Thursday, June 10, 2010

[RED DEMOCRATICA] CFR.org Daily Brief, June 10, 2010

 

From the Council on Foreign Relations

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EXECUTIVE SUMMARY

- UK-U.S. Tensions Rise Over BP
- Iran Opposition Struggles for Support
- China Export Growth Presses Yuan Issue
- Britain's Cameron Visits Afghanistan

Top of the Agenda: British-U.S. Tensions Rise over BP

Oil giant BP's shares plunged (BBC) in U.S. and British markets, as investors fear the United States will impose huge penalties on the company for the Gulf of Mexico oil spill. BP's share price has nearly halved since the April 20 spill, hitting British pension funds, which are heavily invested in the firm. London mayor Boris Johnson expressed concern the oil spill was damaging the image of Britain in the United States. Former British ambassador to the U.S. Sir Christopher Meyer said U.S. President Barack Obama and British Prime Minister David Cameron should discuss the issue in a scheduled conversation this weekend.

BP has taken the heat for the oil rig explosion, but other companies, including Transocean, Halliburton, Weatherford International, and M-I SWACO were also working (CSM) on the rig when it exploded.

Analysis:

In the Daily Telegraph, Will Heaven says if BP--the biggest supplier of oil and gas to the U.S. military--loses U.S. government contracts, it could trigger a backlash in America against British companies, with long-term implications for the British economy.

A Wall Street Journal editorial says, "Americans don't blame Mr. Obama for the oil spill, but they are beginning to doubt the competence of a president whose decisions suggest political panic more than careful policy."

Backgrounder:

The Gulf of Mexico oil spill spotlights the growth of deepwater drilling and the challenges of balancing strong environmental regulation with efforts to expand U.S. domestic oil production.

MIDDLE EAST: Iran Opposition Struggles for Support

Supporters of Iranian President Mahmoud Ahmadinejad's main rival Mir-Hossein Mousavi and fellow candidate Mehdi Karrubi are struggling to reignite resistance (Bloomberg) after last year's violent government crackdown. Separately, Iran threatened (NYT) to reduce its dealings with the United Nation's nuclear watchdog in response to new sanctions.

The Security Council's approval of tougher sanctions on Iran marks a diplomatic victory for the Obama administration. But Iran retains momentum, too, and the ability to continue its uranium enrichment program, writes CFR's James Lindsay.

Israel: U.S. President Obama called on Israel (Reuters) to work with all parties to find a solution for Gaza and said the United States is providing $400 million in new aid for the Palestinians.

PACIFIC RIM: China Export Growth Presses Yuan Issue

China's exports jumped (Reuters) in May, reassuring investors about the economy's strength while renewing pressure on U.S. officials to press for yuan revaluation.

South Korea: South Korea's second attempt to launch a multistage rocket using its own technology failed (WSJ), when the Naro rocket exploded shortly after liftoff.

SOUTH AND CENTRAL ASIA: Britain's Cameron Visits Afghanistan

On his first official visit to Afghanistan, British Prime Minister David Cameron announced increased aid (al-Jazeera) for the country but ruled out sending extra troops. Separately, a huge explosion hit the wedding celebration (NYT) of a man who had joined an anti-Taliban militia in rural Kandahar, killing at least thirty-nine people.

Pakistan: Suspected Taliban fighters torched (CSM) dozens of NATO supply vehicles at a truck depot on the outskirts of Islamabad, killing seven people, in one of the worst attacks on the supply chain to military forces in Afghanistan.

AFRICA: World Cup Strikes Threaten S. Africa

South Africa's public-sector unions, representing some 1.2 million workers, rejected a wage offer (Reuters) by the government and said they could hold a national strike during the soccer World Cup.

The upcoming soccer World Cup brings enormous prestige to South Africa's still-emerging democracy. But for all its post-apartheid progress, the country still must fix deep-rooted economic and political problems, writes CFR's Princeton Lyman.

Sudan: The International Criminal Court insisted (DailyNation) that Uganda arrest Sudanese President Omar al-Bashir if he attends the July African Union summit in Kampala.

AMERICAS: Clinton Pledges Support for Colombia

U.S. Secretary of State Hillary Clinton pledged continuing U.S. support (BBC) for Colombia, given its ongoing threats from rebels and drug traffickers.

EUROPE: Bosnian Serbs Convicted of Genocide

Judges at The Hague sentenced (Guardian) two Bosnian Serbs to life in prison for committing genocide in the 1995 Srebrenica massacre.

Netherlands: Dutch voters gave (DeutscheWelle) the country's austerity-oriented Liberal party a one-seat majority in parliamentary elections, while the anti-immigrant party came in third.

The glum economic picture in Europe and the United States has led to a debate on whether or not fiscal spending can stave off recession.
 

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