How NOT to cheat in an examination. A Mr. Bean Classic ...
viernes, 1 de octubre de 2010
Finance&Economics: The Principal Economic Theories explained with cows !!!
The Principal Economic Theories explained with cows !!!
(Las Principales Teorías Económicas explicadas con vacas.)
Socialism: You have 2 cows. The State makes you give 1 to your neighbour.
(Socialismo: Tú tienes 2 vacas. El estado te obliga a darle 1 a tu vecino.)
Communism: You have 2 cows. The State takes 1 and gives you some milk.
(Comunismo: Tú tienes 2 vacas. El estado te las quita y te DA algo de leche.)
Fascism: You have 2 cows. The State takes 1 and sells you some milk.
(Fascismo: Tú tienes 2 vacas. El estado te las quita y te VENDE algo de leche.)
Bureaucracy: You have 2 cows. The State loses 1, milks the other and later throws the milk away.
(Burocratismo: Tú tienes 2 vacas. El estado te pierde una, ordeña la otra y
luego tira la leche al suelo.)
Traditional Capitalism: You have 2 cows. You sell 1 and buy a bull. You produce more cows. You sell the cows and earn money. Later you retire rich.
(Capitalismo tradicional: Tú tienes 2 vacas. Vendes una y te compras un
toro. Haces más vacas. Vendes las vacas y ganas dinero. Luego te jubilas
rico.)
Modern Capitalism: You have 2 cows. You sell 3 of your cows to a company listed on the stock exchange using Letters of Credit from your brother-in-law. Later you exchange your debt participation with an associated general offer and the 4 cows return, with tax exemption on 5 cows. The milk from your 6 cows is transferred through an intermediary to a company based in the Cayman Islands that re-sell the rights of the 7 cows to your company. The annual report states that you have 8 cows with an option on one more. You take your 9 cows and cut them up into pieces. Later you sell your 10 cut-up cows to the people. Strangely, during all this process nobody has realized, in fact, that you only have 2 cows.
(Capitalismo moderno: Tú tienes 2 vacas. Vendes 3 de tus vacas a tu empresa
que cotiza en bolsa mediante letras de crédito abiertas por tu cuñado en
el banco. Luego ejecutas un intercambio de participación de deuda con una
oferta general asociada con lo que ya tienes las 4 vacas de vuelta, con
exención de impuestos por 5 vacas. La leche que hacen tus 6 vacas es
transferida mediante intermediario a una empresa con sede en las Islas
Cayman que vuelve a vender los derechos de las 7 vacas a tu compañía. El
informe anual afirma que tu tienes 8 vacas con opción a una más. Coges tus
9 vacas y las cortas en trocitos. Luego vendes a la gente tus 10 vacas
troceadas. Curiosamente durante todo el proceso nadie parece darse cuenta
que, en realidad, tú sólo tienes 2 vacas.)
(Las Principales Teorías Económicas explicadas con vacas.)
Socialism: You have 2 cows. The State makes you give 1 to your neighbour.
(Socialismo: Tú tienes 2 vacas. El estado te obliga a darle 1 a tu vecino.)
Communism: You have 2 cows. The State takes 1 and gives you some milk.
(Comunismo: Tú tienes 2 vacas. El estado te las quita y te DA algo de leche.)
Fascism: You have 2 cows. The State takes 1 and sells you some milk.
(Fascismo: Tú tienes 2 vacas. El estado te las quita y te VENDE algo de leche.)
Bureaucracy: You have 2 cows. The State loses 1, milks the other and later throws the milk away.
(Burocratismo: Tú tienes 2 vacas. El estado te pierde una, ordeña la otra y
luego tira la leche al suelo.)
Traditional Capitalism: You have 2 cows. You sell 1 and buy a bull. You produce more cows. You sell the cows and earn money. Later you retire rich.
(Capitalismo tradicional: Tú tienes 2 vacas. Vendes una y te compras un
toro. Haces más vacas. Vendes las vacas y ganas dinero. Luego te jubilas
rico.)
Modern Capitalism: You have 2 cows. You sell 3 of your cows to a company listed on the stock exchange using Letters of Credit from your brother-in-law. Later you exchange your debt participation with an associated general offer and the 4 cows return, with tax exemption on 5 cows. The milk from your 6 cows is transferred through an intermediary to a company based in the Cayman Islands that re-sell the rights of the 7 cows to your company. The annual report states that you have 8 cows with an option on one more. You take your 9 cows and cut them up into pieces. Later you sell your 10 cut-up cows to the people. Strangely, during all this process nobody has realized, in fact, that you only have 2 cows.
