China says it bought 700,000 tonnes each of pork, sorghum from the US in 2019

General Joseph Dunford (L), chairman of the US Joint Chiefs of Staff, and Chief of the General Staff of the Chinese People’s Liberation Army General Fang Fenghui shake hands after signing an agreement at the Bayi Building in Beijing on August 15, 2017. Chinese firms have already purchased 700,000 tonnes of pork and 700,000 tonnes of sorghum from the United States this year to meet market demand, said a foreign ministry spokesman on Tuesday. China, the world’s top agriculture market, has also bou


General Joseph Dunford (L), chairman of the US Joint Chiefs of Staff, and Chief of the General Staff of the Chinese People’s Liberation Army General Fang Fenghui shake hands after signing an agreement at the Bayi Building in Beijing on August 15, 2017. Chinese firms have already purchased 700,000 tonnes of pork and 700,000 tonnes of sorghum from the United States this year to meet market demand, said a foreign ministry spokesman on Tuesday. China, the world’s top agriculture market, has also bou
China says it bought 700,000 tonnes each of pork, sorghum from the US in 2019 Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-10-15
Keywords: news, cnbc, companies, goods, spokesman, market, general, trade, sorghum, 700000, pork, staff, states, 2019, united, bought, china, tonnes


China says it bought 700,000 tonnes each of pork, sorghum from the US in 2019

General Joseph Dunford (L), chairman of the US Joint Chiefs of Staff, and Chief of the General Staff of the Chinese People’s Liberation Army General Fang Fenghui shake hands after signing an agreement at the Bayi Building in Beijing on August 15, 2017.

Chinese firms have already purchased 700,000 tonnes of pork and 700,000 tonnes of sorghum from the United States this year to meet market demand, said a foreign ministry spokesman on Tuesday.

China, the world’s top agriculture market, has also bought 320,000 tonnes of cotton, 230,000 tonnes of wheat and 20 million tonnes of soybeans from the U.S., spokesman Geng Shuang said at a daily press briefing.

The comments came amid heightened attention on China’s purchases of U.S. farm goods, one of President Donald Trump’s key demands to resolve a months-long trade war between the two nations.

Trump said on Friday that China had agreed to purchase $40 to $50 billion worth of agricultural goods from the U.S. in a first phase of an agreement to end the trade war.

China has already brought in 500,000 tonnes of sorghum in the first eight months of the year, almost all from the United States, according to customs data.


Company: cnbc, Activity: cnbc, Date: 2019-10-15
Keywords: news, cnbc, companies, goods, spokesman, market, general, trade, sorghum, 700000, pork, staff, states, 2019, united, bought, china, tonnes


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This popular trade is making bull Art Hogan ‘nervous’ as earnings begin

National Securities’ Art Hogan predicts third-quarter earnings results will exceed expectations. “I’m nervous about the defensive groups actually because they’re such a popular trade,” the firm’s chief market strategist told CNBC’s “Trading Nation” on Monday. However, as big money piled into defensive names, valuations began surging. “Earnings and multiples are going to disappoint as we work our way through earnings season.” Hogan expects technology, particularly software and momentum names, and


National Securities’ Art Hogan predicts third-quarter earnings results will exceed expectations. “I’m nervous about the defensive groups actually because they’re such a popular trade,” the firm’s chief market strategist told CNBC’s “Trading Nation” on Monday. However, as big money piled into defensive names, valuations began surging. “Earnings and multiples are going to disappoint as we work our way through earnings season.” Hogan expects technology, particularly software and momentum names, and
This popular trade is making bull Art Hogan ‘nervous’ as earnings begin Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-10-15  Authors: stephanie landsman
Keywords: news, cnbc, companies, consumer, trade, begin, defensive, theyre, names, nervous, popular, multiples, probably, hogan, earnings, bull, making, market, art


This popular trade is making bull Art Hogan 'nervous' as earnings begin

National Securities’ Art Hogan predicts third-quarter earnings results will exceed expectations.

