Asia markets: Brexit deal, pound and China economic data in focus

Asia Pacific markets traded mixed on Thursday after data showed growth in China’s industrial output fell. Overnight, British lawmakers rejected the idea of leaving the European Union without a Brexit deal in place. The Nikkei 225 in Japan gave up its gains to finish flat at 21,287.02 while the Topix index fell 0.24 percent to 1,588.29. Data on Thursday showed China’s industrial output growth fell to a 17-year low in the first two months of the year, according to Reuters. The on-shore yuan traded


Asia Pacific markets traded mixed on Thursday after data showed growth in China’s industrial output fell. Overnight, British lawmakers rejected the idea of leaving the European Union without a Brexit deal in place. The Nikkei 225 in Japan gave up its gains to finish flat at 21,287.02 while the Topix index fell 0.24 percent to 1,588.29. Data on Thursday showed China’s industrial output growth fell to a 17-year low in the first two months of the year, according to Reuters. The on-shore yuan traded
Asia markets: Brexit deal, pound and China economic data in focus Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-03-14  Authors: saheli roy choudhury, toshifumi kitamura, afp, getty images
Keywords: news, cnbc, companies, markets, fell, economic, china, asia, showed, midpoint, data, growth, brexit, focus, deal, traded, pound, output, industrial, chinas, index, yuan


Asia markets: Brexit deal, pound and China economic data in focus

Asia Pacific markets traded mixed on Thursday after data showed growth in China’s industrial output fell. Overnight, British lawmakers rejected the idea of leaving the European Union without a Brexit deal in place.

The Nikkei 225 in Japan gave up its gains to finish flat at 21,287.02 while the Topix index fell 0.24 percent to 1,588.29.

In South Korea, the Kospi wavered between gains and losses to close up 0.34 percent at 2,155.68. Hong Kong’s Hang Seng Index was down 0.22 percent in afternoon trade.

Chinese mainland shares withdrew as the Shanghai composite fell 1.2 percent to 2,990.68 while the Shenzhen composite tumbled 2.311 percent.

Data on Thursday showed China’s industrial output growth fell to a 17-year low in the first two months of the year, according to Reuters. That further pointed to an economic slowdown in the world’s second-largest economy. But investments picked up pace as the government fast-tracked more road and rail projects, the news agency added.

Beijing has already pledged hundreds of billions of dollars in tax cuts and infrastructure spending to support the flagging economy.

The on-shore yuan traded at 6.7134 to the dollar at 2:44 p.m. HK/SIN after the People’s Bank of China set the day’s yuan midpoint at 6.7009. China’s central bank allows the currency exchange rate to rise or fall 2 percent from the midpoint rate.

Australia’s benchmark ASX 200 closed up 0.3 percent at 6,179.60.


Company: cnbc, Activity: cnbc, Date: 2019-03-14  Authors: saheli roy choudhury, toshifumi kitamura, afp, getty images
Keywords: news, cnbc, companies, markets, fell, economic, china, asia, showed, midpoint, data, growth, brexit, focus, deal, traded, pound, output, industrial, chinas, index, yuan


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Japan aims to open door wider for foreign blue-collar workers in a controversial shift

Prime Minister Shinzo Abe’s cabinet approved draft legislation on Friday to open the door to more overseas blue-collar workers in sectors grappling with labour shortages, a controversial policy shift in immigration-shy Japan. For blue-collar workers, employers mostly rely on a “technical trainees” system and foreign students working part-time, loopholes critics say are abused. Opposition politicians accuse the government of undue haste without protecting foreign workers’ rights. Abe has said the


Prime Minister Shinzo Abe’s cabinet approved draft legislation on Friday to open the door to more overseas blue-collar workers in sectors grappling with labour shortages, a controversial policy shift in immigration-shy Japan. For blue-collar workers, employers mostly rely on a “technical trainees” system and foreign students working part-time, loopholes critics say are abused. Opposition politicians accuse the government of undue haste without protecting foreign workers’ rights. Abe has said the
Japan aims to open door wider for foreign blue-collar workers in a controversial shift Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2018-11-02  Authors: toshifumi kitamura, afp, getty images
Keywords: news, cnbc, companies, shortages, controversial, foreign, door, immigration, workers, party, open, wider, aims, japan, policy, skills, visa, shift, japanese, bluecollar


Japan aims to open door wider for foreign blue-collar workers in a controversial shift

Prime Minister Shinzo Abe’s cabinet approved draft legislation on Friday to open the door to more overseas blue-collar workers in sectors grappling with labour shortages, a controversial policy shift in immigration-shy Japan.

