South African rate cut catches analysts off guard, but easing cycle may be short-lived

Lesetja Kganyago, governor of South Africa’s central bank, speaks during a news conference following a Monetary Policy Committee meeting in Pretoria, South Africa, on Thursday, May 25, 2017. The South African Reserve Bank (SARB) cut its main repo rate by 25 basis points on Thursday, surprising the vast majority of economists. Policymakers voted unanimously to cut the key rate from 6.5% to 6.25%, upending the expectations of 21 of the 24 economists polled by Reuters ahead of the decision. The Sou


Lesetja Kganyago, governor of South Africa’s central bank, speaks during a news conference following a Monetary Policy Committee meeting in Pretoria, South Africa, on Thursday, May 25, 2017.
The South African Reserve Bank (SARB) cut its main repo rate by 25 basis points on Thursday, surprising the vast majority of economists.
Policymakers voted unanimously to cut the key rate from 6.5% to 6.25%, upending the expectations of 21 of the 24 economists polled by Reuters ahead of the decision.
The Sou
South African rate cut catches analysts off guard, but easing cycle may be short-lived Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2020-01-20  Authors: elliot smith
Keywords: news, cnbc, companies, cycle, african, rate, guard, growth, bank, lesetja, governor, analysts, south, shortlived, cut, easing, catches, policy, monetary, kganyago


South African rate cut catches analysts off guard, but easing cycle may be short-lived

Lesetja Kganyago, governor of South Africa’s central bank, speaks during a news conference following a Monetary Policy Committee meeting in Pretoria, South Africa, on Thursday, May 25, 2017.

The South African Reserve Bank (SARB) cut its main repo rate by 25 basis points on Thursday, surprising the vast majority of economists.

Policymakers voted unanimously to cut the key rate from 6.5% to 6.25%, upending the expectations of 21 of the 24 economists polled by Reuters ahead of the decision.

Facing a raft of challenges, including delays in reforms to teetering state-owned enterprises such as the heavily indebted Eskom electricity monopoly, escalating government debt and depleted business confidence, Africa’s most industrialized economy has struggled to exit a period of anemic growth which embedded itself under previous President Jacob Zuma. The South African economy contracted in the third quarter of 2019.

The decision to cut rates marks a significant shift in tone from the traditionally hawkish central bank, with Governor Lesetja Kganyago previously attributing slow growth primarily to supply-side constraints and arguing that loosening monetary policy would do little to boost activity.


Company: cnbc, Activity: cnbc, Date: 2020-01-20  Authors: elliot smith
Keywords: news, cnbc, companies, cycle, african, rate, guard, growth, bank, lesetja, governor, analysts, south, shortlived, cut, easing, catches, policy, monetary, kganyago


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Climate experts demand world leaders stop ‘walking away from the science’

Demonstrators shut down the corner of Randolph and Clark streets as part of a protest demanding government action on climate change in Chicago on October 7, 2019. DAVOS, SWITZERLAND – Scientists and climate activists from around the world have called on policymakers and business leaders to urgently take action in line with scientific consensus on the climate emergency. Speaking at the launch of the ‘Unite Behind The Science’ campaign at the World Economic Forum (WEF) in Davos, Switzerland, clima


Demonstrators shut down the corner of Randolph and Clark streets as part of a protest demanding government action on climate change in Chicago on October 7, 2019.
DAVOS, SWITZERLAND – Scientists and climate activists from around the world have called on policymakers and business leaders to urgently take action in line with scientific consensus on the climate emergency.
Speaking at the launch of the ‘Unite Behind The Science’ campaign at the World Economic Forum (WEF) in Davos, Switzerland, clima
Climate experts demand world leaders stop ‘walking away from the science’ Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2020-01-20  Authors: sam meredith
Keywords: news, cnbc, companies, world, business, whiteman, climate, stop, away, walking, action, leaders, science, change, demand, experts, unite, switzerland


Climate experts demand world leaders stop 'walking away from the science'

Demonstrators shut down the corner of Randolph and Clark streets as part of a protest demanding government action on climate change in Chicago on October 7, 2019.

