3 things you should do if you have no credit history

The majority of credit cards also require some sort of credit history in order to qualify, with only a handful of cards made for people with no credit. Below, CNBC Select reviews three things you should do if you have no credit history and want to start building credit. As an authorized user, you can piggyback off the primary account holder’s credit and as a result, establish your own credit history. Apply for a secured credit cardSecured credit cards are a great way to build credit if you have


The majority of credit cards also require some sort of credit history in order to qualify, with only a handful of cards made for people with no credit.
Below, CNBC Select reviews three things you should do if you have no credit history and want to start building credit.
As an authorized user, you can piggyback off the primary account holder’s credit and as a result, establish your own credit history.
Apply for a secured credit cardSecured credit cards are a great way to build credit if you have
3 things you should do if you have no credit history Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-11-01  Authors: alexandria white
Keywords: news, cnbc, companies, secured, authorized, youll, build, cards, history, user, things, card, credit, receive


3 things you should do if you have no credit history

You may have heard the saying, ‘to get credit, you need to have credit’ — which can be pretty frustrating as a credit newbie. Most milestones in life, such as buying a house or leasing a car, require a credit history, but if your credit score is low (or nonexistent), you will likely find it hard to get approved. The majority of credit cards also require some sort of credit history in order to qualify, with only a handful of cards made for people with no credit. There are ways to build credit even if you’re just getting started. Below, CNBC Select reviews three things you should do if you have no credit history and want to start building credit.

1. Become an authorized user

One of the simplest ways to build credit is by becoming an authorized user on a family member or friend’s credit card. As an authorized user, you can piggyback off the primary account holder’s credit and as a result, establish your own credit history. Authorized users also have zero liability, so this is a low-risk way to build credit. But before you become an authorized user, make sure your family member or friend has good credit and uses their credit card responsibly . You don’t want to become an authorized user on an account that has debt or late payment history, since those negative actions will appear on your credit history and counteract any credit building you plan on achieving. Also, make sure you practice responsible behavior as well. You’ll want to make a clear plan for how you’ll pay back any purchases you make with the card, so you don’t risk wracking up debt on someone else’s card.

2. Apply for a secured credit card

Secured credit cards are a great way to build credit if you have none. These cards are typically easier to qualify for if your credit history is poor or non-existent. And you can use a secured card just like a traditional (aka unsecured) credit card to help you establish good credit, as long as you practice responsible credit behavior. A secured card is nearly identical to an unsecured card in that you receive a credit limit, can incur interest charges and may even earn rewards. The main difference is you’re required to make a security deposit in order to receive a line of credit. The amount you deposit typically starts at $200 (though it can start as low as $49) and often becomes your credit limit. So if you make a $200 security deposit, you’ll receive a $200 credit limit. The Discover it® Secured card tops our list for the best secured credit cards by offering cardholders cash back, a generous welcome bonus and no added fees on purchases outside the U.S. — all for no annual fee.

3. Get credit for paying monthly utility and cell phone bills on time

If you don’t want to use a credit card to build credit, there are some alternatives. A number of financial institutions offer credit building tools, but they may charge a monthly fee. However, Experian provides a free and easy to use tool: Experian Boost. This tool counts positive payment of utility and cell phone bills in your credit file, which allows you to build credit. Simply connect the bank account(s) you use to pay your utility and cell phone bills, verify the data and confirm you want it added to your Experian credit file. You’ll get an updated FICO Score instantly and also receive a free copy of your Experian credit report. Once you establish credit, you can check out CNBC Select’s list of the best credit cards of 2019.

Editorial Note: Opinions, analyses, reviews or recommendations expressed in this article are those of the CNBC Select editorial staff’s alone, and have not been reviewed, approved or otherwise endorsed by any third party.


Company: cnbc, Activity: cnbc, Date: 2019-11-01  Authors: alexandria white
Keywords: news, cnbc, companies, secured, authorized, youll, build, cards, history, user, things, card, credit, receive


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Russia just brought in a law to try to disconnect its internet from the rest of the world

MOSCOW, RUSSIA – 2019/03/10: Participants in an opposition rally in central Moscow protest against tightening state control over the internet in Russia. On Friday, a controversial law went into force that enables Russia to try to disconnect its internet from the rest of the world, worrying critics who fear the measure will promote online censorship. The Kremlin says its “sovereign internet” law, which was signed by President Vladimir Putin in May, is a security measure to protect Russia in the e


MOSCOW, RUSSIA – 2019/03/10: Participants in an opposition rally in central Moscow protest against tightening state control over the internet in Russia.
On Friday, a controversial law went into force that enables Russia to try to disconnect its internet from the rest of the world, worrying critics who fear the measure will promote online censorship.
The Kremlin says its “sovereign internet” law, which was signed by President Vladimir Putin in May, is a security measure to protect Russia in the e
Russia just brought in a law to try to disconnect its internet from the rest of the world Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-11-01  Authors: elizabeth schulze
Keywords: news, cnbc, companies, russia, try, moscow, disconnect, information, world, measure, system, online, law, brought, rest, internet


Russia just brought in a law to try to disconnect its internet from the rest of the world

MOSCOW, RUSSIA – 2019/03/10: Participants in an opposition rally in central Moscow protest against tightening state control over the internet in Russia.

