Tuesday, October 30, 2012


News Links, October 31, 2012

## Global Ponzi meltdown/House of Cards ##
Flaherty is told Canadian economy will do worse in 2013 than predicted
Poll: Canadians overspending, rely on luck
"The majority of Canadian consumers are overspending each month and some are counting on luck with a lottery or inheritance, a survey Tuesday indicated."
Recession's legacy has food-bank usage soaring in Canada
Asian economies brace for impact of hot money
"The enormous influx of hot money into the Asian capital market toward the end of October has prompted monetary authorities in Hong Kong, South Korea and Thailand to adopt preventive measures that restrict the inflow of speculative capital that can create asset bubbles, Shanghai's First Financial Daily reports."
GM production may be disrupted by auto-parts strike
Volvo latest Euro carmaker to cut production, workers
Container Shipping Rates Rise as Overcapacity versus Available Freight Problems Continue
"Up, Up and Away seems to be the anthem which the major container shipping lines are playing at the moment as once again the cycle of rate rises begins to attempt to compensate for the continued overcapacity available to shippers, particularly on the Asian routes to Europe."
Shipping sector facing higher cost pain - survey
"Ship owners face another year of rising costs as they struggle with a four-year slump and global economic turmoil, a survey showed on Monday."
Mine unrest cuts South Africa growth forecast to 2.5 percent: minister
UBS Wastes No Time On Revamp, Job Cuts
"Scores of traders at UBS AG were locked out of the Swiss bank's London offices Tuesday as the institution moved quickly to implement the first of thousands of job cuts in a strategic restructuring."
Greece agrees deal with creditors on austerity plan
Key IMF loan talks begin in Cairo, reducing budget deficit is focus

## Airline Death Spiral ##
United Airlines says Boeing 787 deliveries further delayed
India's Ailing Kingfisher Airlines Asked To Leave Airports
1time airline reports major loss
Shares in loss-making airline SAS halted as rumours swirl
NYC Airports May Stay Shut Until Nov. 1 on Sandy Flooding

## Fault lines/flashpoints/powder kegs/military/war drums ##
US Navy tests innovative Israeli technology
"US reportedly mulls purchasing Rafael's remote-controlled robotic boats, ahead of possible strike on Iran; holds successful test off Maryland coast"
Navy advances anti-swarm defense
"The U.S. Navy has successfully fired Israel's Spike missiles from an  unmanned surface platform as part of a program to protect against swarm attacks."
Netanyahu: A War on Iran Would Be Good for Arabs
Israel says Iran has pulled back from the brink of nuclear weapon - for now
What about Israel's massive nuclear arsenal? -- RF
Iran bans export of 50 goods as sanctions bite: report
Kuwait arrests opposition leader over emir comments
Chinese ships again enter waters near Senkakus
U.S., Japan to hold joint military drill amid island row with China
"Japan and the United States will hold a biennial joint military exercise in Japan in November in a move likely to further anger China amid heightened tensions between the two Asian giants over disputed islets in the East China Sea."
EU considers sending 200 troops to train Mali army

## Global unrest/mob rule/angry people/torches and pitchforks ##
Some S.Africa Amplats strikers defy return deadline
Protests in China Get a Boost From Social Media
Environmental protests growing 30% every year in China
Police, protesters clash at Republic Day march in Turkey
Consumer indebtedness 'could lead to social unrest'
Myanmar unrest could destabilise wider region: ASEAN
Crowd control: Bahrain bans all public gatherings

## Energy/resources ##
GCC may turn into deficit by 2017 on slack oil price
"The six-nation Gulf Cooperation Council's (GCC) combined fiscal surplus may turn into a deficit around 2017 as oil prices slip below $100 and government spending rises, said the International Monetary Fund (IMF)."

Petrobras Profit Falls as Drilling Costs Rise: Corporate Brazil
"Petroleo Brasileiro SA (PETR4), the world's largest deep-water oil driller, is becoming less profitable as costs rise faster than sales because of equipment shortages and falling output."
Water Injection Used to Increase Life of Deepwater Wells in the Gulf of Mexico
Myanmar's Ethnic Conflict Flares In Shadow Of Asian Oil Investments
Mindanao gears up for long brownouts (Philippines)
Electricity shortages may darken Mongolia's future
Fuel shortage dampens Eid spirit (Oman)
Tanzania: Oil Shortage a 'Vicious Cycle'
Europe Product Swaps-Sandy worsens already tight markets
"Most oil product swaps firmed on the week to Monday, as traders priced in the possible effects of Hurricane Sandy, which was due to hit the U.S. East Coast on Monday, potentially worsening an already tight supply situation in Europe."
Sweden seeks to import trash due to shortage
The fatal flaw in waste-to-energy plants is that they run on the detritus of the consumer culture. -- RF
Nigeria: Floods to Cut Crude Oil Production in 2013 - Experts
Gasoline Supply Seen Down to 1990 Low on Sandy: Energy Markets (US)
Has the Sun Set on Solar Stocks?

## Infrastructure scavenging ##
Cable theft surge prompts railways to seek EU action
"European railway operators are pressing for an EU-wide response to the rising number of cable thefts, with desperate rail companies deploying helicopter patrols and sprinkling infrastructure with artificial DNA to deter crime."

