We begin with the basics, via Quartz:
Economics is making us greedier
From China Daily, the latest in D.C. blowback:
China has to brace for next dollar drama
The US Congress’ dance with default impressed policymakers and investors in China how vulnerable its own economic plans are to the next political tantrum on Capitol Hill.
More from the McClatchy Foreign Staff:
China voices frustration that its best investment choice remains U.S. debt
Despite the end last week of the 16-day U.S. government shutdown and the extension of the debt ceiling until next year, there are few signs that the situation has reassured China, the largest holder of American debt.
And a video report from RT:
BRICS Shift: Indian PM in Russia to strike economic deals
Program notes:
With Europe and America struggling, the BRICS powerhouses are looking to take up some of the economic slack. The Russian and Indian Presidents are meeting in Moscow, to try and prove that power is shifting to other parts of the world. I discussed this with RT’s Irina Galushko.
From India’s Firstpost, friends in adversity:
Russia backed India when we had no friends: Manmohan Singh
India will never forget that Russia stood by it during international challenges, when India’s resources were limited and when it had few friends, Prime Minister Manmohan Singh said on Monday.
The Economic Times has more from the Indian perspective:
India, Russia hail BRICS role in boosting world economy
India and Russia today noted the enhanced role played by BRICS nations as part of global efforts for a strong, sustainable and growing world economy and also acknowledged the contribution of the SCO group for ensuring peace and development in Eurasia.
From Los Angeles Times, an odd phenomenon:
Existing home sales fall in September in U.S., prices rise
Sales of previously owned homes fell in September, as declining affordability hampered demand, a trade group said.
From Salon, a tale of business as usual:
Jeb Bush ed reform group accused of abusing non-profit status to help corporations
Jeb Bush scored a coup in the shutdown deal – but his anti-union ed reform group faces a new IRS complaint
And Bloomberg Businessweek has more on beneficiaries at the top:
McDonald’s to BlackRock Jet Upgrades Show Big-Plane Rebound
U.S. corporations including McDonald’s Corp. and BlackRock Inc. are starting to return to the market for large business jets after putting off aircraft upgrades since the recession five years ago.
MarketWatch covers another bubble:
Farmland bubble? 10-year rise raises red flags
Price rally faces ‘moment of truth’ as tailwinds become headwinds
And The Nation seeks requitement:
The $13 Billion JPMorgan Settlement Is a Good Start—Now Someone Should Go to Jail
More from Reuters:
For JPMorgan, ending criminal probe proves impossible for now
JPMorgan Chase & Co CEO Jamie Dimon has pleaded with and complained to the U.S. Justice Department but cannot convince the government to end its criminal probe of his bank because prosecutors are not yet certain of their findings, people familiar with the matter said.
China Daily takes us north of the border:
Canada welcomes Chinese investment
Canada will continue to welcome Chinese investment and has taken concrete steps to facilitate capital inflow to further strengthen economic interdependence.
More from the Toronto Globe and Mail:
Ottawa unveils new visa stream to attract foreign entrepreneurs
Citizenship and Immigration Minister Chris Alexander said the program, known as the Business Incubator stream, will help drive economic growth.
Off to Old Blighty, starting with this from The Independent:
MPs want to keep their perks – as well as 11% pay rise
MPs on Commons standards committee argue that other professionals who work anti-social hours are able to claim for expenses
The London Telegraph reports an endorsement:
Alan Greenspan backs UK ‘austerity’
Former chairman of the US Federal Reserve says Britain’s deficit cutting programme is working out much better than he thought it would
The Independent notes more of that hard times intolerance:
Extremist Pavlo Lapshyn admits committing murder and mosque attacks in attempt to spark ‘race war’
Pavlo Lapshyn stabbed 82-year-old victim in back just days after he arrived from Ukraine to start prestigious placement at software design firm
From the London Telegraph, the squeeze is on:
Energy bills soar above £1,500 for the first time as Npower unveils 10.4 per cent increase
Average annual gas and electricity bills will top £1,500 for the first time after Npower became the third energy giant to announce an inflation-busting winter price rise for millions of households.
