Amid protests, Hong Kong’s leader addresses one key social concern — unaffordable housing

A widening wealth gap and increasingly unaffordable housing are some key social issues underpinning the unrest in Hong Kong, business leaders and politicians have suggested. Rental prices in Hong Kong surpass those in New York, Paris and Singapore, and many young professionals living in the Chinese-ruled territory struggle to afford housing. The Hong Kong leader emphasized that housing issues are essential to social stability and “upward mobility,” defined as climbing up to the next social level


A widening wealth gap and increasingly unaffordable housing are some key social issues underpinning the unrest in Hong Kong, business leaders and politicians have suggested.
Rental prices in Hong Kong surpass those in New York, Paris and Singapore, and many young professionals living in the Chinese-ruled territory struggle to afford housing.
The Hong Kong leader emphasized that housing issues are essential to social stability and “upward mobility,” defined as climbing up to the next social level
Amid protests, Hong Kong’s leader addresses one key social concern — unaffordable housing Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-10-17  Authors: grace shao
Keywords: news, cnbc, companies, territory, amid, concern, demonstrations, young, key, singapore, hong, kongs, social, lam, leader, issues, unaffordable, protests, kong, housing


Amid protests, Hong Kong's leader addresses one key social concern — unaffordable housing

A widening wealth gap and increasingly unaffordable housing are some key social issues underpinning the unrest in Hong Kong, business leaders and politicians have suggested. Rental prices in Hong Kong surpass those in New York, Paris and Singapore, and many young professionals living in the Chinese-ruled territory struggle to afford housing. Some families have no choice but to rent out dorm-style rooms with bunk beds and shared bathrooms, sometimes known as “coffin homes” or “shoebox flats.” In her annual policy speech on Wednesday, Hong Kong chief executive Carrie Lam introduced a slew of housing measures aimed at addressing some of those concerns. Lam said housing is the “toughest livelihood issue” facing the city’s citizens and pledged to make more land available for public housing development, according to an official translation of her remarks in Cantonese. The Hong Kong leader emphasized that housing issues are essential to social stability and “upward mobility,” defined as climbing up to the next social level. “Every Hong Kong citizen and his family will no longer have to be troubled by, or preoccupied with, the housing problem, and that they will be able to have their own home in Hong Kong, a city in which we all have a share,” Lam pledged.

Hong Kong — a former British colony returned to Chinese rule in 1997 — has been crippled by widespread demonstrations for nearly five months now. It operates as a semi-autonomous territory under the “one country, two systems” principle — a structure that grants Hong Kong citizens some degree of financial and legal independence from the mainland. What started out as protests against an extradition bill has morphed into demonstrations demanding full democracy and universal suffrage. Majority of the protesters have been young students from university and high schools.

Twin cities: Singapore and Hong Kong


Company: cnbc, Activity: cnbc, Date: 2019-10-17  Authors: grace shao
Keywords: news, cnbc, companies, territory, amid, concern, demonstrations, young, key, singapore, hong, kongs, social, lam, leader, issues, unaffordable, protests, kong, housing


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Wells Fargo profit slides amid the bank’s restructuring, with new CEO taking over next week

Shares of Wells Fargo initially slipped in trading but later rose 1.4% from its previous close of $49.27 a share. Scharf, formerly the chairman and CEO of BNY Mellon, will take over for Tim Sloan at Wells Fargo on Monday. The nation’s fourth-largest bank, Wells Fargo has been mired in restructuring and regulatory scrutiny since 2016. Wells Fargo reported a $1.6 billion litigation charge during the third quarter, citing the continued ramifications from the sales scandal. “We have more work ahead,


Shares of Wells Fargo initially slipped in trading but later rose 1.4% from its previous close of $49.27 a share. Scharf, formerly the chairman and CEO of BNY Mellon, will take over for Tim Sloan at Wells Fargo on Monday. The nation’s fourth-largest bank, Wells Fargo has been mired in restructuring and regulatory scrutiny since 2016. Wells Fargo reported a $1.6 billion litigation charge during the third quarter, citing the continued ramifications from the sales scandal. “We have more work ahead,
Wells Fargo profit slides amid the bank’s restructuring, with new CEO taking over next week Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-10-15  Authors: michael sheetz, hugh son
Keywords: news, cnbc, companies, quarter, bank, reported, wells, restructuring, billion, share, profit, slides, week, amid, ceo, banks, taking, fargo


Wells Fargo profit slides amid the bank's restructuring, with new CEO taking over next week

Wells Fargo on Tuesday reported third-quarter earnings slightly below expectations, as a key measure of the bank’s profitability slide more as the troubled company restructures.

