Sunday, April 22, 2012

 

News Links, April 23, 2012

## Global Ponzi meltdown/House of Cards ##
Korean steel industry in deep trouble - POSCO
"POSCO said that Korea's steel industry is in deeper trouble than was previously realized.
"The country's largest steelmaker vowed to make amends in 2012 by pursuing austerity measures and slashing investments."
JFE posts massive loss for 2011-12 (Japan)
"World's No 5 steelmaker JFE Holdings Inc has posted net loss of JPY 36.63 billion in fiscal 2011, a reversal from a profit of JPY 58.61 billion a year ago, on valuation losses from overseas stock investments it was promoting as part of its growth strategy."
Another piece of the puzzle concerning India's economic slowdown
"In the last year, the nation's power problem has grown acute, with the gap between demand and supply jumping to 10.2 percent last month, from 7.7 percent a year earlier. In some states like Andhra Pradesh, where Nellore is, and in neighboring Tamil Nadu, blackouts have become so common that many factories report getting more electricity from diesel generators than they do from the power grid, at a cost that is roughly three times higher."
European Splintering Escalates: Dutch Government Falls; Slovakia Government Collapsed in March; Czech Government Collapse Coming Right Up (Mish)
Spain is About to Enter a Full-Scale Collapse
$14 Trillion: Cost of Rescuing World Economy
Point of No Return: "Australia is Screwed"

## Airline Death Spiral ##
Cathay Pacific: May park planes, cut flights
"Cathay Pacific Airways warned that the airline may have to park aircraft and reduce flights if weakening demand and high fuel costs persist.
"The Hong Kong-based airline says that revenue growth in recent weeks has been falling 'well short of target' and failing to keep pace with capacity growth."
Lufthansa to tighten its belt with drastic cuts
"Germany's biggest airline Lufthansa is planning drastic cuts in a bid to increase its annual yield from passenger flights by 900 million Euros, confirmed a spokesman on Saturday.
"Lufthansa will not buy any more planes for the next three years, will cancel some routes and do away with first class tickets on many long-haul flights according to a newspaper report."
Kingfisher Airlines Runs Into Payroll Snag (India)
Private airlines too weak to fly (Bangladesh)
Airline merger could mean even higher airline fees (US)

## Fault lines/flashpoints/powder kegs/military/war drums ##
Iraq's prime minister travels to Iran for talks
"Iraq's prime minister traveled to Tehran Sunday for top level talks, underlining the close ties between governments of the two countries."
Despite sanctions, ties between Iran and Germany remain strong
"Alternative ways are being found for settling trade debts, including suitcases filled with cash, barter deals, and especially money transfers via banks in third-party countries such as Turkey, Armenia, Belarus and Azerbaijan."
Pak-Iran barter is a no-brainer
Egypt scraps Israel gas supply deal
Italy police seize $5 billion of U.S. securities
"Italy financial police have seized U.S. securities with face values of about $1.5 billion and gold certificates worth above 3 billion euros ($3.96 billion) as part of an investigation into a possible international financial scam."
U.S., Afghanistan strike new security deal

## Global unrest/mob rule/angry people/torches and pitchforks ##
F1 teams to race while rage boils on Bahrain streets
Another Greek Man Commits Suicide Due to Austerity Measures
Thousands descend on Queen's Park to protest McGuinty budget (Canada)

## Energy/resources ##
70% of Chinese investments in North Korea in mining
Investors are the casualties in a booming oil patch (Canada)
Zimbabwe: Steady Water Supply for Zimbabwean City Still a Pipe Dream
Sudan oil infrastructure hit in border fight: monitor
"Satellite images show a key part of the oil infrastructure in Sudan's contested Heglig region was  destroyed during recent border fighting with South Sudan, a monitoring group said on Sunday."
The Sudans put China in a policy bind
"When one of your big oil suppliers splits into rival states, that's a problem for any country. When you're China, with its huge appetite for energy and a tradition of never wanting to take sides, it becomes a foreign policy migraine."
Power crisis looming large over Malwa (India)

## Infrastructure scavenging ##
Thieves Targeting Amplifiers and Connectors Inside Charter Communication Cable Boxes in Cerritos
TM loses RM623k to cable thieves
Copper wire theft a problem for power company

## Got food? ##
Has the 2011 corn crop been rationed? (US)

## Environment/health ##
Measles Makes a Comeback in U.S. as 222 Cases Found in 2011
Diesel Exhaust More Deadly Than Car Accidents

## Japan ##
Noda, Obama To Call For New Order In Asia-Pacific Region: Officials
Oh, brother — Not another "new order"! -- RF
Japan to retain austerity for global financial stability: Finmin

## UK ##
NHS rationing leaving thousands of children suffering tonsillitis: surgeons

## US ##
Price Hikes the Reason for Growing Corporate Profits? (Fox Business video)
Getting Paid 93 Cents a Day in America? Corporations Bring Back the 19th Century
"Nearly a million prisoners are working in call centers, working in slaughterhouses, or manufacturing textiles while getting paid somewhere between 93 cents and $4.73."
Half of new graduates are jobless or underemployed
Feral Drones…and Other Invasive Species
Surplus War Gear Could Go to Volatile U.S.-Mexico Border
"As millions of pieces of military equipment flow back to the U.S. from Iraq and Afghanistan, a growing group of lawmakers on Capitol Hill wants to send some of it straight to the U.S.-Mexico border."
USAF comptroller: $1 billion IT system a bust
Cargo Thieves Increasingly Sophisticated, Expert Warns

And Finally… 6 absurd purchases by the superrich




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