Trade war could wipe $455 billion off global GDP next year, IMF warns

U.S.-China tariffs, that have been both implemented and proposed, could cut global economic output by 0.5% in 2020, the International Monetary Fund (IMF) warned Wednesday. “There are growing concerns over the impact of the current trade tensions. The risk is that the most recent U.S.-China tariffs could further reduce investment, productivity, and growth. “Indeed, there is strong evidence that the United States, China, and the world economy are the losers from the current trade tensions,” she ad


U.S.-China tariffs, that have been both implemented and proposed, could cut global economic output by 0.5% in 2020, the International Monetary Fund (IMF) warned Wednesday. “There are growing concerns over the impact of the current trade tensions. The risk is that the most recent U.S.-China tariffs could further reduce investment, productivity, and growth. “Indeed, there is strong evidence that the United States, China, and the world economy are the losers from the current trade tensions,” she ad
Trade war could wipe $455 billion off global GDP next year, IMF warns Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-06-05  Authors: matt clinch
Keywords: news, cnbc, companies, tensions, tariffs, implemented, economy, wipe, current, war, imf, warns, global, gdp, lagarde, trade, 455, proposed, uschina, billion, president


Trade war could wipe $455 billion off global GDP next year, IMF warns

U.S.-China tariffs, that have been both implemented and proposed, could cut global economic output by 0.5% in 2020, the International Monetary Fund (IMF) warned Wednesday.

Christine Lagarde, the IMF’s managing director, said in a briefing note for G-20 finance ministers and central bank governors that taxing all trade between the world’s two largest economies would cause some $455 billion in gross domestic product to evaporate. This would be a loss larger than South Africa’s economy, it said.

“There are growing concerns over the impact of the current trade tensions. The risk is that the most recent U.S.-China tariffs could further reduce investment, productivity, and growth. The just proposed U.S. tariffs on Mexico are also of concern,” Lagarde said in the blogpost.

“Indeed, there is strong evidence that the United States, China, and the world economy are the losers from the current trade tensions,” she added.

Lagarde on Wednesday called them “self-inflicted wounds” that must be avoided “by removing the recently implemented trade barriers and by avoiding further barriers in whatever form.”

In July last year, President Donald Trump indicated that he was willing to slap tariffs on every Chinese good imported to the U.S. should the need arise. “I’m ready to go to 500,” the president told CNBC’s Joe Kernen.


Company: cnbc, Activity: cnbc, Date: 2019-06-05  Authors: matt clinch
Keywords: news, cnbc, companies, tensions, tariffs, implemented, economy, wipe, current, war, imf, warns, global, gdp, lagarde, trade, 455, proposed, uschina, billion, president


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Cryptocurrencies are ‘clearly shaking the system,’ IMF’s Lagarde says

Financial technologies such as digital currencies are “shaking” the banking system and must be monitored to maintain stability, according to the head of the International Monetary Fund. Speaking to CNBC on Wednesday, IMF Managing Director Christine Lagarde pointed to the changing business models of commercial banks as evidence that innovations like cryptocurrencies are having a clear impact on financial sector incumbents. “I think the role of the disruptors and anything that is using distributed


Financial technologies such as digital currencies are “shaking” the banking system and must be monitored to maintain stability, according to the head of the International Monetary Fund. Speaking to CNBC on Wednesday, IMF Managing Director Christine Lagarde pointed to the changing business models of commercial banks as evidence that innovations like cryptocurrencies are having a clear impact on financial sector incumbents. “I think the role of the disruptors and anything that is using distributed
Cryptocurrencies are ‘clearly shaking the system,’ IMF’s Lagarde says Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-04-11  Authors: elizabeth schulze
Keywords: news, cnbc, companies, financial, system, clearly, stability, warned, using, think, imfs, imf, shaking, lagarde, cryptocurrencies, currencies, technology


Cryptocurrencies are 'clearly shaking the system,' IMF's Lagarde says

Financial technologies such as digital currencies are “shaking” the banking system and must be monitored to maintain stability, according to the head of the International Monetary Fund.

