Congress will move ‘aggressively’ to examine Facebook’s cryptocurrency, Rep. Maxine Waters says

Top lawmakers are not hesitating to examine Facebook’s ambitious new cryptocurrency project. “We’re going to move aggressively and very quickly to deal with what is going on with this new cryptocurrency,” Rep. Maxine Waters, D-Calif., chairwoman of the House Financial Services Committee, told CNBC’s “Closing Bell ” Thursday. Facebook has faced widespread scrutiny in the days following its plan to launch a global cryptocurrency. “We don’t have a regulatory agency to oversee who they are and what


Top lawmakers are not hesitating to examine Facebook’s ambitious new cryptocurrency project. “We’re going to move aggressively and very quickly to deal with what is going on with this new cryptocurrency,” Rep. Maxine Waters, D-Calif., chairwoman of the House Financial Services Committee, told CNBC’s “Closing Bell ” Thursday. Facebook has faced widespread scrutiny in the days following its plan to launch a global cryptocurrency. “We don’t have a regulatory agency to oversee who they are and what
Congress will move ‘aggressively’ to examine Facebook’s cryptocurrency, Rep. Maxine Waters says Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-06-20  Authors: kate rooney
Keywords: news, cnbc, companies, facebook, lawmakers, run, theyre, facebooks, maxine, examine, aggressively, waters, going, rep, senior, cryptocurrency, congress, committee, global


Congress will move 'aggressively' to examine Facebook's cryptocurrency, Rep. Maxine Waters says

Top lawmakers are not hesitating to examine Facebook’s ambitious new cryptocurrency project.

“We’re going to move aggressively and very quickly to deal with what is going on with this new cryptocurrency,” Rep. Maxine Waters, D-Calif., chairwoman of the House Financial Services Committee, told CNBC’s “Closing Bell ” Thursday. “I think it’s very important for them to stop right now what they’re doing so that we can get a handle on this.”

Facebook has faced widespread scrutiny in the days following its plan to launch a global cryptocurrency. The social network’s announcement Tuesday caught the attention of Waters and other senior congressional finance committee members, global regulators, former lawmakers and industry insiders who questioned Facebook’s ambitions.

In a statement Tuesday, Waters asked Facebook to delay the project, which she said was a continuation of its “unchecked expansion and extending its reach into the lives of its users.”

“We don’t have a regulatory agency to oversee who they are and what they’re doing,” Waters said Thursday on CNBC. “This is like starting a bank without having to go through any steps to do it.”

Earlier this week, Facebook announced that it would launch a cryptocurrency run by the nonprofit Switzerland-based Libra Association in 2020. The project will not be controlled or fully run by Facebook, according to its white paper. It’s also being run by a collaboration of organizations and companies that include Stripe, Uber, Mastercard, Visa, PayPal and Spotify. But Facebook has plans to profit from it through a new subsidiary, Calibra, that is building a digital wallet to store and exchange the cryptocurrency.

Federal Reserve Chairman Jerome Powell said that Facebook spoke to the central bank about the digital currency and that to his knowledge, the social network has made “quite broad rounds around the world with regulators, supervisors and lots of people to discuss their plans, and that certainly includes us.”

Waters is not the only Congress member pushing back on Facebook’s plan. The senior Republican on the House Financial Services Committee, Rep. Patrick McHenry of North Carolina, highlighted “its potential unprecedented impact on the global financial system” and called for a hearing. Sen. Sherrod Brown of Ohio, the senior Democrat on the Senate Banking Committee, said, “Facebook is already too big and too powerful, and it has used that power to exploit users’ data without protecting their privacy.”

“We look forward to responding to lawmakers’ questions as this process moves forward,” a Facebook spokesperson told CNBC.

Waters highlighted consumer protection, data and privacy issues and “ways that Facebook has conducted itself in the past” as reasons for a congressional hearing.

“There are a lot of issues with Facebook,” she said. “They’re creating their own cryptocurrency — it’s going to be an alternative to the dollar, so I think it’s very important for them to stop right now what they’re doing so that we can get a handle on this.”


