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.
This feature is published every day late afternoon New York time. For early morning review of headlines see "The Early Bird" published every dayin the early am at GEI News (membership not required for access to "The Early Bird".).
Every day most of this column ("What We Read Today") is available only to GEI members.
To become a GEI Member simply subscribe to our FREE daily newsletter.
The rest of this post is available only the GEI Members. Membership is FREE - click here
Topics today include:
Hollande is 'One and Done'
Most Popular Climate Change Story is a Hoax
Ten U.S. Housing Markets Will Be Hit in 2017
Gross Says Go to All Cash
Gundlach Says that 'Trump Rally' is Losing Steam
Where Does the 'Trump Landslide' Fit in History?
How Putin Got the OPEC Deal
Global Economic Data is Good
Trump Warns of Consequences for U.S. Firms Moving Jobs Abroad
Bernie Sanders Dumps on Trump
Transition Team Keeps Replacing Alligators
Congress Passes a 10-Year Extension of Iran Sanctions Unanimously
Canada Approaches 100% Implementation of Tax on Carbon
Articles about events, conflicts and disease around the world
Exclusive: How Putin, Khamenei and Saudi prince got OPEC deal done (Reuters) Russian President Vladimir Putin played a crucial role in helping OPEC rivals Iran and Saudi Arabia set aside differences to forge the cartel's first deal with non-OPEC Russia in 15 years. Interventions ahead of Wednesday's OPEC meeting came at key moments from Putin, Saudi Deputy Crown Prince Mohammed bin Salman and Iran's Supreme Leader Ayatollah Ali Khamenei and President Hassan Rouhani, OPEC and non-OPEC sources said. Putin’s role as intermediary between Riyadh and Tehran was pivotal, testament to the rising influence of Russia in the Middle East since its military intervention in the Syrian civil war just over a year ago.
Ten Good Pieces of Economic Data From All Around the World (Bloomberg) It's been a big week for bullish economic data across the globe, from South Korean exports to European manufacturing figures. Two items form the 10: China manufacturing (first graph below) and euro area unemployment (second graph):
Trump warns of consequences for U.S. firms sending jobs abroad (Reuters) President-elect Donald Trump on Thursday warned that U.S. companies will face "consequences" for outsourcing jobs overseas, as he touted his early success in persuading an air conditioner maker to keep around 1,000 jobs in the United States rather than move them to Mexico. Carrier, a unit of United Technologies Corp (UTX.N), still plans to move 600 jobs from the plant to Mexico, The Wall Street Journal said. Reuters reported earlier this week Carrier also still intends to close a factory in Huntington, Indiana, that employs 700 people making controls for heating, cooling and refrigeration and move the jobs to Mexico by 2018. See also next article.
President-elect Donald Trump will reportedly announce a deal with United Technologies, the corporation that owns Carrier, that keeps less than 1,000 of the 2,100 jobs in America that were previously scheduled to be transferred to Mexico. Let’s be clear: It is not good enough to save some of these jobs. Trump made a promise that he would save all of these jobs, and we cannot rest until an ironclad contract is signed to ensure that all of these workers are able to continue working in Indiana without having their pay or benefits slashed.
In exchange for allowing United Technologies to continue to offshore more than 1,000 jobs, Trump will reportedly give the company tax and regulatory favors that the corporation has sought. Just a short few months ago, Trump was pledging to force United Technologies to “pay a damn tax.” He was insisting on very steep tariffs for companies like Carrier that left the United States and wanted to sell their foreign-made products back in the United States. Instead of a damn tax, the company will be rewarded with a damn tax cut. Wow! How’s that for standing up to corporate greed? How’s that for punishing corporations that shut down in the United States and move abroad?
As Trump touts Indiana jobs deal, U.S. factory work seeps overseas (Reuters) President-elect Donald Trump goes to Indianapolis on Thursday to celebrate a deal that will keep 1,000 factory jobs there, but employers elsewhere in Indiana are laying off five times that many workers because of foreign competition. The decision by United Technologies Corp's (UTX.N) Carrier unit to keep half of the 2,100 Indiana jobs it was to shift to Mexico has allowed Trump to claim credit after he held rallies during his populist campaign promising to revive the industrial base of the United States. But the author of "The Art of the Deal" will have a lot more dealmaking to do if he wants to stop the steady erosion of manufacturing jobs from the country due to automation and lower costs abroad. In Indiana alone, employers are eliminating at least 3,660 jobs because they are shifting work to other countries, according to a Reuters analysis of Labor Department filings. See also Trump warns of consequences for U.S. firms sending jobs abroad.
‘You’re helping her? I’m going to kill you’: Good Samaritan shot while aiding a dying woman (The Washington Post) Daniel Wesley, a 17-year-old who didn’t have his EMT certification yet, in the critical moments after authorities say April Peck was shot by her boyfriend on Sunday, Wesley was all she had. He tried to apply pressure to stop her bleeding, but before the teen could do more, Peck’s boyfriend came roaring back in a Chevy Malibu. He rammed his car into Daniel and shot him twice before leaving again. Peck later died at a hospital and Wesley is recovering.
