Thursday, June 28, 2012


News Links, June 29, 2012

## Global Ponzi meltdown/House of Cards ##
Greek president to fly economy class to Brussels
Asia's investment banks launch round of job cuts
"Investment banks and brokerages across Asia have launched a sweeping round of job cuts as Europe's debt crisis and China's economic slowdown bite into the region's financial activity."
Germany May Compromise on Joint Debt
"Germany may be willing to move sooner than expected to accept shared liability of euro-zone debt and would support short-term measures to deal with the acute financing problems facing some of the region's governments, German Finance Minister Wolfgang Schäuble said in an interview with The Wall Street Journal ahead of Thursday's European summit."
EU Approves Jobs, Growth Plan With 10 Billion-Euro EIB Boost
Eurozone Retail Sales Drop 8th Month; Italy, France are Down; Germany Retail Sales Up, Outlook Down
Is France Next For The Bond Vigilantes?
Ford Warns of 2012 Being Dragged Down By S. America, Europe, and Asia
Global steel firms threatening to trigger a series of mini trade wars
German Unemployment Rose in June as Euro Crisis Started to Bite
Bad Day For Brazilian Billionaire
Small firms feel slowdown pinch, cut jobs (India)
Rio Tinto's Tasmania smelter to cut jobs
Central bank likely to impose curbs on gold coin sale (India)
Bankia Valued at EUR -13.635 Billion; Spain Becomes Sole Owner, Shareholders Totally Wiped Out; Entire Bankia Board Resigns

## Airline Death Spiral ##
Gol Plans to Cut Twice as Many Jobs by Year-End, CFO Says
"Gol Linhas Aereas Inteligentes SA (GOLL4), Brazil's second-largest airline, will cut 2,500 jobs to restore profitability, twice as many as it had planned last month, Chief Financial Officer Leonardo Pereira said."
Overcapacity could mean "devastating" profitability for freighter operators
Asia-Pacific carriers report continued cargo woes
"Freight volumes in the Asia-Pacific region continued their downward descent in May, falling 5.3 percent, year-over-year, according to Association of Asia Pacific Airlines statistics. This figure is on par with the region's numbers for the first five months of 2012, which showed air cargo traffic declining 5 percent, year-over-year, from January to May."
Airlines Lift U.S.-to-Europe Fares by Paring Seats
Cost of flying from Boston up 7 percent over last summer
Why Flying Is No Fun (And May Be More Dangerous)
"McGee's new book, Attention All Passengers, details how airlines are cutting costs through regional carriers, outsourcing airline maintenance, mishandling baggage and overbooking airplanes."

## Fault lines/flashpoints/powder kegs/military/war drums ##
Russia Said to Endorse Replacing Assad in Turn From Ally
"Russia has endorsed a detailed United Nations road map for a political transition in Syria, a sign that Syrian President Bashar al-Assad has lost the support of a key ally, according to three United Nations diplomats."
Turkey's army gathers on Syria border
"Bashar al-Assad was left facing the biggest test of the 15-month uprising against his rule on Thursday night as the Turkish army began gathering on the Syrian border and rebels struck again at the heart of Damascus."
Israel gives Ivorian migrants 2 weeks to leave
China, Singapore get exceptions to Iran sanctions
Pakistanis view US as the enemy, poll finds
China starts "combat ready" patrols in disputed seas
Russian Moves Compel Uzbekistan to Leave Security Bloc
"Uzbekistan on June 28 formally pulled out of a Russian-led regional security alliance after protesting Moscow's plans to deploy a rapid reaction force for Central Asia near its borders."
Admiral: US Supplies to Afghanistan Triple in Cost Without Pakistan Route

## Global unrest/mob rule/angry people/torches and pitchforks ##
Online and on the streets, Mexico youth protests grow as election looms
Spain: Violent Clashes As Police Evict Family

## Energy/resources ##
BRIC's Achilles Heel - Energy
Germany needs new power system by 2015 - industry
Report warns of brownouts and blackouts this summer as waterways heat up (US)
"A new report by the River Network says if river drought conditions continue it could curtail power plants' electricity production causing brownouts or blackouts."
Emirates, Saudis pump oil to bypass Hormuz
India grapples with coal shortages
Burning Desire for Efficiency
Thirst for power: How coal, nuclear and gas waste our water
Growing water shortages will do as much as anything to kill the industrial economy. -- RF

