Asia Pacific markets fall as investors react to China’s trade data

Asia Pacific markets started off the trading week mostly on the back foot as China’s disappointing trade data spooked investors. The Shenzhen composite declined 0.73 percent to 1,303.75, while the Shenzhen component index fell around 0.86 percent to 7,409.19. Hong Kong’s Hang Seng Index was down 1.57 percent while Singapore’s Straits Times Index fell 0.53 percent. In company news, Singapore-listed real estate developer CapitaLand said on Monday it has entered into an agreement to acquire Ascenda


Asia Pacific markets started off the trading week mostly on the back foot as China’s disappointing trade data spooked investors. The Shenzhen composite declined 0.73 percent to 1,303.75, while the Shenzhen component index fell around 0.86 percent to 7,409.19. Hong Kong’s Hang Seng Index was down 1.57 percent while Singapore’s Straits Times Index fell 0.53 percent. In company news, Singapore-listed real estate developer CapitaLand said on Monday it has entered into an agreement to acquire Ascenda
Asia Pacific markets fall as investors react to China’s trade data Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-01-14  Authors: saheli roy choudhury
Keywords: news, cnbc, companies, pacific, slowdown, investors, data, react, dollar, estate, trade, chinas, fell, index, real, fall, markets, traded, growth, asia


Asia Pacific markets fall as investors react to China's trade data

Asia Pacific markets started off the trading week mostly on the back foot as China’s disappointing trade data spooked investors. Major indexes in South Korea, China, Hong Kong and Singapore tumbled Monday afternoon. The market in Japan is closed for a public holiday.

Shares in Asia were lower after Chinese government data showed that December exports and imports fell unexpectedly, deepening concerns of a slowdown in the world’s second-largest economy as Beijing’s trade war with the U.S. appeared to be taking a toll.

Louis Kuijs, head of Asia economics at Oxford Economics, said in a note that China’s import slowdown was consistent with other signs that growth in the domestic economy was weakening.

“We think overall economic growth slowed further in (fourth-quarter) 2018 and remains under pressure from weaker exports, slow credit growth and cooling real estate activity in (first-half) 2019,” Kuijs said.

China’s trade surplus with the U.S. — closely watched amid a bitter trade war between Washington and Beijing — grew 17 percent from a year ago. According to Reuters, that’s the highest on record dating back to 2006. Still, overall Chinese trade surplus last year was the lowest since 2013, the news agency reported.

The Shanghai composite slipped about 0.7 percent to 2,535.77. The Shenzhen composite declined 0.73 percent to 1,303.75, while the Shenzhen component index fell around 0.86 percent to 7,409.19.

China’s central bank set the yuan midpoint at 6.7560 against the dollar before market open — it was the strongest since Jul. 19, 2018, according to financial data provider Wind.

On-shore yuan traded at 6.7649 versus the greenback as of 2:57 p.m. HK/SIN. The People’s Bank of China allows the exchange rate to rise or fall 2 percent from the official midpoint rate it sets daily.

In South Korea, the Kospi declined about 11.05 points, or 0.53 percent, to 2,064.52 as some of the tech names struggled.

Samsung Electronics, the world’s largest smartphone maker, fell 1.11 percent while its chip-making rival SK Hynix tumbled 4.61 percent. Shares of internet firm Naver fell 3.05 percent.

Hong Kong’s Hang Seng Index was down 1.57 percent while Singapore’s Straits Times Index fell 0.53 percent.

In company news, Singapore-listed real estate developer CapitaLand said on Monday it has entered into an agreement to acquire Ascendas-Singbridge. It would make the combined entity Asia’s largest diversified real estate group, the company said. Trading of CapitaLand shares were halted ahead of the announcement.

Australia’s benchmark ASX 200 reversed early gains to finish near flat as the energy sector declined 0.77 percent.

Meanwhile, the Australian dollar traded at $0.7182 as of 2:55 p.m. HK/SIN, coming off an earlier session high of $0.7217.

The U.S. dollar index, which measures the greenback against a basket of its peers, traded at 95.615 while the Japanese yen, considered a safe haven asset, was at 108.12 to the dollar.

Concerns over an ongoing U.S. government shutdown and worries about an economic slowdown in China could dampen a relatively positive sentiments seen in markets last week.

