Construction spending falls to 9-month low, ISM manufacturing index continued to expand

As a result, spending on private construction projects fell 0.4 percent in July after slipping 0.5 percent in June. Federal government construction spending declined 1.2 percent to the lowest level since April 2016. Construction spending was expected to reverse June’s losses to gain 0.6 percent in July. ISM manufacturing index expands in AugustNational factory activity gained for the third consecutive month in August, beating expectations and continuing expansion not seen since August 2014. The


As a result, spending on private construction projects fell 0.4 percent in July after slipping 0.5 percent in June. Federal government construction spending declined 1.2 percent to the lowest level since April 2016. Construction spending was expected to reverse June’s losses to gain 0.6 percent in July. ISM manufacturing index expands in AugustNational factory activity gained for the third consecutive month in August, beating expectations and continuing expansion not seen since August 2014. The
Construction spending falls to 9-month low, ISM manufacturing index continued to expand Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2017-09-01  Authors: getty images
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Construction spending falls to 9-month low, ISM manufacturing index continued to expand

The percent drop was biggest since October 2015 and followed a 1.6 percent fall in June. Investment in residential and nonresidential structures such as oil and gas wells is slowing

as the boost from recovering oil prices fades.

As a result, spending on private construction projects fell 0.4 percent in July after slipping 0.5 percent in June. Investment in private residential construction rose 0.8 percent.

Outlays on public construction projects dropped 1.4 percent to their lowest level since February 2014. That followed a 4.4 percent plunge in June. Spending on state and local government

construction projects fell 1.4 percent in July, also dropping to the lowest level since February 2014.

Federal government construction spending declined 1.2 percent to the lowest level since April 2016.

Construction spending was expected to reverse June’s losses to gain 0.6 percent in July. The indicator missed forecasts in the previous month when it declined 1.3 percent.

ISM manufacturing index expands in August

National factory activity gained for the third consecutive month in August, beating expectations and continuing expansion not seen since August 2014.

The U.S. manufacturing index registered 58.8 in August, up from 56.3 in July, beating estimates of 56.5, as polled by Reuters. A reading above 50 on the Institute for Supply Management’s (ISM) index indicates an expansion in manufacturing, which accounts for about 12 percent of the U.S. economy.


Company: cnbc, Activity: cnbc, Date: 2017-09-01  Authors: getty images
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Texas city loses water, 44 dead, but thousands of Harvey survivors rescued

A flood-hit southeast Texas city lost its drinking water supply and police and soldiers rescued thousands still stranded on Thursday after powerful storm Harvey killed 44 people and displaced more than a million on the Gulf Coast. The city of Beaumont, about 80 miles (130 km) east of Houston, had its water supplies cut off and was threatened by a rising river that forced the evacuation of its hospital and residents in neighboring Orange County. There were explosions at a chemical plant about 25


A flood-hit southeast Texas city lost its drinking water supply and police and soldiers rescued thousands still stranded on Thursday after powerful storm Harvey killed 44 people and displaced more than a million on the Gulf Coast. The city of Beaumont, about 80 miles (130 km) east of Houston, had its water supplies cut off and was threatened by a rising river that forced the evacuation of its hospital and residents in neighboring Orange County. There were explosions at a chemical plant about 25
Texas city loses water, 44 dead, but thousands of Harvey survivors rescued Cached Page below :
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Texas city loses water, 44 dead, but thousands of Harvey survivors rescued

A flood-hit southeast Texas city lost its drinking water supply and police and soldiers rescued thousands still stranded on Thursday after powerful storm Harvey killed 44 people and displaced more than a million on the Gulf Coast.

Some 779,000 Texans have been told to leave their homes and another 980,000 fled voluntarily amid dangers of new flooding from swollen rivers and reservoirs, according to Department of Homeland Security acting secretary Elaine Duke.

The city of Beaumont, about 80 miles (130 km) east of Houston, had its water supplies cut off and was threatened by a rising river that forced the evacuation of its hospital and residents in neighboring Orange County.

There were explosions at a chemical plant about 25 miles (40 km) east of Houston after it was engulfed by floodwater.

The loss of water and health risks from flooding were among hazards emerging in the aftermath of Harvey, which roared ashore late last Friday as the most powerful hurricane to hit Texas in half a century. It has since been downgraded to a tropical depression as it heads inland, leaving devastation across more than 300 miles (480 km) in the southeast corner of the state.