The bank reported net income of $4.6 billion in the quarter, down 23% from a year earlier. Wells Fargo’s net interest income, a critical part of bank profits, was just below estimates at $11.63 billion. Net interest margin dropped to 2.66%, down from 2.94% for the quarter a year ago.

Here’s how the company did, compared with what Wall Street expected:

Earnings : $1.07 a share adjusted vs. $1.15 a share expected by analysts surveyed by Refinitiv.

: $1.07 a share adjusted vs. $1.15 a share expected by analysts surveyed by Refinitiv. Revenue: $22.01 billion vs. 21.19 billion expected by analysts surveyed by Refinitiv.

Shares of Wells Fargo initially slipped in trading but later rose 1.4% from its previous close of $49.27 a share. The bank’s stock was up 7% for this year before the report.

Last month, the bank’s board of directors named Charles Scharf as CEO and president. Scharf, formerly the chairman and CEO of BNY Mellon, will take over for Tim Sloan at Wells Fargo on Monday.

The nation’s fourth-largest bank, Wells Fargo has been mired in restructuring and regulatory scrutiny since 2016. Under former CEO John Stumpf, Wells Fargo employees had created millions of fake bank accounts to meet sales quotas. With the bank’s reputation damaged, Sloan had taken the reins from Stumpf. But Sloan resigned abruptly in March.

Wells Fargo reported a $1.6 billion litigation charge during the third quarter, citing the continued ramifications from the sales scandal.

“We have more work ahead, but I’m confident that our focused efforts and the fundamental strengths of Wells Fargo will continue to enable us to achieve success,” Wells Fargo interim CEO Allen Parker said in a statement Tuesday.

In 2018, the Federal Reserve capped Wells Fargo’s asset growth under $1.95 trillion, after the bank discovered further problems with how it treated customers. The cap will stay in place through the end of the year, in a rare move the central bank took to push Wells Fargo to fix its risk management problems.

Wells Fargo’s loan balances at the end of September totaled $954.9 billion, up $5 billion from the previous quarter. While the bank reported unchanged commercial loans, consumer loans made up the $5 billion increase, driven by more family real estate mortgages as well as more credit card and auto loans.

Correction: An earlier version misstated the adjusted third-quarter earnings. The correct amount was $1.07 a share.


Company: cnbc, Activity: cnbc, Date: 2019-10-15  Authors: michael sheetz, hugh son
Keywords: news, cnbc, companies, quarter, bank, reported, wells, restructuring, billion, share, profit, slides, week, amid, ceo, banks, taking, fargo


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Hundreds of ISIS prisoners are escaping from camps in northern Syria amid Turkish offensive

More than 800 suspected IS detainees escaped the Ayn Issa camp in northern Syria on Sunday, Kurdish forces said in a statement, five days into Turkey’s military incursion into norther Syria. At least 10,000 Islamic State prisoners are in camps across northeastern Syria, according to Kurdish and U.S. officials. As Turkish jets bombard the area, many of the personnel responsible for containing those prisoners are being forced to the front to defend themselves or their families, Kurdish forces say.


