Ethiopian Airlines crash shows a ‘clear similarity’ with Lion Air accident, official says

Preliminary data retrieved from the flight data recorder of the Ethiopian Airlines plane that crashed shows “a clear similarity” with an earlier disaster in Indonesia, Ethiopia’s transport minister said Sunday. Dagmawit Moges told reporters that the Ethiopian government intends to release detailed findings within one month. “The black box has been found in a good condition that enabled us to extract almost all the data inside,” she told reporters Sunday evening. Family members confirmed they wer


Preliminary data retrieved from the flight data recorder of the Ethiopian Airlines plane that crashed shows “a clear similarity” with an earlier disaster in Indonesia, Ethiopia’s transport minister said Sunday. Dagmawit Moges told reporters that the Ethiopian government intends to release detailed findings within one month. “The black box has been found in a good condition that enabled us to extract almost all the data inside,” she told reporters Sunday evening. Family members confirmed they wer
Ethiopian Airlines crash shows a ‘clear similarity’ with Lion Air accident, official says Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-03-17  Authors: tiksa negeri
Keywords: news, cnbc, companies, software, boeing, official, similarity, lion, air, data, told, crash, ethiopian, clear, accident, victims, flight, airlines, shows, crashed, site


Ethiopian Airlines crash shows a 'clear similarity' with Lion Air accident, official says

Preliminary data retrieved from the flight data recorder of the Ethiopian Airlines plane that crashed shows “a clear similarity” with an earlier disaster in Indonesia, Ethiopia’s transport minister said Sunday.

Dagmawit Moges told reporters that the Ethiopian government intends to release detailed findings within one month.

“The black box has been found in a good condition that enabled us to extract almost all the data inside,” she told reporters Sunday evening.

Following Moges’ remarks, Boeing CEO Dennis Muilenburg said the company “continues to support the investigation, and is working with authorities to evaluate new information as it becomes available.”

“While investigators continue to work to establish definitive conclusions, Boeing is finalizing its development of a previously-announced software update and pilot training revision that will address the MCAS flight control law’s behavior in response to erroneous sensor inputs,” he said in a statement.

Officials say 157 people from 35 different countries were killed when the Nairobi-bound plane crashed shortly after takeoff. The United States and many other countries then grounded the Boeing 737 Max 8 as it had also been used in the Lion Air crash in October in Indonesia.

Suspicions emerged that faulty sensors and software may have contributed to the two crashes in less than six months.

The U.S. Federal Aviation Administration already has said satellite-based tracking data showed that the movements of Ethiopian Airlines Flight 302 were similar to those of Lion Air Flight 610, which crashed off Indonesia in October, killing 189 people.

The planes in both crashes flew with erratic altitude changes that could indicate the pilots struggled to control the aircraft. Shortly after their takeoffs, both crews tried to return to the airports but crashed.

Earlier Sunday, thousands in the capital of Addis Ababa mourned the country’s victims in the crash, accompanying 17 empty caskets draped in the national flag through the streets of the capital. Some victims’ relatives fainted and fell to the ground.

The service came one day after officials began delivering bags of earth to family members of the 157 victims of the crash instead of the remains of their loved ones because the identification process is expected to take such a long time.

Family members confirmed they were given a 1 kilogram (2.2 pound) sack of scorched earth taken from the crash site. Many relatives already have gathered at the rural, dusty crash site outside Ethiopia’s capital.

Elias Bilew said he had worked with one of the victims, Sintayehu Shafi, for the past eight years.

“He was such a good person,” Bilew said. “He doesn’t deserve this. He was the pillar for his whole family.”

— CNBC contributed to this report


Company: cnbc, Activity: cnbc, Date: 2019-03-17  Authors: tiksa negeri
Keywords: news, cnbc, companies, software, boeing, official, similarity, lion, air, data, told, crash, ethiopian, clear, accident, victims, flight, airlines, shows, crashed, site


Home Forums

    • Forum
    • Topics
    • Posts
    • Last Post

Trump lashes out at GM and Ohio union official, calling for ‘fast’ action to reopen plant

