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Yearly Archives: 2011

EU Reaches Bailout Agreement

The EU, after 8 hours of debates, agreed to expand its bailout facility, allowing for $611 billion to be spent on buying bonds directly from member states.

A deal was not expected until March 24-25th, so this may be viewed favorably when markets open on Monday.

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Japanese Meteorological Agency Predicts 70% Chance of 7.0 After-Shock Within 3 Days

The quake that has left Japan devastated was upgraded to a 9.0, making it the 5th largest of all-time. Moreover, the Japanese Meteorological Agency is predicting a 7.0 magnitude after-shock within 3 days. It’s worth noting, a magnitude 7.0 quake is devastating onto itself. Having it follow what just happened could be catastrophic, especially for Japan’s nuclear power plants.

Here are the largest quakes known to date:

1. Chile earthquake, 1960, Magnitude 9.5
2. Sumatra earthquake, 2004, Magnitude 9.1~9.3
3. Alaska earthquake, 1964 , Magnitude M9.2
4. Alika earthquake, 1868, Magnitude M9.1
5. Kamuchakka earthquake, 1952, Magnitude 9
6. Japan Earthquake, March 11, 2011 Magnitude 9

Japanese police are now estimating the death toll could be as high as 10,000.

Related, the GE designed nuclear power plant Fukushima Daiichi No. 3 reactor is said to be at risk for explosion. At the present, over 5 million Japanese are without power and several million are deficient of adequate supplies of food and water. Temperatures should be mild in Tokyo tomorrow, hitting a high of 66. However, by Wednesday, it’s expected to be in the high 30’s to low 40’s.

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Last Ditch Effort to Avoid Meltdown

In an effort to avoid meltdown, they are now flooding the reactor at Fukushima with sea water. Although officials are downplaying the seriousness of the recent events at Fukushima, they have ordered an evacuation of all people within a 12 mile radius.

In addition to sea water, the people at Tokyo Electron are adding boric acid to the concoction, in order to disrupt the nuclear chain reaction.

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Mass Evacuations Underway as Second Nuke Plant Fails in Japan

Via the IAEI, the cooling systems at a second nuke plant, Fukushima unit #3, are not working. Thus far, over 140,000 people have been or ordered to have been evacuated.

It’s also being reported that at least 9 people at Fukushima have been exposed to dangerous levels of radiation.

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Standard & Poors after hours rating developments

Montrose County, CO’s COPs Rating Raised To ‘A’ On Strong Financial Operations 11-Mar-2011
19:40 EST

Riverside County Flood Control Water Conservancy District, CA Limited Obligation Improvement Debt Rating Raised To ‘A+’ 11-Mar-2011
18:12 EST

S&P Corrects By Reinstating ‘SP-1+’ Rating On Camden County Improvement Authority, NJ’s 2010A-2 Notes 11-Mar-2011
18:02 EST

Lincoln Intermediate Unit No. 12, PA GO Bond Rating Raised To ‘A’; Outlook Stable 11-Mar-2011
17:55 EST

Santander Consumer Acquired Receivables Trust 2011-S1 $526.580 Million Notes Assigned Preliminary Ratings 11-Mar-2011
17:50 EST

Credito Real ‘BB-’ Rating Affirmed; Outlook Stable 11-Mar-2011
17:40 EST

Palm Beach Garden, FL GO Debt Rating Raised To ‘AA+’, Revenue Bond Rating Raised To ‘AA’; Outlook Stable 11-Mar-2011
17:04 EST

Amgen Inc. WKSI Shelf Debt Securities Assigned Prelim ‘A+’ Rating, Preferred Stock Rated Prelim ‘A-’ 11-Mar-2011
17:02 EST

ICR Outlook Revised To Stable On Pelican Rapids Independent School District No. 548, ND’s GO Bonds 11-Mar-2011
17:01 EST

Saratoga Fire Protection District, CA’s General Obligation Bond Rating Raised To ‘AA’ On Economic Strength 11-Mar-2011
16:51 EST

Mooresville Public Library, IN’s General Obligation Bond Rating Raised To ‘AA-’ On Very Strong Cash Reserves 11-Mar-2011
16:47 EST

Sidera Network’s Refinanced Credit Facility Rated ‘B’ 11-Mar-2011
16:45 EST

Exeter Union High School District, CA’s General Obligation Bond Rating Raised To ‘A+’ On Strong Reserve Levels 11-Mar-2011
16:43 EST

Johnson & Johnson Shelf Assigned Preliminary ‘AAA’ Rating 11-Mar-2011
16:42 EST

Classic Finance B.V. Series 2009-1A Rating Affirmed And Removed From CreditWatch Negative 11-Mar-2011
16:42 EST

Jasper County Public Library, IN General Obligation Bond Rating Raised To ‘A+’ On Very Strong Cash Reserves 11-Mar-2011
16:32 EST

Whirlpool Corp. Assigned ‘A-3′ Short-Term, Commercial Paper Rating; ‘BBB-’ Long-Term Rating Affirmed 11-Mar-2011
16:30 EST

Williamstown, KY Utility Revenue Bond Rating Raised To ‘BBB+’; Outlook Stable 11-Mar-2011
16:28 EST

Entergy New Orleans’ Rating Raised To ‘BBB’ On Improved Business And Financial Risk Profiles; Outlook Stable 11-Mar-2011
16:27 EST

