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.
Identity 2016: 'Global citizenship' rising, poll suggests (BBC News) Pollsters GlobeScan questioned more than 20,000 people in 18 countries. More than half of those asked (56%) in emerging economies saw themselves first and foremost as global citizens rather than national citizens. In Nigeria (73%), China (71%), Peru (70%) and India (67%) the data is particularly marked. By contrast, the trend in the industrialized nations seems to be heading in the opposite direction.
How Facebook's new share structure works (CNBC) Facebook proposed creating a new non-voting Class C stock, issuing two new shares for each outstanding Class A and Class B share held. The proposal's adoption is subject to approval by Facebook shareholders at its 2016 annual meeting in June, the company said. Class A shares would continue to trade under the "FB" ticker, with the Class C shares under a different symbol. This will allow Mark Zuckerberg to give up ownership of shares of Facebook while still retaining majority voting share for control of the company.
Ted Cruz selects Carly Fiorina as running mate (CNBC) U.S. Republican presidential candidate Ted Cruz, in a last-ditch bid to slow front-runner Donald Trump's momentum, on Wednesday named former business executive Carly Fiorina to be his vice presidential running mate if he wins the nomination.
Ten inconsistencies in Trump's big foreign policy address (The Guardian) How closely the speech stands up to detailed scrutiny is already the subject of fierce political debate. Madeleine Albright, the former secretary of state put up to respond on behalf of the Hillary Clinton campaign, claimed she had never seen so many "simplistic slogans, contradictions and misstatements" in one speech. Trump's supporters argue instead that he was at his strongest, skewering the inconsistencies of the Democratic establishment's approach under Obama and Clinton. This article lists ten passages where they say Mr. Trump is doing "what all politicians like doing best: having his cake and eating it". See next article.
Putin's Propaganda Machine Is Meddling With European Elections (Bloomberg) Russia is creating fictitious stories in Europe that are stirring extremists to politcal action. One example is an untrue story in Germany about the rape of a 13-year-old girl by a group of migrants in January. The story brought tens of thousands into the streets to demonstrate.
RevealedBritain's borders left exposed to terrorists after screening system crashed twice in 48 hours (The Telegraph) The eBorders system, which was put in place after the 9/11 terror attacks to protect the country from jihadists, ground to a halt in June last year. The incident, which this newspaper has seen details of, was deemed so serious that Theresa May, the Home Secretary, was alerted by officials close to midnight. The Home Office refused to reveal how often the system has crashed or whether there have been any outages since the incident. Technicians worked through the night to fix the system amid fears from border officials that hundreds of extremists, convicts and illegal immigrants were arriving in the UK undetected.
Syria conflict: UN envoy calls on US and Russia to save talks (BBC News) The UN envoy to Syria has urged the US and Russia to urgently intervene "at the highest level" to salvage talks. Speaking after briefing the UN Security Council on the faltering peace process, Staffan de Mistura said that a truce agreed in February was "barely alive". Violence in Syria has intensified in recent days, despite the ceasefire. At least 20 civilians were reportedly killed on Wednesday in government strikes on a hospital and nearby residential building in eastern Aleppo.
Russia launches first rocket from new spaceport at second attempt (Reuters) Russia launched its inaugural rocket from a new cosmodrome on Thursday, a day after a technical glitch thwarted the much-publicized event in a sign of continued crisis in the nation's space industry. An unmanned Soyuz-2.1A rocket carrying three satellites roared off into a clear blue sky from the launch pad at Vostochny cosmodrome in the remote Amur Region near China's border at 0501 Moscow time (0201 GMT), state television showed.
China denies reports of massing troops at North Korea border (Reuters) China's Defense Ministry on Friday denied reports that Chinese troops were massing on the North Korean border, ahead of a possible fifth North Korean nuclear test, saying its deployments there were normal. The Hong Kong-based Information Center for Human Rights and Democracy said earlier this week that China had sent 2,000 troops to the border, a story picked up by Russian and Iranian news outlets, among others.
Investors Put Their Chips on the Yen (The Wall Street Journal) Asset managers are trimming bets the yen will weaken against the U.S. dollar and increasingly betting it will strengthen instead. That has supported a steady increase in yen buying that is the opposite of what the Bank of Japan had expected to happen through its monetary easing.
China's Whack-a-Mole Bubbles (Bloomberg) This year there is an iron-ore bubble remarkably similar to last year's stock bubble. If you increase "liquidity" ("print more money") as China has been doing repeatedly the money has to go somewhere and, like in the west it seems to go predominantly into assets. Aee also next article.
China Trades Enough Cotton in One Day to Make Jeans for Everyone (Bloomberg) It's not just metals caught up in China's commodity fever. The equivalent of 41 million bales of cotton traded in a single day on the Zhengzhou Commodity Exchange last week, the most in more than five years and enough to make almost 9 billion pairs of jeans, or at least one for every person on the planet. Prices that had slumped to the lowest on record in February surged almost 19 percent in the four days leading up to the trading spike on Friday. Traders have piled in to Chinese commodity markets, sending volumes of everything from steel to coking coal soaring and prompting exchanges to boost margins and fees or issue warnings to investors. The surge in trading is reminiscent of last year's equities rally that boosted the stock market before a rout erased $5 trillion. China is the world's largest consumer of cotton and second-biggest producer.
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