Economist John Taylor thinks the Fed is ‘in a better place’ with interest rates

Buffett says no textbook could have predicted the strange economy… This economic environment is one that no one could have seen coming given the current fiscal and monetary conditions, Warren Buffett says. Economyread more


Buffett says no textbook could have predicted the strange economy… This economic environment is one that no one could have seen coming given the current fiscal and monetary conditions, Warren Buffett says. Economyread more
Economist John Taylor thinks the Fed is ‘in a better place’ with interest rates Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-05-03  Authors: jeff cox
Keywords: news, cnbc, companies, textbook, predicted, sayseconomyread, place, given, fiscal, warren, thinks, rates, fed, economist, seen, monetary, strange, better, taylor, interest, buffett, john


Economist John Taylor thinks the Fed is 'in a better place' with interest rates

Buffett says no textbook could have predicted the strange economy…

This economic environment is one that no one could have seen coming given the current fiscal and monetary conditions, Warren Buffett says.

Economy

read more


Company: cnbc, Activity: cnbc, Date: 2019-05-03  Authors: jeff cox
Keywords: news, cnbc, companies, textbook, predicted, sayseconomyread, place, given, fiscal, warren, thinks, rates, fed, economist, seen, monetary, strange, better, taylor, interest, buffett, john


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Your first trade for Friday, May 3

Buffett says no textbook could have predicted the strange economy… This economic environment is one that no one could have seen coming given the current fiscal and monetary conditions, Warren Buffett says. Economyread more


Buffett says no textbook could have predicted the strange economy… This economic environment is one that no one could have seen coming given the current fiscal and monetary conditions, Warren Buffett says. Economyread more
Your first trade for Friday, May 3 Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-05-03  Authors: tyler bailey
Keywords: news, cnbc, companies, textbook, predicted, sayseconomyread, trade, given, fiscal, warren, monetary, seen, strange, buffett


Your first trade for Friday, May 3

Buffett says no textbook could have predicted the strange economy…

This economic environment is one that no one could have seen coming given the current fiscal and monetary conditions, Warren Buffett says.

Economy

read more


Company: cnbc, Activity: cnbc, Date: 2019-05-03  Authors: tyler bailey
Keywords: news, cnbc, companies, textbook, predicted, sayseconomyread, trade, given, fiscal, warren, monetary, seen, strange, buffett


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Warren Buffett was willing to invest $20 billion in Occidental bid for Anadarko: Sources

Buffett says no textbook could have predicted the strange economy… This economic environment is one that no one could have seen coming given the current fiscal and monetary conditions, Warren Buffett says. Economyread more


Buffett says no textbook could have predicted the strange economy… This economic environment is one that no one could have seen coming given the current fiscal and monetary conditions, Warren Buffett says. Economyread more
Warren Buffett was willing to invest $20 billion in Occidental bid for Anadarko: Sources Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-05-03  Authors: tom dichristopher
Keywords: news, cnbc, companies, 20, textbook, predicted, sayseconomyread, given, willing, anadarko, fiscal, warren, occidental, sources, bid, seen, monetary, strange, billion, invest, buffett


Warren Buffett was willing to invest $20 billion in Occidental bid for Anadarko: Sources

Buffett says no textbook could have predicted the strange economy…

This economic environment is one that no one could have seen coming given the current fiscal and monetary conditions, Warren Buffett says.

Economy

read more


Company: cnbc, Activity: cnbc, Date: 2019-05-03  Authors: tom dichristopher
Keywords: news, cnbc, companies, 20, textbook, predicted, sayseconomyread, given, willing, anadarko, fiscal, warren, occidental, sources, bid, seen, monetary, strange, billion, invest, buffett


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Older workers haven’t seen a raise. Here’s why

Older workers have seen their wages come to a halt. That’s the takeaway from a new report by researchers at the Retirement Equity Lab at the New School for Social Research. For comparison, earnings rose 4.7% during that same period for workers between the ages of 35 and 54. As the wages of older workers peter out, the number of them in the workforce are only growing. However, today less than half of older employees have access to a retirement plan though their job.


