Why the dollar could keep rising this year even if the Fed doesn’t hike — further vexing Trump

“The dollar has stayed bid on the back of safe-haven demand,” said Peter Ng, senior FX trader at Silicon Valley Bank. “The global slowdown is affecting everyone and at the current moment, it doesn’t seem like there are any good replacements for the dollar.” Investors across the globe and asset classes are fretting over the possibility of a slowdown in economic growth amid weakening data. In the U.S., jobs creation came to an almost screeching halt in February as only 20,000 jobs were added. In E


“The dollar has stayed bid on the back of safe-haven demand,” said Peter Ng, senior FX trader at Silicon Valley Bank. “The global slowdown is affecting everyone and at the current moment, it doesn’t seem like there are any good replacements for the dollar.” Investors across the globe and asset classes are fretting over the possibility of a slowdown in economic growth amid weakening data. In the U.S., jobs creation came to an almost screeching halt in February as only 20,000 jobs were added. In E
Why the dollar could keep rising this year even if the Fed doesn’t hike — further vexing Trump Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-03-12  Authors: fred imbert, getty images, chris goodney, bloomberg, mark wilson
Keywords: news, cnbc, companies, vexing, slowdown, bank, doesnt, 11, dollar, growth, rising, added, economic, current, trump, hike, fed, 2019, jobs


Why the dollar could keep rising this year even if the Fed doesn't hike — further vexing Trump

Westpac sees the US dollar ’tilting higher’ in 2H of 2019 4:21 AM ET Mon, 11 March 2019 | 03:20

The dollar’s rise defies the consensus from earlier in the year that the U.S. currency would go down as the Federal Reserve signaled fewer rate hikes. New tame inflation data on Tuesday supported the Fed’s new tack.

“The dollar has stayed bid on the back of safe-haven demand,” said Peter Ng, senior FX trader at Silicon Valley Bank. “The global slowdown is affecting everyone and at the current moment, it doesn’t seem like there are any good replacements for the dollar.”

Investors across the globe and asset classes are fretting over the possibility of a slowdown in economic growth amid weakening data.

Chinese exports dropped 20.7 percent in February from the year-earlier period, missing expectations.

In the U.S., jobs creation came to an almost screeching halt in February as only 20,000 jobs were added. Economists polled by Refinitv expected the U.S. economy to have added 180,000 jobs last month. Some experts, however, attributed some of the hiring weakness to factors like weather and lingering effects from the government shutdown.

In Europe, the European Central Bank slashed its euro zone growth forecast for 2019 to 1.1 percent from 1.7 percent. ECB President Mario Draghi said Thursday there is a “sizable moderation in economic expansion that will extend into the current year.”


Company: cnbc, Activity: cnbc, Date: 2019-03-12  Authors: fred imbert, getty images, chris goodney, bloomberg, mark wilson
Keywords: news, cnbc, companies, vexing, slowdown, bank, doesnt, 11, dollar, growth, rising, added, economic, current, trump, hike, fed, 2019, jobs


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Equifax, Marriott CEOs testify in Senate over data breaches

Begor joined Equifax’s chief information security officer, Jamil Farshchi, and Marriott CEO Arne Sorenson to discuss private-sector data breaches at a hearing Thursday in front of the Senate’s Homeland Security and Governmental Affairs Subcommittee on Investigations. The Senate report says that unlike Equifax, the company’s competitors Experian and TransUnion “were able to avoid a similar data breach.” “During its investigation, the Subcommittee learned that Equifax employees conducted substanti


Begor joined Equifax’s chief information security officer, Jamil Farshchi, and Marriott CEO Arne Sorenson to discuss private-sector data breaches at a hearing Thursday in front of the Senate’s Homeland Security and Governmental Affairs Subcommittee on Investigations. The Senate report says that unlike Equifax, the company’s competitors Experian and TransUnion “were able to avoid a similar data breach.” “During its investigation, the Subcommittee learned that Equifax employees conducted substanti
Equifax, Marriott CEOs testify in Senate over data breaches Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-03-07  Authors: kate fazzini, mark wilson, getty images
Keywords: news, cnbc, companies, breach, equifax, ceos, legal, 2017, lync, marriott, hold, data, report, testify, breaches, security, senate, information


Equifax, Marriott CEOs testify in Senate over data breaches

Equifax’s new CEO Mark Begor told senators Thursday that the credit ratings agency has made many changes since its 2017 breach of the personal information of 143 million people, but he also defended the company against a harsh new Senate report about the incident.

