Cash, Debit, or Credit: Which should you use for everyday purchases?

Cash, debit or credit: Which should you use for everyday purchases? When to use credit cards But “credit cards aren’t for everyone” When to use debit cards When to use cash If you’re using a credit card for everyday purchases, consider this Bottom line1. When to use credit cardsWith all of their perks and rewards, using credit cards can be a financially sound decision. If you’re using a credit card for everyday purchases, consider thisIf you’re using a credit card to make all of your purchases,


Cash, debit or credit: Which should you use for everyday purchases?
When to use credit cards But “credit cards aren’t for everyone” When to use debit cards When to use cash If you’re using a credit card for everyday purchases, consider this Bottom line1.
When to use credit cardsWith all of their perks and rewards, using credit cards can be a financially sound decision.
If you’re using a credit card for everyday purchases, consider thisIf you’re using a credit card to make all of your purchases,
Cash, Debit, or Credit: Which should you use for everyday purchases? Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2020-02-17  Authors: elizabeth gravier, alexandria white
Keywords: news, cnbc, companies, using, purchases, card, debit, cash, cards, credit, paying, griffin, youre, everyday


Cash, Debit, or Credit: Which should you use for everyday purchases?

When it comes to your daily expenses, such as groceries, gas and entertainment, you may not think twice about how you pay for them. Perhaps you swipe your Citi® Double Cash Card to earn 2% cash back, or your Chase Sapphire Reserve® to get 3X points on travel. But as with all things money, there is a rule of thumb for how you should pay — and it depends on a number of factors. Below, CNBC Select asked Rod Griffin, Experian’s senior director of consumer education and advocacy, for his advice on what you should use when paying for everyday purchases.

Cash, debit or credit: Which should you use for everyday purchases?

When to use credit cards But “credit cards aren’t for everyone” When to use debit cards When to use cash If you’re using a credit card for everyday purchases, consider this Bottom line

1. When to use credit cards

With all of their perks and rewards, using credit cards can be a financially sound decision. With credit, you can take advantage of some key benefits you don’t get with cash or debit cards. But using credit is also dependent on your ability to live within your means. “It’s a question of, ‘Are you using credit as an additional income source?’ or, ‘Are you using credit as a way to take advantage of other financial opportunities?'” Rod Griffin tells CNBC Select. For example, road warriors can maximize the points they can earn at gas stations with specific gas rewards credit cards. The PenFed Platinum Rewards Visa Signature® Card offers the highest rewards rate at gas stations with 5X points per dollar spent. And in addition to earning high rewards at gas stations, cardholders also benefit from unlimited 3X points at grocery stores. If you use a credit card next time you fill up your tank and make a run to the supermarket, then pay off the balance in full at the end of the month, you can enjoy the rewards. But if you’re not paying off the balance or you’re paying your bill late, you may end up paying a lot in fees and interest charges. No matter the type of credit card you have, how you use it really depends on you as an individual. “If you’re using credit as a financial tool and not taking on debt, it can be a financially advantageous decision.” As long as you are paying your credit balance in full each month (thus you’re not paying interest or additional fees), then you’re taking advantage of credit as a tool to help you be more financially healthy. “I have known people that use a credit card for every purchase — one card — and they make every purchase every month using that credit card, and then turn around and pay it in full because they take advantage of points for airline miles,” says Griffin. Credit cards also offer some advantages in terms of security and protection, which debit cards do not. “If traveling, I use a credit card almost exclusively because it helps provide additional protections against identity theft and fraud,” he says. You can also use your monthly statement as a budgeting tool, keeping track of your purchases so you have no problems paying your balance in full each month.

2. But “credit cards aren’t for everyone”

At the end of the day, your method of payment really does depend on you as an individual and how you want to spend money. As credit card bills have become the biggest source of debt for millennials (beating out student loan debt), it is important to know what you can and can’t afford before making any purchase. “I’ve always said that credit cards aren’t for everyone,” Griffin says. “It really does depend on your personality, the way that you manage money, your relationship with money and your ability to resist impulse buys.”

3. When to use debit cards

If you’re using a credit card to live beyond your means, or to pay for everyday purchases because you can’t otherwise afford them, you may be better served using a debit card. When you use a debit card you are effectively making a cash transaction, and so you don’t have the same issue of using a credit card to charge purchases you can’t really afford (if you aren’t thoughtful and deliberate in the way you use that credit account). Of course, you do need to make sure you don’t overdraft on your account, which can result in you paying high fees. For many, when it comes to using debit cards over cash or credit, it is really just a convenience issue. “I actually personally will use a debit card,” Griffin says. “If I go out to eat, for example, we tend to use a debit card, my wife and I, because we see it as ‘cash now’ and that’s our habit.”