Company: cnbc, Activity: cnbc, Date: 2019-06-20  Authors: kate rooney
Keywords: news, cnbc, companies, facebook, lawmakers, run, theyre, facebooks, maxine, examine, aggressively, waters, going, rep, senior, cryptocurrency, congress, committee, global


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Major banks set new lending standards for shipping industry in order to cut CO2 emissions

Eleven banks that lend to shipping lines announced Monday that climate impact will be integrated into the criteria that determines how much shipping companies can borrow, an effort the banks say will substantially cut CO2 emissions in the industry. “We’re making banks alert to the consequences of climate change in their portfolios,” said Michael Parker, global industry head for shipping with Citigroup. “We’re now taking climate change issues into decision-making in a way that helps the industry


Eleven banks that lend to shipping lines announced Monday that climate impact will be integrated into the criteria that determines how much shipping companies can borrow, an effort the banks say will substantially cut CO2 emissions in the industry. “We’re making banks alert to the consequences of climate change in their portfolios,” said Michael Parker, global industry head for shipping with Citigroup. “We’re now taking climate change issues into decision-making in a way that helps the industry
Major banks set new lending standards for shipping industry in order to cut CO2 emissions Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-06-17  Authors: emma newburger
Keywords: news, cnbc, companies, parker, banks, emissions, industry, ships, cut, set, major, global, lending, maritime, shipping, climate, order, co2, standards


Major banks set new lending standards for shipping industry in order to cut CO2 emissions

The Cosco Spain container ship, operated by Cosco Shipping Holdings Co., sails near the Yangshan Deepwater Port, operated by Shanghai International Port Group Co. (SIPG), in this aerial photograph taken in Shanghai, China, on Friday, May 10, 2019.

Eleven banks that lend to shipping lines announced Monday that climate impact will be integrated into the criteria that determines how much shipping companies can borrow, an effort the banks say will substantially cut CO2 emissions in the industry.

The banks will set their new lending standards around the International Maritime Organization’s 2018 climate commitment, which seeks to reduce CO2 emissions by at least 50% from 2008 levels by 2050 and to cut emissions from individual ships by 40% from 2008 levels by 2030.

“We’re making banks alert to the consequences of climate change in their portfolios,” said Michael Parker, global industry head for shipping with Citigroup.

“We’re now taking climate change issues into decision-making in a way that helps the industry transition to necessary technology to design ships, reduce emissions and decarbonize the industry.”

It’s the first time that global banks are collectively integrating a climate alignment strategy into financial decisions.

Shipping accounts for 2.2% of world carbon dioxide emissions, according to the IMO, a U.N. agency that regulates pollution from ships.

The lending framework, called the “Poseidon Principles,” will assess and disclose whether financial institutions’ lending portfolios are in line with the IMO’s climate goals adopted in 2018.

The shipping industry avoided specific emission-cutting targets in the 2015 Paris climate agreement, when 195 countries pledged to cut greenhouse gas emissions in order to limit global average temperature rise to below 2 degrees Celsius.

The 11 banks collectively represent about 20%, or roughly $100 billion, of the global ship finance portfolio. The banks involved include Citi, Societe Generale, DNB, Danish Ship Finance, Danske Bank and Norway’s DVB. More signatories are expected following the official launch in a few months, Parker said.

James Mitchell, maritime finance lead at Rocky Mountain Institute, said the new standards will “redefine” the role of banks in the maritime shipping sector and encourage financial institutions to follow suit in other sectors.

“[The Poseidon Principles] are the world’s first global, sector-specific and self-governing climate alignment agreement among financial institutions,” Mitchell said. “The significance of this agreement cannot be understated.”

The maritime sector will require more ships to transport goods over the next few decades, Parker said, emphasizing that the new lending standards will help make those additional ships cleaner and more efficient.

“We know that it’s going to get more difficult. The challenge is to ensure that there’s a transition, that investment goes into helping the industry find alternative fuels in a way that incentivizes people to invest in new ships and new technology,” Parker said.

“We’ll help make lending decisions and investing decisions much less speculative and more directed toward the environmental consequences of that investment,” he said.

