Retired Navy SEAL: Here’s what to do if you screw up at work

If you miss a deadline, upset a client or make any sort of error at work, chances are you can recover. The first step to take, says retired Navy SEAL Jocko Willink, is to “own the mistake.” Your instinct may be to avoid the situation, he adds, but doing so will only put you in a tougher position in the long run: “If you try and hide that mistake from your boss, believe me: When they find out about it, they’re going to be infinitely more angry that you didn’t just come clean and get that situatio


If you miss a deadline, upset a client or make any sort of error at work, chances are you can recover. The first step to take, says retired Navy SEAL Jocko Willink, is to “own the mistake.” Your instinct may be to avoid the situation, he adds, but doing so will only put you in a tougher position in the long run: “If you try and hide that mistake from your boss, believe me: When they find out about it, they’re going to be infinitely more angry that you didn’t just come clean and get that situatio
Retired Navy SEAL: Here’s what to do if you screw up at work Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-04-23  Authors: kathleen elkins, jocko willink, -jocko willink, leadership coach, retired navy seal
Keywords: news, cnbc, companies, willink, youre, try, boss, work, situation, retired, upset, seal, navy, theyre, heres, tougher, screw, tells


Retired Navy SEAL: Here's what to do if you screw up at work

If you miss a deadline, upset a client or make any sort of error at work, chances are you can recover.

The first step to take, says retired Navy SEAL Jocko Willink, is to “own the mistake.”

Your instinct may be to avoid the situation, he adds, but doing so will only put you in a tougher position in the long run: “If you try and hide that mistake from your boss, believe me: When they find out about it, they’re going to be infinitely more angry that you didn’t just come clean and get that situation resolved.”

The sooner you apologize and take responsibility, the better. You also want to be prepared to tell your boss how you’re solving the problem and what you plan to do in the future to prevent it from happening again, Willink, who is now an author and leadership coach, tells CNBC Make It.


Company: cnbc, Activity: cnbc, Date: 2019-04-23  Authors: kathleen elkins, jocko willink, -jocko willink, leadership coach, retired navy seal
Keywords: news, cnbc, companies, willink, youre, try, boss, work, situation, retired, upset, seal, navy, theyre, heres, tougher, screw, tells


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Killer hog disease now a ‘dire situation’ in China that could lead to higher global prices

As African swine fever continues to ravage China’s hog herd, the impact may be far worse than Beijing is conceding. The government official also was quoted by state media as insisting the production of live pigs and pork supplies is generally stable. According to Shanghai-based consultant JCI, China’s pork production is forecast to fall nearly 16%, or 8.5 million metric tons in 2019. China is believed to have a large reserve of pork supplies and significant supplies in cold storage. “The consens


As African swine fever continues to ravage China’s hog herd, the impact may be far worse than Beijing is conceding. The government official also was quoted by state media as insisting the production of live pigs and pork supplies is generally stable. According to Shanghai-based consultant JCI, China’s pork production is forecast to fall nearly 16%, or 8.5 million metric tons in 2019. China is believed to have a large reserve of pork supplies and significant supplies in cold storage. “The consens
Killer hog disease now a ‘dire situation’ in China that could lead to higher global prices Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-04-10  Authors: jeff daniels, christilaliberte, getty images
Keywords: news, cnbc, companies, global, million, pork, higher, supplies, situation, swine, disease, china, meat, dire, fever, killer, lead, chinas, hog, prices, production


Killer hog disease now a 'dire situation' in China that could lead to higher global prices

As African swine fever continues to ravage China’s hog herd, the impact may be far worse than Beijing is conceding. The crisis could lead to significant shortages of the country’s staple meat and drive up global prices of protein, experts said. The situation also increasing fear among U.S. pork producers of spreading contagion.

The June lean hog futures contract on the Chicago Mercantile Exchange is up more than 50% in the past month as speculators wager that China’s outbreak and apparent progress in U.S.-China trade talks will increase U.S. pork demand. China consumes about 28% of the world’s meat, including 49% of pork, so it’s a significant factor in the world market.