It’s been called an online Iron Curtain.

On Friday, a controversial law went into force that enables Russia to try to disconnect its internet from the rest of the world, worrying critics who fear the measure will promote online censorship.

The Kremlin says its “sovereign internet” law, which was signed by President Vladimir Putin in May, is a security measure to protect Russia in the event of an emergency or foreign threat like a cyberattack. The law will allow Moscow to tighten control over the country’s internet by routing web traffic through state-controlled infrastructure and creating a national system of domain names.

In theory, the measure would allow Russia to operate its own internal networks that could run independently from the rest of the World Wide Web.

Experts doubt whether such a move is technically possible and say the law is, instead, an attempt by the Russian government to censor information online.

“To be able to manage the information flow in their favor, they have to have a system in place beforehand,” said Sergey Sanovich of Princeton University’s Center for Information Technology Policy in a CNBC interview.


Company: cnbc, Activity: cnbc, Date: 2019-11-01  Authors: elizabeth schulze
Keywords: news, cnbc, companies, russia, try, moscow, disconnect, information, world, measure, system, online, law, brought, rest, internet


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US-China trade war: Donald Trump is the ‘least worst option’ for China

U.S. President Donald Trump is fighting an “all-front” trade war and that may not be a bad thing for China, said one professor at the London School of Economics on Thursday. “Trump is fighting an all-front war. If there were not such a strong alliance with Europe, which is what China’s more concerned about — everyone ganging up against China,” Jin said. “Now, Trump is not making that possible, so that’s why he’s the least worst option.” For one, China is developing its own chip industry to incre


U.S. President Donald Trump is fighting an “all-front” trade war and that may not be a bad thing for China, said one professor at the London School of Economics on Thursday.
“Trump is fighting an all-front war.
If there were not such a strong alliance with Europe, which is what China’s more concerned about — everyone ganging up against China,” Jin said.
“Now, Trump is not making that possible, so that’s why he’s the least worst option.”
For one, China is developing its own chip industry to incre
US-China trade war: Donald Trump is the ‘least worst option’ for China Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-11-01  Authors: stella soon, arjun kharpal
Keywords: news, cnbc, companies, donald, uschina, economics, china, chinas, semiconductor, worst, jin, trade, war, option, trump, professor, fighting


US-China trade war: Donald Trump is the 'least worst option' for China

U.S. President Donald Trump is fighting an “all-front” trade war and that may not be a bad thing for China, said one professor at the London School of Economics on Thursday.

Washington has locked itself into trade disputes with multiple countries, which has weakened historical ties and prevented some of those nations from aligning themselves against China, said Keyu Jin, associate professor of economics at LSE, told CNBC at the annual Barclays Asia Forum in Singapore.

“Trump is fighting an all-front war. What could not be better for China? If there were not such a strong alliance with Europe, which is what China’s more concerned about — everyone ganging up against China,” Jin said.

“Now, Trump is not making that possible, so that’s why he’s the least worst option.”

The U.S. and China have slapped tariffs on billions of dollars of one another’s goods. But key sticking points in trade talks include other issues like intellectual property protection and forced technology transfers.

“It is pushing China’s strive for self-sufficiency, technological independence,” Jin said.

For one, China is developing its own chip industry to increase domestic semiconductor production, she said.

The country aims to produce 70% of its semiconductors locally by 2025, and is ramping up investment in the sector. The Wall Street Journal also reported that China’s government set up a $28.9 billion national semiconductor fund to invest in its chip industry.

“It’s going to take a while, and it’s very costly. China is changing the IT systems away from the West to adopting its own. We’re seeing some decoupling in some sense,” she added.


