Sunday, July 31, 2011
News Links, August 1, 2011
## Global economic meltdown ##
Report: HSBC plans to announce 10,000 job cuts
## Fault lines/flashpoints/military ##
Rise of the Radical Right (Foreign Policy)
## Fault lines/flashpoints/military ##
Rise of the Radical Right (Foreign Policy)
## Global unrest/mob rule/angry people ##
Belarus Drafts Law Against Peaceful Gatherings
Pakistan's violence spree continues in Karachi and Quetta
"At least 15 people have died in a weekend of violence in China's restive far western province of Xinjiang, as fears rise that tensions between the Muslim Uighur ethnic minority native to the region and the majority Han Chinese are set to explode again."
Chile Copper Sector in Chaos as Another Mine Strikes
"Workers at the world's No. 3 copper mine, Chile's Collahuasi, put down their tools over unmet labor demands on Saturday, compounding worker unrest as a strike at top global copper mine Escondida entered a ninth day."
"Workers at the world's No. 3 copper mine, Chile's Collahuasi, put down their tools over unmet labor demands on Saturday, compounding worker unrest as a strike at top global copper mine Escondida entered a ninth day."
"A group of disruptive teens assaulted and robbed several pedestrians in Center City Friday night, according to police."
"Up to 150,000 protesters took to the streets in cities across Israel on Saturday night in the biggest demonstrations the country has seen in decades to demand action on rising house prices and rents, low salaries, the high cost of raising children and other social issues."
Israel warns of 'anarchy' if it meets all reform demands
"(Reuters) Israel's government hit back on Sunday at protests against the rising cost of living, saying some reforms being demanded might lead to economic crises like those besetting parts of Europe and the United States."
"(Reuters) Israel's government hit back on Sunday at protests against the rising cost of living, saying some reforms being demanded might lead to economic crises like those besetting parts of Europe and the United States."
## Energy/resources ##
EPA gas mileage ratings don't add up in real world
"The EPA's tests that measure a vehicle's fuel economy are outdated. They're conducted with professional drivers inside of laboratories using better-performing fuel and with air conditioning turned off for most of the ride."
Fire stations may stop functioning by tomorrow (Pakistan)
"Fuel supply to the Fire Department of the Karachi Metropolitan Corporation has not yet been restored and it is feared that all the 21 fire stations of the city would stop functioning by Monday in case diesel was not provided to them, The News learnt on Saturday."
## Infrastructure scavenging ##
Rail industry joins forces to combat cable theft (UK)
## Got food? ##
Asian nations grapple with soaring food prices
Ukraine hikes grain harvest estimate - again
## Environment/health ##
Heat wave threatens elderly in remote towns
## Environment/health ##
Heat wave threatens elderly in remote towns
## Intelligence/security/internet/systemic breakdown ##
A New Way Around Internet Censorship?
## Japan ##
Floods threaten thousands in northern Japan
Strong yen to sink earnings targets
"The sagging dollar is putting pressure on manufacturers as yen's resultant surge to the ¥76 range brings it well below the ¥82-¥83 range most Japanese manufacturers used in their 2011 business forecasts, economists warned."
"The sagging dollar is putting pressure on manufacturers as yen's resultant surge to the ¥76 range brings it well below the ¥82-¥83 range most Japanese manufacturers used in their 2011 business forecasts, economists warned."
Rising yen hits companies hard / Analysts fear hollowing out of industries
Livestock farmers in despair
Livestock farmers in despair
## US ##
Reid tentatively backs deal to raise debt ceiling
Political left and right decry debt-ceiling deal
Industrials Sector Collapses
"Since the S&P 500 made its intraday high on July 7th, things have sold off quite a bit. Nothing has sold off more than the Industrials sector."
"Since the S&P 500 made its intraday high on July 7th, things have sold off quite a bit. Nothing has sold off more than the Industrials sector."
PIMCO's Gross: U.S. is 'debt man walking' (CNN Money video)
And finally... Burglar breaks into house smears it with peanut butter and jellySaturday, July 30, 2011
News Links, July 31, 2011
## Global economic meltdown ##
Spain in 'Danger Zone' on Europe Crisis: IMF
Spain in 'Danger Zone' on Europe Crisis: IMF
The banana fungus isn't the only contagion that will sooner or later arrive in South America. -- RF
"China, as the largest foreign holder of the U.S. debt, is totally freaking out."
U.S. poised to join China, Spain in double-A club
## Fault lines/flashpoints/military ##
Report: Iraq Deadlier Now Than A Year Ago
Turkey's military in turmoil as top brass quit
## Fault lines/flashpoints/military ##
Report: Iraq Deadlier Now Than A Year Ago
Turkey's military in turmoil as top brass quit
Iraq boosts purchase of U.S. jets, but still no decision on troops
Egypt: Militants attack gas pipeline to Israel
Chinese Vessel Spotted Again Near Senkaku Islands
Egypt: Militants attack gas pipeline to Israel
Chinese Vessel Spotted Again Near Senkaku Islands
Philippines seeks regional backing for sea dispute
"The Philippines said Friday it was seeking the backing of Southeast Asian governments for its proposal to demilitarize disputed areas in the South China Sea and separate them from non-disputed waters."
