No chance for a second Brexit referendum, according to Margaret Thatcher’s former advisor

Getting the draft Brexit agreement approved by a largely hostile Parliament will be a “hard job” for U.K. Prime Minister Theresa May, and a second referendum is out of the question, according to a former advisor to the late Margaret Thatcher. Their resignations came hours after May said she had obtained enough support from her senior ministers for her draft Brexit deal to move forward. “I don’t think there’s a chance of a second referendum. There’s Brexit,” he added. May could also potentially f


Getting the draft Brexit agreement approved by a largely hostile Parliament will be a “hard job” for U.K. Prime Minister Theresa May, and a second referendum is out of the question, according to a former advisor to the late Margaret Thatcher. Their resignations came hours after May said she had obtained enough support from her senior ministers for her draft Brexit deal to move forward. “I don’t think there’s a chance of a second referendum. There’s Brexit,” he added. May could also potentially f
No chance for a second Brexit referendum, according to Margaret Thatcher’s former advisor Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2018-11-16  Authors: saheli roy choudhury, wiktor szymanowicz, barcroft media, getty images, -john browne, former british mp
Keywords: news, cnbc, companies, prime, second, thatchers, margaret, brexit, chance, advisor, according, draft, uk, minister, parliament, theres, referendum, remainers


No chance for a second Brexit referendum, according to Margaret Thatcher's former advisor

Getting the draft Brexit agreement approved by a largely hostile Parliament will be a “hard job” for U.K. Prime Minister Theresa May, and a second referendum is out of the question, according to a former advisor to the late Margaret Thatcher.

On Thursday, a flurry of ministers resigned from their positions, including Brexit Secretary Dominic Raab, in protest at May’s proposals. Their resignations came hours after May said she had obtained enough support from her senior ministers for her draft Brexit deal to move forward.

It will be a “hard job” to get the draft proposal through Parliament “because Prime Minister May has upset people from all sides, including the ‘Remainers’ … they feel that we’re still in the European Union with no seat on the board,” John Browne, who was also a former member of the British Parliament, told CNBC’s “Squawk Box” on Friday. Remainers are people who voted for the U.K. to stay as part of the European Union.

“I don’t think there’s a chance of a second referendum. The referendum is already been done. It’s like trying to re-run the derby if you didn’t have the winning horse — so, it’s already been done. There’s Brexit,” he added.

May could also potentially face a leadership challenge if enough Conservative lawmakers submit letters of no confidence in the prime minister.


Company: cnbc, Activity: cnbc, Date: 2018-11-16  Authors: saheli roy choudhury, wiktor szymanowicz, barcroft media, getty images, -john browne, former british mp
Keywords: news, cnbc, companies, prime, second, thatchers, margaret, brexit, chance, advisor, according, draft, uk, minister, parliament, theres, referendum, remainers


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Facebook’s Sheryl Sandberg responds to New York Times investigation

Facebook Chief Operating Officer Sheryl Sandberg on Thursday night responded to a New York Times report that described how the company ignored and then tried to conceal Russia’s use of the social network to disrupt the 2016 U.S. election. In a Facebook post, Sandberg acknowledged that she and founder Mark Zuckerberg were “too slow” to respond to the Russian interference on the site. Nothing could be more important to me or to Facebook,” Sandberg added. Facebook executives, including former Chief


Facebook Chief Operating Officer Sheryl Sandberg on Thursday night responded to a New York Times report that described how the company ignored and then tried to conceal Russia’s use of the social network to disrupt the 2016 U.S. election. In a Facebook post, Sandberg acknowledged that she and founder Mark Zuckerberg were “too slow” to respond to the Russian interference on the site. Nothing could be more important to me or to Facebook,” Sandberg added. Facebook executives, including former Chief
Facebook’s Sheryl Sandberg responds to New York Times investigation Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2018-11-16  Authors: saheli roy choudhury, david a grogan, -sheryl sandberg, chief operating officer
Keywords: news, cnbc, companies, facebooks, officer, russian, investigation, responds, zuckerberg, times, tried, facebook, prevent, sheryl, york, report, sandberg


Facebook's Sheryl Sandberg responds to New York Times investigation

Facebook Chief Operating Officer Sheryl Sandberg on Thursday night responded to a New York Times report that described how the company ignored and then tried to conceal Russia’s use of the social network to disrupt the 2016 U.S. election.