“The fact that Equifax did not have an impenetrable information security program and suffered a breach does not mean that the company failed to take cybersecurity seriously,” he said in a prepared statement.

Begor joined Equifax’s chief information security officer, Jamil Farshchi, and Marriott CEO Arne Sorenson to discuss private-sector data breaches at a hearing Thursday in front of the Senate’s Homeland Security and Governmental Affairs Subcommittee on Investigations.

“Before the cyberattack, I understand that the [Equifax’s] security program was well-funded and -staffed, based on a robust set of policies, standards, and procedures, and supported by general and specialized training,” he said.

The Senate report says that unlike Equifax, the company’s competitors Experian and TransUnion “were able to avoid a similar data breach.”

Begor said that in 2018, the more than 1,200 data breaches against U.S. corporations showed that companies of all types were falling victim to these crimes.

“These attacks are no longer just a hacker in the basement attempting to penetrate a company’s security perimeter, but instead are carried out by increasingly sophisticated criminal rings or, even more challenging, well-funded nation-state actors or military arms of nation-states,” he said.

Equifax has added four new directors and created an “audit framework” meant to give the board of directors security benchmarks that they understand and that can make it easier to record progress, Begor said. The company has also planned to spend $1.25 billion more between 2018 and 2020 on security and information technology as a result of the incident.

The report also criticizes Equifax for not properly saving records of internal conversations about the breach. Employees used an internal chat service called Microsoft Lync, which was set to not preserve conversations. Although this is a typical data retention practice, companies often adopt different standards surrounding events that may lead to legal action, specifically enacting a “legal hold” on any employee conversations about the incident.

“During its investigation, the Subcommittee learned that Equifax employees conducted substantive discussions of the discovery and mitigation of the data breach using Microsoft Lync, an instant messaging product,” the report says. “After discovering the data breach on July 29, 2017, Equifax did not issue a legal hold for related documents until August 22, 2017. Despite the legal hold, Equifax did not change the default setting on the Lync platform and begin archiving chats until September 15, 2017.”


Company: cnbc, Activity: cnbc, Date: 2019-03-07  Authors: kate fazzini, mark wilson, getty images
Keywords: news, cnbc, companies, breach, equifax, ceos, legal, 2017, lync, marriott, hold, data, report, testify, breaches, security, senate, information


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Robert Mueller notifies judge that Roger Stone shared Instagram image

Special counsel Robert Mueller on Monday notified a federal judge about an Instagram post by President Donald Trump’s friend Roger Stone that could be in violation of the judge’s strict gag order on Stone. The filing by Mueller cited CNBC’s story on Sunday detailing the post by Stone, which contained an image of him under the words “Who framed Roger Stone.” Mueller did not ask Judge Amy Berman to find the self-described “dirty trickster” Stone in violation of her gag order in the case. Stone del


Special counsel Robert Mueller on Monday notified a federal judge about an Instagram post by President Donald Trump’s friend Roger Stone that could be in violation of the judge’s strict gag order on Stone. The filing by Mueller cited CNBC’s story on Sunday detailing the post by Stone, which contained an image of him under the words “Who framed Roger Stone.” Mueller did not ask Judge Amy Berman to find the self-described “dirty trickster” Stone in violation of her gag order in the case. Stone del
Robert Mueller notifies judge that Roger Stone shared Instagram image Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-03-04  Authors: dan mangan, mark wilson, getty images
Keywords: news, cnbc, companies, order, roger, framed, instagram, image, judge, robert, book, gag, stones, notifies, mueller, stone, shared, filing


Robert Mueller notifies judge that Roger Stone shared Instagram image

Special counsel Robert Mueller on Monday notified a federal judge about an Instagram post by President Donald Trump’s friend Roger Stone that could be in violation of the judge’s strict gag order on Stone.

The filing by Mueller cited CNBC’s story on Sunday detailing the post by Stone, which contained an image of him under the words “Who framed Roger Stone.”

Mueller did not ask Judge Amy Berman to find the self-described “dirty trickster” Stone in violation of her gag order in the case.

Stone, 66, is barred from criticizing Mueller’s team of prosecutors under the gag imposed on Feb. 21 after the longtime Republican operative posted an Instagram image of Jackson’s face next to a rifle scope’s crosshair.

If Stone, who is currently free on a $250,000 signature bond, is found by Jackson to have violated that order, she could have him jailed without bail pending his trial on charges of lying to Congress, witness tampering and obstructing justice.

