Spain braced for more protests after imprisonment of Catalan leaders provokes outrage

Police clash with protestors following the sentencing of nine Catalan separatist leaders on October 14, 2019 in Barcelona, Spain. There were violent clashes in Barcelona Monday following the prison sentences, which totaled almost 100 years to prominent separatist leaders in Catalonia’s independence movement. Spain’s Supreme Court jailed nine Catalan separatist leaders for between nine and 13 years for their involvement in a failed independence bid on October 1, 2017. Sanchez said the separatist


Police clash with protestors following the sentencing of nine Catalan separatist leaders on October 14, 2019 in Barcelona, Spain. There were violent clashes in Barcelona Monday following the prison sentences, which totaled almost 100 years to prominent separatist leaders in Catalonia’s independence movement. Spain’s Supreme Court jailed nine Catalan separatist leaders for between nine and 13 years for their involvement in a failed independence bid on October 1, 2017. Sanchez said the separatist
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Company: cnbc, Activity: cnbc, Date: 2019-10-15  Authors: holly ellyatt
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Spain braced for more protests after imprisonment of Catalan leaders provokes outrage

Police clash with protestors following the sentencing of nine Catalan separatist leaders on October 14, 2019 in Barcelona, Spain. Alex Caparros | Getty Images News | Getty Images

Spain is braced for more protests in Catalonia as anger mounts over jail terms meted out to pro-independence leaders in the region. There were violent clashes in Barcelona Monday following the prison sentences, which totaled almost 100 years to prominent separatist leaders in Catalonia’s independence movement. Spain’s Supreme Court jailed nine Catalan separatist leaders for between nine and 13 years for their involvement in a failed independence bid on October 1, 2017. They were charged with sedition, and some of the leaders were convicted for the misuse of public funds too. Three other prominent figures in the movement were charged with disobedience but were not jailed. Barcelona’s international airport became a focal point for demonstrators on Monday and at times, riot police charged at crowds using batons and firing foam balls, Reuters reported. A pro-independence group called “Tsunami Democratic” tweeted late on Monday that it had begun a “cycle of non-violent civil disobedience” and said there would be more protests to follow. Oriol Junqueras, the Catalan regional government’s former deputy leader who received the longest sentence of 13 years on Monday, told Reuters that the sentences on him and his fellow separatists only made the movement stronger. He also said a new referendum on independence was inevitable.

‘Political prisoners’

Following the sentences, Catalonia’s regional President Quim Torra reportedly called on acting Spanish Prime Minister Pedro Sanchez to grant an amnesty to the convicted separatists. Sanchez appeared keen to prevent the jailed leaders from being seen as political martyrs, however, and made several comments on Twitter about the Supreme Court judgment and separatism in Catalonia, an issue that has been a thorn in Madrid’s side for decades. Sanchez said the separatist leaders handed lengthy jail sentences were not “political prisoners” but were “rather some politicians in prison for violating our democratic laws.” The court’s ruling comes after a period of tumultuous and tense relations between the government in Madrid and the pro-independence movement in Catalonia. A constitutional crisis was provoked in Spain when separatists went ahead with an independence referendum on October 1 2017, despite the vote being outlawed by the Spanish government and the Constitutional Court. An overwhelming majority of Catalans voted for independence although turnout was low.

Demostrators take part in a protest at Sant Jaume square following the sentencing of nine Catalan separatist leaders on October 14, 2019 in Barcelona, Spain. Clara Margais | Getty Images News | Getty Images

In its judgement Monday, Madrid’s Supreme Court said that “the events of 1 October did not amount merely to a demonstration or mass public protest. If they had, there would be no reaction under the criminal law. It was, instead, a riotous uprising, encouraged by the defendants, among many others.” The court also issued a new European arrest warrant for Carles Puigdemont, the former president of Catalonia and one of the central figures in the independence movement, who is now living in self-imposed exile Belgium.