Older workers have seen their wages come to a halt. That’s the takeaway from a new report by researchers at the Retirement Equity Lab at the New School for Social Research. For comparison, earnings rose 4.7% during that same period for workers between the ages of 35 and 54. As the wages of older workers peter out, the number of them in the workforce are only growing. However, today less than half of older employees have access to a retirement plan though their job.
Older workers haven’t seen a raise. Here’s why Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-05-02  Authors: annie nova
Keywords: news, cnbc, companies, wages, seen, older, retirement, heres, havent, social, power, reason, school, dont, workers, quarter, raise


Older workers haven't seen a raise. Here's why

Older workers have seen their wages come to a halt.

That’s the takeaway from a new report by researchers at the Retirement Equity Lab at the New School for Social Research.

Weekly earnings for workers aged 55 to 64 were only 0.8% higher in the first quarter of 2019 than they were in the first quarter of 2007, after accounting for inflation, they found.

For comparison, earnings rose 4.7% during that same period for workers between the ages of 35 and 54.

As the wages of older workers peter out, the number of them in the workforce are only growing. Some 10,000 baby boomers turn 65 every day. More than half of the 11.4 million jobs expected to be added to the U.S. economy over the next seven years will be filled by workers over 55.

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Why are these workers getting the short end of the stick?

“The main reason people working at older ages don’t have higher wages is because they don’t have bargaining power, and the reason they don’t have bargaining power is they don’t have a good fallback pension,” said Teresa Ghilarducci, an economics professor at the New School for Social Research.

“If everyone has a really secure pension plan, they can go to the labor market and bargain with employers,” she said.

However, today less than half of older employees have access to a retirement plan though their job.


Company: cnbc, Activity: cnbc, Date: 2019-05-02  Authors: annie nova
Keywords: news, cnbc, companies, wages, seen, older, retirement, heres, havent, social, power, reason, school, dont, workers, quarter, raise


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Hong Kong ‘Occupy’ leaders sentenced to jail for pro-democracy protests

Ranging in age from their 30s to 70s, the nine defendants span generations of Hong Kong citizens who have been agitating for full democracy. In Taiwan’s capital Taipei, youthful supporters rallied to denounce the convictions and growing pressure from Beijing on both their self-ruled island and Hong Kong. “Occupy Central is not a crime,” they chanted, as well as the “The Hong Kong government is unjustified.” “The fact that you care about Hong Kong means you care about your own fate. “Your support


Ranging in age from their 30s to 70s, the nine defendants span generations of Hong Kong citizens who have been agitating for full democracy. In Taiwan’s capital Taipei, youthful supporters rallied to denounce the convictions and growing pressure from Beijing on both their self-ruled island and Hong Kong. “Occupy Central is not a crime,” they chanted, as well as the “The Hong Kong government is unjustified.” “The fact that you care about Hong Kong means you care about your own fate. “Your support
Hong Kong ‘Occupy’ leaders sentenced to jail for pro-democracy protests Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-04-24  Authors: justin chin, bloomberg, getty images
Keywords: news, cnbc, companies, sentenced, prodemocracy, jail, suspended, seen, occupy, protests, leaders, chinese, kong, months, hong, chan, sentences, sentencing


Hong Kong 'Occupy' leaders sentenced to jail for pro-democracy protests

A court in Hong Kong handed down prison sentences of up to 16 months Wednesday to eight leaders of massive 2014 pro-democracy protests on charges of public nuisance offenses.

The sentences are seen as an effort by the government of the semi-autonomous Chinese territory to draw a line under the protests amid pressure from Beijing.

Ranging in age from their 30s to 70s, the nine defendants span generations of Hong Kong citizens who have been agitating for full democracy. The defendants had all pleaded not guilty, calling the prosecutions politically motivated.

