FREE NEWSLETTER: Econintersect sends a nightly newsletter highlighting news events of the day, and providing a summary of new articles posted on the website. Econintersect will not sell or pass your email address to others per our privacy policy. You can cancel this subscription at any time by selecting the unsubscribing link in the footer of each email.

posted on 23 June 2016

Early Headlines: Asia Stocks Mixed, Calif. To Close Last Nuke, Dems Create Chaos In House, EU Rent Map, Pound Explodes To 2016 High, Japanese Dislike Bosses, No. Korea: "We Can Attack US Pacific" And More

Written by

Early Bird Headlines 23 June 2016

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.





  • California's Last Nuclear Plant Is Closing, Edged Out by Renewables (Bloomberg) Economics have achieved what environmentalists have sought for years: the shutdown of California's nuclear power plants. PG&E Corp. is proposing to close two reactors at Diablo Canyon in a decade that would end up costing more to keep alive as California expands its use of renewable energy, Chief Executive Officer Tony Earley said Tuesday. They won't be needed after 2025 as wind and solar costs decline and electricity from the reactors becomes increasingly expensive, he said. The plants provide nearly 10% of California's electricity. Econintersect: The plants began operation in 1985 and 1986, so they will be near the normal end-of-life for nuclear plants (40 years) by 2025. Their current licenses expire in 2029. See also next article.

  • Cost to Replace California Nuclear With Solar: $15 Billion (Bloomberg) PG&E Corp.'s plan to shut California's last nuclear power plant by 2025 would cost $15 billion if all its output is replaced with solar-generated electricity at current prices, according to Bloomberg Intelligence analysts. The company says that Bloomberg has not evaluated all the costs. According to PG&E chief executive officer, Tony Earley:

"It's going to cost less overall as a total package than if you just continued to operate Diablo Canyon. It's going to operate less because of the energy policies that are in place."

  • House erupts as GOP tries to halt Dems' sit-in (The Hill) The House erupted into deafening shouts as Republicans attempted to end Democrats' sit-in on the floor with a vote unrelated to gun control. Democrats began commandeering the House floor around 11:25 a.m. and vowed to press on until GOP leaders scheduled votes on bills to prevent terror suspects from buying guns and expand background checks. Shortly after 10 p.m., Republicans called an unrelated vote to override President Obama's veto of a measure disapproving of the Labor Department's fiduciary rule. But the Dems continued to keep the chamber in chaos.



  • Pound Reaches Highest Level of 2016 Hours Before Brexit Voting (Bloomberg) The forex market is voting 'remain', with conviction. See the huge gap up in the chart below. The pound reached the strongest level this year hours before the landmark U.K. vote on membership of the European Union was set to begin. A gauge of sterling against a basket of currencies advanced for a second day before Thursday's referendum after a Comres poll showed 48% "Remain" and 42% "Leave," while a YouGov survey indicated backing for a vote to stay was ahead 51% to 49%. The pound strengthened against all 31 of its major counterparts. Voting booths open at 7 a.m. London time.


  • Inequality in Germany: How it differs from the US ( Income inequality is less severe in Germany than in the US. Part of this is due to CEO pay in the US growing faster than in Germany. This column offers some novel explanations for these observations. From the mid-1990s, Germany began offshoring managerial tasks to Eastern Europe, reducing demand for German managers. In addition Germany offshored skill-intensive jobs to Eastern Europe, reducing the skill premium.


  • Here Is Why One Credit Rating Agency Believes Russia Is Safer Than The US (Zero Hedge) If posed with the question who has the better credit rating, the United States or Russia, most people would presumably pick the United States. However, that is not the case for Dagong Global Credit Rating Co, one of the three biggest credit rating companies in China. Started in 1994 as a privately held company, Dagong isn't formally tied to the Chinese government, and as Bloomberg reports, began sovereign rating services in 2010 in an effort to break the monopoly of US rating firms. Guan Jianzhong, the firm's chairman said that the firm provides ratings for more than 110 countries, and tries to strip away political bias when assessing sovereign risk. For how the higher credit rating relates to bond yields (it doesn't in this case), see graphs below.

As far as the ability of the US to simply print more money, Guan says that's actually one of the reasons the US is risky: "someone may think that the US could print more money because US dollars are accepted internationally. But that's why they can have risks more easily, because they are transforming bad loans to the whole world."

