Written by Econintersect
Early Bird Headlines 09 January 2018
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, published Monday, Wednesday and Friday, which has many more headlines and a number of article discussions to keep you abreast of what we have found interesting.
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Global
Asian stocks extend gains as Nikkei hits 26-year high; Samsung falls 3% (CNBC) Asian markets closed mostly higher on Tuesday. The dollar index was steady at 92.324. U.S. West Texas Intermediate (WTI) crude futures were at $62.13 a barrel at 0123 GMT, $0.40, or 0.65%, above their last settlement. Brent crude futures were at $68.12 a barrel, $0.34, or 0.5%, above their last close. Brent touched $68.27 last week, its strongest since May, 2015. Spot gold had slipped 0.3% to $1,317.06 an ounce by 0110 GMT.
- Why 2017 Was the Best Year in Human History (The New York Times) When you measure global reduction in poverty, hunger, disease, and illiteracy, 2017 stacks up as the best year ever.
- Who thinks politicians are corrupt? (The Daily Shot)
U.S.
- Senate bill to reverse net neutrality repeal gains 30th co-sponsor, ensuring floor vote (The Hill) A Senate bill that would reverse the Federal Communications Commission’s (FCC) decision to repeal net neutrality received its 30th co-sponsor on Monday, ensuring it will receive a vote on the Senate floor. Sen. Claire McCaskill (D-Mo.) announced her support for the bill on Twitter, putting it over the top of a procedural requirement to bypass committee approval.
The bill, which is being pushed by Sen. Ed Markey (D-Mass.), would use Congress’s authority under the Congressional Review Act (CRA) to reverse the FCC’s rollback of its popular net neutrality rules.
- Net Neutrality Loss Could Rekindle ISP Alternatives for Internet Access (Scientific American) The FCC’s decision to kill the 2015 Open Internet Order hands more control to large broadband providers, but internet users have other options for getting online. Could last month’s Federal Communications Commission vote might embolden broadband providers to manipulate how their customers access and use the internet? Although it remains to be seen whether that will happen, a small but growing number of users are taking matters into their own hands by exploring community- or municipal-owned, operated and funded internet access as a cheaper, faster and more neutral alternative to using large commercial internet service providers.
- Prospect of President Winfrey thrills Dems (The Hill) A rousing speech by Oprah Winfrey touching on politics and the #MeToo movement provided a jolt of excitement to Democrats who believe she could reenergize the party and defeat Donald Trump in 2020.
Within minutes of her speech at the Golden Globes on Sunday, Winfrey was trending on social media. The next day, the possibility of a “President Winfrey” dominated the headlines and the cable news cycles.
While Winfrey has previously ruled out a political bid, her camp on Monday did little to temper the talk.
- Federal regulators on Monday rejected a rule proposed by Energy Secretary Rick Perry that would have subsidized coal and nuclear.
- The Federal Energy Regulatory Commission ordered regional transmission organizations to further investigate issues that could threaten the U.S. grid’s resilience.
- Former GOP rep: Trump’s mental health ‘a grave conversation’ (The Hill) Former Rep. David Jolly (R-Fla.) on Monday said the national discussion about President Trump’s mental stability is a “grave conversation” that it is “challenging for the country“. See also Press: Is Trump mentally fit for office?
UK
- Consumer debt growth is not a new subprime bubble say FCA and Bank of England economists (City A.M.) The recent surge in consumer lending to record levels will not be a rerun of the subprime borrowing bubble that crippled the world’s financial system in 2008, according to new research by City watchdogs.
Credit growth is not being driven by the borrowers rated as most likely to default, according to a joint article published today by economists from the Financial Conduct Authority (FCA) and the Bank of England.
- Fact Check: are there more beds available across the NHS? (The Conversation) The analysis is not straight forward, but this fact check finds that PM Theresa May’s claim is slightly off.
- Job movers seeing steep rises in salaries says recruiters, but wider pay growth remains muted (City A.M.) People starting new jobs are receiving “steep increases in pay” as recruiters reported staff shortages among baristas for the first time, according to a closely watched survey of recruiters. Salary increases for permanent workers accelerated in December after a slight slowdown in the previous month, according to a report by the Recruitment and Employment Confederation (REC) to be published today. While the REC’s indicator adds yet more evidence of a tight labour market for employers, economists have been confounded by the lack of wage growth across the broader economy.
Japan
- Rising Oil Prices Could Shift Japan Trade Balance Into Deficit (The Daily Shot) Japan’s trade balance is expected to shift into deficit as oil prices climb.
South Korea
- Koreas start first official talks in two years (AFP) North and South Korea began their first official talks in more than two years on Tuesday, focussing on the forthcoming Winter Olympics after months of tensions over Pyongyang’s nuclear weapons programme.
The talks in Panmunjom, the truce village in the Demilitarized Zone that divides the peninsula, came after the North’s leader Kim Jong-Un indicated in his New Year’s speech that he could send a delegation to next month’s Games in Pyeongchang in the South.
Seoul responded with an offer of a high-level dialogue, and last week the hotline between the neighbours was restored after being suspended for almost two years.
China
- Things are looking up for China’s financial firms, UBS says (CNBC) Despite fears about China’s financial stability, UBS is positive on Chinese financials this year, its head of China strategy explained Tuesday. Gao Ting told CNBC on the sidelines of the UBS Greater China Conference that default risks are declining:
“There’s less worry about financial stability in China because a lot of other sectors are doing well.”
