Bz Nwz

Today’s Issue Cluster: Japan Economy

Rail – Sharp rise in West Coast oil trains, fears abound
NatGas – Avoiding Ukraine Pipelines Would Hurt Gazprom
MERS – Guarding Against Disease Among Pilgrims to Mecca



MAJOR DATA POINTS

Germany – May: Jobless rise biggest in five years, mild winter blamed; +24k to 2.9m / R / WSJ / APB



MARKETS

Japan – Parallel between stock and forex markets fades FT *



ECONOMICS

Japan – Shows Resilience to Tax-Rise on Record Confidence Gain FT / B

Japan – Abe Corporate Tax Cut Bid Gains Ground With Ruling Party Support B

Japan – PM to urge company boards to open up in governance push R *

Japan – Reformists face challenge over governance FT *

Japan – Firms starting to put record stockpile of cash to work WSJ / N *

Japan – Lending Abroad Is Key to Profits WSJ *

Japan – Weak exports, not tax hike, could shake BOJ R / wsj

Japan – Risks Low Growth Even as Easing Spurs Inflation B

Japan – Investors Bet Against Retailers WSJ / R * *

Japan – GDP growth accelerates ahead of China in first quarter / b *

Japan – Just 4.6% say they’re better off than year ago / b *

Japan – Making Abenomics Work WSJ *

Japan – Working poor left behind by Abenomics R *

Japan – Having boosted stocks all it can, what’s next for Abenomics? N * * *

Japan – Eating into Their Savings? wsj *



POLITICS & FISCAL POLICY

Japan – Abe’s Strategy: Rearrange Region’s Power Balance WSJ / FT



MONETARY POLICY

BOJ – Kuroda Signals Impatience With Abe Government WSJ / R / wsj / N / R / FT * * * * *

BOJ – Refrains From Easing With Signs Japan Weathering Tax Rise B / WSJ



FINANCE

EU – Banks back in infrastructure loan zone FT *

EU – IPO market flagging FT *



REAL ESTATE

China – Property Slump Worsens WSJ / B / N *

China – Housing sales volume will start a slide that lasts until 2020, analyst says C

China – Housing market going through natural adjustment X

China – Home Price Growth b *



SERVICES

MANUFACTURING

TECH

TRADE & TRANSPORTATION

Rail – Sharp rise in West Coast oil trains, fears abound AP

Rail – In North American towns, some try to stop oil trains R *

Rail – Bakken Shale Oil Safe via Train, Industry Group Says WSJ / AP

Pipeline – US quietly imposes new conditions on Keystone construction AP



COMMODITIES

ENERGY & ENVIRONMENT

NatGas – Gas Terminal Plans Helped Lithuania Negotiate Lower Price From Gazprom WSJ / B / R / FT

NatGas – Avoiding Ukraine Pipelines Would Hurt Gazprom B *

NatGas – Russia’s mega gas deal with China bad news for Australia SMH

NatGas – Rigs Slump as Pipeline Capacity Limits New Drilling B

NatGas – ‘Canadian LNG projects should focus on the right deal, not the first’ G&M *



LABOR & EDUCATION

World – Workers in poor countries have never had it so good e *

World – Counting the cost of forced labour e / q * * * *



HEALTH

MERS – Guarding Against Disease Among Pilgrims to Mecca NYT / R *



ENDNOTE

What are the most overrated films? blm * *



Today’s Issue Cluster: EU Politics & Economics

MAJOR DATA POINTS

US – Apr: Durable goods orders rise on defense, but business spending plans weak; +0.6% from +3.8% / R / WSJ / AP / B / r *

US – Mar: Case-Shiller Home Prices Rise at Slower Pace; +12.4% yr from +12.9% yr / B / AP / r *

US – May: ConfBd Consumer Confidence Index Increased; 83.0 from 81.7 / B / AP / R / r *



