BBC News - Greek election: Syriza 'to tear up EU austerity deal'

The leader of Greece's left-wing Syriza bloc has said he will try to form a coalition based on tearing up the terms of the EU/IMF bailout deal.

Alexis Tsipras, whose bloc came second in Sunday's vote, said Greek voters had "clearly nullified the loan agreement".

He has three days to reach a coalition deal and has told the two major parties to end their support for the austerity terms if they want to take part.

The European Commission and Germany say countries must stick to budget cuts.

Any idiot can face a crisis - it's day to day living that wears you out.

Carla Bruni-Sarkozy to resume singing career - Telegraph

There are even rumours of France's outgoing first lady starring in a new biopic about her family history.

News of the 44-year-old's desire to revive her showbusiness career came after her husband, Nicolas Sarkozy, announced his retirement from politics.

The 57-year-old suffered a humiliating electoral defeat on Sunday night, meaning that he became the first French head of state to be rejected after just one term for 31 years.

Sarkozy is facing an uncertain future - his poor English means he is unlikely to be able to make money on the lucrative US lecture circuit, and he has ruled out any return to politics.

Any idiot can face a crisis - it's day to day living that wears you out.

Ukraine cancels Yalta summit over Yulia Tymoshenko protests - Telegraph

In the latest blow to President Viktor Yanukovych, Ukraine's foreign ministry said the summit scheduled for Friday and Saturday in the Black Sea resort of Yalta would not go ahead because of the boycott.

"The event will take place at a later date that will be established via diplomatic channels," said a spokesman.

Mr Yanukovych's government has come under growing pressure since Mrs Tymoshenko, 51, was allegedly beaten last month at the penal colony in Kharkiv, eastern Ukraine, where she is serving a seven-year sentence for abuse of office.

Any idiot can face a crisis - it's day to day living that wears you out.

BBC News - Italy local election sees gains for left and grassroots

Centre-left and protest parties have made gains in Italy's local elections, amid widespread discontent with the government's austerity drive.

The centre-right People of Freedom (PDL) party of former Prime Minister Silvio Berlusconi did particularly badly, with most votes counted.

The protest party of comedian Beppe Grillo, called Five Star, won nearly 20% in the northern city of Parma - enough to reach the run-off vote.

Technocrats are in power centrally.

Any idiot can face a crisis - it's day to day living that wears you out.

BBC News - Merkel letter to Francois Hollande urges co-operation

German leader Angela Merkel has written to the newly elected French President saying "necessary decisions" must be taken to resolve the debt crisis.

Mrs Merkel said she was sure the co-operation between the two countries would "continue to strengthen".

She has resisted calls from Francois Hollande to renegotiate a European pact requiring government budget cuts.

German Finance Minister Wolfgang Schaeuble has also said France will stick to the terms of the pact.

Any idiot can face a crisis - it's day to day living that wears you out.

BBC News - Landlords 'evicting tenants' to make Olympic profit

Tenants in east London are being evicted from their homes as landlords attempt to cash in on the Olympics, BBC News has learned.

The housing charity Shelter says it has seen more evidence of landlords acting unscrupulously and evicting people illegally.

One estate agent said properties typically rented for £350 per week were being marketed for £6,000 per week.

Shelter fears the problem will get worse as the Games approach.

Any idiot can face a crisis - it's day to day living that wears you out.

ElPais.com in English: Government seeks to reassure account holders as Bankia stocks tumble

The Economy Ministry issued a statement objecting to the media's coverage of the news of Rato's departure as a form of government "intervention." It is widely assumed the state will inject funds into Bankia to offset the impact of potential losses from its portfolio of real estate assets. Bankia's parent Banco Financiero y de Ahorros has already received 4.465 billion euros from the Orderly Bank Restructuring Fund (FROB).

...

The Economy Ministry said what had taken place was simply the "imminent" replacement of the chairman of the bank. Rato has recommended he be replaced by former BBVA chief executive José Ignacio Goirigolzarri. Economy Minister Luis de Guindos on Tuesday said Goirigolzarri was a banker with an "absolutely proven" reputation, domestically and internationally.

"Henceforth, the objective is to execute a clean-up plan, restructuring and an improvement in corporate governance that guarantees Bankia's future viability," the ministry said in a statement.

