China to scrap foreign investment quotas to attract more money into its stock, bond markets

Investors watch the electronic board at a stock exchange hall on February 11, 2019 in Chengdu, Sichuan Province of China. China’s foreign exchange regulator said on Tuesday that it had decided to scrap quota restrictions on two major inbound investment schemes, as a weakening yuan and rising outflows prompt Beijing to seek to attract more foreign capital. It said the move would “make it much more convenient for overseas investors to participate in China’s domestic financial markets, making China


Investors watch the electronic board at a stock exchange hall on February 11, 2019 in Chengdu, Sichuan Province of China. China’s foreign exchange regulator said on Tuesday that it had decided to scrap quota restrictions on two major inbound investment schemes, as a weakening yuan and rising outflows prompt Beijing to seek to attract more foreign capital. It said the move would “make it much more convenient for overseas investors to participate in China’s domestic financial markets, making China
China to scrap foreign investment quotas to attract more money into its stock, bond markets Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-09-11
Keywords: news, cnbc, companies, quotas, yuan, capital, bond, investment, money, stock, attract, markets, qfii, china, investors, overseas, outflows, scrap, foreign, exchange, chinas


China to scrap foreign investment quotas to attract more money into its stock, bond markets

Investors watch the electronic board at a stock exchange hall on February 11, 2019 in Chengdu, Sichuan Province of China.

China’s foreign exchange regulator said on Tuesday that it had decided to scrap quota restrictions on two major inbound investment schemes, as a weakening yuan and rising outflows prompt Beijing to seek to attract more foreign capital.

While underlining China’s thirst for overseas funding as its economy slows amid a debilitating trade war with the United States, the move also appears largely symbolic, as two-thirds of the existing quotas remain unused.

China’s State Administration of Foreign Exchange (SAFE) would remove quotas on the dollar-dominated qualified foreign institutional investor (QFII) scheme and its yuan-denominated sibling, RQFII, it said in a statement on its website.

It said the move would “make it much more convenient for overseas investors to participate in China’s domestic financial markets, making China’s bond and stock markets more broadly accepted by international markets.”

The removal of quotas comes amid an escalating Sino-U.S. trade war that threatens growth in the world’s second-biggest economy.

Beijing hopes that foreign capital inflows could help to offset rising outflows and lend support to its yuan, which has dropped to its lowest levels against the U.S. dollar since the onset of the global financial crisis in 2008.

Inflows could also help bolster China’s balance of payments, as some analysts fear the country is slipping dangerously towards twin deficits in its fiscal and current accounts.

The removal “is a clear signal that policymakers want to encourage capital inflows,” wrote Win Thin, Global Head of Currency Strategy at Brown Brothers Harriman.

“The corollary is that they are still very worried about capital outflows and so will make sure to avoid any steps that might increase them,” he said.

China in January doubled the QFII quota to $300 billion, but only $111.4 billion of the limit had been used by foreign investors by the end of August.

China’s securities regulator also published draft rules earlier this year that would combine the QFII and RQFII programmes while also simplifying access for overseas investors.


Company: cnbc, Activity: cnbc, Date: 2019-09-11
Keywords: news, cnbc, companies, quotas, yuan, capital, bond, investment, money, stock, attract, markets, qfii, china, investors, overseas, outflows, scrap, foreign, exchange, chinas


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Here’s exactly how much oil OPEC members and allied nations intend to cut in 2019

Six weeks after agreeing to slash production, major oil producers are finally giving investors some clarity on exactly how much crude they’ll take off the market. OPEC on Friday released a table laying out production quotas for each of its 14 members and the 10 allied countries participating in the deal. However, over the following weeks, international benchmark Brent crude prices fell another 18 percent. The continued slide reportedly prompted OPEC to urge oil producers to publicly release thei


Six weeks after agreeing to slash production, major oil producers are finally giving investors some clarity on exactly how much crude they’ll take off the market. OPEC on Friday released a table laying out production quotas for each of its 14 members and the 10 allied countries participating in the deal. However, over the following weeks, international benchmark Brent crude prices fell another 18 percent. The continued slide reportedly prompted OPEC to urge oil producers to publicly release thei
Here’s exactly how much oil OPEC members and allied nations intend to cut in 2019 Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-01-18  Authors: tom dichristopher, bloomberg, getty images
Keywords: news, cnbc, companies, slash, nations, allied, production, producers, opec, 2019, prices, cut, quotas, deal, members, intend, heres, crude, oil, weeks, exactly


Here's exactly how much oil OPEC members and allied nations intend to cut in 2019

Six weeks after agreeing to slash production, major oil producers are finally giving investors some clarity on exactly how much crude they’ll take off the market.