‘Repression’ and reaction


Company: cnbc, Activity: cnbc, Date: 2019-10-15  Authors: holly ellyatt
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Brexit deal still out of reach as UK and EU enter last days of talks

Boris Johnson, U.K. prime minister, center, and Jean-Claude Juncker, president of the European Commission, right, depart following Brexit talks at a restaurant in Luxembourg, on Monday, Sept. 16, 2019. The U.K. and EU are gearing up for what could be the busiest week in British politics since the referendum in June 2016, as both sides try to thrash out a last-minute deal. This week is seen as the last in which a deal can be struck ahead of a two-day EU summit starting on Thursday October 17. Tal


Boris Johnson, U.K. prime minister, center, and Jean-Claude Juncker, president of the European Commission, right, depart following Brexit talks at a restaurant in Luxembourg, on Monday, Sept. 16, 2019. The U.K. and EU are gearing up for what could be the busiest week in British politics since the referendum in June 2016, as both sides try to thrash out a last-minute deal. This week is seen as the last in which a deal can be struck ahead of a two-day EU summit starting on Thursday October 17. Tal
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Brexit deal still out of reach as UK and EU enter last days of talks

Boris Johnson, U.K. prime minister, center, and Jean-Claude Juncker, president of the European Commission, right, depart following Brexit talks at a restaurant in Luxembourg, on Monday, Sept. 16, 2019.

The U.K. and EU are gearing up for what could be the busiest week in British politics since the referendum in June 2016, as both sides try to thrash out a last-minute deal.

It’s been over three years since a majority of the U.K. voted to leave the EU but a withdrawal agreement has proved elusive with various competing interests, logistics and visions of a potential post-Brexit relationship between the U.K. and EU.

This week is seen as the last in which a deal can be struck ahead of a two-day EU summit starting on Thursday October 17.

If no deal is agreed by October 19, the U.K. Prime Minister Boris Johnson is legally bound to ask the EU for a delay to the departure date (October 31) although he is very reluctant to do so.

Talks last week were meant to be the last chance for an agreement to be struck but EU negotiators are reportedly willing to keep talking until Wednesday, the eve of the EU summit, the BBC reported.

The U.K. Parliament is ready to meet on Saturday and vote on a Brexit deal if an agreement can be reached at the summit. It will be the first time Parliament has convened on a Saturday since 1982, amid the Falklands War.

Nonetheless, that all depends on the last-ditch talks to get over the largest stumbling block to a Brexit deal — namely the Irish “backstop” issue — an insurance policy to ensure there is no hard border on the island of Ireland in the event of no post-Brexit trade deal.


Company: cnbc, Activity: cnbc, Date: 2019-10-14  Authors: holly ellyatt
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UK displays full pomp and pageantry as queen delivers government speech

Queen Elizabeth II has outlined the U.K. government’s legislative agenda in a speech Monday. The Queen’s, Imperial State Crown is carried into the Palace of Westminster for the State Opening of Parliament in the Houses of Parliament in London on October 14, 2019. Jeremy Corbyn, the leader of the opposition Labour Party, said on Sunday that having the Queen’s Speech and state opening of Parliament on Monday was “ludicrous, utterly ludicrous.” Parliament has to debate the Queen’s Speech and then v


Queen Elizabeth II has outlined the U.K. government’s legislative agenda in a speech Monday. The Queen’s, Imperial State Crown is carried into the Palace of Westminster for the State Opening of Parliament in the Houses of Parliament in London on October 14, 2019. Jeremy Corbyn, the leader of the opposition Labour Party, said on Sunday that having the Queen’s Speech and state opening of Parliament on Monday was “ludicrous, utterly ludicrous.” Parliament has to debate the Queen’s Speech and then v
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UK displays full pomp and pageantry as queen delivers government speech

Queen Elizabeth II has outlined the U.K. government’s legislative agenda in a speech Monday. However, analysts say it’s largely pointless given that the government has no majority, Brexit remains on a knife-edge and a general election could happen within weeks. The queen traveled to the Palace of Westminster from Buckingham Palace in full pomp and pageantry on Monday to deliver what’s known as the “Queen’s Speech” — although she does not write the speech herself and is reading the government’s legislative agenda for the year ahead as a new parliamentary session begins. The speech, delivered with an array of regal and parliamentary ritual and theater, is controversial because it comes at a crucial point for Brexit. A deal needs to be struck in the next few days if the government is to avoid having to ask (by law) the EU for an extension to the current departure date of October 31.

The Queen’s, Imperial State Crown is carried into the Palace of Westminster for the State Opening of Parliament in the Houses of Parliament in London on October 14, 2019. HANNAH MCKAY | AFP | Getty Images

The government reiterated in the speech that its priority is to secure a departure from the EU by the Halloween deadline and that it intended to work toward a new partnership with the EU “based on free trade and friendly cooperation.” The government also intended to introduce new immigration legislation and to end the free movement of people, a basic tenet of EU membership. Other plans announced by the monarch on behalf of the government ranged from improving the health service, toughening the country’s crime and justice system and more investment in science. Many analysts and government opponents saw the announcements as a pre-election campaign speech.

