Brexit deal puts UK’s economic success first, leader Theresa May tells British industry

The draft Brexit deal on offer “unashamedly” puts the U.K.’s economic success above all else, the U.K.’s prime minister told business leaders at the annual Confederation of British Industry (CBI) on Monday. “There is one paramount issue facing our economy at the moment,” May told the conference in London, referring to a crucial moment in Brexit negotiations. “The deal we will secure with the EU has securing jobs and prosperity at its heart,” she added. A majority of Parliament has to approve the


The draft Brexit deal on offer “unashamedly” puts the U.K.’s economic success above all else, the U.K.’s prime minister told business leaders at the annual Confederation of British Industry (CBI) on Monday. “There is one paramount issue facing our economy at the moment,” May told the conference in London, referring to a crucial moment in Brexit negotiations. “The deal we will secure with the EU has securing jobs and prosperity at its heart,” she added. A majority of Parliament has to approve the
Brexit deal puts UK’s economic success first, leader Theresa May tells British industry Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2018-11-19  Authors: holly ellyatt, victoria jones – pa images, pa images, getty images
Keywords: news, cnbc, companies, british, weve, deal, uk, puts, leader, economic, uks, theresa, success, tells, brexit, parliament, week, draft, eu, told, industry


Brexit deal puts UK's economic success first, leader Theresa May tells British industry

The draft Brexit deal on offer “unashamedly” puts the U.K.’s economic success above all else, the U.K.’s prime minister told business leaders at the annual Confederation of British Industry (CBI) on Monday.

“There is one paramount issue facing our economy at the moment,” May told the conference in London, referring to a crucial moment in Brexit negotiations.

“We now have an intense week of negotiations ahead of us,” she said, ahead of the special European Council on Brexit this coming weekend.

“What we’ve agreed puts our future economic success first,” she said, saying there would be zero tariffs between the U.K. and Europe and an “ambitious customs arrangement” as part of a future trade relationship.

While the U.K.’s relationship with the EU was changing, its geography was not, she said, adding that “Europe will always be our nearest goods market.”

“The deal we will secure with the EU has securing jobs and prosperity at its heart,” she added.

May’s appearance at the annual conference of U.K. business leaders comes amid turbulent times at Westminister.

Over the last week, we’ve seen the announcement of a draft withdrawal agreement (in plain English, a draft Brexit deal) between the U.K. and European Union followed by a pronounced rebellion from both Brexiteers and Remainers in the U.K. Parliament that both don’t like the deal.

A majority of Parliament has to approve the draft deal but as it stands, that’s looking unlikely given the amount of opposition it has faced these last few days. May has more immediate problems, however, in that she could face a potential vote of no-confidence if a requisite number of her Conservative Party signal that they no longer believe she can lead with authority.

Introducing the prime minister, John Allen, the president of the CBI, said May had carried out Brexit negotiations with “resilience” and “grit.”

May concluded that her job was to get the best Brexit deal with the EU. “Parliament must then examine it and act on what is in the country’s best interest,” she said. “It was never going to be easy or straightforward and the final stage was always going to be the toughest,” but, she added, she was determined to deliver the deal.


Company: cnbc, Activity: cnbc, Date: 2018-11-19  Authors: holly ellyatt, victoria jones – pa images, pa images, getty images
Keywords: news, cnbc, companies, british, weve, deal, uk, puts, leader, economic, uks, theresa, success, tells, brexit, parliament, week, draft, eu, told, industry


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No-deal Brexit would be ‘wrecking ball’ for UK economy, British industry chiefs warn

Last week, it was announced that the U.K. and European Union had reached a draft agreement on Brexit. If there is no trade agreement in this transition period (which could be extended), then a “backstop” could kick in. That does not bode well for May being able to get a majority of Parliament to approve the draft deal when a vote is held, likely to be in December. Over the last few days, the prime minister has staunchly defended the draft agreement and insisted that it was not the finished produ


Last week, it was announced that the U.K. and European Union had reached a draft agreement on Brexit. If there is no trade agreement in this transition period (which could be extended), then a “backstop” could kick in. That does not bode well for May being able to get a majority of Parliament to approve the draft deal when a vote is held, likely to be in December. Over the last few days, the prime minister has staunchly defended the draft agreement and insisted that it was not the finished produ
No-deal Brexit would be ‘wrecking ball’ for UK economy, British industry chiefs warn Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2018-11-19  Authors: holly ellyatt, oli scarff, getty images
Keywords: news, cnbc, companies, warn, british, cbi, uk, deal, agreement, economy, trade, wrecking, ball, conference, nodeal, chiefs, brexit, perfect, draft, industry


No-deal Brexit would be 'wrecking ball' for UK economy, British industry chiefs warn

The U.K.’s draft Brexit deal, causing such upset among the British political establishment, is not perfect but the country must avoid crashing out of the EU without a deal, the president of the influential Confederation of British Industry (CBI) said Monday.

