Profits expected to fall as earnings season kicks off in the week ahead

As a group, their margins are expected to contract by 14.8%, compared with 3.6% for all other S&P 500 companies combined. Exxon for example saw a decline in margins of 34%, and Credit Suisse estimates that pared 0.6% off overall S&P 500 earnings growth. Credit Suisse says the consensus decline in Amazon margins is expected to be 42.5%, denting S&P earnings growth by 0.3%. Despite the downbeat expectations for third-quarter earnings, companies may issue more positive outlooks depending on how the


As a group, their margins are expected to contract by 14.8%, compared with 3.6% for all other S&P 500 companies combined. Exxon for example saw a decline in margins of 34%, and Credit Suisse estimates that pared 0.6% off overall S&P 500 earnings growth. Credit Suisse says the consensus decline in Amazon margins is expected to be 42.5%, denting S&P earnings growth by 0.3%. Despite the downbeat expectations for third-quarter earnings, companies may issue more positive outlooks depending on how the
Profits expected to fall as earnings season kicks off in the week ahead Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-10-11  Authors: patti domm
Keywords: news, cnbc, companies, decline, profits, going, earnings, companies, ahead, growth, trade, kicks, margins, week, 500, season, expected, fall


Profits expected to fall as earnings season kicks off in the week ahead

The third-quarter earnings season kicks off in the coming week, and it is likely to expose how much the trade war has cost companies’ bottom lines.

First out of the gate are major banks and financial companies, with J.P. Morgan, Citigroup, Wells Fargo, BlackRock and Goldman Sachs reporting Tuesday. But by the end of the week, a smattering of industrial, tech, transportation and consumer names will have reported, including Alcoa and Honeywell. Netflix and IBM report Wednesday, and consumer giant Coca-Cola reports Friday. United Airlines reports Tuesday, and CSX reports Wednesday.

Besides earnings, some important economic reports are being released, including retail sales on Wednesday and industrial production Thursday.

Earnings for the S&P 500 are expected to decline by 3.1% for the third quarter, after growing by more than 3% in the second quarter, according to data from Refinitiv. For the second quarter, earnings were also expected to be negative to flat, but results beat lowered expectations.

“The story of are we going to be negative, or are we not going to be negative, is going to be in focus,” said Patrick Palfrey, senior equity strategist at Credit Suisse.

Palfrey said margins are being pinched in several areas, including energy, with the decline in oil prices. Oil has been responding more to worries about global growth and trade wars than to geopolitical developments that normally could drive it higher. West Texas Intermediate crude was down 7.5% in the third quarter.

“We are of the view that companies will likely devote a significant portion of their time talking about the impact of trade tariffs,” Palfrey said. “The goal is to ascertain just how much the decline in earnings is coming from those pressures.”

The decline in oil prices, in fact, are expected to drag down profits in the energy sector. Earnings for the energy sector are expected to be down 32%, while revenues are expected to fall by 9.5%, according to Credit Suisse. Margins for the sector are expected to contract by 22.7%. Without energy estimates included, S&P profits would be down just 1%, according to Refinitiv.

“We think margins are going to subtract 5.9% from EPS growth of the S&P 500,” said Palfrey. He projects earnings overall to decline by 4.2%, and he does not expect the stock market to make much headway during the earnings season.

“I think we’re moving sideways. The real backstop is the environment, while under pressure, it is nonrecessionary, and that will ultimately prevent the market from materially selling off,” said Palfrey.

Palflrey said a group he calls “tech plus,” which include tech and communications companies, have taken some of the biggest margin hits this quarter even though revenue growth remains solid. Six of the top 10 companies whose margins impacted S&P earnings growth the most are from that group, including Alphabet , Amazon, Apple, Facebook, IBM and Micron.

As a group, their margins are expected to contract by 14.8%, compared with 3.6% for all other S&P 500 companies combined.

ExxonMobil and Occidental Petroleum are on the list of companies with the biggest margin hits. Exxon for example saw a decline in margins of 34%, and Credit Suisse estimates that pared 0.6% off overall S&P 500 earnings growth. Credit Suisse says the consensus decline in Amazon margins is expected to be 42.5%, denting S&P earnings growth by 0.3%.

“At least for earnings, it’s a relatively positive backdrop. We should see a little bit of clarity on the whole China trade,” said Paul Hickey, co-founder of Bespoke. Hickey said in the past two quarters, stocks did well at the start of the reporting season, but they were then derailed by trade developments in the latter part of the earnings period.

Palfrey said the market is being held back by several factors, including the slowdown in the manufacturing sector. “I think it’s going to be difficult for the market to move meaningfully higher without an improvement in industrial data and without the yield curve becoming uninverted,” he said.