“Assuming China’s tariffs on U.S. pork are reduced in the not-so-distant future, U.S. pork exports could pick up considerably,” according to David Maloni, executive vice president of analytics at ArrowStream, a Chicago commodity researcher for the restaurant industry. He also wrote in a newsletter Tuesday, “Longer term we are concerned that U.S. chicken and beef exports could rise as well.”

On Tuesday, China’s agricultural minister said African swine fever is now “under effective control” and the number of cases is slowing down. The government official also was quoted by state media as insisting the production of live pigs and pork supplies is generally stable.

But not everyone agrees with that assessment and some suggest Beijing maybe under reporting the severity of the killer disease’s impact on pork supplies, to save face or perhaps maintain a position of strength during negotiations to resolve the U.S.-China trade war.

“What our people there in China find is a far different story where the disease is continuing to spread,” said Arlan Suderman, chief commodities economist with INTL FCStone in Kansas City, Mo. “China just doesn’t want the rest of the world to know what the situation is.”

The economist termed it “a very dire situation” and estimates hog feeding in China has fallen at least 40% and in some larger swine producing regions plummeted more than 50% in response to the disease. He said the decline is directly attributable to infected pigs dying and producers afraid of the disease and liquidating herds to salvage some value.

“If we’re down 40%, that would mean on an annualized basis that they’ve lost more pork production capacity than what we produce in all of North and South America together on an annual basis,” said Suderman.

At least 122 cases of African swine fever have been reported in China in both its domestic pigs and wild boars since the first case was confirmed last August and the incurable disease has spread to other parts of Asia, including Vietnam where it accounts for about three-quarters of the total meat diet.

There is fear the highly contagious and deadly virus could spread beyond Asia and reach the U.S.

On Wednesday, the National Pork Producers Council announced it would cancel its 2019 World Pork Expo in Des Moines “out of an abundance of caution” given the current situation. The annual event in Iowa usually draws about 30,000 people and includes hundreds of pigs for judging contests.

The U.S. government recently announced increased measures to prevent the disease from entering the domestic livestock supply, including a renewed focus on “strict on-farm biosecurity” measures and other steps.

In Beijing, meantime, the government has indicated the number of hogs culled to help prevent the spread of African swine fever is about one million, or a fraction of the China’s roughly 700 million pigs.

Regardless, Suderman estimates China will ramp up poultry production about 8% to try to offset some of the lost pork supplies but still be left with a net deficit of about 16.2 million metric tons of meat that they will need to get from suppliers on the world market to maintain their current food supply. To put it in perspective, that is about six times the amount of pork the U.S. exported in 2018 to all markets.

Another estimate from a report recently published by a Chinese agriculture consulting firm shows the deficit in pork supplies will be less than half of the amount projected by INTL FCStone.

According to Shanghai-based consultant JCI, China’s pork production is forecast to fall nearly 16%, or 8.5 million metric tons in 2019. The Chinese firm sees a “pork supply-demand gap” of as much as 7 million metric tons this year, even compensating for other proteins such as chicken, beef and fish.

China is believed to have a large reserve of pork supplies and significant supplies in cold storage. Still, Suderman said the Chinese could start seeing product shortages in final quarter of 2019 and “a more significant problem in 2020.”

Last year, China slapped retaliatory tariffs on American pork that resulted in the import taxes of about 70%, or about five times higher than other major global suppliers such as the European Union, Brazil and Canada.

“Right now it’s hard to say how much China’s need for imports will increase due to African swine fever,” said Joe Schuele, a spokesperson with the U.S. Meat Export Federation, a trade group. “The consensus is that it will, but we’re not sure to what degree it will affect China’s production.”


