Written by Econintersect
Early Bird Headlines 06 November 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
Asia shares falter as markets await U.S. jobs data (Reuters) Asian shares slipped on Friday as investors braced for U.S. employment data that is expected to bolster the case for a Federal Reserve interest rate increase as early as next month. European stocks were set to be little changed on the open, with financial spreadbetters expecting Britain’s FTSE 100 .FTSE to start the day flat to 0.2% higher, Germany’s DAX .GDAXI to see a possible fall or gain of 0.1%, and France’s CAC 40 .FCHI to open flat to slightly weaker.
Hypersonic rocket engine could ‘revolutionize’ air travel (CNN) British aerospace giant BAE Systems is betting big on hypersonic travel — something its potential new partner says could be a reality within two decades. BAE is planning to invest £20.6 million ($31.8 million) in a 20% stake of Reaction Engines, a UK-based engineering firm which has developed what it calls “breakthrough” aerospace engine technology, which could potentially be used for a new generation of reusable space vehicles and, as a commercial offshoot, could revolutionize air travel. Point-to-point flight between locations on earth can be made at up to 5 times the speed of sound (that would be about 3,800 mph). The same engine could attain speeds up to 19,000 mph or more in space flight.
U.S.
New York investigating Exxon over climate change statements (Al Jazeera) Attorney general launches probe into allegations that gas company deliberately misled public about climate risks associated with fossil fuels.
Christie, Huckabee relegated to undercard at next GOP debate (Associated Press) Sponsor of next week’s Republican debate have reduced the “main event” to 8 candidates and the “under card” to just four (New Jersy Governor Christie, former Arkansas Governor Mike Huckabee, former Pennsylvania Sen. Rick Santorum and Louisiana Gov. Bobby Jindal). Two other candidates have been kicked out of the arena altogether: South Carolina Senator Lindsey Graham and former New York Governor George Pataki.
Red Tape Slows U.S. Help for Children Fleeing Central America (The New York Times, MSN News) President Obama vowed a year ago to give Central American children fleeing violence a new, legal way into the United States by allowing them to apply for refugee status while in their own countries instead of accepting help from smugglers or resorting to a dangerous trek across Mexico. This year more than 5,400 children have applied for refugee status, many trying to escape street gangs, extortion and sexual assault in El Salvador. Most have applied to join their parents who are already in the U.S. legally. Only 90 have been interviewed by Homeland Security and exactly 0, nada, none have actually been admitted to the U.S. Econintersect: Charles Dickens, where are you? We have another Circumlocution Department.
How Safe Are Municipal Bonds From A Fed Interest Rate Hike? (Robert Kane, Seeking Alpha) RK has contributed to GEI. Robert Kane explains why historically municipal bonds have avoided the significant losses suffered by other bonds in a rising interest rate environment and why that is likely to be the case again this time around.
EU
Migrant crisis: Three million expected to reach EU by 2017 (BBC News) Three million migrants are likely to arrive in Europe by 2017 as the record influx via the Mediterranean continues, the European Commission says. The EU’s executive arm said the influx would have a “small but positive” effect on EU economic output, raising GDP by 0.2-0.3%. The influx will raise the EU population by 0.4%, the Commission forecasts, taking account of failed asylum claims.
UK
Sterling falls off a cliff as Bank of England keeps interest rate hike at bay (City A.M.) Mark Carney’s Bank of England pushed sterling off a cliff yesterday by suggesting that interest rates could stay anchored to their historic low until 2017. Having said earlier in the year that a rate hike could come towards the end of 2015 or start of 2016, the Bank’s governor appears to be diverging from the position of US Federal Reserve boss Janet Yellen.
Germany
Migrant crisis: Germany to speed up asylum process (BBC News) Germany has unveiled plans to speed up the asylum process, after the governing coalition resolved a rift on the issue. Chancellor Angela Merkel said they would create up to five special centres for asylum-seekers deemed to have little chance of staying. Mrs Merkel’s Christian Democrats and junior coalition partners the Social Democrats have quarreled for weeks over the issue. Germany says it expects to receive at least 800,000 asylum seekers this year.
Egypt
Russian plane ‘had bomb in hold’ (BBC News) UK investigators looking at what caused a Russian airliner to crash in Egypt believe a bomb was put in the hold prior to take-off, the BBC has learned. The UK government suspended all flights to and from the Egyptian resort of Sharm el-Sheikh two days ago. The move came after it decided the incident was likely to be have been caused by terrorism. It had received intelligence based on intercepted communications between militants in the Sinai Peninsula.
Syria
Exclusive: Chemical weapons used by rebels in Syria – sources (Reuters) Chemical weapons experts have determined that mustard gas was used in a Syrian town where Islamic State insurgents were battling another rebel group, according to a report by an international watchdog seen by Reuters. The report said “with the utmost confidence that at least two people were exposed to sulfur mustard” and “[i]t is very likely that the effects of sulfur mustard resulted in the death of a baby.”
China
‘Hope to see you again’: China warship to U.S. destroyer after South China Sea patrol (Reuters) Some encounters (but not all) between the U.S. and Chinese navies in the South China Sea are downright neighborly.
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