Hedge fund manager Kyle Bass says the US has more leverage over China than ever before

Hedge fund manager Kyle Bass believes the United States now has more leverage over China in trade negotiations than ever before and encouraged President Donald Trump to follow his hard-line tactics to force concessions from Beijing. Bass — a known China bear — has previously admonished American corporations for pushing Trump to strike a deal with China too quickly and out of their own self-interest. And it is the corporate American chieftains that have their biggest businesses, let’s say most gr


Hedge fund manager Kyle Bass believes the United States now has more leverage over China in trade negotiations than ever before and encouraged President Donald Trump to follow his hard-line tactics to force concessions from Beijing. Bass — a known China bear — has previously admonished American corporations for pushing Trump to strike a deal with China too quickly and out of their own self-interest. And it is the corporate American chieftains that have their biggest businesses, let’s say most gr
Hedge fund manager Kyle Bass says the US has more leverage over China than ever before Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-06-21  Authors: thomas franck
Keywords: news, cnbc, companies, better, manager, trump, think, leverage, bass, fund, kyle, china, deal, yesterday, world, trade, hedge, going


Hedge fund manager Kyle Bass says the US has more leverage over China than ever before

Hedge fund manager Kyle Bass believes the United States now has more leverage over China in trade negotiations than ever before and encouraged President Donald Trump to follow his hard-line tactics to force concessions from Beijing.

In an interview with CNBC’s David Faber, Bass said the strength of U.S. business affords Trump the ability to press China’s Xi Jinping for a better deal during their planned meeting at the G-20 summit in Japan next week.

“We have the most leverage that we’ve ever had right now, and I think that our financial system is more solid than it’s been in the last 10 years. And theirs is as weak as it’s ever been,” Bass said Friday morning. “President Trump should hold the line here and get a deal done. If he is going to get a deal done, he should force something that’s both measurable and enforceable.”

Bass, founder and chief investment officer of Hayman Capital Management, is known for profiting and betting against subprime mortgages during the financial crisis in 2008. Bass — a known China bear — has previously admonished American corporations for pushing Trump to strike a deal with China too quickly and out of their own self-interest.

“If you look behind the scenes, it is corporate America pushing Trump to do a deal. And it is the corporate American chieftains that have their biggest businesses, let’s say most growth, coming out of China. And China plays that card. They play it better than anybody else,” Bass told CNBC in April.

The world two largest economies have slapped tariffs on each others’ imports over the past year in an ongoing trade dispute, with the U.S. accusing China of failing to enforce intellectual property protections. Though Wall Street thought the two sides were nearing a deal earlier this year, Trump’s May tweet that the U.S. would introduce more duties dashed those hopes.

“I think the chasm is too far across for us to come to a deal. But what does that mean?” Bass added Friday.

“As Trump tweeted yesterday, the stock market opened at a new high and close at a new high yesterday. I think the fact that talks are ongoing, the U.S. economy is doing better than most of the others in the world,” he said. “I actually think that’s the path that we’re going to see going into the election year.”


Company: cnbc, Activity: cnbc, Date: 2019-06-21  Authors: thomas franck
Keywords: news, cnbc, companies, better, manager, trump, think, leverage, bass, fund, kyle, china, deal, yesterday, world, trade, hedge, going


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Brexit campaigner Johnson far ahead in race to lead Britain; Sajid Javed eliminated

In this handout photo provided by the BBC, MP Boris Johnson speaks during a Conservative Leadership televised debate on June 18, 2019 in London, England. Boris Johnson, a former foreign secretary who helped lead the 2016 Brexit referendum campaign, continued his progress towards the top job on Thursday when he trounced his rivals again in the race to succeed Prime Minister Theresa May. In a fourth ballot of Conservative lawmakers, which eliminated interior minister Sajid Javid, Johnson was again


In this handout photo provided by the BBC, MP Boris Johnson speaks during a Conservative Leadership televised debate on June 18, 2019 in London, England. Boris Johnson, a former foreign secretary who helped lead the 2016 Brexit referendum campaign, continued his progress towards the top job on Thursday when he trounced his rivals again in the race to succeed Prime Minister Theresa May. In a fourth ballot of Conservative lawmakers, which eliminated interior minister Sajid Javid, Johnson was again
Brexit campaigner Johnson far ahead in race to lead Britain; Sajid Javed eliminated Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-06-20
Keywords: news, cnbc, companies, far, lawmakers, eliminated, johnson, race, brexit, sajid, britain, conservative, campaigner, javed, votes, vote, lead, minister, ballot, rivals, deal


Brexit campaigner Johnson far ahead in race to lead Britain; Sajid Javed eliminated

In this handout photo provided by the BBC, MP Boris Johnson speaks during a Conservative Leadership televised debate on June 18, 2019 in London, England.

Boris Johnson, a former foreign secretary who helped lead the 2016 Brexit referendum campaign, continued his progress towards the top job on Thursday when he trounced his rivals again in the race to succeed Prime Minister Theresa May.

In a fourth ballot of Conservative lawmakers, which eliminated interior minister Sajid Javid, Johnson was again way out in front of his rivals. The result of a fifth and final ballot is due at 1700 GMT on Thursday.

