Toys R Us built a kingdom and the world’s biggest toy store. Then, they lost it.

Toys R Us’ status as the most important toy store in town left it cavalier, if cocky at times, according to conversations with former employees, executives and industry insiders, who spoke to CNBC on the condition of anonymity. The story begins with Lazarus, the store’s visionary who wanted the “R” written backward — an ode to childlike scrawl. Lazarus, who has been described as one of the great merchants of his time, expanded a baby furniture store he owned into a toy store. In its heyday in th


Toys R Us’ status as the most important toy store in town left it cavalier, if cocky at times, according to conversations with former employees, executives and industry insiders, who spoke to CNBC on the condition of anonymity. The story begins with Lazarus, the store’s visionary who wanted the “R” written backward — an ode to childlike scrawl. Lazarus, who has been described as one of the great merchants of his time, expanded a baby furniture store he owned into a toy store. In its heyday in th
Toys R Us built a kingdom and the world’s biggest toy store. Then, they lost it. Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-01-26  Authors: lauren hirsch, eduardo munoz, jacques m chenet, corbis, getty images, scott mlyn, peter foley, bloomberg, jason alden
Keywords: news, cnbc, companies, written, toy, biggest, toys, worlds, built, went, store, lost, stores, lazarus, world, week, kingdom, important


Toys R Us built a kingdom and the world's biggest toy store. Then, they lost it.

The toy emporium that Charles P. Lazarus envisioned has been reduced to dusty floors and empty shelves.

Much has been said about the demise of the toy empire, which this week announced its plan to liquidate. There have been fingers pointed at corporate raiders, Amazon and big-box stores. All contributed to its undoing.

Ultimately, though, Toys R Us’ collapse is a story of loyalty run dry. The store in its early days fostered devotion from customers and toymakers. In the end, it lost hold on both.

Toys R Us’ status as the most important toy store in town left it cavalier, if cocky at times, according to conversations with former employees, executives and industry insiders, who spoke to CNBC on the condition of anonymity. It didn’t invest in its stores, even as it was adding to the fleet, leaving it vulnerable when new competition moved in.

The story begins with Lazarus, the store’s visionary who wanted the “R” written backward — an ode to childlike scrawl. Lazarus, who has been described as one of the great merchants of his time, expanded a baby furniture store he owned into a toy store. By 1978, he had created a toy superstore large enough to become a public company.

In its heyday in the 1980s and 1990s, it was the most important toy store in the country, if not the world. Its strength grew as competitors Kiddie City and Child World went out of business.


Company: cnbc, Activity: cnbc, Date: 2019-01-26  Authors: lauren hirsch, eduardo munoz, jacques m chenet, corbis, getty images, scott mlyn, peter foley, bloomberg, jason alden
Keywords: news, cnbc, companies, written, toy, biggest, toys, worlds, built, went, store, lost, stores, lazarus, world, week, kingdom, important


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Asian stocks broadly higher as investors look to key US, China policy events

Stocks in Asia were mostly higher on Monday following a report suggesting further turmoil for the markets in 2019. The mainland Chinese markets were mixed by the end of their trading day after the country reported lower than expected economic datalast Friday. The Shanghai composite rose 0.16 percent to close at around 2,597.97 while the Shenzhen composite declined by 0.309 percent to end the trading day at about 1,323.31. One investor told CNBC’s “Squawk Box” on Monday that the bargain hunting f


Stocks in Asia were mostly higher on Monday following a report suggesting further turmoil for the markets in 2019. The mainland Chinese markets were mixed by the end of their trading day after the country reported lower than expected economic datalast Friday. The Shanghai composite rose 0.16 percent to close at around 2,597.97 while the Shenzhen composite declined by 0.309 percent to end the trading day at about 1,323.31. One investor told CNBC’s “Squawk Box” on Monday that the bargain hunting f
Asian stocks broadly higher as investors look to key US, China policy events Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2018-12-17  Authors: eustance huang
Keywords: news, cnbc, companies, chinese, shares, investors, broadly, higher, key, close, bank, day, losses, look, stocks, events, asian, trading, banks, markets, china, policy


Asian stocks broadly higher as investors look to key US, China policy events

Stocks in Asia were mostly higher on Monday following a report suggesting further turmoil for the markets in 2019.

Investors were setting their sights on key policy meetings in the coming week — ahead of the U.S. Federal Reserve’s upcoming interest rate meeting and as China on Tuesday marks the 40th anniversary of the country’s reforms under former leader Deng Xiaoping.

