Latest data shows surprise slowing in US, China economies as trade war escalates

“The real message today is that both the economic data from the U.S. and China have disappointed. The latest round of tariffs announced by President Donald Trump and China President Xi Jinping raised the stakes and potential economic hit on both economies. Trump boosted the tariffs on $200 billion in goods to 25% from 10%, while Xi upped the tariffs on $60 billion in goods. Economists had expected a 0.2% gain in the monthly sales data, which is important since it reflects the health of the consu


“The real message today is that both the economic data from the U.S. and China have disappointed. The latest round of tariffs announced by President Donald Trump and China President Xi Jinping raised the stakes and potential economic hit on both economies. Trump boosted the tariffs on $200 billion in goods to 25% from 10%, while Xi upped the tariffs on $60 billion in goods. Economists had expected a 0.2% gain in the monthly sales data, which is important since it reflects the health of the consu
Latest data shows surprise slowing in US, China economies as trade war escalates Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-05-15  Authors: patti domm
Keywords: news, cnbc, companies, tariffs, manufacturing, surprise, escalates, war, production, hit, china, chinas, economies, data, sales, gain, trade, goods, latest, shows, slowing


Latest data shows surprise slowing in US, China economies as trade war escalates

A worker cuts a steel coil at the Novolipetsk Steel PAO steel mill in Farrell, Pennsylvania, March 9, 2018. Aaron Josefczyk | Reuters

Consumer and industrial activity in both the U.S. and China slowed in April, even before the world’s two biggest economies entered the latest phase of an escalating trade war that could take a bite out of global growth. “The real message today is that both the economic data from the U.S. and China have disappointed. They’re like two boys in the sandbox that are spitting on each other, and it could get a lot worse,” said Marc Chandler, global market strategist at Bannockburn Global Forex. The latest round of tariffs announced by President Donald Trump and China President Xi Jinping raised the stakes and potential economic hit on both economies. Trump boosted the tariffs on $200 billion in goods to 25% from 10%, while Xi upped the tariffs on $60 billion in goods.

Economists see about a 0.4 to 0.5% hit on China’s GDP and about a 0.1% hit to the U.S. from the higher tariffs. Strategas Research estimates the higher tariffs would cut into U.S. growth by 0.1% for every two months the raised tariffs are in place, or 0.5% a year. Trump also threatened 25% tariffs on another $325 billion in Chinese goods, which economists say could hit Chinese sales and send prices higher for U.S. consumers. The impact of those tariffs would be even greater on GDP. China’s retail sales rose 7.2% in April, the slowest pace in 16 years and less than March’s 8.7% and forecasts of 8.6%. China’s April industrial production rose 5.4%, less than the 6.5% expected or the 8.5% gain in March. “This is the first bit of cleaner data we’re getting, and it paints a much less rosy picture of the economy than a lot of people thought was happening,” said Gareth Leather of Capital Economics. Leather said seasonal factors could have masked weakness in March data, which showed some improvement and had appeared to be signs of green shoots and recovery. “This really quashes those hopes for the time being.” U.S. retail sales slid 0.2% in April, down from the surprise jump of 1.7% gain in March. Car sales fell 1.1% last month, while sales at electronics and appliance stores lost 1.3%. Economists had expected a 0.2% gain in the monthly sales data, which is important since it reflects the health of the consumer, about 70% of the U.S. economy. U.S. industrial production, reflecting total production at factories, utilities and mines, fell 0.5% after a 0.2% gain in March. Manufacturing output dropped 0.5%, led by a 2.6% decline in motor vehicles and parts, the third decrease in four months and the latest manufacturing report to show softness.

