Written by Econintersect
Early Bird Headlines 26 July 2016
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
Nikkei sells off on fresh yen strength; rest of Asia trades mixed (CNBC) Japanese stocks sold off in a mixed Asian session on Tuesday, dragged by fresh strength in the yen after a local media report indicated the government’s highly anticipated stimulus package may not live up to expectations. Other Asian markets retraced some early losses, tracking declines in U.S. stocks after lower oil prices weighed on the energy sector on Monday.
Global oil falls below $45 as oversupply concerns weigh (City A.M.) Oil dropped to a two-month low today, amid concerns that the persistent global glut of crude and refined products isn’t shrinking quickly enough. Brent crude, the global benchmark, was last down 1.46% to $44.94 per barrel. Meanwhile, its US counterpart, West Texas Intermediate crude, slumped 1.95% to 43.33 per barrel. Hedge funds almost tripled their short positions on oil, according to data released today by the US Commodity Futures Trading Commission. This suggests they increasingly believe that the recent rally is over. Jim Welsh says WTI is headed down at least to $40.
U.S.
Marissa Mayer’s 9-figure compensation put in perspective (CNBC) Is Verizon making a good deal acquiring Yahoo!’s core business? Many think not.
2 killed, at least 16 wounded in Florida nightclub shooting (Associated Press) A shooting at a Florida nightclub early Monday morning killed two people and wounded at least 16, police said. The attack apparently occurred at a teen party, billed as a “Swimsuit Glow Party,” at Club Blu in Fort Myers, according to local media. Police detained three people and said the area around the club had been deemed safe, police Capt. Jim Mulligan said in a statement. It was not immediately clear what triggered the violence. Four people remained hospitalized Monday morning, including two in the intensive care unit.
DNC apologizes to Sanders for ‘inexcusable’ emails (The Hill) The Democratic National Committee (DNC) on Monday apologized to Sen. Bernie Sanders (I-Vt.) for internal emails that appeared to show party officials plotting against his presidential bid. DNC officials said in the statement:
“On behalf of everyone at the DNC, we want to offer a deep and sincere apology to Senator Sanders, his supporters, and the entire Democratic Party for the inexcusable remarks made over email.”
More than 50 pro-Sanders demonstrators cited by police (Associated Press) Police briefly detained more than 50 people after they tried to storm the barricades outside the Democratic National Convention on Monday in a show of anger over Bernie Sanders’ treatment by party leaders, even as he urged his supporters to fall in line behind Hillary Clinton.
Trump: Tribune Of Poor White People (The American Conservative) A good analysis of the core of Donald Trump’s support. For the first time in a long time, if ever, poor white people feel that someone is speaking to them.
Kaine: Wall Street VP (Institute for Public Accountancy) Negative press about the Wall Street bias of Timothy Kaine. Included is a lengthy quote from GEI contributor William K. Black. Note: (from the About Us page at the IPA website): IPA increases the reach and capacity of progressive and grassroots organizations (at no cost to them) to address public policy by getting them and their ideas into the mainstream media.
Who will win the presidency? (FiveThirtyEight) Are you ready for President Trump? (Sorry to paraphrase your slogan, Hillary.) Here is the latest outlook map from Nate Silver who has an uncanny record of calling which way states will go in presidential elections. Caution: Check back often, the projections are updated frequently, often daily. At the time the data below was presented, Trump was projected to lose the popular vote and win the Electoral College. See also Trump Doesn’t Need To Win The Popular Vote To Be President.
UK
A stimulus package for the UK this August just became more likely (City A.M.) A package of stimulus measures the next time the Bank of England’s Monetary Policy Committee (MPC) meets just became more likely, as a key member indicated he had had a change of heart. The central bank shocked numerous people earlier this month when it opted to keep interest rates at 0.5 per cent. Many had speculated the rate would be cut to calm the markets following the Brexit vote. Although just one MPC member – Gertjan Vlieghe – voted in favour of an interest rate cut, Martin Weale, an MPC independent member, suggested in an interview with the Financial Times today he might be about to do a u-turn on his ‘wait and see‘ approach.
Sir Philip Green is threatening legal action against the chair of a parliamentary inquiry into the collapse of BHS (City A.M.) Retail tycoon Sir Philip Green is threatening to sue work and pensions committee chair Frank Field over some of his comments relating to the collapse of BHS. Green has appointed law firm Schillings, who today wrote to Field demanding an apology within 24 hours. The lawyers claim Field accused Green of stealing money from the BHS and Arcadia pension funds in an interview on BBC Radio this morning.
India
India, U.S. Discover Major Natural Gas Reserve in Indian Ocean (Bloomberg) A joint expedition by India and the U.S. discovered a major deposit of natural gas in the Indian Ocean, offering the potential to significantly expand energy production in a region that’s currently a big importer. India’s Ministry of Petroleum and Natural Gas and the U.S. Geological Survey struck a large, highly enriched deposit of natural gas hydrate — an icy form of the fuel — in the Bay of Bengal off the country’s east coast, potentially the first producible reserve of its kind in the waters, the U.S. agency said in a statement Monday.
Japan
At least 19 killed, about 20 injured in knifing near Tokyo (Associated Press) At least 19 people were killed and about 20 wounded in a knife attack Tuesday at a facility for the handicapped in a city just outside Tokyo in the worst mass killing in generations in Japan. Police said they responded to a call at about 2:30 a.m. from an employee saying something horrible was happening at the facility in the city of Sagamihara, 50 kilometers (30 miles) west of Tokyo. A man turned himself in at a police station about two hours later, police in Sagamihara said. He left the knife in his car when he entered the station. He has been arrested on suspicion of attempted murder and trespassing. Officials in Kanagawa prefecture, which borders Tokyo, identified the suspect as Satoshi Uematsu, and said he had worked at the facility until February. Japanese media reports said he was 26 years old.
