An expert breaks down how Facebook can prevent bias in its algorithms

An expert breaks down how Facebook can prevent bias in its algorithms5 Hours AgoAmid concerns about social media’s political bias, Facebook asked Republican Senator Jon Kyl to conduct a study on why conservatives feel targeted by Big Tech. The results are out this week, and one of the concerns from respondents is about Facebook’s algorithm. Michael Fertik, founder and managing partner at Heroic Ventures, joins “Squawk Box” to discuss.


An expert breaks down how Facebook can prevent bias in its algorithms5 Hours AgoAmid concerns about social media’s political bias, Facebook asked Republican Senator Jon Kyl to conduct a study on why conservatives feel targeted by Big Tech. The results are out this week, and one of the concerns from respondents is about Facebook’s algorithm. Michael Fertik, founder and managing partner at Heroic Ventures, joins “Squawk Box” to discuss.
An expert breaks down how Facebook can prevent bias in its algorithms Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-08-22  Authors: stephen lam
Keywords: news, cnbc, companies, facebook, squawk, targeted, breaks, prevent, algorithms, week, study, expert, social, concerns, bias, ventures, tech


An expert breaks down how Facebook can prevent bias in its algorithms

An expert breaks down how Facebook can prevent bias in its algorithms

5 Hours Ago

Amid concerns about social media’s political bias, Facebook asked Republican Senator Jon Kyl to conduct a study on why conservatives feel targeted by Big Tech. The results are out this week, and one of the concerns from respondents is about Facebook’s algorithm. Michael Fertik, founder and managing partner at Heroic Ventures, joins “Squawk Box” to discuss.


Company: cnbc, Activity: cnbc, Date: 2019-08-22  Authors: stephen lam
Keywords: news, cnbc, companies, facebook, squawk, targeted, breaks, prevent, algorithms, week, study, expert, social, concerns, bias, ventures, tech


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Republican-led report finds Facebook has ‘significant work’ to earn conservatives’ trust

Facebook has a lot of work to do to win the trust of conservative users, an interim report analyzing claims of liberal bias on the platform said Tuesday. But there is still significant work to be done to satisfy the concerns we heard from conservatives,” the report said. Kyl and the team interviewed more than 130 conservative groups, individuals and lawmakers who “use, study, or have the potential to regulate Facebook,” according to the report. Conservatives interviewed told the team they feared


Facebook has a lot of work to do to win the trust of conservative users, an interim report analyzing claims of liberal bias on the platform said Tuesday. But there is still significant work to be done to satisfy the concerns we heard from conservatives,” the report said. Kyl and the team interviewed more than 130 conservative groups, individuals and lawmakers who “use, study, or have the potential to regulate Facebook,” according to the report. Conservatives interviewed told the team they feared
Republican-led report finds Facebook has ‘significant work’ to earn conservatives’ trust Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-08-20  Authors: lauren feiner
Keywords: news, cnbc, companies, work, facebook, concerns, trust, interviewed, report, finds, facebooks, team, republicanled, conservatives, conservative, content, bias, earn, significant


Republican-led report finds Facebook has 'significant work' to earn conservatives' trust

Facebook founder and CEO Mark Zuckerberg arrives to testify following a break during a Senate Commerce, Science and Transportation Committee and Senate Judiciary Committee joint hearing about Facebook on Capitol Hill in Washington, DC.

Facebook has a lot of work to do to win the trust of conservative users, an interim report analyzing claims of liberal bias on the platform said Tuesday.

As a result of the review by Sen. Jon Kyl, R-Ariz., and a team at law firm Covington & Burling, Facebook said it would commit to taking steps to be more transparent about how it ranks News Feed content and enforces community standards.

The report said the company has adjusted its “sensational” advertising policy to pull back restrictions on anti-abortion ads showing medical tubes connected to human bodies.

“Facebook has recognized the importance of our assessment and has taken some steps to address the concerns we uncovered. But there is still significant work to be done to satisfy the concerns we heard from conservatives,” the report said.

