VMware adjusts for a ‘two trading-bloc world’ due to US-China trade war, says CEO

American companies are having to adjust to operating in two distinct Chinese and American marketplaces as the trade war escalates, VMware CEO Patrick Gelsinger told CNBC on Friday. “We are adjusting our strategy to really be in a two trading-bloc world,” Gelsinger said. The escalating trade war between the world’s two largest economies has been going on for over a year, with China announcing retaliatory measures Friday. The cloud software company also announced Thursday that it’s acquiring softw


American companies are having to adjust to operating in two distinct Chinese and American marketplaces as the trade war escalates, VMware CEO Patrick Gelsinger told CNBC on Friday. “We are adjusting our strategy to really be in a two trading-bloc world,” Gelsinger said. The escalating trade war between the world’s two largest economies has been going on for over a year, with China announcing retaliatory measures Friday. The cloud software company also announced Thursday that it’s acquiring softw
VMware adjusts for a ‘two trading-bloc world’ due to US-China trade war, says CEO Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-08-23  Authors: jessica bursztynsky
Keywords: news, cnbc, companies, vmware, business, tradingbloc, american, companies, world, trade, adjusts, uschina, war, gelsinger, software, china, ceo


VMware adjusts for a 'two trading-bloc world' due to US-China trade war, says CEO

American companies are having to adjust to operating in two distinct Chinese and American marketplaces as the trade war escalates, VMware CEO Patrick Gelsinger told CNBC on Friday.

“We are adjusting our strategy to really be in a two trading-bloc world,” Gelsinger said. “Everybody has sort of realized this dispute will go on for a while and we’re working through how best to manage our businesses in light of that.”

The escalating trade war between the world’s two largest economies has been going on for over a year, with China announcing retaliatory measures Friday.

Beijing will impose new tariffs on $75 billion worth of U.S. goods and resume duties on American autos, starting Sept. 1 and Dec. 15, respectively. It follows President Donald Trump’s threat to impose 10% tariffs on $300 billion of Chinese goods not already subject to duties, also set to be implemented on Sept. 1 and Dec. 15.

“I believe in many cases, customers are saying, ‘how do I continue to do business with and within China even as there’s an increasing challenge?'” Gelsinger said. “I think most companies are already figuring out how to live in that kind of world already. And clearly, we expect that our strategy needs to accommodate that.”

Gelsinger appeared on CNBC’s “Squawk Box” a day after VMware’s second-quarter earnings and revenue beat beat Wall Street estimates. The cloud software company also announced Thursday that it’s acquiring software companies Pivotal Software and Carbon Black in separate deals.

Shares of VMware were down 8.9% on Friday afternoon.

VMware “saw good results from our China business last quarter,” Gelsinger said.

“Not to the level we would have hoped, but still saw growth there,” the CEO added. “We’re making adjustments to it even as we’re long-term committed to China. We also expect there will be increasing long-term barriers between the two markets. And we have to adjust, and I believe every other business will do likewise.”


Company: cnbc, Activity: cnbc, Date: 2019-08-23  Authors: jessica bursztynsky
Keywords: news, cnbc, companies, vmware, business, tradingbloc, american, companies, world, trade, adjusts, uschina, war, gelsinger, software, china, ceo


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The US won’t provide flu vaccines to migrant families at border detention camps

So far, three children have died out of 200,000 people held at detention facilities along the border, they wrote. “When I learned that multiple children had died in detention from potentially preventable causes, it truly disturbed me,” Winickoff said. Winickoff said that current holding conditions, like being placed in close proximity to other immigrants, make it easy to spread infectious diseases from person to person. Those do not include holding children in cage-like facilities and warehouses


So far, three children have died out of 200,000 people held at detention facilities along the border, they wrote. “When I learned that multiple children had died in detention from potentially preventable causes, it truly disturbed me,” Winickoff said. Winickoff said that current holding conditions, like being placed in close proximity to other immigrants, make it easy to spread infectious diseases from person to person. Those do not include holding children in cage-like facilities and warehouses
The US won’t provide flu vaccines to migrant families at border detention camps Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-08-20  Authors: jessica bursztynsky
Keywords: news, cnbc, companies, medical, detention, vaccines, border, migrant, health, flu, facilities, camps, linton, wont, cbp, holding, families, conditions, children, provide


The US won't provide flu vaccines to migrant families at border detention camps

In this handout photo provided by the Office of Inspector General, overcrowding of families is observed by OIG at U.S. Border Patrol McAllen Station on June 10, 2019 in McAllen, Texas. (Photo by Office of Inspector General/Department of Homeland Security via Getty Images)

The U.S. won’t be vaccinating migrant families in holding centers ahead of this year’s flu season, despite calls from doctors to boost efforts to fight the infection that’s killed at least three children at detention facilities in the past year.

