China’s enormous debt ‘no longer can be ignored,’ analyst says

The world’s second biggest economy, which is slowing, is past a point where it cannot ignore its enormous debt anymore, according to an analyst. Fraser Howie, an independent analyst, told CNBC Tuesday that there’s a “whole host of hidden debt” in China, which had kick started stimulus this year as its economy slowed. “China is very much past the tipping point where the debt simply no longer can be ignored. “China … (had) this huge stimulus and turn on the credit taps and they drove all this gl


The world’s second biggest economy, which is slowing, is past a point where it cannot ignore its enormous debt anymore, according to an analyst. Fraser Howie, an independent analyst, told CNBC Tuesday that there’s a “whole host of hidden debt” in China, which had kick started stimulus this year as its economy slowed. “China is very much past the tipping point where the debt simply no longer can be ignored. “China … (had) this huge stimulus and turn on the credit taps and they drove all this gl
China’s enormous debt ‘no longer can be ignored,’ analyst says Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-08-23  Authors: shriya sharma
Keywords: news, cnbc, companies, china, started, stimulus, ignored, longer, analyst, rate, demand, told, economy, debt, enormous, chinas, slowing, howie


China's enormous debt 'no longer can be ignored,' analyst says

The world’s second biggest economy, which is slowing, is past a point where it cannot ignore its enormous debt anymore, according to an analyst.

Fraser Howie, an independent analyst, told CNBC Tuesday that there’s a “whole host of hidden debt” in China, which had kick started stimulus this year as its economy slowed.

“China is very much past the tipping point where the debt simply no longer can be ignored. The cost of servicing the debt … simply distracts from almost everything else,” said Howie.

China’s total debt — corporate, household and government — rose to over 300% of its GDP in the first quarter of 2019, slightly up from the same period a year earlier, according to a report by the Institute of International Finance.

“China … (had) this huge stimulus and turn on the credit taps and they drove all this global demand,” Howie said. “But there clearly was going to be a cost … and now they are suffering (from) it.”

China’s debt levels rapidly shot up a few years ago as its banks extended record amounts of credit to drive growth, which led to the Asian giant undertaking deleveraging efforts, or the process of reducing debt.

But the trade war has put a dent in its efforts to pare its massive debt as Beijing sought ways to boost its slowing economy, which was at its lowest growth in 27 years. Earlier this year, banks started to increase its lending again, with new loans surging to a record high.

In what some analysts called effectively a rate cut, the People’s Bank of China also this week launched a key interest rate reform — the loan prime rate — that would make borrowing costs for companies cheaper, and theoretically boost investment.

But Howie told CNBC that the issue was really whether there would be demand for more credit.

“The Chinese economy is clearly slowing, there are a lot of headwinds, there’re companies leaving China. China’s becoming a much harder investment case for a number of reasons. So is the underlying demand there or not?” he asked.


Company: cnbc, Activity: cnbc, Date: 2019-08-23  Authors: shriya sharma
Keywords: news, cnbc, companies, china, started, stimulus, ignored, longer, analyst, rate, demand, told, economy, debt, enormous, chinas, slowing, howie


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Hong Kong accountants join protests, but they’re ‘civilized and calm’

Accountants in Hong Kong took to the streets on Friday to call for the government to accept five demands of the people, including the complete withdrawal of a now-suspended extradition bill. “It’s time for us to stage a really civilized and calm march in the central business district to show that we’re still not happy with how the whole issue has been handled, and (the) government has to respond positively to the demands of the people,” Hong Kong legislator, Kenneth Leung, told CNBC on Friday, a


Accountants in Hong Kong took to the streets on Friday to call for the government to accept five demands of the people, including the complete withdrawal of a now-suspended extradition bill. “It’s time for us to stage a really civilized and calm march in the central business district to show that we’re still not happy with how the whole issue has been handled, and (the) government has to respond positively to the demands of the people,” Hong Kong legislator, Kenneth Leung, told CNBC on Friday, a
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Company: cnbc, Activity: cnbc, Date: 2019-08-23  Authors: stella soon
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Hong Kong accountants join protests, but they're 'civilized and calm'

Accountants in Hong Kong took to the streets on Friday to call for the government to accept five demands of the people, including the complete withdrawal of a now-suspended extradition bill.