Jeremy Corbyn, the leader of the opposition Labour Party, said on Sunday that having the Queen’s Speech and state opening of Parliament on Monday was “ludicrous, utterly ludicrous.” Speaking to Sky News, Corbyn said “what we’ve got in effect is a party political broadcast from the steps of the throne.” Parliament has to debate the Queen’s Speech and then votes whether to approve it — although it is not an official vote of confidence in the government. The government is in a weak position as it does not have a majority in the House of Commons and is largely at the mercy of opposition parties. Asked what government would do if Parliament voted against the speech, a spokesman for the prime minister said the government had “an ambitious legislative programme and we wish to make progress,” Reuters reported.

Yeomen of the Guard prepare for the State Opening of Parliament in the Houses of Parliament in London on October 14, 2019. PAUL ELLIS | AFP | Getty Images


Company: cnbc, Activity: cnbc, Date: 2019-10-14  Authors: holly ellyatt
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Ex-Ukraine ambassador testifies Trump pressured State Department to oust her

Marie Yovanovitch, the ousted U.S. ambassador to Ukraine, told House impeachment investigators Friday that President Donald Trump personally pressured the State Department to remove her from her position, even though a top department official assured her that she had “done nothing wrong.” It had been unclear right up until Yovanovitch arrived whether she would appear because she still works for the State Department. In a letter to House Democrats last week, Secretary of State Mike Pompeo pushed


Marie Yovanovitch, the ousted U.S. ambassador to Ukraine, told House impeachment investigators Friday that President Donald Trump personally pressured the State Department to remove her from her position, even though a top department official assured her that she had “done nothing wrong.” It had been unclear right up until Yovanovitch arrived whether she would appear because she still works for the State Department. In a letter to House Democrats last week, Secretary of State Mike Pompeo pushed
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Company: cnbc, Activity: cnbc, Date: 2019-10-11  Authors: leigh ann caldwell, geoff bennett, adam edelman, rebecca shabad, holly ellyatt
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Ex-Ukraine ambassador testifies Trump pressured State Department to oust her

Former U.S. Ambassador to Ukraine Marie Yovanovitch (C) is surrounded by lawyers, aides and journalists as she arrives at the U.S. Capitol October 11, 2019 in Washington, DC.

Marie Yovanovitch, the ousted U.S. ambassador to Ukraine, told House impeachment investigators Friday that President Donald Trump personally pressured the State Department to remove her from her position, even though a top department official assured her that she had “done nothing wrong.”

Yovanovitch said that after she was abruptly recalled from her post in the spring, the deputy secretary of state told her “the president had lost confidence in me,” according to her prepared remarks obtained by NBC News.

“He added that there had been a concerted campaign against me, and that the department had been under pressure from the president to remove me since the summer of 2018,” Yovanovitch told lawmakers, according to her opening statement.

The career diplomat, who said she was informed of her ouster in April, said in her statement that she was “incredulous that the U.S. government chose to remove an ambassador based, as best as I can tell, on unfounded and false claims by people with clearly questionable motives.”

Yovanovitch appeared for her expected closed-door deposition before the House Intelligence, Oversight and Foreign Affairs Committees as part of those bodies’ ongoing investigations into Trump’s efforts to persuade Ukraine’s new government to commit publicly to investigate corruption and the president’s political opponents.

It had been unclear right up until Yovanovitch arrived whether she would appear because she still works for the State Department. The White House had vowed administration officials would not cooperate in the impeachment probe.

Rep. Eleanor Holmes Norton, Washington D.C.’s nonvoting House delegate and a member of the Oversight Committee, said around noon that Yovanovitch had been testifying for about an hour. The interview is expected to last several hours more.

“She’s acting like a true ambassador. She herself has been deeply involved and has been the object of false statements and she’s clearing that up,” Holmes Norton said after emerging from the room.

Holmes Norton added that “both sides are finding her very credible” and Yovanovitch had not given any indication that anyone attempted to prevent her from answering questions from lawmakers as expected Friday.