Japan’s immigration debate is heating up even as U.S. President Donald Trump puts the topic front and center for next week’s Congressional midterm elections.

Immigration has long been taboo as many Japanese prize ethnic homogeneity, but the reality of an aging, shrinking population is challenging such views.

Despite misgivings in Abe’s Liberal Democratic Party (LDP), parliament is likely to adopt the revisions in the face of intense pressure from businesses battling the tightest labor market in decades, although opposition parties could delay.

The revised law would create two new visa categories for foreigners in sectors with labor shortages. While not spelt out, they are expected to be more than a dozen, from farming and construction to hotels and nursing care.

Justice Minister Takashi Yamashita on Thursday ruled out a numerical cap, but media said 500,000 blue-collar workers could be allowed in over time, up 40 percent from the 1.28 million foreign workers now forming about 2 percent of the workforce.

Workers in the first visa category must have a certain level of skills and Japanese language ability. They would not be allowed to bring family members for a stay of up to five years.

But those with higher skills, in the second category, could bring family and eventually get residency.

Japan has grown more accepting of foreign labour but the focus has been on professionals and the highly-skilled.

For blue-collar workers, employers mostly rely on a “technical trainees” system and foreign students working part-time, loopholes critics say are abused.

LDP lawmakers signed off on the bill after heated party debate. Many expressed concerns about crime and a negative effect on wages. Opposition politicians accuse the government of undue haste without protecting foreign workers’ rights.

Abe has said the changes do not constitute an “immigration policy”, out of an apparent desire not to upset his conservative backers. Many experts differ.

“I think this is a de facto shift to an immigration policy,” Hidenori Sakanaka, a former head of the Tokyo Immigration Bureau, told Reuters.

The tiny nationalist “Japan First Party” has protested against the changes for reasons such as fears foreigners would inflate welfare rolls and crime rates, it says on its website.

A recent survey by the Yomiuri newspaper, however, showed 51 percent of Japanese voters favored letting in more unskilled foreign workers and about 43 percent backed recognizing “immigration” — about the same percentage as those opposed.


Company: cnbc, Activity: cnbc, Date: 2018-11-02  Authors: toshifumi kitamura, afp, getty images
Keywords: news, cnbc, companies, shortages, controversial, foreign, door, immigration, workers, party, open, wider, aims, japan, policy, skills, visa, shift, japanese, bluecollar


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Who is Masayoshi Son?

SoftBank’s Vision Fund — a $100 billion private equity fund that’s outspending almost every other player in start-up investing — seemed to come out of nowhere this year. But for the company’s firebrand leader, Masayoshi Son, an ambitious vision was ordained at birth. 1 in Japan,” Son said his father told him as a child, according to a 1987 interview obtained by Bloomberg. Son has downplayed the role of his massive fund. Meanwhile, some entrepreneurs are running, not walking, to get Son on board


SoftBank’s Vision Fund — a $100 billion private equity fund that’s outspending almost every other player in start-up investing — seemed to come out of nowhere this year. But for the company’s firebrand leader, Masayoshi Son, an ambitious vision was ordained at birth. 1 in Japan,” Son said his father told him as a child, according to a 1987 interview obtained by Bloomberg. Son has downplayed the role of his massive fund. Meanwhile, some entrepreneurs are running, not walking, to get Son on board
Who is Masayoshi Son? Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2017-12-31  Authors: anita balakrishnan, adam jeffery, tomohiro ohsumi, bloomberg, getty images, yoshikazu tsuno, afp, toshifumi kitamura, kiyoshi ota, -david wei
Keywords: news, games, cnbc, companies, tech, son, masayoshi, investment, massive, wyler, vision, softbank, world, fund, company


Who is Masayoshi Son?

SoftBank’s Vision Fund — a $100 billion private equity fund that’s outspending almost every other player in start-up investing — seemed to come out of nowhere this year.

But for the company’s firebrand leader, Masayoshi Son, an ambitious vision was ordained at birth.

“You are a genius, No. 1 in Japan,” Son said his father told him as a child, according to a 1987 interview obtained by Bloomberg. “You’ll be a big shot.”

It proved to be prophetic: Son is now one of the world’s richest men. He’s using his fortune and his deep connections in the tech industry to back a series of massive investments designed to secure SoftBank’s place in the next century.

In the past year alone, SoftBank or the Vision Fund have invested in, acquired or partnered with WeWork, Arm, Foxconn, Alibaba Cloud and more. More deals, like the acquisition of Boston Dynamics and Fortress Investment Group, are still in the works.

