Average tax refunds are down 8.4% in the wake of Trump tax cuts

Only 13.31 million returns were processed, down 25.8 percent from the year before. The average refund of $1,865 was 8.4 percent smaller than the average refund in the period last year. The partial government shutdown – at 35 days, the longest in U.S. history – ended three days before the tax filing season officially opened on Jan. 28. Republicans passed a $1.5 trillion tax overhaul in the final weeks of 2017 that cut rates for both individuals and corporations, giving fellow Republican Trump a m


Only 13.31 million returns were processed, down 25.8 percent from the year before. The average refund of $1,865 was 8.4 percent smaller than the average refund in the period last year. The partial government shutdown – at 35 days, the longest in U.S. history – ended three days before the tax filing season officially opened on Jan. 28. Republicans passed a $1.5 trillion tax overhaul in the final weeks of 2017 that cut rates for both individuals and corporations, giving fellow Republican Trump a m
Average tax refunds are down 8.4% in the wake of Trump tax cuts Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-02-11  Authors: tetra images, getty images
Keywords: news, cnbc, companies, returns, tax, week, million, cuts, refund, overhaul, refunds, trump, average, season, filing, 84, wake


Average tax refunds are down 8.4% in the wake of Trump tax cuts

The first U.S. tax filing season under the overhaul that President Donald Trump signed into law at the end of 2017 got off to a slow start in the first week, with data released on Friday showing a significant drop in returns and refunds.

According to the Internal Revenue Service, the total number of returns received in the week ending Feb. 1, 16.04 million, was down 12.4 percent from the week that ended on Feb. 2, 2018. Only 13.31 million returns were processed, down 25.8 percent from the year before. The average refund of $1,865 was 8.4 percent smaller than the average refund in the period last year.

The partial government shutdown – at 35 days, the longest in U.S. history – ended three days before the tax filing season officially opened on Jan. 28. The final deadline is Apr. 15.

Republicans passed a $1.5 trillion tax overhaul in the final weeks of 2017 that cut rates for both individuals and corporations, giving fellow Republican Trump a major policy victory. Democrats had warned that the cuts and other changes in the overhaul would primarily benefit the country’s wealthiest, and many are eager to see how it will affect average Americans.

Treasury Secretary Steven Mnuchin said in a statement on Friday that the 2019 “filing season has successfully launched with millions of tax returns having been filed.”


Company: cnbc, Activity: cnbc, Date: 2019-02-11  Authors: tetra images, getty images
Keywords: news, cnbc, companies, returns, tax, week, million, cuts, refund, overhaul, refunds, trump, average, season, filing, 84, wake


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Vanguard cuts expected return for stock market over the next decade

We’re at the high end of fair market value, says Vanguard chief investment officer 1 Hour Ago | 03:47The stock market won’t keep returning the kinds of yearly gains investors have gotten used to since the financial crisis bottom in 2009, Vanguard’s chief investment officer, Greg Davis, said. The historical average annualized return for the stock market, accounting for inflation, is about 7 percent. Davis sees earnings growth slowing to somewhere in the single digits this year, after last year’s


We’re at the high end of fair market value, says Vanguard chief investment officer 1 Hour Ago | 03:47The stock market won’t keep returning the kinds of yearly gains investors have gotten used to since the financial crisis bottom in 2009, Vanguard’s chief investment officer, Greg Davis, said. The historical average annualized return for the stock market, accounting for inflation, is about 7 percent. Davis sees earnings growth slowing to somewhere in the single digits this year, after last year’s
Vanguard cuts expected return for stock market over the next decade Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-02-11  Authors: matthew j belvedere
Keywords: news, cnbc, companies, sees, return, slowing, decade, cuts, rate, stock, save, expected, growth, vanguard, value, market, davis


Vanguard cuts expected return for stock market over the next decade

We’re at the high end of fair market value, says Vanguard chief investment officer 1 Hour Ago | 03:47

The stock market won’t keep returning the kinds of yearly gains investors have gotten used to since the financial crisis bottom in 2009, Vanguard’s chief investment officer, Greg Davis, said.

“If we look forward for the next 10 years, our expectations around U.S. equity markets is for about a 5 percent median annualized return,” he told CNBC on Monday. “Five years ago, we’d have been somewhere in around 8 percent.”

