Financial Markets and Economy
OPEC Boss Embraces Shift to Top Diplomat (The Wall Street Journal)
During a turbulent year for oil prices, the Organization of the Petroleum Exporting Countries’ top official, Mohammad Barkindo, has embraced a role as the global energy industry’s chief diplomat.
Eurozone ‘still fragile’ despite growth spurt, warns European Central Bank (The Telegraph)
Europe’s sovereign debt crisis might seem like a distant memory as the eurozone economy enjoys a healthy growth spurt, but the European Central Bank fears that government finances in the currency area “remain fragile”.
China's Risk Crackdown Deters Debt When Banks Need It Most (Bloomberg)
China’s revved up campaign to clean up its financial system couldn’t be coming at a worse time for the country’s banks.
Fed Minutes Signal Officials Ready to Raise Rates Again Soon (The Wall Street Journal)
Federal Reserve officials expected at their policy meeting this month that it would “soon be appropriate” to raise short-term interest rates, a signal the U.S. central bank could move in June at its next gathering.
Oil falls below $51 as OPEC’s 9-month output-cut extension disappoints (Market Watch)
Oil prices fell Thursday, but managed to recoup some of their earlier losses as traders assessed an agreement by the Organization of the Petroleum Exporting Countries extend production cuts by nine months.
Fed Minutes to Offer Clues on Debate Over Path of Rate Increases (The Wall Street Journal)
Federal Reserve officials left their benchmark short-term interest rate unchanged within a range between 0.75% and 1% at their meeting May 2-3, and minutes of that gathering could indicate whether they are preparing to lift it by a quarter percentage point at their next meeting June 13-14.
China Hit by First Moody's Downgrade Since 1989 on Debt Risk (Bloomberg)
Moody’s Investors Service cut its rating on China’s debt for the first time since 1989, challenging the view that the nation’s leadership will be able to rein in leverage while maintaining the pace of economic growth.
Nobel Prize-winning economist Robert Shiller believes investors should continue to own stocks because the bull market may continue for years.
Icahn Guides Trump’s Policy and Scores $60 Million (Bloomberg)
CVR Energy Inc., his oil refining company, saved about $60 million in the first quarter because of expectations that the federal government will ease a regulation involving renewable fuels, securities filings show.
Solar jobs growing 17 times faster than US economy (CNN)
Solar employment expanded last year 17 times faster than the total US economy, according to an International Renewable Energy Agency report published on Wednesday.
Bitcoin flies past $2,300 and $2,400 for the first time as scaling agreement is reached (Business Insider)
It seems as if nothing can stop bitcoin from going higher. The cryptocurrency is up by 7%, or $157, on Wednesday at $2,416 a coin. It has gained in 26 of the past 29 sessions and has more than doubled in value over that time.
Democrats Ask Deutsche Bank to Produce Documents on Trump Family Loans (Bloomberg)
Democratic lawmakers asked Deutsche Bank AG to hand over its findings on two politically charged matters — its banking on behalf of now-President Donald Trump and trades from the bank’s Moscow operation that helped move some $10 billion out of Russia.
Bank Of America: "These Markets Are Very Weird" (Zero Hedge)
Actually, for anyone who has traded these markets in the "before" and "after" central planning phases, it is all too obvious just how weird the markets have become.
Trader: "The Plunge Protection Team Is Happening In Bonds… Right Out In The Open" (Zero Hedge)
Having lambasted the market's abhorrent response to the worst terror attack in Britain in 12 years yesterday, Bloomberg's Richard Breslow takes aim at the flip-flopping consensus rearing its ugly head in bond land worldwide.
Companies
3 Stocks That Could Put Amazon.com's Returns to Shame (The Motley Fool)
Amazon.com's (NASDAQ:AMZN) gradual evolution from a small online bookseller to a titan of the digital retail space has produced staggering returns on capital, especially for the brave few who were smart to enough to grab shares early in the company's metamorphosis.
World's Biggest Hotels 2017: Marriott Leads The Pack, Hilton Falls (Forbes)
The big news of the year was Marriott's mega acquisition of rival Starwood. The multi billion dollar deal gave Marriott a clear advantage on many key fronts. The result puts the Bethesda, MD hotel manager at the top of this year's lodging portion of the Forbes Global 2000 list.
Where Nestlé Guzzles Water, Locals Doubt Claims of Negligible Impact (NY Times)
The creek behind Maryann Borden’s house was once “a lovely little stream that just babbled along and never changed for decades,” she says. Now it is perhaps 12 feet across — half what it was, she reckons — with grassy islands impeding what used to be an uninterrupted flow.
