The world’s largest shipping firm warns of ‘considerable uncertainties’ as trade tensions rise

Moller-Maersk is the largest container shipping company in the world. Danish shipping firm Moller-Maersk posted first-quarter profit close to expectations on Friday, warning that trade tensions and slowing economic growth constitute “considerable uncertainties.” Maersk, the world’s largest container shipping company, said it still expects 2019 EBITDA of about $5 billion. “We are still facing considerable uncertainties,” CEO Søren Skou said in a press release, mentioning “the risk from trade tens


Moller-Maersk is the largest container shipping company in the world. Danish shipping firm Moller-Maersk posted first-quarter profit close to expectations on Friday, warning that trade tensions and slowing economic growth constitute “considerable uncertainties.” Maersk, the world’s largest container shipping company, said it still expects 2019 EBITDA of about $5 billion. “We are still facing considerable uncertainties,” CEO Søren Skou said in a press release, mentioning “the risk from trade tens
The world’s largest shipping firm warns of ‘considerable uncertainties’ as trade tensions rise Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-05-24  Authors: matt clinch
Keywords: news, cnbc, companies, volumes, largest, shipping, trump, firm, considerable, skou, uncertainties, container, worlds, worth, warns, tensions, rise, trade, billion, tariffs


The world's largest shipping firm warns of 'considerable uncertainties' as trade tensions rise

A.P. Moller-Maersk is the largest container shipping company in the world.

Danish shipping firm Moller-Maersk posted first-quarter profit close to expectations on Friday, warning that trade tensions and slowing economic growth constitute “considerable uncertainties.”

Earnings before interest, tax, depreciation and amortization (EBITDA) totaled $1.24 billion for the quarter, compared with $1.25 billion forecast by analysts in a Reuters poll.

Maersk, the world’s largest container shipping company, said it still expects 2019 EBITDA of about $5 billion.

“We are still facing considerable uncertainties,” CEO Søren Skou said in a press release, mentioning “the risk from trade tensions.”

In the first quarter, “volumes on trans-Pacific trade between Asia and North America have shown signs of decline and new tariffs can potentially reduce expected growth in global container volumes by up to 1 percentage point.” he added.

President Donald Trump unexpectedly accused China of reneging on a deal earlier this month and announced that tariffs on $200 billion worth of Chinese goods would increase to 25% from 10% on May 10.

Beijing retaliated, raising levies on $60 billion worth of U.S. products. In the last two weeks, the Trump administration also put Chinese telecom giant Huawei on a blacklist that prevents it from buying from American companies without U.S. government permission.

Speaking to CNBC Friday, Skou highlighted that the U.S. also has an outstanding discussion with the European Union.

“If the Chinese-U.S. conflict is resolved then our expectations would be that it would immediately lead to a discussion between the EU and the U.S. So I don’t believe that we will be done with tensions anytime soon, ” he told CNBC’s “Street Signs” Friday.

—Reuters and CNBC’s Evelyn Cheng contributed to this article.


Company: cnbc, Activity: cnbc, Date: 2019-05-24  Authors: matt clinch
Keywords: news, cnbc, companies, volumes, largest, shipping, trump, firm, considerable, skou, uncertainties, container, worlds, worth, warns, tensions, rise, trade, billion, tariffs


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Why this 27-year-old is happy she worked a corporate job before starting her $1 billion business

But that’s okay, according to major fashion start-up founder Ankiti Bose, who says she’s happy she worked a corporate job before going it alone. In fact, that day job is what got her where she is today, Zilingo’s CEO told CNBC Make It. It gave Dhruv and I the opportunity to travel around the region and really understand what consumers want. Ankiti Bose co-founder and CEO, ZilingoTo be sure, the 27-year-old is still remarkable. Zilingo’s senior management team, including co-founder and CEO Ankiti


But that’s okay, according to major fashion start-up founder Ankiti Bose, who says she’s happy she worked a corporate job before going it alone. In fact, that day job is what got her where she is today, Zilingo’s CEO told CNBC Make It. It gave Dhruv and I the opportunity to travel around the region and really understand what consumers want. Ankiti Bose co-founder and CEO, ZilingoTo be sure, the 27-year-old is still remarkable. Zilingo’s senior management team, including co-founder and CEO Ankiti
Why this 27-year-old is happy she worked a corporate job before starting her $1 billion business Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-05-24  Authors: karen gilchrist
Keywords: news, cnbc, companies, 27yearold, worked, cofounder, really, gave, southeast, business, ceo, india, job, happy, starting, ankiti, corporate, bose, billion, zilingo


Why this 27-year-old is happy she worked a corporate job before starting her $1 billion business

Many of us would love to be the kid who dreamed up a multimillion-dollar business idea in their college dorm room, becoming an overnight success without ever working a “real job.” The reality, though, is that those teen proteges are few and far between. But that’s okay, according to major fashion start-up founder Ankiti Bose, who says she’s happy she worked a corporate job before going it alone. In fact, that day job is what got her where she is today, Zilingo’s CEO told CNBC Make It. It gave her the chance to watch and learn. “The fact that I was working in venture capital and consulting before that definitely played an important role in shaping our opinions in what would work and what would not work, what would build a sustainable business,” Bose said of the early years she spent working an office job.