More than 800 suspected IS detainees escaped the Ayn Issa camp in northern Syria on Sunday, Kurdish forces said in a statement, five days into Turkey’s military incursion into norther Syria. At least 10,000 Islamic State prisoners are in camps across northeastern Syria, according to Kurdish and U.S. officials. As Turkish jets bombard the area, many of the personnel responsible for containing those prisoners are being forced to the front to defend themselves or their families, Kurdish forces say.
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Company: cnbc, Activity: cnbc, Date: 2019-10-14  Authors: natasha turak
Keywords: news, cnbc, companies, syrian, offensive, syria, prisoners, area, turkish, isis, fighters, camp, northern, kurdish, camps, amid, families, forces, hundreds, escaping


Hundreds of ISIS prisoners are escaping from camps in northern Syria amid Turkish offensive

DUBAI — Islamic State fighters are seizing a chance to escape and regroup as U.S.-allied Kurdish forces turn their attention from guarding thousands of captive extremists to defending themselves from Turkey’s assault. More than 800 suspected IS detainees escaped the Ayn Issa camp in northern Syria on Sunday, Kurdish forces said in a statement, five days into Turkey’s military incursion into norther Syria. Jelal Ayaf, co-chair of Ayn Issa camp, told local media that 859 people “successfully escaped” the section of the camp holding foreign nationals. He also said attacks were already being carried out by “sleeper cells” that had emerged from inside the camp, which holds IS prisoners, internally displaced persons and families or affiliates of IS fighters. While some escapees could be recaptured, he described the situation in the camp as “very volatile.” CNBC could not independently verify the numbers. At least 10,000 Islamic State prisoners are in camps across northeastern Syria, according to Kurdish and U.S. officials. About 2,000 are foreign fighters and the rest Iraqi and Syrian. As Turkish jets bombard the area, many of the personnel responsible for containing those prisoners are being forced to the front to defend themselves or their families, Kurdish forces say.

‘They are forced to defend their families’

The news comes as the Turkish military expands its offensive into Syria, which began shortly after President Donald Trump announced a U.S. troop withdrawal from the Turkish-Syrian border area and handed responsibility for the area — and the IS fighters within it — to Ankara. Turkey views the Kurdish fighters as a security threat and indistinguishable from a separate Kurdish group that has waged a decades-long insurgency inside Turkey. Trump’s move triggered swift condemnation from Republicans and Democrats for what critics say is leaving the Kurdish forces to fend for themselves alone against a Turkish onslaught aimed at clearing them from the region. The Syrian Kurds suffered heavy losses fighting alongside the U.S. in the counter-IS campaign.

Kurdish forces and activists say more than 100 people have died from Turkish artillery fire and airstrikes, while some 130,000 people have already been displaced, according to the UN. Trump has defended his decision as part of his drive to end U.S. engagement in Middle Eastern wars, but security experts and aid groups warn of an IS revival and a humanitarian disaster. Gen. Mazloum Kobani, commander of the Syrian Democratic Forces, told NBC News in an interview last week that guarding the IS prisoners in Syria is now a “second priority.” “All their families are located in the border area,” he said of the Kurdish forces normally tasked with securing the detention camps. “So they are forced to defend their families.” “This is a very big problem,” Kobani told NBC. “Nobody has helped in this regard.”

‘IS 2.0′

In a move that highlights the Kurds’ desperation, the Syrian Democratic Forces — the predominantly Kurdish collection of U.S.-backed militia groups that battled IS and have come to govern northern Syria — announced they have struck a deal with the Iranian- and Russian-backed government of Syrian President Bashar Assad. “An agreement has been reached with the Syrian government — whose duty it is to protect the country’s borders and preserve Syrian sovereignty — for the Syrian Army to enter and deploy along the Syrian-Turkish border to help the SDF stop this aggression” by Turkey, the Syrian Democratic Forces said in a statement Sunday.


Company: cnbc, Activity: cnbc, Date: 2019-10-14  Authors: natasha turak
Keywords: news, cnbc, companies, syrian, offensive, syria, prisoners, area, turkish, isis, fighters, camp, northern, kurdish, camps, amid, families, forces, hundreds, escaping


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Trump defends Syria withdrawal amid reports of atrocities and ISIS supporters escaping

Trump defended the withdrawal, saying “endless wars must end.” “Those that mistakenly got us into the Middle East Wars are still pushing to fight,” Trump wrote on Twitter. Defense Secretary Esper told Fox News that he was aware of reports of ISIS prisoners escaping due to the Turkish invasion, as well as atrocities reportedly being committed against Syrian Kurds by members of a Turkish-supported Syrian Arab militia. Esper said he spoke to Trump on Saturday night amid growing signs that the Turki


