Climate experts demand world leaders stop ‘walking away from the science’

Demonstrators shut down the corner of Randolph and Clark streets as part of a protest demanding government action on climate change in Chicago on October 7, 2019. DAVOS, SWITZERLAND – Scientists and climate activists from around the world have called on policymakers and business leaders to urgently take action in line with scientific consensus on the climate emergency. Speaking at the launch of the ‘Unite Behind The Science’ campaign at the World Economic Forum (WEF) in Davos, Switzerland, clima


Demonstrators shut down the corner of Randolph and Clark streets as part of a protest demanding government action on climate change in Chicago on October 7, 2019.
DAVOS, SWITZERLAND – Scientists and climate activists from around the world have called on policymakers and business leaders to urgently take action in line with scientific consensus on the climate emergency.
Speaking at the launch of the ‘Unite Behind The Science’ campaign at the World Economic Forum (WEF) in Davos, Switzerland, clima
Climate experts demand world leaders stop ‘walking away from the science’ Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2020-01-20  Authors: sam meredith
Keywords: news, cnbc, companies, world, business, whiteman, climate, stop, away, walking, action, leaders, science, change, demand, experts, unite, switzerland


Climate experts demand world leaders stop 'walking away from the science'

Demonstrators shut down the corner of Randolph and Clark streets as part of a protest demanding government action on climate change in Chicago on October 7, 2019.

DAVOS, SWITZERLAND – Scientists and climate activists from around the world have called on policymakers and business leaders to urgently take action in line with scientific consensus on the climate emergency.

Speaking at the launch of the ‘Unite Behind The Science’ campaign at the World Economic Forum (WEF) in Davos, Switzerland, climate change experts warned Monday that political inaction over climate change would not be acceptable.

“Scientists want to make clear that every single policy, business and investment decision worldwide must follow the path that gives the world a fighting chance of limiting global warming to 1.5ºC and lead to the most livable future possible,” organizers of the Unite Behind The Science campaign said in a statement.

The four-day January get-together of world leaders, CEOs and investors is set to begin Tuesday, with this year’s theme scheduled to focus on the intensifying climate crisis.

“We cannot accept insufficient action anymore,” Professor Gail Whiteman, founder of Arctic Basecamp and director of the Pentland Centre for Sustainability in Business at Lancaster University, said in a statement.

“If we’re united behind the science then every decision, every investment, every behavior should be based on what is taking us in the right direction.”

“If you decide to invest in and continue to produce fossil fuels, you are walking away from science,” Whiteman said.


Company: cnbc, Activity: cnbc, Date: 2020-01-20  Authors: sam meredith
Keywords: news, cnbc, companies, world, business, whiteman, climate, stop, away, walking, action, leaders, science, change, demand, experts, unite, switzerland


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‘How can he face himself?’: Architect of Paris Agreement slams Trump’s approach to climate crisis

Christiana Figueres, Founding Partner, Global Optimism, on Centre Stage during day two of Web Summit 2019 at the Altice Arena in Lisbon, Portugal. DAVOS, Switzerland — The architect of the landmark 2015 Paris Agreement told CNBC on Monday that it cannot be easy for President Donald Trump to justify his approach to the climate crisis — both to himself and citizens of the world. How can he face citizens of the United States and of the world? Figueres’ comments come as policymakers and business lea


Christiana Figueres, Founding Partner, Global Optimism, on Centre Stage during day two of Web Summit 2019 at the Altice Arena in Lisbon, Portugal.
DAVOS, Switzerland — The architect of the landmark 2015 Paris Agreement told CNBC on Monday that it cannot be easy for President Donald Trump to justify his approach to the climate crisis — both to himself and citizens of the world.
How can he face citizens of the United States and of the world?
Figueres’ comments come as policymakers and business lea
‘How can he face himself?’: Architect of Paris Agreement slams Trump’s approach to climate crisis Cached Page below :
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'How can he face himself?': Architect of Paris Agreement slams Trump's approach to climate crisis

Christiana Figueres, Founding Partner, Global Optimism, on Centre Stage during day two of Web Summit 2019 at the Altice Arena in Lisbon, Portugal.