Asked about whether the former ambassador to Ukraine had spoken about Trump’s personal lawyer, Rudy Giuliani, Holmes Norton said, “They’re just getting — that is becoming very, very deep.”

Yovanovitch had previously been scheduled to be deposed by the committees on Oct. 2, but the appearance was postponed.

In a letter to House Democrats last week, Secretary of State Mike Pompeo pushed back against Democrats’ request to interview five current and former State Department employees, including Yovanovitch.

Yovanovitch has emerged as a potentially key figure in the investigation by House Democrats.

In Trump’s July 25 phone call with Ukrainian President Volodymyr Zelenskiy, Trump referred to Yovanovitch as “bad news.”

She departed Ukraine in May, months ahead of her scheduled departure, after coming under attack from right-wing media, who alleged she was hostile to the president. Her departure set off alarm bells among Democrats in Congress but the State Department said at the time her exit was planned.

According to the intelligence community whistleblower complaint at the heart of Democrats’ impeachment inquiry, Yovanovitch’s tenure was cut short because she had run afoul of the then-prosecutor general in Ukraine, Yuri Lutsenko, and Giuliani. Lutsenko at one point alleged she had given him a “do not prosecute” list. The State Department has said the assertion was an outright fabrication and Lutsenko himself later walked back his comments.

Yovanovitch, according to her prepared remarks, addressed Lutsenko’s since-recanted allegation, telling lawmakers that she wanted to “categorically state that I have never myself or through others, directly or indirectly, ever directed, suggested, or in any other way asked for any government or government official in Ukraine (or elsewhere) to refrain from investigating or prosecuting actual corruption.”

She added, “As Mr. Lutsenko, the former Ukrainian Prosecutor General has recently acknowledged, the notion that I created or disseminated a ‘do not prosecute’ list is completely false—a story that Mr. Lutsenko, himself, has since retracted.”

She also called the notion that she was “disloyal” to Trump “fictitious,” and said she did not know Giuliani’s motives for attacking her.

“But individuals who have been named in the press as contacts of Mr. Giuliani may well have believed that their personal financial ambitions were stymied by our anti-corruption policy in Ukraine,” she told House investigators, according to her statement.

Yovanovitch’s former colleagues have described her as one of the State Department’s most talented and conscientious diplomats, and that it would be totally out of character for her to engage in partisan politics.

During her tenure, Yovanovitch was outspoken in her calls for Ukraine to tackle corruption, a stance in keeping with U.S. policy over successive administrations.

After Yovanovitch gave a tough speech in March urging the government to sack a senior anti-corruption official, she came under fire from Lutsenko, conservative voices in the U.S. and the president’s eldest son, Donald Trump Jr.


Company: cnbc, Activity: cnbc, Date: 2019-10-11  Authors: leigh ann caldwell, geoff bennett, adam edelman, rebecca shabad, holly ellyatt
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Ukraine’s president says there was no blackmail in Trump call

U.S. President Donald Trump speaks as Ukrainian President Volodymyr Zelensky looks on during a meeting in New York on September 25, 2019, on the sidelines of the United Nations General Assembly. Ukraine’s President Volodymyr Zelensky said Thursday there was no blackmail involved during a telephone call with President Donald Trump that has since set in motion an impeachment inquiry. Speaking to reporters Thursday, Zelensky said the goal of the call with Trump was to arrange a meeting with the pre


U.S. President Donald Trump speaks as Ukrainian President Volodymyr Zelensky looks on during a meeting in New York on September 25, 2019, on the sidelines of the United Nations General Assembly. Ukraine’s President Volodymyr Zelensky said Thursday there was no blackmail involved during a telephone call with President Donald Trump that has since set in motion an impeachment inquiry. Speaking to reporters Thursday, Zelensky said the goal of the call with Trump was to arrange a meeting with the pre
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Ukraine's president says there was no blackmail in Trump call

U.S. President Donald Trump speaks as Ukrainian President Volodymyr Zelensky looks on during a meeting in New York on September 25, 2019, on the sidelines of the United Nations General Assembly.

Ukraine’s President Volodymyr Zelensky said Thursday there was no blackmail involved during a telephone call with President Donald Trump that has since set in motion an impeachment inquiry.

Zelensky has come under pressure to shed light on a phone call with Trump in July in which the U.S. president appeared to ask Ukraine to investigate former Vice President Joe Biden, a potential Democratic rival in the 2020 presidential race, and his son Hunter Biden who served on the board of a Ukrainian gas company Burisma.