Company: cnbc, Activity: cnbc, Date: 2019-04-10  Authors: jeff daniels, christilaliberte, getty images
Keywords: news, cnbc, companies, global, million, pork, higher, supplies, situation, swine, disease, china, meat, dire, fever, killer, lead, chinas, hog, prices, production


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Italy faces a ‘worrying situation with no ideas for the future,’ former leader warns

Investors have lost confidence with Italy and its future remains uncertain, former prominent politicians in the country have told CNBC, taking aim at the current coalition government seated in Rome. Speaking at the Ambrosetti Workshop on the shores of Lake Como, Padoan told CNBC’s Steve Sedgwick that “the issue of lost confidence is still hanging over the country.” Meanwhile, Enrico Letta, the former prime minister of Italy called it a “worrying situation.” “There is a big problem for Italy and


Investors have lost confidence with Italy and its future remains uncertain, former prominent politicians in the country have told CNBC, taking aim at the current coalition government seated in Rome. Speaking at the Ambrosetti Workshop on the shores of Lake Como, Padoan told CNBC’s Steve Sedgwick that “the issue of lost confidence is still hanging over the country.” Meanwhile, Enrico Letta, the former prime minister of Italy called it a “worrying situation.” “There is a big problem for Italy and
Italy faces a ‘worrying situation with no ideas for the future,’ former leader warns Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-04-05  Authors: spriha srivastava
Keywords: news, cnbc, companies, minister, letta, warns, ideas, lost, situation, future, told, padoan, italy, problem, worrying, confidence, leader, faces


Italy faces a 'worrying situation with no ideas for the future,' former leader warns

Investors have lost confidence with Italy and its future remains uncertain, former prominent politicians in the country have told CNBC, taking aim at the current coalition government seated in Rome.

Former Italian Finance Minister Pier Carlo Padoan said the current Italian government has damaged confidence and investment into the southern European economy. Speaking at the Ambrosetti Workshop on the shores of Lake Como, Padoan told CNBC’s Steve Sedgwick that “the issue of lost confidence is still hanging over the country.”

Meanwhile, Enrico Letta, the former prime minister of Italy called it a “worrying situation.” “There is a big problem for Italy and big problem for Italy’s lack of investment and the duration of the public finance situation,” Letta told CNBC at the Ambrosetti Workshop.

“I think it is a worrying situation with no ideas for the future from the present government. It is just redistribution with no idea on how to grow. The country will face the second quarter for the year very very hard,” Letta said.


Company: cnbc, Activity: cnbc, Date: 2019-04-05  Authors: spriha srivastava
Keywords: news, cnbc, companies, minister, letta, warns, ideas, lost, situation, future, told, padoan, italy, problem, worrying, confidence, leader, faces


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$768 million Powerball ticket sold in Wisconsin—here are 3 mistakes to avoid if you win a jackpot

He or she will review your new financial situation and help you establish your goals for spending, saving, giving and investing,” he says. They can help you “prioritize how to allocate the remainder to meet your financial goals.” “When you’re talking about that large of an amount,” says Nick Holeman, a certified financial planner at online-investment company Betterment, “your situation gets very complicated — and very quickly. You’ll be subject to higher rates of taxes, your tax deductions get p


He or she will review your new financial situation and help you establish your goals for spending, saving, giving and investing,” he says. They can help you “prioritize how to allocate the remainder to meet your financial goals.” “When you’re talking about that large of an amount,” says Nick Holeman, a certified financial planner at online-investment company Betterment, “your situation gets very complicated — and very quickly. You’ll be subject to higher rates of taxes, your tax deductions get p
$768 million Powerball ticket sold in Wisconsin—here are 3 mistakes to avoid if you win a jackpot Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-03-28  Authors: shawn m carter, caiaimage robert daly, getty images
Keywords: news, cnbc, companies, help, sold, planner, 768, situation, ticket, tax, avoid, mistakes, protect, goals, jackpot, taxes, powerball, million, win, future, financial, wisconsinhere, subject


$768 million Powerball ticket sold in Wisconsin—here are 3 mistakes to avoid if you win a jackpot

$758.7 million Powerball winner already broke one rule. What else not to do 5:42 PM ET Thu, 24 Aug 2017 | 00:59

“Think of this person as the quarterback of your advisory team. He or she will review your new financial situation and help you establish your goals for spending, saving, giving and investing,” he says. “They will help you outline short- and long-term goals while factoring in the outlook for inflation and investment market volatility over the next 50 years, depending on your life expectancy.”