Stone deleted the “Who framed Roger Stone” image from a series of other rotating images on his Instagram story Sunday shortly after CNBC sent an email to his lawyer asking about it.

The other images suggested that people donate to Stone’s legal defense fund, with one saying “I am committed to proving my innocence. But I need your help,” and another saying, “I’ve always had Trump’s back. Will you have mine?”

“We note for the Court that according to public reporting, on March 3, 2019, the defendant’s Instagram account shared an image with the title ‘who framed Roger Stone.’ A copy of the image is submitted under seal as Exhibit C. 1,” Mueller said in the court filing in federal court in Washington, D.C.

CNBC’s story on the image is referenced in a footnote in that filing.

Stone’s posted the “Framed” Instagram image two days after Jackson ordered his defense lawyers to explain why they did not tell her about the planned publication of a book by Stone that could violate her gag order. The book is entitled “The Myth of Russian Collusion: The Inside Story of How Trump Really Won.”

Jackson’s gag order prohibits Stone from “making statements to the media or in public settings about the Special Counsel’s investigation or this case or any of the participants in the investigation or the case.”

The gag covers “posts on Facebook, Twitter, Instagram or any other form of social media,” as well as other forms of communication.

Mueller’s spokesman, who declined to comment on Stone’s post on Sunday, did not immediately return a request for comment. Stone’s lawyers did not immediately respond to a request for comment.

Earlier Monday, Stone’s attorneys told Jackson in a filing that they belived his new book, which has an updated introduction discussing his case, should be allowed to be published because it was written and edited before the judge issued her gag order.

But Mueller’s filing afterward noted that, “A preview of the defendant’s book, including the updated Introduction referenced in the defendant’s Motion to Clarify, is currently publicly available on Amazon.com and Google Books.”

Stone was arrested in January. He has pleaded not guilty in the case.

Mueller claims Congress about his alleged effort to get the document collection group WikiLeaks to release emails hacked by Russian agents from Democrats, including Hillary Clinton’s campaign chairman, during the 2016 presidential campaign.

Stone is alleged to have been in contact with top-ranking Trump campaign officials about efforts to leak damaging information about Clinton.

– Additional reporting by Kevin Breuninger


Company: cnbc, Activity: cnbc, Date: 2019-03-04  Authors: dan mangan, mark wilson, getty images
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Senate confirms Trump’s attorney general pick William Barr, who will now oversee Mueller probe

President Donald Trump’s attorney general nominee William Barr was confirmed in the Senate on Thursday to take over the Justice Department as attorney general, where he will oversee special counsel Robert Mueller’s Russia probe. Bush’s administration, and had passed procedural hurdles in the Senate Judiciary Committee and the full Senate in recent votes. 1 law enforcement official in the country would also give him the responsibility to oversee Mueller’s investigation. The previous permanent att


President Donald Trump’s attorney general nominee William Barr was confirmed in the Senate on Thursday to take over the Justice Department as attorney general, where he will oversee special counsel Robert Mueller’s Russia probe. Bush’s administration, and had passed procedural hurdles in the Senate Judiciary Committee and the full Senate in recent votes. 1 law enforcement official in the country would also give him the responsibility to oversee Mueller’s investigation. The previous permanent att
Senate confirms Trump’s attorney general pick William Barr, who will now oversee Mueller probe Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-02-14  Authors: kevin breuninger, mark wilson, getty images
Keywords: news, cnbc, companies, special, senate, muellers, william, sessions, mueller, general, trumps, oversee, judiciary, investigation, confirms, barr, attorney, pick, probe


Senate confirms Trump's attorney general pick William Barr, who will now oversee Mueller probe

President Donald Trump’s attorney general nominee William Barr was confirmed in the Senate on Thursday to take over the Justice Department as attorney general, where he will oversee special counsel Robert Mueller’s Russia probe.

Barr, 68, was confirmed in a 54-45 vote that largely fell along party lines. He will be sworn in Thursday afternoon in the Oval Office by Supreme Court Chief Justice John Roberts, the White House told NBC News.

Barr was widely expected to be confirmed by the Republican-majority Senate on Thursday. He had served in the same role more than two decades earlier in President George H.W. Bush’s administration, and had passed procedural hurdles in the Senate Judiciary Committee and the full Senate in recent votes.

A few senators broke with their party in the final vote, however. Among Democrats, Sens. Joe Manchin of West Virginia and Doug Jones of Alabama — both of whom represent deep-red states — voted for Barr, as did first-term Arizona Sen. Kyrsten Sinema. Kentucky Sen. Rand Paul was the only Republican to vote against Barr’s nomination.

