Thursday, July 05, 2012


News Links, July 6, 2012

## Global Ponzi meltdown/House of Cards ##
Three central banks take action in sign of alarm
"China, the euro zone and Britain loosened monetary policy in the space of less than an hour on Thursday, signaling a growing level of alarm about the world economy, although suggestions of coordinated action were played down."
Spain to unveil new austerity steps soon: sources
Steel prices collapse around the world
Fiat may close a second Italian factory
"Fiat SpA chief executive officer Sergio Marchionne said he may close a second Italian factory as European auto deliveries sink for a fifth straight year."
GM factory closing a minor step in fixing Europe's auto industry
"General Motors' move to shutter the first German car factory since World War II addresses only a fraction of the supply glut hobbling the European auto industry."
Peugeot mulling 10,000 job cuts: union
"Struggling French auto giant PSA Peugeot-Citroen may cut up to 10,000 jobs as it seeks to cut its operating costs, a union official says."
80% Of The World's Industrial Activity Is Now Contracting
Eurozone Composite PMI Signals Steep Rate of Contraction; Germany Contracts at Steepest Rate in 3 Years; German Construction Activity Plummets 3rd Month
Economic gloom seen pushing ECB to cut rates
"The European Central Bank is widely expected to cut borrowing costs to a record low on Thursday to support a deteriorating euro zoneeconomy and complement measures agreed by government leaders last week to tackle the bloc's debt crisis."
Euro, Stocks Retreat With Italy, Spain Bonds on ECB
Libor scandal: The Biggest Financial Scam In World History
Barclays credit rating outlook lowered by Moody's
Korea feels housing shock
Ship Finance Running Dry
"Lending to the shipping industry is facing stormy waters amid a difficult global backdrop."
Record Number of Homes for Sale in Melbourne; Sub-Prime Collapse; "No End in Sight" for Arrears on Low-Doc Loans
Abu Dhabi rents fall by up to 15% in Q2
Euro crisis puts brakes on MidEast projects - Carillion
Singapore's Temasek net profit down 15.4%
China is exporting its expertise of ghost-town building

## Airline Death Spiral ##
IATA: Airline profits down in 1Q2012, European airlines losses widen

## Fault lines/flashpoints/powder kegs/military/war drums ##
Pakistani Taliban issue threats over reopening of NATO supply routes
EU's Iran Sanctions Intended to Appease Israel
"The EU's oil embargo on Iran that came into effect on 1 July is likely to do as much damage to the European Union as it is to Iran and the imposition of these suicidal sanctions is more about Israel than Iran."
Now it is Taiwan that is taking a hard-line stance on Senkaku issue
U.K. Announces Cuts of 17 Major Army Units
Israeli General: Populated Areas Will Be Targeted in Next Lebanon Invasion

## Global unrest/mob rule/angry people/torches and pitchforks ##
Sudan opposition calls for strikes, protests
Provincial cash crunch triggers strike in Argentina
Mass Protests Announced in Pakistan Over NATO Border Supplies

## Energy/resources ##
India Pays in Euros, Not Rupees for Iran Oil
Militant Attacks on Pipelines Cost Yemen $4 Billion in Lost Revenues
IHS indexes show near-record high upstream costs
Russia introduces economic cycle ago forecast and prepares for drop in world oil prices to $60 in 2013
Explosion Causes Huge Fire at Thailand's Largest Oil Refinery
Abound Solar files to liquidate in bankruptcy
"Abound Solar filed for bankruptcy on Monday and will liquidate, becoming the latest U.S. solar panel company to fold despite government support."
Norway oil industry calls lockout to end strike

## Infrastructure scavenging ##
Thefts cost Telus millions a year
Vital copper wire stolen from communications tower
Construction materials stolen from bridge site

## Got food? ##
US crop worry to fuel world food prices in July: UN
New food crisis looms in Somalia: aid agency

## Environment/health ##
Devastating India floods leave 95 dead, millions homeless
Study finds white abalone on the brink of extinction
Shell Confirm that they Cannot Recover 95% of an Arctic Oil Spill, Only Find it
Investigation Reveals True Hazards Of Piping Tar Sands Across America

## Systemic breakdown ##
! System Fail !
"The incredible, ongoing breakdown of critical communications, power and water infrastructure around the nation's most vital political and national security assets – including the Capital, the Pentagon, CIA headquarters and more – resulting from the half-hour weather pummeling last Friday night, constitutes a national security emergency of the highest order."
Chicago's 911 System Crashes
"Computers were down overnight at Chicago's 911 dispatch center, after the state-of-the-art system unexpectedly crashed."
Power outage & generator failure responsible for Instagram, Netflix blackout.
Dry taps and open sewers: welcome to India's 'Millennium City'

## Japan ##
Collapse of spent fuel storage pool at Fukushima Daiichi could be worse than initial accident, says new report
Japan's atomic disaster due to "collusion:" panel report
NUCLEAR DILEMMA: TEPCO spends billions on Fukushima No. 2 plant to avoid huge liabilities
TEPCO workers' salaries may be reduced further
Radioactive river mud threatens lakes, Tokyo Bay

## China ##
Hit at home, China's ghost fleet sails high seas
"China's huge fleet of coastal ships, usually confined to plying the Chinese seaboard, has sailed out of the shadows to seek international business in yet another sign that China's economy is slowing."
China Cuts Benchmark Rates for Second Time in Month
Large and medium steelmakers profits fell 94.26% yoy for Jan-May
More than 600 companies were affected in yet another credit crisis in China

## UK ##
Britain's Hidden Hunger Puts Spotlight on Cameron Budget Cuts
3,500 assaults on police in Wales in past five years
Army cuts: Philip Hammond to announce restructure
Five babies have died in biggest whooping cough outbreak for 20 years: HPA
Care routinely rationed to 15-minute slots to save cash, study shows

## US ##
Hedge Fund Files for Bankruptcy
Retailers post worst June sales in three years
30-year mortgage rate falls to record low of 3.62%
As Rentals Rise, Another Blow to Housing
19 Structurally Deficient Bridges That Americans Drive Over Every Day
Cattle Supply, Depletion, Becoming Serious Concerns

<< Home

This page is powered by Blogger. Isn't yours?