5 historic global shifts that could turn 2019 into a treacherous year

That’s a good metaphor for a year during which volatility may be the only certainty for policy makers, business leaders and investors. Yet risks lurk behind every global corner. Will the Trump growth story turn belly up in the face of domestic turbulence: the Mueller investigation, the threat of impeachment and Fed interest rate policy? A good many experts have already provided their “top ten” for 2019. Rather than add my own, here instead are five historic inflection points to watch, a handful


That’s a good metaphor for a year during which volatility may be the only certainty for policy makers, business leaders and investors. Yet risks lurk behind every global corner. Will the Trump growth story turn belly up in the face of domestic turbulence: the Mueller investigation, the threat of impeachment and Fed interest rate policy? A good many experts have already provided their “top ten” for 2019. Rather than add my own, here instead are five historic inflection points to watch, a handful
5 historic global shifts that could turn 2019 into a treacherous year Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-01-11  Authors: fred kempe, technotr, getty images
Keywords: news, cnbc, companies, good, months, policy, global, 2019, historic, turn, treacherous, shifts, risks, growing, trade, skiers, ski, trump


5 historic global shifts that could turn 2019 into a treacherous year

Fresh back in D.C. from a Colorado ski vacation, it strikes me that the treacherous year ahead that we confront – littered with political, economic and security risks – presents all the challenges of a double black diamond ski run.

Those slopes are signposted as such to warn skiers of an approaching terrain that is steeper, narrower, and bumpier than all but the most expert skiers can navigate, made even more unpredictable by frequent weather changes. Their bone-rattling obstacles are seen (trees) and unseen (snow-covered boulders).

That’s a good metaphor for a year during which volatility may be the only certainty for policy makers, business leaders and investors. That may be good news for the ilk of hedge funds that are designed to capitalize from price swings, and thus this could be a bumper year for them. For most of the rest of us, expect months of handwringing and headaches.

The first few days of 2019 have already set the tone.

Stock markets have sunk and soared in the first days of trading, falling on growing fears of a global slowdown and the economic hit of U.S.-Chinese trade tensions, only to rise again on good U.S. job numbers or encouraging Trump tweets. Yet risks lurk behind every global corner.

Will the Trump growth story turn belly up in the face of domestic turbulence: the Mueller investigation, the threat of impeachment and Fed interest rate policy? Will the United Kingdom crash out of the European Union or remain through a “peoples vote”? Will the U.S.-China trade fight end in a deal or escalate into something worse? Does U.S. troop withdrawal from Syria signal a less predictable U.S. ally?

And so on.

The list of risks is a growing one. A good many experts have already provided their “top ten” for 2019. Rather than add my own, here instead are five historic inflection points to watch, a handful of history-bending shifts this column will track in the months ahead.


Company: cnbc, Activity: cnbc, Date: 2019-01-11  Authors: fred kempe, technotr, getty images
Keywords: news, cnbc, companies, good, months, policy, global, 2019, historic, turn, treacherous, shifts, risks, growing, trade, skiers, ski, trump


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Regulators say new EU cryptoasset rules may be needed

New European Union rules may be needed to better protect consumers from cryptoasset risks, prevent money laundering and stop diverging national regulations from creating unfair competition, EU regulators said on Wednesday. The European Banking Authority (EBA) said in a report on cryptoassets that they typically fall outside the scope of EU financial rules, making it harder to build a detailed picture. EU regulators have identified financial institutions owning cryptoassets directly, making a mar


New European Union rules may be needed to better protect consumers from cryptoasset risks, prevent money laundering and stop diverging national regulations from creating unfair competition, EU regulators said on Wednesday. The European Banking Authority (EBA) said in a report on cryptoassets that they typically fall outside the scope of EU financial rules, making it harder to build a detailed picture. EU regulators have identified financial institutions owning cryptoassets directly, making a mar
Regulators say new EU cryptoasset rules may be needed Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-01-09  Authors: getty images
Keywords: news, cnbc, companies, rules, cryptoasset, money, cryptoassets, regulators, risks, eu, needed, say, eba, financial


Regulators say new EU cryptoasset rules may be needed

New European Union rules may be needed to better protect consumers from cryptoasset risks, prevent money laundering and stop diverging national regulations from creating unfair competition, EU regulators said on Wednesday.