However, his forecast leaves out a crowded area of the market.

“I’m nervous about the defensive groups actually because they’re such a popular trade,” the firm’s chief market strategist told CNBC’s “Trading Nation” on Monday. “The multiples for some of those consumer staples and utilities and real estate investment trusts are really high.”

As global slowdown risks rose this year, so did the defensive trade’s popularity. Investors assume they’re more protected from downside by buying stocks that are known to provide dividends and stable earnings.

However, as big money piled into defensive names, valuations began surging. Hogan believes they have no capability of growing with the multiples given by investors.

“There’s a level of disappointment that probably comes,” added Hogan, who’s responsible for $15 billion in assets under management. “Earnings and multiples are going to disappoint as we work our way through earnings season.”

He speculates that the more economically sensitive areas of the stock market will surprise investors and emerge as the big winners this season.

“The expectation set is so low coming into this earnings season because of the macro news. It doesn’t necessarily fit the earnings picture,” said Hogan.

Refinitiv data shows a 3.2% drop in earnings per share in the third quarter. That number will change as companies report their quarterly results.

Hogan expects technology, particularly software and momentum names, and consumer discretionary companies will deliver the most upside.

“There are certain brand leaders in the consumer discretionary space that are probably going to outperform,” said Hogan, who doesn’t see evidence that U.S.-China trade war tariffs are challenging consumers right now.

Hogan’s year-end S&P 500 price target is 4.5% higher the current levels.

Disclaimer


Company: cnbc, Activity: cnbc, Date: 2019-10-15  Authors: stephanie landsman
Keywords: news, cnbc, companies, consumer, trade, begin, defensive, theyre, names, nervous, popular, multiples, probably, hogan, earnings, bull, making, market, art


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Google unveils new ‘Pixel’ and ‘Nest’ products

Google unveils new ‘Pixel’ and ‘Nest’ products1 Hour AgoCNBC’s Jon Fortt reports from Google’s Made By Google event in New York City as the company unveils new phones, smart home products and more.


Google unveils new ‘Pixel’ and ‘Nest’ products1 Hour AgoCNBC’s Jon Fortt reports from Google’s Made By Google event in New York City as the company unveils new phones, smart home products and more.
Google unveils new ‘Pixel’ and ‘Nest’ products Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-10-15  Authors: jefferson siegel
Keywords: news, cnbc, companies, pixel, york, smart, products1, nest, unveils, google, products, reports, phones


Google unveils new 'Pixel' and 'Nest' products

Google unveils new ‘Pixel’ and ‘Nest’ products

1 Hour Ago

CNBC’s Jon Fortt reports from Google’s Made By Google event in New York City as the company unveils new phones, smart home products and more.


Company: cnbc, Activity: cnbc, Date: 2019-10-15  Authors: jefferson siegel
Keywords: news, cnbc, companies, pixel, york, smart, products1, nest, unveils, google, products, reports, phones


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US futures point to a slightly higher open

U.S. stock index futures were slightly higher Tuesday morning, as traders look ahead to a new earnings season. ET, Dow futures rose 55 points, indicating a positive open of more than 57 points. Futures on the S&P and Nasdaq were both marginally higher. “I have every expectation if there’s not a deal those tariffs would go in place, but I expect we’ll have a deal,” Mnuchin said Monday. United Airlines and Interactive Brokers will also release earnings after the bell.


U.S. stock index futures were slightly higher Tuesday morning, as traders look ahead to a new earnings season. ET, Dow futures rose 55 points, indicating a positive open of more than 57 points. Futures on the S&P and Nasdaq were both marginally higher. “I have every expectation if there’s not a deal those tariffs would go in place, but I expect we’ll have a deal,” Mnuchin said Monday. United Airlines and Interactive Brokers will also release earnings after the bell.
US futures point to a slightly higher open Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-10-15  Authors: silvia amaro
Keywords: news, cnbc, companies, mnuchin, futures, open, earnings, release, trade, place, slightly, deal, point, tariffs, points, higher


US futures point to a slightly higher open

U.S. stock index futures were slightly higher Tuesday morning, as traders look ahead to a new earnings season.