“It’s time for us to stage a really civilized and calm march in the central business district to show that we’re still not happy with how the whole issue has been handled, and (the) government has to respond positively to the demands of the people,” Hong Kong legislator, Kenneth Leung, told CNBC on Friday, ahead of the march.

The march was set to take place from Chater Garden, in the central district of Hong Kong, to the central government office.

Hong Kong was a British colony until 1997, when it became a special administrative region of China under the “one country, two systems” framework which allows the territory a certain degree of legal and economic autonomy.


Company: cnbc, Activity: cnbc, Date: 2019-08-23  Authors: stella soon
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A quick US trade deal won’t help Britain avoid Brexit damage, economists say

A possible trade deal with the U.S. will do little to mitigate the impact of Britain leaving the EU without a deal in place, economists have told CNBC. In the event of a no-deal Brexit, the U.K. would lose this tariff-free access and would have to trade under World Trade Organization (WTO) rules. In order to avoid this, the U.K. government is trying to replicate many of the EU’s existing trade deals with other territories. It will, however, also need to renegotiate a trade deal with the EU in or


A possible trade deal with the U.S. will do little to mitigate the impact of Britain leaving the EU without a deal in place, economists have told CNBC. In the event of a no-deal Brexit, the U.K. would lose this tariff-free access and would have to trade under World Trade Organization (WTO) rules. In order to avoid this, the U.K. government is trying to replicate many of the EU’s existing trade deals with other territories. It will, however, also need to renegotiate a trade deal with the EU in or
A quick US trade deal won’t help Britain avoid Brexit damage, economists say Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-08-23  Authors: elliot smith
Keywords: news, cnbc, companies, damage, uk, deal, deals, help, say, brexit, economists, britain, eu, quick, trade, imports, pickering, political, wont, offset, told


A quick US trade deal won't help Britain avoid Brexit damage, economists say

A possible trade deal with the U.S. will do little to mitigate the impact of Britain leaving the EU without a deal in place, economists have told CNBC. Both the U.K. and U.S. governments have expressed a desire to forge a partial deal on trade as soon as possible after Britain’s anticipated departure from the EU on October 31. On a recent visit to London, U.S. national security advisor John Bolton said the U.S. would enthusiastically support a no-deal Brexit should Prime Minister Boris Johnson pursue it, adding that Washington would be ready to work fast on a free trade agreement. However, such an accord faces significant political hurdles on both sides of the Atlantic, while also falling short of the economic reprieve Britain will need to offset the loss of its existing trade arrangements with the EU, economists have argued. Limited impact In 2018, the EU accounted for 46% of all U.K. exports, 54% of all imports, and seven of the U.K.’s 10 largest export markets and sources of imports were from the other 27 EU nations, according to a House of Commons briefing paper published last week. The U.S. accounted for 19% of U.K. exports and 11% of imports, while Germany as a standalone partner represented 9% of exports and 12% of imports. Kallum Pickering, senior economist at Berenberg, told CNBC that given the larger impact on GDP from the quantity of trade with the EU in comparison with the U.S., it is “hard to see how leaving the EU could be offset with a trade deal with the U.S.” “You could add a further layer in the fact that the U.K.’s trade agreement with the EU is free in all senses of the word, on investment, on immigration, on goods and in most services, including finance, whereas the U.K. would presumably be striking with the U.S. a trade deal that covers goods and only partial agreements in services, with very little on immigration,” Pickering said. “So the major things that the U.K. benefits from — attracting lots of FDI (foreign direct investment) from Europe, a high inflow of EU workers boosting the labor force — would not be offset by a trade deal with the U.S,” he added.

The EU has around 40 trade deals covering over 70 countries, meaning the U.K. currently has access to those markets, such as Canada, without having to pay import tariffs on most goods. In the event of a no-deal Brexit, the U.K. would lose this tariff-free access and would have to trade under World Trade Organization (WTO) rules. In order to avoid this, the U.K. government is trying to replicate many of the EU’s existing trade deals with other territories. If Brexit does happen on October 31, the U.K. will be free to sign trade deals with countries which do not have existing agreements with the EU, such as the U.S. Britain has rolled over 13 trade deals so far, most recently with South Korea. Others have included partners with whom trade is historically negligible, such as Central America, Norway and Iceland, Israel and the Pacific Islands. It will, however, also need to renegotiate a trade deal with the EU in order to ensure continued tariff-free access to the world’s largest free-trading bloc. While acknowledging that a trade deal with the U.S. would be advantageous in general terms, Pickering argued that the benefit of an immediate U.S. trade deal upon leaving the EU, in the case of a hard exit, “provides only a limited offset, and that’s being generous.”