Trump repeatedly tells Zelensky that the U.S. has been “very, very good” to Ukraine, a non-verbatim transcript of the call showed. Zelensky told him that Ukraine, a country that relies on international financial and defense aid and is vulnerable compared to its powerful Russian neighbor, would work on the investigation.

There are question marks over why around $400 million of military aid to Ukraine was put on hold by Trump ahead of the phone call between the presidents. Trump has denied any suggestions that the withholding of aid was to pressure Ukraine into investigating a political opponent.

Speaking to reporters Thursday, Zelensky said the goal of the call with Trump was to arrange a meeting with the president, according to comments reported by Reuters. He also said he told Trump that Ukraine was asking the White House to change its rhetoric on the country.

He said military aid to Ukraine was blocked before the phone call but said “our calls were not linked to Burisma or military aid” and said no conditions were attached to meeting Trump.

“I don’t want to interfere in U.S. elections,” Zelensky also said Thursday. He also said Ukraine was waiting for an official visit to the U.S.

The White House said Tuesday that it will not cooperate with House Democrats’ impeachment inquiry into Trump.


Company: cnbc, Activity: cnbc, Date: 2019-10-10  Authors: holly ellyatt
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Ukraine leader says meeting Putin is key ‘if we want to end the war’ in the Donbass region

Soldiers of the Ukrainian army on the front line during the Joint Forces Operation in Donbass area, Luhansk region, Ukraine, on June 2018. Ukraine’s President Volodymyr Zelensky said a direct meeting must happen with Russian President Vladimir Putin if a five-year conflict between pro-Russian rebels and Ukraine’s armed forces is to end. Speaking to reporters Thursday, Zelensky said discussions would be needed “if we want to end the war” and said the date of any possible meeting with Putin depend


Soldiers of the Ukrainian army on the front line during the Joint Forces Operation in Donbass area, Luhansk region, Ukraine, on June 2018. Ukraine’s President Volodymyr Zelensky said a direct meeting must happen with Russian President Vladimir Putin if a five-year conflict between pro-Russian rebels and Ukraine’s armed forces is to end. Speaking to reporters Thursday, Zelensky said discussions would be needed “if we want to end the war” and said the date of any possible meeting with Putin depend
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Ukraine leader says meeting Putin is key 'if we want to end the war' in the Donbass region

Soldiers of the Ukrainian army on the front line during the Joint Forces Operation in Donbass area, Luhansk region, Ukraine, on June 2018.

Ukraine’s President Volodymyr Zelensky said a direct meeting must happen with Russian President Vladimir Putin if a five-year conflict between pro-Russian rebels and Ukraine’s armed forces is to end.

Speaking to reporters Thursday, Zelensky said discussions would be needed “if we want to end the war” and said the date of any possible meeting with Putin depended on Russia. The meeting would have to take place under the so-called “Normandy format” in which representatives from Russia, Ukraine, Germany and France come together to try to resolve the conflict in the Donbass region in eastern Ukraine.

Zelensky said he would choose the diplomatic path to solve the conflict rather than direct military action, according to Reuters’ reporting of his comments.

Russia has been subject to international sanctions since its annexation of Crimea from Ukraine in 2014, and its role in a pro-Russian uprising in the Donbass region. Sanctions, and the conflict in the east of the country, continue to this day.

The conflict has seen over 13,000 people (including combatants on both sides and civilians) die since 2014, according to the United Nations, and hostilities have affected 3.9 million civilians living in the region.

Efforts by France and Germany in 2015 to broker a cease-fire and peace deal, known as the Minsk agreements or protocol, were widely seen to have failed with both Russia and Ukraine accusing each other of failing to meet the conditions of the deal.

However, prisoner exchanges last month were seen as a positive move to set the tone between both of the main parties, but no date for a meeting has been set.


