by the firm's algorithms that are displayed in the main body of the page and "ads", previously called sponsored links.

The investigation will try to determine whether the firm's method of generating unpaid results adversely affects the ranking of other firms, specifically those providing so-called vertical search services.

These are specialist search providers, and can include sites that offer price comparison, for example.

Foundem alleges that Google's algorithms "remove legitimate sites from [its] natural search results, irrespective of relevance". It also says that the firm promotes its own services over those offered by competitors.

"Google is exploiting its dominance of search in ways that stifle innovation, suppress competition, and erode consumer choice," Foundem said in its complaint filed in February 2010.

But Google argues that there are "compelling reasons" why these sites are "ranked poorly".

For example, it said, Foundem "duplicates 79% of its website content from other sites."

"We have consistently informed webmasters that our algorithms disadvantage duplicate sites," the firm said.
The Commission will also look into allegations that Google manipulated elements of its system that determine the price paid for ads from these sites.

Finally, the investigation will also probe how the company deals with advertising partners.

Advertising is the core of Google's business.

Google is alleged to impose "exclusivity obligations on advertising partners, preventing them from placing certain types of competing ads on their web sites, as well as on computer and software vendors," according to an EC statement.

In addition, the EC said it would also look into "suspected restrictions on the portability of online advertising campaign data to competing online advertising platforms."

Google says it already allows customers "to take their data with them when they switch services" and that its contracts "have never been exclusive".

(Source:BBC)

World Leaders, Officials Watch WikiLeaks with Curiosity, Concern

Kate Woodsome 29 November 2010

Photo: AP

A news stand displaying newspapers, some carrying the story on WikiLeaks' release of classified U.S. State Department documents, at a newsagent in central London, Nov. 29, 2010.

Senior officials from Washington to Australia to Pakistan are responding with alarm to the latest release of thousands of classified U.S. documents by the online whistleblowing group WikiLeaks. But some officials are looking at the uncensored view of America's diplomatic corps as a window into how the U.S. State Department sees the world.

Pakistani newspapers splashed the news across its front pages Monday, a day after the leaks revealed damning characterizations of Pakistan and its president, Asif Ali Zardari. Saudi King Abdullah is quoted in one cable calling Mr. Zardari the greatest obstacle to Pakistan's progress. In the document, the king says, "When the head is rotten, it affects the whole body."

Mr. Zardari's spokesman accused WikiLeaks of damaging Pakistan's relations with Saudi Arabia, and said President Zardari considers King Abdullah as his elder brother.

The cables also cast Turkish Prime Minister Recep Tayyip Erdogan in a negative light, suggesting he is sympathetic to Islamists and knows little of the world outside Ankara. Mr. Erdogan said that he would wait to find out more information before announcing his reaction.

"Let's first see exactly what WikiLeaks is hiding under its skirt. Then we will see if the claims are serious or not," the Turkish leader told reporters in Ankara Monday. "The credibility of WikiLeaks is under suspicion, so for now we are waiting to see what they have and then we will make the appropriate announcement."

For Israel, Prime Minister Benjamin Netanyahu said the diplomatic leak was positive. He said Monday that Israel has not been damaged by the leak and, if anything, its concerns about Iran have been validated.  The documents underscore the concern of Arab countries about Iran. In one, Saudi Arabia urges the U.S. to carry out military strikes to prevent Iran from getting a nuclear bomb, a stance also advocated by Israel.

The contents of the leaked cables also drew some praise from some U.S. allies. Jonathan Powell, former British Prime Minister Tony Blair's chief of staff, said that as a diplomat it was fascinating to read the private correspondence of his counterparts. Powell said that overall, the documents show that American envoys are well-connected and well-informed about political issues abroad.

The British government has formally condemned the leak. And France quickly pledged support for the Obama administration as it moved into damage-control mode after the inner thoughts of its diplomatic corps spilled into an open discussion about America's friends and foes.

