Amazing Chinese Economy Grows By 7% - What's Next? & More

China's economic growth beats forecast

World's second-largest economy grows by 7 percent in the second quarter amid dramatic fall on stock markets.

China has released figures of its economic growth for the second quarter showing the country's economy has grown at a steady seven percent, its weakest performance since the global crisis but slightly better than expected.

The figure released on Wednesday was slightly above forecasts and came as the ruling Communist Party is struggling to reverse a stock market plunge that threatens to disrupt its economic reform plans.

The world's second-largest economy has seen sharp downturn in its economic growth raising fears of job losses. Since November, Beijing has cut interest rates four times and pumped money into the economy through spending on construction.

"There are good reasons to think that the latest figures are mirroring a genuine stabilisation of conditions on the ground," said Julian Evans-Pritchard of Capital Economics in a report.

The Multi-Trillion Dollar Oil Market Swindle 

I have maintained that oil should have corrected to around $70 in the fall of 2014, tied to U.S. production increases which at the time represented the price at which drillers would continue to add to supply. That price tied to cost reductions has probably been reduced to $60ish currently. But today, with the consensus oversupply widely quoted in the media as some 2 million barrels per day worldwide, it’s clear that if the numbers are correct below, the perceived oversupply wouldn’t exist at all. Suffice it to say prices would be at least at the point where production would need to be added, perhaps around $60-$70 per barrel, if not higher.

Science says no impacts from Shenhua mine: Baird 

Asked what he had said, the minister told reporters: "There's no point in going to cabinet if you are going to express what you said in cabinet on national TV."

Shenhua Watermark is planning to construct an open-cut mine about 25km southeast of Gunnedah to extract 10 million tonnes of coal a year over 30 years.

Greek debt crisis: Goldman Sachs could be sued for helping hide debts when it joined euro 

The deal is based on fresh economic reform proposals submitted by Athens which bear a striking similarity to the creditors’ offer rejected by the Greek people in a referendum last Sunday – sparking claims that Prime Minister Alexis Tsipras has effectively executed a huge U-turn in order to avoid a catastrophic “Grexit”

Austerity Has Failed: An Open Letter From Thomas Piketty to Angela Merkel

Five leading economists warn the German chancellor, “History will remember you for your actions this week.”

440 cuts and counting - the Abbot Legacy

This post will be regularly updated to keep track of the Abbott Government’s broken promises and everything his Government does to hurt Australians. Each item will have a link to a source.

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An Inconvenient Truth:

What Happens If Global Warming Continues?

 EXISTENTIAL REALITY 

Methane Bomb 

or Archaic 

Fabrications?

IMAGINE? Now China Steps Into Greek Talks, & More

China calls for Greek debt talks to continue

China's Foreign Ministry on Wednesday called for talks between Greece and its creditors to continue, after the country defaulted on a loan with the International Monetary Fund.

The IMF said that Greece had not made its scheduled 1.6 billion euro ($1.8 billion) loan repayment to the fund. As a result, IMF Managing Director Christine Lagarde will report to the global lender's board that Greece is "in arrears," the official euphemism for default.

Chinese Foreign Ministry spokeswoman Hua Chunying said that China wanted to see a united European Union and a strong euro.

Obama Making Millions More 

Americans Eligible for Overtime 

Conservatives and business groups have bitterly opposed the idea, warning that it will cost jobs. The National Retail Federation, a trade group, has argued that expanded overtime will “add to employers’ costs, undermine customer service, hinder productivity, generate more litigation opportunities for trial lawyers and ultimately harm job creation.”

Adani halts engineering work on controversial Carmichael mine

Indian coal giant Adani has halted engineering work related to Australia’s largest proposed mine, say industry sources, raising speculation that the company is set to abandon the contentious project.

Adani last week advised four major engineering contractors to stop work on projects around the Carmichael mine in Queensland including a joint venture rail line and the expansion of Abbot Point port, Guardian Australia has been told.

Industry sources said the move to suspend preparatory work by WorleyParsons and Aecon, Aurecon and SMEC at this stage of a project was unheard of and made no sense as a savings measure even amid delays.

Galilee Basin - Unburnable Coal 

This new report reveals that if all of the Galilee Basin coal was burned, an estimated 705 million tonnes of CO2 would be released each year – more than 1.3 times Australia's current annual emissions.

China and Japan show hints of healing, rest of Asia still struggling

Growth in China's services sector picked up in June while big Japanese companies planned to ramp up spending at the fastest pace in a decade, offering hope that prospects are improving for Asia's largest economies despite sluggish factory growth.

Wednesday's data fueled expectations that the wobbly global economy may start leveling out in the second half of the year, but the outlook remains murky, with fears that Greece's debt crisis could splinter the euro zone and worries about whether China can avoid a stock market crash keeping investors on edge.

Activity in China's factory sector expanded slightly in June though not as much as expected, official surveys showed, suggesting the economy may be starting to slowly level out after a raft of support measures including interest rate cuts and more infrastructure spending.

Swindle Alert: How To Spot The Fed’s 

Impending Bailout Of Europe

The Greek crisis is dominating headlines this week, and promises to be the most important economic and financial topic of conversation through the weekend and into Monday. Neither the Greek government nor the European Central Bank (ECB) seem to be prepared to give an inch, and there’s every indication that things could come to head next week. If Greece does default, and if there is a resulting crisis in European markets, will the Federal Reserve get involved? To quote Sarah Palin, “You betcha!” How would the Fed do this? Read on to find out.

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"Peak Everything"

Peak Everything Lecture

Cornell University