World Economic News

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Free Trade Roils Presidential Race in Complex Ways

The battle lines aren't easy to draw. Donald Trump's trade agreement-bashing speech this week sparked a battle with the traditionally pro-Republican U.S. Chamber of Commerce - though Hillary Clinton has also been skeptical of trade with China. At a summit in Canada, President Obama emphatically defended trade deals, pushing greater North American cooperation as agreements with the EU become snarled in Brexit chaos. He'll battle with Bernie Sanders' forces to make sure the Democratic Party's platform doesn't rebuke his administration's Trans-Pacific Partnership at next month's convention.

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   Hershey Rejects $23 Billion Takeover Bid


Kiss that deal goodbye. Snack giant Mondelez International, owner of rival Cadbury, made the iconic American chocolate maker a sweet offer: $23 billion dollars to merge and create the world's biggest confectioner. But though Mondelez reportedly pledged to take Hershey's name and move the combined headquarters to its Pennsylvania hometown, the chocolatier didn't sugar-coat its unanimous refusal. Hershey's stock closed Thursday at an all-time high anyway, signaling investor confidence that another deal could still happen - but any suitor will have to sweet-talk the buyout-resistant family trust.

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   India's Exports Evolving From Calls to Cars

Who wants to be sub-anything when it comes to trade? India's exports have transformed the nation from a charity case to an economic force to be reckoned with. But its goods have largely been intellectual, like customer service or professional work, and now Prime Minister Narendra Modi is urging Indians to "Make in India." Like its manufacturing behemoth frenemy China, the country's starting to crank out durable goods like motor vehicles, and if Modi succeeds in doubling his ports' shipping capacity by 2020, India could become an export continent unto itself.

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EU Instability Could Sink Italian Economy

Was Britain the first domino? Many fear that given the ongoing Italian bank crisis, the U.K.'s economic dive - and corresponding fears about EU instability - could bring the boot down on Italy as well. The European Union instituted new banking rules in January that prohibit saving failed banks with public money, but Italian Prime Minister Matteo Renzi is threatening to throw billions at the problem anyway, in a blow to the EU's authority. With bank stress tests due this month, pressure is mounting on thus-far-unmoved European officials

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Kevin Durant to Sign Two-Year, $53.4 Million Deal With Warriors
It's almost unfair. Golden State, which broke the NBA record with 73 regular season victories but fell one win short of the championship, just became next year's overwhelming favorite with the announcement that they've snagged the gem of the free agent class. The 2014 MVP had been wooed by many other teams, but was ultimately drawn in by the evident joy of Stephen Curry and his ball-sharing cohorts. Durant had advanced deep into the playoffs with Oklahoma City but is still chasing his first title.

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How to Buy Your Neighbor's Solar Energy With E-Currency


Here comes the sun. Neighbors in Brooklyn are test-driving a way to buy local solar-powered electricity using online credits and blockchain technology. The interface that brought you Bitcoin is facilitating the exchange of energy credits, evading laws barring peer-to-peer energy sales and allowing the New Yorkers to keep their clean energy local rather than paying far-flung companies. So-called microgrids could also be useful if a disaster - natural or otherwise - were to take out the main power grid.

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   IEA: Middle East Is Dominating Oil Markets


Nice try, Canada. Despite focus on the rise of North America as a petroleum producer, the International Energy Agency warns that the Middle East is still the most important region for energy production, accounting for 34 percent of the world's oil - the highest market share they've had since 1975. Their 31 million barrels a day output has been maintained via OPEC, whose determination not to slash production in the wake of crude's free fall has deepened the price plunge and is expected to keep demand growing.

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   Fiat Chrysler to Retool Midwest Plants, Create 1,000 Jobs

They're taking a new route. The world's seventh-largest automaker plans to spend $1 billion updating manufacturing plants in Ohio and Illinois as part of a plan to reorganize production. At its Toledo Assembly North Plant, the firm's spending $700 million to expand annual Jeep Wrangler production from 240,000 to 350,000, including a new Wrangler pickup model, and Cherokee production will shift to Belvidere, Illinois. The two plants combined employ 4,800 hourly workers. CEO Sergio Marchionne sought to ease concerns by promising no job losses and 1,000 new positions.

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   GOP Rules Committee Faces Trump Showdown

Have they got the Trump card? The Republican National Convention Rules Committee just might. The 112-member panel meets Wednesday, less than a week before the Cleveland confab. Members are considering freeing delegates on the first ballot, possibly giving "Stop Trump" forces a shot at picking an alternate nominee. In the wake of his campaign retweeting a seemingly anti-Semitic image and Trump reiterating his praise for Saddam Hussein, Republicans may be looking for any life raft they can grab - but it may be too little, too late to stop the Teflon Don.

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Real World Economics Could Ruin 'Pokemon Go'

Gotta catch 'em all ... and sell 'em at a profit. While "Pokemon Go" is in its infancy, economists are already looking to the future - and it doesn't look bright. Game economies, unlike the real-life variety, afford high levels of control. But many worry that the upcoming Pokemon economy, which will allow trading, will soon be divided between casual players and Pokemoguls with lots of money or time to invest. That fosters inequality that spoils the fun for new players - something game developer Niantic is eager to prevent.