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Monday Morning Briefing
March 13, 2017 / 11:18 AM / in 8 months

Monday Morning Briefing

U.S. President Donald Trump’s 2018 budget will call for domestic cuts that would pay for a military build-up. Some fiscal conservatives are cheering him on while others in his party fear Trump's budget could force them to back reductions in popular programs such as aid for disabled children and hot meals for the elderly. Others, including members of the Freedom Caucus, say the budget isn’t austere enough.

Demonstrators clash with riot police during running battles in the streets near the Turkish consulate in Rotterdam, Netherlands March 12, 2017. REUTERS/Dylan Martinez TPX IMAGES OF THE DAY

Japan plans to send its largest warship - the Izumo helicopter carrier - on a three month tour through the South China Sea in its biggest show of naval force in the region since World War Two. Meanwhile, Philippine President Rodrigo Duterte has ordered the navy to put up "structures" to assert sovereignty over a stretch of water east of the country where Manila has reported a Chinese survey ship was casing the area last year.

Turkish President Erdogan said on Sunday that the Netherlands was acting like a "banana republic" and should face sanctions for barring Turkish ministers from speaking in Rotterdam. Erdogan is looking to the large number of Turks living in Europe to help secure victory next month in a referendum that would give the presidency sweeping new powers.

Forecasters put the U.S. East Coast from New York City to Boston on a blizzard watch starting as early as Monday night, with authorities warning residents to prepare for the possibility of widespread power outages, road closures and flight disruptions.

In the race to curb climate change, cities outpace governments.

Katie McCloughlin lies with Topsy, her English Setter, during the third day of the Crufts Dog Show in Birmingham, Britain, March 11, 2017. REUTERS/Darren Staples

Katie McCloughlin lies with Topsy, her English Setter, during the third day of the Crufts Dog Show in Birmingham, Britain, March 11, 2017. REUTERS/Darren Staples

Business

Intel has agreed to buy Israeli technology firm Mobileye for $14-$15 billion, the largest ever acquisition of an Israeli high-tech company. The two companies are already collaborating with BMW on a project to put a fleet of around 40 self-driving test vehicles on the road in the second half of this year.

"You don't need any intrigue or fundamental shifts in beliefs about the economy to realize why a rate increase might be likely," Jon Faust, Johns Hopkins University professor and former Fed adviser on the central bank's plans.

Toshiba is seeking to extend its Tuesday deadline for submitting official third-quarter earnings due to disagreements with auditors over issues at its U.S. nuclear unit Westinghouse, sources familiar with the matter said.

BlackRock, which wields outsized clout as the world's largest asset manager, is planning to put new pressure on companies to explain themselves on issues including how climate change could affect their business as well as boardroom diversity.

Oil prices dropped to their lowest in three months on Monday despite OPEC efforts to curb crude output, dragged down as U.S. drillers kept adding rigs.

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