MARKETS

Bonds – Market Flips the Script on Risk and Reward WSJ *

Bonds – Central bank trickery sets stocks and bonds at odds FT *



ECONOMICS

Ukraine – EU weighs Russia sanctions from caviar to oil and gas R / WSJ

Ukraine – Diamond Hub Braces for Potential Fallout WSJ *

Ukraine – Russian business community hits out at sanctions FT / NYT / R

Ukraine – Poroshenko Wins Landslide WSJ / NYT / B / R *

Ukraine – Russia, Kiev Take Tentative Step Toward Gas-Price Deal WSJ / AP



POLITICS & FISCAL POLICY

EU – Anti-EU Parties Post Strong Gains WSJ / FT / B / NYT * *

EU – Eurosceptic MEP weight over the last 30 years / b *

EU – Pew Survey Shows Public Support Rebounding WSJ / NYT *

EU – Survey shows gloomy mood of voters FT *

EU – Parliament’s turnout problem ft / S / * * *

EU – Parliament Elected, yet strangely unaccountable E / S * *

EU – Nationalist parties share little common ground e / NYT / NYT *

EU – Le Pen sets sights on Elysée Palace FT / WSJ / FT / WSJ *

EU – Ukip ‘People’s Army’ takes up arms to fight main parties’ big guns FT *

EU – Eurosceptics may be hugely underestimating value membership E *

EU – Evolution of select Euro-Area 2015 GDP forecasts b *

EU – Charting Europe’s Japanification ft * * * * *

EU – UK wealth gap is unchanged, says report FT / FT * * *

EU – Finland and Netherlands display problems at core of eurozone FT *

EU – Piketty findings undercut by errors FT / FT / ft / ft / B / nyt / nyt * *



MONETARY POLICY

ECB – Draghi warns of threat to eurozone recovery FT / WSJ / AP / NYT / B

ECB – Yellen’s low rates gift is Draghi’s burden FT

ECB – ‘Unlikely to fire the big bazooka’ FT / B *

ECB – Plans Negative Rate on Bank Deposits S / B / WSJ

ECB – ‘Having promised action, the central bank will have to deliver it in June’ E *



FINANCE

Islamic Finance – Fast-growing industry has fierce competition FT / FT * * *



REAL ESTATE

SERVICES

MANUFACTURING

TECH

TRADE & TRANSPORTATION

COMMODITIES

ENERGY & ENVIRONMENT

Carbon – EPA Set to Unveil Climate Proposal WSJ / NYT / Hill / R *

Carbon – Four in 10 European carmakers set to miss emissions target FT

Carbon – The ‘black hole’ of Chinese trading FT *



LABOR & EDUCATION

HigherEd – For-Profit Colleges Face Test From State, Federal Officials WSJ *



HEALTH

Pharma – Pfizer admits defeat in AstraZeneca pursuit FT / WSJ / R / B * *

Pharma – ‘How Pfizer snatched defeat from victory’ FT / R / FT *

Pharma – A bitter pill as China crackdowns squeeze margins R *

Pharma – US health insurers say Gilead hepatitis C drug too costly R *



ENDNOTE

The most lethal actors of all time wapo *



Today’s Issue Cluster: Asia

Gaming – Taxing times for pachinko as Japan considers casino gamble
TVs – Manufacturers turning away from OLED
Rail – TransCanada will look to rail if Keystone blocked, president says



MAJOR DATA POINTS

Germany – May: Ifo business confidence slips back; 110.4 from 111.2 / AP / WSJ / B / m *

US – Apr: New home sales rebound, inventories at 3-1/2 year high; +6.4%, -4.2% yr / R / WSJ / B / cr *



