Monday, 14 July 2014

2,100 Arizona families to get child care help


Officials say thousands of needy Arizona families who have been waiting for state child care assistance don't have to wait any longer.


The Arizona Department of Economic Security says newly available funds have made it possible to release 4,000 children from a priority waiting list for child care.


The department made the announcement Friday.


The funds were made available through the signed legislation that created the new Arizona Department of Child Safety.


Families on the list who are classified as "special circumstances" because they live in a homeless or domestic violence shelter will be released first.


Officials say these families can contact the Child Care Administration office to get financial assistance once they've confirmed their eligibility.


The child care assistance programs target low-income families and teen parents in high school.



Oil edges lower after big drop on Libyan supplies


The price of oil edged down toward $100 a barrel on Monday after its biggest one-day drop since April following growing expectations of more supplies from Libya.


By early afternoon in Europe, benchmark U.S. crude for August delivery was down 28 cents at $100.55 a barrel in electronic trading on the New York Mercantile Exchange. The Nymex contract fell 3.1 percent last week and is down 4.3 percent so far in July. Brent crude, a benchmark for international oils, was up 30 cents to $106.96 on the ICE Futures exchange in London.


Oil prices shot up in June to a 10-month high over concerns violence in Iraq might disrupt supplies from OPECs second-largest exporter. Prices then drifted lower over the past two weeks as the advance by Iraqi insurgents stalled and oil exports were not threatened.


Friday's decline of $2.10, or about 2 percent, in the U.S. price was the biggest one-day loss since oil fell 2.2 percent on April 22.


Some analysts said oil prices could reverse the recent steep decline as the situation in Libya remained uncertain and amid uncertainties over a deal between Western powers and Iran about its nuclear program.


The International Energy Agency has also lowered its 2014 forecast of global demand due to weaker economic data. It predicted demand would rise 1.5 percent next year to 94.1 million barrels a day.


In other Nymex trading:


— Wholesale gasoline added 1.41 cents to $2.895 a gallon.


— Natural gas shed 0.5 cent to $4.141 per 1,000 cubic feet.


— Heating oil gained 1.41 cents to $2.8875 a gallon.



Airbus launches new planes in wide body family


Airbus has launched updated versions of its A330 wide body aircraft in a bit to improve fuel efficiency, increase range and help the aircraft compete against Boeing's 787 Dreamliner.


Airbus told reporters Monday the new designs for the A330-800neo and the A330-900neo will reduce fuel consumption by 14 percent per seat and boost the model's range by 400 nautical miles.


Air Lease Corp. of Los Angeles on Monday agreed to buy 25 of the new A330-900s as well as 60 A320neos. No financial details were immediately disclosed at the world's premier aviation event in the south of England.


The launch comes as Airbus struggles to find buyers for the larger A350 model.


Emirates recently cancelled an order for the A350, and opted for Boeing aircraft of a similar size.



Global stocks rebound after Portuguese bank scare


Global stocks rebounded Monday from jitters about a struggling Portuguese bank as investors looked ahead to a busy week of data releases in the U.S., China and Europe.


Oil fell but stayed above $100 after tumbling more than $2 last week amid expectations more Libyan crude will soon hit markets.


In Europe, Germany's DAX added 0.8 percent to 9,742.95 and France's CAC-40 rose 0.6 percent to 4,341.37. Britain's FTSE 100 gained 0.6 percent to 6,731.64.


On Wall Street, futures for the Dow Jones industrial average and the broader Standard & Poor's 500 both were up 0.3 percent.


Traders regained confidence following concern about the soundness of Portugal's Espirito Santo International, which reportedly missed a debt payment last week, echoing issues that spawned Europe's debt crisis. Investors appeared to have been reassured any problems would be contained.


"Concerns about a widespread spill-over across Europe eased," said Mizuho Bank in a report. "Sentiment improved across the board."


Investors were looking ahead to announcements Tuesday about monetary policy in Australia and Japan and European inflation. U.S. Federal Reserve Chairwoman Janet Yellen is due to testify before a congressional committee.


On Wednesday, China is due to report quarterly economic growth. The country's top economic official, Premier Li Keqiang, said last week that the economy's performance improved compared with the first quarter, when growth tumbled to 7.4 percent, but gave no details.


