Written by Econintersect
Early Bird Headlines 29 Apr 2019
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
- Stocks in China mostly tumble; Japan markets closed for 10-day holiday (CNBC) Shares in the Asia Pacific region were mixed on Monday, while markets in Japan were closed for a holiday. Mainland Chinese shares fell by the close. The U.S. dollar index was lower at 97.965 after touching highs above 98.1 last week. Brent crude futures contract slipped 0.62% to $71.70 per barrel and U.S. crude futures dropped 0.62% to $62.91 per barrel. Spot gold fell by 0.3% to $1,281.87 per ounce at 0847 GMT, having hit its highest since April 16 at $1,288.59 in the previous session. U.S. gold futures shed 0.4% to $1,283.80 an ounce.
U.S.
- GOP ready to step up spying case (The Hill) GOP lawmakers returning to Washington are signaling they intend to step up their campaign to look into alleged spying by FBI agents on President Trump’s 2016 campaign. The effort comes as Democrats ramp up their own investigations into the Trump administration and could serve as a bit of GOP counterprogramming to put the spotlight on what Republicans contend is suspicious behavior under the Obama administration.
Two Senate chairmen previewed the coming GOP efforts with a recent letter to Attorney General William Barr, who raised eyebrows when he publicly asserted he believed the Trump campaign was spied on and said he would review the intelligence community’s actions to ensure no improper surveillance occurred.
- Trump prepares to fight back against investigations as Congress returns to work (CNN) Trump is adopting a strategy of all out resistance to sweeping Democratic efforts to use their House majority to investigate his conduct and his administration in a way that critics charge shows contempt for Congress and its constitutional role. His gambit will force Democratic leaders to find new political and legal ways to compel cooperation as they seek to probe Robert Mueller’s revelations, get Trump’s tax returns, investigate his company, and force current and former administration officials to testify.
- Graham: ‘I don’t care’ if Trump told McGahn to fire Mueller (The Hill) Sen. Lindsey Graham (R, SC), the chairman of the Senate Judiciary Committee, said Sunday that he doesn’t care if President Trump told former White House counsel Don McGahn to fire special counsel Robert Mueller.
“I don’t care what they talked about. He didn’t do anything. The point is the president did not impede Mueller from doing his investigation.”
- The 15 US jobs disappearing the fastest (CNBC, MSN Money) The average job in the U.S. will expand its workforce by 7% through 2026, but not all industries will be lucky enough to be adding staff in the future. About 17% of the 818 occupations the Bureau of Labor Statistics tracks will actually lose more workers than they add between 2016 and 2026. Here’s the list (median annual wage – job loss %):
- Locomotive firers ($63,820 – 79%)
- Respiratory therapy technicians ($51,210 – 56%
- Parking enforcement workers ($39,840 – 35%)
- Word processors and typists ($39,750 – 33%)
- Watch repairers ($39,910 – 30%)
- Motor vehicle electronic-equipment installers and repairers ($35,590 – 26%)
- Foundry mold and core makers ($35,430 – 24%)
- Metal pourers and casters ($37,730 – 23%)
- Computer operators ($45,840 – 23%)
- Telephone operators ($37,240 – 23%)
- Mine shuttle-car operators ($56,340 – 22%)
- Data-entry keyers ($32,170 – 21%)
- Postmasters and mail superintendents ($75,970 – 21%)
- Coil winders, tapers, and finishers ($34,400 – 21%)
- Hand-grinding and polishing workers ($29,550 – 20%)
- Duke to sell 1.2 GW, $1.25B in renewables assets (Utility Dive)
- Duke Energy announced Thursday it has reached a deal to sell a minority interest in a portion of its commercial renewable energy portfolio, helping to fund capital plans and reduce future debt issuance needs.
- The assets, owned and operated by Duke Energy Renewables and with an enterprise value of approximately $1.25 billion, will be sold to John Hancock Infrastructure Fund (JHIF) and John Hancock Life Insurance Co., both divisions of Manulife Financial.
- The deal includes 49% of 37 operating wind, solar and battery storage assets, and 33% of 11 operating solar assets across the U.S. In total, John Hancock’s interest will be approximately 1.2 GW of generating capacity.
Nevada on Friday passed a bill that would require the state to generate 50% of its electricity from renewable resources by 2030 and aim for 100% carbon-free resources by 2050.
Senate Bill 358 passed the Senate unanimously on Friday after passing the state Assembly unanimously last Tuesday. Nevada voters passed a ballot initiative during midterms which would have put the state under the same requirements, but the initiative would have had to pass again in 2020.
Current state law, which held Nevada to a 25% by 2025 renewable portfolio standard (RPS) only includes the state’s monopoly utility NV Energy, but the bill will include all electricity providers, including electric cooperatives and retail power marketers.
- Patently Madison (Montpelier.org) Arguably one of the most underappreciated of the founding fathers, James madison was almost singlehandedly responsible for including patent protection in the constitutional debates.
EU
- EU students could face higher fees to study in UK from 2020 (The Guardian) Charging EU citizens full international student fees to study in England risks “pulling up the drawbridge” after Brexit, higher education leaders and opposition parties have warned, calling on the government to clarify its policy.
Although it has long been assumed that EU students would lose access to loans and pay higher tuition fees after Brexit, a report in Buzzfeed raised fears that the higher fees could soon be imposed on EU students who start courses after the UK’s exit.