4. When to use cash

Using cash has the same financial implications as using a debit card, but with cash you may spend less than you would swiping a card because it’s more tangible, and you can actually see the money go away. Credit or debit cards are so easy to use, that you can swaipe it without thinking about how much you’re actually spending. With cash, it’s easier to have a since of what you’re spending. “If you’re using cash in particular, real paper greenbacks, when your purse or wallet is empty you’re done, so you can limit your spending in that way,” Griffin says. For some people, being restricted to using only cash may be a better approach. If you still want to rack up credit card rewards, be deliberate in the way you use your card. Perhaps it is a mix of different methods that work for you. “You may use cash for buying dinner, but use a credit card for bigger purchases just because it suits your budget and your financial style better,” Griffin says. Learn more: Looking to make a big purchase? Here’s how the Chase Freedom Unlimited can help with that Not to mention, carrying cash as a back-up is a smart idea in case there is an everyday purchase you want to make where the vendor doesn’t accept credit. You may have been advised by your parents to always have cash on you. Despite the rising trend of Americans using cards over cash, Griffin points out that there is, in many cases, a generational difference when it comes to method of payment preferences. “As a more seasoned individual myself, there is a tendency to use cash,” Griffin says. “It’s a sort of trained response, if you will. It’s something that we’re so accustomed to doing.”

5. If you’re using a credit card for everyday purchases, consider this

If you’re using a credit card to make all of your purchases, you should also consider the future implications it has on your credit score. By using credit for every purchase, you can easily end up using a substantial portion of your available credit limit, which can have a negative impact on your credit score. “If, as a result of using your credit card to make purchases, you have a high utilization rate, that can drag down your credit score and that can be important in longer term decisions,” Griffin says. If you need to buy a new car or you want to apply for a mortgage loan in the future, this could impede that process, so there’s a longer term concern to consider when making smaller, everyday purchases. “We always recommend if you’re using credit, make sure you understand the implications for your credit history and your credit score,” Griffin says. “Check them regularly, and if you’re paying the balance in full that’s great and you’ll probably be fine.”

6. Bottom line

Next time you’re at the register, think again about your method of payment. Though there may not seem to be any reasoning for the form of currency you choose to use to complete a transaction, how you pay for general purchases can say a lot about your financial well-being. And if you are using a credit card or multiple cards for your everyday purchases, be aware that there are more implications to buying things on credit, both potentially positive and negative. But at the same time, if your balances aren’t too high, you’re paying them off in full at the end of each month and you’re taking advantages of things like additional security and rewards, using credit cards can be the right choice for you.

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: 2020-02-17  Authors: elizabeth gravier, alexandria white
Keywords: news, cnbc, companies, using, purchases, card, debit, cash, cards, credit, paying, griffin, youre, everyday


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Japan’s economy shrinks at fastest pace in 6 years, virus clouds outlook

Japan’s economy shrank at the fastest pace in almost six years in the December quarter as last year’s sales tax hike hit consumer and business spending, highlighting a fragile outlook made worse by growing coronavirus risks. “There’s a pretty good chance the economy will suffer another contraction in January-March. “If this epidemic is not contained by the time of the Tokyo Olympic Games, the damage to the economy will be huge,” he said. It was the biggest fall since the second quarter of 2014,


Japan’s economy shrank at the fastest pace in almost six years in the December quarter as last year’s sales tax hike hit consumer and business spending, highlighting a fragile outlook made worse by growing coronavirus risks.
“There’s a pretty good chance the economy will suffer another contraction in January-March.
“If this epidemic is not contained by the time of the Tokyo Olympic Games, the damage to the economy will be huge,” he said.
It was the biggest fall since the second quarter of 2014,
Japan’s economy shrinks at fastest pace in 6 years, virus clouds outlook Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2020-02-17
Keywords: news, cnbc, companies, hit, japans, pace, clouds, drop, sales, demand, fastest, virus, quarter, tax, growth, domestic, outlook, hike, economy, shrinks


Japan's economy shrinks at fastest pace in 6 years, virus clouds outlook

In the streets of Ginza district of Tokyo, Japan.

Japan’s economy shrank at the fastest pace in almost six years in the December quarter as last year’s sales tax hike hit consumer and business spending, highlighting a fragile outlook made worse by growing coronavirus risks.

Analysts say the widening fallout from the epidemic, which is damaging output and tourism, could undermine growth in the current quarter and push Japan into recession — defined as two straight quarters of decline.

“There’s a pretty good chance the economy will suffer another contraction in January-March. The virus will mainly hit inbound tourism and exports, but could also weigh on domestic consumption quite a lot,” said Taro Saito, executive research fellow at NLI Research Institute.

“If this epidemic is not contained by the time of the Tokyo Olympic Games, the damage to the economy will be huge,” he said.

Japan’s gross domestic product (GDP) shrank an annualized 6.3% in the October-December period, government data showed on Monday, much faster than a median market forecast for a 3.7% drop and the first decline in five quarters.

It was the biggest fall since the second quarter of 2014, when consumption took a hit from a sales tax hike in April of that year.

The weak data also comes amid signs of struggle in the wider region with the coronavirus and a broader softness in demand clouding the outlook.

Singapore cut its economic growth projections for 2020, Thailand posted its slowest expansion in five years and China’s home prices rose at their weakest pace in almost two years.

Japanese stocks slipped on the recession prospects with the benchmark Nikkei average and the broader Topix both giving up more than half a percent by the midday break.

