Oil markets face three possible scenarios in Venezuela

Oil workers conduct a drill in a petroleum well in Lagunillas at the east coast of Lake Maracaibo near Maracaibo City in Venezuela. RBC Capital Markets’ Global Head of Commodity Strategy Helima Croft and her team have examined three possible scenarios for Venezuela, and their respective implications for the global oil market. “The White House will likely look to further erode the country’s oil export revenue by compelling consuming countries like India to curb their Venezuelan purchases. Venezue


Oil workers conduct a drill in a petroleum well in Lagunillas at the east coast of Lake Maracaibo near Maracaibo City in Venezuela. RBC Capital Markets’ Global Head of Commodity Strategy Helima Croft and her team have examined three possible scenarios for Venezuela, and their respective implications for the global oil market. “The White House will likely look to further erode the country’s oil export revenue by compelling consuming countries like India to curb their Venezuelan purchases. Venezue
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Company: cnbc, Activity: cnbc, Date: 2019-05-02  Authors: holly ellyatt
Keywords: news, cnbc, companies, president, oil, guaido, face, maduro, possible, venezuelas, venezuela, countrys, scenarios, scenario, likely, markets, venezuelan


Oil markets face three possible scenarios in Venezuela

Oil workers conduct a drill in a petroleum well in Lagunillas at the east coast of Lake Maracaibo near Maracaibo City in Venezuela. Jorge Silva | Reuters

Venezuela’s political and humanitarian crisis remains fluid with President Nicolas Maduro clinging to power amid protests led by opposition leader Juan Guaido. Street protests are expected to continue Thursday with Guaido telling thousands of supporters yesterday that “there’s no turning back” as he called for a series of national strikes. In the meantime, Venezuelans are reportedly experiencing shortages of food and medicines. What the current situation, and any potential outcomes, mean for Venezuela’s primary economic asset — its oil sector — are now under scrutiny. OPEC-member Venezuela is reliant on oil for 98% of its export earnings and is laboring under U.S. sanctions, which penalize Venezuela’s state-owned energy company PDVSA and any vessels or companies enabling oil shipments to Venezuela’s ally Cuba. Unrest in Caracas has weighed on markets, as have stricter U.S. sanctions on Iran, but news of higher U.S. crude stockpiles have kept prices subdued so far. On Wednesday, Brent crude futures stood at $71.36 per barrel and West Texas Intermediate (WTI) stood around $62.85. RBC Capital Markets’ Global Head of Commodity Strategy Helima Croft and her team have examined three possible scenarios for Venezuela, and their respective implications for the global oil market.

Scenario 1: Maduro goes, Guaido comes to power

A sudden Maduro departure and transition to a Guaido-led reformist government would provide “the best hope for kick-starting the revival of the Venezuelan economy,” Croft and her team said in a note Wednesday. “This scenario presents the most bearish outcome for (oil) prices, especially as many investors might assume that the recovery will be quick and uncomplicated. However, even if such a situation comes to pass we would caution that the road back will be arduous given the magnitude of the collapse.”

Venezuelan opposition leader Juan Guaido, who many nations have recognised as the country’s rightful interim ruler, gestures as he speaks to supporters during a rally against the government of Venezuela’s President Nicolas Maduro and to commemorate May Day in Caracas Venezuela, May 1, 2019. REUTERS | Carlos Garcia Rawlins

Croft and her team, comprised of commodity strategists Christopher Louney and Michael Tran and associate strategist Megan Schippmann, warned that even if Guaido came to power, Venezuela’s security situation “would likely remain fraught.” They didn’t think a Guaido victory likely at this stage, either. “Given the apparent absence of high level military defections to the Guaido camp as well as Moscow’s marked aversion to such a regime change, we think this scenario has the slimmest chances of success in the near term. ”

Scenario 2: Maduro stays

If Maduro manages to ride out the current wave of protests, RBC noted that the country’s economic collapse will undoubtedly accelerate as the United States ups the sanctions ante. “The White House will likely look to further erode the country’s oil export revenue by compelling consuming countries like India to curb their Venezuelan purchases. Washington may also demand that U.S. energy companies cease operating in the country and that European firms stop providing diluents and other services to (Venezuelan state-owned oil firm) PDVSA.”