It gave Dhruv and I the opportunity to travel around the region and really understand what consumers want. Ankiti Bose co-founder and CEO, Zilingo

To be sure, the 27-year-old is still remarkable. Bose quit her job in 2015, just before her 24th birthday, and along with her co-founder Dhruv Kapoor has spent the last four years building a e-commerce platform that’s valued at nearly $1 billion, to help Southeast Asia’s independent retailers sell their products online. As of February this year, Singapore-headquartered Zilingo had 7 million active users globally and a valuation of $970 million. That puts Bose on course to become India’s first woman to co-found a $1 billion start-up.

Ankiti Bose, co-founder and CEO of Zilingo CNBC

But it was her time spent observing Asia’s burgeoning tech scene — first as a management consultant at McKinsey, and later as an investment analyst at Sequoia Capital in Bangalore, India — that first gave her that “aha” moment, said Bose. “I think it gave Dhruv and I the opportunity to travel around the region and really understand what consumers want,” she said of her corporate role and Kapoor’s job as a software engineer. Bose said that as an investment analyst, she followed the emergence of e-commerce powerhouses such as Amazon, Alibaba and Flipkart in major economies like the U.S., China and India. Yet it also highlighted to her the dearth of options for sellers in Southeast Asia — one of the world’s largest fashion manufacturing markets.

Despite everything that was happening in India and China at the time, Southeast Asia was the one market which was growing really fast. Ankiti Bose co-founder and CEO, Zilingo

“Despite everything that was happening in India and China at the time, Southeast Asia was the one market which was growing really fast and had the maximum room for a product like ours,” said Bose, who first spotted the opportunity on a trip to Chatuchak market in Bangkok, Thailand. “Everybody was solving for access to the internet, but what about everything else that goes on before you actually sell the product?” Bose continued, listing common hurdles for retailers, such as procurement, design and financing. “We said hey, what about if we plug all those gaps for merchants.”

Zilingo’s senior management team, including co-founder and CEO Ankiti Bose (center). Zilingo


Company: cnbc, Activity: cnbc, Date: 2019-05-24  Authors: karen gilchrist
Keywords: news, cnbc, companies, 27yearold, worked, cofounder, really, gave, southeast, business, ceo, india, job, happy, starting, ankiti, corporate, bose, billion, zilingo


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House Republican holds up $19 billion disaster relief bill expected to pass unanimously

Rep. Chip Roy, R-Texas, left, listens during the House Oversight and Reform Committee markup of a resolution authorizing issuance of subpoenas related to security clearances and the 2020 Census on Tuesday, April 2, 2019. Rep. Chip Roy, R-Texas, blocked a $19.1 billion disaster relief bill that was expected to sail through Friday, a move that stalled the measure from becoming law. The bill was expected to pass the House under a unanimous consent process, to which any member may object. “Secondly,


Rep. Chip Roy, R-Texas, left, listens during the House Oversight and Reform Committee markup of a resolution authorizing issuance of subpoenas related to security clearances and the 2020 Census on Tuesday, April 2, 2019. Rep. Chip Roy, R-Texas, blocked a $19.1 billion disaster relief bill that was expected to sail through Friday, a move that stalled the measure from becoming law. The bill was expected to pass the House under a unanimous consent process, to which any member may object. “Secondly,
House Republican holds up $19 billion disaster relief bill expected to pass unanimously Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-05-24  Authors: tucker higgins
Keywords: news, cnbc, companies, elected, pass, bill, expected, roy, rtexas, disaster, trump, holds, rep, billion, object, relief, republican, unanimously, house


House Republican holds up $19 billion disaster relief bill expected to pass unanimously

Rep. Chip Roy, R-Texas, left, listens during the House Oversight and Reform Committee markup of a resolution authorizing issuance of subpoenas related to security clearances and the 2020 Census on Tuesday, April 2, 2019.

Rep. Chip Roy, R-Texas, blocked a $19.1 billion disaster relief bill that was expected to sail through Friday, a move that stalled the measure from becoming law.

The bill was expected to pass the House under a unanimous consent process, to which any member may object. It is likely to be revisited when lawmakers return June 3.