OPEC on Friday released a table laying out production quotas for each of its 14 members and the 10 allied countries participating in the deal. The two dozen nations agreed last month to slash a combined 1.2 million barrels per day in order to prevent a repeat of the oil glut that caused crude prices to tank from 2014 to 2016.

However, over the following weeks, international benchmark Brent crude prices fell another 18 percent. The continued slide reportedly prompted OPEC to urge oil producers to publicly release their production quotas to boost the market’s confidence in the cuts.

While oil prices have risen for the last three weeks, OPEC has nevertheless decided to publish the output levels under the deal, which runs through the first six months of 2019. The so-called OPEC+ alliance meets April 17-18 to assess the impact of the cuts.

Here’s how much each of the countries in the deal will endeavor to keep off the market:


Company: cnbc, Activity: cnbc, Date: 2019-01-18  Authors: tom dichristopher, bloomberg, getty images
Keywords: news, cnbc, companies, slash, nations, allied, production, producers, opec, 2019, prices, cut, quotas, deal, members, intend, heres, crude, oil, weeks, exactly


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Melinda Gates: It’s essential the US ‘do something to accelerate women in business’

“Sometimes quotas make sense for a time, to get things going,” said Gates. “One of the countries that has the most number of women parliamentarians is Rwanda. It’s because President Kagame came in and said, ‘We will have at least 40 percent of women parliamentarians.’ Berkhemer-Credaire is also the chief executive officer at 2020 Women On Boards. Gates said that while she remains unsure of whether quotas are the way to create real progress in the U.S., “I know we need to do something to accelera


“Sometimes quotas make sense for a time, to get things going,” said Gates. “One of the countries that has the most number of women parliamentarians is Rwanda. It’s because President Kagame came in and said, ‘We will have at least 40 percent of women parliamentarians.’ Berkhemer-Credaire is also the chief executive officer at 2020 Women On Boards. Gates said that while she remains unsure of whether quotas are the way to create real progress in the U.S., “I know we need to do something to accelera
Melinda Gates: It’s essential the US ‘do something to accelerate women in business’ Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2018-09-28  Authors: harriet taylor
Keywords: news, cnbc, companies, companies, parliamentarians, california, corporate, quotas, melinda, business, owners, women, 2020, accelerate, gates, boards, way, essential


Melinda Gates: It's essential the US 'do something to accelerate women in business'

At the 3,000 largest publicly traded companies in the U.S., 84 percent of corporate board members are male, according to data collected by 2020 Women on Boards, which advocates for increasing the percentage of women on U.S. company boards to at least 20 percent by 2020. In that same group, 17 percent did not have one female director, according to research firm Equilar.

That includes 86 companies in California.

“Sometimes quotas make sense for a time, to get things going,” said Gates. “One of the countries that has the most number of women parliamentarians is Rwanda. It’s because President Kagame came in and said, ‘We will have at least 40 percent of women parliamentarians.’ They are way over that now.”

Advocacy groups behind the bill believe government-mandated quotes are the only way to go because change thusfar without them has been painfully slow.

“Women have been knocking on the doors of corporate board rooms for years — here in California, we had a resolution five years ago to urge corporations to listen to the drumbeat of the issue, but that doesn’t work,” said Betsy Berkhemer-Credaire, a corporate partner of the National Association of Women Business Owners owners, California, which co-sponsored the bill. Berkhemer-Credaire is also the chief executive officer at 2020 Women On Boards.

“Nothing works because the system is so entrenched,” she said. “It is a historic decision — not just in the state but in the influence it would have in the country.”

Gates said that while she remains unsure of whether quotas are the way to create real progress in the U.S., “I know we need to do something to accelerate women in business.”

Video by Mary Stevens .