MARKETS

Asia – India: ‘Modi Mania’ propels stock market into world’s top 10 FT *

Asia – Vietnam: Surging Stock Market Shows Its Soft Spot WSJ *

Asia – Malaysia: Investors Wary WSJ *



ECONOMICS

Asia – Addicted to debt FT * *

Asia – How China Is Eclipsing Japan wsj *

Asia – Factory Floor Surveys Augur Ill for Exports wsj *

Asia – Consumer goods makers rush for Mekong gold N *

Asia – Indonesia: To face opportunity, risk as population grows by a third R

Asia – Philippines: Two-year construction boom shows signs of slowing FT *

Asia – Sri Lanka: Needs China’s soft power for firmer growth N *



POLITICS & FISCAL POLICY

Asia – Thailand: Sanctions in prospect as generals take power FT / WSJ / WSJ *

Asia – Thailand: Unrest spurs Honda unit to cut output and delay new plant R

Asia – Thailand: Coup crisis could cost medical tourism crown R / AP

Asia – Thailand: Most Investors Shrug Off Coup WSJ *

Asia – Vietnam: Riots land another blow on the global supply chain FT *

Asia – China: Growing territorial tensions explained / b *

Asia – Indonesia: Islamic Political Parties Made A Comeback in Election WSJ *



MONETARY POLICY

TCMB – Unexpectedly Cuts Benchmark Rate B / WSJ / FT * *



FINANCE

Asia – Wealth Explosion Draws Private-Banker Swarm WSJ *

Asia – China: Banks line up extra capital cushion FT

Asia – Japan: 3 megabanks see record net profits on increased overseas earnings N *



REAL ESTATE

SERVICES

Gaming – Taxing times for pachinko as Japan considers casino gamble R / WSJ *

Gaming – Malaysia’s Genting to take $4b gamble on Vegas FT

Gaming – US casino billionaires place bets in Japan’s tale of two cities R

Gaming – Online Gambling Suffers Setback WSJ

Gaming – Report finds 4 out of 5 sporting bets are placed illegally FT / e *



MANUFACTURING

TECH

TVs – Manufacturers turning away from OLED N *



TRADE & TRANSPORTATION

Rail – TransCanada will look to rail if Keystone blocked, president says G&M / R / FP

Rail – Secrecy of Oil-by-Train Shipments Causes Concern WSJ *



COMMODITIES

Crops – Planting Corn at Warp Speed Using High-Tech Tools WSJ *

Crops – Oregon counties ban genetically modified seeds AP

Crops – Rubber fit to burst as supply glut grows FT *

Crops – Olive Oil Prices Are on the Rise WSJ *



ENERGY & ENVIRONMENT

Coal – Investors Bet on Indonesia, Despite Price WSJ *

Coal – Australia approves A$16b mine despite Barrier Reef fears FT

Coal – Missing Boom as US Climate Foes Clean Asia’s Backyard B

Coal – Cleaner air could mean higher electric bills AP



LABOR & EDUCATION

US – Skilled Foreign Workers a Boon to Pay, Study Finds WSJ *



HEALTH

MERS – Saudi Arabia takes heat for spread of virus R *



ENDNOTE

Basic license plate sizes worldwide motw *



Today’s Issue Cluster: Natural Gas

China – 14% of urban jobs are in real estate
States – Revenues still not at pre-recession levels in 26 of 50
Fed – Is Bernanke Secretly Still Conducting Monetary Policy?



MAJOR DATA POINTS

China – May: HSBC Manufacturing PMI Rises; 49.7 from 48.1 / WSJ / B / R *

EZ – May: Markit PMI Slows Slightly, Boosting Case for ECB Action; 53.9 from 54.0 / WSJ / NYT / FT / B / m / r * *

UK – Q1: Consumers Drive Recovery; +0.8% from +0.7% / B

US – Apr: Existing Home Sales Rise For First Time in 2014; +1.3, -6.8% yr / AP / B / WSJ / r

US – Apr: ConfBd posts gain; +0.4% from +1.0% / AP / B

US – Week: Jobless Claims Rise; +28k to 326k / WSJ / AP / R / B / r *



MARKETS

ECONOMICS

POLITICS & FISCAL POLICY

States – Revenues still not at pre-recession levels in 26 of 50 R *

States – Property-Tax Collections Rising at Fastest Pace Since Crash B / cr *



MONETARY POLICY

Fed – Officials Troubled by Housing Weakness NYT / WSJ / AP / R / B / FT / WSJ *

Fed – Is Bernanke Secretly Still Conducting Monetary Policy? bi *



FINANCE

Mobile Payments – Revolution is still to take off FT / bi *



REAL ESTATE

China – Moody’s Cuts View on Property Sector WSJ

China – Property Developers Feeling Squeeze WSJ *

China – 14% of urban jobs are in real estate q *

China – Property slowdown spells trouble for Asia bonds FT

China – ‘Real estate is in real trouble’ r *

China – ‘Housing market not to crash’ X



SERVICES

Media – Netflix to launch in six more European countries this year R / FT / WSJ / AP / NYT / B

