Democrats, Republicans recall John McCain, and take swipes at Trump

Speakers at the memorial service honoring Arizona Sen. John McCain on Saturday exhorted the Republican’s fighting spirit against his adversaries, with featured guests taking veiled swipes at the current commander in chief, President Donald Trump. With hundreds of attendees, friends, family and lawmakers from the U.S. House of Representatives and Senate joined with Trump administration officials and three former presidents. McCain was honored at the Washington National Cathedral, before his final


Speakers at the memorial service honoring Arizona Sen. John McCain on Saturday exhorted the Republican’s fighting spirit against his adversaries, with featured guests taking veiled swipes at the current commander in chief, President Donald Trump. With hundreds of attendees, friends, family and lawmakers from the U.S. House of Representatives and Senate joined with Trump administration officials and three former presidents. McCain was honored at the Washington National Cathedral, before his final
Democrats, Republicans recall John McCain, and take swipes at Trump Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2018-09-01  Authors: brian schwartz, chris wattie
Keywords: news, cnbc, companies, taking, presidents, veteran, president, mccain, swipes, john, house, republicans, sacrifice, recall, father, democrats, vietnam, trump


Democrats, Republicans recall John McCain, and take swipes at Trump

Speakers at the memorial service honoring Arizona Sen. John McCain on Saturday exhorted the Republican’s fighting spirit against his adversaries, with featured guests taking veiled swipes at the current commander in chief, President Donald Trump.

With hundreds of attendees, friends, family and lawmakers from the U.S. House of Representatives and Senate joined with Trump administration officials and three former presidents. McCain was honored at the Washington National Cathedral, before his final resting place at the Naval Academy in Annapolis, Maryland.

Some of the tributes, however, had hints of a parting shot at the president and current leader of the GOP. At times, Trump and his supporters have failed to show the Vietnam combat veteran the respect he was given by many of his colleagues — and even former adversaries.

It started with his daughter Meghan McCain who in an emotional and tearful speech, appeared to describe her father as a counterbalance to Trump. She argued that efforts by the president and others didn’t equal the amount of sacrifice her father gave to his country.

“American greatness, the real thing, not cheap rhetoric from men who will never come near the sacrifice he gave so willingly,” the younger McCain said in describing her father. She contrasted that with “the opportunistic appropriation of those who lived lives of comfort and privilege, while he suffered and served.” She never mentioned the president’s name during her tribute.

Trump and McCain had a stormy relationship dating back to the 2016 election cycle. As a candidate, Trump infamously questioned the veteran Republican Senator’s military credentials during the 2016 election cycle, stoking outrage by suggesting McCain was not a hero because he was captured by the Vietnamese.

McCain survived more than 5 years of torture and imprisonment during the Vietnam War before going on to serve more than three decades in Congress, both as a member of the House and as a senator.

He was known for his ferocious opposition to policies that didn’t match his principles and for taking on presidents, no matter their party.


Company: cnbc, Activity: cnbc, Date: 2018-09-01  Authors: brian schwartz, chris wattie
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Trade deficit is ‘made in America,’ won’t be helped by Trump tariffs

On Friday, negotiations on a new North American Free Trade Agreement hit an inflection point. Yet President Donald Trump has made clear he plans to strike a new deal within 90 days — with or without the U.S.’s Canadian partner. In early August the president hinted as much himself ,when he declared that his menu of tariffs were working “big time.” He raised eyebrows by claiming that tariffs could somehow pay down the federal debt, which currently stands at more than $21 trillion. According to som


On Friday, negotiations on a new North American Free Trade Agreement hit an inflection point. Yet President Donald Trump has made clear he plans to strike a new deal within 90 days — with or without the U.S.’s Canadian partner. In early August the president hinted as much himself ,when he declared that his menu of tariffs were working “big time.” He raised eyebrows by claiming that tariffs could somehow pay down the federal debt, which currently stands at more than $21 trillion. According to som
Trade deficit is ‘made in America,’ won’t be helped by Trump tariffs Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2018-09-01  Authors: javier e david, johannes eisele, afp, getty images, saul loeb, -steve hanke
Keywords: news, cnbc, companies, federal, tariffs, wessel, trumps, president, helped, revenue, economy, trade, economists, deficit, worlds, america, trump, wont


Trade deficit is 'made in America,' won't be helped by Trump tariffs

The U.S. is locked in a multifront battle with virtually every major trading partner, in an effort to extract concessions that it expects to help cure the “twin deficits” that have bedeviled the world’s largest economy for decades.