Barr, a Justice Department veteran, came under heavy scrutiny during his confirmation process. Democrats in particular grilled Barr during congressional testimony about how he would handle Mueller’s ongoing probe of Russia’s election interference and possible collusion with Trump campaign-related officials.

Barr’s rise to become the No. 1 law enforcement official in the country would also give him the responsibility to oversee Mueller’s investigation. The previous permanent attorney general, Jeff Sessions, recused himself from the government’s Russia probes in March 2017 following reports about his contacts with Russia’s then-ambassador to the U.S.

Oversight duties fell to Deputy Attorney General Rod Rosenstein — a circumstance that vexed Trump, who viciously and publicly criticized Sessions’ over his recusal until the beleaguered Sessions left the administration in November.

Trump selected Matthew Whitaker, a former U.S. attorney in Iowa, to fill the role in an acting capacity following Sessions’ departure. He inherited oversight duties in the Mueller probe, which alarmed Democrats and other critics who were skeptical of his past comments about it. For instance, Whitaker notably argued in an August 2017 op-ed for CNN that Mueller’s investigation is “dangerously close to crossing” the so-called red line not to look into the Trump family’s finances.

Barr, in contrast, has said that he considers Mueller a friend, and vowed to make the conclusions of the special counsel’s probe as public as he could manage. He even pushed back on Trump’s oft-repeated characterization of the Russia investigation as a “witch hunt” during his testimony before the Senate Judiciary Committee in mid-January.

“I don’t believe Mr. Mueller would be involved in a witch hunt,” Barr told Senate Judiciary Chairman Lindsey Graham, R-S.C., when asked directly in his committee hearing.

That wasn’t enough to assuage some Democrats’ concerns about the fate of the special counsel investigation in Barr’s hands.

“Despite repeated questions and follow-up letters he failed to respond to, Bill Barr refused to commit to allowing the American people to see the full report submitted to him by Special Counsel Mueller,” said Sen. Dianne Feinstein, D-Calif., the Judiciary Committee’s top democrat. “I consider that disqualifying.”

Still, she added: “While I opposed Bill Barr’s nomination, it’s my hope that he’ll remember he is the people’s lawyer, not the president’s lawyer.”


Company: cnbc, Activity: cnbc, Date: 2019-02-14  Authors: kevin breuninger, mark wilson, getty images
Keywords: news, cnbc, companies, special, senate, muellers, william, sessions, mueller, general, trumps, oversee, judiciary, investigation, confirms, barr, attorney, pick, probe


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US Supreme Court blocks strict Louisiana abortion law

A divided U.S. Supreme Court on Thursday stopped a Louisiana law imposing strict regulations on abortion clinics from going into effect in its first major test on abortion since the retirement of Justice Anthony Kennedy last summer. The court on a 5-4 vote granted an emergency application by Shreveport-based abortion provider Hope Medical Group for Women to block the Republican-backed law from going into effect while litigation continues. Kennedy backed abortion rights in two key cases. Justice


A divided U.S. Supreme Court on Thursday stopped a Louisiana law imposing strict regulations on abortion clinics from going into effect in its first major test on abortion since the retirement of Justice Anthony Kennedy last summer. The court on a 5-4 vote granted an emergency application by Shreveport-based abortion provider Hope Medical Group for Women to block the Republican-backed law from going into effect while litigation continues. Kennedy backed abortion rights in two key cases. Justice
US Supreme Court blocks strict Louisiana abortion law Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-02-08  Authors: mark wilson, getty images news, getty images
Keywords: news, cnbc, companies, law, vote, key, medical, effect, justice, roberts, court, abortion, strict, louisiana, blocks, supreme, kennedy


US Supreme Court blocks strict Louisiana abortion law

A divided U.S. Supreme Court on Thursday stopped a Louisiana law imposing strict regulations on abortion clinics from going into effect in its first major test on abortion since the retirement of Justice Anthony Kennedy last summer.

The court on a 5-4 vote granted an emergency application by Shreveport-based abortion provider Hope Medical Group for Women to block the Republican-backed law from going into effect while litigation continues.

The four liberal justices were joined by conservative Chief Justice John Roberts in the majority, suggesting that Roberts, as Kennedy used to be, is now the key vote on the issue.

Kennedy backed abortion rights in two key cases. Justice Brett Kavanaugh, who President Donald Trump appointed to replace Kennedy, joined the court’s four other conservatives in dissent.

