Three car bombs hit Damascus, seven people killed

Three car bombs exploded in Damascus on Sunday, state media reported, and seven people were killed in one of the blasts, a police officer said, the biggest such attack in the Syrian capital since a series of suicide attacks in March. One of the suicide bombers blew himself up in Tahrir Square in central Damascus after being encircled by the authorities. The police officer at the scene said seven people were killed and 13 wounded in that attack. In March, two suicide bomb attacks in Damascus kill


Three car bombs exploded in Damascus on Sunday, state media reported, and seven people were killed in one of the blasts, a police officer said, the biggest such attack in the Syrian capital since a series of suicide attacks in March. One of the suicide bombers blew himself up in Tahrir Square in central Damascus after being encircled by the authorities. The police officer at the scene said seven people were killed and 13 wounded in that attack. In March, two suicide bomb attacks in Damascus kill
Three car bombs hit Damascus, seven people killed Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2017-07-02  Authors: louai beshara, afp, getty images
Keywords: news, games, cnbc, companies, attack, hit, tahrir, showed, tv, bombs, damascus, killed, seven, car, suicide, square, state


Three car bombs hit Damascus, seven people killed

Three car bombs exploded in Damascus on Sunday, state media reported, and seven people were killed in one of the blasts, a police officer said, the biggest such attack in the Syrian capital since a series of suicide attacks in March.

One of the suicide bombers blew himself up in Tahrir Square in central Damascus after being encircled by the authorities. The police officer at the scene said seven people were killed and 13 wounded in that attack. The other two car bombs were destroyed by the authorities, state media said.

State TV said the casualty toll had been minimised because the security forces had prevented “the terrorists from reaching their targets”, saying they had aimed to target busy areas on the first day back to work after the Eid al-Fitr holiday.

Footage broadcast by state TV from Tahrir Square showed roads scattered with debris, several badly damaged cars, and another one that had been turned into a pile of twisted metal.

Footage broadcast another of the blast sites showed what appeared to be the remains of a person and badly damaged vehicles outside a mosque in the Baytara traffic circle near the Old City.

In March, two suicide bomb attacks in Damascus killed several dozen people, most of them at the Palace of Justice courthouse near the Old City. Islamic State claimed responsibility for that attack.

Also in March, a double suicide attack in the capital killed scores of people, most of them Iraqi Shi’ite pilgrims. That attack was claimed by the Tahrir al-Sham alliance of Islamist insurgents, which is spearheaded by a jihadist group formerly known as the Nusra Front.

Syrian government forces, which have defeated rebel fighters in several suburbs of Damascus over the last year, are currently battling insurgents in the Jobar and Ain Tarma areas on the capital’s eastern outskirts.

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Company: cnbc, Activity: cnbc, Date: 2017-07-02  Authors: louai beshara, afp, getty images
Keywords: news, games, cnbc, companies, attack, hit, tahrir, showed, tv, bombs, damascus, killed, seven, car, suicide, square, state


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How Talend’s Mike Tuchen applies lessons learned as a near-dropout, and the runt on a rowing team

Mike Tuchen is best when he’s feeling down. Halfway through a project he kicks his efforts into overdrive, just when others might start to relax. Tuchen is the CEO of Talend, a company with a billion-dollar market value. At Brown University, he had to figure out how to make a contribution as the runt of his rowing team. Tuchen joined Fortt Knox to share a story that’s not your typical wunderkind-makes-good tale.


Mike Tuchen is best when he’s feeling down. Halfway through a project he kicks his efforts into overdrive, just when others might start to relax. Tuchen is the CEO of Talend, a company with a billion-dollar market value. At Brown University, he had to figure out how to make a contribution as the runt of his rowing team. Tuchen joined Fortt Knox to share a story that’s not your typical wunderkind-makes-good tale.
How Talend’s Mike Tuchen applies lessons learned as a near-dropout, and the runt on a rowing team Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2017-07-02  Authors: deborah findling, jon fortt
Keywords: news, games, cnbc, companies, talends, applies, value, team, university, typical, neardropout, teamtuchen, runt, wunderkindmakesgood, tuchen, ceo, turn, lessons, mike, learned, winning, thats, rowing


How Talend's Mike Tuchen applies lessons learned as a near-dropout, and the runt on a rowing team

Mike Tuchen is best when he’s feeling down.