Venezuelan President Nicolas Maduro meets with UN chief Ban Ki-moon at the United Nations headquarters in New York on July 28, 2015. Spencer Platt | Getty Images News | Getty Images

Such punitive measures, along with rolling power cuts, would further compress the country’s oil production, potentially sending it close to zero by year-end, the strategists noted. This outcome would be most bullish for oil prices and “is quite plausible given the substantial support Maduro is receiving from Moscow as well as the fact that junior officers have been the principal defectors.” In this scenario, it’s likely President Donald Trump would pressure Saudi Arabia to fill an extended supply outage by increasing production and adding between 400,000 to 500,000 barrels a day to the market.

Scenario 3: Maduro departs but military rule remains


Company: cnbc, Activity: cnbc, Date: 2019-05-02  Authors: holly ellyatt
Keywords: news, cnbc, companies, president, oil, guaido, face, maduro, possible, venezuelas, venezuela, countrys, scenarios, scenario, likely, markets, venezuelan


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Could Russia and the US come to a deal over Venezuela’s Maduro?

Russian President Vladimir Putin (R) and President of Venezuela Nicolas Maduro (L) speak at a bilateral meeting on September 3, 2015 in Beijing, China. On Tuesday, U.S. Secretary of State Mike Pompeo said that Maduro was prepared to leave the protest-wracked country Tuesday morning but said he had changed his mind after Russia intervened. CNBC contacted the Russian Foreign Ministry for comment Wednesday but no one was immediately available. The military stayed loyal to President Nicolas Maduro,


Russian President Vladimir Putin (R) and President of Venezuela Nicolas Maduro (L) speak at a bilateral meeting on September 3, 2015 in Beijing, China. On Tuesday, U.S. Secretary of State Mike Pompeo said that Maduro was prepared to leave the protest-wracked country Tuesday morning but said he had changed his mind after Russia intervened. CNBC contacted the Russian Foreign Ministry for comment Wednesday but no one was immediately available. The military stayed loyal to President Nicolas Maduro,
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Company: cnbc, Activity: cnbc, Date: 2019-05-01  Authors: holly ellyatt
Keywords: news, cnbc, companies, deal, country, foreign, sanctions, come, russian, russia, moscow, president, venezuelas, maduro, venezuela


Could Russia and the US come to a deal over Venezuela's Maduro?

Russian President Vladimir Putin (R) and President of Venezuela Nicolas Maduro (L) speak at a bilateral meeting on September 3, 2015 in Beijing, China. Sasha Mordovets | Getty Images News | Getty Images

As unrest continues in Venezuela, some analysts are questioning how much support Russia will give beleaguered President Nicolas Maduro and if Moscow could be ready to strike a deal with the U.S. to end the Latin American country’s political and humanitarian crisis. The U.S. and Russia have traded fresh barbs over Venezuela, each accusing the other of interfering in the country as protesters took to the streets for a second day in support of opposition leader Juan Guaido. On Tuesday, U.S. Secretary of State Mike Pompeo said that Maduro was prepared to leave the protest-wracked country Tuesday morning but said he had changed his mind after Russia intervened. “They had an airplane on the tarmac. He was ready to leave this morning, as we understand it. Russians indicated he should stay,” Pompeo told CNN. Russia rebuffed that accusation, with Foreign Ministry spokeswoman Maria Zakharova saying Wednesday that the U.S. assertion was part of an “information war,” Reuters reported.

Deal discussions?

The two sides may be more open to discussing what to do about Venezuela behind closed doors. On Wednesday, during an interview on ‘Fox & Friends,’ U.S. National Security Adviser John Bolton suggested that Pompeo could later hold a call with Russia’s Foreign Minister Sergei Lavrov. CNBC contacted the Russian Foreign Ministry for comment Wednesday but no one was immediately available.