"The Philippines said Friday it was seeking the backing of Southeast Asian governments for its proposal to demilitarize disputed areas in the South China Sea and separate them from non-disputed waters."
NATO Seeks to Return Order Amid Kosovo Unrest
Flash Mob Store Robberies Now a Burgeoning YouTube Trend
Flash Mob Store Robberies Now a Burgeoning YouTube Trend
"The latest signs on Rothschild Boulevard may indicate the new target: the country's tycoons, who control most sectors of the economy, including real estate, communications, journalism, retail, manufacturing, construction, banking, pension savings and energy. The term 'economic concentration' is increasingly popping up at the protest."
"People have been chanting 'revolution.'"
"Tens of thousands marched outside Bahrain's capital Manama on Friday to protest against the results of a National Dialogue they said had failed to bring real democratic reform in the Gulf island kingdom."
Coal barons sowing the seeds of unrest (Australia)
## Energy/resources ##
China's nuclear power developers seek equity investors amid credit crunch
"BEIJING, July 30 (Xinhua) -- China's nuclear power developers are turning to equity investors for funding as interest rate hikes and Japan's nuclear crisis have resulted in fewer bank loans."
The bright future of solar powered factories
China's nuclear power developers seek equity investors amid credit crunch
"BEIJING, July 30 (Xinhua) -- China's nuclear power developers are turning to equity investors for funding as interest rate hikes and Japan's nuclear crisis have resulted in fewer bank loans."
The bright future of solar powered factories
The observation about the need for concentrated heat to power industrial processes is correct, but solar will never provide heat energy that is sustained and on the scale that fossil fuels now provide. Get ready for severe downsizing. -- RF
"On July 27 the Government imposed a ninety day ban on the export of scrap metal and copper in response to the widespread theft of copper and various metals."
## Got food? ##
China and Russia Are Snubbing American Chicken
"U.S. poultry producers are suffering as leg and thigh exports wither"
## Got food? ##
China and Russia Are Snubbing American Chicken
"U.S. poultry producers are suffering as leg and thigh exports wither"
## Environment/health ##
Superbugs may be here to stay
Superbugs may be here to stay
"AT&T Inc. (T), the largest U.S. phone company, will curb browsing speeds for its heaviest users on unlimited wireless data plans to cope with surging data traffic."
Company official beaten, website hacked
In videos and photos of the flooding, I see a lot of flooded farmland. Soon we should be seeing estimates of lost food production, which will be a second body blow after the huge loss of agricultural production due to the earthquake and tsunami. -- RF
"'Stopping even one thermal power plant will jeopardize the balance of power supply and demand,' a senior official of the Economy, Trade and Industry Ministry said."
"Hitachi Ltd. said Friday its group operating profit in the April-June first quarter of fiscal 2011 fell 40.8 percent from a year earlier to 52.40 billion yen due mainly to supply disruptions caused by the March 11 disaster."
Some China rail crash families reject compensation offer
Chinese apply pressure to quell train collision criticism
Chinese apply pressure to quell train collision criticism
The muni-bust beat goes on. Meredith Whitney is right. And she knows it. -- RF
Central Falls Has One More Weekend To Avoid Municipal Bankruptcy
Jefferson County Sets Date For Bankruptcy Decision
Central Falls Has One More Weekend To Avoid Municipal Bankruptcy
Jefferson County Sets Date For Bankruptcy Decision
"The U.S. Treasury Department met with bond dealers in New York to discuss next month's quarterly auctions of notes and bonds and the debt ceiling.
"The Treasury canceled its regularly scheduled individual meetings with bond dealers in favor of the group meeting, the department said in a statement today. All 20 primary dealers were invited."
Friday, July 29, 2011
News Links, July 30, 2011
## Global economic meltdown ##
US debt crisis: US inches towards catastrophic default
US debt crisis: US inches towards catastrophic default
"China's growth faces downward risk in the coming months amid global economic uncertainties and fast-rising domestic inflation, the Asian Development Bank (ADB) said on Thursday."
Cambodia edges away from U.S. dollar
"Cambodia, one of Asia's fastest-developing frontier economies, is gradually letting go of the U.S. dollar's hand in favor of its own currency, the riel — and some investors welcome the shift."
"Cambodia, one of Asia's fastest-developing frontier economies, is gradually letting go of the U.S. dollar's hand in favor of its own currency, the riel — and some investors welcome the shift."
Yet another article on why corporate earnings are far better than expected despite the rapidly deteriorating economy. How are you faring? -- RF
## Fault lines/flashpoints/military ##
Analysis: Pirates eye share of Gulf of Guinea riches
"Pirate attacks on ships in the Gulf of Guinea are threatening one of the world's emerging trade hubs and are likely to intensify unless the region's weak naval and coastguard defences are beefed up soon."
Turkey's military chiefs quit ahead of key meeting
"Turkey said on Friday its top four military chiefs were all seeking retirement, in moves that appeared to reflect a deep rift between the secularist military and a government with roots in political Islam."