Company: cnbc, Activity: cnbc, Date: 2019-10-10  Authors: holly ellyatt
Keywords: news, cnbc, companies, conflict, zelensky, seen, meeting, sanctions, set, end, donbass, russia, region, leader, war, key, putin, ukraine


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‘Huge fears’ about demand — not Middle East tensions — are weighing on oil markets, Helima Croft says

The global economic situation and trade tensions between the U.S. and China are impacting oil markets just as much as supply and demand dynamics, leading figures in the oil industry told CNBC Wednesday. “There are so many factors impacting the price (today),” Saudi Aramco’s CEO Amin Nasser told CNBC. Earlier Wednesday, closely-watched oil market expert Helima Croft told CNBC that global trade tensions and their potential impact on crude demand are more significant for oil markets than recent att


The global economic situation and trade tensions between the U.S. and China are impacting oil markets just as much as supply and demand dynamics, leading figures in the oil industry told CNBC Wednesday. “There are so many factors impacting the price (today),” Saudi Aramco’s CEO Amin Nasser told CNBC. Earlier Wednesday, closely-watched oil market expert Helima Croft told CNBC that global trade tensions and their potential impact on crude demand are more significant for oil markets than recent att
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'Huge fears' about demand — not Middle East tensions — are weighing on oil markets, Helima Croft says

The global economic situation and trade tensions between the U.S. and China are impacting oil markets just as much as supply and demand dynamics, leading figures in the oil industry told CNBC Wednesday.

“There are so many factors impacting the price (today),” Saudi Aramco’s CEO Amin Nasser told CNBC.

“The market was very satisfied with the response from Saudi Aramco (following September’s infrastructure attack). I think what’s impacting the price today is the global economic situation, the tariffs dispute that’s ongoing right now between the two global economies (the U.S. and China) and so all of these things are impacting the price of crude,” he told CNBC’s Steve Sedgwick at the Oil & Money Conference in London.

“There is ample supply … and there is still demand that is in the neighborhood we are expecting – (for it ) to average about million barrels (demand growth per day) by the end of this year,” Nasser added.

Earlier Wednesday, closely-watched oil market expert Helima Croft told CNBC that global trade tensions and their potential impact on crude demand are more significant for oil markets than recent attacks on energy infrastructure in the Middle East.

“We still have huge fears about demand. That is what’s weighing on this market,” Croft, the managing director and global head of commodity strategy at RBC Capital Markets. told CNBC’s “Squawk Box Europe.”

“The big turn in this market this year was the resumption of the trade war (between the U.S. and China) and as long as we have these trade war fears hanging over this market, OPEC can do what they can in terms of production cuts but the question is: Can you move this market higher?”

Oil prices fell for a third consecutive day Wednesday amid a renewal of tensions between Washington and Beijing. This comes ahead of a resumption of talks between the world’s two largest economies, set for Thursday. Benchmark Brent crude futures were trading at $58.09 per barrel Wednesday morning, while U.S. West Texas Intermediate (WTI) was trading at $52.49 per barrel.


Company: cnbc, Activity: cnbc, Date: 2019-10-09  Authors: holly ellyatt
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British pound falls on reports that Brexit talks are close to breaking down

United Kingdom Prime Minister Boris Johnson speaks at the United Nations (UN) Climate Action Summit on September 23, 2019 in New York City. Spencer Platt | Getty Images News | Getty ImagesSterling fell sharply against the dollar Tuesday morning with several British media outlets reporting that Brexit talks were close to breaking down. By 10:30 a.m. London time, the British pound traded 0.47% lower against the dollar at $1.2235 as the reports emerged. The U.K.’s new proposals would see Northern I


United Kingdom Prime Minister Boris Johnson speaks at the United Nations (UN) Climate Action Summit on September 23, 2019 in New York City. Spencer Platt | Getty Images News | Getty ImagesSterling fell sharply against the dollar Tuesday morning with several British media outlets reporting that Brexit talks were close to breaking down. By 10:30 a.m. London time, the British pound traded 0.47% lower against the dollar at $1.2235 as the reports emerged. The U.K.’s new proposals would see Northern I
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British pound falls on reports that Brexit talks are close to breaking down

United Kingdom Prime Minister Boris Johnson speaks at the United Nations (UN) Climate Action Summit on September 23, 2019 in New York City. Spencer Platt | Getty Images News | Getty Images

Sterling fell sharply against the dollar Tuesday morning with several British media outlets reporting that Brexit talks were close to breaking down. Sky News reported that German Chancellor Angela Merkel had told U.K. Prime Minister Boris Johnson that a deal for Brexit is now “overwhelmingly unlikely,” citing a Downing Street source. Meanwhile, the BBC said a government official said the EU had not shown a desire to “budge one centimeter” since Johnson submitted new proposals to Brussels last week. The official, who was not named, said a deal was not completely ruled out, but the BBC cited another unnamed source as saying Johnson’s plans were “the only way out.” By 10:30 a.m. London time, the British pound traded 0.47% lower against the dollar at $1.2235 as the reports emerged.