Three protest leaders were given 16 months, one of them suspended for two years, two received eights months in prison and two were given suspended eight-month sentences. Another was ordered to perform 200 hours of community service. One other defendant, Tanya Chan, had her sentencing postponed because of the need to undergo surgery.

It was not immediately clear if they planned to appeal.

“Thank you for the sentencing,” Raphael Wong, given eight months, told Judge Johnny Chan. “Our determination on fighting for genuine universal suffrage will not change.”

While the charges carried potential sentences of up to seven years, they were still seen as unusually harsh by activists in what they called an attempt to intimidate them into silence.

“The long sentences send a chilling warning to all that there will be serious consequences for advocating for democracy,” said Maya Wang, Hong Kong-based chief researcher for China at Human Rights Watch.

“The Beijing and Hong Kong authorities appear intent on eliminating the only pocket of freedoms on Chinese soil,” Wang said. She cited a law against booing the Chinese national anthem and moves to amend the extradition law that could see suspects sent to China where they’d be unlikely to receive a fair trial.

Supporters and family members applauded the defendants as they entered the courtroom, then stood outside sobbing after the hearing before breaking into chants.

Those convicted included law professor Benny Tai, retired sociology professor Chan Kin-man and pastor Chu Yiu-ming, who all received 16 months though Chu’s was suspended for two years. The others include two current and one former lawmaker, two student leaders and a political activist.

Chan, who will be sentenced June 10, said prior to the hearing that she hadn’t lost faith in what the movement stood for. “Although it’s an uphill battle, it’s not easy, it’s time for us to make sure that we are strong enough to face different kind of challenges,” Chan said.

The nine were leaders of the “Occupy Central” campaign, which was organized as a nonviolent sit-in that became known as the “Umbrella Movement” after a symbol of defiance against police adopted by the street protests.

Protesters demanded the right to freely nominate candidates for Hong Kong’s leader who would then be elected by all of the territory’s roughly 5 million voters. However, they failed to win any concessions from the government, and Hong Kong Chief Executive Carrie Lam was chosen in 2017 from among a slate of candidates approved by Beijing and elected by a 1,200- member pro-China electoral body.

Hong Kong, a former British colony, was handed over to Chinese rule in 1997 under an agreement in which China promised the city could retain its own laws, economic system and civil rights for 50 years.

However, Chinese President and Communist Party leader Xi Jinping has been seen as extending his crackdown on civil liberties to Hong Kong, drawing criticism from commercial and legal associations as well as political, human rights and media groups.

“In the verdict, the judge commented we are naive, believing that by having a occupy movement we can attain democracy. But what is more naive than believing in one country two systems?” Chan Kin-man said before the sentences were issued.

In Taiwan’s capital Taipei, youthful supporters rallied to denounce the convictions and growing pressure from Beijing on both their self-ruled island and Hong Kong.

China has demanded Taiwan agree to its claim to the island as Chinese territory, to be annexed by force if necessary, and accept a “one country, two systems,” framework for governing along the lines of that in place in Hong Kong.

“Occupy Central is not a crime,” they chanted, as well as the “The Hong Kong government is unjustified.”

“The fact that you care about Hong Kong means you care about your own fate. I think this is very important,” Tien-chi Martin-Liao, a member of Independent Chinese PEN Center, said in an address following the sentencing hearing.

“Your support will be felt in the hearts of those persecuted in Hong Kong, and those who live there,” he said.


