CBS suspends search for a new CEO, extends acting CEO Ianniello through 2019

CBS announced Tuesday that it will suspend its search for a new CEO and that it will keep acting CEO Joseph Ianniello in the role through the end of the year. Ianniello assumed the role in September and had previously served as CBS’ chief operating officer and has been with the company since 1997. Shares of CBS rose slightly in postmarket trading following the news. CNBC previously reported that Shari Redstone would like to reunite CBS and Viacom. Sources familiar with the situation have previou


CBS announced Tuesday that it will suspend its search for a new CEO and that it will keep acting CEO Joseph Ianniello in the role through the end of the year. Ianniello assumed the role in September and had previously served as CBS’ chief operating officer and has been with the company since 1997. Shares of CBS rose slightly in postmarket trading following the news. CNBC previously reported that Shari Redstone would like to reunite CBS and Viacom. Sources familiar with the situation have previou
CBS suspends search for a new CEO, extends acting CEO Ianniello through 2019 Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-04-23  Authors: christine wang, getty images
Keywords: news, cnbc, companies, extends, previously, redstone, ianniello, cbs, ceo, acting, reported, search, rose, suspends, viacom, role, 2019


CBS suspends search for a new CEO, extends acting CEO Ianniello through 2019

CBS announced Tuesday that it will suspend its search for a new CEO and that it will keep acting CEO Joseph Ianniello in the role through the end of the year.

Earlier this month, CNBC had reported that CBS had missed its own internal deadline to find a successor for Les Moonves, who resigned amid sexual misconduct allegations.

Ianniello assumed the role in September and had previously served as CBS’ chief operating officer and has been with the company since 1997.

The media giant’s board said in a release, “Joe has demonstrated exceptional leadership during this time of unprecedented transition at CBS.” The board said Ianniello “steadied the ship” and demonstrated a “commitment to cultural change.”

Shares of CBS rose slightly in postmarket trading following the news.

CNBC previously reported that Shari Redstone would like to reunite CBS and Viacom. Redstone serves as vice chair of both companies.

Viacom shares rose nearly 1% in after-hours trade Tuesday.

Sources familiar with the situation have previously told CNBC that Redstone would like Viacom CEO Bob Bakish to lead the combined company. CNBC also reported that Ianniello could possibly become the No. 2 at a combined CBS-Viacom.

— With reporting from CNBC’s Alex Sherman.


Company: cnbc, Activity: cnbc, Date: 2019-04-23  Authors: christine wang, getty images
Keywords: news, cnbc, companies, extends, previously, redstone, ianniello, cbs, ceo, acting, reported, search, rose, suspends, viacom, role, 2019


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China services sector extends solid expansion in December

China’s services sector extended its solid expansion in December, offering some cushion for the slowing economy, a private survey showed on Friday. “As the economy slows, all sectors would be affected including the services sector,” said Zhang Yi, chief economist at Zhonghai Shengrong Capital Management. Indeed, the business survey showed job creation in the sector eased to only a marginal pace as business confidence remained subdued. Caixin’s composite manufacturing and services PMI, also relea


China’s services sector extended its solid expansion in December, offering some cushion for the slowing economy, a private survey showed on Friday. “As the economy slows, all sectors would be affected including the services sector,” said Zhang Yi, chief economist at Zhonghai Shengrong Capital Management. Indeed, the business survey showed job creation in the sector eased to only a marginal pace as business confidence remained subdued. Caixin’s composite manufacturing and services PMI, also relea
China services sector extends solid expansion in December Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-01-04  Authors: artur widak, nurphoto, getty images
Keywords: news, cnbc, companies, economic, economy, rose, employment, extends, pressure, growth, sector, services, solid, china, expansion, survey, showed


China services sector extends solid expansion in December

China’s services sector extended its solid expansion in December, offering some cushion for the slowing economy, a private survey showed on Friday.

The Caixin/Markit services purchasing managers’ index (PMI) rose to a six-month high of 53.9 in December, up from 53.8 in the previous month and well above the 50.0 mark separating growth from contraction.

It had slipped to a 13-month low in October.

