Daily Archives: June 29, 2012

Alan Beattie

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. 

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. 

Gideon Rachman

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. 

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. 

John Paul Rathbone

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.  

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:

Photo AFP

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.

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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.