Written by Econintersect
Early Bird Headlines 13 March 2017
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
South Korean shares shrug off political turmoil to trade higher (CNBC) Asia markets turned positive on Monday but traders remained wary ahead of a potential rate hike by the Federal Reserve this week. The dollar was trading at 101.05 against a basket of currencies on Monday, down for the fourth consecutive session. U.S. West Texas Intermediate crude (WTI) declined $0.45, or 0.9%, to $48.04 a barrel 30. Brent crude fell $0.39, or 0.8%, to $50.98 per barrel by 0553 GMT. Both prices were the lowest since Nov. 30. Gold edged up 0.2% to $1,206.53 per ounce by 0330 GMT. It had fallen to its weakest since Jan. 31 at $1,194.55 on Friday. U.S. gold futures rose 0.4% to $1,206.30 an ounce.
Big oil embraces ‘green’ carbon capture with zeal of the converted (The Telegraph) The world’s fossil fuel industry has joined with environmentalists in an unholy alliance to push for carbon capture, demanding radical changes in public policy to kick-start the technology. Leaders of the largest oil, gas, and coal companies lined up at the IHS CERAWeek summit in Houston, pledging a muscular drive to slash the costs of extracting CO2 from hydro-carbon energy. The goal is some sort of ‘Manhattan Project’ to safeguard the long-term survival of their companies. Bob Dudley from BP said:
“We can’t just keep our heads in the sand.”
Dipole: the ‘Indian Niño’ that has brought devastating drought to East Africa (The Conversation) A severe drought threatens millions of people in East Africa. Crop harvests are well below normal and the price of food has doubled across much of Ethiopia, Kenya, Somalia and nearby countries. The last major drought in the region, in 2011, caused hundreds of thousands of deaths. Econintersect: Follow global climate and weather data reports with Sig Silber at GEI.
U.S.
Trump budget expected to seek historic contraction of federal workforce (The Washington Post) President Trump’s budget proposal this week would shake the federal government to its core if enacted, culling back numerous programs and expediting a historic contraction of the federal workforce. This would be the first time the government has executed cuts of this magnitude – and all at once – since the drawdown following World War II, economists and budget analysts said.
The spending budget Trump is set to release Thursday will offer the clearest snapshot of his vision for the size and role of government. Aides say that the president sees a new Washington emerging from the budget process, one that prioritizes the military and homeland security while slashing many other areas, including housing, foreign assistance, environmental programs, public broadcasting and research. Simply put, government would be smaller and less involved in regulating life in America, with private companies and states playing a much bigger role.
White House Addresses Trump’s Unorthodox Call to Preet Bharara (The New York Times) The White House offered an explanation on Sunday for a mysterious phone call that President Trump placed to Preet Bharara a day before abruptly dismissing him and 45 other United States attorneys, saying the president was merely trying to extend his good wishes.
But Mr. Bharara indicated on Sunday evening in a statement to The New York Times that he was skeptical of the White House account, although he did not offer an alternative explanation for the president’s call.
The call, placed on Thursday to the office of Mr. Bharara, the top federal prosecutor in Manhattan, by a personal assistant to the president, concerned Mr. Bharara because it seemed to be at odds with ethics protocols restricting communications between the White House and prosecutors. Mr. Bharara declined to return the call. But the White House said there was nothing untoward about it.
Ryan: ‘Can’t answer’ how many will lose health coverage under GOP plan (The Hill) House Speaker Paul Ryan (R-Wis.) said the number of people who will lose insurance under the GOP’s proposed healthcare plan will depend on the choices of individuals. Ryan told CBS News’s “Face the Nation“, when asked how many people will lose healthcare coverage:
“I can’t answer that question. It’s up to people. Here’s the premise of your question: Are you going to stop mandating people buy health insurance? People are going to do what they want to do with their lives because we believe in individual freedom in this country.”
Hillary Clinton’s team met with Russian ambassador, says Kremlin spokesman, as he warns against ‘hysteria’ (The Telegraph) Hat tip to Sig Silber. Hillary Clinton’s team members met with the Russian ambassador during the election as well as Donald Trump’s, the Kremlin spokesman Dmitry Peskov has alleged, as he set out to dismiss the “hysteria” surrounding Mr Trump’s links to Russia. Peskov said on Sunday that America was “self-humiliating” in insisting that Russia hacked its election.
After Pledging to Donate Salary, Trump Declines to Release Proof (NBC News, CNBC) President Donald Trump pledged to forego a presidential salary, but as his second payday approaches, the White House is declining to say if the president has donated any of his earnings yet. During the campaign, Trump promised he would take “no salary” if elected – a pledge he reiterated after he won. He told “60 Minutes” in November: “I’m not going to the take the salary.” However, the Constitution requires that the president receive a salary, and that it not be reduced during his term. Federal law mandates the president receive a $400,000 annual salary, paid out once a month. Trump aides have previously said Trump would donate his salary to the Treasury Department or a charity.
The Strategy That Will Fix Health Care (Harvard Business Review) See also How The U.S. Can Resolve The Healthcare System Debate. This article, co-authored by a Harvard Business School professor and a medical doctor, argues that a new strategic apprroach to U.S. healthcare is required:
It’s time for a fundamentally new strategy.
At its core is maximizing value for patients: that is, achieving the best outcomes at the lowest cost. We must move away from a supply-driven health care system organized around what physicians do and toward a patient-centered system organized around what patients need. We must shift the focus from the volume and profitability of services provided – physician visits, hospitalizations, procedures, and tests – to the patient outcomes achieved. And we must replace today’s fragmented system, in which every local provider offers a full range of services, with a system in which services for particular medical conditions are concentrated in health-delivery organizations and in the right locations to deliver high-value care.
UK
Nicola Sturgeon’s last-ditch bid to derail Brexit if Scotland is not offered special treatment in negotiations (The Telegraph) Nicola Sturgeon will threaten to derail Brexit by setting out plans for a second independence referendum unless Theresa May offers Scotland a special deal. Sturgeon wants a “meaningful” say on the final deal offered to Britain by the EU.
‘Funniest video of the year’: Professor’s BBC interview gatecrashed by children (The Telegraph) It is the moment all working parents dread: being at home on an important call, only to be interrupted by a curious child who wants to join in. One professor has seen that fear realised in spectacular fashion, after his two tiny children stole the show during a live television performance today. Professor Robert Kelly, an expert on Korean politics, was appearing on BBC World to discuss the serious issue of the impeachment of South Korea’s president Park Geun-hye.
Turkey
Japan
Why a row over military bases on Okinawa spells trouble for US-Japan relations (The Conversation) Hosting a military base is difficult in the best of circumstances, but some bases are more dangerous than others. The location of thousands of U.S. military in the center of a Japanese city has resulted in a number of social problems over the years. The plan has been to move to a rural area on Okinawa, but what the Trump administration will do is anybody’s guess.
China
Are China’s Debt Risks Containable? (Twitter)