Hope Medical Group challenged the law’s requirement that doctors who perform abortions must have an arrangement called “admitting privileges” at a hospital within 30 miles (48 km) of the clinic.

The court on Feb. 1 temporarily blocked the law, which was due to go into effect on Feb. 4, while the justices decided how to proceed.


Company: cnbc, Activity: cnbc, Date: 2019-02-08  Authors: mark wilson, getty images news, getty images
Keywords: news, cnbc, companies, law, vote, key, medical, effect, justice, roberts, court, abortion, strict, louisiana, blocks, supreme, kennedy


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Chief Justice Roberts protects abortion — but sets up 2020 showdown

Chief Justice John Roberts shocked court watchers by siding with the liberal wing of the bench in a decision that blocked a restrictive Louisiana abortion law from going into effect. But he also set up a potential showdown over abortion next year, in the thick of the 2020 presidential campaign. In an unusual after-hours order Thursday night, the conservative Roberts joined the court’s four Democratic appointees in granting a stay of the Louisiana law. Reproductive-rights activists argued that th


Chief Justice John Roberts shocked court watchers by siding with the liberal wing of the bench in a decision that blocked a restrictive Louisiana abortion law from going into effect. But he also set up a potential showdown over abortion next year, in the thick of the 2020 presidential campaign. In an unusual after-hours order Thursday night, the conservative Roberts joined the court’s four Democratic appointees in granting a stay of the Louisiana law. Reproductive-rights activists argued that th
Chief Justice Roberts protects abortion — but sets up 2020 showdown Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-02-08  Authors: tucker higgins, mark wilson, getty images
Keywords: news, cnbc, companies, law, sets, louisiana, court, 2020, protects, showdown, presidential, rights, abortion, chief, state, justice, stay, granting, roberts


Chief Justice Roberts protects abortion — but sets up 2020 showdown

Chief Justice John Roberts shocked court watchers by siding with the liberal wing of the bench in a decision that blocked a restrictive Louisiana abortion law from going into effect.

But he also set up a potential showdown over abortion next year, in the thick of the 2020 presidential campaign.

In an unusual after-hours order Thursday night, the conservative Roberts joined the court’s four Democratic appointees in granting a stay of the Louisiana law. Reproductive-rights activists argued that the law would cripple abortion access in the state. The high court had found a similar law unconstitutional in Texas three years ago, in a case in which Roberts dissented.

The law required abortion doctors to have admitting privileges at a hospital within 30 miles of their clinic, which would have left only one provider in a state with a population of nearly 5 million, according to the plaintiffs.

The decision to block the law was temporary. That means that the upshot of the justices’ 5-4 vote granting a stay, issued without a ruling on the merits, is a likely battle over the court’s abortion rights precedents during the most heated months of the 2020 presidential election next year.

The court is now expected to take up a formal petition from the Center for Reproductive Rights, which represented two abortion doctors and a clinic in the case, to hear arguments on the matter in its term beginning in October.


Company: cnbc, Activity: cnbc, Date: 2019-02-08  Authors: tucker higgins, mark wilson, getty images
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The Sanders-Schumer proposal to limit buybacks could be a very big negative for the stock market

A Democratic proposal that would limit stock buybacks takes dead aim at one of the market’s main pillars of support for the past decade. The trillions spent on share repurchases since the current bull market began in March 2009 have helped keep a floor under Wall Street even when times got bad. While the measure seeks to address the wealth gap, Wall Street pros worry about its disruptive potential for markets. Big tech companies and Wall Street banks are usually the leaders in gross purchases. “


A Democratic proposal that would limit stock buybacks takes dead aim at one of the market’s main pillars of support for the past decade. The trillions spent on share repurchases since the current bull market began in March 2009 have helped keep a floor under Wall Street even when times got bad. While the measure seeks to address the wealth gap, Wall Street pros worry about its disruptive potential for markets. Big tech companies and Wall Street banks are usually the leaders in gross purchases. “
The Sanders-Schumer proposal to limit buybacks could be a very big negative for the stock market Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-02-04  Authors: jeff cox, mark wilson, getty images news, getty images
Keywords: news, cnbc, companies, street, trillions, wall, york, proposal, sandersschumer, big, negative, buybacks, trillion, companies, limit, wealth, stock, market, times


The Sanders-Schumer proposal to limit buybacks could be a very big negative for the stock market

A Democratic proposal that would limit stock buybacks takes dead aim at one of the market’s main pillars of support for the past decade.

