We begin with a bombshell, then traverse through a landscape cratered by past bombshells, finally winding up in Fukushima, where’s it’s hot-hot-hot all the time. And note the pairing of two words you never hoped to see in a single sentence, Fukushima and mobsters.
First, the major bombshell from White House National Economic Council Director Gene Sperling via Bloomberg Businessweek:
Obama’s Top Economic Adviser Tells Democrats They’re Going to Have to Swallow Entitlement Cuts
The latest Banksters Behaving Badly summary, via International Business Times:
The $100 Billion Mistake: Bank Of America’s near $50 Billion Contribution Moves American Banks Closer Towards The Milestone Mark For Payments And Fines
Xinhua, covering the next step:
U.S. Fed to require banks to hold more liquidity as risk buffer
U.S. Federal Reserve on Thursday said that it would require American banks to hold minimum amounts of cash and high-quality liquid assets to help the financial system better cope with risks during market turbulence.
And the McClatchy Washington Bureau finally catches on:
Not so fast: The improving unemployment rate masks problems
The monthly unemployment rate holds almost mythical importance as a barometer for the health of the U.S. economy. But what if it’s not telling us what we thought?
From MercoPress, Corporateers Craftily Cheating:
US company pays heavy fined for bribing in several countries, including Argentina
The United States company Stryker Corp., the second-largest seller of orthopaedic devices, will pay more than 13.2 million dollars to settle U.S. regulatory claims that subsidiaries paid bribes in five countries to gain or retain business.
From the Associated Press, an expansive move [not to the West Bank, we hope]:
Texas A&M plans Israel campus
Texas A&M University says it hopes to open a branch campus in Israel, a first-of-its-kind project that will expand the American university’s growing overseas presence.
From Los Angeles Times, reminding us of that 1960′s Republican bumper sticker, “If it’s Brown, flush it”:
Gov. Brown wants Supreme Court to allow private-prison deals
Gov. Jerry Brown is back on the doorstep of the U.S. Supreme Court, seeking an order to let him go ahead with contracts that would send thousands more inmates to private prisons out of state.
North of the border, with a pronouncement from the Canadian Imperial Bank of Commerce via the Toronto Globe and Mail:
Canadian dollar slips, CIBC sees 94-cent currency early next year
The Canadian dollar continued to sink today, and some observers suggests this isn’t the end of its decline.
And off to Europe, starting with Spiegel:
EU Apathy: Leaders Fail to Make Progress at Summit
This week’s European Council summit was sidelined by new accusations of US spying in Europe. But despite the distraction, it’s clear EU leaders have deferred plans for greater integration, and lack the political will to address pressing concerns like migration.
From EUobserver, the unsurprising:
Germany shows little sympathy for Italy on migration
Germany voiced little sympathy for southern EU countries’ migrant problems at the summit on Friday, despite more high drama in the Mediterranean.
EurActiv covers a neoliberal circus stunt:
Cameron stages ‘cut red tape’ stunt at EU summit
During his press conference following the EU summit, which ended today (25 October), UK Prime Minister David Cameron focused on a British initiative to cut red tape in the Union, snubbing the other issues reflected in the conclusions, such as the economic and monetary union or the migration crisis.
While Corporate Europe Observatory proves there’s not much that separates the Old and New Worlds these days:
Unhappy meal. The European Food Safety Authority’s independence problem
Over half of the 209 scientists sitting on the agency’s panels have direct or indirect ties with the industries they are meant to regulate. A much clearer and stricter independence policy needs to be set up and rigorously implemented to restore the Authority’s reputation and integrity.
From New Europe, the border surveillance is rarin’ to go:
European leaders agree to a shared responsibility with the member states most affected by migration flows
European Council calls for swift implementation of EUROSUR legislation
New Europe again, making a point we make at least five times a week:
Finds that acute financial instability makes people more open to extremist ideologies
Anti-racism watchdog warns of a rise in hate speech on the Internet
On to Old Blighty with a spot of good news, at least for some, via BBC News:
UK GDP: fastest growth for three years
UK economic output rose by 0.8% between July and September, official GDP figures show.
From The Independent, noting a likely consequence:
Analysts expect earlier interest rate rise as speed of economic growth is revealed
GDP expanded by 0.8 per cent between July and September, the biggest quarterly jump in output since 2010
Ireland next, with the dark side of the widely proclaimed austerity success story from TheJournal.ie:
Pregnant mothers protest against maternity benefit cut outside Dáil
The Social Welfare Bill passed its final stage in the Dáil today though Fianna Fáil’s Willie O’Dea said it’s not too late for the government to reverse this cut.