Other analysts were similarly skeptical about the practical aspects of a potential deal. Steen Jakobsen, chief economist at Saxo Bank, dismissed the suggestions as “political noise” when speaking to CNBC’s “Squawk Box Europe” on Tuesday, citing the seven-year negotiation to establish the landmark EU-Canada deal as an example of the complexity of the process. Altaf Kassam, EMEA head of investment strategy and research at State Street Global Advisors, pointed to the White House’s recent handling of trade negotiations as an ominous sign for any prospective trade deal. “Boris Johnson and Donald Trump have some kind of rapport, and that’s a good thing, but if you see the way the U.S.-China trade negotiations have gone, it’s never going to be a slam dunk for the U.K. This is going to drag on,” he told CNBC earlier this week. Political wall The politics of the deal have emerged front and center of late. Senate Minority Leader Chuck Schumer on Monday vowed to oppose any post-Brexit trade deal with the U.K. that would risk Northern Ireland’s peaceful status quo by reinstalling a hard southern border with the Republic of Ireland, which will remain part of the EU. U.K. leader Johnson has made eradicating the Irish “backstop” the key non-negotiable in his attempt to return to the table with European leaders. The “backstop” is seen as a way to keep the porous border between the Republic of Ireland and Northern Ireland (which is a part of the U.K.) open in the event that the U.K. and EU fail to agree a future trade deal at the end of a 21-month transition period. Its unpopularity with pro-Brexit lawmakers stems from its requirement that the U.K. remains in a single customs territory with the EU for an indefinite amount of time.


Company: cnbc, Activity: cnbc, Date: 2019-08-23  Authors: elliot smith
Keywords: news, cnbc, companies, damage, uk, deal, deals, help, say, brexit, economists, britain, eu, quick, trade, imports, pickering, political, wont, offset, told


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Sterling rises as Germany’s Merkel comments on possible Brexit solution

Sterling hit a three-week high against the dollar Thursday after German Chancellor Angela Merkel said a solution to the Irish “backstop” is possible before the October 31 Brexit deadline. “I said that what one can achieve in three or two years can also be achieved in 30 days. Better said, one must say that one can also achieve it by October 31,” Merkel told a news conference in the Hague. Her comments build on a speech Wednesday alongside U.K. Prime Minister Boris Johnson when she suggested that


Sterling hit a three-week high against the dollar Thursday after German Chancellor Angela Merkel said a solution to the Irish “backstop” is possible before the October 31 Brexit deadline. “I said that what one can achieve in three or two years can also be achieved in 30 days. Better said, one must say that one can also achieve it by October 31,” Merkel told a news conference in the Hague. Her comments build on a speech Wednesday alongside U.K. Prime Minister Boris Johnson when she suggested that
Sterling rises as Germany’s Merkel comments on possible Brexit solution Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-08-22  Authors: matt clinch spriha srivastava, matt clinch, spriha srivastava
Keywords: news, cnbc, companies, solution, ireland, merkel, germanys, irish, brexit, johnson, days, comments, 31, sterling, rises, uk, possible, 30, told, leave


Sterling rises as Germany's Merkel comments on possible Brexit solution

Sterling hit a three-week high against the dollar Thursday after German Chancellor Angela Merkel said a solution to the Irish “backstop” is possible before the October 31 Brexit deadline.

“I said that what one can achieve in three or two years can also be achieved in 30 days. Better said, one must say that one can also achieve it by October 31,” Merkel told a news conference in the Hague.

Her comments build on a speech Wednesday alongside U.K. Prime Minister Boris Johnson when she suggested that both sides could find a solution to the Irish backstop in the next 30 days. This was seen as signal that she was willing to compromise with Johnson and the extended deadline from her comments on Thursday gave sterling a boost.

“It is not about 30 days. The 30 days were meant as an example to highlight the fact that we need to achieve it in a short time because Britain had said they want to leave the European Union on October 31,” she added, according to a translation for Reuters.

Sterling jumped past $1.22 to trade 0.75% higher for the session by 2:00 p.m. London time. Meanwhile, London’s FTSE fell, trading 0.5% lower. Sterling is down more than 5% since the start of the year and down more than 14% since the U.K. voted to leave the European Union in 2016.