Company: cnbc, Activity: cnbc, Date: 2019-11-01  Authors: stella soon, arjun kharpal
Keywords: news, cnbc, companies, donald, uschina, economics, china, chinas, semiconductor, worst, jin, trade, war, option, trump, professor, fighting


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Lebanese banks reopen for first time in two weeks

Lebanese banks opened to customers on Friday for the first time in two weeks following an unprecedented wave of protests that led the prime minister to resign, with small numbers of customers queuing as the doors opened. “He is not officially declaring capital controls, but left it to the banks to do it,” a senior banker told Reuters. Salameh told Reuters on Monday there would be no capital controls and no haircut when banks reopen. After protests subsided on Wednesday, the Association of Banks


Lebanese banks opened to customers on Friday for the first time in two weeks following an unprecedented wave of protests that led the prime minister to resign, with small numbers of customers queuing as the doors opened.
“He is not officially declaring capital controls, but left it to the banks to do it,” a senior banker told Reuters.
Salameh told Reuters on Monday there would be no capital controls and no haircut when banks reopen.
After protests subsided on Wednesday, the Association of Banks
Lebanese banks reopen for first time in two weeks Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-11-01
Keywords: news, cnbc, companies, controls, weeks, protests, lebanese, sources, lebanon, bank, currency, capital, abroad, reopen, banks


Lebanese banks reopen for first time in two weeks

Lebanese demonstrators take part in a rally outside the Mohammad al-Amin mosque in the capital Beirut’s downtown district on October 20, 2019.

In the Sodeco district of the capital, around 20 people were queuing outside a branch of Frasnsabank and around 15 were waiting outside a branch of Bank Audi, a Reuters witness said.

At a branch of Blom Bank, one of Lebanon’s biggest banks, in Hamra Street, around 10 customers entered the bank as its doors opened after 8 a.m., a Reuters witness said. The number then grew to 20.

Lebanese banks opened to customers on Friday for the first time in two weeks following an unprecedented wave of protests that led the prime minister to resign, with small numbers of customers queuing as the doors opened.

Lebanon’s banks will seek to prevent capital flight when they open on Friday but without imposing formal capital controls after a two-week closure due to nationwide protests which led the prime minister to resign, banking sources told Reuters.

Analysts and bankers have cited widespread concern about a rush by depositors to withdraw their savings or transfer them abroad when the banks reopen.

The central bank has pledged not to impose capital controls when banks re-open, measures that could deter the currency inflows and investment Lebanon badly needs to weather its most severe economic pressures since the 1975-90 civil war.

But seven banking sources said on Thursday that while Governor Riad Salameh was sticking to that policy, commercial banks would only be allowing transfers abroad in cases such as payments to children, for healthcare or loan payments.

Salameh was leaving it to commercial banks to decide on individual policies that could make it harder move funds overseas and convert them into foreign currency and less attractive to withdraw savings.

“He is not officially declaring capital controls, but left it to the banks to do it,” a senior banker told Reuters.

On Friday, transfers abroad will be for “critical and fundamental matters”, one of the sources said, adding that they will reconsider the situation on Monday.

The sources said banks will decide on a customer-by-customer basis who will be able to transfer money out.

The banks have been holding crisis meetings with Salameh over the situation. Salameh told Reuters on Monday there would be no capital controls and no haircut when banks reopen.

After protests subsided on Wednesday, the Association of Banks in Lebanon said the banks would reopen as previously announced on Friday to provide for “pressing and fundamental needs” including salary payments.

“The association hopes that all bank customers understand the current situation and respond positively to serve their (own) interests and the interests of the country during this exceptional period,” it said in a statement on Thursday.

Three of the sources said banks will also likely offer incentives including better interest rates and different maturity dates and try to verbally persuade people to keep their money put, three of the banking sources said.

A week ago, ratings agency S&P placed Lebanon’s country ratings on “credit watch negative” over concerns about declining currency inflows.

It also said that despite reasonably high levels of gross foreign exchange reserves – including gold – of almost $50 billion, the imposition of “soft capital controls” raised questions about the monetary regime. S&P also said it understood that banks have imposed restrictions on U.S. dollar withdrawals.

As a net importer with a currency pegged to the dollar, Lebanon needs steady financial inflows. Inflows from the large Lebanese diaspora have kept the economy afloat for decades.

The techniques are not entirely new.

As political and economic pressures have built in Lebanon in the two years since Prime Minister Saad al-Hariri last submitted his resignation – which proved only temporary – Lebanese have encountered procedural obstacles and discouragement from banks when trying to convert pound deposits into dollars or move funds abroad. Incentives included raising interest rates and making sure term deposits are held to maturity.

Some banks already stopped dispensing dollars through ATMs during the protests, and banks have been replenishing ATMs more regularly as they have often run out of cash during the bank closures.

Banks might also decide that transfers abroad will have to be done by cheque, which takes longer than an electronic transfer, three sources said.

Lebanon has a debt to GDP ratio of around 150%, the third-highest in the world.

A stagnant local economy and a slowdown in cash injections from Lebanese abroad have put pressure on the central bank’s foreign currency reserves in recent years. Recent months have seen the emergence of a parallel exchange market for dollars

The build-up of economic and political pressure has made dollars harder to come by and weakened the pound against the dollar on the parallel exchange market with a discount to the official two-decade-old peg around 20%.

Giyas Gokkent, of JPMorgan Securities, said any capital flight and a run on the banks would be a “significant concern”.

