Futures point to a triple-digit gain for the Dow after tentative deal to avoid government shutdown

U.S. stock index futures were higher Tuesday morning, with market participants hopeful a fresh set of trade talks could help to resolve a dispute between the world’s two largest economies. ET, Dow Jones Industrial Average futures rose 156 points, indicating a positive open of more than 143 points. Market focus is largely attuned to global trade developments, with the U.S. and China trying to hammer out a deal before an early March deadline. The trade dispute has already started to impact global


U.S. stock index futures were higher Tuesday morning, with market participants hopeful a fresh set of trade talks could help to resolve a dispute between the world’s two largest economies. ET, Dow Jones Industrial Average futures rose 156 points, indicating a positive open of more than 143 points. Market focus is largely attuned to global trade developments, with the U.S. and China trying to hammer out a deal before an early March deadline. The trade dispute has already started to impact global
Futures point to a triple-digit gain for the Dow after tentative deal to avoid government shutdown Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-02-12  Authors: sam meredith
Keywords: news, cnbc, companies, global, avoid, tripledigit, help, deal, point, dispute, trade, market, expected, futures, dow, points, index, et, shutdown, tentative, gain


Futures point to a triple-digit gain for the Dow after tentative deal to avoid government shutdown

U.S. stock index futures were higher Tuesday morning, with market participants hopeful a fresh set of trade talks could help to resolve a dispute between the world’s two largest economies.

At around 4:05 a.m. ET, Dow Jones Industrial Average futures rose 156 points, indicating a positive open of more than 143 points. Futures on the S&P 500 and Nasdaq Composite were also seen slightly higher.

Market focus is largely attuned to global trade developments, with the U.S. and China trying to hammer out a deal before an early March deadline.

Both sides expressed hopes the new round of negotiations, which began in Beijing on Monday, would bring them closer to a comprehensive trade agreement.

The trade dispute has already started to impact global growth, with investors worried a protracted dispute could soon severely hurt corporate earnings.

Meanwhile, market sentiment got a boost amid news U.S. lawmakers had secured a tentative deal on border security funding on Monday.

The drafted agreement — which congressional aides said did not contain funds for President Donald Trump’s border wall — could help to prevent another partial government shutdown due to begin from Saturday.

In corporate news, Nissan, Under Armour and Shopify are among the major companies expected to report their latest quarterly results before the opening bell. Occidental Petroleum, Activision Blizzard and TripAdvisor are all due to publish earnings after market close.

On the data front, the NFIB Small Business Optimism Index for January is expected to be released at around 6:00 a.m. ET. Job Openings and Labor Turnover Survey (JOLTS) figures for December will be published later in the session.


Company: cnbc, Activity: cnbc, Date: 2019-02-12  Authors: sam meredith
Keywords: news, cnbc, companies, global, avoid, tripledigit, help, deal, point, dispute, trade, market, expected, futures, dow, points, index, et, shutdown, tentative, gain


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US-China trade war about ‘new world order,’ Investec CEO says

Trade talks between the United States and China are not simply about trade but a “new world order,” the chief executive of a major asset management firm told CNBC. “The big uncertainty is the U.S.-China trade negotiation which is not really about trade, it’s about a new world order,” Investec’s Hendrik du Toit said at the World Economic Forum in Davos, Switzerland.” President Donald Trump has long been a critic of the trade imbalance between the U.S. and China, and has seen the dispute — which m


Trade talks between the United States and China are not simply about trade but a “new world order,” the chief executive of a major asset management firm told CNBC. “The big uncertainty is the U.S.-China trade negotiation which is not really about trade, it’s about a new world order,” Investec’s Hendrik du Toit said at the World Economic Forum in Davos, Switzerland.” President Donald Trump has long been a critic of the trade imbalance between the U.S. and China, and has seen the dispute — which m
US-China trade war about ‘new world order,’ Investec CEO says Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-01-24  Authors: ryan browne, afp contributor, afp, getty images
Keywords: news, cnbc, companies, war, trade, big, order, world, ceo, investec, uschina, deficit, worth, china, beijing, dispute


US-China trade war about 'new world order,' Investec CEO says

Trade talks between the United States and China are not simply about trade but a “new world order,” the chief executive of a major asset management firm told CNBC.