“(The draft Brexit deal) is not perfect, we all know that,” John Allen told an annual conference of the CBI in London, “but we’re trying to reach a deal that respects the referendum result but limits the damage to our economy.”

“It opens a route to a long-term trade relationship,” he said, and avoids what he called “the nightmare scenario of a no-deal departure which would be a wrecking ball for our economy.”

Opening the CBI’s annual conference on Monday, Allen said the conference was taking place at a time when the political environment in the U.K. was changing “hour by hour.”

Allen’s comments come after a dramatic week in U.K. politics. Last week, it was announced that the U.K. and European Union had reached a draft agreement on Brexit.

Since then, the U.K.’s Prime Minister Theresa May has been trying to prevent an outright mutiny from both pro-Brexit ministers among her Cabinet (senior lawmakers) and the wider Conservative Party. There are many among both that don’t like the deal and say it keeps the U.K. tied to Europe economically and politically, although so far a vote of no-confidence and leadership challenge has not been announced.

The draft withdrawal agreement, which runs to 585 pages, envisages the U.K. and EU agreeing a trade deal by the end of 2020, during a 21-month transition period after Brexit takes place in March 2019.

If there is no trade agreement in this transition period (which could be extended), then a “backstop” could kick in. This would essentially mean that the U.K. stays within a temporary EU-U.K. “single customs territory” for a limited (but unspecified) amount of time.

The “backstop” is designed to prevent a hard border in Ireland, which no one wants to see but the concept has proved very controversial in Parliament with both Brexiteers and Remainers opposing the deal as it stands. That does not bode well for May being able to get a majority of Parliament to approve the draft deal when a vote is held, likely to be in December.

Over the last few days, the prime minister has staunchly defended the draft agreement and insisted that it was not the finished product. Speaking to Sky News on Sunday, May said any change of leadership would only delay Brexit.

Also speaking at the CBI conference, its Director-General Carolyn Fairbairn said that while Westminster was engulfed by Brexit, money was flooding out of U.K. businesses, damaging productivity and the wider economy.

She said she had heard from hundreds of British firms that now was not a time to go backwards, although she said the draft deal on offer was “significantly” better than a no-deal Brexit.

“Business would have liked more certainty about frictionless trade in the future but the crucial thing it does is take that cliff-edge away, it takes that no-deal (scenario) away. It isn’t perfect but it is a compromise and this is a time when we have to compromise,” she said.


Company: cnbc, Activity: cnbc, Date: 2018-11-19  Authors: holly ellyatt, oli scarff, getty images
Keywords: news, cnbc, companies, warn, british, cbi, uk, deal, agreement, economy, trade, wrecking, ball, conference, nodeal, chiefs, brexit, perfect, draft, industry


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Automakers hope Trump will hold off on new round of tariffs

Auto industry officials are cautiously breathing a sigh of relief after hearing word from Washington that the Trump administration may delay, possibly even scrub, a move that could impose new tariffs of up to 25 percent on imported vehicles and car parts. President Donald Trump met with his trade advisers on Tuesday to discuss, among other things, the status of a Commerce Department investigation into trade practices that began last May. But critics, including virtually the entire auto industry,


Auto industry officials are cautiously breathing a sigh of relief after hearing word from Washington that the Trump administration may delay, possibly even scrub, a move that could impose new tariffs of up to 25 percent on imported vehicles and car parts. President Donald Trump met with his trade advisers on Tuesday to discuss, among other things, the status of a Commerce Department investigation into trade practices that began last May. But critics, including virtually the entire auto industry,
Automakers hope Trump will hold off on new round of tariffs Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2018-11-16  Authors: paul a eisenstein, johannes eisele, afp, getty images, stefan wermuth, bloomberg, leah millis, qilai shen, ariana lindquist
Keywords: news, cnbc, companies, car, imported, automakers, trade, wider, word, auto, round, vehicles, hope, hold, trump, industry, tariffs


Automakers hope Trump will hold off on new round of tariffs

Auto industry officials are cautiously breathing a sigh of relief after hearing word from Washington that the Trump administration may delay, possibly even scrub, a move that could impose new tariffs of up to 25 percent on imported vehicles and car parts.

