Consumer confidence in 737 Max jets ‘going to take a while to come back,’ says Delta CEO Ed Bastian

As airlines extend cancellations of the grounded Boeing 737 Max, Delta Air Lines CEO Ed Bastian said he thinks it’ll likely take “longer than anyone would like it to be” for the jets to return to service. “So I think Boeing, as well as the airlines, will certainly be cautious as they bring that aircraft back to market. The 737 Max has been grounded across the globe since mid-March after a deadly crash involving the jet in Ethiopia. Delta does not have any 737 Max jets in its fleet, which has hel


As airlines extend cancellations of the grounded Boeing 737 Max, Delta Air Lines CEO Ed Bastian said he thinks it’ll likely take “longer than anyone would like it to be” for the jets to return to service. “So I think Boeing, as well as the airlines, will certainly be cautious as they bring that aircraft back to market. The 737 Max has been grounded across the globe since mid-March after a deadly crash involving the jet in Ethiopia. Delta does not have any 737 Max jets in its fleet, which has hel
Consumer confidence in 737 Max jets ‘going to take a while to come back,’ says Delta CEO Ed Bastian Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-06-12  Authors: ashley turner
Keywords: news, cnbc, companies, travel, ed, bastian, consumer, come, boeing, 737, think, international, delta, going, confidence, max, jets, ceo


Consumer confidence in 737 Max jets 'going to take a while to come back,' says Delta CEO Ed Bastian

As airlines extend cancellations of the grounded Boeing 737 Max, Delta Air Lines CEO Ed Bastian said he thinks it’ll likely take “longer than anyone would like it to be” for the jets to return to service.

“I just think consumer confidence in the product is going to take a while to come back,” Bastian told CNBC’s Carl Quintanilla in a wide-ranging interview. “So I think Boeing, as well as the airlines, will certainly be cautious as they bring that aircraft back to market. Certainly that’s what we would be. ”

The 737 Max has been grounded across the globe since mid-March after a deadly crash involving the jet in Ethiopia. Less than five months earlier, a Boeing Max crashed in Indonesia. The disasters killed a total of 346 people. Investigators said the jet’s MCAS flight control system, which is designed to push the aircraft’s nose down to prevent stalling, was involved in the crashes.

Boeing said it has completed software changes for the jets, but the Federal Aviation Administration and other international flight agencies have yet to approve the updates.

Delta does not have any 737 Max jets in its fleet, which has helped its stock to perform better than some of its peers that do. Delta shares, which have a market value of $36.3 billion, are nearly 10% higher this year, while American and United have seen their stocks decline.

Bastian said Boeing is a “great” company that has “all hands on deck” to solve the software issue.

“Their innovation creates magic for us,” Bastian said. “It’s our lifeblood to what we do.”

American, United and Southwest all fly the 737 Max, but have been forced to cancel flights involving the jets. The FAA has yet to say when the aircraft can return to service, but Boeing’s CEO Dennis Muilenburg has predicted the planes will be up and running by the end of the year.

“I don’t think this is a marketing issue, I think this is a time issue,” Bastian said. “It’s going to take time for people to see the confidence that the pilots and I think the employees of the airlines are going to need to regain, as well. So whether it’s training, whether it’s time, there will be a pretty long induction phase here.”

Bastian also touched on travel demand in the interview.

Though Bastian said Delta has not seen a hit to demand on travel in their numbers, he expects China trade tensions and Beijing travel warnings for visiting the U.S. could be causing “caution lights” for international travelers. He also said the strength of the U.S. dollar is making it more expensive to enter the country.

“We’re not as welcoming an environment for the international traveler as we could be,” Bastian said.