Speaking to CNBC on Wednesday, IMF Managing Director Christine Lagarde pointed to the changing business models of commercial banks as evidence that innovations like cryptocurrencies are having a clear impact on financial sector incumbents.

“I think the role of the disruptors and anything that is using distributed ledger technology, whether you call it crypto, assets, currencies, or whatever … that is clearly shaking the system,” she said.

The IMF boss warned that such financial industry changes must be accompanied by regulation.

“We don’t want innovation that would shake the system so much that we would lose the stability that is needed,” she said.


Company: cnbc, Activity: cnbc, Date: 2019-04-11  Authors: elizabeth schulze
Keywords: news, cnbc, companies, financial, system, clearly, stability, warned, using, think, imfs, imf, shaking, lagarde, cryptocurrencies, currencies, technology


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Cryptocurrencies are ‘clearly shaking the system,’ IMF’s Lagarde says

Financial technologies such as digital currencies are “shaking” the banking system and must be monitored to maintain stability, according to the head of the International Monetary Fund. Speaking to CNBC on Wednesday, IMF Managing Director Christine Lagarde pointed to the changing business models of commercial banks as evidence that innovations like cryptocurrencies are having a clear impact on financial sector incumbents. “I think the role of the disruptors and anything that is using distributed


Financial technologies such as digital currencies are “shaking” the banking system and must be monitored to maintain stability, according to the head of the International Monetary Fund. Speaking to CNBC on Wednesday, IMF Managing Director Christine Lagarde pointed to the changing business models of commercial banks as evidence that innovations like cryptocurrencies are having a clear impact on financial sector incumbents. “I think the role of the disruptors and anything that is using distributed
Cryptocurrencies are ‘clearly shaking the system,’ IMF’s Lagarde says Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-04-11  Authors: elizabeth schulze
Keywords: news, cnbc, companies, financial, system, clearly, stability, warned, using, think, imfs, imf, shaking, lagarde, cryptocurrencies, currencies, technology


Cryptocurrencies are 'clearly shaking the system,' IMF's Lagarde says

Financial technologies such as digital currencies are “shaking” the banking system and must be monitored to maintain stability, according to the head of the International Monetary Fund.

Speaking to CNBC on Wednesday, IMF Managing Director Christine Lagarde pointed to the changing business models of commercial banks as evidence that innovations like cryptocurrencies are having a clear impact on financial sector incumbents.

“I think the role of the disruptors and anything that is using distributed ledger technology, whether you call it crypto, assets, currencies, or whatever … that is clearly shaking the system,” she said.

The IMF boss warned that such financial industry changes must be accompanied by regulation.

“We don’t want innovation that would shake the system so much that we would lose the stability that is needed,” she said.


Company: cnbc, Activity: cnbc, Date: 2019-04-11  Authors: elizabeth schulze
Keywords: news, cnbc, companies, financial, system, clearly, stability, warned, using, think, imfs, imf, shaking, lagarde, cryptocurrencies, currencies, technology


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IMF’s Lagarde says oil exporters not fully recovered from 2014 shock, warns of ‘white elephant projects’

Oil exporters have not fully recovered from the dramatic oil price shock of 2014, the head of the International Monetary Fund said on Saturday, and she cautioned against spending money on “white elephant projects.” “This has led to a sharp increase in public debt, from 13 percent of GDP in 2013 to 33 percent in 2018.” Lagarde said governments in the region might be tempted to favor white elephant projects instead of investment in people and productive potential. Among oil importers in the Middle


Oil exporters have not fully recovered from the dramatic oil price shock of 2014, the head of the International Monetary Fund said on Saturday, and she cautioned against spending money on “white elephant projects.” “This has led to a sharp increase in public debt, from 13 percent of GDP in 2013 to 33 percent in 2018.” Lagarde said governments in the region might be tempted to favor white elephant projects instead of investment in people and productive potential. Among oil importers in the Middle
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Company: cnbc, Activity: cnbc, Date: 2019-02-10  Authors: simon dawson, bloomberg, getty images
Keywords: news, cnbc, companies, oil, fully, recovered, lagarde, middle, public, region, growth, fiscal, imfs, exporters, shock, white, warns, gdp, projects, spending, global


IMF's Lagarde says oil exporters not fully recovered from 2014 shock, warns of 'white elephant projects'

Oil exporters have not fully recovered from the dramatic oil price shock of 2014, the head of the International Monetary Fund said on Saturday, and she cautioned against spending money on “white elephant projects.”