Kyl and the team interviewed more than 130 conservative groups, individuals and lawmakers who “use, study, or have the potential to regulate Facebook,” according to the report. The review revealed several categories in which conservatives have expressed concerns about bias, including Facebook’s advertising policies and enforcement and its content distribution and algorithms.

Conservatives interviewed told the team they feared algorithms that prioritize user content do so “in ways that suppress their viewpoints.” Several pointed to Facebook’s algorithm change in 2018 that favored content from users’ friends and families, arguing it also disproportionately limited the reach of conservative news content. Interviewees from mid-size grassroots organizations told the team that Facebook’s appeals process for content moderation decisions were too opaque.

Interviewees also raised concerns about Facebook having a hate speech policy, saying the notion is highly subjective. Many also said Facebook relies too heavily on “left-leaning organizations to identify hate groups.”

Many conservatives interviewed ultimately said the problems they see on Facebook likely stem from employees biased against their viewpoints.

While Kyl’s team began interviewing conservatives in May 2018, the results come as allegations of conservative bias against the company have continued to bubble up. Executives from Facebook and other tech platforms including Google and Twitter have had to face lawmakers in recent months to defend their content moderation and distribution practices. Sen. Josh Hawley, R-Mo., has even introduced legislation tying legal protections for tech companies to voluntary audits that would assess whether their platforms’ algorithms and content removal practices are “politically neutral.”

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Company: cnbc, Activity: cnbc, Date: 2019-08-20  Authors: lauren feiner
Keywords: news, cnbc, companies, work, facebook, concerns, trust, interviewed, report, finds, facebooks, team, republicanled, conservatives, conservative, content, bias, earn, significant


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Trump says he doesn’t want to do business with Huawei due to national security concerns

President Donald Trump said Sunday he doesn’t want to do business with Chinese tech giant Huawei, after weekend reports that the administration was planning to extend a reprieve that allows it to buy parts from U.S. companies. “I don’t want to do business at all because it is a national security threat,” Trump told reporters. The Wall Street Journal and Reuters reported that the Commerce Department was preparing to extend a license for 90 days which would allow Huawei to continue business with U


President Donald Trump said Sunday he doesn’t want to do business with Chinese tech giant Huawei, after weekend reports that the administration was planning to extend a reprieve that allows it to buy parts from U.S. companies. “I don’t want to do business at all because it is a national security threat,” Trump told reporters. The Wall Street Journal and Reuters reported that the Commerce Department was preparing to extend a license for 90 days which would allow Huawei to continue business with U
Trump says he doesn’t want to do business with Huawei due to national security concerns Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-08-18  Authors: spencer kimball
Keywords: news, cnbc, companies, doesnt, companies, commerce, department, trump, technology, concerns, business, extend, security, huawei, license, national


Trump says he doesn't want to do business with Huawei due to national security concerns

President Donald Trump said Sunday he doesn’t want to do business with Chinese tech giant Huawei, after weekend reports that the administration was planning to extend a reprieve that allows it to buy parts from U.S. companies.

“I don’t want to do business at all because it is a national security threat,” Trump told reporters. “We’ll see what happens. I’m making a decision tomorrow,” he added.

The Wall Street Journal and Reuters reported that the Commerce Department was preparing to extend a license for 90 days which would allow Huawei to continue business with U.S. companies to service existing customers. The current agreement is set to end on Monday.

The Commerce Department put Huawei on a blacklist in May after Trump declared a national emergency over threats to U.S. technology. The blacklist blocks U.S. companies from selling or transferring technology to Huawei unless they are granted a special license.