S Korea lodges protest with Japan in islands dispute
"Pirate attacks on ships in the Gulf of Guinea are threatening one of the world's emerging trade hubs and are likely to intensify unless the region's weak naval and coastguard defences are beefed up soon."
Turkey's military chiefs quit ahead of key meeting
"Turkey said on Friday its top four military chiefs were all seeking retirement, in moves that appeared to reflect a deep rift between the secularist military and a government with roots in political Islam."
S Korea lodges protest with Japan in islands dispute
Tens of thousands protest in Yemen amid stalemate
"Tens of thousands of protesters turned out in cities across Yemen Friday to call for the ouster of President Ali Abdullah Saleh in a remarkable show of determination after six months of demonstrations and armed clashes that have failed to topple the embattled leader."
"Tens of thousands of protesters turned out in cities across Yemen Friday to call for the ouster of President Ali Abdullah Saleh in a remarkable show of determination after six months of demonstrations and armed clashes that have failed to topple the embattled leader."
## Energy/resources ##
Study: Iraq not prepared to meet global oil demand (Houston Business Journal)
"A new study by Rice University's Baker Institute for Public Policy has concluded that Iraq might have trouble meeting the world's rising oil demand.
"The report, 'Iraqi Oil Potential and Implications for Global Oil Markets and OPEC Politics,' said that the Iraqi government might have set unreasonable production goals considering the country's infrastructure problems, social tensions and electricity shortages."
Anglo Warns of Tight Commodities Supply
Anglo Warns of Tight Commodities Supply
"China, the world's biggest energy user, asked power plants to increase coal imports to ensure maximum generation to meet summer demand.
"Major power stations in China held a total 65 million metric tons of thermal coal inventories as of July 27, equivalent to 16 days of consumption, the National Development and Reform Commission said on its website today."
Preparing for post-peak (South Africa)
Pemex now 4th place as global oil producer
Saudi Arabia's Exports of Natural Gas Liquids Drop 35% in May
Saudi Arabia's Exports of Natural Gas Liquids Drop 35% in May
## Infrastructure scavenging ##
40 reels of copper stolen from Wake Co. Justice Center site
Thieves stripping wire from Old Town's vintage street lights
"Thieves have been targeting the old-style street lights in Tacoma's Old Town and other neighborhoods, stealing copper wire and darkening the streets. Since April, police have received more than 20 reports of the wire theft. Thieves have ripped off an estimated $70,000 worth of copper wire."
40 reels of copper stolen from Wake Co. Justice Center site
Thieves stripping wire from Old Town's vintage street lights
"Thieves have been targeting the old-style street lights in Tacoma's Old Town and other neighborhoods, stealing copper wire and darkening the streets. Since April, police have received more than 20 reports of the wire theft. Thieves have ripped off an estimated $70,000 worth of copper wire."
## Got food? ##
Now Kenya stands on brink of its own famine
Now Kenya stands on brink of its own famine
## Intelligence/security/internet/systemic breakdown ##
Anonymous claims to have hacked defense contractor ManTech
"Researchers at U.C. Berkeley have discovered that some of the net's most popular sites are using a tracking service that can't be evaded — even when users block cookies, turn off storage in Flash, or use browsers' 'incognito' functions.
"The service, called KISSmetrics, is used by sites to track the number of visitors, what the visitors do on the site, and where they come to the site from — and the company says it does a more comprehensive job than its competitors such as Google Analytics."
TSA readying new behavior detection plan for airport checkpoints
It Just Doesn't Work: Why New Tech Products Are Increasingly Unsatisfying
It Just Doesn't Work: Why New Tech Products Are Increasingly Unsatisfying
## Japan ##
Japan's core consumer prices up 0.4% in June on higher utility bills
Nintendo posts deep loss, shares plunge
"Nintendo posted its latest quarter's dire results, causing traders to dump the stock. The sell-off sent the stock down more than 20 percent."
Nintendo posts deep loss, shares plunge
"Nintendo posted its latest quarter's dire results, causing traders to dump the stock. The sell-off sent the stock down more than 20 percent."
Over 680,000 hotel bookings canceled
"Over 680,000 guests canceled reservations at inns and hotels in Fukushima Prefecture through the end of June due to the ongoing crisis at the Fukushima No. 1 nuclear power plant."
"Over 680,000 guests canceled reservations at inns and hotels in Fukushima Prefecture through the end of June due to the ongoing crisis at the Fukushima No. 1 nuclear power plant."
Police, media allow China crash victims' families to vent anger
A Cold Winter Ahead For China's E-Commerce Industry Amid Overspending On Advertising
Hang Lung Profit Drops 75% as Hong Kong Tames Housing
## UK ##
A Cold Winter Ahead For China's E-Commerce Industry Amid Overspending On Advertising
Hang Lung Profit Drops 75% as Hong Kong Tames Housing
## UK ##
"UK cities should brace themselves for a summer of gang and knife violence as the impact of cuts to youth services takes hold, experts are warning."