New export business rose at the fastest rate in six months as firms stepped up efforts to attract orders from overseas. Total new order growth eased slightly, however, pointing to softening domestic demand.

Continued resilience in the services sector, which accounts for more than half of China’s economy, could partly offset pressure from a manufacturing slowdown, a cooling real estate market and trade frictions with the United States.

But official data suggest consumer demand and confidence have been faltering recently as the economic outlook grows more cloudy.

“As the economy slows, all sectors would be affected including the services sector,” said Zhang Yi, chief economist at Zhonghai Shengrong Capital Management.

Indeed, the business survey showed job creation in the sector eased to only a marginal pace as business confidence remained subdued.

Analysts at Chinese investment bank CICC said in a note on Thursday predict that employment pressure will likely be seen on many fronts this year, including in the industrial, construction, and services sectors.

The latest survey also showed operating expenses rose to a three-month high in December, with firms citing rising raw material prices and higher salary costs. Companies were able to raise their prices to customers only marginally in response, suggesting greater pressure on profit margins.

Caixin’s composite manufacturing and services PMI, also released on Friday, rose to 52.2 in December from 51.9 in November.

However, total new orders slowed in December while the employment gauge shrank further into negative territory, implying increasing challenges to stabilizing employment, according to Zhengsheng Zhong, Director of Macroeconomic Analysis at CEBM Group.

In a key economic meeting in December, the country’s top leaders said they would prioritize employment in economic policies, according to Xinhua.

Economic conditions in China are widely expected to get worse before they get better, as a raft of growth boosting measures in recent months will take some time to be felt.


Company: cnbc, Activity: cnbc, Date: 2019-01-04  Authors: artur widak, nurphoto, getty images
Keywords: news, cnbc, companies, economic, economy, rose, employment, extends, pressure, growth, sector, services, solid, china, expansion, survey, showed


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Federal judge extends Mueller grand jury by up to another six months

A federal judge has extended by up to six months the authorization for the grand jury that special counsel Robert Mueller is using to conduct his investigation into Russian interference in the 2016 presidential election and other issues, including ones related to people in President Donald Trump’s orbit. That original 18-month authorization for the grand jury designated “17-1,” which began sitting in July 2017, was set to expire Sunday. “I can confirm that grand jury 17-1 has been extended, can


A federal judge has extended by up to six months the authorization for the grand jury that special counsel Robert Mueller is using to conduct his investigation into Russian interference in the 2016 presidential election and other issues, including ones related to people in President Donald Trump’s orbit. That original 18-month authorization for the grand jury designated “17-1,” which began sitting in July 2017, was set to expire Sunday. “I can confirm that grand jury 17-1 has been extended, can
Federal judge extends Mueller grand jury by up to another six months Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-01-04  Authors: dan mangan, kevin breuninger, alex wong, getty images
Keywords: news, cnbc, companies, mueller, judge, jury, months, special, statements, trumps, making, grand, federal, presidential, extends


Federal judge extends Mueller grand jury by up to another six months

A federal judge has extended by up to six months the authorization for the grand jury that special counsel Robert Mueller is using to conduct his investigation into Russian interference in the 2016 presidential election and other issues, including ones related to people in President Donald Trump’s orbit.

That original 18-month authorization for the grand jury designated “17-1,” which began sitting in July 2017, was set to expire Sunday.

“I can confirm that grand jury 17-1 has been extended, can continue to sit,” said Lisa Klem, administrative assistant to Judge Beryl Howell, chief judge of U.S. District Court in Washington, D.C.

Under federal rules, a grand jury can serve no longer than 18 months unless the chief judge extends its service by a period of six months or less “upon determination that such extension is in the public interest.”

That grand jury’s work of reviewing evidence and hearing testimony from witnesses has led to multiple criminal cases against people connected to Trump, as well as to indictments against Russian nationals accused to interfering in the election and U.S. political processes.

Mueller is continuing to probe possible collusion by Trump’s campaign with Russians, and also is investigating possible obstruction of justice by the president.

Trump has repeatedly denied any wrongdoing. And to date, the special counsel has not charged anyone in Trump’s orbit with crimes related to foreign interference in the presidential election.

CNN first reported the extension.

