Tuesday, May 17, 2011


News Links, May 18, 2011

## Global economic meltdown ##
2008 global financial crisis may be just the start, warns Brown
Military council warns of economic collapse (Egypt)
Iceland's Junk Rating May Last Two More Years
Fight for IMF top job goes global
Chart of the Day: Europe's Runaway Sovereign Debt
Germany's Merkel Rejects Greek Debt Restructuring
Australia Central Bank: Rates Likely to Rise
Gold Advances as Physical Purchases, European Debt Concern Add to Demand
State Bank of India Profit Slumps 99%
"State Bank of India posted a 99% drop in fourth-quarter net profit, as provisions and tax expenses surged, warning it would continue to set aside substantial funds, mainly for potential bad loans, in the next couple of quarters. 'This is a quarter we would like to forget,' SBI Chairman Pratip Chaudhury said at a news conference."
Financial Repression Coming to America: El-Erian
"The co-CEO of the world's largest bond fund has warned America that it faces a combination of higher inflation, austerity and financial repression over the coming years as policy makers grapple with the impact of the financial crisis and the subsequent policy response."
Saudi private sector growth 'too slow' to halt jobs crisis
Jobless Omani activists vow to hold more protests
Greece May Finally Sell Its Most Beautiful Islands

## Fault lines/flashpoints/military ##
The brutal rise of Mexico's notorious drug gang, the Zetas
Pakistan PM snubs US by declaring China 'best friend'
US Government Seizes Pension Funds, Invades Pakistan
'Nato helicopter incursion' wounds Pakistan troops
Why does Pakistan have world's fastest-growing nuclear program?
Pakistan's Nuclear Surge
"Photos obtained by NEWSWEEK reveal a more aggressive buildup than previously known. So why does Washington still stay mum?"
U.S. deepens engagement with Afghan Taliban to end war: report
The Russian and Brazilian views on the DSK incident
IMF chief sent to notorious jail in sex assault case
IMF chief a 'honey trap' victim? Conspiracy theories swirl
Israeli Leader Sees Rising Arab Threat
Israel fears worst after border bloodbath
Tanks storm south Syria city as U.S. piles on pressure
Ministries ablaze after Tripoli strikes by NATO
Militant leader says all Russia is a "battleground"
"The leader of an Islamist insurgency in the North Caucasus said Osama bin Laden's death would not stop violence and hinted at more attacks, calling Russia a "battleground" in an interview released on Tuesday."
Chinese military leaders visit US. What do they want?
China and Russia Increasing the Speed of Military Modernization
Shipowners Use Armed Guards to Fight Pirates
"Shipping companies are turning to guards armed with AK-47 assault rifles to protect vessels from pirates, a trade group for security professionals said, after record numbers of attacks last year added $2.4 billion to costs."

## Energy/resources ##
Future of flight: Fuel for thought
"The future of flight was supposed to come from hydrogen-powered planes, but kerosene still fuels the world's jets. So how will we fly when it runs out?"
Venezuela resorts to rationing amid new blackouts
Coal shortage causes India's electricity generation to slump
28 power plants facing critical steam coal stock in India - Report
Libya: Oil Minister Shukri Ghanem 'defects'
Japan's appetite for LNG has ripple effect
"'We now see risks for supply tightness into the end of 2011,' bank analysts were quoted by the Platts news service as saying. More constraints were expected in 2012, Barclays added."
Exxon Mobil Says It Will 'Vigorously' Protect Nigeria Oil Producing Leases
Shrinking Pie: Competition and Relative Growth in a Finite World (Richard Heinberg)

## Got food? ##
Global Food Prices Extending Gains Set to Raise Costs for Tyson, Kellogg
"Global food prices are set to extend gains as production struggles to keep pace with demand, said Rabobank Groep and Armajaro Trading Ltd."
French Farmers Face Worsening Drought; Northern Soil Is Driest in 50 Years (Bloomberg)
U.S. wheat production is challenged as the world returns to normal
U.S. Wheat Harvest May Be Worse Than Forecast
Corn planting shows sharp gains (UPI)
Corn Advances for Fourth Day as Wet Weather Delays Spring Planting in U.S. (Bloomberg)
Coffee prices set to jump amid shortages
Indian farmers commit suicide due to devastation caused by GM crops

## Environment/health ##
France In Crisis As Drought Deepens -Minister (Reuters)
"France has imposed limits on water consumption in 28 of its 96 administrative departments, the environment ministry said Monday, amid signs that a prolonged dry spell that has hit grain crops would continue. 'We are already in a situation of crisis. The situation is like what we would expect in July for groundwater levels, river flows and snow melting,' Environment Minister Nathalie Kosciusko-Morizet told a press conference."
Bedbugs bite into the US economy