President Xi Jinping is expected to deliver a major speech on Monday. It comes as Beijing’s trade war with Washington spurs government advisors and think tanks to urge for urgent reforms in Asia’s largest economy.

The mainland Chinese markets were mixed by the end of their trading day after the country reported lower than expected economic datalast Friday. The Shanghai composite rose 0.16 percent to close at around 2,597.97 while the Shenzhen composite declined by 0.309 percent to end the trading day at about 1,323.31.

One investor told CNBC’s “Squawk Box” on Monday that the bargain hunting for Chinese shares has already started.

“Over the next few months, if there were to be any more weakness in the Chinese market, we think that there will be more investors coming in to buy,” said Khiem Do, head of Greater China investments at Barings. “The Chinese markets are actually quite cheap.”

Meanwhile, Hong Kong’s Hang Seng index was slightly higher in its final hour of trade.

In Japan, the Nikkei 225 rose 0.62 percent to close at 21,506.88 while the Topix index saw gains of 0.13 percent to finish the trading day at 1,594.20. Shares of conglomerate Softbank recovered from earlier losses during the session to gain 0.52 percent ahead of the anticipated public listing of its mobile unit on Dec. 19.

South Korea’s Kospi closed fractionally higher at 2,071.09.

Australia’s ASX 200 saw gains of 1 percent to close at 5,658.3, with almost all sectors in positive territory.

The heavily-weighted financial subindex, however, slipped 0.11 percent, with shares of Australia’s so-called Big Four banks mostly seeing losses. Australia and New Zealand Banking Group dropped 1.57 percent, Westpac shed 0.92 percent and National Australia Bank slipped 0.59 percent. Commonwealth Bank of Australia, on the other hand, recovered from earlier losses to rise 0.65 percent.

“The ‘Santa Rally’ which had been hoped for has proven to be frustratingly elusive; and now markets are quite happy, if not desperate, for at least a dovish line to be thrown by the FOMC (and other global central banks),” said Mizuho Bank in a note on Monday, in reference to the U.S. central bank’s upcoming Federal Open Market Committee meeting on Dec. 18 and 19.


Company: cnbc, Activity: cnbc, Date: 2018-12-17  Authors: eustance huang
Keywords: news, cnbc, companies, chinese, shares, investors, broadly, higher, key, close, bank, day, losses, look, stocks, events, asian, trading, banks, markets, china, policy


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Dollar index near 19-month high on safe-haven bid amid global growth worries

Weaker-than-expected economic data from China and Europe and fears of a possible U.S. government shutdown spooked investors away from stocks toward the greenback and yen. The dollar index, which gauges its value versus six major peers, was little changed at 97.44, below the 19-month high of 97.71 it hit on Friday. The Federal Reserve is set to raise interest rates by 25 basis points at its two-day meeting that opens Tuesday. However, interest rate futures used to gauge the probability of further


Weaker-than-expected economic data from China and Europe and fears of a possible U.S. government shutdown spooked investors away from stocks toward the greenback and yen. The dollar index, which gauges its value versus six major peers, was little changed at 97.44, below the 19-month high of 97.71 it hit on Friday. The Federal Reserve is set to raise interest rates by 25 basis points at its two-day meeting that opens Tuesday. However, interest rate futures used to gauge the probability of further
Dollar index near 19-month high on safe-haven bid amid global growth worries Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2018-12-17
Keywords: news, cnbc, companies, global, high, dollar, rate, bid, likely, near, trade, markets, economic, amid, safehaven, rates, index, data, fed, growth, worries, interest


Dollar index near 19-month high on safe-haven bid amid global growth worries

The dollar held near a 19-month high on Monday, bolstered by safe-haven buying as heightened concerns of a global economic slowdown reduced appetites for riskier assets such as stocks and Asian currencies.

Weaker-than-expected economic data from China and Europe and fears of a possible U.S. government shutdown spooked investors away from stocks toward the greenback and yen.

“The dollar is clearly showing it is attractive during times of market stress,” said Ray Attrill, head of currency strategy at NAB in Sydney.

The dollar index, which gauges its value versus six major peers, was little changed at 97.44, below the 19-month high of 97.71 it hit on Friday.

The Australian dollar, whose fortunes are closely tied to China’s economy, was marginally lower at $0.7174. It lost 0.3 percent of its value last week as data showed Chinese November retail sales grew at the weakest pace since 2003 and industrial output rose the least in nearly three years, underlining risks to the economy.

The offshore Chinese yuan was flat at 6.8974.

Apart from fears of a global economic slowdown, markets are also focusing on the likely trajectory of U.S. monetary policy.

The Federal Reserve is set to raise interest rates by 25 basis points at its two-day meeting that opens Tuesday.

