Monday, May 07, 2012

 

News Links, May 8, 2012

## Global Ponzi meltdown/House of Cards ##
Greek Stocks Slide Most Since October 2008 After Election
Greece 'worst case' outcome sparks new turmoil
POSCO looks to trim its subsidiaries for liquidity
"It is reported that Korea's steel giant POSCO is planning to sell off unhelpful subsidiaries it acquired over the last two years in order to secure more liquidity as its first quarter profits halved on year."
$27 billion slashed as share market plummets
"THE Australian share market has taken a beating, after renewed concerns over the euro zone and disappointing jobs data in the United States sent spooked investors running for the exits."
Irish recession: Inside an 'empty' town
Power cuts slow Tanzanian economic growth
EU nations get cold feet over climate change fund
European 'Austerity' Flames Out with Elections

## Airline Death Spiral ##
Sky-high airfares this summer — 'people are going to be shocked'

## Fault lines/flashpoints/powder kegs/military/war drums ##
Clinton hopes India will do "even more" to cut Iran oil imports
South Africa Ignores US Sanctions and Increases Imports of Iranian Crude
Japan eyes guarantees for ships carrying Iran oil - Nikkei
"Japan is considering a new law to provide sovereign guarantees for its ships to allow them to continue importing Iranian crude oil after EU sanctions come into effect in July, the Nikkei business daily said."
Hillary won't be happy with South Africa and Japan. -- RF
Iran accepts renminbi for crude oil
U.S., Middle East Forces Wage Huge War Game
"Some 10,000 troops from the U.S., Jordan and 15 other countries in the region are preparing to launch the first-ever live-fire drill involving air, land, marine and special forces operating as a joint task force."

## Global unrest/mob rule/angry people/torches and pitchforks ##
U.N. says housing, job woes fuelling Arab unrest
"Poor urban infrastructure and high youth unemployment helped fuel the Arab Spring and governments across the region must tackle both if they are to prevent further unrest, the United Nations said in a report on Monday."

## Energy/resources ##
Israel Electric seeks mobile turbines for power plants via tender
"The Israel Electric Corp has issued a tender for the supply of mobile turbines for the production of electricity, the company said late Sunday. The tender is part of the state-owned utility's emergency plan to deal with an expected shortage of power in the peak summer months."
The turbines run on diesel fuel. -- RF
Methane Hydrate Production could Replace Fracking as Next Major Concern
"Two years ago, in mid-April, rig workers on the Deepwater Horizon in the Gulf of Mexico started introducing heat into a drilling column in order to set a cement seal at the well head. This heat may have sparked the reaction that the Energy Department described in its summary of methane hydrates."
Egyptian-Israeli Natural Gas Agreement Now Officially Over
Taiwan electricity supplier's top executive quits
"The head of Taiwan's state electricity supplier has resigned after a steep hike in utility rates prompted outrage, officials said.
"Taiwan Power Co (Taipower) has lost TW$132.2 billion ($4.48 billion) in since 2008, according to the island's economic ministry, and a 37 percent rise in electricity prices was meant to try to stem the cash outflow."
Demand for UPS, generators goes high due to heavy outages (Pakistan)
Oil sector limping in post-war Libya
Iran plans gas pipeline to Iraq
SunPower reports 21% fall in revenues in 1Q 2012 results
Egypt heavily in debt for natural gas
"Egypt's petroleum ministry is struggling to keep its spending under tabs. Now overspending threatens one of the most important projects in the nation: the contract for natural gas."
Record Gas Use by U.S. Utilities Fails to Drive Up Price: Energy
"Cheap gas, rather than helping power producers like Southern and Exelon Corp. (EXC) (EXC), undercuts their revenue because it drives down wholesale electricity prices, squeezing margins for plants that run on nuclear, renewable and coal power. The utilities, for many reasons, are close to their limit of shifting the mix toward gas."

## Infrastructure scavenging ##
Thieves target set of Fla. crime show "The Glades"
Copper thefts on the rise across WNY

## Got food? ##
UN Sees Risk of Unrest From Food Costs Above 10-Year Average
Fast-food prices up by 2-10% (Thailand)
Sudanese Inflation Accelerates to 28.6% in April on Food

## Environment/health ##
Drug-Defying Germs From India Speed Post-Antibiotic Era

## Intelligence/security/internet/systemic breakdown ##
Plot using redesigned underwear bomb thwarted: U.S. officials
"A plot similar to previous Al Qaeda in the Arabian Peninsula bombing attempted attacks using a redesigned underwear bomb for use on aircraft was thwarted and no airline was ever at risk, two U.S. counter-terrorism officials said on Monday."
I'd take this story with a grain of salt. -- RF

## Japan ##
Radiation found outside Japanese schools
"Radiation hot spots were recorded outside 26 schools in the same prefecture as the crippled Fukushima Daiichi nuclear power plant, a civil group said Sunday."
BOJ's ETF Purchases Hit Single-Day Record
"The Bank of Japan said it bought 39.7 billion yen in exchange-traded funds through its asset-purchasing program Monday, eclipsing the previous single-day record of 28.5 billion yen marked on April 16."
In nuclear-free Japan, companies scramble to conserve energy
Possible uneven settlement of reactor 4

## China ##
China to deploy factory ship in South China Sea
"China is deploying a factory ship and a fleet of support vessels to join its existing fishing fleet in the South China Sea amid an ongoing territorial dispute between China and neighboring countries."
China launches independent deep water rig

## UK ##
Living in the ghost streets
"Thousands of people have been left 'utterly stranded' in desolate streets up and down the country because housing regeneration schemes have stalled. What's it like to be the only resident on a road full of empty houses?"
Unemployment set to keep on rising, says forecaster

## US ##
Ron Paul wins majority of delegates from Maine GOP
Massachusetts Institutes Health-Care Price Controls. Is America Next?
Copyright Claims Shut Down Websites With No Proof or Due Process
"Who needs SOPA (Stop Online Piracy Act) or the international ACTA (Anti-Counterfeiting Trade Agreement) when companies can have websites or YouTube channels removed simply by claiming their content has been infringed?"
Health care increasingly out of reach for millions of Americans
Mortgage Rates in U.S. for 30-Year Loans Fall to Record Low
The Fraud & Theft Will Continue Until Morale Improves (Financial Sense; refreshingly outspoken)
Too Broke to Go Bankrupt: Price of Chapter 7 Is More Than $1,500

And finally… Women's sex fantasy involves Eiffel Tower
"One-in-3 U.S. women fantasize about a sexual rendezvous on the Eiffel Tower, while men prefer the White House, a survey found."
Go figure. -- RF




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