Regulators have warned investors since 2013 they could lose their shirts by investing in virtual currencies such as Bitcoin and ether, or in initial coin offerings (ICOs) that raise money for companies in return for tokens.

Bitcoin rocketed close to $20,000 in late 2017, sweeping up investors from across the world, but it has since lost three-quarters of its value.

The value of cryptoassets globally peaked at $830 billion a year ago, but fell to $210 billion by October, equivalent to less than 3 percent of the gold market.

The European Banking Authority (EBA) said in a report on cryptoassets that they typically fall outside the scope of EU financial rules, making it harder to build a detailed picture.

EU regulators have identified financial institutions owning cryptoassets directly, making a market in them, lending against cryptoasset collateral, and exchanging cryptoassets for cash, but have little data on these activities.

Market developments also point to the need for a further review of EU anti-money laundering legislation, the EBA said.

A comprehensive cost-benefit analysis would determine what, if any, action is required to regulate “opportunities and risks” from cryptoasset activities and related technologies, EBA said.

The watchdog said a broad approach should be taken, including how high amounts of energy used to mint cryptoassets impact EU climate change and sustainable development goals.

An EU analysis could assess the impact of cryptoasset activities on financial sector resilience, and the links between cryptoassets and traditional banking.

“Given the pace and complexity of change, it would be desirable for a technologically neutral and future-proof approach to be adopted in developing any proposals should it be concluded that EU-level action is needed,” EBA said.


Company: cnbc, Activity: cnbc, Date: 2019-01-09  Authors: getty images
Keywords: news, cnbc, companies, rules, cryptoasset, money, cryptoassets, regulators, risks, eu, needed, say, eba, financial


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Job loss has more risks, repercussions and pain for older workers

To be sure, the current job market is rosy. Yet 56 percent of older workers experience at least one involuntary job loss after age 50, according to a new joint analysis from nonprofit newsroom ProPublica and Urban Institute, a think tank that focuses on economic and social policy research. ProPublic and Urban Institute analyzed data from the Health and Retirement Study, a longitudinal study sponsored by the National Institute on Aging and the Social Security Administration that tracks older adul


To be sure, the current job market is rosy. Yet 56 percent of older workers experience at least one involuntary job loss after age 50, according to a new joint analysis from nonprofit newsroom ProPublica and Urban Institute, a think tank that focuses on economic and social policy research. ProPublic and Urban Institute analyzed data from the Health and Retirement Study, a longitudinal study sponsored by the National Institute on Aging and the Social Security Administration that tracks older adul
Job loss has more risks, repercussions and pain for older workers Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-01-04  Authors: kelli b grant, john foxx, getty images, marvin couch
Keywords: news, cnbc, companies, repercussions, health, workers, urban, loss, risks, study, older, retirement, pain, job, social, institute


Job loss has more risks, repercussions and pain for older workers

For workers in their 50s, the career trajectory to retirement can start to look less like a straight track and more like the lift hill of a roller coaster — just before a series of scream-inducing drops, twists and rolls. Are your finances ready for that ride?

To be sure, the current job market is rosy. Yet 56 percent of older workers experience at least one involuntary job loss after age 50, according to a new joint analysis from nonprofit newsroom ProPublica and Urban Institute, a think tank that focuses on economic and social policy research.

ProPublic and Urban Institute analyzed data from the Health and Retirement Study, a longitudinal study sponsored by the National Institute on Aging and the Social Security Administration that tracks older adults. Researchers focused on employer-related separations such as layoffs and business closings, among other reasons, and particularly looked at instances that were “financially consequential” with either long periods of unemployment or sustained, substantial wage loss. (Early exits due to issues including caregiving and poor health — which can also be a financial concern — weren’t included.)