Sentiment was buoyed by “soothing words” from Fed officials and rising optimism that Beijing and Washington would resolve some of their trade differences before a 90-day moratorium on further U.S. tariff action kicks in, Ray Attrill, head of foreign-exchange strategy at the National Australia Bank, wrote in a morning note.

The “expectation that the Fed is now on hold for the foreseeable future is firmly entrenched in markets,” analysts at ANZ Research also said in a Monday note.


Company: cnbc, Activity: cnbc, Date: 2019-01-14  Authors: saheli roy choudhury
Keywords: news, cnbc, companies, pacific, slowdown, investors, data, react, dollar, estate, trade, chinas, fell, index, real, fall, markets, traded, growth, asia


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S&P cuts PG&E ratings to junk, warns of further downgrade

S&P Global Ratings on Monday stripped California power utility PG&E of its investment-grade credit rating and kept it under review for a further downgrade, citing political and regulatory pressure and uncertainty as it faces massive claims stemming from deadly wildfires. S&P cut the rating on both PG&E and its Pacific Power & Gas Co operating utility to “B” from its previous rating of “BBB-,” the lowest tier of so-called investment-grade ratings. It is searching for new directors at its holding


S&P Global Ratings on Monday stripped California power utility PG&E of its investment-grade credit rating and kept it under review for a further downgrade, citing political and regulatory pressure and uncertainty as it faces massive claims stemming from deadly wildfires. S&P cut the rating on both PG&E and its Pacific Power & Gas Co operating utility to “B” from its previous rating of “BBB-,” the lowest tier of so-called investment-grade ratings. It is searching for new directors at its holding
S&P cuts PG&E ratings to junk, warns of further downgrade Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-01-08  Authors: david paul morris, bloomberg, getty images
Keywords: news, cnbc, companies, rating, downgrade, junk, cuts, gas, utility, warns, pge, sp, credit, company, ratings, pacific, pressure


S&P cuts PG&E ratings to junk, warns of further downgrade

S&P Global Ratings on Monday stripped California power utility PG&E of its investment-grade credit rating and kept it under review for a further downgrade, citing political and regulatory pressure and uncertainty as it faces massive claims stemming from deadly wildfires.

The utility, whose roughly $18 billion in bonds fell on Monday due to bankruptcy fears, has come under severe pressure since a fatal Camp fire in November compounded the company’s woes. It currently faces billions of dollars in liabilities related to wildfires in 2017 and 2018.

S&P cut the rating on both PG&E and its Pacific Power & Gas Co operating utility to “B” from its previous rating of “BBB-,” the lowest tier of so-called investment-grade ratings.

The ratings agency said it could further cut the company’s rating over the next few months if explicit steps are not taken by authorities to improve the regulatory situation, signaling that the agency may be losing faith that lawmakers could rescue PG&E.

“We could also lower the ratings by one or more notches if management does not clearly articulate specific steps it will take to preserve credit quality over the long term,” S&P said.

Earlier on Monday, PG&E shares dived more than 22 percent and its largest bond, a $3 billion note due in March 2034 with a coupon of 6.05 percent, fell to a record-low bid price of 91.5 cents on the dollar, while its yield rose to nearly 7 percent.

“We expect that negative public sentiment and the increased political pressure will challenge the regulators’ willingness and ability to implement measures to protect credit quality over the near term,” S&P said.

The agency also said it expects PG&E’s capital access may be limited to secured debt issuance, restricting its financing options, because of the increased credit risks, and media speculation on a potential bankruptcy.

On Friday, sources told Reuters that PG&E was exploring filing for bankruptcy protection. The company was considering the move, for some or all of its businesses, as it fears a massive charge in the fourth quarter related to potential liabilities from wildfires.

The company said it was reviewing its “structural options” and assessing its operations, finances, management, structure and governance. It is searching for new directors at its holding company and its utility unit Pacific Gas and Electric Co.

In November, PG&E said it could face “significant liability” in excess of its insurance coverage if its equipment was found to have caused last year’s fires in northern California.

The fires near the Northern California mountain community of Paradise swept through the town, killing at least 86 people in the deadliest and most destructive wildfire in the state’s history. PG&E had reported equipment problems near the origin of the fire around the time it began.

Credit ratings for PG&E and its Pacific Gas & Electric unit were downgraded by the three main ratings agencies in mid-November.

Last month, the California Public Utilities Commission opened a proceeding to consider penalties against the company, ordering immediate action against the utility for falsifying safety documents for natural gas pipelines.


