Don’t believe the doves: US trade disputes are likely to escalate after the midterms

Instead of opting for a combination of quick results and a negotiating process seeking longer-term structural policy changes, Washington has chosen a path of litigation and imposition of reforms that China and the EU find unacceptable. Germans, to be fair, were ready for concessions and actively seeking ways to initiate that process. China, for its part, had a standing negotiating platform — “a win-win cooperation” — that could have served as a starting point. Some observers now see a silver lin


Instead of opting for a combination of quick results and a negotiating process seeking longer-term structural policy changes, Washington has chosen a path of litigation and imposition of reforms that China and the EU find unacceptable. Germans, to be fair, were ready for concessions and actively seeking ways to initiate that process. China, for its part, had a standing negotiating platform — “a win-win cooperation” — that could have served as a starting point. Some observers now see a silver lin
Don’t believe the doves: US trade disputes are likely to escalate after the midterms Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2018-10-22  Authors: dr michael ivanovitch, afp, getty images
Keywords: news, cnbc, companies, chinese, trillion, trade, escalate, dont, disputes, doves, believe, process, midterms, negotiating, second, washington, china, seeking, net, likely


Don't believe the doves: US trade disputes are likely to escalate after the midterms

What can the U.S. do now? The answer is: Not much. Instead of opting for a combination of quick results and a negotiating process seeking longer-term structural policy changes, Washington has chosen a path of litigation and imposition of reforms that China and the EU find unacceptable.

Anybody looking at the magnitude of U.S. trade deficits could have concluded that Washington had an excellent chance of using political leverage to quickly narrow its yawning trade gaps with China and the German-led EU — especially since neither the Chinese nor the Europeans were contesting the need that their systematic and excessive trade surpluses with the U.S. had to be reduced.

Germans, to be fair, were ready for concessions and actively seeking ways to initiate that process. It is not clear why things were allowed to go nowhere.

China, for its part, had a standing negotiating platform — “a win-win cooperation” — that could have served as a starting point. Instead of that, Washington and Beijing ended up trading blows in an escalating tariff fight.

Some observers now see a silver lining: They believe that a negotiating process will be unlocked after the mid-term Congressional elections early next month.

Let’s hope they are right. But one thing is clear: Washington cannot allow the continuation of huge leakages of its domestic spending to Europe and China. At the moment, the strengthening household and business outlays in the U.S. are driving $670 billion of European and Chinese exports to the U.S.

That export volume is an 11 percent increase from the first eight months of last year, and a great gift to celebrate a revival of U.S. economic activity.

It’s a gift because the combined European and Chinese surplus of $372.1 billion so far this year will go to their growing international creditor position, while the U.S. will have to keep issuing IOUs — that China and Europe don’t want to buy anymore — to finance its $8.6 trillion of net foreign liabilities that the U.S. Department of Treasury reported at the end of the second quarter.

If you find that number chilling, here’s more ice to the wound: America’s net foreign liabilities increased by nearly $1 trillion during the second quarter of this year.


Company: cnbc, Activity: cnbc, Date: 2018-10-22  Authors: dr michael ivanovitch, afp, getty images
Keywords: news, cnbc, companies, chinese, trillion, trade, escalate, dont, disputes, doves, believe, process, midterms, negotiating, second, washington, china, seeking, net, likely


Home Forums

    • Forum
    • Topics
    • Posts
    • Last Post

Chinese stocks surge, but looming uncertainties could drag markets down again

Chinese stocks surged more than 4 percent on Monday, but experts warned the markets could fall again due to future uncertainty. The strong gains on Monday came after a series of reassuring statements from Chinese authorities over the weekend, which helped Chinese stocks extend Friday’s gains. In the medium term, Chinese stocks could be of “good value,” Shane Oliver, head of investment strategy and chief economist at AMP Capital, told CNBC. AMP’s Oliver said that Chinese shares are “cheap and (of