Media – Redbox Tries to Break Out of Its Box WSJ *



MANUFACTURING

TECH

Google – EU Antitrust Chief Casts Doubt on Deal Over Rivals’ Links NYT / FT

Google – ‘EU Court Ruling a Victory for Privacy’ S *

Google – Plans to spend up to $30b on foreign acquisitions FT / AP / wsj

Google – Pips Apple in popularity FT *



TRADE & TRANSPORTATION

Ship – Expect Overcapacity In Container Shipping Until 2017: Maersk CEO WSJ / FT / WSJ



COMMODITIES

Lead – Poised for polish and price shift FT *

Aluminum – Poised for price rise on Indonesia export ban FT *

Iron – Glencore hits out at rivals’ output growth FT

Copper – Miner Freeport Pressured by Water Costs as Prices Slide WSJ * *

Gold – Indian Investors Sell WSJ *



ENERGY & ENVIRONMENT

NatGas – China and Russia sign deal FT / NYT / B / AP / R / WSJ / NYT / FT / WSJ / FT / RT * * * * *

NatGas – Why Putin needs the Gazprom deal ft * * * * * *

NatGas – China’s Deal with Russia Could Benefit Rest of Asia WSJ *

NatGas – EU Urges Russia Not to Disrupt Flows to Ukraine WSJ

NatGas – EU Outlines Plans to Wean Itself Off Russian Supplies WSJ

NatGas – Pipeline through Bulgaria tests EU resolve on Russia MW *

NatGas – Lithuania Hopes to Break Free of Russian Monopoly NYT

NatGas – Japan Looks to Stay on Tap for Russian Energy WSJ *



LABOR & EDUCATION

UK – Better training for low paid key to productivity, think-tank says FT *

UK – Labour market in charts ft * * * * * * * *



HEALTH

Pharma – AstraZeneca battles to shore up support for Pfizer rejection FT / FT / FT *

Pharma – US healthcare law encourages drug M&A FT



ENDNOTE

Periodic table distorted by how abundant each element is on earth cp *



Today’s Issue Cluster: US Economy

Ukraine – In Taking Crimea, Putin Gains a Sea of Fuel Reserves
Turkey – Alarm Over Istanbul’s Building Boom
E-Cigs – Boost quitting success among smokers, study finds



MAJOR DATA POINTS

Japan – Apr: Trade Deficit Shrinks as Imports Rise Least in 16 Months; -¥0.8t from -¥1.4t / WSJ / B / AP



MARKETS

Bonds – Africa loses honeymoon feeling FT *

Bonds – ‘Dash for trash’ lifts unrated debt sales FT *



ECONOMICS

US – Trade Bank Pits Some Firms Against GOP WSJ *

US – Household Debt Increases WSJ *

US – Philly Fed: State Coincident Indexes increased in 47 states in April cr *

US – Frugal consumers make it tough for food companies to raise prices R

US – Housing Makeover Downsizes GDP Growth Outlook wsj *

US – One reason the auto market has bounced back faster than housing ft ** *

US – Rise in Consumer Debt Suggests Growing Confidence NYT *

US – Income Tax Yo-Yo Hits States WSJ *

US – Housing Starts Rose 13.2% in April WSJ *

US – AIA: “Contraction in Architecture Billings Index Continues” cr *

US – Mortgage, Home-Equity Woes Linger WSJ / AP / cr * *

US – Housing Investors Settle Into a Holding Pattern WSJ *

US – 8 in 10 Manhattan home sales are all-cash wapo / b * *

US – Workers Try a New Tactic in Minimum-Wage Fight WSJ *

US – CBO: Minimum wage boost would cost firms $15b AP



POLITICS & FISCAL POLICY

Ukraine – Locals get angry with pro-Russia separatists AP / WSJ / FT / WSJ / R / FT / WSJ *

