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What We Read Today 01 December 2016

Econintersect: Every day our editors collect the most interesting things they find from around the internet and present a summary "reading list" which will include very brief summaries (and sometimes longer ones) of why each item has gotten our attention. Suggestions from readers for "reading list" items are gratefully reviewed, although sometimes space limits the number included.

This feature is published every day late afternoon New York time. For early morning review of headlines see "The Early Bird" published every day in the early am at GEI News (membership not required for access to "The Early Bird".).

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Topics today include:

  • Hollande is 'One and Done'

  • Most Popular Climate Change Story is a Hoax

  • Ten U.S. Housing Markets Will Be Hit in 2017

  • Gross Says Go to All Cash

  • Gundlach Says that 'Trump Rally' is Losing Steam

  • Where Does the 'Trump Landslide' Fit in History?

  • How Putin Got the OPEC Deal

  • Global Economic Data is Good

  • Trump Warns of Consequences for U.S. Firms Moving Jobs Abroad

  • Bernie Sanders Dumps on Trump

  • Transition Team Keeps Replacing Alligators

  • Congress Passes a 10-Year Extension of Iran Sanctions Unanimously

  • Canada Approaches 100% Implementation of Tax on Carbon

  • And More

Articles about events, conflicts and disease around the world

Global

  • Exclusive: How Putin, Khamenei and Saudi prince got OPEC deal done (Reuters)  Russian President Vladimir Putin played a crucial role in helping OPEC rivals Iran and Saudi Arabia set aside differences to forge the cartel's first deal with non-OPEC Russia in 15 years.  Interventions ahead of Wednesday's OPEC meeting came at key moments from Putin, Saudi Deputy Crown Prince Mohammed bin Salman and Iran's Supreme Leader Ayatollah Ali Khamenei and President Hassan Rouhani, OPEC and non-OPEC sources said.  Putin’s role as intermediary between Riyadh and Tehran was pivotal, testament to the rising influence of Russia in the Middle East since its military intervention in the Syrian civil war just over a year ago.

  • Ten Good Pieces of Economic Data From All Around the World (Bloomberg)  It's been a big week for bullish economic data across the globe, from South Korean exports to European manufacturing figures. Two items form the 10:  China manufacturing (first graph below) and  euro area unemployment (second graph):

U.S.

  • Trump warns of consequences for U.S. firms sending jobs abroad (Reuters)  President-elect Donald Trump on Thursday warned that U.S. companies will face "consequences" for outsourcing jobs overseas, as he touted his early success in persuading an air conditioner maker to keep around 1,000 jobs in the United States rather than move them to Mexico.  Carrier, a unit of United Technologies Corp (UTX.N), still plans to move 600 jobs from the plant to Mexico, The Wall Street Journal said. Reuters reported earlier this week Carrier also still intends to close a factory in Huntington, Indiana, that employs 700 people making controls for heating, cooling and refrigeration and move the jobs to Mexico by 2018.  See also next article.

President-elect Donald Trump will reportedly announce a deal with United Technologies, the corporation that owns Carrier, that keeps less than 1,000 of the 2,100 jobs in America that were previously scheduled to be transferred to Mexico. Let’s be clear: It is not good enough to save some of these jobs. Trump made a promise that he would save all of these jobs, and we cannot rest until an ironclad contract is signed to ensure that all of these workers are able to continue working in Indiana without having their pay or benefits slashed.

In exchange for allowing United Technologies to continue to offshore more than 1,000 jobs, Trump will reportedly give the company tax and regulatory favors that the corporation has sought. Just a short few months ago, Trump was pledging to force United Technologies to “pay a damn tax.” He was insisting on very steep tariffs for companies like Carrier that left the United States and wanted to sell their foreign-made products back in the United States. Instead of a damn tax, the company will be rewarded with a damn tax cut. Wow! How’s that for standing up to corporate greed? How’s that for punishing corporations that shut down in the United States and move abroad?

France

  • Grim Hollande says he won't seek second term as French president (Reuters)  President Francois Hollande shocked France on Thursday by announcing he would not seek a second term next year, acknowledging his deep unpopularity and making way for another leftist candidate to take on conservative Francois Fillon and far-right leader Marine Le Pen.  The surprise announcement - effectively an admission that by running again he would hurt his party's chances - marks the first time since France's fifth Republic was created in 1958 that an incumbent president has not sought a second mandate.

Iran

  • Extension of Iran Sanctions Act passes U.S. Congress (Reuters)  The U.S. Senate passed a 10-year extension of sanctions against Iran on Thursday, sending the measure to the White House for President Barack Obama to sign into law and delaying any potentially tougher actions until next year.  The measure passed by 99-0. It passed the House of Representatives nearly unanimously in November, and congressional aides said they expected Obama would sign it.  The ISA will expire on Dec. 31 if not renewed. The White House had not pushed for an extension, but had not raised serious objections.  Members of Congress and administration officials said the renewal of the Iran Sanctions Act (ISA) would not violate the nuclear agreement with Iran reached last year.

Canada

  • Vast Majority of Canada Has Now Agreed to Put a Price on Carbon (DeSmog Canada)  93% of Canadians now live in provinces and territories that have implemented, or are in the process of implementing, carbon pricing. The most recent step forward occurred last week in Nova Scotia.  Amid the excitement around Canada’s accelerated coal phase-out, Premier Stephen McNeil announced that his government will implement a cap-and-trade system in 2018.  This commitment puts another province in line with the federal government’s plan to price carbon pollution.

canada.carbon

 


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