Friday, March 18, 2011

Today's Headlines


Bloomberg:
  • Japan Nuclear Crisis Remains 'Very Grave' as Winds Shift. Prime Minister Naoto Kan said Japan’s nuclear crisis remained “very grave” as forecasts indicated changing winds could start moving radiation closer to Tokyo by the end of the weekend. Engineers are working through the night to restore power to two reactors at the crippled Fukushima Dai-Ichi plant in a bid to get cooling systems running again. By March 20, the weather may take emissions toward the capital, 135 miles (220 kilometers) south of the station, Austria’s meteorological center said, using data from the Comprehensive Test-Ban Treaty Organization. At current levels, the radiation isn’t dangerous beyond the immediate vicinity of the plant, the center said. Japan faces a “battle with time,” International Atomic Energy Agency Director General Yukiya Amano said after meeting ministers in Tokyo.
  • Record Beef Price Gains as Corn Cost Slows Feedlot Cattle Buying. U.S. feedlots probably bought fewer cattle to fatten for slaughter last month as surging corn costs spurred losses, signaling smaller herds this year and further gains in beef prices that already are the highest ever. Feedlot operators purchased about 1.646 million head, down 1.7 percent from February 2010 and the first year-over-year drop since July, according to a Bloomberg survey of 14 analysts.
  • Indian Stocks Drop Most in Asia; Reliance Slides on Report Output May Fall. Indian stocks declined, with the benchmark index dropping for a second week, as surging oil prices raised concerns about faster inflation and higher interest rates. The Bombay Stock Exchange Sensitive Index, or Sensex, lost 271.06, or 1.5 percent, to 17,878.81 at the 3:30 p.m. close in Mumbai, taking its slide this week to 1.6 percent.
  • Wagyu Beef Exports, Rice Crop From Japan's Farms Threatened by Radiation. Agricultural production and exports by Japan, including premium “wagyu” beef and rice, are under threat of radioactive contamination as the nation struggles to stem pollution from the damaged Fukushima nuclear plant. The Ministry of Health, Labour and Welfare has asked each prefectural governor to start testing agricultural and marine products along with drinking water for possible contamination in order to keep tainted food including grains, milk, vegetables, meat and eggs from the market, said Kumiko Tanaka at the ministry’s policy planning and communication division.

Wall Street Journal:
  • Libya Renews Attacks After Cease-Fire Offer. U.S. Says It Wants to See Actions, Not Words on the Ground, the U.K. Says It Will Deploy Typhoon and Tornado Fighter Jets; Qatar Becomes First Arab Nation to Join Mission. Libya's foreign minister Friday said the country will abide by the United Nations Security Council resolution calling for military action against Col. Moammar Gadhafi's forces and will implement an immediate cease-fire, though reports of renewed assaults against rebel-held towns suggest the fighting continues.
  • Japan Faces Mistrust as Nuclear Effort Continues. Japanese authorities continued to hose down the nuclear power plant at the center of the nation's unfolding nuclear crisis Friday and said they hope to restore power to parts of it this weekend—initial steps in what's proving to be the complicated and dangerous task of keeping the plant under control.
  • Honda Uncertain on Restarting Japan Plants. Honda Motor Co. said Friday that it will suspend automobile and motorcycle assembly operations in Japan through Wednesday, as some of its suppliers need more time to restore their production facilities damaged by the devastating quake a week ago. The statement followed a warning from Honda to U.S. dealers that it isn't sure if it will be able to resume full production at certain Japanese plants before May, a sign the auto industry may face greater disruption due to the earthquake and tsunami than previously feared.
  • For Obama, a Double Conflict. President Barack Obama faces the prospect of striking against Libya at a time when lawmakers are preoccupied with budget deficits and, in some cases, expressing reluctance to take part in another war. Preparations for U.S. involvement have been carefully structured in keeping with Mr. Obama's method of seeking international agreement. The U.S. joined allies in taking the issue to the United Nations Security Council, which authorized military force Thursday night against Libyan Leader Moammar Gadhafi's forces.
CNBC.com:
  • Economic Fears Spike as Gas, Food Prices Rise: Survey. (graph) Deep pessimism about future economic growth is weighing on Americans as they hunker down from the effects of higher gas and food prices and fear that those prices could remain elevated for years, a poll from CNBC has found.
  • Some Banks Restore Dividends After Fed Approval. JPMorgan Chase, Wells Fargo and other major U.S. banks announced plans Friday to restore dividend payments and buy back shares after passing stress tests evaluated by the Federal Reserve.
Business Insider:
AppleInsider:
Politico:
Reuters:
  • China Tightening Marches On With 6th Reserve Rate Rise. China raised banks' required reserves again in a decision on Friday, the latest installment in its monetary tightening cycle that many had thought would be put on hold after Japan's devastating earthquake. Its persistance with a campaign to rein in prices that has cooled hopes for the scale of world growth showed that the People's Bank of China views inflation, not an economic slowdown resulting from Japan's disaster, as the bigger risk. The 50-basis-point increase in required reserves was the third this year and lifts the mandatory ratio for the country's biggest banks to a record 20.0 percent.
  • Weekly Leading Economic Growth Gauge Falls in Latest Week: ECRI.
Telegraph:
NHK:
  • Japan's Self Defense forces will skip spraying water on Tokyo Electric Power Co.'s stricken nuclear plant in Fukushima prefecture tonight.
  • Firetrucks at Tokyo Electric Power Co.'s stricken nuclear plant began spraying water again toward reactor No. 3.
  • It may "take some time" for Tokyo Electric Power co. to restore power to reactors No. 3 adn 4 at the stricken Fukushima Dai-Ichi nuclear plant.

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