Early Headlines: China Stocks Crash, Securities Fraud by Hacking, Robo Calls as Free Speech,Google Project Sunroof, China Shadow Bank Bailout, China May Trigger Crisis and More

August 18th, 2015
in News, econ_news, syndication

Early Bird Headlines 18 August 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.


Follow up:


As Japanese and European central banks have weakened their own currencies, they have raised the cost of imports and fended off damaging deflation.

Mr King said: "To the extent that a weaker yen and euro imply a stronger renminbi, it looks as though the world economy has been engaged in a game of deflationary pass-the-parcel.

"The country that finally gets to unwrap the prize is the loser, not the winner."

  • Project Sunroof: mapping the planet’s solar energy potential, one rooftop at a time (Google Green Blog) A new app from Google is Project Sunroof, a new online tool to help homeowners explore whether they should go solar. Only available in the San Francisco Bay Area, Fresno (in central California), and the Boston area for now, the tool uses high-resolution aerial mapping (the same used by Google Earth) to help calculate any roof's solar energy potential, without having to climb up any ladders.
  • The Refugees Are Coming!!! (CounterPunch) This essay attributes the condition of third world peoples now on global migrations to the after effects of colonialism.
  • Fish Farming Becomes Bigger Business Than the Open Sea (Bloomberg Business) For the first time, the world is eating more fish from farms than from the open sea, spurring billions of dollars of takeovers as one of the largest food companies seeks to capitalize on rising demand.
  • City grime 'breathes back out' polluting nitrogen gases (BBC News) Scientists say the grime which clings to urban surfaces "breathes out" nitrogen gases when hit by sunlight.





Eleven shadow banks have written an open letter to the top Communist party official in northern China's Hebei province, asking for a bailout that would enable the bankrupt company to backstop loans to deadbeat borrowers. If the guarantor cannot pay, it could spark defaults on at least 24 high-yielding wealth management products (WMPs).

Analysts worry that a series of bailouts in recent years have encouraged irresponsible lending by fuelling the perception the government won't tolerate default. The latest appeal for a bailout will again force officials to choose between ensuring short-term financial stability or imposing market discipline on investors, which should improve lending practices in the long term.

China's yuan fell against the dollar on Tuesday despite a slightly stronger midpoint set by the central bank as traders expect the currency to be under further downward pressure amid a struggling economy.

The People's Bank of China set the midpoint rate CNY=SAEC at 6.3966 per dollar prior to market open, firmer than the previous fix of 6.3969.

The spot market CNY=CFXS opened at 6.3923 per dollar and was changing hands at 6.4005 near midday, 58 pips away from the previous close and 0.06 percent away from the midpoint.

The spot rate is currently allowed to trade with a range 2 percent above or below the official fixing on any given day.


  • Indonesian plane: Rescue team reaches Papua crash site (BBC News) An advance party of an Indonesian rescue team has reached the site where a Trigana Air plane crashed in the western Papua region on Sunday. Initial reports from the team say the aircraft was completely destroyed and 38 bodies were found in the wreckage. It came down in dense forest in a mountainous area, a few kilometres from its original destination of Oksibil. There were a total of 54 persons on board.



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