On Friday, negotiations on a new North American Free Trade Agreement hit an inflection point. Talks between the U.S. and Canada hit an impasse, with talks set to continue next week. Yet President Donald Trump has made clear he plans to strike a new deal within 90 days — with or without the U.S.’s Canadian partner.

Percolating in the background is the growing likelihood that the U.S. will impose an additional $200 billion worth of tariffs on China as early as next week, Bloomberg reported on Thursday.

It all raises the question of what Trump’s endgame could look like, if the mere threat of a global trade war becomes an actuality. Economists and investors have been sweating over the consequences for the world economy if the U.S. can’t reach a consensus with major economies like Europe, Canada and particularly China.

According to some economists, at the heart of Trump’s thinking about the trade war lie two key assumptions: That the world’s largest economy can narrow both its burgeoning deficit by renegotiating commercial ties with its major trading partners, and that tariffs can help accomplish these goals — by at least forcing countries to the bargaining table.

In early August the president hinted as much himself ,when he declared that his menu of tariffs were working “big time.” He raised eyebrows by claiming that tariffs could somehow pay down the federal debt, which currently stands at more than $21 trillion.

According to some economists, Trump’s declaration harked back to an era when the federal government’s main source of tax revenue was derived from tariffs. According to economic historian Brian Domitrovic, that status quo prevailed until the early 20th century, but declined as the U.S. economy developed into the world’s most advanced.

The president’s argument got a modest boost from Congressional Research Service data, which showed that the U.S. reaped more than a billion in new revenue from steel and aluminum tariffs.

However, economists like David Wessel, director of the Hutchins Center on Fiscal and Monetary Policy at Brookings Institution, think it’s “not plausible” that the U.S. will collect enough money to pay down the debt — especially with the federal government spending with no end in sight.

“The president seems to be in love with the budget we had 100 years ago,” Wessel told CNBC in a recent interview. “Once upon a time the federal government got most of its revenue through tariffs, but at the time, the federal government was much smaller [and] there wasn’t Social Security, Medicare, Homeland Security” and other big-ticket spending items that cost trillions, he added.

“It’s hard to believe we’re going to get a lot of revenue out of this, and there’s no way we get enough to start paying down the debt,” Wessel said.


Company: cnbc, Activity: cnbc, Date: 2018-09-01  Authors: javier e david, johannes eisele, afp, getty images, saul loeb, -steve hanke
Keywords: news, cnbc, companies, federal, tariffs, wessel, trumps, president, helped, revenue, economy, trade, economists, deficit, worlds, america, trump, wont


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Trump hits Canada anew, threatens to end NAFTA if Congress intervenes

Trade talks between the United States and Canada will kick off again Wednesday, after the two sides ended Friday’s tense negotiations without a deal. The talks were thrown into doubt after the president reportedly made an off-the-record comment that was published, suggesting he wouldn’t give Canada any leeway. In a series of posts on Twitter, Trump took an uncompromising stance with the U.S.’s neighbor to the north. He said there was “no political necessity” to keep Canada in a new deal that Mex


Trade talks between the United States and Canada will kick off again Wednesday, after the two sides ended Friday’s tense negotiations without a deal. The talks were thrown into doubt after the president reportedly made an off-the-record comment that was published, suggesting he wouldn’t give Canada any leeway. In a series of posts on Twitter, Trump took an uncompromising stance with the U.S.’s neighbor to the north. He said there was “no political necessity” to keep Canada in a new deal that Mex
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Keywords: news, cnbc, companies, hits, president, threatens, mexico, deal, trade, intervenes, white, nafta, anew, end, congress, talks, canada, trump, negotiations


Trump hits Canada anew, threatens to end NAFTA if Congress intervenes

President Donald Trump on Saturday issued a new threat to terminate the North American Free Trade Agreement altogether, warning Congress not to intervene in tough negotiations that may or may not include Canada in a new accord.

Trade talks between the United States and Canada will kick off again Wednesday, after the two sides ended Friday’s tense negotiations without a deal. The talks were thrown into doubt after the president reportedly made an off-the-record comment that was published, suggesting he wouldn’t give Canada any leeway.

In a series of posts on Twitter, Trump took an uncompromising stance with the U.S.’s neighbor to the north. He said there was “no political necessity” to keep Canada in a new deal that Mexico appears to have agreed with in principle.

Both Democrats and Republicans have voiced skepticism about Trump’s negotiating stance, and whether it was viable in the context of keeping Canada in a new accord.

