Lots to cover, including the latest criminal developments in Greece after the jump.
First up, the global shutdown focus, starting with this from Channel NewsAsia Singapore:
Frozen by shutdown, US warns of “catastrophic” default
The political crisis gripping Washington could trigger a “catastrophic” US debt default, the Treasury warned Thursday, as America limped into day three of a government shutdown.
The World Socialist Web Site suspects a hidden agenda, and we have to say we share their suspicions:
US shutdown a smokescreen for assault on Social Security, Medicare
From the BBC, Lagarde blusters:
IMF head warns US debt crisis threatens world economy
IMF managing director Christine Lagarde says failure to raise the debt ceiling is a far worse threat to global economy than the current government shutdown.
The Guardian framed her statement this way:
Lagarde demands urgent action over US debt ceiling as markets get jittery
From International Business Times, the truly gloomy:
Treasury Default Could Crash US, Global Economy: Bank Analyst Richard Bove, Leading To A Depression Lasting Decades
And from EurActiv, a dose of scorn:
Barroso: EU would be ridiculed if US shutdown occurred here
Commission President José Manuel Barroso said that while the EU was “ridiculed” for its handling of the eurozone crisis he would not criticise the United States for its budget deadlock, as this was a “normal” result of democracy.
But in at least one country, the shutdown was welcomed by some — because Indian investors saw the crisis as a guarantee the Federal Reserve would continue its cheap money policies. From the Press Trust of India:
Sensex surges 385 points as US shutdown eases tapering fears
Shifting focus to the domestic scene, we begin with this from the New York Times:
Millions of Poor Are Left Uncovered by Health Law
A sweeping national effort to extend health coverage to millions of Americans will leave out two-thirds of the poor blacks and single mothers and more than half of the low-wage workers who do not have insurance, the very kinds of people that the program was intended to help, according to an analysis of census data by The New York Times.
Next, BuzzFeed reports a crusade underway right across the Bay from Case esnl:
San Francisco Group Launches Campaign Against Pharmaceutical Companies
A San Francisco campaign aimed at lowering pharmaceutical costs will launch this week. Yes on D will air a commercial Tuesday night on Comedy Central and hold a launch event Thursday at San Francisco city hall. The proposition, which is backed by the city’s board of supervisors, the San Francisco Democratic Party, and the San Francisco Chronicle, is an effort to give the city more power to challenge pharmaceutical company’s prices for new medication.
From the Atlantic Wire, an important reminder:
Republicans Have Already Gutted Health Coverage in Their Home States
The push to shutter the government instead of implementing Obamacare is a macrocosm of a fight Republicans have already won: condemning millions of extremely poor residents of their states to the uncertainty that comes from no health care coverage.
And from the Wall Street Journal, power concentrating by a company that’s doing so much to render our lives transparent to the least transparent:
Apple Now Holds 10% of All Corporate Cash: Moody’s
Apple Inc.’s $147 billion cash hoard now counts for nearly 10% of all corporate cash held by nonfinancial companies, according to an analysis by Moody’s.
From MarketWatch, the shape of things to come:
The end of the full college scholarship?
Colleges demand payments from students in spite of scholarships
Even college students awarded a full scholarship sometimes get socked with thousands of dollars in bills.
And Salon covers a failure to launch:
Service industries are growing slower than forecast
Experts say events of the next few days will impact confidence and sentiment for the rest of the year
For our final domestic item, an end to a classic story of corruption, reported by the Los Angeles Times:
Robert Rizzo to go to prison, wants to ‘make amends’ to Bell
Former Bell city administrator Robert Rizzo wants to “make amends to the citizens of Bell” and his no-contest plea to 69 public-corruption charges is the beginning, his attorney said Thursday.
Next up, the march of globalization ups the beat, via Kyodo News:
TPP leaders likely to announce work substantively completed
Leaders of the 12 countries involved in the Trans-Pacific Partnership free trade negotiations are planning to issue a statement next week saying they have substantively completed their work on the envisioned free trade pact and will ensure it is a high quality 21st Century free trade agreement, negotiation sources said Thursday.
And on to Europe, with a ray of sunshine from Reuters:
Europe’s tentative recovery spreads south in September
A return to growth last month for French and Italian companies buttressed a tentative economic recovery in Europe, where Britain and Germany continued to lead the way, surveys showed on Thursday.
From EUbusiness, a declaration:
ECB ready to use ‘all available instruments’
The European Central Bank is prepared to use all means at its disposal to curb any unwarranted rise in money market interest rates, ECB chief Mario Draghi said on Wednesday.
But from To Vima, a new majority emerges:
51% of Europeans believe austerity politics have failed
Greece, Portugal and Cyprus have expressed the greatest degree of dissatisfaction with austerity policies
And from EUobserver, echoes of smoke-filled rooms of yore, with members of Europe’s Parliament the targets:
Tobacco giant spent €1.5mn to wine and dine MEPs
Tobacco giant Philip Morris International is said to have spent €1.5 million on lunches and dinners in an effort to woo MEPs into weakening an EU tobacco bill.