In a Facebook post, Sandberg acknowledged that she and founder Mark Zuckerberg were “too slow” to respond to the Russian interference on the site.

“But to suggest that we weren’t interested in knowing the truth, or we wanted to hide what we knew, or that we tried to prevent investigations, is simply untrue,” she said.

“The allegations saying I personally stood in the way are also just plain wrong. This was an investigation of a foreign actor trying to interfere in our election. Nothing could be more important to me or to Facebook,” Sandberg added.

Her remarks came after an extensively reported New York Times article on Wednesday that described how Zuckerberg and Sandberg downplayed internal efforts to assess the Russian misinformation campaigns, and then tried to deflect public scrutiny onto Facebook’s competitors instead.

Facebook executives, including former Chief Security Officer Alex Stamos, countered some of the claims made in the Times’ report. The tech company’s board called the claims that Zuckerberg and Sandberg knew about the Russian interference and tried to ignore it or prevent investigations “grossly unfair.”


Company: cnbc, Activity: cnbc, Date: 2018-11-16  Authors: saheli roy choudhury, david a grogan, -sheryl sandberg, chief operating officer
Keywords: news, cnbc, companies, facebooks, officer, russian, investigation, responds, zuckerberg, times, tried, facebook, prevent, sheryl, york, report, sandberg


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India prime minister says financial tech needs to be a ‘movement’ — not a ‘mechanism’

Indian Prime Minister Narendra Modi said on Wednesday that the development of financial technology, or fintech, should be a movement that can improve the lives of the world’s most marginalized people. The Indian prime minister, along with Singapore Deputy Prime Minister Tharman Shanmugaratnam, formally launched on online marketplace that will connect technology start-ups and financial institutions in Asia and beyond. The platform — known as APIX, or API Exchange — was first announced in Septembe


Indian Prime Minister Narendra Modi said on Wednesday that the development of financial technology, or fintech, should be a movement that can improve the lives of the world’s most marginalized people. The Indian prime minister, along with Singapore Deputy Prime Minister Tharman Shanmugaratnam, formally launched on online marketplace that will connect technology start-ups and financial institutions in Asia and beyond. The platform — known as APIX, or API Exchange — was first announced in Septembe
India prime minister says financial tech needs to be a ‘movement’ — not a ‘mechanism’ Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2018-11-14  Authors: saheli roy choudhury, suhaimi abdullah, getty images
Keywords: news, cnbc, companies, mechanism, prime, lives, needs, financial, fintech, technologies, singapore, modi, minister, india, internet, technology, movement, tech


India prime minister says financial tech needs to be a 'movement' — not a 'mechanism'

Indian Prime Minister Narendra Modi said on Wednesday that the development of financial technology, or fintech, should be a movement that can improve the lives of the world’s most marginalized people.

“We are in an age of a historic transition brought about by technology: From desktop to cloud, from internet to social media, from IT services to internet of things, we have come a long way in a short time,” Modi said at the Singapore FinTech Festival on Wednesday morning.

Modi, who is in Singapore for the East Asian Summit and to meet leaders of the Association of Southeast Asian Nations, said history has shown that the financial industry is often the first to embrace new technologies and connectivity.

“There is daily disruption in businesses, the character of the global economy is changing — Technology is defining competitiveness and power in the world and it is creating boundless opportunities to transform lives,” he said.

The Indian prime minister, along with Singapore Deputy Prime Minister Tharman Shanmugaratnam, formally launched on online marketplace that will connect technology start-ups and financial institutions in Asia and beyond. The platform — known as APIX, or API Exchange — was first announced in September.

One of its aims will be to drive financial inclusion across Asia Pacific, and to create a regulated space for financial institutions and fintech firms to collaborate and experiment on new technologies. It will be developed and operated by a global consortium led by technology company Virtusa.


