Steve Jobs: The magician

The revolution that Steve Jobs led is only just beginning.

When it came to putting on a show, nobody else in the computer industry, or any other industry for that matter, could match Steve Jobs. His product launches, at which he would stand alone on a black stage and conjure up an “incredible” new electronic gadget in front of an awed crowd, were the performances of a master showman. All computers do is fetch and shuffle numbers, he once explained, but do it fast enough and “the results appear to be magic”. Mr Jobs, who died this week aged 56, spent his life packaging that magic into elegantly designed, easy-to-use products.

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Russia and China veto new UN sanctions against the Syrian regime

As the crackdown on pro-democracy protesters in Syria continues, Russia and China have blocked an effort by Western nations to impose new sanctions against the regime of Syrian President Bashar al-Assad.

After last-minute negotiations delayed a United Nations Security Council vote on Tuesday evening, Russia and China exercised their veto right and quashed a European-led resolution threatening Syria with sanctions.

Germany, Britain, France and Portugal sought the Security Council vote to impose "targeted measures" against the regime of President Bashar Assad for the crackdown that has killed 2,700 people since March, according to rights groups and the UN.

The proposal called for sanctions to be introduced if Assad failed to comply within 30 days with instructions to end the violence and enact reforms.

It would have been the first legally binding resolution adopted by the Security Council since Assad began his military crackdown on the protesters who have been calling for the end to Assad's regime for months.

Hoping to avoid the double veto, the European sponsors had watered down the language three times, even removing the word "sanction."

Russia's UN Ambassador Vitaly Churkin said, however, that Russia opposed because it was "based on a philosophy of confrontation" and included "an ultimatum of sanctions."

Western governments have expressed frustration with the council over its failure to adopt any resolution on Syria since pro-democracy protests began earlier this year.

Both the Russian and Chinese ambassadors maintained that their countries are concerned about the ongoing violence in Syria but did not think the Security Council resolution was the right move.

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Greek Cypriots Start Oil Drilling In the Eastern Mediterranean

The Greek Cypriot administration is reported to have started drilling for oil in the Eastern Mediterranean.

The Israeli media say that the Israeli partnered American company Noble has started exploration on Monday.

According to the Globes website, the company Noble has started drilling for natural gas with ten days to go before the expiry of the agreement it struck with the Greek Cypriot administration.

A Greek Cypriot news agency has said that the company employees were carried by helicopter to a platform set up in the region from Limasol.

Turkey has earlier warned that if southern Cyprus were to launch drilling activities in the region, it was going to sign a continental shelf agreement with the Turkish Republic of Northern Cyprus.

TRT-World

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Merkel and Sarkozy Propose New Economic Government

Sarkozy told reporters that he and Merkel want a "true European economic government" that would consist of the heads of state and government of all eurozone nations.

The leaders of France and Germany called Tuesday for greater economic discipline and unity among European nations but declined to take immediate financial measures seen by many investors as the only way to halt the continent's spiraling debt crisis.

The Dow Jones industrial average fell, the euro slid against the dollar and key European markets edged down in off-hour trading after Chancellor Angela Merkel of Germany and French President Nicolas Sarkozy announced the results of their emergency talks in Paris.

Sarkozy called for a "new economic government" for Europe that would meet at least twice a year with European Union President Herman Van Rompuy as its head, but he offered few other details or indications that the body would have real power.

Merkel and Sarkozy also called for all eurozone nations to enact constitutional amendments requiring balanced budgets. They said they want the process completed by the summer of 2012, but it would almost certainly run into protracted political difficulties in many countries.

Both leaders said the moment was not right to replace 17 government bonds with a single one allowing weaker economies to borrow in cooperation with the powerhouse economies of France and Germany. A growing number of experts are calling for the eurobond as a way to prevent the unaffordable interest rates that have driven Greece, Ireland, and Portugal to seek bailouts from the eurozone countries and the International Monetary Fund.

New figures show slowing French and German growth, and the German government fears it would face higher borrowing costs and more risks if it had to borrow jointly with financially shaky nations.

"We have exactly the same position on euro bonds," Sarkozy said. "One day we could imagine them, but at the end of a process of European integration, not at the beginning."

The two leaders also proposed a Europe-wide tax on financial transactions and pledged to harmonize their countries' corporate taxes in a move aimed at showing the eurozone's largest members are "marching in lockstep" to protect the euro.

Sarkozy told reporters that he and Merkel want a "true European economic government" that would consist of the heads of state and government of all eurozone nations.

The move appeared a step toward the closer long-term economic integration that many analysts have said is inevitable to make the euro experiment survive, though it was unclear how much effect it would have in the short term.

"There has to be a stronger coordination of financial and economic policy" to protect the euro, Merkel said.

Reuters

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S&P Downgrades US Credit Rating to AA-Plus

The United States lost its top-notch triple-A credit rating from Standard & Poor's Friday, in a dramatic reversal of fortune for the world's largest economy.

S&P cut the long-term U.S. credit rating by one notch to AA-plus on concerns about growing budget deficits.

"The downgrade reflects our opinion that the fiscal consolidation plan that Congress and the administration recently agreed to falls short of what, in our view, would be necessary to stabilize the government's medium-term debt dynamics," S&P said in a statement.

"More broadly, the downgrade reflects our view that the effectiveness, stability, and predictability of American policymaking and political institutions have weakened at a time of ongoing fiscal and economic challenges to a degree more than we envisioned when we assigned a negative outlook to the rating on April 18, 2011," the statement said.

The outlook on the new U.S. credit rating is negative, the S&P said in its statement, a sign that another downgrade is possible in the next 12 to 18 months.

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Europe’s resurgent far right focuses on immigration, multiculturalism

The far right in Europe has enjoyed a renaissance over the past 30 years, driven by resentment of the growing powers of the European Union and by rejection of the “multiculturalism” that has accompanied rapid immigration from the developing world.

Political parties opposing immigration and integration have done well in elections in recent years — and beyond them, neo-fascist and “national socialist” groups have become well-established across the continent, including in Germany, Belgium, the Netherlands, Italy, Scandinavia, Hungary and the United Kingdom.

Most of those belonging to such groups would not contemplate the sort of carnage that occurred in Norway on Friday, but they would probably sympathize with what appears to have been the manifesto of the alleged assailant, Anders Behring Breivik.

Breivik claimed that “cultural Marxism” had morally degraded Europe, and purportedly wrote: “You cannot defeat Islamisation or halt/reverse the Islamic colonization of Western Europe without first removing the political doctrines manifested through multiculturalism/cultural Marxism.” Elsewhere he said: “One of the most widespread manifestations of the craziness of our world is multiculturalism.”

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