President Donald Trump targeted both General Motors and an Ohio union official on Sunday over an assembly plant that the automaker closed earlier this month. He claimed she “blamed” the closure on the United Auto Workers union. Trump wrote that GM “let our Country down” by shutting down the plant, where it made the Chevy Cruze. On Saturday, the president tweeted that GM “must” reopen the plant, “maybe in a different form or with a new owner, FAST!” In a tweeted statement Sunday, Brown said Green


President Donald Trump targeted both General Motors and an Ohio union official on Sunday over an assembly plant that the automaker closed earlier this month. He claimed she “blamed” the closure on the United Auto Workers union. Trump wrote that GM “let our Country down” by shutting down the plant, where it made the Chevy Cruze. On Saturday, the president tweeted that GM “must” reopen the plant, “maybe in a different form or with a new owner, FAST!” In a tweeted statement Sunday, Brown said Green
Trump lashes out at GM and Ohio union official, calling for ‘fast’ action to reopen plant Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-03-17  Authors: jacob pramuk, jonathan ernst
Keywords: news, cnbc, companies, workers, trump, gm, reopen, official, calling, jobs, plant, ohio, fast, president, wrote, facility, lashes, union, green


Trump lashes out at GM and Ohio union official, calling for 'fast' action to reopen plant

President Donald Trump targeted both General Motors and an Ohio union official on Sunday over an assembly plant that the automaker closed earlier this month.

His tweet amplifies the public pressure on GM to restart operations at the Lordstown, Ohio facility. Trump has frequently used his platform to push companies to take his preferred actions. Earlier this year, he threatened to cut the company’s subsidies after it announced plans to slash production at several U.S. plants.

On Sunday, Trump said he spoke to GM CEO Mary Barra about the facility and “asked her to sell it or do something quickly.” He claimed she “blamed” the closure on the United Auto Workers union.

“I don’t care, I just want it open!” he wrote.

Earlier, the president tweeted that “Democrat” UAW Local 1112 President David Green “ought to get his act together and produce.” The union represents workers at the Lordstown plant. The facility’s closure is resulting in the loss of 1,300 jobs, though about 417 of those positions will go to other plants, GM previously said.

Trump wrote that GM “let our Country down” by shutting down the plant, where it made the Chevy Cruze. He claimed that “other much better car companies are coming into the U.S. in droves.” It was not immediately clear which companies he was referring to, or if they were American or international automakers.

“I want action on Lordstown fast. Stop complaining and get the job done!” he wrote on Sunday.

On Saturday, the president tweeted that GM “must” reopen the plant, “maybe in a different form or with a new owner, FAST!”

Green has written two letters to Trump asking him to save the plant and its jobs, local TV stations WKBN reported in February. In a February letter shared by the news outlet, Green implored Trump to make a case for the facility. Green noted that the president had not responded to a first letter he sent in July 2018.

“While this may not seem that important to you, it will have a devastating impact on many families, business and communities, especially here in the Mahoning Valley, a place that I call home,” the union official wrote to the president.

Neither Green nor GM immediately responded to CNBC’s requests to comment on Trump’s tweet.

Trump won the White House partly on promises to boost manufacturing jobs and U.S. auto production. He has set out to renegotiate various free trade deals, in part to encourage automakers to produce at U.S. facilities.

While Trump has previously criticized GM, Sunday appeared to be the first time that he targeted Green, a local union official, by name.

GM has faced substantial pressure from Washington to keep the facility running. Both U.S. senators from Ohio — Democrat Sherrod Brown and Republican Rob Portman — have pushed the company to maintain jobs at the plant. In a tweeted statement Sunday, Brown said Green and the union workers “have shown grit and determination.”

“Instead of attacking workers, it’s past time you stood up to GM and joined the fight,” he said.

Brown has tried to pass legislation that aims to make production in the U.S. more appealing to automakers. He urged Trump to support the legislation, called the American Cars, American Jobs Act, if he wants to boost auto workers.

The legislation would give consumers a $3,500 discount on American-made cars and revoke a provision that Brown says encourages automakers to send jobs overseas.

Subscribe to CNBC on YouTube.


