Written by John Lounsbury
Early Bird Headlines 06 October 2015
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.
Global
TPP Trade Deal: Who Stands to Gain, Suffer in Asia-Pacific (Bloomberg) The deal sealed Monday in Atlanta came after more than five years of negotiations between the TPP nations — the U.S., Canada, Japan, Australia, Brunei, Chile, Malaysia, Mexico, New Zealand, Peru, Singapore and Vietnam, countries making up about 40% of the global economy with economic output of almost $30 trillion. The White House estimates it will eliminate 18,000 tariffs on U.S.-manufactured goods, while giving everyone from Vietnamese shrimpers to New Zealand dairy farmers cheaper access to markets across the Pacific. Critics, particularly in the U.S., say it will kill American manufacturing jobs, reduce environmental standards and raise drug prices.
Big U.S. firms hold $2.1 trillion overseas to avoid taxes: study (Reuters) The 500 largest American companies hold more than $2.1 trillion in accumulated profits offshore to avoid U.S. taxes and would collectively owe an estimated $620 billion in U.S. taxes if they repatriated the funds, according to a study released on Tuesday. The study, by the Center for Tax Justice and the U.S. Public Interest Research Group Education Fund, found that nearly three-quarters of the firms on the Fortune 500 list of biggest American companies by gross revenue operate tax haven subsidiaries in countries like Bermuda, Ireland, Luxembourg and the Netherlands.
Emerging market turmoil flashes warning lights for global economy (Financial Times) Econintersect: Should we call the emerging market swoon a “black swandive” (even though the graph curve is red)?
U.S.
Federal investigators probe Amtrak train accident in Vermont (Associated Press) Rocks fallen on the tracks derailed an Amtrk train in Vermont ultimately bound to Washington DC. Of the 98 passengers and an unspecified number of crew on board, seven were injured and hospitalized, one seriously. There were no fatalities. This was the fourth incident on this stretch of tracks involving debris in the past nine years.
Assisted Suicide Bill in California Signed by Gov. Brown (Medscape) Yesterday (05 October) California became the fifth state in the country to allow physician-assisted suicide when Gov. Jerry Brown signed a bill approving the controversial, but growing practice, also known as assisted dying.
Zuckerberg Faces Fraud Charges In Silicon Valley Trial (Bloomberg, Private Wealth) No, he is not being charged with fraud invovling Facebook. A developer has filed a lawsuit alleging the billionaire committed fraud by reneging on a promise to introduce him to Silicon Valley’s elite as part of a land deal. At question is s $1.7 million deal that ended plans for a mansion with a view into the 31-year-old Facebook Inc. founder’s bedroom.
Spain
Catalonia is critical contributor to Spain’s economy (CNBC) The seccesion movement of Catalonia is often compared to the independence movement in Scotland. But the loss of Catalonia would be a far bigger economic blow to Spain than would be the loss of Scotland to the UK.
Turkey
Syria conflict: Turkey summons Russian ambassador a second time (BBC News) Turkey has again summoned the Russian ambassador after a second violation of its airspace by a Russian warplane operating in Syria in two days. It did the same after the first violation on Saturday, after which two Turkish F-16 jets were scrambled. Turkey said the second violation occurred on Sunday.
Israel
As Jerusalem tensions mount, diplomacy’s absence is felt (Al Jazeera) Voices on both sides advocate hard-line responses after violence rises over Al-Aqsa restrictions. The escalating violence in Israeli-occupied East Jerusalem and the West Bank comes amid signs that both Israelis and Palestinians have abandoned hope that diplomatic negotiations will end the occupation and its attendant conflicts.
Syria
US defense chief warns Russia has ‘losing strategy’ in Syria (AFP, MSN News) US Defense Secretary Ashton Carter said Monday that Russia is pursuing a “losing strategy” in Syria and that it must live up to its commitments in Ukraine. Carter said Russia had only worsened the 4.5-year-old conflict.
Syria rebels seeks unity against Russian ‘occupation’ (Al Jazeera) Forty-one groups call on regional states to form an alliance against Russian and Iranian forces backing President Assad.
Russia
The Arena: What are Putin’s motives in Syria? (Al Jazeera) Former KGB General Oleg Kalugin debates former Kremlin adviser Alexander Nekrassov on Russia’s goals in the country. If video is blocked at your location, click on headline to view at Al Jazeera.
India
Over € 1 billion German package for solar projects in India (The Hindu) Germany has agreed on a package of over a billion Euros for solar projects in India during Chancellor Angela Merkel’s visit to that country..
China
Typhoon Mujigae: Seven dead as southern China battered by storm, state media says (abc.net.au) Seven people have been killed after Typhoon Mujigae plowed into southern China packing winds of up to 180 kilometres per hour (102 mph), state news agency Xinhua says. One fisherman died and 16 were missing after the typhoon slammed into the coastal city of Zhanjiang, Guangdong. A total of 117 fishermen were rescued.
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