DAVOS, SWITZERLAND – Scientists and climate activists from around the world have called on policymakers and business leaders to urgently take action in line with scientific consensus on the climate emergency.

Speaking at the launch of the ‘Unite Behind The Science’ campaign at the World Economic Forum (WEF) in Davos, Switzerland, climate change experts warned Monday that political inaction over climate change would not be acceptable.

“Scientists want to make clear that every single policy, business and investment decision worldwide must follow the path that gives the world a fighting chance of limiting global warming to 1.5ºC and lead to the most livable future possible,” organizers of the Unite Behind The Science campaign said in a statement.

The four-day January get-together of world leaders, CEOs and investors is set to begin Tuesday, with this year’s theme scheduled to focus on the intensifying climate crisis.

“We cannot accept insufficient action anymore,” Professor Gail Whiteman, founder of Arctic Basecamp and director of the Pentland Centre for Sustainability in Business at Lancaster University, said in a statement.

“If we’re united behind the science then every decision, every investment, every behavior should be based on what is taking us in the right direction.”

“If you decide to invest in and continue to produce fossil fuels, you are walking away from science,” Whiteman said.


Company: cnbc, Activity: cnbc, Date: 2020-01-20  Authors: sam meredith
Keywords: news, cnbc, companies, world, business, whiteman, climate, stop, away, walking, action, leaders, science, change, demand, experts, unite, switzerland


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European stocks slightly lower as caution returns ahead of Davos

European markets traded slightly lower on Monday as policymakers and business leaders gather in Davos, Switzerland for the annual World Economic Forum (WEF) conference . The pan-European Stoxx 600 was down 0.1% during afternoon trade, with household goods falling 0.9% to lead losses while insurance stocks added 0.5%. Climate change and sustainable business will be a key focus for delegates at this year’s WEF summit, but other political risks such as international trade and geopolitical instabili


European markets traded slightly lower on Monday as policymakers and business leaders gather in Davos, Switzerland for the annual World Economic Forum (WEF) conference .
The pan-European Stoxx 600 was down 0.1% during afternoon trade, with household goods falling 0.9% to lead losses while insurance stocks added 0.5%.
Climate change and sustainable business will be a key focus for delegates at this year’s WEF summit, but other political risks such as international trade and geopolitical instabili
European stocks slightly lower as caution returns ahead of Davos Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2020-01-20  Authors: elliot smith chloe taylor, elliot smith, chloe taylor
Keywords: news, cnbc, companies, business, worlds, unchanged, traded, tensions, returns, caution, davos, trade, wef, trump, slightly, lower, vice, stocks, world, ahead, european


European stocks slightly lower as caution returns ahead of Davos

European markets traded slightly lower on Monday as policymakers and business leaders gather in Davos, Switzerland for the annual World Economic Forum (WEF) conference .

The pan-European Stoxx 600 was down 0.1% during afternoon trade, with household goods falling 0.9% to lead losses while insurance stocks added 0.5%.

Climate change and sustainable business will be a key focus for delegates at this year’s WEF summit, but other political risks such as international trade and geopolitical instability are also likely to be on the agenda.

Elsewhere, the People’s Bank of China kept its loan prime rate unchanged on Monday, sending Asian shares higher. The decision came after President Donald Trump and Chinese Vice Premier Liu He signed a long-awaited “phase one” trade deal on Wednesday, easing tensions between the world’s two largest economies.