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Company: cnbc, Activity: cnbc, Date: 2018-09-28  Authors: harriet taylor
Keywords: news, cnbc, companies, companies, parliamentarians, california, corporate, quotas, melinda, business, owners, women, 2020, accelerate, gates, boards, way, essential


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Trump signs proclamation allowing targeted relief on steel, aluminum quotas

U.S. President Donald Trump has signed proclamations permitting targeted relief from steel and aluminum quotes from some countries, the U.S. Commerce Department said on Wednesday. Trump, who put in place tariffs on steel and aluminum imports in March, signed proclamations allowing relief from the quotas on steel from South Korea, Brazil and Argentina and on aluminum from Argentina, the department said in a statement. “Companies can apply for product exclusions based on insufficient quantity or q


U.S. President Donald Trump has signed proclamations permitting targeted relief from steel and aluminum quotes from some countries, the U.S. Commerce Department said on Wednesday. Trump, who put in place tariffs on steel and aluminum imports in March, signed proclamations allowing relief from the quotas on steel from South Korea, Brazil and Argentina and on aluminum from Argentina, the department said in a statement. “Companies can apply for product exclusions based on insufficient quantity or q
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Company: cnbc, Activity: cnbc, Date: 2018-08-30  Authors: daniel acker, bloomberg, getty images
Keywords: news, cnbc, companies, allowing, states, tariffs, average, trump, exports, relief, aluminum, united, quota, steel, targeted, quotas, proclamation, imports, signs


Trump signs proclamation allowing targeted relief on steel, aluminum quotas

U.S. President Donald Trump has signed proclamations permitting targeted relief from steel and aluminum quotes from some countries, the U.S. Commerce Department said on Wednesday.

Trump, who put in place tariffs on steel and aluminum imports in March, signed proclamations allowing relief from the quotas on steel from South Korea, Brazil and Argentina and on aluminum from Argentina, the department said in a statement.

“Companies can apply for product exclusions based on insufficient quantity or quality available from U.S. steel or aluminum producers,” the statement said.

“In such cases, an exclusion from the quota may be granted and no tariff would be owed.”

Trump, citing national security concerns, placed tariffs of 25 percent on steel imports and 10 percent on aluminum imports.

The tariffs on steel and aluminum imports from the European Union, Canada and Mexico took effect on June 1, and Commerce Secretary Wilbur Ross said on May 31 that arrangements had been made with some countries to have non-tariff limits on their exports of the two metals to the United States.

Ross said the arrangement with South Korea was for a quota of 70 percent of average steel exports to the United States in the years 2015 to 2017.

The Brazilian government said at the time the U.S. quotas and tariffs on Brazil’s steel and aluminum exports were unjustified but that it remained open to negotiate a solution.

Brazilian semi-finished steel exports to the United States are subject to quotas based on the average for the three years from 2015 to 2017, while finished steel products will be limited to a quota of 70 percent of the average for those years.


Company: cnbc, Activity: cnbc, Date: 2018-08-30  Authors: daniel acker, bloomberg, getty images
Keywords: news, cnbc, companies, allowing, states, tariffs, average, trump, exports, relief, aluminum, united, quota, steel, targeted, quotas, proclamation, imports, signs


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US extends tariff exemptions for European Union and other allies

The May 1 deadline for steel and aluminum tariff exemptions for U.S. allies has been extended, the White House said. Instead, the White House has decided to postpone the decision on some allies, including the European Union, for 30 days to allow further discussions. U.S. Trade Representative Robert Lighthizer is leading the process for country exemptions, except for the European Union, which Commerce Secretary Wilbur Ross is leading. The May 1 deadline on the tariff exemptions was set in a presi


The May 1 deadline for steel and aluminum tariff exemptions for U.S. allies has been extended, the White House said. Instead, the White House has decided to postpone the decision on some allies, including the European Union, for 30 days to allow further discussions. U.S. Trade Representative Robert Lighthizer is leading the process for country exemptions, except for the European Union, which Commerce Secretary Wilbur Ross is leading. The May 1 deadline on the tariff exemptions was set in a presi
US extends tariff exemptions for European Union and other allies Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2018-04-30  Authors: everett rosenfeld
Keywords: news, cnbc, companies, steel, union, trade, quotas, national, exemptions, allies, reached, white, administration, aluminum, european, tariff, extends


US extends tariff exemptions for European Union and other allies

The May 1 deadline for steel and aluminum tariff exemptions for U.S. allies has been extended, the White House said.

