TOP NEWS: Economy: October 18th, 2012
Top Five News and Analysis Links (Excerpts Below)
- Executives Lack Confidence in U.S.
- Romney and Obama Ignore Coal’s Dark Side
- Claims for Jobless Benefits Increase
- Painkiller Crackdown Targets Drug Distributors
- Jobless data weigh on Wall Street
Excerpts and More Top News and Analysis: (New updates shortly)
ECONOMY: Executives Lack Confidence in U.S. – WSJ
Executives are pessimistic about the ability of companies in the U.S. to compete globally and to pay high wages to U.S. workers, a survey of more than 6,800 Harvard Business School alumni found.
ENERGY/COAL: Romney and Obama Ignore Coal’s Dark Side – BLOOMBERG, EDITORIAL
Mitt Romney and Barack Obama have traded barbs over coal in both their debates, each accusing the other of failing to champion the fuel. It’s a shame that neither U.S. presidential candidate acknowledges the difficult economic reality coal now faces, or mentions that this form of power still produces intolerable amounts of pollution and greenhouse gases.
ENERGY POLICY: Clinton to Say Energy Diplomacy Is Key – WSJ
Secretary of State Hillary Clinton will map out a plan Thursday for making energy a centerpiece of U.S. diplomacy and foreign policy.
ENERGY: Energy in the Executive – WSJ
The President’s real record on fossil fuels.
JOBS: Claims for Jobless Benefits Increase – NYT
New applications for unemployment benefits in the United States rose 46,000 last week to a seasonally adjusted 388,000, the highest level in four months, the Labor Department said on Thursday.
PHARMACEUTICALS/REGULATION: Painkiller Crackdown Targets Drug Distributors – NYT
In a new approach to combating prescription painkiller abuse, the federal government is focusing on the middlemen between drug makers and the doctors and pharmacies that dispense drugs.
PHARMACEUTICALS: Lapses at Big Drug Factories Add to Shortages and Danger - NYT
Government warnings have led to plant overhauls, but drug shortages have often been the result.
MARKETS: Jobless data weigh on Wall Street - FT
Stocks retreated as figures showed US jobless claims rose last week, and Morgan Stanley shares fall despite a jump in the investment bank’s revenues
MARKETS: Fears of fiscal cliff hang over US rally - FT
Few strategists predicted such a strong run for the S&P 500 this year but analysts say the rebound will come unstuck if ‘fiscal cliff’ issues are not resolved
MARKETS: Morgan Stanley Shows Strength in Quarter – NYT
With solid performances in its major divisions, particularly in fixed income, the firm reported adjusted third-quarter earnings of $561 million.
MARKETS: Slowdown in China Appears to Have Ended, for Now – NYT
Data released Thursday offered some surprisingly positive news for retail sales and industrial output.
FED: Fed Assesses Economy, Bond Buys - WSJ
Federal Reserve policymakers meeting next week are likely to hold off on any new measures in favor of assessing the effects of their September decision to launch more bond buys.
REGULATION: Decoding New Rules for Banks – WSJ, DAVID WESSEL
President Obama and Mitt Romney disagree on the effects of new rules for big banks. What’s really going on with ‘Too Big to Fail’?
CONSUMERISM: U.S. Shoppers Return to China - WSJ
U.S. consumers seen to be rediscovering their appetite for China’s products, but its slow comeback won’t be enough to offset slumping European demand anytime soon.
HOUSING: States Shift Foreclosure Funds - WSJ
Less than half of the $2.5 billion that states received from a mortgage-foreclosure settlement has been allocated to help homeowners—with much of the rest going to ease state budget gaps, a report says.
BANKING: Citi’s Chairman Steps Up to a Decisive Role – NYT, SUSANNE CRAIG and JESSICA SILVER-GREENBERG
Michael O’Neill is one of a new generation of board members unwilling to cede too much power to chief executives.
CURRENCY: On China Currency, Hot Topic in Debate, Truth Is Nuanced – NYT
Mitt Romney accused China of being a “currency manipulator,” but the renminbi has strengthened during President Obama’s time in office.
BUSINESS NEWS & ANALYSIS
Rosneft Said to Have Deal for BP’s Russian Venture – NYT
Rosneft is likely to conclude a deal or deals to take effective control of TNK-BP, and its plans could be announced Thursday.
Newsweek to End Print Edition – WSJ
Newsweek, the struggling newsweekly that was sold for $1 two years ago, will drop its print edition after an eight-decade run to become digital-only by year-end.
Newsweek to Cease Print Publication at End of Year- NYT
Newsweek will publish its final print magazine on Dec. 31 and begin an all-digital format, it announced Thursday.
Apple Loses Tablet Copyright Appeal Against Samsung – NYT
Apple has lost its appeal against a ruling that cleared rival Samsung of copying its registered designs for tablet computers, in a decision which could end the two firms’ legal dispute on the subject across Europe.
Sprint Gains Control of Clearwire – NYT
Sprint Nextel will obtain the interests in Clearwire held by Craig O. McCaw’s Eagle River Holdings, simplifying a relationship with Clearwire that has hampered Sprint’s attempts to overhaul its network.
Nokia Posts Loss as Smartphone Sales Lag – NYT
Company executives and analysts attributed the slowdown in Lumia sales to consumers waiting for handsets that run new Microsoft’s software, which it plans to start selling later this year.
Buy Reviews on Yelp, Get Black Mark – NYT
The guide to finding businesses or restaurants is working to end inaccurate listings.
The Common Good publishes a U.S. domestic news digest every weekday, available here.