Company: cnbc, Activity: cnbc, Date: 2019-04-24  Authors: justin chin, bloomberg, getty images
Keywords: news, cnbc, companies, sentenced, prodemocracy, jail, suspended, seen, occupy, protests, leaders, chinese, kong, months, hong, chan, sentences, sentencing


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Spain’s about to hold a general election: Here’s what you need to know

The party has been overseeing a minority government with just 84 seats in the 350-member Congress of Deputies, Spain’s lower house of parliament. In this election, it could gain as many as 54 seats — but that would still fall short of the 176 seats a party needs to gain a majority. Opinion polls have consistently showed that the PSOE leads by a wide margin and is seen with between 28 to 31% of the votes. The Vox party is seen getting around 9-11% of the vote. “People are really scared of the ris


The party has been overseeing a minority government with just 84 seats in the 350-member Congress of Deputies, Spain’s lower house of parliament. In this election, it could gain as many as 54 seats — but that would still fall short of the 176 seats a party needs to gain a majority. Opinion polls have consistently showed that the PSOE leads by a wide margin and is seen with between 28 to 31% of the votes. The Vox party is seen getting around 9-11% of the vote. “People are really scared of the ris
Spain’s about to hold a general election: Here’s what you need to know Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-04-23  Authors: holly ellyatt, jose jordan, afp, getty images, david ramos, getty images news
Keywords: news, cnbc, companies, hold, election, party, gain, vote, consistently, polls, socialists, psoe, seen, heres, seats, need, general, know, spains, voters


Spain's about to hold a general election: Here's what you need to know

Opinion polls in recent weeks have consistently signaled that Sanchez’s socialists could win the largest share of the vote — but not enough for the party to govern alone.

The party has been overseeing a minority government with just 84 seats in the 350-member Congress of Deputies, Spain’s lower house of parliament. In this election, it could gain as many as 54 seats — but that would still fall short of the 176 seats a party needs to gain a majority.

Opinion polls have consistently showed that the PSOE leads by a wide margin and is seen with between 28 to 31% of the votes. The PP is trailing with around 20-24% of the vote. Ciudadanos is seen with around 15% and Podemos with around 12-13%. The Vox party is seen getting around 9-11% of the vote.

A large number of voters (25-30%) remain undecided as to who to vote for, and this could have a significant impact on the final result.

Speculation is already mounting over what alliances PSOE could seek to enable it to form a government. Anna Rosenberg, partner and head of Europe and U.K. at Signum Global Advisors, told CNBC that the socialists were benefiting from the fragmentation on the right.

“People are really scared of the rise of the right-wing parties and that will mobilize voters that might not have been expected to vote before. Sanchez has also actually done quite well and doesn’t represent the status quo,” she said.


Company: cnbc, Activity: cnbc, Date: 2019-04-23  Authors: holly ellyatt, jose jordan, afp, getty images, david ramos, getty images news
Keywords: news, cnbc, companies, hold, election, party, gain, vote, consistently, polls, socialists, psoe, seen, heres, seats, need, general, know, spains, voters


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Apple’s Tim Cook says FBI case against locked iPhone was rigged

Apple CEO Tim Cook said it’s unfortunate the FBI’s case to force the company to provide data from a terrorist’s iPhone in 2016 didn’t go to trial because that way the public could have seen the truth. “Now, after the inspector general reports have come out, our worst fears have been confirmed — that it was a very rigged case to begin with,” Cook said on Tuesday. I have personally never seen the government apparatus move against a company like it did here in a very dishonest manner.” Last year, C


Apple CEO Tim Cook said it’s unfortunate the FBI’s case to force the company to provide data from a terrorist’s iPhone in 2016 didn’t go to trial because that way the public could have seen the truth. “Now, after the inspector general reports have come out, our worst fears have been confirmed — that it was a very rigged case to begin with,” Cook said on Tuesday. I have personally never seen the government apparatus move against a company like it did here in a very dishonest manner.” Last year, C
Apple’s Tim Cook says FBI case against locked iPhone was rigged Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-04-23  Authors: kif leswing, brian ach, getty images
Keywords: news, cnbc, companies, apples, case, rigged, iphone, company, trial, law, tech, locked, fbi, seen, cook, tim, apple


Apple's Tim Cook says FBI case against locked iPhone was rigged

Apple CEO Tim Cook said it’s unfortunate the FBI’s case to force the company to provide data from a terrorist’s iPhone in 2016 didn’t go to trial because that way the public could have seen the truth.