Company: cnbc, Activity: cnbc, Date: 2019-03-17  Authors: jacob pramuk, jonathan ernst
Keywords: news, cnbc, companies, workers, trump, gm, reopen, official, calling, jobs, plant, ohio, fast, president, wrote, facility, lashes, union, green


Home Forums

    • Forum
    • Topics
    • Posts
    • Last Post

Chinese premier: Our economy faces ‘new, downward pressure’

Chinese Premier Li Keqiang said Friday that the government will remain supportive of the economy in the face of new pressures on growth. “It is true that China’s economy has encountered new, downward pressure,” Li said in Mandarin, according to an official translation of his remarks at a press conference. He also pointed out that the slowdown in the world’s second-largest economy came as global growth was also under pressure. “Let me tell you explicitly that this is not consistent with Chinese l


Chinese Premier Li Keqiang said Friday that the government will remain supportive of the economy in the face of new pressures on growth. “It is true that China’s economy has encountered new, downward pressure,” Li said in Mandarin, according to an official translation of his remarks at a press conference. He also pointed out that the slowdown in the world’s second-largest economy came as global growth was also under pressure. “Let me tell you explicitly that this is not consistent with Chinese l
Chinese premier: Our economy faces ‘new, downward pressure’ Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-03-15  Authors: evelyn cheng, chris ratcliffe, bloomberg, getty images
Keywords: news, cnbc, companies, official, chinese, congress, worlds, economy, beijing, trade, law, growth, downward, premier, li, faces, pressure


Chinese premier: Our economy faces 'new, downward pressure'

Chinese Premier Li Keqiang said Friday that the government will remain supportive of the economy in the face of new pressures on growth.

“It is true that China’s economy has encountered new, downward pressure,” Li said in Mandarin, according to an official translation of his remarks at a press conference. He also pointed out that the slowdown in the world’s second-largest economy came as global growth was also under pressure.

“We are not going for monetary easing but trying to provide effective support to the real economy,” he added.

Li was speaking with reporters Friday following the closing ceremony of the annual National People’s Congress. The meeting of roughly 3,000 delegates in Beijing is typically symbolic in nature as the real power lies with the Communist Party and its Politburo Standing Committee, headed now by President Xi Jinping.

This year’s National People’s Congress also takes place as the international legal battle over Chinese telecom giant Huawei intensifies, and U.S.-China trade negotiations reach a critical point.

Li on Friday did not disclose details on the latest progress of the trade talks. He emphasized that the two sides remained in close discussions, and expressed confidence that both sides had enough wisdom to diffuse tensions.

In response to a question about whether China forces its technology companies to spy on other countries — a prominent argument from the U.S. and others against the use of Huawei hardware — Li maintained that the government would never require such behavior.

“Let me tell you explicitly that this is not consistent with Chinese law,” he said, through an official translator. “This is not how China behaves. We did not do that and will not do that in the future.”

On Friday, the gathering of Chinese delegates endorsed a new foreign investment law that added new language at the last minute that added further protection of foreign company commercial and trade secrets, according to a final draft reviewed by the U.S.-China Business Council.

The new law, which is set to take effect Jan. 1, 2020, could help Beijing show U.S. President Donald Trump’s administration that it’s serious about reaching a deal on trade. State media reported Friday that leaders of both the American and Chinese delegation held a phone call early in the morning Beijing time.

During the opening of the congress last week, Li laid out a bleak picture for China’s economy. He stressed the need to prepare for a “tough struggle” and set a lower growth target range of between 6 to 6.5 percent growth. Official government figures showed the world’s second-largest economy grew at 6.6 percent last year, its slowest pace since 1990.


Company: cnbc, Activity: cnbc, Date: 2019-03-15  Authors: evelyn cheng, chris ratcliffe, bloomberg, getty images
Keywords: news, cnbc, companies, official, chinese, congress, worlds, economy, beijing, trade, law, growth, downward, premier, li, faces, pressure


Home Forums

    • Forum
    • Topics
    • Posts
    • Last Post

China suggests linking official state visit by Xi to Trump trade deal: Sources

With a U.S.-China trade deal at least weeks away, Chinese negotiators have suggested combining a long-discussed state visit by President Xi Jinping to the United States with the announcement of any forthcoming agreement, according to three sources briefed on discussions. “Our hope is we are in the final weeks of having an agreement,” Robert Lighthizer, the Trump administration’s top trade official, testified to the Senate Finance Committee on Tuesday. “If those issues are not resolved in favor o