Also, a planner “will advise you about the tax obligations related to your winnings and how they may impact your planning,” adds Ramassini. They can help you “prioritize how to allocate the remainder to meet your financial goals.”

“When you’re talking about that large of an amount,” says Nick Holeman, a certified financial planner at online-investment company Betterment, “your situation gets very complicated — and very quickly. You’ll be subject to higher rates of taxes, your tax deductions get phased out…and you have new taxes that you weren’t even subject to before.”

You may want to consider hiring an attorney who can strategize with you about how to protect your money, now and going forward. “You will need their help in preparing a will and an estate plan or trust accounts that reflect your newfound financial prosperity,” says Ramassini.

“Those documents are designed to protect your financial future, as well as provide for future generations.”


Company: cnbc, Activity: cnbc, Date: 2019-03-28  Authors: shawn m carter, caiaimage robert daly, getty images
Keywords: news, cnbc, companies, help, sold, planner, 768, situation, ticket, tax, avoid, mistakes, protect, goals, jackpot, taxes, powerball, million, win, future, financial, wisconsinhere, subject


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$768 million Powerball ticket sold in Wisconsin—here are 3 mistakes to avoid if you win a jackpot

He or she will review your new financial situation and help you establish your goals for spending, saving, giving and investing,” he says. They can help you “prioritize how to allocate the remainder to meet your financial goals.” “When you’re talking about that large of an amount,” says Nick Holeman, a certified financial planner at online-investment company Betterment, “your situation gets very complicated — and very quickly. You’ll be subject to higher rates of taxes, your tax deductions get p


He or she will review your new financial situation and help you establish your goals for spending, saving, giving and investing,” he says. They can help you “prioritize how to allocate the remainder to meet your financial goals.” “When you’re talking about that large of an amount,” says Nick Holeman, a certified financial planner at online-investment company Betterment, “your situation gets very complicated — and very quickly. You’ll be subject to higher rates of taxes, your tax deductions get p
$768 million Powerball ticket sold in Wisconsin—here are 3 mistakes to avoid if you win a jackpot Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-03-28  Authors: shawn m carter, caiaimage robert daly, getty images
Keywords: news, cnbc, companies, jackpot, sold, 768, wisconsinhere, situation, mistakes, million, win, planner, tax, goals, taxes, avoid, financial, help, future, powerball, ticket, protect, subject


$768 million Powerball ticket sold in Wisconsin—here are 3 mistakes to avoid if you win a jackpot

$758.7 million Powerball winner already broke one rule. What else not to do 5:42 PM ET Thu, 24 Aug 2017 | 00:59

“Think of this person as the quarterback of your advisory team. He or she will review your new financial situation and help you establish your goals for spending, saving, giving and investing,” he says. “They will help you outline short- and long-term goals while factoring in the outlook for inflation and investment market volatility over the next 50 years, depending on your life expectancy.”

Also, a planner “will advise you about the tax obligations related to your winnings and how they may impact your planning,” adds Ramassini. They can help you “prioritize how to allocate the remainder to meet your financial goals.”

“When you’re talking about that large of an amount,” says Nick Holeman, a certified financial planner at online-investment company Betterment, “your situation gets very complicated — and very quickly. You’ll be subject to higher rates of taxes, your tax deductions get phased out…and you have new taxes that you weren’t even subject to before.”

You may want to consider hiring an attorney who can strategize with you about how to protect your money, now and going forward. “You will need their help in preparing a will and an estate plan or trust accounts that reflect your newfound financial prosperity,” says Ramassini.

“Those documents are designed to protect your financial future, as well as provide for future generations.”