Tariff impact

“Autos had a weird swing, as a result of excess inventories,” said Michelle Meyer, chief U.S. economist at Bank of America Merrill Lynch. “I’ll be paying pretty close attention to manufacturing data, the survey datas, the confidence measures. It’s going to be very important to watch how the economy is going to fare around the escalation. Manufacturing has weakened already.” She said that manufacturing has been falling off since peaking last summer. She said the trade wars have had an impact on the manufacturing sector, with about 59% of companies in the ISM semi-annual survey saying that the tariffs have led to an increase in the price of goods produced. Meyer described the weaker April retail sales data as “noise,” but said it bears watching if the tariffs go into place on the $325 billion in goods since they would directly affect many consumer products. Manufacturers have been reporting impacts from tariffs, with 59% saying production costs went up as a result. Markets responded to the news from both countries by ramping up expectations for central bank and other policy easing. U.S. fed funds futures signaled expectations for more than one quarter-point rate cut this year, while China’s stock markets rallied on expectations of more fiscal and monetary stimulus. “Both economies softened before the tariff truce ended, but what’s interesting is still we’re not talking about recessionary levels. If China grows less than 6%, that’s a big deal,” said Chandler. He said U.S. growth currently looks to be averaging 2.4% in the first half.


Company: cnbc, Activity: cnbc, Date: 2019-05-15  Authors: patti domm
Keywords: news, cnbc, companies, tariffs, manufacturing, surprise, escalates, war, production, hit, china, chinas, economies, data, sales, gain, trade, goods, latest, shows, slowing


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What Chevron stands to lose if Occidental wins bidding war for Anadarko

To be sure, losing the bidding war would not be a devastating blow for Chevron. One of those priorities is growing Chevron’s footprint in U.S. shale fields, the driving force behind a boom in American oil and gas production. Last month, Chevron highlighted opportunities to connect Chevron’s existing offshore platforms to Anadarko’s deep-water fields, and vice versa, through relatively inexpensive infrastructure called tiebacks. Offshore production generates a lot of cash, giving oil companies a


To be sure, losing the bidding war would not be a devastating blow for Chevron. One of those priorities is growing Chevron’s footprint in U.S. shale fields, the driving force behind a boom in American oil and gas production. Last month, Chevron highlighted opportunities to connect Chevron’s existing offshore platforms to Anadarko’s deep-water fields, and vice versa, through relatively inexpensive infrastructure called tiebacks. Offshore production generates a lot of cash, giving oil companies a
What Chevron stands to lose if Occidental wins bidding war for Anadarko Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-05-06  Authors: tom dichristopher
Keywords: news, cnbc, companies, anadarko, lose, oil, chevrons, offshore, gas, production, occidental, stands, chevron, war, bidding, anadarkos, wins, deal, offer


What Chevron stands to lose if Occidental wins bidding war for Anadarko

Michael Wirth, CEO of Chevron. Adam Jeffery | CNBC

On Monday, sources told CNBC’s David Faber that Anadarko is likely to determine by end of day that Occidental’s offer is superior. If that happens Chevron will have four days to counter with another bid. “With growing certainty that Oxy can deliver on its bid and an Oxy shareholder vote now off the table, Chevron’s ability to win out by incrementally raising their offer looks gone. Likely Chevron would need to match or beat Oxy’s $76/share offer to carry the day at this point,” said Andrew Dittmar, and M&A analyst at Drillinginfo. To be sure, losing the bidding war would not be a devastating blow for Chevron. On Monday, Morgan Stanley said Chevron is still an attractive investment, deal or no deal. “If [Chevron] does not acquire [Anadarko], it still walks away in a good position, in our view: management shows its commitment to capital discipline and has $1 B of extra cash from the breakup fee,” the investment bank said in a research note Monday. Still, if Occidental wins, the Houston-based driller would not only block Chevron from advancing some its top priorities, but it would also bolster Total, a major rival, at Chevron’s expense.

One of those priorities is growing Chevron’s footprint in U.S. shale fields, the driving force behind a boom in American oil and gas production. The tie-up with Anadarko would give Chevron access to a 75-mile-wide strip of continuous land in the Permian Basin, the top U.S. shale field, making it easier for the company to expand its large-scale drilling operations. Chevron also hopes to bring its manufacturing-style process to Anadarko’s large position in Colorado’s DJ Basin. An Occidental-Anadarko deal would also spoil Chevron’s hopes of pumping more oil from the U.S. Gulf of Mexico without investing in new multibillion-dollar offshore production hubs. Last month, Chevron highlighted opportunities to connect Chevron’s existing offshore platforms to Anadarko’s deep-water fields, and vice versa, through relatively inexpensive infrastructure called tiebacks. Offshore production generates a lot of cash, giving oil companies a steady flow of capital that bolsters their balance sheet. Last, an Occidental victory would keep Chevron from taking over Anadarko’s liquefied natural gas export project in Mozambique, along the southeastern coast of Africa. Like other oil majors, Chevron is building up its business producing LNG, or natural gas super-chilled to its liquid form for transport, to take advantage of surging demand for the fuel.


