More China tariffs could push the US into a ‘Trump recession,’ CEO says

While the U.S. Commerce Department has granted a 90-day reprieve to Huawei, China has already been ramping up development of its own semiconductor industry — which could ultimately hurt the profits of U.S. companies. The blacklisting of Huawei will not only push China to become more closed off to the rest of the world, but will also hinder the United States’ ability to maintain “world leadership” in the technology market, Shapiro said. “We have these great American chip companies ready to sell t


While the U.S. Commerce Department has granted a 90-day reprieve to Huawei, China has already been ramping up development of its own semiconductor industry — which could ultimately hurt the profits of U.S. companies. The blacklisting of Huawei will not only push China to become more closed off to the rest of the world, but will also hinder the United States’ ability to maintain “world leadership” in the technology market, Shapiro said. “We have these great American chip companies ready to sell t
More China tariffs could push the US into a ‘Trump recession,’ CEO says Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-06-11  Authors: shirley tay
Keywords: news, cnbc, companies, trump, world, china, companies, xi, push, ceo, united, states, shapiro, recession, president, tariffs, huawei


More China tariffs could push the US into a 'Trump recession,' CEO says

Trump on Monday renewed his tariff threats on China after Myron Brilliant, the head of international affairs at the U.S. Chamber of Commerce, told CNBC that Trump’s “weaponization of tariffs” hurts the U.S. economy and “creates uncertainty” with trading partners. Trump confirmed that an additional raft of levies will be slapped on Beijing if Chinese President Xi Jinping does not show up at the G-20 meeting in Japan — an event investors and economists will be watching for signs of a breakthrough in the trade impasse.

Huawei dispute could ‘escalate out of control’

The current tensions between the U.S. and China appeared to reach a new height when Washington placed Huawei on a U.S. entity list in May, limiting the Chinese telecom giant’s ability to purchase goods from American firms. While the U.S. Commerce Department has granted a 90-day reprieve to Huawei, China has already been ramping up development of its own semiconductor industry — which could ultimately hurt the profits of U.S. companies. According to Shapiro, restrictive measures in the tech space could escalate “out of control” and cause both consumers and U.S. chip companies to be “trampled.” The blacklisting of Huawei will not only push China to become more closed off to the rest of the world, but will also hinder the United States’ ability to maintain “world leadership” in the technology market, Shapiro said. “We have these great American chip companies ready to sell to all around the world,” he said. “And the fact is, I think the U.S. policy may be really pushing China to do everything by itself, and not only put up walls around China, but we’re putting up an economic fence around the United States.” If the U.S. wants to advance “and be innovative, maintain world leadership, we have to be out there in the world marketplace,” he added.

President Donald Trump speaks during a press conference with China’s President Xi Jinping at the Great Hall of the People in Beijing on November 9, 2017. Nicholas Asfouri | AFP | Getty Images

Tech bifurcation possible


Company: cnbc, Activity: cnbc, Date: 2019-06-11  Authors: shirley tay
Keywords: news, cnbc, companies, trump, world, china, companies, xi, push, ceo, united, states, shapiro, recession, president, tariffs, huawei


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JP Morgan sees the 10-year yield falling to 1.75% as trade tensions push the Fed to cut

JP Morgan Chase strategists cut their forecast for the benchmark 10-year Treasury yield to 1.75% at year-end, after President Donald Trump’s threat of tariffs on Mexico prompted fears that the economy will weaken further and the Fed will have to cut rates this year. JP Morgan and other firms changed their view on rate cuts following President Donald Trump’s threat Thursday to slap tariffs as high as 25% on all Mexican goods. The 10-year yield has fallen precipitously in the last several sessions


JP Morgan Chase strategists cut their forecast for the benchmark 10-year Treasury yield to 1.75% at year-end, after President Donald Trump’s threat of tariffs on Mexico prompted fears that the economy will weaken further and the Fed will have to cut rates this year. JP Morgan and other firms changed their view on rate cuts following President Donald Trump’s threat Thursday to slap tariffs as high as 25% on all Mexican goods. The 10-year yield has fallen precipitously in the last several sessions
JP Morgan sees the 10-year yield falling to 1.75% as trade tensions push the Fed to cut Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-06-03  Authors: patti domm
Keywords: news, cnbc, companies, president, yield, push, sees, strategists, morgan, cut, jp, falling, treasury, trade, tariffs, growth, tensions, fed, rate


JP Morgan sees the 10-year yield falling to 1.75% as trade tensions push the Fed to cut

JP Morgan Chase strategists cut their forecast for the benchmark 10-year Treasury yield to 1.75% at year-end, after President Donald Trump’s threat of tariffs on Mexico prompted fears that the economy will weaken further and the Fed will have to cut rates this year. The firm’s prior forecast had been 2.45%.