“With revenues down, fiscal deficits are only slowly declining, despite significant reforms on both the spending and revenue sides, including the introduction of VAT and excise taxes,” Christine Lagarde, the managing director of the IMF, told a conference in Dubai.

“This has led to a sharp increase in public debt, from 13 percent of GDP in 2013 to 33 percent in 2018.”

Lagarde said the uncertainty in the growth outlook for oil exporters also reflected moves by countries to shift rapidly toward renewable energy over the new few decades, in line with the Paris climate change pact.

She said there was scope to improve fiscal frameworks in the Middle East with some of the weaknesses emanating from “short-termism and insufficient credibility.”

Lagarde said governments in the region might be tempted to favor white elephant projects instead of investment in people and productive potential.

Saudi Arabia, the Middle East’s biggest economy, has announced plans to go ahead with three major projects including NEOM, a $500 billion economic zone announced by Crown Prince Mohammed bin Salman.

The projects are backed by the country’s sovereign wealth fund, the Public Investment Fund.

Lagarde also said across the region, it is common for sovereign wealth funds to directly finance projects, bypassing the normal budget process, while state-owned enterprises in some countries had high levels of borrowing, outside the budget.

She said oil exporters could follow the example of other resource-rich countries such as Chile and Norway in using fiscal rules to protect priorities, such as social spending, from commodity price volatility.

Among oil importers in the Middle East region, growth had picked up, but it was still below the level before the global financial crisis, she said.

Fiscal deficits remained high, and public debt had risen rapidly — from 64 percent of GDP in 2008 to 85 percent a decade later, she said. Public debt now exceeded 90 percent of GDP in nearly half of these countries.

Speaking about the global economy, Lagarde said the IMF was not seeing a global recession on the horizon, but risks were rising for global growth due to trade tensions and tightening financial conditions.

The IMF’s revised forecast sees the global economy growing by 3.5 percent this year, 0.2 percentage points below what it expected in October.

“Unsurprisingly, a weaker global environment has knock-on effects on the region through a variety of channels — trade, remittances, capital flows, commodity prices, and financing conditions,” she said.


Company: cnbc, Activity: cnbc, Date: 2019-02-10  Authors: simon dawson, bloomberg, getty images
Keywords: news, cnbc, companies, oil, fully, recovered, lagarde, middle, public, region, growth, fiscal, imfs, exporters, shock, white, warns, gdp, projects, spending, global


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IMF’s Lagarde says a China slowdown, if fast, would constitute a real risk

The International Monetary Fund’s Managing Director, Christine Lagarde, told a panel in Davos that the current slowdown in China’s economy is “legitimate,” but warned it could pose a major risk if the downtrend started to accelerate. Speaking at the World Economic Forum (WEF), Lagarde said while China’s slowing growth has been a concern, it looked to be under control. “That the Chinese economy slowing down is fine. “Should the slowdown be excessively fast, it would constitute a real issue both d


The International Monetary Fund’s Managing Director, Christine Lagarde, told a panel in Davos that the current slowdown in China’s economy is “legitimate,” but warned it could pose a major risk if the downtrend started to accelerate. Speaking at the World Economic Forum (WEF), Lagarde said while China’s slowing growth has been a concern, it looked to be under control. “That the Chinese economy slowing down is fine. “Should the slowdown be excessively fast, it would constitute a real issue both d
IMF’s Lagarde says a China slowdown, if fast, would constitute a real risk Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-01-24  Authors: david reid, jason alden, bloomberg, getty images
Keywords: news, cnbc, companies, chinas, lagarde, fast, economy, slowing, growth, shong, imfs, constitute, think, slowdown, china, told, risk, real


IMF's Lagarde says a China slowdown, if fast, would constitute a real risk

The International Monetary Fund’s Managing Director, Christine Lagarde, told a panel in Davos that the current slowdown in China’s economy is “legitimate,” but warned it could pose a major risk if the downtrend started to accelerate.