Now, Softbank is getting ready to make a major investment in Uber, one of the most highly valued private tech companies int he world. This would double up with Son’s investment in Didi Chuxing, the majority owner of Uber’s China operations. It would also be another touch point with new Uber CEO Dara Khosrowshahi, a board member of SoftBank-backed Fanatics.

Son has also invested in Grab, a ride-hailing company in Southeast Asia, and Ola, an India ride-hailing giant. (In 2016, top SoftBank executive Ming Maa joined Grab.)

Son has downplayed the role of his massive fund.

“The ‘gold rush,’ it’s just a money thing. It’s not important, it’s just a process. What is more important is human happiness. How do we help ourselves, humans, become happier?” Son said at the Future Investment Initiative in Riyadh, Saudi Arabia this year. “I’m a super optimist… There’s always a solution.”

Meanwhile, some entrepreneurs are running, not walking, to get Son on board at their company, according to Greg Wyler, founder of satellite tech company OneWeb. Softbank led a massive $1.2 billion round in the start-up less than a year ago.

“He has a thematic, deep understanding of technology — what global impact it has on people around the world, how their lives will be changed by technology,” Wyler told CNBC. “I can’t put him a bucket. Larry Page, Mark Zuckerberg, they may be are similar in this way or that way. Bill Gates has a certain style. I can’t do that with Masa. He’s more of this all-seeing person.”


Company: cnbc, Activity: cnbc, Date: 2017-12-31  Authors: anita balakrishnan, adam jeffery, tomohiro ohsumi, bloomberg, getty images, yoshikazu tsuno, afp, toshifumi kitamura, kiyoshi ota, -david wei
Keywords: news, games, cnbc, companies, tech, son, masayoshi, investment, massive, wyler, vision, softbank, world, fund, company


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Chrissy Teigen: Tokyo-bound ANA flight turns back to LAX

All Nippon Airways (ANA) flight bound for Tokyo’s Narita Airport turned around to go back to Los Angeles International Airport, due to an unauthorized person on the plane. “During the flight, the cabin crew became aware that one of the passengers boarded the incorrect flight and notified the pilot,” the airline told CNBC in a statement. News of the diversion gained traction on social media as American model Chrissy Teigen, a passenger on ANA 175, tweeted about it episodically. ANA 175 departed L


All Nippon Airways (ANA) flight bound for Tokyo’s Narita Airport turned around to go back to Los Angeles International Airport, due to an unauthorized person on the plane. “During the flight, the cabin crew became aware that one of the passengers boarded the incorrect flight and notified the pilot,” the airline told CNBC in a statement. News of the diversion gained traction on social media as American model Chrissy Teigen, a passenger on ANA 175, tweeted about it episodically. ANA 175 departed L
Chrissy Teigen: Tokyo-bound ANA flight turns back to LAX Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2017-12-26  Authors: huileng tan, toshifumi kitamura, afp, getty images
Keywords: news, games, cnbc, companies, teigen, passenger, passengers, airport, pilot, tokyobound, flight, turns, chrissy, unauthorized, lax, turned, model, ana, tweeted


Chrissy Teigen: Tokyo-bound ANA flight turns back to LAX

A flight from Los Angeles to Tokyo turned back on Tuesday because of an apparent mix-up involving an unauthorized passenger on board — while a famous model repeatedly tweeted about the episode to 9.2 million followers.

All Nippon Airways (ANA) flight bound for Tokyo’s Narita Airport turned around to go back to Los Angeles International Airport, due to an unauthorized person on the plane.

“During the flight, the cabin crew became aware that one of the passengers boarded the incorrect flight and notified the pilot,” the airline told CNBC in a statement. “As part of the airline’s security procedure, the pilot in command decided to return to the originating airport, where the passenger was disembarked.”

News of the diversion gained traction on social media as American model Chrissy Teigen, a passenger on ANA 175, tweeted about it episodically.

ANA 175 departed LAX at 11:36 a.m. local time and returned to LAX at 7:33 p.m.

“ANA is researching the situation currently to determine how the passenger boarded the flight,” the carrier said. “ANA would like to express its apologies to the passengers for the inconvenience.”