Trump defended the withdrawal, saying “endless wars must end.” “Those that mistakenly got us into the Middle East Wars are still pushing to fight,” Trump wrote on Twitter. Defense Secretary Esper told Fox News that he was aware of reports of ISIS prisoners escaping due to the Turkish invasion, as well as atrocities reportedly being committed against Syrian Kurds by members of a Turkish-supported Syrian Arab militia. Esper said he spoke to Trump on Saturday night amid growing signs that the Turki
Trump defends Syria withdrawal amid reports of atrocities and ISIS supporters escaping Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-10-13  Authors: emma newburger
Keywords: news, cnbc, companies, withdrawal, esper, isis, amid, syria, invasion, reports, defends, supporters, troops, secretary, turkish, way, atrocities, escaping, trump, president


Trump defends Syria withdrawal amid reports of atrocities and ISIS supporters escaping

President Donald Trump on Sunday defended his decision to pull back U.S. troops from Syria to clear the way for Turkish forces, despite mounting bipartisan criticism that the withdrawal abandons Kurdish allies in the region and empowers the remnants of the so-called Islamic State.

The U.S. is evacuating 1,000 U.S. troops from the region “as safely and quickly as possible” in the face of Turkey’s rapid military advance against the Kurds, Defense Secretary Mark Esper told CBS’ “Face the Nation” Sunday. Esper said the troops would not leave Syria completely.

Trump defended the withdrawal, saying “endless wars must end.” It was “very smart” not to be involved in the fighting along the Turkish border, he added, and if other powers want to intervene in the conflict, “Let them!”

“Those that mistakenly got us into the Middle East Wars are still pushing to fight,” Trump wrote on Twitter. “They have no idea what a bad decision they have made. Why are they not asking for a Declaration of War?”

The president said he was working with Republicans and Democrats in Congress to possibly impose sanctions on Turkey for its invasion. Trump signed an executive order Friday giving his administration broad authority to sanction Turkey.

“We’ll be taking in new information and we’re ready to go at a moment’s notice to put on sanctions,” Treasury Secretary Steve Mnuchin said. “Now we have warned the Turks…They know what we will do if they don’t stop these activities.”

Defense Secretary Esper told Fox News that he was aware of reports of ISIS prisoners escaping due to the Turkish invasion, as well as atrocities reportedly being committed against Syrian Kurds by members of a Turkish-supported Syrian Arab militia.

Esper said that Turkey was ready to invade the country to attack Kurdish forces regardless of U.S. actions, and there was “no way” U.S. forces could have stopped the them.

James Mattis, Trump’s first defense secretary, warned that a premature withdrawal would lead to a resurgence of ISIS after years of U.S. and Kurdish efforts to destroy the group. Mattis resigned as defense secretary last year over disagreements with Trump’s foreign policy, including the president’s desire to pull troops out of Syria.

“We may want a war over; we may even declare it over. You can pull your troops out as President Obama learned the hard way out of Iraq, but the ‘enemy gets the vote,’ we say in the military. And in this case, if we don’t keep the pressure on, then ISIS will resurge. It’s absolutely a given that they will come back,” Mattis said in an interview with NBC’s “Meet The Press.”

Trump’s decision has also sparked widespread opposition from his own party, including close allies such as Sen. Lindsey Graham. The senator from South Carolina has called on the president to change course.

Esper said he spoke to Trump on Saturday night amid growing signs that the Turkish invasion was becoming more dangerous.

“In the last 24 hours, we learned that they likely intend to expand their attack further south than originally planned — and to the west,” Esper said.

U.S. allies and aid organizations have pushed for an end to the Turkish invasion, which has surfaced fears of a new humanitarian crisis in the region and a resurgent ISIS threat. France and Germany suspended arms sales to Turkey on Saturday in response to the invasion.

Over 130,000 people have been displaced from rural areas around the northeast Syrian border towns of Tel Abyad and Ras al Ain due to the conflict, according to the United Nations.


