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India's Supreme Court ruled that Vodafone PLC does not owe $2.2 billion in taxes on the acquisition of a majority stake in Hutchison Essar Ltd. The Indian tax authorites were directed to return 25 billion rupees ($500 million) which Vodafone had deposited. With declining foreign investment in India and a lower growth rate of about 7%, this tax case had assumed larger significance. The Supreme Court decision emphasized that taxing Vodafone "would amount to imposing capital punishment for capital investment." Vodafone had difficulties in its Indian operations- a $3.4 billion impairment charge in May 2010 because of strong competition. Vodafone is estimated to have invested $26 billion in India since 2007, and in the fiscal year ending March 2011 showed only $115 million in profit on sales of $3.86 billion.

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Spanish banks conversion of deposit holders into equity holders and risk. Because preference shares counted as core capital Spanish banks issued 32 billion euros of such securities in 2007-2010. Depostors were given these shares in place of low interest bearing accounts. Now that these illiquid shares no longer count as core capital under Base III rules, banks are asking investors to convert these shares into common stock which helps banks boost their capital ratios.

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A major shift in public opinion happened between 1990 in the public's perception and tolerance of gay people and gay marraige. Support for gay marraige in Journal/NBC News polling shows young people, especially people 18-34 year old, were leading the way. In this group support for gay marraigne increased from 47% in 2009 to 57% in 2012, going up to 74% in March 2015. The increase is also shown in suburban residents, political independents, Midwesterners and Hispanics. A key factor in the change is that many people now know of one person in their work or personal lives who is gay. Technology, television and internet media also helped changed attitudes. In 1990 7 of 8 Americans said sexual relations between the same sex were wrong. In 2004 only 3 of ten Americans supported same sex marraige. A vote in Maine shows the dramatic shift- in 2009 same sex marraige was rejected by 53%, in 2012 53% approved it. The change in attitudes is faster than happened for miscegenation, which took 30 years after the Supreme Court ruled against anti-miscegenation laws to reach a point where a majority of Americans approved marraiges between black and white people. The Supreme Court's 5-4 decision on June 25, 2015, now makes gay marraige legal in all 50 states, and strikes down bans in Michigan, Ohio, Kentucky, and Tennessee. Yet there are a significant number of Americans who do not favor same sex marraige especially in southern states such as Texas, Kentucky, South Carolina, Tennessee, Alabama. A Pew Research Center poll shows 73% of white evangelical Protestants do not approve of same sex marraige. Other groups who do not favor same sex marraige in the Pew polling are conservatives and persons born before the post World War baby boom. ...

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This Journal editorial does not shy away from the task of evaluating the Greece bailout in March 2012, for what it really means; its longer term consequences for the EU experiment, the consequences for Greece, and what it does for democracy in Athens. Its clear it points out the last 2 years were spent insulating the rest of the EU from the fallout of the debt crisis in Greece. Even though it would have been better to have acted at the outset two years ago- to let Greece go into a planned default, reduce debt to manageable levels, and to have acted on reforms earlier. This would have setup a better outcome than the one today. It would have meant a bigger haircut for the banks and greater debt reduction which would have hurt European banks. The current outcome is bad for Greece's economy which leaves it with debt at over 120% of GDP in 2020, and no hope to return to growth. And its bad for democracy as the two main political parties in Greece were required to pledge support to the austerity measures against overwhelming public opposition....

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A 60% turnout in the election in Kashmir with the National Conference Party under Omar Abdullah winning 28 seats out of 87 seats, and the People's Democratic Party winning 21 seats and the Congress Party winning 17 seats. A coalition between the Congress party and the National Conference party is expected. The turnout in Srinagar the main city was 20%, higher than the 5% in 2002, which suggests that the terrorism in Kashmir is focussed in areas like Srinagar and in the rest of the country including rural districts the people are looking for ways to improve their lives free of the violence and poverty resulting from the insurgency.

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Graham Allison of the Kennedy school of Government at Harvard and John Deutsch former head of the CIA under Clinton and now a Professor at MIT, say it would be adesirable thing that Afghanistan develop into a prosperous, poppy-free and democratic country, but it is not vital for American interests. They say lets face it, one cannot push Afghistan into modernity overnight, just because we wish it. It would be atragic mistake to do so, and take a huge and ultimately failing effort to do this, with a vast expenditure of American blood and money, to do this. One can expect for Afghanistan after we exit to revert to conditions that exist in other countries at the same level of development, like Bangladesh, Sudan, Somalia. Allison sees a vital interest at stake in Pakistan because of nuclear weapons.

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The auto parts industry is seeing a huge transformation as American Axle, Visteon and other companies look to Europe, Asia and other countries for growth and shift to a lower cost manufacturing base overseas. Costs are in many cases about 5 times in the USA than in other countries in Asia. And health care costs are a major part of the costs the auto parts makers face in the USA. To get an idea of how fundamental a change is going on American Axle which in 1995 did not have a plant overseas now expects 75% of its $1.3 billion in product orders to be met by plants overseas. And it is planning to build plants in India and Thailand. Visteon which used to be part of Ford Motor and made parts like heating and cooling systems mainly for Ford, will by 2010 according to Visteon's CEO, have sales to Hyundai and Kia of 28% of sales, making the Korean company its largest buyer. Ford's North American operations will only account for 6% of sales from 15% today. That is a dramatic change and involves closing plants in the US. For Visteon this means $635 million in cost reduction mainly through plant closings in 2008-2010....