“The big uncertainty is the U.S.-China trade negotiation which is not really about trade, it’s about a new world order,” Investec’s Hendrik du Toit said at the World Economic Forum in Davos, Switzerland.”

“And if we get a dysfunctional world order having come from a space which was very, very good business over the last 20, 30 years since communism fell,” he said, “then there may be some big hits along the way and there may be some big challenges.”

Since early 2018, Washington and Beijing have been engaged in an increasingly intensifying dispute over trade, with new tariffs being leveled on either side targeting billions of dollars’ worth of goods from each other’s economies.

President Donald Trump has long been a critic of the trade imbalance between the U.S. and China, and has seen the dispute — which many, including the president himself, have called a trade war — as a means of putting pressure on Beijing and reduce the trade deficit. That trade deficit rose to its largest in a decade in 2018.

The two countries have been trying to deescalate the trade war, with both agreeing late last year to a 90-day truce to engage in further trade negotiations and hold off on any further tariff increases until the ceasefire comes to an end.


Company: cnbc, Activity: cnbc, Date: 2019-01-24  Authors: ryan browne, afp contributor, afp, getty images
Keywords: news, cnbc, companies, war, trade, big, order, world, ceo, investec, uschina, deficit, worth, china, beijing, dispute


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Walmart pharmacies likely to leave CVS network because of pricing dispute

For its part, CVS is placing the blame for the split on Walmart. Rice’s statement also said that CVS could not agree to Walmart’s demands for an increase in reimbursement. CVS said that it has asked Walmart to stay in its networks through April 30. Walmart said that it is still trying to find a solution that would benefit both parties and their shared customers. CVS Caremark, the pharmacy-benefits arm of CVS Health, said that if a split happens, it would not affect the pharmacy networks in its M


For its part, CVS is placing the blame for the split on Walmart. Rice’s statement also said that CVS could not agree to Walmart’s demands for an increase in reimbursement. CVS said that it has asked Walmart to stay in its networks through April 30. Walmart said that it is still trying to find a solution that would benefit both parties and their shared customers. CVS Caremark, the pharmacy-benefits arm of CVS Health, said that if a split happens, it would not affect the pharmacy networks in its M
Walmart pharmacies likely to leave CVS network because of pricing dispute Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-01-15  Authors: amelia lucas, john tlumacki, the boston globe, getty images
Keywords: news, cnbc, companies, walmarts, leave, health, wants, cvs, split, network, pharmacies, walmart, networks, customers, dispute, statement, likely, mcinnis, pricing


Walmart pharmacies likely to leave CVS network because of pricing dispute

CVS wasn’t always a drugstore. Now it wants to revolutionize health care. 4:00 PM ET Tue, 11 Dec 2018 | 07:03

Walmart spokeswoman Marilee McInnis said in a statement that the company is “disappointed CVS chose not to come to a resolution in a way that is beneficial to their members who are also our customers.” McInnis also said that the retailer wants to pass along savings to their customers, not a middle man.

For its part, CVS is placing the blame for the split on Walmart.

“At a time when everyone is working hard to find ways to reduce health care costs, Walmart’s requested rates would ultimately result in higher costs for our clients and consumers,” said Derica Rice, president of CVS Caremark, in a statement.

Rice’s statement also said that CVS could not agree to Walmart’s demands for an increase in reimbursement.

CVS said that it has asked Walmart to stay in its networks through April 30. A person familiar with the matter told the Wall Street Journal, which first reported the story, that the split could come as early as next month if Walmart doesn’t agree.

Walmart said that it is still trying to find a solution that would benefit both parties and their shared customers.

CVS Caremark, the pharmacy-benefits arm of CVS Health, said that if a split happens, it would not affect the pharmacy networks in its Medicare plans. Sam’s Club stores would also be spared from any impact.