At around 01:40 a.m. ET, Dow futures rose 55 points, indicating a positive open of more than 57 points. Futures on the S&P and Nasdaq were both marginally higher.

Overall, market players are monitoring developments on the trade front. U.S. Treasury Secretary Steven Mnuchin told CNBC that tariffs will go up in December if there is no deal in place with China.

“I have every expectation if there’s not a deal those tariffs would go in place, but I expect we’ll have a deal,” Mnuchin said Monday.

Furthermore, the U.S. has also decided to stop trade negotiations with Turkey and raised its steel prices to 50%. The decision followed an earlier U.S. announcement to remove all U.S. troops from the northern border of Syria with Turkey.

Investors are also looking ahead to a new earnings season. BlackRock, Citigroup, Goldman Sachs, Wells Fargo and J.P. Morgan Chase are set to release their latest performance numbers before the bell. United Airlines and Interactive Brokers will also release earnings after the bell.

On the data front, the Empire State manufacturing figures are due to be released at 08:30 a.m. ET.


Company: cnbc, Activity: cnbc, Date: 2019-10-15  Authors: silvia amaro
Keywords: news, cnbc, companies, mnuchin, futures, open, earnings, release, trade, place, slightly, deal, point, tariffs, points, higher


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Low mortgage rates are giving Lowe’s a boost, Piper Jaffray says in upgrading the stock

An employee organizes buckets for sale inside a Lowe’s Cos. store in Burbank, California. Low mortgage rates and increased home improvement spending are going to help lift Lowe’s stock, according to Piper Jaffray.


An employee organizes buckets for sale inside a Lowe’s Cos. store in Burbank, California. Low mortgage rates and increased home improvement spending are going to help lift Lowe’s stock, according to Piper Jaffray.
Low mortgage rates are giving Lowe’s a boost, Piper Jaffray says in upgrading the stock Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-10-15  Authors: maggie fitzgerald
Keywords: news, cnbc, companies, mortgage, piper, lowes, organizes, upgrading, giving, stock, store, lift, low, jaffray, boost, spending, rates, sale


Low mortgage rates are giving Lowe's a boost, Piper Jaffray says in upgrading the stock

An employee organizes buckets for sale inside a Lowe’s Cos. store in Burbank, California.

Low mortgage rates and increased home improvement spending are going to help lift Lowe’s stock, according to Piper Jaffray.


Company: cnbc, Activity: cnbc, Date: 2019-10-15  Authors: maggie fitzgerald
Keywords: news, cnbc, companies, mortgage, piper, lowes, organizes, upgrading, giving, stock, store, lift, low, jaffray, boost, spending, rates, sale


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Sallie Mae launches credit cards aimed at student loan borrowers

For those struggling with student debt, a new credit card is hardly the answer. As more people in the U.S. struggle to keep up with their credit card and student debt, the student loan lender recently rolled out three new cash-back cards with Mastercard — Ignite, Accelerate and Evolve. “The goal is not to increase debt but to establish credit and do so responsibly,” said Rick Castellano, a spokesman for Sallie Mae. If you are in the market for a new credit card, the Consumer Financial Protection


For those struggling with student debt, a new credit card is hardly the answer. As more people in the U.S. struggle to keep up with their credit card and student debt, the student loan lender recently rolled out three new cash-back cards with Mastercard — Ignite, Accelerate and Evolve. “The goal is not to increase debt but to establish credit and do so responsibly,” said Rick Castellano, a spokesman for Sallie Mae. If you are in the market for a new credit card, the Consumer Financial Protection
Sallie Mae launches credit cards aimed at student loan borrowers Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-10-15  Authors: jessica dickler
Keywords: news, cnbc, companies, student, sallie, launches, debt, mae, card, cashback, purchases, borrowers, aimed, loan, cash, rossman, credit, cards, offerings


Sallie Mae launches credit cards aimed at student loan borrowers

For those struggling with student debt, a new credit card is hardly the answer.

