Category: Business

  • We must stop this corporate takeover of American democracy

    We must stop this corporate takeover of American democracy

    Unless we can reverse the supreme court’s dreadful Citizens United decision, US politics will become a plutocrats’ plaything

    Bernie Sanders

    David Koch and Charles G Koch
    David Koch and Charles G Koch: the US supreme court's Citizens United decision has enabled the industrialists to fund conservative groups to the tune of $200m already in this electoral cycle. Photograph: Getty

    The corporate barbarians are through the gate of American democracy. Not satisfied with their all-pervasive influence on our culture, economy and legislative processes, they want more. They want it all.

    Two years ago, the United States supreme court betrayed our Constitution and those who fought to ensure that its protections are enjoyed equally by all persons regardless of religion, race or gender by engaging in an unabashed power-grab on behalf of corporate America. In its now infamous decision in the Citizens United case, five justices declared that corporations must be treated as if they are actual people under the Constitution when it comes to spending money to influence our elections, allowing them for the first time to draw on the corporate checkbook – in any amount and at any time – to run ads explicitly for or against specific candidates.

    What’s next … a corporate right to vote?

    Don’t laugh. Just this month, the Republican National Committee filed an amicus brief in a US appeals court contending that the natural extension of the Citizens United rationale is that the century-old ban on corporate contributions directly to candidates and political parties is similarly unconstitutional. They want corporations to be able to sponsor candidates and parties directly while claiming with a straight face this would not result in any sort of corruption. And while, this month, they take no issue with corporations being subject to the existing contribution limits, anyone paying attention knows that eliminating such caps will be corporate America’s next prize in its brazen ambition for absolute control over our elections.

    The US Constitution has served us very well, but when the supreme court says, for purposes of the first amendment, that corporations are people, that writing checks from the company’s bank account is constitutionally-protected speech and that attempts by the federal government and states to impose reasonable restrictions on campaign ads are unconstitutional, our democracy is in grave danger.

    I am a proud sponsor of a number of bills that would respond to Citizens United and begin to get a handle on the problem. But something more needs to be done – something more fundamental and indisputable, something that cannot be turned on its head by a rightwing supreme court.

    That is why I have introduced a resolution in the Senate (introduced by Representative Ted Deutch in the House) calling for an amendment to the US Constitution that says simply and straightforwardly what everyone – except five members of the United States supreme court – understands: corporations are not people with constitutional rights equal to flesh-and-blood human beings. Corporations are subject to regulation by the people. Corporations may not make campaign contributions – the law of the land for the last century – or dump unlimited sums of money into our elections. And Congress and states have broad power to regulate all election spending.

    I did not introduce this lightly. In fact, I have never sought to amend the Constitution before. The US Constitution is an extraordinary document that, in my view, should not be amended often. In light of the supreme court’s Citizens United decision, however, I see no alternative. The ruling has radically changed the nature of our democracy. It has further tilted the balance of power toward the rich and the powerful at a time when the wealthiest people in this country have never had it so good.

    At a time when corporations have more than $2tn in cash in their bank accounts, make record-breaking profits and swarm Washington with their lobbyists 24 hours a day, seven days a week, for the highest court in the land to suggest that there is just not enough corporate “speech” in our system defies the bounds of reason and sanity. The ruling already has led to plans, for example, by industrialist brothers David and Charles Koch to steer more than $200m – potentially much more – to conservative groups ahead of election day 2012. Karl Rove has similar designs.

    Does anybody really believe that that is what American democracy is supposed to be about?

    I believe that the Citizens United decision will go down as one of the worst in our country’s history – and one that demands an amendment to our Constitution in order to restore sovereign power to the people, as our nation’s founders intended.

    If we do not reverse it and the culture of corporate dominance over our elections that it has exacerbated, there will be no end to the impact that corporate interests have on our campaigns and our democracy.

    Bernie Sanders is a US Senator, and a member of the Senate budget committee. He represents the state of Vermont, and is the longest-serving independent in the history of Congress.

    www.guardian.co.uk, 20 January 2012

  • Turkey, Iran Agree To Raise Bilateral Trade To $30 Billion

    Turkey, Iran Agree To Raise Bilateral Trade To $30 Billion

    (RTTNews) – Turkey seeks to double bilateral trade with neighboring Iran to $30 billion by 2015, a move aimed at strengthening ties with the Islamic Republic despite the new round of Western sanctions against Tehran over its nuclear defiance.

