TEPCO Now Evaluates Dispersing Boric Acid On Reactor 4 As Fuel Rod Damage At Other Reactors Estimated At 33% and 70%Submitted by Tyler Durden on 03/15/2011 20:16 -0400
Desperation in Fukushima is growing as one by one the remaining options to prevent the "recriticlaity" of reactor 4 slide away. After the idea floated earlier to pour water on the core in hopes of cooling was dashed following a fire which broke out about 2 hours earlier and technical difficulties associated with the actual implementation , the latest and probably last recourse proposed is to disperse boric acid - a radiation retardant - all over everything in a blind "shotgun" strategy. How that will do anything to prevent the nuclear fall out from the containment bed which is now supposedly exposed to the open air, remains a mystery. And another update from Kyodo: "Fuel rods damage at Fukushima's 2 reactors estimated at 70%, 33%"
Just headlines for now. We can only hope that the containment pool is not involved.
- TOKYO ELECTRIC WORKER SAW FIRE AT 5:44 LOCAL TIME
- FIRE AT FUKUSHIMA DAI-ICHI NO. 4 REACTOR, NHK REPORTS
And just as the regular trading session, which is now obviously composed exlusively of the occasional bipolar lunatic and a whole lot of 'buy only' algorithms, levitated stocks above the inferno of Japanese reality, so the after hours session provides a convenient buffer for all those who have access to daily ES trading to take advantage of old mom and pop who are stuck with their IBM shares until tomorrow's gap down, and reintroduce gravity to the equation. Behold afterhours futures trading, er, sliding. Japan opens in an hour and a half. Bring your fireman's helmet.
As actual (not to mention credible) news out of Fukushima and Japan slow to a trickle, potentially due to the recent imposition of Article 15 by the Japanese government (an emergency regulatory clause that allows the senior levels of the Japanese government to stop other Japanese government agencies from communicating with the public and news media) which bans nuclear regulatory and protection agencies, from issuing any statements about the nuclear crisis situation in Japan, the only objective information may soon be flyby analysis by third party satellite companies which do not have skin in the game. Below we present the most recent analysis conducted
RANsquawk Market Wrap Up - Stocks, Bonds, FX etc. – 15/03/11
It is not yet clear how devastating the nuclear-reactor damage will prove to be, but the situation appears to be worsening. What is clear is that the potential crisis in the Persian Gulf, the loss of nuclear reactors and the rising radiation levels will undermine the confidence of the Japanese. Beyond the human toll, these reactors were Japan’s hedge against an unpredictable world. They gave it control of a substantial amount of its energy production. Even if the Japanese still had to import coal and oil, there at least a part of their energy structure was largely under their own control and secure. Japan’s nuclear power sector seemed invulnerable, which no other part of its energy infrastructure was. For Japan, a country that went to war with the United States over energy in 1941 and was devastated as a result, this was no small thing. Japan had a safety net. The safety net was psychological as much as anything. The destruction of a series of nuclear reactors not only creates energy shortages and fear of radiation; it also drives home the profound and very real vulnerability underlying all of Japan’s success. Japan does not control the source of its oil, it does not control the sea lanes over which coal and other minerals travel, and it cannot be certain that its nuclear reactors will not suddenly be destroyed. To the extent that economics and politics are psychological, this is a huge blow. Japan lives in constant danger, both from nature and from geopolitics. What the earthquake drove home was just how profound and how dangerous Japan’s world is. It is difficult to imagine another industrial economy as inherently insecure as Japan’s. The earthquake will impose many economic constraints on Japan that will significantly complicate its emergence from its post-boom economy, but one important question is the impact on the political system.
Following explosions in at least two reactor cores at Japan's Fukushima nuclear power plant - and as the developing crisis is rated at level 6 of seven levels on the International Nuclear Events Scale (previously being 3, or below 3 Mile Island status, to keep the panic level low)- attention is turning to just what is happening inside the 40-year-old power plant in north-east Japan. Al Jazeera's Dan Nolan explains how a meltdown would happen.
Yeah, humiliation doesn't get much worse than putting up the following text a month before the company you just did "extensive due diligence on" and have at a Buy with $26 Price Target ends up being a total and utter fraud (as was warned on Zero Hedge over a month ago... but at least we charge nothing for our services): "We were in China last week to conduct additional due diligence on CCME. We visited CCME’s headquarters again, and reviewed all of its contracts with advertising clients and bus operators, tax filings, and bank statements for the last three years. We called or met 16 top advertisers, who verified a total of approximately $105MM of revenue or ~50% of our estimated 2010 revenue. We called China Telecom, and the exclusive advertising agents for Coca Cola and L'Oreal, who confirmed they have placed ads on CCME's platform. We also spoke to 17 bus operators, who confirmed that they have signed in aggregate 14,191 buses with CCME, or 52% of the total number of buses CCME reported. The amount of revenues and buses these advertising customers and bus operators confirmed with us matched the numbers in the contracts we reviewed at CCME. Shanghai Ba-shi Public Transportation and Eading Group also confirmed their partnerships with CCME. CCME until 2010 had been focused on expanding its intercity bus network in tier II and III cities, and has utilized regional advertising agencies which have extensive local relationships, rather than many of the national 4A agencies. We believe this niche market position and unique approach has made them less visible but kept them very profitable. Based on our due diligence to date, our thesis remains unchanged: CCME is a leader in the inter-city bus advertising market with a unique business model and large growth potential. We reiterate our Buy rating and $26 price target." Oh well - at least we can be certain next week's non seasonally adjusted initial claims number will be at a minimum one (The Seasonally Adjusted can well be negative - it is from the BLS after all).
While we have no confirmation yet, the USDJPY just jumped by 60 pips from post-earthquake low levels to 81.20 on what appears a Bank of Japan intervention. The last time we had confirmed intervention was on October 31 last year, when the pair was trading at 52 week lows of 81.30. 30 pips from the previous trigger point would makes sense for Shirakawa to say "enough." If this was indeed an intervention, we hope to bring you just how much USD the BOJ purchased. Indicatively, in 2010 each intervention cost the BOJ a few hundred million. And with the effect already wearing off, the half life (pardon the bad pun) on interventions is now the lowest it has ever been.
RANsquawk US Afternoon Briefing - Stocks, Bonds, FX etc. – 15/03/11