Company: cnbc, Activity: cnbc, Date: 2019-01-04  Authors: kelli b grant, john foxx, getty images, marvin couch
Keywords: news, cnbc, companies, repercussions, health, workers, urban, loss, risks, study, older, retirement, pain, job, social, institute


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Strategist: I don’t expect ‘bazooka-style’ stimulus in China

Strategist: I don’t expect ‘bazooka-style’ stimulus in China11 Hours AgoInstead of an “omnibus” type of stimulus package, China will continue using a “long stream” of smaller measures, which is the right way to cushion the country’s downside risks to growth, says Stefan Hofer of LGT Bank Asia.


Strategist: I don’t expect ‘bazooka-style’ stimulus in China11 Hours AgoInstead of an “omnibus” type of stimulus package, China will continue using a “long stream” of smaller measures, which is the right way to cushion the country’s downside risks to growth, says Stefan Hofer of LGT Bank Asia.
Strategist: I don’t expect ‘bazooka-style’ stimulus in China Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-01-03
Keywords: news, cnbc, companies, type, strategist, bazookastyle, using, stefan, stimulus, china, stream, smaller, risks, way, dont, right, expect


Strategist: I don't expect 'bazooka-style' stimulus in China

Strategist: I don’t expect ‘bazooka-style’ stimulus in China

11 Hours Ago

Instead of an “omnibus” type of stimulus package, China will continue using a “long stream” of smaller measures, which is the right way to cushion the country’s downside risks to growth, says Stefan Hofer of LGT Bank Asia.


Company: cnbc, Activity: cnbc, Date: 2019-01-03
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BOJ policymakers warned of darkening global outlook: meeting summary

Several Bank of Japan policymakers warned the global economic outlook was worsening and recent oil price falls could further delay achievement of their 2 percent inflation target, a summary of opinions at the bank’s December rate review showed on Friday. “Uncertainty over the global economic outlook is heightening. Given such conditions are likely to persist, risks are generally skewed to the downside,” one member was quoted as saying. At the December meeting, the BOJ kept monetary policy steady


Several Bank of Japan policymakers warned the global economic outlook was worsening and recent oil price falls could further delay achievement of their 2 percent inflation target, a summary of opinions at the bank’s December rate review showed on Friday. “Uncertainty over the global economic outlook is heightening. Given such conditions are likely to persist, risks are generally skewed to the downside,” one member was quoted as saying. At the December meeting, the BOJ kept monetary policy steady
BOJ policymakers warned of darkening global outlook: meeting summary Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2018-12-28  Authors: behrouz mehri, afp, getty images
Keywords: news, cnbc, companies, boj, warned, darkening, economic, outlook, risks, heightening, worsening, target, summary, policymakers, steady, global, meeting


BOJ policymakers warned of darkening global outlook: meeting summary

Several Bank of Japan policymakers warned the global economic outlook was worsening and recent oil price falls could further delay achievement of their 2 percent inflation target, a summary of opinions at the bank’s December rate review showed on Friday.

“Uncertainty over the global economic outlook is heightening. Given such conditions are likely to persist, risks are generally skewed to the downside,” one member was quoted as saying.

At the December meeting, the BOJ kept monetary policy steady but its governor warned of heightening risks to the economic outlook as fears of a slowdown in global growth rattled markets.


Company: cnbc, Activity: cnbc, Date: 2018-12-28  Authors: behrouz mehri, afp, getty images
Keywords: news, cnbc, companies, boj, warned, darkening, economic, outlook, risks, heightening, worsening, target, summary, policymakers, steady, global, meeting


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BOJ’s Kuroda blames stock rout on heightening global uncertainty

Bank of Japan Governor Haruhiko Kuroda blamed recent instability in stock markets on growing global economic uncertainties, but said the world’s third-largest economy was resilient enough to withstand any external shocks. But it’s necessary to bear in mind that uncertainties have recently increased with respect to developments in overseas economies,” Kuroda said on Wednesday. The fluctuations are partly attributable to changes in perception of various risks surrounding the global economy,” he in