## Got food? ##
In aftermath of drought, U.S. corn movement turns upside down
Honey harvest 'devastated' by wet summer (UK)

## Environment/health ##
Is the detritus of the Iraq war harming the babies of Fallujah?

## Intelligence/security/internet/cyberwar ##
Vietnam jails two dissident songwriters
Websites knocked offline by super-storm Sandy
Storm forces Internet hubs to run on generator power
"Manhattan power outage amid Hurricane Sandy hits critical communication centers, including Google-owned building"
Washington Post: Yes, We Need To Give Up Liberty For Security

## Systemic breakdown ##
Anticipating the Devolution of Big Government
"Expect destructive feedback loops"
9 scenarios and all lead to stock plunge: Death of 'Growth Economics' spells danger
Acute power crisis pushes AP ginning mills to closure (India)

## Japan ##
Japan seeks exemption on U.S. sanctions on Iran: Nikkei
"Japan is seeking an exemption from proposed new U.S. sanctions against Iran that could effectively freeze Tehran's use of payments for oil, the Nikkei business daily reported on Tuesday, citing sources."
Japan Industrial Output Falls, Outlook Lowered
"Japanese industrial production fell an unexpectedly large 4.1% in September from a month earlier, government data showed Tuesday, a sign that Japan's economy may be losing more steam than expected amid the global slowdown."
Japan's Tepco to tap more coal suppliers to cut costs
5 utilities consider rate hikes, call for restarts of nuclear reactors
Domestic auto output down 12.4% in Sept.
Sept. industrial output decreases 4.1%
¥11 trillion added to BOJ asset fund
Panasonic may curb solar panel, lithium battery expansion -sources

## China ##
PBOC Injects Record Amount of Cash Into Money Market
"China's central bank pumped a record-high amount of cash into the financial system Tuesday in an bid to ease a liquidity crunch caused by commercial lenders' surging demand for funds to meet capital requirements."
Chinese Banks Brace for Bad Loans
600,000 Chinese workers die from overwork annually
Chinese Electric Car Revolution Running On Half A Battery
PetroChina's Profit Falls 33%

## UK ##
Occupy protesters were right, says Bank of England official
"The anti-capitalist protesters who occupied St Paul's Cathedral were both morally and intellectually right, a senior Bank of England official said last night."

## US ##
U.S. nuclear plant declares "alert" after Sandy storm surge: NRC
"Exelon Corp declared an 'alert' at its New Jersey Oyster Creek nuclear power plant due to a record storm surge, the Nuclear Regulatory Commission said, warning that a further water rise could force the country's oldest working plant to use emergency water supplies to cool spent uranium fuel rods."
NYC struggles with fires, flooding after killer storm
Storm Sandy Could Deal A Crippling Blow to the New York Economy
Superstorm Sandy cuts power to 8.1 million homes
Executive Order -- Establishing the White House Homeland Security Partnership Council
Hurricane Sandy Threatens $20 Billion in Economic Damage
The Economic Impact of Hurricane Sandy … Not All Bad News
More Keynesian crap. Ask the Japanese how well their post-tsunami/earthquake reconstruction program has boosted their economy. -- RF
El-Erian Says Sandy Probably Won't Cause U.S. GDP to Shrink
Hurricane Sandy May Slow Economy as Workers Stay at Home
Citigroup Says Wall Street Building Unusable for Several Weeks
NY Subway May Take Weeks to Restore Service, 5 Million Affected; 80 Flooded Homes Destroyed by Fire; Stunning Flood and Fire Images
Mitt Romney vs. Barack Obama: Hawk vs. Hawk
Hurricane Sandy Will Put a Rickety Power Grid to the Test
Lessons from Storm Sandy: When Hospital Generators Fail
Sandy Knocks Out 25% Cell Towers Serving 10 States

Monday, October 29, 2012


News Links, October 30, 2012

## Global Ponzi meltdown/House of Cards ##
Greece riskier for investors than war-torn Syria, survey of experts suggests
Fear of economic overheating in Qatar
Retail Sales in Spain Plunge 10.9%, Largest Drop on Record; All Pain, No Gain
The Spanish Bad Bank Emerges, Confirms Spanish Real Estate Absolute Disaster
U.S. Margins Stagnate for Longest Stretch in Three Years
"Chief executive officers in America are finding fewer costs to cut, sending profit margins into the first 12-month contraction since 2009 and leaving investors increasingly dependent on economic growth to boost stocks."
EU Bureaucracy has Lost Control of Italy; Social Mood Turns Black
Bank of Israel Unexpectedly Cuts Rate, Limits Mortgages
Turkish Banks Go for Gold to Lure $302 Billion Hoard
Profits Collapsing at Buffett-Backed Chinese Automaker

## Airline Death Spiral ##
China Southern Airlines' third-quarter profit falls by a third on yuan weakness
Industrial action looms at Aer Lingus
Kansai Airport opens new terminal for low-cost carriers
World's airlines collecting $36 billion in a la carte fees this year, report shows

## Fault lines/flashpoints/powder kegs/military/war drums ##
Europe's Crisis Spawns Calls for a Breakup—of Spain
Iran naval task force 'docks in Sudan'
Hacking the President's DNA
"The U.S. government is surreptitiously collecting the DNA of world leaders, and is reportedly protecting that of Barack Obama. Decoded, these genetic blueprints could provide compromising information. In the not-too-distant future, they may provide something more as well—the basis for the creation of personalized bioweapons that could take down a president and leave no trace."
The new threat to the euro – disintegrating nations
US military chief in Israel to oversee countries' largest ever joint maneuvers
Former Official Dennis Ross: Obama's Israel Ties 'Without Precedent'

## Global unrest/mob rule/angry people/torches and pitchforks ##
Eurozone crisis could provoke violence and push people towards extremism, says Tory cabinet minister
Southampton Ford Transit union action 'not ruled out'
Turkish police fire tear gas at banned secularist march
Police halt anti-KKNPP protest, 1,800 arrested
China steps carefully with protesting middle class