“Our expectations have clearly come down,” Davis added. The historical average annualized return for the stock market, accounting for inflation, is about 7 percent.

The S&P 500 — which has soared about 15 percent since its Christmas Eve closing low, after three months of turmoil — is at the “high end of fair value,” Davis said on “Squawk Box” from the Inside ETFs Conference in Hollywood, Florida.

Davis sees earnings growth slowing to somewhere in the single digits this year, after last year’s much stronger rate. As for the economy, which is coming off what’s expected to be about a 3 percent growth rate for 2018, Davis sees U.S. gross domestic product rising around 2 percent this year.

With stock market returns slowing as earnings and economic growth cool off, Davis said Americans are going to need to save more and save for longer.

Vanguard, the mutual fund giant founded in Valley Forge, Pennsylvania, in 1975, has about $5.3 trillion in global assets under management, as of Sept. 30, 2018.


Company: cnbc, Activity: cnbc, Date: 2019-02-11  Authors: matthew j belvedere
Keywords: news, cnbc, companies, sees, return, slowing, decade, cuts, rate, stock, save, expected, growth, vanguard, value, market, davis


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Tax refunds are down 8.4 percent so far this year—here’s how experts say you should prepare

You may be getting less money than you expect in your tax refund this year. Refunds dropped 8.4 percent during the first week of tax filing season, the Internal Revenue Service reports. The average refund this year so far has been $1,865, compared with $2,035 during the same period a year ago. The drop could be an early indicator of how the tax changes introduced in the Tax Cuts and Jobs Act are affecting Americans. About 28 percent of Americans don’t understand exactly what changed and almost h


You may be getting less money than you expect in your tax refund this year. Refunds dropped 8.4 percent during the first week of tax filing season, the Internal Revenue Service reports. The average refund this year so far has been $1,865, compared with $2,035 during the same period a year ago. The drop could be an early indicator of how the tax changes introduced in the Tax Cuts and Jobs Act are affecting Americans. About 28 percent of Americans don’t understand exactly what changed and almost h
Tax refunds are down 8.4 percent so far this year—here’s how experts say you should prepare Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-02-11  Authors: megan leonhardt, kirsty l, -logan allec, -barry kleiman
Keywords: news, cnbc, companies, americans, estimate, 84, changes, prepare, experts, refund, refunds, cuts, say, thought, yearheres, far, changed, jobs, introduced, tax


Tax refunds are down 8.4 percent so far this year—here's how experts say you should prepare

You may be getting less money than you expect in your tax refund this year. Or worse, you may be on the hook to pay.

Refunds dropped 8.4 percent during the first week of tax filing season, the Internal Revenue Service reports. The average refund this year so far has been $1,865, compared with $2,035 during the same period a year ago.

The drop could be an early indicator of how the tax changes introduced in the Tax Cuts and Jobs Act are affecting Americans. “If I were to estimate, two-thirds will pay more than they thought and one-third will get more than they thought,” one New York City tax preparer told NBC News.

In recent years, it’s been fairly easy to estimate what your tax return would be, especially if you didn’t change jobs or go through a significant life event. But the Tax Cuts and Jobs Act, passed in December 2017, enacted a number of broad changes: It introduced new tax brackets, included an expanded child care credit and changed the way itemized deductions are factored in, for example.

These shifts, which are in effect for the first time for the full 2018 tax year, have created a lot of uncertainty. About 28 percent of Americans don’t understand exactly what changed and almost half have no idea how the changes affect their tax bracket.

Given all that, here’s what experts say you should do now.


Company: cnbc, Activity: cnbc, Date: 2019-02-11  Authors: megan leonhardt, kirsty l, -logan allec, -barry kleiman
Keywords: news, cnbc, companies, americans, estimate, 84, changes, prepare, experts, refund, refunds, cuts, say, thought, yearheres, far, changed, jobs, introduced, tax


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Wells Fargo cuts rate hike forecast, bond yield targets

This month, the firm cut both its year-end Federal Reserve interest rate hike forecast and bond yield targets. However, the firm’s global head of interest rate strategy said the decision has little to do with an economic slowdown abroad. When the 2-year and 10-year Treasury yield invert, it historically points to impending economic troubles. Along with the Fed rate forecast change, Schumacher and his team lowered its year-end treasury yield targets. The expectation is now for the 2-Year Treasury