JP Morgan and other firms changed their view on rate cuts following President Donald Trump’s threat Thursday to slap tariffs as high as 25% on all Mexican goods. Trump said the tariffs will start at 5% on June 10 and accelerate each month, unless Mexico stops the flow of illegal immigrants from crossing the U.S. southern border.

The 10-year yield has fallen precipitously in the last several sessions, after declining through May. At the start of last month, it was at 2.55% and was as low as 2.07% Monday. That yield is closely monitored even beyond the Treasury market, because it influences many lending rates, including home mortgages. The 30-year fixed rate mortgage has now fallen to about 3.94%.

“Until recently, our base case scenario was that the increase in tariffs would contribute to a further slowing in capex spending this year but that it would not translate to an outright deterioration in the economy. However, trade related headwinds to the growth outlook have continued to build, and our economists believe that the latest developments this week are likely to have lasting damaging effects on business confidence and should thus prompt the Fed to respond,” the J.P. Morgan strategists wrote.

They said the firm expects a 25 basis point rate cut in September and another in December. The firm also trimmed its third-quarter GDP forecast by a quarter point to 1.5% growth. It expects second quarter growth of 2%.

Bond strategists have said the Treasury market is now reacting to the idea that the trade wars are open ended, and the president could move ahead with tariffs on other trading partners. There is also concern that the trade rift with China is deepening and will hurt the global economy.

The J.P. Morgan strategists also expect the 2-year, which more closely follows the Fed, to fall to 1.40% from its current 1.88%. The firm’s prior target had been 2.25%.

WATCH: Experts warn of ‘high’ chance of recession by 2020


Company: cnbc, Activity: cnbc, Date: 2019-06-03  Authors: patti domm
Keywords: news, cnbc, companies, president, yield, push, sees, strategists, morgan, cut, jp, falling, treasury, trade, tariffs, growth, tensions, fed, rate


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HSBC plans more China tech jobs in push for market share

HSBC Holdings PLC plans to add more than a 1,000 jobs this year at its technology development center in China, as the Asia-focused lender seeks to bolster its presence in the world’s second largest economy. Europe’s biggest bank by assets will boost headcount at its technology centers in Guangzhou, Shanghai and Xi’an by 14% from a current 7,000-strong workforce, said HSBC Chief Information Officer Darryl West. HSBC’s expansion plan in China, a key market for the bank, comes amid growing use of t


HSBC Holdings PLC plans to add more than a 1,000 jobs this year at its technology development center in China, as the Asia-focused lender seeks to bolster its presence in the world’s second largest economy. Europe’s biggest bank by assets will boost headcount at its technology centers in Guangzhou, Shanghai and Xi’an by 14% from a current 7,000-strong workforce, said HSBC Chief Information Officer Darryl West. HSBC’s expansion plan in China, a key market for the bank, comes amid growing use of t
HSBC plans more China tech jobs in push for market share Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-05-21
Keywords: news, cnbc, companies, share, plans, technology, information, mainland, west, tech, bank, centers, operations, market, china, worldwide, push, hsbc, jobs


HSBC plans more China tech jobs in push for market share

HSBC Holdings PLC plans to add more than a 1,000 jobs this year at its technology development center in China, as the Asia-focused lender seeks to bolster its presence in the world’s second largest economy.

Europe’s biggest bank by assets will boost headcount at its technology centers in Guangzhou, Shanghai and Xi’an by 14% from a current 7,000-strong workforce, said HSBC Chief Information Officer Darryl West.