“I’m here today primarily because if I do not object Congress will have passed into law a bill that spends $19 billion of taxpayer money without members of Congress being present here in our nation’s capital to vote on it,” Roy said on the House floor.

“Secondly, it’s a bill that includes nothing to address the clear national emergency and humanitarian crisis we face at our southern border,” Roy said.

Democrats’ next move was not immediately clear. Rep. Steny Hoyer, D-Md., the House majority leader, said the party will “take action as early as next week” during an informal session.

A companion measure passed in the Senate on Thursday. The bill included about $1 billion in funding for Puerto Rico relief, a point of contention, in addition to funds for other parts of the country hit by floods, hurricanes and fires.

President Donald Trump has declared the situation on the southern border a national emergency and had previously sought to include border-related funding in the bill. He later dropped the demand.

Roy’s last-minute announcement immediately drew the fury of House Democrats.

“After President Trump and Senate Republicans delayed disaster relief for more than four months, it is deeply disappointing that House Republicans are now making disaster victims wait even longer to get the help they need,” House Appropriations Committee Chairwoman Rep. Nita Lowey, D-N.Y., said in a statement.

House Speaker Nancy Pelosi, D-Calif., decried the move as “sabotage.”

Roy previously served as the chief of staff to Sen. Ted Cruz, R-Texas. He was narrowly elected to his first term in Congress last year after pledging to secure the border “so that terrorists, criminals, and illegal immigrants are not allowed to come and go as they please,” according to his campaign website.

Roy was elected with just over 50% of the vote in a district Trump carried by 10 points in 2016, suggesting he could face a difficult re-election battle. His district, Texas’s 21st, is a “top tier Democratic pickup opportunity,” according to Avery Jaffe, a spokesperson for the Democratic Congressional Campaign Committee.

“Every day Congressman Roy spends in Washington he turns more into a creature of the swamp,” Jaffe said in a statement.

Roy, in a statement later Friday, wrote that “I stayed in D.C. to object because this kind of swampy practice is what Texans elected me to stand against.

— CNBC’s Dan Mangan and Christina Wilkie contributed to this report.


Company: cnbc, Activity: cnbc, Date: 2019-05-24  Authors: tucker higgins
Keywords: news, cnbc, companies, elected, pass, bill, expected, roy, rtexas, disaster, trump, holds, rep, billion, object, relief, republican, unanimously, house


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Wall Street misunderstands Tesla, says analyst whose lowest price target is triple current levels

An analyst for a firm with a major investment in Tesla said Friday that recent drastic price-target cuts on the stock by others on Wall Street are missing the big picture. Tasha Keeney, an Ark analyst, said in an interview on CNBC’s “Squawk Box” that Wall Street is “misunderstanding the Tesla story” and the potential upside of Elon Musk’s vision. This week, Morgan Stanley put a worst-case of $10 per share on Tesla. The electric vehicle maker began the month saying it would raise more than $2 bil


An analyst for a firm with a major investment in Tesla said Friday that recent drastic price-target cuts on the stock by others on Wall Street are missing the big picture. Tasha Keeney, an Ark analyst, said in an interview on CNBC’s “Squawk Box” that Wall Street is “misunderstanding the Tesla story” and the potential upside of Elon Musk’s vision. This week, Morgan Stanley put a worst-case of $10 per share on Tesla. The electric vehicle maker began the month saying it would raise more than $2 bil
Wall Street misunderstands Tesla, says analyst whose lowest price target is triple current levels Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-05-24  Authors: matthew j belvedere
Keywords: news, cnbc, companies, misunderstands, ark, value, price, month, street, target, triple, musk, stock, billion, vehicles, share, tesla, levels, current, lowest, wall


Wall Street misunderstands Tesla, says analyst whose lowest price target is triple current levels

An analyst for a firm with a major investment in Tesla said Friday that recent drastic price-target cuts on the stock by others on Wall Street are missing the big picture.

Ark Invest, whose founder predicted on CNBC last year that Tesla could hit $4,000 per share, stands by that call, even as the stock has lost about 40% of its value in 2019.

Tasha Keeney, an Ark analyst, said in an interview on CNBC’s “Squawk Box” that Wall Street is “misunderstanding the Tesla story” and the potential upside of Elon Musk’s vision. Musk’s accomplishments are widely acknowledged, but he’s gotten himself and Tesla into trouble with the government over his comments, stemming from an August tweet about possibly taking the company private with “funding secured.”

Keeney said Ark believes so strongly in Tesla that its five-year, bear-case scenario is $560 per share, which would be nearly triple the value of where the stock closed Thursday at $195.

This week, Morgan Stanley put a worst-case of $10 per share on Tesla. A day later, Citigroup said the stock could fall to $36 per share.

Tesla has always been a battleground stock as one of the most loved and hated. Tesla is also one of the most shorted stocks. Shorting a stock is a bet that it will go down.