Company: cnbc, Activity: cnbc, Date: 2018-11-14  Authors: saheli roy choudhury, suhaimi abdullah, getty images
Keywords: news, cnbc, companies, mechanism, prime, lives, needs, financial, fintech, technologies, singapore, modi, minister, india, internet, technology, movement, tech


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Asia markets retrace some losses; oil prices closely watched after OPEC warns on output

Asia markets retraced some of their early losses Monday morning but investors remained wary about global risks that include a trade fight between the U.S. and China, growth outlook, as well as oil prices. Oil prices will also be closely watched on Monday after the Organization of the Petroleum Exporting Countries (OPEC) and its allies warned about surging oil output that is set to leave the crude market oversupplied in 2019. That announcement came as rising supply and a weaker outlook for demand


Asia markets retraced some of their early losses Monday morning but investors remained wary about global risks that include a trade fight between the U.S. and China, growth outlook, as well as oil prices. Oil prices will also be closely watched on Monday after the Organization of the Petroleum Exporting Countries (OPEC) and its allies warned about surging oil output that is set to leave the crude market oversupplied in 2019. That announcement came as rising supply and a weaker outlook for demand
Asia markets retrace some losses; oil prices closely watched after OPEC warns on output Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2018-11-12  Authors: saheli roy choudhury
Keywords: news, cnbc, companies, opec, closely, retrace, market, shares, warns, output, markets, trade, traded, dollar, losses, watched, index, oil, prices


Asia markets retrace some losses; oil prices closely watched after OPEC warns on output

Asia markets retraced some of their early losses Monday morning but investors remained wary about global risks that include a trade fight between the U.S. and China, growth outlook, as well as oil prices.

Japan’s Nikkei 225 erased early losses of more than 0.7 percent to trade fractionally higher while the Topix index was near flat. In South Korea, the Kospi retraced losses of more than 0.6 percent to trade down 0.1 percent.

Markets in Greater China were mostly positive in early trade. Taiwan’s Taiex index was up 0.35 percent while Hong Kong’s Hang Seng Index added 0.14 percent. Major indexes in the mainland markets traded mostly flat: The Shanghai Composite at around 2,600 while the Shenzhen composite added nearly 0.2 percent.

In Australia, the ASX 200 erased earlier losses to trade marginally higher around 5,923. The heavily-weighted financial subindex fell 0.66 percent as shares of some major banks tumbled: ANZ shares were down 3.74 percent and the National Australia Bank declined 0.24 percent. Westpac shares were up 0.13 percent and Commowealth Bank rose 0.58 percent.

Oil prices will also be closely watched on Monday after the Organization of the Petroleum Exporting Countries (OPEC) and its allies warned about surging oil output that is set to leave the crude market oversupplied in 2019.

A committee of several OPEC members and other crude exporters said that a larger group of roughly two dozen nations may have to launch a fresh round of output cuts in order to keep the oil market balanced. That announcement came as rising supply and a weaker outlook for demand have contributed to a sharp pullback in oil prices.

“The fairly quick downward correction in oil prices has finally stirred OPEC members to broach the topic of more output cuts over the weekend,” Wei Liang Chang, a foreign-exchange strategist at Mizuho Bank, wrote in a morning note. “Even so, the correction in oil prices appears partly due to a pullback in global equities, and output management risks exaggerating price moves when market sentiment reverses.”

U.S. crude traded up 0.8 percent at $60.67 a barrel while global benchmark Brent was up 0.95 percent at $70.85.

In the currency market, the dollar index, which measures the U.S. dollar against a basket of its peer, traded at 96.984, up from levels below 96.000 in the previous week.

Analysts said that the dollar “reasserted itself” as sentiment fell in the stock market last Friday.

The Japanese yen traded at 113.95 to the dollar while the Australian dollar traded at $0.7229.

— CNBC’s Tom DiChristopher contributed to this report.


