More leading stories

China blamed for global hacking spree

The Independant

Thursday, 4 August 2011

More than 70 organisations around the world, including governments, the United Nations and multi-national companies, have been systematically hacked by one state over the past five years, according to security experts.

The list of victims in the extended campaign include the governments of the United States, Taiwan, India, South Korea, Vietnam and Canada and an array of companies, from defence contractors to high-tech enterprises. Computer security company McAfee, which uncovered the intrusions, said it believed there was one "state actor" behind the attacks but declined to name it, though several other security experts said the evidence points to China.

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Dow plunges 350 points on 'total fear'

CNN

The market's fear gauge -- the VIX (VIX) -- surged 16% to a reading of 27. That's still just shy of 30 -- the level that signals a high degree of fear. With the VIX up 53% from the start of the year, it's clear that fear has been on the rise.

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Europe Getting Smashed, US Futures Slide, As European Commission President Basically Admits Defeat

Business Insider

Well it started off quiet in Europe today.No longer. European markets are getting smashed, as -- no surprise -- Italy leads the way with a 1.5% decline.

Other markets are in hot pursuit.

Tepco Reports Second Deadly Radiation Reading at Fukushima Nuclear Plant

Bloomberg

The utility known as Tepco said yesterday it detected 5 sieverts of radiation per hour in the No. 1 reactor building. On Aug. 1 in another area it recorded radiation of 10 sieverts per hour, enough to kill a person “within a few weeks” after a single exposure, according to the World Nuclear Association.

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United States: Job Cuts Rocket Higher 60%, As Economy Implodes

24/7 Wall Street

The 66,414 job cuts last month were up 60 percent from the previous month, when employers announced plans to shed 41,432 workers. The July figure was 59 percent higher than the 41,676 layoffs recorded in July 2010. It was the largest monthly total since March 2010, when 67,611 job cuts were announced by the nation’s employers.

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Global Currency Wars Enter New Stage; Brazil Calls Off Truce, South Korea Reviews

Mish’s Global Economic Analysis

Fighting the Fed has reached a new stage: all out currency wars.

The Fed is desperate to tank the US dollar to stimulate exports and further fuel a stock market that is clearly back in bubble territory. However, central bankers in other countries have had enough.

Japan and Switzerland intervened heavily in the forex markets on Wednesday. Other countries, fed up with Fed policies and a weak dollar now threaten to do the same.

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