## Energy/resources ##
Denmark Won't Support Vestas Through Financial Hardship
"The Danish government won't provide direct support to Vestas Wind Systems A/S (VWS) should the world's biggest maker of wind turbines need a bailout to stay afloat."
Putin Strengthens his Grip on World Energy with TNK-BP Deal
Nigerian Crude Oil outage only adds to supply pressures: Barclays
Egypt secures vital oil supplies for rest of year
"Egypt has secured oil supplies for the rest of the year, despite fears about its ability to make payments, from a small number of Western suppliers who have agreed to deliver unusual grades of crude for hefty premiums, market sources said."
Why Energy May Be Abundant But Not Cheap
Remember: The quantity of a resource means absolutely nothing. Quality is everything. -- RF
10 Easy Ways to Save on Energy at Home

## Got food? ##
Storm damages crops in Haiti, fueling food price woes
Grain monopolys tighten grip, food prices increase
Empty shelves at food bank a severe problem
Seeking a New Startup Idea? Try Farming
It's important to keep Big Capital out of farming or we'll end up with an aristocratic landowner class and a serf class. My warning about neofeudalism stands. -- RF

## Environment/health ##
Two-thirds of Australians 'obese'
After Smoking Is Banned, Heart Attacks Drop
Meningitis outbreak spreads to 19 states with case in Rhode Island

## Intelligence/security/internet/cyberwar ##
Use stronger snooping powers against fly tipping, watchdog urges (UK)
"New powers to snoop on all emails, web visits and phone calls could still be used to combat minor crimes despite Government assurances, the watchdog who oversees them has said."
Will Amazon's Servers Be Ready For Sandy?
The Next Weapon Of Mass Destruction Will Probably Be A Thumbdrive

## Japan ##
Honda lowers profit forecast amid China-Japan dispute
Methane Hydrates Found In Waters Of Japan's EEZ
Without a doubt, this is a low-quality energy resource. After all the costs and subsidies are factored in, it might even have a negative energy yield. Pardon me if this evokes a yawn. -- RF
Noda says Japan will boost coast security
Japan auto industry bodies calls for abolition of auto tax
KEPCO considers rate hike after record loss
"Kansai Electric Power Co. said Monday it is considering a rate hike after it booked a record group net loss of 116.7 billion yen from April to September, against a profit of 20.4 billion yen a year earlier."

## China ##
China's natgas consumption seen at 230 bcm in 2015: NDRC
China Telecom Earnings Fall as Costs Rise
BYD profit drops 94% on weakness in car sales
Cloudy future for China solar panels
Has Hong Kong popped its bubble? New property tax another sign of currency-peg stress

## UK ##
Five million paid less than Living Wage, says KPMG
Poor farmers 'face worst crisis since foot-and-mouth'
"Struggling farmers are facing the worst poverty crisis since the devastating outbreak of foot-and-mouth disease in 2001, according to an agricultural charity which has seen a 50% rise in calls to its helpline."
Ash dieback: 100,000 trees destroyed to halt spread

## US ##
MF Global Problems Started Years Ago
Oil refineries shut down as Hurricane Sandy nears
Hurricane Sandy May Score a Direct Hit On Spent Fuel Pools at Nuclear Plant
Sandy knocks out power to more than 2 million
Hurricane Sandy Threatens $20 Billion in Economic Damage
U.S. Comptroller Warns on Banks' Loan-Loss Reserves
"The U.S. could stop banks from boosting their earnings by cutting back on reserves held against future loan losses, a top bank regulator said Monday, arguing that the economy remains too rocky for financial institutions to lower their cushions."
Junk oil: America's First Tar Sands Mining Site (slide show)
Gasoline Climbs, Stocks Fall as Sandy Shuts U.S. Markets
Savings Rate Plunges To Lowest In One Year As US Consumer Once Again Tapped Out
Warning of an 11% Unemployment Rate

And finally… Highways of horror: The world's most haunted freeways

Sunday, October 28, 2012


News Links, October 29, 2012

## Global Ponzi meltdown/House of Cards ##
Grandiose new projects fail to hide Dubai property weakness
Governments to debate 50 billion euro cut to EU budget
"European Union governments will debate a cut of at least 50 billion euros this week as the starting point for negotiations on the bloc's proposed 1 trillion-euro ($1.3 trillion) long-term budget, a source familiar with the issue said."
Charting The Undoing Of Credit-Fueled Globalization
A Global Bond Bubble Is Emerging That Professionals Never Could Have Imagined
Fiat to slash targets, but prospects for Chrysler alliance remain upbeat

## Airline Death Spiral ##
For some in Houston, dreams of flying Dreamliner to disappear
U.S. Airlines Cancel 4,700 Flights Ahead of Hurricane Sandy

## Fault lines/flashpoints/powder kegs/military/war drums ##
Satellite images suggest Sudan arms factory was bombed: group
Israel Conducts Air Strike On Sudan Missile Base In 'Dry Run' For Iran Attack
The value of Senkaku oil and the costs for Japan and China
As Surge Ends, 'Stalemate' in Afghanistan Predicted
Witnesses: Libya consulate attack seemed planned, may have used anti-Islam film as cover

## Global unrest/mob rule/angry people/torches and pitchforks ##
Seven Tibetans burn themselves in anti-Beijing protests: group
"A total of seven Tibetans have set fire to themselves in the past week in protest against what they claim is heavy-handed Chinese rule in the Himalayan region, a human rights group said in a statement issued late on Saturday."
10,000 strong Ningpo petrol plant protest turns explosive (China)
Saudi authorities disperse anti-Assad protest in Mecca
Spain austerity: Thousands join new budget cuts protest
Peru clashes: Two more die in Lima market protests
Saudi Arabia should stop prosecuting peaceful protesters: HRW

## Energy/resources ##
India to suffer over 10 per cent peak power shortage this fiscal: CEA report
LDK Sells Solar Plants to Henan Xindaxin for $22 Million
Why the U.S. is NOT the new Saudi Arabia
Sandy Also Could Wreak Havoc With Oil Refineries
Cold blast may tighten Atlantic heating oil supply crunch

