Tuesday, November 06, 2012

 

News Links, November 6, 2012

## Global Ponzi meltdown/House of Cards ##
More distressed assets in Dubai now than downturn - Tasweek
"There are more cut price real estate assets available in Dubai now than during the worst of the downturn in 2009, as developers and owners seeking to offload units accept losses in order to close a sale, a real estate executive claimed."
Half of UAE workers say not paid enough – poll
Eurozone crisis may take "five years or more" to be overcome: Merkel
Greece presents crucial cuts package to parliament
Spain jobless claims rise 128,242 in October
"Jobless claims in Spain rose by 128,242 in October, bringing the total number of unemployed to 4,833,521, a rise of 2.7%, according to official statistics released Monday."
Is the Yuan About to Replace the Dollar as the World's Reserve Currency? (Mish)
The Truth About Europe That No One Is Talking About
Canada braces as housing slowdown takes hold
Condos hit hard as market levels off (Canada)
Is Asia Planting the Seeds of the Next Financial Crisis?

## Airline Death Spiral ##
Air NZ axes Hong Kong to London
"Air New Zealand is axing flights between Hong Kong and London in a bid to recover profits."
Tax on plane tickets attacked by aviation chiefs (UK)
Shaky finances rattle Nigeria's airline safety
Singapore Airlines Declines on Wider Loss at Cargo Unit

## Fault lines/flashpoints/powder kegs/military/war drums ##
Zetas cartel occupies Mexico state of Coahuila
Turkey warns oil firms eyeing Cyprus shelf
"Energy companies cooperating with Greek Cypriot offshore drilling plans will be banned from participating in new oil and gas projects in Turkey, Ankara says."
UK PM Cameron visits Gulf, Typhoon jet sales high on agenda
Iran to beef up navy amid UAE islands spat
Benjamin Netanyahu 'ordered Israel's armed forces to prepare Iran strike in 2010'
Britain eyes response to Hormuz base
"Britain said it was considering sending military assets to a base in Abu Dhabi after Iran set up a base near key oil shipping lanes in the Strait of Hormuz."
Islamist militants kill two Saudi border guards
Saudi Arabia's king appoints new interior minister
Iran slams anti-nuclear weapons treaty as discriminatory
"Khazaee accused the United States, Britain and France of supplying Israel - which is not a party to the 1970 treaty aimed at preventing the spread of nuclear arms and is widely assumed to be the Middle East's sole nuclear power - with atomic 'assistance and cooperation.'"
China says it held talks with Japan on islands row
Billions more needed to refurbish B61 nuclear bombs
"The B61 is about to undergo a major overhaul that the Pentagon estimates will cost up to $10 billion, or $25 million per bomb."

## Global unrest/mob rule/angry people/torches and pitchforks ##
Insight: Hunger strikes in industrial Russia test loyalty to Putin
Hundreds rally in protest over "stolen" Ukraine election
Kuwait takes hard line on unauthorized protests
Greece begins three days of anti-austerity strikes

## Energy/resources ##
South Korea shuts nuclear reactors over uncertified parts
"South Korea was forced to shut down two nuclear reactors today to replace components that had not been properly vetted, a minister said, warning of 'unprecedented' power shortages to follow."
Iran's Untouchable Energy Exports
Japan plans gas pipeline from Russia
Cuba's Hopes Dwindle as Yet Another Oil Well Comes Up Dry
Refinery protest causes petrol shortage in Libyan capital
Great expectations fill Greenland as China eyes riches
"By a remote fjord where icebergs float in silence and hunters stalk reindeer, plans are being drawn up for a huge iron ore mine that would lift Greenland's population by four percent at a stroke - by hiring Chinese workers."
Laos approves Xayaburi 'mega' dam on Mekong
"Laos has given the go-ahead to build a massive dam on the lower Mekong river, despite opposition from neighbouring countries and environmentalists."