Company: cnbc, Activity: cnbc, Date: 2020-01-20  Authors: elliot smith chloe taylor, elliot smith, chloe taylor
Keywords: news, cnbc, companies, business, worlds, unchanged, traded, tensions, returns, caution, davos, trade, wef, trump, slightly, lower, vice, stocks, world, ahead, european


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Trump urges Senate to reject impeachment as affront to US Constitution

President Donald Trump on Monday rejected the Democratic-led House of Representatives’ impeachment charges, describing the allegations that he had abused his power and obstructed Congress as affronts to the U.S. Constitution that must be rejected. “The Senate should speedily reject these deficient articles of impeachment and acquit the president,” an executive summary of the Republican president’s pre-trial brief said in Trump’s first comprehensive defense before the start of his Senate trial. T


President Donald Trump on Monday rejected the Democratic-led House of Representatives’ impeachment charges, describing the allegations that he had abused his power and obstructed Congress as affronts to the U.S. Constitution that must be rejected.
“The Senate should speedily reject these deficient articles of impeachment and acquit the president,” an executive summary of the Republican president’s pre-trial brief said in Trump’s first comprehensive defense before the start of his Senate trial.
T
Trump urges Senate to reject impeachment as affront to US Constitution Cached Page below :
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Keywords: news, cnbc, companies, reject, affront, president, ukraine, constitution, urges, house, senate, office, congress, power, impeachment, democratic, trump


Trump urges Senate to reject impeachment as affront to US Constitution

US President Donald Trump gestures as he speaks during the Announcement of the Guidance on Constitutional Prayer in Public Schools, at the White House in Washington, DC, on January 16, 2020.

President Donald Trump on Monday rejected the Democratic-led House of Representatives’ impeachment charges, describing the allegations that he had abused his power and obstructed Congress as affronts to the U.S. Constitution that must be rejected.

“The Senate should speedily reject these deficient articles of impeachment and acquit the president,” an executive summary of the Republican president’s pre-trial brief said in Trump’s first comprehensive defense before the start of his Senate trial.

Trump, only the fourth of 45 American presidents to face the possibility of being ousted by impeachment, is charged with abusing the powers of his office by asking Ukraine to investigate a Democratic political rival, Joe Biden, and obstructing a congressional inquiry into his conduct.

The executive summary asserted that the “House Democrats theory of ‘abuse of power’ is not an impeachable offense.” It rejected the obstruction of Congress charge as frivolous and dangerous, saying the president exercised his legal rights by resisting congressional demands for information.

It accused the House Democrats of conducting a rigged process and said they succeeded in proving that Trump had done nothing wrong.

While the Republican-controlled Senate is highly unlikely to remove Trump from office, it is important for the Republican president to diminish the Democratic accusations as a partisan witch-hunt. He needs to limit the political damage to his re-election bid as he seeks a second term in November.

Trump’s legal team says he was well within his constitutional authority to press Ukraine President Volodymyr Zelenskiy last year to investigate Biden and his son Hunter as part of what Trump says was an anti-corruption drive. The Bidens deny any wrongdoing and Trump’s allegations have been widely debunked.

Democrats say Trump abused his power by withholding U.S. military assistance to Ukraine as part of a pressure campaign and obstructed Congress by refusing to hand over documents and barring administration officials from testifying, even when subpoenaed by House investigators.

Trump’s team says he is protected by the U.S. Constitution’s separation of powers provisions.

In a 111-page document filed before the Senate trial begins in earnest on Tuesday, Democratic lawmakers laid out their arguments against Trump, saying the president must be removed from office to protect national security and preserve the country’s system of government.

Seeking to show he is still conducting presidential business despite the trial, Trump is scheduled to depart late on Monday for Davos, Switzerland, to join global leaders at the World Economic Forum. Some advisers had argued against him making the trip.


Company: cnbc, Activity: cnbc, Date: 2020-01-20
Keywords: news, cnbc, companies, reject, affront, president, ukraine, constitution, urges, house, senate, office, congress, power, impeachment, democratic, trump


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Shares of Chinese drugmakers and face mask firms jump as pneumonia concerns mount

Shares of Chinese drugmakers and face mask-makers surged on Monday amid rising concerns over an outbreak a new strain of coronavirus that’s spreading to more cities in the country. Jiangsu Sihuan Bioengineering, Shandong Lukang Pharmaceutical and Shenzhen Neptunus Bioengineering all saw their stocks surge by about 10%, their daily limit. Meanwhile, shares of face mask firms also got a boost, with Tianjin Teda soaring 9.89% while Shanghai Dragon surged about 10%. The stocks moves came after autho


