We’ve got bishops and brothels, Greek catastrophe, Indian anxieties, Chinese questions, and, of course, the latest bad news from Fukushimapocalypse Now!
We begin at home with a partisan blast via Salon:
Democrats blast Wal-Mart ‘welfare kings’
Labor activists say a presentation Wal-Mart made to Goldman Sachs proves most workers make less than $25,000 a year
Followed by another instance of Banksters Behaving Badly, via The Guardian:
Bank of America’s Countrywide found guilty of mortgage fraud
BoA liable for up to $848m in damages after Countrywide found guilty of selling bad loans to Fannie Mae and Freddie Mac
From BuzzFeed, old Lizard Eyes, at it again:
Sheldon Adelson: U.S. Should Fire Nuclear Missile At Iran
Billionaire Sheldon Adelson advocated sending a nuclear bomb into the desert of Iran as a warning shot. “And then you say, ‘See, the next one is in the middle of Tehran. So we mean business. You want to be wiped out, go ahead, take a tough position and then continue with your nuclear development.’”
From Mother Jones, sensible advice:
Elizabeth Warren to Wall Street Regulators: Put Big Bank CEOs in Jail
From Slashdot, Colin’s extrusion lays another one. And if he gets his way, will metered television be far behind?:
Top US Lobbyist Wants Broadband Data Caps
Michael Powell, A former United States FCC chairman, is pushing for ‘usage-based internet access’ which he says is good for consumers who are ‘accustomed to paying for what they use’. Apparently Time Warner and Comcast (maybe others) are already developing plans to set monthly rates based on bandwidth usage. The reasoning on the NCTA website lays out the argument behind Powell’s plan.
Canada next, with a grim note from CBC News:
Bank of Canada slashes economic growth forecast
The Bank of Canada has held its key interest rate at one per cent and cut its outlook for economic growth to 1.6 per cent this year, 2.3 per cent in 2014 and 2.6 per cent in 2015, a sizable downgrade from its July outlook.
New Europe brings us our first item from the Old World:
Eurozone debt is standing at €8,874 trillion in the second quarter of 2013
Eurozone debt hits a new all time high
From euronews, following historic precendent, the Far Right feats on Hard Times:
Europe’s far right parties seek alliance for greater EU standing
For years now, the economic crisis, immigration and unemployment have provided a ready platform for extreme right parties in Europe. But despite the wind in their sails and rising support at national level, their European Parliamentary standing remains low. The various far right leaders of France, Austria and Belgium have decided to do something about it. Their vision is to form an alliance of extreme right parties for the next European elections.
New Europe brings us an anti-austerian perspective:
Jan in ‘t Veld claimed that consolidations in core EU countries is wrong
Eurozone austerity criticised by Commission’s economist
And Channel NewsAsia Singapore writes of trying times ahead:
ECB says stress tests of 124 eurozone banks begin next month
The European Central Bank said on Wednesday it will start next month to “stress-test” and examine the balance sheets of 124 eurozone banks in advance of assuming its supervisory role.
Britain first. From Sky News, uneasing?
Bank Of England Fuels Rate Rise Speculation
Policymakers were more optimistic about the economy and job creation at their last meeting, it has emerged.
South China Morning Post ponders another sign of hard times intolerance:
‘Racist’ immigration raids have London’s Chinatown up in arms
Members of London’s Chinese community have accused immigration authorities of conducting racist “fishing raids” in Chinatown as they carry out a controversial crackdown on illegal immigrants.
From the Irish Times, an austerian compromise:
Bank of Ireland agrees deal to cut pension deficit
Deal with unions will halve deficit but must be approved by affected staff
Off to a more exuberant Germany, with this from Deutsche Welle:
Berlin sees growth accelerating, hikes 2014 economic outlook
The German government believes the country’s economy is on the threshold of a strong rebound. As it revised its 2014 growth outlook upward, Berlin expects higher private consumption and more capital investment.
A contrarian imprecation from European Commission President Manuel Barroso, via New Europe:
Interview appears aimed at SDP, Merkel’s likely coalition partners
Barroso urges Berlin to stick to austerity
Anti-austerian exemplar Franz-Peter Tebartz-van Elst confronts a frugal Francis, via The Independent:
Pope Francis suspends ‘bishop of bling’ who spent €31m renovating a property
Germany’s “Bling Bishop”, who sparked outrage after spending €15,000 of diocese money on a bathtub and €350,000 on walk-in wardrobes, has been suspended after falling foul of the famously frugal Francis I.