“If we don’t make a fair deal for the U.S. after decades of abuse, Canada will be out. Congress should not interfere with these negotiations or I will simply terminate NAFTA entirely & we will be far better off,” the president added, blasting the trade pact as one of “the worst deals ever made.”

On Friday, Trump notified Congress that he wants to sign a trade agreement with Mexico, and potentially Canada in 90 days, the period legally required to review a deal, U.S. Trade Representative Robert Lighthizer said in a statement. The neighbors emerged from talks Friday, the White House’s deadline for Canada to join in on a deal the U.S. struck with Mexico earlier in the week, without resolving sticking points.

Trump has sought to revise the three-nation trade agreement, which he says has punished American workers since it went into effect more than 20 years ago. The president has used tariffs on Canadian and Mexican goods to bring the countries to the negotiating table and wants them to drop their own barriers on certain products.

The White House is on track to provide text of a deal to revise NAFTA to Congress within 30 days, and Trump would aim to sign it 60 days after that, senior administration officials said Friday. They believe the administration would comply with the conditions for so-called fast-track trade authority, which would allow a deal to get through Congress more easily, even if Canada does not join in the deal.

However, some lawmakers are worried that a bilateral deal would not pass legal muster, according to Reuters.

The U.S. has focused in particular on Canada’s agricultural policy, which Trump contends has unfairly curbed sales of U.S. dairy products there. He also aims to boost American farmers in Midwestern states who helped to propel him to the White House. Many of those farmers have taken a hit from the effects of the White House’s mounting trade conflicts with China, Canada, Mexico and the European Union.


Company: cnbc, Activity: cnbc, Date: 2018-09-01  Authors: javier e david, jacob pramuk, yuri gripas
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US accuses China of ‘super aggressive’ spy campaign on LinkedIn

The United States’ top spy catcher said Chinese espionage agencies are using fake LinkedIn accounts to try to recruit Americans with access to government and commercial secrets, and the company should shut them down. William Evanina, the U.S. counter-intelligence chief, told Reuters in an interview that intelligence and law enforcement officials have told LinkedIn, owned by Microsoft, about China’s “super aggressive” efforts on the site. German and British authorities have previously warned thei


The United States’ top spy catcher said Chinese espionage agencies are using fake LinkedIn accounts to try to recruit Americans with access to government and commercial secrets, and the company should shut them down. William Evanina, the U.S. counter-intelligence chief, told Reuters in an interview that intelligence and law enforcement officials have told LinkedIn, owned by Microsoft, about China’s “super aggressive” efforts on the site. German and British authorities have previously warned thei
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US accuses China of 'super aggressive' spy campaign on LinkedIn

The United States’ top spy catcher said Chinese espionage agencies are using fake LinkedIn accounts to try to recruit Americans with access to government and commercial secrets, and the company should shut them down.

William Evanina, the U.S. counter-intelligence chief, told Reuters in an interview that intelligence and law enforcement officials have told LinkedIn, owned by Microsoft, about China’s “super aggressive” efforts on the site.

He said the Chinese campaign includes contacting thousands of LinkedIn members at a time, but he declined to say how many fake accounts U.S. intelligence had discovered, how many Americans may have been contacted and how much success China has had in the recruitment drive.

German and British authorities have previously warned their citizens that Beijing is using LinkedIn to try to recruit them as spies. But this is the first time a U.S. official has publicly discussed the challenge in the United States and indicated it is a bigger problem than previously known.

Evanina said LinkedIn should look at copying the response of Twitter, Google and Facebook, which have all purged fake accounts allegedly linked to Iranian and Russian intelligence agencies.

“I recently saw that Twitter is cancelling, I don’t know, millions of fake accounts, and our request would be maybe LinkedIn could go ahead and be part of that,” said Evanina, who heads the U.S. National Counter-Intelligence and Security Center.

It is highly unusual for a senior U.S. intelligence official to single out an American-owned company by name and publicly recommend it take action. LinkedIn says it has 575 million users in more than 200 counties and territories, including more than 150 million U.S. members.

Evanina did not, however, say whether he was frustrated by LinkedIn’s response or whether he believes it has done enough.

LinkedIn’s head of trust and safety, Paul Rockwell, confirmed the company had been talking to U.S. law enforcement agencies about Chinese espionage efforts. Earlier this month, LinkedIn said it had taken down “less than 40” fake accounts whose users were attempting to contact LinkedIn members associated with unidentified political organizations. Rockwell did not say whether those were Chinese accounts.

