2016年6月20日星期一

Monday Morning Briefing: Xenophobia and its many guises

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Reuters
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Four days from now, Britain will vote on whether or not to stay in the European Union. The consequences of "Brexit," as it has come to be called, extend to every corner of global financial markets, given:

  • How interconnected global markets are.
  • How old the current economic cycle is.
  • That central banks have far fewer options open to them after nearly a decade of extraordinary policy support.

For all the doom and gloom, betting odds in favor of remaining in the EU have been improving over the last week and now stand at a 70 percent probability.

Meanwhile, Sayeeda Warsi, a former minister and co-chair of the ruling Conservative Party, switched sides to the "Remain" camp, accusing "Leave" campaigners of wrongly suggesting that staying in the EU would lead to vast numbers of Turks and Syrian refugees coming to Britain in the near future.


In the United States, Donald Trump gave an encore to his trope that the United States should consider more racial profiling of Muslims after the Orlando shooting.

Quote of the day:

"You look at Israel and you look at others, and they do it and they do it successfully. And you know, I hate the concept of profiling, but we have to start using common sense." – Donald Trump

 

He made similar comments last December about profiling – the targeting of specific demographic groups for extra scrutiny – after a Muslim American and his wife killed 14 people in San Bernardino, California.


Digit of the day:

52 years

 

That's how long it's been since the city of Cleveland was home to a championship team. That streak ended last night when the Cavaliers, led by LeBron James, won the NBA title in a massive upset over the Golden State Warriors, a team that only lost 9 games over the regular season.

 

Cleveland rocks!

 

Cleveland Cavaliers forward LeBron James handles the ball against Golden State Warriors guard Stephen Curry during the third quarter in Game 7 of the NBA Finals at Oracle Arena. USA TODAY/Bob Donnan

 


Around the country

  • Officials will release transcripts of phone calls placed to 911 dispatchers by a gunman during a shooting rampage a week ago that killed 49 people at a gay nightclub in Orlando, U.S. Attorney General Loretta Lynch said. Omar Mateen, 29, who died in a gunfight with police at the end of the attack, is believed to have repeatedly paused during his three-hour siege to call 911 and post internet messages from inside the Pulse nightclub professing his support for Islamist militant groups.
  • If it's a Monday in June, it must be Supreme Court decision day, with a number of big cases still to be decided. The high court could take action on gun control, a timely matter, when they decide whether to hear a challenge by gun rights advocates to assault weapon bans in two states. The court also has yet to decide on the Obama administration's proposal to protect 4 million people from deportation. In delivering a win to Obama, the court could strengthen the hand of Donald Trump, who has immigration policy ideas of his own.
  • Wildfire warnings were posted across parts of three Western U.S. states on Sunday as a heat wave baked the region in record, triple-digit temperatures, stoking flames in California from the coastal foothills outside Santa Barbara to desert brush near the Mexican border.

Around the world

  • North Korea will not negotiate with the United States over two American citizens it is holding until former detainee Kenneth Bae stops "babbling" about his time in prison, state media said. Bae served two years of a 15 year sentence to hard labor for crimes against the state. He published a memoir of his detention in May. Since then, Bae has spoken about his experiences at several public appearances and given interviews to promote the book.
  • More than 20 people were killed in two separate bomb attacks in Afghanistan, including at least 14 when a suicide bomber struck a minibus carrying Nepalese security contractors in the Afghan capital. Hours later, a bomb planted in a motorbike killed at least eight civilians and wounded another 18 in a crowded market in the northern province of Badakhshan.
  • A record 65.3 million refugees were uprooted worldwide last year, many of them fleeing wars only to face walls, tougher laws and xenophobia as they reach borders, the United Nations refugee agency said.

Around Wall Street

  • Can't stop the shale! Two years into the worst oil price rout in a generation, large and mid-sized U.S. independent producers are confounding OPEC and Saudi Arabia with their resiliency. And now, with oil prices hovering around $50 a barrel, they may yet thrive again.
  • Microsoft co-founder Paul Allen is bankrolling a space company that is planning to launch satellites from the world's biggest airplane. But his company, Stratolaunch Systems, is using a different approach from Elon Musk, Jeff Bezos or Richard Branson. Stratolaunch boasts an ability to position the plane so satellites can be directly delivered into very precise orbits and do so quickly, without launch range scheduling issues and weather-related delays.
  • Francisco Partners and the private equity arm of activist hedge fund Elliott Management are in advanced talks to acquire Dell's software division for more than $2 billion.

Today's reason to live:

Steve Earle – City Of Immigrants

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