Halfway through a project he kicks his efforts into overdrive, just when others might start to relax.

Tuchen is the CEO of Talend, a company with a billion-dollar market value. It helps customers take advantage of their data, and apply it effectively.

Yet before kicking off a career that includes an executive stint at Microsoft and a turn as CEO of Rapid7, he was nearly kicked out of boarding school. At Brown University, he had to figure out how to make a contribution as the runt of his rowing team.

Tuchen joined Fortt Knox to share a story that’s not your typical wunderkind-makes-good tale. However, he showed that when the pressure is on, winning can mean making surprising choices.


Company: cnbc, Activity: cnbc, Date: 2017-07-02  Authors: deborah findling, jon fortt
Keywords: news, games, cnbc, companies, talends, applies, value, team, university, typical, neardropout, teamtuchen, runt, wunderkindmakesgood, tuchen, ceo, turn, lessons, mike, learned, winning, thats, rowing


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McClure’s role at 500 Startups has been limited due to ‘unacceptable’ behavior

High-profile investor Dave McClure’s role has been diminished at 500 Startups, the investment company he co-founded and had been running. “In recent months, we found out that my co-founder Dave McClure had inappropriate interactions with women in the tech community. I took on the role of CEO, which involves directing the Management Team and overall day-to-day operations of 500.” She added that McClure’s role had been “limited to fulfilling his obligations to our investors as a General Partner” a


High-profile investor Dave McClure’s role has been diminished at 500 Startups, the investment company he co-founded and had been running. “In recent months, we found out that my co-founder Dave McClure had inappropriate interactions with women in the tech community. I took on the role of CEO, which involves directing the Management Team and overall day-to-day operations of 500.” She added that McClure’s role had been “limited to fulfilling his obligations to our investors as a General Partner” a
McClure’s role at 500 Startups has been limited due to ‘unacceptable’ behavior Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2017-07-02  Authors: kara swisher, david paul morris, bloomberg, getty images
Keywords: news, games, cnbc, companies, mcclures, women, times, behavior, sacca, work, limited, startups, tech, role, unacceptable, recode, investor, wu, earlier, 500


McClure’s role at 500 Startups has been limited due to ‘unacceptable’ behavior

High-profile investor Dave McClure’s role has been diminished at 500 Startups, the investment company he co-founded and had been running.

“In recent months, we found out that my co-founder Dave McClure had inappropriate interactions with women in the tech community. His behavior was unacceptable and not reflective of 500’s culture and values. I sincerely apologize for the choices he made and the pain and stress they’ve caused people. But apologies aren’t enough without meaningful actions and change,” wrote co-founder Christine Tsai in a blog post earlier today. “Because of this, we made the decision a few months ago to change the leadership structure at 500. I took on the role of CEO, which involves directing the Management Team and overall day-to-day operations of 500.”

She added that McClure’s role had been “limited to fulfilling his obligations to our investors as a General Partner” and added that he was getting “counseling to work on changing his perspectives and preventing his previous unacceptable behavior.”

A New York Times piece today — outlining examples of women speaking out more about sexual harassment in Silicon Valley — gave one example of McClure’s misbehavior, reporting on a Facebook message he sent to a female job candidate that said, in part: “I was getting confused figuring out whether to hire you or hit on you.”

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The Times piece also recounted an allegation by another woman against another well-known tech investor, Chris Sacca. “At a mostly male tech gathering in Las Vegas in 2009, Susan Wu, an entrepreneur and investor, said that Mr. Sacca, an investor and former Google executive, touched her face without her consent in a way that made her uncomfortable,” the Times reported.

