Friday, June 01, 2012


News Links, June 1, 2012

## Global Ponzi meltdown/House of Cards ##
Emerging Economies Slow As Monetary Tightening Kicks In
PIMCO's Gross warns of economic "breaking point"
Brazil cuts rates to record low
Battered Spanish Economy Nears Tipping Point
Spain faces 'total emergency' as fear grips markets
"Spain is facing the gravest danger since the end of the Franco dictatorship as the country is frozen out of global capital markets and slides towards an epic showdown with Europe."
Capital Flight Intensifies to Record Levels in Spain; Outflows Make Spanish Banks Increasingly Reliant on ELA Funding
Spanish crude steel output fell by 15pct YoY in April - Unesid
Euro is facing disintegration, Commission warns
Bond Vigilantes Target Spain And Italy, Push Yields Dangerously High
Tunisia talking to KSA for US$750m in aid
Asian Markets Fall Sharply
Behind the Low Oil Prices Lurks a Struggling Economy
Central banker sees Euro Zone structure as 'unsustainable'
"Mario Draghi, president of the European Central Bank, warned Thursday that the structure of the euro zone had become 'unsustainable' and criticized political leaders he said have been slow to respond to the sovereign debt crisis."
Italy Central Bank expects 1.5 pct GDP contraction
Eurozone Retail Sales Crash: Record Declines in France and Italy, Overall Revenues Drop at Near Record Pace
India's fourth quarter GDP grows at 5.3%, below expected 6.1%
India Economy A 'Gasping Elephant'
The Surprising Global Shortage of Skilled Workers
It's not surprising to those who understand the role of energy in building a skilled workforce. -- RF
Nylon 12 shortage sparks industry action
Mazda reportedly to cut 250 jobs in U.S., Europe

## Airline Death Spiral ##
Asian cargo stalls in April
"April freight volumes fell 7.6 percent, year-over-year, in the Asia-Pacific, according to data collected by the Association of Asia Pacific Airlines. Unfortunately, not even a 4.8-percent capacity reduction could offset the declines witnessed throughout the Asia-Pacific last month, with freight load factor in the region totaling 66.3 percent, a 2-percent, year-over-year, loss."
India's Kingfisher Airlines Q4 loss more than trebles
Startup airlines face big hurdles

## Fault lines/flashpoints/powder kegs/military/war drums ##
US raises prospect of intervention in Syria
"America has raised the possibility of intervening in Syria without United Nations approval and accused Russia of pushing the country into civil war."
Shahbaz seeks barter trade with Iran (Pakistan)
Tehran's back alley bankers flourishing under sanctions
"Sanctions aimed at crippling Iran have been 'very good for business,' at least on the shady side of informal banking, says a grey-market currency trader in Tehran.
"'A few thousand dollars is easy, even a few million dollars is no problem,' Sattar, the trader, smilingly confirms."
Brazil readies 15,000 security forces for Rio summit
U.S. military trickles back into Western Pakistan
Bilderberg 2012: the technocrats are rising at this year's annual conference
Bomb attacks in Iraq kill 18 people, wound 53

## Global unrest/mob rule/angry people/torches and pitchforks ##
India set for sweeping protests at petrol price rise
Hundreds detained in Tibet after self-immolations: report
Russian police detain dozens of protesters
Greek pensioner found hanging from tree in Athens over 'unpayable debts'

## Energy/resources ##
Oil firms shun Iraq's 4th energy auction
"Iraq's fourth energy auction, intended to add some 29 trillion cubic feet of natural gas and 10 billion barrels of oil to its huge reserves, has flopped, denting hopes of challenging Saudi Arabia as the world's top producer."
Greek energy crisis could cause national power blackout in June
Repsol's likely departure a blow to Cuba's oil hopes
Russia's Dysfunctional Economy Fails to Attract Investment Vital for Energy
S.Africa crude imports from Iran down 43 pct in April
"South Africa's crude oil imports from Iran fell 43 percent to 286,072 tonnes in April from the previous month, customs data showed on Thursday, indicating Pretoria could be cutting shipments to avoid looming U.S. sanctions."
But Japan and SKorea don't seem to be too worried about sanctions. -- RF
Chinese Solar Shipments May Drop 75% on U.S. Tariffs
Amid outages, Mindanao power rates up (Philippines)

## Got food? ##
White House garden inspires urban gardening trend
An Easy and Affordable Poultry Pen
New home-garden machine to undergo test (Japan)
One look at this will tell you what's wrong. -- RF

## Environment/health ##
Gonorrhoea becoming untreatable, health experts warn (UK)
Dangerous 110-degree heat forecast in US Southwest

## Systemic breakdown ##
Detroit: the ruins left behind when city loses half its population (video)

## Japan ##
Tepid Japan Output Highlights Fresh Concerns
Japan's April factory output fails to meet expectations
Tepco To Sell Off 950 Properties Over 2 Years
China and Japan begin direct currency trading
Economy being held up by power shortages
1,200 more people join suit seeking Genkai nuclear plant's shutdown
Aging population a drag on economy: Shirakawa
Olympus eyes 2,500 job cuts, overseas plant shakeup
Cesium fallout in Fukushima spikes every 40 days

## China ##
Fujian to cut 180,000 tonnes of crude steel capacity this year
China Slowdown Ripples Through Hong Kong as Sales Weaken

## UK ##
BAE To Close Last U.K. Armored Vehicle Production Site

## US ##
Wells Fargo Seizes Stockton, California City Hall
Dow's Month Is Worst in Two Years
10-year yield hits record low (again!)
Commerce drops GDP estimate to 1.9 percent
Lawmakers nudge spy agencies into anti-drug fight on U.S. public land
For Many Teens, Summer Jobs May Be Thing Of The Past
Chicago PMI declines to 52.7
Student Debt Bubble Delinquencies Surge

And finally‚Ķ Beijing police say stolen Gucci bag too cheap for investigation

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