Thursday, November 29, 2012


News Links, November 29-30, 2012

## Global Ponzi meltdown/House of Cards ##
Bankia Details Deep Cuts, Sees EUR19 Bln Loss This Year
Spain Now Faces a Systemic, Societal, and Sovereign Collapse
EU to bail out four Spanish banks
France's Nationalization Threat Ignores Steel Glut
French Unemployment Highest in 14 Years (And It's Going to Get Much Worse)
Is Nokia Toast?
We have cash to fund mega projects - Dubai official
Rolls-Royce Cars Plans Expansion as Wealth Spreads
Russian minimum wage is below poverty lin
Energy glut takes toll on western coffers
"With oil backing up behind full pipelines and Canadian energy companies selling their most lucrative product at large discounts, corporate earnings are tumbling far below expectations."
There isn't an energy glut, but there is collapsing demand. -- RF
Gold to surge in 2013 as central banks print more money: Profit Confidential

## Airline Death Spiral ##
Propeller Planes Come Back Amid High Fuel Prices
Airlines cut First Class as demand "evaporates"
"First Class cabins on new aircraft are likely to become a thing of the past as dwindling passenger demand has seen airlines start opting for economy and business class-only seat configurations on new deliveries, leading aviation executives told Arabian Business."
Pakistan International Airlines losses soar to Rs154bn
Malaysia Airlines Registers Profit After Six Quarters Of Losses
Obama shields U.S. airlines from EU carbon fees
Tag, you're it: Airlines expand self-tagged baggage programs
Staff and Fleet Cuts at Iberia to Stop Financial Decline
Cathay Pacific COO stresses need to reduce costs further as business continues to stall
Cathay Pacific Plans First Passenger-Capacity Cut Since 2009
Airport outlook: Larger aircraft, but no new routes
Labour strife mounts for both US Airways and American as creditors weigh potential merger
Lenders Approve Turnaround Plan for Scandinavian SAS

## Fault lines/flashpoints/powder kegs/military/war drums ##
A Second Wave of Genocide Looms in Congo, with Susan Rice on Point
Pakistan Test-Fires Medium-Range Ballistic Missile
Fighting Piracy Goes Awry With Killings of Fishermen
New Chinese Passports 'Counterproductive': Indonesia
Philippines will not stamp new Chinese passport
China Decries Attempts To 'Read Too Much Into' Passport Map Row
Chinese police plan to board ships in disputed seas
"Police in the southern Chinese island province of Hainan will board and search ships which enter into what China considers its territorial waters in the disputed South China Sea, state media said on Thursday, a move which could raise tensions further."
Saudi diplomat shot dead in Yemen, al Qaeda blamed
Syrian rebels' arsenal now includes heavy weapons
Syrian rebels battle for airport; Internet shut down
US Considers Directly Arming Syrian Rebels
Bombs kill 30 in Iraq Shi'ite cities
UN defies US to recognise sovereign state of Palestine
Indian aircraft carrier: More costly, already delayed
Pentagon Sees Weak, Impoverished Iran as Threat No. 1

## Global unrest/mob rule/angry people/torches and pitchforks ##
Tunisians wounded in Siliana clashes over unemployment
Burmese police break up copper mine protest
Protesters threaten operation of Western Libya's main oil refinery
"Protests outside western Libya's main oil refinery could shut down operations, causing a shortage of petrol in the country's capital, the deputy oil minister said."
Los Angeles ports disrupted by strikes
Four Chinese drivers charged over Singapore bus strike
Fast-Food Workers Strike in NYC
Peugeot and Renault factories in France hit by strikes
Milk farmers continue protest against production costs

## Energy/resources ##
Growth of ethanol fuel stalls in Brazil
Exxon Has an Oil Shortage
Chevron's Declining Oil Production May Prompt Increased Oil M&A
Analyst: Risk seen emerging for Libyan oil
"Political and national security concerns in post-revolution Libya, coupled with a shift to other forms of crude, may deter investors, an analyst said."
Bakken oil pipeline shelved
Just the other day I mentioned that it might not pay to build a pipeline for the Bakken. -- RF
Oil Markets Falling off the Cliff on OECD Concerns
South Stream Pipeline will Increase Gazprom's Control over Europe
Poland's Shale Gas Revolution off to a Rather Unimpressive Start
A Short Fuse For Fusion As Ignition Misses Deadline
Gas Shortages Fuel Tensions in Indonesia
Copper Shortage Seen Extending as China Accelerates: Commodities
India coal demand and production gap 185.50 million tons
Natural gas vehicles on back burner for now
Russian Oil Production to 2020
An analysis of World Energy Outlook 2012 (Kjell Aleklett)
"To summarise my analysis of the IEA's WEO-2012 report, I find it very hard to understand how IEA can smile and say 'don't worry, be happy'."
World Energy Report 2012 (Michael Klare)
"Given the hullabaloo about rising energy production in the U.S., you would think that the IEA report was loaded with good news about the world's future oil supply.  No such luck.  In fact, on a close reading anyone who has the slightest familiarity with world oil dynamics should shudder, as its overall emphasis is on decline and uncertainty."
An America self-sufficient in oil? Don't bet on it.
Major power outage hits Cambridge (US)
6,300 Hokkaido households still without power (Japan)
Egypt: Nation's Electricity Company Faces Liquidity Shortage
UN energy goals threatened by fossil fuel subsidies, campaigners say

## Infrastructure scavenging ##
NC Metal Thieves Turning Into Graverobbers In Rural Areas
"In addition to the manhole covers, fire hydrants, catalytic converters, street signs, and other items being stolen in the cities by metal thieves, rural areas across North Carolina are now being hit as well."
Thieves targeting metal storm drain grates
Thousands left without phone lines

