Early Headlines: Second Escapee Shot and Captured, China Stocks Still Crashing, China Eases Rates and Reserves, SpaceX Rocket Explodes and More
Early Bird Headlines 29 June 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.
- David Sweat shot and captured alive after New York manhunt (CNN) The escaped fugitive was only about 30 miles from the prison from which he escaped 22 days earlier and about 1 1/2 miles from the Canadian border when he was shot and captured Sunday 28 June. He was shot twice in the torso as he attempted to run to a tree line near the road on which he was walking alone. It was announced Sunday afternoon by New York Governor Andrew Cuomo that Sweat was in stable condition "in the hospital". Sunday evening, according to this article, Sweat had been transferred from Malone Hospital near where he was captured,to the Albany Medical Center and was said to be in critical condition.
- US space assumptions explode along with cargo (Financial Times) Elon Musk's SpaceX rocket which blew up after launch Sunday morning was the third lower cost rocket to malfunction in the past 8 months. An Orbital Sciences Antares rocket heading to the space station exploded on a launch pad in Virginia last October and a Progress 59 supply ship ended firing out of control upon launch from Kazakhstan in April. These failures raise doubts about U.S. assumptions that lower cost launch vehicles from private contractors can be reliable at the present time.
- Europe’s quibbles over numbers leave migrants stranded (The Conversation) After heated debate, European leaders agreed to resettle 40,000 of the migrants who have arrived on the shores of Italy and Greece in recent months. A further 20,000 refugees not currently in Europe (mostly Syrians and Iraqis) will also be resettled. The problem? Over 100,000 have already arrived so far this year. See next article.
- Mediterranean migrant crossings to Europe top 100,000 in 2015, UN says (The Telegraph) A report now three weeks old totals 103,000 migrant refugees having already crossed the Mediterranean Sea, of them arriving in Italy and Greece. Tens of thousands more are expected to arrive this summer.
- Five things you need to know about the IMF’s stance on Greece (The Conversation) A good summary of views from all sides, but ultimately the questions are mostly political, not economic. Econintersect: The political views of the IMF are at strong odds with the writings of many of their economists. It seems to be a rather dysfunctional organization.
- El-Erian Sees 85% Grexit Odds as ‘Massive’ Contraction Looms (Bloomberg Business) Greece is heading for a "massive economic contraction" and is likely to be forced out of the euro zone, according to Mohamed El-Erian, the former chief executive at Pacific Investment Management Co.
- Terror in Tunisia: tourist deaths on the beaches of Sousse will kick-start a crisis (Rory McCarthy, The Conversation) The birthplace of the Arab Spring has fallen victim to the worst terror attack in Tunisia's history. It is a hideous test of everything the country has accomplished since 2011.
- Tuesday marks deadline for reaching deal on Iran’s nuclear program (Al Jazeera) Deadline expected to be extended over Tehran's demands to remove sanctions first.
- China Cuts Interest Rates After Market Plunge (The New York Times) Acting a day after the Shanghai and Shenzhen stock markets plunged more than 7 percent, China’s central bank cut interest rates on Saturday and reduced the reserves that smaller banks must hold.
- Chinext Composite ("The Chinese NASDAQ") - down over 6% now (Walter Kurtz, Sober Look, Twitter) Down more than 28% in less than a month at the time this chart was snapped.
- Number of New Stock Investors (Business Insider) This is what fed the blow-off top in China.
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