The electric vehicle maker began the month saying it would raise more than $2 billion through stock and convertible debt. The company’s cash burn and need to repeatedly raise money has been a concern among its detractors.

Keeney, however, said Ark is not troubled by additional fundraising. “If we talk about cash, and those worries, in our valuation model we actually expect, we have Tesla raising an additional $10 billion to $20 billion in the next five years. And we’re actually OK with that.”

“We want them to get as many cars on the road as possible” with the next step of running a “fully autonomous taxi network.” Last month, Musk promised 1 million vehicles on the road next year that are able to function as “robo-taxis,” a claim that was generally thought to be optimistic, at best.

On an investor call earlier this month, two of the invitees told CNBC that Musk predicted autonomous driving will transform Tesla into a company with a $500 billion stock market value. As of Thursday’s close, Tesla’s market cap was just over $34 billion.

Keeney admits that Musk sets “extremely aggressive goals” and often falls short. “But in doing that, in sort of pushing to that target, they’ve been able to achieve the impossible so far.”

She also countered the argument that demand for Tesla vehicles is waning. “Sixty-nine percent of the trade-ins for the Model 3, for the standard range version, were non-premium vehicles. So they are pulling in demand from other segments. They outsold their next best competitor by 60% in the premium vehicle segment.”

“People clearly like these cars for a good reason. Tesla has a software advantage that no one else can beat,” she added.


Company: cnbc, Activity: cnbc, Date: 2019-05-24  Authors: matthew j belvedere
Keywords: news, cnbc, companies, misunderstands, ark, value, price, month, street, target, triple, musk, stock, billion, vehicles, share, tesla, levels, current, lowest, wall


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Global Payments is nearing an agreement to acquire Total System Services for roughly $20 billion in latest fintech deal

Payment technology company Global Payments is nearing an agreement to acquire peer Total System Services for about $20 billion, in an all-stock deal that is expected to be announced Tuesday, people familiar with the matter tell CNBC. In early afternoon, it was up nearly 14%; Global Payments stock gained 3.4%. Global Payments declined to comment, while Total System Services did not respond to a request for comment. TSYS bought small business solution payment company iMobile3 last year and merchan


Payment technology company Global Payments is nearing an agreement to acquire peer Total System Services for about $20 billion, in an all-stock deal that is expected to be announced Tuesday, people familiar with the matter tell CNBC. In early afternoon, it was up nearly 14%; Global Payments stock gained 3.4%. Global Payments declined to comment, while Total System Services did not respond to a request for comment. TSYS bought small business solution payment company iMobile3 last year and merchan
Global Payments is nearing an agreement to acquire Total System Services for roughly $20 billion in latest fintech deal Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-05-24  Authors: alex sherman hugh son lauren hirsch, alex sherman, hugh son, lauren hirsch
Keywords: news, cnbc, companies, services, technology, deal, system, payment, global, billion, roughly, total, nearing, latest, fintech, company, payments


Global Payments is nearing an agreement to acquire Total System Services for roughly $20 billion in latest fintech deal

Payment technology company Global Payments is nearing an agreement to acquire peer Total System Services for about $20 billion, in an all-stock deal that is expected to be announced Tuesday, people familiar with the matter tell CNBC.

The people requested anonymity because the talks are confidential.

Total System’s stock skyrocketed after the CNBC report. In early afternoon, it was up nearly 14%; Global Payments stock gained 3.4%.

Global Payments declined to comment, while Total System Services did not respond to a request for comment.

Shares of Columbus, Georgia-based Total System Services, commonly known as TSYS, are up to 23% year to date, giving the company a market capitalization of $17.6 billion. Atlanta-based Global Payments has traded up 45% during the same period and holds a current market capitalization of $23.3 billion.

The combined company plans to refinance. Bank of America will lead the refinance and is advising Global Payments on the deal. A Bank of America spokesman declined to comment.

The deal would mark the latest in a flurry of activity in the payment technology space. Financial technology provider Fiserv announced plans in January to buy payment processor First Data in a deal worth $22 billion. In March, fintech group Fidelity National Information Services announced plans to buy Worldpay for roughly $35 billion.

The consolidation comes as established financial companies seek to compete with new technology players, like Square and PayPal, which offer technology driven services. Last year, VC funding for payments and processing grew to a total $4.4 billion — a 46% increase from a year earlier, according to PitchBook.

Global Payments and TSYS have been active acquirers in recent years — looking to build up in-house technology and expand their customer bases.

TSYS bought small business solution payment company iMobile3 last year and merchant payment company TransFirst in 2016.

Global Payments announced plans to buy Heartland Payment Systems for roughly $4.3 billion in 2015 and restaurant payment technology company SICOM Systems for $415 million in 2018.