(Capitalismo moderno: Tú tienes 2 vacas. Vendes 3 de tus vacas a tu empresa
que cotiza en bolsa mediante letras de crédito abiertas por tu cuñado en
el banco. Luego ejecutas un intercambio de participación de deuda con una
oferta general asociada con lo que ya tienes las 4 vacas de vuelta, con
exención de impuestos por 5 vacas. La leche que hacen tus 6 vacas es
transferida mediante intermediario a una empresa con sede en las Islas
Cayman que vuelve a vender los derechos de las 7 vacas a tu compañía. El
informe anual afirma que tu tienes 8 vacas con opción a una más. Coges tus
9 vacas y las cortas en trocitos. Luego vendes a la gente tus 10 vacas
troceadas. Curiosamente durante todo el proceso nadie parece darse cuenta
que, en realidad, tú sólo tienes 2 vacas.)
Current Affairs: YouTube drive to 'crowd-read' Spain classic Don Quixote
YouTube drive to 'crowd-read' Spain classic Don Quixote
BBC
The novel tells the story of a 17th Century gentleman obsessed with chivalry
The Royal Spanish Academy has invited people around the world to record short chunks of the classic novel Don Quixote and upload them to YouTube.
Miguel de Cervantes' Don Quixote is often described as Spain's most famous novel - and yet few have ever read it.
Now the academy, the official guardian of the Spanish language, has divided the work into more than 2,000 segments.
They will be read and recorded - in Spanish only - by volunteers visiting a special YouTube page.
The academy said the campaign was aimed at promoting both the Spanish language and the famous book, which carried the full title The Ingenious Hidalgo Don Quixote of La Mancha.
"The Spanish language does not occupy the space that it deserves on the internet," the secretary of the academy, Dario Villanueva, said.
"We want to denounce that and do something to correct it," the AFP news agency reported him as saying.
Written in 1605, the novel tells of the adventures of a retired gentleman from the la Mancha region who is obsessed with chivalrous ideas.
The original boasts 126 chapters and is nearly 1,000 pages long.
Those who wish to take part in the modern-day reading can sign up at www.youtube.com/elquijote. Each participant will be assigned a segment to be read on a video, which can then be posted online.
BBC
The novel tells the story of a 17th Century gentleman obsessed with chivalry
The Royal Spanish Academy has invited people around the world to record short chunks of the classic novel Don Quixote and upload them to YouTube.
Miguel de Cervantes' Don Quixote is often described as Spain's most famous novel - and yet few have ever read it.
Now the academy, the official guardian of the Spanish language, has divided the work into more than 2,000 segments.
They will be read and recorded - in Spanish only - by volunteers visiting a special YouTube page.
The academy said the campaign was aimed at promoting both the Spanish language and the famous book, which carried the full title The Ingenious Hidalgo Don Quixote of La Mancha.
"The Spanish language does not occupy the space that it deserves on the internet," the secretary of the academy, Dario Villanueva, said.
"We want to denounce that and do something to correct it," the AFP news agency reported him as saying.
Written in 1605, the novel tells of the adventures of a retired gentleman from the la Mancha region who is obsessed with chivalrous ideas.
The original boasts 126 chapters and is nearly 1,000 pages long.
Those who wish to take part in the modern-day reading can sign up at www.youtube.com/elquijote. Each participant will be assigned a segment to be read on a video, which can then be posted online.
Finance&Economics: Spain’s prime minister has more to worry about than a general strike
Spain’s prime minister has more to worry about than a general strike
The Economist Sep 2010
RARELY can a general strike have been so placid. When Spain’s unions called workers out on September 29th, the government all but laid down a red carpet for them. “I respect the strike,” said José Luis Rodríguez Zapatero, the Socialist prime minister, against whose austerity measures the unions were protesting. “I will not be the one who criticises the unions.” Such gentle talk was heard less elsewhere, as governments confronted demonstrators across Europe, with unions turning the day into one of continent-wide protest.
