Sunday 23rd November 2014
NEWS TICKER – FRIDAY NOVEMBER 21ST 2014: The director of the National Security Agency, Navy Admiral Michael Rogers, says he expects to see adversaries launch a cyber-attack in the next few years aimed at severely damaging America's critical infrastructure. "I fully expect that during my time as commander, we're going to be tasked to help defend critical infrastructure within the United States because it is under attack by some foreign nation or some individual or group," Rogers told the House Select Committee on Intelligence this morning (EST). Rogers, who also serves as commander of the US Cyber Command, says the government is better prepared to defend against those attacks than it was two years ago.On November 24th, the Federal Reserve will conduct a fixed-rate offering of term deposits through its Term Deposit Facility (TDF) that will incorporate an early withdrawal feature. This feature will allow depository institutions to obtain a return of funds prior to the maturity date subject to an early withdrawal penalty. The Federal Reserve will offer eight-day term deposits with an interest rate of 0.29000% and a maximum tender amount of $20,000,000,000. The penalty for early withdrawal is 0.75%, the minimum tender per institution is $20,000,000,000 - The Straits Times Index (STI) ended +29.72 points higher or +0.90% to 3345.32, taking the year-to-date performance to +5.70%. The FTSE ST Mid Cap Index gained +0.64% while the FTSE ST Small Cap Index gained +0.83%. The top active stocks were SingTel (+0.51%), UOB (+1.37%), DBS (+1.64%), Keppel Corp (+0.22%) and OCBC Bank (+1.16%). The outperforming sectors today were represented by the FTSE ST Basic Materials Index (+1.70%). The two biggest stocks of the FTSE ST Basic Materials Index are Midas Holdings (+1.72%) and Geo Energy Resources (+3.02%). The underperforming sector was the FTSE ST Technology Index, which gained +0.16% with Silverlake Axis’s share price gaining 0.41% and STATS ChipPAC’s share price unchanged. The three most active Exchange Traded Funds (ETFs) by value were the IS MSCI India (+1.70%), SPDR Gold Shares (+0.34%), DBXT MSCI Singapore IM ETF (unchanged). The most active Real Estate Investment Trusts (REITs) by value were Suntec REIT (unchanged), Ascendas REIT (unchanged), CapitaCom Trust (+0.89%) - In an interview with US online service Careers Info-Security News Greg Shannon, chief scientist at the CERT Division of Carnegie Mellon University's Software Engineering Institute says that to defeat cyber-adversaries, cybersecurity professionals should adopt a contrarian attitude, says. "Having that contrarian point of view allows you to get into the mindset of the adversary," Shannon says in an interview with Information Security Media Group. "How would this technology work if it did something the designer of it didn't think of?" he asks. "Certainly, that's the way the adversary is thinking, coming up with new attacks, new threats. They're looking at an app, a piece of software or some websites, [and they think] 'What can I do here that the designer didn't think of? Is there a way to get information through channels, through tricks that weren't anticipated? Is there some frailty of humans that I can exploit to get information out of them that they wouldn't normally give me?'" – Raiffeisen Bank International warned in an analyst conference call yesterday that profits in its Russian business would be challenged in Q4 versus Q3. The bank’s Chief Financial Officer Martin Gruell said higher risk provisioning and increased operating expenses could cut profits in its single most profitable market. "I would expect the fourth quarter to be a bit lower than the third quarter," he said. He believes the worst of the rouble's devaluation is over, but explained that the impact on the group’s capital from the dip in the ruble, could push RBI's core capital below 10% of risk-weighted assets by the end of this year - The performance of the Dutch residential mortgage-backed securities (RMBS) market remained stable during the three-month period ended September 2014, according to the latest indices published by Moody's Investors Service. The 60+ day delinquencies of Dutch RMBS, including Dutch mortgage loans benefitting from a Nationale Hypotheek Garantie, decreased to 0.95% in September 2014 from 0.98% in June 2014. At the same time, the 90+ day delinquencies decreased to 0.72% during the three-month period compared with 0.75% in June 2014. Cumulative defaults continued to increase to 0.54% of the original balance, plus additions (in the case of Master Issuers) and replenishments in September 2014, compared with 0.47% in June 2014, says the ratings agency. Cumulative losses slightly increased to 0.11% in September 2014 from 0.10% in June 2014 – According to a Clearstream client bulletin on November 18th, the US Internal Revenue Service and the US Treasury published an amendment to the current temporary regulations (TD9657) regarding FATCA. The amendment impacts Foreign Financial Institutions (FFIs) who have entered into an agreement with the IRS to become a participating FFI. It amends the determination date and timing for reporting with respect to the 2014 calendar year.

