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 mixed; ASX, Nikkei lead Asia losses (CNBC) Asia markets traded mixed on Tuesday, with markets in Japan and South Korea extending Monday's losses as investors looked ahead to key central bank meetings in the United States and Japan this week. Australian markets returned to trade after being shut for the Queen's Birthday public holiday on Monday. The benchmark ASX 200 was off 1.71% in morning trade, weighed by a 2.06% loss in the financials sub-index and a 3.39% loss in the energy sub-index.
U.S. Democrats want 'major role' for Sanders -Reuters/Ipsos poll (Reuters, MSN News) Bernie Sanders may have lost his bid to become the Democratic nominee for the White House, but party members don't want the U.S. senator from Vermont to step off the stage. More than three-quarters of Democrats say Sanders should have a "major role" in shaping the party's positions, while nearly two thirds say Hillary Clinton - who beat him for the nomination - should pick him as her vice-presidential running mate, according to a Reuters/Ipsos poll.
Credit card debt could hit $1 trillion by the end of 2016 (MarketWatch) With the economy improving and driving up consumer confidence, many people are spending more but shirking basic responsibilities like paying their credit card bills. If things continue at this rate, U.S. households will accumulate $1 trillion in outstanding debt by the end of 2016, the most ever, according to a study by credit card search and comparison website, CardHub. But some experts say it isn't yet a worrisome trend. Over the first quarter of 2016, consumers only paid $26.8 billion in credit card debt, which is 38% of the $71 billion added during 2015. This is also the smallest first-quarter debt reduction since 2008 and is nearly 25% below the post-recession average, CardHub said in its report. But the average per household is still below the Q4 2007 peak.
Europeans see ISIS, climate change as most serious threats (Pew Research Center) Among the myriad threats that Europe faces in 2016, the scourge of ISIS registers most strongly. In fact, ISIS is either tied or seen as the greatest threat in nine of the 10 European countries surveyed. But it is not the only high-profile threat felt in Europe. More than half in all European countries surveyed say global climate change is a major threat to their country, and many also cite global economic instability as a dire threat, especially in places hit hard by the euro crisis such as Greece and Spain. And many Europeans fear the threat of cyberattacks from other countries. Geopolitical risks from China, Russia and the U.S. ranks lower on the list of concerns.
How Brexit Vote Will Move the Pound(Bloomberg) June 24 will be a day of superlatives for the pound, whichever way Britain votes. According to economists a vote to leave will crash the pound to the lowest levels in more than 30 years. A stay outcome could produce a 6% rally.
In April 2015 I was vilified for refusing to bow to the troika's demands for a ridiculously high 3.5% primary surplus and for countering the creditors' failed 'program' with a growth plan dubbed A New Deal for Greece. Not only was I vilified by the troika but I had to deal with a Governor of the Bank of Greece who was fully in cahoots with the troika, backing the creditors rejection of my New Deal proposals and even claiming that my insistence on A New Deal cost Greece 85 billion euros! Yesterday, the good Governor wrote in the FT that Greece needs a... New Deal, effectively regurgitating my proposals from last year. As for the technical details of the two proposals, I let the reader decide which was superior: our technical proposals (worked out jointly with Jeff Sachs and Lazard) or those coming out now from the Bank of Greece?
Some will say better late than never. Others may think that the manner in which this poacher is so shamelessly turning gamekeeper is an important reason why Europeans are turning their backs to a European Union so badly served by its functionaries.
Major Swedish parties agree to 100% renewable goal by 2040 (REnewenergy) The five parties, including the coalition government, have agreed on a policy framework for long term future of the country's energy generation, which includes the ambitious target of being 100% renewable by 2040. This plan will completely phase out nuclear eenrgy as well as fossil fuels. The framework also aims to make small-scale electricity production and self-consumption easier, especially for PV systems, which are set to benefit on July 1 from a law which will exemplify systems of 255 KW or less from the Swedish energy consumption tax. The new agreement outlines an increase in general energy tax to make up for the shortfall left by the scaling back of nuclear energy, which should further benefit small-scale electricity generation, as it will be exempt. The expectation is that PV solar will eventually supply 10% of Swedish electricity,
Is India the Next China? (The Economic Times) India may be the world's fastest growing economy, but it's still not large enough to pull up global growth the way China could over the past decade when the dragon was growing at double digit rates. But that could change over the next ten years, says HSBC in a report.
China Economy: That Sputtering Sound Returns (The Wall Stret Journal) The worry with China is that it may be time to start worrying again. Any meaningful traction that China bulls thought the economy was gaining a couple of months ago is harder to find. One of the brightest spots was housing and that is fading fast.
Jobs and growth! ...but not in renewables in Australia (REneweconomy) The huge potential of Australia's renewable energy sector to create jobs and economic growth would remain largely untapped under the nation's two major parties, a new report has found, and could even decline further if Malcolm Turnbull's Coalition is re-elected in the July federal election. The report, Nice work if you can get it, published on Monday by The Australia Institute, estimates how many renewable energy jobs would be generated under the Coalition, Labor or the Greens, based on the three parties' Renewable Energy Targets and published estimates of how many jobs are created with each MW of wind and solar built - indicated in the chart below. The report accuses Australia of moving in the opposite direction from the rest of the world.
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