Company: cnbc, Activity: cnbc, Date: 2019-08-18  Authors: spencer kimball
Keywords: news, cnbc, companies, doesnt, companies, commerce, department, trump, technology, concerns, business, extend, security, huawei, license, national


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Gold heads for third weekly gain on trade, growth concerns

Gold prices edged lower on Friday but were headed for a third consecutive weekly gain, as fears over a global economic slowdown and a lack of clarity on the U.S.-China trade war boosted the metal’s safe-haven appeal. With the trade saga going nowhere, investors have hedged against a global slowdown by buying safe-haven assets like gold, Japanese yen and U.S. Treasuries. Earlier this week, 10-year Treasury yields dropped below the 2-year yield for the first time in 12 years. Meanwhile, the dollar


Gold prices edged lower on Friday but were headed for a third consecutive weekly gain, as fears over a global economic slowdown and a lack of clarity on the U.S.-China trade war boosted the metal’s safe-haven appeal. With the trade saga going nowhere, investors have hedged against a global slowdown by buying safe-haven assets like gold, Japanese yen and U.S. Treasuries. Earlier this week, 10-year Treasury yields dropped below the 2-year yield for the first time in 12 years. Meanwhile, the dollar
Gold heads for third weekly gain on trade, growth concerns Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-08-16
Keywords: news, cnbc, companies, safehaven, ounce, war, trade, heads, weekly, concerns, growth, gold, gain, week, yields, technical, tariffs


Gold heads for third weekly gain on trade, growth concerns

Gold prices edged lower on Friday but were headed for a third consecutive weekly gain, as fears over a global economic slowdown and a lack of clarity on the U.S.-China trade war boosted the metal’s safe-haven appeal.

Spot gold was down 0.1% at $1,521 per ounce as of 0400 GMT, but is up nearly 1.6% so far this week after rising in the previous two weeks.

U.S. gold futures were steady at $1,5231 an ounce.

“Gold is consolidating here. The important consideration is that none of the headwinds have gone away; the tariffs got delayed a bit, but the underlying trade war remains and lower yields are supportive for gold,” said Ilya Spivak, senior currency strategist with DailyFx.

“Markets are looking ahead for the Jackson Hole symposium. In context of recent gains that might give us some corrective pullbacks, as people reduce exposure before event risk.”

U.S. President Donald Trump said on Thursday he believed China wanted to make a trade deal and that the dispute would be fairly short.

This comes after Beijing vowed to counter the latest tariffs on $300 billion of Chinese goods but called on the United States to meet it halfway on a potential trade deal.

With the trade saga going nowhere, investors have hedged against a global slowdown by buying safe-haven assets like gold, Japanese yen and U.S. Treasuries.

Earlier this week, 10-year Treasury yields dropped below the 2-year yield for the first time in 12 years. Curve inversion is widely considered a warning that the economy is headed for recession.

Bullion has risen nearly 8%, or more than $100, since the beginning of the month amid the heightened trade tensions and a slew of disappointing economic data globally.

“The yellow metal continues to benefit from safe-haven inflows, which should ensure that any pullbacks are limited ahead of the weekend,” OANDA analyst Jeffrey Halley, said in a note.

Investors will shift their focus to the Federal Reserve’s annual symposium next week. Traders see about a one-in-three chance of a 50 basis-point rate cut by the Fed this September.

Meanwhile, the dollar index edged higher on Friday and was on course for a weekly gain.

On the technical side, spot gold may fall into a range of $1,483-$1,503 per ounce, as suggested by its wave pattern and a retracement analysis, said Reuters technical analyst Wang Tao.

Elsewhere, silver was down 0.2% at $17.22 per ounce but was on track for a second consecutive weekly gain.

Platinum fell 0.3% to $836.10 an ounce, while palladium rose 0.3% to $1,448.57 an ounce.


