Rice Farmer - Evening Edition
Global Ponzi meltdown/House of Cards
Moody's cuts Dutch bank credit ratings on eurozone woes
Europe's auto capacity may be too high
The EU Smiled While Spain’s Banks Cooked the Books
Canada warned of ‘major shock’ from Europe’s debt crisis
Italy selling off state assets to reduce debt mountain
Carrefour Checks Out of Greece at a Loss
"Carrefour SA said Friday it will sell its Greek supermarket to its local partner and walk away from the country at a loss, offering concrete evidence of foreign investors severing ties with Greece amid a deeply contracting economy and political upheaval."
"General Motors (NYSE: GM) lost $747 million, before interest and taxes, in Europe in 2011 and has lost $15.6 billion since 1999, the last year GM made money in the region. The big U.S. car company’s plans for the next two or three years will make it extremely difficult to avoid more losses. So, conservatively, GM’s European operations will be in the red for a total of 16 or 17 years by the time there is any chance for
a profit. And that is if the firm’s plans for a turnaround are successful."
Carbofer trading, shipping arms declared bankrupt
Airline Death Spiral
Travel Light: American Airlines Lighten Their Load to Save Money
High fuel costs, falling prices hurt Transat
European concerns cloud airline profitability outlook for 2012
Operating environment tough in India; FDI needed: SpiceJet CEO
Oil Prices Fall But Airlines Not Benefiting
Chorus Aviation won't invest more to help Pluna airlines out of financial woes
REDjet sends home workers, files for debt protection
Fault lines/flashpoints/powder kegs/military/war drums
Russia turns over production of long-range bombers to China
US holds high-level talks with Syrian rebels seeking weapons in Washington
Putin ready with missile shield response
ElBaradei: Egypt 'a total mess'
Forces Surround Parliament in Egypt, Escalating Tensions
Iran May Be Building Secret Uranium Plant, Group Says
Global unrest/mob rule/angry people/torches and pitchforks
Protesters Are Detained By Police During A Flash Mob (Bulgaria)
Striking Spanish miners clash with police in Asturias
Northwestern Memorial Hospital warning employees of attacks
Mob pelts stones, sets bus afire protesting power cut; 16 held
Energy/resources
Brazil Oil Company Petrobras to Spend More, Produce Less
Petrobras Worst Big Oil Bet on Deepwater Disappointments
"Petroleo Brasileiro SA (PETR4) is the worst investment among the world’s biggest oil companies this year as Brazil’s state-controlled producer suffers delays and cost overruns developing the largest oil finds in more than a decade."
Energy Return on (Energy) Invested (EROI), Oil Prices, and Energy Transitions (The Oil Drum)
S.Africa hopes for EU "breakthrough" over Iran oil
"South Africa expects a 'breakthrough' soon in its discussions with Brussels about the impact of European Union sanctions on oil exports from Iran, historically its biggest supplier of crude, a top South African energy official said on Friday."
"The euro-zone crisis and dwindling investor appetite for stock markets worldwide has forced South Korean oil refiner Hyundai Oilbank to scrap a planned June or July initial public offering that was expected to raise at least $1 billion.
"The refiner is the first South Korean company to officially cancel an IPO this year. Its decision adds weight to market views that other offerings in the pipeline—including that of KDB Financial Group, Posco Specialty Steel and LG Siltron—will be delayed as a result of market conditions, bankers say."
Political Turmoil, Power Shortage Key Blows to Bangladesh Economy
New Delhi suffering water shortages in 109F heat
Power crisis fuels shortage of diesel (India)
"Frequent and prolonged power cuts have increased the demand for diesel, required to run generators, leading to shortage of the fuel at various outlets across the city. Operators say diesel consumption has increased manifold this summer as several areas in the city are witnessing power
cuts for as long as 14 hours a day, making residents dependent on alternative power back-ups such as generator or inverters."
Infrastructure scavenging
Copper Thieves Target Local Churches
Manhole covers go missing again
Got food?
S. Korean Livestock Production Costs Climb on Higher Feed Prices
Environment/health
Russia's Nuclear Industry is a Disaster Waiting to Happen
"The state of Russia’s civilian nuclear power should be cause the entire planet to shudder: Radioactive waste deposal sites are full to the bursting point, and many reactors are outdated and fail to meet even the most basic of safety standards. In short, as one reads between the lines, a new disaster is pending."