Speaking at the World Economic Forum (WEF), Lagarde said while China’s slowing growth has been a concern, it looked to be under control.

“That the Chinese economy slowing down is fine. It is legitimate its is right and I think it is very much to be controlled by Chinese authorities,” she told CNBC’s Geoff Cutmore.

The Dow Jones Industrial Average sank 300 points on Tuesday after China reported its slowest economic growth in almost three decades. A long-running trade battle with the U.S. has accentuated fears that the world’s second-largest economy could slow more than previously expected.

“Should the slowdown be excessively fast, it would constitute a real issue both domestically and probably on a more systemic basis,” Lagarde added.

Also speaking on the panel was Hugo Shong, founding chairman of IDG Capital. His firm was the first global investment firm to enter China in the 1990s and an early investor of Baidu, Tencent and Xiaomi. Shong said he didn’t currently have any real concern over China’s cooling economy.

“Yes, in the past you were talking about 8 percent GDP (gross domestic product) growth. Now we have 6.6 percent and I think, given the size of the economy, it is a pretty good number,” he said.


Company: cnbc, Activity: cnbc, Date: 2019-01-24  Authors: david reid, jason alden, bloomberg, getty images
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Lagarde: It would be very nice if countries don’t have to rely on central banks in the next crisis

Top finance professionals urged governments to complete reforms while the global economy is still showing solid growth, insisting that central banks should not be relied upon in the event of a new crisis. “It would be very nice if the economies at large didn’t have to rely on the central banks yet again in order to resist the next shock,” Christine Lagarde, the managing director of the International Monetary Fund (IMF), said at a CNBC-hosted panel at the World Economic Forum in Davos Thursday. “


Top finance professionals urged governments to complete reforms while the global economy is still showing solid growth, insisting that central banks should not be relied upon in the event of a new crisis. “It would be very nice if the economies at large didn’t have to rely on the central banks yet again in order to resist the next shock,” Christine Lagarde, the managing director of the International Monetary Fund (IMF), said at a CNBC-hosted panel at the World Economic Forum in Davos Thursday. “
Lagarde: It would be very nice if countries don’t have to rely on central banks in the next crisis Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-01-24  Authors: matt clinch, adam galica
Keywords: news, cnbc, companies, comes, world, dont, bank, nice, banks, reforms, lagarde, urged, crisis, countries, zone, central, vast, rely, unprecedented


Lagarde: It would be very nice if countries don't have to rely on central banks in the next crisis

Top finance professionals urged governments to complete reforms while the global economy is still showing solid growth, insisting that central banks should not be relied upon in the event of a new crisis.

“It would be very nice if the economies at large didn’t have to rely on the central banks yet again in order to resist the next shock,” Christine Lagarde, the managing director of the International Monetary Fund (IMF), said at a CNBC-hosted panel at the World Economic Forum in Davos Thursday.

“Which is why I think policymakers have to really take the right course of action when it comes to fiscal policies, when it comes to actually completing the reforms that some of them have undertaken but some of them have only just touched softly and need to go much deeper into,” she told CNBC’s Geoff Cutmore.

Central banks around the globe launched massive stimulus packages after the financial crash of 2008 and the subsequent debt crisis in the euro zone. The Federal Reserve, the Bank of England and the European Central Bank (ECB) were just some of the institutions that implemented unprecedented measures, such as lowering interest rates to record lows and buying up government bonds in vast quantities.