President Donald Trump met with his trade advisers on Tuesday to discuss, among other things, the status of a Commerce Department investigation into trade practices that began last May. It could result in sanctions under section 232 of the Trade Expansion Act if it’s determined that auto imports pose a threat to national security. But critics, including virtually the entire auto industry, as well as several foreign leaders, have warned that such a move could touch off a much wider trade war.

The auto industry also fears that new tariffs, on top of those already enacted on Chinese-made vehicles and imported aluminum and steel, could have a major negative impact on the American new car market. Consumers could be hit with higher prices that would put the brakes on already declining car sales, hammering industry profits.


Company: cnbc, Activity: cnbc, Date: 2018-11-16  Authors: paul a eisenstein, johannes eisele, afp, getty images, stefan wermuth, bloomberg, leah millis, qilai shen, ariana lindquist
Keywords: news, cnbc, companies, car, imported, automakers, trade, wider, word, auto, round, vehicles, hope, hold, trump, industry, tariffs


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Funds managing $4.8 trillion press the firearm industry to accept new principles on gun safety

Big U.S. pension funds and private money managers are asking gun makers, dealers, retailers and others involved in the firearm industry to engage with them on a set of principles they have developed to promote gun safety. They want gun makers to support the development of technology that would make guns safer, enforce responsible dealer standards and promote education and training in firearm safety. The investors want people involved in the firearms industry to work with them on developing and p


Big U.S. pension funds and private money managers are asking gun makers, dealers, retailers and others involved in the firearm industry to engage with them on a set of principles they have developed to promote gun safety. They want gun makers to support the development of technology that would make guns safer, enforce responsible dealer standards and promote education and training in firearm safety. The investors want people involved in the firearms industry to work with them on developing and p
Funds managing $4.8 trillion press the firearm industry to accept new principles on gun safety Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2018-11-14  Authors: liz moyer, getty images
Keywords: news, cnbc, companies, makers, principles, industry, involved, funds, accept, state, press, safety, firearm, retailers, trillion, gun, managing, public, investors


Funds managing $4.8 trillion press the firearm industry to accept new principles on gun safety

Big U.S. pension funds and private money managers are asking gun makers, dealers, retailers and others involved in the firearm industry to engage with them on a set of principles they have developed to promote gun safety.

The investors, from big public pensions like the California Public Employees Retirement System and the Florida State Board of Administration, to private firms like Nuveen, which manages assets for TIAA, and State Street Global Advisors, released their five principles on Wednesday.

They want gun makers to support the development of technology that would make guns safer, enforce responsible dealer standards and promote education and training in firearm safety. They also want gun dealers and retailers to follow best practices in background checks to prevent the sale of weapons to people who aren’t supposed to have them and to train their employees to monitor irregularities at the point of sale.

The investors want people involved in the firearms industry to work with them on developing and promoting these principles.

The statement was signed by representatives of more than $4.8 trillion of investor assets.

It is the latest move by big investors to influence the debate on gun safety, making the argument that guns carry risks that are bad for shareholders of the companies involved in the firearm industry. “This is not political statement about constitutional rights, it is a joint assertion by all of the involved signatories that investors have a stake in advancing public safety,” said Christopher Ailman, the chief investment officer of the California State Teachers Retirement System, which also signed the statement.

In May, CalSTRS said it would engage with gun makers and sellers and possibly divest of their stocks if those efforts failed.

That move came two months after 17 people were killed and 17 injured in a mass shooting at a Florida high school that, at the time, put the debate about gun safety back on the national agenda.

CalSTRS publicized it was going to engage with gun retailers “to leverage the public pressure that has been mounting in this country in response to recent tragic gun violence.”


Company: cnbc, Activity: cnbc, Date: 2018-11-14  Authors: liz moyer, getty images
Keywords: news, cnbc, companies, makers, principles, industry, involved, funds, accept, state, press, safety, firearm, retailers, trillion, gun, managing, public, investors


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Germany’s economy shrinks for the first time since early 2015

Germany’s economy just saw its worst quarter for several years, flash data showed on Wednesday morning, but with news of a draft Brexit deal and Italy refusing to budge on its controversial budget plans, you’d be forgiven for not noticing. Initial third-quarter growth data showed the Germany economy shrunk by 0.2 percent quarter-on-quarter, the first time it has contracted since the first quarter of 2015, according to Reuters. Germany’s car industry, a key component of its export-related growth,