This month, the firm cut both its year-end Federal Reserve interest rate hike forecast and bond yield targets. However, the firm’s global head of interest rate strategy said the decision has little to do with an economic slowdown abroad. When the 2-year and 10-year Treasury yield invert, it historically points to impending economic troubles. Along with the Fed rate forecast change, Schumacher and his team lowered its year-end treasury yield targets. The expectation is now for the 2-Year Treasury
Wells Fargo cuts rate hike forecast, bond yield targets Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-02-10  Authors: stephanie landsman, brendan mcdermid, bukharova, getty images, artur widak, nurphoto, david a grogan
Keywords: news, cnbc, companies, schumacher, does, fargo, wells, hike, forecast, treasury, yearend, fed, rate, invert, cuts, interest, targets, bond, yield


Wells Fargo cuts rate hike forecast, bond yield targets

As bond yields fall on global growth fears, Wells Fargo is making some changes.

This month, the firm cut both its year-end Federal Reserve interest rate hike forecast and bond yield targets. However, the firm’s global head of interest rate strategy said the decision has little to do with an economic slowdown abroad.

“It boils down to the Fed,” Michael Schumacher said Thursday on CNBC’s “Futures Now.” “What does the Fed care about most? Does it care about European growth? Probably not a huge amount.”

Based on recent Fed commentary and Chairman Jerome Powell’s more dovish comments about the economy over the past few months, Schumacher said a readjustment of the firm’s expectations was necessary.

“It’s pretty difficult to call for the Fed to hike two or three times. We were at two. We debated quite a bit,” he said. “We can’t really allow for two. So, we’ll go with one rate hike for now for 2019.”

Schumacher, however, does not believe the move will create an ominous treasury yield inversion. When the 2-year and 10-year Treasury yield invert, it historically points to impending economic troubles.

“If there’s one more hike, would it cause the curve to invert? We doubt it,” he said. “The central banks have such massive portfolios. They’ve distorted those market rates. So even if the curve inverts, we think a recession is unlikely.”

He expected the sole hike of the year would come in the beginning of third quarter — which would likely be the last of the cycle. It’s in line with the results from CNBC’s latest Fed Survey which indicates the Wall Street is also predicting one rate hike.

Along with the Fed rate forecast change, Schumacher and his team lowered its year-end treasury yield targets.

The expectation is now for the 2-Year Treasury yield to end the year at 2.75% from 2.95% while the 10-Year Treasury yield dipped to 3.10 percent from 3.30 percent.

On Friday, they hit their lowest levels since February 1.


Company: cnbc, Activity: cnbc, Date: 2019-02-10  Authors: stephanie landsman, brendan mcdermid, bukharova, getty images, artur widak, nurphoto, david a grogan
Keywords: news, cnbc, companies, schumacher, does, fargo, wells, hike, forecast, treasury, yearend, fed, rate, invert, cuts, interest, targets, bond, yield


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Tesla’s delivery team said to be gutted in recent job cuts

When Tesla announced last month a second round of job cuts to rein in costs, one crucial department was particularly badly hit. The automaker more than halved the division that delivers its electric vehicles to North American customers, two of the laid-off workers said. Tesla has said its focus this quarter is on supplying cars to customers waiting in China and Europe. Tesla declined to comment on the job reductions in the delivery team. The company still has an undisclosed number of delivery pe


When Tesla announced last month a second round of job cuts to rein in costs, one crucial department was particularly badly hit. The automaker more than halved the division that delivers its electric vehicles to North American customers, two of the laid-off workers said. Tesla has said its focus this quarter is on supplying cars to customers waiting in China and Europe. Tesla declined to comment on the job reductions in the delivery team. The company still has an undisclosed number of delivery pe
Tesla’s delivery team said to be gutted in recent job cuts Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-02-09  Authors: mason trinca, the washington post, getty images
Keywords: news, cnbc, companies, quarter, job, gutted, cuts, company, tesla, teslas, recent, team, tax, model, employees, delivery, half


Tesla's delivery team said to be gutted in recent job cuts

When Tesla announced last month a second round of job cuts to rein in costs, one crucial department was particularly badly hit. The automaker more than halved the division that delivers its electric vehicles to North American customers, two of the laid-off workers said.