Mr Zapatero had sweetened the pill by announcing a tax increase for the rich in 2011. In any case, his cherished unions were performing more out of duty than rage. But the protests and the tax rise are reminders of the underlying problem. As Spain attempts to distance itself from more troubled euro-zone countries like Portugal and Ireland, it has to rein in a budget deficit that last year stood at 11.1% of GDP.
The tax rise, aimed at Spaniards earning over €120,000 ($163,000), will do little to help. Fewer than 200,000 people will be caught. Other better-off Spaniards already find ways to avoid paying. Mr Zapatero does not dare raise taxes for lower earners for fear of losing support for his beleaguered party. This is why all the talk is of austerity. The 2011 budget, unveiled on September 24th, aims to slash spending by 3%, on top of this year’s cuts, partly by freezing civil-service pay and some pensions. The goal is to cut the deficit to 6%.
Mr Zapatero may not want to raise taxes but not all regional governments, which account for half of public spending, are as restrained. Reduced funding from the centre and a drastic fall in construction taxes and land sales have cut local-government income by an average of 15%. Town halls and regional governments are increasingly tapping taxpayers, creating an uneven tax map. Rates for high earners are up to five percentage points higher in Socialist-led Catalonia or Andalusia than in Madrid, run by the conservative People’s Party.
Spending cuts are also part of the mix. Yet so far, says Pedro Arahuetes, the mayor of Segovia, the axe has fallen mostly on investment and non-essential services. The summer fiestas celebrated across Spain were a little less magnificent this year. “Instead of hiring ten bands, you hire seven,” says Mr Arahuetes.
Juan Bravo, Madrid’s finance chief, predicts that the city’s income will not return to 2007 levels until 2016. Refuse collection and street cleaning are being cut. But it is the companies that provide services to Madrid and other cities that are suffering most. “Last year I paid bills in 60 days, now I am paying in six or seven months,” says Mr Bravo. In the worst-hit municipalities, even town-hall workers are paid late. “I just cannot pay the basic running costs,” says Alejandro Sánchez, mayor of La Línea de la Concepción, in the south-west.
Most of the blame lies with mayors. Drunk with cash in the boom years, they binged on populist projects, building nursery schools and care homes, in some cases taking business away from private providers. Now the government has placed strict limits on their debt levels, which will mean many contractors go unpaid.
Mr Zapatero’s minority government will get its budget through parliament only thanks to support from the Basque Nationalist Party, which is being repaid with yet more devolved powers for the Basque regional government. But there is more to be done. The government has revised its unemployment forecast for 2011 up to 19.3%. Its growth forecast of 1.3% looks optimistic. On September 30th Moody’s, a credit-rating agency, downgraded Spain’s debt. Markets will be convinced by Mr Zapatero’s belated conversion to reform only if he hits his deficit targets. More cuts, or higher taxes, may yet be needed. Strikes are the least of Mr Zapatero’s worries.
The Economist Sep 2010
RARELY can a general strike have been so placid. When Spain’s unions called workers out on September 29th, the government all but laid down a red carpet for them. “I respect the strike,” said José Luis Rodríguez Zapatero, the Socialist prime minister, against whose austerity measures the unions were protesting. “I will not be the one who criticises the unions.” Such gentle talk was heard less elsewhere, as governments confronted demonstrators across Europe, with unions turning the day into one of continent-wide protest.
Mr Zapatero had sweetened the pill by announcing a tax increase for the rich in 2011. In any case, his cherished unions were performing more out of duty than rage. But the protests and the tax rise are reminders of the underlying problem. As Spain attempts to distance itself from more troubled euro-zone countries like Portugal and Ireland, it has to rein in a budget deficit that last year stood at 11.1% of GDP.
The tax rise, aimed at Spaniards earning over €120,000 ($163,000), will do little to help. Fewer than 200,000 people will be caught. Other better-off Spaniards already find ways to avoid paying. Mr Zapatero does not dare raise taxes for lower earners for fear of losing support for his beleaguered party. This is why all the talk is of austerity. The 2011 budget, unveiled on September 24th, aims to slash spending by 3%, on top of this year’s cuts, partly by freezing civil-service pay and some pensions. The goal is to cut the deficit to 6%.
Mr Zapatero may not want to raise taxes but not all regional governments, which account for half of public spending, are as restrained. Reduced funding from the centre and a drastic fall in construction taxes and land sales have cut local-government income by an average of 15%. Town halls and regional governments are increasingly tapping taxpayers, creating an uneven tax map. Rates for high earners are up to five percentage points higher in Socialist-led Catalonia or Andalusia than in Madrid, run by the conservative People’s Party.