While the initial Times story noted that Sacca did not dispute that account, he did deny it on the record in an interview with Recode. The Times later amended its story to include a quote from Sacca saying he disputed the Wu account and also entirely removed part of a sentence at the top of the story that said he did not dispute it.

“I dispute Susan’s account from 2009,” he said to Recode, as well as to the Times.

He also added: “However, I am grateful to her and the other brave women speaking up on these vital issues, so our industry can work toward the enduring change it needs.”

Sacca did write a separate and earlier blog post titled “I Have More Work to Do” earlier in the day, but not relating to Wu allegations specifically, that talked about general behavior that he regretted over his career.

Particularly when reflecting upon my early years in Silicon Valley, there is no doubt I said and did things that made some women feel awkward, unwelcome, insecure, and/or discouraged. In social settings, under the guise of joking, being collegial, flirting, or having a good time, I undoubtedly caused some women to question themselves, retreat, feel alone, and worry they can’t be their authentic selves. By stupidly perpetuating a culture rife with busting chops, teasing, and peer pressure to go out drinking, I made some women feel self-conscious, anxious, and fear they might not be taken seriously.

I am sorry.

Wu also told the Times that she was also propositioned by venture capitalist Justin Caldbeck, who is at the center of a series of allegations first reported by The Information, in what can only be characterized as serial sexual harassment of women entrepreneurs. Among those he appears to have victimized is Stitch Fix CEO and founder Katrina Lake, which Recode reported on earlier this week.

—By Kara Swisher, Re/code.net.

CNBC’s parent NBCUniversal is an investor in Recode’s parent Vox, and the companies have a content-sharing arrangement.


Company: cnbc, Activity: cnbc, Date: 2017-07-02  Authors: kara swisher, david paul morris, bloomberg, getty images
Keywords: news, games, cnbc, companies, mcclures, women, times, behavior, sacca, work, limited, startups, tech, role, unacceptable, recode, investor, wu, earlier, 500


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Kanye West splits with Jay-Z’s Tidal Music: Report

Kanye West has departed Jay-Z’s streaming service Tidal amid a financial feud, according to celebrity website TMZ. West “has left the company over a money dispute and Tidal has threatened to sue him,” TMZ reported on Sunday. Neither Tidal nor RocNation, which represents both Jay-Z and West, immediately responded to requests for comment from CNBC. According to TMZ, West’s lawyer sent two letters to Tidal during the past month saying “the company was in breach and the contract terminated.” TMZ als


Kanye West has departed Jay-Z’s streaming service Tidal amid a financial feud, according to celebrity website TMZ. West “has left the company over a money dispute and Tidal has threatened to sue him,” TMZ reported on Sunday. Neither Tidal nor RocNation, which represents both Jay-Z and West, immediately responded to requests for comment from CNBC. According to TMZ, West’s lawyer sent two letters to Tidal during the past month saying “the company was in breach and the contract terminated.” TMZ als
Kanye West splits with Jay-Z’s Tidal Music: Report Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2017-07-02  Authors: tae kim, javier e david, kevin winter, getty images
Keywords: news, games, cnbc, companies, music, subscribers, reportedly, jayzs, report, tmz, splits, sent, website, streaming, west, company, kanye, tidal, service


Kanye West splits with Jay-Z's Tidal Music: Report

Kanye West has departed Jay-Z’s streaming service Tidal amid a financial feud, according to celebrity website TMZ.

Jay-Z, also known as Shawn Carter, just used Tidal—which he started with much fanfare with other A-list musicians —to promote his widely praised new album, “4:44.”

West, however, has made his displeasure with the service known for at least a year. In a tweetstorm last August, the famously irascible rapper demanded that Apple “cut a check” to the platform, and was reportedly unhappy about how the platform handled the exclusive release of his 2016 effort, “The Life of Pablo.”

West “has left the company over a money dispute and Tidal has threatened to sue him,” TMZ reported on Sunday. Citing unnamed sources, the publication said “Kanye has complained the company owes him money—more than $3 million.”

