Written by Econintersect
Early Bird Headlines 25 May 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.
Note: Because of the holiday there will be no Early Bird Monday 28 May.
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Global
- Asian stocks track slightly lower after Trump cancels North Korea summit (CNBC) Asian markets drifted slightly lower on Friday following overnight news that U.S. President Donald Trump canceled a scheduled summit with Kim Jong Un. The dollar index rose to 93.894 after dipping on Thursday. Brent crude futures were at $78.78 per barrel at 0024 GMT, down $0.01 from their last close, but more than 2% below the $80.50 November 2014 high they reached on May 17. U.S. West Texas Intermediate (WTI) crude futures were at $70.69 a barrel, down $0.02. Spot gold was down 0.2% at $1,302.18 per ounce at 0312 GMT.
- US car tariffs: Which countries have the most to lose? (CNN) The possibility of a new US tax on imports of cars and auto parts is a threat to the global auto industry. But some have more to lose than others.
Japanese and German car manufacturers are expected to feel the biggest impact since they ship the most cars to the US market in terms of sales value.
The US imported $40 billion worth of Japanese-made passenger cars in 2017. It also imported $20 billion worth of German-made cars in the same year.
U.S.
- Comey: Trump’s ‘Spygate’ claims are made up (The Hill) Former FBI Director James Comey said late Thursday that claims by President Trump and his allies that the FBI improperly spied on his presidential campaign were made up. Comey told late night host Conan O’Brien during an interview on Thursday night:
“As best I can tell, it’s made up. I don’t know where he’s getting that from, honestly.”
- Rudy Giuliani: Trump Won’t Interview With Mueller Until We Get ‘Spygate’ Report (The Huffington Post) Giuliani allowed that, as U.S. attorney for the Southern District of New York, he never would have turned over all of his investigatory material to a potential target in that manner.
- Amazon Echo secretly recorded a family’s conversation and sent it to a random person on their contact list (CNBC) Spy speakers?
- A family in Portland says their Echo device recorded their conversation and sent it to a random person on their contact list.
- Amazon reportedly confirmed the incident and blamed it on Alexa misinterpreting background conversation as commands to send a message to a contact.
- The incident raises privacy concerns as voice-assistant devices like the Echo gain more popularity.
- McConnell says he backs Mueller probe after classified briefing (The Hill) Senate Majority Leader Mitch McConnell (R-Ky.) said Thursday after attending a classified briefing that he continues to support special counsel Robert Mueller’s investigation into possible collusion between the Trump campaign and Moscow. McConnell told NPR that Mueller’s investigation and a separate probe by the Justice Department’s inspector general into the FBI’s actions during the 2016 election will ultimately provide answers to a number of questions swirling around the presidential race
- The Trump-Russia ties hiding in plain sight (CNBC) Trump’s in-plain-sight embrace of Russia gets obscured by the Trump news avalanche. But long before running for president, Trump relied on Russian money. Trump also consistently defends Russia and attacks U.S. officials investigating Russia.
- ‘Deal of the day’: White House online shop crashes as North Korea coin discounted (The Guardian) The price of commemorative coins has been reduced – but customers who have already bought them have asked if they can get their money back.
UK
- UK ‘chasing a fantasy’ in Brexit talks, top EU official warns (The Guardian) The EU has accused the British government of “chasing a fantasy” and warned that it will not negotiate under threat, after a fraught week of Brexit talks in Brussels that have raised serious concerns about the future of the negotiations.
The whole approach of the UK government to the discussions was castigated by a senior EU official involved, who further warned that the bloc would not be forced into positions that were against its interests.
Italy
- Is Italy’s government on a collision course with the EU? (The Guardian) Italy’s unlikely new coalition partners, the anti-establishment Five Star Movement (M5S) and the far-right League, disagree on so much that the new government will have a “conciliation committee” to settle its internal differences.
But on some things, most notably an avowed desire to stick it to Europe, the two rival parties agree, and if they follow through on their promises Italy will be set on a collision course with the EU. The question is: will they? Much suggests they will not.
Turkey
- Turkish Lira Keeps Falling Off a Cliff (Twitter) The lira is now down more than 27% against the dollar in the past 9 months.
Iran
- No illusions as Iran nuclear deal countries look to future without U.S. (Reuters) Nations that remain in the Iran nuclear deal meet on Friday for the first time since U.S. President Donald Trump left the pact, but diplomats see limited scope to salvage it after Washington vowed to be tougher than ever on Tehran.
North Korea
- Trump Abruptly Cancels North Korea Summit With Kim Jong Un (The Huffington Post) President Donald Trump on Thursday canceled a scheduled June 12 summit in Singapore with North Korean leader Kim Jong Un after recent sparring between the two countries over the planned nuclear talks. Trump wrote in a letter to Kim, which was sent to reporters:
“Sadly, based on the tremendous anger and open hostility displayed in your most recent statement, I feel it is inappropriate, at this time, to have this long-planned meeting.”
- North Korea leaves door open for ‘desperately necessary’ Trump summit (The Guardian) See also North Korea says still open to talks after Trump-Kim summit canceled (Reuters). North Korea’s vice foreign minister says meeting cancellation is ‘regrettable’ as South Korean president says he is ‘perplexed’ by US president’s decision. Kim Kye-.gwan of North Korea said in a statement:
“We express our willingness to sit down face-to-face with the US and resolve issues anytime and in any format. Our commitment to doing our best for the sake of peace and stability for the world and the Korean Peninsula remains unchanged, and we are open-minded in giving time and opportunity to the US.”
South Korea
- U.S., South Korea to pursue talks between Washington and Pyongyang (Reuters) The foreign ministers of the United States and South Korea agreed to continue working toward creating the right conditions for the United States and North Korea to talk, the South’s foreign ministry said in a statement on Friday. South Korean Foreign Minister Kang Kyung-wha and U.S. Secretary of State Mike Pompeo held a phone call and made the remarks after U.S. President Donald Trump called off a June summit with North Korea.
