June 11, 2012 Edition

Michelle Fernandez

This is AI generated summarization, which may have errors. For context, always refer to the full article.

  1. Why the Spanish ‘lite’ bailout is big deal

    The weekend news on the 100 billion euros-worth rescue mechanisms to recapitalize the Spanish banks–not the government–was glowingly welcomed and has propped most markets on Monday, June 11. But after over two years of similar bailout-market impact cycles, what’s the big deal with Spain’s? First, this is actually a bailout without restrictions. The money–which other European countries are footing or backstopping–will go to 30% of the Spanish banks with the greatest exposure to the 2008 property market crash. The deal imposed no conditions on the overall economy, and no new austerity measures. The only conditions are for the banks. The government doesn’t have to fire bureaucrats (at least for now) or privatize state agencies. Second, Spain (at least in theory) should still be able to access the markets to fund its government as it has done pre-bailout. This puts it apart from other bailouts, like Greece, Ireland, Portugal that were aid recipients categorized as a basket case “program” countries. Offhand, though, this Spanish formula of a ‘lite’ bailout is considered a way to buy time for European policy maiers to work with other weaker economies threatening the stability of the 17-nation eurozone.

    Read more about Spain’s bank lifeline on Rappler.

    Check Spain facts and figures on BBC.

    Check market reactions on BBC.

  2. Stiglitz: America no long ‘the land of opportunity’

    In his latest book, The Price of Inequality, Columbia Professor and Nobel laureate Joseph Stiglitz examines the causes of income inequality reaches startling conclusions, including that America is “no longer the land of opportunity” and “the ‘American dream’ is a myth.” He noted that the fundamental promise for the past 250 years–that hard work, education, good decisions can improve your social mobility and economic circumstances–is threatened if the state of the US economy remains distressed. In other words, if Americans are born poor, they’re overwhelmingly likely to stay poor. He cited how, in the last 30 years the share of national income held by the top 1% of Americans has doubled but median incomes for American workers have stagnated. He also noted how just 8% of students at America’s elite universities come from households in the bottom 50% of income. He said that because the children of those at the top of society tend to do better than those at the bottom — partly due to better education, health care and nutrition — the income inequality that’s slowly emerged over the past 30 years will only widen in the next 10 to 20 years.

    Read more on Business Insider.

  3. Jennifer and Superman among popular passwords

    Changing and choosing passwords and passcode security have remained a popular topic after 6 million LinkedIn passwords were discovered to have been leaked. That boosted the IT security consultant Mark Burnett’s blog on “Top 500 worst (aka most common passwords” based on a variety of methods he has detailed on his blog. The top 25 list includes lazy combinations of 1 to 8, a to c, “password”; sports like “baseball,” “football”; names like “jennifer,” “jordan,” “michael”; creatures like “superman,” monkey,” “dragon”; and even a dirty one like “pussy.”

    Check the top 1000 common passwords at Mark Burnett’s blog here

    Check the Top 25 most-used passwords on zdnet.com

  4. Fans and foes agree: Pacquiao was robbed

    The uproar and shock over the boxing match result of the June 9 bout between Manny Pacquiao and Timothy Bradley were sustained the day after the Filipino boxing icon lost his WBC crown to the American. Fingers pointed to many directions, including Pacquiao’s newfound faith, but a common culprit emerged: the judges scoring. All indicators, including Bradley’s own comments at his corner during the 12-round fight, and Compubox, which boxing statisticians use to cover all major bouts, showed that Pacquiao lorded over the fight in terms of what matters: total punches, power shots and jabs. While a rematch became de facto, some scorned at it as just a way for the reported game fixers to earn more bucks. With analysts and celebrities crying foul, the decision  was a low point in boxing.

    Read more about the analysts’ take on Rappler.

    Read celebrities’ reactions on Rappler.

    Read and watch the boxing match results on Rappler

  5. Global airline industry to plummet in 2012

    In previous years, the culprit for crashing profits of airlines was high oil prices. This year, that oil challenge has strong partner: the ongoing eurozone crisis. At the annual general meeting of airline industry group IATA in Beijing on Monday, June 11, global profits this 2012 is seen to plummet to just around US$3 billion from $7.9 billion in 2011. Leaders warned how volatile political situations could push up oil prices higher than its average of US$110 a barrel for the year, and how the banking-turned-eurozone-wide crisis threaten to trigger a continent-wide recession. That would offset the gains by carriers that are flying high in Asia-Pacific, including the Philippines. 

