Starting with a blast at so-called “free trade Agreements” from on high, to the ongoing collapse of Greece, the rise of neoliberalism in China, Japanese corruption worries, and on to the latest chapter of Fukushimapocalypse Now!
We begin with one issue where esnl and the Holy See are in firm agreement. From Techdirt:
Holy See (The Pope) Criticizes TPP And TAFTA/TTIP In WTO Speech
from the nobody-expects-the-Spanish-Inquisition-or-Holy-See dept
A quote from the speech:
While a minority is experiencing exponential growth in wealth, the gap is widening to separate the vast majority from the prosperity enjoyed by those happy few. This imbalance is the result of ideologies that defend the absolute autonomy of the marketplace and of financial speculation. Consequently, there is an outright rejection of the right of States, charged with vigilance for the common good, to exercise any form of control. A new tyranny is thus born, invisible and often virtual, which unilaterally and relentlessly imposes its own laws and rules. An even worse development is that such policies are sometimes locked in through trade rules negotiated at the WTO or in bilateral or regional FTAs.
From MarketWatch, some aren’t happy with the Vatican:
Rush Limbaugh: The pope is giving President Obama an orgasm
“The pope is ripping America, the pope ripping capitalism, the pope ripping Ronaldus Magnus, the pope ripping trickle-down economics” Limbaugh said during his radio program. “And Obama’s having an orgasm.”
But Rush has good reason to be happy as L.A. loses its only progressive talk radio station, notes LA Observed:
Rush Limbaugh moves stations, ending progressive talk in LA
Clear Channel is moving Limbaugh from KFI to KTLK — which will drop ‘progressive talk’ and become The Patriot 1150, with Sean Hannity and Glenn Beck also on board.
From Bloomberg, another asusterian gift from the Tea Party:
Unemployment Benefit Lapse Will Cut Jobs, Report Says
The Obama administration, bolstering a sustained push by Democrats to extend emergency unemployment benefits, said today that a lapse may cost the U.S. as many as 240,000 jobs in 2014.
An estimated 1.3 million unemployed workers would immediately lose benefits if the emergency program — extended repeatedly since its inception in 2008 — is allowed to expire on Dec. 28, according to the report drafted by President Barack Obama’s Council on Economic Advisers and the Labor Department. During 2014, 3.6 million more would have their benefits cut off.
The Los Angeles Times covers a job action:
County social workers strike over pay, high caseloads
Los Angeles County social workers took to the picket lines on Thursday, the first county strike in more than a decade and a sharp escalation of a labor dispute between the county and its biggest employee union.
The New York Times covers another:
Fast-Food Workers Walk Off Jobs, Rally for Higher Minimum Wage
Fast-food workers in hundreds of cities across the United States kicked off a day of strikes and rallies on Thursday to demand a higher minimum wage. The largest job actions were expected in New York and Washington, organizers said.
Workers want the federal minimum wage raised to $15 from $7.25, saying the current rate is not enough to live on. Critics counter that doubling the minimum wage would cost jobs, forcing employers to cut back on the number of workers.
And CNBC sounds a very sour note:
McFail: McDonald’s out-of-touch tipping advice to employees
Fast-food giant McDonald’s has committed yet another employee advice blunder, listing pricey suggestions for tipping au pairs, personal fitness trainers and pool cleaners from etiquette maven Emily Post on its worker resource website.
This advice comes as fast-food workers from 100 cities across the nation push for $15-an-hour pay, a far cry from the wages most earn, in a mass strike on Thursday.
But the question is, just how long willl those jobs even exist. Consider this from Slate:
Look Out, Waiters: Applebee’s Is Putting a Tablet at Every Table
Score one for the machines. On Tuesday, Applebee’s announced plans to install a tablet at every table in its 1,860 restaurants across the United States. Customers will be able to use the devices to order food, pay the bill, and ignore their dining companions by playing video games.
Chili’s unveiled basically the same plan three months ago.
CNBC look at a key feature of the new workforce, the harsh realty behind those so-called improved jobs numbers:
How ‘on-call’ hours are hurting part-time workers
The Great Recession changed the American workplace. More and more jobs that used to be full time are now part time, with lower pay and limited or no benefits.
