Written by Econintersect
Early Bird Headlines 13 December 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
- Asia markets close higher, Greater China shares lead gains (CNBC) Asian stocks closed higher on Thursday, with shares in Greater China leading gains after the positive momentum seen on Wall Street overnight and after news reports in recent days indicated an easing in tensions between the U.S. and China. The U.S. dollar index was at 96.939, down from 97.044 at the start of Asian trading hours. International Brent crude oil futures were at $60.47 per barrel at 0442 GMT, up $0.32 (0.5%) from their last close. U.S. West Texas Intermediate (WTI) crude futures were at $51.35 per barrel, up $0.20 cents or, 0.4%. Spot gold was down 0.2% at $1,243.91 per ounce, as of 0415 GMT, while U.S. gold futures were 0.1% lower at $1,249.3 per ounce.
- Number of journalists jailed for doing job near record high: report (Reuters) A near-record number of journalists around the world are behind bars for their work, including two Reuters reporters whose imprisonment in Myanmar has drawn international criticism, according to a report released on Thursday.
There were 251 journalists jailed for doing their jobs as of Dec. 1, the Committee to Protect Journalists said in an annual study. For the third consecutive year, more than half are in Turkey, China and Egypt, where authorities have accused reporters of anti-governmental activities.
U.S.
- Cohen’s lawyer says Trump may have known he planned to make false testimony (The Hill) The lawyer for Michael Cohen, President Trump’s former lawyer, said Trump knew Cohen lied to Congress ahead of time. Lanny Davis, an attorney representing Cohen in his ongoing legal battles with the U.S. Attorney’s Office for the Southern District of New York, told Bloomberg Radio‘s “Sound On” that while Trump did not direct Cohen specifically to lie to Congress, he knew his lawyer’s plans and did not direct him to tell the truth.
- Judge Nap on Cohen Sentencing: Trump Now In ‘Crosshairs’ of Mueller and NY Prosecutors (Fox News) Judge Andrew Napolitano said Wednesday that President Trump should take Michael Cohen’s prison sentencing “with great gravity.” Cohen received a three-year sentence Wednesday after pleading guilty to tax evasion, campaign finance violations and lying to Congress about a Trump real estate project in Russia. Napolitano said, referring to hush-money payments made to two women during the 2016 campaign. Napolitano said, referring to hush-money payments made to two women during the 2016 campaign:
“The felony is [Trump] paying Michael Cohen to commit a felony,”
- Pelosi agrees to term limits vote; insurgency collapses (The Hill) Rep. Nancy Pelosi (D, CA) agreed to a term-limit deal on Wednesday that ensures her election to a second stint as House Speaker – but also makes it certain her Speakership will end after a maximum of four more years. The decision secures Pelosi the backing of some of her most vocal critics, leaving a crumbled opposition. If approved in a caucus vote next year, it would allow Democrats serving in the top three leadership positions to serve three terms in each of those spots when they hold the majority – with a fourth term possible if the candidate wins two-thirds support of the caucus.
- Mobility Within U.S. Continues to Decline (The Daily Shot)
- Does Bloomberg Have a Clue? (Twitter) Certainly not in this case.
- Ford Prepares for Mass Layoffs After Losing $1 Billion to Trump’s Trade Tariffs, Report Says (Fortune) Jim Hackett, Ford’s CEO, is working to engineer a $25.5 billion restructuring of the automaker, hoping to cut costs and remain competitive, the Wall Street Journalreports. But auto sales are down, and one reason is the trade tariffs that Trump has imposed on metals and other goods. According to Bloomberg, Hackett has said they have already cost the company $1 billion in profit and could do “more damage” if the disputes aren’t resolved quickly. See also Ford CEO Says Trump Metals Tariffs Took $1 Billion of Profit (Bloomberg)
- Which States Produce the Most Wind Energy (How Much) In Oklahoma the wind may go whistling down the plains, but Texas has a lot more area and produces more wind energy. Tree huggers are not running things in either of thoise states, so why are they leading in production of green wind energy? Because it’s cheaper!