“But the reason Lebanon has been resilient in the past still holds, and that is when you compare any reasonable assumption for outflows, the central bank’s reserves are much larger and are sufficient to cover that – at least in the near-term.”


Company: cnbc, Activity: cnbc, Date: 2019-11-01
Keywords: news, cnbc, companies, controls, weeks, protests, lebanese, sources, lebanon, bank, currency, capital, abroad, reopen, banks


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Hong Kong just entered a recession. Experts say economy will ‘remain weak’ amid protests, trade war

Hong Kong protesters donned Halloween masks in Lan Kwai Fong on Thursday evening, defying an emergency law that bans face coverings. It also cited the protracted U.S.-China trade war as another factor, as Hong Kong reported “an enlarged decline” in exports. Billy Wong, deputy director of research at the Hong Kong Trade Development Council said that Hong Kong’s negative growth did not exactly come as a surprise. Hong Kong — a former British colony returned to Chinese rule in 1997 — has been cripp


Hong Kong protesters donned Halloween masks in Lan Kwai Fong on Thursday evening, defying an emergency law that bans face coverings.
It also cited the protracted U.S.-China trade war as another factor, as Hong Kong reported “an enlarged decline” in exports.
Billy Wong, deputy director of research at the Hong Kong Trade Development Council said that Hong Kong’s negative growth did not exactly come as a surprise.
Hong Kong — a former British colony returned to Chinese rule in 1997 — has been cripp
Hong Kong just entered a recession. Experts say economy will ‘remain weak’ amid protests, trade war Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-11-01  Authors: grace shao
Keywords: news, cnbc, companies, economy, hong, experts, really, tourism, remain, protests, say, kong, months, retail, trade, war, wong, recession, weak


Hong Kong just entered a recession. Experts say economy will 'remain weak' amid protests, trade war

Hong Kong protesters donned Halloween masks in Lan Kwai Fong on Thursday evening, defying an emergency law that bans face coverings. Anthony Wallace | AFP | Getty Images

Hong Kong’s economy will likely “remain weak” for the rest of this year, economists and trade experts told CNBC on Friday. “They’re getting hit on two fronts. The protests are impacting retail sales. It is impacting tourism. Added to that, of course, you’ve got the U.S.-China trade war, which is impacting exports. So, we’re expecting that it is unlikely that we’re going to see a positive growth in Q4. We’re going to see further contraction,” said Sian Fenner, lead Asia economist at Oxford Economics. The Asian financial hub slid into a recession for the first time in a decade in the third quarter, according to government data published Thursday. The city’s statistics agency said domestic consumption weakened amid ongoing anti-government protests. It also cited the protracted U.S.-China trade war as another factor, as Hong Kong reported “an enlarged decline” in exports. Billy Wong, deputy director of research at the Hong Kong Trade Development Council said that Hong Kong’s negative growth did not exactly come as a surprise. “The number is not that happy, but I wouldn’t say it’s really a surprise. I think it was really expected for Hong Kong to facing economic downturn,” said Wong. He agreed that the trade war and protests are the main factors contributing to the contraction in Hong Kong’s economy. Wong noted, however, that while exports have slowed since last November, the city’s GDP didn’t contract until the third quarter of this year. When asked, he agreed that weak consumption and a slowing economy could lead to layoffs in sectors like dining and retail. But one industry has seen some positive growth, Wong said. As people avoid the streets, supermarkets benefit as people buy more home necessities, he said.

Hong Kong may report negative growth this year as the economy reels from more than four months of social unrest, Financial Secretary Paul Chan wrote in a blog post. Paul Yeung | Bloomberg | Getty Images

Weak consumer spending

Local businesses told CNBC they are certainly feeling the financial impact of domestic unrest. Even shops in the normally bustling Wan Chai district are getting hit. Kitty Chan, who works at her parent’s flower shop, said she’s noticed that far fewer people are buying bouquets for functions. She estimated that profits have dropped 50% for the shop, which she said had been in the district for 15 years. “If the protest continue, I think it really drops … They will be coming to buy the flower in the morning, in the morning time, afternoon time, after 7 o’clock they’re all gone,” she said. Andy Ho, who works at a pharmacy in Wan Chai, gave similarly grim figures: “Our store has been here for 50 years. Our business has really declined in recent months — close to 40%.” He said as long as the social unrest remains unresolved, the economy “will remain weak.” “For our store, 70% of our customers are local and 30% are tourists. Among the 30% tourists, 80% of them have disappeared. As for locals, in the recent months, people are really less willing to spend … the economy in the next few months will still be weak,” said Ho. Hong Kong — a former British colony returned to Chinese rule in 1997 — has been crippled by widespread demonstrations since early June. Reuters reported on Thursday, local police used tear gas to disperse hundreds of protesters, many dressed in black and wearing now-banned face masks, mixed in with people dressed up for Halloween in the city. Oxford Economics’ Fenner said the biggest uncertainty for the city right now is when the protests will end, and “until that stops” key domestic drivers like retail and tourism will struggle to grow.