Company: cnbc, Activity: cnbc, Date: 2019-03-28  Authors: shawn m carter, caiaimage robert daly, getty images
Keywords: news, cnbc, companies, jackpot, sold, 768, wisconsinhere, situation, mistakes, million, win, planner, tax, goals, taxes, avoid, financial, help, future, powerball, ticket, protect, subject


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7 in 10 Americans are avoiding difficult conversations at work — here’s how to tackle them

She outlined three tips to prepare yourself for a difficult conversation at work. Expect the best, but prepare for the worstWhile you will be hoping for the best possible resolution to your conversation, it’s helpful to prepare yourself for a potential negative outcome. That way, you will be better able to keep your emotions in check and avoid escalating the situation, Sheehan noted. “Try to think through the worst-case scenarios and prepare for how you might respond in that situation. Say it ou


She outlined three tips to prepare yourself for a difficult conversation at work. Expect the best, but prepare for the worstWhile you will be hoping for the best possible resolution to your conversation, it’s helpful to prepare yourself for a potential negative outcome. That way, you will be better able to keep your emotions in check and avoid escalating the situation, Sheehan noted. “Try to think through the worst-case scenarios and prepare for how you might respond in that situation. Say it ou
7 in 10 Americans are avoiding difficult conversations at work — here’s how to tackle them Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-03-14  Authors: karen gilchrist, -tohervey, ceo of bravely
Keywords: news, cnbc, companies, tackle, difficult, try, heres, say, americans, situation, important, avoiding, conversation, best, think, work, conversations, prepare, sheehan, way


7 in 10 Americans are avoiding difficult conversations at work — here's how to tackle them

Nevertheless, approaching difficult conversations is not only an important workplace skill, it could also be what enables your next step forward, said Sarah Sheehan, Bravely’s chief customer officer, who co-founded the company with Hervey as a platform for confidential professional advice.

She outlined three tips to prepare yourself for a difficult conversation at work.

1. Consider viewpoints beyond your own

“It’s easy to think about yourself and only yourself when you’re dealing with something challenging at work, but take the time to think through how someone might see it from the other side, and whether certain circumstances could be creating the situation at hand,” said Sheehan.

Your manager is a person, too, noted Sheehan, so sometimes the best thing you can do is to put yourself in their shoes and try to think things through from a new perspective.

2. Expect the best, but prepare for the worst

While you will be hoping for the best possible resolution to your conversation, it’s helpful to prepare yourself for a potential negative outcome. That way, you will be better able to keep your emotions in check and avoid escalating the situation, Sheehan noted.

“Try to think through the worst-case scenarios and prepare for how you might respond in that situation. That way, you might be less likely to react with emotion,” she said.

3. Say it out loud

Finally, try rehearsing the conversation, either to yourself or someone else, to hone your message and perfect your delivery, said Sheehan.

“It will no doubt feel awkward at first,” she said, adding that “forcing yourself to say the words will help you hone how you deliver it, control the tone (which is super important!), and ensure you stick the landing.”

Don’t miss: Think your boss hates you? You could be onto something

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Company: cnbc, Activity: cnbc, Date: 2019-03-14  Authors: karen gilchrist, -tohervey, ceo of bravely
Keywords: news, cnbc, companies, tackle, difficult, try, heres, say, americans, situation, important, avoiding, conversation, best, think, work, conversations, prepare, sheehan, way


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Malaysia shuts 111 schools as poisonings become ‘more critical’

Malaysia has shut more schools after a suspected chemical leak last week left more than 200 children, teachers and others being treated for poisoning, its education minister said late on Wednesday. The number of schools shut down climbed to 111 on Wednesday from 13 the day before. Authorities believe the poisoning was caused by toxic waste dumped into a river near the schools in the southern state of Johor. “Based on the current situation and advisory from the state’s disaster management committ


Malaysia has shut more schools after a suspected chemical leak last week left more than 200 children, teachers and others being treated for poisoning, its education minister said late on Wednesday. The number of schools shut down climbed to 111 on Wednesday from 13 the day before. Authorities believe the poisoning was caused by toxic waste dumped into a river near the schools in the southern state of Johor. “Based on the current situation and advisory from the state’s disaster management committ
Malaysia shuts 111 schools as poisonings become ‘more critical’ Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-03-14  Authors: faris hadziq, sopa images, lightrocket, getty images
Keywords: news, cnbc, companies, minister, shuts, critical, number, education, situation, malaysia, schools, treated, shut, week, poisoning, 111, maszlee, poisonings


Malaysia shuts 111 schools as poisonings become 'more critical'

Malaysia has shut more schools after a suspected chemical leak last week left more than 200 children, teachers and others being treated for poisoning, its education minister said late on Wednesday.