Company: cnbc, Activity: cnbc, Date: 2019-01-24  Authors: matt clinch, adam galica
Keywords: news, cnbc, companies, comes, world, dont, bank, nice, banks, reforms, lagarde, urged, crisis, countries, zone, central, vast, rely, unprecedented


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IMF Chair Christine Lagarde cuts global growth forecast for 2019 to 3.5 percent

IMF Managing Director Christine Lagarde said the IMF modestly cut its global growth forecast for 2019 to 3.5 percent from 3.7 percent. “Six months ago these were threats, but they were not at the level of magnitude we have now,” Lagarde told CNBC. Now we are seeing the ripple effects these issues are having on the global economy, she said. Right now there is uncertainty over when these risks will be resolved, Lagarde said. “This is a big uncertainty for Europe, and the role played by London as a


IMF Managing Director Christine Lagarde said the IMF modestly cut its global growth forecast for 2019 to 3.5 percent from 3.7 percent. “Six months ago these were threats, but they were not at the level of magnitude we have now,” Lagarde told CNBC. Now we are seeing the ripple effects these issues are having on the global economy, she said. Right now there is uncertainty over when these risks will be resolved, Lagarde said. “This is a big uncertainty for Europe, and the role played by London as a
IMF Chair Christine Lagarde cuts global growth forecast for 2019 to 3.5 percent Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-01-22  Authors: lori ioannou, adam galica
Keywords: news, cnbc, companies, uncertainty, global, cuts, trade, forecast, christine, chair, months, 2019, issues, growth, 35, risks, imf, lagarde, resolved, level


IMF Chair Christine Lagarde cuts global growth forecast for 2019 to 3.5 percent

IMF Managing Director Christine Lagarde said the IMF modestly cut its global growth forecast for 2019 to 3.5 percent from 3.7 percent. Speaking at the World Economic Forum in Davos, Switzerland, on Tuesday, she said the move was due to the high level of economic risks that are accelerating around the globe. These include the U.S.-China trade war, Brexit and China’s slowing economy.

“Six months ago these were threats, but they were not at the level of magnitude we have now,” Lagarde told CNBC. Now we are seeing the ripple effects these issues are having on the global economy, she said. Among them: tariff increases that are shaking up markets and boosting volatility particularly in advanced economies. “There is a compounding effect to all this. Market values have changed dramatically over the last few months,” she points out.

Right now there is uncertainty over when these risks will be resolved, Lagarde said. Take Brexit, for example. No one knows if the U.K.’s withdrawal from the European Union will be resolved by the March 11 deadline or if it will be a no-deal exit. Last week Parliament overwhelmingly rejected British Prime Minister Theresa May’s proposal for a deal. “This is a big uncertainty for Europe, and the role played by London as a key financial center,” she said.

On the trade front, the IMF chief noted there has been progress. The new U.S.-Mexico-Canada Agreement has been resolved, and the TPP 11 (Trans-Pacific Partnership agreement) has been ratified by seven members and is now in place. “These are all positives, but you still have the big elephant in the room: the U.S. and China that have to resolve trade disputes over issues of intellectual property, state-owned entities, subsidies and the balance of trade.”


Company: cnbc, Activity: cnbc, Date: 2019-01-22  Authors: lori ioannou, adam galica
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Central banks should consider issuing digital money, IMF’s Lagarde says

Central banks should consider issuing digital currencies as money faces a “historic turning point,” according to IMF Managing Director Christine Lagarde. She said central banks have a role supplying money to the digital economy. “I believe that we should consider the possibility to issue digital currency,” Lagarde said. Lagarde said a central bank-backed digital currency could help promote financial inclusion, security, and privacy in payments as a low-cost and efficient alternative to paper not


Central banks should consider issuing digital currencies as money faces a “historic turning point,” according to IMF Managing Director Christine Lagarde. She said central banks have a role supplying money to the digital economy. “I believe that we should consider the possibility to issue digital currency,” Lagarde said. Lagarde said a central bank-backed digital currency could help promote financial inclusion, security, and privacy in payments as a low-cost and efficient alternative to paper not
Central banks should consider issuing digital money, IMF’s Lagarde says Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2018-11-14  Authors: elizabeth schulze, chris somodevilla, getty images
Keywords: news, cnbc, companies, imfs, central, world, digital, consider, currency, money, warned, banks, lagarde, issuing, financial


Central banks should consider issuing digital money, IMF's Lagarde says

Central banks should consider issuing digital currencies as money faces a “historic turning point,” according to IMF Managing Director Christine Lagarde.

In a speech at the Singapore Fintech Festival on Wednesday, Lagarde highlighted the changing nature of money as demand for physical cash decreases around the world. She said central banks have a role supplying money to the digital economy.

