War Of Words Escalate Between Iran And Israel- Iran Theatens To Widen War To Europe If Attacked
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Oil price to hit $175-$200 if Israel attacks Iran: analysts
Oil prices could surge to $175-200 per barrel if Israel attacks Iran’s nuclear facilities, leading to the closure of an important oil route, according to market observers. Tensions between the two arch foes have escalated after the International Atomic Energy Agency reported it had ‘credible’ evidence of Tehran’s nuclear weapons plan. In a survey of oil traders, Washington D.C.-based Rapidan Group said that participants expected an $11 rise in the price of a barrel in the immediate aftermath of an Israeli attack. “Participants said prices could rise by...
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Break-up of eurozone flagged as crisis deepens
German and French officials have discussed plans for a radical overhaul of the European Union that would involve setting up a more integrated and potentially smaller eurozone, EU sources say. The claims come as soaring Italian borrowing costs saw global markets tumble overnight and policy makers outside the eurozone warned the crisis could spread. And political deadlock continues in Greece and Italy, where talks have stalled to replace both countries' outgoing prime ministers. EU sources say discussions among politicians in Paris,..
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European debt crisis spiralling out of control
/France and Spain could be next to suffer Euro crisis
Fears about the costs of a euro break-up or a massive bail-out for Rome pushed up the borrowing costs of governments across Europe. Most significantly, there was a sharp rise in the gap between the borrowing cost for Germany – the euro’s strongest member – and other countries. The gap or “spread” between French and German bonds yesterday hit 1.46 percentage points — the highest level for almost 20 years and three times the gap recorded a year ago — as the borrowing cost for France reached 3.179pc. The close relationship...
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French growth grinds to a halt as euro crisis threatens
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ATHENS – Fearful Greeks have withdrawn savings from banks over the past week because of a deepening political crisis and fear of an exit from the euro, banking sources said on Wednesday. Greeks withdrew as much as 5 billion euros — nearly 3% of total deposits — after outgoing Prime Minister George Papandreou’s shock call last week for a referendum on a eurozone bailout, said one banker, who declined to be named. “Many people withdrew their money from banks on Thursday and Friday and money couriers had a hard time...
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UBS: Here Are The 19 Countries Most Likely To Default
Italy is being touted as the country that is too big to save. And with the ECB legally prevented from being a lender of last resort, an Italian debt restructuring is inevitable, according to Nouriel Roubini. Italian 10-year yields have exploded over 7% and clearing house LCH.Clearnet SA has raised the cost of trading Italian debt. With the the turmoil in Italy, Ireland is having a harder time convincing markets and investors...
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http://business.financialpost.com/2011/11/09/alabama-county-to-file-for-largest-municipal-bankruptcy-in-u-s-history/
Jefferson County, Alabama, commissioners voted 4-1 to file the largest U.S. municipal bankruptcy after reaching an impasse over concessions with holders of $3.14 billion of bonds. JPMorgan Chase & Co., which arranged most of the debt to fund a sewer renovation, will likely take the biggest loss in the process, which begins with a hearing 10 a.m. local time tomorrow. A provisional agreement with creditors that commissioners...
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Armed Chinese soldiers shot dead after going Awol
A fourth soldier, who escaped with them, was arrested according to officials in Jilin. The four men escaped sometime between four and six o'clock on Wednesday morning from the 65331 army unit at a base in Shulan, roughly 50 miles outside of Jilin. Lin Penghan, Li Xinxin and Zhang Xinyan were all 18 years old and had joined the army last December, two of them working...
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Turkey hit by second deadly earthquake
The 5.7-magnitude quake hit the city of Van, which was devastated last month by a 7.6-magnitude earthquake that killed 600 people. The state television channel TRT Haber showed images of several collapsed buildings and rescue workers searching through the rubble after the tremor struck at 9.23pm local time. At least 100 people were believed to be...
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Two quakes hit Russia’s Far East; no casualties reported
/More tests ordered for plutonium-exposed Idaho lab workers
Officials at the Idaho National Laboratory said radioactive contamination was detected on the skin or clothing of at least six of the workers after Tuesday's mishap, and two were confirmed to have inhaled radioactive particles. The accident, which lab officials said occurred during routine procedures, was believed to be the worst in at least four years at the sprawling site, which...
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Rising from beneath the waves: A new Canary Island emerges as underwater volcano hits the surface
A brand new Canary island is emerging from the sea as an underwater volcano bubbles to the surface. Magma off the Canary Island of El Hierro has been spewing 20 metres high as the sea boils with a smell of sulphur. As it grows and gets closer to the surface,..
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