China-US trade war

In a Friday note, Bank of America Merill Lynch wrote that Hong Kong may be facing a “prolonged recession” and lowered its full-year GDP forecast to a 2.1% year-over-year decline. Its previous 2019 GDP forecast projected a more muted decline of 0.1%. “Hong Kong is particularly vulnerable to external demand weakness, given its reliance on tourism and dependence on the Chinese economy. Many sectors (tourism, retail, hotel, catering and transportation) have already taken a blow from the months of disruptions to business. Not to mention that high level of uncertainty also significantly impaired business confidence and suppressed investment demand,” the bank wrote.


Company: cnbc, Activity: cnbc, Date: 2019-11-01  Authors: grace shao
Keywords: news, cnbc, companies, economy, hong, experts, really, tourism, remain, protests, say, kong, months, retail, trade, war, wong, recession, weak


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Race for 5G heats up: China’s next-generation networks go online for as low as $18

Washington has also been seeking to convince other countries to ban the company from their 5G networks. Besides China, South Korea is the only other country to have a nationwide rollout of 5G. In the U.S., AT&T, Verizon, T-Mobile and Sprint and have launched 5G networks but only in certain cities. 5G services in China have been priced cheaper than 4G on a per gigabyte basis. Jefferies analyst Edison Lee said China’s 5G services per gigabyte are almost the same as South Korea’s despite the countr


Washington has also been seeking to convince other countries to ban the company from their 5G networks.
Besides China, South Korea is the only other country to have a nationwide rollout of 5G.
In the U.S., AT&T, Verizon, T-Mobile and Sprint and have launched 5G networks but only in certain cities.
5G services in China have been priced cheaper than 4G on a per gigabyte basis.
Jefferies analyst Edison Lee said China’s 5G services per gigabyte are almost the same as South Korea’s despite the countr
Race for 5G heats up: China’s next-generation networks go online for as low as $18 Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-11-01  Authors: arjun kharpal
Keywords: news, cnbc, companies, low, country, china, services, chinas, south, race, korea, trade, online, networks, chinese, nextgeneration, upgrade, heats


Race for 5G heats up: China's next-generation networks go online for as low as $18

Stands at the China International Fair for Trade in Services (CIFTIS) in Beijing on May 30, 2019 Visual China Group | Getty Images

China turned on its 5G networks ahead of schedule on Friday, as the country looks to push ahead with the next-generation technology amid its protracted trade war with the U.S. 5G promises super-fast data speeds that have the ability to support technologies like driverless cars. China Telecom, China Unicom and China Mobile all unveiled 5G plans that start at around 128 yuan or $18 per month, but experts warned that the price could still be too high to drive wide-scale adoption. The services offered by the state-owned carriers are all similar and go up to around 599 yuan per month for 300 gigabytes of data and 3,000 minutes of calls. Initially, Chinese carriers were looking to begin the 5G rollout in 2020, but the time frame moved forward. China and the U.S. are locked in an ongoing trade war that has also turned into a battle over technological supremacy. The 5G space is one of the key battlegrounds and has become a politically charged topic. President Donald Trump said earlier this year that “the race to 5G is on and America must win.”

The U.S. has also put pressure on Chinese telecommunications equipment-maker Huawei, claiming its equipment poses a national security threat because it could be used by Beijing for espionage. Washington has also been seeking to convince other countries to ban the company from their 5G networks. Huawei has repeatedly denied its equipment could be used for spying. 5G commercial services are now available in 50 Chinese cities, including Beijing, Shanghai, Guangzhou and Shenzhen, state-backed publication Xinhua reported. Besides China, South Korea is the only other country to have a nationwide rollout of 5G. In the U.S., AT&T, Verizon, T-Mobile and Sprint and have launched 5G networks but only in certain cities.

5G challenges ahead

China is on track to becoming the biggest 5G market in the world. The country will account for the largest number of 5G connections by 2025, bigger than North America and Europe combined, according to mobile industry body GSMA. China will have 110 million 5G users in 2020, or 7% penetration versus 3% in South Korea now, Jefferies said in a note this week. While excitement has been building around the 5G rollout, a number of challenges to adoption still remain. 5G services in China have been priced cheaper than 4G on a per gigabyte basis. Despite this, analysts are still concerned that 5G pricing could be too high. Jefferies analyst Edison Lee said China’s 5G services per gigabyte are almost the same as South Korea’s despite the country having a lower per-capita income. “We are amazed China’s 5G price plans give an average price per GB (US$0.39) that is almost identical to Korea’s (US$0.38),” Lee wrote. “As China’s per-capita income is 69% below that of Korea, similar pricing would likely mean China will have a lower penetration than Korea,” he added. Another challenge is the lack of 5G-capable handsets on the market. In the premium segment, Huawei has its Mate 20 X 5G and Mate 30 devices which can connect to the next-generation networks while Samsung’s Note 10+ is also available. Chinese smartphone-makers Xiaomi, Vivo and ZTE also have 5G-capable handsets.

