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...more regulations, please. That was the message from top executives at four of the nation's largest financial firms on Wednesday, spoken to a commission set up by an act of Congress to investigate the causes of last year's credit crunch. But more than a year after poor lending standards, unregulated products and bonus bonanzas helped spark the worst recession since the Great Depression, many say that reining in Wall Street is the only way to prevent another financial crisis. (Read "Hearings to Begin on Causes of Financial Crisis...
...antiretroviral drugs. In such an arrangement, an umbrella organization like UNITAID manages a pool of patents that allows generic producers to make second- and third-generation drugs at an affordable price for developing countries. The UNITAID board, backed by Britain, France, Brazil, Norway and Chile, has just agreed to set up a patent pool for AIDS drugs, but the success of the venture depends on the cooperation of pharmaceutical companies. (Read "Is Obama Scaling Back Bush's AIDS Initiative...
...agreement. The Spratlys, an island chain far larger than the Paracels, are claimed by China, Vietnam, the Philippines, Malaysia, Brunei and nominally by Taiwan, and resemble a Risk game board with territories grabbed pell-mell over the years in a scramble for land and influence. Malaysia has set up a diving resort on one of its own reefs, while most other nations have military posts on their islands. "The ASEAN model has been more or less useless," says Simon Shen, a professor of international relations at the Chinese University of Hong Kong. "The official discourse is [for claimant nations...
...fire was set on the evening of Jan. 11, when Israel's Deputy Foreign Minister, Danny Ayalon, summoned Turkey's ambassador Ahmet Oguz Celikkol to an urgent meeting. Its purpose was to deliver Israel's complaints about a Turkish TV series that portrays Israeli soldiers as baby killers. At the meeting, Ayalon was caught on camera instructing the Israeli TV news crew covering the event to make sure that its footage captured the fact that Celikkol had been deliberately seated on a chair lower than that of his Israeli counterpart, that only the Israeli flag was on the table (without...
...task. "My protest of the attacks against Israel in Turkey still stands," Ayalon said. "However, it is not my way to insult foreign ambassadors, and in the future I will clarify my position by more acceptable diplomatic means." But insulting a foreign ambassador was exactly what Ayalon had set out to do, and the Turks on Wednesday rejected his "apology" as insufficient. (See the top 10 embarrassing diplomatic moments...