The new plans

The U.K. government’s new plans have received a lukewarm reception on the continent. This week was seen as the last in which both sides could try to find an agreement on a Brexit deal, ahead of the U.K.’s scheduled departure date of October 31. The new proposals have aimed to get around the contentious Irish “backstop” arrangement — something of an insurance policy to prevent a hard border between Ireland and Northern Ireland if the EU and U.K. could not agree a post-Brexit trade deal. The U.K.’s new proposals would see Northern Ireland (a part of the U.K.) stay in the European single market for goods, but leave the customs union. The U.K. said checks on goods going from Northern Ireland to the Republic of Ireland would undergo customs checks away from the border, taking away the need (the government said) for any physical border infrastructure on the island of Ireland. The EU is skeptical over British plans and Merkel reportedly told Johnson in a call Tuesday that Northern Ireland would have to stay in a customs union. A spokesperson for Merkel’s office declined to comment on the reports when contacted by CNBC. The BBC’s Brussels correspondent Adam Fleming later tweeted that EU officials “do not recognize Merkel’s reported language as the agreed EU position.” The European Commission also responded that its position had not changed, with a spokeswoman cited by Reuters as saying “we want a deal, we are working for a deal with the United Kingdom.”

Cynicism


Company: cnbc, Activity: cnbc, Date: 2019-10-08  Authors: holly ellyatt
Keywords: news, cnbc, companies, breaking, plans, talks, close, ireland, johnson, united, proposals, deal, british, falls, customs, brexit, pound, reports, northern


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Trump’s trade tweets have moved market’s Fed expectations, Goldman says

President Donald Trump’s tweets on trade have much more of an impact on the market’s expectations for Federal Reserve monetary policy than his tweets directly criticizing the central bank, research by Goldman Sachs has showed. There’s only “weak evidence” that President Trump’s tweets criticizing the U.S. Federal Reserve move market monetary policy expectations, Goldman Sachs said in a research paper published Monday, but there is “strong” evidence that his trade-related tweets do affect market


President Donald Trump’s tweets on trade have much more of an impact on the market’s expectations for Federal Reserve monetary policy than his tweets directly criticizing the central bank, research by Goldman Sachs has showed. There’s only “weak evidence” that President Trump’s tweets criticizing the U.S. Federal Reserve move market monetary policy expectations, Goldman Sachs said in a research paper published Monday, but there is “strong” evidence that his trade-related tweets do affect market
Trump’s trade tweets have moved market’s Fed expectations, Goldman says Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-10-08  Authors: holly ellyatt
Keywords: news, cnbc, companies, goldman, tweets, markets, trumps, policy, criticizing, funds, tariff, expectations, moved, market, fed, trade


Trump's trade tweets have moved market's Fed expectations, Goldman says

President Donald Trump’s tweets on trade have much more of an impact on the market’s expectations for Federal Reserve monetary policy than his tweets directly criticizing the central bank, research by Goldman Sachs has showed.

There’s only “weak evidence” that President Trump’s tweets criticizing the U.S. Federal Reserve move market monetary policy expectations, Goldman Sachs said in a research paper published Monday, but there is “strong” evidence that his trade-related tweets do affect market expectations of Fed policy.

Last month, a new paper by the National Bureau of Economic Research said that Trump’s often-ferocious tweets criticizing the Fed and its Chairman Jay Powell influenced the way traders view interest rate trends.

But Goldman published its own research Monday in which it said its own analysis of Trump’s tweets – which included not only tweets that criticize the Fed but also tweets that directly or indirectly threaten tariff escalation – had only shown “weak evidence for the notion that the market moves its monetary policy expectations in response to Presidential tweets criticizing the Fed.”

By contrast, the bank said, “the evidence that President Trump’s trade-related tweets affect market expectations of Fed policy is strong.”

Goldman’s analysis of Trump’s tweets either criticizing the Fed, or of tweets that directly or indirectly threaten tariff escalation, was to measure the impact on market expectations for Fed policy by looking at the change in Fed funds futures prices one-year ahead from just before a tweet to 30 minutes after.