Company: cnbc, Activity: cnbc, Date: 2018-11-12  Authors: saheli roy choudhury
Keywords: news, cnbc, companies, opec, closely, retrace, market, shares, warns, output, markets, trade, traded, dollar, losses, watched, index, oil, prices


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Qantas CEO says Asia Pacific is a ‘huge growth opportunity’ for the airline

The Asia Pacific region is a key growth driver for Australia’s largest airline Qantas, its CEO said on Monday. Qantas has increased its capacity in the region partly because more tourists from Asia are heading to Australia, Alan Joyce told CNBC’s “Squawk Box.” “Ten years ago, when I took over as CEO, we had one-third of a capacity to Europe, one-third to Asia, one-third to the Americas. “We see the Asia Pacific market as the huge growth opportunity for us.” When an airline raises its capacity, i


The Asia Pacific region is a key growth driver for Australia’s largest airline Qantas, its CEO said on Monday. Qantas has increased its capacity in the region partly because more tourists from Asia are heading to Australia, Alan Joyce told CNBC’s “Squawk Box.” “Ten years ago, when I took over as CEO, we had one-third of a capacity to Europe, one-third to Asia, one-third to the Americas. “We see the Asia Pacific market as the huge growth opportunity for us.” When an airline raises its capacity, i
Qantas CEO says Asia Pacific is a ‘huge growth opportunity’ for the airline Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2018-11-12  Authors: saheli roy choudhury, james d morgan, getty images
Keywords: news, cnbc, companies, huge, ceo, opportunity, total, qantas, passengers, onethird, number, joyce, growth, asia, strong, airline, region, pacific


Qantas CEO says Asia Pacific is a 'huge growth opportunity' for the airline

The Asia Pacific region is a key growth driver for Australia’s largest airline Qantas, its CEO said on Monday.

Qantas has increased its capacity in the region partly because more tourists from Asia are heading to Australia, Alan Joyce told CNBC’s “Squawk Box.”

“Ten years ago, when I took over as CEO, we had one-third of a capacity to Europe, one-third to Asia, one-third to the Americas. Today, it’s 8 percent to Europe, it’s 52 percent in this region, and I think it will grow a lot further into the future,” he said. “We see the Asia Pacific market as the huge growth opportunity for us.”

When an airline raises its capacity, it usually refers to an increase in the total number of seats made available to passengers, either by adding more flights or using bigger planes.

Joyce pointed to a recent prediction from the International Air Transport Association (IATA) in October that said current trends in air travel suggest that the total number of passengers travelling by air could double to about 8.2 billion by 2037.

IATA said the “Asia-Pacific region will drive the biggest growth with more than half the total number of new passengers over the next 20 years” coming from the region due to a combination of factors such as strong economic growth, increased household incomes and favorable population and demographic profiles.

“This region is going to grow by an average of 4.8 percent. We think Qantas is well-positioned to take advantage of that,” Joyce said.

When asked if he had seen any dent in travel sentiment due to an ongoing trade fight between the United States and China, which experts warncould affect economic outlook for much of the region, Joyce said the outlook for Qantas remained positive.

“Our forward bookings are up 8 percent in value, we’re seeing real strong growth across the Australian economy … and then the inbound tourism and the outbound tourism are still extremely strong,” he said, adding that the airline’s forward bookings would likely help manage higher fuel costs in the next fiscal year.


Company: cnbc, Activity: cnbc, Date: 2018-11-12  Authors: saheli roy choudhury, james d morgan, getty images
Keywords: news, cnbc, companies, huge, ceo, opportunity, total, qantas, passengers, onethird, number, joyce, growth, asia, strong, airline, region, pacific


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Google reportedly plans to significantly expand its New York City presence

Tech giant Google is planning to expand its office space in New York City, potentially allowing the company to significantly increase staffing in the city, according to a report from The Wall Street Journal. The WSJ said that Google declined to comment on any talks about the St. John’s Terminal property. Additionally, Google is also planning to expand its existing property at Chelsea Market by about 300,000 square feet, the Journal reported. That, along with its announced plans for 250,000 squar