ISM manufacturing data has been weakening and has shown a contraction in activity for the past two months.

The inverted yield curve is a bond market recession warning. When the curve is inverted, shorter duration securities yield more than longer duration securities, meaning investors are demanding a higher yield to hold investments for a much briefer time. In this case, the 3-month Treasury bill was yielding about 11 more basis points than the 10-year note.

Hickey said there could be some positives in the earnings season, like last quarter. Negative revisions of earnings estimates by analysts are outnumbering positive revisions by about 2 to 1. He noted in the last two quarters, stocks responded well to earnings news in the beginning of the reporting period but then faded when negative headlines on trade in the latter part of each earnings season.

“Expectations seem pretty low. We’ve had analysts’ downward revisions remain elevated, as they’ve been heading into prior warning seasons. But we haven’t necessarily seen the number of warnings from companies rising,” he said. “It could be a positive divergence that analysts are lowering earnings estimates at a higher-than-average rate, but companies aren’t warning at a higher-than-average rate.”

Financial companies profits are expected to be up by 1.4%, and real estate is expected to see the best profit growth with a gain of 2.7%, according to Refinitiv. The information technology sector is expected to see a profit decline of 7.6%, and communications is expected to be 1% lower, according to Refinitiv. Materials is expected to see the biggest decline after energy. Sensitive to global growth and manufacturing, the sector’s earnings are expected to fall 11.1%.

Despite the downbeat expectations for third-quarter earnings, companies may issue more positive outlooks depending on how the U.S.-China trade talks end. Investor confidence around a limited trade deal grew on Friday after President Donald Trump said the talks were going well. Trump was scheduled to meet with Chinese Vice Premier Liu He at the White House at 2:45 p.m. ET.

Stocks rallied Friday on the upbeat trade expectations. The Dow Jones Industrial Average, S&P 500 and Nasdaq Composite were all up more than 1%. The Dow and S&P 500 were also up around 1% for the week and were set to snap a three-week losing streak.


Company: cnbc, Activity: cnbc, Date: 2019-10-11  Authors: patti domm
Keywords: news, cnbc, companies, decline, profits, going, earnings, companies, ahead, growth, trade, kicks, margins, week, 500, season, expected, fall


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Best Buy kicks off holiday season hiring with fairs across the country

Employees gather for a meeting before opening the doors at a Best Buy Co. store in Louisville, Kentucky, U.SAs the holidays approach, Best Buy has kicked off its seasonal hiring by hosting a number of job fairs. The electronics retailer said Monday it plans to hire “thousands” of workers to assist with the holiday shopping season. Best Buy will host a national fair on Oct. 10-11, where the company said all U.S. stores will hold interviews. Macy’s announced its plan to hire 80,000 temporary worke


Employees gather for a meeting before opening the doors at a Best Buy Co. store in Louisville, Kentucky, U.SAs the holidays approach, Best Buy has kicked off its seasonal hiring by hosting a number of job fairs. The electronics retailer said Monday it plans to hire “thousands” of workers to assist with the holiday shopping season. Best Buy will host a national fair on Oct. 10-11, where the company said all U.S. stores will hold interviews. Macy’s announced its plan to hire 80,000 temporary worke
Best Buy kicks off holiday season hiring with fairs across the country Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-10-07  Authors: mallika mitra, lauren thomas
Keywords: news, cnbc, companies, best, workers, buy, retailers, hiring, kicks, fairs, country, seasonal, holiday, temporary, hire, company, season, plans


Best Buy kicks off holiday season hiring with fairs across the country

Employees gather for a meeting before opening the doors at a Best Buy Co. store in Louisville, Kentucky, U.S

As the holidays approach, Best Buy has kicked off its seasonal hiring by hosting a number of job fairs.

The electronics retailer said Monday it plans to hire “thousands” of workers to assist with the holiday shopping season. Despite the increasingly tight labor market and concerns about how trade uncertainty will impact shopping this year, retailers have started hiring extra hands in anticipation of the holidays.

Best Buy will host a national fair on Oct. 10-11, where the company said all U.S. stores will hold interviews. The company said prospective workers can apply online or in person and that interviews will take place the same day with the potential to be hired on the spot. Hiring fairs for warehouse positions will also be held Oct. 10.

The company did not immediately respond to CNBC’s questions on whether it plans to hire more or fewer workers than last year.

The National Retail Federation expects retailers to hire between 530,000 and 590,000 temporary employees this year, compared with 554,000 in 2018. Macy’s announced its plan to hire 80,000 temporary workers, while Kohl’s announced it plans to hire 90,000 — both in line with their seasonal hiring in 2018. Target plans to hire 130,000, up from the 120,000 it planned to hire last year.