Company: cnbc, Activity: cnbc, Date: 2019-10-13  Authors: emma newburger
Keywords: news, cnbc, companies, withdrawal, esper, isis, amid, syria, invasion, reports, defends, supporters, troops, secretary, turkish, way, atrocities, escaping, trump, president


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Treasury yields tick lower amid US-China trade talks

These stocks are the trade talk ‘tells’ with prices to move firstFor investors reading the tea leaves of every trade headline, watch these stocks as they will tell you first if any progress is made. Marketsread more


These stocks are the trade talk ‘tells’ with prices to move firstFor investors reading the tea leaves of every trade headline, watch these stocks as they will tell you first if any progress is made. Marketsread more
Treasury yields tick lower amid US-China trade talks Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-10-11  Authors: elliot smith
Keywords: news, cnbc, companies, talk, tea, tick, lower, talks, tell, progress, prices, amid, uschina, tells, stocks, reading, treasury, yields, watch, trade


Treasury yields tick lower amid US-China trade talks

These stocks are the trade talk ‘tells’ with prices to move first

For investors reading the tea leaves of every trade headline, watch these stocks as they will tell you first if any progress is made.

Markets

read more


Company: cnbc, Activity: cnbc, Date: 2019-10-11  Authors: elliot smith
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Pound posts best 2-day gain in a decade amid Brexit progress

Pound posts best 2-day gain in a decade amid Brexit progress5 Hours AgoCNBC’s Wilfred Frost reports the latest in the Brexit discussions.


Pound posts best 2-day gain in a decade amid Brexit progress5 Hours AgoCNBC’s Wilfred Frost reports the latest in the Brexit discussions.
Pound posts best 2-day gain in a decade amid Brexit progress Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-10-11
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Pound posts best 2-day gain in a decade amid Brexit progress

Pound posts best 2-day gain in a decade amid Brexit progress

5 Hours Ago

CNBC’s Wilfred Frost reports the latest in the Brexit discussions.


Company: cnbc, Activity: cnbc, Date: 2019-10-11
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Stocks in Asia decline amid US-China trade uncertainty

Stocks in Asia traded lower Wednesday afternoon amid growing uncertainty over the high-level trade negotiations between the U.S. and China due to commence later this week. Mainland Chinese stocks declined by the afternoon, with the Shanghai composite down 0.14% and Shenzhen component declining 0.54%. U.S. President Donald Trump has said the increase in duties will kick in if no progress is made in bilateral trade negotiations. “It is clear from just the events of today and recent days that the t


Stocks in Asia traded lower Wednesday afternoon amid growing uncertainty over the high-level trade negotiations between the U.S. and China due to commence later this week. Mainland Chinese stocks declined by the afternoon, with the Shanghai composite down 0.14% and Shenzhen component declining 0.54%. U.S. President Donald Trump has said the increase in duties will kick in if no progress is made in bilateral trade negotiations. “It is clear from just the events of today and recent days that the t
Stocks in Asia decline amid US-China trade uncertainty Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-10-09  Authors: eustance huang
Keywords: news, cnbc, companies, chinese, decline, uschina, washington, stocks, asia, negotiations, shares, tech, dropped, tariffs, uncertainty, amid, trade


Stocks in Asia decline amid US-China trade uncertainty

Stocks in Asia traded lower Wednesday afternoon amid growing uncertainty over the high-level trade negotiations between the U.S. and China due to commence later this week. Mainland Chinese stocks declined by the afternoon, with the Shanghai composite down 0.14% and Shenzhen component declining 0.54%. The Shenzhen composite also slipped 0.347%. Hong Kong’s Hang Seng index shed 0.68% as shares of Chinese tech behemoth Tencent dropped 1.24%. The Nikkei 225 in Japan slipped 0.64% while the Topix index shed 0.42%. In Australia, the S&P/ASX 200 declined 0.7% as most of the sectors traded lower. Overall, the MSCI Asia ex-Japan index shed 0.57%. Markets in South Korea are closed on Wednesday for a holiday.

