Tag Archives: wall street

Business/Economics, International, Technology

What Economic Recovery? Panasonic predicts more massive losses! Suspends dividend payments for first time! Chairman cuts his own pay by 40%!

31 October 2012, one of Japan’s electronics giants, Panasonic, announced massive losses by the end of their fiscal year.

Panasonic officials say they expect to have suffered a net loss of more than $9 billion USD by March 2013!   They already lost $8.6 billion from April to September 2012!

For the first time in 62 years it is suspending dividend payments to stockholders!  Company officials say they are now forced to “restructure unprofitable operations”.  That’s industry code for shut factories down and lay people off (they already laid off 39,000 people in 2011!).  But unlike greedy unAmerican Corporate America leaders, the boss of Panasonic said he was cutting his own pay by 40%!

Just like other Japanese electronics makers, Panasonic blames the huge losses on crashing TV and camera sales.  Panasonic lost $9.7 billion in 2011!

 

International, U.S.

World War 3: U.S. occupation of Afghanistan; 26 – 29 October 2012. Mujahideen continue steady attacks across the country! ISAF says they will not protect Afghan borders! Bin Laden & Taliban supporters to mediate peace talks! U.S. agents detain Pakistani official in Canada!

29 October 2012

In Wardak Province, Mujahideen ambushed U.S. and Afghan National Army troops.  The U.S. and ANA personnel were conducting assessments of local police checkpoints.  They were attacked with assault rifles and RPGs.  U.S. officials claim they killed three Mujahideen.

In Helmand Province, at least two ANA soldiers were killed (some reports say four) when the vehicle they were in ran over a landmine.

Despite the fact that U.S. officials continue to claim we are there to provide security to Afghanistan, ISAF officials said they are not there to protect Afghanistan’s borders: “In the first Bonn conference in December 2001 there was a proposal of the Afghan delegation to include the protection of the border of Afghanistan in one of the annexes. Actually this annex was part of the Bonn proposal however, this annex never made it into our mandate that we received from the United Nations.”-Brigadier General Günter Katz, International Security Assistance Force

The Afghan High Peace Council revealed that Saudi Arabia will mediate peace talks between Mujahideen and the Afghan government.  It must be remembered that it was Saudi Arabia that supported Osama bin Laden and, along with Pakistan, eventually supported the creation of the Taliban (“Students”) political party.  Saudi Arabia also officially recognized the Taliban government.  Analysts say this time the Saudi’s are concerned about blowback: “Saudi Arabia is in a situation to support the Afghan peace talks not only because of the moral stance of Saudi in this regard but also they should consider the post 2014 situation in Afghanistan which will threaten the national security of Saudi Arabia if necessary steps have not been taken to eliminate insurgency in South Asia.”-Nasrullah Stanekzai

Saudi Arabia is also spending $100 million USD to build a huge Mosque/madrasa in Afghanistan.  They claim it will house 5,000 university aged students.

In Ghazni Province, five people were killed and four detained by U.S./ANA forces.  Officials claim they were all Mujahideen, but locals say at least one civilian man and one civilian woman were killed.  Officials say the U.S./ANA operation started Sunday night and continued until Monday morning.

Afghan elected official, Ramazan Bashar Doost, said that while the U.S. is offering a $25 million reward for the arrest of Mullah Omar, the U.S. has been in contact with Mulla Omar the whole time!   Doost also says the U.S. is actually funding not only Pakistan’s ISI, but Afghan Mujahideen groups as well.

28 October 2012

In Canada, Pakistani elected official, Imran Khan, was detained by U.S. agents: “I was taken off from plane and interrogated by U.S. Immigration in Canada on my views on drones. My stance is known. Drone attacks must stop!”-Imran Khan

Imran Khan is also the Pakistani official who said war in Afghanistan was justified Jihad.  Khan was on his way to New York anyway, so why couldn’t the U.S. wait until he arrived there?

Afghan intelligence, aka National Directorate of Security (NDS), told Pakistani officials that the man they claim is behind the shooting of a teenaged Pakistani girl is not in Afghanistan.