Tech giant Google is planning to expand its office space in New York City, potentially allowing the company to significantly increase staffing in the city, according to a report from The Wall Street Journal. The WSJ said that Google declined to comment on any talks about the St. John’s Terminal property. Additionally, Google is also planning to expand its existing property at Chelsea Market by about 300,000 square feet, the Journal reported. That, along with its announced plans for 250,000 squar
Google reportedly plans to significantly expand its New York City presence Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2018-11-08  Authors: saheli roy choudhury, bryan r smith, afp, getty images
Keywords: news, cnbc, companies, reportedly, wall, tech, york, street, office, expand, space, significantly, city, presence, st, plans, terminal, google


Google reportedly plans to significantly expand its New York City presence

Tech giant Google is planning to expand its office space in New York City, potentially allowing the company to significantly increase staffing in the city, according to a report from The Wall Street Journal.

People familiar with the matter told the Journal that Google is nearing a deal to buy or lease a planned 1.3 million-square-foot office building at St. John’s Terminal in Manhattan’s West Village neighborhood. When completed, that building would give the Alphabet unit space for more than 8,500 staff.

Google did not immediately respond to CNBC’s emailed request for comment.

The WSJ said that Google declined to comment on any talks about the St. John’s Terminal property.

Additionally, Google is also planning to expand its existing property at Chelsea Market by about 300,000 square feet, the Journal reported. That, along with its announced plans for 250,000 square feet of office space at Pier 57, could provide sufficient office space for more than 3,500 additional workers, the newspaper said.

The tech giant bought the Chelsea Market property earlier this year for about $2.4 billion.

Read The Wall Street Journal’s full report on Google expanding its office space in New York City here.


Company: cnbc, Activity: cnbc, Date: 2018-11-08  Authors: saheli roy choudhury, bryan r smith, afp, getty images
Keywords: news, cnbc, companies, reportedly, wall, tech, york, street, office, expand, space, significantly, city, presence, st, plans, terminal, google


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Ping An Technology CEO expects ‘exponential’ growth in fintech

Financial technology has reached a tipping point for China’s Ping An Technology and future growth in that area is set to be exponential, according to CEO Ericson Chan. Ping An Technology is a wholly owned subsidiary of Ping An Group, a major finance conglomerate in China that does business in insurance, banking, investment and technology. Ping An Technology’s focus is on applying various technologies in areas such as finance, health care and smart cities. Ping An does not break down the numbers


Financial technology has reached a tipping point for China’s Ping An Technology and future growth in that area is set to be exponential, according to CEO Ericson Chan. Ping An Technology is a wholly owned subsidiary of Ping An Group, a major finance conglomerate in China that does business in insurance, banking, investment and technology. Ping An Technology’s focus is on applying various technologies in areas such as finance, health care and smart cities. Ping An does not break down the numbers
Ping An Technology CEO expects ‘exponential’ growth in fintech Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2018-11-08  Authors: saheli roy choudhury, getty images
Keywords: news, cnbc, companies, exponential, financial, cloud, fintech, ceo, growth, ping, technology, invest, finance, expects, health, chan, tech


Ping An Technology CEO expects 'exponential' growth in fintech

Financial technology has reached a tipping point for China’s Ping An Technology and future growth in that area is set to be exponential, according to CEO Ericson Chan.

Years of investment and research into fintech is paying off, Chan told CNBC’s “Squawk Box” on Thursday.

“I think we are just hitting a tipping point because of all the investments … and the pie is getting bigger also — the growth is not linear, it’s going to be exponential,” he said. “A lot of the capability that we’ve built over the years is exciting right now.”

Ping An Technology is a wholly owned subsidiary of Ping An Group, a major finance conglomerate in China that does business in insurance, banking, investment and technology. Ping An Technology’s focus is on applying various technologies in areas such as finance, health care and smart cities.

In the first nine months of 2018, the fintech and health tech businesses contributed to about 6.3 percent of Ping An Group’s operating profit, up from only 0.9 percent a year ago. Ping An does not break down the numbers individually for financial tech and health tech but it comprises results from subsidiaries including Lufax Holding, Ping An Good Doctor, OneConnect, Ping An Healthcare Technology and Autohome.