Apple suppliers fall

Shares of Apple suppliers in Asia largely declined following criticism from Chinese state media on the U.S. tech giant’s decision to allow an app on its app store used by protestors in Hong Kong. The app in question, HKmap.live, tracks the movement of police around the city. In Japan, shares of Sharp dropped 2.63% while Murata Manufacturing rose 0.11%. Sunny Optical shares in Hong Kong plunged 3% as AAC Tech also fell 3.26%. Contract manufacturer Pegatron’s stock fell 1.27%, as did shares of Taiwan Semiconductor Manufacturing Company, which was down 1.22%. iPhone assembler Hon Hai Precision Industry, better known as Foxconn, also dropped 0.81%. Shares of China-based Luxshare and GoerTek fell 5.08% and 4.09%, respectively. Both companies assemble Apple’s AirPods.

US-China tensions

Investors watch for market reaction to overnight developments in U.S.-China tensions. Washington expanded its trade blacklist to include some of China’s top artificial intelligence firms on Monday, in response to Beijing’s alleged treatment of predominantly Muslim ethnic minorities. For its part, China’s Ministry of Commerce said the U.S. should “stop interfering” in the country’s internal affairs and “remove” the relevant entities from the list “as soon as possible.” Those latest developments cloud the outlook for the upcoming U.S.-China trade negotiations, set to kick off on Thursday amid the looming prospect of more tariffs from Washington on goods from Beijing. The White House has scheduled an increase in U.S. tariffs on $250 billion worth of Chinese goods to 30% from 25% on Oct. 15. U.S. President Donald Trump has said the increase in duties will kick in if no progress is made in bilateral trade negotiations. “It is clear from just the events of today and recent days that the trade negotiations with China are definitely not getting any closer to resolution. If anything, they’re getting further away,” Carl Tannenbaum, chief economist at Northern Trust, told CNBC’s “Squawk Box” on Wednesday. “The two sides — even though there are still negotiations scheduled for Thursday of this week in Washington — seem to be taking steps on both sides to distance themselves from one another,” Tannenbaum added. “In that context, the trade headwind that the economy has been facing around the world is certainly going to remain there if not intensify.” The protracted trade fight between the U.S. and China has already lasted for more than a year, with both parties slapping tariffs on billions of dollars worth of each other’s goods, denting investor sentiment and raising fears over the outlook for the global economy.

Asia-Pacific Market Indexes Chart

Overnight on Wall Street, stocks tumbled amid the dented hopes for a U.S.-China trade deal. The Dow Jones Industrial Average plunged 313.98 points to close at 26,164.04 while the S&P 500 slipped 1.6% to end its trading day stateside 2,893.06. The Nasdaq Composite dropped 1.7% to close at 7,823.78.

Currencies and oil


Company: cnbc, Activity: cnbc, Date: 2019-10-09  Authors: eustance huang
Keywords: news, cnbc, companies, chinese, decline, uschina, washington, stocks, asia, negotiations, shares, tech, dropped, tariffs, uncertainty, amid, trade


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US lawmaker introduces bill cutting nicotine in e-cigarettes amid teen vaping epidemic

Rep. Raja Krishnamoorthi, D-Ill., is introducing a bill that would cap the amount of nicotine in e-cigarettes as lawmakers seek to stem epidemic use among underaged teens. The Ending Nicotine Dependence from Electronic Nicotine Delivery Systems Act would limit e-cigarettes to no more than 20 milligrams per milliliter of nicotine, about a third of the 59 milligrams per milliliter contained in standard Juul pods. It would allow the Food and Drug Administration to lower the cap even more to make e-


Rep. Raja Krishnamoorthi, D-Ill., is introducing a bill that would cap the amount of nicotine in e-cigarettes as lawmakers seek to stem epidemic use among underaged teens. The Ending Nicotine Dependence from Electronic Nicotine Delivery Systems Act would limit e-cigarettes to no more than 20 milligrams per milliliter of nicotine, about a third of the 59 milligrams per milliliter contained in standard Juul pods. It would allow the Food and Drug Administration to lower the cap even more to make e-
US lawmaker introduces bill cutting nicotine in e-cigarettes amid teen vaping epidemic Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-10-07  Authors: angelica lavito, in angelicalavito
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US lawmaker introduces bill cutting nicotine in e-cigarettes amid teen vaping epidemic

US Representative Raja Krishnamoorthi, Democrat of Illinois, looks as Acting Director of National Intelligence Joseph Maguire arrives to testify before a hearing of the House Permanent Select Committee on Intelligence on September 26, 2019, in Washington, DC.