“In general, due to the short-term nature of CBP holding and the complexities of operating vaccination programs, neither CBP nor its medical contractors administer vaccinations to those in our custody,” a Customs and Border Protection spokeswoman said in an emailed statement.

At least three children who were held in detention centers after crossing into the U.S. from Mexico have died in recent months, in part, from the flu, according to a letter to Reps. Rosa DeLauro, D-Conn., and Lucille Roybal-Allard, D-Calif., from several doctors urging Congress to investigate health conditions at the centers.

The United States had previously gone almost a decade without any children dying while under U.S. immigration custody.

“I can tell you from personal experience that child deaths are rare events,” Harvard pediatrics professor Dr. Jonathan Winickoff said in an email. Winickoff signed on to the Aug. 1 letter with forensic pathologist Judy Melinek and Johns Hopkins public health professors Dr. Joshua Sharfstein and Dr. Paul Spiegel.

They said the U.S. death rate in children from the flu is about 1 in 600,000. So far, three children have died out of 200,000 people held at detention facilities along the border, they wrote.

“When I learned that multiple children had died in detention from potentially preventable causes, it truly disturbed me,” Winickoff said. “The country needs urgent answers to that question so that children stop dying in detention.”

Winickoff said that current holding conditions, like being placed in close proximity to other immigrants, make it easy to spread infectious diseases from person to person. He added that contracting the flu weakens a child’s immune system, making it harder to fight off other illnesses.

“A child might start out with flu but then die of another infection,” he added.

If conditions don’t improve, Dr. Julie Linton, chair of the American Academy of Pediatrics Council on Immigrant Child and Family Health, said more children will needlessly die.

“There’s a number of things that we can do to prevent deaths and infection. Those do not include holding children in cage-like facilities and warehouses,” Linton said.

Children come into holding centers with a sense of resilience, Linton said, and potentially stronger immune systems. But the stress from being held against their will can cause immune systems to tank, she said.

That, paired with unsanitary conditions, such as open toilets and “insufficient supplies” to wash hands, is a breeding ground for infection, Linton added.

The Centers for Disease Control and Prevention also recommends annual flu shots for everyone over 6 months old in the U.S.

The United States over the past year has seen an influx of people crossing the southern border, seeking relief from their home countries. From October through July, nearly 70,000 unaccompanied children were apprehended at the border, according to CBP data. In the same time period, 432,838 “family units” were taken into U.S. custody.

That’s led to dangerous overcrowding of migrant facilities, where investigators for the Department of Homeland Security reported prolonged holding of children without access to showers or laundry facilities. DHS inspectors said adults were being held in standing room-only areas for up to a week and some had gone a month without a shower, contributing to unsanitary conditions and health risks, according to a July 2 report by the agency’s Office of Inspector General that was obtained by NBC News.

“Flu deaths are particularly tragic in my opinion because they are almost always preventable with good public health measures,” Winickoff said.

When asked about health-care access for people in custody, a CBP spokesperson said there’s been a “dramatic increase” in medical personnel working along the southern border. CBP currently engages about 200 medical personnel, compared with the 20 personnel a year ago.

“Medical personnel on site are available 24/7 to provide medical diagnosis and treatment, address infectious disease issues, and coordinate referral to and follow up from local health system/emergency rooms,” the spokeswoman said.

Migrants who “require vaccination” are referred to local health systems where they “may receive vaccinations … if determined necessary,” she said.

Linton acknowledged the government was employing more pediatricians, but said more legislation needs to be passed to increase care and conditions.

“When you’re border patrol, whose responsibility is law enforcement, and giving them the responsibility of medical care, that’s a complicated mission,” Linton said. “It’s critical to speak up as doctors.”