The IMO also implemented additional climate regulations last year that will slash emissions of sulfur by the world’s ships in 2020. OPEC oil producers, fuel sellers and shipping companies raised concerns that those new rules will make the oil market more volatile and hurt ships that aren’t equipped to reduce sulfur emissions or pay premiums for cleaner fuel within the set timeline.

Mitchell said that the IMO will launch more climate alignment policies in upcoming years, as banks and shipping owners transition to cleaner energy and technology.

“This is not occurring in a vacuum,” Mitchell said. “There are more policies coming down the pipe from IMO, and those will be policies that bring in more challenging aspects of decarbonization.”


Company: cnbc, Activity: cnbc, Date: 2019-06-17  Authors: emma newburger
Keywords: news, cnbc, companies, parker, banks, emissions, industry, ships, cut, set, major, global, lending, maritime, shipping, climate, order, co2, standards


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Boeing CEO says a global pilot shortage is ‘one of the biggest challenges’ facing the airline industry

Boeing CEO Dennis Muilenburg believes a growing shortage of pilots represents “one of the biggest challenges” facing the airline industry. The biggest need is in the Asia-Pacific region, where an improving economy in China has resulted in more people booking flights. Speaking to CNBC’s Phil LeBeau at the Paris Air Show on Monday, Muilenburg described a global pilot shortage as “one of the biggest challenges we have going forward.” Muilenburg said that, according to Boeing’s latest outlook, the m


Boeing CEO Dennis Muilenburg believes a growing shortage of pilots represents “one of the biggest challenges” facing the airline industry. The biggest need is in the Asia-Pacific region, where an improving economy in China has resulted in more people booking flights. Speaking to CNBC’s Phil LeBeau at the Paris Air Show on Monday, Muilenburg described a global pilot shortage as “one of the biggest challenges we have going forward.” Muilenburg said that, according to Boeing’s latest outlook, the m
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Boeing CEO says a global pilot shortage is 'one of the biggest challenges' facing the airline industry

Boeing CEO Dennis Muilenburg believes a growing shortage of pilots represents “one of the biggest challenges” facing the airline industry.

His comments come at a time when more people are flying to more places, but the number of pilots being trained are unable to keep up with demand.

Demand for air travel is growing so rapidly that 800,000 new pilots are expected to be needed over the next 20 years, according to Boeing’s latest forecast.

The biggest need is in the Asia-Pacific region, where an improving economy in China has resulted in more people booking flights. More people are flying in the U.S. too but, at the same time, experienced pilots are reaching the mandatory retirement age of 65 years old.

Speaking to CNBC’s Phil LeBeau at the Paris Air Show on Monday, Muilenburg described a global pilot shortage as “one of the biggest challenges we have going forward.”

Muilenburg said that, according to Boeing’s latest outlook, the market place would climb to $8.7 trillion, up from $8.1 trillion, over the next 10 years. He also estimated the number of new commercial airplanes would rise to 44,000, up from 43,000, over the next two decades.


Company: cnbc, Activity: cnbc, Date: 2019-06-17  Authors: sam meredith
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IEA sees oil demand growth falling to lowest level in years as global economy stalls

The International Energy Agency (IEA) slashed its estimate for global oil demand growth for the second consecutive month on Friday, citing intensifying trade concerns amid fears of a global recession. On the demand side, the IEA followed OPEC by downwardly revising its global oil demand growth forecast for 2019 on Friday. The energy agency said it now expects oil demand growth to reach 1.2 million barrels per day (b/d) this year. Looking beyond the end of 2019, the IEA expects global oil demand


The International Energy Agency (IEA) slashed its estimate for global oil demand growth for the second consecutive month on Friday, citing intensifying trade concerns amid fears of a global recession. On the demand side, the IEA followed OPEC by downwardly revising its global oil demand growth forecast for 2019 on Friday. The energy agency said it now expects oil demand growth to reach 1.2 million barrels per day (b/d) this year. Looking beyond the end of 2019, the IEA expects global oil demand
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Company: cnbc, Activity: cnbc, Date: 2019-06-14  Authors: sam meredith
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IEA sees oil demand growth falling to lowest level in years as global economy stalls