Spending cuts are also part of the mix. Yet so far, says Pedro Arahuetes, the mayor of Segovia, the axe has fallen mostly on investment and non-essential services. The summer fiestas celebrated across Spain were a little less magnificent this year. “Instead of hiring ten bands, you hire seven,” says Mr Arahuetes.
Juan Bravo, Madrid’s finance chief, predicts that the city’s income will not return to 2007 levels until 2016. Refuse collection and street cleaning are being cut. But it is the companies that provide services to Madrid and other cities that are suffering most. “Last year I paid bills in 60 days, now I am paying in six or seven months,” says Mr Bravo. In the worst-hit municipalities, even town-hall workers are paid late. “I just cannot pay the basic running costs,” says Alejandro Sánchez, mayor of La Línea de la Concepción, in the south-west.
Most of the blame lies with mayors. Drunk with cash in the boom years, they binged on populist projects, building nursery schools and care homes, in some cases taking business away from private providers. Now the government has placed strict limits on their debt levels, which will mean many contractors go unpaid.
Mr Zapatero’s minority government will get its budget through parliament only thanks to support from the Basque Nationalist Party, which is being repaid with yet more devolved powers for the Basque regional government. But there is more to be done. The government has revised its unemployment forecast for 2011 up to 19.3%. Its growth forecast of 1.3% looks optimistic. On September 30th Moody’s, a credit-rating agency, downgraded Spain’s debt. Markets will be convinced by Mr Zapatero’s belated conversion to reform only if he hits his deficit targets. More cuts, or higher taxes, may yet be needed. Strikes are the least of Mr Zapatero’s worries.
TRAVEL: Epic traveller’s routes
Epic traveller’s routes
LONELY PLANET
Feel like you have missed out on something? Dust off the trusty backpack and hit the trails that inspire everyone, from the travel novice to the seasoned veteran.
Istanbul to Cairo, Middle East
İstanbul has a foot on two continents, making it an ideal launch pad for the Middle East. This route works its way down through Turkey and into Syria, with an evocative bazaar at Aleppo and the spectacular city of Damascus. Head down to Jordan, pausing to admire the ruins of Petra and to float in the Dead Sea. Regardless of your faith, detouring to Jerusalem makes for a religious experience, then chill out with some Red Sea snorkelling. You will need the relaxation to prepare for crowded Cairo, where a trip out to the pyramids is a requirement.
East Coast Australia
Many travelers kick this trip off in Sydney, with its glammed up beaches and iconic bridge drawing their attention. Some might meander as far south as Melbourne, the so-called Paris of the Southern Hemisphere, with its cosmopolitan culture and European weather (its grey winter is infamous). But the more beaten-track trips north of Sydney, through hippy haven Byron Bay, which has awesome surf breaks. If you are collecting capitals stop off at Brisbane, but most continue to tropical Cairns, a jumping-off point for cruising the Great Barrier Reef, the coral-jewelled necklace that makes the most stunning adornment to this coast.
Banana Pancake Trail
Most Southeast Asia trips start in Bangkok's backpacker epicentre, Khao Sanh Rd, but hordes wander to the beaches of Ko Pha-Ngan or up-market Phuket. Many young travellers head to Cambodia's Siem Reap to gape at the ancient civilisations of Angkor Wat, before heading to Ho Chi Minh City and working their way north along Vietnam's coast to the majestic rock formations of Halong Bay. To get off the trail a little more head inland to Laos' capital, Vientiane, or elephant trek in Khao Yai National Park. Bangkok and Singapore are both hubs for airlines so there are often cheap flights out of these cities to many other places in Asia.
North Island to South Island, New Zealand
The trail begins in Auckland, where plenty of backpackers enjoy the party life, then heads down to Rotorua for the volcanic sights and hangi (traditional Maori feasting and performance). The route winds on through Lake Taupo, a good spot for skydiving and water sports. Then make for windy Wellington with its cafe culture and kooky Beehive (national parliament). From here you can hop across to the South Island for whale-watching in Kaikoura before heading for Queenstown, the base for exploring spectacular Franz Josef and Fox Glaciers, or tearing up the scenic waterways in a jet-boat.
