Early Headlines: Big Bank Felons, US in South China Sea, Greater Unification in Europe, China Slowing and More
Early Bird Headlines 15 May 2015
Econintersect: Here are some of the headlines we found to help you start your day. For more headlines see our afternoon feature for GEI members, What We Read Today, which has many more headlines and a number of article discussions to keep you abreast of what we have found interesting.
- 5 Big Banks Expected to Plead Guilty to Felony Charges, but Punishments May Be Tempered (The New York Times) Hat tip to John O'Donnell. Five of the world's largest banks are expected to plead quilty to felony charges next month. Barclays, JPMorgan Chase, Citigroup and the Royal Bank of Scotland will plead guilty to currency exchange rigging. The banks will will pay billions in fines and penalties but no executives will go to prison. The NYT says prosecutors are:
"... mindful that too harsh a penalty could imperil banks that are at the heart of the global economy, a balancing act that could produce pleas that are more symbolic than sweeping."
Econintersect: Continuing with the organized crime analogy with have mentioned before, this seems like the mob paying off the criminal justice system so the mob bosses can go free.
- Is the Push for Greater European Integration a Mistake? (Naked Capitalism) The resistance of the people to more sovereignty weakening and EU strengthening opposed by the extreme economic pain and dislocation should the eurozone be disbanded mean a middle ground will eventually prevail. And that can only happen if a large amount of the Greek debt is written off. Part of this post appeared previously at Bruegel: Europe’s Integration Overdrive.
- Boiler Rooms Meet Boardrooms as Scammers Invade City of London (Bloomberg) Cold-calling con artists promising outsized returns are jumping on a surge in the availability of serviced offices at prestigious locations to give their operations an air of respectability. They collect a few million from unsuspecting targets and then disappear.
- US patrol in South China Sea may stop China’s mischief in disputed waters (The Conversation) More on this in GEI News this weekend.
- China Is Slowing On All Cylinders (Seeking Alpha) The author is worried about an end to the recent bull market for Chinese stocks.
- Rage Against the State: Discontent Grows in Vietnam (Bloomberg) Vietnam's state-owned enterprises were once its biggest employers, the largest revenue earners, the main growth drivers. Now, in criticism rarely seen since Ho Chi Minh's Communists unified the nation 40 years ago, their dominance in the economy is being debated.
- Wreckage of missing U.S. helicopter found in Nepal (CNN) The American chopper was spotted in the Gorthali area, at an altitude of 11,200 feet, according to Brig. Gen. Binoj Basnet. There was no immediate word on the fate of the crew.
- Quake recovery can leverage change of lasting benefit to Nepal (The Conversation) Local politics in Nepal will hinder relief and recovery efforts following the April 25 earthquake and its aftershocks, but, on the other hand, the disaster could help to resolve political problems in Nepal.
- Indonesian fishermen tow migrant boat to Aceh (BBC News) More than 600 migrants from Bangladesh and Myanmar stranded at sea have landed in Indonesia's Aceh province, after being rescued by local fishing boats. Thousands remain at sea as surrounding countries are refusing landing access.
- The good-news El Niño story for Western Australia’s oceans (The Conversation) While eastern Australia trembles at the impending El Niño this year, potentially increasing heat waves and bushfires, the coastal waters of Western Australia (WA) would find El Niño a welcome relief from the heat. GEI weather and climate economist Sig Silber reports on global developments every week.
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