Company: cnbc, Activity: cnbc, Date: 2019-06-12  Authors: ashley turner
Keywords: news, cnbc, companies, travel, ed, bastian, consumer, come, boeing, 737, think, international, delta, going, confidence, max, jets, ceo


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Retaliation will not resolve the world’s trade conflict, expert says

Shipping containers from China and other nations are unloaded at the Long Beach Port in Los Angeles, on February 16, 2019. Countries need to cooperate to overcome their differences instead of resorting to retaliatory measures that hurt global growth, an international trade expert told CNBC on Friday. “The system is not perfect, but (having) no system is worse; chaos is worse and this is what we are facing today,” said Arancha Gonzalez, executive director of the International Trade Center. “It’s


Shipping containers from China and other nations are unloaded at the Long Beach Port in Los Angeles, on February 16, 2019. Countries need to cooperate to overcome their differences instead of resorting to retaliatory measures that hurt global growth, an international trade expert told CNBC on Friday. “The system is not perfect, but (having) no system is worse; chaos is worse and this is what we are facing today,” said Arancha Gonzalez, executive director of the International Trade Center. “It’s
Retaliation will not resolve the world’s trade conflict, expert says Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-06-07  Authors: huileng tan
Keywords: news, cnbc, companies, conflict, growth, international, trade, chaos, china, gonzalez, worlds, global, resolve, needs, worse, retaliation, expert, nations


Retaliation will not resolve the world's trade conflict, expert says

Shipping containers from China and other nations are unloaded at the Long Beach Port in Los Angeles, on February 16, 2019.

Countries need to cooperate to overcome their differences instead of resorting to retaliatory measures that hurt global growth, an international trade expert told CNBC on Friday.

“The system is not perfect, but (having) no system is worse; chaos is worse and this is what we are facing today,” said Arancha Gonzalez, executive director of the International Trade Center. “It’s not between China and the U.S. Everyone needs China and everybody needs the U.S. It’s between order and chaos. ”

Speaking to CNBC at the International Finance Corporation spring meeting in Tokyo, Gonzalez urged nations to work together to overcome the challenges in the current economic climate — just like what they did 10 years ago during the Global Financial Crisis, when they kept the market open to stimulate demand.

The International Trade Center is a joint venture between the World Trade Organization and the United Nations, which supports the internationalization of small- and medium-sized enterprises.

“In chaos, everybody is going to find it very difficult to promote growth and create jobs,” said Gonzalez.

“What we are seeing is an erosion of basic principles on which our economy is based — international cooperation, open markets, rules of the game, transparency and predictability,” she said.

She urged world leaders to work together.

“Let’s do this in a cooperative manner rather than through a tit-for-tat which we’ve already seen is having damaging effects on global growth,” said Gonzalez, in reference to the trade escalation between the U.S. and China which has seen both sides slap tariffs on each other’s goods.

Instead of moving away from multilateralism, Gonzalez said, there needs to be greater integration to navigate the digital economy.

She said that both countries were looking at the trade dispute “from a very national point of view,” adding that they were “forgetting that the economic underpinnings of the digital economy is cross border, forgetting that what drives companies today … is their ability to move not just goods, but also data, people that go with it, investment,” she said.

“So all of this requires a regulatory framework and it has to be a global regulatory framework,” said Gonzalez.


Company: cnbc, Activity: cnbc, Date: 2019-06-07  Authors: huileng tan
Keywords: news, cnbc, companies, conflict, growth, international, trade, chaos, china, gonzalez, worlds, global, resolve, needs, worse, retaliation, expert, nations


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Russia kicks off economic forum, but its wealth is on shaky ground

Russia began its annual St Petersburg International Economic Forum (SPIEF) on Thursday, an event at which it will try to boost its appeal to international businesses and investors. Russia has been hit by five years of international sanctions on its economy following its annexation of Crimea and role in pro-Russian uprising in Ukraine. Of course, the international sanctions remain an obstacle, a handicap to create more positive momentum and more structural confidence,” he said. He also said Russi


