[RED DEMOCRATICA] CFR.org Daily News Brief, April 22, 2010

 

April 22, 2010 View this newsletter as a web page on CFR's website. EXECUTIVE SUMMARY - Obama to Push for Financial Reform - Israel Rejects E. Jerusalem Building Halt - South Korea Ship Probe Raises Tensions - U.S. Removes Nigeria from Terror List Top of the Agenda: Obama to Push for Financial Reform U.S. President Barack Obama will deliver (NYT) a speech calling for Congress to move forward with financial reform, a signal to other global leaders as they consider financial reforms abroad. With the Senate embroiled in debate over which measures to include in the bill, Obama, speaking in New York City, will emphasize the elements he insists should be part of the package. Democratic and Republican lawmakers have been wrangling over how tough the measures should be at a time when the global economic recovery is still young. The Senate Agricultural Committee moved a bill forward that imposes tougher rules on derivatives Wednesday. Obama will state that he won't accept compromises (WSJ) to weaken the bill, especially on derivatives, the complex financial products that played a role in the economic meltdown. Analysis: In the Financial Times, the heads of six major Canadian banks call for speeding up the pace of financial reform and focusing on the main problems stemming from the financial crisis: excessive leverage, a common capital standard, and better risk and liquidity management. In the Washington Post, CFR's Sebastian Mallaby says financial reform should "harness the energies of private traders, since their roulette-like incentives encourage them to call bubbles early." Background: This CFR Backgrounder examines the debate over financial reform and what level of government involvement will help the economy long term. MIDDLE EAST: Israel Rejects Building Halt in E. Jerusalem Israeli Prime Minister Benjamin Netanyahu rejected (CSMonitor) President Obama's call to halt new construction in East Jerusalem, as U.S. Envoy George Mitchell arrives in Israel for peace talks. President Obama sees the Israeli-Palestinian conflict as a national security issue. But badly strained U.S.-Israeli relations mean progress is unlikely unless Obama travels to Israel on a trust-building mission, says Middle East expert Daniel Brumberg. Iran: Iran's elite Revolutionary Guard began (AP) large-scale war games in the Persian Gulf and the strategic Strait of Hormuz, a passageway for 40 percent of the world's oil and energy supplies. U.S. Defense Secretary Robert Gates's memo on Iran's nuclear policy is a reminder that the White House needs more effective policies to counter Iran's nuclear progress, says CFR President Richard Haass. PACIFIC RIM: South Korea Ship Probe Raises Tensions South Korea's ship probe has exposed tensions (WSJ) between the military and South Korean President Lee Myung-bak over the threat North Korea poses to the South. China: China finalized (MarketWatch) an anti-dumping tariff on certain types of nylon imports from four of its trading partners, with the highest duty on the United States. Meanwhile, the U.S. Commerce Department will investigate unfair subsidization of certain aluminums made in China. Read CFR's Asia Unbound blog, featuring timely analysis from CFR's Asia experts. SOUTH AND CENTRAL ASIA: Kyrgyz Elections to be Held October 10 Kyrgyzstan's interim government announced that it plans to hold elections (DeutscheWelle) on October 10, following a referendum on changing the constitution to reduce the powers of the president. In this podcast, CFR's Evan Feigenbaum says the fundamental challenge facing Kyrgyzstan's interim government "is to restore and sustain order but then set the country back on a path to democracy." India: Indian police said they would respond effectively (TimesofIndia) to a U.S. warning that terrorists are planning to attack some of New Delhi's markets frequented by foreigners. AFRICA: U.S. Removes Nigeria from Terror List The United States removed (DailyIndependent) Nigeria from its terror watch list, following Nigerian acting president Goodluck Jonathan's recent visit to Washington, where he met with President Obama. Read this transcript of Jonathan speaking at CFR about the challenges and opportunities facing his country. Sudan: Sudan's National Elections Committee delayed announcing results (BBC) in the country's elections. Results are now expected next week. AMERICAS: Armed Men Raid Monterrey Hotel Armed men raided (NYT) two hotels in Monterrey, Mexico, abducting four guests and as many as three staff members. The incident is one of several recent violent episodes in the city and adds to rising drug-related tensions. Latin America/Caribbean: According to the International Monetary Fund, Latin America and the Caribbean have "weathered the global downturn comparatively well" and are expected to grow (MercoPress) by an average of 4 percent this year and next. EUROPE: Belgium to Outlaw Burqa and Niqabs Belgium's parliament is expected to pass (Guardian) a law banning Islamic veils in public, making it the first European country to ban the wearing of the burqa or niqab. Armenia/Turkey: The Armenian parliament suspended ratifying (BBC) an accord to normalize relations with Turkey because of Turkey's demands for preconditions. Armenia is pushing for Turkey to recognize the mass killings of Armenians in World War I as genocide. TRANSNATIONAL: Green Energy Push Faces Headwinds The global push for green energy is facing (WSJ) technology and capital headwinds. European countries are running out of land and economic incentives to increase their wind energy supply. This CFR media guide highlights interactives, interviews, and expert analysis of issues related to global climate change.

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