#21 Cuddling the Vultures

Hedge funds and private equity groups have been equated as the vultures of the animal kingdom of business. In that respect they are an important part of the business ecosystem even if their taste and tactics make our stomachs turn. Investing in distress is not only risky but at times very profitable as it allows Equity and hedge fund groups to establish risky, leveraged and lucrative positions. In these days of cheap credit and low risk spreads there are still surprisingly tasty meals for daring vultures. Read the full article at the Economist .

#20 Iran Upset with Russians this Time

Russia has delayed the shipment of nuclear fuel to Iran. Russian state-owned firm Atomstroiexport announced on Monday that a shipment of nuclear fuel would not be delivered as scheduled in March because of delays in payment by Iran. This is a major political blow to the Iranians, coming at a time when pressure is increasing on the one hand, and Iran is becoming ever more defiant on the other. Being a "friendly nation" that stands in the way makes it all the more painful.

In what has become typical for Iranian politicians, harsh words emanated as a result from Teheran. Chief nuclear negotiator Ali Larijani said the delay was "deplorable," while Iranian lawmaker Rasoul Sediqi Bonabi went as far as to say "Russians are extortionists...Moscow has never been a reliable partner and will never be so in the future."

Nevertheless, Larijani expects the Russians will stick to their side of the bargain, rejecting reports that said Russia would not proceed with the Bushehr plant unless Iran suspends uranium enrichment, as the UN Security Council has repeatedly demanded. "We have not received such a message from Russia," he said. Iran's atomic agency also denies Russia's claim that it is behind on payments, saying it has met all its financial obligations.

#19 US Gets Major Heat for Human Rights Report

Every year the US State Department publishes its human rights report. The report analyzes the human rights situation in almost every country in the world. This year, the report has caused increasing irritation in a number of influential countries.

Responding to U.S. complaints, China charged that the Bush administration has no standing to criticize other countries on human rights because its own record is full of blemishes at home and abroad. "As in previous years, the State Department pointed the finger at human rights conditions in more than 190 countries and regions, including China, but avoided touching on the human rights situation in the United States," the government said in a report issued by Premier Wen Jiabao's office. "We urge the U.S. government to acknowledge its own human rights problems and stop interfering in other countries' internal affairs under the pretext of human rights.

Similarly, Moscow criticized the US State Department's annual report on global human rights, saying its assessment of the situation in Russia was skewed, confrontational and aimed at furthering US political interests. In a statement released by the Russian Foreign Ministry, Moscow complained that "Washington has long practiced double standards in the sphere of human rights, depending on whether one state or another acts in accordance with (US) political interests...These standards are particularly clearly visible against the background of what is happening now in Iraq, Afghanistan and at the military base in Guantanamo with the participation of the US armed forces."

Even Egypt was offended by the report, reacting angrily to criticism of its human rights record. Foreign Minister Ahmad Aboul-Gheit accused the US of interfering in its affairs. While the report isn't intended to make allies happy, it certainly doesn't seem to be garnering a whole lot of goodwill.

#18 Bush Success Despite Protests

Faced with what appears to be the highest level of anti-US sentiment in Latin America in history, President Bush embarked on his longest trip ever to to the region. After what is perhaps the most important stop in Brazil, Bush will travel to Uruguay, Colombia, Guatemala and Mexico before returning to Washington.

Commenting on the trip, Bush said "This is a long trip and the reason why is I want to remind people throughout our neighborhood that America cares about them...And I bring a message of hope, a message that says we care about the human condition, and a message of accomplishment." Bush rightfully noted that he has increased aid to Latin America during his presidency, "and yet we don't get much credit for it." He went on to say that "I want the taxpayers, I want the American people to get credit for their generosity in Central and South America."

Arriving in Sao Paolo, Bush was greeted with major protests, but it seems imminent that a biofuels pact will be signed between the two countries. Ethanol powers eight out of 10 new cars in Brazil and, together with the US, Brazil produces about 70% of the world's ethanol - a bio-fuel made from sugar cane or corn.

Besides agreeing on economic deals, Bush says he's on a goodwill tour to talk about making sure the benefits of democracy — in the form of better housing, health care and education — are available to all Latin Americans, not just the wealthy. Highlighting such issues appears to be to counter Chavez's aid to the poor and staunchly anti-US Socialist rhetoric.

While Bush’s nemesis, Venezuelan President Chavez, is on his own tour of Latin America to counter Bush’s influence and having a much more receptive response, it appears that it will be the American president who will return home with something tangible, whereas his Venezuelan counterpart will have gained in esteem, but have little else to show for.

#17 A New Hezbollah?

Ten anti-personnel mines were thrown by Syrians into Israel on Saturday afternoon. The mines were identified by a routine military patrol and sappers were alerted to the scene to neutralize the explosives.

While the army is still investigating who is behind the incident, one of the possibilities it is likely to consider is involvement on the part of the Resistance Committees for the Liberation of the Golan Heights. A Syrian source told Ynet that the resistance group was founded with the aim of launching "a guerrilla war" in the Golan, with Syrian gunmen planning to infiltrate Israel to perpetrate attacks. Syria drew its conclusions from last summer’s war in Lebanon, and it was likely the group would operate parallel to the Hezbollah terror organization.

The army insists the Syrian government is responsible for its border, even if the incident was a local initiative. This would mean that two terrorist organizations directly supported by the Syrian government are now operating against Israel. One, Hezbollah, is increasingly becoming an Iranian puppet group, which makes it all the more likely that the Resistance Committees for the Liberation of the Golan Heights will become the new Syrian toy. Although clearly in baby shoes for now, this group has the potential to grow in power. At (read: War) increasingly likely.

#16 China Hits Back at U.S. (Cheney)

In response to Vice President Dick Cheney's criticism of Beijing (he said China's destruction of an inactive weather satellite last month, as well as its "continued fast-paced military build-up are less constructive, and are not consistent with China's stated goal of a peaceful rise"), a spokesman for the foreign ministry in Beijing accused the US of acting like a nosy neighbour. Qin Gang said China's policies were aimed only at defence, rejecting claims of opaque spending policies. "What's your response if your neighbour keeps peeking into your house through a crack in the door and yelling 'Open the door, let's see what's inside'?" Mr Qin said.