Rep. Raja Krishnamoorthi, D-Ill., is introducing a bill that would cap the amount of nicotine in e-cigarettes as lawmakers seek to stem epidemic use among underaged teens.

The Ending Nicotine Dependence from Electronic Nicotine Delivery Systems Act would limit e-cigarettes to no more than 20 milligrams per milliliter of nicotine, about a third of the 59 milligrams per milliliter contained in standard Juul pods. It would allow the Food and Drug Administration to lower the cap even more to make e-cigarettes minimally addictive or not addictive at all.

While other countries around the world regulate the amount of nicotine in e-cigarettes, the U.S. does not currently have any restrictions. Supporters say the punch that market leader Juul packs helps smokers transition from traditional cigarettes. Critics say it merely makes Juul incredibly addictive, especially for teenagers.

More than one quarter of U.S. high school seniors use e-cigarettes, according to this year’s federal National Youth Tobacco Survey. Krishnamoorthi and the House Committee on Oversight and Reform’s Economic and Consumer Policy subcommittee are investigating market leader Juul’s possible role in fueling what regulators have declared an “epidemic” of teen vaping.

Juul did not immediately respond to a request for comment.


Company: cnbc, Activity: cnbc, Date: 2019-10-07  Authors: angelica lavito, in angelicalavito
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Kroger, Walgreens to stop selling e-cigarettes, amid backlash and regulatory uncertainty

Critics of the product have argued that flavored e-cigarettes made by companies like Juul are designed to appeal to teens directly. With usage rising to a level the FDA has called an “epidemic” and heightened scrutiny, the Trump administration is readying a federal ban on flavored e-cigarettes. Michigan, San Francisco, and Boulder, Colorado, have banned flavored e-cigarettes. Walmart said in September it will stop selling e-cigarettes in its Walmart and Sam’s Clubs location, citing “regulatory c


Critics of the product have argued that flavored e-cigarettes made by companies like Juul are designed to appeal to teens directly. With usage rising to a level the FDA has called an “epidemic” and heightened scrutiny, the Trump administration is readying a federal ban on flavored e-cigarettes. Michigan, San Francisco, and Boulder, Colorado, have banned flavored e-cigarettes. Walmart said in September it will stop selling e-cigarettes in its Walmart and Sam’s Clubs location, citing “regulatory c
Kroger, Walgreens to stop selling e-cigarettes, amid backlash and regulatory uncertainty Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-10-07  Authors: lauren hirsch angelica lavito, lauren hirsch, angelica lavito, in angelicalavito
Keywords: news, cnbc, companies, states, sale, regulatory, uncertainty, kroger, backlash, teens, stop, tobacco, walgreens, selling, ecigarettes, amid, flavored, walmart


Kroger, Walgreens to stop selling e-cigarettes, amid backlash and regulatory uncertainty

Kroger and Walgreens are joining Walmart and other retailers in discontinuing the sale of electronic cigarettes.

Kroger, which also owns Harris Teeter, Ralphs, Fred Meyer, and other store brands, said it is discontinuing the sale of the product due “to the mounting questions and increasingly-complex regulatory environment.”

Walgreens said it made the decision “as the CDC, FDA and other health officials continue to examine the issue.” A spokesperson for the grocer added that the decision is “reflective of developing regulations in a growing number of states and municipalities.”

E-cigarettes have come under regulatory and public scrutiny as a mysterious, deadly vaping illness continues to claim lives. The Centers for Disease Control and Prevention has identified at least 18 confirmed deaths and 1,080 probable cases across 48 states and the U.S. Virgin Islands as of last Tuesday. Most patients identified vaped THC, the active ingredient in marijuana, according to the CDC. Seventeen percent said they exclusively used nicotine.

E-cigarettes have exploded in popularity over the past few years, particularly among teens. Critics of the product have argued that flavored e-cigarettes made by companies like Juul are designed to appeal to teens directly.

With usage rising to a level the FDA has called an “epidemic” and heightened scrutiny, the Trump administration is readying a federal ban on flavored e-cigarettes. Michigan, San Francisco, and Boulder, Colorado, have banned flavored e-cigarettes. Michael Bloomberg, the billionaire and former New York mayor, pledged $160 million to help enact similar restrictions around the country.