Shares of Chinese drugmakers and face mask-makers surged on Monday amid rising concerns over an outbreak a new strain of coronavirus that’s spreading to more cities in the country.
Jiangsu Sihuan Bioengineering, Shandong Lukang Pharmaceutical and Shenzhen Neptunus Bioengineering all saw their stocks surge by about 10%, their daily limit.
Meanwhile, shares of face mask firms also got a boost, with Tianjin Teda soaring 9.89% while Shanghai Dragon surged about 10%.
The stocks moves came after autho
Shares of Chinese drugmakers and face mask firms jump as pneumonia concerns mount Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2020-01-20  Authors: eustance huang
Keywords: news, cnbc, companies, surged, firms, concerns, face, chinese, reported, syndrome, jump, shares, pneumonia, cases, thats, mask, disease, drugmakers, mount, coronavirus, wuhan, health, transmission


Shares of Chinese drugmakers and face mask firms jump as pneumonia concerns mount

An elderly man wears a mask while walking past the closed Huanan Seafood Wholesale Market, which has been linked to cases of Coronavirus, on January 17, 2020 in Wuhan, Hubei province, China.

Shares of Chinese drugmakers and face mask-makers surged on Monday amid rising concerns over an outbreak a new strain of coronavirus that’s spreading to more cities in the country.

Jiangsu Sihuan Bioengineering, Shandong Lukang Pharmaceutical and Shenzhen Neptunus Bioengineering all saw their stocks surge by about 10%, their daily limit.

Meanwhile, shares of face mask firms also got a boost, with Tianjin Teda soaring 9.89% while Shanghai Dragon surged about 10%.

The stocks moves came after authorities in China reported on Monday that 139 new cases of coronavirus had been discovered over the weekend, Reuters reported. Three of the new cases had come from places outside the city of Wuhan, where the virus was first reported.

For its part, China’s National Health Commission said in a release on Sunday that experts have deemed the current situation “still preventable and controllable,” according to CNBC’s translation of the original Chinese text.

“What has been evident by the most recent statistics that have come out overnight … is that it is highly likely that we have this human-to-human transmission occurring,” Alexandra Phelan, faculty instructor at the Center for Global Health Science and Security at Georgetown University.

“We’re now starting to get a sense that perhaps given the scale we might have more sustained or less-clustered, more efficient human-to-human transmission — and that’s really what we’re looking out for because that is what tells us whether a disease is going to spread more rapidly between people,” Phelan told CNBC’s “Street Signs” on Thursday.

According to the World Health Organization, coronaviruses are a large family of viruses that could cause less-severe diseases such as the common cold, while other could lead to more severe disease such as the Middle East respiratory syndrome and Severe Acute Respiratory Syndrome (SARS).

The SARS outbreak in 2002/2003 resulted in around 800 deaths, with majority of them coming from China and Hong Kong, according to WHO data on the cumulative number of reported probable cases of the disease.


Company: cnbc, Activity: cnbc, Date: 2020-01-20  Authors: eustance huang
Keywords: news, cnbc, companies, surged, firms, concerns, face, chinese, reported, syndrome, jump, shares, pneumonia, cases, thats, mask, disease, drugmakers, mount, coronavirus, wuhan, health, transmission


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Sterling slips as businesses fret over hard Brexit warnings from UK finance minister

Sterling dipped sharply against all of its main trading peers on Monday, as traders reacted to weekend Brexit comments from U.K. Finance Minister Sajid Javid. As markets woke Monday, sterling slipped by around 0.2% versus the greenback and 0.3% versus the euro. “With so many longs, and unemployment data tomorrow and PMI (purchasing managers’ index) on Friday, sterling remains on the back foot, sterling is vulnerable,” said Juckes. The largest body representing the interests of U.K. businesses is