Company: cnbc, Activity: cnbc, Date: 2019-08-16
Keywords: news, cnbc, companies, safehaven, ounce, war, trade, heads, weekly, concerns, growth, gold, gain, week, yields, technical, tariffs


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Trump says he delayed tariffs because of concerns over Christmas shopping season

President Donald Trump on Tuesday said he is delaying some tariffs on Chinese imports ahead of the Christmas season to stem their potential impact on holiday shopping. “We’re doing this for the Christmas season,” Trump told reporters on an airport tarmac around noon Tuesday. “But just in case they might have an impact on people, what we’ve done is we’ve delayed it, so that they won’t be relevant to the Christmas shopping season.” They include decorations for “Christmas festivities, nativity scen


President Donald Trump on Tuesday said he is delaying some tariffs on Chinese imports ahead of the Christmas season to stem their potential impact on holiday shopping. “We’re doing this for the Christmas season,” Trump told reporters on an airport tarmac around noon Tuesday. “But just in case they might have an impact on people, what we’ve done is we’ve delayed it, so that they won’t be relevant to the Christmas shopping season.” They include decorations for “Christmas festivities, nativity scen
Trump says he delayed tariffs because of concerns over Christmas shopping season Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-08-13  Authors: kevin breuninger
Keywords: news, cnbc, companies, list, impact, concerns, delayed, president, weve, tariffs, season, imports, delay, trump, shopping, christmas


Trump says he delayed tariffs because of concerns over Christmas shopping season

President Donald Trump on Tuesday said he is delaying some tariffs on Chinese imports ahead of the Christmas season to stem their potential impact on holiday shopping.

The Trump administration announced hours earlier that it would delay until Dec. 15 some of the tariffs that were originally scheduled to come into effect Sept. 1.

“We’re doing this for the Christmas season,” Trump told reporters on an airport tarmac around noon Tuesday. “Just in case some of the tariffs would have an impact on U.S. customers.”

“So far they’ve had virtually none,” the president added. “But just in case they might have an impact on people, what we’ve done is we’ve delayed it, so that they won’t be relevant to the Christmas shopping season.”

The acknowledgement that tariffs could harm holiday sales marks a shift for Trump, a self-described “tariff man” who has long claimed that the taxes on imports help the U.S. while applying pressure on China.

The U.S. trade representative said the delay would apply to a wide variety of goods, including certain electronics such as cellphones, laptops and video games.

A slew of Christmas-related products also appeared on the delay list. They include decorations for “Christmas festivities, nativity scenes and figures thereof,” as well as Christmas tree lights and ornaments.

No other items for specific holidays appear to be included in the delay list.


Company: cnbc, Activity: cnbc, Date: 2019-08-13  Authors: kevin breuninger
Keywords: news, cnbc, companies, list, impact, concerns, delayed, president, weve, tariffs, season, imports, delay, trump, shopping, christmas


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Major Asia Pacific markets higher; trade war concerns dampen investor sentiment

Major markets in Asia Pacific closed higher on Monday, following a volatile week for global markets as growing trade war fears dented investor sentiment. Mainland Chinese markets bounced back from the previous week’s losses to close higher Monday. Markets in rest of the region rose, with major indexes in Japan, India and Singapore closed for public holidays. Major miners struggled for gains: Rio Tinto shares tumbled 2.75%, BHP shares were down 0.75% and Fortescue dropped 3.99%. “A risk-off tone


Major markets in Asia Pacific closed higher on Monday, following a volatile week for global markets as growing trade war fears dented investor sentiment. Mainland Chinese markets bounced back from the previous week’s losses to close higher Monday. Markets in rest of the region rose, with major indexes in Japan, India and Singapore closed for public holidays. Major miners struggled for gains: Rio Tinto shares tumbled 2.75%, BHP shares were down 0.75% and Fortescue dropped 3.99%. “A risk-off tone
Major Asia Pacific markets higher; trade war concerns dampen investor sentiment Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-08-12  Authors: weizhen tan saheli roy choudhury, weizhen tan, saheli roy choudhury
Keywords: news, cnbc, companies, pacific, concerns, sentiment, trade, major, higher, war, losses, week, markets, tumbled, close, shares, hong, investor, dampen


Major Asia Pacific markets higher; trade war concerns dampen investor sentiment

Major markets in Asia Pacific closed higher on Monday, following a volatile week for global markets as growing trade war fears dented investor sentiment.