With the unemployment rate at a 50-year low, retailers are offering benefits and perks to attract seasonal workers. Best Buy said it offers “a flexible schedule, competitive wages, 401k eligibility and an employee discount.”

Last year, retailers became desperate for help during the holidays, offering workers bonuses and gift cards.


Company: cnbc, Activity: cnbc, Date: 2019-10-07  Authors: mallika mitra, lauren thomas
Keywords: news, cnbc, companies, best, workers, buy, retailers, hiring, kicks, fairs, country, seasonal, holiday, temporary, hire, company, season, plans


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‘Strike pay’ kicks in at $250 a week for GM union members as work stoppage hits home

United Auto Workers members on strike picket outside General Motors’ Detroit-Hamtramck Assembly plant on Sept. 25, 2019 in Detroit. Michael Wayland / CNBCDETROIT – The financial burden of the United Auto Workers’ strike against General Motors is expected to begin weighing more heavily on union members this week. While the work stoppage is estimated to be costing the Detroit automaker up to $100 million a day in lost production, Monday marks the first day union members will receive “strike pay.”


United Auto Workers members on strike picket outside General Motors’ Detroit-Hamtramck Assembly plant on Sept. 25, 2019 in Detroit. Michael Wayland / CNBCDETROIT – The financial burden of the United Auto Workers’ strike against General Motors is expected to begin weighing more heavily on union members this week. While the work stoppage is estimated to be costing the Detroit automaker up to $100 million a day in lost production, Monday marks the first day union members will receive “strike pay.”
‘Strike pay’ kicks in at $250 a week for GM union members as work stoppage hits home Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-09-30  Authors: michael wayland
Keywords: news, cnbc, companies, strike, sept, week, union, hits, workers, deal, kicks, members, picket, work, pay, stoppage


'Strike pay' kicks in at $250 a week for GM union members as work stoppage hits home

United Auto Workers members on strike picket outside General Motors’ Detroit-Hamtramck Assembly plant on Sept. 25, 2019 in Detroit. Michael Wayland / CNBC

DETROIT – The financial burden of the United Auto Workers’ strike against General Motors is expected to begin weighing more heavily on union members this week. While the work stoppage is estimated to be costing the Detroit automaker up to $100 million a day in lost production, Monday marks the first day union members will receive “strike pay.” The payments, up to $250 a week, are in lieu of company paychecks for the roughly 48,000 UAW members who have been on picket lines since Sept. 16. Friday marked the first payday without a check from GM since its union members went on strike two weeks ago. The strike pay is far less than the weekly compensation members usually receive. The starting wage for hourly assembly workers ranges between roughly $16 to $30 an hour, or $640 to $1,200 a week, before taxes and any overtime pay. Strike payments under $600 aren’t taxed, according to the union. They are paid out of the UAW’s “strike fund,” which totaled more than $721 million in 2018.

Industry analysts expect the increased financial burden on the striking workers, some of whom have been saving months in anticipation for a potential work stoppage, could be a “double-edged sword” for the negotiations. Art Wheaton, a labor expert with the Worker Institute at Cornell University, said striking workers may push or agree to a deal more quickly now that the work stoppage is hitting their pocket books but it also could lead some to have higher, potentially unrealistic, expectations of what the deal will achieve. Colin Lightbody, a labor consultant and longtime negotiator for Fiat Chrysler, agrees. In a blog post Monday, he said it may be “prudent for the UAW leadership to begin managing the expectations of their members as soon as possible.” “I would assume the strikers are going to start feeling the pain this week and unfortunately there’s no guarantee that the economics of the deal will improve from the original GM offer,” Lightbody said Monday during a phone interview. GM, following the union calling the strike on Sept. 15, released details of a proposed four-year deal that included over $7 billion in investments; creation or retention of 5,400 jobs; and wage or lump-sum increases each year. It’s unclear if details of that offer, including the retention of the union’s “nationally-leading health care benefits,” remain on the table. Both sides have declined to comment on the ongoing negotiations.

United Auto Workers members on strike picket outside General Motors’ Detroit-Hamtramck Assembly plant on Sept. 25, 2019 in Detroit. Michael Wayland / CNBC


Company: cnbc, Activity: cnbc, Date: 2019-09-30  Authors: michael wayland
Keywords: news, cnbc, companies, strike, sept, week, union, hits, workers, deal, kicks, members, picket, work, pay, stoppage


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Despite tax overhaul, marriage penalty still hits many couples

“The Tax Cuts and Jobs Act attempted to eliminate the marriage penalty but it only pushed it out farther,” Savage said. Under the new rules, which took effect last year, the marriage penalty kicks in for married couples with combined income of about $600,000 or more. At that point, married couples hit the top 37% federal income tax bracket. There are other tax implications for married couples, as well, including a Medicare surtax of 0.9% and a net investment income tax of 3.8%. Similarly, the ne