Here ‘s a video report from Trade Union TV:
Protest at cuts to maternity benefit, Dáil Éireann, Dublin Ireland
Program notes:
The cut to Maternity Benefit is an attack on women and families. A reduction of €32 a week on top of the Budget 2012 measure to tax the benefit will have a serious impact on families struggling with reduced income and increasing costs. It will force many women to return to work earlier than they wish and have a negative impact on the family as a whole. This measure may in fact prevent women from having children.
On to France, with a call for more austerity via the Associated Press:
French business lobby promises 1M jobs in 5 years
In an open letter released Friday, the Medef, however, said companies cannot be expected to lower 11-percent unemployment by themselves. It is calling on the government to lower taxes and spending to give companies the room to act.
Spain next, with austerian backlash from El País:
Cutbacks and PP government’s reform plans fuel students’ strike
Unions say vast majority of teachers stayed away
Education Ministry describes protest as a failure based on “simplistic” slogans
From CNN, sleep on it — or not:
Spain turning back the clock on siestas
As Spain continues its drive to slash budgets and cut spending, one of the nation’s favorite pastimes — the siesta — is under threat as ministers look for ways to boost productivity.
And a failure to launch from El País:
Spanish bad bank reorders property sale as bids fall short: sources
Sareb received over 30 offers for commercial real estate
The Portugal News takes us across the Iberian Peninsula:
Concerns grow over “significant rise” in child refugees
Last year the Portuguese Council for Refugees (CPR) inaugurated a centre that was purposely-designed to accommodate unaccompanied child refugees who arrive in Portugal from conflict-stricken countries. Twelve months later that centre is operating above its maximum capacity, reflecting a global scenario that currently has the highest refugee figures of the past two decades.
After the jump, the intensifying crisis in Greece, Latin America’s Ministry of Happiness, more deals from China, and the latest dismal chapter of Fukushimapocalypse Now!. . .
Greece next, with some prep work covered by To Vima:
Ministry of Finances struggling to prepare for critical troika visit
Greece will not collect loan installment until reforms, privatizations and debt settlements are carried out
From Kathimerini English, a plea:
At EU summit, Greece insists only 500 mln in savings needed next year
No more than 500 million euros in new savings will be needed next year and this will all come from structural adjustments, rather then austerity measures, Greek government sources insisted on Friday at the end of a European Union leaders’ summit in Brussels.
ANSAmed covers the harsh back story:
Greece: FinMin, 500 mln to come from social security funds
Greek government would seek an additional 500 million euros in budget cuts for next year from the country’s social security funds, Finance Minister Yannis Stournaras said in comments published on Friday.
And To Vima covers weasel words:
‘No measures’ is different to ‘no new across-the-board measures’
Minister of Finances Stournaras reveals the government intention to impose new fiscal measures
The Minister of Finances Yannis Stournaras explained to Ta Nea that “there is a huge distance between no new across-the-board measures, that I support, and no measures at all”. Mr. Stournaras admitted that he will need to impose measures worth 500 million euros, contrary to the 2.5 billion euros estimated by the troika representatives.
Meanwhile whack at the branch, from EUbusiness:
IMF says Greece talks ongoing despite paused review
The International Monetary Fund said Thursday that talks between Greece and its international lenders were ongoing despite a halt in their review of the nation’s performance under the bailout program.
From Greek Reporter, the bottom line:
Greek Poverty Levels On the Rise
New Europe has numbers:
Unemployment rate rose by 189 per cent between 2008 and 2012
Greece: Unemployment of graduates alarmingly high
From ANSAmed, great expectations from the great sell-off of the commons:
Crisis: Greece; state expects 1.7 bln euros from properties
Greek state privatization fund TAIPED has set in motion the process for the utilization of properties with an estimated total value of 1.7 billion euros, as daily Kathimerini reports. It has already reached agreements for the utilization of properties worth 420 million euros, while others worth 180 million euros have entered the tender process.
Kathimerini English notes a visit:
Russian FM Sergey Lavrov to visit Athens on Oct. 29-30
“The purpose of the visit is to continue our political dialogue with the Greek authorities on a broad range of bilateral and international issues,” the Russian Foreign Ministry said in a statement.
And To Vima reports more alarming numbers:
ECB reports 1 billion euro reduction in Greek bank accounts deposits
Greek bank accounts have lost an estimated 75.3 billion euros since 2008, more than any other country
From ANA-MPA, a plea:
Interior minister to ‘Die Zeit’: Greece needs help with 2014 debt burden, migration issues
In an interview with the German newspaper ‘Die Zeit’, Greece’s Interior Minister Yiannis Mihelakis said that Greece needs the assistance of its European partners in lightening the country’s debt burden in 2014, as well as with migration issues. Among others, he stressed the need for a revision of the Dublin II treaty in order to share the migration burden more equally among the EU member-states.