This story, in Spanish, details how the auditors of Bankia's "bad bank" parent disagreed with the accounts (which led to BFA missing a deadline to deposit audited accounts at Spain's stock market regulator last Friday). The Auditors would have had the government's 4.5bn in preferred stock of BFA (mentioned above as money from "FROB") converted to equity and existing shareholders completely wiped out.

This was a complicated political problem because BFA replicates within it the internecine quarrels of the PP. So they figured out they would wait until next Friday to nationalise BFA "normally" at the weekly Council of Ministers, coinciding with the release of the auditors' report and the appointment of a new CEO. So they had Rato "resign" on Monday and Rajoy gave an uncharacteristic (because he is not one to give press conferences or answer press questions) radio interview. But their whole kabuki unravelled in less than 48 hours since now we're discussing the details of the auditors' report and the new CEO will be appointed today at rush board of director meetings of BFA and Bankia.

See also last night's open thread.

guaranteed to evoke a violent reaction from police is to challenge their right to "define the situation." --- David Graeber citing Marc Cooper

Eurointelligence daily briefing: Greek insurrection takes shape; European response makes it worse (09.05.2012)

It was a day of panic in the markets, as the world digested the enormity of the results of the Greek elections; European shares, peripheral bonds, and the euro all tumbled together; Alexis Tsipras, leader of the anti-reform Syriza party, proposed a five-point plan to cancel the austerity programme, default on the debt, and nationalise the banks; the most likely outcome now is another round of elections in June; he is about to write a letter to the EU authorities to tell them that the Greek electorate has rejected the terms of the agreement; Jörg Asmussen yesterday became the first eurozone official to threaten Greece with a euro exit; he says the troika has no appetite to renegotiate the deal; the troika has cancelled all meetings in Athens; Herman van Rompuy is considering hold a special informal summit; the Bankia recapitalisation is turning into a nightmare for the Spanish government - and raises memories of Northern Rock; Rato jumped the gun through this resignation, which was supposed to be announced as a package deal on Friday; board meeting has been brought forward to today, as retail investors are starting to panic; according to news reports, the auditors of the parent company have refused to sign off on the accounts; Asmussen tells Hollande that he has no choice to ratify the fiscal pact, and to fulfil France's obligations to meet the 3% deficit target; Angela Merkel's lieutenants are trying to suppress the Hollande effect by reminding the world that France's public finances are in perilous state; Bild writes that Germany will end up paying for Hollande's generous programme; Belèn Romana Garcia is to become the head of the ESM, as part of a package deal that leaves Klaus Regling back in the private sector; the CDU candidate likely to lose Sunday's elections in North-Rhine Westphalia already tries to shift the blame to Merkel's euro policies; Die Welt calls the SPD alignment with the position of Hollande on the stability pact "treason"; Martin Wolf, meanwhile, says Hollande must tell Merkel that policy should focus on the end game scenarios.

guaranteed to evoke a violent reaction from police is to challenge their right to "define the situation." --- David Graeber citing Marc Cooper

Top British insurance firm's CEO steps down - Europe - Al Jazeera English

The head of Britain's second-biggest insurance group Aviva has stepped down, as shareholders continue to pressure the company to tackle overpay for top managers perceived as underperforming.

Aviva said on Tuesday that Andrew Moss, the corporation's chief executive, was leaving the company immediately after five years at the helm.

Top British companies, and some firms abroad, are facing a wave of investor activism as shareholders rebel over high boardroom pay amid underperformance in the poor economic climate and moves by the state to clamp down on corporate greed.

Any idiot can face a crisis - it's day to day living that wears you out.

BBC News - FTSE 100 bosses' pay 'rose 11% last year'

The typical pay of bosses at the majority of the UK's largest publicly listed companies rose 11% last year to £3.65m, according to research done on behalf of the BBC.

Manifest, the adviser to shareholders, calculated the research based on data from the 60% of FTSE 100 companies who have published their annual reports.

The news comes amid shareholder revolts over high executive pay.

Any idiot can face a crisis - it's day to day living that wears you out.

BBC News - Shares fall on Greece uncertainty

World stock markets fell on Tuesday as investors worried about Greece's ability to form a new government.

