September 12, 2018 / 10:57 AM / 2 months ago

Wednesday Morning Briefing

Good morning. U.S. industry groups are readying the fight against President Trump’s tariffs, Apple is set to release its latest range of iPhones and a Special Report examines how Trump has reshaped the U.S. refugee program. 

A Saudi man with his body covered with bees poses for a picture in Tabuk, Saudi Arabia September 11, 2018. REUTERS/Mohamed Al Hwaity

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 HIGHLIGHTS

Refugees admitted to the United States from the small European nation of Moldova now outnumber those from Syria by three to one, although the number of Syrian refugees worldwide outnumbers the total population of Moldova. Our latest Special Report looks at how the Trump administration is reshaping the U.S. refugee program.

After months of waging a behind-the-scenes war against President Trump’s trade tariffs that have escalated far beyond what business groups once imagined, more than 60 U.S. industry groups are launching a coalition today to take the fight public.

Trump plans to sign an executive order as soon as today that will slap sanctions on any foreign companies or people who interfere in U.S. elections, based on intelligence agency findings, two sources familiar with the matter said. Read the exclusive.

Hurricane Florence, on track to become the first Category 4 storm to make a direct hit on North Carolina in six decades, howled closer to shore today, threatening to unleash pounding surf, days of torrential rain and severe flooding.

Apple is expected to blast further past the $1,000 price barrier when it launches new iPhones today, but Wall Street is most intrigued by how deep into its larger-than-ever lineup prices hikes may go.

 WORLD

The Turkish Central Bank is expected to raise interest rates tomorrow to calm a currency crisis, but forecasts for the scale of the increase vary widely as the bank balances concerns over lira weakness with worries about an economic slowdown.

The European Union must flex its muscles as a world power, EU chief executive Jean-Claude Juncker said today as he spoke critically of President Trump’s retreat from international engagement

Eleven Republican and Democratic U.S. senators urged President Trump’s administration to “use all tools at your disposal,” including imposing more economic sanctions, to ensure “the immediate, unconditional” release of two Reuters journalists imprisoned in Myanmar. Read the latest on their case here

THE FINANCIAL CRISIS: 10 YEARS AFTER

What is ‘shadow banking’? Why do many think it poses some risk ten years after the 2008 financial crisis? Asia Finance Editor Jennifer Hughes explains in the latest installment of our multimedia series that reflects on what has changed in the ten years since Lehman Brothers’ fall.  

Barney Frank helped craft the post-crisis rules that put banks back on track. In one of our latest podcasts, he talks with John Foley about how politics has made the system more fragile, why populism thrived on the right but fizzled on the left, and what it was like to be one of the few openly gay lawmakers.  

In the run-up to the 2008 financial crisis, millions of amateur investors kept adding fuel to the overheating U.S. housing market by betting on quick profits in hotspots like Las Vegas or Miami. A decade later, house-flipping is making a comeback, but this time in some Rust Belt cities the last boom passed by. 

COMMENTARY

The unnamed insiders who claim to be working clandestinely to resist Trump are not heroes, says Peter Van Buren, a State Department veteran. “No one should join the government to do only things they think are personally right; one serves the United States, and takes an oath to a Constitution."

REUTERS TV

Samsung has opened its biggest mobile store in the world in India, as it tries to take pole position in the world’s fastest growing major market for phones. 

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