Ukraine – Airbus Explores Titanium Supply Options Amid Russia Sanctions WSJ

Ukraine – In Taking Crimea, Putin Gains a Sea of Fuel Reserves NYT *



MONETARY POLICY

Fed – Rate-Change System Up for Revamp WSJ / FT / WSJ *



FINANCE

Credit Suisse – Woes go beyond $2.6b fine FT / NYT / FT / WSJ / FT * * *

Deutsche Bank – Investors worry about its ability to ride out the fixed-income drought FT * *



REAL ESTATE

Turkey – Alarm Over Istanbul’s Building Boom NYT



SERVICES

E-Cigs – Boost quitting success among smokers, study finds R / NYT

E-Cigs – Blu Ecigs UK chief expects few sellers to survive FT



MANUFACTURING

Aerospace – General warns of US vulnerability FT / WSJ / WSJ



TECH

Security – US companies may see China backlash over cyber spying charges R / NYT / WSJ / NYT *



TRADE & TRANSPORTATION

TPP – Talks End With Little Progress WSJ / WSJ

TTIP – Ceding Red Tape on Drugs Proves Tough WSJ *



COMMODITIES

ENERGY & ENVIRONMENT

LABOR & EDUCATION

EU – ‘Immigration debate masks benefits to top economies’ R *

EU – Permanent Migration to Germany Up Nearly 40% in a Year, Says OECD WSJ / FT / R * *

EU – Germany at full employment yet wage growth & inflation slowing / b *



HEALTH

ENDNOTES

Statistics 101: Type I and II errors simplified fd *



Today’s Issue Cluster: Food & Beverage

Security – Never Forgetting a Face
Mining – China ups the ante with unsolicited bids for Australian resources
MERS – Foreign doctors, nurses in Saudi Arabia could take virus global



MAJOR DATA POINTS

MARKETS

Stocks – Modi’s win a red flag to India market bulls FT *



ECONOMICS

Africa – Foreign investment set to reach record FT / WSJ * *

Africa – China Takes Wary Steps Into New Deals WSJ *

Africa – China Inc. Moves Factory Floor WSJ *

Africa – Rising inequality weighs on new consumers FT * *



POLITICS & FISCAL POLICY

Vietnam – Anti-China protests expose weaknesses FT / WSJ *



MONETARY POLICY

FINANCE

US – Credit Suisse to plead guilty in tax case FT / WSJ / NYT

EU – Commission charges HSBC, JPMorgan, Credit Agricole with rigging FT / R



REAL ESTATE

UK – London house prices climb 17% FT / m *

UK – Housing market has deep problems, says BoE’s Carney R / WSJ / B



SERVICES

F&B – Pepsi Challenges Coke in More Tappable Soda Fountain NYT / NYT *

F&B – Lithuania Bans Energy Drinks Sales to Minors WSJ

F&B – The US coconut-water craze q *

F&B – Consolidation brewing in the coffee market FT

F&B – Powdered alcohols don’t have approvals AP *

F&B – Campari toasts US cocktail’s renaissance FT

F&B – China ‘erotic sector’ crackdown threatens global cognac industry FT / q * *

F&B – Glass half empty for Germany’s proud beer industry R

F&B – Regional macrobrews fd *



MANUFACTURING

Space – Satellite pinpoints US’s Russian dependence FT * *



TECH

Security – US cyber charges risk retaliation from Beijing FT / B / WSJ / R / AP / NYT / FT / WSJ / NYT / B / R

Security – Never Forgetting a Face NYT *



TRADE & TRANSPORTATION

COMMODITIES

Iron – Hits 20-month low on China concerns FT / FT *

Iron – India court orders temporary closure of some Odisha mines R / WSJ *

Gold – Risk Appetite Leaves Gold in the Cold WSJ *

Gold – Deals Remain Likely Despite Barrick-Newmont Merger’s Collapse WSJ *

Mining – China ups the ante with unsolicited bids for Australian resources R / SMH *



ENERGY & ENVIRONMENT

Earthquakes – Multiple Tremblors are Biggest Threat to Bay Area WSJ *

Earthquakes – Deadliest by year, 1990-2012 r *



LABOR & EDUCATION

Switzerland – Opts to maintain no minimum wage by wide margin NYT / R / FT / WSJ / AP / B / afp *