Company: cnbc, Activity: cnbc, Date: 2019-01-15  Authors: amelia lucas, john tlumacki, the boston globe, getty images
Keywords: news, cnbc, companies, walmarts, leave, health, wants, cvs, split, network, pharmacies, walmart, networks, customers, dispute, statement, likely, mcinnis, pricing


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Apple is the most sensitive to US-China trade war, strategist says

A trade war between the world’s two largest economies is likely to evolve into a dispute over intellectual property rights over the coming months, one analyst told CNBC Friday, with Apple set to bear the brunt of any further fallout. A long-running trade dispute between the U.S. and China has rattled financial markets in recent months, with a global stock market sell-off gathering pace in December amid escalating concerns of a possible economic slowdown. President Donald Trump and Chinese leader


A trade war between the world’s two largest economies is likely to evolve into a dispute over intellectual property rights over the coming months, one analyst told CNBC Friday, with Apple set to bear the brunt of any further fallout. A long-running trade dispute between the U.S. and China has rattled financial markets in recent months, with a global stock market sell-off gathering pace in December amid escalating concerns of a possible economic slowdown. President Donald Trump and Chinese leader
Apple is the most sensitive to US-China trade war, strategist says Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2018-12-21  Authors: sam meredith, feng li, getty images news, getty images
Keywords: news, cnbc, companies, strategist, dispute, probably, uschina, trade, apple, sensitive, property, war, parker, intellectual, rights, debate, months, told


Apple is the most sensitive to US-China trade war, strategist says

A trade war between the world’s two largest economies is likely to evolve into a dispute over intellectual property rights over the coming months, one analyst told CNBC Friday, with Apple set to bear the brunt of any further fallout.

A long-running trade dispute between the U.S. and China has rattled financial markets in recent months, with a global stock market sell-off gathering pace in December amid escalating concerns of a possible economic slowdown.

President Donald Trump and Chinese leader Xi Jinping declared a 90-day cease-fire at the start of the month, but external observers remain deeply skeptical about the chances of Washington and Beijing agreeing to a comprehensive trade pact in the proposed timeframe.

“There is a high probability that the debate about trade tariffs probably will calm down, but the debate about intellectual property rights (and) cybersecurity, probably will escalate,” Bob Parker, investment committee member at Quilvest Wealth Management, told CNBC’s “Squawk Box Europe” on Friday.

“I think that’s going to be the big issue for the first half of next year,” Parker said.


Company: cnbc, Activity: cnbc, Date: 2018-12-21  Authors: sam meredith, feng li, getty images news, getty images
Keywords: news, cnbc, companies, strategist, dispute, probably, uschina, trade, apple, sensitive, property, war, parker, intellectual, rights, debate, months, told


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India’s cenbank governor Urjit Patel steps down, stuns markets

“Quite clearly the resignation of Urjit Patel shows that nothing has changed,” Yashwant Sinha, a former finance minister and member of the ruling Bharatiya Janata Party, told CNBC-TV18. The Modi government has stacked the RBI’s 18-member board with its own nominees, in what critics say is a move to exert greater control over the central bank’s regulatory powers. Patel’s sudden resignation is expected to roil financial markets on Tuesday. Investors will be keen to know who is Patel’s replacement


“Quite clearly the resignation of Urjit Patel shows that nothing has changed,” Yashwant Sinha, a former finance minister and member of the ruling Bharatiya Janata Party, told CNBC-TV18. The Modi government has stacked the RBI’s 18-member board with its own nominees, in what critics say is a move to exert greater control over the central bank’s regulatory powers. Patel’s sudden resignation is expected to roil financial markets on Tuesday. Investors will be keen to know who is Patel’s replacement
India’s cenbank governor Urjit Patel steps down, stuns markets Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2018-12-10  Authors: dhiraj singh bloomberg, bloomberg, getty images
Keywords: news, cnbc, companies, markets, patel, indias, urjit, stuns, rbi, resignation, regulatory, cenbank, minister, financial, banks, dispute, patels, steps, central, governor


India's cenbank governor Urjit Patel steps down, stuns markets

Analysts and market watchers said the recent dispute between the RBI and the government could have been a major factor in Patel’s decision to resign.

