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.
Pluto's Geology Is Unlike Any Other (Scientific American) The geology of Pluto has "a pinch of Mars, a sprinkle of Saturn's moon Iapetus and a dash of Neptune's moon Triton". A summary from the article:
Pluto's geological activity is driven both by heat leaking from radioactive elements in its interior - a remnant of its birth more than 4 billion years ago - and by the volatile compounds that flit between its surface and its atmosphere. As Pluto moves away from the Sun in its 248-year elliptical orbit, temperatures plummet and these compounds freeze out of the atmosphere and fall onto the surface as frost. When Pluto warms up again, methane, nitrogen, carbon monoxide and other chemicals transform directly from ice on the surface into atmospheric gases.
Wall Street bonuses likely to plunge as trading revenue drops (Reuters) Wall Street bankers and traders are likely to get smaller bonuses for 2015 as trading revenue plunges. Goldman Sachs said on Thursday that it set aside 16% for the same period in 2014. The fourth quarter, when banks determine how much they will pay for bonuses, may bring little relief for employees. Goldman's total trading revenue dropped 15% in the third quarter after volume fell in fixed income, currencies, and commodities.
Tesoro places its bet on a new, West Coast oil terminal (CNBC) Tesoro is making a big bet on increasing oil shipments to West Coast refineries, to supplied by rail using new DOT-120 tank cars which have much greater safety margins than older tank cars. This should reduce foreign oil dependence on the West Coast and decrease U.S. oil imports.
VW's Global Vehicle Sales Decline as Diesel-Motor Recalls Loom (Bloomberg) Volkswagen AG's namesake car brand reported a 4% decline in global sales last month amid a scandal over cheating on diesel-emissions tests. Deliveries at the VW brand, which is at the center of the crisis, fell to 513,500 cars from 534,800 a year ago. The drop at Volkswagen's largest unit contributed to a 1.5% decline in group-wide sales to 885,300 vehicles in September. Drops were sharpest in Russia and Brazil, where recessions are causing vehicle markets to shrink, while growth in Europe trailed competitors as the company prepared to recall 8.5 million vehicles with rigged diesel engines. Volkswagen's U.S. market share also narrowed.
Migrant crisis: Hungary closes border with Croatia (BBC News) Hungary has closed its border with Croatia in an effort to stem the flow of migrants through the country en route to western Europe. Croatia said it would begin directing migrants to Slovenia instead. Hungary has been a major transit country for migrants, many of whom aim to continue on to Austria and Germany. It announced the closure on Friday after EU leaders failed to agree a plan backed by Hungary to send a force to prevent migrants reaching Greece.
Uber Gets Boost From London Court Ruling on Taxi Meters (Bloomberg) Uber Technologies got a boost from a London judge who said smartphones used by its drivers aren't the same as taxi meters and don't require a licence from the city's transport authority. Transport for London asked the judge to rule on the status of technology used by the ride-hailing service. Cab driver associations joined the case to argue that Uber should be subject to rules barring private cars from using meters.
US companies dash hopes for a China recovery (CNBC) U.S. companies on the ground in China have dashed hopes of a strengthening economy there this week by describing rapidly deteriorating business conditions. Several companies have slashed growth in China in their latest reports.
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