Instead, the White House has decided to postpone the decision on some allies, including the European Union, for 30 days to allow further discussions.

Those extensions will affect the EU, Canada and Mexico. As for Argentina, Australia and Brazil, a senior White House official said agreements have been reached in principle, and they will also receive a 30-day extension so details can be finalized.

South Korea’s exemption from tariffs is permanent because it agreed to quotas as part of a new trade deal. Administration officials have asked other countries what level of quotas they would agree to.

One person briefed by the administration told CNBC: “Quotas are an active part of the discussion with every country on the exemption list.”

U.S. Trade Representative Robert Lighthizer is leading the process for country exemptions, except for the European Union, which Commerce Secretary Wilbur Ross is leading. The Department of Commerce is also spearheading the process for product exemptions. The National Security Council is overseeing the entire process.

The May 1 deadline on the tariff exemptions was set in a presidential memorandum on the topic.

Here’s the statement on the extensions:

Today, President Donald J. Trump issued two proclamations authorizing modifications of the Section 232 tariffs on steel and aluminum. The Administration has reached a final agreement with South Korea on steel imports, the outlines of which were previously announced by U.S. Trade Representative Robert Lighthizer and Republic of Korea Minister for Trade Hyun-chong Kim. The Administration has also reached agreements in principle with Argentina, Australia, and Brazil with respect to steel and aluminum, the details of which will be finalized shortly. The Administration is also extending negotiations with Canada, Mexico, and the European Union for a final 30 days. In all of these negotiations, the Administration is focused on quotas that will restrain imports, prevent transshipment, and protect the national security.

These agreements underscore the Trump Administration’s successful strategy to reach fair outcomes with allies to protect our national security and address global challenges to the steel and aluminum industries.

—CNBC’s Lori Ann LaRocco and Kayla Tausche contributed to this report.


Company: cnbc, Activity: cnbc, Date: 2018-04-30  Authors: everett rosenfeld
Keywords: news, cnbc, companies, steel, union, trade, quotas, national, exemptions, allies, reached, white, administration, aluminum, european, tariff, extends


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Trump administration is likely to extend steel and aluminum tariff exemptions beyond May 1, sources say

The May 1 deadline for steel and aluminum tariff exemptions for U.S. allies is likely to be extended, according to sources who have been in discussions with the Trump administration. The extensions may vary in length for each country, based on the progress made in talks on this and other trade issues. U.S. Trade Representative Robert Lighthizer is leading the process for country exemptions, except for the European Union, which Commerce Secretary Wilbur Ross is leading. The May 1 deadline on the


The May 1 deadline for steel and aluminum tariff exemptions for U.S. allies is likely to be extended, according to sources who have been in discussions with the Trump administration. The extensions may vary in length for each country, based on the progress made in talks on this and other trade issues. U.S. Trade Representative Robert Lighthizer is leading the process for country exemptions, except for the European Union, which Commerce Secretary Wilbur Ross is leading. The May 1 deadline on the
Trump administration is likely to extend steel and aluminum tariff exemptions beyond May 1, sources say Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2018-04-27  Authors: kayla tausche, getty images
Keywords: news, cnbc, companies, sources, likely, talks, steel, aluminum, say, extension, extend, country, security, tariff, trump, administration, quotas, exemptions, trade, commerce


Trump administration is likely to extend steel and aluminum tariff exemptions beyond May 1, sources say

The May 1 deadline for steel and aluminum tariff exemptions for U.S. allies is likely to be extended, according to sources who have been in discussions with the Trump administration.

The extensions may vary in length for each country, based on the progress made in talks on this and other trade issues. For instance, Canada and Mexico would be granted an extension because they have made progress on steel and aluminum issues in NAFTA talks, which resume late next week. It’s unclear where talks with Brazil, Australia and Argentina stand.

South Korea’s exemption from tariffs is permanent because it agreed to quotas as part of a new trade deal. Administration officials have asked other countries what level of quotas they would agree to.