A spokesman for Mueller declined to comment when contacted by CNBC. The White House had no immediate comment.

Since being appointed special counsel in 2017, the former FBI director Mueller has obtained guilty pleas from Trump’s former personal lawyer Michael Cohen for lying to Congress, Trump’s first national security adviser, retired Lt. General Michael Flynn for making false statements, Trump’s former campaign chairman Paul Manafort for multiple crimes.

Manafort’s business associate Rick Gates, who also worked on Trump’s campaign, pleaded guilty in early 2018 to making false statements and financial crimes. George Papadopoulos, who had been an adviser on Trump’s presidential campaing, pleaded guilty in October 2017 to making false statements to the FBI in another case lodged by Mueller.


Company: cnbc, Activity: cnbc, Date: 2019-01-04  Authors: dan mangan, kevin breuninger, alex wong, getty images
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Tokyo court reportedly extends detention of Nissan’s Ghosn by 10 days

The Tokyo District Court has extended the detention of ousted Nissan Motor chairman Carlos Ghosn by 10 days, TV Asahi reported on Monday. Ghosn, accused of aggravated breach of trust, is facing allegations of making the carmaker shoulder 1.85 billion yen ($16.8 million) in personal investment losses. The extension would mean Ghosn will remain in Tokyo’s main detention center, where he has been confined since his first arrest on Nov. 19 on allegations of financial misconduct. The Tokyo District C


The Tokyo District Court has extended the detention of ousted Nissan Motor chairman Carlos Ghosn by 10 days, TV Asahi reported on Monday. Ghosn, accused of aggravated breach of trust, is facing allegations of making the carmaker shoulder 1.85 billion yen ($16.8 million) in personal investment losses. The extension would mean Ghosn will remain in Tokyo’s main detention center, where he has been confined since his first arrest on Nov. 19 on allegations of financial misconduct. The Tokyo District C
Tokyo court reportedly extends detention of Nissan’s Ghosn by 10 days Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2018-12-31  Authors: philippe wojazer
Keywords: news, cnbc, companies, district, yen, tv, allegations, court, tokyos, ghosn, tokyo, trust, extends, nissans, detention, reportedly, days


Tokyo court reportedly extends detention of Nissan's Ghosn by 10 days

The Tokyo District Court has extended the detention of ousted Nissan Motor chairman Carlos Ghosn by 10 days, TV Asahi reported on Monday.

Ghosn, accused of aggravated breach of trust, is facing allegations of making the carmaker shoulder 1.85 billion yen ($16.8 million) in personal investment losses.

The extension would mean Ghosn will remain in Tokyo’s main detention center, where he has been confined since his first arrest on Nov. 19 on allegations of financial misconduct.

The Tokyo District Court was not immediately available for comment. A call to Ghosn’s lawyer was not answered.


Company: cnbc, Activity: cnbc, Date: 2018-12-31  Authors: philippe wojazer
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Japan court extends Ghosn detention by 10 days

A Japanese court on Sunday extended for 10 days the detention of ousted Nissan Motor chairman Carlos Ghosn, who is facing new allegations of making the car maker shoulder $16.6 million in personal investment losses. The extension announced by the Tokyo District Court means Ghosn will remain in Tokyo’s main detention centre, where he has been confined since his arrest last month on initial allegations of financial misconduct. Ghosn was re-arrested on Friday based on suspicions that around October


A Japanese court on Sunday extended for 10 days the detention of ousted Nissan Motor chairman Carlos Ghosn, who is facing new allegations of making the car maker shoulder $16.6 million in personal investment losses. The extension announced by the Tokyo District Court means Ghosn will remain in Tokyo’s main detention centre, where he has been confined since his arrest last month on initial allegations of financial misconduct. Ghosn was re-arrested on Friday based on suspicions that around October
Japan court extends Ghosn detention by 10 days Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2018-12-23  Authors: chesnot, getty images news, getty images
Keywords: news, cnbc, companies, yen, extends, ghosn, million, allegations, trades, japan, personal, detention, court, nissan, 166, days


Japan court extends Ghosn detention by 10 days

A Japanese court on Sunday extended for 10 days the detention of ousted Nissan Motor chairman Carlos Ghosn, who is facing new allegations of making the car maker shoulder $16.6 million in personal investment losses.