The central bank has lifted rates eight times since December 2015 in a bid to restore policy to more normal settings after having slashed borrowing costs to near zero to combat the financial crisis a decade ago.

With the hike largely factored in by the market, larger moves in the dollar will be guided by the Fed’s forward guidance.

According to their projections in September, the median view among the Fed’s policymakers was for three rate hikes in 2019. However, interest rate futures used to gauge the probability of further hikes are pricing in only one hike in 2019.

“Any content that speaks to the difference between market pricing of one interest rate rise in 2019 versus previous Fed indications of three rises is very likely to move markets,” Michael McCarthy, Sydney-based chief markets strategist at CMC Markets, said in a note.

Traders believe that higher U.S. borrowing costs will likely hurt U.S. growth momentum and ultimately force the Fed to pause its monetary tightening path.

Recent comments by Fed officials have also been read as dovish by some analysts. Last month, Fed Chairman Jerome Powell said rates were near the range of policymakers’ estimates of “neutral” – the level at which they neither stimulate nor impede the economy.

“The Fed will most likely move from an auto-pilot mode to being data dependent,” said Attrill.

The dollar gained 0.1 percent over the yen in Asian trade to trade at 113.48. Interest rate differentials between the U.S. and Japan make the dollar a more attractive bet than the yen, according to some analysts.

The Bank of Japan has a meeting on Dec. 19-20, at which policy is expected to remain highly accommodative as inflation remains well below the its target.

The euro was also little changed at $1.1310, having lost 0.6 percent last week after weaker-than-expected data out of France and Germany suggested that economic activity in Europe remains weak.

Sterling remained under pressure in Asian trade, down 0.02 percent at $1.2582. British trade minister Liam Fox said on Sunday talks with the European Union to secure “assurances” for parliament on Prime Minister Theresa May’s Brexit deal will take time, with a decision expected in the new year.


Company: cnbc, Activity: cnbc, Date: 2018-12-17
Keywords: news, cnbc, companies, global, high, dollar, rate, bid, likely, near, trade, markets, economic, amid, safehaven, rates, index, data, fed, growth, worries, interest


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Canada says China has granted consular access to second detainee

Canadian diplomats received consular access on Sunday to the second of two men detained by China over the past week, Canada’s foreign ministry said in a statement that gave few details. John McCallum, Canada’s ambassador to Beijing, met Michael Spavor, the statement said. Spavor and Michael Kovrig were both picked up after Canada arrested a senior Chinese executive on a U.S. extradition request. China has demanded Canada free Meng and threatened unspecified consequences if it does not. “In the s


Canadian diplomats received consular access on Sunday to the second of two men detained by China over the past week, Canada’s foreign ministry said in a statement that gave few details. John McCallum, Canada’s ambassador to Beijing, met Michael Spavor, the statement said. Spavor and Michael Kovrig were both picked up after Canada arrested a senior Chinese executive on a U.S. extradition request. China has demanded Canada free Meng and threatened unspecified consequences if it does not. “In the s
Canada says China has granted consular access to second detainee Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2018-12-17  Authors: kim kyung-hoon
Keywords: news, cnbc, companies, kovrig, detained, told, met, meng, granted, statement, second, detainee, canada, spavor, consular, china, access, michael


Canada says China has granted consular access to second detainee

Canadian diplomats received consular access on Sunday to the second of two men detained by China over the past week, Canada’s foreign ministry said in a statement that gave few details.

John McCallum, Canada’s ambassador to Beijing, met Michael Spavor, the statement said. Spavor and Michael Kovrig were both picked up after Canada arrested a senior Chinese executive on a U.S. extradition request.

Canadian Prime Minister Justin Trudeau — who said on Friday the detentions were unacceptable — told CTV his government was taking the situation very seriously.

“We have engaged with the Chinese officials to determine what exactly conditions are they being detained under? Why are they being detained?” he said in an interview aired on Sunday.

McCallum met Kovrig for the first time on Friday.

U.S. Secretary of State Mike Pompeo said on Friday that China should free the two men.

Spavor, a businessman, and Kovrig, a former diplomat, were detained after Canadian police arrested Huawei Technologies Chief Financial Officer, Meng Wanzhou, on Dec 1. U.S. prosecutors accuse Meng of misleading multinational banks about Iran-linked transactions, putting the banks at risk of violating U.S. sanctions.

Meng, who is the daughter of Huawei’s founder, has said she is innocent. China has demanded Canada free Meng and threatened unspecified consequences if it does not.

