Early Headlines: TPP Big Winners, Shanghai Market Moon Shot, Post-apocalyptic Seed Bank, Iraq Counterattack, Criminal Investigation of GM and More
Early Bird Headlines 24 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.
- The Pacific Trade Deal's Big Winner (Private Wealth) Title really say "winners" because the author identifies both an industry sector ("processed foods and chicken and pork") and a country ("Vietnam"). Caveat: The author manages the Asia Frontier Capital's (AFC) Vietnam Fund.
- World Markets Weekend Update: The Rally Accelerates, Dominated by China (Doug Short, Advisor Perspectives dshort.com) Doug Short is a regular contributor to GEI. The Shanghai Composite was up more than 8% last week and 44% year-to-date.
- The doomsday vault: the seeds that could save a post-apocalyptic world (The Guardian) Set in an Arctic mountainside, the Svalbard seed bank contains the world’s most prized crops. But a row has erupted over whether this is the best hope of feeding the world after a catastrophe or just an overpriced deep freeze.
- JPMorgan Chase Bank sued by customers over foreign exchange rates (The Washington Examiner) Hat tip to John A. Germinario via LinkedIn. The lawsuit claims holders of American Depositary Receipts were cut out of millions of dollars because JPMorgan Chase secretly assigned unfavorable foreign exchange rates to convert non-U.S. dollar-based cash distributions by foreign companies to the holders.
- GM Ignition Probe Said Advancing as U.S. Mulls Criminal Case (Bloomberg) The U.S. government is determining whether charges will be brought against General Motors Co. or its employees over the handling of a faulty ignition switch. Econintersect: Too bad for GM that they are not a TBTF bank.
- Cleveland protests erupt after officer found not guilty in fatal shooting of two unarmed suspects (Reuters) Judge John O'Donnell said Officer Michael Brelo, 31, acted reasonably in shooting the two suspects while standing on the hood of their surrounded car and firing multiple rounds through the windshield. Econintersect: Huh?
- Tsipras Urges European Creditors to Compromise on Greek Deal (Bloomberg) Some members of Tsipras' Syriza party party advocate defaulting on loans rather than backing down from the anti-austerity policies that swept it to power in January even if that leads the country out of the euro. Econintersect: What Tsipras is really saying to creditors is 'take a writedown or you may get nothing'.
- Iraqis launch counterattack against ISIS near Ramadi (CNN) The pushback by Sunni tribal fighters, Iraqi security forces and a Shiite militia could comprise the first significant counterattack in the area since ISIS took control of Ramadi, capital of the predominantly Sunni Anbar province, earlier this month.
- Ukraine crisis: Rebel commander Alexei Mozgovoi 'killed' (BBC News) One of the top rebel commanders in eastern Ukraine, Alexei Mozgovoi, has been killed in an attack on his car, Russian and Ukrainian media report. He had been a leading critic of the Minsk cease fire agreement. No one has been identified as responsible for the attack.
- Students allege political purge at Russia’s oldest university (Al Jazeera) Faculty dismissals stir controversy at Smolny College, which had been hailed as a radical departure from Soviet teaching.
- At least 10 Afghan police officers killed in Taliban assault (Reuters) Taliban insurgents attacked police checkpoints Sunday in volatile southern Afghanistan, killing at least 10 officers in an ongoing assault.
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