Company: cnbc, Activity: cnbc, Date: 2019-05-06  Authors: tom dichristopher
Keywords: news, cnbc, companies, anadarko, lose, oil, chevrons, offshore, gas, production, occidental, stands, chevron, war, bidding, anadarkos, wins, deal, offer


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Fortescue’s CEO is seeing ‘strong growth’ in China’s steel production

Amid concerns about the state of the Chinese economy, Australian mining company Fortescue is seeing robust steel production coming from the country. “When it comes to China, what we’ve really seen, particularly in that first quarter, is strong growth in steel production, ” Elizabeth Gaines, CEO of Fortescue, told CNBC’s “Capital Connection” on Tuesday. Data from the World Steel Association show the country increased its share of global crude steel production from 50.3% in 2017 to 51.3% in 2018.


Amid concerns about the state of the Chinese economy, Australian mining company Fortescue is seeing robust steel production coming from the country. “When it comes to China, what we’ve really seen, particularly in that first quarter, is strong growth in steel production, ” Elizabeth Gaines, CEO of Fortescue, told CNBC’s “Capital Connection” on Tuesday. Data from the World Steel Association show the country increased its share of global crude steel production from 50.3% in 2017 to 51.3% in 2018.
Fortescue’s CEO is seeing ‘strong growth’ in China’s steel production Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-05-01  Authors: eustance huang
Keywords: news, cnbc, companies, seeing, chinas, strong, growth, quarter, fortescues, million, steel, fortescue, tons, ore, production, chinese, china, ceo


Fortescue's CEO is seeing 'strong growth' in China's steel production

This photo taken on April 10, 2019 shows a Chinese employee pouring molten steel at a factory in Jinjiang in China’s eastern Fujian province.

Amid concerns about the state of the Chinese economy, Australian mining company Fortescue is seeing robust steel production coming from the country.

“When it comes to China, what we’ve really seen, particularly in that first quarter, is strong growth in steel production, ” Elizabeth Gaines, CEO of Fortescue, told CNBC’s “Capital Connection” on Tuesday.

China is the world’s largest steel making country. Data from the World Steel Association show the country increased its share of global crude steel production from 50.3% in 2017 to 51.3% in 2018.

“Last year, China produced a record 928 million tons of crude steel and, in the March quarter, we saw that up 9.9%. We have been expecting based on discussions with our customers in China that steel production will grow around 3% to 4% … this year,” Gaines said.

Furthermore, iron ore inventories at Chinese ports have been reduced to 136 million tons — the lowest level since October 2017 — she said.

Looking ahead, the Fortescue exec said there could be “some slowdown” but the demand for seaborne iron ore has been “very strong.”


Company: cnbc, Activity: cnbc, Date: 2019-05-01  Authors: eustance huang
Keywords: news, cnbc, companies, seeing, chinas, strong, growth, quarter, fortescues, million, steel, fortescue, tons, ore, production, chinese, china, ceo


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US SEC commissioner decries agency’s deal with Tesla’s Musk

A U.S. Securities and Exchange commissioner on Tuesday criticized a settlement between the regulator and Tesla CEO Elon Musk over his use of Twitter. However, SEC commissioner Robert Jackson registered his dissent after the deal was approved by a federal judge earlier on Tuesday. Regulators had claimed that a February tweet by Musk about Tesla’s production numbers violated the earlier settlement, as it had not been vetted by the company’s attorneys. The SEC sued Musk last year for making fraudul


A U.S. Securities and Exchange commissioner on Tuesday criticized a settlement between the regulator and Tesla CEO Elon Musk over his use of Twitter. However, SEC commissioner Robert Jackson registered his dissent after the deal was approved by a federal judge earlier on Tuesday. Regulators had claimed that a February tweet by Musk about Tesla’s production numbers violated the earlier settlement, as it had not been vetted by the company’s attorneys. The SEC sued Musk last year for making fraudul
US SEC commissioner decries agency’s deal with Tesla’s Musk Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-05-01
Keywords: news, cnbc, companies, musk, settled, tesla, deal, statements, securities, teslas, sec, agencys, production, settlement, decries, commissioner


US SEC commissioner decries agency's deal with Tesla's Musk

Elon Musk, chief executive officer of Tesla Inc., waves while departing from federal court in New York, U.S., on Thursday, April 4, 2019.