DAVOS, Switzerland — The architect of the landmark 2015 Paris Agreement told CNBC on Monday that it cannot be easy for President Donald Trump to justify his approach to the climate crisis — both to himself and citizens of the world.

Speaking on the sidelines of the World Economic Forum (WEF) in the Swiss Alpine town of Davos, Christiana Figures, former United Nations Framework Convention on Climate Change (UNFCC) said Monday: “I always wonder: How can he face himself?”

“How can he face his children and his grandchildren? How can he face citizens of the United States and of the world? I don’t understand how he can do that.”

Figueres’ comments come as policymakers and business leaders arrive in Switzerland for the WEF’s four-day annual conference, with those in attendance scheduled to focus on the intensifying climate crisis.

The event, which is often criticized for being out of touch with the real world, has said it aims to assist governments and international institutions in tracking progress toward the Paris Agreement and the UN’s Sustainable Development Goals.

It follows the hottest year on record for the world’s oceans, the second-hottest year for global average temperatures and wildfires from the U.S. to the Amazon to Australia.


Company: cnbc, Activity: cnbc, Date: 2020-01-20  Authors: sam meredith
Keywords: news, cnbc, companies, architect, global, crisis, christiana, united, trumps, citizens, slams, climate, world, face, approach, paris, switzerland, agreement


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An intensifying climate crisis threatens more than half of the world’s GDP, research claims

Burnt trees are seen in Mallacoota on January 15, 2020 , Australia. The Princes Highway between Mallacoota and Orbost remains closed to public due to the risk of falling trees following the devastating bushfires that have swept through East Gippsland in recent weeks. Over half of the world’s GDP (gross domestic product) is exposed to risks from nature loss, according to a new report. Policymakers and business leaders from around the world are due to arrive in Davos, Switzerland for the World Eco


Burnt trees are seen in Mallacoota on January 15, 2020 , Australia.
The Princes Highway between Mallacoota and Orbost remains closed to public due to the risk of falling trees following the devastating bushfires that have swept through East Gippsland in recent weeks.
Over half of the world’s GDP (gross domestic product) is exposed to risks from nature loss, according to a new report.
Policymakers and business leaders from around the world are due to arrive in Davos, Switzerland for the World Eco
An intensifying climate crisis threatens more than half of the world’s GDP, research claims Cached Page below :
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An intensifying climate crisis threatens more than half of the world's GDP, research claims

Burnt trees are seen in Mallacoota on January 15, 2020 , Australia. The Princes Highway between Mallacoota and Orbost remains closed to public due to the risk of falling trees following the devastating bushfires that have swept through East Gippsland in recent weeks.

Over half of the world’s GDP (gross domestic product) is exposed to risks from nature loss, according to a new report.

It comes following a 12-month period which reportedly saw the hottest year on record for the world’s oceans, the second-hottest year for global average temperatures and wildfires from the U.S., to the Amazon, to Australia.

The report, which was produced by WEF in collaboration with PwC U.K., found that $44 trillion of economic value generation — more than half of the world’s GDP — is “moderately or highly dependent on nature and its services and is therefore exposed to nature loss.”

Policymakers and business leaders from around the world are due to arrive in Davos, Switzerland for the World Economic Forum (WEF) on Monday.

The annual January get-together is scheduled to focus on the intensifying climate crisis.