TV Closure Channels Opposition

Sunday, 01 July 2007
TV Closure Channels Opposition A majority of Venezuelans appear to support continued student protests over the closure of an opposition television channel in May this year, despite President Hugo Chavez insisting the demonstrations were part of a US plot to topple him. Chavez replaced RCTV, the country’s oldest broadcaster, with a state network last month. Since then, there have been regular protests by thousands of students accusing the president of undermining democracy. Chavez’s critics say his move to curb TV news and analysis are evidence of centralisation after the president politicised the military, judiciary and oil industry. Chavez is considering indefinite re-election, has won powers to rule by decree and is forging a single governing party to steer his self-styled socialist revolution. Ian Williams reports on a country in ferment. http://www.ftseglobalmarkets.com/

A majority of Venezuelans appear to support continued student protests over the closure of an opposition television channel in May this year, despite President Hugo Chavez insisting the demonstrations were part of a US plot to topple him. Chavez replaced RCTV, the country’s oldest broadcaster, with a state network last month. Since then, there have been regular protests by thousands of students accusing the president of undermining democracy. Chavez’s critics say his move to curb TV news and analysis are evidence of centralisation after the president politicised the military, judiciary and oil industry. Chavez is considering indefinite re-election, has won powers to rule by decree and is forging a single governing party to steer his self-styled socialist revolution. Ian Williams reports on a country in ferment.

At the end of May the screens went dark for Venezuela’s most popular TV station when Hugo Chavez’s government refused to roll over the expiring 20 year broadcast license for the privately owned RCTV and allocated its slot to yet another government owned station. Far away in Chile the Senate condemned it as a move against free speech, and human rights and journalists organisations’ across the world have complained in similar terms. As so often, the event is being presented in stark black and white terms by both supporters and opponents of Chavez. As usual, reality is a little more nuanced.

RCTV would not be anyone’s example of objective journalism — but there is also plenty of evidence that the Venezuelan government is squeezing dissident media, with ominous implications for the future. However, so far, everything has been done “legally” and through regulation rather than outright repression, suggests Patrick Esteruelas of the Eurasia Group, the global political risk and advisory firm.



Technically, under the media law, RCTV’s licence should have been automatically renewed, but the government added allegations of sexism and racism to lend verisimilitude to the real political agenda. RCTV was vigorously anti-government, and there is little doubt that its closure was politically motivated. It was alleged, and rebutted that the station had supported the 2002 coup — but there was no “due process” to test the allegations either way.

Diego Arria, who was information minister in Venezuela between 1978 and 1979 points out that while the RCTV was indeed a harsh critic of government — it was a critic of all governments, “including the one I served in. It was extremely critical and independent, but we did not consider closing it. It is the only station with a national reach”. Arria also acerbically comments on Chavez’s administration. “This is a military government, half of it is composed of officers. We should start calling them by their ranks to remind people” [of that fact].

RCTV continues on the Internet and on Cable, so it is not completely stifled — but only 20% of the population has access to cable, and few of those will be among the poorer sections of the population upon whose support Chavez relies. Ominously, the state-owned media, which now includes six TV and eight radio stations, ignored the vociferous student protests about the closure.

Allegedly, when ex-Serbian leader Slobodan Milosevic, was asked why he allowed newspapers to function uncensored, replied that few Serbs read newspapers, and those that did were not going to vote for him anyway. It was the radio and TV that he strictly controlled. Chavez seems to have adopted the same principle. The El Nacional newspaper is still critical but as Arria says, “newspapers are expensive, and have limited reach, while radio and TV really get out to the people”.

