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posted on 30 May 2017

Early Headlines: Asia Stocks Mixed, Dollar Flat, Oil Down, Gold Up, Senate Turf Wars Over Russia, Euro Crisis Fades, BA Massive Fail, Japan Labor Mkt Tight, North Korea Surprise, And More

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Early Bird Headlines 30 May 2017

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.

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Global

asia.pac.2017.may.30

Tokyo now has 3,611 multi-millionaires (up 2.2 per cent), Singapore 3,213 (up 3.1 per cent), New York 3,093 (up 2.1 per cent) and Hong Kong 2,722 (down 2.4 per cent).

European cities Frankfurt and Paris came in fifth and sixth places, with multi-millionaire populations of 1,953 (up 2.8 per cent) and 1,540 (up 1.6 per cent) respectively. In 46th place, Dublin was found to be the fastest-growing city, with 8.8 per cent growth to 406.

U.S.

  • Oil dips as ongoing glut outweighs strong start to summer driving (Reuters) A run by U.S. oil prices toward $50 a barrel ran out of steam on Tuesday as persistent concerns of oversupply outweighed signs of a strong start to the American summer driving season. U.S. West Texas Intermediate (WTI) crude futures CLc1 climbed above $50 per barrel in early trading on Tuesday, but dipped back to $49.77 by 0336 GMT, down $0.03.

  • Senators locked in turf battle over Russia probes (The Hill) Senators are locked in a turf battle as they plot their way forward in dueling investigations on Russian election interference.

Two Senate panels - the Judiciary and Intelligence committees - are conducting separate probes into the 2016 White House race, ties between President Trump's team and Moscow, and former FBI Director James Comey's firing.

But with new allegations against the administration leaking almost daily, the two committees are increasingly bumping elbows as they fight for the same information.

EU

Click for large image.

UK

  • Theresa May accuses European Commission of aggressive move on Brexit negotiations (City A.M.) Later today Prime Minister Theresa May will accuse the European Commission of taking an “aggressive negotiating position" on Brexit, after EU officials released two papers setting out details of their approach. One working paper from the European Commission on the so-called Brexit bill said the UK should pay already agreed budget commitments up until 2020, as well as some further financial contributions until at least 2021. A separate paper said EU citizens who are in the process of gaining new rights, such as permanent residency, should be allowed to continue after Brexit.

  • BA meltdown: crisis researcher caught in the chaos reports on a massive airline failure (The Conversation) For an academic who has spent more than 30 years researching organisational crises it was something of an odd experience to be in the middle of the British Airways IT foul-up on Saturday May 27. And it provided a textbook example of how organisational systems need backup and effective communications if chaos is to be avoided when they fail.

Russia

  • Putin ally accuses US elite of ‘paralysing’ Donald Trump (Financial Times) A top Russian banker and associate of President Vladimir Putin has accused the “American elite" of waging a political witch hunt against Donald Trump, the US president, that leaves the two nuclear-armed powers in a “very dangerous" situation. Andrei Kostin, chief executive of VTB, the state-controlled bank that is Russia’s second largest, said the “madhouse" in Washington was thwarting any chance of improvement in east-west relations for the foreseeable future. The turmoil could lead to western sanctions on Russia, of which his bank is a prime target, remaining in place indefinitely, he added.

Japan

  • Japan's tight labor market offers hope for consumer spending (Reuters) Labor demand in Japan rose to its strongest in more than 40 years while the unemployment rate held steady at a two-decade low in April, offering hope that a tight labor market will eventually spark a turnaround in weak consumer spending. Separate data showed household spending fell more than expected in April due to lower spending on cars and education fees as consumer spending continues to lag behind improvement in other areas of the economy, such as exports and factory output. Such a tight labor market could temper pessimism about consumer spending and bolster the Bank of Japan's argument that rising demand for workers will eventually spur inflation.

North Korea

  • North Korea warns of 'bigger surprise' for U.S. (Reuters) North Korean leader Kim Jong Un supervised the test of a new ballistic missile controlled by a precision guidance system and ordered the development of more powerful strategic weapons, the North's official KCNA news agency reported. Kim said the reclusive state would develop more powerful weapons in multiple phases in accordance with its timetable to defend North Korea against the United States.

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