Company: cnbc, Activity: cnbc, Date: 2020-01-19  Authors: sam meredith
Keywords: news, cnbc, companies, wef, exposed, claims, trees, threatens, research, mallacoota, worlds, half, gdp, intensifying, world, nature, crisis, climate, following


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WEF identifies global power rivalries as the ‘super-risk’ to climate crisis progress

U.S. President Donald Trump attends a bilateral meeting with China’s President Xi Jinping during the G-20 leaders summit in Osaka, Japan, June 29, 2019. A unilateral world of “great power rivalries” is likely to threaten an urgent need for action on key global priorities, according to the World Economic Forum (WEF). The group’s warning comes as policymakers, business leaders and investors prepare to travel to Davos, Switzerland for the forum’s annual conference. The January get-together kicks of


U.S. President Donald Trump attends a bilateral meeting with China’s President Xi Jinping during the G-20 leaders summit in Osaka, Japan, June 29, 2019.
A unilateral world of “great power rivalries” is likely to threaten an urgent need for action on key global priorities, according to the World Economic Forum (WEF).
The group’s warning comes as policymakers, business leaders and investors prepare to travel to Davos, Switzerland for the forum’s annual conference.
The January get-together kicks of
WEF identifies global power rivalries as the ‘super-risk’ to climate crisis progress Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2020-01-17  Authors: sam meredith
Keywords: news, cnbc, companies, global, crisis, meeting, identifies, wef, leaders, report, president, power, world, unilateral, likely, superrisk, increasingly, forums, rivalries, progress, climate


WEF identifies global power rivalries as the 'super-risk' to climate crisis progress

U.S. President Donald Trump attends a bilateral meeting with China’s President Xi Jinping during the G-20 leaders summit in Osaka, Japan, June 29, 2019.

A unilateral world of “great power rivalries” is likely to threaten an urgent need for action on key global priorities, according to the World Economic Forum (WEF).

The group’s warning comes as policymakers, business leaders and investors prepare to travel to Davos, Switzerland for the forum’s annual conference.

The January get-together kicks off on Monday, with those in attendance scheduled to focus on the intensifying climate crisis.

Ahead of the meeting, the forum’s latest Global Risks Report 2020, published Wednesday, said collaboration between world leaders and business leaders would be needed “more than ever” to stop severe threats to the climate.

It also warned that political inaction could endanger public health and technology systems.

Speaking at the launch of the report in London, Mirek Dusek, deputy head of the center for geopolitical and regional affairs at WEF, said an increasingly unsettled world was the “super-risk” to much-needed action.

A more polarized and competitive world, in which states are increasingly viewing opportunities through unilateral lenses, would most likely as a “drag” on us being able to tackle global issues, Dusek said.


Company: cnbc, Activity: cnbc, Date: 2020-01-17  Authors: sam meredith
Keywords: news, cnbc, companies, global, crisis, meeting, identifies, wef, leaders, report, president, power, world, unilateral, likely, superrisk, increasingly, forums, rivalries, progress, climate


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Treasury yields move higher as investors await economic data

U.S. government debt prices were lower Friday morning, as investors await a fresh batch of economic data. ET, the benchmark 10-year Treasury note, which moves inversely to price, was higher at around 1.8285%, while the yield on the 30-year Treasury bond was also higher at around 2.2972%. Industrial production figures for December, capacity utilization data for December, a preliminary reading of consumer sentiment for January and job vacancies data for November will all follow slightly later in t


U.S. government debt prices were lower Friday morning, as investors await a fresh batch of economic data.
ET, the benchmark 10-year Treasury note, which moves inversely to price, was higher at around 1.8285%, while the yield on the 30-year Treasury bond was also higher at around 2.2972%.
Industrial production figures for December, capacity utilization data for December, a preliminary reading of consumer sentiment for January and job vacancies data for November will all follow slightly later in t
Treasury yields move higher as investors await economic data Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2020-01-17  Authors: sam meredith
Keywords: news, cnbc, companies, worlds, data, yields, higher, economy, fed, treasury, investors, economic, figures, 2019, await


Treasury yields move higher as investors await economic data

U.S. government debt prices were lower Friday morning, as investors await a fresh batch of economic data.

At 2:45 a.m. ET, the benchmark 10-year Treasury note, which moves inversely to price, was higher at around 1.8285%, while the yield on the 30-year Treasury bond was also higher at around 2.2972%.

Market focus is largely attuned to economic data, after China reported on Friday that its economy expanded by 6.1% in 2019, even amid a trade dispute with the U.S.