    “Iran and Turkey’s relations saw a 70 percent rise in 2011 and I hope that new steps will be taken within the framework of the Joint Commission to help increase the trade volume to $30 billion in 2015,” Turkey’s Environment and Urban Planning Minister Erdogan Bayraktar told a joint economic meeting held in capital Ankara on Thursday.

    To achieve the goal, the two countries at a two-day Joint Economic Cooperation Commission signed a Memorandum of Understanding covering areas such as transportation, energy and industry, Turkish media reported.

    Foreign Minister Ali Akbar Salehi, who led the Iranian delegation at the Commission meeting, said to achieve the $30 billion goal, Iran and Turkey needed to facilitate financial affairs and transactions and implement agreements reached at the Joint Commission.

    A NATO ally, Turkey is raising the trade target at a time when the United States ratcheted up pressure on Iran with fresh round of sanctions, and the European Union (EU) expected to support an oil embargo and a freeze on the assets of Iran’s central bank.

    Turkey has pledged not to comply with the new U.S. sanctions targeting the Iranian oil industry and its financial institutions, saying Ankara is only bound by U.N. sanctions.

    via Turkey, Iran Agree To Raise Bilateral Trade To $30 Billion.

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  • Turkey’s Brightwell Holdings May Be Saab Suitor

    Turkey’s Brightwell Holdings May Be Saab Suitor

    Could Saab end up in Turkish hands? According to Bloomberg, Turkish private equity firm Brightwell Holdings will bid for the remnants of Saab, with a view to producing cars again.

    Brightwell board member Zamier Ahmen told Bloomberg “We will make a bid very shortly, there’s no question,” but the company is still doing its due diligence. The aim appears to be a restart of production at Saab’s Swedish facilities, and a revival of Saab’s automobile lineup. Any deal must be approved by GM, the Swedish government and the European Investment Bank. As far as Islamic countries go (well, sort of – Turkey is officially a secular country), we’d take a new 9-5 over one of the Iranian Peugeot clones, but there will no doubt be many dissenting views in the comments.

    via Turkey’s Brightwell Holdings May Be Saab Suitor | The Truth About Cars.

  • US government hits Megaupload with mega piracy indictment

    US government hits Megaupload with mega piracy indictment

    Mega upload policeSeven executives charged as filesharing site shut down over accusations they cheated copyright holders out of $500m

    • Explainer: a guide to understanding Sopa
    • Clay Shirky: Pipa would create a consumption-only web

    The US government has closed down one of the world’s largest filesharing websites, accusing its founders of racketeering, money laundering and presiding over “massive” online piracy.

    According to prosecutors, Megaupload illegally cheated copyright holders out of $500m in revenue as part of a criminal enterprise spanning five years.

    A lawyer for Megaupload told the Guardian it would “vigorously” defend itself against the charges, dismissing the criminal action as “a civil case in disguise”.

    News of the indictment – being framed as one of the biggest copyright cases in US history – came a day after major internet firms held a 24-hour protest over proposed anti-piracy laws.

    According to a Department of Justice release, seven people associated with Megaupload were indicted by a federal grand jury earlier this month over the charges.

    They included Kim Dotcom, founder of the online firm.

    The 37-year-old, who also goes by Kim Tim Jim Vestor and whose real name is Kim Schmitz, is accused of heading up a criminal venture that earn Dotcom and his associates upwards of $175m.

    These profits were obtained illegally through advertising and the selling of premium memberships to users of Megaupload, the justice department is claiming.

    Established in 2005, the website offered a “one-click” upload, providing an easily accessible online locker for shared content.

    Before being shut down, the firm boasted 50 million daily visitors, accounting for 4% of total internet traffic, the justice department claimed in its statement on the indictment.

    Prosecutors allege that the website violated copyright law by illegally hosting movies, music and TV shows on a massive scale.

    Those behind the website have claimed that it diligently responds to any complaint regarding pirated material.

    But according to prosecutors, the accused conspirators deliberately employed a business model that encouraged the uploading of illegal material.

    They say that Megaupload paid users for uploading pirated material in full awareness that they were breaking the law. In addition they failed to close the accounts of known copyright infringers.