Company: cnbc, Activity: cnbc, Date: 2019-01-08  Authors: david paul morris, bloomberg, getty images
Keywords: news, cnbc, companies, rating, downgrade, junk, cuts, gas, utility, warns, pge, sp, credit, company, ratings, pacific, pressure


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Google plans to lease office space in Los Angeles

The company plans to lease office space from what is now a mall in West Los Angeles, according to the Journal. The move is the latest office expansion for Google, which just last month announced a $1 billion investment in a new office in New York City. The space at Westside Pavilion will reportedly be redeveloped into a 584,000 square-foot campus, according to the Journal, citing property owners Hudson Pacific Properties and Macerich. Google’s 14-year lease would begin after construction is comp


The company plans to lease office space from what is now a mall in West Los Angeles, according to the Journal. The move is the latest office expansion for Google, which just last month announced a $1 billion investment in a new office in New York City. The space at Westside Pavilion will reportedly be redeveloped into a 584,000 square-foot campus, according to the Journal, citing property owners Hudson Pacific Properties and Macerich. Google’s 14-year lease would begin after construction is comp
Google plans to lease office space in Los Angeles Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-01-08  Authors: lauren feiner, stephen lam, spencer platt, getty images
Keywords: news, cnbc, companies, lease, los, according, space, plans, westside, pacific, york, macerich, angeles, office, mall, google


Google plans to lease office space in Los Angeles

Google is expanding in L.A., the Wall Street Journal reported Tuesday. The company plans to lease office space from what is now a mall in West Los Angeles, according to the Journal.

The move is the latest office expansion for Google, which just last month announced a $1 billion investment in a new office in New York City. Amazon and Apple have also been expanding their presence outside of the tech hubs of Silicon Valley and Seattle, with Amazon selecting New York City and Northern Viriginia. as the dual-sites of its new “headquarters” and Apple announcing a new campus in Austin.

The space at Westside Pavilion will reportedly be redeveloped into a 584,000 square-foot campus, according to the Journal, citing property owners Hudson Pacific Properties and Macerich. Google’s 14-year lease would begin after construction is completed on the “One Westside” construction, scheduled to end in 2022.

Google will take over the entire office part of the project, while Hudson Pacific and Macerich will still own and operate a portion of the mall connected to the office area by the bridge, according to the Journal.

Google was not immediately available to comment.

Subscribe to CNBC on YouTube.

Watch: Google plans to pour more than $1 billion into new Manhattan headquarters


Company: cnbc, Activity: cnbc, Date: 2019-01-08  Authors: lauren feiner, stephen lam, spencer platt, getty images
Keywords: news, cnbc, companies, lease, los, according, space, plans, westside, pacific, york, macerich, angeles, office, mall, google


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Ocean Cleanup device breaks down, well before ridding Pacific of plastics

The young Dutch inventor who conceived the Ocean Cleanup project, and hopes to one day deploy 60 of the devices to skim plastic debris off the surface of the ocean, said Thursday that he would not be deterred by the setback. With an estimated cost of nearly $6 million per screen, a total of $360 million would be needed to operate 60 of the strainers for three years in the Pacific, the Ocean Cleanup project says. The Ocean Cleanup towed “System 001” under the Golden Gate Bridge and into the Pacif


The young Dutch inventor who conceived the Ocean Cleanup project, and hopes to one day deploy 60 of the devices to skim plastic debris off the surface of the ocean, said Thursday that he would not be deterred by the setback. With an estimated cost of nearly $6 million per screen, a total of $360 million would be needed to operate 60 of the strainers for three years in the Pacific, the Ocean Cleanup project says. The Ocean Cleanup towed “System 001” under the Golden Gate Bridge and into the Pacif
Ocean Cleanup device breaks down, well before ridding Pacific of plastics Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-01-04  Authors: james rainey, ray chavez, east bay times, digital first media, getty images
Keywords: news, cnbc, companies, ridding, breaks, cleanup, pacific, device, project, team, plastics, plastic, ocean, system, slat, screen


Ocean Cleanup device breaks down, well before ridding Pacific of plastics

An ambitious project to clean up a vast tide of ocean pollution has been sidelined. The project’s 2,000-foot-long screen — which was already failing to capture plastic while stationed more than 1,000 miles off the coast of California — broke apart just before New Year’s under the constant wind and waves of the Pacific Ocean.