"The amount of money placed in investment funds by savers has fallen by up to 90 per cent in recent months, figures show, as investor confidence hits lows not seen since the depths of the recession three years ago.
"Instead, savers are rushing to put their money in perceived 'safe havens', with sales of gold funds rising by nearly 60 per cent last week."
"According to the Energy Networks Association (ENA) there has been more than 7,000 incidents in the past year leading to four fatalities and up to 31 injuries."
## US ##
Moody's: Boehner and Reid bills won't cut it
"Neither of the debt ceiling bills before Congress would meaningfully alter the country's debt trajectory and thus won't bolster the United States' chance of preserving its AAA rating, a key rating agency said Friday."
"Neither of the debt ceiling bills before Congress would meaningfully alter the country's debt trajectory and thus won't bolster the United States' chance of preserving its AAA rating, a key rating agency said Friday."
Apple now has more cash than the U.S. government
Shortage of drivers looms for U.S. trucking industry
Shortage of drivers looms for U.S. trucking industry
"The U.S. Department of Transportation says the current shortage will grow to 200,000 drivers by next year, and two million truck driving positions will need to be filled by 2018."
Housing sector suffering skills shortage
"THE housing industry is still suffering a shortage of skilled labour, an industry group says, even though data for the June quarter suggests a slight oversupply of workers."
"THE housing industry is still suffering a shortage of skilled labour, an industry group says, even though data for the June quarter suggests a slight oversupply of workers."
Bloggers' outlook for economy? Glum.
"A survey of economic bloggers reveals pessimism about the economy. The number of respondents predicting job growth fell by 20 percent in a quarter."
"A survey of economic bloggers reveals pessimism about the economy. The number of respondents predicting job growth fell by 20 percent in a quarter."
Poverty draft: A Weak Economy Is Good For Military Recruiting
Layoffs May Worsen if Economic Growth Doesn't Pick Up'Aftershock' Book Predicts Economic Disaster Amid Controversy
Insiders Selling at Unusually Fast Pace
Insiders Selling at Unusually Fast Pace
I repeat: This is not a double-dip, just a continuation of the crash. -- RF
Thursday, July 28, 2011
News Links, July 29, 2011
## Global economic meltdown ##
China to Press Ahead With FX Reserves Diversification
China to Press Ahead With FX Reserves Diversification
"Someone dropped a bomb on the bond market Thursday – a $1 billion Armageddon trade betting the United States will lose its AAA credit rating."
'The Global Recovery Is Over': Siemens CEO
"Siemens, the German engineering and power giant, on Thursday posted third-quarter earnings that missed analyst forecasts blaming a slowdown in the global economy for the drop in profits."
"Siemens, the German engineering and power giant, on Thursday posted third-quarter earnings that missed analyst forecasts blaming a slowdown in the global economy for the drop in profits."
Latin America learns the price of growth
"Latin America is starting to learn the ironic lesson of its stunning economic growth: with it comes rising currencies and inflation which threaten to reverse many of the gains made."
"Latin America is starting to learn the ironic lesson of its stunning economic growth: with it comes rising currencies and inflation which threaten to reverse many of the gains made."
"The price of goods leaving South African factories and mines rose at a faster pace in June than the previous month, reflecting the increased cost of food, fuel and electricity."
One in five Aussies have no spare money, finds Nielsen poll
"THE steel grip on consumer spending has tightened to the point that the number of Australians saying they have no cash is worse than during the global financial crisis."
"THE steel grip on consumer spending has tightened to the point that the number of Australians saying they have no cash is worse than during the global financial crisis."
"Senior Chinese officials are "appalled" by the impasse among U.S. politicians on raising the nation's debt ceiling to avoid a default, said Stephen Roach, non-executive chairman of Morgan Stanley Asia Ltd."
Singapore Airlines 2Q profit plunges 82 percent
"Singapore Airlines Ltd. says quarterly profit plunged 82 percent as soaring fuel prices pushed up costs."
"Singapore Airlines Ltd. says quarterly profit plunged 82 percent as soaring fuel prices pushed up costs."
Russian air travel troubled by laser torches
"Increasing number of incidents part of dangerous craze in country plagued by ageing aircraft and poor maintenance."
"Increasing number of incidents part of dangerous craze in country plagued by ageing aircraft and poor maintenance."
'Grandpa Wen' left helpless as internet drives wave of unrest through China
Religious Leaders Arrested At Capitol For Budget Protest
Religious Leaders Arrested At Capitol For Budget Protest
Swazi unions take to streets in protest strike
"Hundreds of union members took to the streets Thursday in cities and towns around Swaziland to protest government moves to cut civil servants' salaries amid a deepening financial crisis."
"Hundreds of union members took to the streets Thursday in cities and towns around Swaziland to protest government moves to cut civil servants' salaries amid a deepening financial crisis."
"EL DORADO, Ark. -- The Arkansas Oil and Gas Commission on Wednesday voted to ban wells for the disposal of natural gas drilling fluids from a region where hundreds of earthquakes have struck, a move officials said was necessary to prevent a potential catastrophe."