A U.S. Securities and Exchange commissioner on Tuesday criticized a settlement between the regulator and Tesla CEO Elon Musk over his use of Twitter.

The head of the electric car maker reached a deal with the SEC on Friday, agreeing to submit his public statements about the company’s finances and other topics to vetting by its legal counsel.

However, SEC commissioner Robert Jackson registered his dissent after the deal was approved by a federal judge earlier on Tuesday.

“Given Mr. Musk’s conduct, I cannot support a settlement in which he does not admit what is crystal clear to anyone who has followed this bizarre series of events,” Jackson said in a statement.

“Musk breached the agreement he made last year with the Commission — and with American investors,” he added.

U.S. District Judge Alison Nathan in Manhattan approved the deal worked out on Friday that settled the dispute in which the SEC had sought to find Musk in contempt of a securities fraud settlement last year.

Earlier this month, Nathan had ordered the parties to work out an arrangement between themselves.

The new deal lays out in more detail what types of statements by Musk must be reviewed by Tesla’s legal counsel before publication, such as financial statements, previously unreported production or delivery numbers, and other topics.

Regulators had claimed that a February tweet by Musk about Tesla’s production numbers violated the earlier settlement, as it had not been vetted by the company’s attorneys. Musk countered that the tweet was not material.

The SEC sued Musk last year for making fraudulent statements after he tweeted on Aug. 7 that he had “funding secured” to take Tesla private at $420 per share.

The parties eventually settled, and the deal called for Tesla’s lawyers to pre-approve written communications, including tweets with material information about the company.


Company: cnbc, Activity: cnbc, Date: 2019-05-01
Keywords: news, cnbc, companies, musk, settled, tesla, deal, statements, securities, teslas, sec, agencys, production, settlement, decries, commissioner


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Oil rises 41 cents, settling at $63.91, on Venezuela turmoil, Saudi support for OPEC cuts

Operations of Venezuela’s PDVSA were “normal” on Tuesday, the country’s oil minister Manuel Quevado said in a tweet. Brent crude futures hit a session high of $73.27 per barrel and settled 76 cents higher at $72.80. U.S. West Texas Intermediate crude rose 41 cents to $63.91 per barrel on Tuesday. U.S. crude production fell to 11.68 million barrels per day (bpd) in February, down from 11.87 million (bpd) January, the U.S. Energy Information Administration said on Tuesday. Earlier, crude prices dr


Operations of Venezuela’s PDVSA were “normal” on Tuesday, the country’s oil minister Manuel Quevado said in a tweet. Brent crude futures hit a session high of $73.27 per barrel and settled 76 cents higher at $72.80. U.S. West Texas Intermediate crude rose 41 cents to $63.91 per barrel on Tuesday. U.S. crude production fell to 11.68 million barrels per day (bpd) in February, down from 11.87 million (bpd) January, the U.S. Energy Information Administration said on Tuesday. Earlier, crude prices dr
Oil rises 41 cents, settling at $63.91, on Venezuela turmoil, Saudi support for OPEC cuts Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-04-30
Keywords: news, cnbc, companies, cuts, venezuela, settling, rose, high, opec, turmoil, saudi, operations, rises, minister, hit, oil, energy, crude, production, prices, support, cents


Oil rises 41 cents, settling at $63.91, on Venezuela turmoil, Saudi support for OPEC cuts

Brent crude oil rose on Tuesday above $73 a barrel but then eased off the session high as the market grew less worried that a rebellion against Venezuelan President Nicolas Maduro would hit the country’s crude exports.

Prices rose after opposition leader Juan Guaido called for military backing to end Maduro’s rule, but pared gains after the government said state-run oil company PDVSA’s operations were not disrupted and top military leaders remained loyal.

