Thursday, November 08, 2012


News Links, November 9, 2012

## Global Ponzi meltdown/House of Cards ##
Greek unemployment hits 25.4 percent in Aug, new record
El-Erian: Really Depressing Numbers Out of Greece
EU to unveil multi-billion euro support scheme for auto sector
"The EU pledges funding worth billions of euros to the automotive industry up 2020 in a leaked draft of its cars strategy, to be presented today (8 November). The new strategy comes amid a wave of announced factory closures and lay-offs in the sector but was criticised by Green activists for lacking ambition on CO2 emission cuts."
High raw materials cost the most significant threat faced by Brazilian steelmakers - S&P
"Ratings agency Standard & Poor's said that in the last few years Brazilian steelmakers have faced a strong local currency, high costs of raw materials and labor, significant idle capacity and increased competition from imports, which have seriously affected their competitive advantage and hence their operating margins."
Draghi open to ECB rate cut, done helping Greece
Dexia gets further aid from France and Belgium
"France and Belgium have agreed to pump a further 5.5bn euros ($7bn; £4.4bn) into struggling bank Dexia, after it reported another large loss."
Dubai facing $48bn debt challenge - StanChart
Kuwaiti offices half empty after hub bid runs aground
"Almost half the office space in Kuwait's financial centre lies empty after plans to become a regional business hub rivalling Dubai were wrecked by the financial crisis and the difficulties of doing business in the Gulf state."

## Airline Death Spiral ##
EADS Cash Dwindles as Jets Line Up
"European Aeronautic, Defence & Space Co. (EAD) saw its cash pile dwindle by a third in the first nine months as about a dozen A380 superjumbos await delivery and the company negotiates development aid from the German government."
Kingfisher Q2 loss widens to Rs. 754 cr
Flyers advised to book now for Turkey Day
"About 24 million people are expected to fly during the holiday period, up by 150,000 passengers from last year, said industry trade group Airlines for America. However, fewer planes will be flying because airlines have grounded some to cut expenses."
American Airlines Sued by Bond Trustee Over Finance Plan

## Fault lines/flashpoints/powder kegs/military/war drums ##
Iranian warplanes fired on U.S. drone over Gulf: Pentagon
"Iranian warplanes fired at an unarmed U.S. drone in international airspace last week but did not hit the aircraft, the Pentagon said on Thursday, an unprecedented incident that triggered a sharp warning to Tehran through diplomatic channels."
Beijing Sinking Teeth into Western Turf in Asia
Japan urges China to use sea power peacefully
China submarines to soon carry nukes, draft U.S. report says
Suicide truck bomber in Pakistan wounds at least 26
Strategic oil needed if Iran shuts Hormuz
"Strategic oil reserves will be needed if Iran seeks to close the chokepoint Strait of Hormuz, an Arab energy group has warned."
'I remember all of the pain again': Obama victory infuriates Pakistani drone victims
Yemeni oil pipeline target of attack
Iran's Ahmadinejad says anyone stockpiling atom bombs "retarded"
"Iranian President Mahmoud Ahmadinejad said on Thursday the age of nuclear deterrence was long gone and any country still stockpiling nuclear weapons was 'mentally retarded.'"
A barb clearly aimed at the US and Israel. -- RF
British PM meets with Saudi king after UAE defense deal
UK may give arms to Syrian rebels
Voter Turnout Plunges Throughout the Western World … Largely Due to Political Corruption

## Global unrest/mob rule/angry people/torches and pitchforks ##
Four Tibetans set themselves on fire (China)
University of Mississippi students riot after Obama win announced