Both fintech and health care are equally important to Ping An, according to Chan.

On Wednesday, Ping An Group said it expects to invest about $15 billion in technology research and development over the next decade to try and consolidate its leadership in the financial services industry.

“We focus on five different ecosystems, but when we invest, we first invest in the core technology,” Chan said. Those core technologies include artificial intelligence, blockchain and cloud, which he said will “cut across horizontally on all sectors.”

The five so-called ecosystems where Ping An will invest are finance, health care, automobile, smart city initiatives and housing.

When asked how Ping An plans to tackle competition in the cloud sector from the likes of Alibaba, Chan said his company’s approach to that technology “will be quite different.”

“We develop our own cloud technology out of a necessity,” he said. “Because we have so much technology built, we need to have a strong foundation ourselves. So this is why we build ourselves. When it is good enough for ourselves, we start to share with others.”


Company: cnbc, Activity: cnbc, Date: 2018-11-08  Authors: saheli roy choudhury, getty images
Keywords: news, cnbc, companies, exponential, financial, cloud, fintech, ceo, growth, ping, technology, invest, finance, expects, health, chan, tech


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Asia trades mostly higher as US midterm election results filter in

Asia markets turned mostly positive Wednesday morning as results filtered in from the much-anticipated midterm elections in the U.S., which could potentially have significant implications. In Hong Kong, the Hang Seng index traded fractionally higher. Some analysts said that markets were in a “holding pattern” ahead of the U.S. mid-term election results. “The impact on Asia markets arising from the US mid-term elections is not clear cut,” DBS analysts wrote in a morning note. The trading session


Asia markets turned mostly positive Wednesday morning as results filtered in from the much-anticipated midterm elections in the U.S., which could potentially have significant implications. In Hong Kong, the Hang Seng index traded fractionally higher. Some analysts said that markets were in a “holding pattern” ahead of the U.S. mid-term election results. “The impact on Asia markets arising from the US mid-term elections is not clear cut,” DBS analysts wrote in a morning note. The trading session
Asia trades mostly higher as US midterm election results filter in Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2018-11-07  Authors: saheli roy choudhury
Keywords: news, cnbc, companies, higher, results, traded, index, midterm, election, trades, morning, asia, filter, dollar, major, markets, potentially


Asia trades mostly higher as US midterm election results filter in

Asia markets turned mostly positive Wednesday morning as results filtered in from the much-anticipated midterm elections in the U.S., which could potentially have significant implications.

Japan’s Nikkei 225 gained 1.15 percent while the Topix index added 1.06 percent. In South Korea, the Kospi traded up 0.65 percent, reversing early losses. Australia’s ASX 200 rose 0.25 percent, as major banking stocks in the country traded up.

In Hong Kong, the Hang Seng index traded fractionally higher. The Shanghai composite traded near flat while the Shenzhen composite added 0.33 percent.

Some analysts said that markets were in a “holding pattern” ahead of the U.S. mid-term election results.

“The impact on Asia markets arising from the US mid-term elections is not clear cut,” DBS analysts wrote in a morning note. “It might be better to focus on domestic fundamentals, valuation and cues from the (dollar) to gauge flows.”

See the key election races that markets are watching as early indicators.

The results hold massive stakes for future U.S. economic policy — and potentially President Donald Trump’s political fate.

The view of major firms like Bank of America Merrill Lynch, Goldman Sachs and Morgan Stanley is for a mixed outcome, with Democrats gaining control of the House and Republicans holding or even adding to their majority in the Senate. The market reaction to that scenario could be muted, but not so if there’s an upset, with either party staging a surprise victory and gaining total control of Congress.

The trading session in Asia comes after a higher close on Wall Street, where all three major indices advanced.

In the currency market, the dollar index, which measures the greenback against a basket of its peers, traded at 96.314 Wednesday morning during Asian hours. The index slipped from levels above 96.800 it reached last week.

The Japanese yen traded at 113.69 to the dollar while the Australian dollar fetched $0.7217.

Oil prices fell during Asian hours after declining overnight as the U.S. granted top buyers of Iranian oil sanction waivers.