27 October 2012

In Ghor Province, local government officials say 13 people were kidnapped.  However, police say they do not know who did the kidnapping, and they don’t know the identities of those kidnapped!

The British Red Coat Ministry of Defence said the deaths of one Royal Marine and one Royal Army medic was not the result of fratricide (Blue on Blue).  However, the two Red Coats died (as well as a Afghan National Policeman performing Muslim prayers) after two British patrols fired on each other.  The MoD stated: “…the deaths of Corporal O’Connor and Corporal Day were caused by a third party or parties whose identities have yet to be established but who are not U.K. personnel.”

An investigative reporter says Green on Blue attacks are not caused by insurgents, but by the way U.S./NATO personnel treat Afghans: “These attacks are motivated by grudges, by people who are unhappy with the people they are coming in contact with in the U.S. and NATO military forces, but also by the broader context of what they hear and see these forces are doing in Afghanistan specifically for example breaking into people’s homes and taking away the males in these homes and detaining them.”-Gareth Porter

26 October 2012

In Ghazni Province, the bodies of six people were found on the Kabul-Kandahar highway. They had been shot. Police believe the victims were traveling to see relatives for the Eid holiday.

The Wall Street Journal said Afghan sources claim Iran has infiltrated Afghanistan through charity organizations.  Sources claim Iran can now muster up to 20,000 Afghans at one time for militant activities, making Iran a greater threat than Pakistan.

In Farah Province, an NDS agent was attacked by Mujahideen. Several people were wounded and the a gunman was arrested. No info on what happened to the  NDS agent.

ISAF said:  “An International Security Assistance Force service member died following an insurgent attack in western Afghanistan today.”

In Faryab Province, a suicide bombing killed at least 40 people, and wounded 50.  It appears the Provincial governor and local police chief were the targets. It happened at a Mosque.  President Hamid Karzai said the attacks made against Muslims while they are praying in Mosques are not being made by Muslims, suggesting the attacks are really being instigated by non-Muslims (like non-Muslims from the United States or Europe).

Recently the grand Mufti of Saudi Arabia declared that suicide attacks by Muslims against Muslims was unforgivable.

 

 

International, U.S.

World War 3: Suddenly, Israeli leaders say Iran NOT trying to build nuclear weapon!

“There could be at least three explanations. One is the public discourse about a possible Israeli or American operation deterred them from trying to come closer. It could probably be a diplomatic gambit that they have launched in order to avoid this issue culminating before the American election, just to gain some time. It could be a way of telling the IAEA ‘oh we comply with our commitments’.”-Ehud Barak, Defense Minister of Israel

In an interview with The Daily Telegraph, a top Israeli official said they believe Iran has at least delayed any attempts to build a nuclear weapon.

Israeli officials still say Iran will eventually build a nuclear weapon, so maybe this is actually a delaying tactic on the part of Israel, until after the U.S. Presidential elections (if they happen at all)?

 

Business/Economics, International, U.S.

What Economic Recovery? Germany says economy worse than they thought! Greece tells IMF they can not make anymore compromises! IMF pushes for U.S. consolidation, code for even more drastic deleveraging! Oil prices to crash!

“We are talking about the things that still need to be solved and here it became clear that the global economy’s risks are very evident, as is clearly stated in the communiqué. The economic growth outlooks are not as good as we would hope.”-Angela Merkel, Chancellor of Germany

The German leader made the statement on 30 October 2012, after reading a report from the Organization for Economic Co-operation and Development, World Trade Organization, International Labour Organization, International Monetary Fund and the World Bank.

The IMF boss, Christine Lagarde, admitted that economic growth will be pathetic: “I would characterize the situation as that of a laborious recovery out of the financial crisis through some degree of stabilization by way of tepid growth.” 

The IMF also pushed developed economies to further consolidate their fiscal policies. This is another way of saying government deleveraging (typically in the form of austerity) should be increased.

(deleveraging began for individuals and small businesses with the 2008 Credit Crisis/Crunch. It’s one of the causes behind all the Sears & Kmart store closings in the U.S.)