Company: cnbc, Activity: cnbc, Date: 2019-08-20  Authors: jessica bursztynsky
Keywords: news, cnbc, companies, medical, detention, vaccines, border, migrant, health, flu, facilities, camps, linton, wont, cbp, holding, families, conditions, children, provide


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Rubenstein: Trump must cut some kind of China trade deal or risk being a one-term president

President Donald Trump needs to reach an agreement with China to end the trade war if he wants to be reelected next year, private equity billionaire David Rubenstein told CNBC on Friday. “If the China trade agreement is not resolved in some form before the election, I suspect it will not be good for those running for reelection,” Rubenstein said on “Squawk Box.” Trump also said he hopes to talk “soon” by phone with Chinese President Xi Jinping. “We don’t have to have the most comprehensive China


President Donald Trump needs to reach an agreement with China to end the trade war if he wants to be reelected next year, private equity billionaire David Rubenstein told CNBC on Friday. “If the China trade agreement is not resolved in some form before the election, I suspect it will not be good for those running for reelection,” Rubenstein said on “Squawk Box.” Trump also said he hopes to talk “soon” by phone with Chinese President Xi Jinping. “We don’t have to have the most comprehensive China
Rubenstein: Trump must cut some kind of China trade deal or risk being a one-term president Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-08-16  Authors: jessica bursztynsky
Keywords: news, cnbc, companies, cut, think, kind, oneterm, president, rubenstein, chinese, risk, china, deal, talks, washington, trade, trump, agreement


Rubenstein: Trump must cut some kind of China trade deal or risk being a one-term president

President Donald Trump needs to reach an agreement with China to end the trade war if he wants to be reelected next year, private equity billionaire David Rubenstein told CNBC on Friday.

“Some agreement is better than no agreement,” said the co-founder of The Carlyle Group, a global investment firm based in Washington, with $223 billion of assets under management.

“If the China trade agreement is not resolved in some form before the election, I suspect it will not be good for those running for reelection,” Rubenstein said on “Squawk Box.”

Talking with reporters Thursday evening, Trump said that U.S. and Chinese officials have been holding “productive” talks. The president said he expects negotiators for both sides to meet as planned next month in Washington, despite 10% U.S. tariffs on $300 billion in additional Chinese imports set to take effect on Sept. 1.

Trump also said he hopes to talk “soon” by phone with Chinese President Xi Jinping. Beijing on Thursday initially said it would take tariff countermeasures, but later said it hopes to “meet the U.S. halfway.”

“We don’t have to have the most comprehensive China trade agreement of all time in order to have an agreement with China,” said Rubenstein, a political independent who says he doesn’t give money to either party. “Right now there’s uncertainty about China. Give the markets some certainty, even if it’s not comprehensive. I think the markets would respond well to it, and I think the Chinese want to make a deal.”

Neither country will make “the greatest deal, from their point of view,” Rubenstein added. He urged Trump to act in the next few months.

As trade talks had stalled in June, Rubenstein predicted a resolution by the end of the year. In January, however, he indicated that his conversations with U.S. and Chinese officials suggested a trade deal in “the next few months.”


Company: cnbc, Activity: cnbc, Date: 2019-08-16  Authors: jessica bursztynsky
Keywords: news, cnbc, companies, cut, think, kind, oneterm, president, rubenstein, chinese, risk, china, deal, talks, washington, trade, trump, agreement


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CEO of Cisco, which saw a huge drop in China sales, says state-owned enterprises shunned them

Chinese government-controlled enterprises are opting to work with local vendors rather than American-owned companies as the U.S.-China trade war continues, Cisco Systems CEO Chuck Robbins told CNBC on Thursday. “We certainly saw an impact on our business in China this quarter. A lot of state-owned enterprises, I think where they have options, they’re choosing local manufacturers,” Robbins said on “Squawk on the Street. ” “While it’s a small part of our business, when it falls off that precipitou


Chinese government-controlled enterprises are opting to work with local vendors rather than American-owned companies as the U.S.-China trade war continues, Cisco Systems CEO Chuck Robbins told CNBC on Thursday. “We certainly saw an impact on our business in China this quarter. A lot of state-owned enterprises, I think where they have options, they’re choosing local manufacturers,” Robbins said on “Squawk on the Street. ” “While it’s a small part of our business, when it falls off that precipitou
CEO of Cisco, which saw a huge drop in China sales, says state-owned enterprises shunned them Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-08-15  Authors: jessica bursztynsky
Keywords: news, cnbc, companies, enterprises, sales, china, ministry, business, spokesperson, drop, trade, chinas, robbins, ceo, told, huge, stateowned, shunned, cisco, saw


CEO of Cisco, which saw a huge drop in China sales, says state-owned enterprises shunned them

Chinese government-controlled enterprises are opting to work with local vendors rather than American-owned companies as the U.S.-China trade war continues, Cisco Systems CEO Chuck Robbins told CNBC on Thursday.