Russia began its annual St Petersburg International Economic Forum (SPIEF) on Thursday, an event at which it will try to boost its appeal to international businesses and investors. Russia has been hit by five years of international sanctions on its economy following its annexation of Crimea and role in pro-Russian uprising in Ukraine. Of course, the international sanctions remain an obstacle, a handicap to create more positive momentum and more structural confidence,” he said. He also said Russi
Russia kicks off economic forum, but its wealth is on shaky ground Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-06-06  Authors: holly ellyatt
Keywords: news, cnbc, companies, russia, panel, structural, boost, wealth, spief, confidence, international, growth, shaky, sanctions, ground, forum, economy, kicks, economic


Russia kicks off economic forum, but its wealth is on shaky ground

Russian President Vladimir Putin arrives to deliver his annual state of the nation address in Moscow on February 20, 2019.

Russia began its annual St Petersburg International Economic Forum (SPIEF) on Thursday, an event at which it will try to boost its appeal to international businesses and investors.

Russia has been hit by five years of international sanctions on its economy following its annexation of Crimea and role in pro-Russian uprising in Ukraine. It is also not immune to the effects of the U.S.’ trade war with China which is putting the brakes on global growth.

Frederic Oudea, president of the European Banking Federation and CEO of Societe Generale, told a Russian economy panel at SPIEF Thursday that while the country’s finances were not faring too badly given the global environment, sanctions remained a hurdle.

“In this world of uncertainty … I think Russia has done pretty well in the last few quarters. Of course, the international sanctions remain an obstacle, a handicap to create more positive momentum and more structural confidence,” he said.

A stalling in Russia’s economy is borne out in the latest growth data that revealed the economy had slowed in the first quarter of 2019 to its weakest level since late 2017.

In May, Russia’s Economy Ministry had already warned of lower growth in 2019, forecasting 1.3% this year. Meanwhile the Central Bank of Russia expects GDP to grow by 1.2 – 1.7% this year with both domestic and external factors hampering growth.

Finance Minister Alexei Kudrin, who also took part in SPIEF’s inaugural panel was more pessimistic, predicting less than 1% growth in 2019. He also said Russia needed to improve the rule of law and that a lack of confidence in government was affecting investment.

“According to my forecasts, the growth potential is something close to 2% and I don’t think we’ll make 3% or above because we’re not quite active enough in improving structural things … We have to implement a number of measures in order to increase confidence otherwise we cannot expect more investments.”

Russian Finance Minister Anton Siluanov told the SPIEF panel Thursday that it was the aim of the government to boost economic and business activity and that lackluster growth in recent quarters had been expected due to tax changes. He conceded that Russia needed to boost structural reforms, however.

“We’re just getting the national initiatives going to tackle the problems that we’ve never tackled (like) boosting exports, productivity, small and medium-sized business,” he said.

“These are the spheres where our government is trying to resolve the problems we have. I’m sure this will give an additional impetus for growth but we’re just at the beginning and it’s not that simple,” he said.


Company: cnbc, Activity: cnbc, Date: 2019-06-06  Authors: holly ellyatt
Keywords: news, cnbc, companies, russia, panel, structural, boost, wealth, spief, confidence, international, growth, shaky, sanctions, ground, forum, economy, kicks, economic


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US-UK trade negotiations will be ‘very difficult’: CSIS

US-UK trade negotiations will be ‘very difficult’: CSIS11 Hours AgoHeather Conley of the Center for Strategic and International Studies says many in the Trump administration don’t appreciate how European the United Kingdom is, and how this could impact trade talks in future.


US-UK trade negotiations will be ‘very difficult’: CSIS11 Hours AgoHeather Conley of the Center for Strategic and International Studies says many in the Trump administration don’t appreciate how European the United Kingdom is, and how this could impact trade talks in future.
US-UK trade negotiations will be ‘very difficult’: CSIS Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-06-05
Keywords: news, cnbc, companies, united, difficult, csis, strategic, trump, studies, international, trade, negotiations, talks, kingdom, usuk


US-UK trade negotiations will be 'very difficult': CSIS

US-UK trade negotiations will be ‘very difficult’: CSIS

11 Hours Ago

Heather Conley of the Center for Strategic and International Studies says many in the Trump administration don’t appreciate how European the United Kingdom is, and how this could impact trade talks in future.