The IMF is specifically targeting the United States, saying the U.S. needs a credible fiscal consolidation plan, implemented “at an appropriate pace” in order to stabilize a “fragile” world economy.

Just two days ago, the IMF, along with European lenders, told Greece that they could not provide anymore financing unless more drastic changes were made, such as drastic changes in Greece’s labor/wage laws.  The Greek coalition government is showing signs that it would rather default than make anymore compromises.

The paradox is that while world economic organizations want increased deleveraging of individuals, small businesses and governments, they also want employment to somehow increase and people to somehow spend more money buying stuff they don’t need (domestic consumption)!

And it’s not just developed countries being told to axe their government spending, even oil rich Arab countries are being told to do the same: “A rapid deterioration in the global economy could bring about developments similar to what the region experienced in 2009, including a sharp fall in oil prices and disruptions to capital flows.”-IMF

The IMF explained that as the world economy worsens, demand for oil is going to drop to such lows that the the six Gulf Cooperation Council economies of Saudi Arabia, United Arab Emirates, Kuwait, Qatar, Oman and Bahrain could experience an economic crash.

The IMF projects that the price of oil could drop by $30 USD per barrel in 2013, and continue dropping!  This might sound like good news, but it’s because people won’t have the money to buy it at any price!

 

Idaho, U.S.

Presidential emergency declarations made BEFORE hurricane Sandy hit the U.S.? Just because you live outside the hurricane zone doesn’t mean your state isn’t under a federal disaster declaration.

A Los Angeles Times article points out that the emergency declarations made by President Barack Obama, regarding New York and New Jersey (due to hurricane Sandy), were made without truly assessing the situation.

You can go to the FEMA website, and check out the disaster declarations.

Also, FEMA has a map which shows that at least 27 states are currently under some kind of Active Disaster declaration. Some of those involve flooding, some wildfires, some tornadoes.

States currently on the Active Disaster list: Alabama, Colorado, Connecticut, Delaware, Florida, Idaho, Kansas, Louisiana, Maryland, Massachusetts, Minnesota, Mississippi, Montana, New Hampshire, New Jersey, New York, New Mexico, Ohio, Oklahoma, Pennsylvania, Rhode Island, Vermont, Virginia,  Washington, West Virginia, Wisconsin, Wyoming, and the District of Columbia (aka Washington DC).

U.S.

FEMA boss confirms possibility of canceled Presidential elections! Republican governor of New Jersey is fine with it! Congress made plans back in 2004!

“We are anticipating that, based on the storm, there could be impacts that would linger into next week and have impacts on the federal election.”-Craig Fugate, Federal Emergency Management Agency, 30 October 2012 press conference

“I don’t give a damn about Election Day! It doesn’t matter a lick to me. At the moment I’ve got much bigger fish to fry.”-Chris Christie, governor of New Jersey, 30 October 2012 press conference

I posted about FEMA suggesting, yesterday, to delay or cancel the elections.  Today, FEMA director Craig Fugate confirmed such a possibility during a press conference.

Also, Republican governor of New Jersey, Chris Christie, bluntly stated that his hands were full dealing with the disaster, and implied that if FEMA wanted elections delayed or canceled then so be it.  He also heaped praise upon President Obama.

Here’s what Congress had to say, back in 2004, about such a situation: “It would appear that under Congress’ express constitutional authority over the timing of federal elections it could enact a federal law setting conditions, times and dates for rescheduling of elections to federal offices in the States in emergency or other exigent circumstances, and with the proper standards and guidelines could delegate the execution and application of those provisions to executive branch or State officials.”-CSR Report for Congress: Postponement and Rescheduling of Elections to Federal Office

Opinion, U.S.

FEMA suggests Presidential elections be canceled! Nuclear plants threatened. Who’s in charge when the President declares a disaster area?

On 29 October 2012, Federal Emergency Management Agency boss, Craig Fugate, suggested that Presidential elections be postponed, or even canceled, because of the mess caused by hurricane Sandy: “It [elections] needs to be safe and secure. This will be led by states and their election commission supervisors.”