The latest sales tax hike in October last year – as well as unusually warm weather that hurt sales of winter items — weighed on private consumption, which sank a bigger-than-expected 2.9%, marking the first drop in five quarters.

Capital expenditure fell 3.7% in the fourth quarter, much faster than a median forecast for a 1.6% drop and the first decline in three quarters, the data showed.

Combined, domestic demand knocked 2.1 percentage points off GDP growth, more than offsetting a 0.5 point contribution from external demand.


Company: cnbc, Activity: cnbc, Date: 2020-02-17
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China is sterilizing cash in an attempt to stop the coronavirus spreading

Banks across the country had been told to withdraw potentially infected cash from circulation and disinfect it using either ultraviolet or heat treatments, the government’s State Council told reporters. Decontaminated cash would then be stored for seven to 14 days before it could be returned to the market. Authorities issued 4 billion yuan in new banknotes to Wuhan, the city at the epicenter of China’s coronavirus epidemic, before the Lunar New Year holiday in late January. However, Muhammad Mun


Banks across the country had been told to withdraw potentially infected cash from circulation and disinfect it using either ultraviolet or heat treatments, the government’s State Council told reporters.
Decontaminated cash would then be stored for seven to 14 days before it could be returned to the market.
Authorities issued 4 billion yuan in new banknotes to Wuhan, the city at the epicenter of China’s coronavirus epidemic, before the Lunar New Year holiday in late January.
However, Muhammad Mun
China is sterilizing cash in an attempt to stop the coronavirus spreading Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2020-02-17  Authors: chloe taylor
Keywords: news, cnbc, companies, stop, china, spread, told, sterilizing, cash, hand, coronavirus, peoples, virus, covid19, attempt, spreading, chinas, state


China is sterilizing cash in an attempt to stop the coronavirus spreading

Chinese banks have been ordered to disinfect cash before issuing it to the public in an effort to curb the spread of the new coronavirus that has so far killed 1,770 people in the country.

The Chinese government said during a press conference on Saturday that banks would only be permitted to release new bills which had been sterilized.

Banks across the country had been told to withdraw potentially infected cash from circulation and disinfect it using either ultraviolet or heat treatments, the government’s State Council told reporters. Decontaminated cash would then be stored for seven to 14 days before it could be returned to the market.

Money removed from high-risk sites such as hospitals and markets would be sealed and specially treated, but it would then be held by the People’s Bank of China (PBOC) instead of re-entering circulation, officials said.

Cash transfers between China’s provinces had also been suspended, which the State Council claimed had minimized the movement of personnel and reduced the risk of transmitting the new strain of coronavirus — formally named COVID-19 — during transit.

In a separate press conference on Saturday, Fan Yifei, deputy governor of the PBOC, told reporters the central bank was working to issue new, uninfected bills across mainland China.

“After the outbreak, we paid great attention to the safety and health of the public’s use of cash,” he said, according to a translation by Google. “Prior to January 17 this year, the People’s Bank of China arranged to allocate nearly 600 billion yuan ($86 billion) of new banknotes to the country.”

Authorities issued 4 billion yuan in new banknotes to Wuhan, the city at the epicenter of China’s coronavirus epidemic, before the Lunar New Year holiday in late January.

Fan added that the Chinese state would accelerate work in the field of mobile payments in a bid to prevent human contact through cash exchanges.

“It should be said that China’s electronic payment system is relatively advanced,” he said. “Recently, there have been some new developments in various places — people pay for their orders on their mobile phones, and they can buy fresh and affordable meat, eggs, vegetables and fruits without going out, which has solved a major problem in people’s lives during the outbreak.”

However, Muhammad Munir, a virologist at Lancaster University in England, told CNBC Monday that China’s efforts to decontaminate cash would have a minimal impact on containing the coronavirus.

“While COVID-19 can spread through contaminated objects, the duration of virus survival on currency notes is not determined,” he said in an email, explaining that this made it difficult to determine an effective method of removing traces of the virus from cash.

“The majority of daily purchases are already made through online shopping — the actual impact of restricting currency notes usage or disinfection will be slight,” he added.

Munir noted that maintaining good hand hygiene was the best way to reduce the risk of transmitting the virus — advice shared by many medical professionals amid the coronavirus outbreak.

“The exchange of money among hands is one of several ways of person-to-person contact,” he said.

“The logical approach to intervene in virus transmission is hand-washing using alcohol-based hand sanitisers. Viruses can spread through touching contaminated surfaces, door handles, chair arm rests and the sharing of electronics. Maintaining hand hygiene is an appropriate means to prevent the spread of the virus.”

China’s National Health Commission reported on Monday that 2,048 new cases of COVID-19 had been confirmed on Feb. 16, bringing the country’s total number of infections to date up to 70,548.