Johnson, who served as London mayor for eight years, has cast himself as the only candidate who can deliver Brexit on Oct. 31 while fighting off the electoral threats of Nigel Farage’s Brexit Party and Jeremy Corbyn’s Labour Party.

Despite a series of scandals in the past and criticism about his attention to detail, Johnson has dominated the race since May announced a month ago that she would step down after repeatedly failing to get her Brexit deal ratified by parliament.

Johnson, 55, has increased his share of the vote of Conservative lawmakers at each of the four ballots so far: 114 out of 313 votes in the first ballot on June 13, 126 on June 18, 143 on Wednesday and 157 on Thursday.

Environment minister Michael Gove was second with 61 votes and foreign minister Jeremy Hunt third with 59. Javid got 34.

After the final lawmakers’ ballot leaves just two candidates remaining, around 160,000 Conservative Party grassroots members will vote on who will be their leader – and Britain’s next prime minister – by the end of July. Bookmakers give Johnson an 89% probability of winning.

Johnson has pledged to leave the European Union on Oct. 31 with or without a deal. The EU has said it will not renegotiate the divorce deal that May agreed last year and the British parliament has indicated it will block a no-deal exit.

He has not addressed how he will solve that riddle.


Company: cnbc, Activity: cnbc, Date: 2019-06-20
Keywords: news, cnbc, companies, far, lawmakers, eliminated, johnson, race, brexit, sajid, britain, conservative, campaigner, javed, votes, vote, lead, minister, ballot, rivals, deal


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Brexit deal in both UK and EU’s interest, British lawmaker says

Brexit deal in both UK and EU’s interest, British lawmaker says14 Hours AgoLucy Frazer, a British lawmaker representing the Conservative Party, outlines why she is backing frontrunner Boris Johnson to be the U.K.’s next prime minister.


Brexit deal in both UK and EU’s interest, British lawmaker says14 Hours AgoLucy Frazer, a British lawmaker representing the Conservative Party, outlines why she is backing frontrunner Boris Johnson to be the U.K.’s next prime minister.
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Company: cnbc, Activity: cnbc, Date: 2019-06-20
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Brexit deal in both UK and EU's interest, British lawmaker says

Brexit deal in both UK and EU’s interest, British lawmaker says

14 Hours Ago

Lucy Frazer, a British lawmaker representing the Conservative Party, outlines why she is backing frontrunner Boris Johnson to be the U.K.’s next prime minister.


Company: cnbc, Activity: cnbc, Date: 2019-06-20
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Shaquille O’Neal says he wants to buy Reebok

In 2004, Shaquille O’Neal earned $27.7 million in the NBA — it was his best-paid year in basketball. “Well, [Authentic Brands Group, one of the companies] I’m involved in, we just bought Sports Illustrated but I would love to purchase Reebok, ” O’Neal, aka, Shaq, tells CNBC Make It at a Carnival Cruise event on Tuesday. In 2015, O’Neal sold Authentic Brands Group (ABG) the rights to his future business endeavors (like merchandise and endorsements) for an undisclosed amount. He says he remembers


In 2004, Shaquille O’Neal earned $27.7 million in the NBA — it was his best-paid year in basketball. “Well, [Authentic Brands Group, one of the companies] I’m involved in, we just bought Sports Illustrated but I would love to purchase Reebok, ” O’Neal, aka, Shaq, tells CNBC Make It at a Carnival Cruise event on Tuesday. In 2015, O’Neal sold Authentic Brands Group (ABG) the rights to his future business endeavors (like merchandise and endorsements) for an undisclosed amount. He says he remembers
Shaquille O’Neal says he wants to buy Reebok Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-06-20  Authors: jade scipioni
Keywords: news, cnbc, companies, buy, according, oneal, reebok, company, business, shaquille, brands, wants, brand, adidas, deal


Shaquille O'Neal says he wants to buy Reebok

In 2004, Shaquille O’Neal earned $27.7 million in the NBA — it was his best-paid year in basketball. But post-NBA the hall-of-famer has actually been making more money each year than he did in basketball through his various investments and endorsements deals.

And now, after building a sprawling business empire full of restaurant franchises, fitness gyms, car washes, his own line of branded products and partnerships with Papa John’s and Carnival Cruise Line to name a few, O’Neal says he is ready for his next move — to buy iconic sneaker brand Reebok.

“Well, [Authentic Brands Group, one of the companies] I’m involved in, we just bought Sports Illustrated but I would love to purchase Reebok, ” O’Neal, aka, Shaq, tells CNBC Make It at a Carnival Cruise event on Tuesday.

In 2015, O’Neal sold Authentic Brands Group (ABG) the rights to his future business endeavors (like merchandise and endorsements) for an undisclosed amount. Under the deal, O’Neal became a business partner in the private company, which has a portfolio that includes more than 50 customer brands and as well as celebrity licenses, like those of Marilyn Monroe, Elvis Presley, Muhammad Ali and Michael Jackson.

O’Neal, who has a long history with Reebok, first signing a multi-year deal with the shoemaker worth $15 million in 1992, says he wants to buy the company because Adidas — its owner since 2005 — has “diluted [the brand] so much to where it’s almost gone.”