“Quite clearly the resignation of Urjit Patel shows that nothing has changed,” Yashwant Sinha, a former finance minister and member of the ruling Bharatiya Janata Party, told CNBC-TV18.

“The resignation is a clear sign of the government trying to interfere with the working of the RBI,” he added.

Prime Minister Narendra Modi’s government has been putting pressure on the RBI to ease its regulatory curbs on some banks, infuse more liquidity and relax capital norms as it faces a slowing economy ahead of general elections due by May.

RBI Deputy Governor Viral Acharya said in a speech in October that undermining a central bank’s autonomy could be “catastrophic”, prompting a public dispute that added to the rift between the bank and government.

The Modi government has stacked the RBI’s 18-member board with its own nominees, in what critics say is a move to exert greater control over the central bank’s regulatory powers.

Patel’s sudden resignation is expected to roil financial markets on Tuesday.

Investors will be keen to know who is Patel’s replacement and the direction of the central bank’s financial and monetary policy, analysts said.

“Markets certainly will be concerned unless there is further clarification that come through tonight,” said R. Sivakumar, head of fixed income at Axis Mutual Fund.

“I think tomorrow and over the next few days we can expect heightened volatility in the markets,” he added.


Company: cnbc, Activity: cnbc, Date: 2018-12-10  Authors: dhiraj singh bloomberg, bloomberg, getty images
Keywords: news, cnbc, companies, markets, patel, indias, urjit, stuns, rbi, resignation, regulatory, cenbank, minister, financial, banks, dispute, patels, steps, central, governor


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There may be more at stake than just trade concessions in the US-China tariff battle

Trade frictions between the world’s two largest economies go well beyond the parameters of imports and exports. Washington has been attempting to negotiate with Beijing about issues like forced tech transfers and intellectual property theft, but there’s a growing sense among international analysts that talks may also be touching on other deep-rooted issues in their relationship, particularly on the national security and military front. The ongoing spat is a reflection of great power rivalries, p


Trade frictions between the world’s two largest economies go well beyond the parameters of imports and exports. Washington has been attempting to negotiate with Beijing about issues like forced tech transfers and intellectual property theft, but there’s a growing sense among international analysts that talks may also be touching on other deep-rooted issues in their relationship, particularly on the national security and military front. The ongoing spat is a reflection of great power rivalries, p
There may be more at stake than just trade concessions in the US-China tariff battle Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2018-12-06  Authors: nyshka chandran, kevin lemarque
Keywords: news, cnbc, companies, tariff, transfers, concessions, wrote, battle, dispute, stake, war, worlds, trade, typical, uschina, tech, trumps, issues


There may be more at stake than just trade concessions in the US-China tariff battle

Trade frictions between the world’s two largest economies go well beyond the parameters of imports and exports.

Washington has been attempting to negotiate with Beijing about issues like forced tech transfers and intellectual property theft, but there’s a growing sense among international analysts that talks may also be touching on other deep-rooted issues in their relationship, particularly on the national security and military front.

The ongoing spat is a reflection of great power rivalries, political scientist Joseph Nye wrote in a Project Syndicate editorial last month: “It is much more than a typical trade dispute like, say, America’s recent clash with Canada over access to that country’s dairy market.”

Many economists have pointed out that the current dispute is more of a tech war than a tariff war as U.S. President Donald Trump’s administration targets China’s technology sector practices. Beijing’s militarization of the South China Sea and the sovereignty of Taiwan could also be influencing negotiations.