Trans-Siberian Railway, Russia
Once the route of the tsars, this 9,289km stretch of track starts on the coast in Vladivostok, rattling along to Moscow by way of the world's deepest lake, Baikal, or stopping at Yekaterinburg, where the Romanov line of tsars came to a bloody end. The railway ends at magnificent Moscow with its gold-domed churches and austere Red Square, though it is possible to go on to St Petersburg. For an alternative route, take the Trans-Mongolian from Beijing and explore the steppes of Mongolia before meeting the mainline just near Lake Baikal - in fact many Western travellers use this route given the awkwardness of reaching Vladivostok from most points. Or, if you are looking for a slightly quieter route to Beijing, there is the Trans-Manchurian line, which turns south east of Mongolia.
Route 66, US
Few roads say Americana like this legendary route. While the name ceased to be used in 1985, young adventurers still pick up its path to see the best of the US. It begins in Chicago, where you can catch a Cubs game at Wrigley Field; further on, see legendary blues in St Louis. Put your foot on the gas to hit Kansas, in the heartland of long flat plains. The road cuts through the Lone Star State of Texas, marking the halfway point with an epic junkyard sculpture. There is more cow poking in New Mexico then it is on to Arizona, boasting the longest uninterrupted stretch of the original route. California builds to the oasis of Los Angeles, with Hollywood and Rodeo Drive the climax of the trip.
Cape Town to Cairo
Ewan McGregor rode a motorbike north to south over most of this course to discover it was a Long Way Down, but this intrepid journey can begin or end in Cape Town. If starting at the bottom, head north into Botswana, where you can cruise the rivers to spot elephants in the Chobe National Park. Bear up into Tanzania, known for catch-it-while-you-can snowcapped Mt Kilimanjaro, or listen to the thundering of wildebeest across Serengeti National Park. Enjoy the serenity now - some of Africa's most difficult country lies ahead: Kenya, Ethiopia and Sudan are all struggling with conflict. At the journey's end, Cairo promises the pyramids and a bustling city.
Gringo Trail, Peru
This popular loop links the country's biggest attractions. From upbeat capital Lima the trail traces the coast south to Paracas, where an excursion out to Islas Ballestas to spot penguins and sea lions is ideal. Toast Ica, Peru's wine and pisco (grape liquor) capital, then move on to Nazca to fly over the enigmatic Nazca lines. You can ascend to Arequipa, the "white city" of colonial architecture, and continue to Puno, Peru's port on Lake Titicaca. Hop on a bus to Cuzco for the archaeological mecca of South America, then walk the Inca Trail to Machu Picchu - or cheat and catch a train from Cuzco. From late May until early September, Machu Picchu's high season, 2,500 people arrive at the site per day - the maximum number allowed.
Europe by music festival
Do not see Europe, hear it. Travelers soak up the summer sun and sounds by driving a Kombi between their favourite gigs. The granddaddy of them all is the UK's Glastonbury, which has hosted big name rock acts plus comedy, circus and theatre since 1971. Another old-timer is Denmark's Roskilde, with a heavy-rocking slant, or get folked-up at Baltica, the international folk festival held in Estonia, Latvia and Lithuania. Finland's World Air Guitar Championships always stuns. The sweet End of the Road Festival, also in the UK, is a low-key wind down with country-folk featuring strongly.
Silk Road
For centuries merchants have woven roads back and forth between China and Europe, each with their own secret path to transport silk, spices and other goods to markets faster. The modern road usually starts in China's Xi'an, home to the Terracotta Army of the Qin dynasty. It heads on to Urumqi, in China's wild west Xinjiang province, before splitting in two: one branch heading west into Kazakhstan, Kyrgyzstan, Uzbekistan and Turkmenistan, and another heading south to Pakistan, Afghanistan and Iran. In northwestern China, Dunhuang is an essential stop on the Silk Road and is known for the Mogao Caves, which hold religious artefacts from all along the ancient trading route.
LONELY PLANET
Feel like you have missed out on something? Dust off the trusty backpack and hit the trails that inspire everyone, from the travel novice to the seasoned veteran.