On Monday, influential state-back newspaper the Global Times said in an editorial that an escalation in the spat with Canada could be coming.

“In the struggle with Canada, China needs to prepare for the possibility of conflict escalation,” it said.

“Beijing must take the contest seriously and maximize the support of international public opinion, leaving Western media no smear to slander its counterattacks as ‘degradation of China’s opening-up.'”

Trudeau told CTV that Canada would continue trying to build up trading ties with China.

“We need to do so in a way that is true to our values and stands up for Canadians’ interests, and getting that balance right is complex. (It) has been made more difficult by recent trends,” he said.


Company: cnbc, Activity: cnbc, Date: 2018-12-17  Authors: kim kyung-hoon
Keywords: news, cnbc, companies, kovrig, detained, told, met, meng, granted, statement, second, detainee, canada, spavor, consular, china, access, michael


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European markets slip amid fears of global growth slowdown; UK retailer Asos down 36%

In terms of stocks, retail was down the most, by more than 1 percent. UK retail stocks are making heavy losses on Monday, with Asos down 34 percent, Next down 8 percent, Marks & Spencer down 4.6 percent Boohoo shares down 19.4 percent. On Monday, Asos cut its annual sales growth and profit margin forecasts, becoming the latest British retailer to highlight very poor November trading. On Friday, China reported weaker-than-expected retail sales data, growing at its weakest pace since November 2003


In terms of stocks, retail was down the most, by more than 1 percent. UK retail stocks are making heavy losses on Monday, with Asos down 34 percent, Next down 8 percent, Marks & Spencer down 4.6 percent Boohoo shares down 19.4 percent. On Monday, Asos cut its annual sales growth and profit margin forecasts, becoming the latest British retailer to highlight very poor November trading. On Friday, China reported weaker-than-expected retail sales data, growing at its weakest pace since November 2003
European markets slip amid fears of global growth slowdown; UK retailer Asos down 36% Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2018-12-17  Authors: spriha srivastava
Keywords: news, cnbc, companies, concerns, global, slowdown, week, sales, uk, fears, near, margin, slip, growth, stocks, european, asos, retail, markets, retailer, turmoil


European markets slip amid fears of global growth slowdown; UK retailer Asos down 36%

In terms of stocks, retail was down the most, by more than 1 percent. UK retail stocks are making heavy losses on Monday, with Asos down 34 percent, Next down 8 percent, Marks & Spencer down 4.6 percent Boohoo shares down 19.4 percent.

On Monday, Asos cut its annual sales growth and profit margin forecasts, becoming the latest British retailer to highlight very poor November trading. ASOS lowered its sales growth forecast for the 2018-19 year to 15 percent from 20-25 percent previously and cut its earnings before interest and tax (EBIT) margin target for the year to around 2 percent from 4 percent.

Meanwhile, basic resources found itself at the top of the best performing stocks, up 0.8 percent.

Market focus is largely attuned to concerns surrounding cooling global growth after soft economic data from China and Europe in the last week added further concerns. On Friday, China reported weaker-than-expected retail sales data, growing at its weakest pace since November 2003.

Stocks in Asia mostly traded higher trade on Monday following a report suggesting further turmoil for the markets in 2019.

The Bank of International Settlements (BIS), an umbrella group for the world’s central banks, said on Sunday that recent market tensions are a sign of more turmoil to come. It warned that a normalization of monetary policy is likely to trigger a flurry of sharp sell-offs in the near future.

Meanwhile, sterling hovered near its 20-month low touched last week, concerns that Britain was headed for a chaotic exit from the European Union increased.

Britain has just over 100 days to leave the bloc on March 29 and chances of a no-deal or a chaotic Brexit deal have gone up after strong oppositions to Prime Minister Theresa May’s draft deal.


Company: cnbc, Activity: cnbc, Date: 2018-12-17  Authors: spriha srivastava
Keywords: news, cnbc, companies, concerns, global, slowdown, week, sales, uk, fears, near, margin, slip, growth, stocks, european, asos, retail, markets, retailer, turmoil


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Sri Lanka’s president accuses newly reappointed premier of corrupt leadership

Sri Lanka’s president accused newly reappointed Prime Minister Ranil Wickremesinghe of corrupt leadership in a scathing speech Sunday in which he voiced doubts about their ability to work together and signaled the 2-month political crisis is far from resolved. “Now I will assume duties of the office of prime minister,” Wickremesinghe told his cheering supporters. Sirisena’s choice for prime minister, former strongman Mahinda Rajapaksa, lost two no-confidence votes in Parliament but continued to