Ultimately, operators will need to convince users of the need to move to 5G. Some Chinese carriers have been offering discounts on certain devices to push consumers to upgrade to 5G. “The real issue is: What does the consumer really see as the big difference between 4G versus 5G? … For a lot of what consumers do today: very little, there won’t be much difference,” Vinod Nair, senior partner at advisory and investment firm Delta Partners, told CNBC. “That is why it is more challenging on the consumer side.” “Right now the launch in the consumer market is on a large scale, the sheer number of cities and amount of 5G sites rolled out is quite massive in terms of this scale. That itself will ensure the initial experience is good,” Nair said. “That, coupled with the pricing, as well as the handset subsidies, should make it easier to upgrade. Having said that, if the upgrades aren’t attractive it won’t be a fast upgrade cycle,” he added.


Company: cnbc, Activity: cnbc, Date: 2019-11-01  Authors: arjun kharpal
Keywords: news, cnbc, companies, low, country, china, services, chinas, south, race, korea, trade, online, networks, chinese, nextgeneration, upgrade, heats


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China-backed hackers stole text messages and phone records in push for intelligence, report says

A state-backed Chinese hacking group called APT41 were able to hack into telecommunications firms’ servers and steal the contents of text messages for intelligence that was of interest to Beijing, according to a new report from cybersecurity firm FireEye. State-backed Chinese hackers were able to hack into telecommunications firms and steal the contents of text messages of “geopolitical interest” to Beijing, according to a new report. The group, known as APT41, used a malicious piece of software


A state-backed Chinese hacking group called APT41 were able to hack into telecommunications firms’ servers and steal the contents of text messages for intelligence that was of interest to Beijing, according to a new report from cybersecurity firm FireEye.
State-backed Chinese hackers were able to hack into telecommunications firms and steal the contents of text messages of “geopolitical interest” to Beijing, according to a new report.
The group, known as APT41, used a malicious piece of software
China-backed hackers stole text messages and phone records in push for intelligence, report says Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-11-01  Authors: arjun kharpal
Keywords: news, cnbc, companies, records, messages, hackers, used, beijing, text, steal, interest, contents, chinabacked, report, telecommunications, stole, chinese, servers, phone, intelligence, push


China-backed hackers stole text messages and phone records in push for intelligence, report says

A state-backed Chinese hacking group called APT41 were able to hack into telecommunications firms’ servers and steal the contents of text messages for intelligence that was of interest to Beijing, according to a new report from cybersecurity firm FireEye.

State-backed Chinese hackers were able to hack into telecommunications firms and steal the contents of text messages of “geopolitical interest” to Beijing, according to a new report.

The group, known as APT41, used a malicious piece of software or malware dubbed “Messagetap” to access servers responsible for sending and storing text messages, cybersecurity firm FireEye said. The company did not disclose the name of the telecom company.

Once in, the malware would search the contents of text messages for keywords of “geopolitical interest to Chinese intelligence collection.” It would also search for specific phone numbers of certain people from a database that the hackers had and were targeting.

While FireEye did not disclose which countries or individuals were targeted, the revelation of the hacking campaign comes at a time of increased concern about China’s use of technology for espionage. The U.S. has accused telecommunications equipment maker Huawei of being a national security threat and suggested that its gear could be used for espionage purposes by Beijing. Huawei has repeatedly denied these allegations.


Company: cnbc, Activity: cnbc, Date: 2019-11-01  Authors: arjun kharpal
Keywords: news, cnbc, companies, records, messages, hackers, used, beijing, text, steal, interest, contents, chinabacked, report, telecommunications, stole, chinese, servers, phone, intelligence, push


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Citi predicts the greenback could weaken ‘substantially’ — to as low as 85 on the dollar index

The U.S. dollar index could fall to as low as 85 as the Federal Reserve grows its balance sheet again by purchasing more bond assets, a Citi strategist said Thursday. The dollar index is a measure of the greenback’s value relative to a basket of currencies, largely made up of the United States’ most significant trading partners. The Fed increases its balance sheet by buying up bonds and Treasurys as a way of pumping cash into the market. That’s because the Fed’s balance sheet has expanded quickl