One person briefed by the administration told CNBC: “Quotas are an active part of the discussion with every country on the exemption list.”

U.S. Trade Representative Robert Lighthizer is leading the process for country exemptions, except for the European Union, which Commerce Secretary Wilbur Ross is leading. The Department of Commerce is also spearheading to process for product exemptions. The National Security Council is overseeing the entire process.

The May 1 deadline on the tariff exemptions was set in a presidential memorandum. An extension would be granted in that same way. The final decision on granting an extension will be up to President Donald Trump.

The USTR declined to comment. The White House, the Commerce Department and the National Security Council did not respond to requests for comment before publication.


Company: cnbc, Activity: cnbc, Date: 2018-04-27  Authors: kayla tausche, getty images
Keywords: news, cnbc, companies, sources, likely, talks, steel, aluminum, say, extension, extend, country, security, tariff, trump, administration, quotas, exemptions, trade, commerce


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Trump says considering tariffs, quotas on US steel, aluminum imports

U.S. President Donald Trump said on Tuesday that he is considering a range of options to address steel and aluminum imports that he said are unfairly hurting U.S. producers, including “tariffs and/or quotas.” Trump made his comments during a meeting with a bipartisan group of U.S. senators and representatives — some who favored curbs on imports, others who cautioned him on the impact on U.S. manufacturers. “What we’re talking about it tariffs and/or quotas,” Trump said to the group. “Part of the


U.S. President Donald Trump said on Tuesday that he is considering a range of options to address steel and aluminum imports that he said are unfairly hurting U.S. producers, including “tariffs and/or quotas.” Trump made his comments during a meeting with a bipartisan group of U.S. senators and representatives — some who favored curbs on imports, others who cautioned him on the impact on U.S. manufacturers. “What we’re talking about it tariffs and/or quotas,” Trump said to the group. “Part of the
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Company: cnbc, Activity: cnbc, Date: 2018-02-13  Authors: afp, getty images
Keywords: news, cnbc, companies, quotas, considering, unfairly, imports, andor, tariffs, options, aluminum, talking, united, steel, substantial, trump


Trump says considering tariffs, quotas on US steel, aluminum imports

U.S. President Donald Trump said on Tuesday that he is considering a range of options to address steel and aluminum imports that he said are unfairly hurting U.S. producers, including “tariffs and/or quotas.”

Trump made his comments during a meeting with a bipartisan group of U.S. senators and representatives — some who favored curbs on imports, others who cautioned him on the impact on U.S. manufacturers.

“What we’re talking about it tariffs and/or quotas,” Trump said to the group.

“Part of the options would be tariffs coming in. As they dump steel, they pay tariffs, substantial tariffs, which means the United States would actually make a lot of money.


Company: cnbc, Activity: cnbc, Date: 2018-02-13  Authors: afp, getty images
Keywords: news, cnbc, companies, quotas, considering, unfairly, imports, andor, tariffs, options, aluminum, talking, united, steel, substantial, trump


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Trump weighs tariffs, quotas on US steel, aluminum imports

U.S. President Donald Trump said on Tuesday he was considering a range of options to address steel and aluminum imports that he said were unfairly hurting U.S. producers, including tariffs and quotas. Some of the lawmakers urged him to act decisively to save steel and aluminum plants in their states, but others urged caution because higher prices would hurt downstream manufacturers that consume steel and aluminum. As they dump steel, they pay tariffs, substantial tariffs, which means the United


U.S. President Donald Trump said on Tuesday he was considering a range of options to address steel and aluminum imports that he said were unfairly hurting U.S. producers, including tariffs and quotas. Some of the lawmakers urged him to act decisively to save steel and aluminum plants in their states, but others urged caution because higher prices would hurt downstream manufacturers that consume steel and aluminum. As they dump steel, they pay tariffs, substantial tariffs, which means the United
Trump weighs tariffs, quotas on US steel, aluminum imports Cached Page below :
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Keywords: news, cnbc, companies, aluminum, tariffs, meeting, told, weighs, steel, trade, trump, urged, restrictions, imports, quotas


Trump weighs tariffs, quotas on US steel, aluminum imports

U.S. President Donald Trump said on Tuesday he was considering a range of options to address steel and aluminum imports that he said were unfairly hurting U.S. producers, including tariffs and quotas.