Company: cnbc, Activity: cnbc, Date: 2019-06-05
Keywords: news, cnbc, companies, united, difficult, csis, strategic, trump, studies, international, trade, negotiations, talks, kingdom, usuk


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Airline industry group slashes its profit forecast as trade war hurts the cargo business

SEOUL — Global trade tensions and increased protectionism prompted the International Air Transport Association (IATA) to slash its 2019 profit outlook for the airline sector. Speaking with CNBC at the trade group’s Annual General Meeting, IATA Director General and CEO Alexandre de Juniac said disruptions to international trade have hurt cargo loads, in particular. The industry body expects airline profits to come in at $28 billion in 2019, a drop from the $30 billion reported in 2018. IATA had p


SEOUL — Global trade tensions and increased protectionism prompted the International Air Transport Association (IATA) to slash its 2019 profit outlook for the airline sector. Speaking with CNBC at the trade group’s Annual General Meeting, IATA Director General and CEO Alexandre de Juniac said disruptions to international trade have hurt cargo loads, in particular. The industry body expects airline profits to come in at $28 billion in 2019, a drop from the $30 billion reported in 2018. IATA had p
Airline industry group slashes its profit forecast as trade war hurts the cargo business Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-06-02  Authors: yolande chee
Keywords: news, cnbc, companies, profits, airline, trade, iata, hurts, business, profit, slashes, forecast, outlook, war, billion, 2019, international, group, juniac, cargo, industry


Airline industry group slashes its profit forecast as trade war hurts the cargo business

SEOUL — Global trade tensions and increased protectionism prompted the International Air Transport Association (IATA) to slash its 2019 profit outlook for the airline sector.

Speaking with CNBC at the trade group’s Annual General Meeting, IATA Director General and CEO Alexandre de Juniac said disruptions to international trade have hurt cargo loads, in particular.

“It has significantly impacted our outlook, and it’s clear that this stop in the evolution in international trade comes directly from trade wars and protectionist measures,” de Juniac said.

The industry body expects airline profits to come in at $28 billion in 2019, a drop from the $30 billion reported in 2018. IATA had previously forecast 2019 profits to come in at $35.5 billion dollars.

The intensification of the trade war between the United States and China trade war has seen cargo demand drop across the airline industry, with the downward trend expected to continue. Growth for that segment is forecast to be flat this year, after rising 3.4% in 2018 and 9.7% the year before that.


Company: cnbc, Activity: cnbc, Date: 2019-06-02  Authors: yolande chee
Keywords: news, cnbc, companies, profits, airline, trade, iata, hurts, business, profit, slashes, forecast, outlook, war, billion, 2019, international, group, juniac, cargo, industry


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Philippines’ Duterte calls for action to reduce the risk of military conflict in the South China Sea

President Rodrigo Duterte of the Philippines has called for action to reduce the chance of conflict in the South China Sea, where the United States and other countries are challenging Chinese assertions of sovereignty. Beijing claims most of the disputed sea, parts of which are claimed by countries including the Philippines and Vietnam. China maintains that virtually the entire body of water — where trillions of dollars worth of international trade pass through each year — belongs to it. The Uni


President Rodrigo Duterte of the Philippines has called for action to reduce the chance of conflict in the South China Sea, where the United States and other countries are challenging Chinese assertions of sovereignty. Beijing claims most of the disputed sea, parts of which are claimed by countries including the Philippines and Vietnam. China maintains that virtually the entire body of water — where trillions of dollars worth of international trade pass through each year — belongs to it. The Uni
Philippines’ Duterte calls for action to reduce the risk of military conflict in the South China Sea Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-06-01  Authors: kelly olsen
Keywords: news, cnbc, companies, international, reduce, countries, waters, philippines, states, south, conflict, sea, risk, united, duterte, worth, china, territory, calls, military


Philippines' Duterte calls for action to reduce the risk of military conflict in the South China Sea

President Rodrigo Duterte of the Philippines has called for action to reduce the chance of conflict in the South China Sea, where the United States and other countries are challenging Chinese assertions of sovereignty.