“We certainly saw an impact on our business in China this quarter. A lot of state-owned enterprises, I think where they have options, they’re choosing local manufacturers,” Robbins said on “Squawk on the Street. ” “We don’t know if that’s a short-term thing or a long-term thing.”

Cisco shares tumbled Thursday after the California-based computer networking equipment company issued weaker-than-expected forward guidance, citing macro uncertainty. Revenue in China was down 25% on an annualized basis in its fiscal fourth quarter, Cisco Chief Financial Officer Kelly Kramer said on Wednesday’s post-earnings conference call.

“While it’s a small part of our business, when it falls off that precipitously, it creates a challenge,” Robbins told CNBC on Thursday. “We saw strength in other parts of the business. But during July, we felt a slight change in sort of the overall macro [economic environment] versus what we’d experienced in the prior months.”

If the U.S. and China were able to strike a deal to resolve their trade and technology disputes, Robbins said that he would expect “more robust access” in China.

China’s foreign ministry spokesperson said on Thursday it hopes to “meet the U.S. halfway” on trade issues.

“On the basis of equality and mutual respect, we will find mutually acceptable solutions through dialogue and consultation,” China’s spokesperson at the foreign ministry Hua Chunying said Thursday, according to a CNBC translation.

It’s a softer stance from earlier in the day, when China’s State Council Tariff Committee said the Trump administration’s tariffs “seriously violated” an agreement made by leaders of the two countries and would take necessary countermeasures.

Discussions between the world’s two largest economies will be held in two weeks, China’s Commerce Ministry confirmed.

— CNBC’s Jordan Novet contributed to this report.


Company: cnbc, Activity: cnbc, Date: 2019-08-15  Authors: jessica bursztynsky
Keywords: news, cnbc, companies, enterprises, sales, china, ministry, business, spokesperson, drop, trade, chinas, robbins, ceo, told, huge, stateowned, shunned, cisco, saw


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Wilbur Ross says the US economy will see a boost when the Boeing 737 Max grounding lifts

The U.S. economy will get a boost when Boeing’s troubled 737 Max jets return to flight, Commerce Secretary Wilbur Ross told CNBC on Wednesday. “Take for example the most recent quarter, Boeing’s problems with 737 Max probably took something like 0.4%” off gross domestic product, Ross said. “That will come back when the 737 Max problems are ultimately fixed.” The 737 Max fleet has been grounded across the globe since mid-March following two crashes over less than five months that killed 346 peopl


The U.S. economy will get a boost when Boeing’s troubled 737 Max jets return to flight, Commerce Secretary Wilbur Ross told CNBC on Wednesday. “Take for example the most recent quarter, Boeing’s problems with 737 Max probably took something like 0.4%” off gross domestic product, Ross said. “That will come back when the 737 Max problems are ultimately fixed.” The 737 Max fleet has been grounded across the globe since mid-March following two crashes over less than five months that killed 346 peopl
Wilbur Ross says the US economy will see a boost when the Boeing 737 Max grounding lifts Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-08-14  Authors: jessica bursztynsky
Keywords: news, cnbc, companies, boost, ross, lifts, month, growth, boeings, grounding, wilbur, max, software, boeing, economy, took, 737, secondquarter


Wilbur Ross says the US economy will see a boost when the Boeing 737 Max grounding lifts

The U.S. economy will get a boost when Boeing’s troubled 737 Max jets return to flight, Commerce Secretary Wilbur Ross told CNBC on Wednesday.

“Take for example the most recent quarter, Boeing’s problems with 737 Max probably took something like 0.4%” off gross domestic product, Ross said. “That will come back when the 737 Max problems are ultimately fixed.”

U.S. growth slowed in the second quarter, with GDP advancing 2.1% compared to the first-quarter’s 3.1% gain.

The 737 Max fleet has been grounded across the globe since mid-March following two crashes over less than five months that killed 346 people combined. Investigators blamed a software problem in the plane’s anti-stall automated flight system.

Last month, Boeing reported a $2.9 billion second-quarter loss, its worst quarterly loss ever, due to the Max problems.