Analysts polled by Reuters had expected the world’s second-largest economy to have grown 6.1% in 2019, compared with 6.6% in 2018.

It should be noted that although Beijing’s official gross domestic product (GDP) figures are tracked as an indicator of economic health, many external observers have long expressed skepticism about the veracity of China’s reports.

Stateside, housing starts and building permits for December will both be released at 8:30 a.m. ET.

Industrial production figures for December, capacity utilization data for December, a preliminary reading of consumer sentiment for January and job vacancies data for November will all follow slightly later in the session.

Philadelphia Fed President Patrick Harker and Fed Vice Chair Randal Quarles will also comment on the world’s largest economy at separate events.

There are no major U.S. Treasury auctions scheduled on Friday.

— CNBC’s Huileng Tan contributed to this report.


Company: cnbc, Activity: cnbc, Date: 2020-01-17  Authors: sam meredith
Keywords: news, cnbc, companies, worlds, data, yields, higher, economy, fed, treasury, investors, economic, figures, 2019, await


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Iran’s supreme leader calls Trump a ‘clown’ who will betray Iranians with a ‘poisonous dagger’

Iranian Supreme Leader Ayatollah Ali Khamanei makes a speech regarding Trump’s withdrawal decision from Iran nuclear deal during a press conference in Tehran, Iran on May 09, 2018. Iran’s supreme leader Ayatollah Ali Khamenei has called President Donald Trump a “clown” who merely pretends to support Iranian citizens but would push a “poisonous dagger” into their backs. He also described Tehran’s decision to attack military bases housing U.S. troops in Iraq earlier this month as a “day of God.” M


Iranian Supreme Leader Ayatollah Ali Khamanei makes a speech regarding Trump’s withdrawal decision from Iran nuclear deal during a press conference in Tehran, Iran on May 09, 2018.
Iran’s supreme leader Ayatollah Ali Khamenei has called President Donald Trump a “clown” who merely pretends to support Iranian citizens but would push a “poisonous dagger” into their backs.
He also described Tehran’s decision to attack military bases housing U.S. troops in Iraq earlier this month as a “day of God.”
M
Iran’s supreme leader calls Trump a ‘clown’ who will betray Iranians with a ‘poisonous dagger’ Cached Page below :
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Iran's supreme leader calls Trump a 'clown' who will betray Iranians with a 'poisonous dagger'

Iranian Supreme Leader Ayatollah Ali Khamanei makes a speech regarding Trump’s withdrawal decision from Iran nuclear deal during a press conference in Tehran, Iran on May 09, 2018.

Iran’s supreme leader Ayatollah Ali Khamenei has called President Donald Trump a “clown” who merely pretends to support Iranian citizens but would push a “poisonous dagger” into their backs.

The 80-year-old said Friday that the U.S. showed its terrorist nature in killing the former Quds Force commander Qasem Soleimani, according to a Reuters translation, before adding the “assassination” was a disgrace to the U.S. administration.

He also described Tehran’s decision to attack military bases housing U.S. troops in Iraq earlier this month as a “day of God.”

His comments came as he led Friday prayers for the first time in eight years.

The Islamic Republic is currently grappling with elevated tensions since the death of Soleimani and widespread protests following the accidental downing of a passenger jet that killed all 176 people on board — the majority of whom were Iranian citizens.

Many of those taking part in the rallies have called for the country’s top leaders to resign.

Iran’s government admitted to the accidental downing of the Ukrainian International Airlines passenger jet on Jan. 11, after days of denying a role in the crash.

Delivering the weekly sermon for the first time since 2012, Khamenei also said Iran would not yield to U.S. sanctions imposed over a dispute on its nuclear program.

The White House was not immediately available for comment when contacted by CNBC Friday morning.