Chinese demand keeps coal at near record prices
Special report: Goldman's new money machine: warehouses
"A string of warehouses in Detroit, most of them operated by Goldman, has stockpiled more than a million tonnes of the industrial metal aluminum, about a quarter of global reported inventories."
Special report: Goldman's new money machine: warehouses
"A string of warehouses in Detroit, most of them operated by Goldman, has stockpiled more than a million tonnes of the industrial metal aluminum, about a quarter of global reported inventories."
## Infrastructure scavenging ##
Railway enthusiasts hit by £60,000 metal theft at Toddington Headquarters (UK)
"At least 53 people are dead or missing after the heaviest rains in a century lashed the South Korean capital Seoul and surrounding areas, officials said on Thursday, with damage expected to run into hundreds of millions of dollars."
World Population Hits 7 Billion After Boom in Developing World
## Intelligence/security/internet/systemic breakdown ##
In Secret, Senate Panel May Re-Up Vast Surveillance Dragnet
## Intelligence/security/internet/systemic breakdown ##
In Secret, Senate Panel May Re-Up Vast Surveillance Dragnet
Millions hit in South Korean hack
"South Korea has blamed Chinese hackers for stealing data from 35 million accounts on a popular social network."
"South Korea has blamed Chinese hackers for stealing data from 35 million accounts on a popular social network."
## Japan ##
Sony Posts 59% Drop in Quarterly Profit
"Sony reported a 59 percent drop in quarterly operating profit, as it struggled with production woes following the devastating March earthquake in Japan."
Kansai Electric Withdraws Forecasts After Fukushima Meltdown
"Kansai Electric Power Co. withdrew its full-year sales and profit forecasts because it can't assess the impact on its earnings from power-savings measures and reactor halts after the Fukushima nuclear disaster."
"Kansai Electric Power Co. withdrew its full-year sales and profit forecasts because it can't assess the impact on its earnings from power-savings measures and reactor halts after the Fukushima nuclear disaster."
Backup power system will keep firms in Tokyo office tower working even during blackouts
Japan oil sales seen up 2.2 pct if reactors shut
Japan oil sales seen up 2.2 pct if reactors shut
Teachers' anger at increase in pension cost
"Teachers' unions have raised the prospect of further industrial action amid angry responses to proposals for higher pension contributions."
More strikes 'inevitable' over extra pension payments
"Teachers' unions have raised the prospect of further industrial action amid angry responses to proposals for higher pension contributions."
More strikes 'inevitable' over extra pension payments
## US ##
Debt Drama Has Muni Issuers on Moody's Review
"Moody's Investors Service placed 177 top-rated municipal-bond issuers with a combined $69 billion of debt outstanding on review for possible downgrades as it evaluates its Aaa rating of the U.S. government."
"Moody's Investors Service placed 177 top-rated municipal-bond issuers with a combined $69 billion of debt outstanding on review for possible downgrades as it evaluates its Aaa rating of the U.S. government."
Why the Debt Crisis Is Even Worse Than You Think (Businessweek)
Debt impasse or not, Social Security reform is coming
Detroit survival plan would cut services to some residents, but not all
"It's part of an effort to recast Detroit, which lost a quarter of its population last decade. Some experts say entire swaths of the city should be shut down, but the plan does not go that far."
Detroit survival plan would cut services to some residents, but not all
"It's part of an effort to recast Detroit, which lost a quarter of its population last decade. Some experts say entire swaths of the city should be shut down, but the plan does not go that far."
Study: U.S. debt 5th largest among major economies
In Steinbeck's footsteps: America's middle-class underclass
Boston Scientific to cut 1,400 jobs
Nuclear Waste Piles Up As Repository Plan Falters
In Steinbeck's footsteps: America's middle-class underclass
Boston Scientific to cut 1,400 jobs
Nuclear Waste Piles Up As Repository Plan Falters
Wednesday, July 27, 2011
News Links, July 28, 2011
## Global economic meltdown ##
Vote of No Confidence: Deutsche Bank Dumps 70% of Spain, Portugal, Ireland, Greece, Italy Debt
Italian Banks Slump After Bond Purchase Report
Italian Banks Slump After Bond Purchase Report
Eurozone debt crisis resurfaces as markets punish Italy and Spain for Merkel delay on bailout package
"Spain and Italy's borrowing costs marched back towards euro-era highs on Wednesday, as markets renewed their eurozone fears less than seven days after ministers agreed a €159bn (£140bn) second bail-out for Greece."
"Spain and Italy's borrowing costs marched back towards euro-era highs on Wednesday, as markets renewed their eurozone fears less than seven days after ministers agreed a €159bn (£140bn) second bail-out for Greece."
M&A Binge: China Gobbles Up More Foreign Companies
"China is mounting a foreign takeover offensive, fueled by a stronger currency and worries about one of its prime holdings, US Treasurys, as the debt debate drags on in Washington."
"China is mounting a foreign takeover offensive, fueled by a stronger currency and worries about one of its prime holdings, US Treasurys, as the debt debate drags on in Washington."
Flee to Mars if America commits worst error since 1931 (Ambrose Evans-Pritchard)
"Since tax revenues cover just 60pc of the federal budget, the squeeze would have to be on a scale large enough within a few months to tip the US economy into a downward spiral and take the world with it."