"This week global markets will face U.S. earnings, central bank rhetoric and growth," said Chris Weston, chief strategist for IG, in a market commentary.


Tokyo's Nikkei 225 gained 0.9 percent to 15,296.82 and China's Shanghai Composite rose 1 percent to 2,066.65. Hong Kong's Hang Seng gained 0.5 percent to 23,346.67.


Seoul's Kospi gained 0.5 percent to 1,998.32 and Taiwan's Taiex added 0.5 percent to 9,545.99. Sydney's S&P ASX 200 rose 0.4 percent to 5,511.70.


Benchmark U.S. crude for August delivery fell 39 cents to $100.44 per barrel in electronic trading on the New York Mercantile Exchange. The contract plunged $2.10 to close at $100.83 in the previous session on expectations of higher supplies and muted global demand.


In currency markets, the dollar rose to 101.47 yen from 101.32 yen late Friday. The euro rose to $1.3628 from $1.3608.



Democrats get help from Massachusetts Sen. Warren


Sen. Elizabeth Warren is quickly becoming a top Democratic fundraiser and campaign powerhouse, hitting the road on behalf of candidates in key races the party will need to win to retain control of the U.S. Senate in November.


Since March, the Massachusetts Democrat has stumped for candidates in Ohio, Minnesota, Oregon, Washington and Kentucky and has trips planned this week for West Virginia and Michigan. It's a hefty schedule for a freshman senator who not long ago was teaching law at Harvard.


Along the way, Warren has found her brand of economic populism resonating far from her home in the liberal enclave of Cambridge, Massachusetts.


Part of Warren's economic pitch is legislation she sponsored that would let college graduates refinance their student loans at lower interest rates, an effort blocked by Senate Republicans.


Warren found a receptive crowd during a recent campaign stop at the University of Louisville with Alison Lundergan Grimes, the Kentucky secretary of state hoping to unseat Senate Republican Leader Mitch McConnell.


Warren said the Kentucky race is "about a man who stood up and filibustered the student loan bill."


"When you've got a choice between billionaires and students, Mitch McConnell says it is more important to protect the billionaires," Warren told the crowd. Senate Republicans blocked Warren's student bill last month on a 56-38 vote that fell short of the 60 needed to advance the proposal to a debate.


McConnell's campaign spokeswoman Allison Moore was quick to highlight Warren's awkward fit in coal country, noting that she supports the federal government's efforts to restrict carbon dioxide emissions, restrictions many in Kentucky oppose.


McConnell had criticized Warren's bill when it came up for a vote, saying it won't make college more affordable or reduce the amount of money students will have to borrow.


"The Senate Democrats' bill isn't really about students at all. It's really all about Senate Democrats," he said. "They want an issue to campaign on to save their own hides this November."


Cast by critics as a typical Northeast liberal, Warren, 65, grew up in Oklahoma in a family which she said lived on "the ragged edge of the middle class" — an experience that she said helped forge a lifelong interest in advocating for working families trying to get a fair deal in an economic and political system that Warren argues is rigged against them.


Warren found herself thrust into the national political spotlight during a grueling 2012 campaign against incumbent Republican Sen. Scott Brown. It was the most expensive campaign in Massachusetts history with both candidates raking in tens of millions in donations.


Warren's profile has made her a go-to campaigner for Democratic Senate candidates, in part because as a newer arrival on the political stage she is free of some of the political albatrosses carried by other top Democrats like President Barack Obama or Hillary Clinton.


In March, Warren attended a fundraising reception and dinner in Cleveland for Ohio Sen. Sherrod Brown. Days later she attended a student rally and fundraiser for Minnesota Sen. Al Franken in Minneapolis. Next were fundraisers in May for Oregon Sen. Jeff Merkley and Washington Sen. Patty Murray.


Now, Warren is continuing her fundraising efforts, with a planned Monday event with West Virginia Democratic Senate hopeful Natalie Tennant. Tennant, West Virginia's secretary of state, is vying with U.S. Rep. Shelley Moore Capito for the seat held by retiring Democratic Sen. Jay Rockefeller. Capito is favored and holds a hefty cash advantage.


Capito's campaign has also been quick to target Warren, calling her "one of the staunchest opponents of coal and West Virginia's way of life."