Company: cnbc, Activity: cnbc, Date: 2018-12-06  Authors: nyshka chandran, kevin lemarque
Keywords: news, cnbc, companies, tariff, transfers, concessions, wrote, battle, dispute, stake, war, worlds, trade, typical, uschina, tech, trumps, issues


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East Tech West Day Three: Investing during the U.S.-China trade dispute

East Tech West Day Three: Investing during the U.S.-China trade dispute4 Hours AgoOn the final day of CNBC’s East Tech West event in the Nansha district of Guangzhou, China, issues from the U.S.-China trade dispute to competition in the tech industry filled the day. CNBC’s Uptin Saiidi recaps the event.


East Tech West Day Three: Investing during the U.S.-China trade dispute4 Hours AgoOn the final day of CNBC’s East Tech West event in the Nansha district of Guangzhou, China, issues from the U.S.-China trade dispute to competition in the tech industry filled the day. CNBC’s Uptin Saiidi recaps the event.
East Tech West Day Three: Investing during the U.S.-China trade dispute Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2018-11-29
Keywords: news, cnbc, companies, west, event, uschina, saiidi, east, day, tech, cnbcs, uptin, dispute, investing, trade


East Tech West Day Three: Investing during the U.S.-China trade dispute

East Tech West Day Three: Investing during the U.S.-China trade dispute

4 Hours Ago

On the final day of CNBC’s East Tech West event in the Nansha district of Guangzhou, China, issues from the U.S.-China trade dispute to competition in the tech industry filled the day. CNBC’s Uptin Saiidi recaps the event.


Company: cnbc, Activity: cnbc, Date: 2018-11-29
Keywords: news, cnbc, companies, west, event, uschina, saiidi, east, day, tech, cnbcs, uptin, dispute, investing, trade


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Apple to tell Supreme Court it can’t be sued in App Store dispute

In a statement, Apple said that its App Store has fueled competition. The company said the store is responsible for the creation of millions of jobs and more than $100 billion in payments to app developers. The precedent the court is revisiting was set in Illinois Brick Co. v. Illinois, a 1977 dispute in which the court ruled in favor of concrete brick manufacturers. Rather, Apple will say that it is acting as an agent for app developers, who ultimately are selling their wares to consumers. Whil


In a statement, Apple said that its App Store has fueled competition. The company said the store is responsible for the creation of millions of jobs and more than $100 billion in payments to app developers. The precedent the court is revisiting was set in Illinois Brick Co. v. Illinois, a 1977 dispute in which the court ruled in favor of concrete brick manufacturers. Rather, Apple will say that it is acting as an agent for app developers, who ultimately are selling their wares to consumers. Whil
Apple to tell Supreme Court it can’t be sued in App Store dispute Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2018-11-26  Authors: tucker higgins, steve kovach
Keywords: news, cnbc, companies, apple, supreme, illinois, developers, sued, court, app, brick, case, cant, apps, tell, iphone, dispute, store


Apple to tell Supreme Court it can't be sued in App Store dispute

The court’s decision in the case, which is named Apple Inc. v. Pepper, No. 17-204, could have an impact beyond Apple. It could also open up other tech companies that operate electronic marketplaces, like Facebook, Ebay, Amazon and Alphabet’s Google, to similar challenges.

In a statement, Apple said that its App Store has fueled competition. The company said the store is responsible for the creation of millions of jobs and more than $100 billion in payments to app developers.

“We are hopeful the Supreme Court will recognize Apple’s critical role as a marketplace for apps, and uphold existing legal precedent by finding in favor of Apple and the millions of developers who sell their apps on our platform,” the company said.

Despite affecting the biggest tech companies in the world, Monday’s case hinges on how the Supreme Court’s justices will apply a decidedly low-tech ruling from the latter half of the 20th century.

The precedent the court is revisiting was set in Illinois Brick Co. v. Illinois, a 1977 dispute in which the court ruled in favor of concrete brick manufacturers. The state of Illinois sued the brickmakers for allegedly inflating their prices, causing an increase in the the cost of public building projects.

The court ruled that even though the increased brick costs might hurt Illinois indirectly, only the contractors who actually bought the bricks had standing to sue. That established the so-called “Illinois brick doctrine,” which says that only the direct purchaser of a good can collect damages from a monopoly holder.