The International Energy Agency (IEA) slashed its estimate for global oil demand growth for the second consecutive month on Friday, citing intensifying trade concerns amid fears of a global recession. The energy agency’s closely-watched report comes as world oil markets have undertaken a dramatic shift in recent months, switching from supply-side risks like OPEC’s output cuts or U.S. sanctions against Iran and Venezuela to worries about deteriorating demand growth. Crude futures have turned a 45% price rally in the first four months of 2019 into a fall of more than 15% since the start of April. “The main focus I think we should be looking at here is that until very recently the geopolitical factors related to Iran and Venezuela and Libya… they were at the forefront of people’s minds,” Neil Atkinson, head of the oil industry and markets division at the IEA, told CNBC’s “Street Signs Europe” on Friday. “Now we are starting to see that confidence in demand is taking over and that is the main driving factor behind the current state of the oil market.” International benchmark Brent crude traded at around $61.25 Friday morning, down around 0.1%, while U.S. West Texas Intermediate (WTI) stood at $52.15, nearly 0.3% lower.

‘Cannot be complacent’

A recent slide in oil prices was temporarily reversed on Thursday, following attacks on two oil tankers in one of the world’s key shipping routes. The incident in the Gulf of Oman off the coast of Iran pushed crude futures up as much as 4.5% in the previous session. It was the second time in less than a month that tankers had been attacked in the world’s most important zone for oil supplies, with hundreds of millions of dollars’ worth of oil passing through the shipping lane every year. Washington quickly blamed Iran for the attacks, but Tehran has denied the allegation. “I think we are realizing that, although we cannot be complacent, the situation is not yet representing a major threat to the security of oil supplies to the very important Strait of Hormuz,” the IEA’s Neil Atkinson said. On the demand side, the IEA followed OPEC by downwardly revising its global oil demand growth forecast for 2019 on Friday. The energy agency said it now expects oil demand growth to reach 1.2 million barrels per day (b/d) this year. That’s a downward revision of 100,000 b/d from the IEA’s previous projection. Global oil demand is estimated to have risen by just 250,000 b/d year-on-year in the first quarter of 2019, the IEA said, reflecting the lowest annual growth since the fourth quarter of 2011 — when the price of Brent averaged $109. Looking beyond the end of 2019, the IEA expects global oil demand growth to rebound to around 1.4 million b/d in 2020. “A clear message from our first look at 2020 is that there is plenty of non-OPEC supply growth available to meet any likely level of demand, assuming no major geopolitical shock, and the OPEC countries are sitting on 3.2 million b/d of spare capacity,” the IEA said Friday. “This is welcome news for consumers and the wider health of the currently vulnerable global economy, as it will limit significant upward pressure on oil prices.”

Saudi Arabia’s Energy Minister Khalid al-Falih attends a press conference at the end of the 13th meeting of the Joint Ministerial Monitoring Committee (JMMC) of OPEC and non- OPEC countries in Baku on March 18, 2019. Mladen ANTONOV | AFP

The IEA cited various reasons for slowing global oil consumption, including: a warm winter in Japan, a slowdown in the petrochemicals industry in Europe, tepid gasoline and diesel demand in the United States and the worsening trade outlook. The U.S. and China have imposed tariffs on billions of dollars’ worth of one another’s goods since the start of 2018, battering financial markets and souring business and consumer sentiment. Expectations that trade officials from world’s largest economies will clinch a deal on the side-lines of a G20 meeting in Osaka on June 28-29 have been fading in recent days. OPEC also cited persistent trade tensions between Washington and Beijing as a risk to economic growth and fuel demand.

