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June 1, 2009
EXECUTIVE SUMMARY
- Geithner presents plan for global rebalancing in China meetings.
- GM prepares for bankruptcy.
- News reports indicate North Korea is preparing new missile test.
- Pakistan lifts some Swat curfews opening way for civilians to flee area.
Top of the Agenda: Geithner in China
Timothy Geithner, in his first trip to China as U.S. Treasury Secretary, presented a plan for the United States and China to work together to rebuild the global economy and restore growth. In a speech today at Peking University, Geithner stressed that there is much that both Washington and Beijing need to do to rebalance the world economy. http://m1e.net/
ountries to "overhaul their economies" and
establish a rebalanced global economic order. http://m1e.net/
Chinese media focused on Geithner's implication that Beijing should play a more substantial role in global economic policymaking (CCTV). http://m1e.net/
Bloomberg notes that despite "hand-wringing,
The economic backdrop in Washington is somewhat gloomier today, however, given the imminent bankruptcy of General Motors, the U.S. automaker. The Washington Post reports the U.S. government will push GM into bankruptcy today and will take a 60 percent stake in the company under a restructuring plan that some company investors say unfairly favors the United Auto Workers union. http://m1e.net/
Background and Analysis:
- Here is the text of Geithner's speech. http://m1e.net/
- In an op-ed, CFR's Sebastian Mallaby says China has rapidly shifted from a "diffident player in international finance" to an "impatient table-banger"
- In a recent blog post, CFR's Brad Setser argues China may have even more currency holdings than is commonly thought. http://m1e.net/
MIDDLE EAST: U.S.-Iraq Death Toll
The U.S. military has confirmed that its death toll in Iraq rose sharply over the past month. Twenty-four servicemen were killed in May 2009, the highest toll in any month since September 2008 (BBC). http://m1e.net/
ISRAEL: Israeli Prime Minister Benjamin Netanyahu said Israel would not put life in West Bank settlements on hold, despite U.S. calls for a freeze in settlement construction (Haaretz). http://m1e.net/
SAUDI-YEMEN: The Arab News reports talks between the king of Saudi Arabia and the president of Yemen focused on expanding coordination on counterterrorism and counterpiracy measures. http://m1e.net/
PACIFIC RIM: North Korea Missile Questions
The Korea Times reports this morning that North Korea appears to be accelerating its preparations to test-fire an intercontinental ballistic missile, potentially further heightening tensions after Pyongyang's recent nuclear test. http://m1e.net/
At a special summit, South Korea and the southeast Asian bloc ASEAN jointly called on North Korea to give up its nuclear ambitions (Yonhap). http://m1e.net/
ECONOMY: The FT reports South Korean exports plummeted 28 percent year-on-year through May, worse than expected. http://m1e.net/
SOUTH & CENTRAL ASIA: Swat Curfews
Pakistan lifted curfews on seven cities in the Swat Valley, bending to calls from humanitarian groups and potentially allowing thousands more civilians to flee the recent fighting in the region (Dawn). http://m1e.net/
The Daily Times reports Pakistan's military operations in Swat could end in two to three days. http://m1e.net/
Meanwhile, fighting between Pakistan's military and Taliban militants in South Waziristan left eighteen militants and two government troops dead (The News). http://m1e.net/
SRI LANKA: The BBC looks at the plight of hundreds of thousands of ethnic Tamils, displaced from northern Sri Lanka during recent fighting between the country's government and Tamil Tiger separatists. http://m1e.net/
AFRICA: Somalia Fighting
Pro-government forces retook a police station in Mogadishu after it was seized by Islamist militants (BBC). http://m1e.net/
Garowe Online reports tens of thousands of people have fled Mogadishu as government forces and rebel fighters appear to have geared up for a major clash there. http://m1e.net/
The Daily Nation looks at what spiraling turmoil in Somalia means for security in neighboring Kenya. http://m1e.net/
NIGERIA: After recent statements by Nigerian government officials alleging that the United States has sought to destabilize the country's government, Nigeria's foreign affairs minister said Abuja's ties with Washington are "robust and increasingly strategic" in a bid to mitigate tensions (This Day). http://m1e.net/
AMERICAS: Cuba Agrees to Talks
Cuba agreed to start talks with the United States on a host of issues, from immigration to counterterrorism to counternarcotics (WashPost). http://m1e.net/
El Universal reports an autonomous advisory agency affiliated with Venezuela's government has warned that further government nationalizations could have adverse economic consequences. http://m1e.net/
PANAMA: The Los Angeles Times reports Panama is pushing ahead with an ambitious plan to expand its iconic canal, connecting the Atlantic and Pacific oceans. http://m1e.net/
EUROPE: South Ossetia Elections
The first elections in the breakaway territory of South Ossetia since last year's clash between Russian and Georgian troops there seem likely to bolster the political fortunes of the territory's separatist leader, AFP reports. http://m1e.net/
RUSSIA: The Moscow Times reports the Russian energy firm Gazprom is seeking to cash in on the liquefied natural gas market. http://m1e.net/
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