Apple, which is supported by the Justice Department, will argue Monday that it is not directly selling apps to iPhone users. Rather, Apple will say that it is acting as an agent for app developers, who ultimately are selling their wares to consumers. In exchange for the commission Apple takes on app sales, the company provides access to its vast user base and performs other services, such as malware detection.

That view is supported by The App Association, an industry group that represents developers. The group has said that, in its view, “the customer is unequivocally buying from the app developer, not the platform the developer sold their app through,” and cautioned that a ruling against Apple could jeopardize the app economy.

But the iPhone owners bringing the suit take a different view. They argue that Apple directly sells the apps in its store, and has gone to “great lengths” to keep it that way, both by establishing technical barriers to other marketplaces and by penalizing those who jailbreak their devices.

While Apple does not price the goods in its App Store, the iPhone users argue that Apple still exercises control over pricing. Apple requires that that any app sold have a price that ends in 99 cents, such as $1.99.

Herbert Hovenkamp, one of the country’s top antitrust experts and a professor at the University of Pennsylvania School of Law and The Wharton School, the university’s business school, joined a brief supporting the iPhone owners in the case.

In an interview, Hovenkamp said that the case is distinct from Illinois Brick.

In that case, he said, it was the brickmakers who were alleged to be conspiring to inflate prices. But in this case, the equivalent party — the app developers — are innocent, potentially even victims of the alleged monopoly.

“Illinois Brick assumes that you’ve got an antitrust violator, and that violator sells to some innocent retailer or distributor, or someone in the middle, and then that innocent retailer sells to someone who then sues,” Hovenkamp said. But, in this case, it’s different: Apple, the alleged violator, is the one in the middle, he said.

A ruling is expected to come by late June.

WATCH: Steve Jobs defends his commitment to Apple on CNBC in 1997


Company: cnbc, Activity: cnbc, Date: 2018-11-26  Authors: tucker higgins, steve kovach
Keywords: news, cnbc, companies, apple, supreme, illinois, developers, sued, court, app, brick, case, cant, apps, tell, iphone, dispute, store


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No quick win for China on trade despite Kudlow-Navarro dispute, experts say

Peter Navarro, U.S. President Donald Trump’s trade advisor and a hardliner on China, has been sidelined by the White House — but prospects of a trade deal between the world’s two largest economies remain bleak, experts told CNBC. The U.S. and China have engaged in a trade fight this year, with Trump repeatedly attacking China for intellectual property theft, barriers to U.S. companies operating in China, and a massive trade imbalance. The U.S. president is expected to meet Chinese President Xi J


Peter Navarro, U.S. President Donald Trump’s trade advisor and a hardliner on China, has been sidelined by the White House — but prospects of a trade deal between the world’s two largest economies remain bleak, experts told CNBC. The U.S. and China have engaged in a trade fight this year, with Trump repeatedly attacking China for intellectual property theft, barriers to U.S. companies operating in China, and a massive trade imbalance. The U.S. president is expected to meet Chinese President Xi J
No quick win for China on trade despite Kudlow-Navarro dispute, experts say Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2018-11-15  Authors: yen nee lee, chip somodevilla, getty images, -rajiv biswas, chief economist for asia pacific, ihs markit
Keywords: news, cnbc, companies, worlds, say, navarro, win, dispute, advisor, white, expected, despite, xi, kudlownavarro, house, china, president, experts, quick, trade


No quick win for China on trade despite Kudlow-Navarro dispute, experts say

Peter Navarro, U.S. President Donald Trump’s trade advisor and a hardliner on China, has been sidelined by the White House — but prospects of a trade deal between the world’s two largest economies remain bleak, experts told CNBC.

The U.S. and China have engaged in a trade fight this year, with Trump repeatedly attacking China for intellectual property theft, barriers to U.S. companies operating in China, and a massive trade imbalance. The U.S. president is expected to meet Chinese President Xi Jinping at the G-20 summit in Argentina this month to talk trade.