Company: cnbc, Activity: cnbc, Date: 2017-09-01  Authors: joe raedle, getty images
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China’s artificial intelligence technology is fast catching up to the US, Goldman Sachs says

In the report, titled “China’s Rise in Artificial Intelligence,” the investment bank said the world’s second-largest economy has emerged as a major global contender in using AI to drive economic progress. Goldman said the government and companies have identified AI and machine learning as the next big areas of innovation. “We believe AI technology will become a priority on the government’s agenda, and we expect further national/regional policy and funding support on AI to follow,” the bank said.


In the report, titled “China’s Rise in Artificial Intelligence,” the investment bank said the world’s second-largest economy has emerged as a major global contender in using AI to drive economic progress. Goldman said the government and companies have identified AI and machine learning as the next big areas of innovation. “We believe AI technology will become a priority on the government’s agenda, and we expect further national/regional policy and funding support on AI to follow,” the bank said.
China’s artificial intelligence technology is fast catching up to the US, Goldman Sachs says Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2017-09-01  Authors: saheli roy choudhury, tomohiro ohsumi, bloomberg, getty images
Keywords: news, games, cnbc, companies, fast, intelligence, artificial, council, goldman, chinas, investment, global, technology, yuan, companies, catching, ai, guidelines, bank, worlds, sachs


China's artificial intelligence technology is fast catching up to the US, Goldman Sachs says

In the report, titled “China’s Rise in Artificial Intelligence,” the investment bank said the world’s second-largest economy has emerged as a major global contender in using AI to drive economic progress.

Goldman said the government and companies have identified AI and machine learning as the next big areas of innovation.

“We believe AI technology will become a priority on the government’s agenda, and we expect further national/regional policy and funding support on AI to follow,” the bank said.

AI is already widespread: From simple smartphone applications that can tell the weather to complex algorithms that are able to easily beat humans in board games.

Companies such as Google and Microsoft have poured vast amounts of money into research and development to expand the horizon of what AI can achieve. Machines are fed large quantities of data and taught specific tasks, allowing companies to create software that can learn and become smarter.

While the United States is generally considered to be leading the field, other countries are catching up. China, home of internet powerhouses such as Baidu, Alibaba and Tencent, is one of them.

In July, China’s State Council issued guidelines on developing AI inside the country and set a goal of becoming a global innovation center for it by 2030. It expects the total output value of AI industries to surpass 1 trillion yuan ($147.80 billion).

The Council encouraged the creation of open-source computing platforms and training more AI professionals and scientists. The guidelines said the government will invest in qualified AI projects and encourage private capital investment.


Company: cnbc, Activity: cnbc, Date: 2017-09-01  Authors: saheli roy choudhury, tomohiro ohsumi, bloomberg, getty images
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Putin says pressure on North Korea is both ‘futile’ and a ‘dead-end road’

Russian President Vladimir Putin urged the U.S. and others to avoid going down a “dead-end road” with North Korea on Friday, adding only dialogue without pre-conditions could resolve the crisis. “Russia believes that the policy of putting pressure on Pyongyang to stop its nuclear missile program is misguided and futile,” Putin said in an article published overnight by the Kremlin, ahead of the BRICS summit in Xiamen, China. “The region’s problems should only be settled through a direct dialogue


Russian President Vladimir Putin urged the U.S. and others to avoid going down a “dead-end road” with North Korea on Friday, adding only dialogue without pre-conditions could resolve the crisis. “Russia believes that the policy of putting pressure on Pyongyang to stop its nuclear missile program is misguided and futile,” Putin said in an article published overnight by the Kremlin, ahead of the BRICS summit in Xiamen, China. “The region’s problems should only be settled through a direct dialogue
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Putin says pressure on North Korea is both ‘futile’ and a ‘dead-end road’

Russian President Vladimir Putin urged the U.S. and others to avoid going down a “dead-end road” with North Korea on Friday, adding only dialogue without pre-conditions could resolve the crisis.

“Russia believes that the policy of putting pressure on Pyongyang to stop its nuclear missile program is misguided and futile,” Putin said in an article published overnight by the Kremlin, ahead of the BRICS summit in Xiamen, China.

“The region’s problems should only be settled through a direct dialogue of all the parties concerned without any preconditions. Provocations, pressure and militarist and insulting rhetoric are a dead-end road,” he added.