Neither Tidal nor RocNation, which represents both Jay-Z and West, immediately responded to requests for comment from CNBC.

According to TMZ, West’s lawyer sent two letters to Tidal during the past month saying “the company was in breach and the contract terminated.” The artist reportedly alleged the company did not pay him a bonus for the new subscribers his album generated and did not reimburse him for music videos. TMZ also reported Tidal sent a letter to West threatening a lawsuit if he attempts to join another streaming music service.

Tidal has been under the microscope since its launch. While the service does not make its performance data public on a regular basis, Tidal said last year that it had 3 million active subscribers —a far cry from the tens of millions that regularly flock to AppleMusic and Spotify. In 2015, intense speculation surrounding Tidal’s performance forced Jay-Z to defend the service in a Twitter rant.

TMZ’s full report can be found on its website.


Company: cnbc, Activity: cnbc, Date: 2017-07-02  Authors: tae kim, javier e david, kevin winter, getty images
Keywords: news, games, cnbc, companies, music, subscribers, reportedly, jayzs, report, tmz, splits, sent, website, streaming, west, company, kanye, tidal, service


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Markets in Asia close mostly higher after Caixin PMI beat forecasts

The Reserve Bank of Australia is expected to announce its decision on interest rates on Tuesday. Several ECB officials and the president of the Deutsche Bundesbank were due to speak over the course of this week. The euro, which hit a fourteen-week high against the dollar last week, fetched $1.1405 at 3:13 p.m. HK/SIN. Gaming stocks traded in Hong Kong were in negative territory despite news that gaming revenues had risen for an eleventh consecutive month, but still disappointed expectations. Gam


The Reserve Bank of Australia is expected to announce its decision on interest rates on Tuesday. Several ECB officials and the president of the Deutsche Bundesbank were due to speak over the course of this week. The euro, which hit a fourteen-week high against the dollar last week, fetched $1.1405 at 3:13 p.m. HK/SIN. Gaming stocks traded in Hong Kong were in negative territory despite news that gaming revenues had risen for an eleventh consecutive month, but still disappointed expectations. Gam
Markets in Asia close mostly higher after Caixin PMI beat forecasts Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2017-07-02  Authors: cheang ming
Keywords: news, games, cnbc, companies, bank, higher, caixin, officials, markets, pmi, week, revenues, asia, risen, forecasts, close, research, shares, sector, beat, month


Markets in Asia close mostly higher after Caixin PMI beat forecasts

Central bank speakers could continue to impact on markets this week after comments from various officials at the European Central Bank, Bank of Canada and Bank of England resulted in currency moves last week, said National Australia Bank Head of FX Strategy Ray Attrill in a Monday morning note.

The Reserve Bank of Australia is expected to announce its decision on interest rates on Tuesday. Several ECB officials and the president of the Deutsche Bundesbank were due to speak over the course of this week.

“We very much doubt the euro will be ending this week where it started,” Attrill said.

The euro, which hit a fourteen-week high against the dollar last week, fetched $1.1405 at 3:13 p.m. HK/SIN.

In corporate news, private equity firms TPG Capital and Hellman & Friedman have reportedly dropped their bids to take over Australia’s Fairfax Media, Reuters said. Shares of Fairfax closed 10.91 percent down.

Gaming stocks traded in Hong Kong were in negative territory despite news that gaming revenues had risen for an eleventh consecutive month, but still disappointed expectations.

Gaming revenues rose 25.9 percent in June, compared with the 23 percent to 33 percent range forecast by analysts, Reuters said.

Wynn Macau was down 2.74 percent, Sands China fell 1.54 percent and Melco International Development sank 3.59 percent.

Even though June proved to be gross gaming revenues’ (GGR) fastest growing month since the sector went through a recovery starting in the third quarter of last year, GGR missed bullish expectations from markets, Deutsche Bank research analyst Karen Tang said in a note, adding that June-July will likely be the peak in on-year growth.