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EU
- Japanification of the Eurozone (Twitter)
UK
- PM’s best way out: let MPs then public vote on deal (InFacts.org) Although Theresa May has survived a Tory party coup, her deal is dead. She’ll be a zombie prime minister unless she puts it to Parliament and then the people fast. In normal times, a victory of only 200 votes to 117 among her own MPs would force her to resign. Given that most of her supporters were employed by the government, this is big vote of no confidence. But these are not normal times and May is determined to hang on in Downing Street. Since this vote means she cannot be challenged for at least one year, May will have time to schedule a public vote when Parliament rejects her plan.
France
- Macron Faces Thursday No Confidence Vote As Protesters Reject Economic “Crumbs” (Zero Hedge) French president Emanuel Macron faces a no confidence vote in parliament on Thursday, after left-of-center lawmakers moved against the President. Macron’s recent proposals have widespread approval: 61% favored the minimum wage boost, 55% liked the tax-free year-end bonuses and 85% of those surveyed backed no tax on overtime pay. But the president has lost the confidence of the people – 54% of those surveyed said the Yellow Vest protests should continue.
Russia
- Butina’s Boyfriend Admits to Setting up Trump-Russia Backchannel via the NRA (Hill Reporter) Maria Butina’s boyfriend was responsible for setting up the Trump-Russia backchannel, using the NRA as a “conduit.” Paul Erickson, a longtime Republican operative, made the claim during a private communication released in Butina’s plea deal. In the email, Erickson wrote in December 2016 that he helped to set up a “very private line of communication” between Russia and the Trump campaign.
Butina, a Russian gun rights activist, was charged with working as a foreign agent earlier this year. She agreed to plead guilty and cooperate with investigators this week. During her plea deal, she admitted to investigators that she and “US Person 1” “agreed and conspired, with a Russian government official to act in the United States under the direction of [a] Russian Official without prior notification to the Attorney General.”
India
- India’s ruling party aware it must tackle problems after state poll setbacks (Reuters) Indian Prime Minister Narendra Modi’s ruling party officials are gathering on Thursday for talks on a general election due by May, with their deliberations overshadowed by the party’s defeat at the polls in three heartland rural states.
Vietnam
- Trump Moves to Deport Vietnam War Refugees (The Atlantic) The Trump administration is resuming its efforts to deport certain protected Vietnamese immigrants who have lived in the United States for decades – many of them having fled the country during the Vietnam War. This is the latest move in the president’s long record of prioritizing harsh immigration and asylum restrictions, and one that’s sure to raise eyebrows – the White House had hesitantly backed off the plan in August before reversing course. In essence, the administration has now decided that Vietnamese immigrants who arrived in the country before the establishment of diplomatic ties between the United States and Vietnam are subject to standard immigration law – meaning they are all eligible for deportation.
But Washington and Hanoi have a unique 2008 agreement that specifically bars the deportation of Vietnamese people who arrived in the United States before July 12, 1995 – the date the two former foes reestablished diplomatic relations following the Vietnam War.
China
- More Capital Outflow Problems May Arrive for China (The Daily Shot)
- China 2nd CSP demo to be completed on Dec.29–Shouhang Dunhuang 100 MW molten salt Solar Tower CSP Plant (CSP Focus) This facility is among China 1st phase of 20 CSP pilot projects, is under commissioning and will be commercially operational at the end of this month on December 29th, 2018. These facilities are thyermal/electric rather than the solar panel based photo/electric solar which is much more familiar. These facilities collect thermal energy and generate electricity on demand 24/7. When completed these first 20 facilities will comprise less than 1% of China’s electrical generating capacity. It would take 3,000 such units to make up about 20% of China’s current electric generating capacity.n If it turns out tom be cheaper than fossil fuels (as expected) they probably will to that or more.
Canada
- China says second Canadian being probed for harming state security (Reuters) The stakes ramp up following Canada’s arrest of Huawei executive, Meng Wanzhou. A second Canadian (former diplomat Michael Kovrig, who works for the International Crisis Group, was arrested Monday) has been detained in China.
Canadian businessman Michael Spavor, who worked with North Korea, is being investigated on suspicion of harming China’s state security, officials said, days after a former Canadian diplomat was detained in China in an escalating diplomatic row.
- Canada warns U.S. not to politicize extradition cases (Reuters) Canadian Foreign Minister Chrystia Freeland on Wednesday warned the United States not to politicize extradition cases, a day after President Donald Trump said he could intervene in the affair of a Chinese executive detained in Canada at Washington’s request.
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