Grim Hollande says he won't seek second term as French president (Reuters) President Francois Hollande shocked France on Thursday by announcing he would not seek a second term next year, acknowledging his deep unpopularity and making way for another leftist candidate to take on conservative Francois Fillon and far-right leader Marine Le Pen. The surprise announcement - effectively an admission that by running again he would hurt his party's chances - marks the first time since France's fifth Republic was created in 1958 that an incumbent president has not sought a second mandate.
Extension of Iran Sanctions Act passes U.S. Congress (Reuters) The U.S. Senate passed a 10-year extension of sanctions against Iran on Thursday, sending the measure to the White House for President Barack Obama to sign into law and delaying any potentially tougher actions until next year. The measure passed by 99-0. It passed the House of Representatives nearly unanimously in November, and congressional aides said they expected Obama would sign it. The ISA will expire on Dec. 31 if not renewed. The White House had not pushed for an extension, but had not raised serious objections. Members of Congress and administration officials said the renewal of the Iran Sanctions Act (ISA) would not violate the nuclear agreement with Iran reached last year.
Vast Majority of Canada Has Now Agreed to Put a Price on Carbon (DeSmog Canada) 93% of Canadians now live in provinces and territories that have implemented, or are in the process of implementing, carbon pricing. The most recent step forward occurred last week in Nova Scotia. Amid the excitement around Canada’s accelerated coal phase-out, Premier Stephen McNeil announced that his government will implement a cap-and-trade system in 2018. This commitment puts another province in line with the federal government’s plan to price carbon pollution.
Other Scientific, Health, Political, Economics, and Business Items of Note - plus Miscellanea
Revealed: Most Popular Climate Story on Social Media Told Half a Million People the Science Was a Hoax(DeSmog) The most popular climate change story across social media in the past six months used a debunked survey from the late 1990s to claim that “tens of thousands of scientists” had declared global warming a “hoax”, a DeSmog analysis has found. Published on YourNewsWire, the story was shared, clicked or “liked” 557,000 times on social media, with 555,000 of those engagements from Facebook. The story's author worked for many years with UK conspiracy theorist David Icke. DeSmog used the social media analytics tool BuzzSumo to find the most popular climate stories globally over the last six months, using the search term “climate change”. The YourNewsWire story appears on a site mixed with stories about aliens, conspiracy theories, and anti-Clinton rhetoric together with some serious news. The story was shared on Facebook three times as much as the second most popular article, published by the LA Times. The LA Times article, from November, reported the comments of California Governor Jerry Brown, who warned President-elect Donald Trump his state would not walk away from its climate change commitments.
10 Housing Markets to Envy in 2017 (Realtor Mag) The national housing market is largely predicted to moderate in 2017, but a handful of metros are expected to beat expectations. In fact, 10 markets are looking like hot-beds for growth in the new year. Why are expectations so high for these 10 markets? Realtor.com®’s research team notes that strong local economies and population growth are helping to fuel sales. Also, the top 10 housing markets have other commonalities, such as relatively affordable rental prices, low unemployment, and large populations of millennials and baby boomers. Here is the list:
Gross Warns That Trump Rally Built on False Promise of Growth (Bloomberg) Bill Gross isn’t buying the Trump rally and the prospects for growth driving it. As President-elect Donald Trump’s economic team takes shape, led by Treasury Secretary nominee Steven Mnuchin, investors are misguided in betting that promised tax cuts, infrastructure spending and deregulation will spur faster growth, according to an e-mail Thursday from Gross, the billionaire bond fund manager (Janus Global Unconstrained Bond Fund). He said the benefits from such fiscal stimulus likely would be temporary. Gross said future growth is primarily a function of productivity, which has flat lined for the last several years and shows little promise of accelerating. See also next article.
DoubleLine's Gundlach says Trump rallies seem to be 'losing steam' (Reuters) Financial markets could reverse their solid momentum at the latest by U.S. President-elect Donald Trump's Jan. 20 inauguration, DoubleLine Capital Chief Executive Jeffrey Gundlach said on Thursday. The strong U.S. stock market rally, surge in Treasury yields and strength in the U.S. dollar since Trump's surprising Nov. 8 presidential victory look to be "losing steam", Gundlach, who oversees more than $106 billion at the Los Angeles-based investment management firm, said in a telephone interview. Gundlach said in a Reuters interview:
"The bar was so low on Trump to the point people were expecting markets will go down 80 percent and global depression - and now this guy is the Wizard of Oz and so expectations are high. There's no magic here."
Econintersect wants your comments,
data and opinion on the articles posted. As the internet is a
"war zone" of trolls, hackers and spammers - Econintersect must balance its
defences against ease of commenting. We have joined with Livefyre
to manage our comment streams.
To comment, just click the "Sign In" button at the top-left corner of
the comment box below. You can create a commenting account using your
favorite social network such as Twitter, Facebook, Google+, LinkedIn or
Open ID - or open a Livefyre account using your email address.
Econintersect Behind the Wall
Print this page or create a PDF file of this page
The growing use of ad blocking software is creating a shortfall in covering our fixed expenses. Please consider a donation to Econintersect to allow continuing output of quality and balanced financial and economic news and analysis.
Take a look at what is going on inside of Econintersect.com