Beijing claims most of the disputed sea, parts of which are claimed by countries including the Philippines and Vietnam. China maintains that virtually the entire body of water — where trillions of dollars worth of international trade pass through each year — belongs to it. The Asian giant has fortified, expanded and militarized reefs and islets to back up its stance.

The United States and other countries which claim no territory in the region have taken issue with Beijing’s position.

The U.S. Navy frequently sends ships within close distance of Chinese-held territory in the sea in what it calls displays of support for the right of freedom of navigation in international waters, angering Beijing. Navies from France and Britain have also carried out similar missions.


Company: cnbc, Activity: cnbc, Date: 2019-06-01  Authors: kelly olsen
Keywords: news, cnbc, companies, international, reduce, countries, waters, philippines, states, south, conflict, sea, risk, united, duterte, worth, china, territory, calls, military


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Botswana lifts 5-year ban on hunting elephants, pitting traders against preservationists

“Most of the countries surrounding Botswana allow [hunting] and many elephants have moved into Botswana because of the poaching in neighboring countries.” Safari Club International, a U.S.-based hunting group praised the government’s stance, claiming that lifting the ban would be good for wildlife. The Botswana government claims there has been an increase in human-elephant conflict — a consequence of the growing elephant population — and elephant-related damage to livestock. In Botswana elephant


“Most of the countries surrounding Botswana allow [hunting] and many elephants have moved into Botswana because of the poaching in neighboring countries.” Safari Club International, a U.S.-based hunting group praised the government’s stance, claiming that lifting the ban would be good for wildlife. The Botswana government claims there has been an increase in human-elephant conflict — a consequence of the growing elephant population — and elephant-related damage to livestock. In Botswana elephant
Botswana lifts 5-year ban on hunting elephants, pitting traders against preservationists Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-05-24  Authors: nadine el-bawab
Keywords: news, cnbc, companies, botswana, 5year, elephant, hunting, ban, elephants, wildlife, jones, international, pitting, ivory, lifts, population, traders, preservationists, communities


Botswana lifts 5-year ban on hunting elephants, pitting traders against preservationists

BOTSWANA – 2014/06/13: Female African elephant (Loxodonta africana) with baby in the Chitabe area of the Okavango Delta in the northern part of Botswana. (Photo by Wolfgang Kaehler/LightRocket via Getty Images)

Botswana’s government lifted a 5-year ban on elephant hunting on Thursday, spurring criticism from wildlife conservation groups who see the move as a step backward in protecting the population.

The reversal has tipped off international controversy over wildlife protection, economic stimulus and ivory trading.

Botswana has the highest elephant population of any African country, with an estimated population between 120,000 and 130,000, according to Mark Jones, a veterinarian and the head of policy at the Born Free Foundation, a global wildlife conservation charity.

Jones said trophy hunting is unlikely to have any real impact on the population’s numbers — but is likely to harm the animals themselves.

“Elephants are highly intelligent creatures and will move away from areas where they are in danger,” Jones said. “Most of the countries surrounding Botswana allow [hunting] and many elephants have moved into Botswana because of the poaching in neighboring countries.”

Safari Club International, a U.S.-based hunting group praised the government’s stance, claiming that lifting the ban would be good for wildlife.

“We thank the President of Botswana and all others involved in Botswana for their forward thinking and having the courage to bypass doing what is easy in order to do what is right for the benefit of the wildlife of Botswana and the people of Botswana,” said SCI President Paul Babaz in a statement. “They need to be able to manage their own wildlife so that there will be more wildlife in wild places in harmony with the people for generations to come.”

