Bedugul Coffee: Monday Morning Briefing: How the bottom half bolsters the U.S. economy

Highlights

By almost every measure, the U.S. economy is booming. But a look behind the headlines of roaring job growth and consumer spending reveals how the boom continues in large part by the poorer half of Americans fleecing their savings and piling up debt. As many of the most vulnerable workers sink deeper into the red, the nearly decade-long economic expansion may be more vulnerable to a further spike in gasoline prices or an escalation of trade conflicts.

Exclusive: Maria Butina, accused in the United States of spying for Russia, had wider high-level contacts in Washington than previously known, taking part in 2015 meetings between a visiting Russian official and two senior U.S. officials.

Commentary: Congress has many tools to limit the damage of Trump's approach to Russia, writes Julia Frifield, a former U.S. assistant secretary of state, and David Eckels Wade, former chief of staff to the U.S. State Department. "Congress need not just be a spectator, cheering or heckling from the stands... Whether through investigations, appropriations, legislation, resolutions, hearings or official travel, Congress members have a strong hand to play."

World

French President Emmanuel Macron ordered a shake-up of his office after acknowledging failings in the way the presidency handled a scandal over his top bodyguard who was filmed beating a protester on May Day, a source close to the Elysee said.

The Syrian government condemned the evacuation of hundreds of Syrian White Helmet rescue workers who fled the country with help from Israel into Jordan, calling it a “criminal operation” undertaken by “Israel and its tools”.

Mexican President-elect Andres Manuel Lopez Obrador sent Trump a letter urging a swift end to NAFTA negotiations and suggesting the leaders could work well together due to their shared anti-establishment style, Mexican officials said.

Pakistani cleric Hafiz Saeed is one of the United States’ most-wanted terrorist suspects, accused over the 2008 Mumbai attacks that killed 166 people. At home, his charities are banned, as is a new Islamist political party launched by his followers. None of that has stopped Saeed from hitting the campaign trail for Pakistan’s July 25 general election, whipping up support for the more than 200 candidates he backs.

Sponsored by Barclays: Job security in the robot economy. As machine learning and AI become more commercially viable, will humans be replaced in the workplace? We don’t think so. Find out why.

Reuters Top News

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Two @Reuters journalists have been detained in Myanmar for 224 days. See full coverage: https://reut.rs/2yPnwus

5:06 AM - JUL 23, 2018

Business

Energy giants opening natural gas spigots, fueling profit rise

The world’s largest oil companies are pumping more natural gas than ever before, helping to spur a rise in profits while sating rising global demand for fuels that can mitigate global greenhouse gas emissions.

5 min read

New Fiat Chrysler boss must deliver Marchionne plan

New Fiat Chrysler boss Mike Manley faces the task of executing his predecessor’s plan to boost production of SUVs and catch up on electric cars to keep the world’s seventh-largest carmaker competitive in the absence of a merger.

5 min read

China says it won't devalue currency to bolster exports

China said the value of its currency is driven by market forces and that it has no intention to devalue the yuan to help exports, after Washington said it was monitoring the currency’s weakness amid the escalating bilateral trade row.

3 Min Read