Showing posts with label troubled. Show all posts
Showing posts with label troubled. Show all posts

Wednesday, December 4, 2013

Slovenia needs up to 5 bln eur to clean up troubled banks - sources

Slovenia needs up to 5 bln eur to clean up troubled banks - sources
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BRUSSELS Wed Dec 4, 2013 1:40pm EST



BRUSSELS Dec 4 (Reuters) – Slovenia is expected to need as much as 5 billion euros ($ 6.8 billion) to recapitalise its banks, sources familiar with the matter told Reuters, a figure some officials say would not require an international bailout.


Slovenia’s government is determined not to seek international aid and one government official recently said that even were the bill for repair to reach 4.6 billion euros it would not trigger a request for help.


The banks are nursing some 8 billion euros in bad loans, equivalent to almost one quarter of economic output, raising speculation that Slovenia, with a population of just 2 million, might become the sixth euro zone economy to need outside help.


On Dec. 13, the government will receive the results of an external audit of the banks, which will say how much cash the government must inject to keep them afloat.


“The latest figure we have for Slovenia is 5 billion euros,” a senior euro zone official familiar with the situation told Reuters.


A second official said that 5 billion euros was likely to be the upper limit and that it could be as low as 4 billion euros. He said it was unlikely this range would require an international bailout for the ex-Yugoslav republic.


A source close to the government of Prime Minister Alenka Bratusek told Reuters last week that the country was able to cope with a gap of 4.6 billion euros.


Slovenia’s stock market suspended trade in its banks’ shares and junior bonds on Monday, until the publication of results of bank stress tests next week.


Credit-rating agency Fitch has said that under the worst-case scenario, Ljubljana will have to recapitalise its mostly state-owned banks with 4.6 billion euros – far more than the 1.2 billion euros it has set aside.


Despite the uncertainty, investors’ interest in Slovenia is increasing, with one single unnamed buyer snapping up a 1.5 billion euro bond issue in November.


But Slovenia could yet follow Greece, Ireland, Portugal and Cyprus in seeking a national bailout from the euro zone, European Central Bank and the International Monetary Fund.


Slovenia’s economy was badly hit by the global financial crisis and relapsed into recession in 2012 due to a slide in exports, a credit crunch and a fall in consumer spending after budget cuts.


The government has embarked on a programme of reform including tax hikes, spending cuts and privatisations.


It is considering selling a number of state companies including Telekom. Germany’s Deutsche Telekom is a potential bidder.






Reuters: Financial Services and Real Estate




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Sunday, August 11, 2013

“Lovelace”: The Troubled Porn Star Who Changed History



Amanda Seyfried and Peter Sarsgaard are terrific, but the soapy "Lovelace" tells only part of a fascinating story.








Pornography, in case you haven’t noticed, is everywhere. It’s one of the inescapable phenomena of contemporary existence, like global climate change, the explosion of pharmaceutical wonder drugs or the Kardashians. As with those things, there’s no stuffing the genie back into the bottle. We can sit around and argue about whether the overall effect of widespread porn consumption on human sexuality has been liberating or deadening, though I’m not sure there’s anybody left who would argue the former position with a straight face. But we can’t do much about it.


As a parent, I’m completely fine with default blocking of porn sites (as has been proposed in Britain), a position I might well have mocked a few years ago. But let’s get real: Any savvy 12-year-old with a yen to witness once-unimaginable sex acts performed by strangers will find a way. Unless you’re planning to live off the grid or move to Saudi Arabia, there’s no going back to a world without porn – and I have a feeling those solutions wouldn’t work either. This is the world Linda Lovelace made possible, apparently without ever wanting to or meaning to.


I’m old enough to hold dim memories of the furor surrounding the release of “Deep Throat” in 1972, although I had no idea what the movie was “about,” or what sex act was suggested by the title. (I suspect my parents went to see it, although they never confessed that to me.) If anything, Rob Epstein and Jeffrey Friedman’s biopic “Lovelace” underplays the cultural significance of “Deep Throat,” or the way in which Linda Lovelace’s ability to perform a version of fellatio then viewed as apocryphal — or attributed to rare and expensive prostitutes — was presented as a symbol of female sexual liberation. It all seems too ridiculous now, not to mention tragic. In some ways, all you really need to know is that “Deep Throat” made hundreds of millions for its producers, and Lovelace’s salary was $ 1,250.