BP Owes $192 Billion for Gulf Oil Disaster, Not $15 Billion Settlement It's Seeking
Huge Baja project gets the axe
Oregon man bitten by stray cat diagnosed with the plague
Busted: Biotech Leader ‘Syngenta’ Charged Over Covering Up Animal Deaths from GM Corn
Intelligence/security/internet
Ethiopia clamps down on Skype and other internet use on Tor
Contractors run U.S. spying missions in Africa
U.S. Military Wants More Drones In Latin America
Systemic breakdown
Japan
Renesas eyes selling, closing 11 microchip plants in Japan
China
FDI Outlook Darkens amid European Debt Crisis
Shanghai picks yearly pricing plan for graduated electricity rates
China’s Filling Strategic Oil Reserve at Huge Cost
UK
Offshore Wind Power Could Make the UK a Net Energy Exporter
Let's keep this in perspective. The industrial system is winding down, and wind turbines break down. What happens if replacement parts aren't available?
Wealthier pensioners could lose winter fuel allowance and free bus passes
Benefits cap is driving the poor back to work
Street lights to be switched off to save cash
Allders store in Croydon goes into administration
"Some 850 jobs are under threat after one of the biggest department stores left in London went into administration."
Royal Mail axes thousands of post box collections to save money
US
Legal Help For The Poor In 'State Of Crisis'
Signs of U.S. Weakness Mount as Confidence, Output Fall
Sentiment Sinks Worse Than All Economists Predicted, Worst Reading of 2012
US house prices fall to 1890s levels (where they usually are)
Panetta Warns Of US Defense Budget Disaster
"U.S. Defense Secretary Leon Panetta says he is very concerned about the possibility of a major cyber attack that he says could paralyze U.S. government and financial systems. The warning came as Panetta cautioned U.S. lawmakers against major cuts to the defense budget."
Empire State Manufacturing Shows The Death of Growth in New York Fed Survey
Robin Westenra – Afternoon Edition
Breaking News
Moody's cuts eurozone bank ratings
THE international ratings agency Moody's today cut its debt ratings for banks in France, Belgium, Luxembourg and the Netherlands, owing to deteriorating eurozone financial conditions.
Global economy
Clouds of Europe crisis hang over G20 summit
WASHINGTON: With Europe threatened by serial economic implosions and rising chaos clutching at the Middle East, it makes sense for world leaders to transport their security bubbles to a remote Mexican resort in the next few days - where they might coalesce to discuss Europe and the Middle East.
Get Ready for the Silver Breakout
Osborne unveils £140bn scheme to kick-start stagnant economy
George Osborne unveiled a £140 billion emergency scheme to try to avoid a second credit crunch caused by the ongoing chaos in the eurozone.
SPAIN CRISIS EXCLUSIVE: Dash for banking consolidation “a recipe for worse disaster” – Insiders
Want To Make Risky Trades with No Brakes? Go To London
Pop quiz time. Which U.S.-based financial services firm used the U.K. to make losing trades that caused embarrassment, regulatory scrutiny and much worse: MF Global, AIG, Lehman Brothers, or JPMorgan? Answer: All of the above.
Airline Death Spiral
Military/intelligence
Pentagon finishes contingency plans for Syria invasion
Officials with the US Department of Defense have confirmed that the Pentagon has finalized procedures that outline how American forces could soon combat the government of war-torn Syria and officially involve itself in that state’s bloody uprising
France Offers Communications Gear to Syrian Opposition
France is ready to supply communications equipment to the Syrian opposition and to individuals and is ready to make the shipments on its own, Foreign
NATO pact should be a partnership for peace (Australia)
Libya descends into militia chaos as hostages still held
US Outsources Its Africa Spying
Guns for buddies: US weapons sales surge overseas
US foreign military sales have shot over $50 billion. Another record-breaking year is expected thanks to US ally Saudi Arabia, which accounts for three-fifths of the sum.
Good Guinness, deliver us! Israel demolishes Arab village 38 times
Palestinian villagers have addressed the Guinness Book of World Records to register a ruinous “record”. A Bedouin village in Israel has been demolished 38 times by Israeli authorities, who say people in the village do not have building permits.
