In response to Tokyo developments, GM has been temporarily laying off employees.

If local governments fail to cut costs, they may face repercussions, warns Michigan’s governor.

Discussions range from regaining cost of living adjustments to – in the case of Ford – much stronger demands.

A top army commander has defected to rebel opposition.

$24.22.

Refiners to watch: VLO, WNR, ALJ, DK, TSO, HOC, MRO

Negative outlooks assigned. Shocker.

Goldman Sachs is adding EMC Corp. (NYSE:EMC) to Conviction Buy list with a $33 price target, representing 29% upside. Click here for full story

A confluence of positive news is lending to a buying frenzy in futures, now up more than 1%.

Dow futures are now 112 points above fair value.

The $39 billion deal announced yesterday will generate significant investment banking and consulting fees. This is a JPM deal. However, both GHL and EVR will be used as consultants for T.

“If I owned Japanese stocks, I would certainly not be selling them because of the events of the past 10 days or so. “Something out of the blue like this, an extraordinary event, really creates a buying opportunity.”

Buffet is visiting South Korea, one of his favorite “hunting grounds.” He has lots of money to invest and he is interested in very big companies. South Korea has plenty.

Troubled nuclear plant #3 may have to be vented, in order to reduce pressure.

Related: there are reports of an operator at one of the plants being exposed to significant levels of radiation.

After advancing all last week, crack spreads are strengthening again this evening, now up more than 3.2% to $24.10. Disruptions in oil supplies, coupled with loss of refining capacity in Japan, has created an environment where refining margins have exploded to the upside.

Typically, spreads widen this time of year anyway, as the driving season kicks off.

NOTE: Crack spreads were $12 in the beginning of 2011.

Hong Kong is up 1.3%, Korea up 1% and Taiwan up almost 1%, as risk is laughed at like errant Tomahawk missiles with mustaches on them.

Crude is up nearly $2 and S&P futs are up 9.

Others here at iBC have mention that Japan may be selling some US bonds in the near future…

“Japan’s economy was already in bad shape before this catastrophe—their public debt totaling almost 200 percent of their G.D.P. How can they recover, and who will be footing the bill?

I wouldn’t be surprised if this event calls into serious question the Japanese government’s ability to service its debt. But I would be surprised if anyone wound up footing the bill other than the Japanese people, as they are both rich and famously poorly insured. A friend in the catastrophe-insurance market points out that the last big Japanese earthquake, in Kobe, generated roughly $100 billion in losses, only $3 billion of which were insured. The nature of Japanese society is to share the burden, and so the losses, I assume, will be socialized. I wouldn’t be shocked if the Japanese government, to cover the losses, will need to sell off at least some of their 800-and-something billion dollars in U.S. treasury bonds. And I wonder: if the Japanese become big net sellers of our bonds, who will step in to buy them?”

Read the entire Vanity Fair article here.

Would it surprise anyone, given the changes in Egypt, to see things heat up between Israel and Palestine? If Hamas really wants to take on Israel, why not do it when America is fighting three wars and a skyrocketing deficit?

“JERUSALEM (AP) — Palestinian militants fired two rockets into southern Israel on Sunday and Israeli troops killed two Palestinians in a new outburst along the volatile border with Gaza.

The violence came a day after Palestinian militants fired more than 50 mortar shells into Israel – the heaviest Palestinian barrage since a bruising Israeli military offensive in Gaza two years ago.

Both sides have largely honored an informal cease-fire since the 2009 war, in which about 1,400 Palestinians were killed, including militants and civilians. Israel says Hamas has rebuilt its arsenal, and a pattern of rocket attacks and Israeli reprisals has escalated in recent weeks.”

Read the rest here.

http://www.businesswire.com/news/home/20110320005040/en/ATT-Acquire-T-Mobile-USA-Deutsche-Telekom

Perhaps the President will get a second chance to make a first impression…If the report is accurate, a 100 mile sheen would be very serious.

“A possible massive oil sheen is being investigated by the US Coast Guard. The report comes from 20 miles north of the site of last April’s Deepwater Horizon oil rig explosion. A press release sent Saturday night stated that the Coast Guard confirmed there was a “substance in the water,” yet have not determined what that substance is.

Paul Barnard, operations controller for Coast Guard Sector New Orleans, stated that investigators were following up on two calls to the National Response Center. The calls indicated that a potential oil or chemical spill had occurred in the area.

The Matterhorn well site, 20 miles north of the BP Deepwater Horizon site is being investigated. The Matterhorn field includes a deepwater drilling platform owned by W&T Technology.

A pilot, flying over the reported area, stated that the sheen about a half-mile and a half-mile wide could be seen from the air. Another report stated that a much larger sheen, approximately 100 miles long, could be seen. The larger of the two points of interest was spotted Saturday off Grand Isle, Louisiana by pilot Bonny Schumaker.”

Read rest of report here.

CAIRO (AP) — The head of the Arab League has criticized international strikes on Libya, saying they caused civilian deaths.

The Arab League’s support for a no-fly zone last week helped overcome reluctance in the West for action in Libya. The U.N. authorized not only a no-fly zone but also “all necessary measures” to protect civilians.

Amr Moussa says the military operations have gone beyond what the Arab League backed.

Read the rest here.

Japanese police just issued a statement that the death toll in the Fukushima prefecture alone will exceed 15,000.

An FDA advisory committee claimed Friday that the availability of menthold cigarettes was causing a rise in the number of children and African American smokers.

Menthol cigarettes were not found to have a worse health impact that regular cigarettes. However, it was generally agreed that their “awesomeness” was stealing the souls of children and minorities.

The general concensus of health nuts was that cigarette companies should not be permitted to have a product that tastes good.