Company: cnbc, Activity: cnbc, Date: 2020-02-17  Authors: chloe taylor
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Chinese stocks up more than 2%, rest of Asia mixed as investors assess coronavirus impact

Asia Pacific markets traded mixed on Monday as investors continued to assess the potential economic fallout from the pneumonia-like coronavirus that’s infected more than 70,000 people and killed over 1,700. The Ministry of Finance said Saturday it would provide 8 billion yuan in a second round of support for virus prevention and control efforts. As of Friday, all levels of finance ministries in China had allocated 90.15 billion yuan in support, according to the central government. Singapore’s St


Asia Pacific markets traded mixed on Monday as investors continued to assess the potential economic fallout from the pneumonia-like coronavirus that’s infected more than 70,000 people and killed over 1,700.
The Ministry of Finance said Saturday it would provide 8 billion yuan in a second round of support for virus prevention and control efforts.
As of Friday, all levels of finance ministries in China had allocated 90.15 billion yuan in support, according to the central government.
Singapore’s St
Chinese stocks up more than 2%, rest of Asia mixed as investors assess coronavirus impact Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2020-02-17  Authors: saheli roy choudhury
Keywords: news, cnbc, companies, stocks, impact, billion, virus, wrote, economic, travel, rest, liquidity, china, yuan, mixed, assess, asia, index, coronavirus, chinese, investors


Chinese stocks up more than 2%, rest of Asia mixed as investors assess coronavirus impact

Asia Pacific markets traded mixed on Monday as investors continued to assess the potential economic fallout from the pneumonia-like coronavirus that’s infected more than 70,000 people and killed over 1,700.

Chinese shares on the mainland rose: The Shanghai composite rose 2.28% to 2,983.62, the Shenzhen composite was up 3.18% to 1,835.96 and the Shenzhen component added 2.98% to 11,241.50.

Hong Kong’s Hang Seng index rose 0.58% in late afternoon trade.

In an effort to alleviate the shock of the virus outbreak on businesses, China is planning targeted tax cuts while increasing government spending, Finance Minister Liu Kun wrote Sunday in China’s Communist Party magazine Qiushi.

The Ministry of Finance said Saturday it would provide 8 billion yuan in a second round of support for virus prevention and control efforts. As of Friday, all levels of finance ministries in China had allocated 90.15 billion yuan in support, according to the central government.

Economists expect the People’s Bank of China to step up its liquidity measures to ease funding conditions in Chinese money markets to combat downside risks posed by the infection. “Admittedly, while lots of fluids is a recommendation for flu, money market liquidity infusions alone will not address China’s woes from the coronavirus,” Vishnu Varathan, head of economics and strategy for Asia at Mizuho Bank, wrote in a note.

“Nonetheless, ensuring ease of cash flow is a necessary condition to ensure otherwise viable businesses do not go belly up due to a seizure in liquidity,” Varathan said, adding that he thought the PBOC would “more than offset upcoming liquidity drainage.”

Read: Coronavirus live updates — China reports 105 additional deaths, 2,048 new cases

Elsewhere, Japanese shares fell, with the benchmark Nikkei 225 down 0.69% to 23,523.24 and the Topix index off by 0.89% to 1,687.77. Cabinet office data revealed the Japanese economy shrank at an annualized pace of 6.3% in the three months that ended in December. Analysts in a Reuters poll were predicting an annual decline of 3.7%. On-quarter, GDP fell 1.6%.

In Australia, the ASX 200 closed fractionally lower at 7,125.10, as the heavily weighted financial subindex declined 0.44%. South Korea’s Kospi index declined 0.06% to 2,242.17. Singapore’s Straits Times index was down 0.23% as of 3:48 p.m. HK/SIN, after the city-state downgraded its 2020 economic forecast. Singapore is grappling with one of the highest numbers of coronavirus cases outside China.

“The worrying human and economic toll of the COVID-19 outbreak is creating much uncertainty, especially as changes to the case tracking methods are making news difficult to interpret,” John Bromhead from ANZ Research wrote in a morning note.

“Markets appear to be expecting a short-lived economic impact, but they are in “wait-and-see” mode,” Bromhead said, explaining that although Chinese factories are slowly re-opening after being shut over an extended period of time after the Lunar New Year break, it will take time to clear the backlog of cargo at ports. Significant disruption is also ongoing, he added.

The virus, which was first detected in the Chinese city of Wuhan, is expected to have a significant economic impact on China as well as the global economy. Officials disclosed on Saturday that travel during the latest Lunar New Year period was a fraction of previous years amid increased travel restrictions aimed at containing the virus’ spread.

People stayed home and took advantage of refund policies that authorities enacted — China’s aviation authority said since it first announced a ticket refund policy in late January, domestic and foreign airlines have processed 20 million in tickets worth more than 20 billion yuan ($2.9 billion). The number of flights has been about a quarter of what it was last year, a representative said.

China’s railway authority said rail trips during the holiday travel period so far has been one-seventh of the 280 million it had anticipated, and that it has processed 11.5 billion yuan ($1.6 billion) in ticket refunds.


