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June 24, 2009
EXECUTIVE SUMMARY
- OECD revises economic forecasts upward.
- Fed to consider interests rates, asset purchases at today's meetings.
- Obama ratchets up criticisms of Iran.
- U.S., Europe, bring trade complaints against China.
Top of the Agenda: OECD Forecast, Fed Meetings
The Organization for Economic Cooperation and Development (OECD) today revised its World Economic Outlook forecast upward for the first time since 2007, indicating that it believes the global economic slide may be nearing a bottom. The group revised its estimates for 2009 upward, projecting a contraction of 4.1 percent rather than the 4.3 percent it projected before, and also projected slight growth in 2010, whereas before it had projected none (FT). http://m1e.net/
Here is the text of the OECD report. http://m1e.net/
The new OECD report coincides with meetings of the U.S. Federal Reserve's Open Market Committee today in Washington. A blog entry in the Wall Street Journal says the focus of the Fed's meetings will be interest rates, how to word its statement on the economy, and the Fed's asset purchase plan. It outlines what to expect on each. http://m1e.net/
A separate Journal article says markets seem increasingly out of sync with the Fed and that somebody is sure to be surprised by what comes out of today's meetings. http://m1e.net/
MIDEAST: Iran Election Fallout
Iran's Supreme Leader today said Tehran would not bend to pressure, either from protesters or internationally, over the country's recent presidential elections (BBC). http://m1e.net/
The most conservative of the three candidates challenging President Mahmoud Ahmadinejad withdrew his official complaint about the election results (NYT). http://m1e.net/
Demonstrators, meanwhile, called for new rallies (al-Jazeera)
U.S. President Obama appeared to ratchet up his criticisms of Iran following the vote, saying the United States is "outraged" and "appalled" by some of the proceedings there (WashPost). http://m1e.net/
Here is the text from Obama's press conference: http://m1e.net/
IRAQ: The Wall Street Journal reports Iraq is ready to auction off oil contracts to foreign companies, and that firms are scrambling for the opportunity. http://m1e.net/
PACIFIC RIM: Trade with China
The United States and European Union filed complaints with the World Trade Organization that Beijing is unfairly restricting raw material exports in order to give its domestic industries access to cheap natural resources (BBC). http://m1e.net/
FIVE-PARTY TALKS: Yonhap reports Russia and South Korea are pushing for a new round of talks on North Korea's nuclear situation, but this time excluding Pyongyang itself, shifting to five-party talks from the six-party format formerly established. http://m1e.net/
In a testimony before the U.S. House Committee on Foreign Affairs, CFR's Adjunct Senior Fellow for Korea Studies Scott Snyder discussed this new initiative calling it the six-party process. He says this process cannot be paralyzed by a North Korean veto, but also does not explicitly exclude Pyongyang. http://m1e.net/
This Backgrounder explains the Six-Party Talks. http://m1e.net/
SOUTH & CENTRAL ASIA: Drone Attacks
More than fifty people were reported killed in alleged U.S. drone attacks on a funeral in Pakistan's South Waziristan region. Dawn reports an important Taliban militant commander was among those killed. http://m1e.net/
AFGHANISTAN: A number of detainees at the U.S. Bagram air force base in Afghanistan say they suffered abuse and neglect during their detention (BBC). http://m1e.net/
AFRICA: Sudan Politics
The United States urged leaders from North and South Sudan to carry out the terms of a 2005 peace deal and work to reestablish security ahead of 2010 elections (Reuters). http://m1e.net/
The two divided parts of the country agreed today to abide by international arbitration on the status of the disputed oil oil-producing region of Abyei, claimed by both the North and the South (BBC). http://m1e.net/
This CFR Backgrounder takes a look at Sudan's internal politics. http://m1e.net/
SOMALIA: Al-Jazeera reports thousands more people have fled intense new fighting in Mogadishu. http://m1e.net/
AMERICAS: Puerto Rico's Status
The Miami Herald reports the U.S. Congress is considering a referendum vote on Puerto Rico's political status. http://m1e.net/
NEWSPAPERS: The New York Times reached a deal with Boston unions that had previously blocked the firm's sale of the Boston Globe (FT). http://m1e.net/
EUROPE: Kosovo Arrest
Agim Ceku, the former Prime Minister of Kosovo, was arrested in Bulgaria pursuant to a war crimes arrest warrant brought by Serbia (AFP). http://m1e.net/
ECONOMY: The FT reports some data show Europe's economic recovery losing steam. http://m1e.net/
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