“The Tax Cuts and Jobs Act attempted to eliminate the marriage penalty but it only pushed it out farther,” Savage said. Under the new rules, which took effect last year, the marriage penalty kicks in for married couples with combined income of about $600,000 or more. At that point, married couples hit the top 37% federal income tax bracket. There are other tax implications for married couples, as well, including a Medicare surtax of 0.9% and a net investment income tax of 3.8%. Similarly, the ne
Despite tax overhaul, marriage penalty still hits many couples Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-08-20  Authors: jessica dickler
Keywords: news, cnbc, companies, despite, penalty, couples, unmarried, hits, single, married, file, tax, marriage, income, overhaul, kicks


Despite tax overhaul, marriage penalty still hits many couples

Two can live as cheaply as one, the old saying goes. Except for some high-income taxpayers.

Although the Tax Cuts and Jobs Act mostly eliminated the so-called — and hated — marriage penalty, some taxpayers, particularly high-income couples, could still end up paying more in taxes as a married pair than they would if they were each single.

The penalty typically kicks in when two individuals with equal incomes marry, bumping them into a higher tax bracket than they would be otherwise, said Mike Savage, a certified public accountant and CEO of 1-800Accountant.

“The Tax Cuts and Jobs Act attempted to eliminate the marriage penalty but it only pushed it out farther,” Savage said.

Under the new rules, which took effect last year, the marriage penalty kicks in for married couples with combined income of about $600,000 or more. At that point, married couples hit the top 37% federal income tax bracket. In contrast, a single filer reaches the 37% bracket at around $500,000, meaning an unmarried couple could enjoy income of $1 million before reaching the top bracket.

There are other tax implications for married couples, as well, including a Medicare surtax of 0.9% and a net investment income tax of 3.8%.

For example, an individual can have up to $200,000 in income before the Medicare surtax kicks in, but the limit for married couples is only $250,000.

Similarly, the net investment income tax also starts at $200,000 for single taxpayers, and $250,000 for married couples who file jointly.

In addition, long-term capital gains rates are 15% for single individuals up to $434,550 of taxable income and then rise to 20%. But for married couples, the 15% rate goes up to $488,850 of taxable income and jumps to 20% from there.

In every case, the penalty is not a specific tax, but rather the result of reaching a certain threshold sooner as a couple filing their taxes jointly. As the percentage of women in the workforce increases, along with their earnings in relation to men, more couples experience that tax hit.

More from Personal Finance:

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No matter when you get married during the year, come April, you’ll need to file your 2019 tax return as a married couple.

On the flipside, if you get divorced at any time, you’ll file as single in the spring.

“Your marital status for tax purposes is whatever your status is on Dec. 31 of each year,” said Robert Rehm, a vice president of tax services at Mariner Wealth Advisors. “If you get divorced on the last day of the year, for tax purposes, you are treated as being unmarried for the entire year.”

However, splitting up to avoid the penalties rarely makes sense, since there are other tax advantages that come with filing jointly.

“If you were going to get unmarried, you are throwing away other benefits” said Dave Stolz, a CPA and member of the American Institute of CPAs’ personal financial specialist committee. These include spousal individual retirement accounts, which let couples double up on retirement savings even if only one spouse works, and tax exemptions on estate transfers, also known as the “unlimited marital deduction.”

“It’s a step over a dollar to pick up a dime kind of thing,” Stolz said.

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Company: cnbc, Activity: cnbc, Date: 2019-08-20  Authors: jessica dickler
Keywords: news, cnbc, companies, despite, penalty, couples, unmarried, hits, single, married, file, tax, marriage, income, overhaul, kicks


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China kicks off new Shanghai tech board as it tests new ways to improve volatile stock market

Zhang Hengwei | China News Service | VCG via Getty ImagesChina is trying again to boost the credibility of its volatile stock market. But retail participation has been relatively high, leading to much speculative activity that has caused many to call China’s stock markets a casino. It’s a very different circumstance given the Chinese financial market evolution, but I think it is meaningful. The new stock board is aimed at domestic investors, with minimal opportunity for foreign participation rig


Zhang Hengwei | China News Service | VCG via Getty ImagesChina is trying again to boost the credibility of its volatile stock market. But retail participation has been relatively high, leading to much speculative activity that has caused many to call China’s stock markets a casino. It’s a very different circumstance given the Chinese financial market evolution, but I think it is meaningful. The new stock board is aimed at domestic investors, with minimal opportunity for foreign participation rig
China kicks off new Shanghai tech board as it tests new ways to improve volatile stock market Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-07-22  Authors: evelyn cheng
Keywords: news, cnbc, companies, stock, improve, tech, financial, volatile, tests, shanghai, kicks, companies, major, markets, chinese, ways, china, board, market, securities