The young Dutch inventor who conceived the Ocean Cleanup project, and hopes to one day deploy 60 of the devices to skim plastic debris off the surface of the ocean, said Thursday that he would not be deterred by the setback.

Boyan Slat said in a phone interview from his office in Rotterdam, Netherlands, that the screen would be towed about 800 miles to Hawaii. Once there, it will either be repaired or loaded onto a barge to return to its home port of Alameda, California.

“Of course there is slight disappointment, because we hoped to stay out there a bit longer to do more experiments and to….solve the [plastic] retention issue,” Slat said. “But there is no talk whatsoever about discouragement.

“This is an entirely new category of machine that is out there in extremely challenging conditions,” Slat added. “We always took into account that we might have to take it back and forth a few times. So it’s really not a significant departure from the original plan.”

But a critic who has followed Slat’s project since he unveiled it more than five years ago said the failure was predictable and that systems deployed closer to shore stand a greater chance of slowing the deluge of plastics spilling into the world’s oceans.

“I certainly hope they will be able to get it to work, but this is a very difficult environment where equipment breaks, which is why you normally do things closer to shore, where things are easier to repair,” said Miriam Goldstein, director of ocean policy at the Center for American Progress, a liberal think tank.

Oceanographers and environmentalists have been concerned with plastics pollution for years, but the issue gained broader public attention in 2018, with many jurisdictions banning plastic drinking straws, eating utensils and bags. The World Economic Forum has projected that the total of plastic debris in the oceans will outweigh all the world’s fish by 2050, if plastics disposal continues unabated.

Slat first came up with his audacious plan to clean the waste from the oceans as a teenager. Now, at 24, he has raised more than $40 million from tech entrepreneurs and thousands of donors. He oversees a staff of more than 80 engineers, oceanographers and others.

The crew has designed a pipe-shaped plastic barrier that floats atop the ocean, with a 10-foot-tall screen of impermeable synthetic textile hanging beneath the surface. The device is designed to move with the wind and waves, fast enough that the U-shaped “array” will hold plastic — which can periodically be picked up and shipped away to recycling centers.

With an estimated cost of nearly $6 million per screen, a total of $360 million would be needed to operate 60 of the strainers for three years in the Pacific, the Ocean Cleanup project says.

But for now, Slat and his team need to get their prototype working.

The Ocean Cleanup towed “System 001” under the Golden Gate Bridge and into the Pacific just after Labor Day, first parking it about 200 miles offshore for an initial shakedown period. In October, a ship pulled the device another 800 miles into the Great Pacific Garbage Patch, a giant swirling field of plastic that covers an area about twice the size of Texas.

But four weeks after the move into the deep ocean, Slat’s team reported that the plastic that washed into the barrier was not staying in the system. The project’s engineers concluded that the device was not moving fast enough. “At the very minimum, the system needs to be continuously traveling faster than the plastic,” said an update on the project’s website.

Slat said Thursday that his team is looking for ways to move the screen more quickly by allowing it to catch more wind.

On Saturday, the problem expanded when the crew on the support boat tending the screen discovered that an 18-meter section at one end of the pipe had detached from the rest of the system. Stress from the constant movement of the pipe — an estimated 1.4 million fluctuations caused by swells and wind over four months — probably led the high-density polyethylene to snap, Slat said.

The self-educated engineer, who dropped out of college to pursue his passion project, said he believes that his team will solve the problem by redesigning the configuration of the plastic boom, rather than turning to a new material. “This is one of the classic structural engineering challenges,” Slat said. “You saw it first with the railroads, then with airlines and now with this first cleanup system. It’s very hard to predict. It’s very hard to model. So this is all very educational.”

Slat said that the fixes would take months, declining to be more precise.

Goldstein wrote her Ph.D. dissertation in oceanography on the Pacific Garbage Patch. Her words before Slat launched his prototype in the Pacific now sound prescient. “The ocean is strong and powerful,” she told USA Today last summer, “and likes to rip things up.”

Besides warning that the ungainly device might not survive in the Pacific, Goldstein expressed concern in an interview this week about it trapping sea creatures, particularly jellyfish and slugs that she said would not be able to pass around or underneath the screen.

She also said that it is important that the limited resources for plastics cleanups be focused on the most effective solutions. She pointed to the solar-driven water wheels that have removed an estimated 1,000 tons of plastic pollution from Baltimore’s harbor since 2014.

