Tuesday, May 24, 2011


News Links, May 25, 2011

## Global economic meltdown ##
Dennis Gartman: Germany To Tell EU 'We're Out!'
Moody's: Greek Default May Hit Europe Ratings
ECB's Noyer Says Greek Restructuring a 'Horror'
Greece Has to Deliver': France's Lagarde
"Greece must avoid debt restructuring and implement the austerity measures it has promised to introduce in order to shrink its budget deficit, French Finance Minister Christine Lagarde told CNBC on Monday."
Europe Investors Should Accept 'Soft' Default: Gross
Hyundai stops diesel engine production
"Hyundai has stopped production of diesel engine at its Ulsan plant due to a protracted strike from component supplier Yoosung Enterprise, Yonhap news reported on Tuesday."
South Korea police break up Yoosung Hyundai strike
"South Korean police have broken up a strike at a car parts factory which was threatening the country's car industry."
That didn't last long. The Koreans learned a lesson on supply chain disruption from Japan's situation. But this shows that governments will use force to keep the industrial machine running. -- RF
Moody's Could Cut UK Banks' Ratings
Vietnam Price Index Up 19.78% in May
Contrary To French Misinformation, The BRIC Block (And South Africa) Demands Non-European IMF Head, Questions Legitimacy Of Fund
Social unrest creates ripples in MENA real estate markets, says S&P
G8 meeting: What's at stake

## Fault lines/flashpoints/military ##
Pakistan Nuclear Security 'Of Concern': NATO
Taliban raid on naval base raises new questions about Pakistan's military
"The ability of only six armed extremists to storm a Pakistani navy base in the city of Karachi and hold out for 16 hours raised new fears Monday about the security of the country's military installations, including its nuclear weapons sites."
Two killed as car explodes in Kazakh capital
Yemen: 38 killed as tribe battles government forces
India offers $5 billion to Africa in bid to boost ties
"India stepped up its push to deepen its economic ties with Africa and emerge from the shadow of rival China by offering $5 billion to help the continent rich with minerals and commodities."
Iraq's Arab Spring: Protests rise against persistent poverty in oil-rich nation
U.S. Could Remain in Iraq if Asked: Gates
The US will remain anyway, with its Vatican-size embassy and the State Department's private army. -- RF
An Arab Spring ... for the Kurds?
Libya: Nato's most ferocious air strike on Tripoli
Palestinian Official Calls Netanyahu's Speech A 'Declaration Of War'
Ahmadinejad's oil drama fuels Iran power struggle
Shipyard Job Cuts Spark Worker Clash With Police
"Staff members at Italian state shipyard Fincantieri clashed with police and ransacked a town hall May 24 after the company said it would cut 2,500 jobs."
Proposal to expand Peninsula Shield being reviewed (GCC)

## Energy/resources ##
Saudi looks at restarting its first oilfield
Energy Shortages Spreading: Rationing in China, Pakistan, Venezuela, Japan, Argentina; China Resorts to Punitive Prices to Curb Demand
German nuclear exit may lead to winter blackouts
Libya's Ghanem may be on secret government mission
U.S. looks to reduce dependence on China for critical minerals
Moscow to pitch South Stream to EU
Russian oil pipeline offers east-west 'swing' role
As ice melts and technology improves, interest in Arctic grows
China oil demand expected to hit almost 560 mil mt by 2015
India must outbid Japan, China for new LNG supply
Chinese experts welcome to visit Iran's nuclear sites: Salehi

## Got food? ##
U.S. crop planting remains slow
Forget Oil and Gold – Phosphorus is the Commodity Everyone Should be Concerned About
"We're getting to a point of 'what are you willing to pay' to eat well."
West Africa Rising: Could Guinea-Bissau jack up fishing rates on the EU?

## Environment/health ##
Flights disrupted by volanic ash cloud
Germany has outbreak of E. coli
U.S. Measles Cases Hit 15-Year High

## Intelligence/security/internet/systemic breakdown ##
Sarkozy questions 'neutral' net at e-G8 forum
Naval base attack weakens Pakistan's counter-terror surveillance
IT Downtime Costs $26.5 Billion In Lost Revenue

## Japan ##
Tepco confirms extra partial fuel rod meltdown at plant
IAEA Launches Investigation into Japan Nuclear Accident
Soil contamination from Fukushima crisis comparable to Chernobyl: study
Record-low 91% of new graduates got jobs in April
Gov't keeps key economic assessment, but frets about weak production
Honda eyes layoffs of up to 15 days in summer
Panasonic to cut more than 10,000 jobs in Japan in 2 years

## China ##
China resource demand robust again in April
State Grid gives priority to daily electricity use
Worse power gap in summer
Severe drought drags on in central China
Rain fails to dispel drought in central China
Locust plague ravages NW China
What's the ratio of cars to people in China?

## UK ##
Public borrowing figure blow for government
UK officials: British airports to be hit by ash

## US ##
Collective Bargaining Curbs Spread Across The U.S.
Illinois Treasurer Warns Against Lending to Illinois
Analysis: Insurers face big losses from weather disasters
Greenwich's Priciest Homes Languish With Four Years of Inventory on Market
Small rainy-day funds mean many could get drenched
"Half of all U.S. households say they "certainly" or "probably" could not come up with the funds to cope with such an ordinary financial emergency, according to a new study on financial fragility."
Group trashes Dunkin' Donuts (New York City)
This reminds me of the mob that descended on a convenience store in Las Vegas. -- RF
Resisting the Permanent Warfare State
Stunning 360 Degree Images of Abandoned Property Sites in Detroit Including the Michigan Central Train Depot
Engineering Undergrads Reap Top Salaries
For 25% of retirees, savings are all gone
People plan to work into their 70s or later

And finally... Oops, world ends on October 21, not May 21
I think we have more to fear from QE3 and the next round of corporate earnings reports. -- RF

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