China kicks off new Shanghai tech board as it tests new ways to improve volatile stock market

Chairman of the China Securities Regulatory Commission Yi Huiman presides over the launch ceremony of the SSE STAR Market or its Nasdaq-style tech board during the 11th Lujiazui Forum 2019 on June 13, 2019 in Shanghai, China. Zhang Hengwei | China News Service | VCG via Getty Images

China is trying again to boost the credibility of its volatile stock market. On Monday, China launched a new Nasdaq-style tech board — the Science and Technology Innovation Board, or “STAR Market” — on which 25 companies were listed, as the country attempts to address investor concerns like market volatility and lack of governance. China boasts the world’s second-largest equity market, just behind the U.S. More foreign capital is expected to flow into mainland Chinese stocks with their inclusion in major investment indexes. But retail participation has been relatively high, leading to much speculative activity that has caused many to call China’s stock markets a casino. Governance is also lacking. In the last few months, some major publicly-listed companies have reported executive criminal detentions, or the disappearance of billions of dollars that cannot be explained. In the meantime, Beijing would also like to keep its best companies listed at home. The country has produced some of the world’s largest technology companies, but they have chosen to list overseas. That’s partly due to stringent profitability requirements at home, and the brand credibility offered by markets such as New York or Hong Kong.

Pilot program

China’s chief securities regulator Yi Huiman has billed the new stock board as a pilot program, to try out new practices before implementation elsewhere. The focus is on valuable industries with major growth potential, such as high-tech equipment manufacturing and biotechnology. The board also creates a domestic investment channel for companies operating in areas of national security that cannot receive foreign capital.

China is centralized, different from the U.S. and Europe. It’s a very different circumstance given the Chinese financial market evolution, but I think it is meaningful. Andy Nybo director at Burton-Taylor International Consulting

Some of the key characteristics of the board are: Allowing some companies of a certain size to list before they have turned a profit

Making it easier for a company to go public by relying on a registration, rather than waiting for regulator approval — 57 companies went public on the Shanghai A-share market last year, versus 143 on Hong Kong’s main board, according to PwC.

Requiring individual investors to have assets of at least 500,000 yuan ($72,655) that can be invested, and two years of securities trading experience. All this sounds promising, except it’s the third time in 10 years that China has established a new major equity market. The last time was in 2013, when the over-the-counter New Third Board began operations. In 2009, the ChiNext was launched in Shenzhen. Neither has been able to gain the same investor interest as the primary A-share market. Anecdotally, many Chinese venture capital firms and other primary market investors are hopeful about a new platform that could allow them to exit investments more easily, and at a high valuation. The China Equity Strategy team at UBS Securities pointed out in a note that the implied average price-to-earnings ratio for the first batch of companies is 53, versus 49 for the ChiNext index.

But many investment funds are preferring to wait and see whether the new board will live up to expectations before commenting, or participating. The most critical thing the Sci-Tech Innovation Board has going for it is public support from Chinese President Xi Jinping, who announced plans for the board last November. Regulators and market participants took just over half a year to put everything together for Monday’s listing. The question is how much of that momentum will continue. “China is centralized, different from the U.S. and Europe. It’s a very different circumstance given the Chinese financial market evolution, but I think it is meaningful,” said Andy Nybo, director at Burton-Taylor International Consulting, which conducts financial markets research. “Regulators, political forces, will try to influence and support (the board) to see it’s a successful initiative.”

Individual vs institutional investors

The new stock board plays into Beijing’s general effort to build up its domestic financial system, which has far less international clout than the overall economy. China’s stock market, in its modern rendition, has existed for less than three decades, while the history of the New York Stock Exchange traces back more than 200 years. “(In China,) we’re likely to move from a world of largely lending-based financing to a little bit more of capital markets -based financing,” Peter Reynolds, partner at management consulting firm Oliver Wyman. “That journey requires a bit of infrastructure to sit beneath it, and parts of that infrastructure can be developed now and (is) being tested.” As an experiment, the Sci-Tech Innovation Board is quite small from a relative capital perspective. Heading into Monday’s launch, the 25 companies were expected to raise 37 billion yuan, according to a report by state news agency Xinhua. In contrast, the Shanghai Stock Exchange has a market valuation of $4.6 trillion, according to the World Federation of Exchanges. The new stock board is aimed at domestic investors, with minimal opportunity for foreign participation right now. But as a high-profile pilot program, its development bears watching for how China’s stock markets might look in the future.