The number of “involuntary” part-time workers—people who want a full-time job but can’t find one or have had their hours cut back by their current employer—has nearly doubled since 2007. There were 8.1 million involuntary part-time workers in October, versus 4.3 million in October 2007, according to the latest figures from the Bureau of Labor Statistics.
From the New York Times, boosted by necessity:
U.S. Growth Faster Than Estimated as Businesses Stock Up
The economy expanded much faster than first thought in the third quarter, as the government on Thursday revised its estimate of growth in the period to a 3.6 percent annual rate from 2.8 percent.
That was significantly better than the 3.1 percent pace economists had been expecting, and it marked the best quarter for growth since the first quarter of 2012, when output jumped by 3.7 percent. It also marked the first time since then that growth had exceeded 3 percent.
Much of the improvement came from additional stocking up on inventory by businesses as well as a slightly improved trade picture.
Bloomberg takes us to Europe and a bankster’s worries:
ECB Cuts Inflation Forecast as Draghi Pledges Low Rates
European Central Bank President Mario Draghi re-affirmed that interest rates will stay low for the foreseeable future, after officials cut their inflation forecast for next year.
“We may experience a prolonged period of low inflation,” Draghi said at a news conference in Frankfurt today, echoing language he used last month after the ECB unexpectedly cut interest rates. Today, the ECB kept its main rates unchanged.
More from Deutsche Welle:
ECB keeps powder dry to battle weak growth and low inflation in 2014
The European Central Bank has left its key interest rate at a historic low, pausing to assess the impact of its recent rate cut on the eurozone economy. But more monetary action might be needed to spur growth in 2014.
Still more from Spiegel:
Weapons of Last Resort: ECB Considers Extreme Crisis Measures
The European Central Bank wants to spur lending by banks in Southern Europe, but conventional methods have shown little success so far. On Thursday, ECB officials will consider monetary weapons that were previously considered taboo.
And then there’s this delightfully meaningful headline from EUobserver:
Central bankers don’t want their names published
A promise by the European Central Bank to publish the minutes of its meetings has been delayed by the “complexity of the issue,” one stumbling bloc being whether to publish the names of the central bankers or not, ECB chief Mario Draghi said Thursday in a press conference.
And then there’s this from EUbusiness:
Schaeuble to discuss banking union with France, EU: source
German Finance Minister Wolfgang Schaeuble will meet his French counterpart Pierre Moscovici and Eurogroup finance chief Jeroen Dijsselbloem Friday for talks on a planned European banking union, a source close to the talks said.
The meeting in Berlin will also include EU Commissioner Michel Barnier, the source told AFP, confirming a report in Handelsblatt business daily which said ECB board member Joerg Asmussen would also attend.
East meets West in the London Telegraph:
Europe repeating all the errors of Japan as deflation draws closer
The whole eurozone must have a higher inflation rate to lift the South far enough above the deflation line to gain breathing room
Leading the list with DutchNews.nl:
Dutch, Czechs least at risk of poverty and exclusion in Europe
More people may be classed as poor in the Netherlands but in European terms, the Dutch have the lowest risk of living in poverty and social exclusion, figures from European statistics office Eurostat show.
The figures show almost one in four people in Europe were at risk of living in poverty and isolation last year, a marginal rise on 2011.
The highest risk was in Bulgaria (49%), Romania (42%) and Latvia (38%). The Netherlands and Czech Republic had the lowest risk at 15%, followed by Finland on 17%.
From Deutsche Welle, intolerant exceptionalism:
Germany, Britain press for inner-EU migratory curbs
Germany has told EU interior ministers meeting in Brussels that it continues to oppose any inclusion of Romania and Bulgaria in the passport-free Schengen area. Britain has called for EU limits on freedom of movement.
More from Europe Online:
Britain demands curbs on free EU movement at Brussels talks
British Home Secretary Theresa May on Thursday demanded limits on free movement within the European Union – widely considered one of the bloc’s greatest achievements – ahead of a meeting of interior ministers in Brussels.
“We need to change the way free movement operates within the EU,” May said ahead of the talks, which were also set to tackle the recent migrant deaths in the Mediterranean.
