Thursday, June 09, 2011


News Links, June 10, 2011

## Global economic meltdown ##
Greek Austerity Numbers Don't Add Up: Analyst
Greece Tourism Gains Threatened by Strikes
Greece bail-out: Cabinet 'approves cuts' amid strike
Greece Is Said to Require $65 Billion More in Emergency Loans From EU, IMF
Greece Flunks Troika Report, Financial Reforms at Standstill; 5th Payment on Hold? Expect IMF "Nose Job"
Daily Austerity Watch: Greece's Economy Is On Life Support
Trichet Signals Rate Increase in July With 'Strong Vigilance' on Inflation
Fresh Downgrade Threat to U.S. Debt
Maersk Only Asia-Europe Line With Profit
Dubai Real Estate Market Fails to Benefit From Turmoil in the Middle East
Is Ireland's Economy Doomed, No Matter What?
House prices are still falling, and there's no sign we've hit bottom (Ireland)
No recovery for Dubai real estate as prices slip
Mounting US debt 'threatens' Saudi investment: Experts (Arab News)
"Economists have warned Saudi investors that mounting US debt and a weakening dollar is putting at risk a traditional safe haven for investment: US treasury bonds, which make up 70 percent of Saudi investment in the US."

## Fault lines/flashpoints/military ##
Deadly militant attack on Pakistan security checkpoint
"More than 100 militants have stormed a security checkpoint in north-western Pakistan, killing at least eight soldiers, officials say."
Blair demands more allied military action
"Britain and its allies should be ready to mount Libya-style interventions in other Arab countries, Tony Blair declares today."
US steps up military attacks on Yemen
"The United States has stepped up its attacks on militant suspects in Yemen with armed drones and fighter jets, according to a report in the US."
Panetta: Escalate Shadow Wars, Expand Black Ops
Libyan rebels promised £780m by Western and Arab governments
"Foreign leaders have finalised a funding mechanism to pump hundreds of millions of dollars to Libya's cash-strapped rebel forces, intensifying pressure on Colonel Gaddafi's weakened regime even as Nato warplanes bombed targets in the capital Tripoli."
Syrian refugees in Turkey: 'People see the regime is lying. It is falling apart'
Iran's navy to receive new submarines
Ethiopia buys 200+ Ukrainian tanks
Tensions Flare in South China Sea
21 bodies found in Mexican president's home town

## Global unrest ##
Chinese woman sets herself alight in 'land grab' protest (photo is a bit gruesome)
China works to control coverage of rare bombings
Bahrain's unseen protests fall on deaf ears
Opposition: 400 Bahrainis on trial after protests
Farmers ransack fertilizer shops (India)
Syrians vow new protests, Paris charges 'massacre'

## Energy/resources ##
Could Natural Gas Prices Be About to Jump?
BHP Billiton faces Queensland coal-miner strike
Ethanol subsidies: Dumping corn in the ocean would be a better idea
"The price of corn is pivotal in the world food equation, and food markets are on edge because U.S. corn stocks are plummeting. In fact, the U.S. Department of Agriculture recently forecast that corn inventories could dwindle to 5% of annual use before the 2011 harvest is brought in, the smallest fraction since the Great Depression."
Analysis: Asia eyes more Saudi oil despite fractious OPEC meet
"Asian refineries are confident Saudi Arabia will ensure no shortage of oil supply to meet rapidly rising demand this year despite OPEC's failure to agree an output increase this week."
Romania's 'oil mafia' a national threat
Special Report: After Japan, where's the next nuclear weak link?
Sharjah calls for immediate end to fuel shortages
Yes, stop those fuel shortages right now... that's an order! -- RF
Fuel deadline passes, no action (Sharjah, UAE)
After fuel woes, Sharjah grapples with power cuts
"In the latest series of events, residents not only have to suffer from a petrol shortage but they are now bracing themselves for power cuts.
"Families have expressed concern over power cuts that affected several areas in Sharjah last week, and emphasised their worries over whether it will become a regular occurrence in the summer months."
Petrol crisis spreads to Ras Al Khaimah (UAE)
Urgent steps needed to deal with petrol shortage: Pakistan paper
Saudi Arabia donates 3 mln barrels of crude oil to shortage- stricken Yemen
US: oil supply not meeting demand
"The White House warned Wednesday that global oil supply was not meeting demand, after the Organization of Petroleum Exporting Countries (OPEC) left its oil output target unchanged."
China to play major role in Cuban oil development
Germany to Boost Coal-Fired Generation, Standard Chartered Says