Sterling dipped sharply against all of its main trading peers on Monday, as traders reacted to weekend Brexit comments from U.K. Finance Minister Sajid Javid.
As markets woke Monday, sterling slipped by around 0.2% versus the greenback and 0.3% versus the euro.
“With so many longs, and unemployment data tomorrow and PMI (purchasing managers’ index) on Friday, sterling remains on the back foot, sterling is vulnerable,” said Juckes.
The largest body representing the interests of U.K. businesses is
Sterling slips as businesses fret over hard Brexit warnings from UK finance minister Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2020-01-20  Authors: david reid
Keywords: news, cnbc, companies, trading, warnings, alignment, walker, finance, traders, bcc, minister, hard, fret, versus, sterling, brexit, businesses, slips


Sterling slips as businesses fret over hard Brexit warnings from UK finance minister

Chancellor of the Exchequer Sajid Javid leaves 10 Downing Street in central London after attending the weekly Cabinet meeting on 29 October, 2019 in London, England.

Sterling dipped sharply against all of its main trading peers on Monday, as traders reacted to weekend Brexit comments from U.K. Finance Minister Sajid Javid.

In an interview with the Financial Times published on Friday, the chancellor warned U.K. businesses that the government would remain committed to as hard a Brexit as possible and that it would not seek regulatory alignment with Brussels.

“There will not be alignment, we will not be a rule-taker, we will not be in the single market and we will not be in the customs union — and we will do this by the end of the year,” Javid said.

As markets woke Monday, sterling slipped by around 0.2% versus the greenback and 0.3% versus the euro. The pound has been losing value of late as poor economic data has taken the shine off the strong Conservative Party election win in December.

In a note Monday, Societe Generale’s Kit Juckes said many traders were still backing the pound, despite also pricing in a 70% chance that the Bank of England will cut rates later this month.

“With so many longs, and unemployment data tomorrow and PMI (purchasing managers’ index) on Friday, sterling remains on the back foot, sterling is vulnerable,” said Juckes.

The U.K. will leave the EU by the end of January where it will enter a transition period during which a new trading relationship with the EU will be settled.

The largest body representing the interests of U.K. businesses is the British Chambers of Commerce (BCC). Following Javid’s comment that there will be no regulatory alignment with the EU after Brexit, BCC co-Executive Director Claire Walker said the government must be careful not to drive employers away from Britain.

“Our business communities have differing views but are prepared to be pragmatic about coming changes to regulation. Uncertainty around the extent of divergence risks firms moving their production elsewhere,” said Walker in a statement Saturday.

The BCC is also calling on the government to provide additional support to help firms adapt to new rules.

The auto industry is a big employer in the U.K. but heavily dependent on the smooth transport of parts and completed cars between the EU mainland and the U.K.

In an email to CNBC Monday, the chief executive of the Society of Motor Manufacturers and Traders (SMMT), Mike Hawes, said that additional regulations could “add billions” to the cost of developing cars in Britain for sale in Europe.

“It is important, therefore, that we have early sight of the details of the government’s ambitions so we can evaluate any impact on our competitiveness and the future of volume manufacturing in the U.K.,” he added.


Company: cnbc, Activity: cnbc, Date: 2020-01-20  Authors: david reid
Keywords: news, cnbc, companies, trading, warnings, alignment, walker, finance, traders, bcc, minister, hard, fret, versus, sterling, brexit, businesses, slips


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The world’s 2,153 billionaires have more wealth than 4.6 billion people combined, Oxfam says

The world’s 2,153 billionaires have more wealth between them than a combined 4.6 billion people, new research has claimed. In a study published Monday, international charity Oxfam called on governments to implement policies that may help to reduce wealth inequality. Amazon founder Jeff Bezos is currently the richest person in the world, according to Forbes, with a net worth of around $116.4 billion. The second wealthiest person on the planet is Bernard Arnault, a French billionaire who owns luxu