Company: cnbc, Activity: cnbc, Date: 2017-09-01  Authors: sam meredith, alexei nikolsky, kremlin
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The fate of the world’s premier bull market may lie with palm oil farmers

That may change after influential former Prime Minister Mahathir Mohamad quit the ruling party last year, formed his own party — called Bersatu — and defected to the opposition. “Bersatu’s main role is to take the fight to the rural areas where UMNO is strongest.” Bersatu president is former Malaysian Deputy Prime Minister Muhyiddin Yassin. He and Mahathir are “very combative, very old school politicians with deep roots in the rural areas,” Chen said. Paul Stadlen, who handles media inquiries fo


That may change after influential former Prime Minister Mahathir Mohamad quit the ruling party last year, formed his own party — called Bersatu — and defected to the opposition. “Bersatu’s main role is to take the fight to the rural areas where UMNO is strongest.” Bersatu president is former Malaysian Deputy Prime Minister Muhyiddin Yassin. He and Mahathir are “very combative, very old school politicians with deep roots in the rural areas,” Chen said. Paul Stadlen, who handles media inquiries fo
The fate of the world’s premier bull market may lie with palm oil farmers Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2017-09-01  Authors: sri jegarajah, sanjit das, bloomberg, getty images
Keywords: news, games, cnbc, companies, minister, farmers, areas, palm, oil, opposition, rural, mahathir, premier, fate, ruling, prime, lie, chen, bull, market, worlds, umno, party


The fate of the world's premier bull market may lie with palm oil farmers

The opposition, with stronger support among urban Malaysians angry with a series of corruption scandals, has typically struggled to dislodge the ruling United Malay National Organization (UMNO) party’s stranglehold on the rural heartlands.

That may change after influential former Prime Minister Mahathir Mohamad quit the ruling party last year, formed his own party — called Bersatu — and defected to the opposition.

Though still fragmented, the opposition is betting that its re-alignment and Mahathir’s involvement will narrow the chances of the incumbent cruising to victory in polls due mid-2018.

“I think we could really make a dramatic impact,” said Wong Chen, a member of the opposition People’s Justice Party, said in an interview in late July. “Bersatu’s main role is to take the fight to the rural areas where UMNO is strongest.”

Bersatu president is former Malaysian Deputy Prime Minister Muhyiddin Yassin. He and Mahathir are “very combative, very old school politicians with deep roots in the rural areas,” Chen said.

Paul Stadlen, who handles media inquiries for Najib, did not respond to CNBC’s e-mailed requests for comment.


Company: cnbc, Activity: cnbc, Date: 2017-09-01  Authors: sri jegarajah, sanjit das, bloomberg, getty images
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Trump’s expected repeal of ‘Dreamer’ program draws fire from business

But business leaders say the Dreamers make important economic contributions and that ending the program will hit economic growth and tax revenue. On Capitol Hill, Democratic lawmakers and a handful of Republicans urged Trump not to scrap the Deferred Action for Childhood Arrivals (DACA), or “Dreamers” program. What to do about the so-called Dreamers has been actively debated within the White House and Trump administration. One senior administration official described the debate as a “tug of war”


But business leaders say the Dreamers make important economic contributions and that ending the program will hit economic growth and tax revenue. On Capitol Hill, Democratic lawmakers and a handful of Republicans urged Trump not to scrap the Deferred Action for Childhood Arrivals (DACA), or “Dreamers” program. What to do about the so-called Dreamers has been actively debated within the White House and Trump administration. One senior administration official described the debate as a “tug of war”
Trump’s expected repeal of ‘Dreamer’ program draws fire from business Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2017-09-01  Authors: alex milan tracy, anadolu agency, getty images
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Trump's expected repeal of ‘Dreamer’ program draws fire from business

President Donald Trump is expected to rescind an Obama administration policy that protects from deportation nearly 800,000 immigrants who as children entered the country illegally, setting the stage for a fight with U.S. business leaders and lawmakers over tough immigration policy.

A senior administration official told Reuters on Thursday that the plan could be announced as early as Friday and that Trump would let the so-called Dreamers stay until their work permits expire.

Trump has promised to crack down on illegal immigration to give more jobs to Americans. But business leaders say the Dreamers make important economic contributions and that ending the program will hit economic growth and tax revenue.

The technology industry quickly mobilized opposition, as it did to Trump’s travel ban in January for visitors from Muslim-majority countries. Microsoft President Brad Smith said the country cannot afford to “lose the tremendous talent of these individuals.”

On Capitol Hill, Democratic lawmakers and a handful of Republicans urged Trump not to scrap the Deferred Action for Childhood Arrivals (DACA), or “Dreamers” program.

“@POTUS must uphold pledge 2 treat #DREAMers with “great heart” + give these young folks certainty 2 stay in US, the only country they know,” U.S. Representative Ileana Ros-Lehtinen, a Florida Republican who is Cuban-American, said on Twitter.

Trump, a Republican, had pledged on the election campaign trail to scrap all of Democratic former President Barack Obama’s executive orders on immigration.

What to do about the so-called Dreamers has been actively debated within the White House and Trump administration. One senior administration official described the debate as a “tug of war” between factions in favor of the move and those opposed.