From the Wall Street Journal, Bishop Bling’s crash pad:
A Look at ‘Bishop of Bling’s’ $40 Million House
Program notes:
Bishop Franz-Peter Tebartz-van Elst of Germany spent approximately $40 million renovating his home. He was suspended by the Vatican on Wednesday for an indefinite period. Via WSJ’s global news show The Foreign Bureau. [Photo: AP.]
From Deutsche Welle, signs of a hypocritical judiciary?:
Brothel not allowed to enjoy reduced VAT for German hotels
A federal German court has ruled that owners of brothels should not profit from a reduced VAT rate for the hotel sector that was introduced in 2010. The judges said such places were not established to foster tourism.
But the judges do show a certain consistency. From MercoPress:
German Catholics can only remain in the Church if they pay membership tax, rules court
Germany’s Roman Catholics can only remain part of the Church if they pay a membership tax, a court has ruled. All Germans who are officially registered as Catholics, Protestants or Jews pay a religious tax, worth an extra 8-9% of their income tax bill.
FRANCE 24 takes us to the Heaxagon, with another show of hard times intolerance:
French opposition would revoke automatic citizenship
The head of France’s opposition UMP party has proposed legislation that would revoke automatic citizenship for children born in France of illegal immigrants, leading to accusations of flirting dangerously with the resurgent far-right National Front.
Spain next, with a sigh of relief from El País:
Bank of Spain estimates economy grew 0.1 percent in third quarter
Country emerges from recession after more than two years
Reuters adds one of its own:
Santander poised for big profit jump as bad debt provisions fall
Santander, the euro zone’s biggest bank, and two smaller rivals are expected to reveal a surge in profits when they report nine-month results on Thursday due largely to a reduction in bad debt provisions.
From thinkSPAIN, the former “socialist” president belatedly emulates Honest Abe:
Zapatero: “My big mistake was avoiding admitting Spain was in crisis”
FORMER Spanish president José Luis Rodríguez Zapatero says his ‘grave mistake’ was refusing to acknowledge that the country was in financial crisis until at least a year after it became obvious.
From the London Daily Mail, austerity with body:
Spanish researchers admit using human bodies as crash test dummies
Scientists said cadavers are cheaper than spending £120,000 on a dummy
Not only are they cheaper they also yield better results
Portugal next. From ANSAmed, a very, very significant labor action in a country where the military is both leftist and has a history of acting:
Portuguese police and armed forces on strike over austerity
To protest 2014 budget passed by government
Italy next, with grim news from ANSAmed:
Italy’s debt hits record high of 133.3% in 2nd quarter
Bunga Bunga breakdown, from CNN:
Silvio Berlusconi charged with corruption again
A preliminary indictment by a judge in Naples alleges that the 77-year-old bribed a senator to change sides and supported his party in 2006, Berlusconi’s lawyer said Wednesday.
After the jump, Greece in crisis, alarms in China, Fukushimapocalypse Now! And a whole lot more. . .
First up from Athens, To Vima reports harsh numbers:
Greek public debt increases to 169.1% GDP in second semester
Eurostat confirmed that public debt rates of24 EU member states increased during second semester of 2013
ANSAmed
http://ansamed.ansa.it/ansamed/en/news/sections/economics/2013/10/23/Crisis-Greece-households-poorer-year-year-says-Elstat_9505467.html
Crisis: Greece; households poorer year by year, says Elstat
Kathimerini English notes a delay:
Rehn says no decision on Greek debt relief until summer
Greece will have to wait until next summer to find out whether it will be granted further debt relief by its eurozone partners and must be prepared for close monitoring of its public finances for many years to come, European Economic and Monetary Affairs Commissioner Olli Rehn has revealed.
From Greek Reporter, the face of austerity:
Hundreds of Child Beggars in Streets of Athens and Thessaloniki
Kathimerini English covers heads about to roll:
Evaluation ahead of 11,000 civil service sackings to start in April
The 11,000 civil servants that Greece plans to fire next year, as agreed with the troika, will come from organizations that come under the auspices of 10 ministries.
Capital.gr, reporting more austerity to come:
EU sources: Greece needs additional measures
Greece needs to take additional measures to meet the fiscal targets of the Greek programme in 2014, European Union sources said on Tuesday.
From To Vima, a temporary reprieve for the anti-austerian resistance at Greek universities, who have been resisting adding their names to a list used to select names for the chop ordered by the Troika:
Ministry of Education extends admin staff registration deadline
Extension of online registration deadline attributed to “increased traffic” and “technical difficulties”
From Kathimerini English, the war on “illegals” intensifies:
Greece among nine nations seeking more active role in curbing illegal migration
From To Vima, a decisive blow?:
Parliament votes in favor of suspending Golden Dawn funding
New Democracy, PASOK, SYRIZA and DIMAR MPs agree on suspension amendment, while ANEL and KKE abstain
And The Guardian covers ink rethinks:
Neo-Nazi tattoos fall out of fashion in Greece after Golden Dawn crackdown
Swastika tattoos were increasingly popular during rise of rightwing party, but some people are now having them removed
Latin America next, starting with this from MercoPress:
Argentine consumers expect Inflation in the next twelve months to average 31.3%
Expected inflation in Argentina for the next twelve months is on average 31.3% according to the monthly survey from the Torcuato Di Tella University, UTDT. However the monthly expectation dropped 1.6 percentage points compared to September in all regions of Argentina.