To Vima again, this time with retaliation:
Prime Minister orders management audit of all universities
Minister of Education requests that universities dock the wages of administrative employees on strike
And Neos Kosmos notes a gimmick:
Property investors look to Greece
Up to 3,000 upmarket homes are set to be sold to non-European Union citizens wishing to invest in the Greek market in order to acquire a five-year residence permit in Greece
From To Vima, the idiotic and despicable:
Police raid Doctors of the World and Metropolitan social clinics
Papadimoulis questions Dendias and Georgiadis about “provocative, unjustified and scandalous” police raids
The parliamentary representative of SYRIZA Dimitris Papadimoulis questioned the Minister of Health Adonis Georgiadis and Public Order Nikos Dendias about the recent police raids at the Metropolitan Social Clinic and Doctors of the World.
Kathimerini English notes that old hard times intolerance at work:
Ombudsman slams treatment of Roma by Greek state and media
Greece’s citizens’ advocate issued a scathing assessment on Friday of the way authorities and the media had handled the case of Maria, the young girl taken from a Roma family last week after authorities found her DNA did not match that of her supposed parents.
Ditto, this time from To Vima:
Three immigrants sew mouths shut in Komotini detention center
Detained immigrants and anti-racism groups protest the inhuman living conditions in “concentration camps”
Vice reports on another kind of immigrant:
Women from All Over the World Are Being Sex-Trafficked into Greece
And Kathimerini English gives us our lone Golden Dawn item:
Kaminis worried about anti-fascist rally near Golden Dawn event
Athens Mayor Giorgos Kaminis expressed fear on Friday about the proximity of an anti-fascist rally and a Golden Dawn supporters’ gathering that are due to take place near the city center on Saturday, warning that he would not allow other such events to take place.
ANSAmed takes us to Cyprus:
Crisis: troika in Cyprus from Tuesday for second evaluation
A delegation from Cyprus’ international lenders will be in Nicosia next Tuesday for their second review of the island’s 10 billion euros rescue package, as Cyprus Mail reports.
Then off to Latin America, first with the Rio Times:
Brazil to Invest in Infrastructure: Daily
Brazilian President Dilma Rousseff announced a plan to invest R$13.5 billion in 310 different infrastructure projects, such as sewage systems and road paving.
From Quartz, a fine notion:
Venezuela just inaugurated its very first vice-minister for happiness
Yesterday (Oct. 24), Venezuela’s president, Nicolás Maduro, announced the creation of a new governmental office: Viceministerio para la Suprema Felicidad Social del Pueblo, or “vice-ministry for the supreme social happiness of the people.” Now, as of Friday, Maduro has officially introduced Rafael Ríos, the country’s very first vice-minister of happiness. Ríos will be responsible for overseeing a number of government programs focused on social wellbeing.
The Economic Times yields today’s African item:
S&P revises down Zambia’s credit outlook to negative from stable
Standard & Poor’s on Friday revised down its credit outlook for Zambia to negative from stable while leaving the sovereign credit rating at B-plus, four notches below investment grade status.
Off to Asia, starting with a Firstpost headline:
Money cut: US aid for Pakistan military set to shrink
The Financial Express, reporting that investment manager had lost over $45 billion for India’s richest in the last month:
Assets under management controlled by portfolio managers plunge 30%: Sebi
Assets under management (AUM) of portfolio managers held for investments on behalf of investors (high networth individuals or HNIs) have plunged by 30 per cent to Rs 6.7 lakh crore in September this year from the previous month’s levels, according to Sebi data.
From Press Trust of India, contemplating the sale of a major piece of the India commons:
Would be very happy to look at Air India privatisation: Tata
Industry leader Ratan Tata today expressed interest in the possibility of privatisation of Air India, saying he would be very happy to look at it whenever it happened.
China next, first with more dealing via People’s Daily:
China, EU agree on free trade, more cooperation
China and the European Union on Thursday agreed to push forward China-EU relations by fighting against protectionism, sticking to an open market and strengthening bilateral cooperation.
From South China Morning Post, reporting on $16,400 worth of wretched excess, People’s Republic style — though in all fairness, both John D. Rockefeller and John Jacob Astor were equally fond of breast milk in their declining years [though they consumed it form glasses]:
Jiangxi businessman pays model Mo Lulu 100,000 yuan to breastfeed him
A businessman offered a young model 100,000 yuan to breastfeed him during a group dinner in Jiujiang, Jiangxi province. And, astonishingly, she accepted.
The Global Times yields yet another deal:
China, Mongolia sign document on long-term partnership
China and Mongolia on Friday signed a document that outlines key areas of cooperation for the development of their strategic partnership in the medium and long term.