In recent years the London-based bank has spent $3 billion annually on its group technology operations which employ 40,000 people worldwide, and West said annual investments of $3-$3.5 billion are planned over the next few years.

Many global banks set up low-cost hubs in China and India more than a decade ago to maintain their complex worldwide information technology networks, but these centers have now become a core part of their operations.

The centers develop and implement risk and fraud management technologies, as well as digital applications that make it easier for banks to attract customers and deliver faster and more secure services.

HSBC’s expansion plan in China, a key market for the bank, comes amid growing use of technology in the financial sector – from payments to transactions.

At stake is a bigger share of the billions of dollars worth of retail and corporate banking business in a major financial market with a growing customer base.

“There is a lot more we can do with technology in mainland China. The level of technology adoption and innovation in China is way ahead of other markets,” West told reporters during a tour of HSBC’s technology center in the southern city of Guangzhou last week.

“We see mainland China as a tremendous source of talent, not just for the local market but our technology operations globally. We are hiring very aggressively here,” he added.


Company: cnbc, Activity: cnbc, Date: 2019-05-21
Keywords: news, cnbc, companies, share, plans, technology, information, mainland, west, tech, bank, centers, operations, market, china, worldwide, push, hsbc, jobs


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America’s push to upgrade airports gains traction as New Orleans opens new terminal later this year

Fly into New Orleans and you immediately see the construction of the airport’s new north terminal. When the $1.3 billion New Orleans terminal opens later this year, it will completely replace the existing gates at the Louis Armstrong New Orleans International Airport. It’s the latest upgrade and expansion of an airport in the U.S., a key part of America’s infrastructure sorely in need of major renovations. The Airports Council, a global industry trade group estimates U.S. airports will need $128


Fly into New Orleans and you immediately see the construction of the airport’s new north terminal. When the $1.3 billion New Orleans terminal opens later this year, it will completely replace the existing gates at the Louis Armstrong New Orleans International Airport. It’s the latest upgrade and expansion of an airport in the U.S., a key part of America’s infrastructure sorely in need of major renovations. The Airports Council, a global industry trade group estimates U.S. airports will need $128
America’s push to upgrade airports gains traction as New Orleans opens new terminal later this year Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-05-17  Authors: phil lebeau
Keywords: news, cnbc, companies, gates, market, gains, traction, later, americas, upgrade, flying, need, handle, way, push, airports, orleans, terminal, opens


America's push to upgrade airports gains traction as New Orleans opens new terminal later this year

Fly into New Orleans and you immediately see the construction of the airport’s new north terminal. With 35 gates, 14 TSA lanes and plenty of room to handle the growing number of people flying in and out of the Big Easy.

“As this market continues to grow we are in better position to handle the growth in this market,” said Kevin Dolliole, the director of aviation in New Orleans.

When the $1.3 billion New Orleans terminal opens later this year, it will completely replace the existing gates at the Louis Armstrong New Orleans International Airport. It’s the latest upgrade and expansion of an airport in the U.S., a key part of America’s infrastructure sorely in need of major renovations.

The Airports Council, a global industry trade group estimates U.S. airports will need $128 billion in upgrades by 2023.

“We are way, way, way behind,” former Transportation Secretary Ray LaHood said of the state of America’s airports compared to the other terminals around the world:

LaHood’s assessment is based on years of traveling around the globe both as a congressman and later as a member of former President Barack Obama’s cabinet. And he thinks Americans who fly around the world are tired of flying out of cramped, dated airports in the U.S. and landing in spacious, gleaming new ones overseas.


Company: cnbc, Activity: cnbc, Date: 2019-05-17  Authors: phil lebeau
Keywords: news, cnbc, companies, gates, market, gains, traction, later, americas, upgrade, flying, need, handle, way, push, airports, orleans, terminal, opens


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EU presidential candidate Vestager wants global push on digital taxes

The EU’s competition commissioner told CNBC Friday that Europe, and the rest of the world, must push for a solution on digital taxation to create fairness among companies. In March, the French government introduced a digital tax aimed at internet behemoths like Google, Facebook and Amazon. During the same month, Chip Harter, the U.S. Treasury’s top international tax official, said digital levies were “ill conceived” and discriminatory against U.S. businesses. The EU’s Margrethe Vestager has alre