Yet, lender Sallie Mae is banking on a few new offerings specifically geared toward recent grads with college loans.

As more people in the U.S. struggle to keep up with their credit card and student debt, the student loan lender recently rolled out three new cash-back cards with Mastercard — Ignite, Accelerate and Evolve.

The Accelerate card comes with 1.25% cash back on all purchases plus an extra incentive for student loan borrowers: a 25% bonus on cash-back rewards that are used to pay down any federal or private student loan.

With Ignite, cardholders earn 1% back on purchases and a 25% bonus on cash-back rewards after making six consecutive on-time payments.

“The goal is not to increase debt but to establish credit and do so responsibly,” said Rick Castellano, a spokesman for Sallie Mae.

To boost sign-ups, Ignite and Accelerate cardholders also have a chance to win $10,000 as part of the “Swipe Away $10K Sweepstakes,” which can be put toward a student debt tab, as well.

As with any card, it’s important to read the fine print. Sallie Mae’s offerings have no annual fee and a 0% introductory offer but after that the APR ranges from 14.99% to 24.99%, based on your creditworthiness. (The average credit-card interest rate is just under 18%, according to Creditcards.com.)

“People can do better but they certainly can do a lot worse,” said Ted Rossman, an industry analyst at Creditcards.com.

Other cash-back reward programs vary. Some cards offer a “flat rate,” which means you’ll get, say, 2% cash back whether you buy a plane ticket to Paris or a refrigerator. Other issuers offer more points for certain purchases.

Either way, “1% back is the bare minimum,” Rossman said. The Apple Card, for example, offers 3% cash back on goods purchased directly from Apple, 2% cash back on Apple Pay purchases and 1% cash back on all other purchases.

More from Personal Finance:

Americans are spending more, but are still not saving

Here’s how long it takes to improve your credit score

The 30% rule of thumb about credit card use could cost you

Regardless of which card you choose, “the important thing is to build good credit,” Rossman said. That boils down to paying your balance on time and in full every month to avoid late fees and interest charges and not buying things you otherwise can’t afford.

If you are in the market for a new credit card, the Consumer Financial Protection Bureau breaks down the terms and conditions you should be aware of.

You can also research different card offerings at Bankrate.com, Creditcards.com or Comparecards.com.

Subscribe to CNBC on YouTube.


Company: cnbc, Activity: cnbc, Date: 2019-10-15  Authors: jessica dickler
Keywords: news, cnbc, companies, student, sallie, launches, debt, mae, card, cashback, purchases, borrowers, aimed, loan, cash, rossman, credit, cards, offerings


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Sick of Brexit, Scotland’s Sturgeon vows new independence vote in 2020

First Minister of Scotland Nicola Sturgeon after delivering her keynote speech during the SNP autumn conference at the Event Complex in Aberdeen. Sturgeon, who is also Scotland’s First Minister, said she was “sick of Brexit” and that the United Kingdom was a broken political system that imposed policies on Scotland against its will. And we are getting ready,” she added, to cheers from members of the SNP, Scotland’s main political party. As the law stands, to hold another referendum legally, Scot


First Minister of Scotland Nicola Sturgeon after delivering her keynote speech during the SNP autumn conference at the Event Complex in Aberdeen. Sturgeon, who is also Scotland’s First Minister, said she was “sick of Brexit” and that the United Kingdom was a broken political system that imposed policies on Scotland against its will. And we are getting ready,” she added, to cheers from members of the SNP, Scotland’s main political party. As the law stands, to hold another referendum legally, Scot
Sick of Brexit, Scotland’s Sturgeon vows new independence vote in 2020 Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-10-15
Keywords: news, cnbc, companies, referendum, powers, scotlands, vows, sick, 2020, independence, law, hold, sturgeon, brexit, scotland, snp, vote


