We may not see $100 oil ‘for a long time,’ says Chevron CEO

Chevron CEO Michael Wirth told CNBC on Thursday that oil prices may not reach $100 for a “long time” thanks to the boom in U.S. shale production. “Oil markets have really changed over the last decade or so,” Wirth said on “Squawk Box” from the World Economic Forum in Davos, Switzerland. This was on display following the September attacks on Saudi Arabia’s oil facilities in Abqaiq and Khurais, which took an estimated 5.7 million barrels of oil offline. Oil prices initially spiked 15% before retur


Chevron CEO Michael Wirth told CNBC on Thursday that oil prices may not reach $100 for a “long time” thanks to the boom in U.S. shale production.
“Oil markets have really changed over the last decade or so,” Wirth said on “Squawk Box” from the World Economic Forum in Davos, Switzerland.
This was on display following the September attacks on Saudi Arabia’s oil facilities in Abqaiq and Khurais, which took an estimated 5.7 million barrels of oil offline.
Oil prices initially spiked 15% before retur
We may not see $100 oil ‘for a long time,’ says Chevron CEO Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2020-01-23  Authors: pippa stevens
Keywords: news, cnbc, companies, world, wirth, weve, weekswirth, chevron, prices, 100, took, ceo, long, volatility, oil, run, discipline


We may not see $100 oil 'for a long time,' says Chevron CEO

Chevron CEO Michael Wirth told CNBC on Thursday that oil prices may not reach $100 for a “long time” thanks to the boom in U.S. shale production.

“Oil markets have really changed over the last decade or so,” Wirth said on “Squawk Box” from the World Economic Forum in Davos, Switzerland. “We’ve moved from a period of time where there was a belief we were approaching peak oil, and now we’re in an era of abundance.”

He said that he doesn’t believe the world will ever run out of oil, which means that prices are now less prone to bouts of volatility. This was on display following the September attacks on Saudi Arabia’s oil facilities in Abqaiq and Khurais, which took an estimated 5.7 million barrels of oil offline. Oil prices initially spiked 15% before returning to their pre-attack levels within weeks.

Wirth said that “efficiency” is the “age old story” of the oil industry, and that companies cannot rely on high oil prices for profits.

“You have to run your company — it’s a commodity business — with capital discipline, with cost discipline, and a real focus on maintaining that through the cycle,” he said.


Company: cnbc, Activity: cnbc, Date: 2020-01-23  Authors: pippa stevens
Keywords: news, cnbc, companies, world, wirth, weve, weekswirth, chevron, prices, 100, took, ceo, long, volatility, oil, run, discipline


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Jamie Dimon says his one big worry is negative interest rates

J.P. Morgan Chase CEO Jamie Dimon told CNBC on Wednesday that negative interest rates are one of the only things that concern him in a market that’s otherwise in a “Goldilocks place.” “The only thing I have trepidation about is negative interest rates, QE, and the diversion between stock prices and bond prices and yield and stuff like that,” Dimon said on “Squawk Box” from the World Economic Forum in Davos, Switerzland. Negative interest rates have been used by central banks in Japan and Europe


J.P. Morgan Chase CEO Jamie Dimon told CNBC on Wednesday that negative interest rates are one of the only things that concern him in a market that’s otherwise in a “Goldilocks place.”
“The only thing I have trepidation about is negative interest rates, QE, and the diversion between stock prices and bond prices and yield and stuff like that,” Dimon said on “Squawk Box” from the World Economic Forum in Davos, Switerzland.
Negative interest rates have been used by central banks in Japan and Europe
Jamie Dimon says his one big worry is negative interest rates Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2020-01-22  Authors: hugh son
Keywords: news, cnbc, companies, negative, worry, dimon, big, central, used, trap, rates, growth, prices, interest, banks, jamie


Jamie Dimon says his one big worry is negative interest rates

J.P. Morgan Chase CEO Jamie Dimon told CNBC on Wednesday that negative interest rates are one of the only things that concern him in a market that’s otherwise in a “Goldilocks place.”