HEALTH

MERS – First US Person-to-Person Transmission WSJ / AP

MERS – Foreign doctors, nurses in Saudi Arabia could take virus global R

MERS – Scientists worry about milder cases R

MERS – World Health Organization: Not an emergency AP / WSJ / AP



ENDNOTES

Books about Africa have the same tree q / q * * *



Today’s Issue Cluster: India

China – Ageing warehouses lure global investors
Google – EU President hopeful Schulz urges checks on power
Rail – Trains for grains scarce on the US Plains



MAJOR DATA POINTS

Japan – Mar: Core machinery orders jump; +19.1% / R / B / b *



MARKETS

Stocks – Investors shun over eurozone fears FT * *

Stocks – US small-caps fall raises bull run doubts FT / WSJ * *

Stocks – Tech Firms’ Cash Piles Cool Fears of a Meltdown WSJ *



ECONOMICS

EU – Eurozone officials pin their hopes on a new regulatory toolkit FT * *

EU – Spain: Looks set to return old guard FT * * * *

EU – Portugal: Caught out by blip in economic recovery FT *



POLITICS & FISCAL POLICY

India – Modi and BJP sweep to power in Indian election FT / WSJ / NYT / B / AP / R / R * * * * *

India – New government set to inherit wobbly economy R / WSJ / WSJ * *

India – Landslide puts pressure on Modi FT * * * *

India – ‘Open for Business’ Bn *

India – Petty entrepreneurs face uncertain future FT *

India – Has not matched the growth of other developing nations FT * * *

India – Modi’s manufacturing push cheers steel makers R *



MONETARY POLICY

RBI – What if Modi’s a tease? ft * * *



FINANCE

India – Rising bank stress threatens economic recovery FT

India – Government advised to cut stakes in public banks FT / FT * *



REAL ESTATE

China – Housing Market Shows Additional Signs of Distress WSJ / B / R *

China – CRIC data shows April property prices slowing sharply in China’s top tier cities / b *

China – April sales adding fuel to fears of property bubble B/CD *

China – Debt Risks Come to Fore in Housing Project WSJ *

China – ‘Three time bombs in property bubble’ ft * * * * *

China – Ageing warehouses lure global investors R *



SERVICES

TV – AT&T to buy DirecTV for $48b FT / WSJ / AP / R / B / NYT *



MANUFACTURING

Autos – Age of mega supplier heralds danger for carmakers FT *

Autos – Europe’s Car-Parts Sector Set to Overtake Its Customers WSJ *



TECH

Google – German official mulls break up AP / FT

Google – EU President hopeful Schulz urges checks on power R

Google – Settles Apple patents battle FT / R / WSJ



TRADE & TRANSPORTATION

Rail – Trains for grains scarce on the US Plains R *

Truck – Revved up amid train traffic jam, a capacity crisis revealed R



COMMODITIES

Crops – Expected Shortfall Gives Sugar a Boost WSJ

Crops – Coffee fungus raising prices for high-end blends AP

Crops – Brazilian Exports Cool Coffee’s Rally WSJ *

Crops – El Nino a looming wild card for commodities G&M



ENERGY & ENVIRONMENT

LABOR & EDUCATION

HEALTH

Demog – India: Rural Workers Have Fewer Incentives to Move to Cities WSJ * *



ENDNOTES

Modi also won in the fashion race q * *



Today’s Issue Cluster: Oil

E-Cigs – Citi: A deceleration in growth
Air – Showdown in Asia’s budget skies
US – Fed Banks Report Falling Farmland Values



MAJOR DATA POINTS

EZ – Mar: Trade Surplus Narrowed; +€17b from €22b yr / WSJ / eu *

US – Apr: Housing starts up sharply; +13.2% from +2.0% / R / WSJ / B / AP / r / r * *