The extension announced by the Tokyo District Court means Ghosn will remain in Tokyo’s main detention centre, where he has been confined since his arrest last month on initial allegations of financial misconduct.

Ghosn was re-arrested on Friday based on suspicions that around October 2008 he shifted personal trades to Nissan to make it responsible for 1.85 billion yen ($16.6 million) in appraisal losses, prosecutors said.

They said the move inflicted damage on Nissan by having it deposit a total of $14.7 million on four occasions between June 2009 and March 2012 into a related bank account.


Company: cnbc, Activity: cnbc, Date: 2018-12-23  Authors: chesnot, getty images news, getty images
Keywords: news, cnbc, companies, yen, extends, ghosn, million, allegations, trades, japan, personal, detention, court, nissan, 166, days


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Bitcoin extends losses, slides under $3500 to lowest since September 2017

Bitcoin won’t have bottomed until 3K flat level, says Genesis Trading’s Moro 8:40 AM ET Fri, 23 Nov 2018 | 07:56Bitcoin had a rough weekend. Coming off a week of heavy losses, bitcoin fell 10 percent and set a fresh low at $3,447.58 on Sunday, according to data from CoinDesk. Over seven days, bitcoin has now lost more than 35 percent of its value, according to CoinDesk. This marks its biggest one-week drop since April 2013, when the cryptocurrency fell more than 44 percent, according to CoinDesk


Bitcoin won’t have bottomed until 3K flat level, says Genesis Trading’s Moro 8:40 AM ET Fri, 23 Nov 2018 | 07:56Bitcoin had a rough weekend. Coming off a week of heavy losses, bitcoin fell 10 percent and set a fresh low at $3,447.58 on Sunday, according to data from CoinDesk. Over seven days, bitcoin has now lost more than 35 percent of its value, according to CoinDesk. This marks its biggest one-week drop since April 2013, when the cryptocurrency fell more than 44 percent, according to CoinDesk
Bitcoin extends losses, slides under $3500 to lowest since September 2017 Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2018-11-25  Authors: kate rooney, yu chun christopher wong, getty images
Keywords: news, cnbc, companies, 2017, weekendcoming, lowest, 3500, slides, losses, level, wont, worlds, coindesk, fell, according, bitcoin, cryptocurrency, extends


Bitcoin extends losses, slides under $3500 to lowest since September 2017

Bitcoin won’t have bottomed until 3K flat level, says Genesis Trading’s Moro 8:40 AM ET Fri, 23 Nov 2018 | 07:56

Bitcoin had a rough weekend.

Coming off a week of heavy losses, bitcoin fell 10 percent and set a fresh low at $3,447.58 on Sunday, according to data from CoinDesk. This is the cryptocurrency’s lowest level since September 2017.

Over seven days, bitcoin has now lost more than 35 percent of its value, according to CoinDesk. This marks its biggest one-week drop since April 2013, when the cryptocurrency fell more than 44 percent, according to CoinDesk.

The recent downturn started in mid-November, when bitcoin first abruptly fell below $6,000. Since then, the world’s largest cryptocurrency continues to find new lows and has struggled to break out of the $4,000 range.

The November losses are a notable reversal from bitcoin’s surprisingly stable October. The cryptocurrency had been trading comfortably in the $6,400 range after a volatile year, while major U.S. stock markets fluctuated.


Company: cnbc, Activity: cnbc, Date: 2018-11-25  Authors: kate rooney, yu chun christopher wong, getty images
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Oil extends slide from 7 percent slump the day before as outlook darkens

U.S. West Texas Intermediate (WTI) crude oil futures were at $55.50 per barrel at 0514 GMT, down 19 cents from their last settlement. International benchmark Brent crude oil futures were down 22 cents at $65.25 per barrel. The slump in spot prices has turned the entire forward curve for crude oil upside down. By mid-November, the curve had flipped into contango, when crude prices for immediate delivery are cheaper than those for later dispatch. “This will, in our view, cap any upside above $85 p