A new report slams Tesla working conditions, claims employees have suffered twice as many serious injuries (Business Insider)
Tesla is continuing to come under fire for injury rates at its flagship plant in Fremont, California, but the electric carmaker says factory conditions are improving.
Tiffany Slides After Jeweler Reports Surprise Sales Decline (Bloomberg)
The New York-based jeweler posted an unexpected sales decline in the first quarter, with sluggish demand in the Americas and Asia weighing on results. That sent the shares down the most in more than two years in trading Wednesday.
Technology
Marc Andreessen Answers the Tech Valuation Question (Bloomberg)
Are you a venture capitalist, angel investor or startup entrepreneur? Do you seed new technology firms, or write about them, or work for one them? Then you are probably spending way too much time and energy obsessing about valuations.
DJI Spark drone is crazy small and just wants to be loved by consumers (Mashable Asia)
It's small enough to fit in your hand, launches and lands from there, can be controlled almost entirely with gestures, lets you take a selfie from just 10 feet away, has a whole collection of pre-programmed video shots to help you figure out what to do with it, and even charges via a standard micro USB port.
In Modern Cyber War, the Spies Can Become Targets, Too (The Wall Street Journal)
The mysterious hacking group that supplied a critical component of the WannaCry “ransomware” software attack that spread across the globe in mid-May has been releasing alleged National Security Agency secrets for the past eight months.
Politics
Trump's Budgets Will Suffer a Double Whammy Thanks to Fed Policy (Bloomberg)
President Donald Trump won’t inherit the same windfall that the Federal Reserve handed the Obama administration each year, and his budget shows he knows it.
Trump's Budget Is a Waste of Everybody's Time (Bloomberg)
President Donald Trump’s first budget is truly remarkable in its unseriousness. To see why, try for a moment to take it seriously.
Pope Lends Weight to G-7 Push to Bind Trump to Climate Deal (Bloomberg)
Pope Francis joined an international chorus urging Donald Trump to meet U.S. commitments on climate change in talks at the Vatican Wednesday.
Pope Francis and President Trump Mend Fences, Note Agreements and Differences (The Wall Street Journal)
President Donald Trump and Pope Francis met Wednesday for a fence-mending encounter that balanced talk of stark disagreements on issues such as migration with accord on other topics, including abortion.
U.S. Leaks Anger British Government After Terror Attack (Bloomberg)
U.K. Home Secretary Amber Rudd criticized U.S. officials for leaking details about Monday’s terrorist attack in Manchester, warning Britain’s ally that it should not happen again.
Health and Biotech
Chocolate tied to decreased risk of irregular heart rhythm (Reuters)
Eating a small amount of chocolate every week or so may decrease the risk of a common and serious type of irregular heart rhythm, according to a new study of people in Denmark.
Life on the Home Planet
Dozens drown off Libya as aid groups denounce Tripoli's coastguard (Reuters)
More than 30 migrants, mostly toddlers, drowned on Wednesday when about 200 people without life jackets fell from a boat into the sea off the Libyan coast before they could be hauled into waiting rescue boats.
UK police hunt Manchester bomber's network, angered by U.S. leaks (Reuters)
Police scrambled to close down a network around the Manchester suicide bomber with arrests in Britain and Tripoli on Wednesday, as details about the investigation were leaked to U.S. media, infuriating authorities who fear a second attack is imminent.
'No defeat, no pity': Manchester unites against bomber (Reuters)
Thousands of Manchester residents gathered in the center of the northern English city on Tuesday in a show of defiance against a suspected suicide bomber who killed 22 people, including children, in an attack at a crowded concert hall.
Unidentified North Korean objects turn out to be propaganda balloons (CNN)
Unidentified objects which flew across the border from the North were probably propaganda balloons, South Korea's military said Wednesday.
Does India have more people than China? A U.S. researcher claims Beijing’s population statistics are wrong. (The Washington Post)
What's the most populous nation in the world? For years, the answer to that question was simple and rarely disputed: China. But this week an academic has sparked widespread discussion around the world by making a bold claim — that China's official population estimates were wrong and in fact India was now the world's largest country.
Thousands flee Philippine city after rebel rampage claimed by Islamic State (Reuters)
Thousands of civilians fled fighting in the Philippines on Wednesday as troops tried to fend off Islamist militants who took over large parts of a city, capturing Christians, seizing and torching buildings and setting free scores of prisoners.
Bahrain protester 'killed in raid on sit-in' near Shia cleric's home (BBC)
Witnesses said officers had opened fire as they moved into the village of Diraz, where Sheikh Isa Qassim lives.
The interior ministry said a number of "fugitives" had been arrested, but did not comment on the reported death.