What we are heading towards is a full confrontation … Can’t have a free market and a totally controlled market at the same time. James Early CEO of Stansberry China


Company: cnbc, Activity: cnbc, Date: 2019-07-22  Authors: evelyn cheng
Keywords: news, cnbc, companies, stock, improve, tech, financial, volatile, tests, shanghai, kicks, companies, major, markets, chinese, ways, china, board, market, securities


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‘Racist,’ ‘liar,’ ‘horrible’: Second Democratic debate kicks off with early attacks on Trump

The top Democratic candidates in the 2020 presidential race wasted little time in their first primary debate before taking heavy swings at President Donald Trump. Vice President Joe Biden said that “Donald Trump put us in a horrible situation.” Vermont Sen. Bernie Sanders called Trump a “pathological liar” and “a racist.” But that wasn’t the case for much of the first half of Wednesday night’s debate — and Trump, who was traveling to Japan for the G-20 summit, appeared to take notice. Overall, T


The top Democratic candidates in the 2020 presidential race wasted little time in their first primary debate before taking heavy swings at President Donald Trump. Vice President Joe Biden said that “Donald Trump put us in a horrible situation.” Vermont Sen. Bernie Sanders called Trump a “pathological liar” and “a racist.” But that wasn’t the case for much of the first half of Wednesday night’s debate — and Trump, who was traveling to Japan for the G-20 summit, appeared to take notice. Overall, T
‘Racist,’ ‘liar,’ ‘horrible’: Second Democratic debate kicks off with early attacks on Trump Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-06-27  Authors: kevin breuninger
Keywords: news, cnbc, companies, night, attacks, president, trump, nights, focused, sen, second, horrible, racist, kicks, early, democratic, debate, liar, primary


'Racist,' 'liar,' 'horrible': Second Democratic debate kicks off with early attacks on Trump

The top Democratic candidates in the 2020 presidential race wasted little time in their first primary debate before taking heavy swings at President Donald Trump.

Vice President Joe Biden said that “Donald Trump put us in a horrible situation.” Vermont Sen. Bernie Sanders called Trump a “pathological liar” and “a racist.” California Sen. Kamala Harris slammed Trump’s signature tax cuts as a boon for “the top 1%.”

And that was just in the first 10 minutes.

The early attacks represented a stark rhetorical shift from the previous night, when 10 other Democratic candidates — who on average were less popular than the Thursday night group — focused more of their energy on laying out their policy visions early on.

Political analysts had widely expected the Democrats to hammer the Republican president throughout both nights, along with Biden, who has maintained a commanding lead in the polls despite being by far the biggest target in the Democratic field.

But that wasn’t the case for much of the first half of Wednesday night’s debate — and Trump, who was traveling to Japan for the G-20 summit, appeared to take notice.

Overall, Trump played a significantly larger role in the second primary debate than the first, NBC News reported. Trump was mentioned 52 times Thursday night, compared with 35 mentions during Wednesday’s debate.

Biden, unsurprisingly, focused on Trump more than any other candidate. The former veep entered the 2020 contest as the top-polling candidate, and he has attacked Trump directly since day one.


Company: cnbc, Activity: cnbc, Date: 2019-06-27  Authors: kevin breuninger
Keywords: news, cnbc, companies, night, attacks, president, trump, nights, focused, sen, second, horrible, racist, kicks, early, democratic, debate, liar, primary


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UK leadership race kicks off as the economy starts to weaken

To be able to run as a candidate, Tory members of parliament (MPs) had to have the backing of eight colleagues. Boris Johnson, meanwhile, has attracted some criticism for his promise of an income tax cut for those who earn over £50,000 a year (around $63,000). British Prime Minister Theresa May stood down as the leader of the Conservative Party last Friday and will act as an interim prime minister until a leadership contest is complete. Most leadership candidates have been keen to promote their


To be able to run as a candidate, Tory members of parliament (MPs) had to have the backing of eight colleagues. Boris Johnson, meanwhile, has attracted some criticism for his promise of an income tax cut for those who earn over £50,000 a year (around $63,000). British Prime Minister Theresa May stood down as the leader of the Conservative Party last Friday and will act as an interim prime minister until a leadership contest is complete. Most leadership candidates have been keen to promote their
UK leadership race kicks off as the economy starts to weaken Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-06-10  Authors: holly ellyatt
Keywords: news, cnbc, companies, economy, leadership, boris, johnson, leader, uk, kicks, brexit, candidates, weaken, party, minister, deal, race, starts, conservative


UK leadership race kicks off as the economy starts to weaken

A leadership contest has kicked off in the U.K. after the resignation of beleaguered Prime Minister Theresa May and it looks like former Foreign Secretary and London Mayor Boris Johnson – a politician known for having a sharp wit as much as for his gaffes – could be the next leader of the country.