U.S. West Texas Intermediate (WTI) crude oil futures were at $55.50 per barrel at 0514 GMT, down 19 cents from their last settlement. International benchmark Brent crude oil futures were down 22 cents at $65.25 per barrel. The slump in spot prices has turned the entire forward curve for crude oil upside down. By mid-November, the curve had flipped into contango, when crude prices for immediate delivery are cheaper than those for later dispatch. “This will, in our view, cap any upside above $85 p
Oil extends slide from 7 percent slump the day before as outlook darkens Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2018-11-14
Keywords: news, cnbc, companies, crude, million, output, extends, surge, slump, supply, later, slide, day, oil, outlook, prices, darkens, production, opec


Oil extends slide from 7 percent slump the day before as outlook darkens

Oil markets slipped again on Wednesday, extending losses from a 7 percent plunge the previous session as surging supply and the spectre of faltering demand scared off investors.

U.S. West Texas Intermediate (WTI) crude oil futures were at $55.50 per barrel at 0514 GMT, down 19 cents from their last settlement.

International benchmark Brent crude oil futures were down 22 cents at $65.25 per barrel.

Crude oil has lost over a quarter of its value since early October in what has become one of the biggest declines since prices collapsed in 2014.

The slump in spot prices has turned the entire forward curve for crude oil upside down.

Spot prices in September were significantly higher than those for later delivery, a structure known as backwardation that implies a tight market as it is unattractive to put oil into storage.

By mid-November, the curve had flipped into contango, when crude prices for immediate delivery are cheaper than those for later dispatch. That implies an oversupplied market as it makes it attractive to store oil for later sale.

Oil markets are being pressured from two sides: a surge in supply and increasing concerns about an economic slowdown.

U.S. crude oil output from its seven major shale basins is expected to hit a record of 7.94 million barrels per day (bpd) in December, the U.S. Department of Energy’s Energy Information Administration (EIA) said on Tuesday.

That surge in onshore output has helped overall U.S. crude production hit a record 11.6 million bpd, making the United States the world’s biggest oil producer ahead of Russia and Saudi Arabia.

Most analysts expect U.S. output to climb above 12 million bpd within the first half of 2019.

“This will, in our view, cap any upside above $85 per barrel (for oil prices),” said Jon Andersson, head of commodities at Vontobel Asset Management.

The surge in U.S. production is contributing to rising stockpiles.

U.S. crude stocks climbed by 7.8 million barrels in the week ending Nov. 2 to 432 million as refineries cut output, data from industry group the American Petroleum Institute showed on Tuesday.

The producer cartel of the Organization of the Petroleum Exporting Countries (OPEC) has been watching the jump in supply and price slump with concern.

OPEC has been making increasingly frequent public statements that it would start withholding crude in 2019 to tighten supply and prop up prices.

“OPEC and Russia are under pressure to reduce current production levels, which is a decision that we expect to be taken at the next OPEC meeting on Dec. 6,” said Andersson.

That puts OPEC on a collision course with U.S. President Donald Trump, who publicly supports low oil prices and who has called on OPEC not to cut production.


Company: cnbc, Activity: cnbc, Date: 2018-11-14
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Oil extends losses as other markets fall, inventories rise

Oil prices fell to two-week lows on Thursday as they extended big losses from the previous session amid a rout in global stock markets, with oil also taking a hit from an industry report showing U.S. crude inventories rose more than expected. Crude inventories climbed by 9.7 million barrels in the week to Oct. 5 to 410.7 million, compared with analyst expectations for an increase of 2.6 million barrels. In the U.S. Gulf of Mexico, producers have cut daily oil production by roughly 42 percent due


Oil prices fell to two-week lows on Thursday as they extended big losses from the previous session amid a rout in global stock markets, with oil also taking a hit from an industry report showing U.S. crude inventories rose more than expected. Crude inventories climbed by 9.7 million barrels in the week to Oct. 5 to 410.7 million, compared with analyst expectations for an increase of 2.6 million barrels. In the U.S. Gulf of Mexico, producers have cut daily oil production by roughly 42 percent due
Oil extends losses as other markets fall, inventories rise Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2018-10-11
Keywords: news, cnbc, companies, rise, barrels, oil, inventories, fall, expected, rose, crude, week, extends, production, million, markets, losses


Oil extends losses as other markets fall, inventories rise

Oil prices fell to two-week lows on Thursday as they extended big losses from the previous session amid a rout in global stock markets, with oil also taking a hit from an industry report showing U.S. crude inventories rose more than expected.