Chinese stocks surged more than 4 percent on Monday, but experts warned the markets could fall again due to future uncertainty. The strong gains on Monday came after a series of reassuring statements from Chinese authorities over the weekend, which helped Chinese stocks extend Friday’s gains. In the medium term, Chinese stocks could be of “good value,” Shane Oliver, head of investment strategy and chief economist at AMP Capital, told CNBC. AMP’s Oliver said that Chinese shares are “cheap and (of
Chinese stocks surge, but looming uncertainties could drag markets down again Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2018-10-22  Authors: weizhen tan, greg baker, afp, getty images
Keywords: news, cnbc, companies, chinese, report, drag, market, investment, markets, growth, surge, tensions, looming, uncertainties, stocks, bank, tax


Chinese stocks surge, but looming uncertainties could drag markets down again

Chinese stocks surged more than 4 percent on Monday, but experts warned the markets could fall again due to future uncertainty.

The strong gains on Monday came after a series of reassuring statements from Chinese authorities over the weekend, which helped Chinese stocks extend Friday’s gains.

The Shanghai composite jumped by 4.09 percent while the Shenzhen composite surged 4.9 percent. The Nasdaq-style Chinext leaped by more than 5 percent, while Hong Kong’s Hang Seng index closed 2.4 percent higher.

In the medium term, Chinese stocks could be of “good value,” Shane Oliver, head of investment strategy and chief economist at AMP Capital, told CNBC. However, he cautioned that there’s too much uncertainty around trade tensions and the growth slowdown to “say they have bottomed with any confidence.”

“We have seen a few false bottoms this year,” he added.

Vasu Menon, senior investment strategist at OCBC Bank told CNBC that trade tensions may continue to cast a shadow over China and it “doesn’t look like it’s going to end anytime soon.”

“So you see a rebound today, but does it mean that the markets have turned a corner and you know, will hit higher? I’m not sure, I don’t think so,” Menon said.

Some market observers, however, found the valuations to be attractive.

AMP’s Oliver said that Chinese shares are “cheap and (of) good value” for investors in the next five years.

“After the recent market pullback, Chinese equities’ valuations may be getting attractive, given Chinese corporates’ resilient sales and earnings growth,” Deutsche Bank Wealth Management said in a report on Monday. The bank added that other factors — such as the easing of tensions after the U.S. midterm elections in November — could come into play to support the market in the medium term.

There are also signs of a recovery in Chinese infrastructure investment in November, according to the report, with the country’s fiscal policy stance turning more supportive of growth since July this year.

Finally, tax cuts could also play a role.

“There have been growing discussions in China whether the government should cut tax more aggressively to support growth … but tax cut would be one possible catalyst for Chinese stock markets, if they happen,” said the Deutsche Bank report.


Company: cnbc, Activity: cnbc, Date: 2018-10-22  Authors: weizhen tan, greg baker, afp, getty images
Keywords: news, cnbc, companies, chinese, report, drag, market, investment, markets, growth, surge, tensions, looming, uncertainties, stocks, bank, tax


Home Forums

    • Forum
    • Topics
    • Posts
    • Last Post

If Brussels rejects Italy’s spending plans, here’s what could happen next

The European Union could derail Italy’s big spending plans this week, with speculation mounting that officials in Brussels are set to reject the anti-establishment government’s 2019 draft budget. The Commission has already indicated that it is not happy with the plans, warning last Thursday that the draft is in serious breach of, and an “unprecedented” deviation from, EU spending rules. “The European Commission is assessing the Italian draft budget in an objective way, to check whether it respec


The European Union could derail Italy’s big spending plans this week, with speculation mounting that officials in Brussels are set to reject the anti-establishment government’s 2019 draft budget. The Commission has already indicated that it is not happy with the plans, warning last Thursday that the draft is in serious breach of, and an “unprecedented” deviation from, EU spending rules. “The European Commission is assessing the Italian draft budget in an objective way, to check whether it respec
If Brussels rejects Italy’s spending plans, here’s what could happen next Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2018-10-22  Authors: holly ellyatt, alberto pizzoli, afp, getty images, antonio masiello, getty images news
Keywords: news, cnbc, companies, budget, spending, budgetthe, way, italys, heres, plans, european, draft, brussels, happen, reject, rejects, commission, eu


If Brussels rejects Italy's spending plans, here's what could happen next

The European Union could derail Italy’s big spending plans this week, with speculation mounting that officials in Brussels are set to reject the anti-establishment government’s 2019 draft budget.