Germany’s economy just saw its worst quarter for several years, flash data showed on Wednesday morning, but with news of a draft Brexit deal and Italy refusing to budge on its controversial budget plans, you’d be forgiven for not noticing. Initial third-quarter growth data showed the Germany economy shrunk by 0.2 percent quarter-on-quarter, the first time it has contracted since the first quarter of 2015, according to Reuters. Germany’s car industry, a key component of its export-related growth,
Germany’s economy shrinks for the first time since early 2015 Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2018-11-14  Authors: holly ellyatt, ullstein bild, getty images
Keywords: news, cnbc, companies, month, seen, industry, shrinks, economy, told, growth, early, 2015, germanys, showed, quarter, data, car


Germany's economy shrinks for the first time since early 2015

Germany’s economy just saw its worst quarter for several years, flash data showed on Wednesday morning, but with news of a draft Brexit deal and Italy refusing to budge on its controversial budget plans, you’d be forgiven for not noticing.

Initial third-quarter growth data showed the Germany economy shrunk by 0.2 percent quarter-on-quarter, the first time it has contracted since the first quarter of 2015, according to Reuters. It was also below an estimate for a 0.1 percent contraction.

More details have yet to be released, but the Economy Ministry said Germany had seen weak private consumption and strong imports in the third quarter which had a negative impact on foreign trade’s contribution to growth, Reuters reported.

Germany’s car industry, a key component of its export-related growth, is also seen to have struggled with new emissions standards following the “Dieselgate” cheating scandal that has rocked the sector in recent years.

German car production in September fell 24 percent from the same month a year before, data from the German Association of the Automotive Industry (VDA) showed. Meanwhile, new passenger car registrations came in at 200,100 — a decline of 31 percent over the same month in the year before.

German Economics Minister Peter Altmaier told CNBC Tuesday that he is not concerned about the economy, however.

“I’m not very much concerned because the third quarter was very much influenced specifically by the car manufacturing industries,” he told CNBC’s Annette Weisbach.


Company: cnbc, Activity: cnbc, Date: 2018-11-14  Authors: holly ellyatt, ullstein bild, getty images
Keywords: news, cnbc, companies, month, seen, industry, shrinks, economy, told, growth, early, 2015, germanys, showed, quarter, data, car


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‘Data is the new oil’: UAE says energy executives should embrace A.I. to improve profits

Big Oil should do all it can to embrace fast-improving Artificial Intelligence (AI) in the energy industry, according to the United Arab Emirates’ (UAE) first minister dedicated to fostering the technology. Speaking at the ADIPEC oil summit in Abu Dhabi on Tuesday, Omar bin Sultan Al Olama, the UAE’s minister of state for AI technology said: “Data is the new oil.” “Any company, any government that merges data and oil is going to get yields that we have never seen before. The oil and gas market r


Big Oil should do all it can to embrace fast-improving Artificial Intelligence (AI) in the energy industry, according to the United Arab Emirates’ (UAE) first minister dedicated to fostering the technology. Speaking at the ADIPEC oil summit in Abu Dhabi on Tuesday, Omar bin Sultan Al Olama, the UAE’s minister of state for AI technology said: “Data is the new oil.” “Any company, any government that merges data and oil is going to get yields that we have never seen before. The oil and gas market r
‘Data is the new oil’: UAE says energy executives should embrace A.I. to improve profits Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2018-11-13  Authors: sam meredith, ken cedeno, corbis news, getty images
Keywords: news, cnbc, companies, executives, data, yields, industry, al, energy, profits, going, improve, oil, olama, ai, embrace, minister, uae


'Data is the new oil': UAE says energy executives should embrace A.I. to improve profits

Big Oil should do all it can to embrace fast-improving Artificial Intelligence (AI) in the energy industry, according to the United Arab Emirates’ (UAE) first minister dedicated to fostering the technology.

Speaking at the ADIPEC oil summit in Abu Dhabi on Tuesday, Omar bin Sultan Al Olama, the UAE’s minister of state for AI technology said: “Data is the new oil.”

“Any company, any government that merges data and oil is going to get yields that we have never seen before. We are going to see lower costs, with profits that cannot be found elsewhere.”

The oil and gas market represents around 50 percent of the world’s energy demand at present, Al Olama said, before adding data, blockchain, AI, the internet of things and other emerging technologies would radically change the industry over the coming years.

He argued technological developments would soon make the energy sector more sustainable, as well as making it easier for executives to make better decisions on nearly every domain.

“The opportunities are endless — some estimates say AI can have a $2.85 billion contribution in the energy industry by 2022. That’s a start, but the impact is going to be much bigger than that.”