Epstein and Friedman will always be best known as documentary filmmakers, and won Oscars for both the ground-breaking “Times of Harvey Milk” in 1985 and “Common Threads: Stories From the Quilt” in 1990. “Lovelace” is a severely mixed bag, built around gutsy and terrific performances by Amanda Seyfried as the eponymous star and Peter Sarsgaard (always so good playing a heel) as her abusive manager and husband, Chuck Traynor. It gets about halfway to being a great movie about an ambiguous cultural icon, and then gets stuck between modes: Partly it’s a good-times-gone-wrong period fable in the vein of “Boogie Nights,” “The People vs. Larry Flynt” or “Goodfellas,” and partly it’s a classed-up Lifetime melodrama about a woman who’s victimized and prostituted by a powerful husband.


Despite the vibrant presence of Seyfried, who plays Lovelace as a compelling blend of curiosity, vulnerability and naiveté, Linda herself never seems like the subject of the film, either before, during or after her brief period of porn stardom. It’s a strange outcome: She lacked clear agency in her life, and remains an unreadable cipher in the fictional version of her life story.


There’s much to enjoy in “Lovelace,” from the period R&B hits to the outrageous furniture and fashions to hambone performances by Chris Noth, Bobby Cannavale and Hank Azaria (as the sleazeball trio who made “Deep Throat”) and bit parts for James Franco as Hugh Hefner and Adam Brody as Harry Reems, Lovelace’s impressively endowed costar. Only a few simulated scenes from “Deep Throat,” none of them explicit, are seen in “Lovelace,” which hasn’t stopped the copyright holders of the original film from filing a $ 10 million lawsuit. (Among other things, they claim they hold all rights to the trademark “Linda Lovelace.” What can you even say about that?) Given the brutal hypocrisy of the way Linda Lovelace was created, manipulated and marketed, it feels bizarre and wrong to shake your groove thing at this particular party.


According to this telling of the tale, smooth-talking Chuck used young Linda Boreman — a New York transplant who’d had an illegitimate child as a teenager — as his ticket out of running a second-rate strip club in Fort Lauderdale. Performing oral sex on camera almost certainly wasn’t the worst of it. (Linda’s controversial later testimony that she was forced to do “Deep Throat” at gunpoint is not mentioned here, and was likely hyperbolic or metaphorical.) He beat and raped her frequently and pimped her out throughout their marriage, even allegedly selling her to be gang-raped at Hollywood parties after “Deep Throat” had made her famous. Perhaps the movie’s most chilling ingredient is its clear suggestion that Linda’s devout Catholic mother (a powerful supporting role for Sharon Stone) aided and abetted Chuck, repeatedly telling Linda that a wife’s role is to obey her husband, and resisting any details about exactly what Chuck ordered her to do.


Screenwriter Andy Bellin first gives us the official version of Linda’s rise, the one sold to people in the ‘70s, in which the freckled girl-next-door with an unusual aptitude for sex becomes the wholesome face that brings porn to Mr. and Mrs. America. Then we see many of the same events again from Linda’s perspective, with Chuck morphing from a pot-smoking, sideburned swinger to a sadistic, controlling creep, Franco’s Hefner as a flesh-peddling predator and Linda herself as a virtual sex slave. We see her finally escape from Traynor and the porn industry, and then tell her story to Phil Donahue several years later, when she’s become a Long Island housewife with two kids. This turnabout is dramatically effective, but it actually avoids some of the most interesting and complicated aspects of the real Linda’s story.


There’s no way to cover an entire life in a 90-minute movie, especially a life as bewildering as that of Linda Boreman-Traynor-Lovelace-Marchiano-Boreman (and occasionally Lovelace again). But “Lovelace” never mentions Linda’s involvement with the anti-pornography crusade led by feminist intellectuals like Andrea Dworkin and Catharine MacKinnon, or her subsequent rejection of that movement and claims that those activists had used her for financial advantage. While many of her colleagues in the porn industry have supported her charges against Traynor, others have questioned her credibility and accused her of not taking responsibility for her own actions. After divorcing her second husband (saying he, too, was abusive) Linda briefly returned to the sex industry, doing a nude pictorial for Leg Show magazine in 1995. She died at age 53 after a Colorado car accident in 2002, a cruel ending to a life that had more questions than answers.


I’m not suggesting that Linda Lovelace was a hypocrite or that I believe she was not exploited. If anything, her later history suggests how profoundly screwed up she was, whether by her family, by Chuck Traynor, by her work in porn and her unwanted and uncompensated celebrity or by all of the above. I’m saying that Epstein and Friedman make a brave effort to wrestle with the ambiguities of Linda Lovelace’s life but ultimately come up short, turning an immensely complex story about women, men, sex and the 20th century into an old-fashioned moral fable about innocence betrayed. They have noble intentions, I guess, and Seyfried’s performance is worth the price of admission. But Linda Lovelace deserved something more.