The European Commission, the EU’s executive arm which checks and approves euro zone budgets before they are adopted by national parliaments, could decide for the first time ever on Tuesday to ask a member state to revise its draft budget.

The Commission has already indicated that it is not happy with the plans, warning last Thursday that the draft is in serious breach of, and an “unprecedented” deviation from, EU spending rules. However, a Commission spokesperson told CNBC that no decision on the budget has been taken yet.

“The European Commission is assessing the Italian draft budget in an objective way, to check whether it respects the commitments Italy took last July before all EU countries. To be clear, there is no legal way for the Commission to ‘reject’ a draft budget. But the Commission can ask a government to submit a revised version of the draft budgetary plan.”


Company: cnbc, Activity: cnbc, Date: 2018-10-22  Authors: holly ellyatt, alberto pizzoli, afp, getty images, antonio masiello, getty images news
Keywords: news, cnbc, companies, budget, spending, budgetthe, way, italys, heres, plans, european, draft, brussels, happen, reject, rejects, commission, eu


Home Forums

    • Forum
    • Topics
    • Posts
    • Last Post

Stephen Hawking’s thesis and wheelchair are to be auctioned off

Fans of the physicist and author Stephen Hawking can now buy some of his scientific papers or personal effects in an online auction to be conducted by Christie’s. The auctioneer has placed 22 items under the hammer, including his doctoral thesis on the origins of the universe, a script from an appearance in “The Simpsons” cartoon and even one of his early wheelchairs. Hawking died in March this year at the age of 76. For much of his life he had suffered a rare early-onset, slow-progressing form


Fans of the physicist and author Stephen Hawking can now buy some of his scientific papers or personal effects in an online auction to be conducted by Christie’s. The auctioneer has placed 22 items under the hammer, including his doctoral thesis on the origins of the universe, a script from an appearance in “The Simpsons” cartoon and even one of his early wheelchairs. Hawking died in March this year at the age of 76. For much of his life he had suffered a rare early-onset, slow-progressing form
Stephen Hawking’s thesis and wheelchair are to be auctioned off Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2018-10-22  Authors: david reid, desiree martin, afp, getty images
Keywords: news, cnbc, companies, thesis, wider, hawking, auctioned, wheelchairshawking, wheelchair, slowprogressing, hawkings, stephen, universe, auction, suffered, titled


Stephen Hawking's thesis and wheelchair are to be auctioned off

Fans of the physicist and author Stephen Hawking can now buy some of his scientific papers or personal effects in an online auction to be conducted by Christie’s.

The auctioneer has placed 22 items under the hammer, including his doctoral thesis on the origins of the universe, a script from an appearance in “The Simpsons” cartoon and even one of his early wheelchairs.

Hawking died in March this year at the age of 76. For much of his life he had suffered a rare early-onset, slow-progressing form of motor neurone disease.

The sale is part of a wider auction titled “On the Shoulders of Giants: Newton, Darwin, Einstein, Hawking,” which is open for bids from October 31 until November 8.


Company: cnbc, Activity: cnbc, Date: 2018-10-22  Authors: david reid, desiree martin, afp, getty images
Keywords: news, cnbc, companies, thesis, wider, hawking, auctioned, wheelchairshawking, wheelchair, slowprogressing, hawkings, stephen, universe, auction, suffered, titled


Home Forums

    • Forum
    • Topics
    • Posts
    • Last Post

Elon Musk: Rapid-transit test tunnel under LA opens to public Dec. 10

Elon Musk tweeted that his Boring Company will unveil a stretch of a rapid-transit tunnel under Los Angeles to the public on Dec. 10. What the company has previously termed a “test tunnel” in the southern suburb of Hawthorne, between downtown LA and Torrance, demonstrates the company’s “Loop” system. Elevators move skates between the surface and the tunnel system. More from USA Today:Information about the “Loop” tunnel segment’s opening came in short tweets Sunday night from Musk. The Loop syste