Oil price will hit $160 if Iran crude embargo sets in: Minister
Iran’s Minister of Economic Affairs and the Treasury Shamseddin Hosseini predicts oil prices may surge to $160 per barrel in case the US-led oil embargo against the country takes effect on July 1 as planned.
The Iranians do understand Peak OIl -- RW
Hossein Mousavian, who was a senior member of Iran's nuclear negotiating team between 2003 and 2005, dismisses West's proposal as 'diamonds for peanuts.'
Environmental/disasters
2nd massive fish kill off the coast of Japan: 10 thousand sardines found dead in South Kanagawa
Ten thousand sardines were found dead on the beach in Minami shitaura machi Miura city Kanagawa
30-foot young diseased humpback whale beaches near Vancouver and dies
Shiveluch volcano on Kamchatka spews ash 8 km high
Civil unrest/revolution
Egypt transition in turmoil on eve of vote
Activists called for a protest and Islamists warned that the gains of the revolt that toppled Hosni Mubarak could be wiped out after Egypt's supreme court dissolved parliament and ruled to keep his last premier in this weekend's presidential race.
Energy/resources
Renewables blowout as wind, solar hit harder than tax (Australia)
BS detector - you mean the rich might have to actually give something to the poor?! -- RW
Western exploitation of Tanzania for gold, moral outcry
Tanzania, the third largest gold producer in Africa is among the poorest nations due to decades of Western multinational exploitation and political corruption.
Again a power in OPEC, Iraq could shift landscape
Food/water
Water in blockaded Gaza ‘not fit for human consumption’
The water in Gaza is too dangerous to drink as it is contaminated with fertilizers and sewage, says a new report. Several charitable organizations have called on Israel to immediately lift its blockade to allow crucial sanitation equipment in.
Water pacts re-examined amid Arab Spring
There are moves to rewrite contentious water-sharing agreements that are becoming a major source of friction in the Middle East as water supplies shrink.
India’s capital in water crisis after supplies cut in searing heat-wave
Large parts of New Delhi were struggling with acute water shortages on Friday after a neighboring state cut its supplies at the peak of summer, officials said
Europe
From the Greek media -
World weighs in on Greeks' voting options
As international pressure grew on Friday for Greece to honor its commitments to its foreign creditors, political parties responded sharply to perceived attempts to interfere in domestic politics while European leaders heading to Mexico for the G20 summit were said to have Sunday’s Greek elections in mind.
Angry Merkel urges more European effort on crisis
GERMANY cannot save the euro single-handedly, German Chancellor Angela Merkel has warned, expressing her growing anger over British, American and G20 demands that she do more to tackle the eurozone debt crisis.
THE Greek stock market leapt by a staggering 10.1 per cent yesterday after rumours that secret opinion polls had indicated tomorrow's election would produce a new government determined to stay in the eurozone.
Last chance for the European elite and bankers you mean? There will be no end to the propaganda this weekend! --RW
Final pleas ahead of crucial Greece election
Campaigning comes to an end before Sunday's general election as politicians warn country faces expulsion from euro.
Greece Sinks Into Despair: 'There's Nothing Here Anymore'
Britons’ income is dwindling as recession continues
A study by a leading British think tank has revealed that average incomes collapsed in the UK last year as the effects of the recession began to bite.
Japan
2nd massive fish kill off the coast of Japan: 10 thousand sardines found dead in South Kanagawa
Ten thousand sardines were found dead on the beach in Minami shitaura machi Miura city Kanagawa
USA
Goldman titan Gupta guilty of insider trading
Former Goldman Sachs board member Rajat Gupta has been found guilty of insider trading, in a victory for prosecutors probing Wall Street corruption.
The real criminals not only go free but rule the roost --RW
Four Bullet Points Explaining How JPMorgan Doubled Its Money From MF Global's Corpse In Seven Months
Don't read this if you have high blood pressure or if you are a client of MF Global's, whose money isstill held by JP Morgan
Mexican police revealed in kidnapping video
A surveillance video released in Mexico shows five policemen allegedly kidnapping three men who were later found dead.