Nomura research analysts Daniel Adam, Harry C. Curtis and Brian H. Dobson said they maintained their recommendation that investors should be “selectively bullish” on the sector as shares and sector valuations have risen.


Company: cnbc, Activity: cnbc, Date: 2017-07-02  Authors: cheang ming
Keywords: news, games, cnbc, companies, bank, higher, caixin, officials, markets, pmi, week, revenues, asia, risen, forecasts, close, research, shares, sector, beat, month


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Oil prices edge up on first drop in US drilling in months

Oil prices rose on Monday, lifted by the first fall in U.S. drilling activity in months, although gains were capped by reports of rising OPEC output last month even as the group has pledged to cut supply. Brent crude futures climbed 16 cents, or 0.3 percent, to $48.93 per barrel by 0248 GMT, after jumping 5.2 percent last week, its first weekly gain in six weeks. U.S. West Texas Intermediate (WTI) crude futures rose 24 cents, or 0.5 percent, to $46.28 per barrel, adding to last week’s 7 percent


Oil prices rose on Monday, lifted by the first fall in U.S. drilling activity in months, although gains were capped by reports of rising OPEC output last month even as the group has pledged to cut supply. Brent crude futures climbed 16 cents, or 0.3 percent, to $48.93 per barrel by 0248 GMT, after jumping 5.2 percent last week, its first weekly gain in six weeks. U.S. West Texas Intermediate (WTI) crude futures rose 24 cents, or 0.5 percent, to $46.28 per barrel, adding to last week’s 7 percent
Oil prices edge up on first drop in US drilling in months Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2017-07-02  Authors: nick oxford
Keywords: news, games, cnbc, companies, futures, cents, months, crude, weeks, drilling, wti, drop, gain, weeksus, oil, edge, rose, barrel, west, prices


Oil prices edge up on first drop in US drilling in months

Oil prices rose on Monday, lifted by the first fall in U.S. drilling activity in months, although gains were capped by reports of rising OPEC output last month even as the group has pledged to cut supply.

Brent crude futures climbed 16 cents, or 0.3 percent, to $48.93 per barrel by 0248 GMT, after jumping 5.2 percent last week, its first weekly gain in six weeks.

U.S. West Texas Intermediate (WTI) crude futures rose 24 cents, or 0.5 percent, to $46.28 per barrel, adding to last week’s 7 percent gain.


Company: cnbc, Activity: cnbc, Date: 2017-07-02  Authors: nick oxford
Keywords: news, games, cnbc, companies, futures, cents, months, crude, weeks, drilling, wti, drop, gain, weeksus, oil, edge, rose, barrel, west, prices


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Gold slips as dollar pares losses, stocks hold ground

Spot gold fell 0.3 percent to $1,238.01 per ounce at 0434 GMT. The dollar index, which compares the greenback against a basket of major currencies, rose from a nine-month low on Monday. However, signs of central banks in Europe moving away from accommodative monetary policies kept the euro and sterling well bid, and capped gains for the dollar. “Even though global central banks are trying to normalize their monetary policies, inflation remains low… If inflation pressure is low, I don’t think t


Spot gold fell 0.3 percent to $1,238.01 per ounce at 0434 GMT. The dollar index, which compares the greenback against a basket of major currencies, rose from a nine-month low on Monday. However, signs of central banks in Europe moving away from accommodative monetary policies kept the euro and sterling well bid, and capped gains for the dollar. “Even though global central banks are trying to normalize their monetary policies, inflation remains low… If inflation pressure is low, I don’t think t
Gold slips as dollar pares losses, stocks hold ground Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2017-07-02  Authors: source, world gold council
Keywords: news, games, cnbc, companies, inflation, policies, fell, pares, losses, banks, monetary, dollar, low, stocks, central, ground, rose, hold, gold, slips, prices


Gold slips as dollar pares losses, stocks hold ground

Spot gold fell 0.3 percent to $1,238.01 per ounce at 0434 GMT. Bullion prices have slid steadily since they hit a near eight-month high of $1,295.97 on June 6.