With a U.S.-China trade deal at least weeks away, Chinese negotiators have suggested combining a long-discussed state visit by President Xi Jinping to the United States with the announcement of any forthcoming agreement, according to three sources briefed on discussions. “Our hope is we are in the final weeks of having an agreement,” Robert Lighthizer, the Trump administration’s top trade official, testified to the Senate Finance Committee on Tuesday. “If those issues are not resolved in favor o
China suggests linking official state visit by Xi to Trump trade deal: Sources Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-03-14  Authors: kayla tausche, jim watson, afp, getty images
Keywords: news, cnbc, companies, visit, united, official, xi, issues, weeks, linking, negotiators, trump, trade, sources, deal, talks, suggests, meeting, state


China suggests linking official state visit by Xi to Trump trade deal: Sources

With a U.S.-China trade deal at least weeks away, Chinese negotiators have suggested combining a long-discussed state visit by President Xi Jinping to the United States with the announcement of any forthcoming agreement, according to three sources briefed on discussions.

The two countries had been planning a meeting between the two leaders at President Donald Trump’s private Mar-a-Lago resort in Florida to follow Xi’s late-March visit to Europe, to avoid the optics of a standalone trip to announce a trade deal on U.S. soil.

But U.S. officials have suggested there are too many outstanding details to conclude negotiations by then, making a meeting in March unlikely.

“Our hope is we are in the final weeks of having an agreement,” Robert Lighthizer, the Trump administration’s top trade official, testified to the Senate Finance Committee on Tuesday. But Lighthizer would not commit to a positive outcome, or a resulting meeting, and said many issues remain. “If those issues are not resolved in favor of the United States, we won’t have a deal.”

Since the two countries brokered a temporary truce at the G-20, U.S. negotiators have been seeking commitments and concessions up front, while Chinese negotiators had sought to shelve complicated issues for the two presidents to settle in person.

But that dynamic changed, the three people briefed on the talks said, when Trump walked out on talks with Kim Jong Un in Hanoi, Vietnam, after North Korea sought an end to sanctions. Beijing now wants a deal fully locked in before its leader sits down with Trump, although Trump would still prefer to close the deal himself.

“We could have the deal completed and come and sign — or we can get the deal almost completed and negotiate some of the final points,” Trump said Wednesday. “I would prefer that.”


Company: cnbc, Activity: cnbc, Date: 2019-03-14  Authors: kayla tausche, jim watson, afp, getty images
Keywords: news, cnbc, companies, visit, united, official, xi, issues, weeks, linking, negotiators, trump, trade, sources, deal, talks, suggests, meeting, state


Home Forums

    • Forum
    • Topics
    • Posts
    • Last Post

UK cuts growth forecast for 2019: UK finance minister

Britain has lowered its official forecast for economic growth in 2019, finance minister Philip Hammond said on Wednesday as he delivered a half-yearly budget update. The country’s official budget forecasters expected gross domestic product would grow by 1.2 percent in 2019, down from a forecast of 1.6 percent they made when Hammond gave his full budget statement in October. Economists had expected the growth outlook to be lowered because of Britain’s failure to clear up the uncertainty about Bre


Britain has lowered its official forecast for economic growth in 2019, finance minister Philip Hammond said on Wednesday as he delivered a half-yearly budget update. The country’s official budget forecasters expected gross domestic product would grow by 1.2 percent in 2019, down from a forecast of 1.6 percent they made when Hammond gave his full budget statement in October. Economists had expected the growth outlook to be lowered because of Britain’s failure to clear up the uncertainty about Bre
UK cuts growth forecast for 2019: UK finance minister Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-03-13
Keywords: news, cnbc, companies, expected, hammond, brexit, britain, uk, growth, budget, finance, lowered, minister, 2019, forecast, forecasts, cuts, official


UK cuts growth forecast for 2019: UK finance minister

Britain has lowered its official forecast for economic growth in 2019, finance minister Philip Hammond said on Wednesday as he delivered a half-yearly budget update.

The country’s official budget forecasters expected gross domestic product would grow by 1.2 percent in 2019, down from a forecast of 1.6 percent they made when Hammond gave his full budget statement in October.

Economists had expected the growth outlook to be lowered because of Britain’s failure to clear up the uncertainty about Brexit and a slowdown in the world economy.