Supply worries also eased as Hurricane Michael likely spared oil assets from significant damage as it smashed into Florida, even as it caused at least one death, injuries and widespread destruction.

Brent crude futures were down $1.22, or 1.5 percent, at $81.87 a barrel by 0237 GMT. They earlier touched their lowest since Sept. 28 at $81.61, after closing 2.2 percent lower on Wednesday.

U.S. West Texas Intermediate (WTI) crude futures were down by $1, or 1.4 percent, at $72.17, having also fallen to their lowest since Sept. 28. They dropped 2.4 percent in the previous session.

Stocks on major world markets slid to a three-month low on Wednesday, with the benchmark S&P500 stock index falling more than 3 percent, its biggest one-day decline since February.

Technology shares tumbled on fears of slowing demand and concerns about U.S.-China tensions. Japan’s Nikkei 225 was down nearly 4 percent on Thursday.

“Ugly, very very ugly,” Greg McKenna an independent market strategist based near Sydney said in a morning note, referring to declines in global markets including oil.

U.S. crude stockpiles rose more than expected last week, while gasoline inventories increased and distillate stocks drew, industry group the American Petroleum Institute said on Wednesday.

Crude inventories climbed by 9.7 million barrels in the week to Oct. 5 to 410.7 million, compared with analyst expectations for an increase of 2.6 million barrels.

Crude stocks at the Cushing, Oklahoma, delivery hub rose by 2.2 million barrels, API said. [API/S]

The U.S. Energy Information Administration (EIA) is due to release official government inventory data Thursday at 11 a.m. EDT.

In the U.S. Gulf of Mexico, producers have cut daily oil production by roughly 42 percent due to the storm, the Bureau of Safety and Environmental Enforcement said. The cuts represent 718,877 barrels per day of oil production.

While production has been cut because of the hurricane, “down time is expected to be brief and Gulf of Mexico output now accounts for a comparatively small portion of total U.S. production,” Jim Ritterbusch, president of Ritterbusch and Associates, said in a note.

U.S. oil output is expected to rise 1.39 million bpd to a record 10.74 million bpd, the EIA said in its monthly forecast on Wednesday.


Company: cnbc, Activity: cnbc, Date: 2018-10-11
Keywords: news, cnbc, companies, rise, barrels, oil, inventories, fall, expected, rose, crude, week, extends, production, million, markets, losses


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Russia raises key rate to 7.50 percent, extends pause in FX buying

The Russian central bank raised its key interest rate to 7.50 percent on Friday and said it would not make any foreign currency purchases until the end of the year, citing the risk of higher inflation and rouble volatility. It was the first time the central bank had raised the key rate since late 2014 when it had to step in to help stabilise the tanking rouble. “The increase of the key rate will help maintain real interest rates on deposits in positive territory, which will support the attractiv


The Russian central bank raised its key interest rate to 7.50 percent on Friday and said it would not make any foreign currency purchases until the end of the year, citing the risk of higher inflation and rouble volatility. It was the first time the central bank had raised the key rate since late 2014 when it had to step in to help stabilise the tanking rouble. “The increase of the key rate will help maintain real interest rates on deposits in positive territory, which will support the attractiv
Russia raises key rate to 7.50 percent, extends pause in FX buying Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2018-09-14  Authors: andrey rudakov, bloomberg, getty images, sam clune, john gress, tom williams, cq-roll call group
Keywords: news, cnbc, companies, rate, raised, buying, fx, central, inflation, bank, end, extends, rouble, expected, russia, 750, raises, key, help, pause


Russia raises key rate to 7.50 percent, extends pause in FX buying

The Russian central bank raised its key interest rate to 7.50 percent on Friday and said it would not make any foreign currency purchases until the end of the year, citing the risk of higher inflation and rouble volatility.