Kiss the AAA rating of the U.S. goodbye (MarketWatch)
And of course US officials would know. -- RF
Lee says Japan lawmakers in danger if they visit disputed island
"South Korean President Lee Myung-Bak has warned Japanese lawmakers against visiting a site near islands claimed by both nations, saying their safety cannot be guaranteed, an official said Wednesday."
## Global unrest/mob rule/angry people ##
"South Korean President Lee Myung-Bak has warned Japanese lawmakers against visiting a site near islands claimed by both nations, saying their safety cannot be guaranteed, an official said Wednesday."
## Global unrest/mob rule/angry people ##
Train crash protests in China
"Chinese protesters clashed with police and government officials in Zhejiang province Monday over the handling of a deadly train crash over the weekend."
"Chinese protesters clashed with police and government officials in Zhejiang province Monday over the handling of a deadly train crash over the weekend."
"State media reported that hundreds of people threw stones and clashed with police on the streets of Anshun, in the southern Guizhou province."
Bangladesh mob kills six suspected thieves
"Six alleged robbers in southern Bangladesh have been beaten to death by a mob after the gang they were part of shot a villager dead, police say."
"Six alleged robbers in southern Bangladesh have been beaten to death by a mob after the gang they were part of shot a villager dead, police say."
"Saudi Arabia has agreed to sell 3 million barrels of additional crude oil to India next month to make up for supply cut by Iran over unpaid bills, touching $7 billion."
Countrywide protracted power outage persists (Pakistan)
## Infrastructure scavenging ##
"Thieves stole dozens of air straps from a freight train in York, costing thousands of pounds of damage."
## Got food? ##
Australia's inflation accelerates on rising food prices
African land grab threatens food security: study
"Rich countries grabbing farmland in Africa to feed their growing populations can leave rural populations there without land or jobs and make the continent's hunger problem more severe, an environmental think tank said on Tuesday."
"Rich countries grabbing farmland in Africa to feed their growing populations can leave rural populations there without land or jobs and make the continent's hunger problem more severe, an environmental think tank said on Tuesday."
China's Three Gorges project: A huge dam with big troubles
"After years of denials, China admits its Three Gorges project is destabilizing land around the 400-mile-long reservoir, prompting calls for more costly resettlements."
Arctic vulnerable to worst-case oil spills
"After years of denials, China admits its Three Gorges project is destabilizing land around the 400-mile-long reservoir, prompting calls for more costly resettlements."
Arctic vulnerable to worst-case oil spills
## Intelligence/security/internet/systemic breakdown ##
Post Office card accounts hit by computer problem (UK)
US Government, Military Face Severe Shortage Of Cybersecurity Experts
The cyber Mafia has already hacked you
The cyber Mafia has already hacked you
"Large, organized crime syndicates have been launching sophisticated attacks against individuals and major corporations for decades. The result of their efforts is the theft of billions of dollars every year, and a large, ongoing presence in many of our most sensitive computer systems."
If utilities have plenty of spare capacity, such breakdowns are no problem. But now we are cutting it close, so a few days of "broiler" weather could make the situation dicey. Further, Tepco is financially a shambles, and lacks the wherewithal to finance new plant construction to replace all its lost capacity. -- RF
Power shortages expected even 5 years ahead
"If all nuclear power plants remain suspended, regions served by three utilities will experience summer electricity shortages even five years ahead, according to estimates by The Asahi Shimbun.
"That's because Kansai Electric Power Co., Kyushu Electric Power Co. and Shikoku Electric Power Co. all depend heavily on nuclear power but do not have many old thermal power stations that can be restarted."
"If all nuclear power plants remain suspended, regions served by three utilities will experience summer electricity shortages even five years ahead, according to estimates by The Asahi Shimbun.
"That's because Kansai Electric Power Co., Kyushu Electric Power Co. and Shikoku Electric Power Co. all depend heavily on nuclear power but do not have many old thermal power stations that can be restarted."
"In the days following the March 11 Great East Japan Earthquake, the absence of looters in the disaster-ravaged areas was viewed with amazement by the rest of the world.
"However, more than four months after the quake and tsunami ravaged northeast Japan, investigations have begun into allegations that unscrupulous individuals have been exporting affected vehicles--some stolen even from the municipal parking lots where they were temporarily stored."
Minimum wage increases to shrink / National average rise estimated at 6 yen down from 15 yen in fiscal 2010
"The number of so-called working poor--laborers who earn less than 2 million yen a year--has exceeded 10 million."
"The number of so-called working poor--laborers who earn less than 2 million yen a year--has exceeded 10 million."
## China ##
Chinese companies pop up in Hollywood
"China's biggest companies have begun an ambitious campaign to advertise themselves abroad, popping up in Hollywood movies and on Premier League shirts."
Chinese companies pop up in Hollywood
"China's biggest companies have begun an ambitious campaign to advertise themselves abroad, popping up in Hollywood movies and on Premier League shirts."