“A great deal of money is being spent on this Ocean Cleanup device,” Goldstein said, “when there are various other methods that remove a lot more plastic, for a lot less money.”


Company: cnbc, Activity: cnbc, Date: 2019-01-04  Authors: james rainey, ray chavez, east bay times, digital first media, getty images
Keywords: news, cnbc, companies, ridding, breaks, cleanup, pacific, device, project, team, plastics, plastic, ocean, system, slat, screen


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Beyond China, Apple’s Asian business leans heavily on wealthier countries

The shine may be coming off Apple’s business in China, but that’s not its only market in the Asia Pacific region. Greater China was Apple’s third-largest market in terms of revenue in the fourth quarter of 2018 — after the Americas and Europe — at $11.4 billion, according to company figures. The figure for Japan ($5.161 billion) and elsewhere in the Asia Pacific region ($3.429 billion), meanwhile, came to $8.59 billion. Outside of China, Apple has done well in mature and wealthy economies such a


The shine may be coming off Apple’s business in China, but that’s not its only market in the Asia Pacific region. Greater China was Apple’s third-largest market in terms of revenue in the fourth quarter of 2018 — after the Americas and Europe — at $11.4 billion, according to company figures. The figure for Japan ($5.161 billion) and elsewhere in the Asia Pacific region ($3.429 billion), meanwhile, came to $8.59 billion. Outside of China, Apple has done well in mature and wealthy economies such a
Beyond China, Apple’s Asian business leans heavily on wealthier countries Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-01-03  Authors: kelly olsen, jung yeon-je, afp, getty images
Keywords: news, cnbc, companies, countries, business, asian, china, wealthier, economies, pacific, japan, wealthy, heavily, market, leans, apples, billion, asia, company


Beyond China, Apple's Asian business leans heavily on wealthier countries

The shine may be coming off Apple’s business in China, but that’s not its only market in the Asia Pacific region.

The Cupertino, California-based technology giant sent a shudder through global markets after CEO Tim Cook’s letter to investors released on Wednesday showed the company lowered guidance for this year’s first-quarter on China’s slowing economy and weaker iPhone and other device sales there.

Greater China was Apple’s third-largest market in terms of revenue in the fourth quarter of 2018 — after the Americas and Europe — at $11.4 billion, according to company figures. The figure for Japan ($5.161 billion) and elsewhere in the Asia Pacific region ($3.429 billion), meanwhile, came to $8.59 billion. The company did not provide a breakdown for other countries.

Outside of China, Apple has done well in mature and wealthy economies such as Japan, South Korea and Singapore, where its pricey phones can be more readily afforded. But in the rest of Southeast Asia and India, where overall economies are growing but per capita incomes remain relatively low, the going has been tougher.


Company: cnbc, Activity: cnbc, Date: 2019-01-03  Authors: kelly olsen, jung yeon-je, afp, getty images
Keywords: news, cnbc, companies, countries, business, asian, china, wealthier, economies, pacific, japan, wealthy, heavily, market, leans, apples, billion, asia, company


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Cathay Pacific makes good on first-class ticket blunder

Cathay Pacific Airways said it would guarantee thousands of first and business-class flights sold at huge discounts after a ticketing error, calling the mistake a surprise special on New Year’s Day. The tickets are for flights from Vietnam to New York on Cathay Pacific for around $675 return instead of about $16,000 normally. Online flight blogs and forums have been active with discussion on the deals since the error, with posts wagering on whether Cathay would honour the ticket fares. The ticke


Cathay Pacific Airways said it would guarantee thousands of first and business-class flights sold at huge discounts after a ticketing error, calling the mistake a surprise special on New Year’s Day. The tickets are for flights from Vietnam to New York on Cathay Pacific for around $675 return instead of about $16,000 normally. Online flight blogs and forums have been active with discussion on the deals since the error, with posts wagering on whether Cathay would honour the ticket fares. The ticke
Cathay Pacific makes good on first-class ticket blunder Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-01-03  Authors: anthony wallace, afp, getty images
Keywords: news, cnbc, companies, special, honour, firstclass, error, pacific, good, ticket, cathay, ticketing, makes, million, mistake, carrier, blunder


Cathay Pacific makes good on first-class ticket blunder

Cathay Pacific Airways said it would guarantee thousands of first and business-class flights sold at huge discounts after a ticketing error, calling the mistake a surprise special on New Year’s Day.