## Infrastructure scavenging ##
Cable thieves strike thrice within a week at Narmada dam
Power cable thieves inflict double blow on victims
Metal Thieves Target Water Infrastructure in Russia
Metal thieves steal all six grids in one street

## Got food? ##
China's soybean imports to reach record high
The Bread Aisle In Manhattan's Upper West Side Is Now Empty

## Environment/health ##
EU-funded research shows mothers, children exposed to chemicals
Nearly Curtains for the Mexican Wolf

## Intelligence/security/internet/cyberwar ##
11 terror suspects arrested in Indonesia
France Euromillions site hit by religious hackers

## Systemic breakdown ##
Cities crumbling beneath our feet (Canada)
Indian state's industrial dream mired in delays, protests

## Japan ##
Record number of M&As by Japan companies of foreign firms in Jan.-Sept.
Declining Japan loses once-hopeful champions
Japan says four Chinese ships in disputed waters

## China ##
China's Slowing Revenue Gains Seen Limiting Spending
"China's government spent more than planned in the first nine months of the year, and revenue gains moderated, leaving little room for public outlays to stoke the economy this quarter without an expansion of the budget."
Lawyers for China premier's family deny "hidden riches" claim
China shelves chemical plant expansion after protests
China Aluminum Stockpiles Seen at Two-Year High Amid Glut
Wuhan Steel net falls 53% on weak global growth

## UK ##
Heavy childcare costs leave families £4 a week better off
"Childcare cost are now so large that taking a full-time job has become almost pointless for a growing numbers of 'second earners' in middle and low-income families, a report has claimed."
Riots crackdown followed by violence rise says think tank

## US ##
Burden for rebuilding infrastructure may fall to states
Report says Obama sought ties with Iran
"Months after taking office in 2009, U.S. President Barack Obama proposed to gradually normalize ties with Iran, Israeli newspaper Maariv reported Sunday."
More People Opt Not to Work Anymore
"As of September, the share of the adult population that either had a job or was trying to find one—a measure known as the labor-force participation rate—stood at 63.6%, close to a 30-year low."
Marines, police prep for mock zombie invasion
Drone-murders of Americans 'Totally right, totally Constitutional': Homeland Security Chairperson
U.S. Congress may face another debt-limit showdown in 2013
Multigenerational Households On Rise; Boomerang Students Return Home; What's the Impact on Housing Demand?
Welcome to the Age of Hell: Entrenching Murder as the American Way
Insurers prepare for impact of Hurricane Sandy
Potential Sandy Damaged Revised Higher To 284,000 Homes
You Will Pay For Hurricane Sandy—Even If You Live Nowhere Near It

And finally… 
Why werewolves give us the willies
Cast Defends Timing of Film on Bin Laden Raid
Zombie Maid Café Serves Up Terror in Tokyo Before Halloween

Saturday, October 27, 2012


News Links, October 28, 2012

## Global Ponzi meltdown/House of Cards ##
MAN SE to halt truck production for 4 weeks: sources
"MAN SE plans to halt production of heavy-duty vehicles for four weeks at two German factories as the economic downturn curbs demand from freight transporters and construction firms, company sources said."
New Definition of "Sustainable" is Six Months; New Word Needed to Replace "Haircut"
Six Canadian banks on review for Moody's downgrade
Report: UBS to slash investment banking

## Airline Death Spiral ##
Airport lost €6m since subsidies stopped
Plane Truth: Millions Spent on Rarely-Used Airport
Third Airline Adds Carry-On Bag Fee
Buyouts reduce number of furloughs needed at American Airlines
"So many mechanics are taking buyouts at American Airlines Inc. that the company expects only a small fraction of the layoffs that were originally planned."

## Fault lines/flashpoints/powder kegs/military/war drums ##
U.S. officials briefly detain Pakistani politician Imran Khan in Toronto
"Pakistani politician Imran Khan, a former cricket star and critic of U.S. drone strikes, was briefly delayed and questioned by U.S. immigration officials in Toronto before being allowed to board a flight to New York."
Interview with Imran Khan (video)
Al Qaeda's Zawahri calls for kidnap of Westerners
Israel's Likud Party and Yisrael Beitenu to join forces
"Israeli PM Benjamin Netanyahu's party will run alongside that of his ultra-nationalist Foreign Minister, Avigdor Lieberman, in January's election."
Report: Israel sells drones to Azerbaijan

## Global unrest/mob rule/angry people/torches and pitchforks ##
Tens of thousands protest against austerity in Rome
"Tens of thousands of people marched through Rome in a 'No Monti Day' on Saturday, some throwing eggs and spraying graffiti to protest against austerity measures introduced by Italian Prime Minister Mario Monti's government."
Police disperse east China chemical plant protesters
Compal employees go on strike in Chengdu
64 reported dead in Myanmar violence
Two dead as police clash with protesters in Peru's capital
South African Worker Protest Turns Violent in Mining Town
Industry protests power outages with daylong strike

## Energy/resources ##
BP drops plans for U.S. cellulosic ethanol plant
"Once seen as a promising alternative to the use of corn and other crops to make fuel, cellulosic biofuel has become a political football as companies struggle to produce commercial quantities, despite a government mandate."
Germany shifts to coal to tackle its installed capacity shortfall

## Got food? ##
India's food inflation to hit Aam Aadmi [Joe Sixpack] during festive season, says Assocham study

## Environment/health ##
Triclosan is harmful to the ecology of rivers
Six new cases reported in meningitis outbreak
Fight to save a third of Britain's trees from killer fungus

## Intelligence/security/internet/cyberwar ##
South Carolina hit with huge data breach
"South Carolina says a massive security breach exposed millions of Social Security numbers as well thousands of valid credit card numbers of state residents."
Indonesia Holds 10 Over Alleged Terror Plot Against U.S. Embassy

