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Daily Digest 5/28 - Trump Talks Energy, Ukraine Can’t Repay Bonds, More Robots

Saturday, May 28, 2016, 11:24 AM

Economy

60,000 Chinese factory workers replaced by robots

Foxconn, a major manufacturer of devices for Apple and Samsung, has reportedly sacked 60,000 workers in one of its factories in China and replaced them with robots.

The factory in China's Kunshan region has reduced the number of employees from 110,000 to 50,000 thanks to the introduction of robots, reports the South China Morning Post.

Ukraine Says Russian Aggression Means It Can’t Repay Bonds

Ukraine said that a Russian campaign of aggression and economic sanctions, including the occupation of the Crimean peninsula, made it impossible to repay a $3 billion bond at the center of a London lawsuit.

Ukraine was under “massive, unlawful and illegitimate economic and political pressure” to take financial support from Russia instead of signing a 2013 agreement with the European Union, Ukraine said in the London court filing Friday. The London court should dismiss the case, or delay it until Russia “complies with its obligations under public international law,” Ukraine said.

European Money Doesn’t Like Greece

Greece and its creditors may have averted a crisis by agreeing on the release of another dose of bailout money, but the deal does little to address a deeper problem: Europeans still don't want to put their money there.

Yellen says Fed rate hike likely appropriate in coming months

The Federal Reserve should raise interest rates "in the coming months" if the economy picks up as expected and jobs continue to be generated, U.S. central bank chief Janet Yellen said on Friday, bolstering the case for a rate increase in June or July.

Energy

Why The Arctic Oil Dream Is Not Over Yet

The race to discover oil and gas in virgin Arctic waters is now on, as Norway offered oil majors a lifeline on Wednesday by opening up what experts say could be home to 15 percent of the world’s undiscovered oil and 33 percent of the world’s undiscovered natural gas.

Norway officials on Wednesday awarded 10 new oil and gas licenses to explore the untapped area of the Arctic Barents Sea, an area that until 2011, was disputed for almost 40 years with Russia.

Trump talks energy in anxious oil country

Donald Trump talked energy Thursday at the Williston Basin Petroleum Conference in Bismarck, North Dakota. He hit all of the key words: oil prices, coal, the EPA, energy independence, fracking. But the people on the ground who actually live and work in energy rich regions — what do they want?

Outside the conference, a table was covered with swag from the Laborers’ International Union of North America, or LiUNA. Pam Link is the director of business development in North Dakota and Minnesota. The union's members work on pipelines and power plants, so it's not surprising that Link feels strongly about keeping fossil fuels in the energy mix.

Gold & Silver

Click to read the PM End of Week Market Commentary: 5/27/16

Provided daily by the Peak Prosperity Gold & Silver Group

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