OPEC+


Company: cnbc, Activity: cnbc, Date: 2019-06-14  Authors: sam meredith
Keywords: news, cnbc, companies, 2019, iran, trade, oil, stalls, growth, economy, sees, demand, global, falling, lowest, iea, level, bd, opec


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OPEC’s oil output falls to 5-year low in May as group warns of weaker demand

Oil output from OPEC continued to fall in May, hitting a five-year low as the group warned that US-China trade tensions could lead to slower economic growth and weak fuel demand. Production from the 14-nation producer club fell by 236,000 barrels per day last month to 29.88 million bpd, according to independent sources cited by OPEC in its monthly report. In the monthly report, OPEC says it will carefully consider the economic outlook when it meets with Russia and other oil-exporting nations in


Oil output from OPEC continued to fall in May, hitting a five-year low as the group warned that US-China trade tensions could lead to slower economic growth and weak fuel demand. Production from the 14-nation producer club fell by 236,000 barrels per day last month to 29.88 million bpd, according to independent sources cited by OPEC in its monthly report. In the monthly report, OPEC says it will carefully consider the economic outlook when it meets with Russia and other oil-exporting nations in
OPEC’s oil output falls to 5-year low in May as group warns of weaker demand Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-06-13  Authors: tom dichristopher
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OPEC's oil output falls to 5-year low in May as group warns of weaker demand

Oil output from OPEC continued to fall in May, hitting a five-year low as the group warned that US-China trade tensions could lead to slower economic growth and weak fuel demand.

Production from the 14-nation producer club fell by 236,000 barrels per day last month to 29.88 million bpd, according to independent sources cited by OPEC in its monthly report. It was the first time OPEC pumped below 30 million bpd since June 2014.

The slump in production comes as OPEC is considering whether to extend a six-month deal to suppress output. In the monthly report, OPEC says it will carefully consider the economic outlook when it meets with Russia and other oil-exporting nations in the coming weeks.

“Throughout the first half of this year, ongoing global trade tensions have escalated, threatening to spill over, and geo-political risks remained in many key regions,” OPEC said. “This has resulted in a slowdown in global economic activities, and weaker growth in global oil demand, both compared to a year earlier.”


Company: cnbc, Activity: cnbc, Date: 2019-06-13  Authors: tom dichristopher
Keywords: news, cnbc, companies, output, low, demand, monthly, million, tensions, falls, opec, report, economic, opecs, group, weaker, trade, oil, warns, global, 5year


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The trade war is taking an enormous bite out of profits for Wall Street’s biggest names

ReutersThe trade war and global slowdown are combining to trigger a sharp drawdown in profits for U.S. multinational companies. Of the S&P 500’s 11 sectors, information technology is expected to see the biggest drop-off in earnings at 11.8%. “Policy uncertainty is high, especially on trade,” John Lynch, chief investment strategist at LPL Financial, said in a recent note. For the year to date, bond ETFs have seen $63.9 billion of inflows, compared with just $28.4 billion for equity funds. Apple,


ReutersThe trade war and global slowdown are combining to trigger a sharp drawdown in profits for U.S. multinational companies. Of the S&P 500’s 11 sectors, information technology is expected to see the biggest drop-off in earnings at 11.8%. “Policy uncertainty is high, especially on trade,” John Lynch, chief investment strategist at LPL Financial, said in a recent note. For the year to date, bond ETFs have seen $63.9 billion of inflows, compared with just $28.4 billion for equity funds. Apple,
The trade war is taking an enormous bite out of profits for Wall Street’s biggest names Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-06-12  Authors: jeff cox
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The trade war is taking an enormous bite out of profits for Wall Street's biggest names

Workers load goods for export onto a crane at a port in Lianyungang, Jiangsu province, China June 7, 2019. Reuters

The trade war and global slowdown are combining to trigger a sharp drawdown in profits for U.S. multinational companies. Companies that derive more than half their sales outside the U.S. are expected to see a 9.3% slump in second-quarter earnings as the reporting season looms about a month away, according to FactSet estimates that see the S&P 500 broadly reporting a 2.3% decline. That means big companies like Apple and Boeing that have far-flung operations and count on business and lower costs from other countries as a big ingredient in their recipe for success. Of the S&P 500’s 11 sectors, information technology is expected to see the biggest drop-off in earnings at 11.8%. A number of multinationals have seen huge downward revisions to their second-quarter earnings outlooks, including Take-Two Interactive Software, Noble Energy and VF Corp. In contrast, for companies that see half their business come from inside the U.S., earnings are expected to grow 1.4% as they are not subject to the rising costs of imported goods and seeing their wares subjected to duties in foreign markets. On the revenue side, companies with an international bias are expected to see a decline of 1.2% while domestic-facing companies are projected to see a sales gain of 6%. The biggest gainers in earnings for Q2 are expected to be energy (3%), utilities (2.3%) and health care (2%), while losers, in addition to tech, are materials (-7.2%), staples (-2.8%) and discretionary (-2.5%). Winners on the revenue side are projected to be communication services (14.1%), health care (12%) and discretionary (3.8%), while the worst-performing sectors will be materials (-9.3%), tech (-0.9%) and industrials (1.2%), according to FactSet estimates.