For good measure, Guan points out what many already think: "In the western countries, they use credit rating as a tool to protect their own profits, their own interests. And that's why we see in 2008 the financial crisis is partially because of a credit crisis, because the wrong credit rating was used."


  • Japanese Workers Really Distrust Their Employers (Bloomberg) Lifetime employment sounds like a great thing, but not if you hate where you work. That seems to be the plight of Japanese "salarymen" and "office ladies." Only 22% of Japanese workers have "a great deal of trust" in their employers, which is way below the average of eight countries surveyed, according to a new report by EY, the global accounting and consulting firm formerly known as Ernst & Young. And it's not just the companies: Those employees are no more trusting of their bosses or colleagues, the study found. By contrast, about two-thirds of workers in India and Mexico had a great deal of trust in their employers (see chart).

North Korea


  • U.S. warns China against provocations once court rules on sea claims (Reuters) The United States warned China on Wednesday against taking "additional provocative actions" following an impending international court ruling on the South China Sea that is expected to largely reject Beijing's broad territorial claims. A senior State Department official voiced skepticism at China's claim that dozens of countries backed its position in a case the Philippines has brought against Beijing and vowed that Washington would uphold U.S. defense commitments.

>>>>> Scroll down to view and make comments <<<<<<

Click here for Historical News Post Listing

Make a Comment

Econintersect wants your comments, data and opinion on the articles posted.  As the internet is a "war zone" of trolls, hackers and spammers - Econintersect must balance its defences against ease of commenting.  We have joined with Livefyre to manage our comment streams.

To comment, using Livefyre just click the "Sign In" button at the top-left corner of the comment box below. You can create a commenting account using your favorite social network such as Twitter, Facebook, Google+, LinkedIn or Open ID - or open a Livefyre account using your email address.

You can also comment using Facebook directly using he comment block below.

Econintersect Contributors


Print this page or create a PDF file of this page
Print Friendly and PDF

The growing use of ad blocking software is creating a shortfall in covering our fixed expenses. Please consider a donation to Econintersect to allow continuing output of quality and balanced financial and economic news and analysis.

Take a look at what is going on inside of
Main Home
Analysis Blog
Comments on Feyerabend’s ‘Against Method’, Part III
Taking a Wrench to Healthcare
News Blog
Baby Remarkably Survives Being Born With Heart Beating Outside Her Chest
October 2016 Conference Board Consumer Confidence Declines
Richmond Fed Manufacturing Survey Remains In Contraction In October 2016.
October 2016 Chemical Activity Barometer Continues to Signal Improving Economic Growth
Case-Shiller Home Price Index August 2016 Year-over-Year Rate of Growth Marginally Improves
Russia Falls Into Old Habits
Infographic Of The Day: Commodity Update, Is The Summer Slump Over
Early Headlines: Asia Stocks Mixed, Oil Mixed, Voting Fraud, Pres. Forecast Little Changed, CETA Not Dead, Generous Iraqis, Terrorists In Pakistan, Duterte Wants Divorce From US And More
October 24, 2016 Weather and Climate Report - La Nina / El Nino?
Most Read Articles Last Week Ending 22 October
Londoners Most Uneasy About Chatting To Strangers
Average Gasoline Prices for Week Ending 24 October 2016 Now Higher Than One Year Ago
Earnings And Economic Reports: Week Starting 24 October 2016
Investing Blog
Slow Motion Torture
The Week Ahead: How Long For This Trading Range?
Opinion Blog
What Triggers Collapse?
The Beer Goggles Stock Market
Precious Metals Blog
Preparing For Post-Election Social Unrest
Live Markets
25Oct2016 Market Update: Consumer Confidence Falls Below 100, WTI Crude Falls To 49, US Dollar Falls From 99 And Gold Rises To 1274
Amazon Books & More

.... and keep up with economic news using our dynamic economic newspapers with the largest international coverage on the internet
Asia / Pacific
Middle East / Africa
USA Government

Crowdfunding ....



Analysis Blog
News Blog
Investing Blog
Opinion Blog
Precious Metals Blog
Markets Blog
Video of the Day


Asia / Pacific
Middle East / Africa
USA Government

RSS Feeds / Social Media

Combined Econintersect Feed

Free Newsletter

Marketplace - Books & More

Economic Forecast

Content Contribution



  Top Economics Site Contributor TalkMarkets Contributor Finance Blogs Free PageRank Checker Active Search Results Google+

This Web Page by Steven Hansen ---- Copyright 2010 - 2016 Econintersect LLC - all rights reserved