Bank of Japan Governor Haruhiko Kuroda blamed recent instability in stock markets on growing global economic uncertainties, but said the world’s third-largest economy was resilient enough to withstand any external shocks. But it’s necessary to bear in mind that uncertainties have recently increased with respect to developments in overseas economies,” Kuroda said on Wednesday. The fluctuations are partly attributable to changes in perception of various risks surrounding the global economy,” he in
BOJ’s Kuroda blames stock rout on heightening global uncertainty Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2018-12-26  Authors: akio kon, bloomberg, getty images
Keywords: news, cnbc, companies, stock, resilient, bojs, uncertainties, policy, global, heightening, kuroda, economy, rates, blames, rout, yield, uncertainty, risks


BOJ's Kuroda blames stock rout on heightening global uncertainty

Bank of Japan Governor Haruhiko Kuroda blamed recent instability in stock markets on growing global economic uncertainties, but said the world’s third-largest economy was resilient enough to withstand any external shocks.

Conceding that it was taking longer than expected to achieve his 2 percent inflation target, Kuroda said policy makers needed to be vigilant to heightening external risks such as protectionism and slowing growth in China.

“Japan’s economy is likely to continue expanding moderately. But it’s necessary to bear in mind that uncertainties have recently increased with respect to developments in overseas economies,” Kuroda said on Wednesday.

“The stock market has been somewhat unstable. The fluctuations are partly attributable to changes in perception of various risks surrounding the global economy,” he in a speech to an annual meeting of Japan’s business lobby Keidanren.

Kuroda, however, said Japanese and global economies are “resilient enough to endure any shock” thanks to solid U.S. economic growth and efforts by companies to boost profitability.

He also said the BOJ must be mindful of the rising costs of prolonged monetary easing, such as the chance years of near-zero rates could hurt financial institutions’ profits and discourage them from boosting lending.

“In complex times like now, what’s required is to persistently continue with the current powerful easing while weighing the benefits and costs of our policy in a balanced manner,” he said.

Under a policy dubbed yield curve control, the BOJ guides short-term rates at minus 0.1 percent and the 10-year bond yield around zero percent.


Company: cnbc, Activity: cnbc, Date: 2018-12-26  Authors: akio kon, bloomberg, getty images
Keywords: news, cnbc, companies, stock, resilient, bojs, uncertainties, policy, global, heightening, kuroda, economy, rates, blames, rout, yield, uncertainty, risks


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Trump risks ‘damaging America’s reputation for the long term’ with Syria withdrawal, experts warn

U.S. President Donald Trump’s abrupt announcement this week that he intends to withdraw all American troops out of Syria risks dealing a serious blow to his country’s credibility as an ally and partner, former national security officials and regional experts warned. Geopolitical experts are also sounding the alarm on the state of America’s international partnerships. Trump has long opposed U.S. military involvement in Syria, and his backers view the withdrawal decision as a campaign promise kept


U.S. President Donald Trump’s abrupt announcement this week that he intends to withdraw all American troops out of Syria risks dealing a serious blow to his country’s credibility as an ally and partner, former national security officials and regional experts warned. Geopolitical experts are also sounding the alarm on the state of America’s international partnerships. Trump has long opposed U.S. military involvement in Syria, and his backers view the withdrawal decision as a campaign promise kept
Trump risks ‘damaging America’s reputation for the long term’ with Syria withdrawal, experts warn Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2018-12-22  Authors: natasha turak, win mcnamee, getty images, delil souleiman, afp
Keywords: news, cnbc, companies, middle, officials, trump, risks, withdrawal, syria, reputation, wrote, defense, east, state, long, experts, term, damaging, warn


Trump risks 'damaging America's reputation for the long term' with Syria withdrawal, experts warn

U.S. President Donald Trump’s abrupt announcement this week that he intends to withdraw all American troops out of Syria risks dealing a serious blow to his country’s credibility as an ally and partner, former national security officials and regional experts warned.

