| May 28, 2010 View this newsletter as a web page on CFR's website.  |  | | | | | | Top of the Agenda: Obama Asserts Control, Regret on Oil Spill U.S. President Barack Obama sought to assert control in containing (FT) the Gulf oil spill by declaring BP was operating under White House orders. BP paused its "top kill" operation to check pressure but restarted the procedure late Thursday night. Scientists have declared the spill the biggest in U.S. waters in history. In a rare televised speech, Obama attacked the cozy relationship between regulators and the oil industry. The White House accepted the resignation of Elizabeth Birnbaum, the head of industry watchdog the Minerals Management Service. Obama balanced his criticism of the oil industry with a strong self-critique for not acting more aggressively (NYT) sooner. Analysis: The BP spill is just the latest in a series of traumatic events forcing a rethink of government's relationship with business, says the Wall Street Journal's Gerald Seib. The United States has been forced to drill deep (one thousand-plus feet) and ultra deep (five thousand-plus feet), in part "because environmentalists have succeeded in rendering the Pacific and nearly all the Atlantic Coast off-limits to oil production," says Charles Krauthammer in the Washington Post. Background: This CFR Backgrounder discusses the growth of deepwater drilling in the Gulf of Mexico and the future of U.S. oil production in light of the Deepwater Horizon spill. | | | | | | | | | MIDDLE EAST: UN Rift Widens on Iran Deal A bitter rift between the United States and Brazil and Turkey widened (AFP) over differences on how to tackle Iran's suspect nuclear program. The Brazilian-Turkish agreement with Iran on enriched uranium was part of Brazil's effort to project the power to "solve conflict through negotiation," says Brazilian expert Antonio Ramalho. UAE: Dubai International Capital, the private equity unit of the emirate's flagship conglomerate Dubai Holding, sought (Reuters) a three-month delay on its debt repayment in another blow to the emirate's reputation. | | | | | | | | | PACIFIC RIM: China Vows Fair Stance on S. Korea Attack Chinese Prime Minister Wen Jiabao said China will make (Xinhua) an "objective and fair" judgment on the sinking of a South Korean warship. In the Wall Street Journal, CFR President Richard Haass writes that the United States and South Korea should stop attempting to negotiate with North Korea and should push for a regime change. Additionally, the United States should pass the Korea-U.S. Free Trade Agreement with the South. North Korea's alleged sinking of a South Korean ship could have been part of a legitimization process to prepare for a new leader to succeed the ailing Kim Jong-Il, says North Korea expert Victor Cha. Japan: The Japanese and U.S. governments reached (WSJ) a formal agreement on the Futenma base on Okinawa, which would keep a large number of Marines there. | | | | | | | | | | | | EUROPE: Geithner Talks Stability Plan with Germany Following talks with German officials, U.S. Treasury Secretary Timothy Geithner said the United States and Europe are in broad agreement on implementing (FT) more conservative rules for financial institutions and are "in a very good position to reach agreement on a global framework." Eurozone debt concerns have led to soaring lending rates, which in turn roiled markets concerned about the EU's ability to overcome its crisis. France: Protests swept France over the French government's plans to raise (DeutscheWelle) the minimum retirement age of sixty, one of Europe's lowest, by two or three years. Editor's Note: There will be no Daily News Brief on Monday, May 31, due to the Memorial Day holiday. The Daily Brief will resume on Tuesday, June 1. | | | | | |
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