But there’s more power a-comin’. Nuclear power, bankrolled from afar. From the South China Moning Post:
Britain’s nuclear rebirth signed off – with Chinese investment
Building of major new nuclear plant announced
BBC News notes another endorsement:
Nuclear power plant ‘good deal’ for UK
Energy Secretary Ed Davey has defended building the UK’s first nuclear station in a generation as “a very good deal for Britain”.
More from Deutsche Welle:
‘New generation’: The UK bets on a nuclear future
It’s been hailed as a ‘big day’ for Britain. The first new nuclear power station to be built in Europe since the Fukushima disaster, but as the UK embraces its nuclear future, is the rest of Europe happy to follow suit?
Further proof that the crisis was used to concentrate wealth and widen income gaps into chasms come from the London Telegraph:
Sellers ‘get what they want’ in crazy London property market
Asking prices in one London borough are up 12pc in just four weeks – or an average £170,000 per property – but in the rest of Britain 70pc of homes don’t even keep pace with inflation.
The epitome of chutzpah, from The Independent:
‘Owning a £2m apartment doesn’t mean I’m rich…’: Court dismisses banker’s claim that he cannot afford to pay ex-wife’s legal fees
The boss of an $8m-a-year banking business told a High Court judge on Monday: “Yes I own a $3.3m New York apartment – it doesn’t mean I’m rich.”
Off to Ireland, with more banking jobs facing the chop via Independent.ie:
1,000 AIB jobs under threat as bank plans outsourcing
STATE-OWNED AIB is considering outsourcing as many as 1,000 jobs – and cannot rule out some of the work ultimately going abroad.
America, at least we’re a good bad example. From TheJournal.ie:
Concern Ireland is ‘not far behind the US’ for obesity
The news comes as Safefood launched a campaign specifically aimed at tackling childhood obesity.
From Independent.ie, watchers watching:
IMF will have ‘interest’ after bailout
THE IMF will continue to have “an interest” in Ireland even after the bailout ends – but it is not yet clear if the fund will maintain a physical presence here, its representative in Ireland has said.
Denmark next, with “Y’all want s a ballot with them fries?,” from the Copenhagen Post:
McDonald’s serves ballots with Big Macs
The multinational fast food chain has agreed to promote participation in November’s local government election; “absurd” and “pathetic”, critics say
Germany next, with this from Deutsche Welle:
German tax revenues soar amid solid employment
The German federal government and authorities in the 16 states have reported a marked increase in revenues. Among other things, September figures showed a sharp rise in income taxes as employment remained robust.
Europe Online catches central bank fever:
Bundesbank expects German economy to gain momentum
And a prediction from EUobserver:
New German government to form ‘by Christmas’
German Social-Democrats (SPD) have agreed to coalition talks with Angela Merkel and aim to form a new government by Christmas, further postponing any decisions on eurozone governance.
And Deutsche Welle covers a challenge:
German Cartel Office ups pressure on Amazon to drop price parity policy
German antitrust regulators are set to crack down on a policy of retailer Amazon banning merchants from selling products cheaper on another platform. The Cartel Office finds the policy prevents free market competition.
France next, starting with this from Spiegel:
Migration Debate: Deportation Scandal Grips France
Controversy surrounding the deportation of a 15-year-old Roma girl and her family continues to undermine the government of French President François Hollande. The scandal is the latest flare-up in the country’s deeply divisive immigration debate.
More from RFI:
Nobody’s happy – Hollande fails to defuse Roma schoolgirl deportation row
If French President François Hollande hoped his proposal that Roma schoolgirl Leonarda Dibrani could return to France without her family would be hailed as a judgement of Solomon, he must have been disillusioned within minutes of making it. Like so many of his government’s actions, it has infuriated both his supporters and his opponents.
Picking up the thread, EUbusiness:
Malta, Greece urge EU to share immigration ‘burden’
Malta and Greece called Monday for Europe to take decisive action on illegal immigration at summit talks this week, insisting EU states follow up on promises to share the “burden”.
Another angle, via EurActiv:
Barroso pelted with eggs at Belgian debate
Commission President José Manuel Barroso was pelted with eggs by youths who blamed him for austerity policies and the death of migrants in Lampedusa, during a debate on Europe’s future in Liège, Belgium.
