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...late Sunday at the latest, it was obvious that Fortis had committed a catastrophic folly. Less than a year after the blockbuster deal, the Belgian, Dutch and Luxembourg governments agreed to inject $16 billion into an ailing Fortis, laid low by ongoing uncertainty in global credit markets. In return for the lifeline, each of the three Benelux governments took a 49% share in Fortis' banking units in their own countries. The part-nationalization of Belgium's biggest lender, which, with a worldwide staff of 85,000, is Europe's largest to be bailed out so far since the credit crisis...
...While some protest indignantly at the latest encroachment on their space to light up, others welcome the elimination of clouds of smoke outside classrooms. At Clarion, for example, more than 500 students and faculty have signed petitions in support of the ban. That's great news for anti-smoking coalitions around the country who have been pressing colleges and universities to get stricter on tobacco. Although PASSHE is the first full school system to outlaw smoking, the American Lung Association estimates that about 130 schools now have campuswide bans, while several others have prohibited selling cigarettes on campus or have...
...commentators, of more recent developments. There is massive disenchantment with the country's mainstream Social Democratic Party and conservative People's Party, which have shared power in a "grand coalition" in Austria for all but 18 of the 63 years since the end of the Second World War. Their latest coalition government lasted just 18 months and was widely considered a catastrophe for failing to produce a single major legislative initiative. The result also underscores growing unhappiness with an expanded European Union in a Central European country that has always felt vulnerable to migrant flows from the east. Immigration...
...latest maneuvering came after yet another morning of high-stakes political theater in Washington. President Bush made an unusual, market-calming appearance in the Rose Garden just after 9.30 a.m. to reassure the nation that all parties were seeking a speedy solution to the bailout stalemate. Negotiations continued at the staff level on Capitol Hill this morning. In general, House Republicans continue to object on free market grounds to the President's bailout plan, while Senate Republicans, as well as Democrats in both houses, have been more supportive. Democratic leaders have been reluctant to move the measure through either...
There's no war going on between the U.S. and Pakistan yet, but recent exchanges involving American and Pakistani forces along the Pakistan-Afghanistan frontier are sounding like a sputtering fuse that's growing ever shorter. The latest series of "pops" occurred Thursday, when Pakistani forces fired on a pair of U.S. OH-58 scout helicopters buzzing along the border, and U.S. and Pakistani ground troops then exchanged fire. Pakistani officials insisted the choppers had crossed into their airspace, but U.S. officials said the incident occurred more than a mile inside Afghanistan - and the mountainous region is so poorly mapped...