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.
Oil Trims Weekly Drop as U.S. Production Falls Most Since 2013 (Bloomberg) Oil trimmed its biggest weekly decline in five months as investors weighed the largest drop in U.S. output since 2013 against a smaller-than-expected stockpile decline. Futures rose as much as 1.4% in New York. Prices lost 4.8% Thursday after government data showed crude stockpiles fell 2.2 million barrels last week, less than the forecast 2.5 million barrel decline and the 6.7 million drop reported by the industry-funded American Petroleum Institute. U.S. production slumped 194,000 barrels a day, or 2.3%.
2 Snipers Ambush, Kill 4 Officers, Injure 11 in Dallas Following Peaceful Protest (NBC Channel 5 DFW) Dallas has seen the deadliest attack on U.S. law enforcement since 9/11. Four officers are dead and at least seven more have been wounded. Three suspects are in custody in connection with the shooting, according to Dallas Police Chief David Brown. A fourth suspect continues to exchange gunfire with police. At least one civilian was injured. She was identified by family as Shetamia Taylor, and she was shot while shielding her children from the gunfire, her sister told NBC 5. Taylor's condition is not known.
State Department to conduct internal probe of Clinton email case (Reuters) The U.S. State Department said on Thursday it will conduct an internal review of whether Democratic presidential candidate Hillary Clinton and her aides mishandled classified information, after the Justice Department declined to bring criminal charges. The State Department said in April it had suspended plans for an internal review at the request of the Federal Bureau of Investigation, which conducted a yearlong probe of Clinton's use of private email servers while she was secretary of state.
Four ex-Barclays bankers sentenced for roles in Libor rate-rigging scandal (City A.M.) Four ex-Barclays bankers have today been given prison sentences totalling 17 years between them for their roles in the Libor-rigging scandal. Former bankers Jay Merchant, 45, Alex Pabon, 38, and Jonathan Mathew, 35, were sentenced to six and a half years, two years and nine months and four years respectively after having been found guilty of conspiracy to defraud. Fellow former banker Peter Johnson, 61, was sentenced to four years having pleaded guilty in October 2014. Johnson was also ordered to pay £114,501.19 under a confiscation order and £30,000 in costs within 14 days. If he fails to pay the confiscation order within that time limit, he faces a further two and a half years being added to his sentence.
Could Dublin take London's crown as the EU's financial capital? (International Business Times) Among Brexit's numerous implications, London might have to relinquish its crown as the European Union's undisputed financial center. Britain is yet to trigger Article 50 of the EU constitution, which would effectively rubber-stamp its intention to leave the bloc, but the pressing concern for worldwide lenders is to ensure they retain access to the European banking passport system. Dublin would do that.
Brexit: Sajid Javid to start preliminary trade talks with India (International Business Times) UK Business Secretary Sajid Javid will start preliminary trade talks with India on Friday (8 July). He will discuss what the future trade relationship between the two countries might look like outside the European Union (EU), following the UK's decision to leave the 28-member bloc.
DRI unearths Rs. 2,240 cr. banking-hawala scam (The Hindu) The Directorate of Revenue Intelligence (DRI) in Mumbai has unearthed a 'banking-hawala' scam, in which reputed public sector banks illegally remitted Rs. 2,240 crore (U.S.$332 million) overseas based on forged documentation and declarations of traded goods by exporters and importers. The funds, generated in connivance with officials of six public sector banks, were a result of duty drawbacks claimed on the basis of inflated export bills and, in most cases, non-existent imports. The purpose of the schemes was to illegally transfer money abroad.
Four Charts to Show Why Yen's Dizzy Rally May Stay the Course (Bloomberg) The yen is the best-performing Group-of-10 currency this year as the U.K.'s decision to leave the European Union spurs expectations that the Federal Reserve will hold rates for longer while stoking demand for safer assets. Below are two of the four charts.
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