Written by Econintersect
Early Bird Headlines 24 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
Lax Americana (Foreign Policy) Today, many people seem to think the United States is “in retreat” and believe a reluctance to use American power is encouraging hostile powers to take advantage of supposed American weakness. This concern seems to be an article of faith among Republican presidential candidates and unrepentant neoconservatives, but a fair number of pundits, U.S. allies, and even Democrats like Hillary Clinton think Barack Obama’s desire to avoid “stupid stuff” has gone too far. But this commentator suggests that a United States that’s trying to do a little less is good for the world – and good for America.
U.S.
Kansas City Royals Heading To World Series (Huffington Sports) The New York Mets will travel to Kansas City for the opening game of the 2015 World Series on Tuesday night. The current season was a tale of two cities for the WS opponents compared to 2014. Last year the Royals lost the World Series to the San Fransisco Giants while the Mets had a losing record (79-83).
Analyzing The Changing Completion Methods Of US Independents (Oil Pro) As E&P companies accept the realization that the “fat & happy” market leading up to October 2014 has likely slimmed-down for good, their focus has shifted to smaller growth goals. Recently, financial companies and other E&P firms are asking whether the industry has passed its peak for down hole consumables. While you can’t blame the cautiousness, this mindset is really more doubtful than it needs to be… With completion numbers where they are, 10% lower in August 2015 than in July, operators have adjusted their completion methods as they search for the best well design. These adjustments generally result in operators trying to conserve costs through good ‘ole fashioned budget cuts; OR, they make their current wells more proppant intensive (for a fraction of what pumping a second well would cost). Operators are wringing efficiency out of production and output is failing very much less than are rig counts.
Clinton Transcends Committee Cynicism (Foreign Policy) Former Secretary of State Hillary Clinton’s appearance before the House Benghazi Committee was a piece of political theater that was as riveting as it was appalling. The outcome, after 11 hours of grueling questioning, could not have been what was intended by the committee leadership, as the hearing produced winners and losers from both political parties and revealed much, though more about the character of the participants than the case that was to be investigated. The committee’s chairman, Rep. Trey Gowdy of South Carolina, immediately after the event, acknowledged on CNN that his committee had learned nothing new from their marathon, often angry and aggressive, grilling of Clinton that she had not already revealed during her two prior appearances before House and Senate committees convened to look into the attacks.
What We Know About the 92 Million Americans Who Aren’t in the Labor Force (The Wall Street Journal) This sounds like a shocking statistic: 92 million Americans don’t work but also aren’t considered unemployed by the U.S. Department of Labor. The Labor Department only classifies people as unemployed if they are actively looking for work. All those who don’t have a job and aren’t looking are lumped together under the fishy-sounding classification “not in the labor force.” The share of Americans not in the labor force has been climbing for nearly 15 years, a development that even many economists and demographers failed to anticipate.
UK
When do the clocks go back in October 2015 UK? Six things you should know about Daylight Saving Time changing to GMT on Sunday (City A.M.) At 2 a.m. tomorrow (Sunday) UK clocks are turned back an hour, leaving daylight savings time and returning to good old GMT (Grennwich Mean Time). Econintersect: But this is not the only “fall back” of the year. In another week at the same hour on that Sunday morning the return to standard time will be observed in the U.S. and other countries. Why is Great Britain a week early? Any Brit will tell you it’s because they are leaders.
Russia
Russia Says It’s Ready To Fight OPEC (Oil Pro) Russian Energy Minister Alexander Novak said Friday that the country is prepared to compete with OPEC even if the Saudi-led 12-member group continues to exceed its 30 M/bpd recommended production quota. Meanwhile, Rosneft’s chief said that OPEC’s market share protection strategy will ultimately not work.
China
Guosen Securities president found hanged amid investigation into stock market misconduct (South China Morning News) The president of state-owned Guosen Securities, Chen Hongqiao, hanged himself in his Shenzhen home on Thursday night, mainland media outlet Caixin reported on Friday, quoting police in the former boomtown in southern Guangdong province.
China interest rate cut fuels fears over ailing economy (The Guardian) China fuelled fears that its ailing economy is about to slow further after Beijing cut its main interest rate by 0.25%. The unexpected rate cut, the sixth since November last year, reduced the main bank base rate to 4.35%. The one-year deposit rate will fall to 1.5% from 1.75%. But stock markets in the rest of the world rallied on the news of cheaper credit in the Middle Kingdom.
China says outflows of money normal and not a sign of panic capital flight (South China Morning Post) China’s foreign exchange reserves has seen the biggest quarterly fall from July to September as the PBoC (People’s Bank of China) stepped up intervention to calm fears after its August currency devaluation. Recent outflows of money from China are “normal” and not a sign of panic capital flight, a senior official at the foreign exchange regulator said on Thursday, downplaying fears over growing outflows as the economy slows. Wang Xiaoyi, deputy head of the State Administration of Foreign Exchange (Safe) told a news conference:
“The main reasons for recent outflows were a greater willingness by companies and individuals to hold foreign exchange, and moves by firms that were adjusting their foreign debt structures and increasing investment abroad.”
Mexico
Patricia Pushes Inland After Becoming Strongest Landfalling Pacific Hurricane on Record (The Weather Channel) Hurricane Patricia became the strongest hurricane ever known to make landfall on the Pacific coast of Mexico after the center of its eye crossed the coast of Jalisco state early Friday evening. While its winds are losing strength, damage is still expected as its center of circulation slices into the interior of southwest Mexico overnight. Earlier Friday, Patricia became the most powerful tropical cyclone ever measured in the Western Hemisphere as its maximum sustained winds reached an unprecedented 200 mph (320 kph) and its central pressure fell to 879 millibars (25.96 inches of mercury). Read weather analysis details: Patricia, Daughter Of Two Oceans (Sig Silber, GEI News).
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