## Systemic breakdown ##
Nigeria: Fuel Scarcity, High Cost of Foods, Insecurity, Mar Sallah Celebrations

## Japan ##
Meanwhile In Japan…
"The only source of 'capital' left - BOJ monetization. The only problem, of course, is that Japan already has well over 200% of national debt to GDP. And that's the smaller problem. The bigger problem: even the smallest increase in prevailing interest rates, and the entire Japanese house of cards topples."
Tepco will oblige all the employees to go to Fukushima, 100,000ppl/y in total.
TEPCO tries to find somewhere to store contaminated water
Defense chief to visit India to boost ties amid China rise

## China ##
If China willing, Gold to break all time high: Saxo Bank
Coasts, mudflats are vanishing, research shows
H.K. Imposes Property Tax on Non-Locals on Bubble Risks

## UK ##
Street lights turned off in their thousands to meet carbon emission targets
"Local authorities say the moves helps reduce energy bills, at a time when energy prices are continuing to rise. Several of the big energy companies have unveiled price hikes in recent weeks, including British Gas, npower and EDF Energy - which this week said it was increasing its standard variable prices for gas and electricity customers by 10%."
Half of workers can not afford to retire, pensions industry says
More than 400 trains cancelled due to driver shortages

## US ##
The Trouble With 2 Percent GDP Growth
"A good chunk of that 2 percent growth came from a bizarre surge in defense spending that masks some pretty crappy fundamentals, particularly on the business side of things."
The Luxury Repo Men
Seattle police plan to deploy spy drones
More than a Dozen Nuclear Plants Near Hurricane Sandy's Path Brace for Impact
Sandy: Over 250,000 Homes At Risk
Earnings & Guidance Disappoint Wall Street, But Are Consumers Toast Too?


News Links, October 27, 2012

## Global Ponzi meltdown/House of Cards ##
Credit Crunch in Europe; Eurozone Lending Sinking Fast; Money Supply Contracts
Greek debt to badly miss target -euro zone official
Spain unemployment hits record high at 25 percent
Ericsson profits plunge as operators turn cautious
"Swedish wireless equipment maker LM Ericsson on Friday posted a 43 percent plunge in third-quarter net profits as the global financial slowdown caused operators to become more cautious about investing in the group's network infrastructure business."
S. Korea's economic growth hits 3-year low in Q3
Thousands have their cash frozen after collapse of Banksia Financial Group (Australia)
Emerging Stocks Drop to Month Low as Korean Economy Growth Slows
UBS Said to Plan 10,000 Job Cuts as Investment Bank Shrinks

## Airline Death Spiral ##
Plan to cut workforce provokes Friday through Monday strike
Hurricane Sandy wreaks havoc on airline flights

## Fault lines/flashpoints/powder kegs/military/war drums ##
Britain says opposed to strike on Iran "at this moment"
Britain Rejects US Request to Use Bases in Attacking Iran
West African pirates target oil tankers
"As the oil boom in West Africa swells, pirate attacks on tankers in the Gulf of Guinea are 'reaching dangerous proportions,' the International Maritime Bureau reports."
Iran's coal shipping trade booms despite Western heat
Shell seeks Iran sanctions workaround via Cargill grain barter
Iranians Build Up Afghan Clout
"Iran is funding aid projects and expanding intelligence networks across Afghanistan, moving to fill the void to be left by the U.S. withdrawal from Afghanistan by the end of 2014, according to U.S. and Afghan officials."
Egypt seizes Libyan weapons, suspects in further sign of spreading terrorist influence
UN rights expert boycott call angers US, Israel
New cruise missile will fry electronic targets, change warfare
As Jihadists Spread, Connecting The Dots Proves Hard
The al Qaida label has always been convenient for everyone, no matter which side of the fence you are on. As I've always said: How do you know if someone is AQ? You ask them for their official AQ membership card! -- RF
Chinese patrol vessels test 'authority' near Senkakus
Remote U.S. base at core of secret operations

## Global unrest/mob rule/angry people/torches and pitchforks ##
Zanzibar unrest reflects anger along Swahili coast
Tibetan man becomes fourth self-immolation in a week

## Energy/resources ##
Another massive blackout hits Brazil
Power blackout (Fiji)
German distributors face weeks of diesel shortages
"Diesel distributors in Germany say they are facing supply shortages that could last another two weeks because of problems with local refineries and low inventories, in the latest sign the region is heading towards a supply crunch this winter."
Coal stocks in 47 power plants at critical level - CEA (India)
Windmills Overload East Europe's Grid Risking Blackout: Energy
"Germany is dumping electricity on its unwilling neighbors and by wintertime the feud should come to a head. Central and Eastern European countries are moving to disconnect their power lines from Germany's during the windiest days. That's when they get flooded with energy, echoing struggles seen from China to Texas over accommodating the world's 200,000 windmills."
US to Overtake Saudi Arabia? Skewing the Oil Stats
Energy poverty concerns Riyadh
Junk oil: Utah oil sands projects gets green light
Zapping Nuclear Waste With Laser Beams Could Actually Be A Great Idea
We are talking about some serious money and energy consumption. And the world has lots and lots of nuclear waste. I predict this will go virtually nowhere. -- RF
Almost Free Gasoline: Sort of, Maybe
"There's no theoretical reason why the air-to-gasoline process can't work. The problem arises when the process encounters the second law of thermodynamics. That's the one that says for all the energy the goes into a system, whatever energy comes out will have to be less. In this case, the amount of energy that is needed to convert air to gasoline is likely far to exceed the amount of energy available in the produced fuel."
Brazil's Petrobras Posts Surprise Profit Decline on Costs