Mainland Chinese markets bounced back from the previous week’s losses to close higher Monday. The Shanghai composite traded up 1.45% to close at 2,814.99 while the Shenzhen composite added 1.92% to 1,508.21. Hong Kong’s Hang Seng index was fractionally higher at 25,962.42 as of 3:15 p.m. HK/SIN.

But, shares of Hong Kong flag carrier Cathay Pacific tumbled more than 4% as of 3:15 p.m. HK/SIN after it suspended a pilot for his involvement in the ongoing anti-government protests in the city. The carrier said “overly radical” staff would be barred from crewing flights to the mainland. Cathay’s decision came a day after China’s aviation authority issued a “major aviation safety risk warning” to the airline.

Unrest in Hong Kong continued into its 10th week, with police and protesters clashing on Sunday.

Markets in rest of the region rose, with major indexes in Japan, India and Singapore closed for public holidays.

Australia’s benchmark S&P/ASX 200 retraced some of its early losses to climb marginally higher to 6,590.30. Major miners struggled for gains: Rio Tinto shares tumbled 2.75%, BHP shares were down 0.75% and Fortescue dropped 3.99%.

In South Korea, the Kospi clawed back losses to rise 0.23% to close at 1,942,29.

Overall, MSCI’s broadest index of Asia-Pacific shares outside Japan was almost flat.

“Trade tensions continued to drive financial market moves going into the end of the week, with markets very sensitive to reports on the US-China relationship,” Jack Chambers from ANZ Research wrote in a Monday morning note. “A risk-off tone hit the markets as President Trump warned that talks scheduled for next month may not take place.”


Company: cnbc, Activity: cnbc, Date: 2019-08-12  Authors: weizhen tan saheli roy choudhury, weizhen tan, saheli roy choudhury
Keywords: news, cnbc, companies, pacific, concerns, sentiment, trade, major, higher, war, losses, week, markets, tumbled, close, shares, hong, investor, dampen


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US Treasury yields tick lower amid trade war concerns

U.S. government debt prices were slightly higher Monday morning, amid trade tensions between the world’s two largest economies and concerns of slowing global economic growth. ET, the yield on the benchmark 10-year Treasury note, which moves inversely to price, was lower at around 1.7223%, while the yield on the 30-year Treasury bond was also lower at around 2.2371%. Market focus is largely attuned to simmering trade tensions between Washington and Beijing. On Friday, President Donald Trump said


U.S. government debt prices were slightly higher Monday morning, amid trade tensions between the world’s two largest economies and concerns of slowing global economic growth. ET, the yield on the benchmark 10-year Treasury note, which moves inversely to price, was lower at around 1.7223%, while the yield on the 30-year Treasury bond was also lower at around 2.2371%. Market focus is largely attuned to simmering trade tensions between Washington and Beijing. On Friday, President Donald Trump said
US Treasury yields tick lower amid trade war concerns Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-08-12  Authors: sam meredith
Keywords: news, cnbc, companies, tick, concerns, president, china, trade, tensions, war, amid, billion, yields, yield, set, yuan, treasury, lower


US Treasury yields tick lower amid trade war concerns

U.S. government debt prices were slightly higher Monday morning, amid trade tensions between the world’s two largest economies and concerns of slowing global economic growth.

At around 02:45 a.m. ET, the yield on the benchmark 10-year Treasury note, which moves inversely to price, was lower at around 1.7223%, while the yield on the 30-year Treasury bond was also lower at around 2.2371%.

Market focus is largely attuned to simmering trade tensions between Washington and Beijing.

On Friday, President Donald Trump said he was not ready to make a deal with China and called into question the next round of trade talks. It comes after the U.S. president said he would impose a 10% tariff on the remaining $300 billion worth of Chinese imports on September 1. China responded by halting its purchases of U.S. agricultural products.

Last week, the U.S. accused China of being a currency manipulator after Beijing allowed the yuan to dip below the 7-per-dollar level for the first time in more than a decade.