CNBC reported Wednesday that the White House has deliberately curtailed Navarro’s public profile in the wake of an apparent dispute between him and top economic advisor Larry Kudlow.

Neither Kudlow nor Navarro is expected to depart from the White House.


Company: cnbc, Activity: cnbc, Date: 2018-11-15  Authors: yen nee lee, chip somodevilla, getty images, -rajiv biswas, chief economist for asia pacific, ihs markit
Keywords: news, cnbc, companies, worlds, say, navarro, win, dispute, advisor, white, expected, despite, xi, kudlownavarro, house, china, president, experts, quick, trade


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Cisco CEO ‘optimistic that we’ll get some resolution’ on US-China trade dispute

Things may be looking up for U.S.-China trade relations, which in turn is good for networking hardware colossus Cisco Systems, Chairman and CEO Chuck Robbins told CNBC on Wednesday. “We’re beginning to hear some positive sound bytes around this,” Robbins told Jim Cramer in an exclusive “Mad Money” interview. President Donald Trump and Chinese President Xi Jinping are expected to meet at the summit. “We implemented some price increases, as we said we would, and, frankly, we didn’t see any differe


Things may be looking up for U.S.-China trade relations, which in turn is good for networking hardware colossus Cisco Systems, Chairman and CEO Chuck Robbins told CNBC on Wednesday. “We’re beginning to hear some positive sound bytes around this,” Robbins told Jim Cramer in an exclusive “Mad Money” interview. President Donald Trump and Chinese President Xi Jinping are expected to meet at the summit. “We implemented some price increases, as we said we would, and, frankly, we didn’t see any differe
Cisco CEO ‘optimistic that we’ll get some resolution’ on US-China trade dispute Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2018-11-14  Authors: elizabeth gurdus
Keywords: news, cnbc, companies, trade, robbins, told, resolution, quarter, optimistic, cisco, tariffs, ceo, uschina, president, dispute, really, trump


Cisco CEO 'optimistic that we'll get some resolution' on US-China trade dispute

Things may be looking up for U.S.-China trade relations, which in turn is good for networking hardware colossus Cisco Systems, Chairman and CEO Chuck Robbins told CNBC on Wednesday.

“We’re beginning to hear some positive sound bytes around this,” Robbins told Jim Cramer in an exclusive “Mad Money” interview. “I’m optimistic that we’ll get to some resolution that is good for both and really allows us to continue this global expansion of the economy that we’ve all been enjoying for the last few years.”

Robbins may have been referring to top White House economic advisor Larry Kudlow’s comments to CNBC’s David Faber on Tuesday, which confirmed reports that U.S. and Chinese officials had restarted trade talks ahead of the G-20 summit at the end of the month. President Donald Trump and Chinese President Xi Jinping are expected to meet at the summit.

“We’re moving ahead on trade discussions,” Kudlow said in the interview.

Cisco’s CEO admitted that his company was affected by the Trump administration’s 10-percent tariffs on imports from China in its fiscal first quarter, reported after Wednesday’s closing bell.

“We implemented some price increases, as we said we would, and, frankly, we didn’t see any difference in the momentum before we did that and the momentum we saw after that in the quarter,” Robbins told Cramer. “Obviously, we would prefer that the tariffs don’t get increased to 25 percent in January.”

Still, Robbins said his “belief all along has been that once we got through the midterms, that the administration would begin to really focus on this,” and so far, that seems to be coming to fruition.

In the meantime, Cisco is delivering “consistent” growth as more and more companies realize just how complicated it is to seamlessly and securely shift their operations to the cloud, a process that is now fueling Cisco’s bottom line, the CEO said.

Shares of Cisco fell amid marketwide declines on Wednesday, but rose nearly 5 percent in after-hours trading following the earnings beat.


Company: cnbc, Activity: cnbc, Date: 2018-11-14  Authors: elizabeth gurdus
Keywords: news, cnbc, companies, trade, robbins, told, resolution, quarter, optimistic, cisco, tariffs, ceo, uschina, president, dispute, really, trump


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