    Read more on Rappler

  6. Muslim-Buddhist tension triggers Myanmar emergency rule

    The riot-hit Myanmar’s western state of Rakhine remains tense after the government declared a state of emergency as authorities struggle to contain explosive sectarian tensions following deadly clashes between Muslims and Buddhists in the region.

    The unrest has been increasing and as riots led to the burning of hundreds of Buddhist villagers’ homes as well as death of less than a dozen over the past days. Violent attacks fueled by “hatred and revenge based on religion and nationality” in Rakhine could spread to other parts of the country, President Thein Sein warned. He said conflicts also threatened to undermine stability, development and moves towards democratization by Myanmar’s new government, which took power last year following decades of outright military rule and has ushered in a series of reforms. Rakhine state is named for its dominant, mostly Buddhist ethnic group, but is also home to a large Muslim population including the Rohingya, a stateless people described by the UN as one of the world’s most persecuted minorities.

    Read more on Rappler here and here


  7. Revamp looming in Aquino Cabinet?

    President Aquino and his advisers have to decide soon how they and who will fill up the vacancy (or vacancies) at the Supreme Court after the successful ousting of former Supreme Court Chief Justice Renato Corona, seen as the stumbling block to this government’s anti-corruption and good governance efforts. Aquino seems reluctant to let go of tax chief Kim Henares, Justice Secretary Leila de Lima and Solicitor General Francis Jardeleza who are being eyed as possible replacements for Corona. He said they are effective in their posts and he has no one in mind yet to replace them if ever. But one position that has long rumored to soon need replacing is at Aquino’s own office. The Presidential Management Staff position, which Aquino had said requires the skill of a good CEO, seems to be up for grabs as the current PMS head, Julia Abad, is said to be migrating abroad to join her family. Incidentally, Jose Rene Almendras who has consistently been floated, is also effective in his current job as energy chief, given the power crisis scare. The who-will-go-where remains a nagging question for days to come. 

    Read more on Rappler here and here.


  8. Aquino’s ratings slipping – SWS, Pulse

    President Aquino’s ratings on 3 indicators — approval, trust, satisfaction — were down, latest results from Social Weather Stations (SWS) and Pulse Asia showed. Public satisfaction with him remained in “good” territory in a May 24-27 survey of SWS, but his net score was down 7 points to +42 from March’s +49. This is his lows since he assumed office in 2010, the ratings agency noted. Malacañang considered this “seasonal” in nature, while political analysts said rising commodity prices were a factor. Meantime, Pulse Asia’s May 20-26 survey showed that President Aquino’s over all trust ratings declined significantly (-15 percentage points) between Oct 2010 and May 2012, while his national approval rating has been gradually declining since October 2010. The survey showed that 65% have big trust on him, while 10% have small or no trust. 

    Read more on BusinessWorld 

  9. Prince Philip, the loyal and royal partner

    PARTNERS. Britain's Queen Elizabeth II and Prince Philip, Duke of Edinburgh, attend a garden party at Buckingham Palace, in London, on May 29, 2012. Photo by AFP

    Prince Philip, the husband of Britain’s Queen Elizabeth II, hugged the spotlight a week after the nation celebrated the queen’s jubilee. The queen’s 60th anniversary at the throne was a feat that British media said the 91-year-old royal family’s gruff patriarch has a crucial role in, having been a steadfast in support of his wife at the expense of his own career and ambitions. His unwavering and forthright style and devotion to duty has endeared him to the nation. A peppery naval officer, the Duke of Edinburgh’s no-nonsense approach combined with his infamous and often politically incorrect off-the-cuff remarks has not made it easy for people to warm to his style. He missed some of the jubilee festivities due to a gall bladder infection but not the queen’s affection. They have been married since 1947.

    Read more on Rappler.

  10. Lunch with Warren Buffett costs $3.5-M

    A record US$3,456,789 bid from an anonymous person bested well-heeled ones who were vying for the chance to eat lunch with legendary investor Warren Buffett. Glide, the San Francisco Bay anti-poverty organization, announced this after a week-long auction on Ebay. The 2012 winning bid topped by over $800,000 the 2011 record bid of $2,626,411 to dine with the “Oracle of Omaha.” Over the last decade, Buffett has raised more than $11.5 million (excluding the 2012 auction) for Glide. The chairman and chief executive of Berkshire Hathaway will join the auction winner and 7 friends for lunch at the Smith & Wollensky steakhouse in New York. 

    Read more on CNN



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