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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Topics today include:
OPEC Agrees to Slight Production Cuts
Global Oil Glut Continues
Four Times You Should Never Drink Coffee
What You Need to Know for 2017 Obamacare Enrollment
Social Security Timing Can Affect Medicare Premiums
Some of U.S. Hot Housing Markets are Cooling
Congress Overrides Obama Veto
Senate Passes Funding Bill
Senate Approves $1.1 Billion for Zika Fight
California Suspends Business with Wells Fargo
Charges that Hillary Cheated During Debate
Was Hillary Wearing a Wire?
Was Donald Wearing a Wire?
Deutsche Bank Makes First Asset Sale
The Many Reasons Deutsche Bank is in Trouble
Dutch Concludes Missile Downing Plane over Ukraine Came from Russia
Articles about events, conflicts and disease around the world
OPEC agrees modest oil output curbs in first deal since 2008 (Reuters) OPEC agreed on Wednesday modest oil output cuts in the first such deal since 2008, with the group's leader Saudi Arabia softening its stance on arch-rival Iran amid mounting pressure from low oil prices. Iranian Oil Minister Bijan Zanganeh and other ministers said the Organization of the Petroleum Exporting Countries would reduce output to a range of 32.5-33.0 million barrels per day. OPEC estimates its current output at 33.24 million bpd. Econintersect: The reduction is from 240,000 to 740,000 barrels a day, or from 0.7% to 2.2%. See next article.
Global Petroleum and Other Liquid Fuels (U.S. Energy Information Administration) EIA estimates that global petroleum and other liquid fuels inventory builds averaged 1.8 million b/d in 2015. The pace of inventory builds is expected to slow to an average of 800,000 b/d in 2016. Inventory builds are expected to continue into early 2017, and then consistent inventory draws are forecast to begin in June 2017. However, any significant price increases that might result from slower inventory builds are likely to tamped down by implementation of excess production capacity available unless OPEC can retain lower production limits.
Congress Easily Overrides Obama Veto of Saudi 9/11 Lawsuit Bill (Bloomberg) Congress turned aside a last-ditch lobbying effort by the White House and Saudi Arabia Wednesday and overrode President Barack Obama’s veto of a bill that would allow the kingdom to be sued for involvement in the Sept. 11 attacks. The emotions of the bill, powered by the families of the victims of the terrorist attacks, overcame the administration’s concerns that the measure could set a precedent that could put U.S. personnel overseas at risk. The House’s 348-77 vote on Wednesday followed an overwhelming 97-1 margin in the Senate, both of which easily cleared the two-thirds threshold needed to override the veto. It’s the first time Congress has overridden one of Obama’s vetoes, and the measure now becomes law without his signature.
Senate passes funding bill to avoid shutdown (The Hill) The Senate on Wednesday passed a short-term bill to fund the government, days ahead of the Oct. 1 deadline to avoid a shutdown. Senators voted 72-26 on the continuing resolution (CR) to fund the government through Dec. 9. With the legislation heading to the House, where it could be voted on as early as Wednesday, senators are expected to leave Washington until after the November election. See also Senate passes stopgap spending bill, $1.1B to fight Zika (Associated Press)
Reid backs Flint deal (The Hill) Senate Minority Leader Harry Reid (D-Nev.) is throwing his support behind a House deal on aid for Flint, Mich., that removes a key hurdle to avoiding a government shutdown. Reid said from the Senate floor:
"I'm convinced that there's going to be help for Flint in the lame-duck. They've been waiting for help, and I'm very happy it is going to come."
California Suspends ‘Business Relationships’ With Wells Fargo (Bloomberg) California, the nation’s largest issuer of municipal bonds, is barring Wells Fargo & Co. from underwriting state debt and handling its banking transactions after the company admitted to opening potentially millions of bogus customer accounts. The suspension, in effect immediately, will remain in place for 12 months. A "permanent severance" will occur if the bank doesn’t change its practices, State Treasurer John Chiang said Wednesday. The state also won’t add to its investments in Wells Fargo securities. Chiang already replaced Wells Fargo with Loop Capital for two muni deals totaling about $527 million that will be sold next week.
FBI: No evidence Clinton ordered deletion of subpoenaed email archive (The Hill) The FBI found no evidence that either Hillary Clinton or her aides ordered an IT technician to delete an email archive that was under congressional subpoena, Director James Comey testified Wednesday. The technician, Paul Combetta, has become a focus in the latest congressional investigation into the private server Clinton used while secretary of State. Earlier this month, Combetta invoked his Fifth Amendment right against self-incrimination before the House Oversight Committee. According to the FBI’s report of its investigation, Combetta deleted an archive of emails from the server in March 2015, after the House Select Committee on Benghazi issued a subpoena for records relating to the 2012 attacks on the U.S. outpost in Libya. According to the FBI’s notes, longtime Clinton aide Cheryl Mills instructed Combetta’s company, Platte River Networks, to delete a set of archived emails in December 2014. The Denver-based company maintained Clinton’s server. Mills told investigators Clinton had decided she no longer needed access to emails more than 60 days old. But Combetta apparently forgot the request and didn’t immediately comply. He told investigators that sometime between March 25 and March 31, 2015, he “had an 'oh s---' moment and ... deleted the Clinton archive mailbox from the [Platte River Networks] server.”
Sadiq Khan is pushing for an Autumn Statement announcement on London devolution (City A.M.) London's mayor is starting to take action to protect the city's vital economic relationships with the EU. London mayor Sadiq Khan is pushing the Treasury to announce fresh devolution of powers to London within weeks. Speaking exclusively to City A.M., Khan said he had recently met with Chancellor of the Exchequer Philip Hammond, and was optimistic the chancellor would make an announcement in the Autumn Statement. Khan also expressed fears that any reform to migration might hit City employers. Hammond will take to the dispatch box for his first fiscal event as chancellor on November 23. Khan said:
“I've been impressed by the willingness of the government to recognize that London is the powerhouse for our country. More so now than ever before the government needs to give Londoners more control over our city.”
MH17 missile 'came from Russia', Dutch-led investigators say (BBC News) International prosecutors say Malaysia Airlines flight MH17 was downed over eastern Ukraine in 2014 by a Buk missile that had come from Russia. They also narrowed down the area it was fired from to a field in territory controlled by Russian-backed rebels. All 298 people on board the Boeing 777 died when it broke apart in mid-air flying from Amsterdam to Kuala Lumpur. Russia says it cannot accept the findings as the final truth, saying no Russian weapons were taken to Ukraine.
Other Scientific, Health, Political, Economics and Business Items of Note - plus Miscellanea
Social Security timing can affect Medicare premiums (Investment News) Social Security benefits are expected to increase slightly next year, and most retirees who have their Medicare premiums deducted directly from their Social Security benefits will be protected from a net decline in monthly benefits. However, clients who are enrolled in Medicare but not yet collecting Social Security could see a big increase in their monthly Medicare premiums in 2017. So could clients whose income tops $85,000 if they are single or $170,000 if they are married. That's because the Social Security Act includes a “hold harmless” provision that prevents a person's Social Security benefits from declining from one year to the next due to an increase in Medicare premiums. For most beneficiaries, that means Medicare Part B premiums, which pay for doctors' visits and outpatient services, cannot increase by more than the monthly increase in Social Security benefits next year. The 0.2% COLA projected by the Social Security Trustees would result in a benefit increase of a few dollars per month in 2017. The author concludes that for persons who exceed the $85k/$170k income limits (which some will when Social Security benefits are added to earned income for those who would otherwise have delayed SS to age 70) the Medicare premium savings is far less than the losses from waiting until age 70 to start SS.
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