 

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“Lovelace”: The Troubled Porn Star Who Changed History

Sunday, June 30, 2013

Capping recovery from war, Croatia joins a troubled EU

ZAGREB (Reuters) – Two decades since fighting itself free of Yugoslavia, Croatia becomes the 28th member of the European Union at midnight on Sunday against a backdrop of economic woes in the Adriatic republic and the bloc it is joining.



Reuters: Top News



Capping recovery from war, Croatia joins a troubled EU

Capping recovery from war, Croatia joins a troubled EU


Croatia

Croatia’s Prime Minister Zoran Milanovic arrives at a European Union leaders summit in Brussels June 27, 2013.


Credit: Reuters/Yves Herman






ZAGREB | Sun Jun 30, 2013 6:16am EDT



ZAGREB (Reuters) – Croatia becomes the 28th member of the European Union at midnight on Sunday, a milestone capping the Adriatic republic’s recovery from war but tinged with anxiety over its economy and the state of the bloc it joins.


EU flags fluttered from a stage in Zagreb’s central square ahead of the evening’s festivities, but there have been few signs of the gushing welcome that marked past expansions to ex-communist Eastern Europe.


Croatia joins the bloc just over two decades after declaring independence from federal Yugoslavia, the trigger for four years of war in which some 20,000 people died.


Facing a fifth year of recession and record unemployment of 21 percent, few Croatians are in the mood to party.


The EU is also deeply troubled by its own economic woes, which have created internal divisions and undermined public support for the union.


“Just look what’s happening in Greece and Spain! Is this where we’re headed?” asked pensioner Pavao Brkanovic. “You need illusions to be joyful, but the illusions have long gone,” he said at a Zagreb market.


President Ivo Josipovic told Croatia’s Nova TV on Saturday journalists from EU countries had repeatedly asked him why Zagreb wanted to join the bloc.


“My counter question was: ‘You come from the EU. Is your country preparing to leave the bloc?’ They would invariably reply: ‘Of course not.’ Well, there you go, that’s why we are joining, because we also believe the EU has a future,” he said.


The country of 4.4 million people, blessed with a coastline that attracts 10 million tourists each year, is one of seven that emerged from the ashes of Yugoslavia during a decade of war in the 1990s.


MERKEL NO-SHOW


Slovenia was first to join the EU, in 2004, but Serbia, Bosnia, Macedonia, Montenegro and Kosovo are still years away.


To get to this point, Croatia has gone through seven years of tortuous and often unpopular EU-guided reform.


It has handed over more than a dozen Croatian and Bosnian Croat military and political leaders charged with war crimes to the United Nations tribunal for the former Yugoslavia in The Hague.


It has sold shipyards, steeped in history and tradition but deeply indebted, and launched a high-profile fight against corruption that saw former prime minister Ivo Sanader jailed.


Some EU capitals remain concerned at the level of graft and organized crime. Croatia open-border Schengen zone.


The spirit of the occasion took another knock when German Chancellor Angela Merkel, the bloc’s most powerful leader, pulled out of the accession ceremony, saying she was too busy.


Croatian media linked the move to a row over a former Croatian secret service operative wanted in Germany, though a spokesman for Merkel denied this.


Instead, Merkel urged Croatia to press on with reforms.


“There are many more steps to take, especially in the area of legal security and fighting corruption,” she said in a weekly podcast.


For some Croatians the merits of accession were undeniable, despite the lukewarm mood.


“I know many people in Croatia are very skeptical but I think EU entry is the best thing that could have happened and it’s an injustice we should have waited since 1990,” said Zeljko Kastelan, a businessman whose hotels employ 70 people.


“What we need to do now is work hard to make up for the lost time,” he said.


(Additional reporting by Annika Breidthardt in Berlin; Editing by Matt Robinson and Andrew Heavens)





Reuters: Top News



Capping recovery from war, Croatia joins a troubled EU

Saturday, June 29, 2013

China"s troubled Xinjiang hit by more violence: state media

BEIJING (Reuters) – More than a hundred people, riding motorbikes and wielding knifes, attacked a police station in China’s ethnically divided western region of Xinjiang, state media said on Saturday, in the latest unrest to hit the region in the past week.


Reuters: Top News



China"s troubled Xinjiang hit by more violence: state media