Tuesday, August 07, 2012


News Links, August 8, 2012

## Global Ponzi meltdown/House of Cards ##
Italian Industrial Output Drops in June Amid Deepening Recession
Italy records 4th straight quarterly contraction as recession deepens
Birth-Death Model in Spain: 391,000 companies closed, 334,500 New Businesses Launched; Spain Lost 57,000 Companies in 2011
Europe sees container imports plummet
"Europe's economic woes are having a severe impact on container shipping, with imports from Asia, North America and other parts of the world shrinking at an alarming rate."
Commodity Carrier Rates Plunge as Glut Overwhelms Cargo Supply
"Daily rates for Panamax vessels, that typically haul coal and grains, plunged to the lowest in more than eight weeks as a glut of ships swamps the number of cargoes available for loading."
More than $1bn wiped off HTC market cap after Q3 warning
Dubai Investments Q2 net profit drops 54 pct
The German Economy Caves, And Eurozone Bailouts Take On New Dimensions
Italy Industrial Production Plunges 8.2% YoY, GDP Declines 2.5% Annualized; Italy to Pay Civil Servants 80% of Their Salary to Do Nothing
Poland May Cut 2013 GDP Growth Target to 1.5%-2%
Hyundai, Kia Face Potential Earnings Impact From Planned Strikes
South Korea to Weigh Second Straight Cut Against Signaling Panic
"The Bank of Korea is set to consider cutting rates for a second straight month, weighing the need to prop up a deteriorating economy against the risk of signaling panic to markets."
Greece Rating Outlook Cut to Negative by S&P as Economy Weakens
Official: Greece-less eurozone manageable
High temps hit developing countries hard

## Airline Death Spiral ##
FAA Tells Court It May Fine American Airlines Over Safety
"AMR Corp.'s American Airlines may face the largest penalties ever pursued by the U.S. Federal Aviation Administration for safety violations, according to a bankruptcy court filing."
Air cargo markets paint a dismal future

## Fault lines/flashpoints/powder kegs/military/war drums ##
Japanese Self-Defense Force to Station Liaison Officers with Key US Military Commands
"For the first time ever, the US Department of Defense (DoD) is planning to station Japanese Self-Defense Force (JSDF) liaison officers with key US military commands in the Washington, DC area."
WWIII: Great commodities war to end all wars: A new era of depletion, collapse and austerity
"Yes, WWIII: The Great Commodities War to End All Wars. We've heard that before. Remember WWI, known as The War to End All Wars, 37 million casualties. WWII was bigger, 60 million. Will WWIII finally end all wars? Or end the world, civilization, planet?"
India's First Nuclear Submarine Set for Trials
The Other Side of the Sanctions
"It is the inherent weakness of the alliance that is Iran's strength.  The unwillingness of Washington to pressure supposed allies and the simple fact that there are buyers willing to defy the sanctions secretly reveals the cracks in the system."
11 Afghan police defect to Taliban in Helmand province
The Hunger Wars in Our Future: Heat, Drought, Rising Food Costs, and Global Unrest (Michael T. Klare)

## Global unrest/mob rule/angry people/torches and pitchforks ##
Another Tibetan sets himself alight in China
Protests in Vietnam as anger over China's 'bullying' grows
Students Protests Around The World In 2012 (PHOTOS)
Banned Tunisian protest leads to clashes
Anti-Fracking Coalition Plans Nonviolent Protest Against New York Gov. Cuomo

## Energy/resources ##
Brazil's Incredibly Shrinking Petrobras
California refinery fire contained
Fire at West Tusla Oil Refinery has been Contained
Mideast oil tanker rates struggle with ship glut
India instructs private firm Gesco to ship Iranian oil
Pakistan Blackouts Power Frustration At Government
Iraq oil seen flowing from Wednesday after blast: Turkey officials

## Infrastructure scavenging ##
Man guilty of stealing nearly 70 air conditioners
Thieves stealing sign posts, cow troughs and manhole covers

## Got food? ##
US drought could pinch world's poor, says think tank IFPRI
"Drought in the U.S. farm belt may result in higher prices for poor people around the world, according to the head of an agricultural think tank who on Monday also recommended a halt to ethanol production."
Drought threatens world food price rises
Food Supply Shock - $10 Corn Coming: Top Hedge Fund Manager
Canadian food prices to jump as U.S. drought pinches producers
Drought seen slashing corn crop to five-year low
GMO crops so tough that farmers are turning to Kevlar tractor tires
Italian churches pray for rain
Rice Hoard Offers World Respite as Food Costs Surge: Commodities
3rd Worst Soybean Yield Signals Price Susceptible To Further Spikes

## Environment/health ##
Minor earthquakes seen near Texas injection wells: study
"Dozens of small earthquakes occurred in central Texas over a two-year period, and 23 of them were close to injection wells where waste water from energy extraction was pumped deep underground for disposal, a new study reported on Monday."
Monsoon rains swamp Philippine capital, markets shut
"Deadly torrential rains submerged much of the Philippine capital and surrounding areas on Tuesday, forcing nearly 270,000 people to flee their homes with more flooding expected in the north of the country as a tropical storm passes through the region, officials said."
Schmallenberg virus 'may spread across UK'

## Intelligence/security/internet ##
Iran takes websites offline after cyber attacks
Apple account hack raises concern about cloud storage
Beware, Tech Abandoners. People Without Facebook Accounts Are 'Suspicious.'

## Systemic breakdown ##
A Complexity Approach to Sustainability – Theory and Application: Review
Degrowth, expensive oil, and the new economics of energy

## Japan ##
While All Eyes Are on Europe, Japan Circles a Black Hole
"While all eyes are on the absurdist tragicomedy playing out in Europe, Japan is quietly circling a financial black hole as its export economy is destroyed by its strong currency and the global recession."
Nippon Express Net Profit Drops 8.5 Percent
"Nippon Express Co., Japan's largest international freight forwarder, said that its net profit sank 8.5 percent in the first quarter of fiscal 2012, which started on April 1, from a year earlier to $65.16 million on a consolidated basis."
Tokyo System Errors Underscore Decline in Japan's Equity Market
"The Tokyo Stock Exchange Group Inc.'s second major system error in seven months took derivatives trading offline for 95 minutes and underscored the challenge Japan faces to revive its reputation as a global equity hub."
Economic indicators fall for 3rd straight month
21,047 taken to hospital for heatstroke in July
Test of facial ID recognition system begins at airports
Kyushu Electric to issue 50 bil. yen in debt securities

## China ##
Corporate debts sound alarm bells for China's economy
"The accumulated debts of Chinese businesses have reached dangerous levels, sounding alarm bells for the country's economy, reports the Chinese-language Beijing Business Today."
Week opens with incessant downpour in Chinese steel market

## UK ##
UK Must Spend £110 Billion in Order to Achieve 2020 Green Energy Target
PwC Economic Outlook finds NI lost 11,000 jobs in two years
School field sales fuel fears about school sport

## US ##
U.S. Midwest hit by Perfect Gasoline Storm
Four reasons to worry about municipal bonds
Record heat year for U.S. Northeast
EMS Chief Says Meds Hard to Come By
Drought Curbs Tourism as Boat Docks Stand on Dry Ground in Texas
Bernanke Says Student Loans Won't Cause Crisis
Florida's Foreclosure Crisis Is Far From Over
Fiscal Cliff Looms Large as Congress Leaves Town
Calls to scrap ethanol mandate intensify with drought

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