The Hong Kong-based carrier acknowledged the error on its twitter feed on Wednesday, stating “we made a mistake but we look forward to welcoming you on board with your ticket issued. Hope this will make your 2019 special too!”

The tickets are for flights from Vietnam to New York on Cathay Pacific for around $675 return instead of about $16,000 normally.

With the hashtags “Promisemadepromisekept” and “lessonlearnt” the carrier said it would maintain the economy fares.

The fares were not available on Cathay’s website on Thursday.

Online flight blogs and forums have been active with discussion on the deals since the error, with posts wagering on whether Cathay would honour the ticket fares.

Flyer Talk Evangelist wrote “Nobody here has noticed the hot mistake fare? … Has been going on for hours. Wanna bet on the odd CX would honour this?”

The ticketing error caps a tough year for Cathay. The carrier has come under mounting criticism after it said in October that about 9.4 million passengers’ personal data had been accessed without authorisation, seven months after it became aware of the breach.

The airline said it has spent over $127.7 million on IT infrastructure and security over the past three years.


Company: cnbc, Activity: cnbc, Date: 2019-01-03  Authors: anthony wallace, afp, getty images
Keywords: news, cnbc, companies, special, honour, firstclass, error, pacific, good, ticket, cathay, ticketing, makes, million, mistake, carrier, blunder


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American farmers set for more pain as Pacific trade deal kicks in without the US

If the U.S. had stayed in TPP, the country’s real income would have increased by $131 billion annually, according to the Peterson Institute for International Economics. The venture, according to the president, would have damaged U.S. manufacturing, added to the trade deficit and sent American jobs overseas. The deal can help ensure “that a trade war in the Pacific does not hit British households in the pocket,” the U.K. Department for International Trade said in a Sunday statement. It would also


If the U.S. had stayed in TPP, the country’s real income would have increased by $131 billion annually, according to the Peterson Institute for International Economics. The venture, according to the president, would have damaged U.S. manufacturing, added to the trade deficit and sent American jobs overseas. The deal can help ensure “that a trade war in the Pacific does not hit British households in the pocket,” the U.K. Department for International Trade said in a Sunday statement. It would also
American farmers set for more pain as Pacific trade deal kicks in without the US Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2018-12-31  Authors: nyshka chandran, aleksandra michalska
Keywords: news, cnbc, companies, deal, country, american, billion, markets, income, cptpp, uk, kicks, pain, pacific, trade, farmers, set, international, united, help


American farmers set for more pain as Pacific trade deal kicks in without the US

If the U.S. had stayed in TPP, the country’s real income would have increased by $131 billion annually, according to the Peterson Institute for International Economics. Now, “the United States not only forgoes these gains but also loses an additional $2 billion in income because US firms will be disadvantaged in [CPTPP] markets,” the think tank said in a February report.

Trump has repeatedly said joining the pact would not have been good for his country. The venture, according to the president, would have damaged U.S. manufacturing, added to the trade deficit and sent American jobs overseas.

If the CPTPP’s roster of participants grows, the pressure on U.S. goods overseas would likely keep rising.

The United Kingdom, for one, has said that it is considering becoming a CPTPP member. The deal can help ensure “that a trade war in the Pacific does not hit British households in the pocket,” the U.K. Department for International Trade said in a Sunday statement. It would also help U.K. businesses expand into new markets at a time when the country may no longer have special privileges with the E.U.

“I’ve never seen such nervousness in the U.S. business community as I see now,” Steve Okun, senior advisor at McLarty Associates, an international trade consultancy, told CNBC last week, referring to developments such as the CPTPP. There is a sense that “the world is moving forward without us,” he said.