“We are doing everything we can to identify and stop this activity,” Rockwell told Reuters. “We’ve never waited for requests to act and actively identify bad actors and remove bad accounts using information we uncover and intelligence from a variety of sources including government agencies.”

Rockwell declined to provide numbers of fake accounts associated with Chinese intelligence agencies. He said the company takes “very prompt action to restrict accounts and mitigate and stop any essential damage that can happen” but gave no details.

LinkedIn “is a victim here,” Evanina said. “I think the cautionary tale … is, ‘You are going to be like Facebook. Do you want to be where Facebook was this past spring with congressional testimony, right?'” he said, referring to lawmakers’ questioning of Facebook CEO Mark Zuckerberg on Russia’s use of Facebook to meddle in the 2016 U.S. elections.

China’s foreign ministry disputed Evanina’s allegations.

“We do not know what evidence the relevant U.S. officials you cite have to reach this conclusion. What they say is complete nonsense and has ulterior motives,” the ministry said in a statement.

But Senator Mark Warner, the top Democrat on the Senate Intelligence Committee, said Beijing’s exploitation of LinkedIn “demonstrates the length to which Chinese intelligence will go, and the 21st Century counter-intelligence challenges facing us in a world where everybody’s got an online footprint.”


Company: cnbc, Activity: cnbc, Date: 2018-09-01  Authors: getty images
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Pentagon cancels aid to Pakistan over record on militants

The U.S. military said it has made a final decision to cancel $300 million in aid to Pakistan that had been suspended over Islamabad’s perceived failure to take decisive action against militants, in a new blow to deteriorating ties. But U.S. officials had held out the possibility that Pakistan could win back that support if it changed its behavior. “Due to a lack of Pakistani decisive actions in support of the South Asia Strategy the remaining $300 (million) was reprogrammed,” Pentagon spokesman


The U.S. military said it has made a final decision to cancel $300 million in aid to Pakistan that had been suspended over Islamabad’s perceived failure to take decisive action against militants, in a new blow to deteriorating ties. But U.S. officials had held out the possibility that Pakistan could win back that support if it changed its behavior. “Due to a lack of Pakistani decisive actions in support of the South Asia Strategy the remaining $300 (million) was reprogrammed,” Pentagon spokesman
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Keywords: news, cnbc, companies, record, aid, mattis, trump, pentagon, pakistan, million, war, insurgents, told, 300, militants, support, secretary, cancels


Pentagon cancels aid to Pakistan over record on militants

The U.S. military said it has made a final decision to cancel $300 million in aid to Pakistan that had been suspended over Islamabad’s perceived failure to take decisive action against militants, in a new blow to deteriorating ties.

The so-called Coalition Support Funds were part of a broader suspension in aid to Pakistan announced by President Donald Trump at the start of the year, when he accused Pakistan of rewarding past assistance with “nothing but lies & deceit.”

The Trump administration says Islamabad is granting safe haven to insurgents who are waging a 17-year-old war in neighboring Afghanistan, a charge Pakistan denies.

But U.S. officials had held out the possibility that Pakistan could win back that support if it changed its behavior.

U.S. Defense Secretary Jim Mattis, in particular, had an opportunity to authorize $300 million in CSF funds through this summer – if he saw concrete Pakistani actions to go after insurgents. Mattis chose not to, a U.S. official told Reuters.

“Due to a lack of Pakistani decisive actions in support of the South Asia Strategy the remaining $300 (million) was reprogrammed,” Pentagon spokesman Lieutenant Colonel Kone Faulkner said.

Faulkner said the Pentagon aimed to spend the $300 million on “other urgent priorities” if approved by Congress. He said another $500 million in CSF was stripped by Congress from Pakistan earlier this year, to bring the total withheld to $800 million.

The disclosure came ahead of an expected visit by U.S. Secretary of State Mike Pompeo and the top U.S. military officer, General Joseph Dunford, to Islamabad. Mattis told reporters on Tuesday that combating militants would be a “primary part of the discussion.”

Experts on the Afghan conflict, America’s longest war, argue that militant safe havens in Pakistan have allowed Taliban-linked insurgents in Afghanistan a place to plot deadly strikes and regroup after ground offensives.