That decision, announced in a Twitter post, was reportedly the “breaking point” for Secretary of Defense James Mattis, who submitted his resignation letter a day later. The 68-year-old retired Marine Corps general said he was leaving the administration in part because he does not agree with Trump on a number of issues, and cited the importance of alliances.

Geopolitical experts are also sounding the alarm on the state of America’s international partnerships.

“(Trump’s Syria move) risks not only jeopardizing the near-term U.S. interest of stabilizing a key part of the Middle East, but also damaging America’s reputation for the long term,” Turkey expert Soner Cagaptay and former Defense Department and Senate Foreign Relations Committee member Dana Stroul wrote in a brief for The Washington Institute for Near East Policy.

Trump has long opposed U.S. military involvement in Syria, and his backers view the withdrawal decision as a campaign promise kept. He announced the defeat the Islamic State (IS), arguing that America should no longer fight others’ battles for them.

But defense officials and lawmakers reject the assertion that IS is finished, and say that America still has commitments to allies on the ground and a reputation to uphold.

“Next time the U.S. needs to challenge an imminent terror threat somewhere in the world, we’ll presumably want to do so ‘by, with & through,’ using local partners,” wrote Charles Lister, senior fellow at the Middle East Institute and author of “The Syrian Jihad.”

“You think they’re going to trust us now? Not a chance.”


Company: cnbc, Activity: cnbc, Date: 2018-12-22  Authors: natasha turak, win mcnamee, getty images, delil souleiman, afp
Keywords: news, cnbc, companies, middle, officials, trump, risks, withdrawal, syria, reputation, wrote, defense, east, state, long, experts, term, damaging, warn


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Dollar hovers near one-month low, yen benefits on rising growth risks

The safe-haven Japanese yen benefited from the brittle sentiment. The U.S. currency underperformed particularly against the yen as global stock markets sank as investors worried about the Fed’s plans to continue raising rates despite heightening risks to growth. The dollar, which began the week above 113.00 yen, stood at 111.415. A strong yen, however, does also mean opportunities for Japanese investors to buy foreign assets.” The Australian dollar was flat at $0.7110, after moving away from a n


The safe-haven Japanese yen benefited from the brittle sentiment. The U.S. currency underperformed particularly against the yen as global stock markets sank as investors worried about the Fed’s plans to continue raising rates despite heightening risks to growth. The dollar, which began the week above 113.00 yen, stood at 111.415. A strong yen, however, does also mean opportunities for Japanese investors to buy foreign assets.” The Australian dollar was flat at $0.7110, after moving away from a n
Dollar hovers near one-month low, yen benefits on rising growth risks Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2018-12-21
Keywords: news, cnbc, companies, rates, strong, global, rising, markets, risks, growth, day, treasury, japanese, near, week, onemonth, benefits, hovers, yen, low, dollar


Dollar hovers near one-month low, yen benefits on rising growth risks

The dollar languished close to one-month lows on Friday, seemingly pressured by year-end positioning with financial markets whipsawed by a collapse in oil prices, sell-off in equities and a threat of a U.S. government shutdown.

A day after the Federal Reserve raised policy rates and delivered an outlook that was less dovish than traders had anticipated, the liquidation of heavy long positions in the dollar in markets thinned by holidays seemed to be the only explanation for the dollar’s weakness.

The safe-haven Japanese yen benefited from the brittle sentiment. The dollar index against a basket of six major currencies stood at 96.421 after falling to 96.168 overnight, its lowest since Nov. 20. The index has lost roughly 1 percent this week.

Investors have been on edge all week on rising risks to global growth, with the plunge in oil prices sending a strong disinflationary pulse and extending a slide in U.S. Treasury yields.

That has kept the dollar on the back foot even as the less dovish Fed helped it stave off a potentially bigger sell-off.

The U.S. currency underperformed particularly against the yen as global stock markets sank as investors worried about the Fed’s plans to continue raising rates despite heightening risks to growth.