The trillions spent on share repurchases since the current bull market began in March 2009 have helped keep a floor under Wall Street even when times got bad. Last year was not a very good one for the market, with the S&P 500 down more than 6 percent, but companies’ willingness to step in and buy their stock likely kept the damage from being even worse.

However, the issue has been a hot one, particularly among progressives who believe companies should be doing more with their cash than rewarding shareholders and putting money in the pockets of executives who ultimately benefit by higher stock prices.

That sentiment helped fuel a measure being proposed Sens. Charles Schumer of New York and Bernie Sanders of Vermont who said in a New York Times op-ed that they want to apply “preconditions” on buybacks that would force $15 an hour wages, paid time off and health benefits.

“At a time of huge income and wealth inequality, Americans should be outraged that these profitable corporations are laying off workers while spending billions of dollars to boost their stock’s value to further enrich the wealthy few,” the senators said.

While the measure seeks to address the wealth gap, Wall Street pros worry about its disruptive potential for markets.

“If the populist attacks become enacted, they will be meaningful,” said David Santschi, director of liquidity research at TrimTabs, which tracks where cash is going in the marketplace. “I don’t think it’s the government’s job to tell companies how they can spend money.”

Buybacks shattered a record in 2018, surging to $1.04 trillion and doubling 2017’s output.

Big tech companies and Wall Street banks are usually the leaders in gross purchases. Apple, for example has executed more than $250 billion in repurchases over the past decade through 2018, according to S&P Dow Jones Indices. Embattled banking titan Wells Fargo did more than $63 billion during the period, while Microsoft surpassed $100 billion.

The top 20 repurchasers alone bought back more than $1.1 trillion in the decade.

Even Warren Buffett’s Berkshire Hathaway, which almost never participates, announced some $928 million worth in 2018.

“That’s a lot of moves that have a lot of buying power,” Santschi said. “If you have a significant slowdown in buybacks, it would have a significant impact on markets.”

The buybacks have worked hand in glove with Federal Reserve monetary policy, which has kept interest rates at borrowing-friendly lows and for years pumped in trillions of liquidity to markets through an aggressive bond-buying program that pushed the central bank’s balance sheet to $4.5 trillion.


Company: cnbc, Activity: cnbc, Date: 2019-02-04  Authors: jeff cox, mark wilson, getty images news, getty images
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Schumer and Sanders swipe at Trump tax cuts with stock buybacks plan

The plan proposed by Schumer and Sanders likely will not get through the GOP-controlled Senate or earn Trump’s support. Despite the legislative hurdles for the plan, Democrats will use it to try to gain an advantage in the 2020 messaging battle. With their plan targeting buybacks, Democrats take aim at Trump’s main economic achievement: the law that slashed tax rates for corporations and trimmed them for most individuals. The tax plan chopped the corporate rate to 21 percent from 35 percent. Dem


The plan proposed by Schumer and Sanders likely will not get through the GOP-controlled Senate or earn Trump’s support. Despite the legislative hurdles for the plan, Democrats will use it to try to gain an advantage in the 2020 messaging battle. With their plan targeting buybacks, Democrats take aim at Trump’s main economic achievement: the law that slashed tax rates for corporations and trimmed them for most individuals. The tax plan chopped the corporate rate to 21 percent from 35 percent. Dem
Schumer and Sanders swipe at Trump tax cuts with stock buybacks plan Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-02-04  Authors: jacob pramuk, mark wilson, getty images news, getty images
Keywords: news, cnbc, companies, democratic, americans, sanders, buybacks, trump, trumps, stock, tax, plan, swipe, schumer, wealthy, share, cuts, democrats


Schumer and Sanders swipe at Trump tax cuts with stock buybacks plan

Democrats control the House, but Republicans hold both the Senate and the White House. The plan proposed by Schumer and Sanders likely will not get through the GOP-controlled Senate or earn Trump’s support. Senate Majority Leader Mitch McConnell’s office did not have an immediate response to the proposal.

Kevin Hassett, chairman of Trump’s Council of Economic Advisors, told CNBC on Monday that he wishes “some economist would go and talk to these guys about how buybacks work.”

Despite the legislative hurdles for the plan, Democrats will use it to try to gain an advantage in the 2020 messaging battle. The party hopes to hold its House majority, defeat Trump and gain a Senate majority in next year’s elections. Trump, who has poor approval ratings, has at least one factor buoying his re-election bid: a solid economy.