Bloomberg reported that Global Payments and Total System Services were in preliminary deal talks on Thursday.

WATCH: Cramer talked to Global Payments CEO last May


Company: cnbc, Activity: cnbc, Date: 2019-05-24  Authors: alex sherman hugh son lauren hirsch, alex sherman, hugh son, lauren hirsch
Keywords: news, cnbc, companies, services, technology, deal, system, payment, global, billion, roughly, total, nearing, latest, fintech, company, payments


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Hollywood’s biggest talent agency owner is finally going public

Ari Emanuel’s company Endeavor is finally going public. “Content is no longer defined solely by the traditional categories on which our businesses were founded,” the company wrote in its filing. An IPO has been rumored since Emanuel and Patrick Whitesell merged their talent agency with sports and modelling agency IMG in 2013. Endeavor plans on using a dual-class stock structure that would keep the company controlled by Emanuel, Whitesell and private equity backer Silver Lake. “As the entertainme


Ari Emanuel’s company Endeavor is finally going public. “Content is no longer defined solely by the traditional categories on which our businesses were founded,” the company wrote in its filing. An IPO has been rumored since Emanuel and Patrick Whitesell merged their talent agency with sports and modelling agency IMG in 2013. Endeavor plans on using a dual-class stock structure that would keep the company controlled by Emanuel, Whitesell and private equity backer Silver Lake. “As the entertainme
Hollywood’s biggest talent agency owner is finally going public Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-05-23  Authors: sarah whitten
Keywords: news, cnbc, companies, biggest, capital, talent, agency, stock, public, owner, whitesell, company, emanuel, million, hollywoods, going, endeavor, finally, wrote, billion


Hollywood's biggest talent agency owner is finally going public

Ari Emanuel speaks onstage during the 2017 LACMA Art + Film Gala Honoring Mark Bradford and George Lucas presented by Gucci at LACMA on November 4, 2017 in Los Angeles, California.

Ari Emanuel’s company Endeavor is finally going public.

The global entertainment, sports and content company will list on the New York Stock Exchange under the symbol “EDR,” according to registration documents filed publicly Thursday with the Securities and Exchange Commission.

Endeavor said it plans to raise $100 million in the offering. Companies typically use $100 million as a placeholder before disclosing the actual figure at a later date. Proceeds the company receives from this offering will go towards working capital and general corporate purposes.

Here are the highlights from Endeavor’s filing:

Revenue : Endeavor reported 2018 revenue of $3.6 billion

: Endeavor reported 2018 revenue of $3.6 billion Net income: The company posted net income of $231.3 million in the year ended Dec. 31, 2018.

“Content is no longer defined solely by the traditional categories on which our businesses were founded,” the company wrote in its filing. “Television, movies and live events have been joined by others including podcasts, experiences, social media, multiplayer video games and e-sports. Wherever you are in the world and whatever way you define content, Endeavor is likely playing a role.”

An IPO has been rumored since Emanuel and Patrick Whitesell merged their talent agency with sports and modelling agency IMG in 2013. Since then, Endeavor has acquired the Ultimate Fighting Championship, professional bull riders, the Frieze Art Fair and marketing agency 160over90.

Goldman Sachs will be the IPO’s lead banker, according to the registration documents. Other underwriters include KKR Capital Markets, the capital markets arm of the investment firm that helped Endeavor purchase UFC for more than $4 billion in 2016. J.P. Morgan, Morgan Stanley and Deutsche Bank are also listed.

Endeavor plans on using a dual-class stock structure that would keep the company controlled by Emanuel, Whitesell and private equity backer Silver Lake.

“As the entertainment industry moves toward a closed ecosystem model with less transparency, our clients and businesses need more insight, resources and solutions than ever before,” the company wrote in the filing. “We believe being a public company will only further accelerate our ability to look around corners and open up new categories and opportunities for those in the Endeavor network.”

Endeavor said rapidly changing consumer preferences, industry trends and the popularity of the talent they represent are all risk factors for the stock.


Company: cnbc, Activity: cnbc, Date: 2019-05-23  Authors: sarah whitten
Keywords: news, cnbc, companies, biggest, capital, talent, agency, stock, public, owner, whitesell, company, emanuel, million, hollywoods, going, endeavor, finally, wrote, billion


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Trump administration unveils $16 billion bailout to farmers hurt by China trade war

Farmer walks through his soy fields July 6, 2018, in Harvard, Illinois, the same day China imposed retaliatory tariffs aimed at the US soybean market. The Trump administration on Thursday announced a $16 billion trade aid program for American farmers that includes a three-pronged aid package for American farmers who have been hurt by the U.S. trade war with China. The centerpiece is cash payments totaling $14.5 billion to producers of a variety of crops as well as dairy and pork producers impact