Company: cnbc, Activity: cnbc, Date: 2018-09-01  Authors: department of defense photo, rizwan tabassum afp getty images
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BOJ’s Kuroda says no rate hike ‘for an extended time’: paper

The Bank of Japan is unlikely to raise interest rates for “quite some time” and recent steps to make policy more flexible are not preparation for policy normalization, Governor Haruhiko Kuroda said in an interview published on Saturday. Kuroda told the Yomiuri Shimbun daily that any change in the BOJ’s interest rate policy remains distant. Despite five years of massive asset buying and ultra-low rates under Kuroda, the BOJ remains far from achieving its 2 percent inflation target. However, when


The Bank of Japan is unlikely to raise interest rates for “quite some time” and recent steps to make policy more flexible are not preparation for policy normalization, Governor Haruhiko Kuroda said in an interview published on Saturday. Kuroda told the Yomiuri Shimbun daily that any change in the BOJ’s interest rate policy remains distant. Despite five years of massive asset buying and ultra-low rates under Kuroda, the BOJ remains far from achieving its 2 percent inflation target. However, when
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BOJ's Kuroda says no rate hike 'for an extended time': paper

The Bank of Japan is unlikely to raise interest rates for “quite some time” and recent steps to make policy more flexible are not preparation for policy normalization, Governor Haruhiko Kuroda said in an interview published on Saturday.

The BOJ pledged in July to keep interest rates “extremely low” for an extended period and adjusted policy so it could buy stocks and bonds more flexibly, including allowing the 10-year government bond yield to move in a slightly wider band around zero percent.

Economists polled by Reuters soon afterwards said this meant the central bank was laying the groundwork for an eventual exit from its massive stimulus but most said the move would not happen soon.

Kuroda told the Yomiuri Shimbun daily that any change in the BOJ’s interest rate policy remains distant.

“There is no thought about raising (rates) for quite some time,” he was quoted by the paper as saying, without giving further details except to say that there is currently no specific time span in mind.

“As long as uncertainties remain, the commitment is to maintain the current low rates,” he said, citing a planned consumption tax hike in October 2019 as one uncertainty among others he did not list.

Despite five years of massive asset buying and ultra-low rates under Kuroda, the BOJ remains far from achieving its 2 percent inflation target.

However, when asked if this target will be met during Kuroda’s term, which ends in 2023, he was quoted as saying “of

course.”

“The economy has improved and the labour market is tight. If you think according to common sense, (inflation) would reach the mid-one percent level in 2020. Barring some huge change that stops this upward move, I believe we’ll reach it,” he said.

Former BOJ board member Koji Ishida told Reuters in August that Japan’s healthy economic growth should allow the central bank to whittle down its stimulus program even before inflation hits 2 percent.

Another former board member said that the BOJ’s July decision to make its policy more flexible was more than just a tweak and that it could take further steps to normalize policy later this year.


Company: cnbc, Activity: cnbc, Date: 2018-09-01  Authors: jiji press, afp, getty images
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Trump Approach on Nafta Relieves Automakers of Their Worst Fears

As the Trump administration sought trade concessions from Mexico in recent weeks, automakers and their suppliers feared that manufacturing costs could increase by billions of dollars. Car companies are also watching to see if anything will come of a European Union proposal to eliminate tariffs on vehicles and other industrial goods if the United States agrees to do the same. Many of the changes that automakers would have to make — like hiring more workers in the United States — were in their p


As the Trump administration sought trade concessions from Mexico in recent weeks, automakers and their suppliers feared that manufacturing costs could increase by billions of dollars. Car companies are also watching to see if anything will come of a European Union proposal to eliminate tariffs on vehicles and other industrial goods if the United States agrees to do the same. Many of the changes that automakers would have to make — like hiring more workers in the United States — were in their p
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Trump Approach on Nafta Relieves Automakers of Their Worst Fears

As the Trump administration sought trade concessions from Mexico in recent weeks, automakers and their suppliers feared that manufacturing costs could increase by billions of dollars. Now, they are breathing a sigh of relief.

The auto industry is still waiting to learn details of the preliminary agreement that President Trump and Mexican leaders announced this week and whether Canada will join the deal. Car companies are also watching to see if anything will come of a European Union proposal to eliminate tariffs on vehicles and other industrial goods if the United States agrees to do the same. Mr. Trump on Thursday told Bloomberg News that offer was ”not good enough.”

But analysts and consultants say most companies would be able to comply with the conditions in the agreement with Mexico that have been disclosed so far. Many of the changes that automakers would have to make — like hiring more workers in the United States — were in their plans anyway. But other changes, like requiring automakers to use more parts made in North America and an agreement to cap imports from Mexico, could raise costs and hurt some companies.