Elon Musk tweeted that his Boring Company will unveil a stretch of a rapid-transit tunnel under Los Angeles to the public on Dec. 10. What the company has previously termed a “test tunnel” in the southern suburb of Hawthorne, between downtown LA and Torrance, demonstrates the company’s “Loop” system. Elevators move skates between the surface and the tunnel system. More from USA Today:Information about the “Loop” tunnel segment’s opening came in short tweets Sunday night from Musk. The Loop syste
Elon Musk: Rapid-transit test tunnel under LA opens to public Dec. 10 Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2018-10-22  Authors: ed brackett, robyn beck, afp, getty images
Keywords: news, cnbc, companies, musk, night, system, loop, miles, company, test, tweeted, dec, tunnel, la, tunnels, opens, elon, rapidtransit, hyperloop, using, public


Elon Musk: Rapid-transit test tunnel under LA opens to public Dec. 10

Elon Musk tweeted that his Boring Company will unveil a stretch of a rapid-transit tunnel under Los Angeles to the public on Dec. 10.

What the company has previously termed a “test tunnel” in the southern suburb of Hawthorne, between downtown LA and Torrance, demonstrates the company’s “Loop” system. People are whisked through the system’s tunnels at up to 150 miles per hour.

They travel on an electric-powered platform called a “skate.” The device either comprises a vehicle itself carrying between eight and 16 passengers or carries a car that has been driven onto it.

Elevators move skates between the surface and the tunnel system. When completed the system would employ a series of tunnels, layered and moving in various directions, with shorter segments serving as subterranean off-ramps. Shafts for the elevators could run straight up to streetside locations, as in a company video, or into homes’ garages or basements of office buildings.

More from USA Today:

Information about the “Loop” tunnel segment’s opening came in short tweets Sunday night from Musk.

“The first tunnel is almost done,” he tweeted Sunday night. “Opens Dec 10,” he typed to his 23.1 million followers soon afterward.

“Opening event that night & free rides for the public the next day,” he replied to a Twitter user’s question later.

Boring Company’s Hawthorne tunnel runs a short stretch from SpaceX property north to 120th Street, then west under 120th “for up to” two miles, the company says. SpaceX is another of the groundbreaking, tech-oriented companies run by Musk, also the CEO of Tesla.

The Loop system is distinguished from proposed, longer-range Hyperloop projects. in the latter system air is sucked from the tunnels, which (as the Boring Company envisions) enables pods to exceed 600 miles an hour.

Hyperloop tech is also touted by Virgin Hyperloop One, whose board is chaired by Richard Branson, and Hyperloop Transportation Technologies (Hyperloop TT). Hyperloop One mentions using tubes whether above ground or below and is pursuing a Kansas City-to-St. Louis route using magnetic levitation to support vehicles in tube. Hyperloop TT recently unveiled a prototype, 40-passenger capacity pod in Spain.


Company: cnbc, Activity: cnbc, Date: 2018-10-22  Authors: ed brackett, robyn beck, afp, getty images
Keywords: news, cnbc, companies, musk, night, system, loop, miles, company, test, tweeted, dec, tunnel, la, tunnels, opens, elon, rapidtransit, hyperloop, using, public


Home Forums

    • Forum
    • Topics
    • Posts
    • Last Post

Twitter CEO Jack Dorsey writes a ‘won’t do’ list every morning — and you should, too

That’s why Jack Dorsey, the CEO of Square and Twitter, lists out what he will and won’t do at the start of each day. On that particular day, Dorsey listed some priorities. Dorsey’s morning checklists show he’s deliberate and mindful about what he will and won’t work on, helping him take control and better organize his day. “The “won’t do” list is often more important than the “do” list. The “won’t do” list he shared during that talk included being late, avoiding eye contact and setting expectati