Officials, believing the DACA program to be ultimately unconstitutional, want Congress to impose a legislative fix for the Dreamers, two officials said.

White House spokeswoman Sarah Sanders told reporters that Trump and his senior advisers were still reviewing the DACA program and that the president not made a final decision on how to proceed.

Asked whether Trump still stood by a comment in February about treating Dreamers “with heart,” Sanders said: “Absolutely, the president stands by his statement.”

The overwhelming majority of the Dreamer immigrants came from Mexico and other Latin American countries.

Over 200,000 of them live in California, while 100,000 are in Texas, which is struggling to recover from Hurricane Harvey. New York, Illinois, and Florida also have large numbers of DACA recipients.


Company: cnbc, Activity: cnbc, Date: 2017-09-01  Authors: alex milan tracy, anadolu agency, getty images
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European markets slightly higher as investors await key data; Indivior down 37%

The pan-European Stoxx 600 was 0.39 percent higher with almost every sector moving in positive territory. Basic resources were also higher on positive data from China. The Caixin China manufacturing PMI for August hit a six-month high of 51.6, topping analyst expectations. However, the trading day wasn’t going so well for the U.K. drugmaker Indivior. The stock plunged 37 percent after it said that it would appeal a U.S. court ruling that generic drug maker Dr Reddy’s had not infringed its patent


The pan-European Stoxx 600 was 0.39 percent higher with almost every sector moving in positive territory. Basic resources were also higher on positive data from China. The Caixin China manufacturing PMI for August hit a six-month high of 51.6, topping analyst expectations. However, the trading day wasn’t going so well for the U.K. drugmaker Indivior. The stock plunged 37 percent after it said that it would appeal a U.S. court ruling that generic drug maker Dr Reddy’s had not infringed its patent
European markets slightly higher as investors await key data; Indivior down 37% Cached Page below :
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European markets slightly higher as investors await key data; Indivior down 37%

The pan-European Stoxx 600 was 0.39 percent higher with almost every sector moving in positive territory.

Media was among the best performing sectors on earnings news and ratings upgrades. The French multinational Vivendi rose 4 percent after presenting its second-quarter results.

Basic resources were also higher on positive data from China. The Caixin China manufacturing PMI for August hit a six-month high of 51.6, topping analyst expectations.

Volvo was at the top of the European index, up by 7.2 percent, after announcing new financial targets for the year with an operating margin above 10 percent.

However, the trading day wasn’t going so well for the U.K. drugmaker Indivior. The stock plunged 37 percent after it said that it would appeal a U.S. court ruling that generic drug maker Dr Reddy’s had not infringed its patents.


Company: cnbc, Activity: cnbc, Date: 2017-09-01  Authors: alexandra gibbs, silvia amaro
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Futures point to a higher open, as US jobs report takes center stage on Wall Street

Sticking with the U.S., the repercussions of Hurricane Harvey continues to leave its mark on markets, with investors wondering how much damage the natural disaster will have on the economy and sectors like energy and insurance. Oil prices slipped into the red on Friday, with U.S. crude hovering around $46.75 per barrel at 6:30 a.m. Friday will also mark the start of the U.S. State Department’s ban on US passport holders travel to North Korea. Overseas, European stocks were trading higher, while


Sticking with the U.S., the repercussions of Hurricane Harvey continues to leave its mark on markets, with investors wondering how much damage the natural disaster will have on the economy and sectors like energy and insurance. Oil prices slipped into the red on Friday, with U.S. crude hovering around $46.75 per barrel at 6:30 a.m. Friday will also mark the start of the U.S. State Department’s ban on US passport holders travel to North Korea. Overseas, European stocks were trading higher, while
Futures point to a higher open, as US jobs report takes center stage on Wall Street Cached Page below :
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Futures point to a higher open, as US jobs report takes center stage on Wall Street

Sticking with the U.S., the repercussions of Hurricane Harvey continues to leave its mark on markets, with investors wondering how much damage the natural disaster will have on the economy and sectors like energy and insurance.

Oil prices slipped into the red on Friday, with U.S. crude hovering around $46.75 per barrel at 6:30 a.m. ET, while Brent last stood around $52.50.

Meanwhile, politics will be at the back of investors’ minds, after markets showed signs of turbulence earlier this week on the back of tensions brewing in North Korea.

While concerns around geopolitics appear to have subsided in recent sessions, investors will still be on edge in case of any fresh news that emerges. Friday will also mark the start of the U.S. State Department’s ban on US passport holders travel to North Korea.