Farmer walks through his soy fields July 6, 2018, in Harvard, Illinois, the same day China imposed retaliatory tariffs aimed at the US soybean market. The Trump administration on Thursday announced a $16 billion trade aid program for American farmers that includes a three-pronged aid package for American farmers who have been hurt by the U.S. trade war with China. The centerpiece is cash payments totaling $14.5 billion to producers of a variety of crops as well as dairy and pork producers impact
Trump administration unveils $16 billion bailout to farmers hurt by China trade war Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-05-23  Authors: jeff daniels christina wilkie, jeff daniels, christina wilkie
Keywords: news, cnbc, companies, usda, war, trump, trade, china, program, farmers, administration, unveils, soybean, hurt, billion, retaliatory, tariffs, bailout


Trump administration unveils $16 billion bailout to farmers hurt by China trade war

Farmer walks through his soy fields July 6, 2018, in Harvard, Illinois, the same day China imposed retaliatory tariffs aimed at the US soybean market.

The Trump administration on Thursday announced a $16 billion trade aid program for American farmers that includes a three-pronged aid package for American farmers who have been hurt by the U.S. trade war with China.

The centerpiece is cash payments totaling $14.5 billion to producers of a variety of crops as well as dairy and pork producers impacted by retaliatory tariffs. U.S. tariff revenue collected by the Treasury would be used to support the program, according to the U.S. Department of Agriculture.

“The package we’re announcing today ensures that farmers will not bear the brunt of those trade practices by China or any other nation,” Agriculture Secretary Sonny Perdue said Thursday on a press call.

In addition, the government plans bulk purchases of about $1.4 billion of fresh produce and other food products impacted by tariffs. Food would be used to help food banks, pantries and school meal programs.

The USDA also plans a $100 million trade promotion program for livestock producers and certain crops to help industry sectors develop new markets. A similar program was launched as part of the administration’s 2018 trade relief program for agriculture.

“Frankly, all of this would have been moot if China had acted appropriately and fairly in many of the areas regarding intellectual property theft and non-tariff barriers that they have put up for many years,” Perdue said.

According to USDA chief economist Rob Johansson, the department’s $14.5 billion direct payment program to farmers is above the administration’s $12 billion plan announced last year. He said the new farm relief program looks at trade damages from last year’s tariffs but also goes back to previous actions by China and other trading partners with retaliatory levies against American agriculture.

“We are looking back a number of years to look at what China has purchased from us in the past, and we’re bringing that into our baseline,” Johansson told reporters.

Soybean farmers have been among the hardest hit in the China trade war in terms of dollar value. Before the trade war, China bought roughly half of the U.S. soybean exports. But the value of soybean exports to China fell 74% to $3.1 billion in 2018 from about $12.2 billion the previous year, according to the USDA.


Company: cnbc, Activity: cnbc, Date: 2019-05-23  Authors: jeff daniels christina wilkie, jeff daniels, christina wilkie
Keywords: news, cnbc, companies, usda, war, trump, trade, china, program, farmers, administration, unveils, soybean, hurt, billion, retaliatory, tariffs, bailout


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Target shares jump 8% as e-commerce gains fuel earnings beat

Target shares jumped nearly 8% in premarket trading on the news. Sales at Target stores open for at least 12 months were up 4.8%, better than expected growth of 4.2%. Target said traffic at stores was up 4.3%, transactions overall were up 4.3% and the average transaction amount was up 0.5%. The company is one of many retailers today trying to take market share from struggling Victoria’s Secret. As of Tuesday’s market close, Target shares are up about 9% for the year, bringing its market cap to a


Target shares jumped nearly 8% in premarket trading on the news. Sales at Target stores open for at least 12 months were up 4.8%, better than expected growth of 4.2%. Target said traffic at stores was up 4.3%, transactions overall were up 4.3% and the average transaction amount was up 0.5%. The company is one of many retailers today trying to take market share from struggling Victoria’s Secret. As of Tuesday’s market close, Target shares are up about 9% for the year, bringing its market cap to a
Target shares jump 8% as e-commerce gains fuel earnings beat Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-05-22  Authors: lauren thomas courtney reagan, lauren thomas, courtney reagan, sam meredith
Keywords: news, cnbc, companies, sales, 42, vs, traffic, fuel, billion, market, jump, earnings, share, ecommerce, beat, target, gains, stores, shares


Target shares jump 8% as e-commerce gains fuel earnings beat

Target shares soared Wednesday after the discount retailer reported fiscal first-quarter earnings and sales that topped analysts’ expectations, as it brought more people to its stores and convinced them to spend more money there.

Target’s e-commerce sales also surged 42%, as shoppers increasingly turned to its curbside pickup service for online orders, something Amazon can’t offer.