Sri Lanka’s president accused newly reappointed Prime Minister Ranil Wickremesinghe of corrupt leadership in a scathing speech Sunday in which he voiced doubts about their ability to work together and signaled the 2-month political crisis is far from resolved. “Now I will assume duties of the office of prime minister,” Wickremesinghe told his cheering supporters. Sirisena’s choice for prime minister, former strongman Mahinda Rajapaksa, lost two no-confidence votes in Parliament but continued to
Sri Lanka’s president accuses newly reappointed premier of corrupt leadership Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2018-12-17  Authors: ishara s kodikara, afp, getty images
Keywords: news, cnbc, companies, corrupt, prime, wickremesinghe, sri, leadership, court, president, reappointed, lankas, sirisena, rajapaksa, suspension, supreme, accuses, speech, minister, premier, newly


Sri Lanka's president accuses newly reappointed premier of corrupt leadership

Sri Lanka’s president accused newly reappointed Prime Minister Ranil Wickremesinghe of corrupt leadership in a scathing speech Sunday in which he voiced doubts about their ability to work together and signaled the 2-month political crisis is far from resolved.

President Maithripala Sirisena administered the oath that returned Wickremesinghe to office, then gave a speech soon after the ceremony, telling the prime minister and a group of his lawmakers that he can’t find people of honesty and integrity to help him take the country forward.

“With the issues we have, I am not sure what guarantees we have that we could go on this journey together,” Sirisena told Wickremesinghe.

The swearing in took place privately, with only a few lawmakers in attendance and media not permitted. It initially indicated an end to the impasse, but Sirisena’s speech is a sign of more acrimony, possibly leading to early parliamentary elections. A new Cabinet is expected to be sworn in soon.

Wickremesinghe spoke separately at his official residence and refrained from responding to Sirisena. “Now I will assume duties of the office of prime minister,” Wickremesinghe told his cheering supporters.

“Unfortunately, during the past few weeks, the progress of this country and the development programs that we undertook were stalled,” he said. “Not only that, the country went backward. Today we commit firstly to bring back normalcy and resuming the development program.”

In his televised speech, Sirisena said his reasons for firing Wickremesinghe included a lack of interest in helping investigate an alleged insider trade during a bond issue, in which a former Central Bank governor who is a close friend of Wickremesinghe is implicated.

He also said Wickremesinghe’s ministers alienated Buddhist monks by having them arrested for keeping unlicensed captive elephants at temples. Sri Lanka is a predominantly Buddhist nation with an influential clergy.

Sirisena also criticized Wickremesinghe for investigations into alleged abuses during the long civil war that ended in 2009. The president said Wickremesinghe had only government soldiers arrested but had not looked into prosecuting former Tamil Tiger rebels he said were hiding in foreign countries.

“My view is that we should prosecute everyone, or else we should negotiate with the international community and free our soldiers (from accusations),” he said.

Both sides were accused of grave wartime abuses. According to a U.N. report, at least 40,000 ethnic Tamil civilians were killed just in the final months of the fighting.

Wickremesinghe had insisted his abrupt firing on Oct. 26 was unlawful. Sirisena’s choice for prime minister, former strongman Mahinda Rajapaksa, lost two no-confidence votes in Parliament but continued to hold the office with Sirisena’s support.

When his opponents went to court, the Court of Appeal suspended Rajapaksa and his Cabinet from functioning in their offices. Rajapaksa asked the Supreme Court to lift the suspension, but it refused and extended the suspension until mid-January, forcing Rajapaksa to resign on Saturday.

The suspension had left Sri Lanka without a government and in danger of being unable to spend government money from Jan. 1. It is also committed to repay $1 billion in foreign debts in January.

“We can be proud of the way our Parliament and Supreme Court did their duties according to the law,” Wickremesinghe said Sunday, adding that the Supreme Court had strengthened the freedom of the citizens by interpreting the law accurately.

“We all need a normal life, we need our progress and it is to this that we are committed,” he said.

Sirisena was health minister in Rajapaksa’s Cabinet when he defected to join Wickremesinghe and challenge Rajapaksa in the 2015 presidential election. After winning the election, he formed a government with Wickremesinghe as prime minister, but the two leaders started to have differences over economic policy and the investigations of alleged wartime abuses.


