Thursday, December 06, 2012


News Links, December 6-7, 2012

## Global Ponzi meltdown/House of Cards ##
Serial Government Defaults In The Eurozone
Global Banking Under Siege as Nations Tighten Local Rules
ECB Leaves Rates Unchanged, Significantly Downgrades 2013 Economic Forecast; Is Italy Falling Into the Abyss?
Sales plunge as car prices race beyond reach of middle-class consumer (Sri Lanka)
Italy auto sales plunge 20.1% in November
Deutsche Telekom Said to Weigh More Job Cuts in Germany
Record Greek jobless rate highest in euro zone in September
Greece Downgraded to 'Selective Default' by S&P
For Guar Gum, a Bubble Goes Pop
The Coming Derivatives Panic That Will Destroy Global Financial Markets
Barry Ritholtz and Chris Whalen Discuss Danger of Derivatives Market
Bombshell: Deutsche Bank Hid $12 Billion In Losses To Avoid A Government Bail-Out
Over 50% of Taiwanese worried about losing job: poll
Abu Dhabi set for hotel on the moon?
"A recent report forecast that Abu Dhabi may struggle to cope with the glut of hotel rooms flooding onto the market this year, but the emirate appears to be looking further afield for new hotel opportunities – to the moon even – if Virgin boss Richard Branson is to be believed."
European Central Bank cuts growth forecasts and holds rates
Apparel factory fire reveals big brands' shadowy supply chains
Banks Are "Where the Money Is" In The Drug War
Don't Tax Our Wine Irish Cry as Austerity Finds Threshold

## Airline Death Spiral ##
CSA gets Korean and Qatari suitors
JetBlue to eliminate day flights at Bob Hope Airport
Dreamliner's emergency landing is just the latest Boeing 787 issue
Kallas warns EU nations over failed air traffic system
Hong Kong Air Seeks A380 Order Swap for Smaller Aircraft
Air Canada Shops for Jets as Return to Profit Is Forecast
"Air Canada is considering purchases of mid-sized jets amid growing confidence the country's biggest carrier will be profitable next year after an anticipated fifth straight loss."
A Virgin deal makes no sense for Delta

## Fault lines/flashpoints/powder kegs/military/war drums ##
Britain and America Target DR Congo
Pentagon plans for multinational operation in Mali
Syria 'has loaded chemical weapons into bombs'
Russia, U.S. talk as Syria events "accelerate on the ground"
'Zero hour': Syrian rebels prepare to mount Damascus attack
German cabinet agrees to send Patriot missiles to Turkey
China says Vietnam must stop South China Sea oil work
As tanks face off, Iraqi rivals see political gains
U.S. warships moving to monitor North Korea's planned rocket launch
"The United States is shifting warships into position to track and possibly defend against a planned North Korean rocket launch while urging Pyongyang to cancel its second such attempt this year, the head of the U.S. Pacific Command said on Thursday."
U.S. says in talks with Turkey over Iran gas-for-gold
Several fighter jet engines said snatched from air base in suspected inside job (Israel)

## Global unrest/mob rule/angry people/torches and pitchforks ##
60 wounded in clashes between Egypt president's supporters and opposition protesters
Tanks outside Egypt presidential palace, streets calm
Morsi opponents remain in tents in Tahrir Square (photos)
Greek police clash with youths over 2008 shooting
"Greek police fired tear gas at youths hurling petrol bombs and stones in  Athens on Thursday after a peaceful march to mark the 2008 police killing of a teenager that sparked the country's worst riots in decades."
Thousands of Indonesian workers demonstrate at Japanese Embassy

## Energy/resources ##
Paris Faces Darkness as City of Light Set for Illumination Ban
"The French minister for energy and environment unveiled last week a proposal for lights in and outside shops, offices, and public buildings -- including the flagship Louis Vuitton store and the Lido cabaret house on Paris's Avenue des Champs Elysees -- to be turned off between 1 a.m. and 7 a.m. starting in July. The plan, to be applied across French cities, towns and villages, is aimed at saving energy and money and showing 'sobriety,' Minister Delphine Batho said."
India Proposes 9 Gigawatts Solar Capacity to 2017
Japan scrambles the planet looking for gas deals
Blackouts, diesel shortages get worse in Damascus
China grabs Mideast oil as U.S. power dips
"China's muscling into Iraq's oil sector as Baghdad grapples with defections by international majors like Exxon Mobil, Chevron and Total."
South Korea uncovers new fake documents at nuclear plants
Shell's Arctic Plans on Hold once more after Containment Dome Fails Tests
ENOC to cut Dubai fuel station opening hours
"Emirates National Oil Company (ENOC) is set to reduce operating hours at some of its fuel stations as part of a cost cutting programme."
French next-generation nuclear reactor may weather setbacks
Enel pulls out from French EPR nuclear project
"'In a way, the last 24 hours have killed French nuclear finally because the cost makes it totally impossible to export and now you have one of the few partners actively withdrawing; it looks really bad,' said UBS analyst Per Lekander."
Exporting more US natgas 'makes no sense'-Sen Stabenow
Saudis seek oil in Red Sea 'safe zone'
"Saudi Arabia's state oil company has launched major seismic studies in the Red Sea off the kingdom's west coast in a bid to boost production offshore."
Brent Favored Over WTI Oil by U.S. for First Time
"Even the U.S. Energy Department no longer deems America's benchmark oil grade the best guide to global prices, as rising production swells national stockpiles.
"The Energy Information Administration in Washington dispensed with West Texas Intermediate for its price forecasts in its Annual Energy Outlook 2013 released yesterday, adopting North Sea Brent crude instead. It's the first time the department has used Brent, reflecting "a growing discrepancy" between WTI and global crude prices, it said."
The GCC's oil infrastructure spending spree
52 Indian power plants facing acute shortage of thermal coal
Brazilian Oil Giant Discovers Deep-Water Deposit
It's 2,583 m (1.6 miles) deep. -- RF
Tourists desert Thai islands due to power blackout
Indonesia needs to solve power shortage for sustainable development