Company: cnbc, Activity: cnbc, Date: 2017-12-26  Authors: huileng tan, toshifumi kitamura, afp, getty images
Keywords: news, games, cnbc, companies, teigen, passenger, passengers, airport, pilot, tokyobound, flight, turns, chrissy, unauthorized, lax, turned, model, ana, tweeted


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Final tax plan could leave popular stock sale strategies untouched

The proposed first-in-first-out rule on stock sales has reportedly been struck in its entirety from the tax reform bill, which should give individual investors reason to cheer. The controversial tax reform proposal already had been revised to allow mutual funds to continue the practice. The first-in-first-out, or FIFO, method, would have required individual investors to sell the first shares they bought. That would eliminate the flexibility to choose which lot to sell when investors have acquire


The proposed first-in-first-out rule on stock sales has reportedly been struck in its entirety from the tax reform bill, which should give individual investors reason to cheer. The controversial tax reform proposal already had been revised to allow mutual funds to continue the practice. The first-in-first-out, or FIFO, method, would have required individual investors to sell the first shares they bought. That would eliminate the flexibility to choose which lot to sell when investors have acquire
Final tax plan could leave popular stock sale strategies untouched Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2017-12-15  Authors: lorie konish, toshifumi kitamura, afp, getty images, kostas tsironis, bloomberg
Keywords: news, games, cnbc, companies, sale, shares, strategies, tax, investors, sell, reform, individual, plan, rule, stock, untouched, final, leave, sales, popular, firstinfirstout


Final tax plan could leave popular stock sale strategies untouched

The proposed first-in-first-out rule on stock sales has reportedly been struck in its entirety from the tax reform bill, which should give individual investors reason to cheer.

The controversial tax reform proposal already had been revised to allow mutual funds to continue the practice. Now, the FIFO rule as it’s known, has been taken out of the legislation altogether, CNBC senior contributor Larry Kudlow first reported.

The first-in-first-out, or FIFO, method, would have required individual investors to sell the first shares they bought. That would eliminate the flexibility to choose which lot to sell when investors have acquired multiple blocks of shares over time.

The net result often would be that investors would take a bigger tax hit on those stock sales because the oldest shares tend to have the biggest gains.


Company: cnbc, Activity: cnbc, Date: 2017-12-15  Authors: lorie konish, toshifumi kitamura, afp, getty images, kostas tsironis, bloomberg
Keywords: news, games, cnbc, companies, sale, shares, strategies, tax, investors, sell, reform, individual, plan, rule, stock, untouched, final, leave, sales, popular, firstinfirstout


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The businesses, innovations and tech that have transformed 21st-century living

The world is changing at a rapid, unrelenting pace. Technological innovations and start-ups with bright ideas are transforming our day-to-day lives. Things that seemed improbable just 10 or 20 years ago are now part of modern living. Here, CNBC takes a look at some of the businesses and technological innovations that have transformed our lives. Vote in our poll and let us know which one you think has been the most transformative.


The world is changing at a rapid, unrelenting pace. Technological innovations and start-ups with bright ideas are transforming our day-to-day lives. Things that seemed improbable just 10 or 20 years ago are now part of modern living. Here, CNBC takes a look at some of the businesses and technological innovations that have transformed our lives. Vote in our poll and let us know which one you think has been the most transformative.
The businesses, innovations and tech that have transformed 21st-century living Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2017-10-20  Authors: anmar frangoul, toshifumi kitamura, afp, getty images, robyn beck, koichi kamoshida, guy prives, moment, studioeast, getty images news
Keywords: news, games, cnbc, companies, innovations, tech, 21stcentury, technological, world, unrelenting, living, turn, vote, transformed, businesses, transforming, video, transformative


The businesses, innovations and tech that have transformed 21st-century living

The world is changing at a rapid, unrelenting pace. Technological innovations and start-ups with bright ideas are transforming our day-to-day lives.

Things that seemed improbable just 10 or 20 years ago are now part of modern living.

Take the humble cell phone, for example. Today we’re able to use it to launch, almost instantaneously, a video call with a loved one on the other side of the planet. At the turn of the century, that scenario seemed improbable.

Here, CNBC takes a look at some of the businesses and technological innovations that have transformed our lives. Vote in our poll and let us know which one you think has been the most transformative.


Company: cnbc, Activity: cnbc, Date: 2017-10-20  Authors: anmar frangoul, toshifumi kitamura, afp, getty images, robyn beck, koichi kamoshida, guy prives, moment, studioeast, getty images news
Keywords: news, games, cnbc, companies, innovations, tech, 21stcentury, technological, world, unrelenting, living, turn, vote, transformed, businesses, transforming, video, transformative


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Asia markets mixed as Australia retail stocks weighed by surprise drop in sales data

Asia markets traded mixed on Thursday, with some Australian retailers faltering after lower-than-expected sales data showed consumers Down Under were cutting back. There were declines in food retailing, cafes, restaurants and takeaway food services, household goods and clothing, footwear and personal accessories. July’s retail sales figure was also revised down to 0.2 percent fall. “The big question for the outlook is why retail sales as a whole fell in August,” Tapas Strickland, an economist at