The U.S. and Russia have already discussed Venezuela at a meeting held in Rome in mid-March between Russia’s deputy foreign minister and the U.S. special representative for Venezuela. Some analysts think that the two heavyweight countries might be coming to some kind of deal over Maduro’s potential departure. “(There’s) little doubt in my mind that the Russians and the U.S. have been talking for weeks about some kind of deal to ease Maduro out of office,” Timothy Ash, a senior emerging markets strategist at Bluebay Asset Management, said in a note Wednesday. He said several factors led his to this conclusion — firstly, that Moscow had gained leverage to negotiate with the U.S. by sending military advisers to Caracas and, secondly, that President Trump had so far not signed off on new sanctions on Russia for its alleged use of a chemical weapon following the nerve agent poisoning of former Russian spy, Sergei Skripal, in the U.K. in 2018. “I think the U.S. administration held back getting Trump to sign this as something was cooking on Venezuela. They saw sanctions as a negotiating chip with Moscow.” Ash believed that, for the Russians, the “deal” was no more sanctions, allowing Russian oil companies to retain the right to operate in Venezuela and get paid back in full for debts owed, and some deal around “spheres of influence.”

Battle for influence

The international battle for influence over Venezuela’s future kicked off in January when opposition leader Juan Guaido declared himself president. Many countries, including the U.S., endorsed that leadership bid and backed regime change in a country wracked by poverty and political unrest. The military stayed loyal to President Nicolas Maduro, however, and Russia (as well as allies in China, Syria and Iran) backed the incumbent leader. Russia has a vested interest in backing Maduro after it gave the country financial aid. Reuters estimates that the Russian government and state energy company Rosneft have handed Venezuela at least $17 billion in loans and credit lines since 2006. It has also provided the Venezuelan government with military equipment and it has stakes in the country’s energy sector. As such, Moscow wants to protect its assets from regime change as well as preventing the U.S. from increasing its sphere of influence. “Russia’s bottom line is to stop regime change by external intervention, but if it falls from within they’ll go with the flow,” Christopher Granville, managing director of EMEA and Global Political Research at TS Lombard, told CNBC Wednesday.


Company: cnbc, Activity: cnbc, Date: 2019-05-01  Authors: holly ellyatt
Keywords: news, cnbc, companies, deal, country, foreign, sanctions, come, russian, russia, moscow, president, venezuelas, maduro, venezuela


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Euro zone grows 0.4% in first quarter, beating expectations

Flash (preliminary) growth data from the region showed the economy grew 0.4% in the first quarter, up from 0.2% in the fourth quarter of 2018 and up from a 0.1% figure for the third quarter. Earlier Tuesday, Spain posted preliminary data showing a 0.7% expansion in the first quarter, and France posted 0.3% growth. Later, Italy posted 0.2% growth quarter on quarter, beating expectations. On Monday, data released showed that economic sentiment decreased “markedly” in both the euro zone and the wid


Flash (preliminary) growth data from the region showed the economy grew 0.4% in the first quarter, up from 0.2% in the fourth quarter of 2018 and up from a 0.1% figure for the third quarter. Earlier Tuesday, Spain posted preliminary data showing a 0.7% expansion in the first quarter, and France posted 0.3% growth. Later, Italy posted 0.2% growth quarter on quarter, beating expectations. On Monday, data released showed that economic sentiment decreased “markedly” in both the euro zone and the wid
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Company: cnbc, Activity: cnbc, Date: 2019-04-30  Authors: holly ellyatt
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Euro zone grows 0.4% in first quarter, beating expectations

European investors are focused on the latest growth data from the region due on Tuesday, with investors looking for hints of a further slowdown — or a recovery — following a spate of lackluster figures.

Flash (preliminary) growth data from the region showed the economy grew 0.4% in the first quarter, up from 0.2% in the fourth quarter of 2018 and up from a 0.1% figure for the third quarter.

Most analysts predicted preliminary growth of between 0.2% and 0.4%. Analysts polled by Reuters predicted 0.3%.

Earlier Tuesday, Spain posted preliminary data showing a 0.7% expansion in the first quarter, and France posted 0.3% growth. Later, Italy posted 0.2% growth quarter on quarter, beating expectations.

Eurostat, the bloc’s statistics body, also posted the latest unemployment figures for March, with the jobless rate at 7.7%, down from 7.8% in February.

It’s not an easy time for the euro zone with flat growth in Germany and a short-lived recession in Italy worrying investors. There has been a gloomy raft of data recently ranging from industrial production to weak composite purchasing managers’ indexes (PMIs). The last flash services and manufacturing PMI stood at 51.3 in April, down from 51.6 in March, with the latest reading the third-lowest since November 2014.

IHS Markit, which compiles the PMI data, said new order growth remained close to stagnant, new export orders fell sharply, manufacturing output fell, and employment growth picked up only slightly.