The number of schools shut down climbed to 111 on Wednesday from 13 the day before.

Authorities believe the poisoning was caused by toxic waste dumped into a river near the schools in the southern state of Johor.

“Based on the current situation and advisory from the state’s disaster management committee, the Ministry of Education have decided to shut all 111 schools in the Pasir Gudang area immediately,” Education Minister Maszlee Malik said in a statement.

Earlier on Wednesday, Maszlee said in a Facebook post that the situation was “getting more critical”.

The number of people treated climbed to 207 compared with 35 reported last week. As of Monday, 44 people were in hospital where six were in intensive care. Thirty-three of them are pupils.


Company: cnbc, Activity: cnbc, Date: 2019-03-14  Authors: faris hadziq, sopa images, lightrocket, getty images
Keywords: news, cnbc, companies, minister, shuts, critical, number, education, situation, malaysia, schools, treated, shut, week, poisoning, 111, maszlee, poisonings


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German car giants warn Trump’s tariff threat is a ‘critical situation’ for them

Alongside seismic structural shifts taking place in the car industry including electrification and autonomous vehicles, German carmakers say that the potential for punitive U.S. tariffs on European car and part imports are casting a large shadow over the industry. CEOs at the Geneva Motor Show told CNBC that geopolitical tensions and the threat of trade wars were the biggest unknown facing the industry right now. “It is a critical situation for us,” Herbert Diess, the CEO of VW Group, which comp


Alongside seismic structural shifts taking place in the car industry including electrification and autonomous vehicles, German carmakers say that the potential for punitive U.S. tariffs on European car and part imports are casting a large shadow over the industry. CEOs at the Geneva Motor Show told CNBC that geopolitical tensions and the threat of trade wars were the biggest unknown facing the industry right now. “It is a critical situation for us,” Herbert Diess, the CEO of VW Group, which comp
German car giants warn Trump’s tariff threat is a ‘critical situation’ for them Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-03-05  Authors: holly ellyatt, picture alliance, getty images
Keywords: news, cnbc, companies, giants, car, market, critical, warn, told, porsche, german, threat, industry, brands, audi, situation, wars, tariff, trumps


German car giants warn Trump's tariff threat is a 'critical situation' for them

Alongside seismic structural shifts taking place in the car industry including electrification and autonomous vehicles, German carmakers say that the potential for punitive U.S. tariffs on European car and part imports are casting a large shadow over the industry.

CEOs at the Geneva Motor Show told CNBC that geopolitical tensions and the threat of trade wars were the biggest unknown facing the industry right now.

“It is a critical situation for us,” Herbert Diess, the CEO of VW Group, which comprises Porsche, Audi and Seat among other brands, told CNBC Tuesday. “Mostly, our premium brands here in Germany are depending on the import market of the U.S. Audi and Porsche have significant market share there, so this is a threat,” he said.


Company: cnbc, Activity: cnbc, Date: 2019-03-05  Authors: holly ellyatt, picture alliance, getty images
Keywords: news, cnbc, companies, giants, car, market, critical, warn, told, porsche, german, threat, industry, brands, audi, situation, wars, tariff, trumps


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India-Pakistan situation is ‘very worrying’: Council on Foreign Relations

India-Pakistan situation is ‘very worrying’: Council on Foreign Relations14 Hours AgoSaudi Arabia indicated that it wants to help to de-escalate tensions between India and Pakistan. Alyssa Ayres of the Council on Foreign Relations said it would be “fairly difficult” for a Saudi leader to play a “mediating” role.


India-Pakistan situation is ‘very worrying’: Council on Foreign Relations14 Hours AgoSaudi Arabia indicated that it wants to help to de-escalate tensions between India and Pakistan. Alyssa Ayres of the Council on Foreign Relations said it would be “fairly difficult” for a Saudi leader to play a “mediating” role.
India-Pakistan situation is ‘very worrying’: Council on Foreign Relations Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-02-20
Keywords: news, cnbc, companies, indiapakistan, relations, situation, wants, worrying, saudi, tensions, role, council, relations14, foreign


India-Pakistan situation is 'very worrying': Council on Foreign Relations

India-Pakistan situation is ‘very worrying’: Council on Foreign Relations

14 Hours Ago

Saudi Arabia indicated that it wants to help to de-escalate tensions between India and Pakistan. Alyssa Ayres of the Council on Foreign Relations said it would be “fairly difficult” for a Saudi leader to play a “mediating” role.