Spain next, with a declaration of victory via El País:
Markets already celebrating start of Spanish recovery
Backed by investors, country is seen as emerging from dark days of prolonged recession
From thinkSPAIN, more anti-austerian action:
Spain’s schools on strike over education reform
SCHOOL is (probably) out for kids across the country for most of this week as a national strike takes place in protest over the so-called ‘Wert Law’, an unpopular education reform which includes massive grant cuts for university students.
From El País, another austerian device designed to send money to the top:
Government may decide to lower corporate tax rate
Agency chief defends last year’s fiscal amnesty, which only brought in half of what was targeted
From Spanish Property Insight, bargains, bargains, bargains:
Bad bank to sell portfolio of luxury properties and country estates
The Sareb – Spain’s so-called Bad Bank – is preparing to sell a portfolio of luxury villas in a selection of upmarket destinations, plus country estates dotted around the land.
El País again, with reassurances:
“Spain’s banks are better off than those of many other EU countries”
Eurogroup president Dijsselbloem insists there are many reasons for optimism over country’s economic future
And Spanish Property Insight has sort of good news:
Spanish Government aims to break grip of auction mafia with foreclosure portal
The time has come to break the grip the so-called subasteros have on the public auction business in Spain, says the Spanish Government. Vice-president Soraya Saénz de Santamaria has announced plans to create a new online platform to auction foreclosed homes and other assets, that anyone will be able to use once they are registered, bidding from “almost anywhere”.
And from El País, the Institute for Economic Studies, think tank of Spain’s largest employer group the Confederation of Business Organizations, wants granny on the job:
Retirement age should be raised to 70, says think-tank
Number of years of Social Security contributions to get full pension should also be raised, IEE says
The Portugal News reports a similar move on the other side of the Iberian Peninsula:
Retirement age raised to 66
Portugal’s government has approved a bill that would alter the rules of the country’s social security system to raise the minimum retirement age to 66 from next year.
The Portugal News again, with blowback on the 23 percent ‘eating out’ tax an industry group says could force the closing of up to 39,000 companies in 2014:
Restaurants “astonished, disillusioned, indignant and angry” that Gov’t won’t lower ‘Eating Out’ tax
Portugal’s largest catering association AHRESP has hit out on behalf of the industry, saying the sector is “astonished, disillusioned, indignant and angry” at the Government’s announcement it will not be lowering its ‘Eating Out’ tax in next year’s State Budget
Afer the jump, the latest bad news from Greece, a Russian maneuver, Latin American news, Indian anxieties, Chinese neoloberal moves, Fukushimapocalypse Now! And more. . .
EUbusiness gives ups our first bit of grim Greek news:
Greek minister foresees hellish debt negotiations
Greece should prepare itself for a hellish negotiating period with international creditors on the country’s financial needs and its level of debt, Finance Minister Yannis Stournaras said Sunday.
One reason why, from Greek Reporter:
Eurostat: Greece has the Highest Debt in the EU
Greece has the highest debt in the Eurozone, with 156% of GDP for 2012, while its deficit was the second highest both in Eurozone and the EU, at 9%.
Greek Reporter again, this time with a contrary note:
SYRIZA on Gov’t Stance Before Troika
The Greek government is trapped in the memorandum policy of austerity and destruction, main opposition SYRIZA said on Monday, adding that whatever leaks to the press about so-called negotiating with the troika of lenders to Greece cannot reverse the subordination of Greece to its lenders and the memorandum’s commitments.
From To Vima, academia continues to resist:
University admin staff federation extends strike for another 5 days
Unions report serious problems with the online registration of university administrative employees
The federation of university administrative employees has announced that it has extended its strike for the seventh week running, until the 25th of October. At the same, many employee unions and computer experts have revealed that the Ministry of Education’s website, where employees have been called to register their details for review, is unsecured and open to abuse.
To Vima again, this time with harsh reality:
Refugees in Lavrio left without food and medical care
Employees of Refugee Center publicize tragic living conditions and not being paid for past 10 months
The employees of the Refugee Center in Lavrio have revealed that the living conditions at the center have reached tragic proportions, since they have no medicine, warm water and personal hygiene goods. Furthermore the diminished food supplies mean that the 240 refugees (including 65 children and 15 babies) are being fed pasta.