Company: cnbc, Activity: cnbc, Date: 2018-11-13  Authors: sam meredith, ken cedeno, corbis news, getty images
Keywords: news, cnbc, companies, executives, data, yields, industry, al, energy, profits, going, improve, oil, olama, ai, embrace, minister, uae


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Hedge funds are now negative for the year following stock market sell-off

October’s miserable market month took its toll across the board, including the hedge fund industry, which collectively turned negative for the year. Hedge fund returns declined 3.1 percent during the month, according to industry tracker eVestment, the second-worst month since 2011. The declines dragged funds into negative territory for the year, with a loss of 2.6 percent. “October’s fund performance and resulting impact on YTD performance are in stark contrast to the largely positive results he


October’s miserable market month took its toll across the board, including the hedge fund industry, which collectively turned negative for the year. Hedge fund returns declined 3.1 percent during the month, according to industry tracker eVestment, the second-worst month since 2011. The declines dragged funds into negative territory for the year, with a loss of 2.6 percent. “October’s fund performance and resulting impact on YTD performance are in stark contrast to the largely positive results he
Hedge funds are now negative for the year following stock market sell-off Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2018-11-13  Authors: jeff cox, saul gravy, getty images
Keywords: news, cnbc, companies, month, market, performance, stock, negative, selloff, funds, industry, fund, saw, percentthe, hedge, territory, following


Hedge funds are now negative for the year following stock market sell-off

October’s miserable market month took its toll across the board, including the hedge fund industry, which collectively turned negative for the year.

Hedge fund returns declined 3.1 percent during the month, according to industry tracker eVestment, the second-worst month since 2011. Equity funds caused the biggest damage, down 4.3 percent, while derivatives fell 3.7 percent and broad multimarket managers saw a decline of close to 2.5 percent.

The only class to make money was foreign exchange/currency, which rose just over 1 percent.

The declines dragged funds into negative territory for the year, with a loss of 2.6 percent.

“The search for bright spots in the industry was difficult in October as almost every hedge fund primary market and primary strategy was in the red for the month, although many are still in positive territory” year to date, eVestment said in a report. “October’s fund performance and resulting impact on YTD performance are in stark contrast to the largely positive results hedge funds saw in 2017 and 2016.”

Indeed, the industry has been on a winning streak, with returns of about 9 percent in 2017 and 5.8 percent the year before.

Bad as October was, hedge funds actually outperformed the stock market, as the S&P 500 fell 6.9 percent. The market’s losses began in mid-October, when investors began worrying about higher interest rates, corporate earnings that may be close to peaking, and the looming midterms that ultimately saw Democrats wrest House control from the Republicans.

For the year, though, equities continue to hold the edge. Investors who bought a plain index fund that tracks the S&P 500 would have been up about 3 percent through October and paid only a low fee, while the hedge fund industry, much of which still operates on the 2-and-20 model — respectively representing the percentage charge on assets and performance — lagged behind.

From a strategy standpoint, multistrategy credit led in October by being about flat, while event-driven activists lost 5.8 percent. For the year, multistrategy has been the best performer, with a 2.9 percent return, while activists have fared worst with a 6.9 percent decline.

The 10 largest funds have done best with a collective gain of 1.24 percent year to date, while the 10 largest managed futures funds are down 4.9 percent. At a country level, Brazil has led with a 0.75 percent gain while India is off 22.5 percent.


Company: cnbc, Activity: cnbc, Date: 2018-11-13  Authors: jeff cox, saul gravy, getty images
Keywords: news, cnbc, companies, month, market, performance, stock, negative, selloff, funds, industry, fund, saw, percentthe, hedge, territory, following


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Space unicorn Rocket Lab reaches orbit again in key first commercial launch

“Perfect flight,” Rocket Lab CEO Peter Beck said in a tweet after the launch. The launch keeps Rocket Lab – valued at more than $1.2 billion and based in New Zealand and California – at the front of the pack in the small rocket race. But Rocket Lab has another launch scheduled for December, as well as 16 launches planned for 2019. Rocket Lab aims to be launching at a weekly rate in 2020. Rocket Lab sees greater-than-expected growth coming to the small satellite industry, as the company’s Electro