Monday was the deadline for nominations of those standing in the ruling Conservative Party’s leadership race and although there are 10 candidates on the final list, some names are more well-known than others including Boris Johnson and Jeremy Hunt (the current foreign minister), Home Secretary Sajid Javid and Michael Gove, the environment minister.

To be able to run as a candidate, Tory members of parliament (MPs) had to have the backing of eight colleagues. Now the final list of 10 candidates are known, a series of votes will take place to whittle the number down to two candidates who will face the wider Tory party membership who then pick their preferred candidate and decide on the party’s – and country’s – next leader. The final winner will be announced on July 22.

One frontrunner, Michael Gove, has seen his leadership bid hit by revelations about past cocaine use, leading to increased scrutiny on all the candidates, with some admitting to recreational drug use during their university years. Boris Johnson, meanwhile, has attracted some criticism for his promise of an income tax cut for those who earn over £50,000 a year (around $63,000).

British Prime Minister Theresa May stood down as the leader of the Conservative Party last Friday and will act as an interim prime minister until a leadership contest is complete. Conservative MPs will have their first vote on Thursday this week and that will see the least popular candidate eliminated from the leadership race (if they get less than a certain amount of votes).

The race to succeed her has put Brexit, by now something of a torturous parliamentary wrangle over the departure from European Union, both at the forefront of the political debate and on the backburner, because dealing with Brexit has been delayed by the leadership contest.

Most leadership candidates have been keen to promote their pro-Brexit credentials as the wider Conservative Party and pro-Brexit members of the public call on the government to make progress on leaving the EU by the new deadline of October 31.

Boris Johnson, who is widely expected to become Tory party leader according to polls, has said that he would try to renegotiate the Brexit deal that May hammered out with Brussels, claiming that he would withhold paying a £39 billion divorce bill that was previously agreed would be paid when the U.K. leaves the bloc.

After three years of Brexit negotiations since the Brexit referendum in June 2016, the potential prospect of talks being re-opened under Boris Johnson will send a long sigh of exasperation through the political establishment in Brussels.

Officials there have already said the deal on offer will not change making the possibility of a “no deal” departure from the union more like come October, even though the majority of lawmakers in the British Parliament have voted against such a scenario. Philip Hammond, Britain’s chancellor of the exchequer, told CNBC on Saturday that the probability of a no deal departure is “very small.”


Company: cnbc, Activity: cnbc, Date: 2019-06-10  Authors: holly ellyatt
Keywords: news, cnbc, companies, economy, leadership, boris, johnson, leader, uk, kicks, brexit, candidates, weaken, party, minister, deal, race, starts, conservative


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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 Treasury yields tick lower as Fed meeting kicks off

The yield on the benchmark 10-year Treasury note traded at 2.504% while the 30-year bond dipped to 2.931%. The Fed is largely expected to keep rates unchanged, but investors will look for clues about where the central bank thinks the economy is headed. The central bank’s meeting comes after its preferred measure of inflation, the core personal consumption expenditures index, remained unchanged for March. “The recent drop in core inflation rates (as measured by both the CPI and PCE) seems to conf


The yield on the benchmark 10-year Treasury note traded at 2.504% while the 30-year bond dipped to 2.931%. The Fed is largely expected to keep rates unchanged, but investors will look for clues about where the central bank thinks the economy is headed. The central bank’s meeting comes after its preferred measure of inflation, the core personal consumption expenditures index, remained unchanged for March. “The recent drop in core inflation rates (as measured by both the CPI and PCE) seems to conf
US Treasury yields tick lower as Fed meeting kicks off Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-04-30  Authors: fred imbert sam meredith, fred imbert, sam meredith
Keywords: news, cnbc, companies, lower, tick, unchanged, rate, treasury, meeting, inflation, market, rates, fell, fedwatch, kicks, fed, yields, index


US Treasury yields tick lower as Fed meeting kicks off

The yield on the benchmark 10-year Treasury note traded at 2.504% while the 30-year bond dipped to 2.931%. Yields move inversely to prices.

The Fed is largely expected to keep rates unchanged, but investors will look for clues about where the central bank thinks the economy is headed.

The central bank’s meeting comes after its preferred measure of inflation, the core personal consumption expenditures index, remained unchanged for March. Labor conditions, however, remain, tight in the U.S.

“Many at the Fed seem to be perplexed (and a bit concerned) by the perceived disappearance of the trade-off between unemployment and inflation,” wrote William Delwiche, investment strategist at Baird. “The recent drop in core inflation rates (as measured by both the CPI and PCE) seems to confirm those concerns and fits a narrative that inflation pressures are easing.”

