Written by Econintersect
Early Bird Headlines 06 July 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 shares trade mixed; markets cautious as US-China tariff deadline take effect (CNBC) Asian stocks were mixed on the last trading day of the week, with investors bracing for developments on the trade front as a deadline for tariffs from the U.S. and China to take effect passed on Friday. The dollar index was last flat at 94.436. Brent crude futures fell $0.25 cents (0.3%) to $77.14 per barrel by 0317 GMT. U.S. West Texas Intermediate (WTI) futures were down $0.15 cents, or 0.2%, at $72.79. Spot gold had fallen 0.3% to $1,253.11 an ounce by 0332 GMT.
U.S.
- Judge dismisses suit alleging Trump campaign conspired with Russia over hack (The Hill) A district judge on Tuesday evening tossed out a lawsuit alleging the Trump campaign conspired with the Russians and WikiLeaks to publish hacked Democratic National Committee (DNC) emails during the 2016 presidential race.
Judge Ellen Segal Huvelle of the U.S. District Court for the District of Columbia dismissed the suit largely on the basis of jurisdiction, arguing the plaintiffs did not successfully tie the Trump campaign’s actions to D.C.
- New EPA Chief-in-Waiting Andrew Wheeler Is a Lapdog for Big Coal (The Daily Beast) See also Who is Andrew Wheeler, Scott Pruitt’s replacement at the EPA? (CBS News). Daily Beast Article from 13 April:
If Scott Pruitt’s tenure at the helm of the Environmental Protection Agency can be likened to an ecological disaster – and according to conservationists, it can – then the confirmation on Thursday of a longtime energy lobbyist to serve as Pruitt’s number-two is the Exxon Valdez.
Should the scandal-plagued Pruitt be forced from his seat at the head of the EPA, newly minted deputy administrator Andrew Wheeler stands to inherit his position as head of the government agency tasked with enforcing environmental laws. In effect, Pruitt’s downfall could lead to the EPA being run by a climate-change denialist who has raked in millions in lobbying fees on behalf of polluters the EPA was created to regulate – and who in his spare time has publicly defended controversial alt-right figures by citing online conspiracy theorists.
- GOP lawmakers relieved with Pruitt’s departure (The Hill) Republican lawmakers on Thursday expressed relief that Environmental Protection Agency (EPA) head Scott Pruitt is resigning, removing a significant headache for them. While nearly all Republicans in Congress cheered Pruitt’s policy actions and deregulation, few lawmakers stood up for him following President Trump’s tweet that he was leaving. Pruitt’s resignation came after months of scandals over adherence to ethics and spending rules and allegations that he used his office for personal gain.
- Former Fox News exec Bill Shine joins White House communications team (CBS News) President Trump named former co-president of Fox News and Fox Business Network Bill Shine as an assistant to the president and deputy chief of staff for communications on Thursday. Shine, who helped build Fox News into a cable news juggernaut at the right hand of the network’s founding executive, Roger Ailes, resigned from the network in May 2017. A close ally of Ailes, Shine was accused in lawsuits of helping his boss cover up allegations of sexual harassment, although he was never directly accused of any wrongdoing.
- Cohen adds ex-Clinton official to legal team: report (The Hill) Michael Cohen, President Trump’s former personal lawyer, has reportedly hired Clinton administration White House official Lanny Davis. Davis, who served as White House special counsel under former President Clinton, currently works as a legal crisis manager.
- Far-Right Twitter Keeps Falling for the Same Liberal Troll (The Daily Beast) The examples discussed are obvious fictional posts by trolls making fake statements that would outrage Trump supporters or conservatives. We would call it “right baiting” and some appear to take these seriously and react accordingly. But there also exists “left baiting” and some who “take the bait” and this is not discussed here.
- HHS: “Under 3,000” immigrant children still separated from their parents (CBS News) The Trump administration on Thursday dramatically increased the number of migrant children it says have been separated from their parents at the border. Now, the head of Health and Human Services (HHS) says his department is ready to reunite those children. On Thursday, HHS Secretary Alex Azar confirmed there are still “under 3,000” immigrant children separated from their parents in federal custody. About 100 of those are children under five years old. To comply with a federal court order, children four years old and under must be reunited with their parents by next Tuesday, and those between five and 17 have to be reunited by July 26.
- The Iowa farmers on the frontline of Trump’s trade war with China (The Guardian) Proposed Chinese tariffs on American goods like the soya bean may hit hardest in Iowa, a key state in Trump’s 2016 victory – but farmers there hope the threat of a trade war is just a ‘hiccup’. But so far it hgas been more. Soya bean prices have fallen precipitously in recent weeks as both countries threaten to impose new tariffs on each other. One of China’s top targets is soya beans, a key crop for farmers in states like Iowa. See also Why are America’s farmers killing themselves in record numbers?. (It’s a lot more complicated than the price of soybeans.)