“Perfect flight,” Rocket Lab CEO Peter Beck said in a tweet after the launch. The launch keeps Rocket Lab – valued at more than $1.2 billion and based in New Zealand and California – at the front of the pack in the small rocket race. But Rocket Lab has another launch scheduled for December, as well as 16 launches planned for 2019. Rocket Lab aims to be launching at a weekly rate in 2020. Rocket Lab sees greater-than-expected growth coming to the small satellite industry, as the company’s Electro
Space unicorn Rocket Lab reaches orbit again in key first commercial launch Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2018-11-11  Authors: michael sheetz
Keywords: news, cnbc, companies, commercial, rocket, small, zealand, launch, key, industry, unicorn, company, orbit, spacecraft, space, lab, reaches, beck


Space unicorn Rocket Lab reaches orbit again in key first commercial launch

This small-rocket unicorn wants to be the FedEx of space 6:01 PM ET Sat, 10 Nov 2018 | 04:32

Rocket Lab put seven spacecraft in orbit on Saturday with its first commercial launch, as the company grew its lead in the burgeoning small rocket industry.

Delayed from this past spring, the “It’s Business Time” launch marks the beginning of Rocket Lab’s acceleration toward launching at a weekly rate. The rocket builder reached orbit for the first time in January with its final test launch but saw this commercial attempt delayed due to a “motor control” issue with the rocket.

“Perfect flight,” Rocket Lab CEO Peter Beck said in a tweet after the launch. “Orbital accuracy was exquisite.”

Rocket Lab is building small rockets priced at about $5.7 million a launch. The company’s Electron rocket is designed to launch spacecraft up to the size of a refrigerator, especially for the premium small satellite part of the rocket market. Small rockets like Electron can save customers months of time getting to orbit but come at a higher cost compared to flying as a “rideshare” on a larger rocket like the SpaceX Falcon 9.

“It’s Business Time” launched six satellites for Spire, Tyvak, Fleet and the Irvine CubeSat STEM program. The launch also included a spacecraft built by HPS GmbH to demonstrate a new technology to reduce space debris.

The launch keeps Rocket Lab – valued at more than $1.2 billion and based in New Zealand and California – at the front of the pack in the small rocket race. Beck estimates there are over 100 companies trying to catch up. But Rocket Lab has another launch scheduled for December, as well as 16 launches planned for 2019.

Rocket Lab has a backlog of launches for the next 18 months, Beck said, which is “around a $3 billion pipeline.” The factories in New Zealand and California “have been specifically designed to produce one rocket a week,” Beck said. Rocket Lab aims to be launching at a weekly rate in 2020.

“Next year we’re starting off at one a month, trying to move to one every two weeks,” Beck said.

Beck says the company took the time to look at the motor control issue from spring and fixed it, while continuing to build Rocket Lab’s infrastructure. This year the rocket company brought on Adam Spice as chief financial officer from the semiconductor industry, opened a new mass production facility in New Zealand and announced it will build a U.S. launchpad in Virginia.

“Happy to delay a launch for a few months to solidify and strengthen the company,” Beck told CNBC.

Beck estimated Rocket Lab will soon be profitable, saying when the company completes “these couple of launches by the end of this year we’ll be cash flow neutral.”

Rocket Lab sees greater-than-expected growth coming to the small satellite industry, as the company’s Electron rocket begins to meet demand. Beck believes his side of the industry is set to unlock a flurry of technologies as more and more satellites are launched.

“The small rocket industry is the enablers to the small spacecraft industry and then in turn the small spacecraft industry are really enablers to a whole lot of new technologies, a whole lot of new services to us down on Earth,” Beck said.


Company: cnbc, Activity: cnbc, Date: 2018-11-11  Authors: michael sheetz
Keywords: news, cnbc, companies, commercial, rocket, small, zealand, launch, key, industry, unicorn, company, orbit, spacecraft, space, lab, reaches, beck


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Automakers in the crosshairs as Democrats head for Congress

“From a standpoint of the auto industry there are a number of issues that will come under debate,” said David Cole, director-emeritus of the Center for Automotive Research, in Ann Arbor, Michigan. A Democratic House could try to play to popular support for measures that protect consumers on several fronts, including privacy. Bob Schwartz, an auto analyst who also works with AllianceBernstein echoed the likelihood that the Trump administration may “pivot more to using executive powers, rather tha


“From a standpoint of the auto industry there are a number of issues that will come under debate,” said David Cole, director-emeritus of the Center for Automotive Research, in Ann Arbor, Michigan. A Democratic House could try to play to popular support for measures that protect consumers on several fronts, including privacy. Bob Schwartz, an auto analyst who also works with AllianceBernstein echoed the likelihood that the Trump administration may “pivot more to using executive powers, rather tha
Automakers in the crosshairs as Democrats head for Congress Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2018-11-11  Authors: paul a eisenstein, jonathan ernst
Keywords: news, cnbc, companies, likely, democratic, auto, head, tariffs, crosshairs, automakers, congress, trade, administration, industry, trump, house, democrats


Automakers in the crosshairs as Democrats head for Congress

Sometime in the coming weeks, the Trump Administration will announce final plans for rolling back the Corporate Average Fuel Economy, or CAFE, standards considered one of the signature accomplishments of the preceding Obama White House.