Growth forecasts in 2020 and 2021 stood at 1.4 and 1.6 percent respectively, compared with forecasts of 1.4 percent for both years made in October.

The figures were prepared for Hammond by the Office for Budget Responsibility. They assume Britain will secure a Brexit deal, avoiding the shock of leaving the European Union with no transition.


Company: cnbc, Activity: cnbc, Date: 2019-03-13
Keywords: news, cnbc, companies, expected, hammond, brexit, britain, uk, growth, budget, finance, lowered, minister, 2019, forecast, forecasts, cuts, official


Home Forums

    • Forum
    • Topics
    • Posts
    • Last Post

Beijing is worried that Trump may walk away from the table, like he did with North Korea

“The Chinese saw him walk away from North Korea and they’re concerned he will walk away from the China deal,” the official said. “You don’t want to send Xi to Mar-a-Lago and have Trump walk away. The official said a face-to-face meeting between China’s Xi Jinping and Trump is still a ways off, given that the two to three weeks of summit preparation work has not started yet. To ensure such a summit would not follow the same fallout as the nuclear talks in Hanoi, the official said Beijing and Wash


“The Chinese saw him walk away from North Korea and they’re concerned he will walk away from the China deal,” the official said. “You don’t want to send Xi to Mar-a-Lago and have Trump walk away. The official said a face-to-face meeting between China’s Xi Jinping and Trump is still a ways off, given that the two to three weeks of summit preparation work has not started yet. To ensure such a summit would not follow the same fallout as the nuclear talks in Hanoi, the official said Beijing and Wash
Beijing is worried that Trump may walk away from the table, like he did with North Korea Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-03-08  Authors: eamon javers, christine wang, saul loeb, afp, getty images
Keywords: news, cnbc, companies, walk, meeting, trump, north, dont, xi, away, maralago, table, korea, send, summit, beijing, worried, official


Beijing is worried that Trump may walk away from the table, like he did with North Korea

“The Chinese saw him walk away from North Korea and they’re concerned he will walk away from the China deal,” the official said. “You don’t want to send Xi to Mar-a-Lago and have Trump walk away. That would be a diplomatic catastrophe.”

The official said a face-to-face meeting between China’s Xi Jinping and Trump is still a ways off, given that the two to three weeks of summit preparation work has not started yet. To ensure such a summit would not follow the same fallout as the nuclear talks in Hanoi, the official said Beijing and Washington are going through “line-by-line negotiations.”

“What they don’t want is to send their guy here and POTUS says ‘nope I’m out of here, see you on the 9th hole,'” the official said.

Earlier Friday, there were reports that a meeting between the two leaders at Mar-a-Lago was cancelled. The White House said that nothing has officially been scheduled or cancelled.


Company: cnbc, Activity: cnbc, Date: 2019-03-08  Authors: eamon javers, christine wang, saul loeb, afp, getty images
Keywords: news, cnbc, companies, walk, meeting, trump, north, dont, xi, away, maralago, table, korea, send, summit, beijing, worried, official


Home Forums

    • Forum
    • Topics
    • Posts
    • Last Post

The US and China are reaching greater mutual understanding on trade, says ex-Beijing official

The U.S. and China are reaching greater consensus on trade issues, a former official at the Chinese commerce ministry told CNBC on Thursday. “Within the last nine months, we had three rounds of consultations; I think we have more and more consensus about it,” said Jin Xu, a former senior commerce ministry official. According to sources who spoke to CNBC, Washington and Beijing are approaching the finish line on trade negotiations that could end later this month. “Both countries agree to have mor


The U.S. and China are reaching greater consensus on trade issues, a former official at the Chinese commerce ministry told CNBC on Thursday. “Within the last nine months, we had three rounds of consultations; I think we have more and more consensus about it,” said Jin Xu, a former senior commerce ministry official. According to sources who spoke to CNBC, Washington and Beijing are approaching the finish line on trade negotiations that could end later this month. “Both countries agree to have mor
The US and China are reaching greater mutual understanding on trade, says ex-Beijing official Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-03-07  Authors: huileng tan, xu congjun, visual china group, getty images
Keywords: news, cnbc, companies, official, exbeijing, understanding, mutual, trade, meeting, greater, consensus, worlds, china, jin, told, ministry, negotiations, reaching


The US and China are reaching greater mutual understanding on trade, says ex-Beijing official

The U.S. and China are reaching greater consensus on trade issues, a former official at the Chinese commerce ministry told CNBC on Thursday.