Violence had broken out at a protest outside a Caracas air base, but Reuters witnesses said the incident fizzled out.

“Acts of violence” by some members of the armed forces had been “partly defeated,” defense minister Vladimir Padrino said. Operations of Venezuela’s PDVSA were “normal” on Tuesday, the country’s oil minister Manuel Quevado said in a tweet.

“The possibility that Guaido will take control of the situation isn’t as strong as perceived this morning,” said Bob Yawger, director of energy futures at Mizuho in New York. “If Maduro hangs on, you’ll see the market stay lower.”

Brent crude futures hit a session high of $73.27 per barrel and settled 76 cents higher at $72.80. U.S. West Texas Intermediate crude rose 41 cents to $63.91 per barrel on Tuesday.

Last week, Brent hit a six-month high above $75.

OPEC member Venezuela’s oil exports have been hit by U.S. sanctions on PDVSA and an economic crisis, helping bring OPEC’s production to a four-year low, according to a Reuters survey.

U.S. crude production fell to 11.68 million barrels per day (bpd) in February, down from 11.87 million (bpd) January, the U.S. Energy Information Administration said on Tuesday.

“That’s modestly supportive of prices,” said John Kilduff, a partner at Again Capital in New York. “We saw a pullback in operations in reaction to lower prices from last year. It shows the march forward to ever-higher production isn’t limitless.”

Earlier, crude prices drew support when Saudi Arabia Energy Minister Khalid al-Falih said a deal between producers to cut output could be extended to the end of 2019.


Company: cnbc, Activity: cnbc, Date: 2019-04-30
Keywords: news, cnbc, companies, cuts, venezuela, settling, rose, high, opec, turmoil, saudi, operations, rises, minister, hit, oil, energy, crude, production, prices, support, cents


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Saudi’s Falih sees no need for swift output action after Iran oil waivers end

“Inventories are actually continuing to rise despite what is happening in Venezuela and despite the tightening of sanctions on Iran. I don’t see the need to do anything immediately,” Falih said in Riyadh. “Our intent is to remain within our voluntary (OPEC) production limit,” Falih said, adding that Riyadh would “be responsive to our customers, especially those who have been under waivers and those whose waivers have been withdrawn.” He said Saudi Arabia’s oil production in May was pretty much s


“Inventories are actually continuing to rise despite what is happening in Venezuela and despite the tightening of sanctions on Iran. I don’t see the need to do anything immediately,” Falih said in Riyadh. “Our intent is to remain within our voluntary (OPEC) production limit,” Falih said, adding that Riyadh would “be responsive to our customers, especially those who have been under waivers and those whose waivers have been withdrawn.” He said Saudi Arabia’s oil production in May was pretty much s
Saudi’s Falih sees no need for swift output action after Iran oil waivers end Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-04-24  Authors: mladen antonov
Keywords: news, cnbc, companies, oil, falih, opec, saudis, iran, months, sanctions, output, need, production, saudi, level, sees, end, waivers, swift, million, tightening


Saudi's Falih sees no need for swift output action after Iran oil waivers end

“Inventories are actually continuing to rise despite what is happening in Venezuela and despite the tightening of sanctions on Iran. I don’t see the need to do anything immediately,” Falih said in Riyadh.

The United States has decided not to renew exemptions from sanctions against Iran granted last year to buyers of Iranian oil, taking a tougher line than expected.

“Our intent is to remain within our voluntary (OPEC) production limit,” Falih said, adding that Riyadh would “be responsive to our customers, especially those who have been under waivers and those whose waivers have been withdrawn.”

“We think there will be an uptick in real demand but certainly we are not going to be pre-emptive and increase production,” the minister said.

He said Saudi Arabia’s oil production in May was pretty much set with very little variation from the last couple of months. June crude allocations would be decided early next month, he said.

The kingdom’s exports in April will be below 7 million barrels per day (bpd), while production is around 9.8 million bpd, Saudi officials have said.

Under the OPEC-led deal on supply cuts, Saudi Arabia can pump up to 10.3 million bpd.

Falih said there would most likely be “some level of production management beyond June” by OPEC and its allies, but it was too early to predict the output targets now.