Business expectations were also gloomy with political uncertainty, including Brexit, trade wars and protectionism all weighing on sentiment. IHS expected growth of around 0.2% in the first quarter.

On Monday, data released showed that economic sentiment decreased “markedly” in both the euro zone and the wider EU in April.

It’s not all been bad news, however. Other data released in recent weeks have shown modest growth in construction activity and euro zone retail sales that continue to surpass expectations.


Company: cnbc, Activity: cnbc, Date: 2019-04-30  Authors: holly ellyatt
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Russia drops out of top 5 global military spenders while US and China up the ante

The five biggest spenders in 2018 were the U.S., China, Saudi Arabia, India and France, which together accounted for 60% of global military spending. Independent think tank SIPRI, which monitors developments in military expenditure worldwide and publishes its “Military Expenditure Database” every year, noted that the decrease comes after a period of expansion. “Russia’s major military modernization programme, which started in 2010, led to significant annual increases in military spending (betwee


The five biggest spenders in 2018 were the U.S., China, Saudi Arabia, India and France, which together accounted for 60% of global military spending. Independent think tank SIPRI, which monitors developments in military expenditure worldwide and publishes its “Military Expenditure Database” every year, noted that the decrease comes after a period of expansion. “Russia’s major military modernization programme, which started in 2010, led to significant annual increases in military spending (betwee
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Russia drops out of top 5 global military spenders while US and China up the ante

Military spending by the U.S. increased for the first time since 2010, while spending by China grew for the 24th consecutive year, the Swedish research institute noted.

The five biggest spenders in 2018 were the U.S., China, Saudi Arabia, India and France, which together accounted for 60% of global military spending.

Total world military expenditure rose to $1.8 trillion in 2018, according to new data from the Stockholm International Peace Research Institute (SIPRI), marking an increase of 2.6% from 2017 and the highest total spend since 1988.

Russia has dropped out of the top five countries with the largest defense spend for the first time since 2006, according to new international data Monday.

While the U.S. increased spending by 4.6%, to reach $649 billion in 2018, China increased its spending by 5%, to $250 billion.

Meanwhile, Russia was the sixth-largest nation in terms of military spend, at $61.4 billion, but its spending decreased by 3.5% compared with 2017.

Independent think tank SIPRI, which monitors developments in military expenditure worldwide and publishes its “Military Expenditure Database” every year, noted that the decrease comes after a period of expansion.

“Russia’s major military modernization programme, which started in 2010, led to significant annual increases in military spending (between 4.9% and 16%) through 2015. Starting in 2016 Russia’s military budget has trended downwards.”

Due to a one-off government debt repayment of almost $11.8 billion to Russian arms producers in 2016, spending rose by 7.2% that year. Without this payment, Russian military spending would have fallen by 11%, SIPRI noted. “The payment also explains a large part of the sharp 19% drop in 2017: excluding the repayment, spending would have decreased by 2.8%,” SIPRI said.

Although Russia’s spending fell again in 2018, it is still 27% higher than in 2009, SIPRI noted.

Military spending in several central and eastern European countries shows a certain nervousness at a powerful and often provocative neighbour Russia. For example, military spending in Poland rose by 8.9% in 2018 (to $11.6 billion) and was up 21% in Ukraine, to $4.8 billion.

Russia annexed Crimea from Ukraine in 2014 and has supported separatists in the east of the country. Russia has also had recent disputes with NATO countries in its backyard, such as the Baltic nations of Latvia and Lithuania, following various air and sea provocations, sorties and military drills in the Baltic Sea.

SIPRI data showed military spending by Bulgaria, Latvia, Lithuania and Romania also grew (ranging from 18% to 24%) in 2018.

“The increases in Central and Eastern Europe are largely due to growing perceptions of a threat from Russia,” Pieter Wezeman, a senior researcher with the SIPRI AMEX program, said of the data.

“This is despite the fact that Russian military spending has fallen for the past two years.”

Despite the data, President Vladimir Putin has not wasted opportunities to promote new weapons being developed and tested by Russia. In his State of the Nation address last March, he announced a raft of “cutting-edge, high-tech weapons,” including a hypersonic missile that cannot be tracked by anti-missile systems, that could join its arsenal by 2022.

Although part of a decline in defense spending could be due to the aims of its modernization program being met, Russia is nonetheless constrained to reduce spending amid lower oil prices and tighter economic conditions.

