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Crude oil production roars ahead in Iraq - The Global Journalism ...

Crude oil production roars ahead in Iraq - The Global Journalism ...

Crude oil production roars ahead in Iraq - The Global Journalism

LIFE IN TIMBUKTU HARSH CHANGE UNDER ISLAMISTS PAGE 4 | WORLD NEWS PRIVACY, PLEASE APP MAKERS LEARN LIMITS PAGE 14 | BUSINESS WITH UPS AND DOWNS A FRESH LOOK AT LOWERCASE LOGOS PAGE 13 | DESIGN MONDAY, JUNE 4, 2012 THE GLOBAL EDITION OF THE NEW YORK TIMES GLOBAL.NYTIMES.COM Euro zone approaching its moment of truth LONDON Policy makers face choice of greater integration or currency bloc’s collapse Karzai clan jostles to keep perks and fortune WASHINGTON End of president’s term nears, and family feuds spill into the open BY LANDON THOMAS JR. As Spain’s economic crisis deepens and uncertainty swirls over Greece’s future in the euro zone, the guardians of the increasingly fragile European monetary union are near a moment of truth: Can they muster the will and resources to NEWS ANALYSIS keep the euro zone from breaking apart? The question has grown more urgent since the release of data Friday showing a record-high rate of unemployment in the euro zone, poor job creation in the United States and a manufacturing slowdown in China. Combined, those signals have fueled fears of a second global recession. On consecutive days last week, two of the most powerful figures in Europe — Mario Draghi, president of the European Central Bank, and Olli Rehn, the most senior economic official in Brussels — warned that the future of the euro zone was in doubt. In the words of Mr. Rehn, the union might well disintegrate unless policy makers took steps to bind the euro’s 17 nations closer together. Coming as they did from two men at the very soul of the European project, the reprimands were a stark reminder of just how much the Spanish financial meltdown had shaken the confidence of the European brain trust, to say nothing of investors from New York to Beijing. Over the weekend, leaders of two of the euro’s most vulnerable countries rallied to the cry of more unification. Mario Monti of Italy called for using euro bonds to create a quicker path to common debt for Europe. And Mariano Rajoy of Spain floated the idea of a common fiscal authority in Europe to synchronize budgets and manage debts. But as global economic gloom deepens, there is a risk that such lofty talk could be too little, too late for investors, especially with Spain seeming on the brink of a banking collapse. Sitting as Spain does on an estimated ¤220 billion, or about $273.6 billion, in failed real estate loans alone — a number that surpasses the entire output of the Greek economy — there is little doubt that Spain, with the fourth-largest euro zone economy — behind Germany, France and Italy — is too big to fail. Or, more precisely, to be allowed to fail. In fact, many investors and money managers now see Europe’s challenge as not how to bail out sickly Spanish banks, but how to keep Spain and even Italy afloat and in the euro zone as money keeps leaving these countries, pushing up interest rates and leaving flaccid local banks as the only buyers of government debt. EURO, PAGE 15 STANDOFF THAT COULD KILL THE EURO The euro zone crisis is a potentially dangerous game of chicken, Hugo Dixon writes. PAGE 18 MARCO LONGARI/AGENCE FRANCE-PRESSE Anger in Cairo Protesters flooded back into the streets to demand harsher punishment in the Hosni Mubarak trial. Prosecutors vowed to appeal the verdict. PAGE 4 Crude oil production roars ahead in Iraq BAGHDAD Sharp increase in exports helps to offset effects of sanctions against Iran BY TIM ARANGO AND CLIFFORD KRAUSS Despite sectarian bombings and political gridlock, Iraq’s crude oil production is soaring, providing a singular bright spot for the nation’s future and relief for global oil markets as the West tightens sanctions on Iranian exports. The increased flow and vital port improvements have produced a 20 percent jump in exports this year to nearly 2.5 million barrels of oil a day, making Iraq one of the premier producers in the Organization of the Petroleum Exporting Countries for the first time in decades. Energy analysts say that the Iraqi boom — coupled with increased production in Saudi Arabia and the near total recovery of Libya’s oil industry — should cushion oil markets from price spikes and give the international community additional leverage over Iran BEN KILB FOR THE INTERNATIONAL HERALD TRIBUNE Police officers informing Bonn residents about compensation for damages incurred in clashes last month among rightist protesters, Muslims and the authorities. when new sanctions take effect in July. ‘‘Iraq helps enormously,’’ said David L. Goldwyn, the former State Department coordinator for international energy affairs in the administration of President Barack Obama. Even if Iraq increased its oil exports by only half of what it is projecting by next year, he said, ‘‘You would be replacing nearly half of the future Iranian supply potentially displaced by tighter sanctions.’’ For Iraq, the resurgence of oil, which it is already pumping at rates seen only once — and briefly — since Saddam Hussein took power in 1979, is vital to postwar success. Oil provides more Islamic school in Bonn becomes a magnet, and a flash point BONN BY MELISSA EDDY The people who live in the trim row houses with well-tended gardens that line the streets of this spa town along the Rhine like to boast of their city’s tolerance as the onetime home to dozens of foreign embassies, when Bonn served as capital of West Germany. ‘‘We used to be a city a city of diplomats,’’ said Christa Menden, who owns a flower shop. But since the capital of the reunited Germany decamped to Berlin in 1999, the diplomats have gone. In their place than 95 percent of the government’s revenues, has enabled the building of roads and the expansion of social services and has greatly strengthened the Shiite-led government’s hand in this ethnically divided country. Oil has also brought its share of pitfalls for the fledgling democracy, fostering corruption and patronage and aggravating tensions with the Kurdish minority in the north over the division of profits, a festering issue that could end up fracturing the country. The Iraqi government says it can produce an additional 400,000 barrels a day IRAQ, PAGE 15 is an expanding population of Muslim families, many of whom moved into the neighborhood of Bad Godesberg to fill the housing glut left behind. Today once-tranquil Bonn has become known as a volatile cocktail of social tensions, between its Muslim newcomers, with some hard-core elements, and a far-right nationalist group that has mounted a growing campaign against them. Last month, some 200 Muslims, many from other cities, gathered here to defend the honor of their prophet after the far-right party, the Pro-NRW (for North Rhine-Westphalia), threatened to dis- BONN, PAGE 3 KARZAI, PAGE 6 BY JAMES RISEN With the end in sight for Hamid Karzai’s days in office as Afghanistan’s president, members of his family are trying to protect their status, weighing how to hold on to power while secretly fighting among themselves for control of the fortune they have amassed in the last decade. One brother, Qayum Karzai, is mulling a run for the presidency when his brother steps down in 2014. Other brothers have been battling over the crown jewel in the family empire — the largest private residential development in Afghanistan. The conflict over the project, known as Aino Mena, has provoked accusations of theft and extortion, even reports of an assassination plot. ‘‘It’s family,’’ Qayum Karzai said. ‘‘They get upset, and over time they get over it. I hope they get over it.’’ Meanwhile, one Karzai brother is said to have imprisoned a longtime Karzai aide in an effort to make him disclose the whereabouts of money and assets that relatives suspect were hidden by Ahmed Wali Karzai, another of President Karzai’s brothers and the political boss of southern Afghanistan who was assassinated last year. The looming withdrawal of American AHMAD JAMSHID/AP Relatives of President Karzai are among those who have prospered in Afghanistan. and NATO troops by 2014 from the still unresolved war, along with President Karzai’s coming exit, is causing anxiety among the Afghan elite who have been among the war’s biggest beneficiaries, enriching themselves from American military contracts, insider business deals with foreign companies, government corruption and narcotics trafficking. ‘‘If you are one of the Afghan oligarchs, where you put your money and where you live is an open question now,’’ said Seth Jones, an analyst at the RAND Corporation. ‘‘That means you are thinking about moving your money and finding a backup option about where to live.’’ The president’s family — many of whom are American citizens who returned to Afghanistan after an American-led coalition toppled the Taliban in 2001 and brought Mr. Karzai to power — are among those who have prospered the most, by the accounts of many Afghan businessmen and government insiders. WORLD NEWS Jobs data may shift campaign Both parties saw last week’s poor jobs report as a potential turning point in the presidential campaign. PAGE 5 Thai visit grates in Myanmar Daw Aung San Suu Kyi appears to have angered President Thein Sein of Myanmar on her trip to Thailand. PAGE 6 Salute for queen A thousand vessels of varied shapes and sizes traveled along the Thames on Sunday to mark the 60-year reign of Queen Elizabeth II. PAGE 3 NEWSSTAND PRICES FOR SUBSCRIPTION INFORMATION, CALL: 00800 44 48 78 27 France ¤ 3.00 or e-mail us at subs@iht.com Algeria Din 175 Ivory Coast CFA 2.200 Andorra ¤ 3.00 Morocco Dh 22 Antilles ¤ 3.00 Senegal CFA 2.200 Cameroon CFA 2.200 Tunisia Din 3.200 Gabon CFA 2.200 Reunion ¤ 3.50 KEVIN COOMBS/REUTERS IN THIS ISSUE No. 40,195 Books 13 Business 14 Crossword 12 Design 13 Sports 10 Views 8 PAGE TWO Fraught task of retelling Sept. 11 The museum that is being built at Ground Zero to memorialize the tragedy has raised major challenges for its planners: What should be shown and how much of the story should be told? BUSINESS The transformation of Kinect Kinect, born as a game accessory for the Microsoft Xbox, has rapidly evolved into commercial uses as a result of tinkering by outsider innovators, who redefined its value. PAGE 14 Lawsuit rivets Silicon Valley A sex discrimination lawsuit against a distinguished venture capital firm raises questions about women’s place in the technology industry. PAGE 14 When research turns personal A geneticist who was both the lead author and the subject of a study on genomics managed to uncover his own diabetes in its early stages. PAGE 15 EDUCATION Professors for harnessed media More foreigners are becoming journalism professors in China, a country eager for Western training but still uneasy about a free press. PAGE 7 SPORTS Azarenka out of French Open The top-ranked women’s player fell Sunday to Dominika Cibulkova in the fourth round, and the men’s No.1, Novak Djokovic, survived a scare. PAGE 10 A bigger share of the pie Tennis players say their share of the revenue from a Grand Slam tournament is as small as 5 percent to 15 percent, far less than in other sports. PAGE 10 ONLINE China feeds anger of Tibetans In clamping down amid a spike in selfimmolations by Tibetan monks and laypeople, China has fed the anger its measures were aimed at containing. global.nytimes.com/asia VIEWS Nicholas D. Kristof World leaders are turning a blind eye as the Sudanese government bombs and starves its own people, leaving hundreds of thousands to subsist on leaves and insects. PAGE 9 Thomas L. Friedman Do the Republicans really think they will attract voters with mottos like ‘‘Coal = Jobs’’? There is a more intelligent conservative energy strategy they can and should embrace. PAGE 9 www.chanel.com

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