Company: cnbc, Activity: cnbc, Date: 2018-12-17  Authors: ishara s kodikara, afp, getty images
Keywords: news, cnbc, companies, corrupt, prime, wickremesinghe, sri, leadership, court, president, reappointed, lankas, sirisena, rajapaksa, suspension, supreme, accuses, speech, minister, premier, newly


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Indonesia’s trade deficit in November reaches widest since July 2013

Indonesia posted its widest monthly trade deficit in over five years in November as exports, especially that of palm oil and pulp, slumped, data from the statistics bureau showed on Monday. The deficit in November was $2.05 billion, larger than October’s revised deficit of $1.77 billion and the biggest trade gap since July 2013, according to Refinitiv data. The rupiah weakened slightly after the trade data to 14,620 a dollar at 0545 GMT, from 14,600 before the announcement. Fakhrul Fulvian, econ


Indonesia posted its widest monthly trade deficit in over five years in November as exports, especially that of palm oil and pulp, slumped, data from the statistics bureau showed on Monday. The deficit in November was $2.05 billion, larger than October’s revised deficit of $1.77 billion and the biggest trade gap since July 2013, according to Refinitiv data. The rupiah weakened slightly after the trade data to 14,620 a dollar at 0545 GMT, from 14,600 before the announcement. Fakhrul Fulvian, econ
Indonesia’s trade deficit in November reaches widest since July 2013 Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2018-12-17  Authors: dimas ardian, bloomberg, getty images
Keywords: news, cnbc, companies, earlier, current, reaches, indonesias, oil, trade, deficit, palm, statistics, data, indonesia, billion, widest


Indonesia's trade deficit in November reaches widest since July 2013

Indonesia posted its widest monthly trade deficit in over five years in November as exports, especially that of palm oil and pulp, slumped, data from the statistics bureau showed on Monday.

The deficit in November was $2.05 billion, larger than October’s revised deficit of $1.77 billion and the biggest trade gap since July 2013, according to Refinitiv data. A Reuters poll had expected a deficit of $830 million.

The rupiah weakened slightly after the trade data to 14,620 a dollar at 0545 GMT, from 14,600 before the announcement.

Exports surprisingly fell 3.28 percent in November from a year earlier to $14.83 billion, the worst monthly performance since June 2017. The poll’s median was for a 3.95 percent increase for exports.

A decline in overseas sales of a range of products, such as palm oil, jewellery, pulp and paper and crude oil, was the main reason for the drop, Suhariyanto, the statistics bureau head said in a news conference.

Export revenues from vegetable oils, including palm and coconut oil, fell nearly 19 percent in November from a year earlier due to weak prices, he said.

November imports stood at $16.88 billion, up 11.68 percent from a year earlier, topping the poll’s 10.50 percent estimate, but down from the nearly 24 percent growth in October.

Southeast Asia’s largest economy has been struggling to contain imports in recent months. Some measures, including higher tariffs, have been imposed to curb imports.

Authorities have also sped up negotiations for free trade deals in order to gain better access for exports, in a bid to reduce the trade gap and support the rupiah.

Bank Indonesia has also hiked interest rates six times since May to try to attract portfolio investment needed to fund the widening current account deficit.

Fakhrul Fulvian, economist at Trimegah Sekuritas, said the worse-than-expected trade deficit would “lower the expectation of improving current account balance” in the fourth quarter.

But, he argued, BI would not have to raise rates again because it already did in November.

Maybank Indonesia economist Myrdal Gunarto agreed.

“The movement of the exchange rate in domestic market remains manageable and the trade deficit was supported by returning foreign inflows,” Gunarto said. “With that, we project BI will still maintain its policy interest rate at the current level.”


Company: cnbc, Activity: cnbc, Date: 2018-12-17  Authors: dimas ardian, bloomberg, getty images
Keywords: news, cnbc, companies, earlier, current, reaches, indonesias, oil, trade, deficit, palm, statistics, data, indonesia, billion, widest


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Saudi Arabia rejects US Senate position on killed journalist Jamal Khashoggi

Saudi Arabia early on Monday rejected “the position expressed recently by the United States Senate,” saying that the Jamal Khashoggi murder is a crime that does not reflect the policy of the kingdom, a statement by Saudi’s foreign ministry said. “The Kingdom of Saudi Arabia rejects the position expressed recently by the United States Senate, which was based upon unsubstantiated claims and allegations, and contained blatant interferences in the Kingdom’s internal affairs, undermining the Kingdom’


Saudi Arabia early on Monday rejected “the position expressed recently by the United States Senate,” saying that the Jamal Khashoggi murder is a crime that does not reflect the policy of the kingdom, a statement by Saudi’s foreign ministry said. “The Kingdom of Saudi Arabia rejects the position expressed recently by the United States Senate, which was based upon unsubstantiated claims and allegations, and contained blatant interferences in the Kingdom’s internal affairs, undermining the Kingdom’
Saudi Arabia rejects US Senate position on killed journalist Jamal Khashoggi Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2018-12-17  Authors: mohammed al-shaikh, afp, getty images
Keywords: news, cnbc, companies, killed, murder, states, statement, saudi, position, khashoggi, kingdoms, united, jamal, kingdom, senate, rejects, journalist, arabia, saidthe


Saudi Arabia rejects US Senate position on killed journalist Jamal Khashoggi

Saudi Arabia early on Monday rejected “the position expressed recently by the United States Senate,” saying that the Jamal Khashoggi murder is a crime that does not reflect the policy of the kingdom, a statement by Saudi’s foreign ministry said.

