Written by Econintersect
Early Bird Headlines 17 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 close lower as energy stocks take a hit (CNBC) Asian shares closed mostly lower on Tuesday – with Japan the only major market finishing in positive territory – as energy stocks declined amid weakness in oil prices. The dollar index softened to trade at 94.406, compared to levels at the 94.5 handle on Monday. U.S. West Texas Intermediate crude futures slipped 0.38% to $67.80 per barrel after settling more than 4% lower on Monday. Brent crude futures declined 0.42% to $71.53 after touching its lowest level since mid-April overnight. Spot gold was up 0.1% at $1,241.20 an ounce at 0420 GMT
- IMF warns Trump trade war could cost global economy $430bn (The Guardian) Rising trade tensions between the United States and the rest of the world could cost the global economy $430 billion (£324 billion), with America “especially vulnerable” to an escalating tariff war, the International Monetary Fund has warned. Delivering a sharp rebuke for Donald Trump, the Washington-based organisation said the current threats made by the US and its trading partners risked lowering global growth by as much as 0.5% by 2020, or about $430 billion in lost GDP worldwide.
- Investment in energy fell again in 2017, raising fresh concerns about security and climate change (CNBC)
- Investment in the global energy sector totaled $1.8 trillion in 2017, marking a 2 percent drop from the previous year after adjusting for inflation.
- A sharp drop in spending on power plants offset a moderate increase in money flowing into the electric grid.
- Spending on solar and wind power is growing the supply of low-carbon energy, but investment in zero-emissions nuclear plants and hydropower is falling.
U.S.
- Washington reacts to Trump-Putin press conference with dismay (CBS News) Republicans and Democrats alike are dismayed by President Trump’s comments at his joint press conference with Russian leader Vladimir Putin on Monday. Mr. Trump stunned onlookers by repeatedly defending Putin during the press conference from allegations that Russia interfered in the 2016 election and casting doubt on conclusions to that effect made by U.S. intelligence agencies. See more under Russia below.
- This Is the Moment of Truth for Republicans (The Atlantic) Hat tip to Elliot Morss. James Fallows writes:
There are exactly two possible explanations for the shameful performance the world witnessed on Monday, from a serving American president.
Either Donald Trump is flat-out an agent of Russian interests – maybe witting, maybe unwitting, from fear of blackmail, in hope of future deals, out of manly respect for Vladimir Putin, out of gratitude for Russia’s help during the election, out of pathetic inability to see beyond his 306 electoral votes. Whatever the exact mixture of motives might be, it doesn’t really matter.
Or he is so profoundly ignorant, insecure, and narcissistic that he did not realize that, at every step, he was advancing the line that Putin hoped he would advance, and the line that the American intelligence, defense, and law-enforcement agencies most dreaded.
Conscious tool. Useful idiot. Those are the choices, though both are possibly true, so that the main question is the proportions.
- Politicians are using fake news schemes to get elected (Axios) Politicians on the left and right are manipulating the news to bolster their election efforts with fake headlines, websites and articles.
Media manipulation has always been a part of the political playbook, but technology has enabled politicians to take the practice a step further by changing or mimicking real stories and news outlets to mislead voters.
- In 2017, US had largest decline in CO2 emissions in the world for 9th time this century (American Enterprise Institute)
EU
- China, EU vow to work more closely to defend global trade order (South China Morning Post) China and the European Union pledged to work more closely to defend the global trading system on Monday, although both sides said they were not seeking a coalition to counter Washington.
UK
- Vote Leave: Brexit campaign ‘broke electoral law’ in referendum (BBC News) Brexit campaign group Vote Leave has been fined £61,000 and referred to the police after an Electoral Commission probe said it broke electoral law. The watchdog found it got round spending limits by funnelling cash through pro-Brexit youth group BeLeave. The founder of BeLeave, Darren Grimes, has been fined £20,000 and reported to the police, along with Vote Leave official David Halsall. Vote Leave said the “wholly inaccurate” report was politically motivated.
Russia
- Trump defends Putin from claims of election interference (CBS News) Following a day of discussions between Presidents Donald Trump and Vladimir Putin in Helsinki, Finland, Mr. Trump left Monday’s summit neglecting to hold Putin accountable for Russia’s role in interfering in the 2016 presidential election — saving most of his criticism for America itself. See Trump And Putin Hold Joint Press Conference After Helsinki Summit.
- Putin says Russia isolation “failed” in post-Trump summit interview (Axios) Russian President Vladimir Putin told Fox News‘ Chris Wallace Monday that Western efforts to isolate Russia have “failed,” and he and President Trump began a “new path” today.
Afghanistan
- Civilian deaths in Afghanistan at record high, UN says (The Guardian) The number of civilians killed in Afghanistan reached a record in the first half of the year, despite last month’s ceasefire, with a surge in suicide attacks claimed by Islamic State, the United Nations has said. The UN report came as an apparent suicide attack close to a government ministry in the Afghan capital Kabul on Sunday killed at least seven people and wounded more than 15 as staff were leaving the office in the evening rush hour, officials said. The attack was the latest in a seemingly unending series of blasts against civilian targets in Kabul and other major cities.
Japan
- EU to sign its biggest free trade deal with Japan (BBC News) The European Union and Japan will sign one of the world’s biggest free trade deals later on Tuesday. The move will create an open trade zone covering nearly a third of the world’s GDP and 600 million people. One of the biggest EU exports to Japan is dairy goods, while cars are one of Japan’s biggest exports.
China
- Is China’s atheist Communist Party trying to eradicate Islam? (South China Morning Post) In the west China city of Linxia, Gansu province, Muslim children have been banned from religious activity, while authorities have curtailed the number of people over 16 allowed to study and limited the certification processes for new imams.
