Friday, June 15, 2012


News Links, June 16, 2012

## Global Ponzi meltdown/House of Cards ##
Moody's cuts Dutch bank credit ratings on eurozone woes
Europe's auto capacity may be too high
Steelmaking in France
The EU Smiled While Spain's Banks Cooked the Books
IMF to Spain: You're Screwed
Canada warned of 'major shock' from Europe's debt crisis
Italy selling off state assets to reduce debt mountain
Carrefour Checks Out of Greece at a Loss
"Carrefour SA said Friday it will sell its Greek supermarket to its local partner and walk away from the country at a loss, offering concrete evidence of foreign investors severing ties with Greece amid a deeply contracting economy and political upheaval."
Casino Bar Shall Remain Open: ECB "On Standby" Promising Liquidity for Greek Election Fallout; Bank of England Launches Two New Stimulus Packages
Pictures From Zimbabwe
GM Should Leave Europe Now
"General Motors (NYSE: GM) lost $747 million, before interest and taxes, in Europe in 2011 and has lost $15.6 billion since 1999, the last year GM made money in the region. The big U.S. car company's plans for the next two or three years will make it extremely difficult to avoid more losses. So, conservatively, GM's European operations will be in the red for a total of 16 or 17 years by the time there is any chance for
a profit. And that is if the firm's plans for a turnaround are successful."
Carbofer trading, shipping arms declared bankrupt

## Airline Death Spiral ##
Travel Light: American Airlines Lighten Their Load to Save Money
High fuel costs, falling prices hurt Transat
European concerns cloud airline profitability outlook for 2012
Operating environment tough in India; FDI needed: SpiceJet CEO
Oil Prices Fall But Airlines Not Benefiting
Chorus Aviation won't invest more to help Pluna airlines out of financial woes
REDjet sends home workers, files for debt protection

## Fault lines/flashpoints/powder kegs/military/war drums ##
Russia turns over production of long-range bombers to China
US holds high-level talks with Syrian rebels seeking weapons in Washington
Putin ready with missile shield response
ElBaradei: Egypt 'a total mess'
Forces Surround Parliament in Egypt, Escalating Tensions
Iran May Be Building Secret Uranium Plant, Group Says

## Global unrest/mob rule/angry people/torches and pitchforks ##
Protesters Are Detained By Police During A Flash Mob (Bulgaria)
Striking Spanish miners clash with police in Asturias
Northwestern Memorial Hospital warning employees of attacks
Mob pelts stones, sets bus afire protesting power cut; 16 held

## Energy/resources ##
Brazil Oil Company Petrobras to Spend More, Produce Less
Petrobras Worst Big Oil Bet on Deepwater Disappointments
"Petroleo Brasileiro SA (PETR4) is the worst investment among the world's biggest oil companies this year as Brazil's state-controlled producer suffers delays and cost overruns developing the largest oil finds in more than a decade."
Energy Return on (Energy) Invested (EROI), Oil Prices, and Energy Transitions (The Oil Drum)
S.Africa hopes for EU "breakthrough" over Iran oil
"South Africa expects a 'breakthrough' soon in its discussions with Brussels about the impact of European Union sanctions on oil exports from Iran, historically its biggest supplier of crude, a top South African energy official said on Friday."
Hyundai Oilbank Scraps IPO
"The euro-zone crisis and dwindling investor appetite for stock markets worldwide has forced South Korean oil refiner Hyundai Oilbank to scrap a planned June or July initial public offering that was expected to raise at least $1 billion.
"The refiner is the first South Korean company to officially cancel an IPO this year. Its decision adds weight to market views that other offerings in the pipeline—including that of KDB Financial Group, Posco Specialty Steel and LG Siltron—will be delayed as a result of market conditions, bankers say."
Political Turmoil, Power Shortage Key Blows to Bangladesh Economy
New Delhi suffering water shortages in 109F heat
Power crisis fuels shortage of diesel (India)
"Frequent and prolonged power cuts have increased the demand for diesel, required to run generators, leading to shortage of the fuel at various outlets across the city. Operators say diesel consumption has increased manifold this summer as several areas in the city are witnessing power
cuts for as long as 14 hours a day, making residents dependent on alternative power back-ups such as generator or inverters."

## Infrastructure scavenging ##
Copper Thieves Target Local Churches
Manhole covers go missing again

## Got food? ##
S. Korean Livestock Production Costs Climb on Higher Feed Prices

## Environment/health ##
Russia's Nuclear Industry is a Disaster Waiting to Happen
"The state of Russia's civilian nuclear power should be cause the entire planet to shudder: Radioactive waste deposal sites are full to the bursting point, and many reactors are outdated and fail to meet even the most basic of safety standards. In short, as one reads between the lines, a new disaster is pending."
BP Owes $192 Billion for Gulf Oil Disaster, Not $15 Billion Settlement It's Seeking
Huge Baja project gets the axe
Oregon man bitten by stray cat diagnosed with the plague
Busted: Biotech Leader 'Syngenta' Charged Over Covering Up Animal Deaths from GM Corn

## Intelligence/security/internet ##
Ethiopia clamps down on Skype and other internet use on Tor
Contractors run U.S. spying missions in Africa
U.S. Military Wants More Drones In Latin America

## Systemic breakdown ##
Slavery 2.0

## Japan ##
Renesas eyes selling, closing 11 microchip plants in Japan

## China ##
FDI Outlook Darkens amid European Debt Crisis
Shanghai picks yearly pricing plan for graduated electricity rates
China's Filling Strategic Oil Reserve at Huge Cost

## UK ##
Offshore Wind Power Could Make the UK a Net Energy Exporter
Let's keep this in perspective. The industrial system is winding down, and wind turbines break down. What happens if replacement parts aren't available?
Wealthier pensioners could lose winter fuel allowance and free bus passes
Benefits cap is driving the poor back to work
Street lights to be switched off to save cash
Allders store in Croydon goes into administration
"Some 850 jobs are under threat after one of the biggest department stores left in London went into administration."
Royal Mail axes thousands of post box collections to save money

## US ##
Legal Help For The Poor In 'State Of Crisis'
Signs of U.S. Weakness Mount as Confidence, Output Fall
Sentiment Sinks Worse Than All Economists Predicted, Worst Reading of 2012
US house prices fall to 1890s levels (where they usually are)
Panetta Warns Of US Defense Budget Disaster
"U.S. Defense Secretary Leon Panetta says he is very concerned about the possibility of a major cyber attack that he says could paralyze U.S. government and financial systems. The warning came as Panetta cautioned U.S. lawmakers against major cuts to the defense budget."
U.S. bank downgrades loom
Empire State Manufacturing Shows The Death of Growth in New York Fed Survey

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