Company: cnbc, Activity: cnbc, Date: 2020-01-17  Authors: sam meredith
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Treasury yields edge higher after US-China sign interim trade deal

U.S. government debt prices were lower Thursday morning, following the signing of a so-called “phase one” trade deal between the world’s two largest economies. ET, the benchmark 10-year Treasury note, which moves inversely to price, was higher at around 1.8004%, while the yield on the 30-year Treasury bond was also higher at around 2.2578%. The tentative deal came as a boost to market sentiment, with stocks briefly climbing to record highs in the previous session. Fed Governor Michelle Bowman wi


U.S. government debt prices were lower Thursday morning, following the signing of a so-called “phase one” trade deal between the world’s two largest economies.
ET, the benchmark 10-year Treasury note, which moves inversely to price, was higher at around 1.8004%, while the yield on the 30-year Treasury bond was also higher at around 2.2578%.
The tentative deal came as a boost to market sentiment, with stocks briefly climbing to record highs in the previous session.
Fed Governor Michelle Bowman wi
Treasury yields edge higher after US-China sign interim trade deal Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2020-01-16  Authors: sam meredith
Keywords: news, cnbc, companies, sign, worlds, largest, uschina, trade, interim, higher, deal, treasury, data, edge, survey, business, yields


Treasury yields edge higher after US-China sign interim trade deal

U.S. government debt prices were lower Thursday morning, following the signing of a so-called “phase one” trade deal between the world’s two largest economies.

At 2:30 a.m. ET, the benchmark 10-year Treasury note, which moves inversely to price, was higher at around 1.8004%, while the yield on the 30-year Treasury bond was also higher at around 2.2578%.

A long-awaited preliminary trade agreement between the U.S. and China was signed by President Donald Trump and Chinese Vice Premier Liu He on Wednesday.

The tentative deal came as a boost to market sentiment, with stocks briefly climbing to record highs in the previous session. However, concerns about tariffs and unresolved core issues remain.

On the data front, the latest weekly jobless claims will be released at 8:30 a.m. ET. The Commerce Department will publish retail sales for December at the same time, with economists surveyed by Dow Jones expecting a 0.3% rise.

Philadelphia Fed manufacturing data for January, a business leaders survey for January, business inventories for November and the National Association of Home Builders survey for January are among some of the other data releases scheduled for Thursday morning.

Fed Governor Michelle Bowman will comment on the world’s largest economy at an event in Kansas City slightly later in the session.

The U.S. Treasury is set to auction $35 billion in four-week bills and $35 billion in eight-week bills on Thursday.


Company: cnbc, Activity: cnbc, Date: 2020-01-16  Authors: sam meredith
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Donald Trump vs. Greta Thunberg: Davos prepares for climate crisis showdown

Swedish environmental activist Greta Thunberg watches as U.S. President Donald Trump enters the United Nations to speak with reporters in a still image from video taken in New York City, U.S. September 23, 2019. REUTERS | Andrew Hofstetter | File PhotoPresident Donald Trump and Swedish climate activist Greta Thunberg will both attend the World Economic Forum (WEF) next week, stirring up a heightened sense of intrigue in the Swiss Alpine town of Davos. Trump is set to travel to the picturesque sk


Swedish environmental activist Greta Thunberg watches as U.S. President Donald Trump enters the United Nations to speak with reporters in a still image from video taken in New York City, U.S. September 23, 2019.
REUTERS | Andrew Hofstetter | File PhotoPresident Donald Trump and Swedish climate activist Greta Thunberg will both attend the World Economic Forum (WEF) next week, stirring up a heightened sense of intrigue in the Swiss Alpine town of Davos.
Trump is set to travel to the picturesque sk
Donald Trump vs. Greta Thunberg: Davos prepares for climate crisis showdown Cached Page below :
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Donald Trump vs. Greta Thunberg: Davos prepares for climate crisis showdown

Swedish environmental activist Greta Thunberg watches as U.S. President Donald Trump enters the United Nations to speak with reporters in a still image from video taken in New York City, U.S. September 23, 2019. REUTERS | Andrew Hofstetter | File Photo