Company: cnbc, Activity: cnbc, Date: 2018-12-31  Authors: nyshka chandran, aleksandra michalska
Keywords: news, cnbc, companies, deal, country, american, billion, markets, income, cptpp, uk, kicks, pain, pacific, trade, farmers, set, international, united, help


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Earthquake of 6.9 strikes off Philippines, small tsunami possible

A strong earthquake of 6.9 magnitude struck off the southern Philippine island of Mindanao on Saturday and small tsunami waves were possible along its coast as well as in parts of Indonesia and Palau, the Pacific Tsunami Warning Center said. The Pacific Tsunami Warning Center initially said “hazardous tsunami waves” were possible within 300 km (186 miles) of the epicenter along the coasts of Indonesia and the Philippines. The center later said: “Tsunami waves are forecast to be less than 0.3 met


A strong earthquake of 6.9 magnitude struck off the southern Philippine island of Mindanao on Saturday and small tsunami waves were possible along its coast as well as in parts of Indonesia and Palau, the Pacific Tsunami Warning Center said. The Pacific Tsunami Warning Center initially said “hazardous tsunami waves” were possible within 300 km (186 miles) of the epicenter along the coasts of Indonesia and the Philippines. The center later said: “Tsunami waves are forecast to be less than 0.3 met
Earthquake of 6.9 strikes off Philippines, small tsunami possible Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2018-12-29  Authors: seongjoon cho, bloomberg, getty images
Keywords: news, cnbc, companies, 69, small, waves, southern, tsunami, philippines, earthquake, struck, km, indonesia, possible, strikes, magnitude, pacific


Earthquake of 6.9 strikes off Philippines, small tsunami possible

A strong earthquake of 6.9 magnitude struck off the southern Philippine island of Mindanao on Saturday and small tsunami waves were possible along its coast as well as in parts of Indonesia and Palau, the Pacific Tsunami Warning Center said.

There were no reports of casualties or damage, from the earthquake, which the U.S. Geological Survey (USGS) said struck 193 km (120 miles) east of the Philippine city of General Santos, at a depth of 60 km (37 miles).

The Pacific Tsunami Warning Center initially said “hazardous tsunami waves” were possible within 300 km (186 miles) of the epicenter along the coasts of Indonesia and the Philippines.

The center later said: “Tsunami waves are forecast to be less than 0.3 meters above the tide level for the coasts of Indonesia, Palau and the Philippines.”

The USGS initially said the magnitude of the quake was 7.2 but later downgraded it to 6.9.

Residents of the southern Philippines said the earthquake lasted about a minute and some people rushed out of their homes but there had been no major damage.

“We’ve alerted the communities for possible tsunami,” Clinton Polancos, an official in the southern district of Governor Generoso, told Reuters.

“We’re fine. The earthquake was not destructive.”

Indonesian media also said there were no reports of damage.

The Philippines and Indonesia are both on the Pacific “Ring of Fire,” a horse-shoe shaped band of volcanoes and fault lines circling the edges of the Pacific Ocean.

Indonesia has been struck by two serious tsunami this year.

The first followed a 7.5 magnitude quake on the west coast of Sulawesi island in September. More than 2,000 people were killed.

The second tsunami struck a week ago, on Saturday evening, when part of a volcanic island collapsed in the Sunda Strait, between Java and Sumatra islands, generating tsunami waves that killed more than 400 people.


Company: cnbc, Activity: cnbc, Date: 2018-12-29  Authors: seongjoon cho, bloomberg, getty images
Keywords: news, cnbc, companies, 69, small, waves, southern, tsunami, philippines, earthquake, struck, km, indonesia, possible, strikes, magnitude, pacific


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Trade tensions won’t just ‘go away’ because of G-20 meeting, says Citi

The tariff dispute between the U.S. and China is more about strategic dominance than it is about trade, said Citibank’s Asia Pacific regional head of investments. “It’s not something that’s likely to go away just because of the meeting that’s going to happen on Saturday,” said Shrikant Bhat, Citibank’s regional head of investments for Asia Pacific and Europe, Middle East and Africa. He was referring to a much-anticipated meeting between U.S. President Donald Trump and his Chinese counterpart Xi


The tariff dispute between the U.S. and China is more about strategic dominance than it is about trade, said Citibank’s Asia Pacific regional head of investments. “It’s not something that’s likely to go away just because of the meeting that’s going to happen on Saturday,” said Shrikant Bhat, Citibank’s regional head of investments for Asia Pacific and Europe, Middle East and Africa. He was referring to a much-anticipated meeting between U.S. President Donald Trump and his Chinese counterpart Xi
Trade tensions won’t just ‘go away’ because of G-20 meeting, says Citi Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2018-11-29  Authors: huileng tan, carlos barria
Keywords: news, cnbc, companies, citi, thats, pacific, head, citibanks, wont, meeting, away, regional, higher, tensions, asia, trade, g20


Trade tensions won't just 'go away' because of G-20 meeting, says Citi

The tariff dispute between the U.S. and China is more about strategic dominance than it is about trade, said Citibank’s Asia Pacific regional head of investments.