## Got food? ##
Farmers Hop on Soybean Bandwagon
Grain futures rise on dry spell
Weak rains may hike India's food inflation rates in upcoming months
China Tightening Ties With S America In Search For Food
More Bad News on US Corn Crop

## Environment/health ##
'Epic dryness' feeding Western wildfires (US)
'Oven-like' conditions on their way to Southern Ontario
Massive dust storm rolls through Arizona
"A major dust storm estimated to be 3,000-foot high swept through Arizona on Wednesday night, with near-zero visibility reported in some areas."
S. America cattle outbreak threat lingers
"Latin America remains high on the list of region where recurring foot-and-mouth disease outbreaks are upsetting the best laid plans for economic development."
England cut off from Scotland as rail lines shut off by flooding and landslides
War on drugs 'unsustainable,' ex-justice Louise Arbour says

## Intelligence/security/internet ##
Operation High Roller Targets Corporate Bank Accounts
"Two security firms said Monday that a new type of cyberattack is targeting corporate bank accounts. The attacks began in Europe but have spread to Latin America and the United States. So far, hackers have attempted to steal at least $78 million in fraudulent transfers from accounts at 60 or more financial institutions, according to a report by Guardian Analytics and McAfee, a subsidiary of Intel."
Internet cloud creates new range of security issues

## Systemic breakdown ##
Europe's debt crisis: Greek health system feels the pain of austerity measures
Drug shortage hits patients battling cancer (UK)

## Japan ##
Record radiation levels detected at Fukushima reactor
Sales tax hike insufficient / 10% considered too low to carry out fiscal reconstruction
Households face staggering rises in social welfare costs
It's an unsustainable system. Watch it fall apart. -- RF

## China ##
Warren Buffett-Backed Chinese Automaker BYD Said To Cut Pay Amid Slow Sales
"BYD, the Chinese auto maker 10% owned by Warren Buffett's Berkshire Hathaway, is cutting payments to workers between June and September as it struggles with weak sales and profits, Chinese media reported today."
China dairy recalls hundreds of cartons of tainted milk
"China has struggled to rein in health violations in the unruly and vast food sector despite harsh punishments and repeated vows to deal with the problem. The country is notorious for its food safety woes, with frequent news reports of fake cooking oil, tainted milk and even watermelons that explode from absorbing too much fertilizer."
In a Shift, Chinese Exporters Cling to Dollars
"Many Chinese exporters are starting to hoard the dollars they earn, betting that the yuan is unlikely to appreciate much more, a shift in strategy that is having a ripple effect throughout the country's financial system."
Bank of China opens 1st branch in Taiwan

## UK ##
UK economy shrank more than thought, say official figures
"The UK economy shrank by 0.4% in the final three months of 2011, compared with previous estimates of a fall of 0.3%, official figures show."
Are NHS walk-in centres on the way out?
"Walk-in centres are rapidly becoming a casualty of the tougher financial climate in the NHS in England."
More teenagers Neet - not in work or education
Number of graduates in basic jobs doubles in five years
"The number of new UK graduates working in jobs like cleaning or bar work has almost doubled to 10,000 in five years, according to government statistics."

## US ##
Ron Paul's Federal Reserve audit approved by House committee
Heat wave: 1,000+ records fall in USA in a week
Roche to Cut Jobs, Close R&D Center
"Swiss drug giant Roche Holding AG ROG.VX -0.49% said it would close a research site in New Jersey, resulting in the loss of about 1,000 jobs, in another sign that the industry is cutting investment in labs that haven't produced enough new drugs."
Stockton, Calif., Prepares for Bankruptcy. Are Other US Cities at Risk?
Largest City Bankruptcy Ever: Stockton Will Not Be Alone
"Too much borrowing and spending will doom other municipalities"
Rolling Blackouts: a Black Eye For Texas?
Summer power shortage, heat may trigger rolling blackouts
"With the San Onofre Nuclear Generating Station out of commission, energy conservation will be key this summer to avoid the possibility of rolling blackouts when the mercury rises."
Delaware to allow online gambling
US inner cities booming as young adults shun suburbs
BlackBerry Maker RIM Posts Loss; Cutting 5,000 Jobs
Nevermind Bidding Wars In Eden Prairie, Housing Depression May Not End Until 2015
Jobless Claims in U.S. Hovered Last Week Near 2012 High
J.P. Morgan loss may reportedly hit $9 billion
A Perfect Storm Drives Record Gun Sales

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