Fake videos could be the next big problem in the 2020 elections

“Deepfake” videos could be an even bigger problem in 2020. Experts warn that deepfakes can weaponize false information and, because of the ease of creating fake content, videos can be made and distributed promptly, allowing fake videos to reach millions in seconds. 2020 electionsPaul Barrett, adjunct professor of law at New York University, explained that there are two ways deepfake videos could affect elections. Domestic disinformationIt currently is not a federal crime in the U.S. to create fa


“Deepfake” videos could be an even bigger problem in 2020. Experts warn that deepfakes can weaponize false information and, because of the ease of creating fake content, videos can be made and distributed promptly, allowing fake videos to reach millions in seconds. 2020 electionsPaul Barrett, adjunct professor of law at New York University, explained that there are two ways deepfake videos could affect elections. Domestic disinformationIt currently is not a federal crime in the U.S. to create fa
Fake videos could be the next big problem in the 2020 elections Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-10-15  Authors: grace shao
Keywords: news, cnbc, companies, videos, president, deepfake, fake, false, 2020, election, problem, elections, video, technology, deepfakes, big


Fake videos could be the next big problem in the 2020 elections

A woman views a manipulated video of President Donald Trump and former president Barack Obama, illustrating how deepfake technology can deceive viewers. Rob Lever | AFP | Getty Images

Fake news was a big problem for the 2016 election. “Deepfake” videos could be an even bigger problem in 2020. Deepfake technology can be used to create videos that seem to show politicians saying things they never said, or doing things they never have done. The technology first gained widespread attention in April 2018, when comedian Jordan Peele created a video that pretended to show former President Barack Obama insulting President Donald Trump in a speech. The technology is a problem not only because the videos are fake and easy make, but also because like “fake news” articles on social media, they are likely to be shared. “Deepfakes can be made by anyone with a computer, internet access, and interest in influencing an election,” said John Villasenor, a professor at UCLA focusing on artificial intelligence and cybersecurity. He explained that “they are a powerful new tool for those who might want to (use) misinformation to influence an election.” Experts warn that deepfakes can weaponize false information and, because of the ease of creating fake content, videos can be made and distributed promptly, allowing fake videos to reach millions in seconds. The term “deepfakes” refers to manipulated videos or other digital representations produced by sophisticated artificial intelligence that yield seemingly realistic, but fabricated images and sounds.

2020 elections

Paul Barrett, adjunct professor of law at New York University, explained that there are two ways deepfake videos could affect elections. For one, Barrett said, “a skillfully made deepfake video could persuade voters that a particular candidate said or did something she didn’t say or do.”

What we are seeing now is that (cyberwar) has a twin called ‘likewar,’ the hacking of people on social networks, by driving ideas viral through likes, shares, and lies. Peter Singer senior fellow, New America

A video released on Facebook in June appeared to show House Speaker Nancy Pelosi stumbling through a speech when, in reality, she did not. Villasenor told CNBC that deepfakes can undermine the reputations of politicians and easily influence voter sentiment, making them very dangerous, yet “powerful.” “If there are a multitude of deepfakes over the course of an election campaign, voters could grow cynical about the ability to tell truth from falsehood. Cynicism could lead to apathy, low voter turnout, and disillusionment with the entire political system,” said NYU’s Barrett.

Domestic disinformation

It currently is not a federal crime in the U.S. to create fake videos. But “using a fake video to commit another crime — such as extortion or fraud or harassment — would be illegal under the laws covering the other crimes,” said Barrett. He added that the legality of creating deepfakes could change in the future, as a number of bills hoping to curb their use have been introduced in Congress. The first federal bill targeting deepfakes, the Malicious Deep Fake Prohibition Act, was introduced in December 2018. Meanwhile, states including California and Texas have enacted laws that make deepfakes illegal when they’re used to interfere with elections.