President Donald Trump and Swedish climate activist Greta Thunberg will both attend the World Economic Forum (WEF) next week, stirring up a heightened sense of intrigue in the Swiss Alpine town of Davos. The 50th edition of the annual January get-together — which draws policymakers and business leaders from around the world — is scheduled to focus on the intensifying climate crisis. Trump is set to travel to the picturesque ski resort after skipping the conference last year due to the partial government shutdown. The U.S. president, who is likely to be one of the star attractions of the event, has often expressed skepticism about the scale of the climate crisis. Since coming to power in 2016, Trump has pulled the U.S. — one of the world’s leading carbon emitters — out of the Paris Agreement and sought to roll back over 80 environmental regulations. His much-anticipated return to Davos will mark the first time he has attended the same event as Thunberg since the pair briefly crossed paths at the United Nations (UN) climate change summit in New York last year. In a widely-shared video on social media, Thunberg could be seen glaring at Trump as he addressed reporters.

What’s the context?

The 17-year-old, who was catapulted to fame for skipping school every Friday to hold a weekly vigil outside Swedish parliament in 2018, was recently named Time Magazine’s Person of the Year for 2019. She was recognized for the award after sparking an international wave of school strikes — also known as “Fridays for Future.” Millions of children took part in rallies around the world to protest against political inaction over climate change. “So ridiculous. Greta must work on her Anger Management problem, then go to a good old-fashioned movie with a friend! Chill Greta, Chill!” Trump tweeted on Dec. 12. In an interview with BBC radio’s Today program late last month, Thunberg said attacks from the U.S. president and others should be seen as “proof that we are actually doing something and that they see us as some kind of threat.” When asked what she would have said to the U.S. president if they had spoken at the UN climate change summit, Thunberg replied: “Honestly, I don’t think I would have said anything because obviously he’s not listening to scientists and experts, so why would he listen to me?” “So, I probably wouldn’t have said anything, I wouldn’t have wasted my time.”

‘We absolutely need to do things differently’

Thunberg has reportedly pledged to tell global leaders in attendance at Davos to “immediately and completely divest from fossil fuels.” She is scheduled to deliver the opening remarks of a panel session entitled “Averting a Climate Apocalypse” on Tuesday. The WEF’s theme, officially recognized as “Stakeholders for a Cohesive and Sustainable World,” follows a year which reportedly saw the hottest year on record for the world’s oceans, the second-hottest year for global average temperatures and wildfires from the U.S. to the Amazon to Australia.

A hotel employee checks a bottle of champagne as he stands on the snow covered bar terrace of the InterContinental Hotel Davos Matthew Lloyd/Bloomberg via Getty Images


Company: cnbc, Activity: cnbc, Date: 2020-01-16  Authors: sam meredith
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Treasury yields move lower; US-China set to sign interim trade deal

U.S. government debt prices were higher Wednesday morning, as investors await the imminent signing of an interim trade deal between the world’s two largest economies. ET, the benchmark 10-year Treasury note, which moves inversely to price, was lower at around 1.8056%, while the yield on the 30-year Treasury bond was also lower at around 2.2621%. Market focus is largely attuned to global trade developments, with the U.S. and China expected to agree on the terms of their so-called “phase one” trad


U.S. government debt prices were higher Wednesday morning, as investors await the imminent signing of an interim trade deal between the world’s two largest economies.
ET, the benchmark 10-year Treasury note, which moves inversely to price, was lower at around 1.8056%, while the yield on the 30-year Treasury bond was also lower at around 2.2621%.
Market focus is largely attuned to global trade developments, with the U.S. and China expected to agree on the terms of their so-called “phase one” trad
Treasury yields move lower; US-China set to sign interim trade deal Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2020-01-15  Authors: sam meredith
Keywords: news, cnbc, companies, sign, interim, set, york, measures, trade, ppi, yields, price, lower, deal, uschina, phase, treasury, prices


Treasury yields move lower; US-China set to sign interim trade deal

U.S. government debt prices were higher Wednesday morning, as investors await the imminent signing of an interim trade deal between the world’s two largest economies.

