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.
Asia markets mostly higher as traders await cues from Yellen on rates (CNBC) Markets in Asia were mostly higher on the final trading day of the week as traders awaited direction from U.S. Federal Reserve chief Janet Yellen's comments due later. Econintersect: This is posted in midday to early afternoon for most Asia- Pacific markets. Click on headline for latest update.
G7 warns of Brexit as risk to global growth priority (BBC News) A declaration at the G7 meeting in Japan says a vote by the UK to leave the European Union would pose a "serious threat to global growth". In their final statement, the group warned that a UK exit from the EU would reverse the trend of increased global trade, investment and jobs. The meeting brings together the world's leading seven industrialized nations. The final communiqué set global growth as a priority for dealing with threats to the world's economy and security. See also Live: World leaders fail to agree firm plan at G-7 (CNBC).
Trump says he would exit global climate accord, slash U.S. oil regulation (Reuters) Donald Trump, the presumptive Republican presidential nominee, said on Thursday that he would pull the United States out of the U.N. global climate accord and slash environmental regulations on the energy industry if elected. The comments deepen the contrast between the New York billionaire and his Democratic rivals for the White House, Hillary Clinton and Bernie Sanders, who both advocate a sharp turn toward renewable energy technology as a way to combat climate change. Trump said:
"We're going to cancel the Paris climate agreement ... I want it [Keystone Pipeline] built, but I want a piece of the profits. That's how we're going to make our country rich again .... President Obama has done everything he can to get in the way of American energy. If crooked Hillary Clinton is in charge, things will get much worse, believe me."
Baylor demotes Starr, fires coach amid sex assaults scandal (Associated Press) Baylor University demoted school President Ken Starr and fired football coach Art Briles on Thursday, issuing a scathing report over the university's handling of sexual assault complaints against players. The board of regents at the nation's largest Baptist university said in a statement that Starr, a former prosecutor who investigated the Bill Clinton-Monica Lewinsky scandal, will vacate the presidency on May 31 and stay on as school chancellor. It said it suspended Briles "with intent to terminate" and placed athletic director Ian McCaw on probation.
Trump, Sanders explore staging unusual presidential debate (Reuters) Republican Donald Trump and Democrat Bernie Sanders on Thursday explored staging an unconventional U.S. presidential debate that would sideline Democratic front-runner Hillary Clinton and create a television spectacle that could attract huge ratings. The two men - a billionaire and a democratic socialist - expressed interest in a one-on-one encounter in California even though Republican and Democratic presidential candidates traditionally do not debate each other until the parties have selected their nominees. Econintersect: If such a debate were to take place, we think there would be a sure loser: Hillary Clinton.
Appalachian Trail: US hiker 'lost for 26 days before dying' (BBC News) A hiker who got lost on a remote part of the Appalachian Trail in the US sent text messages appealing for help and kept a journal for 26 days before she died, newly released papers show. Geraldine Largay, 66, went missing in 2013. Text messages to her husband were not sent because there was no signal. She left a final note asking whoever found her body to call her husband and daughter to let them know she had died. The 2,200-mile (3,541km) trail is a popular hiking route in the eastern US. Ms Largay, from Tennessee, disappeared in western Maine in July 2013, The Boston Globe reports. Her body was not found until more than two years later, in October 2015. Paperwork released by the Maine Game Warden Service shows that she had gone off the trail looking for a place to relieve herself and was unable to find her way back, the newspaper says. She even tried hiking to higher ground in a failed attempt to get a mobile phone signal, but her desperate text messages sent to her husband went undelivered, the documents show.
Shipwreck off Libya (BBC News) Another large boat capsized with up to 30 migrants feared dead after a boat capsized in the Mediterranean off the Libyan coast while some 77 were rescued by EU naval units from the sea. This brings yesterday's rescue total for the week up to 6,000 - yesterday the total had been estimated at 4,000.
In brief: UK-EU economic relations (House of Commons Library) The UK private sector has a major source of income from EU countries. The EU, taken as a whole, is the UK's major trading partner, accounting for 44% of exports and 53% of imports of goods and services in 2015 and was even higher in the past. In 2015 the UK trade deficit with the EU was £68 billion. (Other trade had a suplus of £31 billion.) The EU is a major source of inward investment into the UK. In 2014, EU countries accounted for £496 billion of the stock of inward Foreign Direct Investment (FDI), 48% of the total. A 2015 survey by EY found that the UK attracted more FDI projects than any other European country in 2014. A 2005 study by the Institute for Economic Affairs found a cost of between 3% and 4% of GDP while a 2013 study by the CBI found a net benefit of between 4% and 5% of GDP (5% of 2014 GDP = £105 billion). A 2015 study by Open Europe found that the cost of the 100 most burdensome EU regulations was £33.3 billion a year. In the list below there is no estimate of what fraction of the EU annual flows would still occur if the UK was not an EU member. (* See next article.)
Net contribution of UK taxes to EU = -£10 billion
Trade Balance = - £68 billion
Inward FDI from EU = + £496 billion
Outward FDI to EU* = - £447 billion
Income from FDI in EU* = £22 billion
Expense from FDI income flows to EU = Not found
Cost of EU regulations = - £33 billion
Annual Net = - £40 billion
Not included benefit: Jobs in UK that exist because of the above activity.
Foreign direct investment statistics (Eurostat) This is the source of data (*) in preceding article discussion. Econintersect: The result of the collected economic data above is not clear. There are possible outcomes of annual deficit from UK membership in the EU as large as - £40 billion on one end of the spectrum to annual gains as large as £105 billion.
Migrants stranded in Greece take to fields to avoid state-run camps (Reuters) On Thursday, the camp at Idomeni, a sprawling expanse of tents on Greece's northern border with Macedonia stood empty. It had been home to more than 8,000 migrants and refugees in recent weeks, yet only about 2,800 of those have been relocated by bus to state-run facilities. Many of the others have scattered into the countryside to avoid relocation. Tents are springing up everywhere at places like gas stations and open fields near towns.
Afghanistan sees Taliban leader as rigid conservative uninterested in peace (Reuters) The Afghan government is looking warily at the conservative religious scholar who has assumed leadership of the Taliban, seeing in him a rigid proponent of hardline orthodoxy who is unlikely to favor peace talks. A day after the Afghan Taliban announced that Haibadullah Akhundzada would take over after Mullah Akhtar Mansour was killed in a U.S. drone strike in Pakistan, officials on Thursday were trying to form a picture of a leader best known for relentlessly applying strict sharia, or Islamic law.
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