The Irish backstop — the most controversial part of the existing Brexit deal — is to do with maintaining a seamless border on the island of Ireland. It’s seen as a way to keep the porous border between the Republic of Ireland and Northern Ireland (which is a part of the U.K.) open in the event that the U.K. and EU fail to agree a future trade deal at the end of a 21-month transition period.

Its unpopularity with pro-Brexit lawmakers stems from its requirement that the U.K. remains in a single customs territory with the EU for an indefinite amount of time.

New U.K. leader Johnson is fighting hard to drop this part from the Withdrawal Agreement and has warned his EU counterparts that Britain could leave without a deal in place if nothing is agreed before the October 31 deadline. Sterling has slipped in recent months on the prospect of this no-deal scenario.

Stephen Gallo, a forex strategist at BMO Capital Markets, told CNBC that currency traders have been betting heavily against the pound recently and Merkel’s comments hint at an attempt to compromise.

“Is Brussels about to ‘blink’? GBP shorts are not waiting around to find out,” he told CNBC via email. In the medium term, he says the picture hasn’t changed, however.

“We still think the odds of a WTO Brexit are elevated, and in any case, there could well be a snap election in the U.K. before October 31st. We would still be selling rallies in GBPUSD,” he said.


Company: cnbc, Activity: cnbc, Date: 2019-08-22  Authors: matt clinch spriha srivastava, matt clinch, spriha srivastava
Keywords: news, cnbc, companies, solution, ireland, merkel, germanys, irish, brexit, johnson, days, comments, 31, sterling, rises, uk, possible, 30, told, leave


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Tim Cook has found the ‘recipe’ for a positive relationship with Trump, says Yale’s Jeff Sonnenfeld

Apple CEO Tim Cook has found the “recipe” for a positive relationship with President Donald Trump, management expert Jeffrey Sonnenfeld told CNBC on Thursday. “I don’t think many people would have predicted [the relationship between Tim Cook and Donald Trump].” The president praised the Apple CEO after the two had dinner in Bedminster, New Jersey, at Trump’s golf club last week. … Because he calls me and others don’t,” Trump told reporters Wednesday. This is our first CEO president in American


Apple CEO Tim Cook has found the “recipe” for a positive relationship with President Donald Trump, management expert Jeffrey Sonnenfeld told CNBC on Thursday. “I don’t think many people would have predicted [the relationship between Tim Cook and Donald Trump].” The president praised the Apple CEO after the two had dinner in Bedminster, New Jersey, at Trump’s golf club last week. … Because he calls me and others don’t,” Trump told reporters Wednesday. This is our first CEO president in American
Tim Cook has found the ‘recipe’ for a positive relationship with Trump, says Yale’s Jeff Sonnenfeld Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-08-22  Authors: jasmine kim
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Tim Cook has found the 'recipe' for a positive relationship with Trump, says Yale's Jeff Sonnenfeld

Apple CEO Tim Cook has found the “recipe” for a positive relationship with President Donald Trump, management expert Jeffrey Sonnenfeld told CNBC on Thursday.

“Trump runs hot and cold on people,” the senior associate dean at the Yale School of Management said on “Closing Bell. ” “I don’t think many people would have predicted [the relationship between Tim Cook and Donald Trump].”

The president praised the Apple CEO after the two had dinner in Bedminster, New Jersey, at Trump’s golf club last week. “That’s why he’s a great executive. … Because he calls me and others don’t,” Trump told reporters Wednesday.

When talking about business leaders building relationships with the president, Sonnenfeld, who is also a CNBC contributor, said, “There are a lot of risks, a lot of reputation risks. There’s volatility but there were [also] very high hopes. This is our first CEO president in American history.”

The management expert explained that during the last election, “most of the major business communities did not support him. Almost 80% [of the Republican business executives] didn’t support him for president.”

He added, “It’s fitful. Even though he wants to use relationships, much of the public doesn’t appreciate him. He’s not one of them. He positions himself as one of them but they never saw him as one. His enterprise was never near the scale of any of these people’s businesses. He felt rejected from their club. So there’s some resentment there.”

Although Cook has publicly criticized Trump for his environmental and immigration polices and the president’s remarks on the white nationalist rally in Charlottesville, Virginia, he has found and “given [the business community] a recipe” for how to manage a positive relationship with the president, according to Sonnenfeld.