From the Las Vegas Sun, an alarm:
Argentines link health problems to agrochemicals
And the response, from MercoPress:
Monsanto and its glyphosate weed-killer embroiled in controversy in Argentina
Monsanto Co. is calling for more controls on agrochemicals, including its Roundup line of glyphosate-based weed-killers, in response to an Associated Press report about concerns that illegal pesticide applications are harming human health in Argentina.
The Santiago Times covers Chilean protest:
Public sector shutdown tests government ahead of election
Civil servants march across the country to demand higher wages and better work conditions — promise more protests ahead of November vote if demands not met.
And anxieties enact a cost, via the Santiago Times:
US debt crisis, slower world growth, lead to unexpected rate cut
The debt crisis in Washington may have been resolved temporarily, but continued concerns over the economic stability of the world’s largest economy has played a role in the Chilean Central Bank’s surprise decision to lower the country’s key interest rate for the first time in 21 months.
Off to the East, starting with an Aussie move from Independent.ie:
Oz moves to avoid US-style crisis
The Australian government plans to raise the nation’s debt ceiling by a whopping two-thirds to 500 billion dollars (£300bn) in a move to avoid a Washington-style political crisis over spending.
The Express Tribune takes us to Pakistan and a warning sign:
Dismal State: Pakistan’s current account deficit widens to $1.2b
Pakistan’s current account deficit as opposed to a surplus of $439 million in the corresponding three-month period of last year, widened to $1.2 billion in the first quarter of fiscal 2014 (July-September), according to data released by the State Bank of Pakistan on Wednesday.
India next, with an Economic Times non-performing asset [NPA] warning:
S&P sees no end to banks’ woes; pegs NPAs at 4.4% by March ‘15
PTI Indian banks will continue to face asset quality troubles till March 2015, and the gross NPAs in the system will grow to 4.4% by then, S&P said.
And a food crisis alert from the Financial Express with word from Agriculture Minister Sharad Pawar:
Onion price at Rs 100, Sharad Pawar says not an ‘astrologer’, but rates to stay high
For the hard-pressed people, a skyrocketing onion price, has come as a shock.
The Financial Express covers one consequence:
Govt relaxes norms for onion imports
The government today relaxed norms for import of onion by allowing fumigation of the kitchen staple in India without imposing any penalty.
Delhi and Beijing continue their flirtation, via the Financial Express:
Manmohan Singh takes up trade imbalance issue with Li Keqiang, China makes right noise on ‘gap’
Prime Minister Manmohan Singh today raised India’s concern over the “unsustainable” imbalance…
From the Press Trust of India, another step in the dance:
India, China ink agreement on trans-border rivers
India and China today signed a new agreement to strengthen cooperation on trans-border rivers that is aimed at allaying India’s concerns over new dams on the Brahmaputra and facilitating the exchange of flood data.
MarketWatch sounds an alarm:
Fears of a looming China debt crisis grip markets
Want China Times adds to the din:
Overseas investments of Chinese tycoons may be pull-out signal
China’s domestic property market may soon enter a consolidation phase or even a downtrend, reports the Chinese-language Beijing News.
And China Daily USA notes a shift:
China’s US Treasury holdings hit six-month low
While China remained the largest foreign holder of US debt, the country cut its holdings by $11.2 billion, bringing August’s total to $1.27 trillion from July’s $1.28 trillion, figures released Tuesday showed. That was a reversal from China’s Treasuries boost in July, when it added $3.5 billion.
CNN covers an environmental crisis:
Beijing announces emergency measures amid fog of pollution
With its skies regularly shrouded by a filthy film of gray smog, bringing chaos to the transportation network and forcing millions to seek refuge behind surgical masks, Beijing has been forced to take more extreme action.
From China Daily again, a response:
Beijing: ban on half of private cars
Beijing will ban half of its private cars and 80 percent of public vehicles from the roads if a red alert is issued on days of persistent pollution, the capital’s information office said on Tuesday.
From SINA English, a very peculiar number:
99.9% of corruption accused found guilty
DEFENDANTS in corruption trials over the past six years were found guilty in 99.9 percent of cases, China’s judicial authorities said yesterday.