EurActiv has a response:
Romania tells EU: ‘We are ready for Schengen when you are’
Faced with stiff opposition from older EU members, Romania is no longer asking for an accession date to the Union’s borderless Schengen area. “We are ready for Schengen when you are”, Romanian Interior Minister Radu Stroe will tell his colleagues at a meeting in Brussels today (5 December).
Romanian Prime Minister Victor Ponta has asked Stroe to tell EU ministers that Romania remains ready for Schengen accession, but will not beg for a date, as it is sick and tired of being told “next time”, the Romanian press reports.
EurActiv sounds a warning:
EU threatened by ‘rampant right-wing populism’, warns German think tank
Right-wing populist parties have established themselves with solid electorates in almost all European countries, representing a growing threat for next year’s EU elections, according to a study by the German Konrad-Adenauer-Stiftung.
Almost everywhere in Europe, right-wing populist parties have “established themselves as relevant political forces”, says a study released on Monday (2 December) by the Konrad-Adenauer-Stiftung, a foundation associated with the conservative political party the Christian Democratic Union (CDU).
And on another front, corporations consolidate power via New Europe:
Consultation on the modernization of EU copyright rules
The European Commission has today launched a public consultation with a view to gathering input on the modernization of EU copyright rules. Stakeholders are invited to provide their views on areas identified in the Communication on Content in the Digital Single Market, such as territoriality in the Single Market, harmonization, limitations and exceptions to copyright in the digital age; fragmentation of the EU copyright market; and on how to improve the effectiveness and efficiency of enforcement in the wider context of copyright reform.
On to Britain and a bankster with BBC News:
Bank of England holds UK interest rates at record low
The Bank of England has kept interest rates at a record low of 0.5%, despite signs that the UK economy is improving.
The decision was widely expected, given governor Mark Carney’s pronouncements that the Bank would not even consider raising rates until unemployment falls below 7%.
From BBC News, the government lays out its latest agenda:
Autumn Statement: Welfare spending cap to start in 2015
Housing benefit will be included in the spending cap
The precise limit will be set in the spring of 2014, and the cap will be imposed a year later.
BBC News again with more:
Autumn Statement: Wait longer for your state pension
A life of ease will move further away for millions of workers in their 40s
In his Autumn Statement, the Chancellor, George Osborne, announced that it would now go up to 68 sometime in the mid-2030s, rather than between 2044 and 2046 as originally planned.
That is about 10 years earlier than originally planned.
And more to come, with the London Telegraph:
State pension age: The logic that suggests it will rise to 84
The Autumn Statement outlined faster rises in the state pension age. Experts have been suggesting how high the age could eventually rise
The Irish Times takes us to Dublin and a debt demand:
Central Bank sets new, tougher mortgage resolution targets
Lenders have until next June to find solutions for 75% of customers more than 90 days in arrears
There are just under 100,000 Irish mortgage accounts more than 90 days behind in their repayments.
Germany next and another bankster story, this one from Europe Online:
Credit Suisse divests German private banking business
Credit Suisse is set to shed its German private banking branch amid efforts to divest operations with low growth potential and to focus on ultra-wealthy clients, Switzerland’s second-biggest bank said Thursday.
France next, with ominous numbers for an increasingly troubled presidency from France 24:
French unemployment hits 16-year high in third quarter
France’s unemployment rate rose 0.1 percentage points to a 16-year high of 10.9 percent in the three months through September, the INSEE national statistics agency said Thursday.
Span next, with more banksters from El País:
IMF highlights solvency of Spanish banks after restructuring
The IMF’s managing director, Christine Lagarde, on Thursday had some reassuring words to say about the solvency of the Spanish banking system after restructuring. But IMF, European Central Bank and European Commission officials, in Madrid to check on Spain’s compliance with the bailout program for the sector, fretted about lenders’ weak profitability.
thinkSPAIN foresees a long, cold winter:
Spain is a nation of happy homeowners, but heating can be a problem, says INE
HOME is where the heart is in Spain, but not necessarily where the hearth is – 88.1 per cent of property owners are happy with their pad, but 18 per cent cannot heat it enough in winter, according to recent figures released by the National Statistics Institute (INE).
