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.
OPEC Raises Oil-Demand Forecast on Outlook for Cheaper Crude (Bloomberg) OPEC raised its forecast for global oil demand next year and through the end of the decade, anticipating that cheaper crude will spur consumption even as economic growth slows. OPEC cut its estimates for crude prices by $20 a barrel for each year from 2016 to 2020, compared with its previous outlook. The group assumes crude will average $40 a barrel in 2016, and it raised its projected price by $5 a barrel in each of the following years through 2020. Brent has averaged about $44 a barrel so far this year.
It’s Worse Than You Think (Chris Hedges, TruthDig) Hat tip to Roger Erickson. Hedges sees America descending into an oppressive police state as voters realize that Trump will not deliver on any of his "magical promises". Hedges writes:
Trump is emblematic of what anthropologists call “crisis cults." A society in terminal decline often retreats into magical thinking. Reality is too much to bear. It places its faith in the fantastic and impossible promises of a demagogue or charlatan who promises the return of a lost golden age. The good jobs will come back. The nation will again be prosperous. The decrepit cities will be rebuilt. America will be great again. These promises, impossible to achieve, are no different from those peddled to Native Americans in the 1880s by the self-styled religious prophet Wovoka. He called on followers to carry out five-day dance ceremonies called the Ghost Dance. Native Americans donned shirts they were told protected them from bullets. They were assured that the buffalo herds would return, the dead warriors and chiefs would rise from the earth and the white men would disappear. None of his promises was realized. Many of his followers were gunned down like sheep by the U.S. army.
U.S. opens door to oil exports after year of pressure (Reuters) The Obama administration on Tuesday bowed to months of growing pressure over a 40-year-old ban on exports of most domestic crude, taking two steps expected to unleash a wave of ultra-light shale oil onto global markets. The Bureau of Industry and Security, or BIS, which regulates export controls, said it had granted permission to "some" companies to sell lightly treated condensate abroad. Condensate is a form of ultra-light crude. Some two dozen energy companies had asked the agency for clarification on permissible exports earlier this year, but until Tuesday those requests had been put on indefinite hold.
Two Unkown Soldiers (Forwarded by Roger Erickson)
Iraqi Kurds' destruction of Arab villages could be war crime: HRW (Reuters) Iraq's Kurdish security forces have unlawfully destroyed Arab homes and villages in northern Iraq over the past two years in what may amount to a war crime, rights group Human Rights Watch said on Sunday. Kurdish peshmerga fighters are part of a 100,000-strong Iraqi alliance, backed by U.S.-led air strikes and advisers, that is battling to retake Mosul from Islamic State but has so far gained just a small foothold in the city.
In hunt for big sharks, livelihood of the poor becomes small change (The Hindu) India's currency change from old Rbs 500 and 1,000 notes is being tragically mismanaged as supplies of the old currency have been curtailed before the new notes are available. With little cash in hand, small traders and shopkeepers are unable to keep their businesses running.
Modi calls for greater participation of Japanese industries (The Hindu) Prime Minister Narendra Modi on Saturday called for greater participation and engagement of Japanese industries, saying it will benefit Japan and India’s MSME sector for which it could prove “transformational". One result announced during Modi's visit to Japan is an agreement has been signed between Gujarat and Hyogo Prefectural Government promoting cooperation between the two governments in the fields of academics, business, culture, disaster management and environmental protection..
South Korean prosecutors to question president this week over political scandal: Yonhap (Reuters) South Korean prosecutors are seeking to question President Park Geun-hye this week over a political scandal which has engulfed her presidency, Yonhap reported on Sunday. Prosecutors are investigating whether Park exerted improper pressure on "chaebol" conglomerate bosses to raise funds for two foundations at the center of an influence-peddling scandal involving a friend of hers. Prosecutors have already questioned the chairmen of Hyundai Motor and Korean Air Lines and plan to question the de factor head of Samsung Group and other conglomerate chiefs over the political scandal, media reports said on Sunday.
Colombia Reaches New ‘Final’ Peace Agreement With FARC Rebels (Bloomberg) Colombia’s government has reached a new agreement with Marxist guerrillas to end the nation’s civil conflict, six weeks after voters unexpectedly rejected a previous deal. Under the terms of the modified accord, the Revolutionary Armed Forces of Colombia, or FARC, won’t get guaranteed seats in Congress, and will compensate victims of the conflict using their own assets, President Juan Manuel Santos said Saturday in a national address. Santos didn’t say whether the deal will be put to a second vote. The deal aims to address some of the objections of opponents of the original agreement.
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