Econintersect: Every day our editors collect the most interesting things they find from around the internet and present a summary "reading list" which will include very brief summaries (and sometimes longer ones) of why each item has gotten our attention. Suggestions from readers for "reading list" items are gratefully reviewed, although sometimes space limits the number included.
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Articles about events, conflicts and disease around the world
Climate Deal Requires $16.5 Trillion Investment to Cut Pollution (Bloomberg) The deal struck at United Nations climate talks requires an overhaul of historic proportions for energy policies worldwide and a huge investment in cleaning up the pollution now damaging the Earth’s atmosphere. Targets outlined in the agreement on Saturday, involving 195 countries, will require $16.5 trillion of spending on renewables and efficiency through 2030, according to the International Energy Agency. To accomplish that, governments will have to offer incentives for clean energy production, scale back support for fossil fuels like oil, make emissions more costly, and reduce deforestation. The changes will touch industries from transport to construction, and encourage people to change their behavior. Econintersect: This article offers no information on the estimated value received for the estimated expense.
Asia-Pacific markets at risk of deflation in 2016: brokerages (Focus Taiwan) U.S.-based brokerages said recently that an expected slowdown in the growth of China's consumers' index next year is likely to increase the risk of deflation in the markets of the Asia-Pacific region, excluding Japan. The slowdown in China is just one of the factors likely to affect the regional markets, according to the brokerages, which cannot be named under Taiwan regulations because they were offering specific forecasts that could influence the market. They said the region's economic performance will also be tied to profits in Indonesia's banking sector, a trend of falling housing prices in Australia, and Hong Kong's economic growth relative to that of the region.
Oil Prices Continue to Slide, Here's Why (Bloomberg) Lower oil prices will continue for at least another year, according to the IEA (International Energy Agency). Production is increasing faster than consumption.
States expanded gun rights after Sandy Hook school massacre (Associated Press) The 2012 massacre at Sandy Hook Elementary School, in which a mentally troubled young man killed 26 children and educators, served as a rallying cry for gun-control advocates across the nation. But in the three years since, many states have moved in the opposite direction, embracing the National Rifle Association's axiom that more "good guys with guns" are needed to deter mass shootings.
Heavy Rain, Blizzard Focus on Central US Sunday (AccuWeather, MSN Weather) Potentially flooding rain will continue to focus on the central United States on Sunday as a blizzard unfolds in western Kansas. While the central U.S. will remain in the midst of tranquil weather into the second week of December, a major storm has taken shape during the second weekend of the month. According to AccuWeather Chief Meteorologist Elliot Abrams, this will be a dynamic storm as it swings across the Central states. Relatively rare tornadoes are possible east and southeast of the snow.
Oil revenues form 93% of Kuwait’s income: Report (Kuwait Times) Kuwait’s oil revenues make up 93% of the country’s income, Chairman of the Industrial Bank of Kuwait (IBK) Abdulmohsen Al-Hunaif said. He added in an interview with “Al-Jareeda” daily in its yesterday’s issue that the decline in oil prices since June of 2014 resulted in weak forecasts regarding such revenues, thus leading to a budget deficit for financial year 2015-12016 of around KD 8.2 billion (US$3 billion). This decline will continue in case the oil prices keep going down below the indicative price draw set in the country’s budget at $45 per barrel, he said.
Russian warship fires warning shots at Turkish vessel (Al Jazeera) A Russian warship's firing upon a Turkish fishing vessel may heighten tensions between the two nations. The Russian Defense Ministry said on Sunday one of its warships, the destroyer Smetlivy, had been forced to fire warning shots at a Turkish vessel in the Aegean Sea to avoid a collision and that it had summoned the Turkish military attache over the incident. It said in a statement that the Turkish fishing vessel, which it did not name, had failed to respond to earlier warnings, but had sharply changed course after shots were fired before passing within just over 500 meters of the warship.
China economy shows signs of steadying, more policy support needed (Reuters) China's activity data was stronger than expected in November, with factory output growth picking up to a five-month high, signaling that a flurry of stimulus measures from Beijing may have put a floor under a fragile economy. Still, analysts believe more policy steps are needed to weather nagging headwinds from a cooling property market, risks from high domestic debt levels, and weak global demand as financial markets brace for interest rate rises by the U.S. Federal Reserve.
China's urban migrants to be offered residency (BBC News) China is to offer residency status to some of the millions of migrant workers who have moved from rural areas to cities in recent decades. It means migrants will be entitled to use public services, such as health and education, where they live, rather than in the villages they come from. Migrants will be able to apply if they can show proof of work, study or housing in a city for six months. The new rules will not include day laborers.
Taiwan Beer reportedly to be produced, sold in Vietnam (Focus Taiwan) Gold Medal Taiwan Beer, a century-old brand brewed by the state-owned Taiwan Tobacco & Liquor Corp., will open a brewery in Vietnam in the near future. After more than two years of market survey and assessment, the state-owned enterprise has decided to partner with a company called Sapporo Vietnam Co. Ltd., a fully owned subsidiary of Japan's Sapporo International Inc., which will handle production of its beer in Vietnam.
World Markets Weekend Update: A Substantial Global Selloff (Doug Short, Advisor Perspectives) DS is a regular contributor to GEI. All eight indexes on Doug's watch list suffered weekly losses. In fact, the average of the eight was -3.18%, the worst collective performance since the first week in September. Four of the eight are now down for the year. Japan's Nikkei 225 had the best week, down only -1.40%. The UK's FTSE 100 had the worst week, down -4.58%. Here is an overlay of the eight for a sense of their comparative performance so far in 2015.
Other Economics and Business Items of Note and Miscellanea
Unicorns suddenly looking a lot less enchanting (CNBC) The unicorn club is filling up, and it's causing unease among investors. The number of privately held tech start-ups valued at $1 billion or more now tops 140. But there's a widespread concern on Wall Street that because this new breed of start-ups isn't profitable and can't live up to the super-high valuations, companies are staying private a lot longer. This year has seen the lowest number of tech companies come public since 2009. According to Renaissance Capital, there have been just 22 tech IPOs in 2015 thus far, compared to 55 in 2014.
How This Year’s El Niño Will Make Meteorologists Look Dumb (Popular Science, MSN Weather) Some forecasts for this season sound ominously similar to 1997, drawing catastrophizing prognostications from some quarters—as well as hopes for a California-drought-ending deluge in others. Both sides may be disappointed. Let’s review what we know: The ocean’s surface temperatures are warmer than usual, and that’s what drives El Niño weather. The global pattern sets up every three to seven years or so, and it usually brings mild winters in some places—Japan, the U.S. Northeast—and very wet ones in others, such as the American southeast and in parts of the tropics. A report last week called attention to rising the ocean surface temperatures, which have reached a peak that beats the 1997-98 El Niño. That’s a bad sign. But the prediction models actually call for a more moderate, traditional El Niño pattern: wet across the south, warm across the north. The reason for this is the atmosphere in the tropics is drier than it was during the 1997-98 season. GEI weather and climate economist Sig Silber has been reporting on these differences every week and will continue to update the status of what some (possibly erroneously) have labeled a "monster El Nino". His reports are loaded with the latest weather graphics, one from last week below:
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