Much of the problem concerning heating is financial, with 25.8 per cent of households where the total income was less than 15,000 euros a year after tax being unable to get warm enough in winter, falling to 10.8 per cent among those homes with a total income of 28,800 euros a year.
El País covers the fall of another neoliberal:
Former Popular Party minister found guilty of influence peddling
A jury on Thursday found the former Popular Party (PP) premier of the Balearic Islands, Jaume Matas, guilty of abusing his position to coerce a company into paying his wife 42,000 euros for a job she never carried out.
Portugal next with an infusion update from Xinhua:
Portugal under review for next tranche of bailout fund
International lenders arrived here Wednesday for a new review of Portugal’s progress in implementing the bailout program agreed two years ago.
During their stay in Lisbon, the representatives of the troika — comprising of the European Union, the International Monetary Fund and the European Central Bank — are to meet with Portugal’s leading political party leaders, lawmakers and trade union leaders on measures and plans for the implementation of the 78 billion euro (105 billion U.S. dollars) bailout program.
Ongoing privatization news from Bloomberg:
Portugal’s Postal Service Rises as Five-Year IPO Dearth Ends
Portugal’s mail service, CTT-Correios de Portugal SA, rose on the first day of trading after the 493-year-old company held the country’s first initial public offering in five years.
The stock climbed 0.4 percent from the IPO price of 5.52 euros to close at 5.54 euros in Lisbon, giving the company a market value of 831 million euros ($1.14 billion). Earlier in the day, the shares jumped as much as 7.8 percent.
Action averted from the Portugal News:
Train strikes shelved
Portuguese train operator, CP, has revaled it has signed agreements with a raft of unions so strikes that had been announced for December and early January were now off the table.
The train operator said that the agreements covered “about 80% of the company’s work force” and ensured normal train operations.
Italy next and an upbraiding from ANSAmed:
EC berates Italy on debt again after Letta clash
Rehn’s office says supplementary budget adjustment needed
The office of European Economic and Monetary Affairs Commissioner Olli Rehn said Thursday that Italy must do more to reduce its massive public debt, returning to an issue that has caused considerable tension between the European Commission and Rome in recent weeks.
Xinhua covers another eurocratic conversation:
Italian PM meets Van Rompuy, pledges a confidence vote on reforms
Italy’s Prime Minister Enrico Letta met with the President of the European Council Herman Van Rompuy on Wednesday and pledged to step up reforms in the recession-hit country.
“I will ask a confidence vote next week to design a new majority in Parliament and bind it on a 2014 based on reforms, in order to make Italy more competitive,” Letta said in a press conference after the talks with Van Rompuy.
And TheLocal.it looks to the future:
‘Tourism is our industrial future’: Italian tycoon
Italian tycoon Diego Della Valle on Wednesday called for a vast plan to restore monuments and support tourism to boost the economy, as he announced the long-delayed start of an overhaul of the Colosseum.
The billionaire, who has built a luxury goods empire around his shoe company Tod’s, is funding the repairs on the iconic and dilapidated 2,000-year-old amphitheatre with €25 million.
“We don’t have the steel, chemical and car industries that we had 30 years ago. All that has flown away. Now we have tourism as our industrial future,” he said at a press conference with Culture Minister Massimo Bray.
Europe Online looks to the increasingly cloudy political future:
Italy’s Democratic Party set for weekend vote to elect new leader
Italy’s biggest political force, the centre-left Democratic Party (PD), is set to elect a new leader on Sunday, in a process that could destabilize the grand coalition government of Prime Minister Enrico Letta.
The frontrunner is Florence Mayor Matteo Renzi, 38, a media-savvy modernizer, who is popular in the country at large but viewed with suspicion by hardline PD voters on the grounds that he is not left-wing enough.
After the jump, Greek strikes, misery and a surrender, Black Friday comes to Russia, India’s fight for food sovereignty, Thai truce, smog and neoliberalism in China, and Fukushimapocalypse Now!. . .
Our first Greek item, an incomplete report card from Capital.gr:
Greece has met prior actions bar one, PM says after meeting Barroso
Greece has met all prior actions, bar one, that have been demanded by the EU-IMF troika representing its creditors, Greek Prime Minister Antonis Samaras stressed here on Wednesday after a meeting with European Commission President Jose Manuel Barroso.