Oil prices rallied to their highest level since November after Washington announced all waivers on imports of sanctions-hit Iranian oil would end next week, pressuring importers to stop buying from Tehran and further tightening global supply.

Eight countries, including China and India, were granted waivers for six months, and several had expected those exemptions to be renewed.


Company: cnbc, Activity: cnbc, Date: 2019-04-24  Authors: mladen antonov
Keywords: news, cnbc, companies, oil, falih, opec, saudis, iran, months, sanctions, output, need, production, saudi, level, sees, end, waivers, swift, million, tightening


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These are the 5 fastest production cars in the world right now — that cost up to $3.2 million

Several luxury automakers debuted cars with speeds up to 300 miles per hour at New York Auto Show in April 2019. Among others there’s the Koenigsegg’s Jesko, which has a top speed of 300 miles per hour and will debut in 2020. One hundred and twenty-five cars will be produced, and they have already sold out for around $3 million each, according to Motor Authority. And the Rimac C2 has a top speed of 258 miles per hour and costs around $2.1 million. Until these cars hit the streets, take a look at


Several luxury automakers debuted cars with speeds up to 300 miles per hour at New York Auto Show in April 2019. Among others there’s the Koenigsegg’s Jesko, which has a top speed of 300 miles per hour and will debut in 2020. One hundred and twenty-five cars will be produced, and they have already sold out for around $3 million each, according to Motor Authority. And the Rimac C2 has a top speed of 258 miles per hour and costs around $2.1 million. Until these cars hit the streets, take a look at
These are the 5 fastest production cars in the world right now — that cost up to $3.2 million Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-04-24  Authors: jimmy im, michael cole, corbis sport, getty images, source
Keywords: news, cnbc, companies, right, production, twentyfive, world, cost, fastest, million, cars, hour, 300, theyre, 32, speed, york, miles


These are the 5 fastest production cars in the world right now — that cost up to $3.2 million

Several luxury automakers debuted cars with speeds up to 300 miles per hour at New York Auto Show in April 2019.

Among others there’s the Koenigsegg’s Jesko, which has a top speed of 300 miles per hour and will debut in 2020. One hundred and twenty-five cars will be produced, and they have already sold out for around $3 million each, according to Motor Authority. And the Rimac C2 has a top speed of 258 miles per hour and costs around $2.1 million. It will have a limited production run of 150 cars, to be delivered in 2020.

Until these cars hit the streets, take a look at the top five fastest production cars out there now — that means they’re street legal and were offered for sale to the public.


Company: cnbc, Activity: cnbc, Date: 2019-04-24  Authors: jimmy im, michael cole, corbis sport, getty images, source
Keywords: news, cnbc, companies, right, production, twentyfive, world, cost, fastest, million, cars, hour, 300, theyre, 32, speed, york, miles


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Trump vows to ‘reciprocate’ against EU tariffs after Harley reports nearly 27% drop in profit

President Donald Trump appeared to reverse course on Harley Davidson on Tuesday, pledging to retaliate against “unfair” European Union tariffs that the company partially blamed for its nearly 27% drop in first-quarter profit. Trump, who called for a boycott against the motorcycle company last year amid a spat over steel, said that the EU tariffs have forced Harley to move U.S. jobs overseas. Harley announced plans last year to move production of its motorcycles destined for the EU to overseas fa


President Donald Trump appeared to reverse course on Harley Davidson on Tuesday, pledging to retaliate against “unfair” European Union tariffs that the company partially blamed for its nearly 27% drop in first-quarter profit. Trump, who called for a boycott against the motorcycle company last year amid a spat over steel, said that the EU tariffs have forced Harley to move U.S. jobs overseas. Harley announced plans last year to move production of its motorcycles destined for the EU to overseas fa
Trump vows to ‘reciprocate’ against EU tariffs after Harley reports nearly 27% drop in profit Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-04-23  Authors: emma newburger, nicholas kamm, afp, getty images
Keywords: news, cnbc, companies, trump, nearly, reports, eu, drop, unfair, production, harley, jobs, steel, tariffs, vows, overseas, reciprocate, company, profit


Trump vows to 'reciprocate' against EU tariffs after Harley reports nearly 27% drop in profit

President Donald Trump appeared to reverse course on Harley Davidson on Tuesday, pledging to retaliate against “unfair” European Union tariffs that the company partially blamed for its nearly 27% drop in first-quarter profit.