“The only thing I have trepidation about is negative interest rates, QE, and the diversion between stock prices and bond prices and yield and stuff like that,” Dimon said on “Squawk Box” from the World Economic Forum in Davos, Switerzland.

“It’s kind of one of the great experiments of all time, and we still don’t know what the ultimate outcome is,” Dimon said.

Negative interest rates have been used by central banks in Japan and Europe to try to stimulate their stubbornly stagnant economies. Economists are divided over their effectiveness to reignite economic growth, and some fear negative rates can keep growth subdued rather than lift it. They have been used in conjunction with quantitative easing, in the U.S. and abroad, where central banks purchase assets like Treasury bills.

“I think it’s very hard for central banks to forever make up for bad policy elsewhere,” Dimon said. “That puts in them in a trap. We’re a little bit in that trap today with rates so low around the world.”

“I would never buy a negative rate bond, not unless I was forced,” Dimon added. “In history whenever you’ve seen anything like that, it doesn’t necessarily end well.”


Company: cnbc, Activity: cnbc, Date: 2020-01-22  Authors: hugh son
Keywords: news, cnbc, companies, negative, worry, dimon, big, central, used, trap, rates, growth, prices, interest, banks, jamie


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Supply of homes for sale hits record low, and prices suddenly jump

A worker stands on the roof of a home under construction at a new housing development in San Rafael, California. Sales of existing homes rose a steeper-than-expected 3.5% in December compared with January, according to the National Association of Realtors. That demand has pushed the supply of homes for sale down 8.5% annually to the lowest level since the Realtors began tracking inventory in 1982. At the current sales pace, the total supply would sell out in just three months. A six months’ supp


A worker stands on the roof of a home under construction at a new housing development in San Rafael, California.
Sales of existing homes rose a steeper-than-expected 3.5% in December compared with January, according to the National Association of Realtors.
That demand has pushed the supply of homes for sale down 8.5% annually to the lowest level since the Realtors began tracking inventory in 1982.
At the current sales pace, the total supply would sell out in just three months.
A six months’ supp
Supply of homes for sale hits record low, and prices suddenly jump Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2020-01-22  Authors: diana olick, in dianaolick
Keywords: news, cnbc, companies, sale, inventory, record, months, jump, worsesales, low, worker, prices, suddenly, homes, yearsthat, hits, supply, pace, tracking, trolling


Supply of homes for sale hits record low, and prices suddenly jump

A worker stands on the roof of a home under construction at a new housing development in San Rafael, California.

Buyers are trolling the nation’s neighborhoods looking for homes at the fastest pace in nearly two years, making an already critical shortage of inventory even worse.

Sales of existing homes rose a steeper-than-expected 3.5% in December compared with January, according to the National Association of Realtors.

Demand is surging because mortgage rates are about a full percentage point lower than they were a year ago, and the largest generation, millennials, are aging into their homebuying years.

That demand has pushed the supply of homes for sale down 8.5% annually to the lowest level since the Realtors began tracking inventory in 1982.

At the current sales pace, the total supply would sell out in just three months. A six months’ supply is considered a balanced market.


Company: cnbc, Activity: cnbc, Date: 2020-01-22  Authors: diana olick, in dianaolick
Keywords: news, cnbc, companies, sale, inventory, record, months, jump, worsesales, low, worker, prices, suddenly, homes, yearsthat, hits, supply, pace, tracking, trolling


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These are the world’s cheapest and most expensive places to buy groceries

Globally, Switzerland sells the most expensive groceries, with prices 79.1% higher than in the U.S. Norway is the second most expensive place to buy groceries, with prices 37.4% more expensive than in the U.S., and Iceland is third most expensive, where food items are 36.6% pricier. Bayut used Numbeo’s 2019 Cost of Living Index, where the U.S. was used as the baseline (set to 0%). Buying in bulk for the sake of buying in bulk generally isn’t advised when trying to save money, says Priya Malani,