It is subject to international sanctions for its annexation of Crimea, meddling in the 2016 U.S. election and suspected poisoning of the former Russian spy Sergei Skripal in the U.K, among other factors.

SIPRI military expenditure refers to all government spending on current military forces and activities, not only arms and equipment purchases.

WATCH: Trump’s military spending pledge


Company: cnbc, Activity: cnbc, Date: 2019-04-29  Authors: holly ellyatt
Keywords: news, cnbc, companies, china, billion, russian, global, military, spending, spend, 2018, data, russia, ante, expenditure, spenders, drops, sipri


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Putin has ‘substantial’ talks with Kim at summit

Russian President Vladimir Putin said that North Korean leader Kim Jong Un wants to denuclearize but needs “security guarantees” to do so. Speaking after a high-profile summit with Kim, Putin said Russia favored denuclearization on the Korean Peninsula and Kim agreed, but said bilateral security guarantees were not enough. Putin said he didn’t know if it was time to resume six-way talks with North Korea to end a standoff over its nuclear weapons program. Putin said Thursday that a resumption of


Russian President Vladimir Putin said that North Korean leader Kim Jong Un wants to denuclearize but needs “security guarantees” to do so. Speaking after a high-profile summit with Kim, Putin said Russia favored denuclearization on the Korean Peninsula and Kim agreed, but said bilateral security guarantees were not enough. Putin said he didn’t know if it was time to resume six-way talks with North Korea to end a standoff over its nuclear weapons program. Putin said Thursday that a resumption of
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Company: cnbc, Activity: cnbc, Date: 2019-04-25  Authors: holly ellyatt, mikhail svetlov, getty images news, getty images
Keywords: news, cnbc, companies, security, korea, talks, north, kim, guarantees, russian, summit, substantial, nuclear, putin, korean


Putin has 'substantial' talks with Kim at summit

Russian President Vladimir Putin said that North Korean leader Kim Jong Un wants to denuclearize but needs “security guarantees” to do so.

Speaking after a high-profile summit with Kim, Putin said Russia favored denuclearization on the Korean Peninsula and Kim agreed, but said bilateral security guarantees were not enough.

Putin said he didn’t know if it was time to resume six-way talks with North Korea to end a standoff over its nuclear weapons program. The “six-party talks” had taken place between North and South Korea, the U.S., Japan, Russia and China in the early 2000s, but collapsed in 2009 when North Korea pulled out, saying it would resume its nuclear enrichment program in order to boost its nuclear deterrent.

Putin said Thursday that a resumption of such talks “will help provide international security guarantees,” Reuters reported.

Earlier Thursday, Putin had said he had a “substantial discussion” with North Korean leader Kim Jong Un about the Korean Peninsula Thursday, but gave little detail.

He said he and Kim exchanged views on how to improve the situation in the region, Reuters reported. Kim, meanwhile, reportedly said both leaders discussed how to “strategically improve regional stability.”

“We just had a thorough face-to-face conversation,” Putin said, according to Russian news agency Tass.


Company: cnbc, Activity: cnbc, Date: 2019-04-25  Authors: holly ellyatt, mikhail svetlov, getty images news, getty images
Keywords: news, cnbc, companies, security, korea, talks, north, kim, guarantees, russian, summit, substantial, nuclear, putin, korean


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After Mueller findings, US-Russian relations can hopefully ‘start again,’ VTB’s Kostin says

The Mueller report’s findings that President Donald Trump did not collude with Russia to influence the 2016 election should help to improve relations between the U.S. and Russia, Andrey Kostin, the chairman and president of VTB Bank, told CNBC. “Hopefully, the Mueller report will help to start a rethink (of) the attitude of American politicians towards Russia and maybe we’ll have a new start in our relationship with the United States, hopefully,” Kostin told CNBC’s Geoff Cutmore in Moscow, Wedne


The Mueller report’s findings that President Donald Trump did not collude with Russia to influence the 2016 election should help to improve relations between the U.S. and Russia, Andrey Kostin, the chairman and president of VTB Bank, told CNBC. “Hopefully, the Mueller report will help to start a rethink (of) the attitude of American politicians towards Russia and maybe we’ll have a new start in our relationship with the United States, hopefully,” Kostin told CNBC’s Geoff Cutmore in Moscow, Wedne
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Company: cnbc, Activity: cnbc, Date: 2019-04-24  Authors: holly ellyatt, andrey rudakov, bloomberg, getty images
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After Mueller findings, US-Russian relations can hopefully 'start again,' VTB's Kostin says

The Mueller report’s findings that President Donald Trump did not collude with Russia to influence the 2016 election should help to improve relations between the U.S. and Russia, Andrey Kostin, the chairman and president of VTB Bank, told CNBC.