Some 150 employees out of a team of about 230 were let go in January at the Las Vegas facility that gets tens of thousands of Model 3s into the hands of U.S. and Canadian buyers, they said, in a sign the company expected the pace of deliveries to significantly slow in the near term.

The cuts, which have not been previously reported, could fuel investor worries that demand for the Model 3 in the United States has tailed off after a large tax break for consumers expired last year and the car remains too expensive for most consumers.

Tesla has said its focus this quarter is on supplying cars to customers waiting in China and Europe.

“There are not enough deliveries,” one of the former employees told Reuters. “You don’t need a team because there are not that many cars coming through.”

Delivery of the Model 3 was the company’s key priority in the latter half of 2018, as Tesla tried to supply all buyers wanting the full benefit of the $7,500 U.S. tax credit before it was cut in half at year’s end.

The Model 3 is crucial to Tesla’s plans for long-term profitability. The company aims to post a profit in each quarter this year, based on the expectation that it will sell more Model 3s and continue to cut costs.

Tesla declined to comment on the job reductions in the delivery team. The company still has an undisclosed number of delivery personnel attached to other locations.


Company: cnbc, Activity: cnbc, Date: 2019-02-09  Authors: mason trinca, the washington post, getty images
Keywords: news, cnbc, companies, quarter, job, gutted, cuts, company, tesla, teslas, recent, team, tax, model, employees, delivery, half


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Oil falls on economic slowdown, but OPEC output cuts offer some support

Oil markets fell on Friday, pulled down by an economic slowdown, although supply cuts led by producer club OPEC and U.S. sanctions against Venezuela provided crude with some support. U.S. West Texas Intermediate (WTI) crude futures stood at $52.20 per barrel by 0351 GMT, down 44 cents, or 0.8 percent, from their last settlement. International Brent crude oil futures were down by 44 cents, or 0.7 percent, at $61.19 per barrel, after falling 1.7 percent the previous session. Weighing on financial


Oil markets fell on Friday, pulled down by an economic slowdown, although supply cuts led by producer club OPEC and U.S. sanctions against Venezuela provided crude with some support. U.S. West Texas Intermediate (WTI) crude futures stood at $52.20 per barrel by 0351 GMT, down 44 cents, or 0.8 percent, from their last settlement. International Brent crude oil futures were down by 44 cents, or 0.7 percent, at $61.19 per barrel, after falling 1.7 percent the previous session. Weighing on financial
Oil falls on economic slowdown, but OPEC output cuts offer some support Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-02-08  Authors: spencer platt, getty images
Keywords: news, cnbc, companies, opec, slowdown, economic, cuts, million, bpd, oil, futures, offer, support, output, falls, market, growth, venezuela, supply, crude


Oil falls on economic slowdown, but OPEC output cuts offer some support

Oil markets fell on Friday, pulled down by an economic slowdown, although supply cuts led by producer club OPEC and U.S. sanctions against Venezuela provided crude with some support.

U.S. West Texas Intermediate (WTI) crude futures stood at $52.20 per barrel by 0351 GMT, down 44 cents, or 0.8 percent, from their last settlement. WTI dropped by around 2.5 percent the previous session.

International Brent crude oil futures were down by 44 cents, or 0.7 percent, at $61.19 per barrel, after falling 1.7 percent the previous session.

Weighing on financial markets, including crude oil futures, were concerns that trade disputes between the United States and China would remain unresolved, denting global economic growth prospects.

U.S. President Donald Trump said on Thursday he did not plan to meet with Chinese President Xi Jinping before a March 1 deadline set by the two countries to strike a trade deal.

If there is no agreement between the world’s two biggest economies, Trump has threatened to increase U.S. tariffs on Chinese imports. Another round of talks is scheduled for next week in Beijing.

“Crude prices returned to the lows of the week as slower growth prospects…could signal a return (of reasons) for inventories to rise,” said Edward Moya, market analyst at futures brokerage Oanda.

On Thursday, the European Commission sharply cut its forecasts for euro zone economic growth as it expects global trade tension and an array of domestic challenges.