The CEO reportedly made a “good case” to Trump during the dinner meeting that it would be hard for Apple to pay tariffs while competing against its South Korean rival Samsung. Cook argued that the additional duties would be unfair in comparison to Samsung that does most of its manufacturing in South Korea.

Trump suggested that he delayed the 10% tariffs on laptops and cellphones because a majority of Apple’s final device assembly takes place in China.


Company: cnbc, Activity: cnbc, Date: 2019-08-22  Authors: jasmine kim
Keywords: news, cnbc, companies, recipe, tim, relationship, positive, president, apple, sonnenfeld, ceo, told, trump, yales, jeff, management, business, cook


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Former OMB director: Halt in US consumer spending would bring recession

Consumers make up roughly 70% of the U.S. economy, which means they’re becoming increasingly important amid fears of a new recession. While retail sales are up and retail earnings have done well in the past quarter, consumer spending can weaken from volatile market conditions. Nussle agreed with other economists and retail watchers that “70% … of the economic force in our country” is tied to U.S. consumers and consumer spending. “They see the costs going up because of the trade war. The costs


Consumers make up roughly 70% of the U.S. economy, which means they’re becoming increasingly important amid fears of a new recession. While retail sales are up and retail earnings have done well in the past quarter, consumer spending can weaken from volatile market conditions. Nussle agreed with other economists and retail watchers that “70% … of the economic force in our country” is tied to U.S. consumers and consumer spending. “They see the costs going up because of the trade war. The costs
Former OMB director: Halt in US consumer spending would bring recession Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-08-21  Authors: jasmine kim, courtney reagan
Keywords: news, cnbc, companies, told, going, halt, director, omb, recession, retail, trade, nussle, spending, consumer, war, bring, week, theyre


Former OMB director: Halt in US consumer spending would bring recession

Jim Nussle, a former director of the Office of Management and Budget, told CNBC’s “Closing Bell ” on Wednesday that a strong U.S. consumer is the only thing keeping the country from a recession.

“I see [the trade war] as a leading indicator of the concern from the consumers, and if they decide that they’re going to pull out of the market, they decide they’re going to stop spending, that will force us, as quickly as anything, into a recession,” said Nussle, CEO of the Credit Union National Association.

Consumers make up roughly 70% of the U.S. economy, which means they’re becoming increasingly important amid fears of a new recession. Diane Swonk, chief economist at Grant Thornton, told CNBC last week that “the consumer has played Atlas, carrying the economy, and it can do that, but the muscles come from job gains and wages.”

While retail sales are up and retail earnings have done well in the past quarter, consumer spending can weaken from volatile market conditions.

According to a report released last week, the U.S. consumer sentiment index fell to 92.1 in August, hitting the lowest indicator readout in 2019. Economists surveyed by Refinitiv estimated that the preliminary read on August consumer sentiment would reach 97, still down from 98.4 in July.

Nussle agreed with other economists and retail watchers that “70% … of the economic force in our country” is tied to U.S. consumers and consumer spending.

“[Consumers] are worried about their future, whether it’s their job, living paycheck to paycheck,” Nussle said. “They see the costs going up because of the trade war. There is some uncertainty as we talk about recession’s coming. The costs going up … makes them start worrying about whether or not they’re going to be able to make ends meet.”

The curve between the 2-year note and the 10-year note flattened on Wednesday after the Fed released minutes of its last meeting in July. Then the briefly fell below the , sending a second recession warning since last week.


Company: cnbc, Activity: cnbc, Date: 2019-08-21  Authors: jasmine kim, courtney reagan
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Mike Pompeo tells business execs, economists that he thinks the China trade war could end by 2020 election

Secretary of State Mike Pompeo told a group of business executives and free-trade economists that he believes the trade war with China could come to an end by the 2020 presidential election, according to people who attended the gathering. Pompeo told CNBC’s “Squawk Box” earlier Tuesday that he wasn’t sure about where things will ultimately stand between the U.S. and China. I have spoken to Secretary Mnuchin almost every day,” Pompeo told CNBC. I think we would all agree that it would be better f


