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 advance despite Brexit concerns; weaker yen boosts Nikkei (CNBC) Asia markets traded higher on the final day of a volatile week amid concerns surrounding key central bank decisions and the U.K.'s upcoming June 23 referendum vote on its future within the European Union. Investor sentiment in Asia also received a boost after U.S. stocks ended a five-day losing streak to close higher Thursday.
Gates Says Altered Mosquito Is Next Weapon to Fight Malaria (Bloomberg) In recent years, biologists armed with a new gene-editing technology have proposed altering mosquitoes so they're more resistant to diseases like malaria and dengue. Using a mechanism known as a "gene drive," the researchers say they can quickly push an alteration through an entire species.
Sanders says he will work with Clinton to transform party (CNBC) Democratic presidential candidate Bernie Sanders said Thursday in an address to his supporters that he will work with Hillary Clinton to transform the Democratic Party, adding that his "political revolution" must continue and ensure the defeat of Republican Donald Trump. Sanders said in a capstone address to his political followers online that the major task they face is to "make certain" Trump is defeated. The Vermont senator said he plans to begin his role in that process "in a very short period of time".
Markets show strong chance of further ECB rate cut in 2016 (Reuters) Investors see a high chance of the European Central Bank cutting interest rates again this year as Britain's potential exit from the EU clouds the bloc's near-term economic prospects. ECB head Mario Draghi said in March he did not anticipate further rate cuts -- one of the easing tools the ECB has used to try and shore up the bloc's recovery -- would be necessary. But money market trading suggests investors anticipate another about-turn. Forward Eonia bank-to-bank lending rates dated for the ECB's meeting on Dec. 8 fell to minus 0.41% on Wednesday, 8 basis points below the overnight rate of minus 0.33%.
Britain edges towards world's biggest breakup (Personal Liberty) Forty - four years after the Constitution was ratified in the United States the nation experienced the Nullification Crisis. That's when South Carolina declared tariffs passed by Congress in 1828 and 1832 were null and void and would not be enforced. Now, 43 years after joining the European Union, the United Kingdom is having second thoughts about being a member of a ramshackle confederation run by pointy - headed-cappuccino - drinkers in Brussels. This article draws a parallel between the Brexit movement and the rise of "nationalist Donald Trump" in the U.S. The author sees both as movements toward liberty.
India sets sights on gold in ocean (The Hindu) India will sign a contract with the International Seabed Authority (ISA), a United Nations organization, later this year that will give the country exclusive rights to mine for precious metals trapped in magma on the seabed of the Indian Ocean. It will be decades before any mining is actually underway.
India needs its own model of venture capital: IBM's Sandy Carter (The Economic Times) According to Sandy Carter, IBM's General Manager for Ecosystem Development and Social Business, India needs to develop a venture capital model that fits its unique needs and not follow the British or European model, which emphasizes quick payback, or the American model which can fund very long-term development with slow payback. Carter said:
"But it shouldn't be one way or the other, there has to be a hybrid model that suits India's needs."
Japanese yen pushed higher by Fed, safe-haven flows amid Brexit fears (CNBC) The yen's steep climb this month has spurred a startled response among Japan's policymakers who face a fish stew of forces pushing the currency higher. The yen's move has certainly been steep: The dollar was fetching as little as 103.64 yen on Thursday, down from more than 111 yen in late May. The surge spurred Japan Finance Minister Taro Aso to jawbone the currency on Friday, saying he was deeply concerned by the "one-sided, rapid and speculative moves".
China Plans to Boost Metals Reserves Amid Commodities Glut (Bloomberg) China, the world's top consumer of base metals, will boost stockpiles, accelerate the closure of excess capacity and provide tax breaks for producers as the country grapples with a raw-materials glut amid the slowest growth in decades. See also next article.
China mulls new aluminum run cuts should prices reach Yuan 11,500/mt (S&P Global Platts) A group of six Chinese aluminum smelters met Monday in Beijing to discuss a fresh round of production cuts should domestic prices fall below Yuan 11,500/mt (around $1,400/mt on an import parity basis), industry sources said Wednesday. Senior officials from Chalco, Hongqiao, Yunnan, Jinjiang, Jiugang and China Power Investment Corp discussed smelting curtailments, and delaying bringing new facilities online, should aluminum prices struggle to stay above Yuan 11,500/mt. The threshold price is about Yuan 700/mt or $106/mt (7.6%) below the current domestic aluminum market.
Australia Unemployment Rate Unchanged At 5.7% (RTT News) The unemployment rate in Australia was a seasonally adjusted 5.7% in May, the Australian Bureau of Statistics said on Thursday - in line with expectations and unchanged from the previous month. The Australian economy added 17,900 jobs last month - beating forecasts for 15,000 following the downwardly revised gain of 800 jobs in April (originally 10,600). All of those new jobs were part-time following the addition of 19,100 part-time jobs a month earlier.
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