The market doesn’t care, so far

“Tariffs are part of the story,” said David Lefkowitz, senior equity strategist for the Americas at UBS Global Wealth Management. “But I also think there are a number of other factors that are driving some pockets of weakness in the global economy and the earnings picture for the U.S. economy.” Thus far, the U.S. has been largely shielded from any dramatic effects from either the tariffs or weakness in other developed economies. Domestic GDP rose 2.9% in 2018 and 3.1% in the first quarter of 2019, inflation has been subdued and the jobs market has held up, though it has been showing weakness lately.

The stock market has been volatile but has largely shrugged off the tariff issue as major indexes are all up double figures year to date and have gained more than 4% apiece in June. However, more company executives, in sentiment surveys and elsewhere, have been expressing unease and warning that rising costs will begin to eat into profitability. Wall Street analysts have taken note and are anticipating some more tangible impact to begin showing up. “Policy uncertainty is high, especially on trade,” John Lynch, chief investment strategist at LPL Financial, said in a recent note. “We have reduced earnings estimates to acknowledge the increased risk of a prolonged trade conflict. We remain optimistic that these trade disputes can be resolved this summer, though probably not until more economic pain is inflicted on the U.S. and China economies.” Investors have taken caution as well. After yanking a record $19.9 billion out of stock-focused exchange-traded funds during the tumultuous May slide, flows have come back somewhat, but investors are still looking for safety. So far in June, fixed income ETFs have taken in $15.1 billion, just $2 billion shy of the record, according to State Street Global Advisors. For the year to date, bond ETFs have seen $63.9 billion of inflows, compared with just $28.4 billion for equity funds. “You still have China, and it remains an unforecastable dynamic given our current administration’s proclivity for randomness,” said Matthew Bartolini, State Street’s head of SPDR Americas research. “Investors are letting bonds be bonds and mitigating episodic risk.”

Apple, Boeing, Intel see impact

That move comes at a time when some of the market’s biggest names could see noticeable downward moves in earnings. Apple, which saw 57.9% of its business come from abroad in 2017, the most recent year for which full data was available, is expected to see a 14.6% quarterly drop in earnings and a 10.3% decline from the same period a year ago, according to data from FactSet and S&P Dow Jones Indices. Boeing, which derives 54.7% of its sales internationally and also has experienced serious issues with its 737 Max model, is looking at a 43.7% quarterly earnings drop and a 45.6% decline from a year ago. And chipmaker Intel, which gets a full 80% of its revenue overseas, is projected to be off 14.4% from its profit for the same period in 2018. It’s not just earnings — individual company stock prices have fallen as well. Bartolini screened for stocks with a majority of foreign sales versus those with more domestic-facing businesses, and found that as of Tuesday the former group is down about 2.5% since May 1 while the latter is off just 0.48%. “We have investors moderately moving back into risk. It will be interesting to see if this continues, particularly as earnings season begins,” he said.

Retail risk


Company: cnbc, Activity: cnbc, Date: 2019-06-12  Authors: jeff cox
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‘Perfect storm’ for dollar as bets on US rate cuts grow

The dollar fell on Wednesday as rising trade tensions between Washington and Beijing and growing bets on a U.S. interest rate cut sapped investor demand for the currency. A Fed watch tool by CME assigns a 18% probability of a U.S. rate cut next week and a 68% probability of a cut in July. “This is a perfect storm for the dollar, and that is also undermining risk appetite broadly in the market,” said Ricardo Evangelista, a senior analyst at ActivTrades in London. It also weakened against the Hong


The dollar fell on Wednesday as rising trade tensions between Washington and Beijing and growing bets on a U.S. interest rate cut sapped investor demand for the currency. A Fed watch tool by CME assigns a 18% probability of a U.S. rate cut next week and a 68% probability of a cut in July. “This is a perfect storm for the dollar, and that is also undermining risk appetite broadly in the market,” said Ricardo Evangelista, a senior analyst at ActivTrades in London. It also weakened against the Hong
‘Perfect storm’ for dollar as bets on US rate cuts grow Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-06-12
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'Perfect storm' for dollar as bets on US rate cuts grow

The dollar fell on Wednesday as rising trade tensions between Washington and Beijing and growing bets on a U.S. interest rate cut sapped investor demand for the currency.