Chinese news agency to take over prime Times Square advertising spot
"China's state-run news agency will take over one of the highest-profile advertising locations in New York's Times Square from next week, in perhaps the most visible step in its recent American expansion."
"China's state-run news agency will take over one of the highest-profile advertising locations in New York's Times Square from next week, in perhaps the most visible step in its recent American expansion."
China train crash inquiry ordered as public outrage continues
"Propaganda authorities in China have failed to stem the torrent of public outrage over last Saturday's high-speed rail crash amid continuing aggressive media reporting and angry online posts."
"Propaganda authorities in China have failed to stem the torrent of public outrage over last Saturday's high-speed rail crash amid continuing aggressive media reporting and angry online posts."
## UK ##
## US ##
Post office closures: What happens if a town has no post office?
Goldman's Jan Hatzius Explains How Austerity Is Already Destroying Growth This Year
Ford profit dips for quarter, and Chrysler records a loss
Stocks plunge on debt impasse and economic fears
Goldman's Jan Hatzius Explains How Austerity Is Already Destroying Growth This Year
Ford profit dips for quarter, and Chrysler records a loss
Stocks plunge on debt impasse and economic fears
Worsening Roads Will Cost US Billions
"Failing infrastructure will cost the United States billions of dollars in lost productivity, income and trade in coming decades, according to a civil engineering report released on Wednesday that said the impact on gross domestic product could reach $2.7 trillion.
"The American Society of Civil Engineers regularly tallies the amount needed to upkeep declining U.S. roads, bridges and waterways. It said the country will need to invest roughly $220 billion annually to maintain the country's infrastructure in 'minimum tolerable conditions.'"
"Failing infrastructure will cost the United States billions of dollars in lost productivity, income and trade in coming decades, according to a civil engineering report released on Wednesday that said the impact on gross domestic product could reach $2.7 trillion.
"The American Society of Civil Engineers regularly tallies the amount needed to upkeep declining U.S. roads, bridges and waterways. It said the country will need to invest roughly $220 billion annually to maintain the country's infrastructure in 'minimum tolerable conditions.'"
It's looking worse for states, and of course all down the line. Keep watching for the inevitable muni bond meltdown. -- RF
Is this a joke? The whole "growth economy" itself is a huge Ponzi scheme. -- RF
Tuesday, July 26, 2011
News Links, July 27, 2011
## Global economic meltdown ##
Greek Debt Swap Process to Start in August: Deputy FinMin
Greek Debt Swap Process to Start in August: Deputy FinMin
"Political wrangling over a plan to reduce the deficit may cost the U.S. its AAA rating, adding $100 billion a year to government costs while dragging down economic growth, according to Wall Street bond dealers."
US Default Could Spark CDS Confusion
"A U.S. debt default could send the derivatives market designed to protect bond investors into confusion because a missed Treasury payment may have been deemed too unlikely to be fully planned for in the contracts."
"A U.S. debt default could send the derivatives market designed to protect bond investors into confusion because a missed Treasury payment may have been deemed too unlikely to be fully planned for in the contracts."
Facing Economic Turmoil at Home, Young Spaniards Flee for Germany
Gold and Silver Will Keep Going Up as Currencies Are Debased
Spanish Government Bonds Hit 6% Again; Yields Climb in Italy
Gold and Silver Will Keep Going Up as Currencies Are Debased
Spanish Government Bonds Hit 6% Again; Yields Climb in Italy
Skilled worker hunt is hard labour (Australia)
## Fault lines/flashpoints/military ##
N. Korea readying for west coast exercise
Anders Breivik's Roots in Right-Wing Populism
Thieves targeting trucks
## Global unrest/mob rule ##
"Organized truck thieves have infiltrated New Brunswick in a big way this month, hauling off with several tractor-trailers and scoring piles of valuable cargo in the process.
"Seven trailers and five trucks have been stolen in the past two weeks from the Woodstock area, thefts the RCMP has estimated to be worth in the millions of dollars."
## Global unrest/mob rule ##
Flash Mob Robbery Occurs at Victoria's Secret Store in Georgetown
"Similar incidents have occurred throughout Georgetown and other parts of the city and D.C. Police has officers patrolling retail districts on foot and on segways to be able to respond faster."
"Similar incidents have occurred throughout Georgetown and other parts of the city and D.C. Police has officers patrolling retail districts on foot and on segways to be able to respond faster."
Saudi Arabia Blocks Amnesty International Website
"Saudi Arabia appears to have blocked the website of human rights organization Amnesty International after it published an analysis that said a proposed anti-terrorist law in the kingdom could be directed against peaceful protests."
"Saudi Arabia appears to have blocked the website of human rights organization Amnesty International after it published an analysis that said a proposed anti-terrorist law in the kingdom could be directed against peaceful protests."
Israeli housing protests evolve into major crisis
"Thousands of young protesters have set up sprawling tent camps in Israeli cities, forcing Prime Minister Benjamin Netanyahu on Tuesday to introduce economic reforms to address a swell of discontent over high housing costs and stave off the worst domestic crisis of his two years in power."