“If they don’t want it, let me have it,” O’Neal says. “I want to bring them back to basketball and to fitness.”

He says he remembers back in the day when he was a spokesperson for the brand, Reebok was thriving and neck and neck with Nike. Now he says with more competition from brands like Adidas and Under Armour, the shoemaker, which was founded in 1958, is struggling to find its way. And he thinks he can fix it.

O’Neal could be onto something. In March, Reebok said its classic sneakers from the 1980s and 1990s are making a comeback among millennials, according to Fast Company.

Over the last five years, the company said it has seen consecutive double-digit growth in its Classics business, which recreates iconic sneakers from the past, and it now makes up around 40% of Reebok’s total sales, outpacing its performance shoe division.

What’s more, Adidas was reportedly considering divesting itself of the brand after revenue for Reebok fell 3% last year, according to Bloomberg.

A spokesperson for Adidas did not respond to CNBC Make It’s request for comment.

Reebok would likely be a multibillion-dollar deal. While the exact value of Reebok today is unknown, 14 years ago, Adidas bought the shoemaker for $3.8 billion.

In 2016, O’Neal was worth $400 million, according to Forbes. And ABG’s total brand portfolio, not including its licensing deal, generates nearly $8 billion in retail sales a year, according to Women’s Wear Daily.

O’Neal says when he decides that he wants to invest or buy a company, he typically follows one rule: “I’m going to invest in things that are going to change people’s lives,” he told CNBC last year, adding, “my style is very simple.”

Like this story? Like CNBC Make It on Facebook.

Don’t miss: Shaq uses a brilliant analogy to show young people how billionaires manage their money


Company: cnbc, Activity: cnbc, Date: 2019-06-20  Authors: jade scipioni
Keywords: news, cnbc, companies, buy, according, oneal, reebok, company, business, shaquille, brands, wants, brand, adidas, deal


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Top NBA Draft pick Zion Williamson could sign a rookie contract worth up to $45 million

Of course, for a player generating the sort of hype that Williamson has, his NBA rookie salary is only the starting point for his potential professional earnings. Once he joins the NBA, Williamson will be free to sign endorsement deals with sponsorship brands, and he’s expected to be in high demand. For Williamson’s rookie contract though, that is determined by the NBA’s rookie pay scale, which assigns salary slots for each draft pick based on where they’re selected. So Williamson’s projected sa


Of course, for a player generating the sort of hype that Williamson has, his NBA rookie salary is only the starting point for his potential professional earnings. Once he joins the NBA, Williamson will be free to sign endorsement deals with sponsorship brands, and he’s expected to be in high demand. For Williamson’s rookie contract though, that is determined by the NBA’s rookie pay scale, which assigns salary slots for each draft pick based on where they’re selected. So Williamson’s projected sa
Top NBA Draft pick Zion Williamson could sign a rookie contract worth up to $45 million Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-06-20  Authors: tom huddleston jr
Keywords: news, cnbc, companies, worth, salary, williamson, contract, projected, williamsons, sign, pick, draft, zion, rookie, nba, deal, million, player


Top NBA Draft pick Zion Williamson could sign a rookie contract worth up to $45 million

Following an electric freshman season at Duke University, Zion Williamson is the consensus top prospect for Thursday night’s 2019 NBA Draft, which means that (barring an unlikely trade) the 18-year-old Williamson will be suiting up for the New Orleans Pelican as an NBA rookie later this year.

So while the basketball world is in agreement about Williamson’s status as one of the most exciting NBA prospects in years, one question that remains is: How much is he worth?

When it comes to salary, Williamson is projected to get a rookie deal that would pay him $20 million over two years, according to the estimate from sports salary tracker Spotrac. And Spotrac also estimates that Williamson’s eventual rookie deal will ultimately be worth up to $45 million in total over four years, as rookies’ two-year contracts include team options to extend in the third and fourth years.

Of course, for a player generating the sort of hype that Williamson has, his NBA rookie salary is only the starting point for his potential professional earnings. Once he joins the NBA, Williamson will be free to sign endorsement deals with sponsorship brands, and he’s expected to be in high demand.

In fact, according to ESPN, Williamson is likely to be the subject of a fierce bidding war among shoe companies like Nike, Adidas, Reebok and others vying for his services — and that competition could result in the teen basketball player landing an unprecedented deal worth as much as $100 million. By comparison, LeBron James signed a lifetime deal with Nike in 2015 that’s reportedly worth “significantly” more than $500 million, according to USA Today.

For Williamson’s rookie contract though, that is determined by the NBA’s rookie pay scale, which assigns salary slots for each draft pick based on where they’re selected. These slots increase incrementally each year, based on the percentage by which the NBA increases teams’ salary caps (they’ll jump from $101.9 million to $109 million per team for the upcoming season).

So Williamson’s projected salary should make him the highest paid rookie-year player ever. But his projected $45 million over four years would not be the largest overall contract handed out to a rookie. That honor actually belongs to Glenn “Big Dog” Robinson, who the Milwaukee Bucks selected with the first pick of the 1994 NBA Draft before promptly handing him a massive 10-year deal, worth $68 million in total.