Expectations for a rate cut at this meeting are just at 4%, according to the CME Group’s FedWatch tool. But the market has fully priced in lower overnight rates by October, FedWatch shows.

But Anwiti Bahuguna, head of multi-asset strategy at Columbia Threadneedle Investments, said the Fed could actually raise rates toward the end of the year as the data remains strong.

“I don’t know how they will communicate that because they have done quite a pivot,” she said. “Communication for them is getting tricky because expectations are so different among market participants.”

Yields also fell after the release of mixed economic data. The Chicago Purchasing Manager Index (PMI) fell to 52.6 from 58.7 in March. Meanwhile, home prices grew at a slower rate in February on a year-over-year basis, according to the S&P CoreLogic Case-Shiller home price index.

Pending home sales rose 3.8% in March, however, thanks in part to a sharp drop in mortgage rates.


Company: cnbc, Activity: cnbc, Date: 2019-04-30  Authors: fred imbert sam meredith, fred imbert, sam meredith
Keywords: news, cnbc, companies, lower, tick, unchanged, rate, treasury, meeting, inflation, market, rates, fell, fedwatch, kicks, fed, yields, index


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‘Chinese people love and long for peace,’ President Xi says as major naval parade kicks off

The Chinese people love peace and countries should not threaten each other with the use of force, President Xi Jinping said on Tuesday as he kicked off a large-scale naval parade marking 70 years since the founding of China’s navy. Meeting foreign naval officers in the eastern Chinese city of Qingdao, Xi said the navies of the world should work together to protect maritime peace and order. Xi is expected to review the naval parade from sea later in the day, though it is unclear whether poor weat


The Chinese people love peace and countries should not threaten each other with the use of force, President Xi Jinping said on Tuesday as he kicked off a large-scale naval parade marking 70 years since the founding of China’s navy. Meeting foreign naval officers in the eastern Chinese city of Qingdao, Xi said the navies of the world should work together to protect maritime peace and order. Xi is expected to review the naval parade from sea later in the day, though it is unclear whether poor weat
‘Chinese people love and long for peace,’ President Xi says as major naval parade kicks off Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-04-23  Authors: artyom ivanov, tass, getty images
Keywords: news, cnbc, companies, sea, kicks, xi, countries, major, naval, love, chinese, china, parade, long, foreign, peace, force, president


'Chinese people love and long for peace,' President Xi says as major naval parade kicks off

The Chinese people love peace and countries should not threaten each other with the use of force, President Xi Jinping said on Tuesday as he kicked off a large-scale naval parade marking 70 years since the founding of China’s navy.

Xi is overseeing a sweeping plan to refurbish the People’s Liberation Army (PLA) by developing everything from stealth jets to aircraft carriers as China ramps up its presence in the disputed South China Sea and around self-ruled Taiwan, which have rattled nerves around the region and in Washington.

The navy has been a key beneficiary of the modernization plan, with China looking to project power far from the country’s shores and protect its trading routes and citizens overseas.

Meeting foreign naval officers in the eastern Chinese city of Qingdao, Xi said the navies of the world should work together to protect maritime peace and order.

“The Chinese people love and long for peace, and will unswervingly follow the path of peaceful development,” Xi added, in remarks carried by the official Xinhua news agency, after foreign reporters were asked by Xi to leave the room.

“Everyone should respect each other, treat each other as equals, enhance mutual trust, strengthen maritime dialogue and exchanges, and deepen pragmatic cooperation between navies,” he added.

“There must be more discussions and consultations between countries, and there cannot be resorts to force or threats of force at the slightest pretext,” Xi said.

“All countries should adhere to equal consultations, improve crisis communication mechanisms, strengthen regional security cooperation, and promote the proper settlement of maritime-related disputes.”

Xi is expected to review the naval parade from sea later in the day, though it is unclear whether poor weather in Qingdao — with mist and driving rain — could affect the event.

The parade will feature 32 Chinese vessels and 39 aircraft, as well as warships from 13 foreign countries including India, Japan, Vietnam and Australia.

China has said it will display for the first time new nuclear submarines and warships.

China has frequently had to rebuff concerns about its military intentions, especially as military spending continues to scale new heights.

Beijing says it has nothing to hide, and invited a small number of foreign media onboard a naval ship to watch the parade, including from Reuters.

China’s last naval battles were with the Vietnamese in the South China Sea in 1974 and 1988, though these were relatively minor skirmishes.

Chinese navy ships have also participated in international anti-piracy patrols off Somalia’s coast since late 2008.


Company: cnbc, Activity: cnbc, Date: 2019-04-23  Authors: artyom ivanov, tass, getty images
Keywords: news, cnbc, companies, sea, kicks, xi, countries, major, naval, love, chinese, china, parade, long, foreign, peace, force, president


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