Trump’s comments – his strongest signal in months that he will take at least some action to restrict imports of the two metals – came in a meeting with a bipartisan group of U.S. senators and representatives at the White House. Reporters were present for part of the meeting.

Some of the lawmakers urged him to act decisively to save steel and aluminum plants in their states, but others urged caution because higher prices would hurt downstream manufacturers that consume steel and aluminum.

Trump is weighing options presented last month by the U.S. Commerce Department in parallel “Section 232” investigations into whether import restrictions on steel and aluminum are needed to protect national security. The probes were authorized under a 1962 trade law that has not been invoked since 2001.

“What we’re talking about is tariffs and/or quotas,” Trump said to the group.

“Part of the options would be tariffs coming in. As they dump steel, they pay tariffs, substantial tariffs, which means the United States would actually make a lot of money.”

Trump said that the steel and aluminum industries were being “decimated by dumping” and talked about the empty steel mills he saw on the campaign trail in 2016.

“I look at it two ways: I want to keep prices down, but I also want to make sure that we have a steel industry and an aluminum industry, and we do need that for national defense,” Trump said.

Steel and aluminum shares rose after Trump’s comments, with U.S. Steel up 1.8 percent, Nucor Corp up 1.2 percent, Alcoa Inc and Century Aluminum up about 1.7 percent in afternoon trading.

Trump now has until around April 11 to decide whether to impose steel import curbs and April 20 to decide on aluminum restrictions. The Commerce Department has not revealed its recommendations in the probes launched last spring.

But Commerce Secretary Wilbur Ross told the lawmakers that Section 232 powers “can be applied in a much more surgical way” that could lead to tariffs on imports from certain countries and quotas from other nations suspected of transshipping products.

Some lawmakers came away from the meeting with the impression that Trump would impose some restrictions but understood the need for a balanced approach.

“My belief is he’ll take some action, but he was truly open to seeking input at the meeting today,” Senator Roy Blunt, a Missouri Republican, told reporters at the Capitol.

Blunt, who said Missouri industries both make and consume steel and aluminum, told Trump in the meeting: “I think we do need to be careful here that we don’t start a reciprocal battle on tariffs.”

Steelmakers recently urged Trump to take broad action to reduce steel imports to curb global excess steel production capacity, largely in China..

A Chinese government think-tank warned earlier that “unreasonable” U.S. trade actions on steel will be met with “countermeasures” under World Trade Organization rules.

Steel and aluminum users, meanwhile, have urged caution in any restrictions to avoid disruptions or price spikes in the raw materials used in everything from autos to appliances and aircraft and construction.

The Motor and Equipment Manufacturers Association, representing auto parts makers with 871,000 U.S. employees, urged Trump in a letter on Tuesday to exclude an extensive list of products from import restrictions, from tire cord steel to high-pressure aluminum die castings.

“MEMA urges the administration to take a country- and product-specific approach to this issue rather than imposing blanket quotas or tariffs on all steel and aluminum imports,” the group said.


Company: cnbc, Activity: cnbc, Date: 2018-02-13  Authors: getty images
Keywords: news, cnbc, companies, aluminum, tariffs, meeting, told, weighs, steel, trade, trump, urged, restrictions, imports, quotas


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Analyst says ‘nobody can compete’ with Tesla in China

Piper Jaffray reiterated its overweight rating for Tesla shares, saying the company’s electric car quality is far ahead of its peers in China. “Branding and performance are just as important, and in this regard, we think nobody (least of all Chinese OEMs) can compete with TSLA.” Potter reaffirmed his $386 price target for Tesla shares, representing 10 percent upside to Monday’s close. The analyst said China will start an electric vehicle quota system in 2019. The company’s stock fell 1.4 percent


Piper Jaffray reiterated its overweight rating for Tesla shares, saying the company’s electric car quality is far ahead of its peers in China. “Branding and performance are just as important, and in this regard, we think nobody (least of all Chinese OEMs) can compete with TSLA.” Potter reaffirmed his $386 price target for Tesla shares, representing 10 percent upside to Monday’s close. The analyst said China will start an electric vehicle quota system in 2019. The company’s stock fell 1.4 percent
Analyst says ‘nobody can compete’ with Tesla in China Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2017-10-17  Authors: tae kim, wang zhao, afp, getty images
Keywords: news, games, cnbc, companies, quotas, china, vehicle, analyst, compete, shares, production, chinese, stock, tesla, companys, electric, think


Analyst says ‘nobody can compete’ with Tesla in China

Tesla will thrive in the world’s largest auto market, according to one Wall Street firm.