    The indictment includes chat logs with conversations between company executives, which include statements like: “we have a funny business . . . modern days pirates :)”

    Alongside Dotcom, law enforcement officials swooped on a number of other senior members of Megaupload’s staff.

    Arrests were made at a number of homes in Auckland, New Zealand, on warrants issued by US authorities.

    In all, addresses in nine countries including the US were raided as part of massive international operation.

    Three men accused alongside Dotcom remained on the run tonight, the Department of Justice said.

    About $50m dollars in assets were seized as part of the massive operation.

    Meanwhile, the Megaupload website was closed down, with the FBI seizing an additional 18 domain names associated with the alleged crime.

    In response to the indictment, the hacker group Anonymous, which is ostensibly unaffiliated with Megaupload, launched a cyber attack that at least temporarily brought down the websites of the justice department as well as those of the Recording Industry Association of America, Motion Picture Association of America, and Universal Music.

    If found guilty of the charges, the accused Megaupload executives could face 50 years behind bars.

    Ira Rothken, an attorney for Megaupload, said the firm would fight the “erroneous” charges.

    Speaking from his California office, Rothken said: “The allegations appear to be incorrect and the law does not support the charges.”

    He added: “It is a civil case in disguise.”

    Asked why it was being pursued as a criminal case, Rothken replied: “You’d have to ask the prosecutors.”

     

     

    The Guardian

  • Tourism: Turkish hotelier to take legal action against Syria

    Tourism: Turkish hotelier to take legal action against Syria

    dedeman latakia

    (ANSAmed) – ISTANBUL, JANUARY 19 – Syria has “a malignant attitude” toward the Dedeman Hotels International, as well as other Turkish and foreign businesses active in the country, according to a press release yesterday by the company, a Turkish hotelier, whose hotel operating contracts were canceled by the Syrian government, as daily Hurriyet reports today. Contracts that granted the Istanbul-based Dedeman the right to operate hotels in three Syrian cities were canceled by the Syrian government in the last four weeks. The first contract regarding Dedeman Hotel Aleppo was canceled December 29, 2011, and contracts regarding Dedeman’s Damascus and Tadmur hotels were canceled Januariy 17, according to Sana, Syria’s official news agency. Dedeman has not yet received any official notice from Syria about the cancellations, the company said. “It is saddening to reflect its domestic political developments in business life this way. We will take every step to protect our legal rights,” said Tamer Yorukoglu, Dedeman Hotels & Resorts International CEO. Dedeman could not meet forecasts envisaged in the auction process due to an economic crisis that started in 2009 and the instability caused by the political developments which came about from the beginning of last year, Dedeman said.

    The renovation of three hotels had be assumed by the Syrian Ministry of Tourism according to the contracts, but the obligation was fulfilled by the ministry, said the company, adding that renovation project for those three hotels was submitted to the tourism ministry, but no positive move was made. (ANSAmed).

  • UK ‘planning for eurozone collapse’

    UK ‘planning for eurozone collapse’

    Lord Sassoon
    Lord Sassoon said Britain wanted to see a 'strong and dynamic' eurozone and European economy

    The Government is undertaking “extensive contingency planning” in the event of a eurozone collapse, peers have been told.

    Treasury minister Lord Sassoon said the planning was aimed at dealing with “all potential outcomes of the eurozone crisis”.

    At question time, he said Britain wanted to see a “strong and dynamic” eurozone and European economy.

    But he stressed it was for the eurozone countries to “take the lead in supporting the euro as a currency”.

    Lord Sassoon also indicated that Britain would be prepared to stump up more cash to tackle the crisis if the IMF requested it.

    “The Government sees the role of the IMF to support individual countries and not to support currencies.

    “If the IMF puts forward a case, as it may well do, for an increase in its resources, if there is a strong case the UK will, as it has always done in the past, support the IMF in increasing resources as required,” he said.

    Tory former chancellor Lord Lawson of Blaby said: “There is only one thing as worrying as the collapse of the eurozone and that’s the continuation of the eurozone.”

    He said it has been shown to be “fundamentally flawed and the cause of all these problems”.

    Lord Lawson said ministers needed to look at the risk of a banking meltdown, adding: “If it should prove necessary for the UK Government to rescue any British banks, they should do so on much tougher terms than the ludicrously soft terms which the previous administration used.

    www.thisislondon.co.uk, 18 January 2012