Secretary of State Mike Pompeo told a group of business executives and free-trade economists that he believes the trade war with China could come to an end by the 2020 presidential election, according to people who attended the gathering. Pompeo told CNBC’s “Squawk Box” earlier Tuesday that he wasn’t sure about where things will ultimately stand between the U.S. and China. I have spoken to Secretary Mnuchin almost every day,” Pompeo told CNBC. I think we would all agree that it would be better f
Mike Pompeo tells business execs, economists that he thinks the China trade war could end by 2020 election Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-08-20  Authors: brian schwartz
Keywords: news, cnbc, companies, secretary, trade, state, thinks, moore, pompeo, end, economists, mike, election, told, york, execs, china, war, tells, according


Mike Pompeo tells business execs, economists that he thinks the China trade war could end by 2020 election

Secretary of State Mike Pompeo told a group of business executives and free-trade economists that he believes the trade war with China could come to an end by the 2020 presidential election, according to people who attended the gathering.

At a private lunch in New York on Tuesday, Pompeo spoke in front of a crowd of about 40 people that included economics writer Stephen Moore, Blackstone CEO Steve Schwarzman, Gristedes supermarket founder John Catsimatidis and former New York GOP chairman Ed Cox, according to people who attended the gathering.

Representatives from the State Department and Blackstone did not return a request for comment.

President Donald Trump has been levying tariffs on a variety of Chinese goods since the start of his administration, while China has been retaliating with trade barriers of its own.

Pompeo told CNBC’s “Squawk Box” earlier Tuesday that he wasn’t sure about where things will ultimately stand between the U.S. and China.

“I don’t know the answer to that. I have spoken to Secretary Mnuchin almost every day,” Pompeo told CNBC. “I haven’t been at the center of these actual negotiations. I’ve seen them make real progress.”

Moore said Pompeo, speaking at the lunch, sounded somewhat bullish on the prospects of an agreement.

“He still thinks that we can get a deal before the election. I think we would all agree that it would be better for the country,” Moore told CNBC in an interview.

Moore also noted that Pompeo still seemed hawkish on a China deal in the short term. Pompeo, according to Moore, pointed out that there continue to be hurdles to an immediate agreement.

“It’s been a tough slog to get China to agree to things. The hardliners are in command right now,” Moore said, reflecting on Pompeo’s remarks.

Catsmatidis also took away that Pompeo senses that China and the U.S. will come to an agreement over the next year.

“He talked about China. He thinks it will probably get done and they are not going to wait until 2020,” said the supermarket magnate.

The meeting was organized by the “Committee to Unleash Prosperity,” whose founders include Moore, former Reagan administration economist Art Laffer and former presidential candidate Steve Forbes. Catsimatidis is a member of the group.

Watch: CNBC’s full interview with Secretary of State Mike Pompeo


Company: cnbc, Activity: cnbc, Date: 2019-08-20  Authors: brian schwartz
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US grants Huawei another 90 days to buy from American suppliers: Ross

Asked what will happen in November to U.S. companies, Ross said: “Everybody has had plenty of notice of it, there have been plenty of discussions with the president.” The U.S. government blacklisted Huawei, alleging the Chinese company is involved in activities contrary to national security or foreign policy interests. Huawei, the world’s largest telecommunications equipment maker, is still prohibited from buying American parts and components to manufacture new products without additional specia


Asked what will happen in November to U.S. companies, Ross said: “Everybody has had plenty of notice of it, there have been plenty of discussions with the president.” The U.S. government blacklisted Huawei, alleging the Chinese company is involved in activities contrary to national security or foreign policy interests. Huawei, the world’s largest telecommunications equipment maker, is still prohibited from buying American parts and components to manufacture new products without additional specia
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US grants Huawei another 90 days to buy from American suppliers: Ross

Commerce Secretary Wilbur Ross (R) and other Trump Administration officials sit down with Chinese vice ministers and senior officials for trade negotiations in the Diplomatic Room at the Eisenhower Executive Office Building January 30, 2019 in Washington, DC.

U.S. Commerce Secretary Wilbur Ross said Monday the U.S. government will extend a reprieve given to Huawei Technologies that permits the Chinese firm to buy supplies from U.S. companies so that it can service existing customers, even as nearly 50 of its units were being added to a U.S. economic blacklist.

The “temporary general license,” due to expire on Monday, will be extended for Huawei for 90 days, he told Fox Business Network Monday, confirming an expected decision first reported Friday by Reuters. He also said he was adding 46 Huawei affiliates to the Entity List, raising the total number to more than 100 Huawei entities that are covered by the restrictions.