## Got food? ##
Rising Ocean Temperatures Threaten Ocean Food Chain

## Environment/health ##
Worst Storm in 100 Years Seen for Northeast U.S.
Illegal hunting threatens African wildlife
Marine organisms have role in climate
"Small marine organisms reacting to warmer oceans may dramatically affect the climate by the end of the 21st century, Michigan State University researchers say."
West Nile virus deaths up 19% (US)
"Wild West" timber trade threatens Congo forests: report
First U.S. Oil Sands Mine Proceeds Without Pollution Permit

## Japan ##
Japan quake-hit nuclear plant "may still be leaking radiation" into sea
Ishihara announces new political party
Japan automakers see output, sales drop in China in Sept
Utilities brace for poor bottom lines
Kansai Electric eyes cutting employee salaries for 1st time
10% power saving urged in Hokkaido
Stimulus Package Fails To Excite Economists
Docomo cuts full-year profit forecast
"Japan's biggest mobile phone carrier NTT Docomo on Friday cut its full-year profit forecast and said quarterly net profit was down 13% owing to rising infrastructure costs."
Pressure on BOJ to act mounts as deflation persists
Tour bookings to China from Japan plunge 70%

## China ##
Chinese premier's family has massive wealth: NYT report
China knows that gold is rigged
"It is an open secret among precious metals analysts and traders that the gold and silver markets are being heavily manipulated, mostly to the downside; i.e. their prices are being suppressed by various Western financial entities in what should be a scandal much bigger than the Libor rigging scheme."
Platts report announces China's Oil demand hits record volume in September

## UK ##
Britain is in no rush to tangle with Iran
Winter arrives in October as mercury drops freezing
CBI reveals worsening picture for UK output

## US ##
Analysts: Neither Obama nor Romney will win Arab friends without progress on Israeli-Palestinian peace
Goodyear Tire 3Q net income falls 32 percent
Will The Bottom Fall Out? 15 Signs That Layoffs And Job Losses Are Skyrocketing
Widespread Power Outages Likely as Sandy Slams into East
Why The Real Earnings Picture Is Bad And Getting Worse
President Declares 'War on Entropy' (Satire)

And finally… Angry moose trashes police car (Canada)

Thursday, October 25, 2012


News Links, October 26, 2012

## Global Ponzi meltdown/House of Cards ##
WPP Cuts Sales Growth Forecast as Clients Slash Spending
"WPP Plc (WPP), the largest advertising company, slashed its full-year sales growth target for the second time in two months as clients in North America and Europe cut spending. The stock dropped as much as 5.2 percent."
Ford to Cut 5,700 Jobs With Three European Plant Closings
"Ford Motor Co. (F) will shut three European plants, its first factory closings in the region in a decade, and cut 5,700 jobs to stem losses that the carmaker predicts will total more than $3 billion over two years."
U.S. And China Share Problem Of Rising Income Inequality
Why Did The Bundesbank Secretly Withdraw Two-Thirds Of Its London Gold?
Eurozone debt hits 90 percent of its economy
Amazon Loses Money

## Airline Death Spiral ##
Delta to shed older planes, cut capacity on global routes
Airlines Give Up on World's Longest Flights

## Fault lines/flashpoints/powder kegs/military/war drums ##
Bad News for Africa: 3,000 More U.S. Soldiers are on the Way
"The United States plans to permanently station a U.S. Army brigade on African soil, beginning next year."
France gives Burkina Faso planes to tackle Mali Islamist threat
Algeria accepts last-resort Mali intervention: sources
$12M Bounty Hunt for al-Qaeda in Iran
"We'll take issue here with two key things: First, the US media's purposeful misunderstanding of the Iran-al-Qaeda relationship (fostered most obviously by FOX News of recent Sesame-Street-is-Liberal-Brainwashing fame); second, the US (rather than Iranian) facilitation of jihadist infiltration of the Syrian rebels."
Russia claims Syria rebels have U.S.-made Stinger missiles
US deploys troops to Turkey: General
Three Chinese 'Surveillance' Vessels Enter Japanese Waters Around Senkaku Islands
'Israeli attack' on Sudanese arms factory offers glimpse of secret war
A Year Later, the War in Libya is Far from Over
"The death of the U.S. ambassador in Libya revealed the extent of CIA involvement in Libya."
US General: Too Early to Tell if Iraq Is an Ally
"Complains Iraqis Aren't Appreciative Enough of Occupation"
Afghan Policeman Kills Two US Troops in Insider Attack

## Global unrest/mob rule/angry people/torches and pitchforks ##
Two hurt as Bahrain police clash with protesters
Compal Electronics: Shift, Wages Dispute With Workers Halts Work at Chengdu Plant

## Energy/resources ##
Not a game-changer: Shale Oil: The Latest Insights
Not a game-changer: Chevron Strategist Warns Era of 'Too Cheap' Natural Gas Will End Soon
"Two-dollar gas is really not sustainable when you look at what it takes to go and drill shale gas wells and further develop our industry -- you're not looking at $2 gas forever. It's more likely to be $4 or above that's the message that the market is delivering."
Not a game-changer: Oil Sands Crude Prices Falling Off the Table
"The problem for producers is the cost of extracting and upgrading the tarry oil sands. Existing oil sands projects can make a profit even if WCS drops below $50 a barrel, but new steam-assisted projects need a price of $65 to $70 a barrel just to break even and mining projects need a price of more than $90 a barrel to break even. If the low prices continue, new projects will be delayed until demand forces the prices back up."
Supply Boom Upends the Oil Market (WSJ)
It's not a supply boom, it's a demand collapse. -- RF
The U.S. isn't quite ready to catch up with Saudi Arabia on oil…
Fracking won't make the US into the new KSA. Here's a stake in the heart of that propaganda story. -- RF
Cheap nuclear energy is an illusion
Texas officials may double electricity price cap
Ewura engages TRA to avert fuel shortage
"Worried over by the abrupt shortage of petroleum products, Tanzania now wants to purchase fuel that is destined for neighbouring countries, the sector regulator said yesterday."
Egyptians hunt cheap fuel as Mursi seeks to end shortage
Nigeria: 'Oil-gas sector mismanagement costs billions'
REC Is Merger Candidate as Solar Takeovers Loom, CEO Says
"Renewable Energy Corp. (REC), the Norwegian solar-energy company struggling with falling demand and excess capacity, said it's a merger candidate as the industry gears up for a probable consolidation."
Solar woes to hit Wacker Chemie sales and earnings
"Wacker Chemie, the world's No.2 maker of polysilicon, said its sales and core earnings would fall significantly this year, burdened by the solar industry's ongoing crisis."
An Economic Theory of Limited Oil Supply