Eurasia Group’s Patrick Esteruelas rebuts the accusations that RCTV promoted the 2002 coup — although neither did it broadcast the protests that led to its reversal. “Even so, the channel played a fairly questionable role with its heavy editorialising,” he says. On the other hand, he explains, “It is the latest peak of the trend since the 2004 election. In the past the press operated in much greater freedom but now there is a culture of fear and self-censorship.”

A new media law, which was introduced in Venezuela in 2005 and which is locally known as the ‘Rebound Law’, extended in broad terms the bounds of what is defined as libellous or violent.  The law has also led to an increase in self-censorship and accommodation with the government on the part of some of the media owners. It has resulted in toned-down and non-aggressive criticism, and led to a change in the nature of TV news and analysis broadcasting. Before the law was introduced, early morning news and current affairs shows “had politicians arguing, lots of commentary — now it’s cartoons,” says Esteruelas.

Even the remaining private stations, such as Venevision, seem to have recognised the realities of power and have come to an editorial accommodation with the administration in order to remain on the air.

Washington’s campaign against Chavez has in some measure helped legitimise the president’s behaviour not only domestically but across the region, where Washington often seems blind to the unpopularity of many of its policies. This time, however it may be that Chavez might have gone too far.

A DATOS poll in June found 66.9% of respondents opposed the closure of RCTV. This chimed with a survey from Datanalisis in April that found nearly 70% opposed the shutdown however, most respondents were more concerned with the loss of their favourite soap operas than with press freedom. Esteruelas cautions that the “popular backlash is not just motivated by freedom of the press. It is also that the government has cut some of the nation’s most popular TV programming and replaced it with very dull fare”. Venezuelans are now missing their favourite TV shows, such as Who wants to be a Millionaire? and are not happy with re-runs interspersed with what is essentially feel-good propaganda for the government that now occupy the slot.

The DATOS poll of 600 Venezuelans, taken in early June, showed 56.2% of respondents in favour of the student demonstrators continuing their protests against closure with 23.8% against. Significantly 75% opposed the possible closure of Globovision, the last major independent station which still has 16 years of its licence to run. However, the  fact that its potential closure is on the agenda suggests public  appreciation of how flexible the rule of law has become. Only 7.6% of respondents thought the main pro-government state channel, praised by Chavez, was “good” or “very good”. DATOS found 81.1% of viewers thought it was “bad” or “very bad”.

President Chavez, a frequent and vocal critic of the United States and who was re-elected by a landslide in December 2006 on the back of his generous social spending, was dismissive of the poll results. “This is all part of the conspirators’ plan,” he said in his weekly TV show. “This is an attempt to incite them.” Chavez has accused the students of being part of a US-backed “soft revolution”.

It is unlikely.  However, even deprived TV addicts are not enough to overthrow a government.  Esteruelas says “at the moment there is no alternative, certainly not from the completely discredited opposition.” With gaping social and ethnic divides in the country, it is true that many middle class Venezuelans — and the media that some of them own — could not bring themselves to recognise Chavez’s election victory, and the opposition tactics have been almost criminally stupid.

The merging of all the (many) other leftist parties into one “Bolivarian” organisation does not bode well for the emergence of serious opposition to Chavez’s manifest authoritarian tendencies. Rising oil prices and the pork-barrel public expenditures have helped maintain popular support, but rising consumption and regulation and expropriation of the food sector have led to more food imports than ever before, while oil exports now account for 91% of exports.

Esteruelas identifies how sensitive the economy, and the government is to the maintenance of current oil prices since production is going down, and Chavez’s policies have cut off the foreign investment and expertise needed to develop and expand production. “There is no room for even a small dip in prices.” Of course, at the moment, betting on continuing oil price rises seems safe, but it may not always be so, which ties Chavez’s oil-barrel politics, both internationally and domestically to the global economy he  despises so much. As with the opposition, the crucial test of how authoritarian he is will be how he reacts to losing a parliamentary majority.

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