“Within the last nine months, we had three rounds of consultations; I think we have more and more consensus about it,” said Jin Xu, a former senior commerce ministry official. Jin was also previously a diplomat to the U.S., U.K. and Turkey.

According to sources who spoke to CNBC, Washington and Beijing are approaching the finish line on trade negotiations that could end later this month.

“Both countries agree to have more and more mutual understanding and also want to build much better relations for business people for the two countries,” Jin told CNBC’s Martin Soong in Beijing.

“If we have more and more consensus, the world will benefit from it,” said Jin, emphasizing that China is the world’s largest developing country and the U.S. is the world’s largest developed country.

Jin, who is now the chairman of China International Trade Association, said he was hopeful for a positive outcome from the talks and that China will make policy adjustments accordingly.

China is currently in the midst of a two-week long annual parliamentary meeting, the National People’s Congress, which kicked off on Tuesday and ends next Friday (Mar. 5-15).

At the opening of that meeting this week, Premier Li Keqiang said the Chinese economy will likely slow this year, and revealed that the official economic growth target for 2019 will be 6.0 to 6.5 percent. That compares to an expansion of 6.6 percent in 2018 — its slowest growth since 1990.

Li also said the country’s months-long tariff war with the U.S. has hurt business activities — but he reiterated Beijing’s commitment to “safeguarding economic globalization” and pledged to promote China-U.S. trade negotiations while advancing negotiations on other trade agreements.


Company: cnbc, Activity: cnbc, Date: 2019-03-07  Authors: huileng tan, xu congjun, visual china group, getty images
Keywords: news, cnbc, companies, official, exbeijing, understanding, mutual, trade, meeting, greater, consensus, worlds, china, jin, told, ministry, negotiations, reaching


Home Forums

    • Forum
    • Topics
    • Posts
    • Last Post

China says it needs ‘stronger’ responses to support its slowing economy

Chinese Premier Li Keqiang said on Tuesday that risks threatening the world’s second-largest economy may warrant “stronger mitigating action” as growth is expected to slow further this year. During his opening speech, Li announced cuts in taxes and fees worth nearly 2 trillion yuan ($289.28 billion). Partly due to greater fiscal support to the economy, the Chinese government budget deficit in 2019 is expected to widen to 2.76 trillion yuan, representing around 2.8 percent of China’s gross domest


Chinese Premier Li Keqiang said on Tuesday that risks threatening the world’s second-largest economy may warrant “stronger mitigating action” as growth is expected to slow further this year. During his opening speech, Li announced cuts in taxes and fees worth nearly 2 trillion yuan ($289.28 billion). Partly due to greater fiscal support to the economy, the Chinese government budget deficit in 2019 is expected to widen to 2.76 trillion yuan, representing around 2.8 percent of China’s gross domest
China says it needs ‘stronger’ responses to support its slowing economy Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-03-05  Authors: yen nee lee, sean gallup, getty images news, getty images
Keywords: news, cnbc, companies, stronger, slowing, responses, china, needs, risks, li, yuan, worth, special, trillion, taxes, projects, growth, official, economy, support


China says it needs 'stronger' responses to support its slowing economy

Chinese Premier Li Keqiang said on Tuesday that risks threatening the world’s second-largest economy may warrant “stronger mitigating action” as growth is expected to slow further this year.

Beijing is attempting to maintain stable growth, while reducing the economy’s reliance on debt. At the same time, China and the U.S. have been embroiled in a trade war that saw the world’s two largest economies slap tariffs on each other’s imports — which analysts said partly hurt business activity worldwide.

China hasn’t been spared, Li said at the opening of the annual National People’s Congress. He announced the official economic growth target is 6 percent to 6.5 percent this year, down from the 6.6 percent expansion in 2018.

“The many risks and potential problems that have built up over the years demand stronger mitigating action, but in doing so we need to observe objective laws and take the right approach,” said Li, according to the official English version of his prepared remarks.

“Our approach must be firm, controllable and systematic, and it should be applied with the right degree of intensity,” he added.