New Europe covers the implications of that good ol’ hard times intolerance:
A cornerstone of the EU threatened, thus far informally
EU free movement under threat from the North
And Quartz covers Germanic joy at the top:
Mercedes-Benz just had its best month of car sales in history
The Reykjavík Grapevine covers the advance of neoliberalism in Iceland:
Those Who Earn Most Get Largest Tax Break
The proposed lowering of taxes in the new budget will see greater returns for the highest income level.
Also from the Reykjavík Grapevine, the march of neoliberal impunity:
Special Prosecutor Faces Severe Cuts
The Office of the Special Prosecutor – tasked with finding Iceland’s financial criminals – will be facing hundreds of millions of krónur in cuts.
Next to Ireland, with some unsurprising news that good for banksters and bad for business, via TheJournal.ie:
Household savings primarily being used to pay down debt
Household repayment of loans amounted to €7.3 billion last year.
Next to France, with a gesture reported by Deutsche Welle:
French law targets free shipping for Amazon books
A new law in France aims to offer protection for small bookstores against competition from Amazon. Lawmakers effectively decided that Amazon’s free shipping gives the online retailer too much of an edge.
And RFI covers a would-be whitewash:
Extreme right, moi? Front National chief Le Pen wants label banned
The leader of France’s Front National (FN), Marine Le Pen, says she will ask judges to ban anyone from calling her party “extreme right”. “We are absolutely not a party of the right,” Le Pen said in a radio interview on Thursday
After the jump, Portugal, Spain, the latest crime and punishment from Greece, Asia, and more. . .
On to Lisbon, with weasel words via the Portugal News:
President ‘ convinced’ no second bailout, but…
Portugal’s President Cavaco Silva said he was “convinced” Portugal would not need a second bailout, but warned that the markets were always watching, particularly for political instability.
And no respite for the austerian lash, via EUbusiness:
Portugal says EU-IMF creditors approve bailout measures
Fresh austerity measures proposed by bailed out Portugal have won the approval of the country’s EU-IMF creditors, the government said on Thursday, though a request to ease deficit goals was refused.
On to Spain, starting with this from the European Union Times:
Nearly 5 million people unemployed in Spain
Official figures show that the unemployment rate in Spain has increased again with nearly five million people out of work in the recession-hit country.
Next Spain, with a very expensive typo reported by the London Telegraph:
Typing error adds €10bn to Spain’s public debt
A simple typographical error boosted Spain’s 2014 public debt forecast by €10bn (£8.4bn), the government has admitted.
From El País, testing time ahead:
Spanish banks “well-equipped” for stress tests, Draghi says
ECB chief says restructuring of banking sector on track
While executives of blighted agency travel first class, via thinkSPAIN:
Debt-ridden AENA spends 863,000 euros a year on company cars
SPAIN’S State-owned airport governing body AENA is in debt by over 12.5 billion euros – but spends 863,000 euros a year on chauffeur-driven and company cars for its top managers, figures presented in Parliament reveal.
And on to Greece, first with this from grim prediction via ANSAmed:
Crisis: Greek unemployment rate to reach 34% by 2016, study
Next, another dire austerity impact, via Kathimerini English:
Greeks curb intake of medicine due to crisis
One in three Greeks have reduced their intake of medicines as part of belt-tightening made necessary by the economic crisis, according to a new survey which also found that six in 10 feel the crisis has had a negative impact on their health.
And austerians lash the whip again, via To Vima:
Troika demands upgrade of hospital accounting services
Ministry of Health commits to installing new pricing, supply and stock management system in hospitals
From ANSAmed, something else that happens when a quarter of the work force is jobless and those still with jobs are making only three-quarters or less of what they made before the crash:
Crisis: Greece; four in 10 people can’t pay property tax
And on to the Golden Dawn crisis, starting with a peculiar silence reported by Kathimerini English:
Political parties keep mum about court decisions over Golden Dawn MPs
Although there was disappointment in New Democracy about judicial authorities’ decision to release on bail three of the four Golden Dawn MPs facing felony charges, the government denied rumors that the development would cost ministers their jobs.
From ANA-MPA, suspects are moved:
Golden Dawn leader, MP transferred to Korydallos prison
The leader of ultra-right Golden Dawn (Chryssi Avgi) Nikos Michaloliakos, along with GD MP Yannis Lagos were transferred to Korydallos Prison from the Greek Police (EL.AS) headquarters on Thursday. Both have been remanded in custody pending trial on charges of forming a criminal organisation.