Company: cnbc, Activity: cnbc, Date: 2020-02-17  Authors: saheli roy choudhury
Keywords: news, cnbc, companies, stocks, impact, billion, virus, wrote, economic, travel, rest, liquidity, china, yuan, mixed, assess, asia, index, coronavirus, chinese, investors


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China’s drinkers get happy hour margaritas delivered to their door as coronavirus lockdown continues

Bars in major Chinese cities are delivering their happy hour drinks deals to customers’ places of residence as a large number of people remain stuck indoors because of the outbreak of the new coronavirus. Happy hour deals, where drinks are discounted, are usually reserved for patrons who are physically present at an establishment. Bandidos, a Mexican eatery, is packing its 25 yuan ($3.58) Margaritas into jars and sending them with a straw to customers. Their happy hour is from Monday to Friday b


Bars in major Chinese cities are delivering their happy hour drinks deals to customers’ places of residence as a large number of people remain stuck indoors because of the outbreak of the new coronavirus.
Happy hour deals, where drinks are discounted, are usually reserved for patrons who are physically present at an establishment.
Bandidos, a Mexican eatery, is packing its 25 yuan ($3.58) Margaritas into jars and sending them with a straw to customers.
Their happy hour is from Monday to Friday b
China’s drinkers get happy hour margaritas delivered to their door as coronavirus lockdown continues Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2020-02-17  Authors: arjun kharpal
Keywords: news, cnbc, companies, drinkers, delivery, chinese, lockdown, drinks, delivered, continues, deals, happy, door, margaritas, bar, customers, chinas, coronavirus, bars, deliveries, owner, hour


China's drinkers get happy hour margaritas delivered to their door as coronavirus lockdown continues

Bars in major Chinese cities are delivering their happy hour drinks deals to customers’ places of residence as a large number of people remain stuck indoors because of the outbreak of the new coronavirus.

Happy hour deals, where drinks are discounted, are usually reserved for patrons who are physically present at an establishment.

But with people staying at home in China and some cities putting a ban on dining out in groups, to try to contain the spread of the virus, bars are taking drinks to where their customers are.

In the southern Chinese city of Guangzhou, a major trading and economic hub, a number of bars have started delivering their discounted drinks.

Bandidos, a Mexican eatery, is packing its 25 yuan ($3.58) Margaritas into jars and sending them with a straw to customers. Their happy hour is from Monday to Friday between 4 p.m. to 7 p.m local time. Customers can contact one of the representatives for the bar on messaging app WeChat to order their drinks.

A gin bar called Evening Standard has launched a delivery menu for their cocktails too.

And Hope and Sesame, a “speakeasy” jazz bar which was on Asia’s 50 Best Bars list for 2019, is selling bottled versions of their cocktails.

In Beijing, a brewpub called Jing-A Brewing Co. said it is remaining open but only for takeaway orders, deliveries to peoples’ residences and refills when people bring their own beer containers, known as growlers.

“This change is due to local authorities prohibiting groups of more than 3 from dining or congregating in our brewpub,” the company said in a WeChat post.

The bar, which has a couple of locations in the Chinese capital, said it has extended its delivery hours from 11 a.m. to 11 p.m. Beijing time. Users can order through delivery platform Meituan. Jing-A is offering deals on its beer delivery.

The coronavirus has spread across the world, claiming the lives of over 1,700 people, mainly in China. Businesses stayed shut longer than usual after the Lunar New Year holiday while many people are still working from home. This has forced them to rely more on deliveries of products from platforms like Meituan or JD.com.

Despite drinking establishments trying to make the best out of a bad situation, it doesn’t appear to be hugely helping their businesses.

“At least (delivery) is better than nothing,” Philip, the owner of Evening Standard in Guangzhou, told CNBC.

Another bar owner, who wished to remain anonymous to protect his business, said he is considering introducing deliveries but is concerned about the impact.

“It doesn’t compare with being open. We aren’t profitable doing this,” the owner told CNBC.

— CNBC’s Evelyn Cheng contributed to this report.


Company: cnbc, Activity: cnbc, Date: 2020-02-17  Authors: arjun kharpal
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The UAE gets green light to operate the Arab world’s first nuclear power plant

ABU DHABI, United Arab Emirates — The independent nuclear regulator for the United Arab Emirates on Monday issued the operating license for Unit 1 of the country’s Barakah Nuclear Power Plant, giving the go-ahead on operations for the first nuclear power plant in the Arab world. “The nuclear energy plan includes the laws and regulations and conforms to standards of the IAEA and international best practices,” said al Kaabi, who also serves as FANR’s deputy chairman. It’s also the first new countr


ABU DHABI, United Arab Emirates — The independent nuclear regulator for the United Arab Emirates on Monday issued the operating license for Unit 1 of the country’s Barakah Nuclear Power Plant, giving the go-ahead on operations for the first nuclear power plant in the Arab world.
“The nuclear energy plan includes the laws and regulations and conforms to standards of the IAEA and international best practices,” said al Kaabi, who also serves as FANR’s deputy chairman.
It’s also the first new countr
The UAE gets green light to operate the Arab world’s first nuclear power plant Cached Page below :
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The UAE gets green light to operate the Arab world's first nuclear power plant

ABU DHABI, United Arab Emirates — The independent nuclear regulator for the United Arab Emirates on Monday issued the operating license for Unit 1 of the country’s Barakah Nuclear Power Plant, giving the go-ahead on operations for the first nuclear power plant in the Arab world.