Globally, Switzerland sells the most expensive groceries, with prices 79.1% higher than in the U.S. Norway is the second most expensive place to buy groceries, with prices 37.4% more expensive than in the U.S., and Iceland is third most expensive, where food items are 36.6% pricier.
Bayut used Numbeo’s 2019 Cost of Living Index, where the U.S. was used as the baseline (set to 0%).
Buying in bulk for the sake of buying in bulk generally isn’t advised when trying to save money, says Priya Malani,
These are the world’s cheapest and most expensive places to buy groceries Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2020-01-22  Authors: anna hecht
Keywords: news, cnbc, companies, thats, worlds, buy, buying, places, expensive, need, groceries, prices, used, save, bulk, cheapest


These are the world's cheapest and most expensive places to buy groceries

Globally, Switzerland sells the most expensive groceries, with prices 79.1% higher than in the U.S. Norway is the second most expensive place to buy groceries, with prices 37.4% more expensive than in the U.S., and Iceland is third most expensive, where food items are 36.6% pricier. That’s according to a recent report from Bayut, a Dubai-based property portal, which used data from Numbeo, a crowd-sourced global database of consumer prices, to determine where in the world groceries cost the most — and the least. Bayut used Numbeo’s 2019 Cost of Living Index, where the U.S. was used as the baseline (set to 0%). Therefore, the index for each country represents where it stands relative to the U.S. Source: Bayut This study also determined which countries are the least expensive when compared to the U.S.: Pakistan: Groceries cost 72.9% less Tunisia: 67% less Ukraine: 66.7% less Egypt: 65.6% less Kosovo: 65.6% less Additionally, nations with prices similar to those in the U.S. are: France: 1.3% more Taiwan: 3.2% more Australia: 0.8% less New Zealand: 2.6% less

How to save on groceries

Although groceries may be significantly cheaper in another country, it’s likely you’re not able, or willing, to move just to save at the supermarket. But if you feel like you are spending too much on groceries, here are four strategies for saving on food items that you can exercise right at home.

1. Avoid buying in bulk

Yep, you read that right. Buying in bulk for the sake of buying in bulk generally isn’t advised when trying to save money, says Priya Malani, founder and CEO of Stash Wealth. That’s because people who shop in bulk are often buying more than they need in order to earn savings. “That short-term savings that you think is beneficial isn’t always,” Malani says. “Instead of buying the 12-pack of batteries for $25 when you need just two AA batteries, buy the 2-pack that costs $5 and put the other $20 toward your debt. It’s a mindset thing.” Rather than every household item in bulk, stick to only when it’s necessary, meaning you actually need a large amount of a given item.

If you’re hosting a large gathering, it’s probably fine to go ahead and buy the 500-pack of party cups. But should you run across a 20-pack of peaches for just $3.99 at your local warehouse-style grocer, it doesn’t mean you need to buy the whole bag only for half of it to spoil once you bring it home.

2. Buy generic

Although it can be tempting to purchase only name brand products, there’s major savings that comes with switching from premium to generic. It might not seem like a lot at first, but you’ll save money little by little. In fact, buying generic could save you more than $1,500 annually, Mic reports. To decide whether it’s worth it to go for the off-brand version, check the ingredients on the back of both the premium and generic options. If the ingredient lists are the same, opt for cheaper of the two.

3. Choose in-season produce

Buying seasonal fruits and vegetables are less expensive because it’s typically cheaper for grocers to buy and sell locally grown foods than to sell produce that’s been shipped in from other climates. Not sure what’s in season? You can either ask around at your local grocer or reference the Department of Agriculture’s seasonal produce guide.