Even with the looming threat of 25% tariffs on apparel and footwear imported from China going into effect, Target maintained its outlook for the full year. The upbeat report contrasts those of department store chains earlier in the week, which largely disappointed investors.

Target shares jumped nearly 8% in premarket trading on the news.

Here’s what the big-box retailer reported compared with what analysts were expecting, based on Refinitiv data:

Earnings per share, adjusted: $1.53 vs. $1.43 expected

Revenues: $17.63 billion vs. $17.52 billion expected

Same-store sales: up 4.8% vs. growth of 4.2% expected

CEO Brian Cornell said Target is “well-positioned to deliver strong financial performance in 2019 and beyond.”

Net income grew to $795 million, or $1.53 per share, compared with $718 million, or $1.33 a share, a year ago. That was 10 cents ahead of analysts’ estimates.

Total revenues were up 5% to $17.63 billion from $16.78 billion last year. That beat estimates for $17.52 billion.

Sales at Target stores open for at least 12 months were up 4.8%, better than expected growth of 4.2%. This marks eight consecutive quarters of same-store sales growth for Target. Target said traffic at stores was up 4.3%, transactions overall were up 4.3% and the average transaction amount was up 0.5%.

Digital sales surged 42%, and purchases that originate online now represent 7.1% of Target’s total transactions, up from 5.2% a year ago.

Target is still calling for same-store sales to be up a low-to-mid-single digit percentage for the year, with a mid-single digit increase in operating income, and adjusted earnings per share falling within a range of $5.75 to $6.05.

Target’s earnings follow those of rival Walmart, which showed pressure on margins easing thanks to greater sales of its in-house apparel and home brands and private-label food options. Target has been hoping to see more of the same in its results.

During the latest quarter, Target said its recently launched intimates and sleepwear brands Auden, Stars Above and Colsie were well received. The company is one of many retailers today trying to take market share from struggling Victoria’s Secret. Target also launched an environmentally friendly cleaning-products brand called Everspring this quarter.

Morgan Stanley earlier this month upgraded shares of Target, calling it a “survivor” in retail. The firm said it believed Target was beyond its “peak margin pain,” as it’s been making investments in its stores, website and supply chain. Those investments had previously eaten into profits.

“Now, there are signs Target’s shipping-related deleverage is narrowing, particularly as it invests in fulfillment options … which promote higher traffic and reduce costs,” Morgan Stanley said ahead of earnings.

Target also generated buzz this month around the launch of its limited-edition line with preppy apparel and accessories brand Vineyard Vines. When items hit stores this past weekend, throngs of shoppers showed up ahead of opening hours. Target has used collaborations like this in the past to drive traffic. The results of that effort will be in next quarter’s results.

As of Tuesday’s market close, Target shares are up about 9% for the year, bringing its market cap to approximately $37.1 billion. Walmart shares are up about 8.5% so far this year.


Company: cnbc, Activity: cnbc, Date: 2019-05-22  Authors: lauren thomas courtney reagan, lauren thomas, courtney reagan, sam meredith
Keywords: news, cnbc, companies, sales, 42, vs, traffic, fuel, billion, market, jump, earnings, share, ecommerce, beat, target, gains, stores, shares


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Shares of Victoria’s Secret-owner L Brands spike nearly 11% after beating earnings expectations

A shopper carries a Victoria’s Secret bag while walking on Steinway Street in the Queens, New York. Shares of L Brands, the owner of Victoria’s Secret and Bath & Body Works, rose nearly 11% in aftermarket trading Wednesday after the company reported it beat revenue and earnings expectations, helped by the strength of its Bath & Body Works stores. Same-store sales at Victoria’s Secret continued to fall, with the brand reporting a 5% drop in comparable sales. L Brands said it closed 35 and opened


A shopper carries a Victoria’s Secret bag while walking on Steinway Street in the Queens, New York. Shares of L Brands, the owner of Victoria’s Secret and Bath & Body Works, rose nearly 11% in aftermarket trading Wednesday after the company reported it beat revenue and earnings expectations, helped by the strength of its Bath & Body Works stores. Same-store sales at Victoria’s Secret continued to fall, with the brand reporting a 5% drop in comparable sales. L Brands said it closed 35 and opened
Shares of Victoria’s Secret-owner L Brands spike nearly 11% after beating earnings expectations Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-05-22  Authors: ashley turner
Keywords: news, cnbc, companies, shares, body, nearly, share, billion, sales, secretowner, victorias, expectations, beating, secret, analysts, company, spike, brands, brand, earnings


Shares of Victoria's Secret-owner L Brands spike nearly 11% after beating earnings expectations

A shopper carries a Victoria’s Secret bag while walking on Steinway Street in the Queens, New York.