“The Kingdom of Saudi Arabia rejects the position expressed recently by the United States Senate, which was based upon unsubstantiated claims and allegations, and contained blatant interferences in the Kingdom’s internal affairs, undermining the Kingdom’s regional and international role,” the statement carried by Saudi Press Agency said.

“The Kingdom has previously asserted that the murder of Saudi citizen Jamal Khashoggi is a deplorable crime that does not reflect the Kingdom’s policy nor its institutions and reaffirms its rejection of any attempts to take the case out of the path of justice in the Kingdom.”

The U.S. Senate delivered a rare double rebuke to President Donald Trump on Saudi Arabia last week, voting to end U.S. military support for the war in Yemen and blame the Saudi crown prince for the murder of journalist Khashoggi.

The statement also added “the Kingdom hopes that it is not drawn into domestic political debates in the United States of America, to avoid any ramifications on the ties between the two countries that could have significant negative impacts on this important strategic relationship.”


Company: cnbc, Activity: cnbc, Date: 2018-12-17  Authors: mohammed al-shaikh, afp, getty images
Keywords: news, cnbc, companies, killed, murder, states, statement, saudi, position, khashoggi, kingdoms, united, jamal, kingdom, senate, rejects, journalist, arabia, saidthe


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Brent crude dips on global economy worries, US oil prices steady

Brent crude prices slipped on Monday amid concerns over demand in the wake of weaker growth in major economies, while U.S. oil markets held steady after U.S. drilling activity fell to its lowest level in about two months. International Brent crude oil futures were at $60.16 per barrel at 0248 GMT, down 12 cents, or 0.2 percent, from their last close. U.S. West Texas Intermediate (WTI) crude futures were at $51.33 per barrel, up 13 cents, or 0.3 percent. But oil prices were supported after Genera


Brent crude prices slipped on Monday amid concerns over demand in the wake of weaker growth in major economies, while U.S. oil markets held steady after U.S. drilling activity fell to its lowest level in about two months. International Brent crude oil futures were at $60.16 per barrel at 0248 GMT, down 12 cents, or 0.2 percent, from their last close. U.S. West Texas Intermediate (WTI) crude futures were at $51.33 per barrel, up 13 cents, or 0.3 percent. But oil prices were supported after Genera
Brent crude dips on global economy worries, US oil prices steady Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2018-12-17  Authors: getty images
Keywords: news, cnbc, companies, global, output, week, brent, crude, oil, meeting, futures, saudi, rigs, economy, steady, markets, worries, dips, prices


Brent crude dips on global economy worries, US oil prices steady

Brent crude prices slipped on Monday amid concerns over demand in the wake of weaker growth in major economies, while U.S. oil markets held steady after U.S. drilling activity fell to its lowest level in about two months.

International Brent crude oil futures were at $60.16 per barrel at 0248 GMT, down 12 cents, or 0.2 percent, from their last close.

U.S. West Texas Intermediate (WTI) crude futures were at $51.33 per barrel, up 13 cents, or 0.3 percent.

Chinese oil refinery throughput in November fell from October, suggesting an easing in oil demand, while the country’s industrial output rose the least in nearly three years as the economy continued to lose momentum.

French business activity plunged unexpectedly into contraction this month, retreating at the fastest pace in over four years, while Germany’s private sector expansion slowed to a four-year low in December.

But oil prices were supported after General Electric Co’s Baker Hughes energy services firm said on Friday that U.S. drillers cut four oil rigs in the week to Dec. 14, pulling the total count to the lowest since mid-October at 873.

“This, when combined with (expectations) Saudi Arabia is … to cut exports to the United States to draw down inventory builds (there) should provide a short-term base despite global slowdown fears, which continue to resonate,” said Stephen Innes, head of trading for Asia-Pacific at futures brokerage Oanda in Singapore.

However, the current U.S. rig count, which serves as an early indicator of future output, is higher than a year ago when 747 rigs were active.