From EnetEnglish.gr, the austerian toll:
In Greece, 3.8m people at risk of poverty or social exclusion in 2012
Eurostat figures shows figure grew by 400,000 on previous year
Greece now in 4th place in Eurostat’s poverty or social exclusion tables, after Bulgaria (49.3%), Romania (41.7%) and Latvia (34.6%)
Internal battles within the government over a Troika demand from Greek Reporter:
Greek Battle Royale Over Foreclosures
foreclosed-home.gi.topWith Greek Prime Minister Antonis Samaras trying to convince his Deputy Premier Evangelos Venizelos to go ahead with ending a moratorium on foreclosures that is being demanded by the country’s international lenders, Finance Minister Yannis Stournaras said banks should be allowed to begin confiscating homes next year if no deal is reached.
The Troika of the European Union-International Monetary Fund-European Central Bank (EU-IMF-ECB) wants Greece to allow banks to go after homes valued under 200,000 euros ($272,700) that are now being protected under a ban approved by a previous PASOK Socialist government which Venizelos served as finance minister.
EnetEnglish.gr has more austerian reality:
Four in five apartment blocks without heating oil
Even if individuals can afford it, majority decision of residents is required to buy it
The head of the Inka consumer group has described the situation this year as ‘worse’ than 2012
Kathimerini English covers belated remediation:
Power supply to be restored to poor
The government will seek to restore the electricity supply to poor households that have had their power cut after failing to pay their bills and will ensure that the Public Power Corporation (PPC) does not cut the electricity of others struggling to pay their bills, it emerged on Thursday.
The government’s initiative came after a fire broke out in an apartment in the Kordelio suburb of Thessaloniki as the tenants, whose power supply was cut off in May 2012, had left candles unattended.
That 2012 fire? That’s old news. Today’s headline from EnetEnglish.gr:
Family escapes burning home where power was cut two years ago
Candles possibly caused blaze as no stoves were found in building
Authorities are investigating the possibility that the fire was caused by a candle, as reports say no stoves or other heating devices were found in the house
To Vima covers the latest action:
Urban transport employees of Thessaloniki threaten with job retention
About 2,700 employees have not been paid for October and November due to government delays
The employees at the urban transport organization of Thessaloniki OASTH have threatened with job retention, if they are not paid their overdue wages. The employees argue that they have not been paid for October and November.
The OASTH union leader Dimitris Tsermenidis explained that “there will be no buses on Friday, if there is no solution, as Thursday is the last available day for paying out wages”.
Kathimerini English covers a sagging strike:
Athens University staff strike could be losing steam
While a deadlock between striking administrative staff at Athens University and Education Minister Constantinos Arvanitopoulos appeared no closer to a resolution on Thursday, the position of the strikers is expected to be weakened by a decision by their colleagues at the National Technical University of Athens (NTUA) to resume classes as usual on Monday.
Administrative staff at Athens University and the NTUA have been on strike for 13 weeks in protest at government plans to place them in a civil service mobility scheme that will see them receiving 75 percent of their regular pay for a period of eight months while they undergo an evaluation that will determine whether they will be transferred or fired.
Greek Reporter updates:
NTUA’s Administrative Staff Stop their Strike
The administrative staff of the National Technical University of Athens (NTUA) have finally decided to stop its strike and return to work this following Monday.
On the contrary, the continuation of the strike has been decided by the administrative staff of the National Kapodistrian University of Athens. During the voting procedure that would determine whether the strike will continue or not, the tension between the strike committee and the board members of administrative employee union at the University of Athens was obvious. Thus, the latter decided to walk out in the middle of the voting procedure, claiming that the decision of continuing the strike is illegitimate. They also made it clear that the majority of the University of Athens’ employees are intending to work tomorrow and next Monday, despite the decision to continue the strike for another 48 hours.
From To Vima, courts rule for downsized workers:
Court approves injunction of school wardens in Kozani
Kozani courts ruled in favor of school warden injuction – similar court decisions taken all over Greece
The First Instance Court of Kozani has ruled in favor of the injunction application submitted by the 15 school wardens against the orders for their dismissal.
The court approved the injunction on Wednesday and will notify the Municipality of Kozani by Friday, so that the school wardens can then return to their jobs.