The planned rollback, part of the current administration’s overall push for deregulation, has won wide criticism among consumer and environmental groups, as well as Democrats in Washington.

With the GOP soon to cede control of the House of Representatives, the fuel economy rollback, as well as the Trump administration’s trade war, are among the many things likely to come under a Democratic spotlight. But the real question is what, if anything, that party will be able to accomplish when they regain some amount of control in Washington.

“From a standpoint of the auto industry there are a number of issues that will come under debate,” said David Cole, director-emeritus of the Center for Automotive Research, in Ann Arbor, Michigan.

Few recent administrations have taken as many steps as Trump’s that directly impact automotive manufacturers and suppliers, autoworkers and auto buyers.

On some matters, such as the tariffs on imported aluminum and steel that will cost Ford alone a billion dollars this year, Cole said, the industry would clearly like to see Democrats find a way to get the Trump administration to back down. The same is true for both the China trade war, as well as the so-called “232” tariffs that the Commerce Department is studying and which could impose hefty new duties on virtually all automotive imports — and likely trigger retaliatory tariffs on American-made vehicles.

“The 232 tariffs pose a real risk,” said Michael O’Brien, head of product planning for Hyundai Motor America, and could cause a massive disruption of the global automotive production system, including the assembly plant the Korean automaker operates in Alabama.

On the other hand, there is strong, though by no means unanimous, support among automakers, for rolling back fuel economy standards. A push to retain the 54.5 mile-per-gallon target for 2025 would likely generate an industry outcry.

One of those who is considered likely to oppose a rollback is Frank Pallone, a New Jersey Democrat who will, come January, take over as chairman of the House Energy and Commerce Committee. Pallone has also been an outspoken critic of the National Highway Traffic Safety Administration under Trump.

But, despite the likelihood that Democrats will speak out, and likely try to counter some of the Trump Administration’s moves, there seem to be few expectations that a Democratic House could actually block or even alter the administration’s plans and policies.

There will almost certainly be hearings on the tariffs, as well as on the CAFE rollback, industry observers anticipate. And the close industry ties of senior officials, such as EPA chief Andrew Wheeler, a former coal lobbyist, could come in for sharp criticism.

Most of what the administration has done to the auto industry, however, has involved executive orders and other actions that don’t require legislative approval, said Eric Winograd, U.S. economist for AllianceBernstein.

“Trade policy he can do all on his own, unless there’s a treaty reached that Congress has to authorize,” said Winograd, Things that could require new legislation “he won’t be able to do without congressional approval,” so, the economist added, “If the president gets frustrated with congressional obstruction, he may turn even more to trade issues (and) we will see possibly increased trade tension in the months to come.”

On the other hand, some are speculating that “Democrat’s taking the House might make trade deals more likely, as prolonged disputes could make an economic downturn more likely and play in the Democrats’ favor ahead of 2020,” said Sameer Samana, global investment and technical strategist for Wells Fargo Investment Institute.

A Democratic House could try to play to popular support for measures that protect consumers on several fronts, including privacy. They are also likely to try to reinstate measures, like one recently rolled back by the White House that aimed at ensuring minority customers have the same access to affordable credit as whites do. But new legislation would face strong opposition, both in the Senate and the White House.

Bob Schwartz, an auto analyst who also works with AllianceBernstein echoed the likelihood that the Trump administration may “pivot more to using executive powers, rather than trying to go through Congress.”

But Schwartz quickly added that opponents will likely amp up their attacks, for one thing relying on the courts to block administrative plans. A number of environmental moves have been halted, a judge blocked the Keystone XL pipeline last week. And 19 states, along with the District of Columbia, have already sued the administration to block any change to the CAFE standards.

Meanwhile, Schwartz anticipates that with more Democratic governors and attorneys-general taking power after the election, “states that are turning more blue” may push through measures of their own “where they feel the government is falling down on consumer protection.” California, for one, has already taken such a step by enacting its own net neutrality bill.

Traditionally, there were clear party lines dividing those seen as pro- and anti-auto industry. But the Trump White House has broken many rules, that one included. Republicans who traditionally served as the bastion of trade have largely fallen in line with a protectionist president, for one thing.