The world’s 2,153 billionaires have more wealth between them than a combined 4.6 billion people, new research has claimed.
In a study published Monday, international charity Oxfam called on governments to implement policies that may help to reduce wealth inequality.
Amazon founder Jeff Bezos is currently the richest person in the world, according to Forbes, with a net worth of around $116.4 billion.
The second wealthiest person on the planet is Bernard Arnault, a French billionaire who owns luxu
The world’s 2,153 billionaires have more wealth than 4.6 billion people combined, Oxfam says Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2020-01-20  Authors: chloe taylor
Keywords: news, cnbc, companies, worlds, world, report, net, worth, richest, wealth, billion, combined, oxfam, sitting, person, billionaires, 2153


The world's 2,153 billionaires have more wealth than 4.6 billion people combined, Oxfam says

The world’s 2,153 billionaires have more wealth between them than a combined 4.6 billion people, new research has claimed.

In a study published Monday, international charity Oxfam called on governments to implement policies that may help to reduce wealth inequality.

The report comes as delegates gather in Davos, Switzerland, for the annual World Economic Forum conference.

“If everyone were to sit on their wealth piled up in $100 bills, most of humanity would be sitting on the floor,” its authors said.

“A middle-class person in a rich country would be sitting at the height of a chair. The world’s two richest men would be sitting in outer space.”

Amazon founder Jeff Bezos is currently the richest person in the world, according to Forbes, with a net worth of around $116.4 billion. The second wealthiest person on the planet is Bernard Arnault, a French billionaire who owns luxury goods group LVMH and has a net worth of $116 billion.

Oxfam’s report noted that someone who saved $10,000 a day since the construction of the Egyptian pyramids would still be 80% less wealthy than the world’s five richest billionaires.


Company: cnbc, Activity: cnbc, Date: 2020-01-20  Authors: chloe taylor
Keywords: news, cnbc, companies, worlds, world, report, net, worth, richest, wealth, billion, combined, oxfam, sitting, person, billionaires, 2153


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‘How can he face himself?’: Architect of Paris Agreement slams Trump’s approach to climate crisis

Christiana Figueres, Founding Partner, Global Optimism, on Centre Stage during day two of Web Summit 2019 at the Altice Arena in Lisbon, Portugal. DAVOS, Switzerland — The architect of the landmark 2015 Paris Agreement told CNBC on Monday that it cannot be easy for President Donald Trump to justify his approach to the climate crisis — both to himself and citizens of the world. How can he face citizens of the United States and of the world? Figueres’ comments come as policymakers and business lea


Christiana Figueres, Founding Partner, Global Optimism, on Centre Stage during day two of Web Summit 2019 at the Altice Arena in Lisbon, Portugal.
DAVOS, Switzerland — The architect of the landmark 2015 Paris Agreement told CNBC on Monday that it cannot be easy for President Donald Trump to justify his approach to the climate crisis — both to himself and citizens of the world.
How can he face citizens of the United States and of the world?
Figueres’ comments come as policymakers and business lea
‘How can he face himself?’: Architect of Paris Agreement slams Trump’s approach to climate crisis Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2020-01-20  Authors: sam meredith
Keywords: news, cnbc, companies, architect, global, crisis, christiana, united, trumps, citizens, slams, climate, world, face, approach, paris, switzerland, agreement


'How can he face himself?': Architect of Paris Agreement slams Trump's approach to climate crisis

Christiana Figueres, Founding Partner, Global Optimism, on Centre Stage during day two of Web Summit 2019 at the Altice Arena in Lisbon, Portugal.

DAVOS, Switzerland — The architect of the landmark 2015 Paris Agreement told CNBC on Monday that it cannot be easy for President Donald Trump to justify his approach to the climate crisis — both to himself and citizens of the world.

Speaking on the sidelines of the World Economic Forum (WEF) in the Swiss Alpine town of Davos, Christiana Figures, former United Nations Framework Convention on Climate Change (UNFCC) said Monday: “I always wonder: How can he face himself?”

“How can he face his children and his grandchildren? How can he face citizens of the United States and of the world? I don’t understand how he can do that.”