Company: cnbc, Activity: cnbc, Date: 2019-02-20
Keywords: news, cnbc, companies, indiapakistan, relations, situation, wants, worrying, saudi, tensions, role, council, relations14, foreign


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Greece is at risk of not getting fresh money as reforms stall

Greece risks not getting a fresh batch of funding in the coming months with a series of promised reforms yet to be competed. It was also agreed that Greece would receive profits that central banks made when buying Greek sovereign bonds. European technical experts have been monitoring what the Greek government has been implementing. The cash Greece will receive will come from the profits that the European Central Bank makes for buying its sovereign debt. A spokesperson for the European Commission


Greece risks not getting a fresh batch of funding in the coming months with a series of promised reforms yet to be competed. It was also agreed that Greece would receive profits that central banks made when buying Greek sovereign bonds. European technical experts have been monitoring what the Greek government has been implementing. The cash Greece will receive will come from the profits that the European Central Bank makes for buying its sovereign debt. A spokesperson for the European Commission
Greece is at risk of not getting fresh money as reforms stall Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-02-08  Authors: silvia amaro, louisa gouliamaki, afp, getty images, angelos tzortzinis
Keywords: news, cnbc, companies, report, european, debt, second, receive, told, getting, reforms, technical, stall, fresh, situation, greece, risk, profits, money


Greece is at risk of not getting fresh money as reforms stall

Greece risks not getting a fresh batch of funding in the coming months with a series of promised reforms yet to be competed.

The country is no longer in an official bailout program. But in June it agreed to keep implementing certain reforms in exchange for some debt relief. This package included guarantees that Greece wouldn’t have to pay any of its debt until 2032 — which would be a 10-year extension on what it previously had. It was also agreed that Greece would receive profits that central banks made when buying Greek sovereign bonds. These are known as SMP-ANFA profits and would allow Greece to invest back into its economy.

European technical experts have been monitoring what the Greek government has been implementing. This is in case its measures deviate from a sound fiscal path, meaning creditors might not approve certain debt relief measures if Greece strays from the suggested track.

“They are behind schedule on what they need to deliver,” an EU official with knowledge of the situation but who preferred to remain anonymous due to the sensitivity of the situation, told CNBC over the phone. A spokesperson for the Greek finance ministry was not immediately available for comment when contacted by CNBC.

Greece ended its third bailout program in August. Since then, its European creditors published an initial post-program report in November, stating there were “delays in the sixteen specific reform commitments due for end-2018.”

These delays included arrears clearance, privatizations and the roll-out of the primary health-care system. These need to be completed by the end of February, which is when the European technical teams are due to publish a second post-program report.

This second report will be critical for euro zone finance ministers who need to decide at a meeting in March whether to approve a tranche of 750 million euros for Greece. The cash Greece will receive will come from the profits that the European Central Bank makes for buying its sovereign debt. The 750 million euros is the first of two equal tranches that Athens could receive between 2018 and 2022.

“In March, there will be a Eurogroup (the group of euro zone finance ministers) discussion (on) whether they get the first tranche of the central bank profits. (The decision) is connected to this (second) report, so if they are too far behind in the eyes of the Eurogroup, this cannot be done in March,” the same official told CNBC.

A spokesperson for the European Commission told CNBC that technical teams were in Athens between January 21 and 25. They mostly assessed the fiscal situation after the government adopted its 2019 budget plan.


Company: cnbc, Activity: cnbc, Date: 2019-02-08  Authors: silvia amaro, louisa gouliamaki, afp, getty images, angelos tzortzinis
Keywords: news, cnbc, companies, report, european, debt, second, receive, told, getting, reforms, technical, stall, fresh, situation, greece, risk, profits, money


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