The EU’s competition commissioner told CNBC Friday that Europe, and the rest of the world, must push for a solution on digital taxation to create fairness among companies. In March, the French government introduced a digital tax aimed at internet behemoths like Google, Facebook and Amazon. During the same month, Chip Harter, the U.S. Treasury’s top international tax official, said digital levies were “ill conceived” and discriminatory against U.S. businesses. The EU’s Margrethe Vestager has alre
EU presidential candidate Vestager wants global push on digital taxes Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-05-17  Authors: david reid
Keywords: news, cnbc, companies, wants, tax, commissioner, vestager, eus, digital, taxes, global, official, internet, presidential, create, eu, competition, candidate, european, fairness, push


EU presidential candidate Vestager wants global push on digital taxes

The EU’s competition commissioner told CNBC Friday that Europe, and the rest of the world, must push for a solution on digital taxation to create fairness among companies.

In March, the French government introduced a digital tax aimed at internet behemoths like Google, Facebook and Amazon. This came after the European Union, as a whole, failed to agree on a region-wide system with several nations voicing opposition. During the same month, Chip Harter, the U.S. Treasury’s top international tax official, said digital levies were “ill conceived” and discriminatory against U.S. businesses.

The EU’s Margrethe Vestager has already taken on U.S. internet giants in her role as competition commissioner and she is now standing for Europe’s top job, that of EU Commission president.

Speaking to CNBC’s Karen Tso at the VivaTech conference in Paris, the Danish official said she wanted to see “fairness” in digital taxation.

“There are so many companies that do pay their taxes. They create jobs, they contribute to the economy,” she said, before adding: “It is not fair that they have to see competitors for capital, for skilled employees, get away with paying less than half the same amount of taxes.”

Vestager said while France and some other European states had created their own rules, there should be a wider and more unified approach.


Company: cnbc, Activity: cnbc, Date: 2019-05-17  Authors: david reid
Keywords: news, cnbc, companies, wants, tax, commissioner, vestager, eus, digital, taxes, global, official, internet, presidential, create, eu, competition, candidate, european, fairness, push


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Amazon’s online drug push has one start-up cutting staff and selling pharmacies to help businesses compete

Nimble Pharmacy was among a crop of emerging companies, backed by venture capitalists, aiming to deliver prescription drugs from their own pharmacies to consumers’ homes or offices. Then Amazon bought online pharmacy PillPack in 2018, and Nimble needed to find a new business. That leaves independent pharmacies in a vulnerable position. Founded in 2014, Nimble has raised about $60 million from investors including Sequoia and Khosla Ventures. But Sattar said the physical pharmacies were too expens


Nimble Pharmacy was among a crop of emerging companies, backed by venture capitalists, aiming to deliver prescription drugs from their own pharmacies to consumers’ homes or offices. Then Amazon bought online pharmacy PillPack in 2018, and Nimble needed to find a new business. That leaves independent pharmacies in a vulnerable position. Founded in 2014, Nimble has raised about $60 million from investors including Sequoia and Khosla Ventures. But Sattar said the physical pharmacies were too expens
Amazon’s online drug push has one start-up cutting staff and selling pharmacies to help businesses compete Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-05-16  Authors: christina farr
Keywords: news, cnbc, companies, push, cutting, pharmacies, compete, help, independent, online, drug, delivery, walgreens, service, million, selling, startup, staff, nimble, pharmacy, physical, pillpack


Amazon's online drug push has one start-up cutting staff and selling pharmacies to help businesses compete

Nimble Pharmacy was among a crop of emerging companies, backed by venture capitalists, aiming to deliver prescription drugs from their own pharmacies to consumers’ homes or offices. Then Amazon bought online pharmacy PillPack in 2018, and Nimble needed to find a new business.

Earlier this year, the company shut down its six physical pharmacy locations, which were scattered across the Bay Area, and cut about half its staff — 40 people — to focus on developing a delivery service that could partner with independent brick-and-mortar pharmacies. To use the grocery analogy, instead of being a supermarket, Nimble would be like Instacart.