That’s why Jack Dorsey, the CEO of Square and Twitter, lists out what he will and won’t do at the start of each day. On that particular day, Dorsey listed some priorities. Dorsey’s morning checklists show he’s deliberate and mindful about what he will and won’t work on, helping him take control and better organize his day. “The “won’t do” list is often more important than the “do” list. The “won’t do” list he shared during that talk included being late, avoiding eye contact and setting expectati
Twitter CEO Jack Dorsey writes a ‘won’t do’ list every morning — and you should, too Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2018-10-22  Authors: zameena mejia, justin tallis, afp, getty images
Keywords: news, cnbc, companies, write, twitter, dorsey, ceo, today, work, writes, jack, wont, day, dont, morning, items, list, lists


Twitter CEO Jack Dorsey writes a 'won't do' list every morning — and you should, too

A productive day isn’t just about what you will do, but also what you won’t do. That’s why Jack Dorsey, the CEO of Square and Twitter, lists out what he will and won’t do at the start of each day.

Dorsey shared the strategy in a recent tweet. On that particular day, Dorsey listed some priorities. He decided he would meditate, read the bestselling non-fiction book “Winners Take All,” consider Twitter’s metrics and write his notes regarding the dining experience for users of Caviar, the delivery platform Square bought in 2014.

His “won’t do” list included drinking alcohol (for Sober October, a cancer awareness challenge) and making a decision on an initiative labeled “#fast team initiatives.”

Commented Dorsey: “Every morning I write a checklist of work I intend to do today, and work I won’t do today,” explaining that he’s more “focused on more strategic efforts rather than calendar stuff.”

He added that the “won’t do” section of his list is checked out before he goes to sleep. Eventually, many of these items are moved into a “do” list.

“To-do” lists can often get a bad rap since they don’t “distinguish between urgent and important,” noted bestselling author Kevin Kruse and author of “15 Secrets Successful People Know About Time Management.”

These lists also don’t often acknowledge other tasks and activities that can compete for your time. As a result, “to do” lists don’t always mirror the decisions you need to make in a given day to move forward on key priorities.

Dorsey’s morning checklists show he’s deliberate and mindful about what he will and won’t work on, helping him take control and better organize his day. In fact, ruling out the unimportant tasks is often essential for boosting productivity.

“The “won’t do” list is often more important than the “do” list. Setting the intention to deliberately not work on something gives me clearer space to think and work, and be less reactive,” tweeted Dorsey.

Dorsey has talked about his “won’t do” lists several times in the past decade, including during a speech at Y Combinator Startup School in 2013. The “won’t do” list he shared during that talk included being late, avoiding eye contact and setting expectations he couldn’t meet.

Many items on the list have become part of a routine for the billionaire CEO. As Dorsey explained, “some items stay on the lists for days/weeks/months, some I want to make sure I do every day.”

Like this story? Subscribe to CNBC Make It on YouTube!

Don’t miss:


Company: cnbc, Activity: cnbc, Date: 2018-10-22  Authors: zameena mejia, justin tallis, afp, getty images
Keywords: news, cnbc, companies, write, twitter, dorsey, ceo, today, work, writes, jack, wont, day, dont, morning, items, list, lists


Home Forums

    • Forum
    • Topics
    • Posts
    • Last Post

Two ‘unstable’ OPEC nations may decide whether oil hits $100

“What I always worry about is the stories we should be watching, the unstable suppliers,” Croft recently told CNBC’s “Worldwide Exchange.” RBC has warned clients that 500,000 barrels per day could be periodically lost from the two nations, and elections may bring additional unrest. Iran’s exports are shrinking as oil buyers cut off purchases under threat of sanctions from the Trump administration. “If you’re going to have Venezuela continuing to decline, a million barrels of Iran off the market,


“What I always worry about is the stories we should be watching, the unstable suppliers,” Croft recently told CNBC’s “Worldwide Exchange.” RBC has warned clients that 500,000 barrels per day could be periodically lost from the two nations, and elections may bring additional unrest. Iran’s exports are shrinking as oil buyers cut off purchases under threat of sanctions from the Trump administration. “If you’re going to have Venezuela continuing to decline, a million barrels of Iran off the market,
Two ‘unstable’ OPEC nations may decide whether oil hits $100 Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2018-10-22  Authors: tom dichristopher, abdullah doma, afp, getty images
Keywords: news, cnbc, companies, militants, oil, barrels, barclays, recent, opec, million, unstable, nations, saudi, nigerias, 100, decide, hits, market, recently


Two 'unstable' OPEC nations may decide whether oil hits $100

“What I always worry about is the stories we should be watching, the unstable suppliers,” Croft recently told CNBC’s “Worldwide Exchange.”

