Economy
India is hitting the United States with more tariffs (Sparky1)
Trump has repeatedly slammed India’s tariffs on products like motorcycles and whiskey, and his decision to revoke trade privileges for India followed complaints from American dairy farmers and medical device manufacturers that tariffs imposed by New Delhi were hurting their exports.
Ho Ho Ho It’s magic: Deutsche Bank, Market Cap $14B to Spin Off $50B in assets (Thomas R.)
Bear in mind that deposits are liabilities. Banks pay interest on them. But in the topsy-turvy EU world, interest rates are negative. If so, the bank is gaining by holding deposits.
If the liquid securities are government bonds, those are highly likely to have a negative yield and the bank is losing on them. This is the foolishness of the ECB’s negative interest rate policy.
Risky partner: Top U.S. universities took funds from Chinese firm tied to Xinjiang security (Thomas R.)
“CSAIL understands and has considered the concerns that have been raised about this work,” lab spokesman Adam Conner-Simons said in an email to Reuters. “But (we) decided it was nevertheless appropriate to continue because the results of all three projects can be published in open scientific literature, and the research is not expected to have immediate applications.”
In El Paso, Border Patrol Is Detaining Migrants in ‘a Human Dog Pound’ (tmn)
Both Rosendorf and Representative Veronica Escobar, D-El Paso, said they were told by detainees that some people have been held more than a month outdoors. They said they saw only single adults held outside at the bridge. Escobar said she was told most were Cuban men. The report by the Department of Homeland Security Office of Inspector General that triggered Rosendorf’s trip to the bridge was based on an unannounced inspection on May 7 and 8, a little over three weeks before he saw people detained outside.
Trump may be about to face his biggest test yet on the economy (Thomas R.)
Also Monday, a key gauge of New York’s manufacturing industry notched the biggest one-month drop ever recorded. It was the latest sign that after a relatively strong economy last year, political and economic forces appear to have combined this year in a way that has darkened the economic outlook. This could be problematic for Trump, who has tried to tout the economy’s performance as key to his reelection.
State Department Funded Trolls To Attack Journalists Against Iran War (Don R.)
“It’s quite a story. So tensions with Iran seem to be escalating fast. Now, there’s no question the Islamic Republic of Iran is a bad actor on the world stage, with a horrific record. There is little appetite for another Mideast war, a view held by President Trump. You might ask who’s cheerleading for conflict. Well, turns out the chorus includes U.S. taxpayer-funded trolls targeting journalists on social media. Welcome to a new chapter in the disinformation wars,” John Avlon said.
PepsiCo offers to settle with Indian farmers it sued over potatoes for Lays chips (Sparky1)
Farmer unions and activists have been fighting back against the food and beverage maker over the case, the latest battle in India between local businesses and big global players. Small retailers have been protesting against companies like Walmart (WMT) and Amazon (AMZN) — claiming the American giants are unfairly destroying their business — and even succeeded in getting the government to put in some restrictions.
He added: ‘They will do, or say, whatever it takes, with not even the slightest thought of consequence! These are true cowards and without doubt, THE ENEMY OF THE PEOPLE!’
The charged commentary comes after the NYT released a report that included three months of interviews with both former and current government officials.
This man ate ‘expired’ food for a year. Here’s why expiration dates are practically meaningless. (Thomas R.)
It turns out that the dates on our food labels do not have much to do with food safety. In many cases, expiration dates do not indicate when the food stops being safe to eat — rather, they tell you when the manufacturer thinks that product will stop looking and tasting its best. Some foods, such as deli meats, unpasteurized milk and cheese, and prepared foods such as potato salad that you do not reheat, probably should be tossed after their use-by dates for safety reasons.
I’m a 29-Year-Old With $235k in Student Debt. I’ll Never Pay It Back. (Thomas R.)
I would have to begin devoting half of my income to debt payment if I cared to pay it off by 2042. I can’t do that because I make just under $4,000 per month. And that income is a fairly new development in my life. Why would I choose to pay down my debt if it meant I wouldn’t be able to afford basic living expenses?
Short of winning the lottery, there’s no way I could ever afford to pay off my debt. And though I have a higher debt burden than most, I’m certainly not alone.
Here’s What the Average Worker Has Saved in a 401(k) (Thomas R.)
The average 401(k) participant has around $92,000 stashed in a retirement account, a new report from Vanguard found. But that number is skewed by power-savers with loads of cash in their 401(k), so a more telling figure is the median amount workers have saved — which is a mere $22,000.
Facebook’s digital currency could trigger new D.C. battles (Thomas R.)
But with this big step into the tightly regulated world of finance, the company will expose itself to a type of regulatory intrusion that is not common in its traditional realm of online media. Chief among the concerns, according to experts, are the possibilities that Facebook’s global coin could be exposed to money laundering using the company’s main website and its sister platforms WhatsApp and Instagram.
The Oil Price Risk Analysts Are Ignoring (Thomas R.)
Hedge funds and other money managers stepped up short bets on WTI by 46 percent for the week ending on June 11, according to Bloomberg and CFTC data. Traders are clearly betting on a souring economy. “Outside the United States it’s unmistakable world growth is slowing down,” Bill O’Grady, chief market strategist at Confluence Investment Management LLC, told Bloomberg. “The more trade tensions arise, the greater the likelihood that growth is slow, and if Chinese growth slows, it’s not good for oil.”
U.S. Shale Growth Is Decelerating (Thomas R.)
The future outlook of US shale oil production will be entirely in the hands of the Permian Basin. For 2019, 71% of the growth yoy will come from the Permian. The Gulf of Mexico already is maxed out between 1.9 mb/d to 2 mb/d and will be declining going forward. Bakken and Eagle Ford will provide ~150k to ~200k b/d of growth at most yoy going forward. So, if the Permian production growth decelerates, the entire US oil production growth will decelerate.
A Major Existential Threat Is Arising For Natural Gas (Michael S.)
In all fairness, the authors note, “Hydrogen has not been deployed at scale anywhere in the world and so any proposal will need to compensate for this lack of experience. We know hydrogen produces no carbon emissions when burned but it is also important to fully investigate and understand the overall environmental impact a switch to hydrogen is likely to make. It’s fundamental that these areas, as well as others identified in the report, are comprehensively addressed before a programme of large-scale deployment is considered.”
Replacing Plastic: Can Bacteria Help Us Break The Habit? (Thomas R.)
Morse says it started when she was in elementary school. She went to an aquarium and stumbled on an exhibit about plastic trash floating in the ocean. “There was this huge, gigantic-like fish-tank-type structure full of clamshells, like [plastic foam] clamshells from McDonald’s,” she recalls. “And I was floored … completely horrified. It changed my life and I was like, that is freaking ridiculous, and I’m going to change it.”
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