Alexis Tsipras, the leader of the left-wing Syriza bloc, is trying to form a coalition after the centre-right New Democracy party failed to do so.

If successful, Mr Tsipras has said he will tear up the terms of the EU-IMF bailout deal.

European indexes closed lower. London's FTSE 100 fell 1.8%, Germany's Dax shed 1.9% and France's Cac 40 dropped 2.8%.

Any idiot can face a crisis - it's day to day living that wears you out.

'Schland has released some documents about internal discussions during the formation of the Euro. Operation Self-Deciet. Der Frickin Spiggle reports.

Many of the euro's problems can be traced to its birth defects. For political reasons, countries were included that weren't ready at the time. Furthermore, a common currency cannot survive on the long term if it is not backed by a political union. Even as the euro was being born, many experts warned that currency union members didn't belong together.

Pushing Ahead Regardless

But it wasn't just the experts. Documents from the Kohl administration, kept confidential until now, indicate that the euro's founding fathers were well aware of its deficits. And that they pushed ahead with the project regardless.

I suspect there's a whole lot of shakin spin going on behind this, but... there it is.

The documents prove what was only assumed until now: Italy should never have been accepted into the common currency zone. The decision to invite Rome to join was based almost exclusively on political considerations at the expense of economic criteria. It also created a precedent for a much bigger mistake two years later, namely Greece's acceptance into the euro zone.

It's a long article, but will go down in the Hall of Spin Fame as, um timely.


"Life shrinks or expands in proportion to one's courage." - Anaïs Nin

http://www.bbc.co.uk/news/business-17988142

China is buying crude oil from Iran using its currency the yuan, an Iranian diplomat has said.

Oil transactions are usually settled in dollars but US sanctions make it difficult for Iran to accept payments in the US currency.

Iran is using the revenue to buy goods and services from China, Mohammed Reza Fayyad, Iran's ambassador to the United Arab Emirates, confirmed.

China is the biggest buyer of Iranian crude oil exports.

From a star cluster including Prodi and Cohn-Bendit published simultaneously in Le Monde, Corriere della Sera

  and Der Taz.

Can't read it now, and don't know where it's in english. It's about the new European financial government. Enjoy.

"Life shrinks or expands in proportion to one's courage." - Anaïs Nin

Netanyahu, stunning Israel by forging unity bloc, defends move as pro-stability - Haaretz Daily Newspaper | Israel News

The newly formed unity government was created to advance the main issues facing Israel today, including a "responsible peace process," Prime Minister Benjamin Netanyahu said in a joint press conference with Kadima head Shaul Mofaz on Tuesday, while the leader of Israel's Labor Party Shelly Yacimovich - thought likely to be become leader of the opposition - slammed the pair's pronouncements in her own press conference later on Tuesday.

Earlier on Tuesday, Netanyahu and Mofaz reached a surprise agreement to form a national unity government, a decision which came as the Knesset was preparing to disperse for early elections, which were expected to be scheduled for September 4.

Any idiot can face a crisis - it's day to day living that wears you out.

Annan: Syria plan is only chance to avoid war - Middle East - Al Jazeera English

International envoy Kofi Annan has said his six-point peace plan for Syria is a "possible last chance to avoid civil war".

Annan, the UN-Arab League envoy tasked with bringing an end to the violence, said on Tuesday world powers shared a "profound concern" that Syria's violence was spiralling into civil war.

He said they had pledged to deploy 300 truce monitors to Syria by the end of the month.

Any idiot can face a crisis - it's day to day living that wears you out.

Fighters attack Libyan government HQ - Africa - Al Jazeera English

Former Libyan fighters demanding unpaid stipends have attacked and surrounded the headquarters of the interim government, witnesses say.

The attack on Tuesday left one guard dead and several others wounded, according to officials.

A defence ministry spokesperson confirmed there were dead and injured, but he did not know casualty numbers.

"Many men encircled the building and opened fire against it with weapons including anti-aircraft cannons," a government employee present during the attack told the AFP news agency.

Any idiot can face a crisis - it's day to day living that wears you out.

Interpol issues warrant for Iraqi VP - Middle East - Al Jazeera English

Interpol has issued an international 'Red Notice' alert for Iraq's fugitive Vice President Tariq al-Hashemi on suspicion of "guiding and financing terrorist attacks".

