Tuesday, June 20, 2017

North Korea tourism firm halts trips; Barclays, CEO charged with fraud; Solar is killing coal

What's new... what's next
 

By Matt Egan, Julia Horowitz and Paul R. La Monica of CNNMoney

1. Barclays and former CEO charged with fraud

The British banking giant, ex-CEO John Varley and other former executives have been charged by the U.K.'s Serious Fraud Office with conspiracy to commit fraud. It all stems from investments that Qatar's sovereign wealth fund made in Barclays in 2008 to keep the bank afloat and avoid a government bailout. At issue? A loan that Barclays made to Qatar just after that country decided to invest in the bank. Varley and others will appear in court on July 3.

2. North Korea tourism firm halts its trips

The death of Otto Warmbier, an American college student who was held prisoner by North Korea, has sent a chill through the companies that organize tours to the secretive state. Young Pioneer Tours, the Beijing-based company that organized Warmbier's sightseeing excursion to the country last year, has announced that it will stop taking U.S. citizens on its trips. The risk to Americans has become "too high," the firm said in a statement.

3. Solar is killing coal, despite Trump's promises

President Trump has taken steps to help coal country by ripping up environmental rules and exiting the Paris climate accord. But that does nothing to offset the long-term challenge coal faces from clean energy, especially solar. New research shows U.S. power generation from renewables will surge 169% by 2040, while coal-fired power will plunge by 51%. The key is that solar costs have fallen rapidly, a trend that is likely to accelerate as technology keeps improving.

4. Qatar Airways is crowned 'Airline of the Year'

For Qatar Airways, it's the best of times and the worst of times. The carrier was named "Airline of the Year" Tuesday in a glitzy award ceremony at the Paris Air Show -- a welcome headline amid fallout from Gulf efforts to keep Qatar isolated from its neighbors.

Other news coming out of Paris: Lockheed says it will make F-16 fighter jets in India, Boeing gives the world its first peek of the "797" aircraft, and Japan is showing off its first commercial plane since 1962.

5. Quick Takes:

Markets continue to sit near all-time highs despite numerous global risks

Oil prices hit a new low for 2017, and big U.S. energy firms want a carbon tax

Rupert Murdoch's Fox-Sky deal is now in the hands of the U.K. government

No holy guacamole: Chipotle sinks as higher marketing costs will eat into profits

U.S. government tightens sanctions on Russia over Crimea occupation
It's a Prime world. Amazon will let you try on clothes before buying them

Will Trump tweet about it? Ford to build Focus in China. Not U.S. (Or Mexico) 

Mnuchin says Trump has not ruled out 2nd term for Janet Yellen as Fed chair

Barbie's boyfriend Ken gets makeover: 3 new body types, 7 different skin tones

Good news: Americans are starting to save a little more in case of emergency

6. What's next:

Checking in on housing: Mortgage rates remain historically low, but the number of existing homes for sale is tight. Economists expect that may have caused existing home sales to dip in May. New numbers are due out at 10 a.m. ET on Wednesday.
 
Oil glut in focus: Crude plunged into a bear market on Tuesday due to worries about oversupply. A new round of selling could come if Wednesday's 10:30 a.m. ET weekly inventory report shows an unexpected increase in stockpiles.

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