“It’s not something that’s likely to go away just because of the meeting that’s going to happen on Saturday,” said Shrikant Bhat, Citibank’s regional head of investments for Asia Pacific and Europe, Middle East and Africa.

He was referring to a much-anticipated meeting between U.S. President Donald Trump and his Chinese counterpart Xi Jinping at the G20 summit in Buenos Aires, Argentina.

However, Bhat added, any effort to douse tensions — such as the U.S. postponing higher tariffs on Chinese imports that were due to take effect in January — will be seen as positive news for the markets.

On Thursday, Asia markets traded higher ahead of the crucial meeting between the two leaders, which many are hoping would help ease trade tensions between the two economic powerhouses.


Company: cnbc, Activity: cnbc, Date: 2018-11-29  Authors: huileng tan, carlos barria
Keywords: news, cnbc, companies, citi, thats, pacific, head, citibanks, wont, meeting, away, regional, higher, tensions, asia, trade, g20


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APEC fails to reach consensus as US-China divide deepens

“APEC has got no charter over World Trade Organization, that is a fact. Those matters can be raised at the World Trade Organization.” A Leaders’ Declaration has been issued after every annual APEC leaders’ meeting since the first in 1993, the group’s website shows. He stoked Western concern on Friday when he met Pacific island leaders to pitch his Belt and Road initiative. The United States and its allies, Japan, Australia and New Zealand, countered on Sunday with a $1.7 billion plan to deliver


“APEC has got no charter over World Trade Organization, that is a fact. Those matters can be raised at the World Trade Organization.” A Leaders’ Declaration has been issued after every annual APEC leaders’ meeting since the first in 1993, the group’s website shows. He stoked Western concern on Friday when he met Pacific island leaders to pitch his Belt and Road initiative. The United States and its allies, Japan, Australia and New Zealand, countered on Sunday with a $1.7 billion plan to deliver
APEC fails to reach consensus as US-China divide deepens Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2018-11-19  Authors: lintao zhang, pool
Keywords: news, cnbc, companies, world, divide, leaders, deepens, consensus, uschina, apec, trade, states, pacific, united, president, fails, reach, meeting, png


APEC fails to reach consensus as US-China divide deepens

Asia-Pacific leaders failed to agree on a communique at a summit in Papua New Guinea on Sunday for the first time in their history as deep divisions between the United States and China over trade and investment stymied cooperation.

Competition between the United States and China over the Pacific was also thrown into focus with the U.S. and its Western allies launching a coordinated response to Beijing’s Belt and Road program.

“You know the two big giants in the room,” Papua New Guinea (PNG) Prime Minister Peter O’Neill said at a closing news conference, when asked which of the 21 members of the Asia-Pacific Economic Cooperation (APEC) group could not agree.

O’Neill, who was chairman of the meeting, said the sticking point was over whether mention of the World Trade Organization and its possible reform should be in the Leaders’ Declaration.

“APEC has got no charter over World Trade Organization, that is a fact. Those matters can be raised at the World Trade Organization.”

The multilateral trade order that APEC was established in 1989 to protect is crumbling as Chinese assertiveness in the Pacific and U.S. tariffs strain relations in the region and divide loyalties.

A Leaders’ Declaration has been issued after every annual APEC leaders’ meeting since the first in 1993, the group’s website shows.

O’Neill said that as APEC host, he would release a Chairman’s Statement, though it was not clear when.

U.S. President Donald Trump did not attend the meeting and nor did his Russian counterpart, Vladimir Putin.

U.S. Vice President Mike Pence attended instead of Trump.

Chinese President Xi Jinping arrived to great fanfare on Thursday and was feted by PNG officials. He stoked Western concern on Friday when he met Pacific island leaders to pitch his Belt and Road initiative.

The United States and its allies, Japan, Australia and New Zealand, countered on Sunday with a $1.7 billion plan to deliver reliable electricity and the internet to PNG.


Company: cnbc, Activity: cnbc, Date: 2018-11-19  Authors: lintao zhang, pool
Keywords: news, cnbc, companies, world, divide, leaders, deepens, consensus, uschina, apec, trade, states, pacific, united, president, fails, reach, meeting, png


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