Ross said the extension was to aid U.S. customers, many of which operate networks in rural America.

“We’re giving them a little more time to wean themselves off,” Ross said.

Shortly after blacklisting the company in May, the Commerce Department initially allowed Huawei to purchase some American-made goods in a move aimed at minimizing disruption for its customers.

Huawei did not immediately comment Monday.

The extension, through Nov. 19, renews an agreement continuing the Chinese company’s ability to maintain existing telecommunications networks and provide software updates to Huawei handsets.

Asked what will happen in November to U.S. companies, Ross said: “Everybody has had plenty of notice of it, there have been plenty of discussions with the president.”

When the Commerce Department blocked Huawei from buying U.S. goods earlier this year, it was seen as a major escalation in the Sino-U.S.trade war.

The U.S. government blacklisted Huawei, alleging the Chinese company is involved in activities contrary to national security or foreign policy interests.

As an example, the blacklisting order cited a pending federal criminal case concerning allegations Huawei violated U.S. sanctions against Iran. Huawei has pleaded not guilty in the case.

The order noted that the indictment also accused Huawei of deceptive and obstructive acts.

At the same time the United States says Huawei’s smartphones and network equipment could be used by China to spy on Americans, allegations the company has repeatedly denied.

Huawei, the world’s largest telecommunications equipment maker, is still prohibited from buying American parts and components to manufacture new products without additional special licenses.

Many Huawei suppliers have requested the special licenses to sell to the firm. Ross told reporters late last month he had received more than 50 applications, and that he expected to receive more. He said on Monday that there were no “specific licenses being granted for anything.”

Out of $70 billion that Huawei spent buying components in 2018, some $11 billion went to U.S. companies including Qualcomm, Intel, and Micron Technology. Intel declined to comment on Monday.


Company: cnbc, Activity: cnbc, Date: 2019-08-19  Authors: spencer kimball
Keywords: news, cnbc, companies, grants, chinese, companies, american, commerce, 90, buy, company, told, wilbur, buying, telecommunications, suppliers, days, huawei, ross


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‘Greenland belongs to Greenland’: Denmark says selling world’s largest island to US is absurd

Greenland is not for sale and the idea of selling it to the United States is absurd, Denmark’s prime minister said on Sunday after an economic adviser to President Donald Trump confirmed the U.S. interest in buying the world’s largest island. Greenland belongs to Greenland. I strongly hope that this is not meant seriously,” Danish Prime Minister Mette Frederiksen told the newspaper Sermitsiaq during a visit to Greenland. White House economic adviser Larry Kudlow on Sunday confirmed media reports


Greenland is not for sale and the idea of selling it to the United States is absurd, Denmark’s prime minister said on Sunday after an economic adviser to President Donald Trump confirmed the U.S. interest in buying the world’s largest island. Greenland belongs to Greenland. I strongly hope that this is not meant seriously,” Danish Prime Minister Mette Frederiksen told the newspaper Sermitsiaq during a visit to Greenland. White House economic adviser Larry Kudlow on Sunday confirmed media reports
‘Greenland belongs to Greenland’: Denmark says selling world’s largest island to US is absurd Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-08-18
Keywords: news, cnbc, companies, denmark, trump, kudlow, greenland, president, belongs, selling, prime, minister, visit, worlds, largest, buying, told, island, danish, absurd


'Greenland belongs to Greenland': Denmark says selling world's largest island to US is absurd

Greenland is not for sale and the idea of selling it to the United States is absurd, Denmark’s prime minister said on Sunday after an economic adviser to President Donald Trump confirmed the U.S. interest in buying the world’s largest island.

“Greenland is not for sale. Greenland is not Danish. Greenland belongs to Greenland. I strongly hope that this is not meant seriously,” Danish Prime Minister Mette Frederiksen told the newspaper Sermitsiaq during a visit to Greenland.

Trump’s is due to visit Copenhagen early next month, when the Arctic will be on the agenda in meetings with Frederiksen and Prime Minister Kim Kielsen of Greenland, an autonomous Danish territory.

White House economic adviser Larry Kudlow on Sunday confirmed media reports earlier in the week that Trump had privately discussed with his advisers the idea of buying Greenland.

“I don’t want to predict an outcome, I’m just saying the president, who knows a thing or two about buying real estate, wants to take a look at a Greenland purchase,” Kudlow told Fox News.