The auto industry likely won’t mind some of the results from Tuesday’s election, especially the defeat of Missouri’s Senator Claire McCaskill, a Democrat and frequent critic of industry safety practices. It’s still unclear what will happen in Florida where a recount appears likely in the race between incumbent Democratic Senator Bill Nelson, another frequent industry critic, and his challenger, Florida Gov. Rick Scott.

Meanwhile, at least four Congressmen with ties to auto dealerships, both Democrat and Republic, won re-election to the House. Also elected for the first time was Haley Stevens, who led the Obama team that bailed out General Motors and Chrysler when they went bankrupt nearly a decade ago.

“It’s simply hard to tell” what all this will mean for the auto industry said Hyundai’s O’Brien. But there’s little doubt that the auto industry has a lot at stake over the course of the next two years and will be watching to see how things will shake out in Washington.


Company: cnbc, Activity: cnbc, Date: 2018-11-11  Authors: paul a eisenstein, jonathan ernst
Keywords: news, cnbc, companies, likely, democratic, auto, head, tariffs, crosshairs, automakers, congress, trade, administration, industry, trump, house, democrats


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The ‘world’s first’ A.I. news anchor has gone live in China

China’s state-run Xinhua News Agency has launched an artificial intelligence (AI) anchor, a move it claims to be a world first. “English AI Anchor” debuted Thursday at the World Internet Conference in the country’s eastern Zhejiang Province. One covers China’s announcement that it will launch its first Mars probe in 2020 and ends with the AI anchor paying tribute to Chinese journalists. As an AI anchor under development I know there is a lot for me to improve,” he said. Concerns about the growin


China’s state-run Xinhua News Agency has launched an artificial intelligence (AI) anchor, a move it claims to be a world first. “English AI Anchor” debuted Thursday at the World Internet Conference in the country’s eastern Zhejiang Province. One covers China’s announcement that it will launch its first Mars probe in 2020 and ends with the AI anchor paying tribute to Chinese journalists. As an AI anchor under development I know there is a lot for me to improve,” he said. Concerns about the growin
The ‘world’s first’ A.I. news anchor has gone live in China Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2018-11-09  Authors: lucy handley, cnbc, jeniece pettitt
Keywords: news, cnbc, companies, industry, gone, anchor, worlds, chinese, xinhua, china, live, ryan, texts, ai, videos, work, world


The 'world's first' A.I. news anchor has gone live in China

A TV anchor has joined a Chinese news agency, but with a twist: he isn’t human. China’s state-run Xinhua News Agency has launched an artificial intelligence (AI) anchor, a move it claims to be a world first.

“English AI Anchor” debuted Thursday at the World Internet Conference in the country’s eastern Zhejiang Province.

Modeled on the agency’s Zhang Zhao presenter, the new anchor learns from live videos and is able to work 24 hours a day, reporting via social media and on the Xinhua website. “‘He’ learns from live broadcasting videos by himself and can read texts as naturally as a professional news anchor,” the company said in an online statement.

“The development of the media industry calls for continuous innovation and deep integration with the international advanced technologies,” the AI anchor said in his first broadcast.

“I will work tirelessly to keep you informed as texts will be typed into my system uninterrupted. I look forward to bringing you the brand new news experiences.”

Xinhua developed the robot anchor with Chinese search engine Sogou.com and has posted two more reports from the AI broadcaster on its Twitter feed. One covers China’s announcement that it will launch its first Mars probe in 2020 and ends with the AI anchor paying tribute to Chinese journalists.

“Before we go, I’d like to send my good wishes to all of the journalists across the country. As an AI anchor under development I know there is a lot for me to improve,” he said.

Concerns about the growing AI industry include loss of jobs and unintended discrimination. But research firm Gartner predicts that the industry will in fact create 2.3 million jobs and eliminate 1.8 million by 2020, while IBM has researchers tackling bias.

The industry could generate more than $3.9 trillion within the next five years, according to Gartner, with companies such as Apple and Coinbase using it in recruitment where software engineers are interviewed online by AI platform Triplebyte.

CNBC’s Ryan Browne contributed to this report.

WATCH: Meet the man behind Google Assistant’s personality – Ryan Germick


Company: cnbc, Activity: cnbc, Date: 2018-11-09  Authors: lucy handley, cnbc, jeniece pettitt
Keywords: news, cnbc, companies, industry, gone, anchor, worlds, chinese, xinhua, china, live, ryan, texts, ai, videos, work, world


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