The Guardian adds an important detail in their sub-head:
Golden Dawn leader jailed ahead of Greek criminal trial
Nikos Michaloliakos is first elected political head to be held since end of military rule, on charges of using party to run crime gang
And the consequences of the babbling head of the party’s Nikea offices via To Vima:
Patelis’ telephone habits “burned” Michaloliakos’ defense
Ultra nationalist leader was deemed suspect of committing further crimes such as destroying evidence
In light of the release of three Golden Dawn MPs yesterday, Golden Dawn leader Nikos Michaloliakos appeared confident that he too was going to be set free after his appearance in court last night, unfortunately for him though, he had not taken into consideration Giorgos Patelis.
From I Can’t Relax in Greece, a cop cuffed:
Former Commander of Agios Panteleimonas PD arrested
Internal Affairs charged former police commander with not taking necessary actions to stop Golden Dawn
To Vima reports on a related arrest of a woman allegedly invoked in beatings of and assaults on immigrants, a Golden Dawn specialty:
Police arrest 50-year-old active Golden Dawn member
50-year-old woman was wanted in relation to the arrest of the former Police Commander of Agios Panteleimonas
And from Keep Talking Greece, one city plans action:
Nikaia City Council wants the closure of local Golden Dawn office
Meanwhile, protests from someone who’s dad called Hitler “Uncle,” via Keep Talking Greece:
France’s Le Pen: “Unfair to be lumped together with Golden Dawn”
France’s Front National and its leader Marine Le Pen denies the tag of “extreme right” and claims tit is unfair to be lumped together with Greece’s Golden Dawn and Norway’s mass killer Breivik party.
The legislative response, four parties, four bills, via To Vima:
Four anti-racism bill proposals to be discussed in Parliament
Permanent Parliamentary Committee plans to discusses anti-racism proposals by PASOK, DIMAR, SYRIZA and ND
And from CNNMoney, finding opportunity in crisis:
Greek bonds: Europe’s hidden gem?
Investors are scouring Europe for ways to make money from its tentative recovery, and one U.S. firm thinks it has found the answer — buy Greek government bonds.
Off to Russia, with the story of another sort of collapse from the Moscow Times:
Beer Market on Course to Shrink by 25-30% by 2014
Struggling with a flat economy and escalating government regulation, Russia’s beer market is on course to shrink by 25 to 30 percent from its 2008 size by the end of 2014, said Isaac Sheps, chairman the Union of Russian Brewers.
Next, a quick trip to Latin America, starting with this from Sky News:
Moody’s lowers Brazil economic outlook
Credit rating agency Moody’s has lowered the outlook for Brazil’s debt because of deepening strains in the economy and the prospects of a long period of low growth.
While the Buenos Aires Herald covers the latest effort by Brazil’s original peoples to save their land from violent takeovers:
Brazilian police stop Indigenous People from storming Congress
Brazilian police used pepper spray to stop hundreds of protesting Indigenous People from storming Congress, clamping down on the second day of indigenous rights marches.
And the Argentina Independent covers more discontent:
Paraguay: Strikes Against Privatisation Laws and Salary cuts
Teachers, peasant farmer groups, and unions took to the streets in different regions of Paraguay in the second day of mass protests. The money deducted from teacher’s salaries and the controversial public/private participation law are the principal motives for the strike.
Next to India, where the Financial Express covers a massive unfolding investigation by the Economic Offences Wing [EOW] of the Mumbai police involving the National Spot Exchange [NSEL] a leading precious metals commodities broker and exchanges across the country headed by Jignesh Shah:
Jignesh Shah’s NSEL crisis: Raids complete, EOW claims gathering ‘substantial evidence’
Police teams began raiding as many as 193 locations starting Monday over the NSEL crisis.
And the timing couldn’t be worse, as indicated by this headline from the Economic Times:
India can’t afford fiscal slippages, says Fitch
Fitch today cautioned that fiscal slippage could have negative bearing on India’s sovereign rating, which is at the lowest investment grade.
The Financial Express cover the latest gambit to ease the nation’s financial crisis, a striking move by Finance Minister P. Chidambaram and new central bank [RBI] Governor Raghuram Rajan:
P Chidambaram, Raghuram Rajan order banks to cut interest rates on loans
Cut in banks interest rates on loans to impact not just middle class, but also India Inc, employment.
On to China, with another chapter in an ongoing saga from Want China Times:
Thais fed up with badly behaved Chinese tourists
The growing number of Chinese tourists in Thailand is facing mounting objections from locals who believe the tourists are unwilling to follow their rules, customs and laws, reports Guangzhou’s Southern Metropolis Daily.
And, to conclude, SINA English reports partial good news:
China’s September non-manufacturing PMI rises to 55.4 pct
China’s non-manufacturing purchasing managers’ index (PMI) rose to 55.4 percent in September from 53.9 percent for August, according to official data released on Thursday.