Kudlow said the situation was “developing” and noted that U.S. President Harry Truman also had wanted to buy Greenland.

“And Denmark owns Greenland, Denmark is an ally, Greenland is a strategic place, up there. And they’ve got a lot of valuable minerals,” Kudlow added.


Company: cnbc, Activity: cnbc, Date: 2019-08-18
Keywords: news, cnbc, companies, denmark, trump, kudlow, greenland, president, belongs, selling, prime, minister, visit, worlds, largest, buying, told, island, danish, absurd


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GE rebounds after CEO share purchases, Wall Street analysts come to company’s defense

General Electric bounced back Friday after the CEO shored up confidence by purchasing a bulk of company shares, and analysts defended the industrial giant. The CEO has roughly doubled his holding of GE shares this week. In the 175-page report, Markopolos accused GE of $38 billion in accounting fraud — “bigger than Enron and WorldCom combined.” “It’s going to make this company probably file for bankruptcy,” Markopolos told CNBC’s “Squawk on the Street ” on Thursday. Markopolos told CNBC that he w


General Electric bounced back Friday after the CEO shored up confidence by purchasing a bulk of company shares, and analysts defended the industrial giant. The CEO has roughly doubled his holding of GE shares this week. In the 175-page report, Markopolos accused GE of $38 billion in accounting fraud — “bigger than Enron and WorldCom combined.” “It’s going to make this company probably file for bankruptcy,” Markopolos told CNBC’s “Squawk on the Street ” on Thursday. Markopolos told CNBC that he w
GE rebounds after CEO share purchases, Wall Street analysts come to company’s defense Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-08-16  Authors: kate rooney
Keywords: news, cnbc, companies, street, report, shares, told, rebounds, stock, purchases, wall, companys, ceo, morning, defense, worldcom, come, markopolos, share, accounting, ge


GE rebounds after CEO share purchases, Wall Street analysts come to company's defense

General Electric bounced back Friday after the CEO shored up confidence by purchasing a bulk of company shares, and analysts defended the industrial giant.

GE’s stock was up more than 6% on Friday morning following its biggest drop since April 2008 a day earlier. The shares had tanked 11% on Thursday.

The stock began its downward spiral Thursday morning after Harry Markopolos, best-known for pointing out irregularities with Bernie Madoff’s investment strategy years before the Ponzi scheme was exposed, published a report accusing GE of fraudulent financial statements.

Larry Culp, who took over the struggling industrial conglomerate last year, bought 252,200 shares for $7.93 each, according to a Thursday evening filing with the SEC. The CEO has roughly doubled his holding of GE shares this week.

In the 175-page report, Markopolos accused GE of $38 billion in accounting fraud — “bigger than Enron and WorldCom combined.” He outlined a “long history” of accounting fraud at GE, dating to as early as 1995, when it was run by Jack Welch.

“It’s going to make this company probably file for bankruptcy,” Markopolos told CNBC’s “Squawk on the Street ” on Thursday. “WorldCom and Enron lasted about four months. … We’ll see how GE does.”

A U.S. hedge fund, which Markopolos wouldn’t name, paid Markopolos to conduct the report. Markopolos told CNBC that he was getting a “decent percentage” of profits that the hedge fund would make from betting against GE.

Culp, who is a former CEO of Danaher, said the accusations were false, and driven by incentives to profit off of GE’s stock drop.

“GE will always take any allegation of financial misconduct seriously. But this is market manipulation – pure and simple,” he said in a statement. “Mr. Markopolos’s report contains false statements of fact and these claims could have been corrected if he had checked them with GE before publishing the report.”

Leslie Seidman, a GE board director and chair of its audit committee, also pushed back on the Markopolos report, which she said contained “numerous novel interpretations and downright mistakes about the actual accounting requirements.”

“In his own words, he stands to personally financially benefit from today’s significant market reaction to his report,” she said Thursday. “He is selectively front-running widely reported regulatory processes and rigorous investigations without the benefit of any access to GE’s books and records.”


Company: cnbc, Activity: cnbc, Date: 2019-08-16  Authors: kate rooney
Keywords: news, cnbc, companies, street, report, shares, told, rebounds, stock, purchases, wall, companys, ceo, morning, defense, worldcom, come, markopolos, share, accounting, ge


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