Walmart said in September it will stop selling e-cigarettes in its Walmart and Sam’s Clubs location, citing “regulatory complexity.” Rite Aid in April said it would stop selling e-cigarettes in all stores.

Retailers have been increasingly taking action to regulate the sale of controversial products before federal regulation has been enacted.

Walmart, Walgreens and Rite Aid earlier this year announced plans to raise the minimum age to buy tobacco to 21, after a dozen states had already done so through legislation.

Officials at Kroger and Walgreens confirmed both companies will continue to sell tobacco products in their stores.


Company: cnbc, Activity: cnbc, Date: 2019-10-07  Authors: lauren hirsch angelica lavito, lauren hirsch, angelica lavito, in angelicalavito
Keywords: news, cnbc, companies, states, sale, regulatory, uncertainty, kroger, backlash, teens, stop, tobacco, walgreens, selling, ecigarettes, amid, flavored, walmart


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India’s airlines need help offsetting operating costs, amid expectations for low fares

NEW DELHI — India needs to fix structural issues in its aviation market that keep operating costs high for domestic airlines, a top industry leader told CNBC. Aviation has a bright future in the country but carriers are struggling to square the differences between high operating costs and the low, competitive fares they have to offer, according to Ajay Singh, chairman and managing director of SpiceJet. SpiceJet is a low-cost airline in India and has one of the largest market shares in the countr


NEW DELHI — India needs to fix structural issues in its aviation market that keep operating costs high for domestic airlines, a top industry leader told CNBC. Aviation has a bright future in the country but carriers are struggling to square the differences between high operating costs and the low, competitive fares they have to offer, according to Ajay Singh, chairman and managing director of SpiceJet. SpiceJet is a low-cost airline in India and has one of the largest market shares in the countr
India’s airlines need help offsetting operating costs, amid expectations for low fares Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-10-04  Authors: saheli roy choudhury
Keywords: news, cnbc, companies, world, struggling, aviation, airline, fares, singh, costs, operating, help, offsetting, high, india, airlines, low, amid, indias, expectations, need


India's airlines need help offsetting operating costs, amid expectations for low fares

NEW DELHI — India needs to fix structural issues in its aviation market that keep operating costs high for domestic airlines, a top industry leader told CNBC.

Aviation has a bright future in the country but carriers are struggling to square the differences between high operating costs and the low, competitive fares they have to offer, according to Ajay Singh, chairman and managing director of SpiceJet.

SpiceJet is a low-cost airline in India and has one of the largest market shares in the country for the number of domestic passengers carried.

“Demand outlook remains strong. People are shifting and moving from trains into planes, and more and more people are flying as the economy grows, as disposable incomes increase,” Singh told CNBC at the India Economic Summit. He added that airlines are operating “in an environment where our costs are among the highest and our fares are amongst the lowest.”

India is considered to be one of the fastest-growing aviation markets in the world, but not every airline has been able to weather the challenging operating environment.

Jet Airways, which was once India’s biggest private carrier, stopped flying in April after the company ran out of cash. In June, it filed for bankruptcy after its lenders failed to agree on a revival plan. On the other hand, the Indian government is still struggling to sell debt-laden national carrier Air India, and Reuters reported last month that New Delhi could be open to selling a partial stake in the airline to a foreign competitor.

Singh pointed out airlines are struggling because India has high taxes on aviation turbine fuel; carriers also pay high airport charges as well as duties on aircraft parts that are re-imported after repair.

“I think it’s time we made the structural changes that are required in aviation and made Indian aviation competitive with our peers around the world,” he said. That includes ensuring India’s aviation fuel costs, import duties and airport charges are on par with other countries in the region. If that happens, aviation can give a boost to tourism and the economy, Singh added.


Company: cnbc, Activity: cnbc, Date: 2019-10-04  Authors: saheli roy choudhury
Keywords: news, cnbc, companies, world, struggling, aviation, airline, fares, singh, costs, operating, help, offsetting, high, india, airlines, low, amid, indias, expectations, need


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