Figueres’ comments come as policymakers and business leaders arrive in Switzerland for the WEF’s four-day annual conference, with those in attendance scheduled to focus on the intensifying climate crisis.

The event, which is often criticized for being out of touch with the real world, has said it aims to assist governments and international institutions in tracking progress toward the Paris Agreement and the UN’s Sustainable Development Goals.

It follows the hottest year on record for the world’s oceans, the second-hottest year for global average temperatures and wildfires from the U.S. to the Amazon to Australia.


Company: cnbc, Activity: cnbc, Date: 2020-01-20  Authors: sam meredith
Keywords: news, cnbc, companies, architect, global, crisis, christiana, united, trumps, citizens, slams, climate, world, face, approach, paris, switzerland, agreement


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There’s a 50% chance the US-China ‘phase one’ deal could fall apart in one year

There’s a 50% chance the U.S.-China “phase one” trade deal could survive its first year — but that probability falls to 25% in the second year, a business consultant said on Monday. Richard Martin, managing director at management consulting firm IMA Asia, said there are two reasons why the agreement could fall apart within those time frames: Limited success stories of government-mandated trade in the past, and provisions that allow the U.S. and China to walk away from their deal. “There’s a very


There’s a 50% chance the U.S.-China “phase one” trade deal could survive its first year — but that probability falls to 25% in the second year, a business consultant said on Monday.
Richard Martin, managing director at management consulting firm IMA Asia, said there are two reasons why the agreement could fall apart within those time frames: Limited success stories of government-mandated trade in the past, and provisions that allow the U.S. and China to walk away from their deal.
“There’s a very
There’s a 50% chance the US-China ‘phase one’ deal could fall apart in one year Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2020-01-20  Authors: yen nee lee
Keywords: news, cnbc, companies, chance, phase, trade, agreement, uschina, theres, thats, apart, fall, chinas, away, china, deal, walk, governmentmandated


There's a 50% chance the US-China 'phase one' deal could fall apart in one year

President Donald Trump, and Chinas Vice Premier Liu He(L), the countrys top trade negotiator, shake hands after signing trade agreements between the US and China during a ceremony in the East Room of the White House in Washington, DC on January 15, 2020.

There’s a 50% chance the U.S.-China “phase one” trade deal could survive its first year — but that probability falls to 25% in the second year, a business consultant said on Monday.

Richard Martin, managing director at management consulting firm IMA Asia, said there are two reasons why the agreement could fall apart within those time frames: Limited success stories of government-mandated trade in the past, and provisions that allow the U.S. and China to walk away from their deal.

“There’s a very poor track record on government-mandated trade flows working out and that’s what we got right now,” he told CNBC’s “Squawk Box Asia.”

“We don’t like governments to go out and say this is the volume of trade and this is the price point we want done at — that’s meant to be said at the markets,” he said.

Martin added that if there are disputes between the two sides, the deal allows the U.S. Trade Representative, currently Robert Lighthizer, to “pretty much determine when China’s breaking the rules and inflict any penalty he wants.” In return, China could walk away from the agreement, he explained.

“So that’s not a very robust adjudication process. It says that if there’s a problem, it could well end in the phase one package being dead,” he said.


Company: cnbc, Activity: cnbc, Date: 2020-01-20  Authors: yen nee lee
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Bloomberg says he’d vote to convict Trump if he were a senator

Former New York City Mayor Michael Bloomberg would vote to convict President Donald Trump if he were a senator, he told Craig Melvin in an exclusive interview that aired on NBC’s “TODAY Show” Monday. “I’d have to swallow two or three times, but I would say I would vote to convict because there’s so much evidence that he acted inappropriately,” said Bloomberg, who’s running for the Democratic nomination. Bloomberg and Trump both hail from New York and have long known each other. On Friday, the pr