Company: cnbc, Activity: cnbc, Date: 2019-06-20  Authors: tom huddleston jr
Keywords: news, cnbc, companies, worth, salary, williamson, contract, projected, williamsons, sign, pick, draft, zion, rookie, nba, deal, million, player


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West Virginia is still waiting on a game-changing $84 billion investment from China that was promised in 2017

Eighteen months after the deal was announced with much fanfare, China Energy Investment Corp. has spent no money in West Virginia’s energy projects, Justice tells CNBC. The wish listDelegations from China Energy Investment Corp. and Shenhua Group, its parent company, embarked on multiple learning tours in West Virginia to figure out where they would invest. In addition to visiting project sites across West Virginia in 2017, executives took courses at West Virginia University’s Energy Institute a


Eighteen months after the deal was announced with much fanfare, China Energy Investment Corp. has spent no money in West Virginia’s energy projects, Justice tells CNBC. The wish listDelegations from China Energy Investment Corp. and Shenhua Group, its parent company, embarked on multiple learning tours in West Virginia to figure out where they would invest. In addition to visiting project sites across West Virginia in 2017, executives took courses at West Virginia University’s Energy Institute a
West Virginia is still waiting on a game-changing $84 billion investment from China that was promised in 2017 Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-06-20  Authors: kayla tausche
Keywords: news, cnbc, companies, 2017, gamechanging, billion, investment, deal, promised, waiting, virginia, china, 84, state, told, projects, west, energy


West Virginia is still waiting on a game-changing $84 billion investment from China that was promised in 2017

WASHINGTON BOTTOM, W.V. – Beijing billed President Donald Trump’s 2017 trip as a “state visit-plus” — rolling out the red carpet for an unprecedented private dinner in the Forbidden City, marching a military parade through Tiananmen Square, and hosting a signing ceremony in the colossal Great Hall of the People to unveil business deals totaling more than $250 billion. One-third of that value was supposed to flow to West Virginia, an energy-rich but high-poverty state whose manufacturing and energy workers handed Trump his widest margin of victory in 2016. He captured more than more than 67% of the vote. Under the deal, China’s largest state-owned energy giant would spend nearly $84 billion over 20 years to build facilities that extract natural gas and turn it into byproducts that generate power and make consumer goods. In celebrating the announcement, West Virginia officials said projects would be underway within a year. “This time next year, you will see construction activity taking place,” the state’s former Commerce secretary, Woody Thrasher, told reporters on Nov. 13, 2017. A month later, Gov. Jim Justice confirmed that timeline. “It would not surprise me, within my 10-month window of today, to see shovels in the ground,” Justice told a town hall on WSAZ television. But skepticism about the deal surfaced almost immediately. Officials referenced the general areas where China Energy would invest, but didn’t provide a detailed list of projects or an accompanying timeline. The memorandum of understanding outlining the deal was never made public and remains sealed by judicial order. CNBC interviewed dozens of local executives, state officials and federal lawmakers about where the deal stands. What emerges is a picture of a proposal hastily assembled for the deadline of Trump’s trip to China without assessments of national security or geopolitical risks – and a cautionary tale as the U.S. tries to hold China to its promises at the federal level. Eighteen months after the deal was announced with much fanfare, China Energy Investment Corp. has spent no money in West Virginia’s energy projects, Justice tells CNBC. Thrasher – one of three signatories to the deal – points to one reason: “It’s not an enforceable document where we can make them spend their money.”

The wish list

Delegations from China Energy Investment Corp. and Shenhua Group, its parent company, embarked on multiple learning tours in West Virginia to figure out where they would invest. In addition to visiting project sites across West Virginia in 2017, executives took courses at West Virginia University’s Energy Institute and traveled to industry conferences across the Ohio River valley. The trips began to slow as trade tensions heated up between the U.S. and China in early 2018, the governor told CNBC. Local executives and state lawmakers expected China Energy to assist in building new facilities in three areas: Natural gas-burning power plants, steam crackers that turn gas into ethylene, and an underground reservoir that would store the excess energy until it could be processed or traded. The goal, according to those involved: Invest in the infrastructure to extract and process the raw materials and send the materials themselves back to China. But problems arose soon after the deal’s announcement.