## Energy/resources ##
Kenya: Blackouts, rising bills as drought bites
"Thousands of young protesters have set up sprawling tent camps in Israeli cities, forcing Prime Minister Benjamin Netanyahu on Tuesday to introduce economic reforms to address a swell of discontent over high housing costs and stave off the worst domestic crisis of his two years in power."
## Energy/resources ##
Kenya: Blackouts, rising bills as drought bites
Pemex counts 100 workers linked to Mexico fuel thefts
"MEXICO CITY, July 25, 2011 (Reuters) — More than 100 oil workers and contractors hired by Mexico's state oil monopoly Pemex have aided criminal gangs stealing millions of barrels of fuel over the past decade, a document obtained by Reuters shows."
"MEXICO CITY, July 25, 2011 (Reuters) — More than 100 oil workers and contractors hired by Mexico's state oil monopoly Pemex have aided criminal gangs stealing millions of barrels of fuel over the past decade, a document obtained by Reuters shows."
South Korea To Hike Electricity Prices By 4.9 Per Cent Next Month
"South Korea will raise electricity prices by 4.9 percent starting next month as part of its efforts to reflect rising power production costs, the commerce ministry said Tuesday."
Wind projects' costs irk utilities in 9-state pool
The Triple Digits Welcome Back Crude: WTI Back Over $100 Once Again
"South Korea will raise electricity prices by 4.9 percent starting next month as part of its efforts to reflect rising power production costs, the commerce ministry said Tuesday."
Wind projects' costs irk utilities in 9-state pool
The Triple Digits Welcome Back Crude: WTI Back Over $100 Once Again
## Infrastructure scavenging ##
Fire Hydrant Theft Ring Busted
## Got food? ##
North Korea food shortage worst in years, despite farms
"(Reuters) - Grain prices will likely remain elevated at the end of this year, a Reuters poll showed, providing little relief to food prices while continuing to challenge policymakers battling to tamp down inflation."
"The smallest U.S. hay crop in more than a century is withering under a record Texas drought, boosting the cost of livestock feed for dairy farmers and beef producers from California to Maryland."
## Intelligence/security/internet/systemic breakdown ##
Low-tech Internet scams harvest billions of dollars
Congress Websites Down: House, Senate Sites Not Working
Congress Websites Down: House, Senate Sites Not Working
Number of Chinese websites plummets due to internet controls
"China had 1.91 million websites at the end of 2010, a 41 percent drop from the previous year, according to a report by a government think tank."
DHS Fears a Modified Stuxnet Could Attack U.S. Infrastructure
"China had 1.91 million websites at the end of 2010, a 41 percent drop from the previous year, according to a report by a government think tank."
DHS Fears a Modified Stuxnet Could Attack U.S. Infrastructure
## Japan ##
More Japan utilities may face power shortage next summer-media
"TOKYO, July 26 (Reuters) - Five out of nine Japanese utilities that rely on nuclear power may not meet peak demand next summer if the nation's 54 nuclear reactors stop operating by April or May, up from three utilities seen so far this August, a newspaper reported."
Japan Warns of Yen Pain as Calls for Action Grow
"TOKYO, July 26 (Reuters) - Five out of nine Japanese utilities that rely on nuclear power may not meet peak demand next summer if the nation's 54 nuclear reactors stop operating by April or May, up from three utilities seen so far this August, a newspaper reported."
Japan Warns of Yen Pain as Calls for Action Grow
Special report: Fukushima long ranked most hazardous plant
"(Reuters) - Japan's Fukushima Daiichi nuclear plant ranked as one of the most dangerous in the world for radiation exposure years before it was destroyed by the meltdowns and explosions that followed the March 11 earthquake."
Japan: angry Fukushima citizens confront government (video)
"(Reuters) - Japan's Fukushima Daiichi nuclear plant ranked as one of the most dangerous in the world for radiation exposure years before it was destroyed by the meltdowns and explosions that followed the March 11 earthquake."
Japan: angry Fukushima citizens confront government (video)
I've watched the video, and the tone of the citizens is much angrier than the translation. Absolutely disgusting behavior by government officials. -- RF
## UK ##
Pensioners forced to release equity from their home to pay off debts
"Increasing numbers of older home owners are releasing equity from their property to deal with problem debts, according to Consumer Credit Counselling Service (CCCS)."
Innocent people's DNA profiles won't be deleted after all, minister admits
## US ##
The American Dream slips even further out of reach
Federal court: If you're arrested, officials can take a DNA sample
Federal court: If you're arrested, officials can take a DNA sample
"The Federal Aviation Administration has stopped work on air travel infrastructure projects across the United States after Congress failed to pass legislation re-authorizing federal ticket taxes. The taxes fund the building airport facilities such as control towers and runways."
Pelosi calls for era of austerity"In the last decade, as a wave of baby boomers began retiring, America's biggest state pension systems earned less than half what they needed to keep up with promises made to millions of graying civil servants."
"Commercial development has served as one of the driving forces of the Las Vegas economy during the boom, but is at a near standstill with millions of square feet of oversupply and a complete lack of demand with businesses closing and cutting back on their space needs."
