Morning News - Hotting Up In Iraq, PA, and Oakland
Things are heating up again in Iraq. After Iraqi forces took complete control of the last bastions of the cleric Moktada al-Sadr’s militia, al-Sadr delivered what he said is his last warning to stop targeting his people or he will "declare war" on the Iraqi government and allied forces. A Sadr supporter in the Iraqi parliament echoed that sentiment. Meanwhile, Secretary Rice made a surprise visit to Baghdad to continue to press for more political progress.
Things also heating up in the Democratic race on the eve of the Pennsylvania primary. Both sides are trading charges of hypocrisy, dirty campaign tactics, and the viability of the others health care plans. Barack Obama is dominating the airwaves, spending more than $8 million on Pennsylvania campaign spots over the past month, more than twice Hillary’s tally. Obama raised $42 million last month compared to Clinton’s $20 million. Despite that, Clinton, on average, has about a 5 point lead in Pennsylvania. Given her delegate and popular vote needs one columnists feels that "Clinton Loses Pennsylvania"
Columnist David Broder had a piece in the Post yesterday about how an increasing number of Democratic party elders are concerned about how Clinton and Obama’s increasingly negative grudge match could benefit McCain and potentially cost them the general election.
Global automakers issued ambitious forecasts yesterday of up to 65% sales growth in China's booming market this year. Sales in China, already the world's No. 2 vehicle market after the United States, are forecast to grow 15% to 20% this year.
The U.S. and Europe may have to reconsider their promotion of biofuels in the wake of surging food prices around the world, according to IMF’s chief economist. Their production has contributed to world food prices surging about 83% in the past three years, provoking riots in poor nations and threatening to set back efforts to reduce global poverty.
One side effect of rising food prices is less resistance to biotech crops, according to the International Herald Tribune. In Japan and South Korea, for example, some manufacturers have begun buying genetically engineered corn for use in soft drinks, snacks, and other foods. Farmers in Britain and the United States are also relaxing their opposition to the use of such crops.
President Bush will nominate SBA Administrator Steve Preston to replace Alphonso Jackson as secretary of HUD.
A Wall Street Journal editorial notes the revolt against an effort by SEIU's Andy Stern to pressure private equity firms to allow him to organize workers at the companies they own. It says the California legislature shelved a bill that would have restricted state pension fund allocations to sovereign wealth-backed private equity firms for the following reasons: 1) CalPERS and CalSTRS objected, saying it was a bad idea to cut them off from firms that provide them with some of their highest returns, and 2) everyone saw through Stern’s avowed commitment to human rights when he listed Abu Dhabi and Singapore as violators but not China, because China invests in Blackstone Group which has played ball with the SEIU. Writes the Journal:
"Ever since the SEIU broke from the AFL-CIO three years ago, its ability to prosper has depended on growing the union. Sometimes the union's efforts to expand have even led it afoul of the law. Last week, a court in Oakland issued a restraining order against Mr. Stern and the SEIU over allegations that SEIU members stalked, harassed, and physically assaulted members of the California Nurses Association, a competing health care union … Like the nurses, Calpers and Calstrs have had the sense and wherewithal to push back against the SEIU's bullying. As they see it, Andy Stern's war on private equity would kill the goose that lays golden eggs for their retirees. His bill would have prevented them from maximizing their returns, which happens to be their fiduciary duty. It's also what's best for working families."
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