Wednesday, April 20, 2011

 

News Links, April 21, 2011

## Global economic meltdown ##
Why Greek Default Is Inevitable
"With its austerity program foundering even in the face of a new round of harsh cuts, the country is well and truly on the rocks."
Greek 2 Year Bonds Now Yielding Record 22%, Price On 10 Year Bonds 59 Of Par
Meet Keratea: Greece's War Zone
Spain Sells 3.4 Billion Euros in Bonds, Yields Rise
Lost in Translation: China's $13 Billion for Spain
Japan May Cloud Another Stellar Apple Quarter
Fiat: Japan Quake Could Cut European Output
U.S., Canada Need to Maintain Extra Unemployment Aid, OECD Says
Report: 4 in 10 Canadians have no savings
Thailand Raises Benchmark Interest Rate to 2.75% as Inflation Accelerates
South Africa Inflation Accelerated to Annual 4.1% in March as Food, Fuel Costs Climbed
UK government attacks EU budget rise
Moody's: Negative Outlook On Vietnam's Ratings Reflects BoP Volatility
Singapore On Track to Overtake Vegas as Second-Largest Gaming Center
Kabul Bank to split off bad loans
Gold hits $1,502 Wednesday
Dubai ruler's firm said to have bigger debt woes
"Dubai Group, part of an investment company controlled by the emirate's ruler, is reportedly seeking to renegotiate the terms on $10 billion in debt — $4 billion more than previously divulged."
Recovery? Baltic Dry Index Says Hold On
Forget America's credit rating - Europe is the one to watch (MoneyWeek)

## Fault lines/flashpoints/military ##
Libya: France and Italy to send officers to aid rebels
Is This The Start of Foreign Ground Troops in Libya? (Danger Room)
Libya rebels to get $25m of US military equipment under Pentagon proposal
Spread of drone programs in Latin America sparks calls for code of conduct
US 'will continue' Pakistan drone attacks
Pakistan Tests 'Nuke-Capable' Short-Range Missile
Argentina, Brazil partner in military transport jet manufacture
Top US military officer accuses Pakistan's ISI of links with Haqqani militants
Pirates show solidarity with captured comrades, demand prisoner exchange
Saudi arrests over 160 dissidents: HRW
Baghdad protest ban is undemocratic: Sadr
S. Korea May Deploy New Frigates Near Disputed Island

## Energy/resources ##
Special Report: China set to unearth shale power
Growing world automobile population threatens petroleum balance
A Candid Admission About Saudi Oil Production
International Energy Agency urges OPEC to raise oil output
"Rocketing oil prices have hit demand in the world's top energy consumers, China and the US, and OPEC needs to raise output around June to douse further price rises, the International Energy Agency (IEA) said."
Doesn't the IEA know that the market is "well supplied"? -- RF
"Petrol pumps at Emarat stations across Dubai have run dry after delivery problems at the company's depots hit fresh fuel supplies, station managers told Arabian Business."

## Environment/health ##
BP's criminal negligence exposed (Al Jazeera feature article)
"One year after BP's Gulf of Mexico oil disaster, the number of lawsuits against the oil giant continues to mount."
"On a coastal marsh south of New Orleans, oil still saturates a 30-foot-wide stretch. Where hip-high grass should be, the oil has formed a hard, dark mat. If you dig though that crust, you find a thick, oozy layer of oil. 'It hasn't weathered or degraded much since it came ashore in early June,' says scientist Scott Zengel, a contractor for the National Oceanic and Atmospheric Administration, who is overseeing the marsh survey crews."
"'This thing is far from over,' says one shrimp dealer, echoing the comments of many others on the island. 'If you think anything else, you're not paying the least bit of attention.'"
AP IMPACT: 3,200 abandoned wells lack cement plugs
"One year after spill, 3,200 Gulf wells classified as active are really abandoned."

## Intelligence/security/internet/systemic breakdown ##
iPhone keeps record of everywhere you go
"Privacy fears raised as researchers reveal file on iPhone that stores location coordinates and timestamps of owner's movements"
Top Federal Lab Hacked in Spear-Phishing Attack

## Japan ##
Japan exports fall after quake, further fall likely
"The new entity is expected to invest in Tokyo Electric by purchasing preferred shares of or extending loans to the utility firm as the government considers it is necessary to provide public funds to the company, seen as unable to pay the huge amount of compensation—estimated at more than 1 trillion yen—by itself, the sources said."
"TOKYO (Nikkei)--Oji Paper Co. (3861) said Wednesday that it will idle 10 corrugated-board processing mills in rotation this summer to help ease the power shortages expected in areas served by Tokyo Electric Power Co."

## China ##

## UK ##

## US ##
11 Prices That Will Rise Along With Your Gas
Video: LA's Food Trucks Hit by Rising Gas, Food Prices





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