new york city

♦ An FT investigation has uncovered the key role played by Deutsche Bank, JPMorgan and UniCredit in the reform of the Vatican bank, by refusing to provide financial services over the past two years.
♦ The World Trade Organisation’s 159 members managed to agree on something for the first time in its 18-year history last week – a sign that the organisation is “coming alive”.
♦ Yingluck Shinawatra’s position as Thai prime minister is in jeopardy because of opposition hatred for her brother – a force that has defined her premiership and driven instability.
♦ Bedouin gangs in the Sinai have discovered that taking hostages is more profitable than human smuggling.
♦ Bill de Blasio’s challenge as New York mayor will be to negotiate and pay for a way out of the impasse between the administration and the unions of city workers. Read more

John Aglionby

Bill de Blasio celebrates his election triumph with his family. Reuters

Three months ago, Bill de Blasio was trailing in fourth place in the crowded Democratic race to become the party’s candidate in the New York’s mayoral election. Yet on Tuesday night the 52-year-old public advocate swept to one of the largest victories in the city’s electoral history. This is how he managed it.

1) He played the the “Tale of Two Cities” card – the wealthy and less well off – to great effect. He promised to raise taxes on those earning more than $500,000 a year to pay for pre-school education – a policy President Barack Obama supported. Despite this, according to an exit poll in the New York Daily News, he still won among voters earning more than $100,000. Read more

An Egyptian doctor observes the pro-Morsi protests outside the Republican Guard barracks in Cairo and the subsequent military intervention that wounded hundreds and killed 51 people, mostly protesters. Egyptian authorities have cracked down on Muslim Brotherhood businesses — reportedly shutting some down. The FT writes on the debate between Islamists and the military over who is to blame for the violence. The FT’s Geoff Dyer questions whether the United States still has influence in the country — with the military or the Islamists.

For German chancellor Angela Merkel, the allegations of collaboration between US and German intelligence services may be an election problem, since data protection is a sensitive issue for Germans. She has sent a team of intelligence and interior ministry officials to Washington for an explanation of US activities. The New Yorker analyses Mr Obama’s motives for spying and whether it is justified.

With a debt burden of $18bn and city infrastructure plunging in quality, Detroit may have to file bankruptcy — an extremely rare act for so populous a city — and may even sell the collections of the Detroit Institute of Arts.

♦ Eliot Spitzer resigned in 2008 after a call-girl scandal. However, the former governor of New York, is running for comptroller — the city’s third-highest elected office. But he is met by resistance from Wall Street executives — since he advocated reigning in their salaries — and by others who question his moral integrity. In a satire, the New Yorker reported yesterday that the former Italian Prime Minister Silvio Berlusconi is considering running for office in New York City because New Yorkers are much more forgiving of political mistakes than Italians. Read more