## Got food? ##
Food companies Monsanto, Dupont, Pepsico and Nestle spend $45 million to defeat California GM label bill Prop 37

## Environment/health ##
Sandy-battered East Coast braces for cold, new storm
Second illness infects fungal meningitis patients
Spring snow pack in the Arctic disappearing fast, Environment Canada warns
Saudis report third case of new coronavirus, but release few details
Research reveals why sea levels are rising faster than previously feared
Nigeria floods kill 363 people, displace 2.1 million: agency

## Intelligence/security/internet/cyberwar ##
Israel invests millions in drive for elite 'cyber warriors'

## Systemic breakdown ##
Verizon says fixing Sandy's damage to wired services may take weeks
"Consumers in the areas hardest hit by Hurricane Sandy may not get wired phone, Internet and video service back for as long as two weeks, Verizon Communications warned, while the FCC reported continued slow progress by carriers in restoring mobile coverage."
Fuel shortage expected to last for days, Cuomo says
Full service on trains may still be a month away for North Jersey
New York fuel "panic" grows even as ports open, reserves tapped
"A third day of gasoline 'panic buying' among storm-stricken New York area motorists prompted authorities on Friday to tap strategic oil reserves and waive shipping regulations even as limited deliveries resumed in the battered region."
'It's a war zone': Water, gasoline and power remain scarce in the storm-ravaged Rockaways
Road repairs and safety under threat: budget cut hits VicRoads (Australia)
"BUDGET cuts have forced VicRoads to scrap its road safety division and ditch its long-held strategy for maintaining the state's roads, even though the strategy was designed to avoid the need for major, expensive repairs."
As Important as Food and Water
The Jersey Shore we knew is lost forever
A Storm-Battered Supply Chain Threatens Holiday Shopping

## Japan ##
Electronics giants caught in race against time: analysts
"Japan's battered electronics giants are in a race against time, analysts say, as losses that threaten their very survival  mount and overseas rivals appear to be on the verge of running away with the show."
[Fukushima children] "Doctor couldn't count all the thyroid cysts of my daughter"

## China ##
China's economic destiny in doubt after leadership shock
"The forces of reaction and economic folly threaten to prevail in China. The long political arm of Jiang Zemin has reached out from the shadows to thwart reform, with huge implications for Asia and the world."
China's Construction-Equipment Firms Battle Slump
"China's largest construction-equipment makers still face massive overcapacity and pressure to consolidate despite signs of improvement from this year's industrywide sales slump, a top executive said."
Chinese steel industry scenerio to worsen in Q4 2012 - MIIT
Chinese key steel mills lost CNY 5.53 billion in Jan-Sept - NDRC
BYD to sell electric cars with zero down payment
China's coal stock piles up amid slowdown

## UK ##
Households face £1,230 bill to plug public sector pension black hole
"Households face an annual bill of £1,230 by 2017 to plug the "unsustainable" black hole in public sector pensions as Coalition reforms still leave the taxpayer paying for £4 in every £5 of the pensions, a thinktank has warned."
Britain's taxes among highest in world, accountants say
Study: The British have invaded 90% of countries in the world
University finances 'under pressure' after drop in students

## US ##
Wall Street's Pay Crisis Isn't What You May Think
"The average salary and bonus for a Wall Street professional last year was $362,950, according to Mr. DiNapoli's office. That is enough to rank in the top 2% of U.S. households."
About That Gold Stored in Flood-Prone Lower Manhattan
America's two-tiered future: The deterioration of the once-mighty middle class
New Stress for Struggling Commerical Properties: Sandy
Waiting for power? It could be a matter of poles
Homes Damaged By Superstorm Sandy Will Be Uninhabitable In The Cold, Says Governor Cuomo
North Dakota feeling strain of oil boom
"With a shortage of oil pipelines in the state, a North Dakota regulator said the state's road system might not be able to handle the oil boom."
Sluggish Economy Relies More On Part-Time Workers
Jack Welch Again Sees Something 'Wacky' in U.S. Jobs Data
The Economics of Disaster (Ron Paul)
"FEMA and the National Flood Insurance Program (NFIP) are expected to pick up the tab for much of the flood damage caused by the hurricane. Of course this will mean more federal debt and inflation for the rest of us, since the program only has about $4 billion to work with and is already $18 billion in debt from hurricanes Katrina and Rita."
Gas Still Hard to Come By, NY Probes Gouging

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