CNBC’s Kayla Tausche speaks with West Virginia Governor Jim Justice. CNBC

China’s involvement in the power plants was blocked by U.S. officials, who raised national security concerns about an adversary obtaining operating knowledge of a state’s power grid. The source of the opposition with the federal government was not clear, but Thrasher and Rep. David McKinley, R-W.Va., said the plants included in the original proposal had been removed from consideration. “By law, information filed with CFIUS may not be disclosed by CFIUS to the public. Accordingly, the Department does not comment on information relating to specific CFIUS cases, including whether or not certain parties have filed notices for review,” said a representative for the Treasury Department, which leads the Committee on Foreign Investment in the United States, commonly known as CFIUS. “We didn’t realize that there may be concerns from CFIUS,” Thrasher said in hindsight. “We thought that would be acceptable. Later on, there were questions about it.” Energy Solutions Consortium — the U.S.-based company building the power plants in Brooke and Harrison counties — says permits for the plants are in process, and their construction is not predicated on Chinese investment. A hundred miles away from the power plant sites sits an empty asphalt lot on the banks of the Ohio River that was supposed to host the facility that would “crack” the area’s abundant natural gas into ethylene. A security guard keeps watch 24 hours a day over the area, overgrown with weeds and surrounded by chain-link fencing and barbed wire. When asked where one would find the cracker — or the beginnings of it — the security guard returned a quizzical stare. “There’s not one,” he told CNBC during a recent reporting trip to the area. “That’s here,” he said when he was shown a map highlighting the area the Department of Energy had singled out as the investment site. But nothing had ever materialized, he said. Local executives, who requested anonymity because they are not authorized to discuss the project, say China Energy’s interest was piqued by the waterfront location and neighboring logistics hubs that would allow the company to easily export what it produced back to Beijing. China’s financial backing would have added momentum to the cracker’s long-stalled production. Its construction by Brazil’s petrochemical company Braskem, and Braskem’s parent company, Odebrecht SA, had been on hold for years amid a corruption scandal, financial troubles and ownership questions. Odebrecht’s chief executive in 2016 was sentenced to 19 years in prison for his role in a kickback scheme that lined the pockets of politicians in more than a dozen countries. The same year, Odebrecht and Braskem pleaded guilty and agreed to pay $3.5 billion to U.S. authorities for running afoul of domestic anti-bribery laws. After a deal to sell Braskem to conglomerate to LyondellBasell fell through earlier this month, Odebrecht filed for bankruptcy. The Department of Energy says the cracker would produce a million annual tons of ethylene, a petrochemical product used to make zip-close bags and clothing fibers. But the earliest date it could come online under current ownership is 2022, according to a DOE report. Then there’s the Appalachia Storage and Trading Hub, currently in the fundraising and development phase. Steve Hedrick, CEO of the Mid-Atlantic Technology, Research & Innovation Center (MATRIC) and Appalachia Development Group, says he’ll spend the next two years locking in the $3.3 billion he needs to get the project off the ground. The majority of the funding — $1.9 billion — is expected to come from a Department of Energy loan. The remaining $1.4 billion will come from the private sector, Hedrick says, and so far is not coming from Beijing. “What we have seen thus far is investment out of the continental United States,” Hedrick told CNBC. Hedrick maintains that Beijing never made a firm commitment to fund the construction of the hub, despite his joining West Virginia officials in China to announce the $83.7 billion deal. His participation stoked controversy when ProPublica reported that he conducted private business while taxpayers funded his travel. Hedrick repaid his travel costs and told CNBC he provided “chemical industry acumen” during meetings with Chinese officials, at the request of the state. Lawmakers say the storage hub was always on China Energy’s shortlist. “We’re talking about 10 to 20 million barrels of ethane storage,” said McKinley. “Our conversation with Shenhua and the China Energy group was, ‘Let’s tap into that.'”

A ‘game-changer’ for the Mountain State

The potential value of the China Energy deal is greater than the value of everything the state of West Virginia produces in a year, which according to the St. Louis Federal Reserve was $77.5 billion in 2018. A third of its 1.8 million people don’t have internet, according to the Federal Communications Commission. And 19% of residents live below the poverty line, the most recent Census data show. “It would’ve obviously employed tens of thousands of people,” Thrasher said. “It would’ve been way beyond a game-changer. Way beyond the size of the state.” West Virginia’s current Commerce secretary, Ed Gaunch, told a West Virginia radio show the investment would produce “hundreds of thousands” of jobs in the energy and petrochemical industries. After meeting with China Energy’s chairman and top officials in China in early June, Gaunch told MetroNews Talkline the two parties moved “one step closer” to announcing at least one of the seven projects Gaunch said China has identified. Gaunch declined to elaborate on the commitment – or the projects – and acknowledged the process has been perplexing. “In this case it was backwards,” Gaunch told the Talkline host Hoppy Kercheval. “We announced the intention to do those projects, and now we’re waiting for those projects to materialize.” A spokesperson for Gaunch and the West Virginia Department of Commerce declined repeated requests for comment from CNBC over a three-month period. The proposed size of the investment – and availability of those projects – has lawmakers and longtime West Virginia drillers scratching their head.

CNBC’s Kayla Tausche with Woody Thrasher, former West Virginia Commerce Sec. CNBC

“I think we all knew that was a pretty high figure, particularly in a small state such as ours,” Republican Sen. Shelley Moore Capito told CNBC outside Clarksburg during a recent congressional break. Dennis Xander, president of West Virginia-based Denex Petroleum, said even if China Energy fully paid for every pipeline under construction in the state, it would only be able to spend about $25 billion. “I don’t think the projects are here right now,” Xander said. Asked whether they could emerge over a 20-year investment horizon, he said: “I doubt it.” Denex and MATRIC have not encountered any Chinese bidders participating in existing or future projects where their companies are involved, the two executives said. “If 10% of that were invested in the state of West Virginia, that would be the single-largest investment in the history of the state,” MATRIC’s Hedrick said. “Whether you get to $83.7 billion or you get to $50 [billion] depends on how long we want to sit at the table and work on it,” Hedrick said. Hedrick, who was briefed on the investment as part of the 2017 trip, said the specificity of the figure indicated it was the amount China truly intended to spend. “Someone, somewhere decided that they were going to be precise,” Hedrick said. “Someone did the math and added it up. And it ended up at $83.7.”