While China Daily covers a strong suggestion:
US firms urge easier process for investment
The US business community in China is calling for a streamlined investment approval process, the opening of more sectors to foreign participation of the US-China Bilateral Investment Treaty.
SINA English reminds us of really big numbers:
806 million people in pension system
South China Morning Post sounds a somber note:
Scientists envision a possible new epidemic wave of bird flu
Fresh human cases in eastern China of a deadly new strain of bird flu signal the potential for “a new epidemic wave” of the disease in coming winter months, scientists say.
And SINA English covers designer genes:
Imported GM soybeans flood Chinese market
The Japan Daily Press covers Tokyo’s latest move in the neoliberal direction:
Japan to limit rice subsidy to large-scale farms only
At the meeting of the Liberal Democratic Party (LDP), officials said Friday that the government will be limiting rice subsidy to large-scale farms. The plan is in preparation for Japan’s free trade agreement at the Trans-Pacific Partnership (TPP) while still ensuring the efficiency of the agricultural sector.
The Verge covers delusions of costly grandeur:
Bloated budget could shrink Tokyo’s Olympic stadium
Japan’s Olympics minister has called for Tokyo’s planned Olympic stadium to be scaled down. Hakubun Shimomura told Japan’s parliament that the planned ¥300 billion ($3 billion) cost for the stadium and surrounding infrastructure was “too massive a budget,” and that the government would “need to consider downsizing it.”
And the Japan Daily Press notes a serious deficiency:
Japan ranked 105th out of 136 in Global Gender Gap Report
In the latest Global Gender Gap Report by the World Economic Forum, Japan is ranked 105 out of 136 countries, its worst ranking since the survey started in 2006.
And on to Fukushimapocalypse Now!
The Buenos Aires Herald covers a near miss:
Earthquake of magnitude 7.6 in Japan, Fukushima plant undamaged
A 7.6 magnitude earthquake struck 231 miles east of the Japanese island of Honshu today, the US Geological Survey reported.
While the Asahi Shimbun covers hot water:
NRA approves simplified emergency protocol measures to handle Fukushima rainwater
The Nuclear Regulation Authority approved a request to simplify emergency protocol procedures to deal with rainwater that accumulates behind barrier walls at the crippled Fukushima No. 1 nuclear power plant.
While NHK WORLD notes the reason:
TEPCO rushes to transfer contaminated water
The operator of the Fukushima Daiichi nuclear plant is rushing to take measures to prevent radioactive water in outdoor barriers from overflowing as a severe tropical storm approaches.
The Japan Times covers offers of assistance:
Japan receives global offers to contain water spills at Fukushima No. 1
The government-linked nuclear decommissioning body said Friday it received expressions of interest from 779 companies and individuals with technology to help contain radioactive water spills at the wrecked Fukushima No. 1 nuclear plant after Japan launched a global appeal.
And the Asahi Shimbun covers the truly disturbing:
Help wanted in Fukushima but low pay, high risks and gangsters
TEPCO’s hapless efforts since to stabilize the situation have been like someone playing “whack-a-mole,” Minister of Economy, Trade and Industry Toshimitsu Motegi has said.
More from Salon:
Why cleaning up Fukushima is the worst job ever
Exposure to radiation is only the beginning of abuses leveled at the nuclear plant’s workers
The New York Times plays catch-up:
With a Plant’s Tainted Water Still Flowing, No End to Environmental Fears
For months now, it has been hard to escape the continuing deluge of bad news from the devastated Fukushima nuclear power plant.
And NHK WORLD notes the lamentable:
Fukushima children’s strength declining
Children in nuclear disaster-hit Fukushima Prefecture are showing reduced physical strength due to prolonged restrictions on outdoor activities.
From the Japan Daily Press, assertions:
Human rights experts call for revisions to UN report on Fukushima radiation
Several human rights experts are disagreeing with the report set to be released by the U.N. Scientific Committee on the Effects of Atomic Radiation (UNSCEAR) after their investigation into the situation at the Fukushima Daiichi nuclear plant. The criticism stems from the report’s seeming lack of concern over the effects of radiation on the general public in Japan, saying that “no discernible increased incidence of radiation-related health effects are expected.”
And the Japan Times serves:
Fukushima chef raises residents’ morale with trip to France
Arriving in France with a suitcase full of smoked chicken and wasabi from Fukushima Prefecture, chef Harutomo Hagi was a man on a mission.
And from NHK WORLD, advice:
Atomic commission advised to quit policy making
A government panel says the Japan Atomic Energy Commission should no longer set the country’s nuclear policy.
And our final headline, via Salon, covering another fuel with other problems:
More than 200 earthquakes have hit Oklahoma since 2009
A 2011 USGS study determined several minor earthquakes in Oklahoma to be the likely result of fracking