US – May: UMich consumer sentiment slips; 81.8 from 84.1 / R / B / r *



MARKETS

Bonds – Market investors hurt by pain trade FT *

Bonds – US corporates: yielding to temptation FT *

Bonds – Interest Rates Sink Globally in Expectation of Stimulus WSJ *



ECONOMICS

World – Global Growth Worries Climb WSJ *

World – Bank eyes biggest global poverty line increase in decades FT * * *

EU – Germany’s economy powers ahead as France and Italy fall behind FT * * *

EU – France and Germany: Europe Divided WSJ * * * *

EU – Full Recovery Still Years Away for Many in Euro Zone NYT *



POLITICS & FISCAL POLICY

South China Sea – Vietnam manufacturers caught in crossfire of anti-China protests FT / WSJ / wsj / B / WSJ / CD *

South China Sea – Apple supplier halts production in Vietnam FT

South China Sea – China Moves Unilaterally NYT / WSJ *

South China Sea – As Anger Over Chinese Rig Rises, Hanoi Has Few Options WSJ *

South China Sea – China Begins Construction in Spratly Islands WSJ / WSJ * *



MONETARY POLICY

Fed – Inflation Picks Up, Stirring Talk on Policy WSJ



FINANCE

REAL ESTATE

US – Squeezed middle behind housing slump FT * * * *

US – Homebuilder sentiment falls in May to lowest level in a year / r *

US – Fed Banks Report Falling Farmland Values WSJ / R *



SERVICES

Cigs – Report slams US tobacco child labour FT

E-Cigs – Senators warn of carcinogen risk AP

E-Cigs – Citi: ‘A deceleration in growth’ bi *



MANUFACTURING

TECH

Internet – FCC Advances New Broadband Rules FT / WSJ / NYT / R / B / AP / NYT / WSJ *

Internet – Lawmakers Struggle Over Web Tax WSJ *



TRADE & TRANSPORTATION

Air – Malaysia Airlines Grapples With Financial Difficulties WSJ * *

Air – Showdown in Asia’s budget skies N / N / E * * * *

Air – JetBlue CEO in Hot Seat as Airline Lags Rivals WSJ *



COMMODITIES

ENERGY & ENVIRONMENT

Oil – OPEC May Struggle to Meet Rising Demand WSJ / FT / WSJ

Oil – Saudi Faces Summer Heat Challenge B *

Oil – More crude from Saudi Arabia, Iraq and Libya drove OPEC output up 160,000 bpd / r *

Oil – Middle East’s Advantage bi *

Oil – Why Prices Haven’t Gone Crazy BW *

Oil – US imports fell to a 29-year low in Q1 cd *

Oil – US Considers Lifting Export Ban WSJ / WSJ *

Oil – Mexico Outlines New Policies for Private Firms WSJ

Oil – Cars Drive China’s Demand as Industry Slows WSJ *



LABOR & EDUCATION

HEALTH

ENDNOTES

Which export makes the most money for every country GP *



Today’s Issue Cluster:

MAJOR DATA POINTS

MARKETS

Commodities – Wall Street banks count trading profits FT *



ECONOMICS

China – Glaxo Chief Accused of Ordering Staff to Commit Bribery WSJ / FT *

China – Benefits of Shanghai free-trade zone still shrouded in mystery FT *



POLITICS & FISCAL POLICY

Ukraine – Sanctions put squeeze on Russia loans FT

Ukraine – Russian space threat may boost US rockets FT / WSJ

Ukraine – Energy sanctions aim to hurt Russia more than the west FT *

Ukraine – Russian Slowdown to Shield Europe From Gas Cuts B

Ukraine – Moscow, Kiev Gas Price Could be Agreed by End of May WSJ

Ukraine – China Gets Upper Hand in Russia Gas Deal WSJ *

Ukraine – Natural resources’ contribution to Russia GDP r *



MONETARY POLICY

BOE – Forecasts Signal Rate Rise Next Year WSJ / r / NYT / WSJ / m * *

BOE – Bank’s Inflation Report in five key charts ft * * * * *

BOE – Confusion reigns in the face of three inflation reports FT *



FINANCE

China – Banks Are Turning to Preferred Shares WSJ *



REAL ESTATE

UK – London luxury housing market ‘cooling,’ estate agents warn FT



SERVICES

MANUFACTURING

TECH

Internet – Net-Neutrality Plan to Put FCC in a Thicket It Has Avoided WSJ / WSJ

Internet – Netflix’s share of peak Internet traffic rises to 34% AP / WSJ



TRADE & TRANSPORTATION

COMMODITIES

Platinum, Palladium – Prices Rally on South Africa Strike Worries WSJ

Nickel – Prices Dive as Investors Take Profits WSJ *



ENERGY & ENVIRONMENT

LABOR & EDUCATION

EU – Number of Illegal Migrants Rose Sharply in 2013 WSJ / FT *



HEALTH

Pharma – Advocating Pill, US Signals Shift to Prevent AIDS NYT



ENDNOTES

The Most Commonly Spoken Language in Each State Besides English and Spanish slate *