## Got food? ##
Taking Stock: World Fish Catch Falls to 90 Million Tons in 2012
"The U.N. Food and Agriculture Organization (FAO) projects that the world's wild fish harvest will fall to 90 million tons in 2012, down 2 percent from 2011. This is close to 4 percent below the all-time peak haul of nearly 94 million tons in 1996. The wild fish catch per person has dropped even more dramatically, from 17 kilograms (37.5 pounds) per  person at its height in 1988 to 13 kilograms in 2012—a 37-year low."
EU Corn imports may hit second highest on record
How severe weather impacts global food supply
Drought Affects Barge Traffic, Food Prices
Food prices to rise in 2013, report says
World food prices fall in November: FAO
U.S. drought expands, concerns mount about wheat and rivers

## Environment/health ##
Doha: Talks on brink of collapse as anger rises against Qatari hosts
Sperm Quality Sags in France, Raising Fertility Concern
Arctic's loss of sea ice sets record
Typhoon in Philippines leaves nearly 300 dead, hundreds missing
Wildfires fanned by invasive grass species
Deepwater Horizon Chemical Dispersants 52 Times More Toxic than Oil
When a Green Revolution Runs Out of Water
Plant-based plastics 'no panacea', Greens warn
"The world's largest drinks companies, Coca-Cola and PepsiCo, have laid down ambitious plans to roll out 100% plant-based plastic bottles across the globe, triggering warnings from environmentalists who see a parallel with the ongoing controversy over biofuels."
Buenos Aires hit by toxic cloud
Tropical trap-jaw ants spreading across Japan's Honshu island

## Intelligence/propaganda/security/internet/cyberwar ##
Navy: No U.S. drones missing after Iran claim
Iran says extracts data from U.S. spy drone
Americans Are The Most Spied On People In World History
Newly Released Drone Records Reveal Extensive Military Flights in US
Many Doctors Don't Secure Medical Devices From Hackers, Study Finds
Michigan State Reps Unanimously Pass Bill Nullifying NDAA
Sophisticated botnet steals more than $47M by infecting PCs and phones
Terror Skyrocketing in Face of US War on Terror

## Japan ##
Strapped Japan anxious about aging tunnels after disaster
Norovirus outbreak in Osaka infects 48, claiming 2 lives
Kansai Electric may skip bonuses next summer
Cutting bonuses is a serious issue in Japan. The "bonus" is actually a vital part of employees' pay, and Japanese households depend on bonuses to round out their income, pay off debts, and help build their nest eggs. Thus no bonus, or a significantly reduced amount, is a serious financial blow. This has serious implications for the economy. -- RF
SDF deploys Patriot missile battery in Tokyo ahead of feared N. Korean rocket launch
BOJ's total assets hit seven-year high
Nationalism gains ground in election campaign
LDP, Japan Restoration Party leading momentum for constitutional revision
Japan could restart some nuclear reactors next summer
Violations of safety regulations found at Monju reactor
Japan scientists took utility money
"Influential Japanese scientists who help set national radiation exposure limits have for years had trips paid for by the country's nuclear plant operators to attend overseas meetings of the world's top academic group on radiation safety."

## China ##
Phishing websites rise at furious pace this year
Chinese oil giants fail to win in shale gas auction
China State-Driven Rebound at Risk as Small Firms Suffer

## UK ##
U.K. sticks with austerity as economy weakens
Osborne tries to sweeten pill for austerity in Britain
"More austerity looks certain when British finance minister George Osborne presents a half-yearly budget statement on Wednesday, even if he tries to juggle some spending around to ease the pain."
Warwickshire street lights switched-off over night
Leeds street light switch-off warning
Building slump reinforces triple-dip fears
U.K. Defense To Face Cuts Over Next 2 Years
Thousands encouraged to retire early
Autumn Statement: Benefit squeeze as economy slows
North Sea may see short energy boom
"A Scottish university report says oil and natural gas production in the North Sea could increase dramatically but not as much as the government expects."
Ash dieback: Number of cases identified doubles in a month
UK government heading for political blow from debt downgrade

## US ##
The Keynesian Depression
Sandy, the Storm from Hell – Unless You're a Banker
Catastrophic storms' costs put cloud over federal budgets
"The three states hardest hit by super-storm Sandy in October are requesting $80 billion in emergency funding, raising long-term questions about the federal government's planning for seemingly ever-more expensive disaster spending."
Citigroup plans to cut 11,000 jobs, close some branches
Car Sales Are Flying, But Are Profits About To Start Dying?
Tesco's American dream over as US retreat confirmed
'Hands off our water,' say upstream states in Missouri River row
Drought is causing "water wars" in the US; water transport at risk
Santa letters show hardships caused by Sandy, economy
Red Alert: Aerospace Industry Counts Down to Cutbacks
'Assembled in USA' again as Apple brings some production home
Winter tourism hit by climate change
Detroit opens police mini-stations
"Detroit Mayor Dave Bing has announced the opening of police mini-stations in an effort to bring down the city's staggering homicide rate."
'Fiscal cliff' would cost hundreds of thousands of federal jobs
Study: U.S. students struggle with vocabulary
Greenspan Says Painless Solution to U.S. Debt is Fantasy
South Pasadena raises water rates for fifth time in five years
New York Gasoline Gains After Units Shut in Philadelphia
U.S. Households Return to Cutting Debt

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