The U.S. dollar index could fall to as low as 85 as the Federal Reserve grows its balance sheet again by purchasing more bond assets, a Citi strategist said Thursday.
The dollar index is a measure of the greenback’s value relative to a basket of currencies, largely made up of the United States’ most significant trading partners.
The Fed increases its balance sheet by buying up bonds and Treasurys as a way of pumping cash into the market.
That’s because the Fed’s balance sheet has expanded quickl
Citi predicts the greenback could weaken ‘substantially’ — to as low as 85 on the dollar index Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-11-01  Authors: abigail ng
Keywords: news, cnbc, companies, index, sheet, low, pause, going, fact, bond, greenback, fed, substantially, dollar, weaken, citi, balance, predicts


Citi predicts the greenback could weaken 'substantially' — to as low as 85 on the dollar index

The U.S. dollar index could fall to as low as 85 as the Federal Reserve grows its balance sheet again by purchasing more bond assets, a Citi strategist said Thursday.

“Our latest projections are that it would weaken even further — maybe to the high 80s, perhaps even as low as 85,” Mohammed Apabhai, head of Asia Pacific trading strategies group at Citi, told CNBC’s “Street Signs.” Technical analyst Daryl Guppy said last year that 85 is a “historical support level” for the dollar.

The dollar index is a measure of the greenback’s value relative to a basket of currencies, largely made up of the United States’ most significant trading partners.

The Fed increases its balance sheet by buying up bonds and Treasurys as a way of pumping cash into the market. That in turn makes bond yields — which move inversely to prices — drop as the bond prices rise. The dollar usually weakens when bond yields fall.

“We’re basically saying that the Fed is probably going to be the most dovish of all the central banks, regardless of the fact that … they’ve put rates on pause,” he said. The U.S. central bank on Wednesday cut interest rates for the third time this year, but signaled that a pause was ahead.

That’s because the Fed’s balance sheet has expanded quickly, by more than $205 billion since the beginning of September, Apabhai explained. In comparison, an increase of that size would take the European Central Bank more than a year to complete, he said.

“For us, the fact that the Fed has gone into pause mode is not really as significant as the fact that the balance sheet of the Fed is going to expand,” he said. “We’re basically looking at substantially weaker levels on the dollar.”

If the dollar index were to weaken to 85, the euro could strengthen to 1.21 against the greenback, Apabhai predicted. “That’s … going to be very positive for emerging market equities.”


Company: cnbc, Activity: cnbc, Date: 2019-11-01  Authors: abigail ng
Keywords: news, cnbc, companies, index, sheet, low, pause, going, fact, bond, greenback, fed, substantially, dollar, weaken, citi, balance, predicts


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Asia stocks mostly advance amid renewed US-China trade concerns

A private survey of factory activity in China showed manufacturing activity in the country expanded more than expected in October. The Caixin/Markit Purchasing Managers’s Index (PMI) for the manufacturing sector came in at 51.7, above expectations of 51.0 by analysts in a Reuters poll. A day before, official data showed manufacturing activity in China shrank for the sixth straight month in October. The S&P/ASX 200 in Australia recovered from an earlier slip finish its trading day fractionally hi


A private survey of factory activity in China showed manufacturing activity in the country expanded more than expected in October.
The Caixin/Markit Purchasing Managers’s Index (PMI) for the manufacturing sector came in at 51.7, above expectations of 51.0 by analysts in a Reuters poll.
A day before, official data showed manufacturing activity in China shrank for the sixth straight month in October.
The S&P/ASX 200 in Australia recovered from an earlier slip finish its trading day fractionally hi
Asia stocks mostly advance amid renewed US-China trade concerns Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-11-01  Authors: eustance huang
Keywords: news, cnbc, companies, index, advanced, uschina, manufacturing, china, trading, amid, day, asia, advance, trade, shares, stocks, concerns, activity, close, pmi, renewed


Asia stocks mostly advance amid renewed US-China trade concerns

Stocks in Asia mostly advanced on the first trading day of November amid renewed concerns over the potential for a long-term trade deal between China and the U.S.

Mainland Chinese stocks rose by the close The Shanghai composite advanced 0.99% to about 2,958.20 and the Shenzhen component gained 1.73% to 9,802.33. The Shenzhen composite also added 1.288% to approximately 1,637.00.

A private survey of factory activity in China showed manufacturing activity in the country expanded more than expected in October. The Caixin/Markit Purchasing Managers’s Index (PMI) for the manufacturing sector came in at 51.7, above expectations of 51.0 by analysts in a Reuters poll. The 50 level in PMI readings separates expansion from contraction.

A day before, official data showed manufacturing activity in China shrank for the sixth straight month in October. The official PMI survey typically polls a large proportion of big businesses and state-owned enterprises. The Caixin indicator features a bigger mix of small- and medium-sized companies.

In Hong Kong the Hang Seng index rose 0.57%, as of its final hour of trading, as shares of ESR Cayman jumped in the company’s public debut on Friday. The shares had surged 7% in the morning.