From ANSAmed, the sell-off continues:
Privatizations: Greece sells state properties for 145.8 mln
Greece’s privatization fund announced on Monday that it had sold 14 state buildings to Eurobank Properties for 145.8 million euros under the sale and lease back scheme, Kathimerini online reports.
More on the Hellenic Republic Asset Development Fund‘s selloff of the commons from Capital.gr:
HRADF: The privatization programme continues at a fast pace
From EUbusiness, a contrary note is sounded:
In Greece, wisdom of privatisations under question
The approach of a new budget year in crisis-hit Greece has rekindled talk of more spending cuts, along with a renewed EU-IMF creditor push for a breakthrough in the country’s clogged-up privatisation programme.
Our lone Golden Dawn related story, from To Vima:
Doubts within SYRIZA over deal to suspend Golden Dawn funding
Left Platform skeptical about agreement with New Democracy, PASOK and DIMAR on critical vote in Parliament
Despite the behind-the-scenes negotiations between SYRIZA and the government, a powerful minority within opposition ranks is skeptical about supporting the government.
ANSAmed gives us some grim from Cyprus:
Cyprus: banks’ losses to widen in 2014, CB chief says
Cyprus’ banking sector is expected to show further losses in 2014 as the economy worsens and banks book rising non-performing loans, but the sector is adequately capitalised, the head of its Central Bank said on Monday as Cyprus Mail online reports.
A lone Russian note from RIA Novosti:
Russia to Take Anti-Dumping Dispute with EU to WTO
Russia to Take Anti-Dumping Dispute with EU to WTOA senior Russian official said Monday that Moscow may file an official complaint with the World Trade Organization against the European Union’s practice of imposing anti-dumping duties on Russian steel and fertilizers.
To Latin America, first an a Euorpean note from MercoPress:
Barroso optimistic about coming ‘events’ in EU/Mercosur trade negotiations
The president of the European Commission, Jose Manuel Barroso anticipated that ‘soon’ there will be ‘events’ referred to the EU/Mercosur cooperation and trade agreement and underlined that Brazil is most interested in making possible such an accord.
BBC News covers a Brazilian brouhaha centering on an offshore field with an estimated eight to twelve billion barrels of recoverable oil reserves:
Clashes ahead of Brazil’s Libra oil exploration auction
Brazilian security forces and protesters have clashed in Barra da Tijuca, near Rio de Janeiro, where the Brazilian government is auctioning off exploration rights for a huge oilfield on Monday.
Off to Asia, starting with India and a story from the Financial Express:
Online hiring activity dips 9 pct in Sept over last year: Monster
Employers continue to adopt a cautious approach while hiring in view of this prevailing scenario.
The Financial Express again, reporting a harsh crackdown on medical experiments with a court demanding evidence of subject safety and benefit to the state:
Supreme Court blocks 157 clinical trials, says must follow new regime
Only five trials were cleared from January 1-August 31 this year.
And on to China, starting with a cultural crackdown reported by the People’s Daily:
Entertainment time cut for satellite TV stations in China
The State Administration of Radio, Film and Television announced that starting from next year, it will allow every satellite TV station to buy the copyrights of just one overseas program. The new order is aimed to push for domestically-produced and “morality-building programs.”
Meanwhile, the growth mandate continues, reports China Daily:
Beijing works to spur global development
China is actively mapping out its “financial diplomacy”, underlined by its recent initiatives to launch regional and global development banks.
Want China Times warrants bubble woes:
Wang Jianlin’s rise to China’s richest man worries bubble-watchers
Three internet tycoons made it into the top ten of the Forbes China Rich List published on Wednesday, while Wang Jianlin, chairman of real estate developer Dalian Wanda Group, overtook beverage tycoon Zong Qinghou to the top spot, reports Shanghai’s National Business Daily.
From People’s Daily, doing some old fashioned business:
China winning its spurs in international arms trade
China Daily reports on a hunt for partners:
Upping demand for higher education
Chinese universities are quickly becoming globally competitive, but there are still ample opportunities for international partnerships as demand for higher education is so high that state-run facilities can’t keep pace, according to a senior executive at a British university.