On Monday, the People’s Bank of China (PBOC) set its daily midpoint for yuan trading — which determines the limits for its onshore movement — at 7.0211 per dollar. That was weaker than Friday’s session, but stronger than market expectations.

On the data front, the Federal Budget for July is expected to be published at around 2:00 p.m. ET.

Meanwhile, the U.S. Treasury is set to auction $42 billion in 13-week bills and $42 billion in 26-week bills.


Company: cnbc, Activity: cnbc, Date: 2019-08-12  Authors: sam meredith
Keywords: news, cnbc, companies, tick, concerns, president, china, trade, tensions, war, amid, billion, yields, yield, set, yuan, treasury, lower


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Major Asia Pacific markets higher; trade war concerns dampen investor sentiment

Major markets in Asia Pacific closed higher on Monday, following a volatile week for global markets as growing trade war fears dented investor sentiment. Mainland Chinese markets bounced back from the previous week’s losses to close higher Monday. Markets in rest of the region rose, with major indexes in Japan, India and Singapore closed for public holidays. Major miners struggled for gains: Rio Tinto shares tumbled 2.75%, BHP shares were down 0.75% and Fortescue dropped 3.99%. “A risk-off tone


Major markets in Asia Pacific closed higher on Monday, following a volatile week for global markets as growing trade war fears dented investor sentiment. Mainland Chinese markets bounced back from the previous week’s losses to close higher Monday. Markets in rest of the region rose, with major indexes in Japan, India and Singapore closed for public holidays. Major miners struggled for gains: Rio Tinto shares tumbled 2.75%, BHP shares were down 0.75% and Fortescue dropped 3.99%. “A risk-off tone
Major Asia Pacific markets higher; trade war concerns dampen investor sentiment Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-08-12  Authors: weizhen tan saheli roy choudhury, weizhen tan, saheli roy choudhury
Keywords: news, cnbc, companies, dampen, close, investor, markets, pacific, higher, tumbled, week, shares, concerns, trade, war, losses, sentiment, hong, major


Major Asia Pacific markets higher; trade war concerns dampen investor sentiment

Major markets in Asia Pacific closed higher on Monday, following a volatile week for global markets as growing trade war fears dented investor sentiment.

Mainland Chinese markets bounced back from the previous week’s losses to close higher Monday. The Shanghai composite traded up 1.45% to close at 2,814.99 while the Shenzhen composite added 1.92% to 1,508.21. Hong Kong’s Hang Seng index was fractionally higher at 25,962.42 as of 3:15 p.m. HK/SIN.

But, shares of Hong Kong flag carrier Cathay Pacific tumbled more than 4% as of 3:15 p.m. HK/SIN after it suspended a pilot for his involvement in the ongoing anti-government protests in the city. The carrier said “overly radical” staff would be barred from crewing flights to the mainland. Cathay’s decision came a day after China’s aviation authority issued a “major aviation safety risk warning” to the airline.

Unrest in Hong Kong continued into its 10th week, with police and protesters clashing on Sunday.

Markets in rest of the region rose, with major indexes in Japan, India and Singapore closed for public holidays.

Australia’s benchmark S&P/ASX 200 retraced some of its early losses to climb marginally higher to 6,590.30. Major miners struggled for gains: Rio Tinto shares tumbled 2.75%, BHP shares were down 0.75% and Fortescue dropped 3.99%.

In South Korea, the Kospi clawed back losses to rise 0.23% to close at 1,942,29.

Overall, MSCI’s broadest index of Asia-Pacific shares outside Japan was almost flat.

“Trade tensions continued to drive financial market moves going into the end of the week, with markets very sensitive to reports on the US-China relationship,” Jack Chambers from ANZ Research wrote in a Monday morning note. “A risk-off tone hit the markets as President Trump warned that talks scheduled for next month may not take place.”