The Botswana government claims there has been an increase in human-elephant conflict — a consequence of the growing elephant population — and elephant-related damage to livestock.

In Botswana elephants are not confined to fenced reserves. That allows them to migrate freely over large distances throughout the country, and even cross over into neighboring countries.

“We are concerned that hunting causes extreme stress to elephants, which are intelligent, thinking, communicating animals. The elephants begin to associate humans with violence and they retaliate — hence the large number of human fatalities,” Paula Kahumbu, CEO of nonprofit Wildlife Direct, said in a statement.

Still, experts maintain hunting is not a credible method of population control or an effective means to combat higher rates of violence and damage.

There are more humane and legitimate ways to litigate the size of the population and prevent them from crossing into crop-fields. The use of chili or the introduction of beehives have proved to be effective in doing so, Jones said.

Officials also say the ban has caused local communities to suffer as a result of the loss of income from trophy hunters.

“Most of the money generated by hunting is captured by the state and by the hunting companies. Communities make very little gain – studies have shown that less than 2% of the funds generated by hunting reach communities,” Kahumbu said.

Moreover, Botswana is one of four African states proposing the decriminalization of commercial trade of ivory, which is outlawed under international law. “Poaching for ivory is the biggest single threat to elephants,” Jones said.

The U.S., U.K. and China have all outlawed ivory trade.

There were reports of a number of elephants being poached just last year, according to Jones, but allowing the sale of ivory to resume in some countries would stimulate hunting of the animals and put them in grave danger.

WATCH: How China could use its massive US debt holdings as a trade war weapon


Company: cnbc, Activity: cnbc, Date: 2019-05-24  Authors: nadine el-bawab
Keywords: news, cnbc, companies, botswana, 5year, elephant, hunting, ban, elephants, wildlife, jones, international, pitting, ivory, lifts, population, traders, preservationists, communities


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Iran appears to be restarting oil shipments to Syria as Trump turns up pressure

Tanker-tracking firms believe Iran is once again shipping crude oil to Syria, resuming the illicit trade as tensions with Washington rise and the Islamic Republic faces increasing international isolation. An Iranian delivery of approximately one million barrels of crude was made into the Syrian port of Baniyas during the first week of May, according to TankerTrackers.com and ClipperData, two groups that follows oil vessels. This would be the first Iranian oil delivery to Syria since the end of 2


Tanker-tracking firms believe Iran is once again shipping crude oil to Syria, resuming the illicit trade as tensions with Washington rise and the Islamic Republic faces increasing international isolation. An Iranian delivery of approximately one million barrels of crude was made into the Syrian port of Baniyas during the first week of May, according to TankerTrackers.com and ClipperData, two groups that follows oil vessels. This would be the first Iranian oil delivery to Syria since the end of 2
Iran appears to be restarting oil shipments to Syria as Trump turns up pressure Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-05-09  Authors: leila gharagozlou, tom dichristopher, ali mohammadi, bloomberg, getty images
Keywords: news, cnbc, companies, week, pressure, appears, crude, restarting, trump, international, oil, iranian, follows, iran, shipments, syria, turns, according, delivery


Iran appears to be restarting oil shipments to Syria as Trump turns up pressure

Tanker-tracking firms believe Iran is once again shipping crude oil to Syria, resuming the illicit trade as tensions with Washington rise and the Islamic Republic faces increasing international isolation.

An Iranian delivery of approximately one million barrels of crude was made into the Syrian port of Baniyas during the first week of May, according to TankerTrackers.com and ClipperData, two groups that follows oil vessels.

This would be the first Iranian oil delivery to Syria since the end of 2018, according to Samir Madani, founder of TankerTrackers.

The suspected delivery comes one year after the U.S. unilaterally pulled out of an international nuclear agreement with Iran and just one week after the Trump administration tightened energy sanctions in an effort to push Iranian crude exports to zero. It also follows the deployment of a U.S. carrier strike group and bomber task force to the Middle East earlier this week.


