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posted on 01 July 2016

Early Headlines: Asia Stocks Rise, Europe Opens Higher, Discrimination Against Christians, Bear Markets In Europe, Japan And Emerging Mrkts, May In Lead For UK PM, Turkey IDs IS Bombers And More

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Early Bird Headlines 01 July 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.




  • Europe opens higher amid post-Brexit rally (CNBC) European stocks opened higher on the first trading day of July, as the rally in global stocks continued despite uncertainties over the Brexit vote. The pan-European STOXX 600 popped 0.5% to 0.6%, around Europe's open, while sectors posted modest gains overall. Click on table below to access later data at CNBC.



  • U.S. probes Tesla after fatal crash in Autopilot mode (Reuters) The National Highway Traffic Safety Administration (NHTSA) is opening a preliminary investigation into 25,000 Tesla Model S cars after a driver was killed when using the Autopilot mode. Shares of the automaker dropped in after-hours trading following the announcement. The accident happened when the autopilot sensors on the Model S failed to distinguish a white tractor-trailer crossing the highway against a bright sky.

  • Most American Christians Believe They're Victims of Discrimination (The Atlantic) Many, many Christians believe they are subject to religious discrimination in the United States. A new report from the Public Religion Research Institute and Brookings offers evidence: Almost half of Americans say discrimination against Christians is as big of a problem as discrimination against other groups, including blacks and minorities. Three-quarters of Republicans and Trump supporters said this, and so did nearly eight out of 10 white evangelical Protestants. Of the latter group, six in 10 believe that although America once was a Christian nation, it is no longer - a huge jump from 2012.


  • Going... Going... Gone! The EU Begins to Splinter (Acting Man) The splintering referred to is, of course, political. But much of this article talks about the financial problems in Europe. Included in the article are charts comparing European, Japanese and emerging markets stocks:



  • Treachery, trust and the Tories: how Michael Gove sank Boris Johnson (The Conversation) Interesting discussion of British backroom politics.

  • Tory leadership: Theresa May backed by more cabinet ministers (BBC News) Home Secretary Theresa May's bid to become Tory leader has won the support of two more cabinet ministers and the Daily Mail. Michael Fallon and Patrick McLoughlin now say they back her. She has received pledges of support from many more MPs than the other four candidates, with at least three more cabinet members among her backers.

  • How Brexit threatens Britain's food security (The Conversation) Food stocks are low in a just-in-time economy, an estimated three to five days' worth. The UK doesn't feed itself. It has dropped to 61% self-sufficiency and Brexit threatens existing supply chains.

  • Pound falls as Bank of England hints at fresh stimulus measures (BBC News) The pound has fallen by more than 1% after Bank of England governor Mark Carney hinted at fresh economic stimulus measures. He said it was likely "some monetary policy easing" would be required in response to the Brexit vote. A deteriorating economic outlook means action from the Bank is likely during the summer, Mr Carney said. The Bank's key interest rate - currently at a record low of 0.5% - is its chief tool of monetary policy.

  • Amid Brexit chaos, the government pushes ahead with plans to privatise the Land Registry (The Conversation) Labour is accusing Conservatives of trying to sell a critically valuable public asset for a momentary (one year) revenue boost. It is part of the plan of UK Chancellor George Osborne is looking to sell up to £5 billion ($6.5 billion) of corporate and financial assets by March 2020, to help reduce the nation's deficit. One of the most contested of these proposals is the Land registry which contains hundreds of years of the data for 24m property titles across England and Wales.


  • Italy's judicial shakeup caught in political conflicts of interest (Reuters) Prime Minister Renzi says he will overhaul Italy's dysfunctional justice system. But politicians who stand to benefit from the status quo oppose any change. An example is Denis Verdini, banker and member of the Italian Senate, once told a group of friends there were three types of people he did not like: cardinals, policemen and judges. "Because they all tell you what to do," he said, according to someone present. Prosecutors have ordered the silver-haired Italian politician to stand trial six times since 2014 in an array of cases involving alleged graft and alleged financial wrongdoing. Verdini has denied all the charges against him. The first trial, which revolved around allegations of irregularity over the awarding of a contract to build a police school in Florence, ended in March in a guilty verdict and a two-year prison term for Verdini. He says he will appeal the sentence, but the outcome may not matter: Under Italy's statute of limitations, which imposes deadlines on courts to complete legal proceedings, the case will automatically be shut down this summer. Italy's justice system has long been one of the most dysfunctional in Europe, especially when it comes to alleged white-collar criminals like Verdini. For more discussion on banking and political corruption see Must We Save The Oligarchy To Save Ourselves? and How Neoliberalism's Moral Order Feeds Fraud And Corruption.


  • Istanbul airport bombers were Russian, Uzbek, Kyrgyz: Turkish official (Reuters) Three suspected Islamic State suicide bombers who killed 44 people in a gun and bomb attack at Istanbul's main airport this week were Russian, Uzbek and Kyrgyz nationals, a Turkish government official said on Thursday. The attack on one of the world's busiest airports, a hub at the crossroads of Europe and Asia, was the deadliest in a series of suicide bombings in Turkey this year.

  • Istanbul airport attack may give Erdo─čan impetus to snatch presidential powers (The Conversation) The deadly attack on Istanbul's Ataturk airport came at a really difficult time for Turkey which has been hit by similar attacks with increasing regularity over the past year. There have now been more than a dozen similar attacks in the country since the summer of 2015 and the overall death toll has climbed to nearly 350. This article suggests that this may give occasion for the president to seize concentrated powers to deal with the crisis. It also suggests that such powers would change little as Turkey needs rather to deal with disparate ethnic forces within the country.

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