“Hopefully, the Mueller report will help to start a rethink (of) the attitude of American politicians towards Russia and maybe we’ll have a new start in our relationship with the United States, hopefully,” Kostin told CNBC’s Geoff Cutmore in Moscow, Wednesday.

Relations between Russia and the U.S. have been strained since the former was found to have meddled in the 2016 election and was punished with U.S. sanctions.

Following a 22-month investigation, special counsel Robert Mueller concluded in March that Trump did not collude with Russia to influence the vote, however.

“For a long time the Russian side was saying that the Mueller report would not find any relationship, or behind-the-scenes relationship or agreement, between Trump and Russia because there are none,” Kostin said.

“Two years or so were spent on asking hundreds of people about this and you see the results are zero.”

Russia has constantly denied any meddling in the U.S. election and Kostin said evidence was lacking.

“I can neither confirm nor deny it, I just haven’t received enough information about this from the Mueller report or other sources to justify the accusation against the Russian side,” he said.

How much wider political appetite there is in the U.S. to forgive Russia, which has labored under various sanctions relating to election meddling and its annexation of Crimea in 2014, remains under scrutiny.

Majority state-owned VTB Bank is no stranger to sanctions. Russia’s second-largest bank was placed on a U.S. sanctions list in 2014 following this annexation and support for a pro-Russian uprising in the east of Ukraine.

In 2018, the U.S. added Kostin to a list of sanctioned individuals as he was deemed to be a government official and close to President Vladimir Putin. He told CNBC last May that the decision to put him on the list was “unfair.”


Company: cnbc, Activity: cnbc, Date: 2019-04-24  Authors: holly ellyatt, andrey rudakov, bloomberg, getty images
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Ukraine faces up to reality after political novice wins landslide

This has enabled him to attract young voters who are disaffected with the political establishment in Ukraine. Introducing himself on his website, Zelensky (or “Ze” as he is known) said his goal is to “make people happier in Ukraine. A pre-election program on his website, while lacking specifics, also gives clues on what we could see from Zelensky now he’s president-elect. Zelensky has promised to break the power of oligarchs in Ukraine. For his part, Zelensky said last week that anyone who break


This has enabled him to attract young voters who are disaffected with the political establishment in Ukraine. Introducing himself on his website, Zelensky (or “Ze” as he is known) said his goal is to “make people happier in Ukraine. A pre-election program on his website, while lacking specifics, also gives clues on what we could see from Zelensky now he’s president-elect. Zelensky has promised to break the power of oligarchs in Ukraine. For his part, Zelensky said last week that anyone who break
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Company: cnbc, Activity: cnbc, Date: 2019-04-23  Authors: holly ellyatt, genya savilov, afp, getty images, sergei supinsky
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Ukraine faces up to reality after political novice wins landslide

With his background in comedy and acting, Zelensky knows how to woo an audience and the 41-year-old has certainly used social media to good effect in his election campaigning. This has enabled him to attract young voters who are disaffected with the political establishment in Ukraine.

Older voters too are fed up at a lack of progress on tackling corruption, analysts note, and they view Zelensky, different from the norm with his informal approach, as a breath of fresh air.

Introducing himself on his website, Zelensky (or “Ze” as he is known) said his goal is to “make people happier in Ukraine. I want to see joyful faces around.” A pre-election program on his website, while lacking specifics, also gives clues on what we could see from Zelensky now he’s president-elect.

Suggesting a digital push, Zelensky’s program states that he wants to see a Ukraine “where you can open an business in an hour, get a passport in 15 minutes, and vote in elections — in one second, on the Internet.”

The comedian also alludes to wanting to boost employment, provide housing for young families, tackle corruption and nepotism, and improve wages and pensions.