The project, which national officials describe as a strategic and economic imperative for the UAE, is more than a decade in the making and involved collaboration with external bodies including the UN’s International Atomic Energy Agency (IAEA) and the government of South Korea.

“Today’s announcement is another milestone for the UAE, culminating efforts of 12 years towards the development of the UAE Nuclear Energy Programme to which the Federal Authority for Nuclear Regulation (FANR) played a significant role to turn this vision into a reality,” Hamad al Kaabi, the UAE’s permanent representative to the IAEA, told media at a briefing in Abu Dhabi.

“The nuclear energy plan includes the laws and regulations and conforms to standards of the IAEA and international best practices,” said al Kaabi, who also serves as FANR’s deputy chairman.

Once operation of the plant begins — the exact date of which has not been announced, but is expected in the coming weeks — the UAE will become the newest member of an exclusive club of currently just 30 countries running nuclear power operations. It’s also the first new country to launch a nuclear power plant in three decades, the last being China in 1990.

FANR, the country’s regulator, granted the license after years of extensive reviews and inspections, its officials said. This included more than 185 inspections, reviewing 14,000 pages of the plant’s operating license application, and requesting more than 2,000 additional pieces of information concerning reactor design, safety, geography and other areas to ensure the plant’s compliance with regulatory requirements.

The operating license is expected to last 60 years, and allows the UAE’s Nawah Energy Company, the Emirates Nuclear Energy Company’s (ENEC) subsidiary operating the plant, to start loading fuel and eventually move into partial and full operation of the first unit, al Kaabi told CNBC in an interview. Partial operation could take a few weeks while full operation may take a few months, he said.


Company: cnbc, Activity: cnbc, Date: 2020-02-17  Authors: natasha turak
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N26 customers feel ‘betrayed’ by the German digital bank’s decision to quit the UK

The firm made its U.K. foray in October 2018, over two years after the U.K. referendum on its EU membership and six months before Brexit was initially planned. Miguel Frias Mosquea, an N26 customer based in London, told CNBC he felt “outraged” N26 had blamed its U.K. departure on Brexit: “It’s fake news.” Another, Ian Cook, said he felt “disappointed” by N26’s U.K. closure, saying he was a fan of the firm’s offering, having started using it in July 2019. “I prefer N26 over other banks because of


The firm made its U.K. foray in October 2018, over two years after the U.K. referendum on its EU membership and six months before Brexit was initially planned.
Miguel Frias Mosquea, an N26 customer based in London, told CNBC he felt “outraged” N26 had blamed its U.K. departure on Brexit: “It’s fake news.”
Another, Ian Cook, said he felt “disappointed” by N26’s U.K. closure, saying he was a fan of the firm’s offering, having started using it in July 2019.
“I prefer N26 over other banks because of
N26 customers feel ‘betrayed’ by the German digital bank’s decision to quit the UK Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2020-02-17  Authors: ryan browne
Keywords: news, cnbc, companies, feel, customers, decision, brexit, digital, banks, german, quit, n26, betrayed, felt, outraged, cook, firms, blame


N26 customers feel 'betrayed' by the German digital bank's decision to quit the UK

Customers of the German online bank N26 say they feel “outraged” and “betrayed” by the firm’s decision to leave the U.K.

Berlin-based N26 announced last week that it would no longer be able to operate in the country as it won’t have the appropriate license to do so after Brexit. The start-up will be closing all U.K. accounts on Apr. 15.

The firm made its U.K. foray in October 2018, over two years after the U.K. referendum on its EU membership and six months before Brexit was initially planned.

Miguel Frias Mosquea, an N26 customer based in London, told CNBC he felt “outraged” N26 had blamed its U.K. departure on Brexit: “It’s fake news.”

“Surely they need an excuse for investors and blame it on Brexit, not on mismanagement or lack of knowledge on how to tackle the U.K. market,” the 33-year-old said. “It’s better to pretend it’s not their own failure.”

Another, Ian Cook, said he felt “disappointed” by N26’s U.K. closure, saying he was a fan of the firm’s offering, having started using it in July 2019.

“They are still my only bankers so I haven’t used any other banks,” Cook, who is based in the English county of West Midlands, said. “I prefer N26 over other banks because of the ‘extras’ that come with the accounts.”

Cook, 62, said he also felt “betrayed” as N26 “never gave any indication that the U.K. leaving the EU would make trading difficult for them.” He added: “I don’t believe Brexit was to blame.”