## Infrastructure scavenging ##
AT&T offering reward to solve copper thefts from telephone cables in Meridian area
Power lines targeted in £10,000 metal thefts
Thieves plunder manhole covers

## Got food? ##
Tennessee food banks see shortage as stimulus drops off
How to Buy Farmland, Even If You Think You Can't

## Environment/health ##
One more dies, nine more sickened in fungal meningitis outbreak
Meningitis outbreak spreads to 18 states with South Carolina case
Hundreds sicken as dengue fever hits Portugal's Madeira
Worst Storm in 100 Years Seen for Northeast U.S. as Sandy Grows

## Intelligence/security/internet/cyberwar ##
Thieves Hack Barnes & Noble Point-of-Sale Terminals at 63 Stores
Sony PS3 Hacked (again): All Future Games Decryptable, No Solution Possible
Ransomware targeting businesses, Skype users
Army readies offensive cyber attacks
Cyber-Security Chief on Wave of Web Attacks
"The man often credited as being the father of Internet defense says it's still unclear where a recent wave of hacking attacks targeting the U.S. financial industry are coming from."

## Systemic breakdown ##
Auditor General report: Crumbling infrastructure threatens military's ability to deploy
"Canada's military is facing a homegrown threat — its network of armouries, airfields and army bases that are crumbling because of inadequate maintenance, a federal watchdog is warning."
LA County Gets 'C' Grade For Drinking Water, 'C-' For Roadways
"Streets, highways and bridges in Los Angeles County are deteriorating because officials have failed to provide maintenance and replacements for local infrastructure, according to a report released Wednesday."
Oakland County government agencies experience telephone outages
Multi-state phone outage hits area schools and hospitals
"Authorities in Michigan are reporting scattered problems with phone service around our state and other parts of the United States."

## Japan ##
Japan's very own fiscal cliff
1st round of economic stimulus anticipated to be 400 billion yen
JFE Holdings cuts profit outlook to half
"Reuters reported that JFE Holdings Inc, Japan's No 2 steelmaker, has slashed its full year profit forecast in half due to worries that a delay in the recovery of Asia's steel market and slower demand from carmakers will squeeze margins."
Japan winter could be milder than usual, would curb kerosene demand
Canon profit falls 35.6%, well below forecast
"Canon Inc. Thursday reported a 35.6% fall in net profit for its fiscal third quarter, missing expectations by a wide margin as a result of the yen's strength, a falloff in demand in Europe and a slowdown in China and other emerging markets."
Sharp may post bigger-than-expected net loss of 400 bil. yen
Fukushima fish still contaminated from nuclear accident
Russia sent 284 of imported products back to Japan to detect excessive level of radiation, "Doubled from 2011″
NRA simulates N-disasters / High radiation of 4 plants could spread beyond 30 km
Regulator to urge wider nuclear safety zones
23 billion yen wasted in gov't loans to small firms for energy saving projects: auditors

## China ##
China's debt nearing international warning levels: report
China to resume nuclear power construction
Silver Demand In China For Wealth Protection To Climb To Record 7,700 Tons
China's Sep LNG imports jump 20.1% year on year to 1.38 mil mt

## UK ##
Cuts mean drivers face more potholes
"Motorists face increasing numbers of potholes on the road because government funding to maintain the highway has been cut, it has been warned."
Ford to cut 1,400 car jobs in Southampton and Dagenham

## US ##
Homeland Security to recruit from US universities
Mass Firings Soar at Fastest Pace Since 2010; What's the Impact on Unemployment?
AMD Faces Looming Cash Crunch Amid Quest for New Markets
Outsourcing Turns Inside-Out as Indians Open U.S. Centers
Home Prices Push Low-Wage Workers Out of Cities
Get Ready: Everything Is Going to Cost More Next Year
Thirteen American Cities Going Broke

And finally… Mayans demand an end to 2012 doomsday myth


News Links, October 25, 2012

## Global Ponzi meltdown/House of Cards ##
Eurozone business slump accelerates: Markit
"Eurozone private sector business activity slumped deeper into the mire in October, falling at its fastest rate since June 2009 to 40-month lows, a closely watched survey showed Wednesday."
Spain's Bad Bank Seen as Too Big to Work: Mortgages
Ford to cut 4,300 jobs in Belgium
UBS set to begin 400 job cuts as early as Wednesday-WSJ
Cut, cut, cut. -- RF
China Taking Asia Further From Dollar, Even Further From Euro
"China has already muscled in on Japanese trade, and it is now muscling in on the U.S. dollar."
Singapore Yuan IPO Is Canceled
"A Singaporean real-estate investment trust backed by Hong Kong billionaire Li Ka-shing withdrew its yuan-denominated initial public offering owing to a weak market. The deal would have been the city-state's first flotation sold in the Chinese currency."
Eurozone Downturn Deepens, PMI at 40-Month Low; Manufacturing Weakness in Germany; Considerable Service and Manufacturing Contraction in France
Spanish economy shrinks again
France's Quiet Bank Rescues Top EU60 Billion With Peugeot Aid
The Germans Are Coming for Their Gold
Boomers clogging the career pipeline (Canada)
"Many impecunious boomers are working longer and these so-called 'hidden pensioners' may block career opportunities for younger generations, says a survey by actuarial consulting firm Towers Watson."
Spain's Robin Hood

## Airline Death Spiral ##
Indian airlines bled $550 mn in Q2: Capa
Aviation Fuel Tanker drivers embark on sit-down strike
Singapore Airlines Ending World's Longest Flight
Airlines Lift Profits on Stronger Fares
"Despite jet fuel prices holding at a higher level in the third quarter, two airlines reported strong earnings and reiterated their plans to limit the number of seats they plan to put in the air."

