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Global news summary 08 May 2009

2:19pm GMT, Friday, 8 May 2009

ICM's global news summary

Parliament elects Zuma to be South African President

Newly elected President Zuma plans to act quickly and address the challenge of the global financial crisis and the effect it is having on South Africa. Agreeing to a framework with members of Parliament - and subsequently implementing it to protect jobs and boost the economy - will be top of his agenda from the 9 May when his presidency begins.
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Dispute in European cities over job losses

Protesters in Turkey, Germany and Athens have vented their frustration at local government’s incapability to avoid mass lay-offs by attacking banks and throwing petrol bombs. It is said to have come from the increasing belief that while every day jobs cannot be saved, bank executives are still receiving substantial pay-offs and bonuses.
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Mice attack elderly Australians

It is thought that a cooler autumn in Queensland, Australia has caused mice to infest a local nursing home. Discovered on Anzac Day an elderly veteran was found needing to be sedated, with multiple cuts and blood running down his face. As a result the Australian government has ordered an investigation of the current health and safety practices in the nursing home.
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UN left feeling ‘stunned’ as further bail-outs are announced

After news of more bail-outs to car manufacturers, sellers and banks, Adam Steiner of the UN has told the BBC Planet programme how ‘stunned’ he was at the fact this huge quantity of money is readily available and that it has taken a decade to get £3.5 billion for the development of renewable energy.
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New accord struck between Italy and Libya over illegal immigrants

Last year saw an increase of 75% on the previous year’s figure of immigrants landing on Italian soil. 227 illegal immigrants were rescued by the Italian Navy and shipped back to Tripoli on Thursday after a new agreement with Libya was discussed regarding the return of illegal immigrants and rescue operations.
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Months of heavy rain leave 19 dead and 186,000 homeless in Brazil

It has been reported that at least seven states in the Amazon region have been wiped out by the recent heavy rain and subsequent mud slides seen in the last several months. Residents have been forced from their homes, taking what belongings they can and using boats to transport themselves around the sunken cities to emergency shelters and relatives.
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Suspicion over embezzlement to build personal fortunes in France

An investigation in Paris is due to be carried out regarding the suspected embezzlement, money laundering and misuse of public funds scandal surrounding three African leaders. The three under question are thought to have built up a staggering list of assets worth over tens of millions of Euro. The suspicion comes from the value of the assets being worth several more times than their official earnings.
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After death threats Norwegian referee is smuggled out of Britain

Police are undertaking an investigation into death threats and an internet-based hate campaign towards a Norwegian referee who refereed the Chelsea – Barcelona football  match on 6 May.  Tom Henning Ovrebo was escorted from the pitch at the end of the match by Chelsea stewards after being attacked by Michael Ballack during the match and then by Didier Drogba as the final whistle was blown. Police later changed Ovrebo’s  hotel reservation due to fears of upset fans finding him. Uefa is currently waiting for a report from the referee and match delegates before deciding to charge any of the Chelsea players.
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Wild fruit trees face extinction

Scientists have issued a ‘red list’ detailing every one of the species of wild fruit trees threatened by extinction. Research has been carried out in the forests of central Asia on wild ancestors of common domestic fruit trees. Conservation charity Fauna and Flora International has reported a 90% loss of the forest in the last 50 years due to over-exploitation and human development.
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Ten US banks fail ‘stress test’

Out of the 19 largest banks in America ten need a combined $74.6 billion of extra funds to boost their cash reserves. The stress test was carried out in the hope of removing any uncertainty in the banking sector. These ten banks need to find sufficient capital in case the recession should worsen. Some are sourcing these funds from sales of assets while others are relying on government funding and tax payers’ money.
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Nintendo reports record profits

Due to the success of its Wii console and portable DS device Nintendo has so far weathered the economic storm and posted an 8.5% rise in its net annual profits. This is far less than its previous year’s net profit of 47.7% but in comparison with Sony and Microsoft which have announced job cuts Nintendo felt positive about its future.
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World’s smallest pigs thriving

Released a year ago in the grasslands of Assam in India, the world’s smallest pigs – captive bred Pygmy Hogs - are thriving. After this success, the conservation trust plans to introduce 14 more Pygmy Hogs into the habitat. It is believed that out of the nine released females, one has given birth.
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Guinea miners crushed in gold cave-in

With ten people still unaccounted for, 13 dead and five left badly injured the cave-in has had dramatic results. In Siguiri town, north of the capital Conakry there are rich gold deposits. Large firms send locals down as far 70 meters with little or no protection, in search of gold. The incident is to be investigated by a joint defence and security team.
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Jaguar to target Indian market

Jaguar Land Rover plans to formally sell its cars to the Indian market later this year. The British company is now owned by Indian company Tata Motors and plans to import the cars and sell them through its own existing dealership networks. In doing so they hope to capitalise on India’s rapidly expanding market.
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European tax havens face Obama action

Ireland and the Netherlands are two of the countries that could be affected by President Obama’s crackdown on tax havens. Low corporate tax rates attract companies such as Microsoft to operate in Europe. The tax deferral rules mean it is more expensive for American companies to reinvest oversea’s generated profits at home than abroad. With Obama’s plans, many organisations may now re-think their overseas investments, which could potentially be  bad news for Ireland and the Netherlands.
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