Tuesday, October 15

ByKevin Sheekey

The Rise of Renewables: The U.S. ‘Green Economy’ Is Now Worth $1.3 Trillion; 7% of Annual GDP (Bloomberg)

A new national database for clean business says U.S. industry is leading the way in the green economy, and China isn’t far behind.

Almost 9.5 million Americans, or about 4% of the workforce, are employed in a “green economy” that generates $1.4 trillion in annual revenue, or about 7% of U.S. annual GDP.

The numbers rose more than 20% over the 2013-2016 fiscal years, led by the renewable energy sector. Growth was also seen in already established environmental businesses, including air pollution, recycling and waste management, land remediation and water treatment.

UK Renewables Generate More Electricity than Fossil Fuels for First Time (Carbon Brief)

Coal Bankruptcies Pile Up as Utilities Embrace Gas, Renewables (Wall Street Journal)

Despite President Trump’s promise to boost coal, at least seven large coal producers have filed for bankruptcy since October 2018 as utilities move to renewables.

Reader Note:  Follow the headlines all day long on my website, SheekeyDaily.com, where you can also sign up for my daily newsletter.


Economy watch.

Another Cut: Trade Woes Push IMF Global Growth Outlook to Decade-Low of 3% (Bloomberg)

The International Monetary Fund made a fifth-straight cut to its 2019 global growth forecast, citing a broad deceleration across the world’s largest economies as trade tensions undermine the expansion.

The forecast for this year would be the weakest since 2009, when the world economy shrank, as the fund chopped projections from the U.S. and Europe to China and India.

Bank Earnings Kickoff: JPMorgan Posts Trading Surge, Surprise Jump in Banking Fees (Bloomberg)

Goldman’s Third Quarter Haunted by Uber as Traders Post Bigger Gains (Bloomberg)

Citigroup Drops as Expenses Climb – Trading, Investment Banking and Cards Beat Estimates (Bloomberg)


Brexit – 16 Days Away.

EU, U.K. Seek Brexit Deal by Midnight Tuesday (Bloomberg)

Talks will continue throughout the day in Brussels as the two sides try to agree on how far Northern Ireland will be detached from the EU’s customs union — something that risks incurring the opposition of the Democratic Unionist Party, whose support will be vital for any deal to pass.

The Hard Brexit Threat to World Markets Remains Too Huge to Ignore (Bloomberg)


Today in Trade.

China Ties Agriculture Binge to Trump Reducing U.S. Tariffs, Unlikely to Reach $40-50 Billion Touted by Trump (Bloomberg)

Editorial: Trade-War Progress Would Be Welcome, If It’s Real (Bloomberg Opinion)

The U.S. hasn’t achieved much in the latest round of talks, despite claiming otherwise.


Impeachment watch.

Gaining Speed: House Democrats Tap an Impeachment Gusher (Axios)

Democrats are moving fast. Letters to potential witnesses reveal the breadth and speed at which the inquiry is unfolding, a stark contrast to the Mueller report which stretched over nearly two years.

The probe now reaches into the Pentagon, with Democrats sending a letter demanding the appearance of Acting Assistant Defense Secretary for International Security Affairs Kathryn Wheelbarger.

Ex-White House Adviser to Congress: Trump National Security Adviser Called Ukraine Efforts ‘A Drug Deal’ (New York Times)

The effort to pressure Ukraine for political help so alarmed John R. Bolton, then the national security adviser, that he told an aide to alert White House lawyers, House investigators were told on Monday.


Syria update.

Vladimir as Kingmaker: Putin’s Syria Gambit Delivers Again as Trump Sidelines U.S. (Bloomberg)

The Kremlin is left as dominant powerbroker in Syria. Russia has maneuvered to get Syrian government forces into territory held by the Kurds for seven years during the war with U.S. support, until President Trump ordered a troop withdrawal.

It’s a major step in Putin’s efforts to restore Syrian President Bashar al-Assad’s control over all of the country after Russia’s military intervention tipped the war in his favor.


2020 Watch.

Debate Prep: Joe Biden Braces for Rivals’ Attacks on Son at Democratic Debate (Bloomberg)

The debate on the campus of Otterbein University, outside Columbus, Ohio, is hosted by CNN and the New York Times, and will be broadcast on CNN at 8 p.m. Eastern time.

Facebook Political Ads: What the 2020 Candidates’ Campaign Spending Reveals (New York Times)

Biden goes old. Sanders goes young. Warren is in between, via Hindsight 2020.


Today in book excerpts.

Michael Lewis: Portrait of an Inessential Government Worker (Bloomberg Opinion)

Glory isn’t part of the deal when you go to work for the federal government, writes the author of The Big Short. Bloomberg Opinion today published this new chapter adaptation from the paperback edition of “The Fifth Risk,” which will be published by Norton in November.


Aviation today.

Endurance Exercise: Human Guinea Pigs to Embark on World’s First 20-Hour Airline Flight from New York to Sydney (Bloomberg)

At nearly 20 hours, the flight is set to be the world’s longest flight, leaving the U.S. on Friday and landing in Australia during its Sunday morning. No airline has ever completed that route without stopping.

Scientists and medical researchers will turn the Qantas Boeing 787 Dreamliner into a high-altitude laboratory, screening the brains of the pilots for alertness, while monitoring the food, sleep and activity of the few dozen passengers to see how humans hold up.


Dining section.

Michelin Guide 2020: The 133 Best Cheap Eats in New York City—Now Including Westchester (Bloomberg)

New to Manhattan’s list are Cafe China, which has been around for years but finally found favor with Michelin, along with the new Violet, where customers can cut their pizza with scissors.

Sheekey Daily favorites on the list: Atla, Cervo’s, Kiki’s, Russ & Daughters Cafe, Roberta’s, Bunker and Speedy Romeo.


Best of late night.

On special edition Nike ‘Jesus Shoes’ that a Brooklyn company is selling for $4,000 a pair:

“A company in Brooklyn is selling special edition Nike sneakers which they are calling ‘Jesus shoes.’ “They don’t work!” said a guy who was drowning.”
— Seth Meyers

On Kenyan marathon runner Eliud Kipchoge completing a race in under 2 hours for the first time ever:

“You know this guy is a freak of an athlete, because he kept running after crossing the finishing line… This guy is just like, ‘That was a great warm-up! Now for the race? What are we doing? Are we ready?’”
— Trevor Noah

“I love how some people are now saying the only reason he broke this record was because he had on these special Nike shoes. Yeah, you know what, why don’t you go get those shoes and you tell me how fast your time is? Go, we’ll wait!”
— Trevor Noah

“The Washington Post published an article about a Republican group in Pennsylvania that is working to get the Amish community to vote for President Trump. And if there’s anybody you might be able to convince, it’s people without TVs or Twitter!”
— Seth Meyers

Clarification: Thanks to the eagle-eyed Sheekey Daily readers yesterday who noted that New York City Marathon Sunday is on November 3.