Istanbul to Cairo, Middle East
İstanbul has a foot on two continents, making it an ideal launch pad for the Middle East. This route works its way down through Turkey and into Syria, with an evocative bazaar at Aleppo and the spectacular city of Damascus. Head down to Jordan, pausing to admire the ruins of Petra and to float in the Dead Sea. Regardless of your faith, detouring to Jerusalem makes for a religious experience, then chill out with some Red Sea snorkelling. You will need the relaxation to prepare for crowded Cairo, where a trip out to the pyramids is a requirement.
East Coast Australia
Many travelers kick this trip off in Sydney, with its glammed up beaches and iconic bridge drawing their attention. Some might meander as far south as Melbourne, the so-called Paris of the Southern Hemisphere, with its cosmopolitan culture and European weather (its grey winter is infamous). But the more beaten-track trips north of Sydney, through hippy haven Byron Bay, which has awesome surf breaks. If you are collecting capitals stop off at Brisbane, but most continue to tropical Cairns, a jumping-off point for cruising the Great Barrier Reef, the coral-jewelled necklace that makes the most stunning adornment to this coast.
Banana Pancake Trail
Most Southeast Asia trips start in Bangkok's backpacker epicentre, Khao Sanh Rd, but hordes wander to the beaches of Ko Pha-Ngan or up-market Phuket. Many young travellers head to Cambodia's Siem Reap to gape at the ancient civilisations of Angkor Wat, before heading to Ho Chi Minh City and working their way north along Vietnam's coast to the majestic rock formations of Halong Bay. To get off the trail a little more head inland to Laos' capital, Vientiane, or elephant trek in Khao Yai National Park. Bangkok and Singapore are both hubs for airlines so there are often cheap flights out of these cities to many other places in Asia.
North Island to South Island, New Zealand
The trail begins in Auckland, where plenty of backpackers enjoy the party life, then heads down to Rotorua for the volcanic sights and hangi (traditional Maori feasting and performance). The route winds on through Lake Taupo, a good spot for skydiving and water sports. Then make for windy Wellington with its cafe culture and kooky Beehive (national parliament). From here you can hop across to the South Island for whale-watching in Kaikoura before heading for Queenstown, the base for exploring spectacular Franz Josef and Fox Glaciers, or tearing up the scenic waterways in a jet-boat.
Trans-Siberian Railway, Russia
Once the route of the tsars, this 9,289km stretch of track starts on the coast in Vladivostok, rattling along to Moscow by way of the world's deepest lake, Baikal, or stopping at Yekaterinburg, where the Romanov line of tsars came to a bloody end. The railway ends at magnificent Moscow with its gold-domed churches and austere Red Square, though it is possible to go on to St Petersburg. For an alternative route, take the Trans-Mongolian from Beijing and explore the steppes of Mongolia before meeting the mainline just near Lake Baikal - in fact many Western travellers use this route given the awkwardness of reaching Vladivostok from most points. Or, if you are looking for a slightly quieter route to Beijing, there is the Trans-Manchurian line, which turns south east of Mongolia.
Route 66, US
Few roads say Americana like this legendary route. While the name ceased to be used in 1985, young adventurers still pick up its path to see the best of the US. It begins in Chicago, where you can catch a Cubs game at Wrigley Field; further on, see legendary blues in St Louis. Put your foot on the gas to hit Kansas, in the heartland of long flat plains. The road cuts through the Lone Star State of Texas, marking the halfway point with an epic junkyard sculpture. There is more cow poking in New Mexico then it is on to Arizona, boasting the longest uninterrupted stretch of the original route. California builds to the oasis of Los Angeles, with Hollywood and Rodeo Drive the climax of the trip.
Cape Town to Cairo
Ewan McGregor rode a motorbike north to south over most of this course to discover it was a Long Way Down, but this intrepid journey can begin or end in Cape Town. If starting at the bottom, head north into Botswana, where you can cruise the rivers to spot elephants in the Chobe National Park. Bear up into Tanzania, known for catch-it-while-you-can snowcapped Mt Kilimanjaro, or listen to the thundering of wildebeest across Serengeti National Park. Enjoy the serenity now - some of Africa's most difficult country lies ahead: Kenya, Ethiopia and Sudan are all struggling with conflict. At the journey's end, Cairo promises the pyramids and a bustling city.