During his opening speech, Li announced cuts in taxes and fees worth nearly 2 trillion yuan ($289.28 billion). In particular, the premier said the value-added tax rate for the manufacturing sector will be reduced from 16 percent to 13 percent, while the duty for transportation and construction will be cut from 10 percent to 9 percent.

In addition, Li announced plans to increase the country’s infrastructure financing: Around 2.15 trillion yuan worth of local government special bonds will be issued this year to meet spending needs for key projects. A special bond is a type of debt asset, which Beijing created after an earlier crackdown on non-bank lending, so projects such as railways and roads can still secure funding.

Partly due to greater fiscal support to the economy, the Chinese government budget deficit in 2019 is expected to widen to 2.76 trillion yuan, representing around 2.8 percent of China’s gross domestic product, Li said. The country’s 2018 budget deficit accounted for around 2.6 percent of GDP, according to official figures.

“These arrangements meet the demands of spending across various areas, send a signal of proactive and vigorous fiscal policy, help to better guide enterprise expectations, more strongly boost market confidence, and also take into consideration the importance of keeping policy options open in case there is a need to respond to risks in the future,” said the Chinese premier.

Analysts have largely expected China to cut taxes as the ongoing trade war takes a toll on its economy. Last year, Beijing cut taxes and fees worth 1.3 trillion yuan and allowed local governments to issue 1.35 trillion yuan in special bonds to fund key projects.


Company: cnbc, Activity: cnbc, Date: 2019-03-05  Authors: yen nee lee, sean gallup, getty images news, getty images
Keywords: news, cnbc, companies, stronger, slowing, responses, china, needs, risks, li, yuan, worth, special, trillion, taxes, projects, growth, official, economy, support


Home Forums

    • Forum
    • Topics
    • Posts
    • Last Post

China economy: February Caixin manufacturing Purchasing Managers Index

A private survey on China’s manufacturing sector showed Friday that factory activity shrank for a third straight month in February. However, it showed that manufacturing activity in February remained around contractionary levels not seen since early 2016. The Caixin PMI is a private survey focused on smaller businesses and offers a first glimpse into the operating environment. The official manufacturing gauge also hit a three-year low. Still, averaging the indices for January and February showed


A private survey on China’s manufacturing sector showed Friday that factory activity shrank for a third straight month in February. However, it showed that manufacturing activity in February remained around contractionary levels not seen since early 2016. The Caixin PMI is a private survey focused on smaller businesses and offers a first glimpse into the operating environment. The official manufacturing gauge also hit a three-year low. Still, averaging the indices for January and February showed
China economy: February Caixin manufacturing Purchasing Managers Index Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-03-01  Authors: huileng tan, vcg, visual china group, getty images
Keywords: news, cnbc, companies, index, showed, reading, manufacturing, private, pmi, economic, purchasing, caixin, official, economy, china, month, survey, managers, activity


China economy: February Caixin manufacturing Purchasing Managers Index

A private survey on China’s manufacturing sector showed Friday that factory activity shrank for a third straight month in February.

The Caixin/Markit Manufacturing Purchasing Managers’ Index (PMI) came in at 49.9 for February — higher than January’s reading of 48.3, and better than the 48.5 that economists polled by Reuters had forecast.

However, it showed that manufacturing activity in February remained around contractionary levels not seen since early 2016. A reading below 50 signals contraction, while a reading above that level indicates expansion.

The Caixin PMI is a private survey focused on smaller businesses and offers a first glimpse into the operating environment. It is closely watched as an alternative to the official PMI.

“Domestic manufacturing demand improved significantly, and foreign demand was not deteriorating as quickly as last year,” wrote Zhengsheng Zhong, director of macroeconomic analysis at CEBM Group, a subsidiary of Caixin.

Still, new export orders slipped back into contractionary territory, he noted.

The results of the private survey came on the heels of official PMI China released on Thursday which showed manufacturing activity fell for the third straight month, dropping to 49.2 in February from 49.5 in January, according to data released by the country’s National Bureau of Statistics. The official manufacturing gauge also hit a three-year low.

The two surveys offered mixed signals about the strength of the manufacturing cycle in February as the private poll offered some hope that there was uptick in activity from the month before.

