Daily Digest

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Daily Digest 10/22 - UK Faces EU Water Fines, The U.S. Budget Dilemma

Monday, October 22, 2012, 8:21 AM

Economy

Japanese exports to China fall amid territorial dispute (westcoastjan)

Shipments to China fell 14.1% in September compared to the previous year. The month was marred by widespread protests in China against Japan over ownership of the islands known as Senkaku in Japan and Diaoyu in China.

Both countries, as well as Taiwan, lay claim to the territory.

UK faces fine on EU water breach (westcoastjan)

"So far as concerns the treatment plants of the collecting system for London... their capacity is sufficient in dry weather, but not sufficient in the slightest in the case of rainfall," the court added.

"A member state may not plead practical or administrative difficulties in order to justify non-compliance with the obligations and time limits laid down by a directive.

Chinese Gold Imports Through August Surpass Total ECB Holdings, Imports From Australia Surge 900% (westcoastjan)

First it was more than the UK. Then more than Portugal. Then a month ago we said that as of September, "it is now safe to say that in 2012 alone China has imported more gold than the ECB's entire official 502.1 tons of holdings." Sure enough, according to the latest release from the Hong Kong Census and Statistics Department, through the end of August, China had imported a whopping gross 512 tons of gold, 10 tons more than the latest official ECB gold holdings. We can now safely say that as of today, China will have imported more gold than the 11th largest official holder of gold, India, with 558 tons.

Greece Austerity Diet Risks 1930s-Style Depression: Euro Credit (safewrite)

Greece’s restructured bonds have benefitted amid speculation that creditors are poised to release more bailout funds. Greek bonds maturing in 2023, which yielded more than 30 percent at the end of May, now yield about 16.4 percent. The next block of aid is slated to total 31 billion euros ($40.5 billion), mostly to recapitalize the nation’s banks.

United States Budget Dilemma (woodman)

Soaring debt and a budget Congress can't balance. This video explains why.

Many Urge Next Leader of China to Liberalize (jdargis)

Much of the talk now over China’s future path centers on whether Mr. Xi, the son of a revolutionary leader who helped oversee China’s post-Mao economic transformation, can muster the confidence, ideological grounding and power base to push through what reformers see as the policies needed both to keep China vigorous and help overcome its growing inequities. Mr. Xi, 59, has not revealed his plans and intentions — to rise to his level in the party system, survival depends on holding cards close, analysts say. Bu

Energy

Saudi Arabia's Ambitious Renewable Energy Plans (James S.)

“Oil is more precious for us underground than as a fuel source. If we can get to the point where we can replace fossil fuels and use oil to produce other products that are useful, that would be very good for the world. I wish that may be in my lifetime, but I don't think it will be.”

Environment

Armed posse patrols timber land in sheriff's place (thatchmo)

"People know who's doing this," she said of the property crimes around Cave Junction, a town of nearly 2,000 people about 30 miles from the county seat of Grants Pass.

"They are getting tired of it," Dickson said. "They are speaking up, and they are saying, `Enough.'"

Investor group says oil sands industry must cut environmental risks (westcoastjan)

The funds say the oil sands industry is not reducing its greenhouse gas emissions or its water use fast enough. They’re concerned about the lack of information on land reclamation liabilities and worry about lawsuits from aboriginal groups.

Article suggestions for the Daily Digest can be sent to [email protected]. All suggestions are filtered by the Daily Digest team and preference is given to those that are in alignment with the message of the Crash Course and the "3 Es."

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