Speaking on Tuesday at a Time Magazine conference in New York, Cook was referring to the case of the San Bernadino shooter, Syed Farook, who killed 14 people and injured 22 others at the Inland Regional Center. Apple publicly opposed the FBI when it asked for access to data Farook’s work phone, saying that what law enforcement was requesting would be a “master key” capable of opening millions of iPhones

The case was dropped after the Department of Justice was able to access the iPhone days before an expected trial. The company or person who was eventually able to crack the iPhone’s security has not been made public.

“Now, after the inspector general reports have come out, our worst fears have been confirmed — that it was a very rigged case to begin with,” Cook said on Tuesday. “So I think this was not the government’s finest hour. I have personally never seen the government apparatus move against a company like it did here in a very dishonest manner.”

The government report that Cook referenced includes passages that suggest some departments within the FBI were close to gaining the ability to crack the iPhone 5C used by Farook at the time of the Apple case but, due to miscommunication, those capabilities were never mentioned in the legal battle with Apple.

FBI leaders worry that encryption technologies from tech companies could enable criminals to delete or scramble evidence on their phones or computers, putting the information out of the reach of law enforcement investigators.

Officials refer to it as the “going dark” issue. It’s reached a stalemate in recent years as strong encryption features have been built into products from Apple, Google, Facebook, Microsoft and other big tech companies.

Last year, Cook said that Apple would fight the FBI again if the iPhone case happened a second time. On Tuesday, Cook also called for government regulations on privacy.

WATCH: FBI paid $1.3 million to hack iPhone


Company: cnbc, Activity: cnbc, Date: 2019-04-23  Authors: kif leswing, brian ach, getty images
Keywords: news, cnbc, companies, apples, case, rigged, iphone, company, trial, law, tech, locked, fbi, seen, cook, tim, apple


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Apple’s Tim Cook says FBI case against locked iPhone was rigged

Apple CEO Tim Cook said it’s unfortunate the FBI’s case to force the company to provide data from a terrorist’s iPhone in 2016 didn’t go to trial because that way the public could have seen the truth. “Now, after the inspector general reports have come out, our worst fears have been confirmed — that it was a very rigged case to begin with,” Cook said on Tuesday. I have personally never seen the government apparatus move against a company like it did here in a very dishonest manner.” Last year, C


Apple CEO Tim Cook said it’s unfortunate the FBI’s case to force the company to provide data from a terrorist’s iPhone in 2016 didn’t go to trial because that way the public could have seen the truth. “Now, after the inspector general reports have come out, our worst fears have been confirmed — that it was a very rigged case to begin with,” Cook said on Tuesday. I have personally never seen the government apparatus move against a company like it did here in a very dishonest manner.” Last year, C
Apple’s Tim Cook says FBI case against locked iPhone was rigged Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-04-23  Authors: kif leswing, brian ach, getty images
Keywords: news, cnbc, companies, apples, case, rigged, iphone, company, trial, law, tech, locked, fbi, seen, cook, tim, apple


Apple's Tim Cook says FBI case against locked iPhone was rigged

Apple CEO Tim Cook said it’s unfortunate the FBI’s case to force the company to provide data from a terrorist’s iPhone in 2016 didn’t go to trial because that way the public could have seen the truth.

Speaking on Tuesday at a Time Magazine conference in New York, Cook was referring to the case of the San Bernadino shooter, Syed Farook, who killed 14 people and injured 22 others at the Inland Regional Center. Apple publicly opposed the FBI when it asked for access to data Farook’s work phone, saying that what law enforcement was requesting would be a “master key” capable of opening millions of iPhones

The case was dropped after the Department of Justice was able to access the iPhone days before an expected trial. The company or person who was eventually able to crack the iPhone’s security has not been made public.

