January 25, 2019 / 8:43 AM / in 7 months

Morning Briefing

Good morning, join us as we give you a rundown of the latest news out of Davos.

Final Day: 2019 World Economic Forum

Executives from across the global oil industry held a series of closed-door meetings and invited banking bosses and fund managers to discuss two key topics - climate change and pressure from investors. The meeting, held on the sidelines away from official Davos events, focused on generating high enough investor returns and fluffy enough PR to keep critics and regulators at bay. Follow the latest updates and insights from Davos.

“The party if definitely over.” That’s the verdict handed down from Eric Luo, president of China’s solar panel giant GCL System Integration Technology. The international solar power industry is about to lose a major competitive windfall as prices of Chinese-made solar panels begin to recover after a collapse last year.

IMF First Deputy Managing Director David Lipton publicly questioned whether the Fed might feel constrained from lending a hand to other nations in the event of another global financial crisis.

Japan’s central bank chief, Haruhiko Kuroda told the World Economic Forum that fintech companies “may disrupt the banking sector in a serious way. How to deal with this situation, that is a very difficult question.” The complicating factor is simple: Drastic changes in financial technology are bringing a new set of issues for regulators to balance.

Top News

The U.S. Capitol is pictured on day 30 of a partial government shutdown, in Washington, U.S., January 20, 2019. REUTERS/Al Drago

U.S. senators took a second shot at ending a partial month-long government shutdown through a temporary funding bill, but President Trump demanded a “down payment” for a border wall that Democrats reject. After the Senate failed to advance two measures to reopen shuttered agencies, lawmakers from both sides of the aisle urged quick passage of a three-week, stopgap funding bill to create time for talks on border security.

The U.S. will start the process of returning to Mexico those non-Mexican migrants who cross the U.S. southern border while their asylum requests are processed in U.S. immigration courts. The government will return the first group of migrants seeking asylum in the United States to the Mexican border city of Tijuana, U.S. and Mexican officials said, marking the start of a major policy shift by the Trump administration.

The personal life and business dealings of Mexican drug lord Joaquin “El Chapo” Guzman have gone on public display since mid-November at a courthouse in New York, where Guzman faces 17 criminal counts and a possible life sentence. U.S. prosecutors have bolstered their case by calling to the stand law enforcement officers and Guzman’s former associates, including one who says she was his lover and another whose brother was among his top allies. Here are some of the most colorful tales from recent weeks in the courtroom.

A top U.S. official said Washington is seeking to ensure that Venezuelan oil revenue goes to opposition leader and self-declared interim president Juan Guaido, and to cut off money from increasingly isolated President Nicolas Maduro. U.S. support for Guaido prompted Maduro, Venezuela’s leader since 2013, to break relations with Washington and close all of Venezuela’s consulates in the United States.

Scorching temperatures suspended play at the Australian Open tennis grand slam, as a week-old heat wave brought power outages and left streets bare in Melbourne’s business district on what was expected to be the hottest day in a decade. It was the second day that heat had affected play, after the roof at the Rod Laver arena was closed on Thursday for the women’s semi finals match.

Tech News

General Electric is advising some buyers of its big power turbines to switch out faulty blades sooner than expected and has disclosed that a blade broke in 2015, according to a presentation reviewed by Reuters and people briefed on the matter.

The continuing government shutdown is threatening to delay the roll-out of new vehicle models in the United States by stalling required certifications from the Environmental Protection Agency, automakers said.

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