- Trump narrows Supreme Court short list, top 3 contenders emerge (NBC News) President Donald Trump has narrowed his list of contenders to replace retiring Supreme Court Justice Anthony Kennedy to three serious candidates, a source familiar with the selection process told NBC News on Thursday. Those candidates are appeals court judges Amy Coney Barrett, Brett Kavanaugh, and Raymond Kethledge, pictured below in order listed.
- Unincorporated Businesses Expand Household Debt (The Daily Shot) At first glance, US household balance sheets appear to be stronger than those in Canada (household credit as a percentage of the GDP). However, when unincorporated business loans are taken into account, the situation changes. Many Americans are indebted via their sole proprietorships, etc. (effectively personal loans for business purposes).
EU
- Majority of Europe’s waterways ‘fail to meet minimum EU standards’ (Euro News) The majority of Europe’s rivers, lakes and estuaries have failed to meet minimum EU standards on water quality, according to a new report, which has prompted calls for greater action. Some 60% of surface water bodies surveyed by the European Environmental Agency (EEA) haven’t reached a good ecological status under the Water Framework Directive. The legislation, adopted 18 years ago in a bid to protect and restore freshwater habitats in Europe, committed EU members to achieving a good ecological status for their waterways by 2015.
UK
- Theresa May battles to see off revolt ahead of key Brexit summit (The Guardian) See also Brexit: Cabinet has duty to agree Brexit plan, says Theresa May. Theresa May was battling to see off a revolt on the eve of a critical cabinet summit, as Boris Johnson convened a meeting of pro-Brexit ministers to discuss their options amid an atmosphere of tension and recrimination. The government was forced to deny “selective leaks” that appeared to suggest that the UK could struggle to strike a trade deal with the US in the future.
An early leak suggested that the UK should “maintain a common rulebook” with the European Union on food and farming standards and that could make striking a trade deal with the more free market-oriented US more difficult as a result.
South Africa
- Suspected rhino poachers eaten by lions at South African reserve (The Guardian) At least two rhino poachers were eaten by lions on a South African game farm, according to the reserve’s owner. A ranger taking guests on a safari drive at the Sibuya game reserve in the Eastern Cape on Tuesday afternoon discovered human remains near a pride of lions.
India
- Mumbai rail bridge collapse strands thousands of commuters (BBC News) A railway bridge collapse due to heavy monsoon rains in India’s financial capital Mumbai has stranded thousands of commuters in the city. The collapse at Andheri station – one of the busiest of the city’s western railway line – has also injured five people who have been sent to hospital. BBC Marathi’s Janhavee Moole, who is at the scene, said the disruption to the rail service has caused severe congestion on the roads.
Thailand
- Thailand cave rescue: Ex-navy diver dies on oxygen supply mission (BBC News) A former Thai navy diver has died while taking part in efforts to rescue 12 boys and their football coach trapped in a flooded cave in Thailand. Petty Officer Saman Gunan lost consciousness as he ran out of oxygen on his way out of the Tham Luang cave complex, where had been delivering air tanks
Japan
- Founder of doomsday cult behind deadly 1995 Tokyo subway gas attack executed in Japan (NBC News) Shoko Asahara, the founder of the Japanese doomsday cult Aum Shinrikyo, which killed 13 people and injured hundreds more with sarin gas in Tokyo in 1995, was hanged on Friday, Japanese media reported.
Chief Cabinet Secretary Yoshihide Suga, Japan’s government spokesman, confirmed Asahara’s execution to The Associated Press but wouldn’t comment on reports that as many as five of Asahara’s followers were also hanged. He said only that the Justice Ministry would make an announcement later Friday.
China
- China ‘ready to fight back’ as US begins trade war (The Guardian) A long-threatened trade war between the US and China got underway on Friday as the US imposed tariffs on $34bn in Chinese goods. China has promised to levy its own tariffs immediately after on a similar quantity of US imports. Minutes after the US tariffs went into effect at 12:01 Friday US time (0401 GMT), a spokesperson for China’s ministry of commerce said:
“China promised not to fire the first shot, but in order to safeguard the country’s core interests as well as that of the people, it is forced to fight back.”
- At midnight Washington time, the U.S. imposed new tariffs on $34 billion of annual imports from China.
- This prompted Beijing to respond in kind with levy tariffs on 545 items of U.S. imports – also worth $34 billion, state-run newspaper The China Daily reported Friday.
- China Corporate Bond Spreads (The Daily Shot) Corporate bond spreads for weaker names are on the rise amid elevated default risks.
- Road collapse caught on CCTV cameras in China (BBC News) Around 50 meters (160 feet) of a road fell away in the province of Sichuan on Sunday, reportedly following days of heavy rain.
