Thursday, July 19, 2012


News Links, July 20, 2012

## Global Ponzi meltdown/House of Cards ##
UAE brokerages under threat as volumes fall further
"Stockbrokers in the UAE fear many more securities firms are likely to close their doors in the second half of the year as trading volumes return to pre-rally levels."
Morgan Stanley plans further staff cuts on weak outlook
Deutsche Bank to Cut Investment-Bank Jobs
IMF loses all faith in the euro project
Spanish banks' profits to be hit by property cleanup
Merkel gets Spanish bank bailout through German parliament
Spanish Siesta May Die Because Of The Eurozone Crisis
Vietnam's export industry facing difficulties
"Vietnam's export industry is currently facing a slew of problems like a shrinking market base, price reduction and material shortage, according to delegates at a conference held in Ho Chi Minh City on Tuesday."

## Airline Death Spiral ##
Korean Air posts loss on weak cargo, currency
"Korean Air Line Co. reported a second quarter loss on Thursday as the global economic slowdown hurt its cargo business and a decline in the local currency made servicing its foreign debt more expensive."

## Fault lines/flashpoints/powder kegs/military/war drums ##
Three US Aircraft Carriers Now In The Middle East With Fourth En Route
India drawn in to struggle for South China Sea
Syria rebels 'control all Iraq border points'
Assad Said to Have Fled Damascus Amid 'Information Blackout'

## Global unrest/mob rule/angry people/torches and pitchforks ##
Police: Smash mob connected to house party (US)
"What's commonly called 'mash mobs' are a growing phenomena [sic]."
Argentine troops sent to quell police riot
Labour unrest spreads in Egypt's textile sector
"Strikes brought a swathe of Egypt's state textile industry to a halt on Wednesday, workers and a labour activist said, disrupting production of a key export as the country hovers on the brink of a balance of payments crisis."
Mass anti-austerity protests on Spanish streets
"Hundreds of thousands of Spaniards marched against the centre-right government's latest austerity measures on Thursday evening, following more than a week of demonstrations across the country."
Spanish firemen strip naked to protest spending cuts
L.A. riot police clash with protesters near Art Walk
Farmers protest over supermarket milk prices (UK)

## Energy/resources ##
The Natural Gas Massacre And Price Spikes
"Natural gas prices in the US have been so low for so long that producers are running into trouble. While up 46% from the April low, the recent price of $2.79/MMBtu at the Henry Hub is still too low to drill economically. Losses out into the horizon. Plunging drilling activity. Rig count down 41% from last July, at the lowest level since August 1999. A nightmare for producers. And some will go out of business."
Transmission fault causes major blackout in Kuching (Malaysia)
NPPD asks Nebraskans to reduce demand for power
Help to pay power bills trebles in two years (Australia)
"More families are struggling with high power prices than ever before, according to new figures showing an almost 60 per cent increase in customers seeking State Government help to pay their bills."
Israel Electric cuts Finance Ministry's power
Israel Electric's fight to keep the lights on
Some businesses ordered to cut power (US)
Snow, heavy rain put pressure on SA power grid (South Africa)
"ESI-Africa says that Eskom expected demand of about 36,258 MW, the highest so far this winter, and urged its customers to switch off all non-essential electrical appliances during the peak hours as the available supply was only 36,580 MW including open cycle gas turbines."
Oil rises above $106 on Middle East tension
China starts oil field operation in southern Iraq

## Infrastructure scavenging ##
Thieves, vandals destroy more than 200 Atl. freeway lights
Many A/C Unit Thefts Go Unreported

## Got food? ##
Slow Indian monsoon to hit Wheat, Rice production
US drought to hike global food grain prices
As Drought Kills Corn, Farmers Fight Over Ethanol

## Environment/health ##
Titanium mining uprooting protective forest in central region (Vietnam)
Whooping cough spreads in Utah
Whooping cough could reach highest levels since 1959 (US)
WHO: HIV drug resistance creeping higher in Asia and Africa

## Intelligence/security/internet ##
Government reach for secure electric grid exceeds its grasp (US)

## Systemic breakdown ##
Power outage disables landline and cell phones (US)

## Japan ##
Japan solar market may face PV inverter shortages
Nearly 36pc of Fukushima children diagnosed with abnormal thyroid growths
"Nearly 36 percent of children in Fukushima Prefecture have been disgnosed with abnormal growths on their thyroids, although doctors insist there is no link between the "cluster" of incidents and the disaster at the Fukushima Dai-ichi nuclear plant in March of last year."
TEPCO gets gov't OK to hike household rates by 8.47% from Sept 1
June department store sales fall 1.2%, down for 2nd straight month
Employees' pension funds fall short by over 1 tril. yen in reserves
"The country's 576 employees' pension funds sustained a combined shortfall of 1.11 trillion yen in reserves set aside for their public pension liabilities as of last March, up 480 billion yen from a year earlier, according to welfare ministry data presented to the ruling party on Thursday."

## China ##
Job Losses and Unemployment Skyrocketing in China
Tough cell: Debts pile up for China's LDK Solar
"The financial health of leading Chinese solar cell producer LDK Solar in Jiangxi province is deteriorating, with its liabilities rising to 87% of its assets and cash flow drying up, reports Guangzhou's 21st Century Business Herald."
Week 29 blood bath in China numbs steel market into silence
ZTE to slash 10,000 jobs after disappointing H1 performance
"Chinese telecom equipment manufacturer ZTE is to lay off 10,000 employees this year after plans for overseas  expansion from the start of the year have proved unsatisfactory."
Crackdown planned ahead of Chinese leadership change
In China, Researching Companies Gets Harder
"Even as the latest doubts over accounting at a Chinese company sent investors fleeing from its shares, investors who specialize in ferreting out dodgy businesses say that a crackdown by Beijing is making their work more difficult and in some cases dangerous."
China rapidly expanding its presence in Africa

## UK ##
Cameron sees no end to UK austerity: report
"British Prime Minister David Cameron said on Thursday that he cannot see an end to the government's austerity program while Britain tackles its huge budget deficit amid deteriorating economic conditions."
London 2012 Olympics: 1,200 more troops put on standby for Games
Border force staff to walk out ahead of Olympics

## US ##
How Safe Are Your Muni Bonds? Not Very, Warns Warren Buffett
Three Converging Factors May Slash Economic Growth By 71%
North Las Vegas city leaders declare state of fiscal emergency
US Coast Guard Needs Billions of Dollars to Cover Oil Companies in the Arctic
Interactive: Mapping The U.S. Drought
Cities Needing Highly Skilled Workers Aren't Training Them
Just as I have been saying, it takes a lot of money (i.e., energy) to train skilled workers. -- RF
Factory, jobs data show economy mired in weakness
Microsoft Swings to Loss on Write-Down
Long-term loans hit new interest rate lows
State Department Scholarship Programs Face Devastating Budget Cuts
NYC Jobless Rate Climbs to 10%, Highest Since February 2010
What Housing Recovery? Existing Home Sales Miss By Most In 2 Years
Very Old Americans Face Foreclosures
Sub-prime Auto Loans Rising in the US

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