Sick of Brexit, Scotland's Sturgeon vows new independence vote in 2020

First Minister of Scotland Nicola Sturgeon after delivering her keynote speech during the SNP autumn conference at the Event Complex in Aberdeen. (Photo by Jane Barlow/PA Images via Getty Images)

Scotland must hold another independence referendum in 2020 and will soon request the powers needed to hold it legally, Scottish National Party (SNP) leader Nicola Sturgeon said on Tuesday.

Scots rejected independence in a referendum in 2014 but the SNP says that Britain’s vote to leave the European Union fundamentally changes its constitutional arrangements and means that the independence question should be revisited.

Sturgeon, who is also Scotland’s First Minister, said she was “sick of Brexit” and that the United Kingdom was a broken political system that imposed policies on Scotland against its will.

Britain as a whole voted in 2016 to leave the European Union but Scotland voted to remain, and Sturgeon has often campaigned for secession on the grounds that the country is now being taken out of the EU against its wishes.

Opinion polls show Brexit has slightly boosted the pro-independence vote but suggest it is still only around 50%.

Speaking at the SNP’s annual conference in Aberdeen, Sturgeon said: “It is time for Scotland to choose our own future. It is time to reclaim our independence.

“Our job is to deliver independence. My call is that the referendum must happen next year. And we are getting ready,” she added, to cheers from members of the SNP, Scotland’s main political party.

As the law stands, to hold another referendum legally, Scotland would need the permission of the British government in Westminster.

British Prime Minister Boris Johnson has said it would be “totally wrong” to hold another referendum, and that to hold a vote, the UK government would need to transfer powers to Scotland’s devolved parliament where Sturgeon sits.

Sturgeon said she would demand those powers, under Section 30 of the Scotland Act, to ensure any vote was legal.

“Before the end of this year, I will demand the transfer of power that puts the legality of a referendum beyond any doubt,” she said.

The SNP has often expressed its sympathy for the cause of Catalan separatists. On Monday, Spain’s Supreme Court jailed nine Catalan separatist leaders for their role in a failed independence bid. [nL5N26Z134]

Sturgeon said that though she understood the importance of the rule of law, “any law that sends politicians to prison for organizing a vote is a law that surely needs to change.”

She added: “the politicians and activists from Catalonia… are peaceful campaigners for the right to self-determination just like we are.”


Company: cnbc, Activity: cnbc, Date: 2019-10-15
Keywords: news, cnbc, companies, referendum, powers, scotlands, vows, sick, 2020, independence, law, hold, sturgeon, brexit, scotland, snp, vote


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J&J beats third-quarter earnings expectations on higher prescription drug sales; shares rise

Johnson & Johnson reported third-quarter earnings and revenue Tuesday that beat Wall Street’s expectations, boosted by higher sales of cancer and other prescription drugs. J&J’s pharmaceutical business, which accounts for half of the company’s revenue, posted revenue of $10.88 billion, better than the $10.41 billion projection compiled by StreetAccount. The company’s consumer unit, which makes beauty products such as Neutrogena, reported revenue of $3.46 billion, in line with Wall Street’s expec


Johnson & Johnson reported third-quarter earnings and revenue Tuesday that beat Wall Street’s expectations, boosted by higher sales of cancer and other prescription drugs. J&J’s pharmaceutical business, which accounts for half of the company’s revenue, posted revenue of $10.88 billion, better than the $10.41 billion projection compiled by StreetAccount. The company’s consumer unit, which makes beauty products such as Neutrogena, reported revenue of $3.46 billion, in line with Wall Street’s expec
J&J beats third-quarter earnings expectations on higher prescription drug sales; shares rise Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-10-15  Authors: berkeley lovelace jr, in berkeleylovelace
Keywords: news, cnbc, companies, expectations, thirdquarter, prescription, drug, rise, billion, reported, opioid, lawsuits, earnings, wall, revenue, consumer, sales, higher, shares


J&J beats third-quarter earnings expectations on higher prescription drug sales; shares rise

Johnson & Johnson reported third-quarter earnings and revenue Tuesday that beat Wall Street’s expectations, boosted by higher sales of cancer and other prescription drugs.