ANSAmed brings more austerian numbers:
Greece: 270,000 workers earn less than 500 euros per mont
Up to 270,000 workers in Greece are receiving monthly salaries of less than 500 euros, Labor Minister Yiannis Vroutsis said Thursday. Vroutsis was quoting figures from the ministry’s Ergani database, which records hirings and firings.
From Kathimerini English, the government offers half of what their lords of money want in the way from a deeply regressive tax:
Athens mulls unilaterally extending lower VAT on food services
As an impasse between Greece and the troika on a range of issues remains unbridged, the government is considering unilaterally submitting legislation that would extend a reduced 13 percent value-added tax rate on food services beyond a six-month trial period that expires at the end of this month, Kathimerini understands.
Bloomberg covers wires:
Unemployed Greeks Reconnect as Underground Electricians Defy Law
There were 257,002 disconnections because of nonpayment of bills in the first nine months of the year, putting the country on pace to surpass last year’s total by 5.4 percent, according to the Regulatory Authority for Energy.
The disconnections have spawned a movement of underground electricians who illegally restore power for themselves and others. About 1 in 10 homes will be reconnected without authorization this year, according to the Hellenic Electricity Distribution Network Operator S.A.
And To Vima has the latest Golden Dawn story:
Counter-terroism police investigating the homes of Golden Dawn Mps
Golden Dawn MPs Iliopoulos, Germenis and Boukouras are accused of participating in a criminal group
The counter-terrorism police unit is conducting investigations at the homes of Golden Dawn MPs Giorgos Germenis, Panagiotis Iliopoulos and Efstathios Boukouras at the request of the prosecution.
Xinhua takes us to the Ukraine with an intriguing development:
China, Ukraine agree to strengthen strategic partnership
Chinese President Xi Jinping held talks with Ukrainian President Viktor Yanukovych in Beijing on Thursday, vowing to further bilateral strategic partnership.
“China-Ukraine relations have entered a fast track for long-term healthy and stable development since strategic partnership was established in 2011,” Xi told Yanukovych.
And the Moscow Times covers an American import:
Russian Got Black Friday Training in America
The Russian calendar is consistent in its delay versus the American one, even for e-commerce bonanzas, with the local version of Black Friday taking place this Friday.
But online consumers here, who are expected to spend more than $680 million in one day, flexed their muscles during the U.S. event on Nov. 29, with retailers there saying Russia was in many cases the No. 1 foreign participant.
To Latin America, where it’s freezing. From the Argentina Independent:
New Period of Fixed Prices for Basic Products Announced
Members of government, the food industry and CEOs of supermarkets met yesterday to strategise and organise a new frozen price list for a range of basic products.
The list of products is to be decided by the 20th December and the frozen pricing of these products is to be enforced on 1st January 2014.
Press Trust of India takes us to Asia and a fundamental diving line:
WTO chief calls Sharma, key trade ministers to end impasse
In a last ditch effort to salvage the global trade talks, the WTO chief has called an urgent meeting of the trade ministers of the US, India and Indonesia to end the impasse over the food security issue.
WTO Director General Roberto Azevedo will be meeting Commerce and Industry Minister Anand Sharma, US Trade Representative (USTR) Michael Froman and Indonesian Trade Minister Gita Wirjawan — the three key players.
From the Times of India, mixed messaging:
Challenges for India Inc to continue in 2014: Moody’s
Reflecting macroeconomic challenges over the next 12 months, Moody’s expects challenges for Indian non-financial corporates to continue in 2014.
“India’s GDP growth to remain weak at 5.5 per cent in the fiscal year ending March 2015, as elections in mid-2014 will delay reforms needed to revive the economy,” Moody’s Investors Service said in a report.
Thailand next, and an appeal from South China Morning Post:
Thai king appeals for stability after violent protests
As demonstrators pause to celebrate his birthday, King Bhumibol Adulyadej makes speech asking Thais to work together for peace
On to China, first with divisions from JapanToday:
Hong Kong residents dislike mainland Chinese more than Japanese: poll
The Hong Kong University survey conducted in November showed 31.8% of Hong Kong people have “negative” feelings for people from mainland China.