## Got food? ##
Drought in southwest Kansas wheat fields is worst since Dust Bowl
China drought affects rice crops in 3.8 million hectare
Russia grain prices set to rise on exports resumption
Europe's farmers warn of crop and feed problems
"Some of Europe's farmers now face yield cuts of 8 – 15%, the Secretary General of Copa - Cogeca (European Farmers and Agri-Cooperatives) told EU Agriculture Commissioner Dacian Ciolos. The yield cut comes as farmers face high fertilizer prices. Fertilizer represents 40% of the cost of producing grains."
Corn Prices Near Record On Plunge In Corn Stocks, China Use Surge, Tightest US Corn Supply Levels In 15 Years
Food prices climb further at grocery stores (US)

## Environment/health ##
Extreme heat the new norm
Air Quality Worsened by Paved Surfaces: Widespread Urban Development Alters Weather Patterns
Weeds are the best! -- RF
Monster wildfire in Arizona: A glimpse of what climate change could bring
Death toll from German E. coli outbreak rises

## Intelligence/security/internet/systemic breakdown ##
Vietnam and China hackers escalate Spratly Islands row
"Computer hackers from Vietnam and China have launched campaigns against each other, targeting hundreds of websites including government sites, amid rising anger over a territorial dispute."
China linked to Lockheed Martin cyber attack
Citibank confirms hacking attack
Sony's shopping point website hacked
Sony hackers target NHS computers (UK)
Friends in High Places: Bilderberg 2011 Kicks Off

## Japan ##
Power Shortages Loom in Japan
Japan Power Cuts to Spread as Safety Concerns Delay Restarting of Reactors
"Power cuts will hit Kansai, Japan's second-largest industrial region, as early as this month as restarts of nuclear plants may be delayed, impeding the nation's recovery from a record earthquake and atomic disaster."
Japan Economy Contracts at 3.5% Pace
Scrappers rid Japan of debris, one vehicle at a time
"I think it's going to take 10 years to clean up or even more … another 10 years to rebuild."
Fukushima's Date City to give dosimeters to all children
Strontium contamination found outside nuclear crisis exclusion zone
Worry over N-payments / Govt may hike share as TEPCO's fiscal health declines
Japan posts record 1.053 trillion yen trade deficit
Analysis: Risks too great for full Japan nuclear shutdown (Reuters)
Toshiba Shifts Schedules to Cut Power Use in Japan
"With an electricity shortage looming in Japan, appliance maker Toshiba Corp. hopes to cut electricity use by revising the summer vacation schedules at its Tokyo headquarters and other locations served by Tokyo Electric Power Company."

## China ##
The Great Property Bubble of China May Be Popping (WSJ)
Big Funds See Red in China (WSJ)
A Classic Technical Signal: China Breaks Down

## UK ##
Shedding light on the big switch-off
Welsh hospitals at breaking point
Rental costs will keep rising, says Rics
"Rents are continuing to rise for tenants and more increases are expected in the coming months, a survey has suggested."
Royal Mail sell-off could cost taxpayer over £10 billion

## US ##
Major power outage in Detroit, overtaxed grid suspected
UniSource Starts Tucson Plants to Avert Fire-Caused Blackout
Blaze Could Lead to Blackout in the Southwest
Blackouts Possible, El Paso Electric Makes Plans
Will Arizona Wallow fire cause blackouts in Texas, New Mexico?
Some street lights to be turned off in Wilton
Newark streetlights go dark in cost-savings test
Retail Crime Getting More Frequent, Violent
"Nearly all retailers have fallen victim to organized retail crime in the last year, and attempts to stop it are increasingly ending in violence."
Grocery labor unrest in SoCal could spread
U.S. debt market without the Fed
"Financial analysts are questioning who might step up and replace the U.S. Federal Reserve as the major buyer of treasuries after June."
U.S. Hurtles Toward System Failure
US Treasury Burns $90 Billion in 8 Days
Dealers Scramble To Cut Treasury Exposure Ahead Of QE2 End, Flip Record 75% Of Just Issued 7 Year Allocation To The Fed
Prices soar on the used car lot
Time to say adios to Mexico travel?
If Obama Taps Oil Reserve, It Could Send Wrong Signal
US Home Prices Could Still Fall a Lot More: Shiller
Las Vegas land prices down 83 percent from 2007 peak, report says
Americans' equity in their homes near a record low
Squatter Nation: 5 years with no mortgage payment
Preparing for Higher Food and Energy Prices
Americans Struggle With Financial Problems They Don't Understand: Study
Payroll-Tax Break Said to Be Discussed by Obama Aides Amid Slowing Economy
Which would be another blow to Social Security and Medicare. -- RF
30% Of People With A 401(k) Have Taken Out A Loan Against It: New All Time Record
U.S. Jobless Claims Unexpectedly Climb
Meredith Whitney: Banks, States & Munis (video)
Why Americans Are So Bummed Out on the Economy
America's lost trillions

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