Company: cnbc, Activity: cnbc, Date: 2019-08-12  Authors: weizhen tan saheli roy choudhury, weizhen tan, saheli roy choudhury
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Oil prices drop as US-China trade war fuels growth concerns

Oil prices fell on Monday amid renewed global economic growth concerns after U.S. President Donald Trump vowed to escalate the trade war with China with more tariffs, which would likely limit fuel demand in the world’s two biggest crude consumers. Brent crude futures fell 73 cents, or 1.2%, to $61.16 a barrel by 0458 GMT. U.S. West Texas Intermediate (WTI) crude futures dropped 62 cents, or 1.1%, to $55.04 a barrel. “Crude oil futures experienced significant headwinds as global risk appetites re


Oil prices fell on Monday amid renewed global economic growth concerns after U.S. President Donald Trump vowed to escalate the trade war with China with more tariffs, which would likely limit fuel demand in the world’s two biggest crude consumers. Brent crude futures fell 73 cents, or 1.2%, to $61.16 a barrel by 0458 GMT. U.S. West Texas Intermediate (WTI) crude futures dropped 62 cents, or 1.1%, to $55.04 a barrel. “Crude oil futures experienced significant headwinds as global risk appetites re
Oil prices drop as US-China trade war fuels growth concerns Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-08-05
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Oil prices drop as US-China trade war fuels growth concerns

Rusted out “pump-jacks” in the oil town of Luling, Texas.

Oil prices fell on Monday amid renewed global economic growth concerns after U.S. President Donald Trump vowed to escalate the trade war with China with more tariffs, which would likely limit fuel demand in the world’s two biggest crude consumers.

Brent crude futures fell 73 cents, or 1.2%, to $61.16 a barrel by 0458 GMT.

U.S. West Texas Intermediate (WTI) crude futures dropped 62 cents, or 1.1%, to $55.04 a barrel.

Both crude benchmarks fell last week, with Brent dropping 2.5% and U.S. crude falling 1%.

Asian equity markets dropped to a six-month low on Monday while gold prices climbed as investors sought safe-haven assets because of the ratcheting up of the trade dispute between China and the United States, the world’s two largest economies.

“Crude oil futures experienced significant headwinds as global risk appetites remain feeble over subdued global growth and a sudden escalation in the Sino-U.S. trade dispute,” said Benjamin Lu, commodities analyst at Singapore-based brokerage Phillip Futures.

Trump last week said he would impose a 10% tariff on $300 billion of Chinese imports starting on Sept. 1 and said he could raise duties further if China’s President Xi Jinping failed to move more quickly towards a trade deal.

The announcement extends U.S. tariffs to nearly all imported Chinese products. China on Friday vowed to fight back against Trump’s decision, a move that ended a month-long trade truce.

On Monday, China let the yuan tumble beyond the key 7-per-dollar level for the first time in more than a decade, in a sign Beijing may tolerate further currency weakness because of the trade dispute.

The 1.4% drop in the yuan came after the People’s Bank of China (PBOC) set the daily mid-point of the currency’s trading band at its weakest level since December 2018.

A lower yuan would raise the cost of China’s dollar-denominated oil imports. It is the world’s biggest crude oil importer.

Signs of rising oil exports from the United States also pressured prices on Monday. U.S. shipments surged by 260,000 barrels per day (bpd) in June to a monthly record of 3.16 million bpd, U.S. Census Bureau showed on Friday.

The trade war and rising supply should accelerate the trend of speculators reducing their bullish positions in the WTI futures markets.

Speculators cut bullish wagers on U.S. crude in the week to July 30 while bearish wagers rose to their highest since February, the U.S. Commodity Futures Trading Commission (CFTC) said on Friday.

However, speculators increased their bullish positions in Brent futures.

Also in the U.S., the weekly oil rig count, an indicator of future production, fell for a fifth week in a row as most independent producers cut spending even though majors were still pushing ahead with investments in new drilling.

Iran’s seizure of an Iraqi oil tanker raised some concerns about potential Middle East supply disruptions in the Gulf. Iran’s state media reported on Sunday the Iranian Revolutionary Guards seized the ship for smuggling fuel.


