Sunday, June 10, 2012

 

News Links, June 11, 2012

## Global Ponzi meltdown/House of Cards ##
Spain Seeks $125 Billion Bailout as Bank Crisis Worsens
Spain IS Greece After All: Here Are The Main Outstanding Items Following The Spanish Bailout
EU's Spain bank rescue may bring only brief respite
Steel: Production pruning - Curtailments in EU to continue
Spain allows ads for prostitutes
Portugal toughs it out as austerity bites
Vietnam Struggles to Restart Growth
European capital flight leaves banks in Germany awash in deposits
Why 2012 is Shaping Up to be a Particularly Ugly Year

## Airline Death Spiral ##
Sky-high fuel costs and weak demand add to Flybe woes
"FLYBE, Europe's largest regional airline, has flown deeper into the red in its second financial year since flotation, as City concerns mount over dividend prospects at the group."
Airfares soar, fliers from Kolkata grounded

## Fault lines/flashpoints/powder kegs/military/war drums ##
Six killed, 38 wounded in Iraq mortar attack
Saudi-Iran Rivalry Looms Over OPEC
3,000 US soldiers to serve in Africa next year
Philippines, Singapore Consider Military Accord
US-Pakistan Relationship 'Worst It Has Ever Been'

## Global unrest/mob rule/angry people/torches and pitchforks ##
State of emergency declared for western Burma
Many arrested in student unrest

## Energy/resources ##
Malampaya troubles cause Metro blackouts (Philippines)
"Parts of Metro Manila suffered rotating blackouts yesterday due to low output and unexpected shutdown of several key power plants that electrify Luzon."
Fear of blackout (SKorea)
"The specter of blackouts is haunting the nation as unseasonably hot temperatures push people to turn on air conditioners and electric fans. The electricity reserve plummeted to 3.16 million kilowatts Thursday afternoon, below the 4 million kilowatt threshold that obliges the government to issue initial emergency alerts."
OPEC's Pending Bloodbath
Water Shortage Affects 10 Percent of Cuban Population
IEC mulls fueling Tel Aviv power station with tankers
"Israel Electric Corporation (IEC) (TASE: ELEC.B22) is considering fueling the Reading Power Station in north Tel Aviv with heavy industrial oil, using hundreds of road tankers."
Petrol shortage hits motorists in federal capital (Pakistan)
"Long queues of cars and bikes were seen at city petrol stations which were supplying a limited proportion as there is short of fuel in the capital has adversely affected routine life."

## Infrastructure scavenging ##
Westar sees rise in substation copper thefts

## Got food? ##
Price of food items to be fixed during Ramadan (Dubai)
"Consumers will be able to take advantage of these stable prices not just during Ramadan but right up to the end of 2012."
Will the Middle East starve?

## Environment/health ##
Evacuations ordered as Colorado fire grows to 8,000 acres

## Intelligence/security/internet ##
Canada's warrantless surveillance bill is back, and bigger than ever, with surveillance powers for US gov't, too

## Japan ##
Fukushima town Mayor suggests residents not return home for five years or more
Japan's 2012 summer oil demand for power to hit 10 year high
PM Noda: Concerned About Downside Risk from Spread of Euro Crisis to Asia

## China ##
China Tries to Rescue the Economy, Depositors May Say "No"
"On Thursday, the People's Bank of China dropped the benchmark one-year lending rate by 25 basis points, the first cut in interest rates since 2008.  Analysts guessed that the central bank's move signaled that the economy in May took a turn for the worse from April, when growth may actually have been negative."

## UK ##
Leader: Switching street lights off is a good idea

## US ##
'Taxmageddon' on the horizon for U.S. economy
Coming to Disney: $100 Entry

And finally‚Ķ 
Al Qaeda group says Obama, Clinton worth only chickens, camels
"A Somali Islamist militant group is offering rewards of chickens and camels for information on the whereabouts of President Barack Obama and Secretary of State Hillary Clinton, mocking the millions of dollars the United States has offered for leaders of the al Qaeda affiliate."
Personally, I wouldn't give anything as valuable as a chicken to know the whereabouts of Obama or Clinton, but people can suit themselves. -- RF
'Depraved' sex acts by penguins shocked polar explorer
Thieves steal 400,000 toothpicks
My guess: The thieves think that toothpicks will soon be more valuable than dollars, and they are loading up on the new currency. -- RF




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