His first task as president would be to empower the people through referendums “and other forms of direct democracy,” he notes. He adds that he wants to improve justice and equality in Ukraine and has gone so far that he wants to remove parliamentary immunity from prosecution and would reform the judicial system.

Despite critics saying that Zelensky’s plans could prove tricky, it’s been noted that he has surrounded himself with experienced advisors who are now expected to take ministerial posts.

Last week, former Finance Minister Oleksandr Danyliuk (who could be in the running for the post of foreign minister) said that if Zelensky won the election, his team will not include officials or ministers from Poroshenko’s administration, signaling a clear break from the past.

Zelensky has promised to break the power of oligarchs in Ukraine. But his own relationship with self-exiled, controversial oligarch Ihor Kolomoisky, who owns the TV channel that Zelensky’s productions are broadcast on, has also come under scrutiny. For his part, Zelensky said last week that anyone who breaks the laws, including Kolomoisky, would be put behind bars.


Company: cnbc, Activity: cnbc, Date: 2019-04-23  Authors: holly ellyatt, genya savilov, afp, getty images, sergei supinsky
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Spain’s about to hold a general election: Here’s what you need to know

The party has been overseeing a minority government with just 84 seats in the 350-member Congress of Deputies, Spain’s lower house of parliament. In this election, it could gain as many as 54 seats — but that would still fall short of the 176 seats a party needs to gain a majority. Opinion polls have consistently showed that the PSOE leads by a wide margin and is seen with between 28 to 31% of the votes. The Vox party is seen getting around 9-11% of the vote. “People are really scared of the ris


The party has been overseeing a minority government with just 84 seats in the 350-member Congress of Deputies, Spain’s lower house of parliament. In this election, it could gain as many as 54 seats — but that would still fall short of the 176 seats a party needs to gain a majority. Opinion polls have consistently showed that the PSOE leads by a wide margin and is seen with between 28 to 31% of the votes. The Vox party is seen getting around 9-11% of the vote. “People are really scared of the ris
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Spain's about to hold a general election: Here's what you need to know

Opinion polls in recent weeks have consistently signaled that Sanchez’s socialists could win the largest share of the vote — but not enough for the party to govern alone.

The party has been overseeing a minority government with just 84 seats in the 350-member Congress of Deputies, Spain’s lower house of parliament. In this election, it could gain as many as 54 seats — but that would still fall short of the 176 seats a party needs to gain a majority.

Opinion polls have consistently showed that the PSOE leads by a wide margin and is seen with between 28 to 31% of the votes. The PP is trailing with around 20-24% of the vote. Ciudadanos is seen with around 15% and Podemos with around 12-13%. The Vox party is seen getting around 9-11% of the vote.

A large number of voters (25-30%) remain undecided as to who to vote for, and this could have a significant impact on the final result.

Speculation is already mounting over what alliances PSOE could seek to enable it to form a government. Anna Rosenberg, partner and head of Europe and U.K. at Signum Global Advisors, told CNBC that the socialists were benefiting from the fragmentation on the right.

“People are really scared of the rise of the right-wing parties and that will mobilize voters that might not have been expected to vote before. Sanchez has also actually done quite well and doesn’t represent the status quo,” she said.


Company: cnbc, Activity: cnbc, Date: 2019-04-23  Authors: holly ellyatt, jose jordan, afp, getty images, david ramos, getty images news
Keywords: news, cnbc, companies, hold, election, party, gain, vote, consistently, polls, socialists, psoe, seen, heres, seats, need, general, know, spains, voters


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US stock futures signal a lower open ahead of busy earnings week

U.S. stock index futures were lower Monday morning ahead of what could be a quiet day of trading following the Easter break but a busy week for corporate earnings. ET, Dow Jones Industrial Average futures indicated a drop of more than 50 points at the open. But corporate results remain the biggest focus for the U.S. this week. On Monday, Halliburton reported better-than-expected quarterly results, sending its stock up more than 3% in the premarket. Chevron, Exxon Mobil and Colgate-Palmolive will


U.S. stock index futures were lower Monday morning ahead of what could be a quiet day of trading following the Easter break but a busy week for corporate earnings. ET, Dow Jones Industrial Average futures indicated a drop of more than 50 points at the open. But corporate results remain the biggest focus for the U.S. this week. On Monday, Halliburton reported better-than-expected quarterly results, sending its stock up more than 3% in the premarket. Chevron, Exxon Mobil and Colgate-Palmolive will
US stock futures signal a lower open ahead of busy earnings week Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-04-22  Authors: holly ellyatt
Keywords: news, cnbc, companies, week, open, trade, corporate, lower, signal, stiglitz, state, futures, stock, busy, earnings, ahead, reporting, results


US stock futures signal a lower open ahead of busy earnings week

U.S. stock index futures were lower Monday morning ahead of what could be a quiet day of trading following the Easter break but a busy week for corporate earnings.