In June, the DEEPFAKES Accountability Act, short for “Defending Each and Every Person from False Appearances by Keeping Exploitation Subject to Accountability Act,” was introduced. If passed, it would require that creators of false videos to label them as such or face up to five years in prison. “Indeed, the technology can be used for both entertainment, business, and politics, so it is unlikely to be outlawed ever completely,” said Peter Singer, cybersecurity and defense focused strategist and senior fellow at policy think tank, New America. He added that although it is legal, deepfakes should be labeled to let viewers know what they’re seeing is a simulation. “Just as @realdonaldtrump has a small blue check on his account to let you now that it is him,” Singer wrote. Deepfake technology is on the rise as data shows most Americans are worried about fake news. Nearly seven-in-ten (68%) say made-up news and information greatly affect Americans’ confidence in government institutions, according to a 2019 survey conducted by Pew Research Center. About half (54%) of the 6,127 respondents said misinformation has impacted Americans’ confidence in each other. That survey also found that half of respondents see false news as a big problem for the country. That’s a bigger share than those who said they viewed terrorism (34%), illegal immigration (38%), racism (40%) and sexism (26%) as top issues in the U.S.

On the corporate side, social media behemoth Facebook was criticized for not being able to identify fake videos when the Pelosi video circulated. In response, Facebook and Microsoft promised to collaborate with top universities across the country and create a large database of fake videos to study detection methods.

‘Hostilities that never really happened’


Company: cnbc, Activity: cnbc, Date: 2019-10-15  Authors: grace shao
Keywords: news, cnbc, companies, videos, president, deepfake, fake, false, 2020, election, problem, elections, video, technology, deepfakes, big


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Treasury yields move lower as investors await economic data, auctions

ET, the benchmark 10-year Treasury note , which moves inversely to price, was lower at around 1.6994%, while the yield on the 30-year Treasury bond was also lower at around 2.1671%. U.S. government debt prices were higher Tuesday morning, as investors awaited economic data and Treasury auctions. The U.S. and China held high-level trade talks in Washington late last week, which ended with President Donald Trump saying both sides had reached a “very substantial phase one deal.” On the data front,


ET, the benchmark 10-year Treasury note , which moves inversely to price, was lower at around 1.6994%, while the yield on the 30-year Treasury bond was also lower at around 2.1671%. U.S. government debt prices were higher Tuesday morning, as investors awaited economic data and Treasury auctions. The U.S. and China held high-level trade talks in Washington late last week, which ended with President Donald Trump saying both sides had reached a “very substantial phase one deal.” On the data front,
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Company: cnbc, Activity: cnbc, Date: 2019-10-15  Authors: sam meredith
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Treasury yields move lower as investors await economic data, auctions

The bond market was closed on Monday, as investors observed the Columbus Day holiday.

At around 02:00 a.m. ET, the benchmark 10-year Treasury note , which moves inversely to price, was lower at around 1.6994%, while the yield on the 30-year Treasury bond was also lower at around 2.1671%.

U.S. government debt prices were higher Tuesday morning, as investors awaited economic data and Treasury auctions.

Market focus is largely attuned to global trade developments, after reports of a partial trade deal between the world’s two largest economies.

The U.S. and China held high-level trade talks in Washington late last week, which ended with President Donald Trump saying both sides had reached a “very substantial phase one deal.”

As part of that agreement, Beijing has said it will address intellectual property rights concerns raised by Washington and buy $40 to $50 billion worth of U.S. agricultural products.

In exchange, the U.S. agreed to delay an October 15 increase in tariffs on Chinese goods.

China has since reportedly said that it wants another round of talks before signing what Trump described as the first phase of an agreement between the two countries.

Bloomberg News first reported the story on Monday, saying Beijing also wanted the U.S. to scrap a tariff hike for December.

On the data front, the Empire State Manufacturing Survey for October will be released at 8:30 a.m. ET.

The U.S. Treasury is set to auction $45 billion in 13-week bills and $42 billion in 26-week bills on Tuesday.


Company: cnbc, Activity: cnbc, Date: 2019-10-15  Authors: sam meredith
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California governor demands PG&E accountability for mismanaging power shutoffs

Restaurant owner Emily Schiffman checks her phone behind a candle-lit bar at Reel and Brand in Sonoma, California, on October 9, 2019, during a planned power outage by the Pacific Gas & Electric (PG&E) utility company. California Governor Gavin Newsom said on Monday that utility Pacific Gas and Electric should be held accountable for mismanaging last week’s widespread power shutoffs and urged the company to provide credits or rebates to affected customers. Separately, the California Public Utili


Restaurant owner Emily Schiffman checks her phone behind a candle-lit bar at Reel and Brand in Sonoma, California, on October 9, 2019, during a planned power outage by the Pacific Gas & Electric (PG&E) utility company. California Governor Gavin Newsom said on Monday that utility Pacific Gas and Electric should be held accountable for mismanaging last week’s widespread power shutoffs and urged the company to provide credits or rebates to affected customers. Separately, the California Public Utili
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Company: cnbc, Activity: cnbc, Date: 2019-10-15
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California governor demands PG&E accountability for mismanaging power shutoffs

Restaurant owner Emily Schiffman checks her phone behind a candle-lit bar at Reel and Brand in Sonoma, California, on October 9, 2019, during a planned power outage by the Pacific Gas & Electric (PG&E) utility company.