“I believe that we should consider the possibility to issue digital currency,” Lagarde said.

Lagarde said a central bank-backed digital currency could help promote financial inclusion, security, and privacy in payments as a low-cost and efficient alternative to paper notes. But she also warned of risks to financial stability and innovation.

“My message is that while the case for digital currency is not universal, we should investigate it further, seriously, carefully, and creatively,” Lagarde said.


Company: cnbc, Activity: cnbc, Date: 2018-11-14  Authors: elizabeth schulze, chris somodevilla, getty images
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IMF’s Christine Lagarde postpones trip to the Middle East

International Monetary Fund Managing Director Christine Lagarde has postponed her trip to the Middle East, according to an IMF statement on Wednesday. “The Managing Director’s previously scheduled trip to the Middle East region is being deferred,” an IMF spokesperson said. He was last seen on Oct. 2 when he entered the Saudi consulate in Istanbul. Turkish officials told media outlets that Khashoggi was killed and dismembered with a bone saw inside the consulate. He is due to fly to the Turkish c


International Monetary Fund Managing Director Christine Lagarde has postponed her trip to the Middle East, according to an IMF statement on Wednesday. “The Managing Director’s previously scheduled trip to the Middle East region is being deferred,” an IMF spokesperson said. He was last seen on Oct. 2 when he entered the Saudi consulate in Istanbul. Turkish officials told media outlets that Khashoggi was killed and dismembered with a bone saw inside the consulate. He is due to fly to the Turkish c
IMF’s Christine Lagarde postpones trip to the Middle East Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2018-10-17  Authors: saheli roy choudhury, joanna tan, kazuhiro nogi, afp, getty images
Keywords: news, cnbc, companies, middle, riyadh, trip, lagarde, christine, imf, ceo, khashoggi, turkish, imfs, east, told, event, consulate, postpones, officials, saudi


IMF's Christine Lagarde postpones trip to the Middle East

International Monetary Fund Managing Director Christine Lagarde has postponed her trip to the Middle East, according to an IMF statement on Wednesday.

Lagarde’s visit to the region included attending the Future Investment Initiative, also known as “Davos in the Desert,” in Saudi Arabia. The conference is scheduled for Oct. 23 to 25.

“The Managing Director’s previously scheduled trip to the Middle East region is being deferred,” an IMF spokesperson said. The IMF did not give a reason for the postponement. CNBC has reached out to the IMF for clarification.

The investing event in Riyadh has seen mounting cancellations since the disappearance and suspected killing of Washington Post columnist Jamal Khashoggi. Turkish officials allege that he was murdered by a team of Saudi operatives, but Riyadh has fiercely denied the claim.

Media outlets including CNBC, Financial Times, CNN and The New York Times have also withdrawn from the event, citing concerns about Khashoggi’s disappearance.

Several prominent business leaders have also said they will not be attending the event, including J.P. Morgan Chase CEO Jamie Dimon, BlackRock CEO Larry Fink, Blackstone CEO Stephen Schwarzman and Mastercard CEO Ajay Banga.

Last week, Lagarde told reporters at the IMF and World Bank annual meetings in Bali, Indonesia, that while she was “horrified” at the disappearance and suspected killing of Khashoggi, she was still planning to attend the conference in Riyadh.

“I have to conduct the business of IMF in all corners of the world, and with many governments,” she said at that time. “When I visit a country, I always speak my mind. You know me, I do. At this point in time, my intention is to not change my plan and to be very attentive to the information that is coming out in the next few days, but I speak my mind.”

Khashoggi, who had been living in the United States as a voluntary exile from Saudi Arabia, was a prominent critic of Crown Prince Mohammed bin Salman and the Saudi royal family. He was last seen on Oct. 2 when he entered the Saudi consulate in Istanbul.

Turkish officials told media outlets that Khashoggi was killed and dismembered with a bone saw inside the consulate. The Saudi government has denied those allegations.

An official told the Associated Press on Tuesday that a police search of the consulate found evidence that Khashoggi was slain there.