Australian Attorney-General Robert McClelland announced Monday that his government is investigating whether the leak broke any of the country's laws.

"The release of this information could prejudice the safety of people referred to in the documentation and indeed could be damaging to the national security interests of the United States and its allies including Australia," McClelland told reporters. So, obviously, Australia will support any law enforcement action that may be taken."

One of the cables, from the U.S. embassy in Zimbabwe, described Australia as a "rock solid" ally, but said it did not have enough influence to affect events in that country.

McClelland said he has set up a task force to determine, and deal with, the impact of the leaks. Of the quarter-million documents released, about 1,400 mention Australia, with 1,000 cables originating from the U.S. embassy in Canberra.

"I've asked the Australian Federal Police to look at the issue as to whether any Australian laws have been breached as a specific issue as well," McClelland said.

The founder of Wikileaks, Julian Assange, is an Australian citizen. McClelland said federal police are looking into whether Assange broke any criminal laws.  However, he said he had no knowledge of reports that the United States has asked Australia to revoke Assange's passport.

Comments (46)

29-11-2010 Don Vito (America) I could care less hahahahaha

29-11-2010 Steve Thompson This is what passes for intelligence at the State Department? http://viableopposition.blogspot.com/2010/11/wikileaks-muammar-al-qadhafi-and-his-so_28.html Has no one at the State Department heard of Wikipedia or Google? From this cable, Colonel Qadhafi’s proclivities look no worse than those of many celebrities and aging rock stars.

29-11-2010 RKK (India) Commedy of ERRORS!:(:)

29-11-2010 An loyal American (America) Wiki you are so irresponsible. You think by publishing all of this you are exercising your constitutional rights. What you are doing is being irresponsible toward the American people. How many will die now because of this. How many people within the United States will die because of this. How many mothers, fathers, brothers, and sisters around the world and maybe here at home will lose a loved one because of this. I think that you should be looked at as terriorist, and tried for espionage.

29-11-2010 Tmax (Canada) How long before Julian Assange meets with an unfortunate accident? I think he could have gotten away with the first leak but this one if over the top and is bound to bring him unwanted attention and unfortunatley harm. This is how the world works people whether we like to admit it or not.....

29-11-2010 I love Erdogan's comments in response to the accusation that he is " is sympathetic to Islamists and knows little of the world outside Ankara" -- He is going to wait and find out more information-- does that mean he is going to learn about the world outside Ankara? And then he questions the credibility of the documents, even though responses around the world have made it clear that these documents are not faked.

29-11-2010 It is treason and it should be punished as such. Dedicated people in the defense of our country may die because of the leaks and our defense will be weakened also.

29-11-2010 redirect (Canada) Who's surprised by how arrogant and ignorant Americans are?

29-11-2010 spak (canada) If they are so worried that the world sees how they conduct business then perhaps they should conduct business in a more responsible and conscientious manner. Or maybe they are concerned that the world will see who the true 'axis of evil' is.

29-11-2010 DFF Leonardo WikiLeaks is unfair and anti-American. Releasing info about absurdities that at times show more personal viewpoints than official view is unfair to the USA. It would be fair if it help solve a problem. However, simply releasing confidential or secret information about the USA by a foreigner has not merit. It would be creditable if the same would be done to Russia and China; but, the bad guys are not mentioned. Does WikiLeaks only have spies in the US?

29-11-2010 Michael Denery (America) If it is favorable to Israel then Wikileaks probably has been compromised by Israel.

29-11-2010 Rod (U.S.) What else is new? What I read here does not seem to be of great concern, just candid assessments by those who wrote them. In the other hand, I watched Hillary Clinton admit on TV that she personally would not submit to be body scanned or groped. If the Secretary of State would not do it, what makes government officials think that 75% of the rest of the country likes being subjected Gestapo style?