At 2:00 a.m. ET, the benchmark 10-year Treasury note, which moves inversely to price, was lower at around 1.8056%, while the yield on the 30-year Treasury bond was also lower at around 2.2621%.

Market focus is largely attuned to global trade developments, with the U.S. and China expected to agree on the terms of their so-called “phase one” trade deal later in the session.

On Tuesday, Treasury Secretary Steven Mnuchin suggested that the U.S. would keep tariffs on Chinese goods in place until the completion of a second “phase two” agreement, Reuters reported.

The news appeared to dampen market sentiment, with some concerned about the details of the agreement. It had been hoped the deal might de-escalate a protracted trade war between Washington and Beijing.

On the data front, the Bureau of Labor Statistics will release its producer price index (PPI) for December at 8:30 a.m. ET. It measures the change in prices of goods and services from the perspective of the producer.

Economists surveyed by Dow Jones expect an increase of 0.2% for December. In November, both the main PPI and the core PPI, which strips out more volatile items such as energy costs, were flat for the month.

The Empire State Manufacturing Survey, which measures activity in the New York area, will be released at the same time.

Philadelphia Fed President Patrick Harker will comment on monetary policy at an event in New York slightly later in the session.

There are no major U.S. Treasury auctions scheduled on Wednesday.

— CNBC’s Jesse Pound contributed to this report.


Company: cnbc, Activity: cnbc, Date: 2020-01-15  Authors: sam meredith
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BlackRock CEO says the climate crisis is about to trigger ‘a fundamental reshaping of finance’

The chief of the world’s largest money manager believes the intensifying climate crisis will bring about a fundamental reshaping of finance, with a significant reallocation of capital set to take place “sooner than most anticipate.” In an annual letter to CEOs published Tuesday, BlackRock Chief Executive Larry Fink said: “Climate change has become a defining factor in companies’ long-term prospects … But awareness is rapidly changing, and I believe we are on the edge of a fundamental reshaping o


The chief of the world’s largest money manager believes the intensifying climate crisis will bring about a fundamental reshaping of finance, with a significant reallocation of capital set to take place “sooner than most anticipate.”
In an annual letter to CEOs published Tuesday, BlackRock Chief Executive Larry Fink said: “Climate change has become a defining factor in companies’ long-term prospects … But awareness is rapidly changing, and I believe we are on the edge of a fundamental reshaping o
BlackRock CEO says the climate crisis is about to trigger ‘a fundamental reshaping of finance’ Cached Page below :
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BlackRock CEO says the climate crisis is about to trigger 'a fundamental reshaping of finance'

The chief of the world’s largest money manager believes the intensifying climate crisis will bring about a fundamental reshaping of finance, with a significant reallocation of capital set to take place “sooner than most anticipate.”

In an annual letter to CEOs published Tuesday, BlackRock Chief Executive Larry Fink said: “Climate change has become a defining factor in companies’ long-term prospects … But awareness is rapidly changing, and I believe we are on the edge of a fundamental reshaping of finance.”

BlackRock’s assets under management totaled almost $7 trillion in the third quarter of 2019.

Fink’s comments come as business leaders, policymakers and investors prepare to travel to Davos, Switzerland for the World Economic Forum next week.

The theme at this year’s January get-together, which is often criticized for being out of touch with the real world, has been designated as “Stakeholders for a Cohesive and Sustainable World.”

“Climate change is almost invariably the top issue that clients around the world raise with BlackRock. From Europe to Australia, South America to China, Florida to Oregon, investors are asking how they should modify their portfolios,” Fink continued.

“And because capital markets pull future risk forward, we will see changes in capital allocation more quickly than we see changes to the climate itself.”

“In the near future — and sooner than most anticipate — there will be a significant reallocation of capital,” he added.


Company: cnbc, Activity: cnbc, Date: 2020-01-14  Authors: sam meredith
Keywords: news, cnbc, companies, finance, future, climate, capital, blackrock, sooner, world, ceo, trigger, crisis, significant, reallocation, fundamental, reshaping, investors


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