## Intelligence/security/internet/systemic breakdown ##
The Failure of Networked Systems: The Repercussions of Systematic Risk
Remember: When big systems fail, they fail big. -- RF
Michigan Suffers Big Computer Outage, Quickly Restores Service
Kenya loses billions as Mombasa port's communications system fails
"Kenya fears that it most likely lost billions of shillings since the Mombasa Port's information communications system failed. All operations at the port have come to a halt after the IT breakdown."
US calls on its Nato partners to help resist cyber-attacks
Cyber Attacks Ranked With Military Threats Under Obama Security Strategy
Netflix eats up 30% of North American bandwidth
Warrants Let Agents Enter Homes Without Owner Knowing (US)
10 Indications The United States Is A Dictatorship

## Japan ##
BOJ warns economy in severe state, beating deflation not enough
Quake damage might cost 450,000 to 650,000 jobs: study
3-5 years needed for reconstruction to take shape: panel head
Japan's Carmakers May Lose 193,000 U.S. Sales
Nissan Repairs Quake-Hit Plant, But Parts Supply Still Tight
Japanese groups suffer $25bn earthquake hit (Financial Times)
"The March 11 earthquake and tsunami caused Y2,000bn ($25bn) in damage to plant and equipment at Japanese companies and left many too uncertain of their business prospects to issue forecasts for the current fiscal year, according to recent earnings reports."
Last active Hamaoka nuke reactor in 'cold shutdown'
But the spent fuel still needs to be cooled. Let's hope they don't lose power. And what are they going to do with their 3,000 employees? -- RF
Chubu Electric in talks to buy surplus power from local firms
Documents Illustrate Desperate Hours at Plant
Tepco loss to exceed ¥800 billion
Cooling system of Fukushima plant's No. 1 reactor not functioning before tsunami
Japan's 10 Power Utilities Double April Crude Oil Consumption
"Japan's 10 regional utilities more than doubled their crude oil consumption in April from a year earlier as they boosted output at thermal power plants."
Integration of Osaka airports targets huge debt

## China ##
Dramatic Slowdown in China
Worst energy crunch in years looming (China Daily)
China's young rich drive demand for luxuries
Anger in China over 'super rich club' meetings in Forbidden City
"Attempts to use the Forbidden City in Beijing as a venue for an elite Billionaire's Club have caused uproar on the Chinese internet, highlighting the rising envy of ordinary Chinese towards the country's new super-rich elite."
Beijing listed among world's most water-scarce cities
China farmers face 'exploding' watermelon problem
Hong Kong housing prices up 5 percent in a month

## UK ##
Inflation could go higher if workers demand pay increases, Mervyn King warns
"The rise in the cost of living could become so great that workers rebel against the lack of pay increases, Mervyn King, the governor of the Bank of England, has warned."
Bank of England governor rules out rate rise as inflation hits new peak
Utility bills drive up Scottish home running costs
Cameron says 400 troops to return from Afghanistan within year
David Cameron urges action to tackle youth unemployment
"He said there were currently almost one million 16 to 24-year-olds not in employment."

## US ##
Assassination nation: Are there any limits on President Obama's license to kill?
"As part of its war against violent extremism, the Obama administration now claims a right to kill Americans without a trial, without notice, and without any chance for targets to legally object."
School Systems Struggle With Lunchroom Costs
Flooding to cost Arkansas agriculture over $500 million?
"With more than 1 million acres of Arkansas cropland underwater, the impact of flooding to Arkansas crops and forage is expected to top $500 million dollars, according to preliminary research by agricultural economists at the Arkansas Farm Bureau."
Restaurant inflation is edging up
Billion-Dollar Shoplifting Rings Target Colo. Stores
"This organized crime is costing stores in Denver and across the nation more than $35 billion a year, authorities said."
And it will get worse. Welcome to the new world order of chaos. -- RF
Natural-Gas Trucks Face Long Haul
Remember when all our vehicles were going to run on hydrogen? -- RF
Supreme Court: No warrant needed if police discern destruction of evidence
Clamor Increasing to Regulate Marcellus Shale Gas Drilling
Hospitals struggle to get the drugs patients need
Hospitals Eliminate 1 in 4 U.S. Emergency Rooms Since 1990, Study Finds
"More than one in four U.S. emergency departments were closed in the past two decades, forcing the nation's poor and elderly to seek care in fewer, more crowded facilities, researchers found."
Earthquake rattles U.S. production
"Production fell, the Fed said, 'mainly because of parts shortages that resulted from the earthquake in Japan,' which struck March 11 and disrupted industrial supply lines."
U.S. Industrial Production Stalls on Auto Disruption; Housing Starts Drop
April Vehicle Assembly Rate Collapses, May Industrial Production Estimates To Be Cut
The Great Recession's lost generation
"About 60% of recent graduates have not been able to find a full-time job in their chosen profession, according to job placement firm Adecco."
Protesters At JPMorgan Shareholder Meeting Demand Action On Foreclosures, Human Rights
What The Federal Budget Would Look Like If It Were A Household
Construction plunged in April; single-family home building down 11 pct. since recession ended
Scorching the desert housing markets – Arizona and Nevada real estate blossomed with cheap fuel and easy access to debt.
The Quadruple Dip: Housing Starts, Permits Drop, Miss Expectations; Houses Under Construction At New Record Low

<< Home

This page is powered by Blogger. Isn't yours?