Legal challenge

Thrasher, the former state Commerce secretary, says the math was done quickly in late 2017, with the “back of a napkin” figure worked out “in a couple of hours,” so the deal could be rolled out weeks later during Trump and Xi’s big reveal. “The temptation was too great not to sort of announce that deal,” Thrasher said. The White House declined to comment on its role in assembling the deal or President Trump’s discussions about it with Governor Justice. Shortly after CNBC reached out for comment, Justice and the President spoke by phone, tweeting that they discussed West Virginia’s public schools. Gov. Justice said he and Pres. Trump are “bound at the hip,” and that Trump has done “remarkable work that has been tremendously beneficial for WV!” The U.S. Department of Commerce, which arranged the deals and the delegations, says it is still working on the agreement but acknowledged its outcome is unclear. “Work on this particular deal continues to this day. The initial announcement for this trade mission showed that it was a Memorandum of Understanding, which can signify that the agreement is early in the process,” a spokesperson for the department tells CNBC. The deal signed was a “memorandum of understanding” involving China Energy, the state of West Virginia and West Virginia University. It’s not legally binding. And the state’s residents only know as much about the investment as a handful of principals are willing to tell them. China Energy Investment Corp. is no more forthcoming. It declined to provide any executives to discuss the deal or information about its progress, although it did provide the following statement to CNBC: “CEIC’s project in West Virginia is currently progressing as planned. However, because this stage of work involves business secrets, it is not suitable for media interviews.” Appalachian Mountain Advocates, a nonprofit public interest law and policy organization, sued West Virginia University after it declined a November 2017 Freedom of Information Act request to release the deal documents, a list of projects under consideration, and any correspondence related to China.

Proposed steam cracker site in West Virginia. CNBC

A West Virginia circuit court denied the request, saying the document trove could contain “proprietary trade secrets” and is “protected by the economic development privilege.” Judge Russell M. Clawges Jr. found the request to be “unduly burdensome.” Appalachian Mountain Advocates declined to comment for this story, citing the ongoing litigation. The case is currently being appealed. Sen. Joe Manchin, the Democratic former governor and West Virginia’s current senior U.S. senator, has hosted delegations from China Energy but still hasn’t been able to obtain adequate information about the deal. “To say you’re going to make an investment and not tell us what it is going to be about was absolutely wrong,” Manchin told CNBC outside a hearing in Washington. “I never thought it would come to maturity — I really didn’t — and I never did see anything concrete.”

Holding out hope

Not everyone shares Manchin’s skepticism. Capito, his Republican colleague in the Senate, said West Virginia and China Energy are in a “holding pattern” until the U.S. and China resolve their trade issues. Justice, who switched from Democrat to Republican after being elected governor, said a resolution at the national level could give China Energy a “green light” to move forward — and that other nations, including energy-rich Qatar, have expressed interest in the meantime. Thrasher, who is running to unseat Justice as governor, believes, perhaps unsurprisingly, a gubernatorial change could breathe new life into the deal. McKinley says neither the value of the raw materials underneath the state nor China’s need for them has changed. “I’ve met with them in Beijing. I’ve met them in Shanghai. We’ve had meetings in Morgantown,” McKinley says. “They’re still interested.”

CNBC’s Kayla Tausche with Steve Hedrick, MATRIC president and CEO. CNBC


Company: cnbc, Activity: cnbc, Date: 2019-06-20  Authors: kayla tausche
Keywords: news, cnbc, companies, 2017, gamechanging, billion, investment, deal, promised, waiting, virginia, china, 84, state, told, projects, west, energy


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Waymo inks driverless car deal with Renault, Nissan to develop autonomous vehicles for France, Japan

Waymo has signed a deal with Renault and Nissan to develop self-driving cars and trucks for use in France, Japan and possibly other countries in Asia, including China, the autonomous car company announced Thursday. Waymo, a subsidiary of Google’s parent company Alphabet, is currently testing a small fleet of autonomous vehicles just outside of Phoenix. Those vehicles, which are modified Chrysler Pacifica minivans, are part of Waymo’s work to develop autonomous ride-share services. Waymo, formerl


Waymo has signed a deal with Renault and Nissan to develop self-driving cars and trucks for use in France, Japan and possibly other countries in Asia, including China, the autonomous car company announced Thursday. Waymo, a subsidiary of Google’s parent company Alphabet, is currently testing a small fleet of autonomous vehicles just outside of Phoenix. Those vehicles, which are modified Chrysler Pacifica minivans, are part of Waymo’s work to develop autonomous ride-share services. Waymo, formerl
Waymo inks driverless car deal with Renault, Nissan to develop autonomous vehicles for France, Japan Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-06-20  Authors: phil lebeau
Keywords: news, cnbc, companies, technology, autonomous, nissan, ceo, vehicles, driverless, develop, inks, france, services, japan, renault, selfdriving, deal, waymo


Waymo inks driverless car deal with Renault, Nissan to develop autonomous vehicles for France, Japan

Waymo has signed a deal with Renault and Nissan to develop self-driving cars and trucks for use in France, Japan and possibly other countries in Asia, including China, the autonomous car company announced Thursday.