Trump, who called for a boycott against the motorcycle company last year amid a spat over steel, said that the EU tariffs have forced Harley to move U.S. jobs overseas. “So unfair to U.S. We will Reciprocate!” he said in a tweet.

Harley announced plans last year to move production of its motorcycles destined for the EU to overseas facilities from the U.S. to avoid EU tariffs imposed in retaliation against Trump’s duties on aluminum and steel imports. In response, Trump called for a boycott of the company and threatened higher taxes as retaliation.

The White House did not immediately respond to requests for comment on Tuesday. Harley said it hasn’t moved jobs overseas due to tariffs, but moving production of EU motorcycles to their plant in Thailand, which came on late last year to support customers in the ASEAN region. No jobs were impacted here in the US as a result.


Company: cnbc, Activity: cnbc, Date: 2019-04-23  Authors: emma newburger, nicholas kamm, afp, getty images
Keywords: news, cnbc, companies, trump, nearly, reports, eu, drop, unfair, production, harley, jobs, steel, tariffs, vows, overseas, reciprocate, company, profit


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ConocoPhillips exits UK oil and gas production in huge $2.7 billion North Sea sale

ConocoPhillips on Thursday announced it has struck an agreement to sell its UK oil and gas operations for nearly $2.7 billion, setting up its exit from the North Sea. It will also continue to operate the terminal, which receives oil and gas from the North Sea fields. Earlier this year, Conoco Chief Operating Officer Matthew Fox said the company’s major portfolio restructuring was essentially complete, with the exception of the North Sea sale. The deal makes Chrysaor one of the largest producers


ConocoPhillips on Thursday announced it has struck an agreement to sell its UK oil and gas operations for nearly $2.7 billion, setting up its exit from the North Sea. It will also continue to operate the terminal, which receives oil and gas from the North Sea fields. Earlier this year, Conoco Chief Operating Officer Matthew Fox said the company’s major portfolio restructuring was essentially complete, with the exception of the North Sea sale. The deal makes Chrysaor one of the largest producers
ConocoPhillips exits UK oil and gas production in huge $2.7 billion North Sea sale Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-04-18  Authors: tom dichristopher, source
Keywords: news, cnbc, companies, chrysaor, oil, uk, gas, company, transaction, sea, conocophillips, sale, exits, north, production, huge


ConocoPhillips exits UK oil and gas production in huge $2.7 billion North Sea sale

ConocoPhillips on Thursday announced it has struck an agreement to sell its UK oil and gas operations for nearly $2.7 billion, setting up its exit from the North Sea.

The Houston-based driller will sell its ConocoPhillips United Kingdom subsidiaries for $2.675 billion to Chrysaor E&P, a company focused on producing oil and natural gas from the North Sea. The transaction is expected to close in the second half of 2019.

The deal is the largest transaction in the exploration and production space outside the U.S. this year, according to investment bank Jefferies, which acted as Chrysaor’s financial adviser.

Shares of ConocoPhillips were slightly higher in morning trading.

ConocoPhillips has been marketing the assets for several months. The company will retain its commercial trading business in London and its roughly 40% interest in the Teesside oil terminal. It will also continue to operate the terminal, which receives oil and gas from the North Sea fields.

“We are extremely proud of the legacy we’ve built in the U.K. over the last 50 years and are pleased that Chrysaor recognizes the value of this business,” ConocoPhillips Chairman and CEO Ryan Lance said in a statement. “This disposition is part of our ongoing effort to hone our portfolio and focus our investments across future low cost of supply opportunities.”

Earlier this year, Conoco Chief Operating Officer Matthew Fox said the company’s major portfolio restructuring was essentially complete, with the exception of the North Sea sale. The company earned nearly $1.1 billion on dispositions in 2018.

The deal makes Chrysaor one of the largest producers in the UK North Sea.

Chrysaor will pick up offshore assets that produced about 72,000 barrels of oil equivalent per day. That increases its pro forma 2018 output to about 177,000 boepd of oil and gas. The company will take control of two major offshore production hubs, Britannia and J‐Block, and ConocoPhillips’ stake in the Clair Field area.