Companies ”are glad they now have some certainty on what the new requirements are,” said Mark Wakefield, global co-head of the industry and automotive practice at AlixPartners, a consulting firm. ”Now they can plan around them and go forward.”

The preliminary deal would require that at least 75 percent of an automobile’s value be produced in North America in order for a company to import it into the United States duty free. That is up from 62.5 percent under the North American Free Trade Agreement, the 1993 deal that Mr. Trump has called the ”worst trade deal ever made.”

Automakers would also have to use more local steel, aluminum, glass and other parts. In addition, 40 to 45 percent of vehicles would have to be made by workers earning at least $16 an hour — a provision meant to preserve and create jobs in the United States and Canada, where wages are much higher than in Mexico.

These terms would force automakers to buy more parts made in the United States — and possibly Canada. That should modestly increase employment at suppliers like Delphi Technologies and Johnson Controls, analysts said.

”The main takeaway so far is there is no giant influx of jobs coming into the U.S.,” said Kristin Dziczek, vice president for industry, labor and economics at the Center for Automotive Research in Ann Arbor, Mich.

More from The New York Times:

Coca-Cola Bets on Coffee With $5.1 Billion Deal for Costa

Too Many Chinese Children Need Glasses. Beijing Blames Video Games.

White House Gives Canada More Time to Rework Nafta


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Trump to skip summits in Singapore, Papua New Guinea; Pence to attend

President Donald Trump will skip summits with Asian leaders in Singapore and Papua New Guinea in November, sending Vice President Mike Pence in his place, the White House said on Friday, an announcement that will raise questions about his commitment to a regional strategy to counter China. Trump was invited to attend the U.S.-Association of Southeast Asian Nations summit and the East Asia summit in Singapore and also the Asia Pacific Economic Cooperation forum in Papua New Guinea. Trump will tra


President Donald Trump will skip summits with Asian leaders in Singapore and Papua New Guinea in November, sending Vice President Mike Pence in his place, the White House said on Friday, an announcement that will raise questions about his commitment to a regional strategy to counter China. Trump was invited to attend the U.S.-Association of Southeast Asian Nations summit and the East Asia summit in Singapore and also the Asia Pacific Economic Cooperation forum in Papua New Guinea. Trump will tra
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Trump to skip summits in Singapore, Papua New Guinea; Pence to attend

President Donald Trump will skip summits with Asian leaders in Singapore and Papua New Guinea in November, sending Vice President Mike Pence in his place, the White House said on Friday, an announcement that will raise questions about his commitment to a regional strategy to counter China.

Trump was invited to attend the U.S.-Association of Southeast Asian Nations summit and the East Asia summit in Singapore and also the Asia Pacific Economic Cooperation forum in Papua New Guinea. He had attended these events last November.

White House spokeswoman Sarah Sanders said Trump asked Pence to represent him at the summits, where he will “highlight the United States’ vision of a free and open Indo-Pacific, based on respect for sovereignty, the rule of law, and the principles of free, fair and reciprocal trade.”

Trump will travel to Paris to attend a Nov. 11 commemoration of the 100th anniversary of the armistice that ended World War One. Trump had wanted a U.S. military parade in Washington but balked at price estimates.

“While in Europe, the president also will visit Ireland to renew the deep and historic ties between our two nations,” Sanders said.

Later in November, Trump will attend the Group of 20 summit in Buenos Aires and will also travel to Colombia for talks about security, narcotics and regional affairs, Sanders said.

Trump’s decision to skip the Asian summits will inevitably raise questions about the extent of his commitment to a region that is home to some of the most pressing U.S. foreign policy challenges.

These include Trump’s stalled efforts to persuade North Korea to give up a nuclear weapons program that threatens the United States and strategic rivalry with China, with which Trump has engaged in a major trade war.

The Trump administration has touted an Indo-Pacific strategy aimed at increasing regional cooperation, notably with India, Australia and Japan, to counter China’s influence, including in the disputed South China Sea, where Washington has mounted naval patrols to challenge what it sees as Beijing’s excessive territorial claims.

In August, U.S. Secretary of State Mike Pompeo attended a regional foreign ministers’ meeting in Singapore to prepare for the November summits and pledged nearly $300 million in new security funding for the Indo-Pacific — a drop in the ocean compared to the billions China has been pouring into the region.

Asia experts were not surprised by Trump’s decision.