Here’s what the company reported compared with Wall Street estimates, based on a survey of analysts by Refinitiv:

Adjusted earnings per share: $2.12 versus $2.01 expected

Revenue: $20.73 versus $20.07 billion expected

J&J also raised its full-year guidance and now sees earnings between $8.62 and $8.67 per share, with revenue in the range of $81.8 billion to $82.3 billion.

Shares of J&J were up more than 2% in premarket trading.

J&J’s pharmaceutical business, which accounts for half of the company’s revenue, posted revenue of $10.88 billion, better than the $10.41 billion projection compiled by StreetAccount.

The company’s consumer unit, which makes beauty products such as Neutrogena, reported revenue of $3.46 billion, in line with Wall Street’s expectations. J&J’s medical device unit reported revenue of $6.3 billion, slightly better than $6.27 billion analysts were expecting.

“Our third-quarter results represent strong performance, driven by competitive underlying growth in Pharmaceuticals and Medical Devices, as well as continued optimization in our Consumer business,” J&J Chairman and CEO Alex Gorsky said in a statement.

Sales J&J’s rheumatoid arthritis drug Remicade fell 24% year over year. Sales of its multiple myeloma drug Darzalex increased 53.5% year over year to $765 million, while sales of cancer drug Imbruvica increased 30.6% to $921 million.

The maker of popular consumer product brands like Tylenol and Aveeno, J&J is facing thousands of lawsuits ranging from claims that its talc-based baby powder causes cancer to allegations that it helped fuel that nationwide opioid epidemic.

J&J in August was ordered by an Oklahoma judge to pay the state $572 million in the first ruling in the U.S. holding a drugmaker accountable for the epidemic. And last week, a Philadelphia jury ordered J&J to pay $8 billion in punitive damages for downplaying risks that its antipsychotic drug Risperdal could promote breast growth in boys.

Chief Financial Officer Joseph Wolk told CNBC on Tuesday that the company is open to “a reasonable” settlement that would settle the hundreds of opioid lawsuits from state and local municipalities, adding its painkillers represented less than 1% of the overall market.

“Where is makes sense for all stakeholders, we’ll look to have a settlement,” he said on “Squawk Box.”

Earlier this month, J&J settled opioid claims with two Ohio counties for $20.4 million.

The company did not report its litigation expenses for the third quarter.

Despite the lawsuits, J&J’s shares were up by about 1% so far this year as of Monday, and some Wall Street analysts were expecting a relatively uneventful quarter with modest growth in its pharmaceutical and consumer units.


Company: cnbc, Activity: cnbc, Date: 2019-10-15  Authors: berkeley lovelace jr, in berkeleylovelace
Keywords: news, cnbc, companies, expectations, thirdquarter, prescription, drug, rise, billion, reported, opioid, lawsuits, earnings, wall, revenue, consumer, sales, higher, shares


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IMF says trade war will cut global growth to lowest since financial crisis a decade ago

The U.S.-China trade war will cut 2019 global growth to its slowest pace since the 2008-2009 financial crisis, the International Monetary Fund warned on Tuesday, adding that the outlook could darken considerably if trade tensions remain unresolved. The IMF said its latest World Economic Outlook projections show 2019 GDP growth at 3.0%, down from 3.2% in a July forecast, largely due to increasing fallout from global trade friction. Qilai Shen | Bloomberg | Getty ImagesThe global crisis lender sai