Piper Jaffray reiterated its overweight rating for Tesla shares, saying the company’s electric car quality is far ahead of its peers in China.

“After meeting with an electric vehicle (EV) trade group this week in Beijing, we still think Tesla has little to fear from Chinese brands, at least based on the current competitive landscape,” analyst Alexander Potter wrote in a note to clients Tuesday. “Branding and performance are just as important, and in this regard, we think nobody (least of all Chinese OEMs) can compete with TSLA.”

Tesla’s China sales rose to $1.07 billion last year from $319 million in 2015, according to an SEC 10K filing.

Potter reaffirmed his $386 price target for Tesla shares, representing 10 percent upside to Monday’s close.

“Anyone who has taken a ride in a Chinese EV will tell you that, like most other Chinese sedans, these vehicles just aren’t compelling consumer products,” he wrote.

The analyst said China will start an electric vehicle quota system in 2019. Large auto makers will be required to purchase electric vehicle credits for 10 percent of total production that year, increasing to 12 percent by 2020.

“Companies that fail to achieve the quotas will be able to buy credits from companies that exceed the quotas,” he wrote.

Tesla’s stock is up 64 percent this year versus the S&P 500’s 14 percent return through Monday.

The company’s stock fell 1.4 percent Monday after a report it fired hundreds of employees. Its shares are up 0.2 percent shortly after the market open Tuesday.

Some investors are also concerned over the company’s cash burn and ability to meet its Model 3 production goals.


Company: cnbc, Activity: cnbc, Date: 2017-10-17  Authors: tae kim, wang zhao, afp, getty images
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I used to support legalizing all drugs. Then the opioid epidemic happened.

I should be clear: I am talking about the legalization of harder drugs, so none of this applies to marijuana legalization. But with the harder drugs, there’s a lot of room to mess up — as the opioid epidemic demonstrates. For RealClearPolicy, Robert VerBruggen wrote that the opioid epidemic has forced him to confront some of his libertarian views on legalization. As someone who has spent a career thinking about this issue, he acknowledged that the opioid epidemic “should give you pause” in terms


I should be clear: I am talking about the legalization of harder drugs, so none of this applies to marijuana legalization. But with the harder drugs, there’s a lot of room to mess up — as the opioid epidemic demonstrates. For RealClearPolicy, Robert VerBruggen wrote that the opioid epidemic has forced him to confront some of his libertarian views on legalization. As someone who has spent a career thinking about this issue, he acknowledged that the opioid epidemic “should give you pause” in terms
I used to support legalizing all drugs. Then the opioid epidemic happened. Cached Page below :
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I used to support legalizing all drugs. Then the opioid epidemic happened.

I should be clear: I am talking about the legalization of harder drugs, so none of this applies to marijuana legalization. While there are real concerns with pot addiction and people doing stupid things on weed, my perspective is that it’s such a relatively harmless drug, according to the best scientific evidence, that the government can afford to screw it up. Especially since the alternative is a prohibition regime that leads to hundreds of thousands of needless arrests in the US each year and fosters violence as traffickers fight over turf or settle other beefs related to the drug trade.

But with the harder drugs, there’s a lot of room to mess up — as the opioid epidemic demonstrates.

I’m not the first person to make this connection. For RealClearPolicy, Robert VerBruggen wrote that the opioid epidemic has forced him to confront some of his libertarian views on legalization. While he “was never so naïve as to think there would be noincrease in drug use or abuse if drugs were legal,” he ultimately figured the cost-benefit analysis would land in favor of legalization and against prohibition.

“But,” he added, “it sure looks like loosening control of a drug made all hell break loose, and that’s not what I would have predicted, say, ten years ago.”