RBC has warned clients that 500,000 barrels per day could be periodically lost from the two nations, and elections may bring additional unrest.

Half a million bpd represents just half a percent of daily global demand, but a disruption of that scale would have an outsize impact given the anticipated loss of roughly 1 million barrels a day of Iranian crude in the coming months. Iran’s exports are shrinking as oil buyers cut off purchases under threat of sanctions from the Trump administration.

“If you’re going to have Venezuela continuing to decline, a million barrels of Iran off the market, you can’t afford to lose another big, major producer,” Croft said.

Washington is largely depending on Saudi Arabia, Russia and a handful of other producers to keep the market supplied and prevent an oil price spike as Iran’s shipments dwindle. Traders recently sent Brent crude to nearly four-year highs above $86 a barrel, as fears that the Saudi alliance will fall short stoked concern about $100 oil.

Investment bank Barclays does not think oil prices will hit triple digits, but the outcome of Nigeria’s elections in February presents the biggest risk to that outlook, Michael Cohen, the bank’s head of energy markets research, said in a recent note to clients.

If Nigeria’s political opposition unseats President Muhammadu Buhari, Barclays analysts believe the new leadership will probably have to renegotiate a deal with militants brokered by Buhari’s government. During a political transition, militants might resume attacks on oil infrastructure, which caused Nigeria’s output to plunge by about 400,000 bpd in early 2016.

Analysts at Barclays say there’s a growing chance that the opposition can present a credible alternative to Buhari, whose popularity is waning and who spent much of his presidency seeking medical treatment overseas.

“Oil market participants ought to be more concerned about the possibility of disruptions in the Niger delta,” Cohen wrote, referring to Nigeria’s southern oil-producing region, a maze of waterways where militants staged daring attacks between 2006 and 2009 and again in recent years.

Oil theft also remains endemic in the Niger Delta. This month, a pipeline blast believed to be caused by petroleum thieves killed dozens, sparking protests among locals who blamed the Nigerian National Petroleum Corporation for the explosion.


Company: cnbc, Activity: cnbc, Date: 2018-10-22  Authors: tom dichristopher, abdullah doma, afp, getty images
Keywords: news, cnbc, companies, militants, oil, barrels, barclays, recent, opec, million, unstable, nations, saudi, nigerias, 100, decide, hits, market, recently


Home Forums

    • Forum
    • Topics
    • Posts
    • Last Post

Amid skepticism, Saudi official provides another version of Khashoggi death

As Saudi Arabia faced intensifying international skepticism over its story about the death of journalist Jamal Khashoggi, a senior government official laid out a new version of the death inside the Saudi consulate in Istanbul that in key respects contradicts previous explanations. An hour later, another Saudi official attributed the death to a chokehold, which the senior official reiterated. Asked by Reuters why the government’s version of Khashoggi’s death kept changing, the official said the g


As Saudi Arabia faced intensifying international skepticism over its story about the death of journalist Jamal Khashoggi, a senior government official laid out a new version of the death inside the Saudi consulate in Istanbul that in key respects contradicts previous explanations. An hour later, another Saudi official attributed the death to a chokehold, which the senior official reiterated. Asked by Reuters why the government’s version of Khashoggi’s death kept changing, the official said the g
Amid skepticism, Saudi official provides another version of Khashoggi death Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2018-10-21  Authors: jim watson, afp, getty images
Keywords: news, cnbc, companies, death, official, to, said, provides, of, khashoggi, another, and, version, he, skepticism, amid, the, saudi


Amid skepticism, Saudi official provides another version of Khashoggi death

As Saudi Arabia faced intensifying international skepticism over its story about the death of journalist Jamal Khashoggi, a senior government official laid out a new version of the death inside the Saudi consulate in Istanbul that in key respects contradicts previous explanations.