Former New York City Mayor Michael Bloomberg would vote to convict President Donald Trump if he were a senator, he told Craig Melvin in an exclusive interview that aired on NBC’s “TODAY Show” Monday.
“I’d have to swallow two or three times, but I would say I would vote to convict because there’s so much evidence that he acted inappropriately,” said Bloomberg, who’s running for the Democratic nomination.
Bloomberg and Trump both hail from New York and have long known each other.
On Friday, the pr
Bloomberg says he’d vote to convict Trump if he were a senator Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2020-01-20  Authors: rachel elbaum
Keywords: news, cnbc, companies, vote, states, bloomberg, convict, staffers, theres, race, nomination, trump, hed, democratic, york, president, senator


Bloomberg says he'd vote to convict Trump if he were a senator

Former New York City Mayor Michael Bloomberg would vote to convict President Donald Trump if he were a senator, he told Craig Melvin in an exclusive interview that aired on NBC’s “TODAY Show” Monday.

“I’d have to swallow two or three times, but I would say I would vote to convict because there’s so much evidence that he acted inappropriately,” said Bloomberg, who’s running for the Democratic nomination.

However, Bloomberg called the impeachment process “not good,” and said that the country would be “much better off letting the voters decide who is president.”

Trump’s impeachment trial in the Senate starts Tuesday afternoon and his defense team is expected to include Ken Starr, the prosecutor whose investigation two decades ago led to the impeachment of President Bill Clinton, along with former Harvard law professor Alan Dershowitz, to his defense team.

Bloomberg and Trump both hail from New York and have long known each other. On Friday, the president criticized Bloomberg on Twitter, mocking his refusal to participate in the Democratic presidential debates.

Bloomberg spoke with NBC News during a campaign stop in Tulsa, Oklahoma, where he made a pitch to African American voters on Sunday, speaking about race-based economic inequality. He outlined a proposal aimed at increasing the number of black-owned homes and businesses, including a $70 billion investment in the nation’s most disadvantaged neighborhoods.

Bloomberg has been criticized for the stop-and-frisk policy he supported as mayor where New York City police officers made it a routine practice to stop and search multitudes of mostly black and Hispanic men to see if they were carrying weapons. He apologized for it in November, saying he got it wrong.

“When we did it, it got out of control. When I noticed it, we did a little test of seeing what happens if you stopped it. Everyone said crime would go up. It didn’t, so I said lets get rid of it,” he said in the interview.

“When I left office, 95 percent of it was gone, and I wished I had apologized earlier. Plain and simple,” he added.

The New York billionaire, who built his fortune through the financial information company he founded, only entered the race for the party’s nomination in November — a choice he made after looking at the other Democratic nominees.

“I looked, and I didn’t think any of them could beat Donald Trump. Some, in fact, would almost guarantee his re-election,” he said of the other Democratic nominees, though he declined to name specific contenders.

Spelling out why he feels Trump is so dangerous, Bloomberg said that his impetuous style was hazardous for the country.

“It’s his process and lack of inclusiveness and getting advice from people. I always joke there’s no ‘I’ in the word team. The way Donald spells it, there’s no T, E, A or M, and that’s not the way to accomplish things,” he said.

Bloomberg’s late entry into the nomination race meant that it was too late to build organizations in Iowa and New Hampshire and the other early states, he said. In the weeks since his entry, he has built a sizable campaign operation, with many hundreds of staffers in dozens of states. The first test of Bloomberg’s electoral strength will be on Super Tuesday on March 3.

If he loses the nomination, that army of staffers would go on to help the eventual nominee, he has said.

Since entering the race in November, Bloomberg has hired more than 800 staffers, including 500 field organizers and staff in more than 30 states and another 300 staffers in his campaign’s New York headquarters.

He’s already unleashed more than $100 million on advertising and is on track to have a dozen offices in Ohio, nine in Michigan and 17 in Florida, his campaign has said.

— The Associated Press contributed to this report


Company: cnbc, Activity: cnbc, Date: 2020-01-20  Authors: rachel elbaum
Keywords: news, cnbc, companies, vote, states, bloomberg, convict, staffers, theres, race, nomination, trump, hed, democratic, york, president, senator


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