SINA English fleshes out an instance:
Businesswoman sentenced to death with reprieve for fraud
A businesswoman in east China’s Jiangsu Province was sentenced to death with a two-year reprieve over financial fraud involving 1.7 billion yuan (280 million U.S. dollars)
From People’s Daily, another warning buzzer:
Higher retirement age may help solve pension problem
A top pensions official has voiced support for raising the retirement age, to make the welfare system more sustainable.
Off to Japan, first with a desperate measure from Jiji Press:
Japan Lawmakers to Submit Bill to Lift Casino Ban
A group of lawmakers from ruling and opposition parties at a meeting on Wednesday decided to submit a bill to lift Japan’s ban on casinos to the ongoing extraordinary session of the Diet, or parliament.
Kyodo News gives us the perfect bridge to Fukushimapocalypse Now!:
Gov’t eyes hosting Pacific islands summit in Fukushima
From NHK WORLD, yet another threat:
Fukushima Daiichi struggles with threat of typhoon
The operator of the crippled Fukushima Daiichi nuclear plant is struggling to find storage space for tainted rainwater as another powerful typhoon approaches.
Yet another new high, from Jiji Press:
Radioactivity Level Hits Record High in Fukushima Ditch Water
Tokyo Electric Power Co. said Wednesday that it has detected the highest level ever of beta ray-emitting radioactive substances, such as strontium, in water collected Tuesday from a drainage ditch near a water storage tank at its crippled Fukushima No. 1 nuclear plant.
From the Mainichi, yet another platitudinal adjustment:
Abe again insists that radioactive water at Fukushima plant is ‘completely blocked’
Prime Minister Shinzo Abe has again repeated his insistence that radioactive water leaks at the Fukushima No. 1 Nuclear Power Plant are being kept within the bay there.
The Asahi Shimbun delivers a dressing down:
IAEA urges Japan to give public a dose of reality on decontamination work
An International Atomic Energy Agency team is urging Japan to temper public expectations that decontamination work near the devastated Fukushima No. 1 nuclear power plant will quickly bring radiation levels with the national legal limit.
NHK WORLD covers a tête-à-tête:
NRA chief to meet TEPCO head on nuclear safety
Officials from Japan’s Nuclear Regulation Authority have criticized a report submitted by Tokyo Electric Power Company on safety measures at its nuclear plants.
From the Japan Times, hopes raised:
Tepco eyes fuel removal from Fukushima reactor 4 pool in early November
The process, to continue until the end of next year, will mark a new stage in the decommissioning of the reactors 1 to 4, which were severely damaged in the nuclear crisis triggered by the March 11, 2011, mega-quake and tsunami.
Meanwhile, other reactors waiton standby, from the Asahi Shimbun:
Fukushima water crisis threatens TEPCO’s plan to restart reactors in Niigata
KASHIWAZAKI, Niigata Prefecture—The growing problem of radioactive water at the stricken Fukushima No. 1 nuclear power plant is stymieing attempts by Tokyo Electric Power Co. to reactivate an idled nuclear power plant here and return to profit.
Another set of hopes raised, via NHK WORLD:
Japan pursuing new nuclear disposal technology
The Japanese government plans to develop new technology that would cut the environmental impact of highly radioactive waste from nuclear power plants.
Meanwhile, big plans are being made, from the Japan Daily Press:
Japan considers overhaul of nuclear power industry
Japan’s nuclear power sector, once one of the most powerful in the country, has been at a virtual standstill since the meltdown at the Fukushima Daiichi plant in 2011. A government committee is now looking into a drastic overhaul of the industry, which would include building a single entity to manage the 50 reactors which are all currently offline for maintenance and security checks.
Another country, more reactors, this time from Russia installed in India and acting up already. From Tehelka:
A farce in Koodankulam during PM’s visit to Russia?
A farce of connecting the reactors to the grid was played out in Koodankulam this week to make the Indian Prime Minister Manmohan Singh’s meeting with President Vladimir Putin in Russia less embarrassing. But the reactor tripped within hours, highlighting the dangers of such hasty exercises which undermine procedures and concerns
From the Asian Tribune, another environmental horror:
Massive Slaughter of Dolphins for Shark Bait in Peru Causes International Outrage
The government of Peru is considering measures to halt the massive slaughter of dolphins exposed this week by conservation organizations Mundo Azul and BlueVoice.
And EurActiv covers the worst kind of privatizatuion of all:
Leaked memo threatens ‘end of European conservation as we know it’
The memo, which EurActiv has seen, proposes ending funding for local climate-related projects from an €864 million environmental protection programme called Life, and using the lion’s share of it as public seed money to leverage private sector cash instead.