MSCI’s gauge of global stocks has declined nearly 4 percent this week, touching its lowest since April 2017.

The dollar, which began the week above 113.00 yen, stood at 111.415. It had dropped 1 percent to 110.815 overnight, its weakest since Sept. 6.

The greenback has lost nearly 1.8 percent against its Japanese peer this week, the largest weekly decline since mid-February.

“Dollar/yen buckled as factors which fed risk aversion mounted to extraordinary levels, with the Dow having fallen several hundred points day after day,” said Bart Wakabayashi, Tokyo branch manager at State Street Bank.

“A lot of the moves in dollar/yen has been technically driven in December. There was strong support at 112.00 yen and when that finally gave way, the dollar’s descent gathered pace rapidly. A strong yen, however, does also mean opportunities for Japanese investors to buy foreign assets.”

High currency hedging costs have prompted a move by Japanese investors towards unhedged foreign bonds. Japan’s life insurers have expressed a desire to move purchase unhedged foreign bonds when the yen appreciates.

“We are seeing a classic case of ‘risk off’ lifting the yen against the dollar, something that had not taken place so often in the recent months,” said Junichi Ishikawa, senior FX strategist at IG Securities in Tokyo.

The 10-year U.S. Treasury yield was at 2.804 percent after sliding to 2.748 percent overnight, its lowest since early April.

“Whether the dollar can find a floor depends largely on if Treasury yields can pull back from their decline,” said Daisuke Karakama, chief market economist at Mizuho Bank.

“But currently that is not a realistic scenario. It would take an end to the U.S.-China trade conflict or some more U.S. fiscal stimulus for Treasury yields to rebound, neither of which are likely to happen soon.”

Adding to pressure on the dollar was news that U.S. President Donald Trump has refused to sign legislation to fund the U.S. government unless he got money for a border wall, risking a partial federal shutdown on Saturday. [nL1N1YP10I]

The euro was 0.05 percent higher at $1.1449 after nudging up to a 1-1/2-month peak of $1.1486 the previous day. The single currency was headed for a 1.4 percent gain on the week.

The pound inched was little changed at $1.2660.

Sterling had climbed to a 10-day peak of $1.2707 on Thursday but pulled back from the high after the Bank of England kept interest rates on hold, saying Brexit uncertainty had “intensified considerably” over the last month.

The Australian dollar was flat at $0.7110, after moving away from a near two-month trough of $0.7086 brushed the previous day following tumult in the global markets.


Company: cnbc, Activity: cnbc, Date: 2018-12-21
Keywords: news, cnbc, companies, rates, strong, global, rising, markets, risks, growth, day, treasury, japanese, near, week, onemonth, benefits, hovers, yen, low, dollar


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Putin warns the threat of nuclear war should not be underestimated

Russian President Vladimir Putin warned the threat of a nuclear war should not be discounted and criticized the U.S.’ move to withdraw from an international nuclear treaty. Speaking at his annual media press conference, Putin was asked by one journalist to assess the threat of nuclear war or a third world war. “The danger of the situation is being downplayed,” Putin told the audience of over 1,000 journalists at his year-end question and answer session. So this is an important question,” he said


Russian President Vladimir Putin warned the threat of a nuclear war should not be discounted and criticized the U.S.’ move to withdraw from an international nuclear treaty. Speaking at his annual media press conference, Putin was asked by one journalist to assess the threat of nuclear war or a third world war. “The danger of the situation is being downplayed,” Putin told the audience of over 1,000 journalists at his year-end question and answer session. So this is an important question,” he said
Putin warns the threat of nuclear war should not be underestimated Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2018-12-20  Authors: holly ellyatt, krisztian bocsi, bloomberg, getty images
Keywords: news, cnbc, companies, situation, question, collapse, international, war, underestimated, risks, arms, nuclear, putin, warns, threat


Putin warns the threat of nuclear war should not be underestimated

Russian President Vladimir Putin warned the threat of a nuclear war should not be discounted and criticized the U.S.’ move to withdraw from an international nuclear treaty.