Company: cnbc, Activity: cnbc, Date: 2019-08-05
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Thailand’s currency keeps getting stronger and that’s sparking concerns

That strength, however, is sparking concerns as the country’s domestic economy weakens, analysts said. Since the beginning of this year, Thailand’s currency has jumped more than 5% against the dollar. A stronger currency makes the country’s exports more expensive, causing them to be less attractive in international markets. Analysts at Singapore bank DBS said Monday that the strong baht is bad news for Thailand’s trade competitiveness. “While this should stem the appreciation pressure somewhat,


That strength, however, is sparking concerns as the country’s domestic economy weakens, analysts said. Since the beginning of this year, Thailand’s currency has jumped more than 5% against the dollar. A stronger currency makes the country’s exports more expensive, causing them to be less attractive in international markets. Analysts at Singapore bank DBS said Monday that the strong baht is bad news for Thailand’s trade competitiveness. “While this should stem the appreciation pressure somewhat,
Thailand’s currency keeps getting stronger and that’s sparking concerns Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-07-31  Authors: weizhen tan
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Thailand's currency keeps getting stronger and that's sparking concerns

The Thai baht has soared against the U.S. dollar this year, significantly more than many other emerging market currencies.

That strength, however, is sparking concerns as the country’s domestic economy weakens, analysts said.

Since the beginning of this year, Thailand’s currency has jumped more than 5% against the dollar. On a year-over-year basis, it has bounded even higher — nearly 8%.

Other top performing emerging market currencies in the region have also strengthened against the dollar — but still lag behind the baht. Both the Indonesian rupiah and the Philippine peso, for instance, have risen more than 3% against the dollar so far this year.

“Policymakers and exporters in Thailand are once again voicing concern about the strength of the baht,” Gareth Leather, senior Asia economist at research firm Capital Economics, wrote in a note earlier this month. “While most (emerging market) currencies have appreciated against the US dollar in recent months, none have risen by as much as the baht.”

The strength of the baht has been supported by Thailand’s large trade surplus and a hawkish central bank, among other factors.

“(The) strong currency is worsening the (Thai) economy’s plight by hurting exports further,” Prakash Sakpal, Asia economist at Dutch bank ING, told CNBC.

A stronger currency makes the country’s exports more expensive, causing them to be less attractive in international markets.

Analysts at Singapore bank DBS said Monday that the strong baht is bad news for Thailand’s trade competitiveness. They cited a study by the Bank of Thailand, which showed that, for every 1% the baht strengthened against the dollar, it increases export prices — in dollar terms — by 0.3%.

Meanwhile, exports are already declining. They dropped for the third straight month in May, falling 5.79% from a year earlier. That was worse than the 3.6% decrease analysts had projected in a Reuters poll.

On Tuesday, data showed the country’s manufacturing output for June headed the same way: It fell 5.54% from a year earlier, which was worse than the forecast of a 3.15% decline.

“Considering these weak trade trends, together with a challenging outlook for regional growth … a strong currency comes at an inopportune time,” DBS analysts wrote, referring to slowing exports and imports, as well as declining tourism.

The country’s central bank could give in to pressure and cut rates to curb the rising baht, economists said. Still, they were not optimistic about the effectiveness of such a move.

“The (Bank of Thailand) could consider a rate cut to help reduce the baht’s yield appeal, but it will be no panacea,” DBS analysts said in their note, adding that a cut of 25 basis points would just undo a hike by the central bank last December.

ING’s Sakpal similarly said that any cut would see limited results.

“While this should stem the appreciation pressure somewhat, we may not see the (baht) being displaced from its best-performer emerging currency status just yet,” he said.


Company: cnbc, Activity: cnbc, Date: 2019-07-31  Authors: weizhen tan
Keywords: news, cnbc, companies, thailands, stronger, analysts, bank, thats, exports, getting, concerns, baht, keeps, currency, cut, emerging, countrys, dollar, sparking, trade


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