U.S. gold futures for August delivery fell 0.4 percent to $1,237.70 per ounce.

The dollar index, which compares the greenback against a basket of major currencies, rose from a nine-month low on Monday. However, signs of central banks in Europe moving away from accommodative monetary policies kept the euro and sterling well bid, and capped gains for the dollar.

“Even though global central banks are trying to normalize their monetary policies, inflation remains low… If inflation pressure is low, I don’t think there’s much upside for gold prices in the short term,” said Argonaut Securities analyst Helen Lau.

U.S. consumer spending rose modestly in May and inflation cooled, according to Commerce Department data released on Friday, pointing to a slow-but-steady economic expansion that could still lead the Federal Reserve to raise interest rates by the end of the year.


Company: cnbc, Activity: cnbc, Date: 2017-07-02  Authors: source, world gold council
Keywords: news, games, cnbc, companies, inflation, policies, fell, pares, losses, banks, monetary, dollar, low, stocks, central, ground, rose, hold, gold, slips, prices


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Dollar off lows but still wobbly as hawkish central banks help peers

The dollar added 0.1 percent to 112.435 yen after briefly falling to 111.900 earlier before climbing back quickly. “The currency market is more focused on monetary policy changes in Europe and other regions. That the BoE and BOC now appear to be in a hurry to normalise monetary policy was a big surprise last week.” The Bank of Japan, still deeply committed to monetary easing, was seen being left behind with its Group of Eight counterparts already on the path towards monetary tightening or seemin


The dollar added 0.1 percent to 112.435 yen after briefly falling to 111.900 earlier before climbing back quickly. “The currency market is more focused on monetary policy changes in Europe and other regions. That the BoE and BOC now appear to be in a hurry to normalise monetary policy was a big surprise last week.” The Bank of Japan, still deeply committed to monetary easing, was seen being left behind with its Group of Eight counterparts already on the path towards monetary tightening or seemin
Dollar off lows but still wobbly as hawkish central banks help peers Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2017-07-02  Authors: matt cardy, getty images
Keywords: news, games, cnbc, companies, lows, banks, hawkish, monetary, dollar, seen, help, election, peers, wobbly, central, yen, policy, easing, tokyo, currency, japan, market


Dollar off lows but still wobbly as hawkish central banks help peers

The dollar added 0.1 percent to 112.435 yen after briefly falling to 111.900 earlier before climbing back quickly.

The dip was seen as a knee-jerk reaction to Japanese Prime Minister Shinzo Abe’s Liberal Democratic Party suffering a historic defeat in an election in the capital Tokyo on Sunday, signalling potential trouble ahead for the premier.

“The Tokyo election won’t have a strong market impact, in my view, as there are no opposition parties in Japan that can immediately replace the (ruling) LDP,” said Yukio Ishizuki, senior currency strategist at Daiwa Securities.

“The currency market is more focused on monetary policy changes in Europe and other regions. That the BoE and BOC now appear to be in a hurry to normalise monetary policy was a big surprise last week.”

The Bank of Japan, still deeply committed to monetary easing, was seen being left behind with its Group of Eight counterparts already on the path towards monetary tightening or seemingly headed towards it.

“It would be inevitable for the BOJ to be seen as the odd one out, still sticking to its large-scale easing, and provide strategic incentive for speculators,” said Koji Fukaya, president at FPG Securities in Tokyo.

“An environment is being set up in which the yen depreciates while others gain.”


Company: cnbc, Activity: cnbc, Date: 2017-07-02  Authors: matt cardy, getty images
Keywords: news, games, cnbc, companies, lows, banks, hawkish, monetary, dollar, seen, help, election, peers, wobbly, central, yen, policy, easing, tokyo, currency, japan, market


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Ron Paul: Not a ‘shock’ if stocks fall 25% and gold soars 50% by Oct.