Speaking at his annual media press conference, Putin was asked by one journalist to assess the threat of nuclear war or a third world war.

“The danger of the situation is being downplayed,” Putin told the audience of over 1,000 journalists at his year-end question and answer session.

“It now seems to be impossible, something without crucial importance, but at the same time if something like this would happen this would lead to the collapse of the entire civilization and maybe our planet. So this is an important question,” he said via a translator.

“Unfortunately, we have this trend to underestimate the current situation. There are dangers, there are risks in our day-to-day lives. What are those risks? First and foremost, the collapse of the international system of arms control, of moving away from an arms race,” he said.


Company: cnbc, Activity: cnbc, Date: 2018-12-20  Authors: holly ellyatt, krisztian bocsi, bloomberg, getty images
Keywords: news, cnbc, companies, situation, question, collapse, international, war, underestimated, risks, arms, nuclear, putin, warns, threat


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Millions would be put at risk in a cashless society, research warns

The risks of moving toward a world without cash have been highlighted in a new report that claims millions of people could suffer. The report, which surveyed 2,000 people and charities, said: “Many are struggling to participate in our digital society. If we sleepwalk towards a cashless economy, we’ll leave millions behind.” Who is at risk of cashless? The study further warned of a “catastrophic failure” where the economy could be disrupted by cyberattacks or failures in IT.


The risks of moving toward a world without cash have been highlighted in a new report that claims millions of people could suffer. The report, which surveyed 2,000 people and charities, said: “Many are struggling to participate in our digital society. If we sleepwalk towards a cashless economy, we’ll leave millions behind.” Who is at risk of cashless? The study further warned of a “catastrophic failure” where the economy could be disrupted by cyberattacks or failures in IT.
Millions would be put at risk in a cashless society, research warns Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2018-12-19  Authors: david reid, pau barrena, bloomberg, getty images
Keywords: news, cnbc, companies, cashless, digital, warned, risks, research, report, cash, risk, millions, study, society, uk, warns


Millions would be put at risk in a cashless society, research warns

The risks of moving toward a world without cash have been highlighted in a new report that claims millions of people could suffer.

Several richer countries are turning away from hard cash while tech companies such as Apple are making a big bet that people will increasingly rely on a mix of credit card and digital technology.

In the United States, a projected dip in cash use has prompted some concern and at state level, New Jersey is considering new laws to prevent card-only stores. In northern Europe it’s estimated that as few as one-in-five payments are made in cash, with approximately 20 percent of Swedes claiming they never withdraw cash at all.

A new “Access to Cash” study released on Wednesday warned that the U.K. risks drifting into a cashless society that could handicap those who are poor or in debt, disabled people, rural families and anyone who may be at risk of having their finances controlled by an abuser.

The report, which surveyed 2,000 people and charities, said: “Many are struggling to participate in our digital society. If we sleepwalk towards a cashless economy, we’ll leave millions behind.”

Who is at risk of cashless?

Those who live in the country where poor internet connectivity could stop payments.

Poor people who rely on cash to ensure that they budget properly.

Anyone in an abusive relationship who may lose financial independence without access to cash.

People with physical or mental health problems who find using digital services difficult.

The report further estimated that almost half the U.K. population, or around 25 million people, use cash as a necessity, but noted that at the same time cash use could fall to just 10 percent of all payments within 15 years’ time.

Chief author of the report, Natalie Ceeny, concluded that a cashless society in the U.K. was not “impossible or undesirable” but it was clear that Britain wasn’t yet ready as many would face “increased risks of isolation, exploitation, debt, and rising costs.”

The study further warned of a “catastrophic failure” where the economy could be disrupted by cyberattacks or failures in IT.


Company: cnbc, Activity: cnbc, Date: 2018-12-19  Authors: david reid, pau barrena, bloomberg, getty images
Keywords: news, cnbc, companies, cashless, digital, warned, risks, research, report, cash, risk, millions, study, society, uk, warns


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