U.S. crude was down 0.56 percent at $61.86 a barrel while global benchmark Brent declined 0.25 percent to $71.95.

— Reuters and CNBC’s Patti Domm contributed to this report.


Company: cnbc, Activity: cnbc, Date: 2018-11-07  Authors: saheli roy choudhury
Keywords: news, cnbc, companies, higher, results, traded, index, midterm, election, trades, morning, asia, filter, dollar, major, markets, potentially


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The outlook for deal-making remains ‘patchy’ in Southeast Asia, senior banker says

Trade tensions and geopolitical developments have yet to weigh on deal-making sentiment across Southeast Asia — but the near-term outlook remains “patchy,” according to a senior investment banker. “We are certainly seeing decent levels of activity but it is barbelled, with many smaller ‘tuck-in’ transactions and a handful of very large ones,” Biller said by email. Still, he emphasized that Southeast Asia’s mergers and acquisitions outlook is “patchy” for the next 12 to 18 months. The dollar has


Trade tensions and geopolitical developments have yet to weigh on deal-making sentiment across Southeast Asia — but the near-term outlook remains “patchy,” according to a senior investment banker. “We are certainly seeing decent levels of activity but it is barbelled, with many smaller ‘tuck-in’ transactions and a handful of very large ones,” Biller said by email. Still, he emphasized that Southeast Asia’s mergers and acquisitions outlook is “patchy” for the next 12 to 18 months. The dollar has
The outlook for deal-making remains ‘patchy’ in Southeast Asia, senior banker says Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2018-11-07  Authors: saheli roy choudhury, munshi ahmed, bloomberg, getty images
Keywords: news, cnbc, companies, dollar, markets, patchy, banker, asia, outlook, senior, sentiment, southeast, biller, according, valuations, deals, transactions, remains, volatility, dealmaking, trade


The outlook for deal-making remains 'patchy' in Southeast Asia, senior banker says

Trade tensions and geopolitical developments have yet to weigh on deal-making sentiment across Southeast Asia — but the near-term outlook remains “patchy,” according to a senior investment banker.

David Biller, ASEAN head of corporate and investment banking at Citi, told CNBC that the volatility due to trade and political concerns has caused capital markets to be dysfunctional but it has not affected the underlying sentiment for the time being. The broad sentiment among businesses, he said, is “cautiously optimistic.”

“We are certainly seeing decent levels of activity but it is barbelled, with many smaller ‘tuck-in’ transactions and a handful of very large ones,” Biller said by email. What that means is there have been plenty of small deals happening along with a handful of very large ones, instead of a greater number of average-sized transactions.

Biller suggested that companies are going to buy businesses that are a strong fit for their long-term strategy instead of just acquiring an entity because it has good value: Future deals are “likely to be more strategic in nature and less opportunistic given where valuations stand today.”

Still, he emphasized that Southeast Asia’s mergers and acquisitions outlook is “patchy” for the next 12 to 18 months.

The United States and China have applied a host of levies on some of each other’s imports and experts have cautioned that a continued trade war would ultimately affect global growth.

In the near term, some of the risks that could affect the region’s appetite for more deals include higher interest rates and the reduction of liquidity due to volatility in capital markets, according to Biller.

“In addition, notwithstanding the recent pullback in equity markets, fundamentally, valuations remain very full and once you place control premiums on top of that, it can make it challenging to justify some of the values that sellers are asking for,” he added.

Another concern is the move in the U.S. dollar. The dollar index, which measures the greenback against a basket of currencies, is up more than 4 percent so far this year, according to Thomson Reuters Eikon data.

The dollar has “strengthened considerably year-to-date, which is increasing the cost of funding for a number of potential acquirers from the region,” Biller said. That is “making it more challenging for them to fund their transactions.”