This is because of the flooding and electrical shortages, which are also affecting several nuclear power plants: Constellation Energy Nuclear Group’s 630MW Nine Mile Point 1 nuclear reactor, in upstate New York, shut down.  Investigation ongoing as to why.  Power reductions at Exelon’s Limerick nuclear plant in Pennsylvania, and at Dominion’s Millstone plant in Connecticut. New Jersey’s Exelon’s Oyster Creek remains on alert because of flooding: “Oyster Creek is still in an alert but may be getting out of it as long as water levels continue to drop.”-Neil Sheehan, U.S. Nuclear Regulatory Commission (NRC)

The NRC reporting that half a dozen nuclear plants were shut down, or have reduced power output because of the hurricane.

President Obama declared New Jersey, and New York, major disaster areas (most of the north east has been declared emergency areas).

FEMA is now in charge of the declared disaster/emergency areas. Since FEMA director, Craig Fugate, wants Presidential elections delayed or suspended, then he could probably get his wish.

Under U.S. State of Emergency laws, Congress is not needed to make such decisions.  The National Emergency Act allows such declarations to remain in effect for two years, and can be extended by Presidential decree.

In fact, the United States has been in various states of emergency since Bill Clinton’s first term as President.  Bush Jr and Obama have only expanded on those emergencies (in the name of fighting terrorism).

Now we have Hurricane Sandy wreaking havoc across the most populous part of the United States (home to a crap load of nuclear power plants), and reports that even Mitt Romney will kowtow to FEMA and Obama’s emergency declarations (some reports say Romney will reverse his anti-FEMA stance).  Sounds like the perfect political storm.

Business/Economics, International, U.S.

What Economic Recovery? Too Big to Fail bank revises planned layoffs, upward by the thousands!

30 October 2012, Swiss banking giant, UBS, announced a major change in its plans to cut employees; they now want to layoff 10,000 workers worldwide!

Last year UBS announced they would layoff 3,000 employees, but because the too big to fail bank has been losing money from its investment operations, they’ve now upped it to 10,000.

UBS employees in Stamford, in the U.S. state of Connecticut, will make up the majority of those laid off.

Of course (and more proof that unAmerican Corporate America/Europe is behind the economic disaster) stock investors loved the announcement, and drove up UBS stock prices in European stock markets with frenzied buying (I’m sure the same thing would be happening on Wall Street if it wasn’t for the hurricane).

Business/Economics, International, U.S.

What Economic Recovery? Updated list as more Kmart and Sears closings announced! $45,000 in Jewelry stolen! Parts & repair centers to be closed! Canadians love Sears! Business is good for Kmart, in Australia!

30 October 2012, since my last posting (on 21 October 2012) about the ongoing Sears Holdings shut downs, there have been more store closings announced.

Also, Sears Holdings just announced they will be closing two parts and repair centers, both located in The Woodlands, Texas.  At least 117 Texans will lose their jobs by 23 January 2013.

In Washington, on 23 October 2012 Bellingham Sears employees were notified that they will lose their jobs in January, however, the store management has known for months about the closing: “We’ve known since March of this year.”-Noelle Jorgensen, store manager

The latest announcements will mean 654 jobs will be added to the thousands already lost due to the Sears/Kmart closings.

In Canada, the newspaper, Calgary Herald, announced the winner of their 2012/13 Readers’ Choice Awards: Department Store, Appliance Store, Carpet Cleaners and Floor Coverings contest.  According to the newspaper Canadians picked Sears!

This despite the fact that Sears stores are being closed in Canada as well.  On 07 October one of the largest Sears stores in British Columbia was closed. 300 people lost their jobs (at it’s height of operation it once employed 800 people)!

Also in Canada, Sears Holdings announced it will reduce its 95.5% stake in Sears Canada, by selling its stocks to common stockholders.  Sears Holdings wants to reduce its stake in Sears Canada to 51%.

Kmart has reported a 3.1% increase in sales, in Australia and New Zealand: “This is the 11th period in succession of solid comparable growth in transactions and units for Kmart as customers respond positively to its market leading pricing strategy and improved merchandise offer.”-Richard Goyder, Wesfarmers

Don’t you Yankees get your hopes up, Aussie and Kiwi Kmarts are not owned by Sears Holdings.  They’re owned by an Australian company called Wesfarmers.