“But on balance, they remain consistent with our expectation for a further slowdown in economic growth in Q1,” wrote Julian Evans-Pritchard, senior China economist at Capital Economics, in a note on Friday.

“The sharp movements in the Caixin PMI during the past two months hint at possible residual seasonality caused by shifts in the timing of Chinese New Year,” Evans-Pritchard added. The week-long public holidays in China started in early February this year.

Still, averaging the indices for January and February showed activity still looked to have softened at the start of 2019, he added.

“The upshot is that it is probably too soon to call the bottom of the current economic cycle. Indeed, we expect growth to continue to come under pressure until the middle of this year,” Evans-Pritchard wrote.

Investors have been closely watching economic indicators from the world’s second-largest economy for signs of trouble amid domestic headwinds and the ongoing U.S.-China trade dispute.

The manufacturing data come days before China’s annual meeting of parliament which starts on March 5. Top officials are widely expected to announce more support measures such as sweeping tax cuts to reduce the strains on the economy.

Chinese leaders will also reveal Beijing’s key economic and financial targets for the year which may provide clues on their future policy stance.

Actual growth in the world’s second-largest economy cooled to 6.6 percent in 2018 — the slowest in 28 years — from 6.8 percent in 2017.

— CNBC’s Yen Nee Lee and Reuters contributed to this report.


Company: cnbc, Activity: cnbc, Date: 2019-03-01  Authors: huileng tan, vcg, visual china group, getty images
Keywords: news, cnbc, companies, index, showed, reading, manufacturing, private, pmi, economic, purchasing, caixin, official, economy, china, month, survey, managers, activity


Home Forums

    • Forum
    • Topics
    • Posts
    • Last Post

China is facing employment challenges as its economy slows, official says

China’s economic slowdown is creating some difficulties for national employment, an economic researcher in the country’s top executive body said Thursday. “When we look at the downward pressure on the Chinese economy, what we care most about is employment,” said Zhang Liqun, research fellow at the Macroeconomic Department of the Development Research Center of the State Council. For Beijing, keeping a handle on employment is critical to maintaining control over a massive country of more than a bi


China’s economic slowdown is creating some difficulties for national employment, an economic researcher in the country’s top executive body said Thursday. “When we look at the downward pressure on the Chinese economy, what we care most about is employment,” said Zhang Liqun, research fellow at the Macroeconomic Department of the Development Research Center of the State Council. For Beijing, keeping a handle on employment is critical to maintaining control over a massive country of more than a bi
China is facing employment challenges as its economy slows, official says Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-02-28  Authors: evelyn cheng, jie zhao, corbis news, getty images
Keywords: news, cnbc, companies, employment, zhang, economic, widespread, china, official, challenges, beijing, companies, slows, chinese, worlds, facing, economy, research


China is facing employment challenges as its economy slows, official says

China’s economic slowdown is creating some difficulties for national employment, an economic researcher in the country’s top executive body said Thursday.

“When we look at the downward pressure on the Chinese economy, what we care most about is employment,” said Zhang Liqun, research fellow at the Macroeconomic Department of the Development Research Center of the State Council. Zhang was speaking in Mandarin through a translator at a press event in Beijing on Thursday morning.

For Beijing, keeping a handle on employment is critical to maintaining control over a massive country of more than a billion people. Widespread job losses could lead to undesirable social unrest.

Unemployment in the world’s second-largest economy remains low compared with other countries, near five percent or below. But amid persistent skepticism about the accuracy of such data, official reports are beginning to show some challenges in Chinese people’s ability to hold jobs.

Zhang’s on-the-record comments on Thursday provided greater insight into how severe unemployment issues might be, at least in labor-intensive industries.

“Many of the companies in Guangdong province have permitted leave for their employees since November — many of the export companies,” he said. “That has something to do with the U.S.-China trade frictions.”

“Many of these companies think they have done what they can do before November and they are not planning to organize further production after that,” he said.


Company: cnbc, Activity: cnbc, Date: 2019-02-28  Authors: evelyn cheng, jie zhao, corbis news, getty images
Keywords: news, cnbc, companies, employment, zhang, economic, widespread, china, official, challenges, beijing, companies, slows, chinese, worlds, facing, economy, research


Home Forums

    • Forum
    • Topics
    • Posts
    • Last Post