The big chain pharmacies like CVS and Walgreens are getting into delivery, and Amazon is investing heavily in PillPack following the $753 million acquisition, so that consumers can get all their medicines by mail, along with automatic refills and 24/7 customer support. That leaves independent pharmacies in a vulnerable position.

“They now recognize that the world is changing, and they’re seeing acceleration of the service from Amazon-owned PillPack, as well as Walgreens and CVS launching delivery options of their own,” said Nimble CEO Talha Sattar.

Founded in 2014, Nimble has raised about $60 million from investors including Sequoia and Khosla Ventures. It described itself as a “full-service pharmacy” taking the “hassle out of the pharmacy experience.” But Sattar said the physical pharmacies were too expensive to operate, and it was too difficult to get doctors on board.


Company: cnbc, Activity: cnbc, Date: 2019-05-16  Authors: christina farr
Keywords: news, cnbc, companies, push, cutting, pharmacies, compete, help, independent, online, drug, delivery, walgreens, service, million, selling, startup, staff, nimble, pharmacy, physical, pillpack


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Apple just launched its first big push into subscription TV

Apple TV Channels AppleApple on Monday released an update to iPhones, iPads and Apple TV that includes its brand new TV app with Apple Channels. It’s Apple’s first big push into making money off TV content outside of sales through the iTunes store. The new Apple TV ChannelsApple TV Channels AppleChannels is not Apple TV+, the service that will include original programming from Apple and will launch later this fall. Changes to the TV appApple TV Channels AppleA new “What to Watch” screen inside t


Apple TV Channels AppleApple on Monday released an update to iPhones, iPads and Apple TV that includes its brand new TV app with Apple Channels. It’s Apple’s first big push into making money off TV content outside of sales through the iTunes store. The new Apple TV ChannelsApple TV Channels AppleChannels is not Apple TV+, the service that will include original programming from Apple and will launch later this fall. Changes to the TV appApple TV Channels AppleA new “What to Watch” screen inside t
Apple just launched its first big push into subscription TV Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-05-13  Authors: todd haselton
Keywords: news, cnbc, companies, services, tv, channels, push, subscription, disney, service, launched, big, hbo, apple, watch, app, content


Apple just launched its first big push into subscription TV

Apple TV Channels Apple

Apple on Monday released an update to iPhones, iPads and Apple TV that includes its brand new TV app with Apple Channels. Apple Channels is the company’s new service that offers customers in more than 100 countries subscription access to premium networks such as HBO, Showtime, Epix, Smithsonian Channel, Starz and Tastemade. Other channels, such as CBS All-Access and MTV Hits, are coming later this year. Right now, if you signed up for every channel package available, however, you’d pay $97 a month. It’s Apple’s first big push into making money off TV content outside of sales through the iTunes store. Apple hasn’t said what its cut of revenue from subscribers who sign up to services through Apple Channels will be, but CNBC reported in February that the company was pushing for 30%. Some reports suggest Apple gets 15% of revenues from subscribers who sign up for services such as HBO Now, Netflix and other streaming apps through the App Store. Apple reported revenue for its services segment of $11.45 billion in its second-quarter earnings report on April 30, beating analyst estimates. Channels gives Apple a way to continue to focus on its services business as sales of hardware, including iPhones, plateau. In other words, this gives Apple new ways to make money from customers who already own its products.

The new Apple TV Channels

Apple TV Channels Apple

Channels is not Apple TV+, the service that will include original programming from Apple and will launch later this fall. But Channels does launch with a brand new TV app that Apple says will show people compelling content they’ll want to watch. It will highlight some of the hit shows from the networks that customers can subscribe to, such as HBO’s “Game of Thrones.” More than 100,000 movies and TV shows are also available to rent or purchase in the app, which means customers don’t need to open the iTunes store and leave the app to buy more things to watch. And instead of pushing viewers out of the Apple TV app and into another app, like HBO, Starz or Showtime, Apple TV Channels immediately begins streaming the show, which helps keep people inside Apple’s ecosystem. There’s a trade-off for this, however. Anyone who subscribes to the channels can only watch them within the TV app. The subscription won’t work on other platforms such as Sony’s PlayStation or a Roku box. Conversely, if you pay for HBO through your cable provider already, or directly from HBO, it’ll work in Apple TV. But some features won’t work, like offline downloads. And it feels less seamless since Apple TV will push you out into that separate app instead of playing the content right away.