Here’s an updated list of Sears/Kmart closings:

Alabama: Gadsden Kmart, Mobile Sears Grand/Essentials, Auburn Kmart.

California:   El Monte Sears Grand/Essentials, two San Diego Sears Grand/Essentials, Pleasant Hill Kmart.

Colorado:  Broomfield Kmart, Glenwood Springs Kmart, Lone Tree Sears Great Indoors, Longmont Sears, Pueblos’ South Side Kmart.

Georgia: Macon Sears, Buford Kmart, Douglasville Kmart, Atlanta Kmart, Columbus Kmart, Jonesboro Kmart, Cartersville Kmart.

Florida: Fernandina Beach Kmart, Callaway Kmart, Orange City Kmart,  Deland Sears Grand/Essentials, Stuart Sears Grand/Essentials, West Palm Beach Sears Grand/Essentials, Port St. Lucie Sears Grand/Essentials, Crystal River Sears, New Smyrna Beach Kmart, St. Augustine Kmart, Pompano Beach Kmart,  Pensacola Kmart on Airport Boulevard closed in 2011,  Jacksonville Kmart on 5751 Beach Boulevard and recently revealed second Kmart in Jacksonville on 4645 Blanding Boulevard (83 jobs lost), and the Ocoee Sears (102 jobs lost), Pensacola Kmart to be closed by 03 February 2013 (69 jobs lost).

Idaho: Lewiston Sears.

sears chubbuck
Floundering Sears at the GGP owned
Pine Ridge Mall in Chubbuck, Idaho.
Kmart Pocatello
Floundering Big Kmart in Pocatello, Idaho.
Are they next to go in Idaho?

Indiana:  Anderson Sears Full Line, Saint John Kmart, Indianapolis Kmart.

Illinois:  Melrose Park Sears parts and repair center, Fairview Heights Kmart, Freeport Kmart, Pontiac Kmart.

Iowa:  Cedar Rapids Kmart, Davenport Kmart, Burlington Kmart.

Kansas: Lawrence Sears Full Line.

Kentucky: Middlesboro Sears Hard lines, Winchester Kmart, Hazard Kmart.

Maine: Lewiston Sears.

Maryland: Ellicott Sears Grand/Essentials.

Michigan: Brighton Sears Grand/Essentials,  Harper Woods Sears Full line, Monroe Sears Full line, Adrian Sears Full line, Washington Township Kmart, Chesterfield Kmart, Woodhaven Kmart.

Minnesota: Willmar Kmart, Duluth Kmart, New Hope Kmart, White Bear Lake Kmart.

Mississippi: Jackson Sears Full line, McComb Sears Full line, Columbus Sears Full line.

Missouri: Lee’s Summit Sears Grand/Essentials, Saint Louis Sears Full line.

Montana: Missoula Kmart.

New Hampshire: Nashau Sears Grand/Essentials, Keene Sears Grand/Essentials.

North Carolina: High Point Sears Full line, Moorehead Sears Full line, Rocky Mount Sears Full line, Statesville Sears Full line.

New Jersey:  Lawnside Kmart.

Ohio: Chagrin Falls Kmart, Springfield Kmart, two Toledo Kmarts, Medina Kmart, Columbus Kmart and recently revealed Zanesville Sears (67 jobs lost). Also, Van Wert Sears franchise bought out by Kirk Berryman, owner of Computer & Networking Technologies (CNT), who plans on moving the store to a new location.

Oregon: Roseburg Sears Full line.

Pennsylvania: Upper Darby Sears Full line, Pottstown Sears Full line, Pittsburgh Kmart, Wilkins Sears.

South Carolina: Sumter Sears and recently revealed Orangeburg Sears (approximately 50 jobs lost).

Tennessee: Antioch Sears Full line, Cleveland Sears Full line, Oak Ridge Sears Full line, Hendersonville Kmart, Morristown Sears Full line.