Against a basket of other currencies, the dollar edged 0.1 percent lower to 96.64 and just above a two-and-a-half-month low of 96.46 reached last week.

The dollar has suffered a setback after the latest escalation of the U.S.-China trade, which analysts fear could tip the global economy into recession.

Those fears have grown as recent data have pointed to a global economic slowdown. Chinese factory inflation slowed in May and Fed officials have become increasingly cautious. That has fuelled expectations of U.S. rate cuts, a shift from a few months.

A Fed watch tool by CME assigns a 18% probability of a U.S. rate cut next week and a 68% probability of a cut in July.

“This is a perfect storm for the dollar, and that is also undermining risk appetite broadly in the market,” said Ricardo Evangelista, a senior analyst at ActivTrades in London.

The dollar slipped as much as 0.2% against the pound, taking its losses to nearly 1% so far this month.

It also weakened against the Hong Kong dollar, which rose towards the midpoint of a daily trading range as bond auctions and large listings in the local stock market sucked cash from the local market.

The local dollar also strengthened as the city was roiled by violent protests against an extradition bill that would allow people to be sent to mainland China.


Company: cnbc, Activity: cnbc, Date: 2019-06-12
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US crude ticks up 1 cent to $53.27 as OPEC supply cuts counter growth concerns

Oil prices were little changed on Tuesday, weighed by concerns about a global economic slowdown that could dent crude demand, but supported by expectations that OPEC and its allies will extend their supply curbs. Concern about slowing demand and economic growth has had a large impact on sentiment amid a trade war between the United States and China. The U.S. Energy Information Administration cut its 2019 world oil demand growth forecast by 160,000 barrels per day to 1.22 million bpd. “The global


Oil prices were little changed on Tuesday, weighed by concerns about a global economic slowdown that could dent crude demand, but supported by expectations that OPEC and its allies will extend their supply curbs. Concern about slowing demand and economic growth has had a large impact on sentiment amid a trade war between the United States and China. The U.S. Energy Information Administration cut its 2019 world oil demand growth forecast by 160,000 barrels per day to 1.22 million bpd. “The global
US crude ticks up 1 cent to $53.27 as OPEC supply cuts counter growth concerns Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-06-11
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US crude ticks up 1 cent to $53.27 as OPEC supply cuts counter growth concerns

A gas flare on an oil production platform in the Soroush oil fields is seen alongside an Iranian flag in the Gulf.

Oil prices were little changed on Tuesday, weighed by concerns about a global economic slowdown that could dent crude demand, but supported by expectations that OPEC and its allies will extend their supply curbs.

U.S. West Texas Intermediate settled just a penny higher at $53.27. Brent crude, the global benchmark, settled unchanged from Monday’s settlement at $62.29 a barrel.

Brent is down 17.5% from its 2019 peak reached in April, while WTI is down 20% over the same period.

Concern about slowing demand and economic growth has had a large impact on sentiment amid a trade war between the United States and China.

The U.S. Energy Information Administration cut its 2019 world oil demand growth forecast by 160,000 barrels per day to 1.22 million bpd.

“The demand outlook is central to the oil market these days,” said John Kilduff, an analyst at Again Capital. “The global economic data has been chock full of negative surprises, of late, attributable to the fallout from the U.S.-China trade war.”

However, Beijing said it will allow local governments to use proceeds from special bonds as capital for major investment projects, in a bid to support the slowing economy amid an escalating trade war with the United States.

Supporting oil prices on Tuesday was optimism that OPEC and other producers such as Russia would extend an output cut deal that has been in place since the beginning of the year to prop up prices.