California Governor Gavin Newsom said on Monday that utility Pacific Gas and Electric should be held accountable for mismanaging last week’s widespread power shutoffs and urged the company to provide credits or rebates to affected customers.

Separately, the California Public Utility Commission ordered corrective steps by PG&E, the state’s largest investor-owned

utility, while summoning eight of its top executives to an emergency meeting on Friday.

The utility, a unit of PG&E, cut off electricity to more than 730,000 homes and workplaces in northern California last week in a bid to reduce wildfire risks posed by extremely windy, dry weather.

The precautionary shutdown, unprecedented in its scope, has been widely criticized as being haphazardly conducted on too large a scale, with insufficient advance notice to affected customers.

On Thursday, the governor said the power outage followed years of mismanagement by the utility and branded its handling as “unacceptable.”

Chief Executive Bill Johnson publicly acknowledged that day that PG&E had fallen short in its preparations for the outage.

In response to state officials’ latest moves, Johnson again acknowledged room for improvement while defending the

broad-scale power cutoff as “the right decision.”

He added that there “were no catastrophic wildfires started” last week in the utility’s service areas.

Newsom said he had sent a letter to Public Utilities Commission President Marybel Batjer confirming that the agency

will conduct a comprehensive inquiry and review of PG&E’s planning, implementation and decision-making process failures.

“Californians should not pay the price for decades of PG&E’s greed and neglect,” Newsom said. “We will continue to hold PG&E accountable to make radical changes — prioritizing the safety of Californians and modernizing its equipment.”

Newsom also urged the company to provide affected customers an automatic credit or rebate of $100 per residential customer and $250 per small business as compensation.

Separately, Batjer sent PG&E executives an eight-page letter on Monday directing the utility outlining seven “major areas

where immediate corrective actions are required,” the commission said in a statement.

“Failures in execution, combined with the magnitude of this (power shutdown) event, created an unacceptable situation that should never be repeated,” Batjer wrote.

“Loss of power is not a mere inconvenience — it endangers lives and property, especially those individuals who are reliant

on power for medical reasons.”

Several of the corrective actions ordered by the commission dealt with website crashes and an overwhelming surge in call center activity the utility experienced during the shutdown.

PG&E filed for bankruptcy in January 2019, citing potential civil liabilities in excess of $30 billion from major wildfires

linked to its transmission wires and other equipment.


Company: cnbc, Activity: cnbc, Date: 2019-10-15
Keywords: news, cnbc, companies, batjer, urged, accountability, governor, week, utility, pge, affected, power, shutoffs, commission, corrective, mismanaging, demands, california


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China’s pork prices surged 69.3% in September from a year ago

Pork prices in China jumped 69.3% in September from a year ago as the country continued to battle a shortage of the meat that followed an outbreak of African swine fever. Last month’s surge in pork prices was higher compared to the 46.7% increase seen in August, according to data from China’s National Bureau of Statistics. That increase in pork prices have been a major driver in the overall increase in China’s consumer prices. Meanwhile, factory prices, measured by the producer price index, fell


Pork prices in China jumped 69.3% in September from a year ago as the country continued to battle a shortage of the meat that followed an outbreak of African swine fever. Last month’s surge in pork prices was higher compared to the 46.7% increase seen in August, according to data from China’s National Bureau of Statistics. That increase in pork prices have been a major driver in the overall increase in China’s consumer prices. Meanwhile, factory prices, measured by the producer price index, fell
China’s pork prices surged 69.3% in September from a year ago Cached Page below :
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Keywords: news, cnbc, companies, pork, according, china, ago, increase, producer, 693, consumer, price, surged, analysts, prices, chinas


China's pork prices surged 69.3% in September from a year ago

Pigs in their pen at a farm on the outskirts of Chengdu in China’s south west Sichuan province, on August 2, 2005.