Today’s Issue Cluster: Shale

China – Nobody’s home in 10.2m apartments, survey finds
ECB – Readies package of rate cuts and targeted measures
China – Wheat-growing north produces individualists and its rice-growing south is clannish



MAJOR DATA POINTS

EZ – Mar: Industrial Output Falters; -0.3%, -0.1% yr / WSJ / m *

UK – Q1: UK unemployment drops to 5 year low; 6.8% from 7.2% / AP / R / r *

US – Apr: Producer prices post largest gain in 1-1/2 years; +0.6% from +0.5% / R / WSJ / AP / B / r *



MARKETS

Mortgages – Bulls trample on quality of CMBS deals FT *

Mortgages – Worry Wanes About CMBS Reckoning WSJ *

Mortgages – US Backs Off Tight Mortgage Rules WSJ *



ECONOMICS

POLITICS & FISCAL POLICY

Australia – Debates Whether It Has a Debt Crisis WSJ *

Australia – Unveils austerity budget to tackle deficit FT / B * *



MONETARY POLICY

ECB – Readies package of rate cuts and targeted measures R / NYT / r *

ECB – Bundesbank Willing to Back Stimulus WSJ *

ECB – Draghi performs another euro conjuring trick FT *



FINANCE

US – Prosecutors push for $3.5bn BNP fine for violating sanctions FT / B / WSJ *



REAL ESTATE

China – Property sector slowdown adds to fears FT / NYT / b *

China – Factories, electricity generators, cement kilns, all slowing / b *

China – Hangzhou offers window on to China’s property woes FT *

China – Central Bank Prods Lenders on Mortgages WSJ / B

China – Nobody’s home in 10.2m apartments, survey finds CD *



SERVICES

MANUFACTURING

TECH

Google – Privacy ruling threatens shake-up FT / WSJ / NYT / R / B *



TRADE & TRANSPORTATION

Rail – Where’s the Fertilizer? Some Farmers Grow Worried WSJ * *

Rail – Canadian Canola Farmers Feeling Crushed WSJ



COMMODITIES

Steel – US imports surge nearly 26 per cent in Q1 on shale boom FT / WSJ *

Steel – Are cheap imports killing American jobs? wapo * *



ENERGY & ENVIRONMENT

Shale – US reverses 40-year decline in crude oil output in just 5.5 years cd *

Shale – The Future of the U.S. Oil Boom Is Anyone’s Guess 538 *

Shale – Smaller Drillers With Tight Focus On Quality of Sites Appeal to Investors WSJ / WSJ *

Shale – EPA eyes new disclosure rules for fracking chemicals FT / WSJ *

Shale – Fracking Regulation bp *

Shale – Radioactive Waste Is New ND Problem WSJ

Shale – Deadly side effect to fracking boom AP

Shale – Ohio Geologists Link Fracking With Earthquakes WSJ *

Shale – Labor Shortage ‘Imperils Boom’ B

Shale – Mexico’s prospective boom will be a long time coming E *

Shale – North America leads in production, China in reserves N *

Shale – China Boom Seen by Honghua as Pollution Cuts Coal Use B

Shale – China Takes on Big Risks in Push NYT

Shale – Freedom to frack plan set to spark UK backlash FT / FT

Shale – Britain Confronts Gas Mother Lode With Fracking by Lord Browne B *



LABOR & EDUCATION

HEALTH

Alcohol – Kills one person every 10 seconds worldwide: WHO AFP / bi / e / afp * * *

Alcohol – Most dangerous drug cd * *



ENDNOTES

China’s wheat-growing north produces individualists and its rice-growing south is clannish SCMP *