The group, known as OPEC+, is due to meet in late June or early July to decide whether to extend the pact.


Company: cnbc, Activity: cnbc, Date: 2019-06-11
Keywords: news, cnbc, companies, united, ticks, 5327, economic, opec, concerns, extend, slowing, trade, counter, cent, growth, crude, global, oil, demand, war, cuts, supply


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New York, London and Paris remain the world’s most competitive cities — but perhaps not for long

New York, London and Paris continue to dominate as the world’s top three most competitive cities. That’s the conclusion of the 2019 Global Cities Report from management consulting company A.T. Kearney, which ranks the world’s major cities on their attractiveness for businesses and employees. For the tenth year in a row, New York (1st), London (2nd) and Paris (3rd) retained their titles as the world’s three most competitive cities based on a variety of factors including business activity and cult


New York, London and Paris continue to dominate as the world’s top three most competitive cities. That’s the conclusion of the 2019 Global Cities Report from management consulting company A.T. Kearney, which ranks the world’s major cities on their attractiveness for businesses and employees. For the tenth year in a row, New York (1st), London (2nd) and Paris (3rd) retained their titles as the world’s three most competitive cities based on a variety of factors including business activity and cult
New York, London and Paris remain the world’s most competitive cities — but perhaps not for long Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-06-11  Authors: karen gilchrist
Keywords: news, cnbc, companies, cities, york, competitive, human, long, capital, london, worlds, information, paris, global, remain


New York, London and Paris remain the world's most competitive cities — but perhaps not for long

New York, London and Paris continue to dominate as the world’s top three most competitive cities.

But their prime positions could be up for contention as progress across Europe, Asia and the Middle East shows signs of disrupting the status quo.

That’s the conclusion of the 2019 Global Cities Report from management consulting company A.T. Kearney, which ranks the world’s major cities on their attractiveness for businesses and employees.

For the tenth year in a row, New York (1st), London (2nd) and Paris (3rd) retained their titles as the world’s three most competitive cities based on a variety of factors including business activity and culture, human capital, political engagement and information exchange.

New York ranked especially highly for business activity and human capital, while Paris performed well for information exchange and London for culture.

The leading trio were joined in the top 10 of the “Global Cities Index” by Tokyo (4th), Hong Kong (5th), Singapore (6th), Los Angeles (7th), Chicago (8th), Beijing (9th) and Washington D.C. (10th).


Company: cnbc, Activity: cnbc, Date: 2019-06-11  Authors: karen gilchrist
Keywords: news, cnbc, companies, cities, york, competitive, human, long, capital, london, worlds, information, paris, global, remain


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Shutterfly strikes take-private deal with Apollo Global, valuing company at $2.7 billion

Cramer: Beware of froth — ‘it may be too late to put new money to…”When you see people crowding into stocks just because they’re going up, it’s what I call a bad sign,” Jim Cramer says. Mad Money with Jim Cramerread more


Cramer: Beware of froth — ‘it may be too late to put new money to…”When you see people crowding into stocks just because they’re going up, it’s what I call a bad sign,” Jim Cramer says. Mad Money with Jim Cramerread more
Shutterfly strikes take-private deal with Apollo Global, valuing company at $2.7 billion Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-06-10  Authors: emma newburger
Keywords: news, cnbc, companies, billion, global, deal, 27, company, shutterfly, theyre, late, apollo, saysmad, valuing, cramer, stocks, going, money, towhen, strikes, takeprivate, sign, jim


Shutterfly strikes take-private deal with Apollo Global, valuing company at $2.7 billion

Cramer: Beware of froth — ‘it may be too late to put new money to…

“When you see people crowding into stocks just because they’re going up, it’s what I call a bad sign,” Jim Cramer says.

Mad Money with Jim Cramer

read more


Company: cnbc, Activity: cnbc, Date: 2019-06-10  Authors: emma newburger
Keywords: news, cnbc, companies, billion, global, deal, 27, company, shutterfly, theyre, late, apollo, saysmad, valuing, cramer, stocks, going, money, towhen, strikes, takeprivate, sign, jim


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