I asked Ethan Nadelmann, the retired executive director of the Drug Policy Alliance, about this. As someone who has spent a career thinking about this issue, he acknowledged that the opioid epidemic “should give you pause” in terms of backing full free-market legalization.

Nadelmann suggested this is a failure in the US in particular. In a recent meeting with some Swiss officials, he brought up concerns similar to mine, and the officials remarked that the US’s failures in the opioid epidemic shouldn’t hinder legalization efforts in Europe. After all, across the Atlantic, opioids have been more strictly regulated and an overdose crisis has so far been averted.

But the US did fail. Horribly. There are many things that could have been done to stop the opioid epidemic in its tracks: The Food and Drug Administration (FDA) could have blocked or restricted the use of opioids — to better account for the risks of addiction and overdose, as well as the lack of scientific evidence that opioids are even effective for chronic pain. The Drug Enforcement Administration (DEA) could have limited the supply of opioids and taken stronger legal action against companies that carelessly let their drugs proliferate to unscrupulous prescribers, instead of focusing on bit players, like pill mills that popped up across the country.

Yet the government didn’t do much of anything for years. Kathleen Frydl, a drug policy historian, summarized some of the FDA’s failures:

From the misguided approval and branding of OxyContin, on the basis of information the FDA knew to be faulty, to the puzzling approval of the similar single-entity, extended-release opioids of Opana in 2006 and Zohydro in 2013, the FDA operates on the belief that opioids are beneficial in managing chronic pain, although there is to date no persuasive evidence of their effectiveness, and only mounting proof of their morbid risk. Also damning is the fact that most of the criminal and civil prosecution of drug companies for “misbranding” their opioid products as less addictive has come at the hands of U.S. Attorneys and whistleblowers, even though the law that defines the violation, the Food, Drug, and Cosmetic Act, falls well within the purview of the FDA. Aggressive in opioid approvals, the FDA has been lethargic in responding to the consequences.

The DEA, meanwhile, has the power to set production quotas for some opioids, like hydrocodone and oxycodone, produced for sales. It could have used this power, as it did during past drug crises, to limit the supply of these dangerous drugs. But Frydl pointed me to data that showed that the agency has since at least 1999 let the quota for opioids rise and rise and rise — effectively relinquishing a tool it could have used to limit the rapid growth of opioid use.

Here, for instance, is the quota for oxycodone going back to 1999, which trended up even after the Centers for Disease Control and Prevention in 2011 declared the opioid crisis an “epidemic”:

Much of this is the result of aggressive lobbying from pharmaceutical companies. Over the past decade, opioid producers and suppliers have spent more than $880 million at the federal and state level lobbying lawmakers to stop new regulations on their drugs, while calling on policymakers to actually loosen access to painkillers. That’s eight times as much as the gun lobby spent on its causes, according to Mother Jones. And it often worked: In Maine, for example, drugmakers successfully pushed for a bill that required insurers to cover opioid painkillers that are supposedly harder to abuse.

In fact, the DEA admits that pharmaceutical companies played a key role in its decision making in its own statements. Here is the agency in 1999 after an unnamed company asked for a formal hearing about the quotas: “In addition, one company requested a hearing to address the aggregate production quota for oxycodone (for sale) or hydromorphone if the aggregate production quotas were not increased sufficiently. The DA [sic], based on the date [sic] provided, has increased the aggregate production quotas for both oxycodone (for sale) and hydromorphone and has determined that a hearing is not necessary.”

The company didn’t even have hold a formal hearing to get what it wanted from the DEA.

All of this should make it clear: Regulation failed.

The reality, though, is this is a pattern that’s now popped up again and again in the US: America allows a dangerous, addictive drug, big companies excessively market it, and use and deaths spiral out of control. This may be a uniquely American problem — perhaps due to the country’s affinity for unfettered capitalism — but it’s something that’s happened multiple times before: with opioids, as well as alcohol and tobacco.


Company: cnbc, Activity: cnbc, Date: 2017-09-13  Authors: german lopez, lawrence k ho, getty images
Keywords: news, games, cnbc, companies, happened, opioid, drugs, legalization, drug, quotas, epidemic, support, opioids, thats, legalizing, used, fda, companies


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