“Trump hates traveling outside the U.S. and dislikes multilateral meetings,” said Bonnie Glaser of Washington’s Center for Strategic and International Studies.

“Convincing Trump to travel to PNG, in particular, was likely impossible,” she said. “He will have a chance to meet with (Chinese President) Xi Jinping at the G-20 a few weeks later,” adding that the decision on the summits “will further stoke doubts about the administration’s commitment to the Indo-Pacific region.”

Jonathan Pollack of the Brookings Institution think tank, noted that Trump was not the first president to cancel trips to the Asian summits — his predecessor Barack Obama caused great disappointment when he withdrew from them in 2013.

Obama did so due to a government shutdown at home, but the decision raised questions about his vaunted “pivot” to Asia to counter China.

“There’s no question that many in Southeast Asia see the region caught uncomfortably between the United States and China,” Pollack said.

“The Trump administration’s repeated calls for a free and open Indo-Pacific have fallen flat in various capitals, which many see as very thin gruel, begging the issue of how the U.S. intends to remain relevant to the regional future.”


Company: cnbc, Activity: cnbc, Date: 2018-09-01  Authors: aaron favila, afp, getty images
Keywords: news, cnbc, companies, regional, indopacific, president, papua, china, asia, travel, pence, united, skip, asian, summits, attend, singapore, trump, guinea


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Einhorn’s Greenlight off 25% for year; Ackman up double-digits

Billionaire investor David Einhorn’s Greenlight Capital hedge fund, whose bets on car companies General Motors and Tesla both moved against him in August, lost 7.6 percent this month, leaving the fund down 25.1 percent for the year, two investors said on Friday. Greenlight is also one of a handful of hedge funds that took a short position on Tesla – betting that the stock would fall. August’s numbers could prompt more departures at year-end when the manager will next let investors redeem money,


Billionaire investor David Einhorn’s Greenlight Capital hedge fund, whose bets on car companies General Motors and Tesla both moved against him in August, lost 7.6 percent this month, leaving the fund down 25.1 percent for the year, two investors said on Friday. Greenlight is also one of a handful of hedge funds that took a short position on Tesla – betting that the stock would fall. August’s numbers could prompt more departures at year-end when the manager will next let investors redeem money,
Einhorn’s Greenlight off 25% for year; Ackman up double-digits Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2018-09-01  Authors: adam jeffery
Keywords: news, cnbc, companies, hedge, ackman, einhorns, greenlight, 25, gains, investors, month, investor, tesla, fund, stock, short, took, doubledigits


Einhorn's Greenlight off 25% for year; Ackman up double-digits

Billionaire investor David Einhorn’s Greenlight Capital hedge fund, whose bets on car companies General Motors and Tesla both moved against him in August, lost 7.6 percent this month, leaving the fund down 25.1 percent for the year, two investors said on Friday.

Einhorn sent investors his monthly update after the market closed on Friday but gave no specific reason for the fresh losses, people who received it said.

Shares of General Motors, one of Einhorn’s largest holdings, fell 3.4 percent.

Greenlight is also one of a handful of hedge funds that took a short position on Tesla – betting that the stock would fall.

That took a toll when Tesla founder Elon Musk shocked markets in early August by tweeting that he was mulling taking the company private.

Tesla’s stock, after rising and then falling during the month, fueled by Musk’s decision to remain a public company after all, ended the month up, hurting short sellers.

Einhorn investors have been losing patience with him for some time and have been pulling money out. August’s numbers could prompt more departures at year-end when the manager will next let investors redeem money, one person said.

An Einhorn spokesman declined to comment.

At the same time, Daniel Loeb’s Third Point, currently pushing Nestle to spin off units and working on getting Campbell Soup to put itself up for sale, posted only tiny gains in August. His Third Point Partners fund inched up 0.1 percent, leaving it up 0.9 percent for the year-to-date, an investor said.

William Ackman, the third in the trio of managers who for many years shared many of same investors, has swung to big gains this year, and his private hedge fund is up roughly 15 percent for the year, an investor said.

His gains have been fueled by strong performances at Automatic Data Processing, Chipotle Mexican Grill and Lowe’s Companies, one of his more recent investments.

The average hedge fund has fallen roughly half a percent this year, preliminary numbers from Hedge Fund Research show.