Overseas, European stocks were trading higher, while markets in Asia closed on a relatively positive note following strong data out of China. In the previous session, U.S. stocks closed in the black.

No major earnings are set to be released on Friday.

Follow CNBC International on Twitter and Facebook.


Company: cnbc, Activity: cnbc, Date: 2017-09-01  Authors: alexandra gibbs, michael nagle, bloomberg, getty images
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Current nuclear threats on par with Cuban missile crisis, former US Energy secretary says

World has become a more dangerous place: Former US Energy secretary 1 Hour Ago | 01:35Ernest J. Moniz, Energy secretary under the Obama administration, believes the world has become a more dangerous place in light of rising geopolitical tensions, such as those between North Korea and the West. “I would say that the nuclear threats today are as bad (as) or worse than they had been since the Cuban missile crisis. “I won’t speak entirely causally, but let’s say the world has become a more dangerous


World has become a more dangerous place: Former US Energy secretary 1 Hour Ago | 01:35Ernest J. Moniz, Energy secretary under the Obama administration, believes the world has become a more dangerous place in light of rising geopolitical tensions, such as those between North Korea and the West. “I would say that the nuclear threats today are as bad (as) or worse than they had been since the Cuban missile crisis. “I won’t speak entirely causally, but let’s say the world has become a more dangerous
Current nuclear threats on par with Cuban missile crisis, former US Energy secretary says Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2017-09-01  Authors: alexandra gibbs, steve sedgwick, chip somodevilla, getty images news, getty images
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Current nuclear threats on par with Cuban missile crisis, former US Energy secretary says

World has become a more dangerous place: Former US Energy secretary 1 Hour Ago | 01:35

Ernest J. Moniz, Energy secretary under the Obama administration, believes the world has become a more dangerous place in light of rising geopolitical tensions, such as those between North Korea and the West.

“I would say that the nuclear threats today are as bad (as) or worse than they had been since the Cuban missile crisis. North Korea’s part of that, U.S.-Russia relations, India-Pakistan — so that’s really an issue,” Moniz told CNBC on Thursday at the Ambrosetti Forum in Italy.

“I won’t speak entirely causally, but let’s say the world has become a more dangerous place,” he added.

The Cuban missile crisis, which took place in October 1962, was when the U.S. and the Soviet Union came “closest to nuclear conflict,” according to the U.S. State Department’s website.

It was a critical point in history, where leaders from both sides engaged in a tense military and political standoff over Soviet missiles in Cuba.

Fast forward to the present, and geopolitical tensions continue to leave their mark on the world, with global financial markets showing signs of nervousness this week.

On Tuesday, Japan’s Prime Minister Shinzo Abe told reporters that a ballistic missile fired by North Korea had passed over Japan — a provocation that was met with criticism from the United Nations and leaders worldwide.

Following the news, President Donald Trump released a statement saying that “all options are on the table”.


Company: cnbc, Activity: cnbc, Date: 2017-09-01  Authors: alexandra gibbs, steve sedgwick, chip somodevilla, getty images news, getty images
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Samsung secures self-driving car permit in California

Samsung Electronics Co Ltd said on Thursday it has received a permit to test self-driving vehicles in California, marking the entry of the world’s largest smart phone maker four months after iPhone maker and arch rival Apple Inc received a permit. Its parent company in May secured permission from South Korean authorities to test a self-driving car fitted with its own sensors and software systems. At that time, South Korean officials said the company planned to use the car to develop a self-drivi


Samsung Electronics Co Ltd said on Thursday it has received a permit to test self-driving vehicles in California, marking the entry of the world’s largest smart phone maker four months after iPhone maker and arch rival Apple Inc received a permit. Its parent company in May secured permission from South Korean authorities to test a self-driving car fitted with its own sensors and software systems. At that time, South Korean officials said the company planned to use the car to develop a self-drivi
Samsung secures self-driving car permit in California Cached Page below :
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Samsung secures self-driving car permit in California

Samsung Electronics Co Ltd said on Thursday it has received a permit to test self-driving vehicles in California, marking the entry of the world’s largest smart phone maker four months after iPhone maker and arch rival Apple Inc received a permit.

Its parent company in May secured permission from South Korean authorities to test a self-driving car fitted with its own sensors and software systems. At that time, South Korean officials said the company planned to use the car to develop a self-driving car algorithm that could drive in adverse weather.

In a statement to Reuters, Samsung did not say what precisely what it planned to test in the United States but said it secured the permit “in pursuit of a smarter, safer transportation future.”


Company: cnbc, Activity: cnbc, Date: 2017-09-01  Authors: seongjoon cho, bloomberg, getty images
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