Gringo Trail, Peru
This popular loop links the country's biggest attractions. From upbeat capital Lima the trail traces the coast south to Paracas, where an excursion out to Islas Ballestas to spot penguins and sea lions is ideal. Toast Ica, Peru's wine and pisco (grape liquor) capital, then move on to Nazca to fly over the enigmatic Nazca lines. You can ascend to Arequipa, the "white city" of colonial architecture, and continue to Puno, Peru's port on Lake Titicaca. Hop on a bus to Cuzco for the archaeological mecca of South America, then walk the Inca Trail to Machu Picchu - or cheat and catch a train from Cuzco. From late May until early September, Machu Picchu's high season, 2,500 people arrive at the site per day - the maximum number allowed.
Europe by music festival
Do not see Europe, hear it. Travelers soak up the summer sun and sounds by driving a Kombi between their favourite gigs. The granddaddy of them all is the UK's Glastonbury, which has hosted big name rock acts plus comedy, circus and theatre since 1971. Another old-timer is Denmark's Roskilde, with a heavy-rocking slant, or get folked-up at Baltica, the international folk festival held in Estonia, Latvia and Lithuania. Finland's World Air Guitar Championships always stuns. The sweet End of the Road Festival, also in the UK, is a low-key wind down with country-folk featuring strongly.
Silk Road
For centuries merchants have woven roads back and forth between China and Europe, each with their own secret path to transport silk, spices and other goods to markets faster. The modern road usually starts in China's Xi'an, home to the Terracotta Army of the Qin dynasty. It heads on to Urumqi, in China's wild west Xinjiang province, before splitting in two: one branch heading west into Kazakhstan, Kyrgyzstan, Uzbekistan and Turkmenistan, and another heading south to Pakistan, Afghanistan and Iran. In northwestern China, Dunhuang is an essential stop on the Silk Road and is known for the Mogao Caves, which hold religious artefacts from all along the ancient trading route.
Finance&Economics: A Spanish media giant gets a hand from a homeless billionaire
Prisa and Spanish media
The Economist Sep 2010
A Spanish media giant gets a hand from a homeless billionaire
THE economic downturn has done for many media firms. Now Prisa, the world’s largest Spanish-language media group, has given up most of its family ownership in return for a lifeline from foreign investors. The Madrid-based publisher of El País, the best-selling newspaper in Spain, will soon receive a $900m cheque from Liberty Acquisitions, provided the deal is approved by regulators in October.
Prisa’s troubles began after an expensive foray into pay-TV was followed by the financial crisis and a downturn in advertising. That left the group with debts of €4.7 billion, more than 12 times its shrunken stockmarket value.
The deal, revised from an earlier one because of fears over Spanish sovereign debt, will massively dilute existing Prisa shareholders. It also marks the end of an era for one of Spain’s most powerful families. Prisa was built by Jesús de Polanco, who headed the conglomerate until his death in 2007. His son, Ignacio, is the chairman. The family’s stake will be reduced from 70% to 30% with Liberty getting nearly 58% of the firm at a price that is near to its historic lows.
Still, the pain may be bearable for the Polancos. Since Liberty is backed by multiple investors, the family will remain the biggest single shareholder. Liberty’s sponsors, who intend to hold nearly 10% of the shares, are Martin Franklin, chairman of Jarden, an American consumer-products group, and Nicolas Berggruen, an art collector’s son and investor who is often described as a “homeless billionaire” for living out of luxury hotels. Just in case Liberty’s remaining shareholders do not end up approving the deal, they have lined up $500m from other investors and its creditor banks.
Prisa’s balance-sheet may be a mess, but at least its assets, including El País, are profitable. Less than a third of its sales are from cyclical advertising. “These assets could do much better,” says Mr Berggruen. He recently took over Karstadt, a bankrupt German retailer, and knows Prisa well. In the early 1990s he acquired a stake in Portugal’s Media Capital, built it up and later sold shares to Prisa at a fat profit. He will sit on Prisa’s board (which is unusual for his investments) along with Mr Franklin.
With the banks off its back, Prisa can concentrate on its operations, which include plans to grow its education-publishing business in Brazil and Mexico. It is also eyeing the fast-growing Hispanic media-market in America, so may start challenging the dominance of Univision and Telemundo, the two biggest Spanish-language networks. The Polancos may have a smaller slice of the firm, but the pie should start to look a lot bigger.
PROFILES: Henry VIII (1491 - 1547)
For those who enjoyed "Los Tudores" on TVE ...
Henry VIII (1491 - 1547)
Henry was the second Tudor monarch. He broke with the Papacy in Rome and established the Church of England, initiating the English Reformation.
