This is the kind of case that gets the WTO a bad name: confirming a ruling that the US acted illegally in requiring that beef and pork sold in America be marked with a country of origin label (hence the COOL acronym applauded by sub-editors worldwide). Predictably the WTO’s discontents are agin it.
But without getting into the technicalities of the case, which require more qualifications in food technology than I possess (ie >0) to explore fully, the principle behind the ruling is quite simple and quite fair. It’s whether the labelling has the effect of discriminating against foreign producers by being needlessly complex or otherwise unjustifiably difficult to comply. Read more
Welcome to the FT’s live blog assessing the outcome of an extraordinarily dramatic night in Brussels. Markets have responded powerfully with sharp moves in equities, bonds and currencies after EU leaders agreed measures that will see a shift towards central supervision of eurozone banks in exchange for short-term support on Italian and Spanish sovereign debt. We will bring you details of the overnight deal and trace reaction.
18.10: We’re wrapping up the live blog after a day that started very early in Brussels. The action is now shifting over to Berlin, where the German parliament will hold a key vote to approve the ESM and the previously agreed fiscal discipline treaty. For updates on the Bundestag this evening from our own Gerrit Wiesmann, please follow FT.com.
In the meantime, here are some of the highlights from a busy day following the summit’s late-night deal. Read more
How are poor people helped by an “individual mandate” that forces them to spend money they don’t have on health insurance, asks Gideon Rachman. Read more
After a tense wait, the US Supreme Court on Thursday upheld the core components of the Affordable Care Act, a victory for the president. Many had expected the fate of the law to lie in the hands of Anthony Kennedy, but it was in fact the Chief Justice John Roberts who made the decisive vote.
This graphic explains how each judge voted and previous landmark judgments that the court has made. Read more
Mexico’s three month presidential campaign ended officially on Wednesday. The vote is on Sunday, with results expected by midnight, local time. JP Rathbone gives us his insights on the possible outcomes. Read more
We’re keeping an eye on the Euro summit after a dramatic first day. Head over to our live blog for all the latest reaction and analysis, or take a look at some of these pieces as we head into the weekend:
Welcome to our coverage of the EU summit in Brussels on Thursday. By John Aglionby and Ben Fenton in London, and Shannon Bond in New York. All times BST.
The big question will be whether the European leaders who favour quick fixes to the eurozone crisis can persuade German chancellor Angela Merkel that she is wrong to describe their proposals as “eyewash and fake solutions”.
The key event today will be
the Italy-Germany semifinal of the Euro 2012 championship the leaders’ dinner but we’re expecting much jockeying and market action before then.
01.40: As of pixel time, negotiations continue in Brussels and our crack team is still on the case.
We’re shutting down our live updates from New York, but this blog will be back in the swing of things soon, anchored by the FT’s Hong Kong bureau and later by our London colleagues.
As always, keep tuned to FT.com for the latest news. Read more
Those worrying about the US being in hock to the rest of the world have fresh reasons for alarm: the US net international investment position (what Americans owe foreigners minus vice versa) last year worsened by about a trillion and a half dollars to a nice round $4tn deficit.
Alarm and despondency! America going bust! Ravening wolves on the streets of Manhattan! Read more
So primed was everyone for an iconoclastic Supreme Court ruling that it took a few moments to realise Obamacare had emerged pretty much unscathed. Among those who mis-skimmed the 66-page document were CNN, Fox News and a host of Republican lawmakers. “Individual mandate ruled unconstitutional. Let Freedom ring!” tweeted Dennis Ross, a Republican congressman from Florida. A few minutes later Mr Ross deleted that and followed up with a new one: “Truly disappointed with Justice Roberts and others who allowed this assault on the Republic to stand.”
Legal scholars will pore over what motivated John Roberts to side with his four liberal colleagues and deprive his fellow conservative justices of a majority. Self-preservation might have been one motivation – it would be a rash chief justice who put his name to the obliteration of a sitting president’s signature domestic reform. Political analysts have less patience than scholars. In addition to the pundits, campaign staff for Mitt Romney and Barack Obama instantly agreed that the ruling would offer bigger political benefits to the Republicans. Read more
Fighters loyal to the Free Syrian Army prepare their weapons (Lo/AFP/GettyImages)
Activists close to the Free Syrian Army say that recent defections from the regime include a general who was associated with non-conventional weapons, adding that he is the most senior military official to join the opposition thus far.
Syria has an arsenal of chemical weapons, allegedly including significant stocks of nerve gas, that has been high on the list of concerns of western governments and Israel.
The activists say they expect the general will now help them restructure the leadership of the rebels. “He has a lot of information about the deployment of security forces and the regime’s assets,” one activist says. The general, whose name is likely to be made public in the next few days, is thought to have left his post a month ago and gone into hiding before being smuggled to Turkey. Read more