Hashemi, who is being tried in absentia in Baghdad after being accused of running a death squad, insisted in a statement on Tuesday that he was not above the law and was ready to appear in court if his security, and a fair trial, could be guaranteed.

"The Red Notice for al-Hashemi represents a regional and international alert to all of Interpol's 190 member countries to seek their help in locating and arresting him," the Lyon-based international police agency said.

Any idiot can face a crisis - it's day to day living that wears you out.

'US foils al-Qaeda plot' to bomb airliner - Americas - Al Jazeera English

The US has thwarted a plot by al-Qaeda's affiliate in Yemen to bomb an airliner around the one-year anniversary of the killing of Osama bin Laden,  the country's National Security Council has confirmed to Al Jazeera.

US media reports on Monday said the plot involved an upgrade of the underwear bomb that failed to detonate aboard a jetliner over Detroit, Michigan, on December 25, 2009.

Any idiot can face a crisis - it's day to day living that wears you out.

Pakistani PM faces possibility of disqualification: court - Xinhua | English.news.cn

Pakistani Prime Minister Yusuf Raza Gilani faces the possibility of being disqualified as a member of parliament for five years following his conviction of contempt of court last month, the country's top court ruled on Tuesday.

The Supreme Court issued a 77-page detailed verdict regarding the prime minister's conviction for refusing to accept the court' s orders to reopen graft cases against President Asif Ali Zardari in Switzerland.

Earlier, the court had delivered a short order, convicting Gilani for contempt and giving him a symbolic sentence of less than a minute on April 26. In the short order too, the same bench had observed that Gilani faced possible disqualification

Any idiot can face a crisis - it's day to day living that wears you out.

Biden pledges to prevent Iranian nuke 'by whatever means necessary' | LA Times

"The dissension between Ahmadinejad and the supreme leader is palpable. They will not both be around two years from now, and my bet is that Ahmadinejad is gone," he [Biden] said.

And my bet is that 6 years from now, Obama and Biden will both be gone. For the same reason.

ABC

President Obama today announced that he now supports same-sex marriage, reversing his longstanding opposition amid growing pressure from the Democratic base and even his own vice president.

In an interview with ABC News' Robin Roberts, the president described his thought process as an "evolution" that led him to this place, based on conversations with his own staff members, openly gay and lesbian service members, and conversations with his wife and own daughters.

And the Log Cabin Republicans make life difficult for the Onion.

"That the president has chosen today, when LGBT Americans are mourning the passage of Amendment One, to finally speak up for marriage equality is offensive and callous," said R. Clarke Cooper, Log Cabin Republicans Executive Director. "Log Cabin Republicans appreciate that President Obama has finally come in line with leaders like Vice President Dick Cheney on this issue, but LGBT Americans are right to be angry that this calculated announcement comes too late to be of any use to the people of North Carolina, or any of the other states that have addressed this issue on his watch.

BBC News - £365m wind farm between Neath and Aberdare backed

The highest-generating onshore wind farm in England and Wales has been given the go-ahead in south Wales.

The £365m Pen-y-Cymoedd development between Neath and Aberdare would generate power to 200,000 homes from 76 turbines, say developers.

Swedish-based Vattenfall has promised a community benefits package potentially worth £55m over the site's lifetime.

However, Lindsay Milsom, chairman of Glyncorrwg Action Group, said it would "devastate" the village's way of life.

The UK energy minister said it would generate "vast amounts of home-grown electricity".

Any idiot can face a crisis - it's day to day living that wears you out.

BBC News - LED light bulb to last more than 20 years

Light bulbs that are said to last for more than two decades while consuming very little energy may go on sale later this year.

US firm General Electric, Dutch company Philips and UK-based Sylvania all showcased their products at the Light Fair industry conference in Las Vegas.

Using light-emitting diodes (LEDs) instead of filaments, the bulbs are meant to produce as much light as a 100-watt incandescent alternative.

However, LEDs are not usually cheap.

Any idiot can face a crisis - it's day to day living that wears you out.