The latest account, provided by a Saudi official who requested anonymity, includes details on how the team of 15 Saudi nationals sent to confront Khashoggi on Oct. 2 had threatened him with being drugged and kidnapped and then killed him in a chokehold when he resisted.

A member of the team then dressed in Khashoggi’s clothes to make it appear as if he had left the consulate.

After denying any involvement in the disappearance of Khashoggi, 59, for two weeks, Saudi Arabia on Saturday morning said he had died in a fistfight at the consulate. An hour later, another Saudi official attributed the death to a chokehold, which the senior official reiterated.

Turkish officials suspect the body of Khashoggi, a Washington Post columnist and critic of powerful Crown Prince Mohammed bin Salman, was cut up but the Saudi official said it was rolled up in a rug and given to a “local cooperator” for disposal.

Asked about allegations that Khashoggi had been tortured and beheaded, he said preliminary results of the investigation did not suggest that.

The Saudi official presented what he said were Saudi internal intelligence documents which appeared to show the initiative to bring back dissidents as well as the specific one involving Khashoggi. He also showed testimony from those involved in what he described as the 15-man team’s cover-up, and the initial results of an internal probe. He did not provide proof to substantiate the findings of the investigation and the other evidence.

This narrative is the latest Saudi account that has changed multiple times. The authorities initially dismissed reports that Khashoggi had gone missing inside the consulate as false and said he had left the building soon after entering. When the media reported a few days later that he had been killed there, they called the accusations “baseless.”

Asked by Reuters why the government’s version of Khashoggi’s death kept changing, the official said the government initial account was based on “false information reported internally at the time.”

“Once it became clear these initial mission reports were false, it launched an internal investigation and refrained from further public comment,” the official said, adding that the investigation is continuing.

Turkish sources say the authorities have an audio recording purportedly documenting Khashoggi’s murder inside the consulate but have not released it.

Riyadh dispatched a high-level delegation to Istanbul on Tuesday and ordered an internal investigation but U.S. President Donald Trump said on Saturday he is not satisfied with Saudi Arabia’s handling of Khashoggi’s death and said questions remain unanswered.

Germany and France on Saturday called Saudi Arabia’s explanation of how Khashoggi died incomplete.

According to the latest version of the death, the government wanted to convince Khashoggi, who moved to Washington a year ago fearing reprisals for his views, to return to the kingdom as part of a campaign to prevent Saudi dissidents from being recruited by the country’s enemies, the official said.

To that end, the official said, the deputy head of the General Intelligence Presidency, Ahmed al-Asiri, put together a 15-member team from the intelligence and security forces to go to Istanbul, meet Khashoggi at the consulate and try to convince him to return to Saudi Arabia.

“There is a standing order to negotiate the return of dissidents peacefully; which gives them the authority to act without going back to the leadership” the official said.

“Asiri is the one who formed the team and asked for an employee who worked with (Saud) al-Qahtani and who knew Jamal from the time they both worked at the embassy in London,” he said.

The official said Qahtani had signed off on one of his employees conducting the negotiations.


Company: cnbc, Activity: cnbc, Date: 2018-10-21  Authors: jim watson, afp, getty images
Keywords: news, cnbc, companies, death, official, to, said, provides, of, khashoggi, another, and, version, he, skepticism, amid, the, saudi


Home Forums

    • Forum
    • Topics
    • Posts
    • Last Post

New Zealand will not attend Saudi investment summit over Khashoggi death

New Zealand condemns the killing of journalist Jamal Khashoggi by Saudi operatives and will not be attending an investment summit in Saudi Arabia, the government said in a statement on Sunday. Khashoggi, a U.S. resident and Washington Post columnist critical of Riyadh’s policies, died inside the Saudi Arabian consulate in Istanbul, Saudi state media said on Saturday. Trade Minister David Parker said in the statement no New Zealand officials will attend the upcoming Future Investment Initiative,


