Texas board finds Disney violentThe Texas Board of Education voted to sell $43 million worth of Walt Disney company stock to protest the sex and violence in the firm's films. Board Chairman Jack Christie said he believed that movies made by Miramax Films, a Disney subsidiary, contributed to violence among young people. Films cited included "Pulp Fiction," "Chasing Amy," and "Sirens." Clips from these films were included in a video distributed to board members by a group called the American Family Association of Texas. The board voted 8-4 to approve the measure to sell 406,000 Disney shares that was part of the board's $17.6 billion portfolio. Two members abstained from the vote.Board member Alma Allen criticized the decision, saying other members were "using it as a political football to get elected next year." Other members who criticized the move pointed out that the Disney stock has provided a 180 per cent return for the state. Disney spokeswoman Claudia Peters in Los Angeles said the companywould not comment on the divestiture. On the criticism of Miramax films, Peters said: "Miramax is a highly acclaimed film label that's received 110 Academy Award nominations and 30 academy awards over the last 10 years."US not ready for the euro: expertsUS companies are less prepared for the coming shift to the unified European currency than their European counterparts, the consulting firm Ernst and Young said. While 70 per cent of European firms surveyed had put aside resources to evaluate the shift to the euro, only 45 per cent of US firms had teams in place and 20 per cent had impact studies, said Robert Baldoni, head of Ernst and Young's Europe-American division."There is a misconception here that this is a fairly simple change of currency Code," he told AFP. "US firms are focusing (only) on the administrative issue." The International Swap and Derivatives Association (ISDA) set up a protocol in May that companies can use in setting up a shift to the euro that focuses on such legal aspectsas maintaining contract continuity.Ottawa takes on Brazil in WTOCanada turned to the World Trade Organization to resolve its dispute with Brazil over export subsidies for the Brazilian aeronautics industry, officials said. Ottawa asked the WTO to set up a special panel to look into Brazil's PROEX subsidy program, which Canada says violate the rules of international commerce. Brazil's Embraer and Canada's Bombardier aerospace companies are direct competitors in the international market for small jet planes. "The Canadian aerospace sector is being hurt by the PROEX program, and Canadian jobs are threatened," Trade Minister Sergio Marchi said. "It's time to have the WTO rule on this dispute."Canada wants WTO to rule on whether preferential interest rates given to buyers of Embraer products under the PROEX program are hidden subsidies prohibited under the organization's rules. Ottawa says the program cuts two million dollars (US), or 15 per cent, off the price of each Embraer plane which over twoyears would amount to $2.5 billion in subsidies. Brazil counters that the no-interest loans given by the Canadian government to The aerospace industry are also subsidies.
