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Triple Crunch Log                                                                                                            

leaders to identify their top trusted, innovative businesses. Technology titans Apple and Google occupy the top two slots for the fourth consecutive year as they continue to dominate digital entertainment and online information. But John Lewis, the venerable retailer founded upon a single London drapery in 1864, is a new entry to the list at number three – a reflection of a record year in till receipts both at the partnership's department stores and at its Waitrose supermarkets.”1056

15.11.10.China 2011 natural gas supply may not meet demand, Caijing says. Bloomberg News: “China’s natural gas supply may not meet demand next year, Caijing magazine reported on its website today, citing Yang Jianhong, a deputy director at PetroChina Co.’s planning and engineering institute. The country’s natural gas supply may reach 130 billion cubic meters, while demand may be as much as 140 billion square meters, the report said, citing Yang.1057

16.11.10. Fed officials defend $600bn stimulus. The US Federal Reserve has deployed two of its most senior officials to defend its new $600bn round of quantitative easing in rare on-the-record interviews that reveal the bank’s concern over domestic and international criticism of the policy.1058

Dublin in talks to resolve crisis. The European Commission, the European Central Bank and the International Monetary Fund are in discussions with the Irish government to resolve the European Union’s financial turmoil, according to Olli Rehn, the EU’s economic and monetary affairs commissioner.1059

Europe stumbles blindly towards its 1931 moment. It is the European Central Bank that should be printing money on a mass scale to purchase government debt, not the US Federal Reserve. It was a grave error for Germany's Angela Merkel and France's Nicolas Sarkozy to invoke the spectre of sovereign defaults and bondholder 'haircuts' at this delicate juncture, says Ambrose Evans-Pritchard in the Daily Telegraph. “Unless the ECB takes fast and dramatic action, it risks destroying the currency it is paid to manage, and allowing a political catastrophe to unfold in Europe. If mishandled, Ireland could all too easily become a sovereign version of Credit Anstalt - the Austrian bank that brought down the central European financial system in 1931, sent tremors through London and New York, and set off the second deeper phase of the Great Depression, the phase when politics turned ugly.”1060

Vallar invests $3bn in Indonesian coal boom. Vallar, the mining investment vehicle of UK businessman Nathaniel Rothschild, has staked its future on Indonesia’s coal boom - in a deal which would create the first Indonesian-controlled company on the London Stock Exchange.1061

How the Chinese government’s efficiency drive leads to diesel shortages. The Chinese government’s commitment reduce energy consumption per unit of GDP by 20 per cent from 2005 levels has led to power rationing, which in turn has fuelled a boom in diesel-powered electricity generators. And led to shortages.1062

Reactor plans clear UK regulatory hurdle. FT: “EDF and Areva, the French energy giants, have cleared a key hurdle in their plan to build four nuclear power stations in Britain after safety concerns about a new reactor were resolved. The Health and Safety Executive had raised an official “regulatory issue” over the controls and instrumentation of the proposed European pressurised reactor. However, the HSE downgraded this on Tuesday to a “regulatory observation”, saying that “EDF and Areva have addressed the majority of the key actions” required to guarantee EDF and Areva plan to construct four new plants operating the EPR reactor in the UK by 2025, with the first being activated in 2018. These plans are the subject of a “generic design assessment” conducted by the HSE.”1063

Who are the bond holders we are bailing out?The citizens of Ireland have been forced over the last two years to give the bond holders of Anglo Irish bank 20 billion euros. Why?  The Irish government recently told its people the 20 billion was not enough and they MUST give the same bond holders another 10 to 20 billion euros.  Who are these special people called Bond Holders that they must be so carefully protected even at the cost of despoiling a nation? … So who are they? Well many of the bond holders are privately held banks, which list their activities as asset management for off-shore, non-resident and high value individuals.  To give you an example, one of the private banks is EFG Bank of Luxembourg.  EFG stands for European Financial Group which is the third largest private bank group in Switzerland.  It manages over €7.5 trillion in assets.  It is 'mostly', 40%, owned  by Mr Spiro Latsis, son of a Greek shipping magnate.  He also owns 30% of Hellenic Petroleum.  His personal fortune is estimated to be about $9 Billion. … Other bond holders call themselves 'asset management' firms.  The fifth largest asset management firm in the world is one of the bond holders.  Others are insurance companies. The 6th and 9th largest in the world, to be specific.  Others are the largest banks, Deutsche, Soc Gen, Barclay's, PNB Paribas, Unicredit (who don't appear on the list but own Pioneer Investments),and Wells Fargo (also not on the list but who own European Credit Management).  Then there is Goldman. No show without the squid.”1064

Sellafield 'mutilated' its workers' bodies before 1992. Organs and bones were illegally harvested from the bodies of dead nuclear industry workers at Sellafield without their consent over a period of 30 years, an inquiry found yesterday. Independent: “The relatives of 64 staff, many of whom only discovered their loved ones had been stripped of livers, tongues and even legs decades after they were buried, said the inquiry's findings proved the existence of an "old boys' club" among pathologists, coroners and scientists around Sellafield prior to 1992 which prioritised the needs of the nuclear industry above those of grieving family members.”1065

18.11.10.“Oil shock warning to government from UK business:” BBC. “(The) UK Industry Taskforce on Peak Oil and Energy Security (ITPOES) has produced a briefing update called Peak Oil: the implications of the Gulf of Mexico spill. It warns that in the wake of the Gulf of Mexico oil spill, tightened regulation of deep water drilling could see oil prices rise. Sir Richard Branson, whose Virgin Group is among the members of the industry taskforce, said the disaster in the Gulf had increased the chances of an "oil crunch" in the coming decade. He said: "The time to take out our insurance policies against such an outcome is now. We must do this to avoid the horrible shocks to the UK economy which will be mirrored in many other parts of the world." The group warned that without a strong and co-ordinated response from ministers to protect the economy and society from rising prices, the cost of travel, food, heating and consumer goods would rise.”1066

“Protect us from peak oil, says Richard Branson (and others)”: FT. "In February, a group of business leaders (including Richard Branson) came together to issue the government a warning: we've had the credit crisis, the next crisis will be a peak oil crisis. Now they have repeated that call, with an additional warning: Macondo has made the situation even more pressing." ... The obvious response from government will be, “Why should we listen to you?” One of the reasons is that one of the spokesmen for the group is Jeremy Leggett,

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