[RED DEMOCRATICA] CFR.org Daily Brief, June 17, 2010

 

June 17, 2010 View this newsletter as a web page on CFR's website. EXECUTIVE SUMMARY - BP to Pay $20 Billion, Suspend Dividend - Israel to Ease Gaza Blockade - Kyrgyzstan's South Lacks Security - EU Leaders to Overhaul Budget Rules Top of the Agenda: BP to Pay $20 Billion and Suspend Dividend In lengthy negotiations with U.S. President Barack Obama, oil giant BP said it would suspend dividends this year and set aside $20 billion (FT) to cover claims relating to the Gulf of Mexico oil spill. BP also agreed to create a $100 million fund to compensate oil-sector workers laid off because of the spill. After the four-hour meeting, Obama emphasized that the $20 billion fund was "not a cap. The people of the Gulf have my commitment that BP will meet its obligations to them." BP will pay the $20 billion into an escrow account over four years, with the first $5 billion payment to be made this year. BP shares rose sharply on the news that White House conditions were not tougher. Claims for economic damages will be assessed by Kenneth Feinberg, the White House "pay tsar." BP's size, and the fact that its stock is so widely held, makes its troubles felt throughout the investment world (NYT). The company's largest stockholders include insurance companies in Britain, money management companies in the United States, and government-controlled investment funds in Norway, Kuwait, China, and Singapore. Americans own half the company's stock. Analysis: In the Christian Science Monitor, Mark Trumbull says it's in the United States' best interest for BP to be healthy enough to pay for the cleanup costs rather than putting the burden on U.S. taxpayers. In this CFR roundup, four experts discuss the possibility for significant reductions in U.S. oil consumption. Background: 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: Israel to Ease Gaza Blockade Israel said it would ease its land blockade of the Gaza Strip (Reuters) after its deadly raid on an aid flotilla, but it would maintain the sea blockade, a ban on exports from the coastal strip, and a prohibition against the commercial import of building materials. Palestinians are pleased at the uproar against Israel after its raid on a Turkish-led aid flotilla, but they--and Israelis--want more active U.S. engagement in the peace process, says Palestinian pollster Khalil Shikaki. Iran: The Obama administration announced unilateral sanctions (LAT) on a number of Iranian organizations and individuals, building on the international sanctions adopted last week by the UN Security Council. 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. PACIFIC RIM: China Says Nuclear Deal with Pakistan Peaceful China said its civilian nuclear cooperation with Pakistan (BBC) is peaceful and in line with international obligations, after the United States asked for details on China's sale of two new reactors to Pakistan. Japan: Japanese Prime Minister Naoto Kan's ruling party outlined its plans (AFP) to rebuild the nation's finances and slash its deficit, changing course from his predecessor Yukio Hatoyama, who focused on foreign policy shifts and social welfare. SOUTH AND CENTRAL ASIA: Kyrgyzstan's South Lacks Security Humanitarian aid arrived to assist victims of conflict in Kyrgyzstan (al-Jazeera), but the country's south is still suffering from ethnic unrest and a lack of security. Afghanistan: A new coalition initiative to lure Afghan insurgents (WSJ) away from the battlefield allows the Taliban and other militants to keep their weapons if they sign on to a government peace plan. AFRICA: HRW Says Kenya Police Abuse Somali Refugees Human Rights Watch says Kenyan police are raping, beating, and arbitrarily deporting Somali refugees (AP) fleeing the chaos in their country. Nigeria: Royal Dutch Shell has some $40 billion worth of potential investment in deepwater oil projects in Nigeria on hold (Reuters) amid uncertainty over planned reforms to the energy sector. AMERICAS: Venezuela Develops Military Ties with Cuba Venezuela: With Cuba's help, Venezuelan President Hugo Chávez is transforming the Venezuelan military into an institution that fends off domestic challenges to the president, reports the New York Times. EUROPE: EU Leaders to Overhaul Budget Rules EU leaders will meet for a one-day summit in Brussels (EUObserver) to focus on the euro's survival and fixing the union's budget rules. Europe: General Motors withdrew a request (DeutscheWelle) for several European countries to give financial aid to help restructure its European subsidiary Opel. GM also said it did not expect more Opel layoffs. TRANSNATIONAL: Gene Therapy Could Help HIV, AIDS Control Two cutting-edge medical technologies, stem cell transplantation and gene therapy (Bloomberg), could lead to new strategies to cure HIV patients or block the AIDS virus.

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