Texas: Two recently revealed Sears parts and repair centers closing in The Woodlands north of Houston (117 jobs lost).  Update; I forgot to mention the ‘rebuild’ center in Garland northeast of Dallas (58 jobs lost).

Virginia: Norfolk Sears Full line,  Midlothian Kmart, Richmond Kmart and recently revealed Lynchburg Sears (84 jobs lost).

Washington: Walla Walla Sears Full line, Lacey Kmart, Kelso Sears, and recently revealed Lakewood Kmart (59 jobs lost) and Bellingham Sears (92 jobs lost).

Wisconsin: West Baraboo Sears Grand/Essentials, Rice Lake Kmart.

On top of that, Sears Holdings sold stores to General Growth Properties, of which it has been reported that those stores will be closed.

It was recently announced that the Provo, Utah, store will continue operating as a Sears.  Sears Holdings announced that GGP made a lease deal they couldn’t refuse, so they will continue running the GGP owned store.

Here’s the list of 11 Sears stores now owned by GGP:

Iowa: Coral Ridge Mall, and Mall of the Bluffs

Texas: The Woodlands Mall

Florida: West Oaks Mall

Utah: Fashion Place, and Provo Towne Centre (note the evil British empire way of spelling town & center)

Oklahoma: Quail Springs Mall

Hawaii: Ala Moana Center

Washington: Bellis Fair Mall

Minnesota: Apache Mall

Illinois: Market Place Shopping Center

In a side note, the Sears in Yuma, Arizona, was robbed of $45,000 USD of jewelry on 26 October 2012.  According to Yuma Police, the early morning burglars also caused approximately $70,000 in damage breaking into the Sears.

Also on 26 October, a Detroit, Michigan, Kmart store reported thousands of dollars worth of jewelry as stolen.  Police say it was a theft, not a burglary (in other words no body broke into the store).

In Greeley, Colorado, a man stole a car and smashed it into a Sears, then stole automotive tools. It was one part of the man’s larger smash and grab burglary spree.

Sears holdings is also suing a former executive for $700,000.  They claim she breached her contract.

International, U.S.

Government Incompetence & World War 3: U.S. Admiral of Stennis CSG replaced. U.S. Navy bowing to Iranian demands?

“The Islamic Revolution Guards Corps [IRGC] Navy is fully monitoring the Strait of Hormuz and the Persian Gulf and has a close watch on all movements.”-Brigadier General Reza Torabi, Commander of the IRGC’s First Naval Zone

27 October 2012, U.S. Navy (USN) Rear Admiral Charles “Chuck” M. Gaouette has been replaced.  He was the commander of the USS Stennis Carrier Strike Group, which reportedly entered the Persian Gulf.

The Stennis CSG entered the 5th Fleet’s area of responsibility (AoR) on 17 October. The AoR includes the Persian Gulf: “We’re looking forward to working with our partner nations and ensuring the vital sea lanes of this region remain free for all maritime traffic…”-Rear Admiral Gaouette

Gaouette is being investigated for “inappropriate leadership judgment” according to the USN.  He is being replaced by Rear Admiral Troy Shoemaker.

Reports say the investigation is not related to personal conduct, but perhaps is related to the way he commanded the USS Stennis the last time it was in the Persian Gulf.

Back in January the Iranian military said it would take action against the USS Stennis if it returns to the Persian Gulf.  They claim it deliberately sailed through Iranian naval war games, and sailed danger close to Iranian oil platforms.

There are reports that the USS Stennis CSG entered the Persian Gulf on 21 October.  Iranian military officials made it clear they were keeping an eye on the USS Stennis: “Great developments in different fields have taken place in the [Iranian] Navy and many successes have been achieved…..[including] monitoring of the U.S. aircraft carriers at any moment.”-Rear Admiral Habibollah Sayyari, Iranian Navy

No info on when Rear Admiral Charles “Chuck” M. Gaouette was removed from command of the Stennis CSG, the USN only announced the command change on 27 October.  The San Fransisco Chronicle pointed out that it is unusual for a CSG commander to be replaced in the middle of deployment.