Company: cnbc, Activity: cnbc, Date: 2020-02-17  Authors: ryan browne
Keywords: news, cnbc, companies, feel, customers, decision, brexit, digital, banks, german, quit, n26, betrayed, felt, outraged, cook, firms, blame


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It’s a ‘security imperative’ that women are part of the global peace process, says UAE ambassador to the UN

Including women in the global peace process is both the “right thing” to do and the “smart thing” to do, the United Arab Emirates’ ambassador and permanent representative to the United Nations said this week. “Absolutely, it’s a security imperative today,” Lana Nusseibeh told CNBC’s “Capital Connection” on Monday. “It’s clear for us as the UAE … that women form part of the peace and security continuum,” she said at the Global Women’s Forum Dubai. According to U.N. Women, direct female particip


Including women in the global peace process is both the “right thing” to do and the “smart thing” to do, the United Arab Emirates’ ambassador and permanent representative to the United Nations said this week.
“Absolutely, it’s a security imperative today,” Lana Nusseibeh told CNBC’s “Capital Connection” on Monday.
“It’s clear for us as the UAE … that women form part of the peace and security continuum,” she said at the Global Women’s Forum Dubai.
According to U.N. Women, direct female particip
It’s a ‘security imperative’ that women are part of the global peace process, says UAE ambassador to the UN Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2020-02-17  Authors: abigail ng
Keywords: news, cnbc, companies, imperative, security, women, thing, global, nusseibeh, smart, right, process, ambassador, united, uae, peace


It's a 'security imperative' that women are part of the global peace process, says UAE ambassador to the UN

A Tunisian female protester waves the flag of Palestine as she attends a national march held on the main avenue Habib Bourguiba to protest against U.S. President Donald Trump’s Middle East peace plan on February 05, 2020.

Including women in the global peace process is both the “right thing” to do and the “smart thing” to do, the United Arab Emirates’ ambassador and permanent representative to the United Nations said this week.

“Absolutely, it’s a security imperative today,” Lana Nusseibeh told CNBC’s “Capital Connection” on Monday.

“It’s clear for us as the UAE … that women form part of the peace and security continuum,” she said at the Global Women’s Forum Dubai.

That’s why the country is an “avid supporter” of the U.N. Security Council resolution that mandates the involvement of women in the world’s peace and security architecture, she said.

Nusseibeh said, however, that there aren’t enough women who are negotiators or mediators in peace solutions at the moment.

“I think you see that correlates directly to the length of how long peace agreements last,” she said. “They would last 35 years or longer with women around the table; they are now lasting five years or less because women are not consistently around the table.”

According to U.N. Women, direct female participation in peace negotiations increases the “sustainability and the quality of peace.”

“Not only is it the right thing to do – so it’s a moral imperative – but it’s the smart thing to do in terms of your foreign policy to lift women up, empower women,” Nusseibeh said.


Company: cnbc, Activity: cnbc, Date: 2020-02-17  Authors: abigail ng
Keywords: news, cnbc, companies, imperative, security, women, thing, global, nusseibeh, smart, right, process, ambassador, united, uae, peace


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China’s wind energy sector faces significant impact due to the coronavirus, Wood Mackenzie warns

The new coronavirus outbreak could have a significant impact on the wind energy industry in China, according to research by Wood Mackenzie. In a statement Monday, the research and consultancy firm said the virus — officially known as COVID-19 — had “brought much of China’s wind turbine component production to a standstill in recent weeks.” While Hubei province — where the outbreak is thought to have originated — had “limited production capacity,” Wood Mackenzie noted that both quarantine and tra


The new coronavirus outbreak could have a significant impact on the wind energy industry in China, according to research by Wood Mackenzie.
In a statement Monday, the research and consultancy firm said the virus — officially known as COVID-19 — had “brought much of China’s wind turbine component production to a standstill in recent weeks.”
While Hubei province — where the outbreak is thought to have originated — had “limited production capacity,” Wood Mackenzie noted that both quarantine and tra
China’s wind energy sector faces significant impact due to the coronavirus, Wood Mackenzie warns Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2020-02-17  Authors: anmar frangoul
Keywords: news, cnbc, companies, energy, wood, supply, china, turbine, significant, sector, coronavirus, wind, production, warns, impact, outbreak, faces, mackenzie


China's wind energy sector faces significant impact due to the coronavirus, Wood Mackenzie warns

The new coronavirus outbreak could have a significant impact on the wind energy industry in China, according to research by Wood Mackenzie.

In a statement Monday, the research and consultancy firm said the virus — officially known as COVID-19 — had “brought much of China’s wind turbine component production to a standstill in recent weeks.”

While Hubei province — where the outbreak is thought to have originated — had “limited production capacity,” Wood Mackenzie noted that both quarantine and travel restriction measures would “impact an already tight supply situation for key components.”

Wood Mackenzie said this represented “bad news” for wind markets in China and the U.S. — which sources wind turbine parts from China — where developers are trying to finish projects by the end of this year in order to be eligible for subsidies from the government.

“Due to an already tight supply of key components such as turbine blades and main bearings before the COVID-19 outbreak, first-quarter production delays have already reduced annual output of those components by about 10%,” Xiaoyang Li, a senior consultant at Wood Mackenzie, said in a statement.

As of February 16, there had been 70,548 confirmed cases of the coronavirus in China, according to its National Health Commission. More than 1,700 people have died there, authorities say.

Wood Mackenzie’s Li stated that if the outbreak was brought under control in the next few months, components without pre-existing bottlenecks, like converters and generators, should be able to recover from delays in the first quarter.