Changes to the TV app

Apple TV Channels Apple

A new “What to Watch” screen inside the Apple TV app provides curated content from Apple editors that’s based on what’s popular around the world. Apple said it’s using human editors combined with its algorithms to make recommendations so users don’t sit and endlessly scroll trying to find something good to watch. It’s a problem most of us have experienced with the influx of streaming content now available. When you select a show, Apple provides data on who stars in it and a summary of the episode or movie and will begin automatically playing the trailer at the top of the screen. It looks really clean and provides most of what a person browsing for a new TV show or movie might want.

Apple TV Channels Apple

There’s also a new kids section with content curated for a younger audience. This includes lots of animated movies and TV shows that users can either stream, download or buy, depending on whether it’s included with one of the subscriptions in Apple TV Channels.

Offline viewing

Apple TV App Source: Apple

There’s also an option to download content and save it for offline viewing on an iPhone or iPad when you don’t have an internet connection. This will help Apple TV Channels stand out against standalone apps from HBO, Showtime and others that require an internet connection for viewing. This, above all else, might make it one of the most compelling reasons to sign up for a service through Apple TV Channels instead of elsewhere.

Beyond the Apple TV

iTunes running on a Samsung TV Samsung

Apple Channels won’t be limited to just Apple products. The company announced a partnership with Samsung in January in which select Samsung Smart TVs will have access to the new Apple TV app. It won’t offer the full experience of an Apple TV, which also supports apps and games, but it will provide the same experience for watching TV shows and movies. The Samsung app will also launch Monday on all 2019 smart TV models and some 2018 models. Apple TV will launch on Amazon’s Fire TV, Sony TVs, LG TVs and Roku devices later this year.

No bundles

Apple TV coming to Smart TVs. Source: Apple

Unlike Apple News+, the company’s $9.99 per month subscription news service that allows you to download more than 300 magazines and read articles from The Wall Street Journal and the Los Angeles Times, Apple Channels does not have a bundle option. That means you need to subscribe to each individual video service separately, instead of buying an all-you-can-eat plan that includes everything. And, after a one-week free trial of the premium services, users will pay the standard price they would pay anywhere else. Showtime costs $10.99 per month, for example. However, families up to 6 people can share a single subscription.

Disney+

President of Walt Disney Distribution Franchise Management, Business & Audience Insights, Cathleen Taff, speaks in front of the studios part of Walt Disney Studio on screen during the CinemaCon Walt Disney Studios Motion Pictures special presentation at the Colosseum Caesars Palace on April 3, 2019, in Las Vegas, Nevada. Valerie Macon | AFP | Getty Images

Disney’s upcoming streaming service Disney+ seems like a perfect fit for Apple TV Channels. It launches on Nov. 12, will cost $6.99 per month and will include a huge library of Disney content. Apple had no comment on whether Disney+ will eventually launch in Channels, or if talks are underway, but said it is well aware that it’s going to be a popular service.

How to get Apple TV Channels

Peter Stern, vice president of services at Apple Inc., speaks during an event at the Steve Jobs Theater in Cupertino, California, U.S., on Monday, March 25, 2019. The company is unveiling streaming video and news subscriptions, key parts of Apple’s push to transform itself into a leading digital services provider. Photographer: David Paul Morris/Bloomberg via Getty Images David Paul Morris | Bloomberg | Getty Images


Company: cnbc, Activity: cnbc, Date: 2019-05-13  Authors: todd haselton
Keywords: news, cnbc, companies, services, tv, channels, push, subscription, disney, service, launched, big, hbo, apple, watch, app, content


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US tech stocks push Norway’s $1 trillion oil fund to best ever gains

The world’s largest sovereign wealth fund just posted its most successful quarterly return ever. The aim of the fund is to ensure a future source of wealth from current revenue derived from Norway’s oil and gas sales. The fund’s largest equity holdings as of the end of March were in Apple, Microsoft, Google-parent Alphabet and Amazon. According to Norges Bank, those tech stocks were the bulk of the strongest-performing sector for the fund, returning 17.6% in growth during the quarter. In its rep