## Got food? ##
Almost 70 Percent Of Pork In Stores Unsafe, Consumer Reports Says (US)
Ten Year Ban on Genetically Modified Seeds and Foods (Peru)
Tastier Winter Tomatoes, Thanks To A Boom In Greenhouse Growing
The article says nothing about energy consumption. And why should we eat summer veggies in the winter? -- RF
Rising Food Prices May Not Equate To Higher Profits for Farmers

## Lifestyle Solutions ##
New York Blackout Kills Phones, Revives Ancient Art Of Actually Speaking To People
Compassion Games -- Survival of the Kindest

## Environment/health ##
Deadly 'superbugs' invade U.S. health care facilities
As nations haggle, global carbon cut targets get impossibly deep
"As the nations of the world struggle in Doha to agree even modest targets to tackle global warming, the cuts needed in rising greenhouse gas emissions grow ever deeper, more costly and less likely to be achieved."
Sea level rose 60 percent faster than UN projections, study finds
Thawing Permafrost Threatens to Intensify Warming
The Inuit sitting on billions of barrels of oil
Despite Protection Efforts, Rhino Poaching Soars
After years of research, hog-waste disposal still reeks
2012 Drought Will Probably Last Through Winter In The Midwest, Says U.S. Monitor

## Intelligence/propaganda/security/internet/cyberwar ##
Anonymous threatens Morsy with cyberwarfare
U.N. summit may usher in more Internet regulations
Syria: Internet and mobile communication 'cut off'
The surveillance state high school

## Systemic breakdown ##
Construction industry faces worker shortage (US)
Sir James Dyson warns over graduate engineer shortage (UK)
Skills shortage constrains Norway's oil industry: study
Software engineer shortage pushes up salaries (UK)
Drug shortage dilemma: The patients (US)
'Drug shortages put thousands of Colombians at risk': chief medical expert
Truck driver shortage looming in Ohio, nationwide (US)
Oh, and did I mention crumbling infrastructure? -- RF

## Japan ##
Bank of Japan Posts Whopping ¥233 Billion Loss As Its Soaring Balance Sheet Hits Record ¥156 Trillion
Kepco's electricity bill increase has industries worried
Power Rate Hikes Would Lift Firms' Costs By Y870bn
"Businesses could face an added cost burden of about 870 billion yen if five electric utilities raise rates for corporate customers by around 20%, estimates Mizuho Securities Co."
Sony reportedly considers battery business sale
Abe: Let retired SDF warships defend Senkakus
"Liberal Democratic Party leader Shinzo Abe proposed Thursday using retired Self-Defense Forces vessels to defend the uninhabited Senkaku Islands."
Norovirus epidemic signs seen
Japanese automakers' China output tumbles
Nakayama Steel to ask creditor banks to waive 60 bil. yen loans
OECD cuts Japan growth to 1.6%

## China ##
Indebted Dragon: The Ponzi Scheme Driving China's Construction Economy
China to tighten laws on land grabs in rural stability push
"China's cabinet vowed on Wednesday to tighten laws on the expropriation of farmland, warning that the problem risked fuelling rural unrest and undermining the country's food security."
NGO: China at the center of global illegal timber trade
Is China's Race to Build the World's Tallest Building a Bad Omen?
IMF paper: China investment excessive
Will electronics manufacturing leave China?

## UK ##
Thomas Cook reports £17m loss after disastrous attempt to cash in on London 2012
Government accused of forcing consumers to subsidise some of Britain's biggest corporations after Energy Bill is published

## US ##
Moody's cuts HP long-term debt rating to Baa1
U.S. Army Chief: 16,000 Soldiers To Be Involuntarily Separated
Obama Urged to Declare Emergency for Mississippi River
"Shippers and lawmakers are pressuring President Barack Obama to declare a federal emergency along the Mississippi River, citing potential 'catastrophic consequences' in the Midwest if barge traffic is curtailed by low water on the nation's busiest waterway."
Sales of New U.S. Homes Fell 0.3% in October
"Builders in the U.S. sold fewer new homes than forecast in October and purchases were revised down for the prior month, highlighting the hurdles facing a rebound in the industry at the heart of the financial crisis."
Retailers' November miss raises holiday stake
Chart: What Black Friday's $59 Billion Really Tells Us
Peabody to close Illinois coal mine
"Mining firm Peabody Energy Corp. said it would close a coal mine in Southern Illinois, citing diminishing returns and safety concerns."
Tiffany Misses, Trims Outlook
Detroit seen as bankruptcy-bound
Cities are (Still) Dropping Like Flies
Citigroup Securities Unit Said to Cut Bonuses, 150 Jobs
Modified mortgages re-enter shadow inventory – By next month the housing crisis will have cost 5,000,000 Americans their homes via foreclosures. Distressed inventory still above 5,000,000.
Nuclear expansion cost overruns overshadow elections
Southern's New Nuclear Reactors May Be Delayed Until 2017, 2018
LivingSocial: Things are going to get worse
$19,000 Worth of Macy's Watches Stolen in 13 Seconds
Kansas City Fed Manufacturing Weakens To Worst Expectation in November
Is the Student Loan Debt Crisis Worse Than We Thought?
Allstate: $1.08B in October Catastrophe Losses from Sandy
Ethanol Mandate Costs Chain Restaurants Billions

And finally…
The importance of checking references: Ukraine Sign $1.1 Billion LNG Deal with the Wrong Man

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