“In a best-case scenario, the epidemic is contained and production resumes by the end of March,” Li added. “In a bear-case, the epidemic could continue to impact the supply chain well into the middle of the year.”

“Based on these two possibilities, we estimate production delays across the wind turbine supply chain will result in a 10%-50% decrease in 2020 wind installations in China, compared to our Q4 (fourth-quarter) 2019 wind power outlook, which was at 28 gigawatts (GW) capacity.”

China is a wind energy powerhouse. According to the Global Wind Energy Council, it installed 20.2 GW of onshore wind and 1.6 GW of offshore wind in 2018. These figures equate to global market shares of 44% and 37%.

Outside of the Chinese market, Wood Mackenzie said that the “greatest concern” lay in the U.S., which it described as “already struggling with a myriad of supply bottlenecks.”

There, 6 GW of installations aiming for a 2020 commercial operation day had been identified as being “at-risk” before the coronavirus outbreak, Wood Mackenzie noted, needing exemptions from the Internal Revenue Service to “maintain access to 100% value of the Production Tax Credit.” This number was now “likely” to increase, the firm added.


Company: cnbc, Activity: cnbc, Date: 2020-02-17  Authors: anmar frangoul
Keywords: news, cnbc, companies, energy, wood, supply, china, turbine, significant, sector, coronavirus, wind, production, warns, impact, outbreak, faces, mackenzie


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Iran’s foreign minister blames Trump’s advisors for ‘very dangerous moment’ in relations with the US

Thomas Kienzle | AFP via Getty ImagesMUNICH — Iranian foreign minister Mohammad Javad Zarif called the deadly U.S. strike on Iran’s top military leader an “act of terror” and blamed President Donald Trump’s advisors. “This moment is a very dangerous moment because the United States has been misled. I believe President Trump, unfortunately, does not have good advisers,” Zarif told an audience Saturday during a discussion at the Munich Security Conference. “The United States conducts operations an


Thomas Kienzle | AFP via Getty ImagesMUNICH — Iranian foreign minister Mohammad Javad Zarif called the deadly U.S. strike on Iran’s top military leader an “act of terror” and blamed President Donald Trump’s advisors.
“This moment is a very dangerous moment because the United States has been misled.
I believe President Trump, unfortunately, does not have good advisers,” Zarif told an audience Saturday during a discussion at the Munich Security Conference.
“The United States conducts operations an
Iran’s foreign minister blames Trump’s advisors for ‘very dangerous moment’ in relations with the US Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2020-02-17  Authors: amanda macias
Keywords: news, cnbc, companies, dangerous, strike, tehran, foreign, advisors, moment, united, iran, soleimani, trumps, president, blames, trump, states, relations, minister, nuclear, zarif, irans


Iran's foreign minister blames Trump's advisors for 'very dangerous moment' in relations with the US

Iran’s Foreign Minister Mohammad Javad Zarif takes part in the panel discussion ‘A conversation with Iran’ during the 56th Munich Security Conference in Munich on February 15, 2020. Thomas Kienzle | AFP via Getty Images

MUNICH — Iranian foreign minister Mohammad Javad Zarif called the deadly U.S. strike on Iran’s top military leader an “act of terror” and blamed President Donald Trump’s advisors. “This moment is a very dangerous moment because the United States has been misled. I believe President Trump, unfortunately, does not have good advisers,” Zarif told an audience Saturday during a discussion at the Munich Security Conference. “Unfortunately somebody else is trying to mimic John Bolton and promised the president that killing Soleimani would bring people to dance in the streets in Tehran and Baghdad. And that the continuation of maximum pressure would bring us to our knees before his reelection campaign,” he said, adding that none of it came to pass.

Iranian mourners gather during the final stage of funeral processions for slain top general Qasem Soleimani, in his hometown Kerman on January 7, 2020. Atta Kenare | AFP | Getty Images

“That was an act of terror,” he said of the Jan. 2 strike that killed Gen. Qasem Soleimani, a key military figure of Iranian and Middle East politics. “The United States conducts operations and wants to be immune from the consequences, that doesn’t happen,” he added. On the heels of the strike, Iran launched at least a dozen missiles from its territory on Jan. 7 at two military bases in Iraq that house U.S. troops and coalition forces. A day later from the White House, Trump said that Iran appeared “to be standing down” and warned Tehran to abandon its nuclear ambitions. “As long as I am president of the United States, Iran will never be allowed to have a nuclear weapon,” Trump said speaking from the grand foyer of the White House. But he suggested that the U.S. is open to negotiations with Tehran. “We must all work together toward making a deal with Iran that makes the world a safer and more peaceful place,” he said on Jan. 8. He then urged other world powers to break away from the Obama-era nuclear agreement with Iran and work out a new deal.


Company: cnbc, Activity: cnbc, Date: 2020-02-17  Authors: amanda macias
Keywords: news, cnbc, companies, dangerous, strike, tehran, foreign, advisors, moment, united, iran, soleimani, trumps, president, blames, trump, states, relations, minister, nuclear, zarif, irans


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