It’s the first agreement Waymo has signed to provide its technology and services to automakers working to build their own self-driving cars and services.

Waymo, a subsidiary of Google’s parent company Alphabet, is currently testing a small fleet of autonomous vehicles just outside of Phoenix. Those vehicles, which are modified Chrysler Pacifica minivans, are part of Waymo’s work to develop autonomous ride-share services. With Renault and Nissan, Waymo’s relationship will be more as a provider of technology and services that each automaker will use as they develop their own self-driving vehicles.

“Our Waymo Driver can deliver transformational mobility solutions to safely serve riders and commercial deliveries in France, Japan and other countries,” John Krafcik, CEO of Waymo said in a prepared statement.

Renault and Nissan — which have a close yet strained relationship since the arrest and detention in October of Renault’s former CEO Carlos Ghosn, who was also chairman of Nissan — are putting aside their differences when it comes to autonomous vehicles.

The companies said they’re creating a joint venture companies to focus exclusively on driverless mobility services.

Thierry Bolloré, CEO of Renault, said in a statement that the deal will put his company, “at the forefront of driverless mobility new business streams in our key strategic markets.”

Hiroto Saikawa, president and CEO of Nissan echoed that confidence.

“Our expertise in the global automotive industry and expertise in strategic partnership will enable us to explore opportunities to grow our portfolio and deliver new value to customers with Waymo, the recognized leader in this space,” he said.

Waymo, formerly known as the Google Self Driving Car project, is considered a leader in autonomous vehicles, analysts and technology executives say.

That lead, however, is far from safe. General Motors’ subsidiary Cruise, is expected to publicly launch its first autonomous vehicle later this year. Meanwhile, Uber is also working to develop autonomous ride-share vehicles.


Company: cnbc, Activity: cnbc, Date: 2019-06-20  Authors: phil lebeau
Keywords: news, cnbc, companies, technology, autonomous, nissan, ceo, vehicles, driverless, develop, inks, france, services, japan, renault, selfdriving, deal, waymo


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Mnuchin says Trump wants to keep government open as Washington scrambles for budget, debt deal

The administration would also propose a one-year debt ceiling increase. Mnuchin made the comments to reporters after a meeting among White House officials and congressional leaders in House Speaker Nancy Pelosi’s office. The Treasury secretary said lawmakers from both parties agreed that they needed to raise the debt ceiling. If officials in Washington cannot raise those limits, it could trigger budget sequestration — significant automatic cuts across government agencies. Congress will have to b


The administration would also propose a one-year debt ceiling increase. Mnuchin made the comments to reporters after a meeting among White House officials and congressional leaders in House Speaker Nancy Pelosi’s office. The Treasury secretary said lawmakers from both parties agreed that they needed to raise the debt ceiling. If officials in Washington cannot raise those limits, it could trigger budget sequestration — significant automatic cuts across government agencies. Congress will have to b
Mnuchin says Trump wants to keep government open as Washington scrambles for budget, debt deal Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-06-19  Authors: jacob pramuk
Keywords: news, cnbc, companies, treasury, scrambles, spending, ceiling, house, raise, washington, trump, deal, debt, wants, congress, white, mnuchin, open, budget


Mnuchin says Trump wants to keep government open as Washington scrambles for budget, debt deal

President Donald Trump wants to avoid another shutdown as the White House and Congress try to scrape together a deal to fund the government and raise the U.S. borrowing limit, Treasury Secretary Steven Mnuchin said Wednesday.

If the Trump administration and Congress fail to reach a spending agreement, the White House will offer a continuing resolution to keep the government funded at its current levels for a year, he said. The administration would also propose a one-year debt ceiling increase.

Mnuchin made the comments to reporters after a meeting among White House officials and congressional leaders in House Speaker Nancy Pelosi’s office.

The Treasury secretary said lawmakers from both parties agreed that they needed to raise the debt ceiling. If Congress fails to increase the borrowing limit, the U.S. could risk default on its debt — which would have ripple effects throughout the global economy. The Treasury could lose the ability to pay its bills in the coming months.

During the meeting, negotiators had a tougher time coming to an agreement on spending caps, according to multiple reports. If officials in Washington cannot raise those limits, it could trigger budget sequestration — significant automatic cuts across government agencies.

Republicans said Democrats pushed for more nondefense spending Wednesday than they previously had, according to reports. Funding for the current fiscal year runs out Sept. 30.

Congress will have to beat both the budget and debt ceiling deadlines, as Congress typically leaves Washington for the month of August. Failing to address both issues could wreak havoc on the U.S. and global economies.

In December and January, funding for parts of the government lapsed for a record 35 days.

— CNBC’s Ylan Mui contributed to this report.