Shares of L Brands, the owner of Victoria’s Secret and Bath & Body Works, rose nearly 11% in aftermarket trading Wednesday after the company reported it beat revenue and earnings expectations, helped by the strength of its Bath & Body Works stores.

The company raised the low-end of its earnings forecast for 2019. It expects earnings to fall between $2.30 and $2.60 a share, up from its previous estimates of $2.20 and $2.60 per share.

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

Earnings per share: 14 cents vs. break-even expected

Revenue: $2.63 billion vs. $2.56 billion expected

Same-store sales: Flat vs. down 1.3% expected

For the first quarter ended May 4, L Brands said net income fell to $40.3 million, or 14 cents a share, from $47.5 million, or 17 cents a share, a year ago. That was far better than the breakeven results that analysts had predicted on a per-share basis.

L Brands net sales inched up to $2.628 billion from $2.625 billion a year ago. Analysts expected the company to earn $2.56 billion.

Sales at stores open at least 12 months were flat during the quarter, but that was better than the 1.3% decline analysts predicted.

Same-store sales at Victoria’s Secret continued to fall, with the brand reporting a 5% drop in comparable sales. However, same-store sales at Bath & Body Works rose by 13%.

L Brands said it closed 35 and opened one company-owned Victoria’s Secret stores in the first quarter.

The Victoria’s Secret brand, known for its sexy bra styles, has struggled to adapt to changing consumer tastes and has faced criticism for selling less comfortable bras, which it markets on ever-skinnier models. The brand has lost market share to companies like Adore Me, Lively, ThirdLove and American Eagle’s Aerie, which consumers say are more comfortable and inclusive of different body types.

After Victoria’s Secret saw a $500 million drop in annual revenues after pulling its bathing suits off the market in 2016, the brand recently decided to reintroduce swimwear.

L Brands CEO Les Wexner earlier this month also sent an internal memo to employees saying Victoria’s Secret is “rethinking” its annual fashion show because network television is no longer the “right fit.” Viewership of the event has declined. Last year’s show in December earned the worst ratings in its nearly 20-year broadcast history.


Company: cnbc, Activity: cnbc, Date: 2019-05-22  Authors: ashley turner
Keywords: news, cnbc, companies, shares, body, nearly, share, billion, sales, secretowner, victorias, expectations, beating, secret, analysts, company, spike, brands, brand, earnings


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TransferWise is now Europe’s most valuable fintech start-up, with a $3.5 billion valuation

TransferWise, the money transfer company that’s taking on Western Union, is valued at $3.5 billion after a new investment round, making it Europe’s most valuable financial technology start-up. The company says it’s been pushing for more transparency around the fees banks and currency exchange services charge their customers for transferring money abroad. “Eight years ago we had a dream, and in a way the whole world was against us,” said TransferWise co-founder and Chairman Taavet Hinrikus in an


TransferWise, the money transfer company that’s taking on Western Union, is valued at $3.5 billion after a new investment round, making it Europe’s most valuable financial technology start-up. The company says it’s been pushing for more transparency around the fees banks and currency exchange services charge their customers for transferring money abroad. “Eight years ago we had a dream, and in a way the whole world was against us,” said TransferWise co-founder and Chairman Taavet Hinrikus in an
TransferWise is now Europe’s most valuable fintech start-up, with a $3.5 billion valuation Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-05-22  Authors: ryan browne
Keywords: news, cnbc, companies, company, fintech, western, valuable, money, startup, 35, billion, investment, europes, valuation, thats, union, taking, step, fees, transferwise


TransferWise is now Europe's most valuable fintech start-up, with a $3.5 billion valuation

TransferWise, the money transfer company that’s taking on Western Union, is valued at $3.5 billion after a new investment round, making it Europe’s most valuable financial technology start-up.

In lowering fees and adding a slick online platform to help consumers move money globally and track their transfers, the London-based company is taking a modern approach to a staid business that’s been dominated by giants like Western Union and MoneyGram.

The company says it’s been pushing for more transparency around the fees banks and currency exchange services charge their customers for transferring money abroad.

“Eight years ago we had a dream, and in a way the whole world was against us,” said TransferWise co-founder and Chairman Taavet Hinrikus in an interview. “And we’ve been able to step by step build the business and also change the environment around us to be much more consumer friendly.”

TransferWise isn’t adding fresh cash to its balance sheet with the investment, but instead giving employees and early investors the chance to sell some of their stake in a $292 million secondary deal.


Company: cnbc, Activity: cnbc, Date: 2019-05-22  Authors: ryan browne
Keywords: news, cnbc, companies, company, fintech, western, valuable, money, startup, 35, billion, investment, europes, valuation, thats, union, taking, step, fees, transferwise


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