Shortly after the grounding, analysts began to predict that Boeing’s troubles would harm overall U.S. economic growth. Wells Fargo in April projected a 0.2% reduction in second-quarter GDP. Last month, J.P. Morgan estimated the groundings and subsequent production cuts would trim second-quarter economic growth by about 0.1%.

The 737 Max grounding, now in its sixth month, has also hit suppliers. General Electric said last month its cash flow took a hit as a result. GE, which makes the Max engines through a joint venture, said it would continue to report losses as long as the model remained grounded.

Boeing, which has been testing software fixes, expects the Max jets to return to the skies by early in the fourth quarter.

Once that happens, Ross said, the U.S. economy will even out. “We think that the economy is strong, the economy is headed in a good direction,” he added, saying he believes the U.S. can work its way to 3% growth.


Company: cnbc, Activity: cnbc, Date: 2019-08-14  Authors: jessica bursztynsky
Keywords: news, cnbc, companies, boost, ross, lifts, month, growth, boeings, grounding, wilbur, max, software, boeing, economy, took, 737, secondquarter


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GOP Sen. Rick Scott: Americans should get tax cuts in return for tariffs paid on Chinese goods

Republican Sen. Rick Scott told CNBC on Monday the U.S. government should return money collected from China tariffs to Americans as tax relief. President Donald Trump, earlier this month announced an impeding 10% tariff on the remaining $300 billion of Chinese goods that had not been previously taxed. Back In May, Trump hiked tariffs to 25% from 10% on $200 billion in Chinese goods. “We have to help American companies … and get more American jobs and stop helping China,” Scott said. “I’m not s


Republican Sen. Rick Scott told CNBC on Monday the U.S. government should return money collected from China tariffs to Americans as tax relief. President Donald Trump, earlier this month announced an impeding 10% tariff on the remaining $300 billion of Chinese goods that had not been previously taxed. Back In May, Trump hiked tariffs to 25% from 10% on $200 billion in Chinese goods. “We have to help American companies … and get more American jobs and stop helping China,” Scott said. “I’m not s
GOP Sen. Rick Scott: Americans should get tax cuts in return for tariffs paid on Chinese goods Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-08-12  Authors: jessica bursztynsky
Keywords: news, cnbc, companies, tax, tariffs, american, sen, gop, scott, paid, trump, sure, tariff, stop, billion, return, trade, goods, rick, cuts


GOP Sen. Rick Scott: Americans should get tax cuts in return for tariffs paid on Chinese goods

Republican Sen. Rick Scott told CNBC on Monday the U.S. government should return money collected from China tariffs to Americans as tax relief.

“Anything we raise in tariffs, we should give back to the rank and public in tax reductions,” the Florida senator said in a “Squawk Box ” interview, acknowledging there’s been some “short-term pain.”

“We have to help American farmers open up more markets around the world,” said Scott, who did not elaborate on what such relief might look like.

Data from U.S. Customs and Border Protection, which collects taxes on imports, showed the U.S. had assessed $23.7 billion in tariffs from early 2018 through May 1. According to a Reuters report, total tariff revenue rose 73% in the first half of 2019 from a year earlier.

The trade dispute between the world’s two largest economies has been escalating in recent months, with investors fearing that it could slow global and U.S. economic growth. In fact, Goldman Sachs lowered its fourth-quarter U.S. growth forecast by 0.2% to 1.8%, with the cumulative drag on gross domestic product of 0.6%.

President Donald Trump, earlier this month announced an impeding 10% tariff on the remaining $300 billion of Chinese goods that had not been previously taxed. Back In May, Trump hiked tariffs to 25% from 10% on $200 billion in Chinese goods.

“We have to help American companies … and get more American jobs and stop helping China,” Scott said. “Stop acting like they are a partner,” adding he doesn’t see how a trade deal can be reached.

“I’m not sure what else we can do, other than stand up for American interests and American values,” he wondered. “I’m not sure what the president can do otherwise than the tariffs he is doing.”