4. Pause before your check out


Company: cnbc, Activity: cnbc, Date: 2020-01-22  Authors: anna hecht
Keywords: news, cnbc, companies, thats, worlds, buy, buying, places, expensive, need, groceries, prices, used, save, bulk, cheapest


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Planning a trip? These are the countries where it’s most (and least) expensive to dine out

The cost of a meal for two all depends on where in the world you’re dining. Globally, Switzerland is the most expensive place to eat out, with prices 77.5% higher than in the U.S. Iceland is the second most expensive, with prices 61.3% more expensive than in the U.S., and Norway is third most expensive, where restaurant meals are 60.9% pricier. Bayut referenced Numbeo’s 2019 Cost of Living Index, where the U.S. was used as the baseline (set to 0%). Therefore, the index for each country represent


The cost of a meal for two all depends on where in the world you’re dining.
Globally, Switzerland is the most expensive place to eat out, with prices 77.5% higher than in the U.S. Iceland is the second most expensive, with prices 61.3% more expensive than in the U.S., and Norway is third most expensive, where restaurant meals are 60.9% pricier.
Bayut referenced Numbeo’s 2019 Cost of Living Index, where the U.S. was used as the baseline (set to 0%).
Therefore, the index for each country represent
Planning a trip? These are the countries where it’s most (and least) expensive to dine out Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2020-01-22  Authors: anna hecht
Keywords: news, cnbc, companies, index, world, youre, used, countries, expensive, prices, trip, cost, ustunisia, restaurant, ussource, planning, dine


Planning a trip? These are the countries where it's most (and least) expensive to dine out

The cost of a meal for two all depends on where in the world you’re dining.

Globally, Switzerland is the most expensive place to eat out, with prices 77.5% higher than in the U.S. Iceland is the second most expensive, with prices 61.3% more expensive than in the U.S., and Norway is third most expensive, where restaurant meals are 60.9% pricier.

That’s according to a recent report from Bayut, a Dubai-based property portal, which used data from Numbeo, a crowd-sourced global database of consumer prices, to determine where in the world restaurants are the most expensive — and the least.

Bayut referenced Numbeo’s 2019 Cost of Living Index, where the U.S. was used as the baseline (set to 0%). Therefore, the index for each country represents where it stands relative to the U.S.

Source: Bayut

This study also determined which countries have the lowest restaurant prices when compared to the U.S.:

Tunisia: Dining out costs 80.8% less Pakistan: 77.8% less Algeria: 76.4% less India: 75.3% less Sri Lanka: 75% less

Additionally, nations with restaurant prices similar to those in the U.S. are:


Company: cnbc, Activity: cnbc, Date: 2020-01-22  Authors: anna hecht
Keywords: news, cnbc, companies, index, world, youre, used, countries, expensive, prices, trip, cost, ustunisia, restaurant, ussource, planning, dine


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Minerd: Don’t see any reason why we can’t keep pushing asset prices higher

Minerd: Don’t see any reason why we can’t keep pushing asset prices higherScott Minerd, global chief investment officer at Guggenheim Partners, joins CNBC’s “Squawk Box” team at the World Economic Forum in Davos, Switzerland.


Minerd: Don’t see any reason why we can’t keep pushing asset prices higherScott Minerd, global chief investment officer at Guggenheim Partners, joins CNBC’s “Squawk Box” team at the World Economic Forum in Davos, Switzerland.
Minerd: Don’t see any reason why we can’t keep pushing asset prices higher Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2020-01-21
Keywords: news, cnbc, companies, asset, prices, team, switzerland, cant, reason, higher, minerd, partners, officer, squawk, world, pushing, dont


Minerd: Don't see any reason why we can't keep pushing asset prices higher

Minerd: Don’t see any reason why we can’t keep pushing asset prices higher

Scott Minerd, global chief investment officer at Guggenheim Partners, joins CNBC’s “Squawk Box” team at the World Economic Forum in Davos, Switzerland.