Rooting For Failure: Republicans Bash Green Jobs, Clean Energy
Australia/NZ
Climate strategy up in smoke (Australia)
Where is our Motor City mojo? (Australia)
Despite more bad news for car industry workers this week, there may be hope on the horizon, if the example set by Detroit can be emulated by manufacturers here, writesMathew Murphy.
Emulate the US car manufacturing industry? - now that's a great idea - LOL --RLW
Media/internet
Only European Court can stop Assange extradition
JULIAN Assange, the Australian founder of WikiLeaks, could be extradited to Sweden by the end of the month for questioning on sexual misconduct allegations, after Britain's Supreme Court rejected his bid to reopen his case
After Sweden: Assange to become Manning II?
Julian Assange’s extradition to Sweden has fueled fears he will be transferred to US jurisdiction. Political rhetoric branding Assange as a terrorist and reports of a secret indictment make a fair trial seem unlikely should he fall into US hands.
German court lifts ban on Press TV
A court in Germany has removed the ban which Munich's Media Regulatory Office BLM had imposed on Press TV after the 24-hour news channel filed a lawsuit against the organization.
Jenna Orkin - Morning Edition
Headlines
Does it want to be? See: Central Banks Warn Greek-Led Euro Stress Threatens to Derail World Economy. Nevertheless: EU Leaders to Press for Growth Measures as Draghi Sees No Inflation Risk and while we're at it: Britain announces emergency measures to insulate financial system from euro crisis. In other words, yet more QE. - JO
Israeli experts predict that after US elections, attack on Iran nuclear ...
Greeks Withdraw $1 Billion a Day
Spanish Bank Borrowings From ECB Surpass Italian, As Italy Sovereign Debt Hits Record €1.95 Trillion
Lone Senator Blocks Renewal of NSA Wiretap Program
"A Matter Of Life And Death": The Collapsing Greek Health-Care System Is In Critical Condition
Economy
"It's Not the Situation Room" Says Spain After holding Emergency Cabinet Meeting
Breaking ’08 Pledge, Leaked Trade Doc Shows Obama Wants to Help Corporations Avoid Regulations
Why Joint Central Bank Action Is Unlikely and Won’t Work
A Euro Breakup? Central Bankers Brace for Risk Event
Moody's Downgrades Ratings of 5 Dutch Banks
A Global Recession? Warning Signs Are Everywhere
Dread and Uncertainty Pervade Life Now in Greece
Greek Election: 'Collapse' Possible No Matter Who Wins
S&P: "Spanish Home Prices To Drop Another 25%"
Two Hours After Fed Buys 30 Year Bonds, Treasury Sells 30 Year Bonds At Record Low Yield
Slovenia Is Spain: Is Another European Country's Bank Bailout On The Way?
"Boomerang Kids" Returning Home in Record Numbers
Ex-Soros Adviser Says Japan May Default by 2017
NIALL FERGUSON: 'If There's Going To Be A Lehman Moment In The Crisis, It's Going To Be Next Week'
This is what economic collapse really looks like
If You Missed Obama's Big Economy Speech, Here's The One Paragraph You Need To Read
Here's What Inflation Looks Like Around The World
This One Paragraph Explains Why The Spanish Bailout Has Failed
Energy/Resources
Dropping Poison From Planes: Are We Exposing Kids To Toxic Chemicals While Battling West Nile?
Yes, of course. - JO
Why Venezuela's Massive Oil Reserves Are 'Irrelevant'
Selling Medical Pot? You May Lose Your Property
Lower Supplies Launch Gas Futures
Water pacts re-examined amid Arab Spring
Military/Intelligence
What if Stuxnet rebounds on us? US power grid vulnerable to attack
"Report to Congress on Future Unmanned Aircraft Systems Training, Operations, and Sustainability,"
The New York Police Department's overdue oversight
Nearly three months without food, as Israel looks away
Scores Of North Carolina Inmates Innocent, But Still Locked Up
Civil Unrest/Politics
Outrage as Egypt's supreme court dissolves parliament
Klan turns to ACLU in highway bid
France: Will xenophobia go mainstream
Before The Market Closes Today, You Must Know This About The Greek Election
I Just Saw The Most Feared Man In All Of Europe