Poland
- EU’s Juncker says Poland unlikely to leave the European Union (Reuters) Poland is unlikely to leave the European Union, even if the ruling eurosceptic Law and Justice (PiS) party wins re-election this year, EU executive head Jean-Claude Juncker said in an interview published on Monday.
Spain
- Spanish election: socialists win amid far-right gains for Vox party (The Guardian) Spain’s ruling socialists won the most votes but fell short of a majority in Sunday’s snap general election, a contest marked by the breakthrough of the far-right Vox party and a disastrous performance by the country’s traditional conservative party. Pedro Sflnchez’s Socialist Workers’ party (PSOE) won 123 seats, the conservative People’s party (PP) 66, the centre-right Citizens party 57, the anti-austerity Unidas Podemos and its allies 42, and Vox 24. PSOE is likely to seek coalition to reach 176-seat target for working majority Despite it being the country’s third general election in under four years, turnout was 75.8% – well up on the 66.5% two years ago.
Libya
- An armed group tried to attack Libya’s El Sharara oilfield: engineer (Reuters) An armed group tried to attack Libya’s El Sharara oilfield, the country’s biggest, but there was no impact on production, a field engineer said on Monday.
Ukraine
- Ukraine president offers Russians citizenship in snub to Putin (The Guardian) Volodymyr Zelenskiy, the comedian who last week won Ukraine’s presidential election, has dismissed an offer by Vladimir Putin to provide passports to Ukrainians and pledged instead to grant citizenship to Russians who “suffer” under the Kremlin’s rule. The Russian president on Saturday said Moscow was considering plans to make it easier for all Ukrainians to obtain Russian citizenship, after it earlier moved to grant passports in the country’s separatist east. Kyiv has been fighting Moscow-backed rebels in eastern Ukraine since 2014 in a war that has killed 13,000 people. Zelenskiy, who takes office in June, responded to Putin’s offer by releasing a statement on Facebook late on Saturday that pledged to
“give citizenship to representatives of all nations that suffer from authoritarian and corrupt regimes, but first and foremost to the Russian people who suffer most of all”.
Russia
- Graham challenges Kushner’s bid to downplay Russia interference (The Washington Post) Senate Judiciary Committee Chairman Lindsey O. Graham on Sunday pushed back against White House senior adviser Jared Kushner’s recent downplaying of Russian interference in the 2016 election, calling Moscow’s actions a “big deal” deserving of new sanctions immediately. Still, the South Carolina Republican insisted President Trump had done nothing wrong, citing special counsel Robert S. Mueller III’s refusal to charge Trump with either conspiracy or obstruction of justice in the Russia probe.
Cambodia
- Cambodian PM says China ready to help if EU imposes sanctions (Reuters) China will help Cambodia if the European Union (EU) withdraws special market access over its rights record, Cambodian Prime Minister Hun Sen said on Monday as he announced a 600 million yuan ($89 million) Chinese aid package for his military.
Japan
- Extra abdication holidays pose dilemma for hardworking Japanese (AFP) For the Emperor’s abdication on April 30, Japanese workers are enjoying an unprecedented 10-day holiday as a rash of special days off combine with the traditional “Golden Week” in May. But not everyone is popping the champagne corks in famously workaholic Japan. A survey by the Asahi Shimbun daily showed 45%of Japanese “felt unhappy” about the long vacation, with only 35% saying they “felt happy“.
China
- In a trade deal with China, the US may get an empty shell (CNBC, MSN Money) Market operators expecting a strong and sustained boost to equity prices from a trade deal with China are unlikely to even get a flash of a trading event. That’s what one should expect from a widely discussed negotiating process, misleading announcements of an imminent American win, and Beijing’s puzzling silence or cryptic comments. America is about to get nothing … nada … zilch.
Large U.S. deficits on China trades will still be there, with Beijing rejecting American accusations of stealing intellectual property, using joint ventures to force technology transfers to Chinese firms, or subsidizing its industries for competitive advantage.
All that has been foreshadowed during Chinese leaders’ visits to the European Union in late March and early April of this year. Those key issues raised by the U.S. were carefully skirted as Chinese President Xi Jinping signed up Italy to China’s Belt and Road infrastructure investment initiative, got a cautious interest of France and Germany and left the door open for Chinese 5G technologies.
- A forum on China’s Belt and Road Initiative that wrapped up this weekend in Beijing made it clear the program now seeks to influence technology and international governance.
- “There will be a shift away from … hard infrastructure projects,” Tom Rafferty, principal economist for China at The Economist Intelligence Unit, says. “(The Belt and Road is) going to have a broader range.”
- Chinese President Xi Jinping says in a speech that, through the Belt and Road Initiative, China would “strengthen cooperation in customs, taxation and audit oversight” and pursue cooperation on technological development.
- Hong Kong residents protest at plans for extradition to China (The Guardian) Tens of thousands of Hong Kong residents have taken to the streets to demand their government halt a plan that would make it easier to extradite people to the secretive judicial system in mainland China. The march organisers estimated that more than 100,000 people filed through central Hong Kong on Sunday. Police said the march drew 22,800 people at its peak.
Hong Kongers fear the law will allow China to demand that Hong Kong turn over political dissidents, religious workers and business people whose work may violate some yet-to-be-written law.
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