The same survey in May put the figure at 35.6%, meaning the average figure for this year was the highest since the exercise began in 2007.
Trading politics from People’s Daily:
Consultation to resolve Sino-US trade disputes
China requested consultations with the United States on Tuesday under the World Trade Organization dispute-settlement mechanism over alleged US misconduct in 13 anti-dumping measures involving Chinese products.
Under WTO rules, the US has 10 days to respond. If it fails to respond, China can ask for a WTO panel to look into the dispute.
Exhausting weather from South China Morning Post:
Flights diverted and schools closed as China is once again cloaked in smog
High levels of air pollution cause authorities in China to cancel flights and suspend school classes
China Daily has deep pockets:
Developers raise $100m US realty fund
A $100 million fund by China’s small and medium-sized developers has been raised to invest in the US real estate market, indicating Chinese developers’ growing interest in expanding overseas.
“Around one to two deals are expected to close soon. We may raise more money after the Spring Festival,” said Gong Yi, director of China Real Estate Chamber of Commerce.
From The Register, cash that doesn’t register:
People’s Bank of China bans Bitcoin over ‘drugs and guns’ trade fears
It’s a virtual good, not a proper currency that we can control, sniff Chinese moneymen
Alienation from People’s Daily:
China’s rural elderly left alone
In China, most young people in rural areas flock to cities to earn more money, leaving behind their elderly family.
Many villages, as a result, are becoming desolate, with only elderly people living in them.
On to Tokyo with JapanToday and a bankster split:
BOJ governor faces policy rift among board members
Bank of Japan Governor Haruhiko Kuroda faces a rift on his policy board with half of his fellow members either voicing doubt over the central bank’s rosy economic and price forecasts or calling for its ambitious price target to be watered down.
While the remaining policymakers remain loyal to Kuroda for now, the 5-to-4 division may affect the timing and the tools the BOJ can deploy if it needs to expand monetary stimulus further.
Stimulation from International Business Times:
Japan’s Latest Stimulus Going Largely To Construction Firms For 2020 Olympics, Disaster Recovery And Prevention
Japanese Prime Minister Shinzo Abe and his cabinet approved a $53.5 billion (5.5 trillion yen) stimulus package Thursday that would siphon money to the country’s lowest income earners as well as construction firms to repair aging roads, bridges and tunnels, improve the earthquake-resistance of schools, and renovate Tokyo’s National Olympic Stadium for the 2020 Olympic Games, among other projects.
From Jiji Press, another “reform” that costs more for its recipents:
Japan Enacts Social Security Reform Bill
Japan’s parliament Thursday passed a bill that sets a timetable for reforming the country’s social security system.
The law calls for implementing reform measures, including raising the proportion of out-of-pocket medical expenses by people aged 70 to 74 to the original level of 20 pct from 10 pct at present, between fiscal 2014 starting next April and fiscal 2017.
On to Fukushimapocalypse Now!
The Asahi Shimbun has structure:
Japan may set up UK-style decommission agency for Fukushima plant
Japan’s ruling party could set up a British-style agency to shut down the wrecked Fukushima nuclear plant, taking control of a project now managed by the station’s embattled operator, a senior party policymaker said on Dec. 5.
And Jiji Press has persistence:
Japan to Regard N-Energy as Important Power Source
Japan’s upcoming basic plan on energy policy will describe nuclear energy as an important source of electricity, industry ministry officials said Thursday.
The ministry will present a draft of the basic plan at a subcommittee meeting of its Advisory Committee for Natural Resources and Energy slated for Friday.
NHK WORLD has a reasonable request:
Nuclear regulators request further seismic data
Officials from Japan’s Nuclear Regulation Authority have asked the operator of a plant to submit more evidence that an active seismic fault will not affect other faults beneath the site.
The active fault runs about a kilometer east of the Kansai Electric Power Company’s Mihama power plant in Fukui Prefecture. Scientists say that if the active fault moves, it could affect 9 confirmed faults under the plant, including one below a reactor.
And for our final item, other fuels, other woes from Al Jazeera America:
Oil and gas industry sues Colorado cities over fracking bans
Legal battle raises questions about whether local governments can lawfully prohibit methods of shale gas extraction