Around 7 a.m. ET, Dow Jones Industrial Average futures indicated a drop of more than 50 points at the open. Futures on the S&P 500 and Nasdaq 100 were also seen slightly lower.

The move lower in futures comes after the South China Morning Post reported China’s policy-making committee will pursue structural changes to its economy, rather than add stimulus.

But corporate results remain the biggest focus for the U.S. this week. On Monday, Halliburton reported better-than-expected quarterly results, sending its stock up more than 3% in the premarket. Other companies reporting earnings on Monday include Kimberly-Clark and, after the bell, Whirlpool and Celanese.The week ahead will be the busiest of the earnings season with Coca Cola, Procter & Gamble, UnitedTech, Verizon, Twitter, Lockheed Martin and eBay just some of the companies reporting Tuesday.

On Wednesday, Facebook, Microsoft and Tesla Motors are just a few of the corporate earnings to expect and on Thursday, CNBC-parent Comcast, Amazon, Ford, Starbucks and Domino’s Pizza are among those reporting. Chevron, Exxon Mobil and Colgate-Palmolive will be reporting earnings on Friday.

On the data front, existing home sales for March are expected at 10 a.m. ET.

Oil markets are in focus after prices spiked following reports that U.S. Secretary of State Mike Pompeo will announce that from May 2, the State Department will no longer grant sanctions waivers to any country that is currently importing Iranian crude or condensate.

In other news, Nobel-prize winning economist Joseph Stiglitz has said that critics of globalization are wrong when they say trade agreements have been unfair to the U.S. and Europe. In his latest book, Stiglitz notes that trade agreements have advanced corporate interests at the expense of workers in both developed and developing countries.


Company: cnbc, Activity: cnbc, Date: 2019-04-22  Authors: holly ellyatt
Keywords: news, cnbc, companies, week, open, trade, corporate, lower, signal, stiglitz, state, futures, stock, busy, earnings, ahead, reporting, results


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Treasury yields move higher ahead of home sales data

U.S. government debt prices fell slightly on Monday as investors continue to watch for fresh economic data. The yield on the benchmark 10-year Treasury note rose to 2.5722 while the yield on the 30-year Treasury bond rose to 2.9729. Bond yields move inversely to prices. Bond traders could see a quieter day Monday as markets re-open following the Easter break. Existing home sales data for March, due 10.00 a.m.


U.S. government debt prices fell slightly on Monday as investors continue to watch for fresh economic data. The yield on the benchmark 10-year Treasury note rose to 2.5722 while the yield on the 30-year Treasury bond rose to 2.9729. Bond yields move inversely to prices. Bond traders could see a quieter day Monday as markets re-open following the Easter break. Existing home sales data for March, due 10.00 a.m.
Treasury yields move higher ahead of home sales data Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-04-22  Authors: holly ellyatt
Keywords: news, cnbc, companies, sales, rose, watch, bond, higher, tradersthe, yield, yields, et, traders, treasury, data, morning, ahead


Treasury yields move higher ahead of home sales data

U.S. government debt prices fell slightly on Monday as investors continue to watch for fresh economic data.

The yield on the benchmark 10-year Treasury note rose to 2.5722 while the yield on the 30-year Treasury bond rose to 2.9729. Bond yields move inversely to prices.

Bond traders could see a quieter day Monday as markets re-open following the Easter break. Existing home sales data for March, due 10.00 a.m. ET, will be in focus for traders.

The Chicago Fed also releases its National Activity Index for March on Monday morning (at 08.30 a.m. ET). An auction of 3 and 6-month bills will take place late morning.


Company: cnbc, Activity: cnbc, Date: 2019-04-22  Authors: holly ellyatt
Keywords: news, cnbc, companies, sales, rose, watch, bond, higher, tradersthe, yield, yields, et, traders, treasury, data, morning, ahead


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