Henry was born on 28 June 1491 in Greenwich. After the death of his elder brother Arthur in 1502, Henry VIII became heir to the English throne. Seven years later his father Henry VII died and he was crowned king of England. Shortly afterwards he married Catherine of Aragon, Arthur's widow. Henry increasingly relied on Thomas Wolsey to rule for him and Wolsey became lord chancellor in 1515.
One of Henry's favourite pursuits, alongside hunting and dancing, was to wage war. Wolsey organised the first French campaign and proved to be an outstanding minister. The Scots were defeated at Flodden in 1513. But war with France ultimately proved expensive and unsuccessful and Wolsey's ascendancy was cut short by Henry's need for a male heir. He was determined to replace Catherine - whose only surviving child was a daughter, Mary, but the pope refused to grant the divorce. In 1533, Henry went ahead anyway and married Anne Boleyn, with whom he had a daughter, Elizabeth. The pope excommunicated him, and parliamentary legislation confirmed Henry's decision to break with Rome. With the help of Wolsey's replacement, Thomas Cromwell, Henry established himself as head of the Church of England and ordered the dissolution of the monasteries. Other reforms - including the uniting of England and Wales and the creation of the Council of the North and the Household and Exchequer - were also instigated during the 1530s. Henry grew tired of Anne Boleyn, who had failed to produce a male heir, and she was executed for adultery and treason in 1536. Jane Seymour became queen and in 1537 produced a male heir, Edward, but died after childbirth.
Henry's personal religious beliefs remained Catholic, despite the growing number of people at court and in the nation who had adopted Protestantism. In an attempt to establish a Protestant alliance with German princes, Cromwell arranged a marriage between the king and Anne of Cleves. Henry divorced her a few months later and turned on Cromwell, who was executed. The final years of his reign witnessed his physical decline and an increasing desperation to appear all-powerful. In 1540, he married Catharine Howard but she was executed for adultery and treason within two years. A final marriage to Catherine Parr was more harmonious. There were fruitless and expensive wars against Scotland and France. Henry died on 28 January 1547 and was succeeded by his son.
Henry VIII (1491 - 1547)
Henry was the second Tudor monarch. He broke with the Papacy in Rome and established the Church of England, initiating the English Reformation.
Henry was born on 28 June 1491 in Greenwich. After the death of his elder brother Arthur in 1502, Henry VIII became heir to the English throne. Seven years later his father Henry VII died and he was crowned king of England. Shortly afterwards he married Catherine of Aragon, Arthur's widow. Henry increasingly relied on Thomas Wolsey to rule for him and Wolsey became lord chancellor in 1515.
One of Henry's favourite pursuits, alongside hunting and dancing, was to wage war. Wolsey organised the first French campaign and proved to be an outstanding minister. The Scots were defeated at Flodden in 1513. But war with France ultimately proved expensive and unsuccessful and Wolsey's ascendancy was cut short by Henry's need for a male heir. He was determined to replace Catherine - whose only surviving child was a daughter, Mary, but the pope refused to grant the divorce. In 1533, Henry went ahead anyway and married Anne Boleyn, with whom he had a daughter, Elizabeth. The pope excommunicated him, and parliamentary legislation confirmed Henry's decision to break with Rome. With the help of Wolsey's replacement, Thomas Cromwell, Henry established himself as head of the Church of England and ordered the dissolution of the monasteries. Other reforms - including the uniting of England and Wales and the creation of the Council of the North and the Household and Exchequer - were also instigated during the 1530s. Henry grew tired of Anne Boleyn, who had failed to produce a male heir, and she was executed for adultery and treason in 1536. Jane Seymour became queen and in 1537 produced a male heir, Edward, but died after childbirth.
Henry's personal religious beliefs remained Catholic, despite the growing number of people at court and in the nation who had adopted Protestantism. In an attempt to establish a Protestant alliance with German princes, Cromwell arranged a marriage between the king and Anne of Cleves. Henry divorced her a few months later and turned on Cromwell, who was executed. The final years of his reign witnessed his physical decline and an increasing desperation to appear all-powerful. In 1540, he married Catharine Howard but she was executed for adultery and treason within two years. A final marriage to Catherine Parr was more harmonious. There were fruitless and expensive wars against Scotland and France. Henry died on 28 January 1547 and was succeeded by his son.