It was the first time the central bank had raised the key rate since late 2014 when it had to step in to help stabilise the tanking rouble.

The rouble firmed after the decision, trading at 67.88 versus the dollar compared with 68.41 shortly before.

“The increase of the key rate will help maintain real interest rates on deposits in positive territory, which will support the attractiveness of savings and balanced growth in consumption,” the central bank said in a statement.

Analysts polled by Reuters had mostly expected the central bank to hold the rate at 7.25 percent, as it had done at three previous board meetings, but had not ruled out the possibility of a rate hike either.

The bank’s decision to extend a pause in daily FX buying until the end of 2018 from the end of September will help curtail exchange rate volatility and its influence on inflation over the next few quarters, the central bank said.

Explaining its thinking, the central bank said “changes in external conditions observed since the previous meeting of the Board of Directors have significantly increased pro-inflationary risks.”

Annual inflation is rising more than expected, the central bank said, adding that it expected it to peak in the first half of 2019 and reach 5.0-5.5 percent by the end of 2019.

“The Bank of Russia will consider the necessity of further increases in the key rate, taking into account inflation and economic dynamics against the forecast, as well as risks posed by external conditions and the reaction of financial markets,” it said.

The next two rate-setting meetings this year are scheduled for Oct. 26 and Dec. 14.


Company: cnbc, Activity: cnbc, Date: 2018-09-14  Authors: andrey rudakov, bloomberg, getty images, sam clune, john gress, tom williams, cq-roll call group
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Dollar extends two-week winning streak on trade fears; euro falters

The dollar rose on Monday, building on two consecutive weeks of gains, as investors bet that trade war rhetoric and a strong U.S. economy would continue to drive the currency higher. Against a broad basket of currencies, the dollar rose 0.32 percent to 95.45 and is within striking distance of more-than-one-year peak of 95.652 reached on July 19. The dollar’s gains has been more pronounced against emerging-market currencies as investors bet that an escalation in trade war concerns would hit these


The dollar rose on Monday, building on two consecutive weeks of gains, as investors bet that trade war rhetoric and a strong U.S. economy would continue to drive the currency higher. Against a broad basket of currencies, the dollar rose 0.32 percent to 95.45 and is within striking distance of more-than-one-year peak of 95.652 reached on July 19. The dollar’s gains has been more pronounced against emerging-market currencies as investors bet that an escalation in trade war concerns would hit these
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Company: cnbc, Activity: cnbc, Date: 2018-08-06  Authors: tyrone siu
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Dollar extends two-week winning streak on trade fears; euro falters

The dollar rose on Monday, building on two consecutive weeks of gains, as investors bet that trade war rhetoric and a strong U.S. economy would continue to drive the currency higher.

Against a broad basket of currencies, the dollar rose 0.32 percent to 95.45 and is within striking distance of more-than-one-year peak of 95.652 reached on July 19.

“The U.S. economy is doing well and the Fed is moving towards a more predictable path of interest rates than earlier which has prompted us to change our underweight positions on U.S. debt to neutral in some portfolios,” said Paul Eitelman, a senior investment specialist at Russell Investments.

The dollar’s gains has been more pronounced against emerging-market currencies as investors bet that an escalation in trade war concerns would hit these export-oriented economies harder.

Since mid-April, the dollar index has gained 6 percent while an emerging-market local currency bond exchange traded fund has fallen more than 10 percent over the same period.

The dollar gained against emerging-market currencies, including the Turkish lira, which weakened 0.6 percent to a record low of 5.12 to the dollar.

The United States announced late on Friday it was reviewing Turkey’s duty-free access to U.S. markets a move that could affect nearly $1.7 billion of Turkish imports.

Chinese stocks slumped nearly 2 percent as Beijing proposed tariffs on $60 billion worth of U.S. goods on Friday, while a senior Chinese diplomat cast doubt on prospects of talks with Washington to resolve the conflict.


Company: cnbc, Activity: cnbc, Date: 2018-08-06  Authors: tyrone siu
Keywords: news, cnbc, companies, nearly, fears, investors, senior, extends, falters, euro, twoweek, emergingmarket, trade, winning, war, streak, rose, currencies, turkish, dollar


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