U.S. Secretary of State Mike Pompeo met Saudi Arabia’s King Salman, Crown Prince Mohammed and Foreign Minister Adel al-Jubeir in Riyadh on Tuesday to discuss the matter. He is due to fly to the Turkish capital of Ankara on Wednesday to meet Turkish officials.


Company: cnbc, Activity: cnbc, Date: 2018-10-17  Authors: saheli roy choudhury, joanna tan, kazuhiro nogi, afp, getty images
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IMF Christine Lagarde on Jamal Khashoggi’s disappearance, Saudi Arabia

BALI, Indonesia — Christine Lagarde, managing director of the International Monetary Fund, said she is “horrified” at the disappearance and suspected killing of journalist Jamal Khashoggi but still plans to attend a conference in Saudi Arabia later this month. U.S. Treasury Secretary Steven Mnuchin told CNBC on Friday that he, too, still plans to attend FII. “We are concerned about what is the status of Mr. Khashoggi,” Mnuchin told CNBC. Saudi Arabia has denied wrongdoing. Khashoggi had been liv


BALI, Indonesia — Christine Lagarde, managing director of the International Monetary Fund, said she is “horrified” at the disappearance and suspected killing of journalist Jamal Khashoggi but still plans to attend a conference in Saudi Arabia later this month. U.S. Treasury Secretary Steven Mnuchin told CNBC on Friday that he, too, still plans to attend FII. “We are concerned about what is the status of Mr. Khashoggi,” Mnuchin told CNBC. Saudi Arabia has denied wrongdoing. Khashoggi had been liv
IMF Christine Lagarde on Jamal Khashoggi’s disappearance, Saudi Arabia Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2018-10-13  Authors: yen nee lee, chris somodevilla, getty images
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IMF Christine Lagarde on Jamal Khashoggi's disappearance, Saudi Arabia

BALI, Indonesia — Christine Lagarde, managing director of the International Monetary Fund, said she is “horrified” at the disappearance and suspected killing of journalist Jamal Khashoggi but still plans to attend a conference in Saudi Arabia later this month.

“Human rights, freedom of information are essential rights. And horrifying things have been reported and I am horrified,” she told reporters on Saturday in Bali, Indonesia, where the IMF and World Bank are conducting their annual meetings.

“But I have to conduct the business of IMF in all corners of the world, and with many governments,” she added. “When I visit a country, I always speak my mind. You know me, I do. At this point in time, my intention is to not change my plan and to be very attentive to the information that is coming out in the next few days, but I speak my mind.”

Lagarde was responding to a question on whether she will proceed with her planned visit to Riyadh, Saudi Arabia to attend the Future Investment Initiative, also known as “Davos in the Desert,” which is scheduled for Oct. 23 to 25.

Several luminaries and media outlets — including CNBC, Financial Times, CNN and The New York Times — have withdrawn from the event, citing concerns about the disappearance of Khashoggi and his alleged murder.

Lagarde is not the only one who is going ahead with attending the conference. U.S. Treasury Secretary Steven Mnuchin told CNBC on Friday that he, too, still plans to attend FII.

“We are concerned about what is the status of Mr. Khashoggi,” Mnuchin told CNBC. “If more information comes out and changes, we could look at that, but I am planning on going.”

Khashoggi, a critic of Crown Prince Mohammed bin Salman and the Saudi royal family, was last seen Oct. 2 when he entered the Saudi consulate in Istanbul. Saudi Arabia has denied wrongdoing. Turkey has reportedly informed the U.S. that it has video and audio evidence showing Khashoggi, who wrote for The Washington Post, was killed inside the consulate.

Khashoggi had been living in the United States as a voluntary exile from Saudi Arabia.

Several senators, led by Republicans Bob Corker and Lindsey Graham, have triggered a U.S. investigation into Khashoggi’s whereabouts. The White House has said senior administration officials, including President Donald Trump’s son-in-law and top advisor Jared Kushner and Secretary of State Mike Pompeo, have been in contact with the crown prince regarding the journalist’s disappearance.

— CNBC’s Mike Calia contributed reporting.


Company: cnbc, Activity: cnbc, Date: 2018-10-13  Authors: yen nee lee, chris somodevilla, getty images
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