Company: cnbc, Activity: cnbc, Date: 2019-05-09  Authors: leila gharagozlou, tom dichristopher, ali mohammadi, bloomberg, getty images
Keywords: news, cnbc, companies, week, pressure, appears, crude, restarting, trump, international, oil, iranian, follows, iran, shipments, syria, turns, according, delivery


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Massive Saudi wealth fund zeros in on China, plans to open new Asia office

Saudi Arabia’s massive sovereign wealth fund has its eye on China as it expands international investments, though its “No. Now I’m thinking seriously even to accelerate the Asia office because we see a lot of potential over there,” Yasir Othman Al-Rumayyan told CNBC’s Hadley Gamble during the Milken Institute Global Conference in Los Angeles. In fact, a PIF spokesman told CNBC the fund is planning to open a new office in Asia “to focus on China.” I don’t mind growing the 6% if I’m entering now i


Saudi Arabia’s massive sovereign wealth fund has its eye on China as it expands international investments, though its “No. Now I’m thinking seriously even to accelerate the Asia office because we see a lot of potential over there,” Yasir Othman Al-Rumayyan told CNBC’s Hadley Gamble during the Milken Institute Global Conference in Los Angeles. In fact, a PIF spokesman told CNBC the fund is planning to open a new office in Asia “to focus on China.” I don’t mind growing the 6% if I’m entering now i
Massive Saudi wealth fund zeros in on China, plans to open new Asia office Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-05-01  Authors: natasha turak
Keywords: news, cnbc, companies, wealth, told, massive, zeros, fund, office, im, alrumayyan, saudi, asia, plans, international, open, china, chinese


Massive Saudi wealth fund zeros in on China, plans to open new Asia office

Saudi Arabia’s massive sovereign wealth fund has its eye on China as it expands international investments, though its “No. 1 target” remains the U.S., its managing director told CNBC on Tuesday.

The Saudi Public Investment Fund is one of the Middle East’s largest, with some $300 billion in assets under management and an aim to increase that to $2 trillion by 2030 as it aggressively invests in both domestic and international markets.

“We’re opening up in New York and London, San Francisco. Now I’m thinking seriously even to accelerate the Asia office because we see a lot of potential over there,” Yasir Othman Al-Rumayyan told CNBC’s Hadley Gamble during the Milken Institute Global Conference in Los Angeles.

In fact, a PIF spokesman told CNBC the fund is planning to open a new office in Asia “to focus on China.” That follows Al-Rumayyan, who has served as the fund’s director since 2015, recently visiting Beijing for a forum on China’s Belt and Road Initiative, which culminated in billions of dollars worth of deals to expand the flagship Chinese project that seeks to invest across Asia, Africa and parts of Europe.

“This is the first time for me to go out and meet asset managers, companies, Chinese entrepreneurs, and they are really very impressive,” Al-Rumayyan said, speaking on the topic of China. “The GDP growth now is, I think, at 6.25% which is larger than most of the other countries around the world. But the concern is it came down from 11-plus percent. I don’t mind growing the 6% if I’m entering now in China. The Softbank Vision Fund also deployed big amounts of money in China and some of the Chinese companies. So we are OK in the longer term.”


Company: cnbc, Activity: cnbc, Date: 2019-05-01  Authors: natasha turak
Keywords: news, cnbc, companies, wealth, told, massive, zeros, fund, office, im, alrumayyan, saudi, asia, plans, international, open, china, chinese


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Brexit puts off international flows into the UK, strategist says


Brexit puts off international flows into the UK, strategist says Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-05-01
Keywords: news, cnbc, companies, brexit, uk, international, strategist, flows, puts


Brexit puts off international flows into the UK, strategist says


Company: cnbc, Activity: cnbc, Date: 2019-05-01
Keywords: news, cnbc, companies, brexit, uk, international, strategist, flows, puts


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