“Now, after the inspector general reports have come out, our worst fears have been confirmed — that it was a very rigged case to begin with,” Cook said on Tuesday. “So I think this was not the government’s finest hour. I have personally never seen the government apparatus move against a company like it did here in a very dishonest manner.”

The government report that Cook referenced includes passages that suggest some departments within the FBI were close to gaining the ability to crack the iPhone 5C used by Farook at the time of the Apple case but, due to miscommunication, those capabilities were never mentioned in the legal battle with Apple.

FBI leaders worry that encryption technologies from tech companies could enable criminals to delete or scramble evidence on their phones or computers, putting the information out of the reach of law enforcement investigators.

Officials refer to it as the “going dark” issue. It’s reached a stalemate in recent years as strong encryption features have been built into products from Apple, Google, Facebook, Microsoft and other big tech companies.

Last year, Cook said that Apple would fight the FBI again if the iPhone case happened a second time. On Tuesday, Cook also called for government regulations on privacy.

WATCH: FBI paid $1.3 million to hack iPhone


Company: cnbc, Activity: cnbc, Date: 2019-04-23  Authors: kif leswing, brian ach, getty images
Keywords: news, cnbc, companies, apples, case, rigged, iphone, company, trial, law, tech, locked, fbi, seen, cook, tim, apple


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Spain’s Socialists are riding high in election polls — but there are plenty of wildcards

Spanish opinion polls are signalling that the Socialist party could win a large share of the vote in a snap election on April 28 – but not enough for it to govern alone. The move could have worked in Sanchez’ favor, however, with opinion polls suggesting that his Spanish Socialist and Workers’ Party (the PSOE) will gain far more parliamentary seats. There are four major parties spanning the political landscape in Spain – the left-wing, ruling Socialists, the center-right People’s Party (PP), far


Spanish opinion polls are signalling that the Socialist party could win a large share of the vote in a snap election on April 28 – but not enough for it to govern alone. The move could have worked in Sanchez’ favor, however, with opinion polls suggesting that his Spanish Socialist and Workers’ Party (the PSOE) will gain far more parliamentary seats. There are four major parties spanning the political landscape in Spain – the left-wing, ruling Socialists, the center-right People’s Party (PP), far
Spain’s Socialists are riding high in election polls — but there are plenty of wildcards Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-04-15  Authors: holly ellyatt, miguel riopa, afp, getty images, javier soriano, cesar manso
Keywords: news, cnbc, companies, psoe, pp, vote, polls, plenty, socialist, party, podemos, riding, parties, seen, election, wildcards, seats, socialists, high, vox, spains


Spain's Socialists are riding high in election polls — but there are plenty of wildcards

Spanish opinion polls are signalling that the Socialist party could win a large share of the vote in a snap election on April 28 – but not enough for it to govern alone.

Prime Minister Pedro Sanchez called the snap vote in February after Catalan independence parties withdrew their support for the government’s budget bill. The move could have worked in Sanchez’ favor, however, with opinion polls suggesting that his Spanish Socialist and Workers’ Party (the PSOE) will gain far more parliamentary seats.

There are four major parties spanning the political landscape in Spain – the left-wing, ruling Socialists, the center-right People’s Party (PP), far-left Unidos Podemos party and the liberal, centrist Ciudadanos (Citizens’ Party). There is also now an upstart, populist newcomer in the mix – the far-right VOX party.

According to the latest opinion poll, the PSOE leads by a wide margin and is seen with 31.1% of the votes. Conducted between April 9-11 by social research firm GAD3 for La Vanguardia newspaper, the poll showed the PP trailed with 20.1% of the vote, Ciudadanos was seen with 14.4% and Unidos Podemos with 11.4%. Far-right Vox is seen closely behind with 11.2% of the vote.