Pork prices in China jumped 69.3% in September from a year ago as the country continued to battle a shortage of the meat that followed an outbreak of African swine fever.

Last month’s surge in pork prices was higher compared to the 46.7% increase seen in August, according to data from China’s National Bureau of Statistics. That pushed up food prices in China by 11.2% in September, accelerating from the previous month’s 10% gain.

That increase in pork prices have been a major driver in the overall increase in China’s consumer prices. In September, the country’s consumer price index increased 3% year-on-year in September — the highest in nearly six years, according to Reuters. Meanwhile, factory prices, measured by the producer price index, fell by 1.2%, reported Reuters.

Economists polled by the news agency had expected consumer prices in China to increase by 2.9% in September, and producer prices to fall by 1.2%.

SOURCE: China’s National Bureau of Statistics

China is the world’s top producer and consumer of pork. As the meat is a staple in the Chinese diet, a spike in prices over the last year have hurt the wallets of many consumers in the world’s second-largest economy.

Chinese authorities called increasing pork supply in the country a “major political task,” Financial Times reported last month. They have responded with measures such as consolidating pig farms and releasing pork from its strategic reserves, noted analysts from consultancy Capital Economics.

“But there are few signs that these measures have been effective: pigs continue to die in large numbers and pork price inflation is accelerating,” the analysts wrote in a report last week.

As much as half of the country’s hog population was estimated to have died from the protracted swine fever outbreak, which was discovered more than a year ago. China’s pig herd could halve by the end of this year, according to a July forecast by analysts at Dutch bank Rabobank.

— CNBC’s Evelyn Cheng, Weizhen Tan contributed to this report.


Company: cnbc, Activity: cnbc, Date: 2019-10-15  Authors: yen nee lee
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Japan typhoon death toll rises to 58 as hopes for missing fade

Police officers search an area by boat that was flooded by Typhoon Hagibis on October 14, 2019 in Marumori, Miyagi, Japan. The death toll in the worst typhoon to hit Japan for decades climbed to 58 on Tuesday as rescuers slogged through mud and debris in an increasingly grim search for the missing and as thousands of homes remained without power or water. Survivors described how waters rose rapidly to chest height in roughly an hour and mainly at night, making it hard to escape to higher ground.


Police officers search an area by boat that was flooded by Typhoon Hagibis on October 14, 2019 in Marumori, Miyagi, Japan. The death toll in the worst typhoon to hit Japan for decades climbed to 58 on Tuesday as rescuers slogged through mud and debris in an increasingly grim search for the missing and as thousands of homes remained without power or water. Survivors described how waters rose rapidly to chest height in roughly an hour and mainly at night, making it hard to escape to higher ground.
Japan typhoon death toll rises to 58 as hopes for missing fade Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-10-15
Keywords: news, cnbc, companies, search, missing, nhk, toll, typhoon, rises, japan, fade, water, waters, storm, death, fukushima, hopes


Japan typhoon death toll rises to 58 as hopes for missing fade

Police officers search an area by boat that was flooded by Typhoon Hagibis on October 14, 2019 in Marumori, Miyagi, Japan.

The death toll in the worst typhoon to hit Japan for decades climbed to 58 on Tuesday as rescuers slogged through mud and debris in an increasingly grim search for the missing and as thousands of homes remained without power or water.

The storm hit a wide swathe of central and eastern Japan, with 15 missing and some 211 injured nearly three days after Typhoon Hagibis — whose name means “speed” in the Philippine language Tagalog — lashed Japan with high winds and intense rains, NHK national broadcaster said.

Some 138,000 households were without water while 24,000 lacked electricity, a far cry from the hundreds of thousands without power just after the storm but cause for concern in northern areas where the weather was starting to turn chilly.

The highest toll was in Fukushima prefecture north of Tokyo, where levees burst in at least 14 places along the Abukuma River, which meanders through a number of cities in the agricultural prefecture.

At least 18 died in Fukushima, including a mother who was caught up in flood waters with her two children, one of whose death was confirmed on Monday while the other, a little boy, remained missing.

Thousands of police, fire officials and military personnel continued to search for people who may have been cut off by floodwaters and landslides set off by the storm, with hope diminishing that the missing would be found alive.

Survivors described how waters rose rapidly to chest height in roughly an hour and mainly at night, making it hard to escape to higher ground. Many of the dead in Fukushima were elderly, NHK said.

