EUROPE - A Eurozone break-up would plunge the UK into an even deeper recession than the last one, force the Government to nationalise the banks, and trigger a £1 trillion bout of money printing, leading economic consultancy Fathom has warned. According to Fathom Consulting, the economy would shrink by 5.2 per cent in 2013 if the euro collapsed – a projection that former Bank of England deputy governor Sir John Gieve, speaking at Fathom’s quarterly Monetary Policy Forum, described as “modest”. In 2009, the worst year of the recent recession, the economy shrank by just 4 per cent.
GREECE - Greece's deputy finance minister warns that the near-bankrupt country is "on the brink" with cash reserves at "almost zero," as eurozone unemployment hits a record level of 11.2 per cent. The IMF warns that the fallout from the eurozone debt crisis will be prolonged and costly, as Italian Prime Minister Mario Monti prepares to meet French president Francois Hollande in Paris today.
USA - Scientists in the United States have identified a new strain of influenza in harbour seals that could potentially impact human and animal health. The H3N8 flu has been associated with the deaths of harbour seals in New England last year. Researchers say the virus may have evolved from a type that had been circulating in birds. They say the discovery highlights the potential for pandemic flu to emerge from unexpected sources.
SYRIA - As the battle against Syrian rebels reaches a new stage, Israel is worried that President Assad might use his vast arsenal of chemical weapons against his own people or neighbors - or perhaps even give some to Hezbollah. Though many experts view this as unlikely, Israel is still weighing whether to strike.
AFRICA - Rising food prices could hit commodity producers in Africa with a dangerous "double whammy" when combined with an economic slowdown in Europe and China reducing African exports of oil and raw materials, a leading African economist said on Tuesday.
USA - Corn prices surged to a new record high Monday, as the worst drought in more than 50 years continues to plague more than half the country. Almost 90% of the United States' corn crops are in drought ravaged areas, according to the US Department of Agriculture, and nearly 40% are situated in the hardest hit spots.
SPAIN - Spain is an attraction, and not just as a destination for vacationers and the world's best footballers. It enjoyed a booming economy for a long time, but now the entire country seems to be in free fall. Will it have to resort to the bailout fund because of mistakes by its ruling conservatives?
EUROPE - The eurozone faces a debilitating chronic illness that is delivering ongoing bouts of acute pain to global financial markets but lacks immediate remedies. "Unlike the United States, which had a severe financial crisis but was able to recover relatively quickly, the current European debt crisis is cancerous," former Chinese central bank official Tang Shuangning said in an article carried by the People's Daily on Thursday.
JERUSALEM, ISRAEL - The remains of thousands of Jews massacred by the Romans on the Temple Mount during the destruction of the Second Temple may have been uncovered, according to veteran archaeological journalist Benny Liss.
USA - When President Obama inked his name to the Assignment of National Security and Emergency Preparedness Communications Functions Executive Order on July 6, he authorized the US Department of Homeland Security to take control of the country’s wired and wireless communications — including the Internet — in instances of emergency.
USA - It’s more than just stockpiling surveillance drones to spy on US citizens: the United States Army is attempting to procure an arsenal of riot gear in case the military must go toe-to-toe with civilians on US soil. A solicitation for weapons posted on the official government website for federal business opportunities reveals that the US Army has been in the market for non-lethal equipment that very well might be used in the United States. In a Web posting made earlier this summer, the Army asked for bids regarding its request for riot shields, face masks, polycarbonate batons and body armor.
WASHINGTON, USA - The US Postal Service is bracing for a first-ever default on billions in payments due to the Treasury, adding to widening uncertainty about the mail agency's solvency as first-class letters plummet and Congress deadlocks on ways to stem the red ink. With cash running perilously low, two legally required payments for future postal retirees' health benefits - $5.5 billion due Wednesday, and another $5.6 billion due in September - will be left unpaid, the mail agency said Monday.
INDIA - India’s Northern and Eastern power grids have failed, plunging half the country into darkness. It is the second consecutive day in which blackouts struck India. A grid failure in Delhi and much of northern India left more than 300 million without electricity on Monday. This was one of the worst power outages to hit the country in more than a decade.
SOUTH KOREA - The world’s first ‘smart city’, to be completed by 2015, is being built in Asia - and it promises to serve as an experiment for the high-tech tyranny that is surely to come about as a response to the collapse of this present era of human industrial civilization.
JERUSALEM, ISRAEL - Educator and author Rabbi Shalom Gold took part in the 18th annual march around the ancient walls of the holy city of Jerusalem on Saturday night, held by the Women in Green movement. In his remarks, Rabbi Gold strengthened the participants and encouraged a return to the Temple Mount.