With their plan targeting buybacks, Democrats take aim at Trump’s main economic achievement: the law that slashed tax rates for corporations and trimmed them for most individuals. The tax plan chopped the corporate rate to 21 percent from 35 percent. Republicans who designed the legislation argued it would boost capital investment, worker productivity, wages and economic growth. Trump called it a “middle class miracle.”

Democrats have cast the plan as a giveaway to corporations and wealthy Americans. They have consistently pointed to the record $1.1 trillion in stock buybacks in 2018, mechanisms to boost share prices unlocked in part by the corporate tax savings.

Schumer and Sanders say the share repurchases have not helped workers. “First, stock buybacks don’t benefit the vast majority of Americans. That’s because large stockholders tend to be wealthier. Nearly 85 percent of all stocks owned by Americans belong to the wealthiest 10 percent of households,” they wrote.

Trump has frequently touted the economy as his greatest achievement in office. He will likely do so again Tuesday during his State of the Union address.

The dueling narratives will figure prominently in the 2020 election, in no small part because the tax law gave Democrats something to criticize within an otherwise strong economy. Democrats “have the stronger case at this point” in arguing the plan led to more stock buybacks and boosted the wealthy, said Bill Galston, a senior fellow in governance studies at the Brookings Institution.

Attacks on the tax plan and share buybacks will fit into Democrats’ broader contention that they will do a better job of looking out for the working-class Americans who Trump pledged to defend as a candidate.

“Both parties are going to try to make the argument that they are the real defenders of working class and middle class Americans,” Galston said. “And no doubt Democratic leaders including the presidential nominee will make the case that the Trump administration began by claiming the mantle of populism and ended by doing the bidding of the plutocrats.”

The share buyback proposal also reflects a shift in the Democratic Party’s center of gravity. The 2008 financial crisis and a perception that the wealthy people responsible for it avoided punishment fueled a more populist bent in both major political parties.

The change helped to propel Sanders, a vocal critic of banks and major corporations, to a surprisingly strong showing in the 2016 Democratic presidential primary. He could run again in a 2020 Democratic primary dominated in the early going by discussions about whether and how to tax the wealthy more.

Galston expects Trump’s eventual Democratic opponent to champion policies designed to boost the working class and rein in corporations.

“I would be very surprised if the Democratic presidential nominee, whether leaning left or leaning center, did not campaign on the transition to a $15 minimum wage and other issues that have become kind of common ground,” he said.

Subscribe to CNBC on YouTube.


Company: cnbc, Activity: cnbc, Date: 2019-02-04  Authors: jacob pramuk, mark wilson, getty images news, getty images
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Dollar trapped in ranges on trade war concerns, Fed

The dollar held near a two-week low on Tuesday as growing concern over the trade conflict between the United States and China heightened the safe-haven appeal of the Japanese yen and the Swiss franc. The United States on Monday announced criminal charges against China’s Huawei Technologies Co Ltd, escalating a fight with the world’s biggest telecommunications equipment maker, which denies wrongdoing. The announcement came days before trade talks with Beijing later this week. Market participants


The dollar held near a two-week low on Tuesday as growing concern over the trade conflict between the United States and China heightened the safe-haven appeal of the Japanese yen and the Swiss franc. The United States on Monday announced criminal charges against China’s Huawei Technologies Co Ltd, escalating a fight with the world’s biggest telecommunications equipment maker, which denies wrongdoing. The announcement came days before trade talks with Beijing later this week. Market participants
Dollar trapped in ranges on trade war concerns, Fed Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-01-29  Authors: mark wilson, getty images
Keywords: news, cnbc, companies, fed, range, trade, ranges, trapped, near, concerns, dollar, lower, war, united, talks, states, yen, policy, meeting


Dollar trapped in ranges on trade war concerns, Fed

The dollar held near a two-week low on Tuesday as growing concern over the trade conflict between the United States and China heightened the safe-haven appeal of the Japanese yen and the Swiss franc.

The United States on Monday announced criminal charges against China’s Huawei Technologies Co Ltd, escalating a fight with the world’s biggest telecommunications equipment maker, which denies wrongdoing. The announcement came days before trade talks with Beijing later this week.

The latest news sapped appetite for risk and ended a rally in Chinese stocks this month. The yen and the franc gained against the dollar.

Market participants are also focused on the Federal Reserve’s policy meeting on Jan. 29-30, where Chairman Jerome Powell is expected to acknowledge growing risks to the U.S. economy as global momentum weakens.

Investors expect the Fed to adopt a more cautious stance on policy than it did in 2018, pressured by signs of a peak in U.S. corporate earnings and the threat of a slowdown both at home and globally.