New Zealand condemns the killing of journalist Jamal Khashoggi by Saudi operatives and will not be attending an investment summit in Saudi Arabia, the government said in a statement on Sunday. Khashoggi, a U.S. resident and Washington Post columnist critical of Riyadh’s policies, died inside the Saudi Arabian consulate in Istanbul, Saudi state media said on Saturday. Trade Minister David Parker said in the statement no New Zealand officials will attend the upcoming Future Investment Initiative,
New Zealand will not attend Saudi investment summit over Khashoggi death Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2018-10-21  Authors: jim watson, afp, getty images
Keywords: news, cnbc, companies, state, summit, statement, washington, zealand, saturdaytrade, khashoggi, death, attend, upcoming, saudi, sundaykhashoggi, investment


New Zealand will not attend Saudi investment summit over Khashoggi death

New Zealand condemns the killing of journalist Jamal Khashoggi by Saudi operatives and will not be attending an investment summit in Saudi Arabia, the government said in a statement on Sunday.

Khashoggi, a U.S. resident and Washington Post columnist critical of Riyadh’s policies, died inside the Saudi Arabian consulate in Istanbul, Saudi state media said on Saturday.

Trade Minister David Parker said in the statement no New Zealand officials will attend the upcoming Future Investment Initiative, an event in the Saudi capital of Riyadh being called Davos in the Desert.


Company: cnbc, Activity: cnbc, Date: 2018-10-21  Authors: jim watson, afp, getty images
Keywords: news, cnbc, companies, state, summit, statement, washington, zealand, saturdaytrade, khashoggi, death, attend, upcoming, saudi, sundaykhashoggi, investment


Home Forums

    • Forum
    • Topics
    • Posts
    • Last Post

UBS said to warn staff over China travel after banker held in Beijing

Swiss bank UBS Group AG has asked its China wealth management staff to reconsider their travel plans to the country after authorities there asked one of its bankers to delay her departure from Beijing to meet with local officials, a person familiar with the matter said. The banker, who is based in Singapore and works in the relationship management team in UBS’s wealth management unit, still has her passport, but was asked to remain in China and meet with local authority officials next week, the


Swiss bank UBS Group AG has asked its China wealth management staff to reconsider their travel plans to the country after authorities there asked one of its bankers to delay her departure from Beijing to meet with local officials, a person familiar with the matter said. The banker, who is based in Singapore and works in the relationship management team in UBS’s wealth management unit, still has her passport, but was asked to remain in China and meet with local authority officials next week, the
UBS said to warn staff over China travel after banker held in Beijing Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2018-10-20  Authors: justin tallis, afp, getty images
Keywords: news, cnbc, companies, wealth, beijing, travel, warn, banker, management, asked, plans, bank, authorities, staff, ubs, held, china


UBS said to warn staff over China travel after banker held in Beijing

Swiss bank UBS Group AG has asked its China wealth management staff to reconsider their travel plans to the country after authorities there asked one of its bankers to delay her departure from Beijing to meet with local officials, a person familiar with the matter said.

The banker, who is based in Singapore and works in the relationship management team in UBS’s wealth management unit, still has her passport, but was asked to remain in China and meet with local authority officials next week, the person said. The identity and position of the banker were not known.

The purpose of the meeting with authorities is not clear, but the bank has asked others in its China wealth management team to review their travel plans carefully.

No other units in the bank, including back office or asset management teams, have been asked to re-consider existing travel plans. A UBS spokeswoman declined to comment.

The Swiss bank is the largest wealth manager operating in Asia, with $383 billion of assets under management, according to Asian Private Banker magazine, ahead of Citigroup, Credit Suisse, HSBC and Julius Baer.

The meeting also comes as UBS has been building up its presence in China.

Last week it moved a step closer to becoming the first bank to take majority ownership of its China joint venture under new rules designed to open up the sector, when two of its current partners put their stakes up for sale.

Any deal on the stakes will need the approval of Chinese authorities, who are yet to give the green light for the 51 percent shareholding.


Company: cnbc, Activity: cnbc, Date: 2018-10-20  Authors: justin tallis, afp, getty images
Keywords: news, cnbc, companies, wealth, beijing, travel, warn, banker, management, asked, plans, bank, authorities, staff, ubs, held, china


Home Forums

    • Forum
    • Topics
    • Posts
    • Last Post