“I couldn’t believe it, the water came up so fast,” one man in Fukushima told NHK.

Though the threat of rain is expected to diminish on Tuesday, temperatures are likely to drop in many areas later this week, in some cases to unseasonably low temperatures, NHK said.


Company: cnbc, Activity: cnbc, Date: 2019-10-15
Keywords: news, cnbc, companies, search, missing, nhk, toll, typhoon, rises, japan, fade, water, waters, storm, death, fukushima, hopes


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United Auto Workers summons local union leaders to Detroit as GM strike enters fifth week

DETROIT – The United Auto Workers has summoned local union leaders to Detroit on Thursday for an update on its negotiations with General Motors. The union has traditionally done this when a tentative agreement has been reached or, as was the case a month ago, to discuss and vote on other actions such as a strike. GM spokesman David Barnas confirmed talks are “ongoing,” but declined to comment on details of the discussions. If a tentative agreement is not reached by the meeting at 10:30 a.m. Thur


DETROIT – The United Auto Workers has summoned local union leaders to Detroit on Thursday for an update on its negotiations with General Motors. The union has traditionally done this when a tentative agreement has been reached or, as was the case a month ago, to discuss and vote on other actions such as a strike. GM spokesman David Barnas confirmed talks are “ongoing,” but declined to comment on details of the discussions. If a tentative agreement is not reached by the meeting at 10:30 a.m. Thur
United Auto Workers summons local union leaders to Detroit as GM strike enters fifth week Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-10-15  Authors: michael wayland
Keywords: news, cnbc, companies, tentative, fifth, united, week, update, strike, leaders, summons, discussions, agreement, local, union, talks, spokesman, negotiations, workers


United Auto Workers summons local union leaders to Detroit as GM strike enters fifth week

DETROIT – The United Auto Workers has summoned local union leaders to Detroit on Thursday for an update on its negotiations with General Motors.

The union has traditionally done this when a tentative agreement has been reached or, as was the case a month ago, to discuss and vote on other actions such as a strike.

A letter to local union leaders Monday night said the agenda for the meeting included a “contract update and any other agenda items to be determined,” leaving the door open for talks to continue to potentially reach a tentative agreement ahead of the meeting.

UAW spokesman Brian Rothenberg declined to comment on the letter. GM spokesman David Barnas confirmed talks are “ongoing,” but declined to comment on details of the discussions. Negotiations between the two sides ended Monday evening and are expected to resume Tuesday morning.

If a tentative agreement is not reached by the meeting at 10:30 a.m. Thursday, the union could update local leaders about the discussions in an attempt to determine what to do next.

“My guess is if there is no tentative agreement by Thursday, they will review the status of bargaining with the council and then try to obtain a consensus with respect to next steps,” said Colin Lightbody, a labor consultant and longtime negotiator for Fiat Chrysler.

Options for the union moving forward could include:

remaining on strike and continuing negotiations with GM;

discussing and voting on terms for remaining outstanding issues;

moving discussions to another automaker if negotiations have stalled, among others.

The summons of local UAW presidents and chairpersons comes following the two sides countering back and forth with proposals. The union on Friday said it had countered an offer from GM.


Company: cnbc, Activity: cnbc, Date: 2019-10-15  Authors: michael wayland
Keywords: news, cnbc, companies, tentative, fifth, united, week, update, strike, leaders, summons, discussions, agreement, local, union, talks, spokesman, negotiations, workers


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WeWork reportedly expected to lay off 2,000 workers as early as this week

WeWork is expected to lay off at least 2,000 people, about 13% of its staff, as soon as this week, the Guardian newspaper reported. WeWork staff told the Guardian that they believe the cuts will not stop there, suggesting more of the company’s 15,000 person workforce could be sacked. The Information reported in September that executives and bankers have discussed cutting up to a third of those workers. Employees also told the Guardian that little to no work is getting done at the company and new


WeWork is expected to lay off at least 2,000 people, about 13% of its staff, as soon as this week, the Guardian newspaper reported. WeWork staff told the Guardian that they believe the cuts will not stop there, suggesting more of the company’s 15,000 person workforce could be sacked. The Information reported in September that executives and bankers have discussed cutting up to a third of those workers. Employees also told the Guardian that little to no work is getting done at the company and new
WeWork reportedly expected to lay off 2,000 workers as early as this week Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-10-15  Authors: saheli roy choudhury
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WeWork reportedly expected to lay off 2,000 workers as early as this week

WeWork is expected to lay off at least 2,000 people, about 13% of its staff, as soon as this week, the Guardian newspaper reported.