Want China Times covers classes dividing:
Consumer wealth gap apparent from China’s holiday spending
And People’s Daily notes a linguistic shift:
Beijing to downplay English in college admission
Beijing education authorities started soliciting public opinion on Monday over a college entrance examination reform scheme that would downplay the role of English proficiency.
In Japan, precisely the approach in taken in a highly symbolic decision reported by the Japan Daily Press:
Bridgestone adopts English as official company language
Tokyo-based, global tire leader Bridgestone has adopted English as its official company language, becoming the first traditional manufacturing Japanese company to do so. This is part of the company’s move for globalization, moving away from the domestic market, despite Japan’s improving economy.
Channel NewsAsia Singapore reports more grim numbers:
Japan posts record string of trade deficits
Japan’s trade deficit in September surged 64.1 per cent from a year earlier, extending its string of shortfalls to a record 15th consecutive month.
More from the Toronto Globe and Mail:
Sharp Japan export slowdown dents ‘Abenomics’, flags Asia weakness
Japan’s export growth fell well short of expectations in September, a sign that slowing demand in Asia is taking the shine off Prime Minister Shinzo Abe’s stimulus policies and clouding the outlook for a budding economic recovery.
And NHK WORLD notes neoliberalism on the rise:
Abe addresses deregulation, consumption tax
Prime Minister Shinzo Abe says individual Cabinet ministers will be excluded from making decisions on deregulation in their own fields.
And on to Fukushimapocalypose Now!
We open with an upbeat vio from Agence France-Presse:
Food from Fukushima area is safe, clean-up going well: IAEA
Program Note:
A team of experts from the UN’s nuclear watchdog, the IAEA, says food from the Fukushima area is safe, as it publishes a report on the progress of the clean-up at the stricken nuclear plant.
The Asahi Shimbun on the latest leaks:
FUKUSHIMA WATER CRISIS: Heavy rain causes radioactive water spills at 11 spots
Radioactive water exceeding safety standards spilled over storage-tank barriers at the Fukushima No. 1 nuclear plant and likely reached the ocean during a heavy rainfall on Oct. 20, the plant’s operator said.
NHK WORLD hits the hot spots:
TEPCO: Strontium tops safety standards in 6 spots
The operator of the Fukushima Daiichi nuclear power plant says radioactive strontium in 6 barriers, around tanks storing contaminated water, exceeded the government safety limit.
And the Asahi Shimbun notes an Obaman admonition:
Obama cited bureaucratic barriers in nuclear crisis response
U.S. President Barack Obama feared that entrenched bureaucratic behavior would exacerbate an unfolding nuclear disaster in Japan and called on Tokyo to remove those barriers to avert a catastrophe, Foreign Ministry records show.
Jiji Press notes outreach:
IAEA Advises Japan to Deepen Communication with N-Crisis Victims
A team from the International Atomic Energy Agency on Monday advised the Japanese government to deepen communication with people affected by the nuclear accident at Tokyo Electric Power Co.’s <9501> Fukushima No. 1 power station in northeastern Japan.
One of the reasons why, from the South China Morning Post:
Fukushima nuclear disaster clean-up work is way behind schedule
The clean-up of radiation in some of the most contaminated towns around Fukushima’s nuclear power plant is far behind schedule, so residents have been told they will have to wait a few more years before returning.
Via Mox News and CNN, a British report on the dangers, physical and bureaucratic, faced while working at the disaster site:
Fukushima Workers Whistleblowing About Sloppy Safety Standards At Nuclear Power Plant
From The Guardian, doubt and hope:
Fukushima proved turn-off point for nuclear power
The Japanese disaster made many reject the nuclear option, but China’s need to replace fossil fuels has kept its hopes alive
The Los Angeles Times covers more blowback from another energy source:
In Canada’s Alberta province, oil sands boom is a two-edged sword
The oil sands industry has brought good jobs to villages such as Fort Chipewyan. But there is fear about cancer and the environment.
And EurActiv brings us to a close on a regulatory note:
Shale gas firms to be brought under ‘robust’ new EU law
Shale gas companies operating in Europe will soon have to respect a muscular legislative package which the European Commission is preparing to publish in December or January, EurActiv has learned.