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Company: cnbc, Activity: cnbc, Date: 2019-06-19  Authors: jacob pramuk
Keywords: news, cnbc, companies, treasury, scrambles, spending, ceiling, house, raise, washington, trump, deal, debt, wants, congress, white, mnuchin, open, budget


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Mexico becomes first country to ratify USMCA trade deal via Senate vote

Powell on Trump: ‘The law is clear that I have a four-year term’The Fed chief said that despite reports that Trump was looking to demote or fire him, he doesn’t plan on leaving anytime soon. The Fedread more


Powell on Trump: ‘The law is clear that I have a four-year term’The Fed chief said that despite reports that Trump was looking to demote or fire him, he doesn’t plan on leaving anytime soon. The Fedread more
Mexico becomes first country to ratify USMCA trade deal via Senate vote Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-06-19
Keywords: news, cnbc, companies, termthe, senate, leaving, mexico, fouryear, looking, ratify, trump, deal, vote, country, soonthe, usmca, powell, law, reports, plan, trade


Mexico becomes first country to ratify USMCA trade deal via Senate vote

Powell on Trump: ‘The law is clear that I have a four-year term’

The Fed chief said that despite reports that Trump was looking to demote or fire him, he doesn’t plan on leaving anytime soon.

The Fed

read more


Company: cnbc, Activity: cnbc, Date: 2019-06-19
Keywords: news, cnbc, companies, termthe, senate, leaving, mexico, fouryear, looking, ratify, trump, deal, vote, country, soonthe, usmca, powell, law, reports, plan, trade


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Oreo-owner Mondelez to take majority stake in Perfect Bar-parent, Perfect Snacks

Oreo-owner Mondelez is taking a majority stake in Perfect Snacks, the owner of refrigerated protein bar Perfect Bar, the companies announced on Wednesday. Perfect Snacks has roughly $70 million in sales and is posting double-digit growth year-over-year. Since then, Perfect Snacks has expanded beyond their “Original Refrigerated Protein Bar,” an organic, non-GMO nut-butter-based protein bar into a kids’ line and bite-sized Perfect Bites. As a whole, refrigerated snacks like soup, hummus and yogur


Oreo-owner Mondelez is taking a majority stake in Perfect Snacks, the owner of refrigerated protein bar Perfect Bar, the companies announced on Wednesday. Perfect Snacks has roughly $70 million in sales and is posting double-digit growth year-over-year. Since then, Perfect Snacks has expanded beyond their “Original Refrigerated Protein Bar,” an organic, non-GMO nut-butter-based protein bar into a kids’ line and bite-sized Perfect Bites. As a whole, refrigerated snacks like soup, hummus and yogur
Oreo-owner Mondelez to take majority stake in Perfect Bar-parent, Perfect Snacks Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-06-19  Authors: lauren hirsch
Keywords: news, cnbc, companies, majority, keith, refrigerated, bar, roughly, snacking, family, oreoowner, snacks, stake, deal, barparent, perfect, mondelez


Oreo-owner Mondelez to take majority stake in Perfect Bar-parent, Perfect Snacks

Oreo-owner Mondelez is taking a majority stake in Perfect Snacks, the owner of refrigerated protein bar Perfect Bar, the companies announced on Wednesday.

The deal gives Mondelez a further foothold into snacking as more people eat on-the-go. It comes on the heels of its roughly $500 million acquisition of premium cookie brand, Tate’s Bake Shop, in 2018 and the innovation hub it launched for new snacking brands, SnackFutures, the same year.

Perfect Snacks has roughly $70 million in sales and is posting double-digit growth year-over-year. Financial terms of the deal were not disclosed.

For the Keith family, the deal is an achievement. Bill Keith, along with six of his 13 siblings, founded the company in 2005, when their father was diagnosed with cancer and they needed a way to support themselves. The Perfect Bar recipe is based on a treat their dad, who has since passed, made the family to try to get the kids to swallow their vitamin supplements.

“We started the company to save our family,” Keith explained.

Since then, Perfect Snacks has expanded beyond their “Original Refrigerated Protein Bar,” an organic, non-GMO nut-butter-based protein bar into a kids’ line and bite-sized Perfect Bites.

As bars and snacking have exploded in popularity, Perfect Snacks continues to distinguish itself by the refrigeration its products require, which the Keith family says helps offer a fresher product.

As a whole, refrigerated snacks like soup, hummus and yogurt, generate roughly $20 billion in annual sales, according to Mintel. Mondelez sees an opportunity to further expand in the segment, said Glen Walter, executive vice president of Mondelez and president of North America.

“There is still a lot of runway in building overall category leadership in refrigerated snacking,” he said.

Mondelez, which also owns BelVita and Toblerone, has spoken openly about its intent to push further into snacking through its own products, as well as through dealmaking, should the opportunity arise.

“We want to take a very disciplined approach. We’ve studied the market and we’re looking at different targets. We think we have a great deal of opportunity in our business … and we will continue to take a disciplined approach to explore opportunities that make sense to exploit the advantages we have,” said Walter.

After the sale, Bill, Leigh and Charisse Keith, as well as the rest of the company’s leadership team, will continue to run the business out of its San Diego, California headquarters. The company’s manufacturing operations will also stay in place.


Company: cnbc, Activity: cnbc, Date: 2019-06-19  Authors: lauren hirsch
Keywords: news, cnbc, companies, majority, keith, refrigerated, bar, roughly, snacking, family, oreoowner, snacks, stake, deal, barparent, perfect, mondelez


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