29-11-2010 lorax (USA) Who's lives does this leak put in danger? Would the number exceed the 5,000 Americans already killed in Iraq? Would it come even close to the hundreds of thousands of dead Iraqis who had nothing to do with 9/11? If the Pentagon Papers had anything to do with stopping the senseless war in Vietnam, perhaps Wikileaks might expose the idiocy of American policies that start wars under false pretenses. Perhaps future leaks will expose the real reasons behind these wars. (Oil leases? Pipelines?)

29-11-2010 A (Earth) That the world is managed by criminals and thieves is no suprise; that they want to hide their crimes, also no suprise.

29-11-2010 Amit Sarkar (USA) As of now, there is no real "intelligence" in these secret intelligence (cables). Is this what we taxpayers pay these bumbling idiots in Pentagon and State Dept billions of dollars for?

29-11-2010 Rob (USA) These leaks show the all too human nature of the US State Dept. and nothing more. Big deal. US Ambassadors are trash talking their international counterparts. That is business as usual. International counterparts are trash talking the USA. Big deal. Embarrassing yes. Damaging...no. Next. Now let's move on to more important issues and problems. Besides all this, Assange is a narcissist who is doing this out of an inflated sense of his own importance...to strengthen his ego.

29-11-2010 Mike (USA) It only takes one bad-apple to leak important information so we should not blame the entire State Department for the leak. But controls should be in-place to track who accesses data and flags should be raised when unusual volumes of data are copied. Perhaps State should chat off-line and not commit its thoughts to electronic means. When you put something in a computer either at State or FaceBook or Twitter you no longer have control over it no matter what someone tells you.

29-11-2010 fitz (usa) As far as the released documents, in large part they will turn out to be much ado about nothing. Showing that internal classified diplomatic documents do not always reflect the official media-released policy is really no surprise whatsoever. The fact that after sifting through a quarter of a million documents, a small percentage can be viewed as "damaging" is to be %100 expected. Jonathan Powell's view will turn out to be the general consensus.

29-11-2010 Chockolate (Australian in Italy) This is fantastically healthy to see all our leaders squirm! Watch them try and convince us it's bad for our well being!

29-11-2010 uche (uk) every politician is a charlatan!

29-11-2010 i proude of you, keep showing real face of whol world to common person, thanks alot to give us a huge information,

29-11-2010 Subair P. (United Arab Emirates) Nobody can hide the truth for a long time, will come out when time comes.

29-11-2010 marklar (OOOOOH - S - A) Don Vito is right...

29-11-2010 jairaj (INDIA.) THANKS WIKI. A GREAT JOB. LET WORLD SEE THE REAL US. CONGRATS. WELL DONE.

29-11-2010 peterb37 (USA) People who are enen slightly informed know that Arab countries desire to attack Iran isn't any indication of the danger posed by that country. Sunnis view Shiites as heretics and in Saudi Arabia; Shiites are powerless and retain absolutely no rights. This creates a problem. Other Arab countries with Sunni majorities have followed suit. Iran is a country with a Shiite majority and Shiite leadership. If the date were 1700 the attitudes would be the same as present.

29-11-2010 Alex (Uganda) This was the misuse of being super power, wait for China or India to come up, Now any American can be seen as Intelligence personal. Let the USA see mirror this time.....

29-11-2010 this is just reams of 'diplomatic' gossip - don't see anything 'sensational' as yet

29-11-2010 David McGOW (ENGLAND) NOW CAN WE TELL THE US WHAT TO DO WITH THEMSELVES. WHY DO WE BRITS PERSIST WITH THIS SILLY NOTION OF A SPECIAL RELATIONSHIP WITH THE USA. OUR POLITICIANS EMBARASS US WITH THEIR BROWN NOSING TO THE US. ITS PATHETIC. WE CONSISTENTLY SUPPORT THEIR WARS, AND ALL THEY DO IS BELITTLE AND UNDERMINE THEIR ONLY TRUE ALLY. THEY SUCK

29-11-2010 My Name Do not despair; in all of this chaos, there is good news. The administration has taken quick and decisive action by condemning Wikileaks, an authoritative wag of the finger if you will...