Company: cnbc, Activity: cnbc, Date: 2019-08-12  Authors: jessica bursztynsky
Keywords: news, cnbc, companies, tax, tariffs, american, sen, gop, scott, paid, trump, sure, tariff, stop, billion, return, trade, goods, rick, cuts


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Uber CEO reveals it considered buying food delivery app Caviar before rival DoorDash did

Uber CEO Dara Khosrowshahi told CNBC on Friday that the ride-hailing, freight and delivery giant considered a deal with on-demand food delivery service Caviar but decided to pass. Khosrowshahi said Uber’s food delivery service, Uber Eats, will focus on organic growth rather than acquisitions. On Aug 1, Square announced an agreement to sell Caviar to Uber Eats’ formidable rival DoorDash for $410 million. While declining to comment further on Caviar, Khosrowshahi did say that he sees food delivery


Uber CEO Dara Khosrowshahi told CNBC on Friday that the ride-hailing, freight and delivery giant considered a deal with on-demand food delivery service Caviar but decided to pass. Khosrowshahi said Uber’s food delivery service, Uber Eats, will focus on organic growth rather than acquisitions. On Aug 1, Square announced an agreement to sell Caviar to Uber Eats’ formidable rival DoorDash for $410 million. While declining to comment further on Caviar, Khosrowshahi did say that he sees food delivery
Uber CEO reveals it considered buying food delivery app Caviar before rival DoorDash did Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-08-09  Authors: jessica bursztynsky, jesse pound
Keywords: news, cnbc, companies, food, street, khosrowshahi, considered, eats, ceo, buying, rival, service, uber, square, doordash, delivery, caviar, reveals, secondquarter


Uber CEO reveals it considered buying food delivery app Caviar before rival DoorDash did

Uber CEO Dara Khosrowshahi told CNBC on Friday that the ride-hailing, freight and delivery giant considered a deal with on-demand food delivery service Caviar but decided to pass.

“We took a look at Caviar. It’s a great brand,” Khosrowshahi said in a “Squawk on the Street ” interview, as Uber shares were sinking after disappointing second-quarter results. “It wasn’t the right deal for us.”

Khosrowshahi said Uber’s food delivery service, Uber Eats, will focus on organic growth rather than acquisitions.

On Aug 1, Square announced an agreement to sell Caviar to Uber Eats’ formidable rival DoorDash for $410 million. Square had bought Caviar for just over $44 million in 2014. The Caviar service specializes in premium restaurants.

While declining to comment further on Caviar, Khosrowshahi did say that he sees food delivery as a real battle this year and next. “The Eats market continues to be very competitive.”

Khosrowshahi said that if Uber were to seek any acquisitions, he’s not worried. “We’re Uber, everyone wants to talk to us.”

After the Wall Street close Thursday, Uber posted a much wider-than-expected second-quarter loss of $4.72 per share. Revenue of $3.17 billion was also missed analyst estimates.

Uber’s core ride-hailing business saw better-than-expected gross bookings for the quarter, while the newer Uber Eats unit’s gross bookings fell short of forecasts.

“So with rides, I say the competitive environment is stable and getting better,” Khosrowshahi said during Friday’s CNBC interview. “We see a lot of competition with Eats,” he reiterated.


Company: cnbc, Activity: cnbc, Date: 2019-08-09  Authors: jessica bursztynsky, jesse pound
Keywords: news, cnbc, companies, food, street, khosrowshahi, considered, eats, ceo, buying, rival, service, uber, square, doordash, delivery, caviar, reveals, secondquarter


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Cramer: US consumers are saving the economy and keeping bond yields from going negative

CNBC’s Jim Cramer on Thursday said that if it weren’t for the American consumer, U.S. bond yields would be negative like in many other nations around the world. “If we were two-thirds industrial and one-third consumer, then we would have negative yields,” Cramer said on “Squawk on the Street. ” In actuality, consumer spending accounts for two-thirds of U.S. economic activity. Consumer confidence has been strong over the past few months. From the April-to-June period, consumer spending helped boo


CNBC’s Jim Cramer on Thursday said that if it weren’t for the American consumer, U.S. bond yields would be negative like in many other nations around the world. “If we were two-thirds industrial and one-third consumer, then we would have negative yields,” Cramer said on “Squawk on the Street. ” In actuality, consumer spending accounts for two-thirds of U.S. economic activity. Consumer confidence has been strong over the past few months. From the April-to-June period, consumer spending helped boo
Cramer: US consumers are saving the economy and keeping bond yields from going negative Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-08-08  Authors: jessica bursztynsky
Keywords: news, cnbc, companies, cramer, negative, consumer, consumers, worldif, bond, street, economy, saving, yields, werent, twothirds, spending, keeping, going, strong


Cramer: US consumers are saving the economy and keeping bond yields from going negative

CNBC’s Jim Cramer on Thursday said that if it weren’t for the American consumer, U.S. bond yields would be negative like in many other nations around the world.