Company: cnbc, Activity: cnbc, Date: 2020-01-21
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It’s time to get more excited about the Chinese property sector, JP Morgan says

Home prices in China have been growing at a slower pace — but a portfolio manager at J.P. Morgan Asset Management said it’s time for investors to be more excited about the Chinese property sector. “I actually think that now is the time to get more excited about China property,” he told CNBC’s “Street Signs Asia” on Thursday. Wang’s comments came as China’s Bureau of Statistics said on Thursday that new home prices grew at their weakest pace in 17 months in December, Reuters reported. Such a slow


Home prices in China have been growing at a slower pace — but a portfolio manager at J.P. Morgan Asset Management said it’s time for investors to be more excited about the Chinese property sector.
“I actually think that now is the time to get more excited about China property,” he told CNBC’s “Street Signs Asia” on Thursday.
Wang’s comments came as China’s Bureau of Statistics said on Thursday that new home prices grew at their weakest pace in 17 months in December, Reuters reported.
Such a slow
It’s time to get more excited about the Chinese property sector, JP Morgan says Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2020-01-17  Authors: yen nee lee
Keywords: news, cnbc, companies, china, need, prices, chinese, wang, think, months, pace, signs, excited, sector, morgan, property


It's time to get more excited about the Chinese property sector, JP Morgan says

Home prices in China have been growing at a slower pace — but a portfolio manager at J.P. Morgan Asset Management said it’s time for investors to be more excited about the Chinese property sector.

“China goes through these mini cycles in property, and the mini cycles usually have something to do with the way government policies are working … and it looks to us in the last couple of months that that policy is again loosening a bit,” said Howard Wang, head of Greater China equities at the investment giant.

“I actually think that now is the time to get more excited about China property,” he told CNBC’s “Street Signs Asia” on Thursday.

Wang’s comments came as China’s Bureau of Statistics said on Thursday that new home prices grew at their weakest pace in 17 months in December, Reuters reported. Such a slowdown has come amid broader government measures to curb speculative buying and wean the Chinese economy off its reliance on debt, which has hit real estate demand and firms in the property sector.

But Wang said signs are now pointing to better times ahead for the Chinese property sector, at least in the short term.

“When you think holistically about China, a lot of people still need to upgrade their properties, a lot of people still need to move closer to work, move from smaller cities to bigger cities. So all kinds of macro trends are in place,” he explained.


Company: cnbc, Activity: cnbc, Date: 2020-01-17  Authors: yen nee lee
Keywords: news, cnbc, companies, china, need, prices, chinese, wang, think, months, pace, signs, excited, sector, morgan, property


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PopSockets CEO says Amazon uses ‘bullying with a smile’ to press for lower prices

Popular phone accessory maker PopSockets accused Amazon of “strong-arming” it and failing to remove fake products. “One of the strangest relationships I’ve had with a retailer is with Amazon,” Barnett said. “Like any brand, however, PopSockets is free to choose which retailers it supplies and chose to stop selling directly through Amazon,” the spokesperson said. PopSockets is just one of many brands that have publicly expressed their dissatisfaction with selling products on Amazon’s marketplace.


Popular phone accessory maker PopSockets accused Amazon of “strong-arming” it and failing to remove fake products.
“One of the strangest relationships I’ve had with a retailer is with Amazon,” Barnett said.
“Like any brand, however, PopSockets is free to choose which retailers it supplies and chose to stop selling directly through Amazon,” the spokesperson said.
PopSockets is just one of many brands that have publicly expressed their dissatisfaction with selling products on Amazon’s marketplace.
PopSockets CEO says Amazon uses ‘bullying with a smile’ to press for lower prices Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2020-01-17  Authors: annie palmer
Keywords: news, cnbc, companies, tactics, relationship, ceo, bullying, barnett, prices, uses, amazon, selling, popsockets, sell, directly, company, products, lower, smile, press


PopSockets CEO says Amazon uses 'bullying with a smile' to press for lower prices

Amazon CEO Jeff Bezos attends a commemoration ceremony held in front of Saudi consulate on the first anniversary of his murder, in Istanbul, Turkey on October 02, 2019.

Popular phone accessory maker PopSockets accused Amazon of “strong-arming” it and failing to remove fake products.

David Barnett, CEO of PopSockets, testified during a House Judiciary antitrust subcommittee hearing on competition in the digital economy in Colorado on Friday. Barnett claims Amazon pressured PopSockets to lower the price of its products on the platform and said if it failed to do so, the company would source product from the “grey market,” or third-party sellers. PopSockets sells grips that attach to the back of cellphones.