A host of smaller parties, including Catalan independence parties, are seen with a smaller percentage of the vote while a large number of voters (26%) remain undecided as to who to vote for, and this could have a large impact on the final result.

As it stands, however, the Socialist Party is expect to win the highest number of seats (around 137-139 seats). But with 350 seats up for grabs in Congress, no one party will gain an absolute majority (of 176 seats) to govern alone so a coalition government is highly likely. That will involve horse-trading between the main parties and smaller partners.

The PSOE could have to rely on Podemos and secessionists in Spain, again, while a right-leaning coalition could be formed by PP, Ciudadanos and Vox. Whatever the outcome, the political scene is seen as highly fragmented.

A key date for voters could be April 23 when a debate between the main party leaders – Pedro Sánchez (PSOE), Pablo Casado (PP), Pablo Iglesias (Podemos), Albert Rivera (Citizens) and Santiago Abascal (Vox) – is televised.


Company: cnbc, Activity: cnbc, Date: 2019-04-15  Authors: holly ellyatt, miguel riopa, afp, getty images, javier soriano, cesar manso
Keywords: news, cnbc, companies, psoe, pp, vote, polls, plenty, socialist, party, podemos, riding, parties, seen, election, wildcards, seats, socialists, high, vox, spains


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Shadow banking is now a $52 trillion industry, posing a big risk to the financial system

In the years since the crisis, global shadow banks have seen their assets grow to $52 trillion, a 75% jump from the level in 2010, the year after the crisis ended. The asset level is through 2017, according to bond ratings agency DBRS, citing data from the Financial Stability Board. China has seen particularly strong growth, with its $8 trillion in assets good for 16% of the total share. Within shadow banking, the biggest growth area has been “collective investment vehicles,” a term that encompa


In the years since the crisis, global shadow banks have seen their assets grow to $52 trillion, a 75% jump from the level in 2010, the year after the crisis ended. The asset level is through 2017, according to bond ratings agency DBRS, citing data from the Financial Stability Board. China has seen particularly strong growth, with its $8 trillion in assets good for 16% of the total share. Within shadow banking, the biggest growth area has been “collective investment vehicles,” a term that encompa
Shadow banking is now a $52 trillion industry, posing a big risk to the financial system Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-04-11  Authors: jeff cox
Keywords: news, cnbc, companies, shadow, lending, industry, financial, system, trillion, letter, big, banking, posing, 52, funds, level, growth, assets, seen, risk, risks


Shadow banking is now a $52 trillion industry, posing a big risk to the financial system

The companies face less regulation than traditional banks and thus have been associated with higher levels of risk.

In the years since the crisis, global shadow banks have seen their assets grow to $52 trillion, a 75% jump from the level in 2010, the year after the crisis ended. The asset level is through 2017, according to bond ratings agency DBRS, citing data from the Financial Stability Board.

The U.S. still makes up the biggest part of the sector with 29% or $15 trillion in assets, though its share of the global pie has fallen. China has seen particularly strong growth, with its $8 trillion in assets good for 16% of the total share.

Within shadow banking, the biggest growth area has been “collective investment vehicles,” a term that encompasses many bond funds, hedge funds, money markets and mixed funds. The group has seen its assets explode by 130% to $36.7 trillion. It poses particular danger because of its volatility and susceptibility to “runs” and is part of the “significant risks” DBRS sees from the industry.

In his annual letter to investors, J.P. Morgan Chase CEO Jamie Dimon warned about the risks of shadow banking, though he said he does not see a systemic threat yet.

“The growth in non-bank mortgage lending, student lending, leveraged lending and some consumer lending is accelerating and needs to be assiduously monitored,” Dimon wrote in his letter.


Company: cnbc, Activity: cnbc, Date: 2019-04-11  Authors: jeff cox
Keywords: news, cnbc, companies, shadow, lending, industry, financial, system, trillion, letter, big, banking, posing, 52, funds, level, growth, assets, seen, risk, risks


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