The U.S.-China trade war will cut 2019 global growth to its slowest pace since the 2008-2009 financial crisis, the International Monetary Fund warned on Tuesday, adding that the outlook could darken considerably if trade tensions remain unresolved. The IMF said its latest World Economic Outlook projections show 2019 GDP growth at 3.0%, down from 3.2% in a July forecast, largely due to increasing fallout from global trade friction. Qilai Shen | Bloomberg | Getty ImagesThe global crisis lender sai
IMF says trade war will cut global growth to lowest since financial crisis a decade ago Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-10-15
Keywords: news, cnbc, companies, 2019, decade, world, imf, lowest, trade, war, 2018, cut, tariffs, economic, financial, crisis, forecast, global, growth


IMF says trade war will cut global growth to lowest since financial crisis a decade ago

The U.S.-China trade war will cut 2019 global growth to its slowest pace since the 2008-2009 financial crisis, the International Monetary Fund warned on Tuesday, adding that the outlook could darken considerably if trade tensions remain unresolved. The IMF said its latest World Economic Outlook projections show 2019 GDP growth at 3.0%, down from 3.2% in a July forecast, largely due to increasing fallout from global trade friction. The forecasts set a gloomy backdrop for the IMF and World Bank annual meetings this week in Washington, where the Fund’s new managing director, Kristalina Georgieva, is inheriting a range of problems, from stagnating trade to political backlash in some emerging market countries struggling with IMF-mandated austerity programs. The World Economic Outlook report spells out in sharp detail the economic difficulties caused by the U.S.-China tariffs, including direct costs, market turmoil, reduced investment and lower productivity due to supply chain disruptions.

The Hapag-Lloyd AG Leverkusen Express sails out of the Yangshan Deepwater Port, operated by Shanghai International Port Group Co. (SIPG), in this aerial photograph taken in Shanghai, China, on Wednesday, Aug. 7, 2019. Qilai Shen | Bloomberg | Getty Images

The global crisis lender said that by 2020, announced tariffs would reduce global economic output by 0.8%. Georgieva said last week that this translates to a loss of $700 billion, or the equivalent of making Switzerland’s economy disappear. “The weakness in growth is driven by a sharp deterioration in manufacturing activity and global trade, with higher tariffs and prolonged trade policy uncertainty damaging investment and demand for capital goods,” IMF Chief Economist Gita Gopinath said in a statement. Services were still strong across much of the world, but there were some signs of softening in services in the United States and Europe, Gopinath said. For 2020, the Fund said global growth was set to pick up to 3.4% due to expectations of better performances in Brazil, Mexico, Russia, Saudi Arabia, and Turkey. But this forecast was a tenth of a point lower than in July and was vulnerable to downside risks, including worse trade tensions, Brexit-related disruptions and an abrupt aversion to risk in financial markets.

Investment, trade stall

The IMF said foreign direct investment abroad by advanced economies came to “a virtual standstill” in 2018 after increasing in earlier years to average more than 3% of global gross domestic product annually – or more than $1.8 trillion. The institution said the decline of some $1.5 trillion between 2017 and 2018 reflected purely financial operations by large multinational corporations, including in response to changes in U.S. tax law. Global vehicle purchases fell by 3% in 2018, reflecting a drop in demand in China after expiration of tax incentives and production adjustments after adoption of new emissions standards in Germany and other eurozone countries. Global trade growth reached just 1% in the first half of 2019, the weakest level since 2012, weighed down by higher tariffs and prolonged uncertainty about trade policies, as well as a slump in the automobile industry. After expanding by 3.6% in 2018, the IMF now projects global trade volume will increase just 1.1% in 2019, 1.4 percentage points less than it forecast in July and 2.3 percentage points less than forecast in April. Trade growth was expected to rebound to 3.2% in 2020, however risks remained “skewed to the downside,” the IMF said, with a significant drag on both the U.S. and Chinese economies. For a table showing IMF country and regional forecasts, see