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John Holmes the UN deputy secretary general and relief coordinator says after a 4 day situation that the situation in Afghanistan is deteriorating. Afghanistan's food needs he says are very great considering the worsening food situation cause by world food prices surging and by the loss of about 40% of Afghanistan's wheat crop from drought that has affected food producing areas. The UN appealed 6 months earlier for $400 million in food aid to meet the needs of 4.5 million people or 14% of the people and for seeds and fertilizer to increase food production. Complicating food delivery is the worsening security situation with 432 deaths to insurgent attacks, and 62% rise in civilian deaths, displacement of 160,000 people.

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Musharraf's efforts at economic growth were not broad enough or deep enough to create a measurable difference in the lives of the Pakistani people. And improvements in industry and agriculture may have been shallow compared to the potential. The wars or conflicts one or the other with India and the failure of political leaders may have been too big a distraction to achieve the significant effort needed to make a serious improvement in the lives of ordinary people and grow the middle class. Inflation is up by 24% year to year in July and rising, which is really an intolerable burden in a poor developing country. Now what little progress was made in Pakistan for the lives of ordinary people and the middle class is unraveling in the face of increase in the price of food, and fuel. And the the fall in the value of the Pakistan ruppee to Rs 75 for one American dollar, a 24% decline in value since January 2008 in only 8 months, shows a serious loss of confidence in the economy. The fall in the foreign exchange reserves is striking from $16 billion in November to $9.92 billion at this time. Pakistan appears to be heading in the direction of a serious refocussing of its economy, its politics, its educational institutions, and government and private industry, and its military in the direction of improving the lives of ordinary people, building industry and agriculture and building its infrastructure. If left unattended this crisis can only get worse and none of the past experience the old military approaches, the religious politics, the corruption in politics, the old political slogans, the conflict building with India, is going to be of much help in tackling the real day to day problems of improvement in industry, agriculture, infrastructure, and building better lives....

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US National Intelligence report due after the November elections confirms much of the British Ambassador's cable to the French from Afghanistan. Its a situation in a downward spiral the draft report says and the deterioration is accelerated by rampant corruption and the heroin trade which is now about half of Afghanistan's economy. The government "has lost all trust" according to the British Ambassador Cowper-Coles report.

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Is Ahmadinejad or Khamanei Iran's socalled supreme leader, the leader foreign leaders should be paying attention to in the final analysis? The openings in the Clinton administration under Khatami for a reconciliation of differences, Irans legitimate interests and aspirations in the shiite and Islamic world and how they can be reconciled with the American interests as in Iraq. How rhetoric of Ahmadinejad may have poisoned these possibilities and clouded the real nature of Iran as not a totalitarian state says Akbar Ganji but more of a Sultanate in the Islamic tradition with a heterogenity of views and interests under an Islamic banner and authority, as for instance liberalism, socialism and feminism all views that exist as currents in Iranian society and vie to replace the existing Islamic ideology or to supplement or modify it in a form of modernizing element. And in the final analysis its about the hope of democracy activists in Iran and activists for modernizing element, and moderating influences in Iran's heterogenous society and in its bazaars that emphasize commercial instincts and manner over ideology, which also have popular support as they did under Khatami, to come up with a government that is more likely to work with a range of countries from China and India in Asia to Europe and the United States. And its about how the US and Europe can work towards that outcome requiring less rhetoric and more patience, firmness, and perseverence. ...

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Admiral Mullen chairma joint cheifs confirms most of what the British Ambassador in Afghanistan s saying about deteriorating prospects in the country. He understands the heroin growing issue brought up by US counter narcotics experts in the NYT recently, by saying "we've got to impact pretty significantly, pretty fast on the poppy issue". He is aware that poppy growing is abundant in the south and in Helmand province pours upwards of $100 million to finance the Taliban. General McKiernan who heads NATO forces there says that NATO forces would be authorized to attack narcotics bosses, their soldiers and infrastructure, if they are linked to movement of weapons, improvised explosives or foreign fighters in Afghanistan. Which is possibly a waiting mode till more troops are sent to Afghanistan as policing this rugged mountanous country with tribal regions and loyalties complicated by the narcotics layer and widespread corruption in the Karzai government and its loss of popular support requires many more troops than are now in the country and a sustained campaign. So far the US and European forces possibly outnumbered have resisted alienating the poppy farmers in the south through land based eradication. But with more troops Mullen's new approach and Petraeus's has to shift to something like that, at the same time as they follow Petraeus's new counterinsurgency doctrine in display in Iraq to draw down the Taliban strength to its core supporters by winning other tribal factions with no hardcore loyalties over to the American side....

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Tranlation of an oped article in French on the Lashkar -e Taiba terrorist group in Pakistan, and its links and sponsors in the Pakistan ISI agency which is itself a state within a state.

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India's response says Amitav Ghosh is better being like the Spanish response to the Madrid bombings 11-M as it is known in Spanish, than the American response to 9/11. The American response was military buildup and the invasion of Afgahnistan and then Iraq. The Spanish response was says Ghosh was of vigilance, patience and careful police work in coordination with neighboring countries. And in the case of India the added effort to eliminate the terrorists hideouts and safe houses in cooperatation with other countries. Tightened security in all areas and bringing it on par with the security in countries that have addressed the challenge at a much better level.