Tuesday, July 05, 2011


News Links, July 6, 2011

## Global economic meltdown ##
Portugal's debt is downgraded to junk status by Moody's
After Greece, Portugal
ITALY: The Signs Keep Piling Up That It's In Trouble
Why the Great Greek Tragedy Has Barely Begun
Greek Banks Ready for Rollover, Investors Meet
Credit Crisis in Brazil: Consumer Loan Rates Hit 47%, Defaults Soar, Debt Service Tops 50% of Disposable Income
A Whole Bunch Of Econ Data Just Missed Expectations In Europe
Euro-Zone Private-Sector Growth Slows
Spain's Shortfall in Health Care Causes Alarm
Australia Central Bank Holds Rates, Trims Growth Outlook
Egyptian Debt Spurs Islamist Call for Austerity
$100 billion infrastructure needed for MENA region to sustain growth
"As much as US$100 billion (Dh367bn) a year needs to be invested in infrastructure to sustain the region's growth rates and boost its economic competitiveness, says the Dubai International Financial Centre (DIFC) chief economist."
Financial brush fires flaring up globally
Dollar Demise: China Wants a New Global Reserve Currency Says Strategist
Palm Jumeirah prices sink below AED650 per square foot
Dubai flooded with 18,000 new homes by yr end -report
Dubai's outstanding debt put at $31.4 billion
Temasek raising up to $3.7 bln in bank share sales
"HONG KONG (MarketWatch) -- Singapore state-investment firm Temasek Holdings Pte. Ltd. is seeking to raise up to US$3.67 billion by selling parts of its stakes in Chinese lenders Bank of China Ltd. (3988.HK) and China Construction Bank Ltd. (0939.HK) via placements, according to term sheets seen by Dow Jones Newswires Tuesday."

## Fault lines/flashpoints/military ##
Exclusive: Somali pirates use Yemen island as fuel base
"Somali pirates have been using Yemen's remote Horn of Africa island of Socotra as a refueling hub enabling their attack craft to stay restocked for longer periods at sea and pose a greater hazard to shipping, maritime sources say.
"Despite an international naval presence in the region, seaborne gangs have been exploiting political turmoil in Yemen to pick up fuel, and possibly other supplies including food, sources told Reuters."
Venezuela's Chávez suffering from cancer; power struggle in the offing
Iraq attacks target security personnel
Australia's New South Wales police get new burka powers
Mexico nabs Zetas gang's No. 3 leader, but will it stop the cartel?
Denmark imposes new border checks to keep out immigrants, 'criminals'
Iraq's 'Flying Bombs' Return, Killing 6 G.I.s
Sources: 10K U.S. troops on offer for Iraq
Iran's submarine's 'international mission'
Russia looks to secure arctic claims
Col Muammar Gaddafi 'offers to give up power in Libya'
"Col Muammar Gaddafi has offered to give up power for the first time, but only if his hated son is allowed to stand as his successor, a Russian official claimed on Tuesday."
India Broadens Ties in Central Asia
"'India desires to have a greater role in Afghanistan after the allied forces leave. New Delhi [also] is trying to build ties with Central Asian countries, which are rich in natural resources,' said Mahindra Singh, a defense analyst based here."
Saudi efforts for good Iran relations continue

## Global unrest ##
Egypt clashes after police released on bail
Tanks surround Syrian city of Hama after protests
Syrians kill more protesters in Hama
Two die in Pakistan power outage protest
"Islamabad: Two people were killed and another 30 injured in a pitched battle between the police and locals who were upset over acute electricity shortage in a Pakistani town."

## Energy/resources ##
Yemen: electricity blackouts crippling businesses
South India risks power shortage from 2 GW shutdown
Legal roadblocks for Iraq's oil?
Libya's transitional council not ready to revive oil industry

## Infrastructure scavenging ##
Hundreds left isolated as cable thieves strike again (UK)
Police operation cracks down on stolen metal trade in Gloucestershire
Metal Thieves Target Local Foreclosed Homes

## Got food? ##
High food inflation costs Indian households Rs 5.88 trillion

## Environment/health ##
Scope of Yellowstone River oil spill may grow
Survey: Bedbugs bug Cincinnati residents
Asia pollution blamed for halt in warming: study

## Intelligence/security/internet/systemic breakdown ##
US Secret Service to probe Obama death hoax on Twitter
Iraq's Allawi sees an eroded state
"A disintegration of state institutions is leaving Iraq exposed to the influence of foreign elements, a former interim prime minister said from Italy."

## Japan ##
Noda: Pass bond bill or nation goes bust
"Finance Minister Yoshihiko Noda said the government may run out of money as early as October unless a bill authorizing bond sales is passed in the Diet."
Fukushima residents dump radiated soil in absence of plan
"FUKUSHIMA, Japan, July 4, 2011 (Reuters) — They scoop up soil from their gardens and dump it in holes dug out in parks and nearby forests, scrub their roofs with soap and refuse to let their children play outside."
45% of kids in Fukushima survey had thyroid exposure to radiation
Japan eyes first nuclear restart since quake, power worries stay
Post Nuclear Japan: Atomic Debt
Japan gets graphic to save energy
Japan Economy Faces Some Headwinds
Some produce exports hit zero / Exports of agricultural goods plummet following N-crisis

## China ##
Moody's Warns on China Debt
"Moody's Investors Service said a Chinese government agency may have understated banks' loans to local governments by 3.5 trillion yuan ($541 billion), escalating its warnings that the scale of such loans could pose a threat to China's banking system."
China to Award Shale Areas in Bid to Tap Reserves Exceeding U.S.
Jet fuel prices increase
China's pork prices rose 3.4 pct last week
China allocates $22b to fund transport projects

## UK ##
Highway 1 closed after massive power outage hits Abbotsford, Surrey
30,000 in Wales off benefits to no job, says report
Rising cost of petrol forces a million drivers out of their cars
Bombardier to cut 1,400 train jobs
Highland Council to turn off street lights in Lochaber
U.K. Trade Group Fears Lost Industrial Capability
"A spending moratorium on new defense programs is causing British industry to lose capability and as a consequence is harming Britain's wider strategic and economic interests, the chairman of the country's leading defense and security trade lobby group has warned."

## US ##
Distressed Commercial Real Estate Hits $181B, still $300 billion in loans coming due
7 reasons U.S. needs a Good Depression now (Paul Farrell)
Texas Governor Wages Own Battle Along Border
Big Ag boom is thanks to state subsidies
U.S. banks are pruning branches
Data Confirms: Banks Hoard Cash & Securities, While Loans Contract
"Jobless and Wageless" Recovery in Pictures; Trends in Jobs and Wage Growth
The rise of the barter economy
The Eight Outrageous Costs Of The War On Terror
Riverwest residents describe attack by large group (Milwaukee)
Gas Station Looting Caught On Surveillance Tape
"Surveillance video taken Sunday night shows a crowd looting at a Milwaukee gas station. It was just one of the disturbing incidents in Milwaukee's Riverwest neighborhood that evening."
Flash mob attacks post-firework crowd on El (Philadelphia)

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