“One of the strangest relationships I’ve had with a retailer is with Amazon,” Barnett said. “The agreement appears to be negotiated in good faith, but what happens is there are phone calls where we get bullying with a smile.”

An Amazon spokesperson told CNBC in a statement that the company sought to continue working with PopSockets to provide “competitive prices, availability, broad selection and fast delivery” for those products to its customers.

“Like any brand, however, PopSockets is free to choose which retailers it supplies and chose to stop selling directly through Amazon,” the spokesperson said. “Even so, we’ve continued to work with PopSockets to address our shared concerns about counterfeit, and continue to have a relationship with PopSockets through Merch by Amazon, which enables other sellers to create customized PopSockets for sale.”

Barnett said Amazon uses a variety of tactics to “bully” businesses, such as threatening to send excess inventory back at a cost to the company. He also disputed Amazon’s argument that there are other online marketplaces for businesses to sell their goods.

“We sell on the Walmart platform, sales are 1/38th of the sales we had on Amazon when we had a relationship,” Barnett said. “And Target it’s even less. These are small fractions.”

PopSockets is just one of many brands that have publicly expressed their dissatisfaction with selling products on Amazon’s marketplace. In 2018, PopSockets attempted to stop selling directly with Amazon, citing the aggressive pricing atmosphere and other controlling tactics, such as not allowing PopSockets to sell its products through a distributor. Barnett said PopSockets is now “testing” a direct selling relationship with Amazon.

Amazon said it requires some popular, widely available brands to sell to it directly to guarantee it’s offering the lowest prices compared to those offered at other stores.


Company: cnbc, Activity: cnbc, Date: 2020-01-17  Authors: annie palmer
Keywords: news, cnbc, companies, tactics, relationship, ceo, bullying, barnett, prices, uses, amazon, selling, popsockets, sell, directly, company, products, lower, smile, press


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Citi explains why there’s an ‘ultimate cap’ on oil prices

That shift is coming at a time when global oil supply is running ahead of demand, which is already weighing down on energy prices, David Bailin, chief investment officer at Citi Private Bank, said on Thursday. As evidence of the limited upside in oil prices, Bailin pointed to last year’s drones attack on the world’s largest oil processing facility in Saudi Arabia. The attack on two Saudi Aramco facilities — claimed by Iran-aligned Yemen’s Houthi rebels — cut Saudi oil production by half and the


That shift is coming at a time when global oil supply is running ahead of demand, which is already weighing down on energy prices, David Bailin, chief investment officer at Citi Private Bank, said on Thursday.
As evidence of the limited upside in oil prices, Bailin pointed to last year’s drones attack on the world’s largest oil processing facility in Saudi Arabia.
The attack on two Saudi Aramco facilities — claimed by Iran-aligned Yemen’s Houthi rebels — cut Saudi oil production by half and the
Citi explains why there’s an ‘ultimate cap’ on oil prices Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2020-01-16  Authors: yen nee lee
Keywords: news, cnbc, companies, theres, energy, explains, bailin, worlds, citi, fossil, prices, cap, electricity, permanent, saudi, ultimate, solar, oil


Citi explains why there's an 'ultimate cap' on oil prices

The cost of producing electricity from solar energy has in the last two years been lower than that of fossil fuels — and that “permanent change” will limit how high oil prices can climb, according to Citi.

That shift is coming at a time when global oil supply is running ahead of demand, which is already weighing down on energy prices, David Bailin, chief investment officer at Citi Private Bank, said on Thursday.

As evidence of the limited upside in oil prices, Bailin pointed to last year’s drones attack on the world’s largest oil processing facility in Saudi Arabia. The attack on two Saudi Aramco facilities — claimed by Iran-aligned Yemen’s Houthi rebels — cut Saudi oil production by half and the world’s daily output by 5%.

“We saw an 11-day impact in the markets: The initial spike of as much as 8% in oil prices, and then it was 4% and then ultimately down to zero,” Bailin told CNBC’s “Squawk Box Asia.”