29-11-2010 (u.s.a.) real freedom , walk rigth.

29-11-2010 Mojojojo (USA) Treason? think.If America is the freedom loving country it claims to be, transparency is a necessity.People have every right to know what they're elected officials are doing.The problem is that not enough people are going to follow up on this and it will all blow over in a week.American education is in steep decline.Far too many people ignore the realities of the world, embrace (American)extremism and become complacent with deceitful and manipulative gov't and media outlets.

29-11-2010 Whatever as if there is not enough to worry about.

29-11-2010 wikileakr (USA) This is not treason because WikiLeaks is not a US based organization. This is also not unAmerican when you consider how much we pride ourselve son freedom and being free means speking the truth. What is unAmerican are individuals against the freedom of the press and freedom of speech. I think we should nominate Julian Assange as president of the USA and he will release all of the truth!!!

30-11-2010 tafadzwa (zimbabwe) at least president mugabe is plain and simple, he dont have nothing to hide, he told the americans to go hang!!!! the americans are true and real hypocrites, they do not stand for wat they advocate.... and to call cde mugabe "devil" was their luck streached too far... thank you wikileaks for showing us the true face of the USA.... hypocrites of note...

30-11-2010 BellaVista (USA) This earth shaking incident already surfaced and it seems too late to do a fixing while it exposes to the sunlight and all goods and bads and uglies related to this incident are all nakedly exposed to show off their butts!

30-11-2010 Vladimir (USA) Dear friends: Media are doing a great job. WikiLeak is show another-back side of smiling official faces, the value of oficial information, the real double standards/opinions of oficial words about the same situation. Please continue to publish secrets in etical way. Sincerely, Vladimir

30-11-2010 Useyourdependsforahat (Canada) Pfft..a bit of gossip, some rehashing of old alliances and overall, a view of the USA that shows it is pretty balanced in how it holds back from attacking Iran even though the regional powers want it. What has been the policy of the US towards Iran?, Attempts at engagement, but showing that it has limits. What to make of Prince Andrew leading and cheering on British business types to be their best at a function? Sounds like a bit of old Ronald Reagan motivating the country in days of yore.

30-11-2010 Me (Bots) Why are you all judging Mr. Assange? Non of you know what could have happened if it was not of his leaks. So, please give these time to prove the real trueth. God will solve the problem for all of you. How come there are things you all want to know about and those you dont? Whats the difference. These is just information that could work well. Just give it time to build a new generation.

30-11-2010 Fooled All you chumps are very gullable...I cant believe that you half wits actually believe a website can publish private and confidential information and the America the great cant shut it down, the US can drop atom bombs, kill millions of people, displace another billion people and cant shut down a website....another fact you might find interesting is that why wasnt anything leaked about Israel, the number one problem in the middile east and nothing was said about it????

30-11-2010 wikisupporter (Australia) The US is the bully of the world and all the brown nosing Australian MP's should move there! America is the cause of all the trouble in the world.

30-11-2010 Dr. Surendra pathak (INDIA) Diplomacy is now a days is the Betrayal to entire humanity. It is crime of the so called civil society.

30-11-2010 Andreas (Cyprus) Read Noam Chomsky if you want to be better inform

30-11-2010 Anh Nguyen (VN) It is not information, but the terrorization. Because, only terrorism is not afraid to put people's life and destiny of the country in peril

30-11-2010 No name (VN) Freedom displays its negative face

30-11-2010 Wilson Asiimwe (Uganda) No wander that's what the US government is doing to the rest of the countries.

30-11-2010 D'Souza (India) I think , this is what Americans are. Americans are hypocrites. We Indians thought they respect us & others as well, but actually they mock us. Shame on americans

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