The Commission said growth this year would slow to 1.3 percent from 1.9 percent in 2018, before rebounding in 2020 to 1.6 percent.

Despite this, traders said crude prices were prevented from falling much further by supply cuts led by the Organization of the Petroleum Exporting Countries (OPEC), adopted late last year with the aim of tightening the market and propping up prices.

As part of the cuts, Saudi Arabia – the world’s biggest crude exporter – cut its output in January by about 400,000 barrels per day (bpd) to 10.24 million bpd, according to OPEC sources.

That puts Saudi crude oil production almost 1.7 million bpd below that of the United States, which has been churning out around 11.9 million bpd in late 2018 and early 2019 – up by more than 2 million bpd from a year earlier.

Another risk to supply comes from Venezuela after the implementation of U.S. sanctions against the OPEC member’s petroleum industry in late January. Analysts expect this move to knock out 300,000-500,000 bpd of exports.

Yet for the time being, the sanctions impact on international oil markets was limited.

“The (Venezuela) disruption overall seems manageable both for the U.S. and the global market,” said Norbert Rücker, head of commodity research at Swiss bank Julius Baer. “The oil market sits on a comfortable cushion of supply.”


Company: cnbc, Activity: cnbc, Date: 2019-02-08  Authors: spencer platt, getty images
Keywords: news, cnbc, companies, opec, slowdown, economic, cuts, million, bpd, oil, futures, offer, support, output, falls, market, growth, venezuela, supply, crude


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Ford investing $1 billion, adding jobs at Chicago factories as it makes cuts overseas

Ford is sinking $1 billion and adding more jobs to plants in the Chicago area to expand production of the redesigned Ford Explorer and Lincoln Aviator sport utility vehicles. The expansion comes as the automaker makes cuts overseas and shifts its lineup to make more SUVs, crossover-utility vehicles and trucks and away from sedans and sports cars, which have fallen out of favor with American drivers. The move will add 500 jobs at Ford’s Chicago-area Assembly and Stamping plants, bringing the tota


Ford is sinking $1 billion and adding more jobs to plants in the Chicago area to expand production of the redesigned Ford Explorer and Lincoln Aviator sport utility vehicles. The expansion comes as the automaker makes cuts overseas and shifts its lineup to make more SUVs, crossover-utility vehicles and trucks and away from sedans and sports cars, which have fallen out of favor with American drivers. The move will add 500 jobs at Ford’s Chicago-area Assembly and Stamping plants, bringing the tota
Ford investing $1 billion, adding jobs at Chicago factories as it makes cuts overseas Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-02-07  Authors: robert ferris, tim boyle, bloomberg, getty images, paul eisenstein cnbc
Keywords: news, cnbc, companies, cuts, factories, billion, ford, adding, assembly, vehicles, makes, area, investing, chicago, jobs, plans, plants, overseas, shop, vehiclesthe, company


Ford investing $1 billion, adding jobs at Chicago factories as it makes cuts overseas

Ford is sinking $1 billion and adding more jobs to plants in the Chicago area to expand production of the redesigned Ford Explorer and Lincoln Aviator sport utility vehicles.

The expansion comes as the automaker makes cuts overseas and shifts its lineup to make more SUVs, crossover-utility vehicles and trucks and away from sedans and sports cars, which have fallen out of favor with American drivers.

The move will add 500 jobs at Ford’s Chicago-area Assembly and Stamping plants, bringing the total number of employees at the two factories to 5,800, the company said Thursday. Ford is building a new body shop and paint shop at the assembly plants and plans to make major changes to the final assembly area. The company also plans to install some new manufacturing technology, including 3D-printing tools and robots.


Company: cnbc, Activity: cnbc, Date: 2019-02-07  Authors: robert ferris, tim boyle, bloomberg, getty images, paul eisenstein cnbc
Keywords: news, cnbc, companies, cuts, factories, billion, ford, adding, assembly, vehicles, makes, area, investing, chicago, jobs, plans, plants, overseas, shop, vehiclesthe, company


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Oil falls as US maintains record output, inventories climb

Oil prices fell on Thursday after U.S. crude inventories rose and as production levels in the country held at record levels, but OPEC-led supply cuts and Washington’s sanctions against Venezuela supported markets. U.S. West Texas Intermediate (WTI) crude futures were at $53.84 per barrel at 0247 GMT, down 17 cents, or 0.3 percent, from their last settlement. International Brent crude oil futures were down by 26 cents, or 0.4 percent, at $62.43 per barrel. U.S. crude oil inventories climbed by 1.