“If we were two-thirds industrial and one-third consumer, then we would have negative yields,” Cramer said on “Squawk on the Street. ” In actuality, consumer spending accounts for two-thirds of U.S. economic activity.

Consumer confidence has been strong over the past few months. From the April-to-June period, consumer spending helped boost GDP, with personal consumption expenditures rising 4.3%. It was the best performance since the fourth quarter of 2017.


Company: cnbc, Activity: cnbc, Date: 2019-08-08  Authors: jessica bursztynsky
Keywords: news, cnbc, companies, cramer, negative, consumer, consumers, worldif, bond, street, economy, saving, yields, werent, twothirds, spending, keeping, going, strong


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‘You’re being faked out’ — Cramer says the US economy is better than the stock market reflects

CNBC’s Jim Cramer said Wednesday the economy is better than the recently embattled stock market reflects. “I think you’re being faked out” by tanking U.S. equities, Cramer said on “Squawk on the Street, ” pointing to relatively solid corporate earnings and signals in the U.S. economy that growth can withstand drag from the U.S.-China trade war. The Dow Jones Industrial Average opened more than 300 points lower Wednesday, a day after breaking a five-day losing streak. Cramer made similar points e


CNBC’s Jim Cramer said Wednesday the economy is better than the recently embattled stock market reflects. “I think you’re being faked out” by tanking U.S. equities, Cramer said on “Squawk on the Street, ” pointing to relatively solid corporate earnings and signals in the U.S. economy that growth can withstand drag from the U.S.-China trade war. The Dow Jones Industrial Average opened more than 300 points lower Wednesday, a day after breaking a five-day losing streak. Cramer made similar points e
‘You’re being faked out’ — Cramer says the US economy is better than the stock market reflects Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-08-07  Authors: jessica bursztynsky
Keywords: news, cnbc, companies, economy, cramer, solid, youre, squawk, trade, stock, reflects, points, better, money, quickly, market, stocks, faked


'You're being faked out' — Cramer says the US economy is better than the stock market reflects

CNBC’s Jim Cramer said Wednesday the economy is better than the recently embattled stock market reflects.

“I think you’re being faked out” by tanking U.S. equities, Cramer said on “Squawk on the Street, ” pointing to relatively solid corporate earnings and signals in the U.S. economy that growth can withstand drag from the U.S.-China trade war.

The Dow Jones Industrial Average opened more than 300 points lower Wednesday, a day after breaking a five-day losing streak. Stocks quickly accelerated those losses as money poured into the perceived safety of bonds, which on Wednesday pushed the yield on the benchmark 10-year Treasury note, used to set mortgages and auto loans, down to October 2016 lows around 1.6%.

“It’s very easy to take our cue from a false cue,” Cramer added, warning investors not to move too quickly when markets are in turmoil. “We have to figure it out.”

This week’s stock sell-off started Monday, sparked by concerns about the impact on global economic growth from the escalating trade dispute between Washington and Beijing.

The “Mad Money ” host said Wednesday that everybody needs to “dial back the rhetoric” and to look at the “reality of the companies that are reporting” solid earnings.

Cramer made similar points earlier on “Squawk Box, ” saying the economy still looks solid based on housing. It’s true, he said, that there are “whippy capital flows” but also opportunities to buy stocks without much China exposure.

“We can sit here and create a fire or we can put one out,” he added. “I’m going to opt for the latter.”


Company: cnbc, Activity: cnbc, Date: 2019-08-07  Authors: jessica bursztynsky
Keywords: news, cnbc, companies, economy, cramer, solid, youre, squawk, trade, stock, reflects, points, better, money, quickly, market, stocks, faked


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Trump says he’ll call Congress back to Washington if GOP and Dems get ‘close’ on gun reform plan

US President Donald Trump speaks to the press as he departs the White House in Washington, DC, on August 7 2019. And let’s say all good people, but two sides are very different,” Trump told reporters outside the White House. “I’m looking to do background checks, I think background checks are important,” he said. He added that “I think both Republicans and Democrats are getting close” to “doing something on background checks.” Neither a spokesman for McConnell nor the White House immediately resp