Outlook On Williams College, MA’s Various Bonds Revised To Negative Due To Continued Operating Deficits 11-Mar-2011
16:22 EST

Stephenson County, IL’s ICR Lowered To ‘BBB’ And Debt Certificates Ratings Lowered To ‘BBB-’ On Draw On Reserves 11-Mar-2011
16:09 EST

S&P Corrects Merrill Lynch Puttable FLOATs/RITES Trust’s Series PT-3272 Rating To ‘AA-’ 11-Mar-2011
16:05 EST

BAC Home Loans Servicing L.P. Reverse Mortgage Ranking Affirmed; Outlook Revised To Stable 11-Mar-2011
16:01 EST

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Death toll in Japan unknown

Japan is still trying to get an estimate on the number of people missing, as entire towns seem to have been torn away. In the town of Minamisanriku, some 9,500 people are still unaccounted for. The death toll continues to rise. Meanwhile, over 10% of the country is without electricity.

Aftershocks continued into Saturday, with two more earthquakes registering at 6.1 and 6.4 magnitudes.

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Wisconsin protests continued by thousands

In an effort to continue the energy, pro-union protesters turned out again on Saturday. For how much longer they will continue now that the collective bargaining portion of the bill has been passed into law remains unclear.

Meanwhile, with Democratic Senators back in state, Republicans will likely push the spending portion of the bill they stripped out on Wednesday, getting everything they wanted since the conflict began.

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Libyan rebels driven from oil port

General Abdel-Fattah Younis, formerly the country’s interior minister before he defected to the rebel side, announced Saturday that Qaddafi’s forces now control both the town and the oil refinery in Ras Lanouf.

However, the rebels are vowing to return as soon as possible.

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Arab League calls for no-fly zone

Qaddafi’s forces further advanced Saturday, pushing back rebel forces and publicly displaying control of now devastated towns.

The Arab League, in a move that places renewed pressure on intervention from the West, has formally asked the U.N. Security Council to implement a no-fly zone over the country.

However, the rebel forces themselves seem to be planning on a lack of international support.

“If the international community chooses to play the role of bystander, watching all the Libyan people being killed and cities destroyed, then we will have to defend ourselves,” Adbel-Hafidh Ghoga announced, speaking on behalf of the rebel forces.

Any decisive action that will be taken in Libya, at this time, remains in question. An end to the conflict also remains out of sight.

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Radiation Leaks Recede, Cooling Resumes After Explosion of Nuclear Plant

It is amazing that the containment facility appears to have been effective at stopping the spread of radiation:

“We’ve confirmed that the reactor container was not damaged. The explosion didn’t occur inside the reactor container. As such there was no large amount of radiation leakage outside,” Japan’s Chief Cabinet Secretary Yukio Edano said in a news conference Saturday evening. “At this point, there has been no major change to the level of radiation leakage outside, so we’d like everyone to respond calmly.”

Plans to continue cooling the plant are underway, including pumping in sea water. Officials are also planning on using boric acid to slow down the reaction.

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Fukushima Plant Explodes

Residents near plant advised to avoid tap water and to cover faces with wet towels. Evacuations are underway for a 20 kilometer radius near Fukushima.

Related: death toll in quake/tsunami aftermath reportedly at 1,600.

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Flash: High Probability of Nuclear Meltdown at Fukushima

This is getting real grim too fast.

The Kyodo newswire is very slow to respond, due to the overwhelming amount of traffic they are receiving. However, from what I can gather, it looks like the situation at Fukushima Daiichi power plant’s Unit 1 is deteriorating. It’s being reported that part of the core may be “melting down.” I loathe people who ring alarms for the sake of garnering attention. However, logic dictates the Japanese officials would not be making statements like this, unless they felt a melt-down was a real possibility.

In the event of a meltdown, the affected area would be at least 5 kilometers.

Here is a helpful twitter feed to keep up to date with developments as they progress.

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Republicans seek to end housing relief programs

In a move to further slash spending and contain the deficit, House Republicans are considering bills to end distressed housing relief programs, reports FoxNews.

Thursday, the Republican controlled house voted to terminate the Federal Housing Administration’s Refinance Program; which since its inception under the TAR Program, has used just $50 million of its $8 billion budget.

The House is set on voting to end the Emergency Homeowners’ Relief Program today. The $46 billion HAMP and $7 billion NSP are also in the crosshairs.

All of these measures are expected to die in the Senate, or the White House should they go that far.

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Chop-fest Machete` at Dow 12k and SPX 1300

Silver is moving vertical off today’s low of 34.05 and the DXY’s flight to quality was stopped cold at 77.38. Oil is down about $2 but remains firmly above $101. Ten year Treasury Bond yields were lower but have reversed higher.

Most every market is a chop-fest waiting to bludgon most directional trades. Lucky for traders, the range is very narrow.

Rumors are that QEIII is a lock, but that may just be wishful thinking. At the moment a front row seat is an attractive place to be.

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Flash: Giant Tsunami Hits Northern Japan

Just when you thought things couldn’t get worse for Japan, an earthquake of biblical proportions, 8.9 magnitude, has hit its northern coast and has resulted in a 7 meter long tsunami. This is the biggest earthquake to hit Japan in more than 300 years.

Unrelated, futures are in the tank and the Heng Seng is down more than 450 points.

Update: multiple countries (over50) in Asia, even South America, are issuing tsunami warnings.

MSNBC has live coverage

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