Fracking backed by Environment Agency head - Telegraph

Lord Smith of Finsbury said the controversial method of extracting natural gas from shale beds could provide a "useful energy resource" for Britain alongside nuclear and renewable energy in the near future, provided it could be done safely and cleanly.

Further testing is needed before the potential risks are fully understood and appropriate regulations can be put in place, Lord Smith said, but he added he was "confident" these barriers could be overcome.

Any idiot can face a crisis - it's day to day living that wears you out.

Driverless cars approved by Nevada - Telegraph

Google which has embarked on an extensive testing programme of the cars secured the approval of the state's Department of Motor Vehicles.

Motor manufacturers have been working on taking human error out of driving for more than a decade with innovations such as lane departure warning, self applying brakes and cars which park themselves.

Google, however, has come up with the ultimate version of cruise control, by removing the driver completely with the help of video cameras, lasers and radar sensors.

Any idiot can face a crisis - it's day to day living that wears you out.

German education minister accused of cheating in university dissertation - Telegraph

The founder of VroniPlag, a website dedicated to unearthing academic cheats, claims he has evidence that Annette Schavan copied un-cited sources for her dissertation written in 1980.

The accusations come a year after Karl-Theodor zu Guttenberg, the high-flying German defence minister, quit after he was found to have plagiarised large chunks of his thesis.

"Her work was clearly plagiarised, and this form of scientific misconduct must have its consequences," said Martin Heidingsfelder, VroniPlag's creator, adding that yet another case of cheating was shaming the federal government.

Any idiot can face a crisis - it's day to day living that wears you out.

Al Jazeera English forced out of China - Asia-Pacific - Al Jazeera English

Al Jazeera English has closed its bureau in Beijing after the Chinese authorities refused to renew its correspondent's press credentials and visa, or allow a replacement journalist.

The channel expressed its disappointment at the situation and said it would continue to request a presence in China.

It has been requesting additional visas for correspondents for some time through the normal procedures but these have not been issued.

Melissa Chan, who has been Al Jazeera English's China correspondent since 2007, has filed nearly 400 reports during her five years in the country.

Any idiot can face a crisis - it's day to day living that wears you out.

WH Smiths tills insist shop sells The Queen's Knickers only * The Register

WH Smiths tills would only dispense receipts for 'The Queen's Knickers' for several hours yesterday, after a technical mistake in the tills screwed up receipt printing in the chain's outlets across the country.

Transactions were able to process as normal, said a WH Smith spokesperson, but the cash registers would only print receipts saying The Queen's Knickers, £5.99. '

A hacker group @AnonAteam on Twitter seemed, for obscure reasons, to claim responsibility for the cash register mistake:

WH Smiths Hacked, Every item scan at tills came up as Queen knickers £5.99 Just for The LuLz

But WH Smith were adamant that the Knicker receipts were not a hack.

Any idiot can face a crisis - it's day to day living that wears you out.

BBC News - Glenn Mulcaire statement

The private detective at the centre of the phone hacking scandal, Glenn Mulcaire, has begun his appeal at the Supreme Court against a High Court order compelling him to provide details of who at the News of the World commissioned him to hack the phone of Nicola Philips, a former employee of the publicist Max Clifford, and who he reported back to.

In the statement, which he read out on BBC Radio 4's The World at One, Mr Mulcaire said:

"This appeal is being heard because I have been advised by my legal team from the outset that I should not have to give potentially incriminating answers to questions asked of me in the phone hacking cases in the High Court.

Any idiot can face a crisis - it's day to day living that wears you out.

Maurice Sendak - Telegraph

He contributed to more than 80 books, but it was Where the Wild Things Are, which has sold more than 10 million copies worldwide since its publication in 1963, that brought him international recognition. At the time, to Sendak's irritation and surprise, the story provoked a collective gasp of disapproval from parents, teachers and child experts. Not only did the young hero, Max, yell at his mother, but the pages were also populated by hideous monsters that grown-ups felt sure would terrify young readers.

If they were terrified, they were also rapt, and critical opinion was quick to follow the admiration of the title's intended audience; in 1964 Sendak was awarded the Caldecott Medal for "the most distinguished American picture book". Where the Wild Things Are continues to outsell all his other work and has been translated into 13 languages, including Afrikaans.

Any idiot can face a crisis - it's day to day living that wears you out.