A painful correction is coming and there’s little that can be done to prevent it, according to former Republican congressman and libertarian firebrand Ron Paul. “If our markets are down 25 percent and gold is up 50 percent it wouldn’t be a total shock to me,” said Paul recently on “Futures Now.” That scenario would drag the S&P 500 Index as low as 1,819, and gold as high as $1,867 an ounce from current levels. Since they are incapable of knowing what to do, I don’t expect much good to come out o


A painful correction is coming and there’s little that can be done to prevent it, according to former Republican congressman and libertarian firebrand Ron Paul. “If our markets are down 25 percent and gold is up 50 percent it wouldn’t be a total shock to me,” said Paul recently on “Futures Now.” That scenario would drag the S&P 500 Index as low as 1,819, and gold as high as $1,867 an ounce from current levels. Since they are incapable of knowing what to do, I don’t expect much good to come out o
Ron Paul: Not a ‘shock’ if stocks fall 25% and gold soars 50% by Oct. Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2017-07-02  Authors: stephanie landsman, tj kirkpatrick, getty images, nasa, chad slattery, ken cedeno, corbis, david a grogan
Keywords: news, games, cnbc, companies, futures, ron, 25, correction, theres, exactly, 50, low, stocks, oct, fed, fall, shock, sp, paul, dont, gold, soars


Ron Paul: Not a 'shock' if stocks fall 25% and gold soars 50% by Oct.

A painful correction is coming and there’s little that can be done to prevent it, according to former Republican congressman and libertarian firebrand Ron Paul.

Speaking to CNBC last week, the former GOP presidential contender argued the economy is not as strong as Wall Street consensus believes, and the situation could turn ugly as soon as October.

“If our markets are down 25 percent and gold is up 50 percent it wouldn’t be a total shock to me,” said Paul recently on “Futures Now.”

That scenario would drag the S&P 500 Index as low as 1,819, and gold as high as $1,867 an ounce from current levels.

Paul, who’s also a medical doctor and former U.S. Representative from Texas, is a well-known bear who has been sharply critical of Trump administration. He has also been putting a lot of blame on the Federal Reserve for keeping interest rates historically low for so long.

Although the Fed is undertaking a rate hike campaign after nearly a decade of ultra-accomodative monetary policy, some believe asset prices—and the economy—could still react badly.

“I think it’s a very precarious market, and the Fed better be very careful. Since they are incapable of knowing what to do, I don’t expect much good to come out of anything they do,” said Paul. “There are so many mistakes made out there that the correction is almost unlimited.”

This is not the first time Paul has called for a pullback on “Futures Now.”

He made a similar prediction almost exactly a year ago on June 28, 2016, almost exactly a year ago. Since then, the S&P 500 has ripped by 21 percent and the Dow is up 24 percent, breaking several records along the way. The tech heavy Nasdaq bounced into record territory over that time period, and soared 34 percent.

However, Paul still makes the case that the rally is on borrowed time.

“People have been convinced that everything is wonderful right now and that stocks are going to go up forever,” Paul said.

“I don’t happen to buy this. The old rules always exist, and there’s too much debt and too much mal-investment. The adjustment will have to come,” he added.


Company: cnbc, Activity: cnbc, Date: 2017-07-02  Authors: stephanie landsman, tj kirkpatrick, getty images, nasa, chad slattery, ken cedeno, corbis, david a grogan
Keywords: news, games, cnbc, companies, futures, ron, 25, correction, theres, exactly, 50, low, stocks, oct, fed, fall, shock, sp, paul, dont, gold, soars


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Caixin PMI for June comes in at three-month high, beating forecast

The Caixin PMI tends to focus on smaller, private companies, while the official data tends to focus on larger, often state-owned companies. The June Caixin PMI wasn’t all positive, with the release saying the optimism toward the business outlook touched its lowest level so far this year. Zhengsheng Zhong, director of macroeconomic analysis at CEBM Group, said in the Caixin PMI release was downbeat on the data. The official manufacturing Purchasing Managers’ Index rose to 51.7 in June, accelerati