The Organisation of the Petroleum Exporting Countries and its Russia-led allies have agreed to curb output from January, in a move to be reviewed at a meeting in April. Saudi Arabia is OPEC’s de facto leader.

“The potential for a significant movement in the U.S. dollar clearly has an impact on oil pricing with the Fed meeting (this week). We’re looking outside the oil markets for its next major move,” said Michael McCarthy, chief markets strategist at CMC markets.

The U.S. Federal Open Market Committee (FOMC) is set to start a two-day meeting on Tuesday.


Company: cnbc, Activity: cnbc, Date: 2018-12-17  Authors: getty images
Keywords: news, cnbc, companies, global, output, week, brent, crude, oil, meeting, futures, saudi, rigs, economy, steady, markets, worries, dips, prices


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Firm dollar weighs on gold amid global growth risks

Spot gold was down 0.1 percent at $1,237.51 per ounce, as of 0401 GMT, after having hit its lowest since Dec. 4 at $1,232.39 on Friday. Gold has not recovered yet from Friday’s decline, said analyst Helen Lau of Argonaut Securities, adding that prices were moving on the strong dollar over the weekend. The dollar index, which measures the greenback against other major currencies, was just below the 19-month high of 97.71 hit on Friday. Lower interest rates reduce the opportunity cost of holding n


Spot gold was down 0.1 percent at $1,237.51 per ounce, as of 0401 GMT, after having hit its lowest since Dec. 4 at $1,232.39 on Friday. Gold has not recovered yet from Friday’s decline, said analyst Helen Lau of Argonaut Securities, adding that prices were moving on the strong dollar over the weekend. The dollar index, which measures the greenback against other major currencies, was just below the 19-month high of 97.71 hit on Friday. Lower interest rates reduce the opportunity cost of holding n
Firm dollar weighs on gold amid global growth risks Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2018-12-17  Authors: simon dawson, bloomberg, getty images
Keywords: news, cnbc, companies, firm, global, dollar, reduce, gold, ounce, amid, weighs, safehaven, rates, risks, analyst, growth, support, interest, dec


Firm dollar weighs on gold amid global growth risks

Gold prices inched lower on Monday, as the dollar held firm below a 19-month peak on safe-haven demand amid concerns of a global economic slowdown, and as investors awaited cues on U.S. interest rate hikes from a Federal Reserve meeting later this week.

Spot gold was down 0.1 percent at $1,237.51 per ounce, as of 0401 GMT, after having hit its lowest since Dec. 4 at $1,232.39 on Friday.

U.S. gold futures were little changed at $1,241.3 per ounce.

Gold has not recovered yet from Friday’s decline, said analyst Helen Lau of Argonaut Securities, adding that prices were moving on the strong dollar over the weekend.

Weaker-than-expected economic data out of China and Europe and fears of a possible U.S. government shutdown enhanced appeal for the U.S. currency, which has played the role of a safe-haven asset in recent times.

The dollar index, which measures the greenback against other major currencies, was just below the 19-month high of 97.71 hit on Friday.

Markets will closely watch the future trajectory of U.S. monetary policy at the Federal Reserve’s Dec. 18-19 meeting where the board is set to raise interest rates by 25 basis points.

“Markets will rally on the back of dollar weakness after the central bank signals a more dovish stance, but the advance will fall back quickly as global growth concerns reassert themselves,” INTL FCStone analyst Edward Meir said in a note.

Lower interest rates reduce the opportunity cost of holding non-yielding bullion and weigh on the dollar.

Spot gold is biased to break a support at $1,232 per ounce, and fall to a lower support zone of $1,224-$1,228, according to Reuters technical analyst Wang Tao.

Meanwhile, hedge funds and money managers switched to net long position in Comex gold in the week to Dec. 11, the U.S. Commodity Futures Trading Commission (CFTC) said on Friday.

This was the first time gold speculators held a net long position since July, and the strongest since June.

“Uncertainties of the trade war are still weighing on the market,” said Dick Poon, general manager, Heraeus Metals Hong Kong Ltd.

“It is getting close to Christmas time, so it is getting super quiet in the market. Investors reduce their inventories as much as possible before the year ends.”

Among other precious metals, spot palladium gained to $1,238.20 per ounce.

Silver declined marginally to $14.56 per ounce, while platinum fell 0.6 percent to $782.50 per ounce.


Company: cnbc, Activity: cnbc, Date: 2018-12-17  Authors: simon dawson, bloomberg, getty images
Keywords: news, cnbc, companies, firm, global, dollar, reduce, gold, ounce, amid, weighs, safehaven, rates, risks, analyst, growth, support, interest, dec


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