“It’s going to take something much bigger to make a permanent impact on oil prices and have them sustainably higher than that,” he added.

A shift from oil, natural gas and coal to solar power in electricity generation will be “the ultimate cap” on prices of fossil fuels, said the CIO.

“We believe that’s a permanent change. In fact, our clients were investing in that as an unstoppable trend because now you can identify that cost point, it’s a great opportunity,” he said.

A report released last year by the International Renewable Energy Agency predicted that electricity generated by onshore wind and solar will be consistently cheaper than any fossil fuel source starting 2020, reported Reuters. The agency is an inter-governmental body that aims to help countries transition to sustainable energy sources.


Company: cnbc, Activity: cnbc, Date: 2020-01-16  Authors: yen nee lee
Keywords: news, cnbc, companies, theres, energy, explains, bailin, worlds, citi, fossil, prices, cap, electricity, permanent, saudi, ultimate, solar, oil


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China’s December home price growth hits slowest annual pace in almost 1-1/2 years

China’s new home prices grew at their weakest pace in 17 months in December, with broader curbs on the sector continuing to cool the market in a further blow to the sputtering economy. It was the slowest pace since July 2018, and significantly weaker than the 9.7% gain seen in December 2018. With the pace of China’s economic growth slowing, policymakers are keen to avoid wholesale squashing of the property market. There has been some signs of improvement in demand and prices across the sector si


China’s new home prices grew at their weakest pace in 17 months in December, with broader curbs on the sector continuing to cool the market in a further blow to the sputtering economy.
It was the slowest pace since July 2018, and significantly weaker than the 9.7% gain seen in December 2018.
With the pace of China’s economic growth slowing, policymakers are keen to avoid wholesale squashing of the property market.
There has been some signs of improvement in demand and prices across the sector si
China’s December home price growth hits slowest annual pace in almost 1-1/2 years Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2020-01-16
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China's December home price growth hits slowest annual pace in almost 1-1/2 years

Buildings and skyscrapers in Jing’an district on October 18, 2018 in Shanghai, China.

China’s new home prices grew at their weakest pace in 17 months in December, with broader curbs on the sector continuing to cool the market in a further blow to the sputtering economy.

Average new home prices in China’s 70 major cities rose 6.6% in December, slowing from a 7.1% gain in the previous month, Reuters calculation based on National Bureau of Statistics (NBS) data on Thursday.

It was the slowest pace since July 2018, and significantly weaker than the 9.7% gain seen in December 2018.

Price trends have been mixed lately, as authorities try to reduce frothiness in some cities and relax rules in others in an effort to foster stability in a sector seen as a pillar of the world’s second-biggest economy.

Many analysts are forecasting a further slowdown in the market.

“The market has hit a turning point,” said Zhang Dawei, a Beijing-based analyst with property agency Centaline.

Zhang said the NBS data did not fully reflect the downturn in some markets, including in the Chinese capital Beijing, where inventory is at a multi-year high.

“In a downward cycle, most cities’ government-mandated price caps on new launches have been lifted, and that would mean even as overall demand has cooled, prices would still somehow show stronger growth on paper,” he said.

All the same, home prices still marked the 56th straight month of gains, even as China has clamped down on property speculation since 2016 to stop home prices from overheating.

With the pace of China’s economic growth slowing, policymakers are keen to avoid wholesale squashing of the property market.

There has been some signs of improvement in demand and prices across the sector since late last year as trade tensions with the United States eased.

In the latest sign of warmer ties, the world’s two largest economies signed an initial trade deal on Wednesday that will roll back some tariffs and boost Chinese purchases of U.S. products, although a number of sore spots remained unresolved.

A Reuters poll this week showed China’s economic growth likely hovered at its weakest in nearly 30 years in the fourth quarter as demand at home and abroad remained sluggish.


Company: cnbc, Activity: cnbc, Date: 2020-01-16
Keywords: news, cnbc, companies, property, 112, hits, pace, price, worlds, weakest, sector, prices, growth, demand, cities, chinas, slowest, annual


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