The Caixin PMI tends to focus on smaller, private companies, while the official data tends to focus on larger, often state-owned companies. The June Caixin PMI wasn’t all positive, with the release saying the optimism toward the business outlook touched its lowest level so far this year. Zhengsheng Zhong, director of macroeconomic analysis at CEBM Group, said in the Caixin PMI release was downbeat on the data. The official manufacturing Purchasing Managers’ Index rose to 51.7 in June, accelerati
Caixin PMI for June comes in at three-month high, beating forecast Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2017-07-02  Authors: leslie shaffer
Keywords: news, games, cnbc, companies, forecast, beating, official, caixin, data, manufacturing, pmi, comes, sector, chinas, release, services, high, threemonth, growth


Caixin PMI for June comes in at three-month high, beating forecast

The Caixin China manufacturing purchasing manufacturers’ index (PMI) for June beat expectations, offering another signal that the world’s second-largest economy continues to defy expectations for a slowdown.

The private survey came in at 50.4, marking a three-month high. It was up from May’s 49.6, which was an 11-month low, and beat a Reuters poll forecast for 49.5.

Levels above 50 signal an expansion, while levels below 50 indicate contraction.

The Caixin PMI tends to focus on smaller, private companies, while the official data tends to focus on larger, often state-owned companies.

The rise was spurred by stronger increases in production and new orders, prompting companies to increase purchasing activity by a tad, even as muted client demand pushed manufacturers to cut inventories and reduce their workforce numbers.

The Australian dollar wobbled, slipping as low as $0.7670 after the release, compared with as high as $0.7695 before the release. The Aussie dollar was fetching $0.7683 at 10:47 a.m. HK/SIN.

China is a key destination for Australia’s exports of commodities.

The June Caixin PMI wasn’t all positive, with the release saying the optimism toward the business outlook touched its lowest level so far this year.

Zhengsheng Zhong, director of macroeconomic analysis at CEBM Group, said in the Caixin PMI release was downbeat on the data.

“Based on the inventory trends and confidence around future output, the June reading was more like a temporary rebound, with an economic downtrend likely to be confirmed later,” Zhong said.

But the improved data offered confirmation of the official PMI figures, released on Friday, which showed that manufacturing activity accelerated more than expected in June.

The official manufacturing Purchasing Managers’ Index rose to 51.7 in June, accelerating from May’s 51.2 and beating a Reuters poll forecast for 51.0.

In the services sector, the official services PMI for June rose to 54.9 from May’s 54.5.

While the manufacturing PMI data tends to be more closely watched, China’s pivot toward domestic consumption and away from investment-led growth means the services sector accounts for a bigger slice of the mainland economy. The services sector includes consumer industries such as real estate, retail and leisure.

In the first quarter, China’s GDP grew 6.9 percent on-year, slightly faster than the 6.8 percent forecast in a Reuters poll and the fastest pace since the third quarter of 2015.

The government is targeting growth of around 6.5 percent for this year, compared with last year’s target of 6.5-7 percent, Reuters reported, noting that 2016’s growth was at 6.7 percent, the weakest for 26 years.

Concerns over China’s economy have grown as policy makers’ stimulus efforts have also spurred a leverage buildup, but the latest PMI data may indicate a somewhat healthier picture.

In a note on Monday, Nomura estimated that China’s outstanding non-financial sector debt hit 191.3 trillion yuan ($27.96 trillion), or 251 percent of gross domestic product (GDP) in the first quarter, up from 158.3 trillion yuan, or 231 percent of GDP, at the end of 2015.

Last month, Moody’s Investors Service expressed concern that China’s effort to support economic growth would spur higher debt levels, and the ratings service downgraded the mainland’s sovereign credit rating to A1 from Aa3, changing its outlook to stable from negative.


Company: cnbc, Activity: cnbc, Date: 2017-07-02  Authors: leslie shaffer
Keywords: news, games, cnbc, companies, forecast, beating, official, caixin, data, manufacturing, pmi, comes, sector, chinas, release, services, high, threemonth, growth


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