Company: cnbc, Activity: cnbc, Date: 2018-11-07  Authors: saheli roy choudhury, munshi ahmed, bloomberg, getty images
Keywords: news, cnbc, companies, dollar, markets, patchy, banker, asia, outlook, senior, sentiment, southeast, biller, according, valuations, deals, transactions, remains, volatility, dealmaking, trade


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China’s manufacturing sector has ‘great need to automate,’ says ABB chairman

Automation will be a major driver for industries in the future, so companies will need both robots and a gamut of related manufacturing technologies, according to the chairman of multinational tech firm ABB. But ABB Chairman Peter Voser told CNBC’s Akiko Fujita that the decision to invest in the robotics factory was influenced by growing automation needs across industries. “What will be driving the industries in the future is going to be automation, towards autonomous manufacturing,” Voser said


Automation will be a major driver for industries in the future, so companies will need both robots and a gamut of related manufacturing technologies, according to the chairman of multinational tech firm ABB. But ABB Chairman Peter Voser told CNBC’s Akiko Fujita that the decision to invest in the robotics factory was influenced by growing automation needs across industries. “What will be driving the industries in the future is going to be automation, towards autonomous manufacturing,” Voser said
China’s manufacturing sector has ‘great need to automate,’ says ABB chairman Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2018-11-06  Authors: saheli roy choudhury, gianluca colla, bloomberg, getty images
Keywords: news, cnbc, companies, robots, great, china, automation, voser, robot, manufacturing, products, chairman, sector, factory, trade, abb, automate, need, chinas


China's manufacturing sector has 'great need to automate,' says ABB chairman

Automation will be a major driver for industries in the future, so companies will need both robots and a gamut of related manufacturing technologies, according to the chairman of multinational tech firm ABB.

Last month, the company announced that it will invest $150 million to build an advanced robotics factory in Shanghai where robots will make other robots. It is expected to begin operations by the end of 2020 and will also have an onsite research and development center to pursue innovations in artificial intelligence.

ABB’s latest investment in China comes at a time when growth prospects for the world’s second-largest economy appears to be slowing amid an ongoing trade fight with the United States.

But ABB Chairman Peter Voser told CNBC’s Akiko Fujita that the decision to invest in the robotics factory was influenced by growing automation needs across industries.

“What will be driving the industries in the future is going to be automation, towards autonomous manufacturing,” Voser said at the Nikkei Global Management Forum in Tokyo. “For that, you need robots, but it’s not just the robot itself as a product — but you need also end-to-end solutions for manufacturing. That’s why we are building this factory.”

China is the world’s largest robot market, according to the company.

Voser said the factory will serve the Chinese market where the manufacturing sector has a “great need to automate.”

Part of that need will likely be driven by Beijing’s push for Made in China 2025, an ambitious industrial policy that aims to locally develop high-end technologies to catch up with Western rivals such as the U.S. and Germany.

China has historically used its manufacturing capacity to employ the country’s massive population in factories that made goods for the rest of the world. But, following decades of growth, rising wages started consuming profits that pushed companies to consider alternate regions for manufacturing, such as Southeast Asia.

That led Chinese President Xi Jinping to call for a so-called “robot revolution” in manufacturing a few years ago, to boost productivity. Moreover, the country’s aging population made it necessary for Beijing to start looking at automation as a viable alternative.

Last summer, China called on domestic firms to make more robots. A widespread move toward automation could potentially have a massive impact on the country’s workforce: In 2016, the World Bank said its research predicted about 77 percent of existing jobs in China will be threatened by automation. Such a prospect could have serious economic consequences.

On the trade front, Voser said ABB is “less affected by some of the trade discussions” that are ongoing since the company manufactures and sells locally. It produces up to 90 percent of the products it sells in China within its borders, the chairman said. For the United States, that number is up to 70 percent.

So far, the U.S. has levied tariffs on an extensive list of Chinese products. Beijing, for its part, responded with duties on products from the U.S.

— CNBC contributor Joshua Bateman contributed to this report.


Company: cnbc, Activity: cnbc, Date: 2018-11-06  Authors: saheli roy choudhury, gianluca colla, bloomberg, getty images
Keywords: news, cnbc, companies, robots, great, china, automation, voser, robot, manufacturing, products, chairman, sector, factory, trade, abb, automate, need, chinas


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