Meanwhile, South Korea’s Kospi advanced 0.8% to close at 2,100.20. The S&P/ASX 200 in Australia recovered from an earlier slip finish its trading day fractionally higher at 6,669.10.

Japan’s Nikkei 225 lagged as it slipped 0.33% to close at 22,850.77, while the Topix index ended the trading day largely flat at 1,666.50. Shares of gaming firm Nintendo surged 7.46%, after the company announced on Thursday a second-quarter profit that exceeded expectations.

Overall, the MSCI Asia ex-Japan index was 0.41% higher.


Company: cnbc, Activity: cnbc, Date: 2019-11-01  Authors: eustance huang
Keywords: news, cnbc, companies, index, advanced, uschina, manufacturing, china, trading, amid, day, asia, advance, trade, shares, stocks, concerns, activity, close, pmi, renewed


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A private survey shows China’s manufacturing activity expanded in October, better than expected

A private survey showed October factory activity in China expanded at its quickest pace since February 2017. Analysts polled by Reuters had expected the PMI number to come in at 51.0 from 51.4 for September. The results of the private survey stood in contrast from official manufacturing data released on Thursday showed factory activity in China contracted for the sixth month in a row. The official PMI survey typically polls a large proportion of big businesses and state-owned enterprises. “That


A private survey showed October factory activity in China expanded at its quickest pace since February 2017.
Analysts polled by Reuters had expected the PMI number to come in at 51.0 from 51.4 for September.
The results of the private survey stood in contrast from official manufacturing data released on Thursday showed factory activity in China contracted for the sixth month in a row.
The official PMI survey typically polls a large proportion of big businesses and state-owned enterprises.
“That
A private survey shows China’s manufacturing activity expanded in October, better than expected Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-11-01  Authors: huileng tan
Keywords: news, cnbc, companies, index, expanded, manufacturing, expected, survey, china, better, orders, chinas, private, shows, caixin, zhong, official, month, pmi, activity


A private survey shows China's manufacturing activity expanded in October, better than expected

A woman works in a Macintosh boot factory in Lin’an, located in the east China province of Zhejiang.

A private survey showed October factory activity in China expanded at its quickest pace since February 2017.

The Caixin/Markit manufacturing Purchasing Managers’ Index (PMI) came in at 51.7 for the month of October as production and new orders both expanded at a faster pace, with a “renewed increase in export business,” according to a joint press release by Caixin and IHS Markit on Friday.

Analysts polled by Reuters had expected the PMI number to come in at 51.0 from 51.4 for September. PMI readings above 50 indicate expansion, while those below that level signal contraction.

“Both domestic and foreign demand improved substantially,” said Zhengsheng Zhong, director of macroeconomic analysis at Caixin subsidiary CEBM Group.

“The subindex for new orders stayed in positive territory and rose to the highest level since January 2013. The gauge for new export orders returned to expansionary territory and reached the highest point since February 2018, due likely to the U.S.’ move to exempt more than 400 types of Chinese products from additional tariffs,” Zhong wrote in the press release.

Even though new orders with companies rose at the fastest clip since the U.S.-China trade war broke out, “business confidence has been weak” amid a cautious attitude toward replenishing inventories, Zhong added. The labor market also contracted.

The results of the private survey stood in contrast from official manufacturing data released on Thursday showed factory activity in China contracted for the sixth month in a row.

The official PMI survey typically polls a large proportion of big businesses and state-owned enterprises. The Caixin indicator features a bigger mix of small- and medium-sized companies.

The divergence in results of the official and private surveys makes it difficult to gauge how the Chinese economy performed at the start of fourth quarter, said Julian Evans-Pritchard, senior China economist at Capital Economics, who expressed skepticism about Friday’s data.

“Historically, the Caixin index has been the more reliable guide to cyclical fluctuations in China’s economy … On balance, it therefore seems most likely that growth continued to pick up last month,” Evans-Pritchard wrote in a note on Friday.

“That said, we doubt that activity will be as strong as the Caixin index implies. One reason to be sceptical is that industrial metal prices have only seen very modest gains recently,” he added.

The PMI is a survey of how businesses view the operating environment. Such data offer a first glimpse into what’s happening in an economy, as they are usually among the first major economic indicators released each month.

China’s PMI data is closely watched by global investors for signs of trouble amid a domestic economic slowdown and the ongoing U.S.-China trade dispute.

Earlier in October, President Donald Trump said said the U.S. has come to a “very substantial phase one deal” with China.


Company: cnbc, Activity: cnbc, Date: 2019-11-01  Authors: huileng tan
Keywords: news, cnbc, companies, index, expanded, manufacturing, expected, survey, china, better, orders, chinas, private, shows, caixin, zhong, official, month, pmi, activity


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