“Euro/dollar should be in a range for now given the trade talks and the Fed meeting this week,” said Kenneth Broux, a currency strategist at Societe Generale in London.

Also keeping the euro in a tight range are option expiries worth $6 billion between $1.14-1.15. Traders say any breach of those ranges would fuel volatility in the markets.

Sterling edged lower before crucial votes later in the day in the British parliament that are aimed at breaking the Brexit deadlock.

he British currency has rallied 6 percent from Jan. 4 lows, but further gains may be limited unless lawmakers emerge with a big majority on the votes.

In early London trading on Tuesday, sterling edged 0.1 percent lower to $1.3142 but remained near a 2 1/2-month high of $1.3218.


Company: cnbc, Activity: cnbc, Date: 2019-01-29  Authors: mark wilson, getty images
Keywords: news, cnbc, companies, fed, range, trade, ranges, trapped, near, concerns, dollar, lower, war, united, talks, states, yen, policy, meeting


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Pompeo urges regional bloc to support Venezuela’s Guaido

U.S. Secretary of State Mike Pompeo on Thursday urged Latin American governments to recognize Juan Guaido as Venezuela’s interim president and to declare President Nicolas Maduro’s government illegitimate. “The tyranny of the now defunct Maduro regime has for far too long choked the country and its citizens,” Pompeo told a meeting of the OAS Permanent Council. “All member states who have committed to uphold the inter-American democratic charter must now recognize the interim president.” On Wedne


U.S. Secretary of State Mike Pompeo on Thursday urged Latin American governments to recognize Juan Guaido as Venezuela’s interim president and to declare President Nicolas Maduro’s government illegitimate. “The tyranny of the now defunct Maduro regime has for far too long choked the country and its citizens,” Pompeo told a meeting of the OAS Permanent Council. “All member states who have committed to uphold the inter-American democratic charter must now recognize the interim president.” On Wedne
Pompeo urges regional bloc to support Venezuela’s Guaido Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-01-24  Authors: mark wilson, getty images
Keywords: news, cnbc, companies, support, bloc, oas, interim, regional, maduro, guaido, representative, international, venezuelas, venezuela, regime, urges, pompeo, president


Pompeo urges regional bloc to support Venezuela's Guaido

U.S. Secretary of State Mike Pompeo on Thursday urged Latin American governments to recognize Juan Guaido as Venezuela’s interim president and to declare President Nicolas Maduro’s government illegitimate.

In remarks to the Washington-based Organization of American States, whose members are divided as to whether to back Guaido’s claim, Pompeo said that the international community had watched Venezuelans suffer too long.

“The tyranny of the now defunct Maduro regime has for far too long choked the country and its citizens,” Pompeo told a meeting of the OAS Permanent Council. “All member states who have committed to uphold the inter-American democratic charter must now recognize the interim president.”

While the majority of OAS member countries – including Canada, Brazil, Peru, Chile, Colombia and Argentina – have recognized Guaido as interim head of state, others including Mexico, El Salvador and Nicaragua have said they will stay neutral or continue to support Maduro.

Mexico’s representative at the meeting expressed concerns that the move would lead to more violence, with the Venezuelan armed forces remaining supportive of Maduro.

“The time for debate is done,” said Pompeo to the OAS. “The regime of former president Nicolas Maduro is illegitimate, his regime is morally bankrupt, it’s economically incompetent and it is profoundly corrupt. It is undemocratic to the core.”

He pledged $20 million towards humanitarian aid for Venezuela, where economic collapse, hyperinflation, and food and medicine shortages have sparked an exodus of millions of people.

On Wednesday, the Trump administration ratcheted up pressure on Maduro to step down by recognizing Guaido, head of the opposition-controlled National Assembly congress, as interim president.

Venezuela’s representative to the OAS said the move amounted to a coup, calling it a violation of international law.

“In Venezuela yesterday a coup d’etat occurred,” the representative said. “This is an atrocity against the democracy, sovereignty and right to peace that our nation enjoys. It is a violation of all international laws.”

Maduro’s government has long accused the regional body of being a pawn of hostile U.S. policy.

Pompeo has asked to brief the United Nations Security Council on Venezuela on Saturday, South Africa’s U.N. envoy said on Thursday.


Company: cnbc, Activity: cnbc, Date: 2019-01-24  Authors: mark wilson, getty images
Keywords: news, cnbc, companies, support, bloc, oas, interim, regional, maduro, guaido, representative, international, venezuelas, venezuela, regime, urges, pompeo, president


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