Oil prices fell on Thursday after U.S. crude inventories rose and as production levels in the country held at record levels, but OPEC-led supply cuts and Washington’s sanctions against Venezuela supported markets. U.S. West Texas Intermediate (WTI) crude futures were at $53.84 per barrel at 0247 GMT, down 17 cents, or 0.3 percent, from their last settlement. International Brent crude oil futures were down by 26 cents, or 0.4 percent, at $62.43 per barrel. U.S. crude oil inventories climbed by 1.
Oil falls as US maintains record output, inventories climb Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-02-07  Authors: getty images
Keywords: news, cnbc, companies, falls, cuts, supply, maintains, barrels, barrel, sanctions, output, inventories, climb, record, million, futures, crude, oil


Oil falls as US maintains record output, inventories climb

Oil prices fell on Thursday after U.S. crude inventories rose and as production levels in the country held at record levels, but OPEC-led supply cuts and Washington’s sanctions against Venezuela supported markets.

U.S. West Texas Intermediate (WTI) crude futures were at $53.84 per barrel at 0247 GMT, down 17 cents, or 0.3 percent, from their last settlement.

International Brent crude oil futures were down by 26 cents, or 0.4 percent, at $62.43 per barrel.

U.S. crude oil inventories climbed by 1.3 million barrels in the week that ended Feb. 1 to 447.21 million barrels, data from the Energy Information Administration (EIA) showed on Wednesday.

Meanwhile, average weekly U.S. crude oil production remained at the record 11.9 million barrels per day (bpd) it reached in late 2018. The United States is currently the world’s largest oil producer, ahead of traditional top suppliers Russia and Saudi Arabia.

Countering the rising U.S. crude output and inventories are voluntary supply cuts led by the Organization of the Petroleum Exporting Countries (OPEC) aimed at tightening the market and propping up prices.

Meanwhile, U.S. sanctions against Venezuela’s oil industry are expected to freeze the sales proceeds of 500,000 bpd of crude exports.

“The cumulative effect of OPEC-led output cuts along with additional U.S. sanctions on Venezuela’s state oil company … bolstered market sentiment,” said Benjamin Lu of Singapore-based brokerage Phillip Futures in a note on Thursday.

French Bank BNP Paribas cut its estimated average of 2019 prices for Brent to $68 per barrel and for WTI to $61 per barrel, both down by $8 from its previous outlook.

“We expect the oil price to rise in the first-half of 2019 on tightening supply conditions and decline in the second-half on weakening economic activity and an increase in U.S. crude exports to international markets,” said French bank BNP Paribas.


Company: cnbc, Activity: cnbc, Date: 2019-02-07  Authors: getty images
Keywords: news, cnbc, companies, falls, cuts, supply, maintains, barrels, barrel, sanctions, output, inventories, climb, record, million, futures, crude, oil


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Societe Generale cuts 2020 targets, full-year profit jumps more than 30 percent

Societe Generale posted full-year net profits of 3.9 billion euros ($4.43 billion) on Thursday. The bank’s full-year performance came in line with the average forecast of 3.85 billion euros. This is a 37 percent increase from its 2017 full-year profits that stood at 2.8 billion euros. Net cost of risk stood at 363 million euros in the fourth quarter of 2018 from 469 million euros a year earlier. “The outcome of this quarter for Societe Generale is not very good but it is better than the European


Societe Generale posted full-year net profits of 3.9 billion euros ($4.43 billion) on Thursday. The bank’s full-year performance came in line with the average forecast of 3.85 billion euros. This is a 37 percent increase from its 2017 full-year profits that stood at 2.8 billion euros. Net cost of risk stood at 363 million euros in the fourth quarter of 2018 from 469 million euros a year earlier. “The outcome of this quarter for Societe Generale is not very good but it is better than the European
Societe Generale cuts 2020 targets, full-year profit jumps more than 30 percent Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-02-07  Authors: silvia amaro, spriha srivastava, balint porneczi, bloomberg, getty images
Keywords: news, cnbc, companies, profit, cuts, 30, billion, 2018, societe, generale, stood, euros, fullyear, profits, 2020, net, jumps, million, quarter, targets


Societe Generale cuts 2020 targets, full-year profit jumps more than 30 percent

Societe Generale posted full-year net profits of 3.9 billion euros ($4.43 billion) on Thursday.