Company: cnbc, Activity: cnbc, Date: 2018-09-01  Authors: adam jeffery
Keywords: news, cnbc, companies, hedge, ackman, einhorns, greenlight, 25, gains, investors, month, investor, tesla, fund, stock, short, took, doubledigits


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China’s Meituan Dianping said to set Hong Kong IPO valuation at up to $55 billion

China’s Meituan Dianping, an online food delivery-to-ticketing services platform, has set an indicative price range of HK$60 to HK$72 ($7.64-$9.17) per share for its initial public offering (IPO) in Hong Kong, valuing itself at up to $55 billion, four people with direct knowledge of the matter said. Other cornerstone investors include U.K.-based hedge fund Lansdowne Partners ($300 million), U.S. hedge fund Darsana Master Fund ($200 million) and Chinese state-owned conglomerate China Chengtong Ho


China’s Meituan Dianping, an online food delivery-to-ticketing services platform, has set an indicative price range of HK$60 to HK$72 ($7.64-$9.17) per share for its initial public offering (IPO) in Hong Kong, valuing itself at up to $55 billion, four people with direct knowledge of the matter said. Other cornerstone investors include U.K.-based hedge fund Lansdowne Partners ($300 million), U.S. hedge fund Darsana Master Fund ($200 million) and Chinese state-owned conglomerate China Chengtong Ho
China’s Meituan Dianping said to set Hong Kong IPO valuation at up to $55 billion Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2018-09-01  Authors: zhang peng, lightrocket, getty images
Keywords: news, cnbc, companies, ipo, meituan, valuation, billion, million, chinas, dianping, set, fund, kong, investors, firm, 55, platform, services, hong


China's Meituan Dianping said to set Hong Kong IPO valuation at up to $55 billion

China’s Meituan Dianping, an online food delivery-to-ticketing services platform, has set an indicative price range of HK$60 to HK$72 ($7.64-$9.17) per share for its initial public offering (IPO) in Hong Kong, valuing itself at up to $55 billion, four people with direct knowledge of the matter said.

Meituan, already one of China’s most valuable internet firms, could raise as much as $4 billion before the exercise of a “greenshoe” or over-allotment option, whereby additional shares are sold depending on demand.

The company is discussing a valuation of $46 billion to $55 billion and planning to secure a total of $1.5 billion from five cornerstone investors, including its main backer gaming and social media company Tencent Holdings, and global asset manager OppenheimerFunds, the people said.

Oppenheimer will commit $500 million and Tencent $400 million, they said.

Other cornerstone investors include U.K.-based hedge fund Lansdowne Partners ($300 million), U.S. hedge fund Darsana Master Fund ($200 million) and Chinese state-owned conglomerate China Chengtong Holdings ($100 million).

The five cornerstone investors did not immediately respond to requests for comment. Calls to Darsana went unanswered.

Meituan declined to comment when reached by Reuters.

The Beijing-based firm filed plans for the city’s second multibillion-dollar tech float this year after smartphone maker Xiaomi’s blockbuster IPO of nearly $5 billion.

It plans to use the process to upgrade its technology, develop new services and products and pursue acquisitions among other things, according to its IPO filing.

Meituan is also – after Xiaomi – the latest company with a dual-class share structure to file for a Hong Kong listing, under the city’s new rules designed to attract tech companies.

However, in late July Hong Kong Exchanges and Clearing (HKEX), the operator of Hong Kong exchange, said it would delay changes that would allow companies to hold shares with more voting rights, as more time was needed for investors to become accustomed to recent rule changes.

Meituan was valued at around $30 billion in a fundraising round late last year.

Xiaomi started trading in July after a closely watched but disappointing initial public offering that valued it at almost half the $100 billion that industry analysts had initially estimated.

Meituan has been likened to U.S. discounting platform Groupon.

Founded in 2010 by serial entrepreneur Wang Xing, it completed a $15 billion merger with Dianping in 2015, akin to U.S. online review firm Yelp Inc. It offers a broad range of services including movie ticketing, food delivery, hotel and travel booking as well as ride-hailing.

Competitors include food-delivery platform Ele.me, backed by e-commerce firm Alibaba Group Holding, and leading ride-hailing firm Didi Chuxing, backed by Japan’s SoftBank Group.

Bank of America Merrill Lynch, Goldman Sachs Group and Morgan Stanley are sponsors of Meituan’s IPO.

China Renaissance is the financial advisor.


Company: cnbc, Activity: cnbc, Date: 2018-09-01  Authors: zhang peng, lightrocket, getty images
Keywords: news, cnbc, companies, ipo, meituan, valuation, billion, million, chinas, dianping, set, fund, kong, investors, firm, 55, platform, services, hong


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