## Fault lines/flashpoints/powder kegs/military/war drums ##
Europe must help Mali against Islamist rebels: Germany
Mali war plan to be ready within weeks: AU
"An African plan for military intervention in Mali to help government troops reclaim territory from Islamist militants will be ready within weeks, the head of the African Union (AU) said on Wednesday."
Western powers call for political stability in Lebanon
Report: Japan, China discuss island dispute
"Japanese and Chinese diplomats held secret talks in Shanghai on their dispute over a group of East China Sea islands, sources told Kyodo News Wednesday."
Naval suppliers eye South America markets
"International suppliers for the world's naval fleets have set sights on Central and South America and the Caribbean as the next growth area for naval procurement and refurbishment contracts."
China tells U.S. it will not compromise with Japan over Senkakus
Chinese vessels seen sailing near Senkakus for 5th day
Plan for hunting terrorists signals U.S. intends to keep adding names to kill lists

## Global unrest/mob rule/angry people/torches and pitchforks ##
More Than 700 Kurdish Prisoners Now On Hunger Strike In Turkey
Panama land sale clashes in Colon turn deadly
Myanmar sets night curfew after unrest

## Energy/resources ##
Egypt aims to end late-night shopping to save energy
Nightmare on Electric Vehicle Street
State weighs blackout risk and electricity prices (Texas)
Oil Sands Crude Crashes Through $60 a Barrel
Oil Could Challenge $80/Barrel Again
"We would normally be excited that oil prices are sliding. The problem is that oil prices are sliding due to demand issues rather than supply issues. This is nothing more than a continued concern about the global economy."
Cool Planet Plans to Turn Cobs Into Gas at $1.50 a Gallon
"Cool Planet Energy Systems, a biofuels maker backed by Google Inc. (GOOG), General Electric Co. (GE) and BP Plc (BP/), plans to build 30 manufacturing plants within three years to make gasoline, according to Chief Executive Officer Howard Janzen."
I hope they are including the costs of gathering and transporting the biomass. -- RF
China rare-earth plant halts production to boost prices

## Got food? ##
Steer clear of GM crops Greenpeace and US farmers warn EU
A Wind And Solar Powered Corncrib

## Environment/health ##
Major solar flare erupts from the sun
"The sun has emitted a powerful solar flare into space, releasing waves of radiation that caused a short radio blackout on Earth."
5 Reasons to End Our War on Germs Before it Kills Us All

## Intelligence/security/internet/cyberwar ##
Mideast cyber war endangers gulf energy
"The energy industry in the Persian Gulf, which supplies more than one-third of the world's oil supplies and much of its natural gas, is finding itself vulnerable to cyberattack, a form of warfare the United States, Israel and Iran are increasingly using."
Auditor General report: Canada's online security centre not operating 24 hours daily

## Japan ##
Record high 2.12 million Japanese nationals living on welfare
Mounting Japan Trade Deficits Raise Urgency of TPP, Japan-China-Korea, and Asean+6 Trade Talks
Fukushima situation stable but still precarious, regulator says
People forced to store contaminated soil on their own property in Fukushima
2012 Fukushima rice exceeds cesium limit
Forecast predicts wider evacuations needed if nuclear disaster repeated
As China tensions simmer, Japan pulls back from 'world's factory'
"Almost a quarter of Japanese manufacturers are rethinking their investment plans in China and some may shift future production elsewhere after the spike in tensions between Asia's two largest economies."
Row looms over China trade / Strained ties seen prolonging trade deficit into later half of 2013
Sharp's plight hitting partners nationwide
"Struggling Sharp Corp.'s restructuring efforts are dealing blows to its thousands of business partners across Japan, with some forced to lay off workers after seeing orders drop."

## China ##
J.P. Morgan Gets Stung by China Downturn
"A luxury apartment building that is one of the most visible casualties of China's high-end property bust is up for auction in the northeast city of Dalian, after a bank foreclosed on the property."
CNPC building its own oil tanker fleet

## UK ##
Lord Bichard: Retired people could work for pensions
"Retired people should be encouraged to do community work such as caring for the "very old" or face losing some of their pension, a peer has suggested."
Argos to shut or relocate 75 stores, Home Retail Group says

## US ##
The 46 Million Foodstamp Man March - An Infographic
United Parcel Service reports 56% drop in third-quarter profit
Vroom! Nation's fastest road to open in Texas
Gritters at the ready for Arctic blast of winter at half-term
"Road gritting teams were on standby tonight with Arctic winds expected to bring wintery conditions to large areas of the country this weekend."
Army to Assign Reserve Units to NORTHCOM, Other Regional Commands
U.S. Colleges Raise Tuition 4.8%, Outpacing Inflation
More Americans Walk Away from Their Mortgages
North Carolina, America's Most-Gutted State
U.S. Sues Bank of America for $1 Billion for Mortgage Fraud

And finally… Mitt Romney — Iran's way to the sea is Syria. On what planet?

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