Tariff, reshoring losses


Company: cnbc, Activity: cnbc, Date: 2019-10-15
Keywords: news, cnbc, companies, 2019, decade, world, imf, lowest, trade, war, 2018, cut, tariffs, economic, financial, crisis, forecast, global, growth


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This chart shows just how much Elizabeth Warren and Bernie Sanders want to go after billionaires

Senator Bernie Sanders joins former Vice President Joe Biden and Senator Elizabeth Warren onstage before the start at the 2020 Democratic U.S. presidential debate in Houston, Texas, U.S. September 12, 2019. A new analysis of 2020 Democratic candidates’ tax plans reveals a stark difference in how much presidential hopefuls, particularly Sens. Elizabeth Warren, D-Mass., and Bernie Sanders, I-Vt., want to go after billionaires. Their critics are also skeptical of how effectively the government can


Senator Bernie Sanders joins former Vice President Joe Biden and Senator Elizabeth Warren onstage before the start at the 2020 Democratic U.S. presidential debate in Houston, Texas, U.S. September 12, 2019. A new analysis of 2020 Democratic candidates’ tax plans reveals a stark difference in how much presidential hopefuls, particularly Sens. Elizabeth Warren, D-Mass., and Bernie Sanders, I-Vt., want to go after billionaires. Their critics are also skeptical of how effectively the government can
This chart shows just how much Elizabeth Warren and Bernie Sanders want to go after billionaires Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-10-15  Authors: ganesh setty, valerie block
Keywords: news, cnbc, companies, tax, billionaires, bernie, plans, shows, democratic, chart, sanders, economists, zucman, warren, wealth, president, billion, elizabeth


This chart shows just how much Elizabeth Warren and Bernie Sanders want to go after billionaires

Senator Bernie Sanders joins former Vice President Joe Biden and Senator Elizabeth Warren onstage before the start at the 2020 Democratic U.S. presidential debate in Houston, Texas, U.S. September 12, 2019.

A new analysis of 2020 Democratic candidates’ tax plans reveals a stark difference in how much presidential hopefuls, particularly Sens. Elizabeth Warren, D-Mass., and Bernie Sanders, I-Vt., want to go after billionaires.

In determining the effective tax rate each income group pays, economists Gabriel Zucman and Emmanuel Saez take into account all available information that 2020 front-runners, including former Vice President Joe Biden, have said on the campaign trail and on their respective websites. Sanders, according to the economists’ analysis, would tax the income of the wealthiest 400 in America at nearly 100%.

The candidates’ plans vary widely, and so the economists also treat private health insurance premiums as a tax on households. The analysis also assumes different rates of tax evasion and avoidance, according to their methodology.

Zucman and Saez serve as policy advisors for both the Warren and Sanders campaigns.

The chart illustrates why some on Wall Street have sounded the alarm on the possibility of Warren or Sanders becoming president instead of Biden, who is known to be more moderate and business-friendly.

The economists have their critics, too. For instance, former Treasury Secretary Larry Summers and Natasha Sarin, assistant professor at the University of Pennsylvania, view Zucman and Saez’s estimates as overly optimistic. Their critics are also skeptical of how effectively the government can enforce a wealth tax.

The main reason for such a large difference between Biden’s plan and the plans of Warren and Sanders, who calls himself a democratic socialist, has to do with proposed wealth taxes, Zucman said in an email.

Biden has not put out a formal tax plan yet, whereas Sanders’ proposed wealth tax, for example, has a tax rate up to 8% for wealth above $10 billion. Warren, meanwhile, proposes a 2% annual tax on net worth between $50 million and $1 billion, with an additional 1% levied on net worth above $1 billion.


Company: cnbc, Activity: cnbc, Date: 2019-10-15  Authors: ganesh setty, valerie block
Keywords: news, cnbc, companies, tax, billionaires, bernie, plans, shows, democratic, chart, sanders, economists, zucman, warren, wealth, president, billion, elizabeth


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