Warren has conceded that she and Tennant — who, like Grimes, has criticized Obama's plans to limit carbon emissions from the coal industry — don't agree on everything, but can come together on economic issues facing struggling families.


Later in the week, Warren is scheduled to attend a fundraiser with Michigan Democratic Senate hopeful Gary Peters who is facing off against Republican Terri Lynn Land. Peters and Land are competing to replace Democratic Sen. Carl Levin, who's also retiring.


Warren has also sent out fundraising emails to her supporters on behalf of Democratic Senate candidates in Georgia (Michelle Nunn), South Dakota (Rick Weiland) and Iowa (Bruce Braley).


Warren's rising political star in the Democratic Party has garnered the attention of Hillary Clinton, in part because Warren has been seen by some as a possible alternative candidate for president in two years, even though Clinton has yet to announce and Warren has repeatedly said she's not interested in running in 2016.


Warren has been flexing her fundraising prowess in the party by using her political action committee — the PAC for a Level Playing Field. The leadership PAC has raised hundreds of thousands of dollars which she's used to support Democratic Senate candidates and party committees including the Democratic Senatorial Campaign Committee.


Julian Zelizer, a political history professor at Princeton University, said Warren is crafting a national political profile while also testing whether a populist economic message can win broad support across the party.


"Part of this is for her to build her stature, but she is also a believer," Zelizer said. "She could stumble but ... she's still new and she doesn't have the baggage of someone like a Hillary Clinton."



Asian stocks rebound after Portuguese bank scare


Asian stocks rebounded Monday from jitters about a struggling Portuguese bank as investors looked ahead to a busy week of data releases in the U.S., China and Europe.


Oil edged up to stay above $100 after tumbling more than $2 last week amid expectations more Libyan crude will soon hit markets.


Tokyo's Nikkei 225 gained 0.4 percent to 15,219.59 and Hong Kong's Hang Seng added 0.4 percent to 23,326.78. Seoul, Taiwan and Sydney also rose.


Traders regained confidence following concern about the soundness of Portugal's Espirito Santo International, which reportedly missed a debt payment last week, echoing issues that spawned Europe's debt crisis. Investors appeared to have been reassured any problems would be contained.


"Concerns about a widespread spill-over across Europe eased," said Mizuho Bank in a report. "Sentiment improved across the board."


China's Shanghai Composite Index was flat at 2,047.98.


Investors were looking ahead to announcements Tuesday about monetary policy in Australia and Japan and European inflation. U.S. Federal Reserve Chairwoman Janet Yellen is due to testify before a congressional committee.


On Wednesday, China is due to report quarterly economic growth. The country's top economic official, Premier Li Keqiang, said last week performance improved compared with the first quarter, when growth tumbled to 7.4 percent, but gave no details.


Seoul's Kospi gained 0.5 percent to 1,998.32 and Taiwan's Taiex added 0.5 percent to 9,545.99. Sydney's S&P ASX 200 rose 0.4 percent to 5,511.70. New Zealand also gained.


Last week, Germany's DAX and Britain's FTSE 100 ended 0.1 percent higher while France's CAC-40 gained 0.4 percent.


On Wall Street, the Dow Jones industrial average and the broader Standard & Poor's 500 both gained 0.2 percent. The Nasdaq composite was up 0.4 percent.


Benchmark U.S. crude for August delivery gained 1 cent to $100.84 per barrel in electronic trading on the New York Mercantile Exchange. The contract plunged $2.10 to close at $100.83 in the previous session on expectations of higher supplies and muted global demand.


In currency markets, the dollar rose to 101.37 yen from 101.32 yen late Friday. The euro fell to $1.3603 from $1.3608.



India's inflation drops to 4-month low


India benchmark inflation rate eased to 5.4 percent in June, the lowest level in four months, the government said Monday.


The data comes as Asia's third-largest economy is trying to revive growth while battling a rising cost of living.


Still, a weak start to the annual monsoon rains season has been stoking worries that prices for food may soon shoot up, hurting the hundreds of millions of poor Indians who live on less than $2 per day.


The increase in the Wholesale Price Index for June was down from 6 percent in May. India's government has set a target of between 4 and 5 percent as an acceptable level.


Food prices rose 2 percent over the previous month, the government's public information bureau said. Prices for "non-food articles declined by 1.1 percent from May.