They then compared these potentially tweet-affected episodes with all other 30-minute intervals of market activity to see whether there were statistically bigger moves. They then accumulated all of the moves in fed funds futures following tweets in each category to obtain the overall impact on the market’s monetary policy expectations.

The Fed funds futures market is where traders bet on where the Fed’s benchmark overnight lending rate will land. Policymakers watch for changes in how markets view where interest rates are heading.

Goldman found that Trump’s tweets on trade, on which he has been vociferous amid an ongoing trade and tariff dispute with China, impacted the Fed funds futures market much more than those criticizing the Fed.

“The market moves are much larger, statistically highly significant, and more clearly skewed to the downside, ranging from -14 basis points (bp) to +4bp. Cumulatively, the impact on market expectations for the funds rate is about -40bp when we include tweets indicating escalation of trade tensions and tweets indicating de-escalation, and about -60bp when we focus only on tweets indicating escalation.”

“Once again, there are many tweets that garner little reaction, but there are also quite a few trade policy tweets that lead to sizable swings. This is intuitive, as there are clear channels through which tariff escalation can lead to a dimmer economic outlook,” Goldman said.

Goldman Sachs’ analysts interpreted the findings as showing “that markets believe the President primarily affects Fed policy indirectly by influencing the macroeconomic outlook, with at most a limited perceived role for tweets about the Fed.”


Company: cnbc, Activity: cnbc, Date: 2019-10-08  Authors: holly ellyatt
Keywords: news, cnbc, companies, goldman, tweets, markets, trumps, policy, criticizing, funds, tariff, expectations, moved, market, fed, trade


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Aramco IPO prospectus expected to be filed by end of the month, report says

Saudi Aramco, the world’s biggest oil producer, is expected to file its IPO prospectus by the end of the month, people familiar with the matter told the Wall Street Journal. The crown prince anticipates listing 5% of the company in total domestically and internationally by 2020 or 2021. The crown prince has indicated that he wants a valuation of $2 trillion, though analysts and Aramco officials have valued Aramco at closer to $1.5 trillion. The Aramco IPO was delayed in 2018, reportedly over Sau


Saudi Aramco, the world’s biggest oil producer, is expected to file its IPO prospectus by the end of the month, people familiar with the matter told the Wall Street Journal. The crown prince anticipates listing 5% of the company in total domestically and internationally by 2020 or 2021. The crown prince has indicated that he wants a valuation of $2 trillion, though analysts and Aramco officials have valued Aramco at closer to $1.5 trillion. The Aramco IPO was delayed in 2018, reportedly over Sau
Aramco IPO prospectus expected to be filed by end of the month, report says Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-10-08  Authors: ganesh setty, holly ellyatt
Keywords: news, cnbc, companies, street, expected, filed, report, end, officials, crown, wall, shares, prospectus, saudi, month, aramco, prince, ipo, oil


Aramco IPO prospectus expected to be filed by end of the month, report says

Saudi Aramco, the world’s biggest oil producer, is expected to file its IPO prospectus by the end of the month, people familiar with the matter told the Wall Street Journal.

The prospectus will reportedly first be published in Arabic on Oct. 25 and then in English two days later, according to a timeline seen by the Journal.

The state-owned oil enterprise will list its shares on Saudi Arabia’s Tadawul exchange, as part of Crown Prince Mohammed bin Salman’s economic reform plan. The crown prince anticipates listing 5% of the company in total domestically and internationally by 2020 or 2021. If the Saudi government decides to move forward with the listing, 1% to 2% of Aramco’s shares will be listed domestically by late November or early December, people familiar with the matter said.

The crown prince has indicated that he wants a valuation of $2 trillion, though analysts and Aramco officials have valued Aramco at closer to $1.5 trillion.

The Aramco IPO was delayed in 2018, reportedly over Saudi officials’ concerns about public scrutiny of the company’s finances. A drone and missile strike in September temporarily knocked out Saudi Arabia’s oil output, though officials stressed at the time that the Aramco IPO scheduling was not impacted.

Aramco did not respond to the Journal’s request for comment.

Read the full Wall Street Journal story here.


Company: cnbc, Activity: cnbc, Date: 2019-10-08  Authors: ganesh setty, holly ellyatt
Keywords: news, cnbc, companies, street, expected, filed, report, end, officials, crown, wall, shares, prospectus, saudi, month, aramco, prince, ipo, oil


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