WeWork staff told the Guardian that they believe the cuts will not stop there, suggesting more of the company’s 15,000 person workforce could be sacked. The Information reported in September that executives and bankers have discussed cutting up to a third of those workers. The embattled start-up is attempting to turn its fortunes around with painful cost reduction measures.

Employees also told the Guardian that little to no work is getting done at the company and new projects have been put on hold.

WeWork declined to comment to the Guardian. Representatives for the company did not immediately respond to CNBC’s request for additional comment.

Last month, the start-up pulled the plug on plans to go public. Its much-anticipated IPO prospectus in August revealed a massive $900 million loss in the first six months of 2019 and drew skepticism over its corporate governance. WeWork had a private market valuation of about $47 billion but its potential value in the public market had been slashed significantly.

There has also been a showdown between former CEO Adam Neumann and SoftBank chief Masayoshi Son, who has invested billions into the start-up. Neumann stepped down last month. It was also reported that SoftBank has readied a financing package to take control of the company and further sideline Neumann, who is also a co-founder.

WeWork rents out office spaces to start-ups, freelancers and enterprises by investing in real estate in some of the most expensive markets around the world. It makes money back over time as companies and individuals pay their rent or membership fees.

Read more about the Guardian’s report on WeWork’s plans to sack 2,000 staff here.

— CNBC’s Alex Sherman and Lauren Feiner contributed to this report.


Company: cnbc, Activity: cnbc, Date: 2019-10-15  Authors: saheli roy choudhury
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Trump should unveil an ‘aggressive tax cut’ in 2020: Forbes Media

Trump should unveil an ‘aggressive tax cut’ in 2020: Forbes Media4 Hours AgoSteve Forbes of Forbes Media discusses potential tax cuts in the U.S., India’s economy and Brexit.


Trump should unveil an ‘aggressive tax cut’ in 2020: Forbes Media4 Hours AgoSteve Forbes of Forbes Media discusses potential tax cuts in the U.S., India’s economy and Brexit.
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Trump should unveil an 'aggressive tax cut' in 2020: Forbes Media

Trump should unveil an ‘aggressive tax cut’ in 2020: Forbes Media

4 Hours Ago

Steve Forbes of Forbes Media discusses potential tax cuts in the U.S., India’s economy and Brexit.


Company: cnbc, Activity: cnbc, Date: 2019-10-15
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Sterling jumps after EU negotiator Barnier says Brexit deal is still possible this week

Sterling rose sharply against the dollar Tuesday after optimistic comments on Brexit from EU negotiator Michel Barnier. He added that “any agreement must work for everyone,” saying it is “high time to turn good intentions into a legal text.” Traders have been on edge as the Brexit deadline of Oct. 31 approaches and there’s still no clear agreement for how the U.K. will leave the European Union. Last week, the U.K. and the EU seemingly drew closer when it came to their long-standing differences o


Sterling rose sharply against the dollar Tuesday after optimistic comments on Brexit from EU negotiator Michel Barnier. He added that “any agreement must work for everyone,” saying it is “high time to turn good intentions into a legal text.” Traders have been on edge as the Brexit deadline of Oct. 31 approaches and there’s still no clear agreement for how the U.K. will leave the European Union. Last week, the U.K. and the EU seemingly drew closer when it came to their long-standing differences o
Sterling jumps after EU negotiator Barnier says Brexit deal is still possible this week Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-10-15  Authors: silvia amaro
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Sterling jumps after EU negotiator Barnier says Brexit deal is still possible this week

Sterling rose sharply against the dollar Tuesday after optimistic comments on Brexit from EU negotiator Michel Barnier.

“Our team(s) are working hard, and work has just started now today, this work has been intense over the weekend and yesterday, because even if the agreement will be difficult, more and more difficult, to be frank, it is still possible this week,” Barnier told reporters in Luxembourg on Tuesday morning.

He added that “any agreement must work for everyone,” saying it is “high time to turn good intentions into a legal text.”

Traders have been on edge as the Brexit deadline of Oct. 31 approaches and there’s still no clear agreement for how the U.K. will leave the European Union.