US President Donald Trump speaks to the press as he departs the White House in Washington, DC, on August 7 2019. And let’s say all good people, but two sides are very different,” Trump told reporters outside the White House. “I’m looking to do background checks, I think background checks are important,” he said. He added that “I think both Republicans and Democrats are getting close” to “doing something on background checks.” Neither a spokesman for McConnell nor the White House immediately resp
Trump says he’ll call Congress back to Washington if GOP and Dems get ‘close’ on gun reform plan Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-08-07  Authors: kevin breuninger, jessica bursztynsky
Keywords: news, cnbc, companies, plan, white, congress, reform, washington, background, dems, president, house, texas, checks, senate, gun, trump, close, gop, hell


Trump says he'll call Congress back to Washington if GOP and Dems get 'close' on gun reform plan

US President Donald Trump speaks to the press as he departs the White House in Washington, DC, on August 7 2019.

President Donald Trump on Wednesday said that he will bring lawmakers back to Washington from their August recess if Republicans and Democrats can “get close” on a gun reform proposal.

Trump, en route to visit the Ohio and Texas cities in which back-to-back mass shootings over the weekend left 31 dead, also pledged his support for background checks and “red flag” laws preventing mentally ill people from accessing firearms.

“We’re going to see where we are. We’re dealing with leadership right now. And you know, you have two sides that are very different on this issue. And let’s say all good people, but two sides are very different,” Trump told reporters outside the White House.

“If we get close, I will bring them back, but it has to be — you know, we have to see where we are with leadership. Normally, this has been really a decision — Congress gets together and they try to do something, but if you look over the last 30 years, not a lot has been done,” Trump said.

The president and first lady Melania Trump were traveling to Dayton, Ohio, and El Paso, Texas, to meet with first responders, survivors and victims’ families following the two deadly mass shootings. Some Democrats, including presidential candidates such as former Texas Rep. Beto O’Rourke, have said that Trump’s rhetoric bears at least some of the blame for the shootings.

Trump tweeted in response that O’Rourke “should respect the victims & law enforcement – & be quiet!”

A gunman toting an AK-47-style assault rifle and extra magazines of ammunition killed 22 people and injured dozens more at an El Paso Walmart on Saturday morning, after apparently posting a racist screed on an anonymous online messaging board. Police have detained suspect Patrick Crusius, a 21-year-old white male.

The Dayton gunman, armed with an AR 15-style rifle, killed nine people in an entertainment district hours later, including his own sister. That shooter, identified as 24-year-old Connor Betts, was killed by officers less than a minute after his attack began, police said.

Trump told reporters Wednesday that he supported background checks for gun purchases.

“I’m looking to do background checks, I think background checks are important,” he said. “I don’t want to put guns into the hands of mentally unstable people or people with rage or hate, sick people. I’m all in favor of it.”

He added that “I think both Republicans and Democrats are getting close” to “doing something on background checks.”

In fact, the Democrat-led House passed a gun control bill that would strengthen background checks months earlier, but Senate Majority Leader Mitch McConnell has not brought the legislation to the Senate for a vote.

In a statement Monday, McConnell said that “Only serious, bipartisan, bicameral efforts will enable us to continue this important work and produce further legislation that can pass the Senate, pass the House, and earn the president’s signature. Partisan theatrics and campaign-trail rhetoric will only take us farther away from the progress all Americans deserve.”

Neither a spokesman for McConnell nor the White House immediately responded to CNBC’s inquiries about the president’s comments.

Many Republicans have signaled their support for red flag laws, also known as extreme risk protection orders. But Senate Minority Leader Chuck Schumer, D-N.Y., said in a statement Wednesday that without “strong universal background checks” in place, red flag laws alone “won’t be fully effective.”

“The notion that passing a tepid version of an Extreme Risk Protection Order (ERPO) bill—alone—is even close to getting the job done in addressing rampant gun violence in the U.S. is wrong and would be an ineffective cop out,” Schumer said.

Trump also said there was no “political appetite” for legislation to ban assault weapons. A federal assault weapons ban had been signed into law in 1994 by President Bill Clinton, but was allowed to expire in 2004 under President George W. Bush.


Company: cnbc, Activity: cnbc, Date: 2019-08-07  Authors: kevin breuninger, jessica bursztynsky
Keywords: news, cnbc, companies, plan, white, congress, reform, washington, background, dems, president, house, texas, checks, senate, gun, trump, close, gop, hell


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