The 86th annual Feast of San Gennaro will conclude today! The Weissman Center blog has covered this time-honored festival for three straight years now, and we have to say the fair gets better every year.

So fellow Baruchians, if you’re in the NYC area today, don’t miss your opportunity to check out the homemade gelato, Italian sausage and pepper, and fair games. It’s sure to be fun for the whole family. The weather is great today for enjoying the fair, although it is a bit crowded (likely the masses have learned that it’s the last day of the festival until next year)!

I will be updating this post with photos from my visit to the festival soon. Stay tuned!

Ciao e benvenuto! Here’s this week’s top picks for news making headlines in the press.

U.S., China Agree on U.S. Audit Inspections in China – Wall Street Journal (Editor’s Pick)

The U.S. is planning to once again intervene in China. This time around, American and Chinese authorities have reached a provisional agreement to begin sending American audit-firm inspectors to China as observers in the hopes of eventually having more oversight over the Chinese firms that audit U.S.-traded companies. A Chinese audit firm that does not comply to U.S. investigation could lose its ability to audit U.S.-traded companies. We will be following the news for developments on this momentous intercontinental agreement.

FedEx Lowers Forecast, Citing Weak Economy – New York Times

With FedEx forecasting a stalling economy and decreasing earnings, what will the future hold for the shipping giant?

Outrage, to a Point – The Economist
When Japan purchased the three Diaoyu islands (also known as the Senkaku islands in Japan) Chinese nationals rose up in anger. In Shanghai, Chinese youth demonstrated in orderly protests. In other large cities including Qingdao, Beijing, and Xi’an, the people engaged in more violent acts including destroying property within Japanese factories and embassies.

129 inmates escape Mexican prison near U.S. border – CNN

In what sounds like something that could only happen in movies, 129 inmates escape from a Mexican prison by escaping via a tunnel and cutting through a chain-link fence.  CNN deemed the prison to be a “minimum-security facility.” Read the update here: Officials: Inmates walked out front door during mass prison escape in Mexico

Welcome to another edition of the Weissman Center’s Weekly Newsmakers – stories that are making headlines this week.

Libya Attack Sparks Crisis – Wall Street Journal (Editor’s Pick)
Perhaps the most shocking news this week was when America learned that religious extremists stormed the U.S. Consulate in Benghazi and killed U.S. Ambassador to Libya, Christopher Stevens and three Americans. The U.S. responded by “dispatching two Navy destroyers, dozens of Marines, federal investigators and intelligence assets to Libya to protect Americans.” President Obama and Secretary of State Clinton releasing formal statements about bringing the aggressors to justice. The news sparked international controversy, especially since the attack took place on the anniversary of the 9/11 attacks.

Apple Unveils an iPhone That Is Lighter and More Powerful – New York Times
Although the iPhone seems to be playing catch-up to compete with other smartphones on the market, it does sport a few new features. However, it is lighter and thinner than its precursors. More recently, Apple’s management released statements saying that it did not matter that they were not the first to offer Internet over the fastest network this time around or that it doesn’t offer the brightest screen on the market. Rather, Apple is more interested in building the best phone possible. Despite what some critics deem as lackluster new features, analysts still believe that the iPhone 5 will be a goldmine for Apple this year.

Twitter Founders Aim to Revamp Publishing with Medium – CNN
Twitter’s founders are exploring their newest project – a publishing platform named Medium. Medium will be a “curated blogging platform” where users will play a role in moving content up the visibility ladder. While Medium is still in its incubation phase, expect more news about it in the future.

The ECB’s Bond-Buying Plan: Casting a Spell – The Economist
Mario Draghi, banking wizard, has worked wonders on the Euro. The Euro has risen in value under his leadership.  What will the future of the Euro look like?

If you have ever considered studying abroad, now is the time to act! The Weissman Center for International Business at Baruch College will be hosting our annual Study Abroad Fair this week.

 

When:  Thursday September 13th, 2012 (12:30 PM to 2:30 PM)

Where:  55 Lexington Ave. Vertical Campus Multipurpose Room

 

Fair attendees will have the opportunity to speak to study abroad advisers from Baruch and other CUNY colleges, study abroad providers and vendors, as well as study abroad alumni. If you have questions about study abroad that you have been itching to ask, our fair provides a great environment to get your questions answered.

 

If you cannot make it to the fair, you can still come by for a walk-in any weekday after the 13th to speak to an adviser. We update our daily walk-in hours on our Twitter account, so please feel free to follow us for the latest news and developments.  We recommend coming in sooner rather than later, as the deadline for study abroad applications for the upcoming winter and spring semesters is October 1st.

Here’s a look at this week’s interesting articles making news around the world.

Canada Closes Embassy in Iran and Expels Iranian Diplomats – NY Times (Editor’s Top Pick)

Iran, believed to be a threat to global security, has lost yet another diplomatic relationship. Iran’s nuclear program was one major issue Canada noted, as well as Iran’s relationships with Israel and Syria also factored into the decision to expel Iranian diplomats from Canada. Canada also cites Iran’s “blatant disregard” for the Vienna Convention’s guarantee of protection for diplomats as grounds for withdrawing their embassy from Iranian soil.

Japan, Russia to Work on Ties – Wall Street Journal
While Canada and Iran sever ties this week, Japan and Russia hope to strengthen their ties in response to the rise of China. Russia is thought to desire deeper ties with Japan to gain technological opportunities and access to joint natural-resource development. Meanwhile, Japan hopes to regain four islands, the Northern Territories, which have been under Russian control since the end of WWII (Kuril Islands dispute).

From disaster to triumph: A week in the life of Mallory Weggemann – CNN
On a lighter note, CNN recently profiled U.S. Paralympics swimmer and gold medal athlete Mallory Weggemann. We at the Weissman Center congratulate her on her success!

Welcome to our roundup of fascinating and relevant stories making news around the world this week.

Plague of Broken Contracts Frays Cotton Market – Wall Street Journal (Editor’s Top Pick)

Between “August 2010 to July 2011, cotton was the most volatile of the world’s 64 exchange-traded commodities.”  In 2012 alone, there have been 175 arbitration requests, and that number is growing.  How will the cotton market adapt to a changing environment where farmers and textile mills consciously break contracts and enter arbitration panels for mediation?  This article provides insight into the matter.

China and Germany Promise to Strengthen Ties – The New York Times

China renews it’s pledge to continue investing in Europe.

Revving Up: The End of an Old Haulage Dispute will Give Mexican Exports an Edge – The Economist

While Mexico tends to fly under the radar, the competitive nature of Mexican exports is worth another look.

Clinton embarks on wide-ranging Asia trip – CNN

The U.S. Secretary of State begins a tour of Asia that includes: China, Indonesia, East Timor and Russia.  What are her plans for each visit and how will this affect us in the near future?