U.K. Prime Minister Boris Johnson made fresh proposals earlier this month to overcome differences over the controversial Irish backstop — an insurance policy that is meant to protect the EU’s single market (an economic area with the same rules and standards) without imposing a hard border between the Republic of Ireland and Northern Ireland.

Last week, the U.K. and the EU seemingly drew closer when it came to their long-standing differences over the issue when Johnson agreed that there could not be a customs border on the island of Ireland.

Stef Block, the Dutch foreign affairs minister, said at his arrival in Luxembourg Tuesday that the U.K. has taken some steps, “but not enough to guarantee the integrity of the (EU) common market.”

“We still have time to avoid a no deal and we should use this time,” he said.


Company: cnbc, Activity: cnbc, Date: 2019-10-15  Authors: silvia amaro
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Hong Kong central bank cuts lenders’ cash reserves to support economy amid protests

The Hong Kong Monetary Authority is displayed outside Two International Finance Centre in Hong Kong on June 19, 2013. The Hong Kong Monetary Authority (HKMA) has cut the amount of cash that banks must keep as reserves, releasing an extra HK$200-300 billion ($25.50-38.24 billion) into the broader economy which has been hit by months-long protests and the U.S.-China trade war. “Economic indicators and other relevant evidence have signalled that the economic environment in Hong Kong has deteriorate


The Hong Kong Monetary Authority is displayed outside Two International Finance Centre in Hong Kong on June 19, 2013. The Hong Kong Monetary Authority (HKMA) has cut the amount of cash that banks must keep as reserves, releasing an extra HK$200-300 billion ($25.50-38.24 billion) into the broader economy which has been hit by months-long protests and the U.S.-China trade war. “Economic indicators and other relevant evidence have signalled that the economic environment in Hong Kong has deteriorate
Hong Kong central bank cuts lenders’ cash reserves to support economy amid protests Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-10-15
Keywords: news, cnbc, companies, central, reserves, capital, monetary, yue, ccyb, buffer, lenders, support, hong, cash, protests, banks, economic, economy, kong, cuts


Hong Kong central bank cuts lenders' cash reserves to support economy amid protests

The Hong Kong Monetary Authority is displayed outside Two International Finance Centre in Hong Kong on June 19, 2013.

The Hong Kong Monetary Authority (HKMA) has cut the amount of cash that banks must keep as reserves, releasing an extra HK$200-300 billion ($25.50-38.24 billion) into the broader economy which has been hit by months-long protests and the U.S.-China trade war.

The central bank late on Monday announced a reduction of the Countercyclical Capital Buffer (CCyB) ratio of banks to 2.0% from 2.5%, with immediate effect, particularly aimed at boosting credit to the struggling small and medium enterprises. It was the first cut in the CCyB ratio since it was introduced in 2015.

“Economic indicators and other relevant evidence have signalled that the economic environment in Hong Kong has deteriorated significantly since June 2019,” HKMA chief executive Eddie Yue said in the statement.

“Lowering the countercyclical capital buffer at this juncture will allow banks to be more supportive to the domestic economy and help mitigate the economic cycle,” Yue added.

Hong Kong, which has been rocked by four months of often huge and violent protests against what is seen as Beijing’s tightening grip on the Chinese-ruled city, is facing its first recession in a decade.

The economy shrank 0.4% in April-June from the previous quarter, revised government data showed on Friday, and conditions have sharply deteriorated since then.

The Asian financial center, which also has one of the world’s busiest ports, was already under intense pressure from the escalating U.S.-China trade war and China’s biggest economic slowdown in decades.

HKMA has recently denied rumors, circulating on social media platforms and messaging apps, which have raised concerns about the monetary and financial stability of Hong Kong.

“We have emphasised many times that Hong Kong’s banking system is robust and sound, with strong capital positions, ample liquidity and good asset quality,” Yue said in his blog on Monday. “It is well positioned to withstand market shocks.”

The CCyB was introduced in line with international standards in 2015, ensuring adequate capital buffer for banks which can be deployed during an economic downturn to boost credit growth.


Company: cnbc, Activity: cnbc, Date: 2019-10-15
Keywords: news, cnbc, companies, central, reserves, capital, monetary, yue, ccyb, buffer, lenders, support, hong, cash, protests, banks, economic, economy, kong, cuts


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