The world’s largest sovereign wealth fund just posted its most successful quarterly return ever. The aim of the fund is to ensure a future source of wealth from current revenue derived from Norway’s oil and gas sales. The fund’s largest equity holdings as of the end of March were in Apple, Microsoft, Google-parent Alphabet and Amazon. According to Norges Bank, those tech stocks were the bulk of the strongest-performing sector for the fund, returning 17.6% in growth during the quarter. In its rep
US tech stocks push Norway’s $1 trillion oil fund to best ever gains Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-05-03  Authors: david reid
Keywords: news, cnbc, companies, gains, best, return, bank, oil, norways, largest, wealth, funds, push, krone, trillion, tech, fund, stocks, norges, stock


US tech stocks push Norway's $1 trillion oil fund to best ever gains

A visitor looks out towards a flare stack on the Oseberg A offshore gas platform operated by Statoil ASA in the North Sea 140kms from Bergen, Norway.

The world’s largest sovereign wealth fund just posted its most successful quarterly return ever.

Norges Bank, which manages Norway’s $1 trillion oil-funded wealth pot, said a strong recovery in global stock markets across the first three months of 2019 had generated a 9.1% return overall. In Norwegian krone terms it was the investor’s largest ever increase at 738 billion Norwegian krone ($84 billion).

The Government Pension Fund Global, as it is officially known, currently sits at around $1.05 trillion in overall value. The aim of the fund is to ensure a future source of wealth from current revenue derived from Norway’s oil and gas sales.

As of March 31, 2019, the fund was invested 69.2% in equities, 2.8% in unlisted real estate and 28% in fixed income.

The fund’s largest equity holdings as of the end of March were in Apple, Microsoft, Google-parent Alphabet and Amazon. According to Norges Bank, those tech stocks were the bulk of the strongest-performing sector for the fund, returning 17.6% in growth during the quarter.

In its report, Norges Bank said oil and gas stocks as well as industrials also performed strongly.

“This is the fund’s best quarterly return measured in krone ever. As a major equity investor, we must be prepared for large fluctuations in the fund’s market value in line with developments in global stock markets,” said Yngve Slyngstad, CEO of Norges Bank Investment Management, in a press release Friday.

The oil fund’s performance marked a reversal from the last three months of 2018 when the fund posted its largest ever drop in krone value.

During that spell of market turmoil, Norges Bank went on a stock buying spree, taking advantage of dipping prices to buy stocks worth 185 billion krone.


Company: cnbc, Activity: cnbc, Date: 2019-05-03  Authors: david reid
Keywords: news, cnbc, companies, gains, best, return, bank, oil, norways, largest, wealth, funds, push, krone, trillion, tech, fund, stocks, norges, stock


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Mark Zuckerberg: The future of Facebook is private

Mark Zuckerberg: The future of Facebook is private17 Hours AgoDiscussing Facebook’s new privacy push, with Taylor Lorenz, staff writer at The Atlantic; Tony Romm, staff writer for The Washington Post; and CNBC’s Julia Boorstin.


Mark Zuckerberg: The future of Facebook is private17 Hours AgoDiscussing Facebook’s new privacy push, with Taylor Lorenz, staff writer at The Atlantic; Tony Romm, staff writer for The Washington Post; and CNBC’s Julia Boorstin.
Mark Zuckerberg: The future of Facebook is private Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-04-30  Authors: stephen lam
Keywords: news, cnbc, companies, romm, private, future, facebook, zuckerberg, mark, push, privacy, taylor, private17, writer, washington, tony, staff


Mark Zuckerberg: The future of Facebook is private

Mark Zuckerberg: The future of Facebook is private

17 Hours Ago

Discussing Facebook’s new privacy push, with Taylor Lorenz, staff writer at The Atlantic; Tony Romm, staff writer for The Washington Post; and CNBC’s Julia Boorstin.


Company: cnbc, Activity: cnbc, Date: 2019-04-30  Authors: stephen lam
Keywords: news, cnbc, companies, romm, private, future, facebook, zuckerberg, mark, push, privacy, taylor, private17, writer, washington, tony, staff


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