## Energy/resources ##
Libyan oil production targets hit wall
"Damage from the Libyan civil war to the country's oil infrastructure meant there would be a delay in reaching production forecasts, an executive said."
Low power price threatens Norway's green targets
"Norway's ambitious plans to boost wind power output to cut greenhouse gas emissions and diversify supplies are at risk because of low power prices and an underfunded subsidy scheme, industry sources say."
Desperation: Mining the Oceans for Mineral Riches
Update on coal (TOD; lots and lots of graphs)
ONGC Net Profit Drops 32% on Discounted Crude Sales
"Oil & Natural Gas Corp. (500312.BY), India's largest explorer by output, Thursday posted a larger-than-expected 32% fall in its second-quarter net profit, hurt by higher discounts on crude oil sales to state-run fuel-marketing companies."
Desperate South Sudan Carves up Total Concession

## Got food? ##
FAO slashes grain f'casts, world food prices stay high
Urban Homesteading: Heirloom Skills For Sustainable Living
U.S. drought deepens in Plains states, wheat crop suffers

## Environment/health ##
Federal scientists muzzled on oilsands
"Environment Canada scientists have confirmed results published by researchers from the University of Alberta showing contaminants accumulating in the snow near oilsands operations, an internal federal document has revealed."
Laos breaks ground on Xayaburi Dam
West Nile Cases Still Climbing As Temperatures Drop
Northern Gateway pipeline threatens caribou, group warns
Study: Aspartame linked to blood cancers
Europe is exporting more waste than ever as illegal trade grows
Maya civilization's collapse linked to climate change: study

## Intelligence/security/internet/cyberwar ##
Department Of Homeland Security To Scan Payment Cards At Borders And Airports

## Systemic breakdown ##
More NY gas stations ran out of fuel on Wednesday: EIA
"The New York fuel hub took a step back from its recovery on Wednesday, as more gasoline stations ran dry just a week after Superstorm Sandy struck the U.S. Northeast, a report showed."
New York Mayor Bloomberg imposes post-Sandy fuel ration
Dog attacks reach 'frightening' levels says animal charity
Shelter From the Storm? The Entire Nation Has Infrastructure Lessons to Learn From Hurricane Sandy

## Japan ##
Is Japan Risking War to Save the U.S.-Japan Alliance?
Japan Core Machine Orders Contract 4.3%
Nikkei seen down for 5th day on US fiscal worries, stronger yen
Real GDP Seen Shrinking 3.6% In July-Sept
New TEPCO policy on rocks / Utility accepts responsibility for crisis, asks for more support
Cesium level of Tokyo tap water is 4% higher than Fukushima
Less than 50% of workers in Japan receive full payment for overtime: survey
China's Hokkaido forest grab all about water
Japan logs record low 1st-half current account surplus
1 in 3 young men feel they can't marry
"One out of three Japanese men in their 20s think they may not be able to marry, despite their wish to do so, with about 60 percent citing economic insecurity as the main reason, a life insurance company survey has revealed."
Do We Have What It Takes To Get From Here To There? Part 1: Japan

## China ##
China's railway construction hits financial buffers
Chinese energy companies eye Nigerian oil
China's Coming Energy Crisis

## UK ##
Britain gives nod for deep-water oil work
"It's 'vital' that energy companies take a closer look at oil reserves in the British waters of the North Sea to help boost the economy, an official said."
Immigration backlog is the size of Iceland
"The immigration system is 'spiralling out of control' as officials run up a backlog of more than 300,000 cases, MPs have warned."
Switch-off plan for some city street lights
Nearly half of Britons want EU exit: poll
Axe-wielding thieves on motorcycles storm mall

## US ##
Nor'easter snow layers Sandy destruction; more evacuations, more power outages
Odd-Even Gas Rationing Hits NYC; Only 25% of Stations Operational, Full Production Weeks Away
Flooded New York plans to tame the sea, but who pays?
McDonald's monthly sales fall for first time in nine years
Sandy damages, losses estimated at $50 billion: New York governor
The Sun Sets on American Empire
Explosion in Uncovered Employment During the Recovery
Massive Amounts of Insider Selling Right Before Presidential Election

And finally… 10,000 bottles of red wine found in abandoned Chinese house

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