The bank’s full-year performance came in line with the average forecast of 3.85 billion euros. This is a 37 percent increase from its 2017 full-year profits that stood at 2.8 billion euros.

The French lender’s fourth-quarter net profit jumped nine-fold to 624 million.

In comparison, in the last quarter of 2017, the bank saw a net income of 69 million euros.

Here are other key details:

Net banking income stood at 5.9 billion euros in the fourth quarter of 2018 compared to 6.3 billion euros a year ago.

Net cost of risk stood at 363 million euros in the fourth quarter of 2018 from 469 million euros a year earlier.

Speaking to CNBC, Séverin Cabannes, deputy CEO, said that 2018 was a “mixed year”.

“In 2018, we have been in a position to deliver growth… slight growth despite this challenging environment,” he told CNBC’s Julianna Tatelbaum. “The outcome of this quarter for Societe Generale is not very good but it is better than the European average peers.”


Company: cnbc, Activity: cnbc, Date: 2019-02-07  Authors: silvia amaro, spriha srivastava, balint porneczi, bloomberg, getty images
Keywords: news, cnbc, companies, profit, cuts, 30, billion, 2018, societe, generale, stood, euros, fullyear, profits, 2020, net, jumps, million, quarter, targets


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EU cuts Germany’s growth prospects with fears over global trade

Traditionally seen as the powerhouse of Europe, Germany’s economy is starting to cause concern with uncertainties over global trade and the car manufacturing industry. The European Commission, the EU’s executive arm, revised down its growth forecasts for the country on Thursday. It’s now expected to grow by 1.1 percent this year, from a previous forecast of 1.8 percent. The region is now set to grow 1.3 percent this year, from a previous forecast of 1.9 percent. German bond yields dropped to the


Traditionally seen as the powerhouse of Europe, Germany’s economy is starting to cause concern with uncertainties over global trade and the car manufacturing industry. The European Commission, the EU’s executive arm, revised down its growth forecasts for the country on Thursday. It’s now expected to grow by 1.1 percent this year, from a previous forecast of 1.8 percent. The region is now set to grow 1.3 percent this year, from a previous forecast of 1.9 percent. German bond yields dropped to the
EU cuts Germany’s growth prospects with fears over global trade Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-02-07  Authors: silvia amaro, michele tantussi, getty images news, getty images
Keywords: news, cnbc, companies, grow, global, fears, previous, cuts, tensions, germanys, trade, growth, going, commission, affect, germany, prospects, eu


EU cuts Germany's growth prospects with fears over global trade

Traditionally seen as the powerhouse of Europe, Germany’s economy is starting to cause concern with uncertainties over global trade and the car manufacturing industry.

The European Commission, the EU’s executive arm, revised down its growth forecasts for the country on Thursday. It’s now expected to grow by 1.1 percent this year, from a previous forecast of 1.8 percent. The Commission also lowered its prospects for the euro area as a whole. The region is now set to grow 1.3 percent this year, from a previous forecast of 1.9 percent.

“In the case of Germany we see that there are certainly some short-term factors in play,” Valdis Dombrovskis, vice president of the Commission, told CNBC’s Willem Marx in Brussels.

“If we discuss global trade tensions, if we discuss the slowdown in emerging economies including China, it’s going to affect the economies of countries which are relying on exports to a large extent, and Germany is by far the EU’s largest exporting economy,” he said.

“So, if there are tensions and uncertainty around trade, of course it’s going to affect the exports and it’s going to affect the economic growth (of Germany), so this is something that we need to watch very closely,” he added.

German bond yields dropped to their lowest level in over two years after the announcement, according to Reuters.


Company: cnbc, Activity: cnbc, Date: 2019-02-07  Authors: silvia amaro, michele tantussi, getty images news, getty images
Keywords: news, cnbc, companies, grow, global, fears, previous, cuts, tensions, germanys, trade, growth, going, commission, affect, germany, prospects, eu


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