“This significant acquisition reflects our continuing belief that the UK North Sea has material future potential for oil and gas production,” Chrysaor CEO and former Hess executive Phil Kirk said in a statement.

The transaction continues a trend of major oil companies exiting the North Sea and placing the region in the hands of private equity-backed independent drillers.


Company: cnbc, Activity: cnbc, Date: 2019-04-18  Authors: tom dichristopher, source
Keywords: news, cnbc, companies, chrysaor, oil, uk, gas, company, transaction, sea, conocophillips, sale, exits, north, production, huge


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Economy could be weaker than expected, and the reason is manufacturing

Total industrial production declined by 0.1% in March, after rising 0.1% in February. Natixis economist Joseph LaVorgna said the Federal Reserve’s industrial production index correlates very closely to GDP growth, and the correlation between its quarterly annualized changes and real GDP growth is around 70%. LaVorgna is forecasting 1% for first quarter GDP growth, reported April 26, but he said it could be even closer to flat. Goldman Sachs economists said they were upping their first quarter tr


Total industrial production declined by 0.1% in March, after rising 0.1% in February. Natixis economist Joseph LaVorgna said the Federal Reserve’s industrial production index correlates very closely to GDP growth, and the correlation between its quarterly annualized changes and real GDP growth is around 70%. LaVorgna is forecasting 1% for first quarter GDP growth, reported April 26, but he said it could be even closer to flat. Goldman Sachs economists said they were upping their first quarter tr
Economy could be weaker than expected, and the reason is manufacturing Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-04-16  Authors: patti domm, source
Keywords: news, cnbc, companies, economist, expected, reason, weaker, economy, industrial, growth, gdp, lavorgna, economists, inventory, production, manufacturing, quarter


Economy could be weaker than expected, and the reason is manufacturing

Industrial production declined in the first three months of the year for the first time since the third quarter of 2017, and that could signal economic growth is weaker than some economists are forecasting.

Total industrial production declined by 0.1% in March, after rising 0.1% in February. For the quarter, it slipped at a 0.3% annual rate, after a gain of 4% in the fourth quarter of 2018.

Natixis economist Joseph LaVorgna said the Federal Reserve’s industrial production index correlates very closely to GDP growth, and the correlation between its quarterly annualized changes and real GDP growth is around 70%.

“It correlates to GDP pretty well, and I did notice within the data that there was a big inventory build within the fourth quarter,” said LaVorgna, the firm’s chief economist for the Americas.

“It seems if there was a time that industrial production and GDP would match up well it would be at time when there’s a relatively large inventory build,” he said. “When you unwind inventory, you would expect to see production slow.”

LaVorgna is forecasting 1% for first quarter GDP growth, reported April 26, but he said it could be even closer to flat. He added economists’ consensus forecast is 2%.

“To me the production data suggests there’s may more downside risk to Q1 than people currently believe,” he said.

Goldman Sachs economists said they were upping their first quarter tracking forecast to 1.7% because they had been expecting even weaker industrial production.

“We still expect real GDP output in the first quarter to hit 1.5%, but much of the increase will come from a temporary build-up of inventories rather than factories producing more goods,” noted Chris Rupkey, chief economist at MUFG.

LaVorgna expects 2.5% growth for the second quarter.

Wells Fargo Securities economists said earlier there could be a 0.2 percentage point hit to second-quarter growth, due to

Boeing’s decision to halt deliveries and scale back production of the 737 MAX family of aircraft.

“While the economy should perform better [in the second] quarter, relative to last, because of a strong seasonal bias for such outperformance, it remains unclear that GDP growth will be robust. Consumer spending has been modest at best, and there has been little evidence pointing to an upswing in capital spending. Consequently, we are less sanguine on the economy’s first-half economic performance compared to our peers,” LaVorgna noted.


Company: cnbc, Activity: cnbc, Date: 2019-04-16  Authors: patti domm, source
Keywords: news, cnbc, companies, economist, expected, reason, weaker, economy, industrial, growth, gdp, lavorgna, economists, inventory, production, manufacturing, quarter


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