Asia markets traded mixed on Thursday, with some Australian retailers faltering after lower-than-expected sales data showed consumers Down Under were cutting back. There were declines in food retailing, cafes, restaurants and takeaway food services, household goods and clothing, footwear and personal accessories. July’s retail sales figure was also revised down to 0.2 percent fall. “The big question for the outlook is why retail sales as a whole fell in August,” Tapas Strickland, an economist at
Asia markets mixed as Australia retail stocks weighed by surprise drop in sales data Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2017-10-04  Authors: saheli roy choudhury, toshifumi kitamura, afp, getty images
Keywords: news, games, cnbc, companies, retail, strickland, data, food, mixed, stocks, surprise, weighed, drop, showed, shares, sales, markets, australia, likely, retailers


Asia markets mixed as Australia retail stocks weighed by surprise drop in sales data

Asia markets traded mixed on Thursday, with some Australian retailers faltering after lower-than-expected sales data showed consumers Down Under were cutting back.

The country’s retail turnover fell 0.6 percent in August, data from the Australian Bureau of Statistics showed, coming in short of a Reuters poll forecasting a rise of 0.3 percent. That was the worst decline in sales since early 2013, Reuters said.

There were declines in food retailing, cafes, restaurants and takeaway food services, household goods and clothing, footwear and personal accessories. Sectors that saw an increase included department stores.

July’s retail sales figure was also revised down to 0.2 percent fall.

“The big question for the outlook is why retail sales as a whole fell in August,” Tapas Strickland, an economist at the National Australia Bank (NAB), wrote in a note. “NAB’s transaction data suggested this, however there was no obvious macro events to explain such weakness.”

Strickland added it was possible that higher energy prices and “warnings that the next move in interest rates is likely to be up” could have played a role in decline.

“Overall, the trend in retail is likely to remain subdued until wages begin to strengthen given debt levels and a hesitant consumer, while online retail will continue to challenge bricks and mortar retailers,” Strickland said.

Australian retail stocks were mixed following the data, with Myer shares closing down 1.3 percent, Harvey Norman off 0.52 percent and JB Hi-Fi down 0.74 percent. Shares of of Metcash rose 1.63 percent, Wesfarmers added 0.32 percent and Woolworths gained 0.53 percent.


Company: cnbc, Activity: cnbc, Date: 2017-10-04  Authors: saheli roy choudhury, toshifumi kitamura, afp, getty images
Keywords: news, games, cnbc, companies, retail, strickland, data, food, mixed, stocks, surprise, weighed, drop, showed, shares, sales, markets, australia, likely, retailers


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Asia markets trade mixed ahead of Reserve Bank of India policy decision

Asia markets traded mixed on Wednesday, even after U.S. equities closed higher overnight. In Japan, the Nikkei 225 gave up morning gains of more than 0.2 percent to trade down 0.07 percent at 20,600.03 in the afternoon. The Topix index also erased gains to trade down 0.14 percent. Fast Retailing shares lost early gains of more than 1 percent to trade down 1.02 percent in the afternoon. Its affiliate, JOLED, has plans to begin printing midsize and large OLED panels for industrial equipment and te


Asia markets traded mixed on Wednesday, even after U.S. equities closed higher overnight. In Japan, the Nikkei 225 gave up morning gains of more than 0.2 percent to trade down 0.07 percent at 20,600.03 in the afternoon. The Topix index also erased gains to trade down 0.14 percent. Fast Retailing shares lost early gains of more than 1 percent to trade down 1.02 percent in the afternoon. Its affiliate, JOLED, has plans to begin printing midsize and large OLED panels for industrial equipment and te
Asia markets trade mixed ahead of Reserve Bank of India policy decision Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2017-10-03  Authors: saheli roy choudhury, toshifumi kitamura, afp, getty images
Keywords: news, games, cnbc, companies, asia, japan, lower, index, markets, india, trade, policy, reserve, bank, rose, stocks, nikkei, panels, mixed, ahead, shares, gains, decision


Asia markets trade mixed ahead of Reserve Bank of India policy decision

Asia markets traded mixed on Wednesday, even after U.S. equities closed higher overnight.

In Japan, the Nikkei 225 gave up morning gains of more than 0.2 percent to trade down 0.07 percent at 20,600.03 in the afternoon. The Topix index also erased gains to trade down 0.14 percent.

Fast Retailing shares lost early gains of more than 1 percent to trade down 1.02 percent in the afternoon. The initial gains followed reports that said same-store sales at its Uniqlo retail outlets in the country rose 6.3 percent on-year in September.

Meanwhile, shares of Japan Display rose nearly 27 percent following a report from the Nikkei business daily that the company intends to begin mass production of small OLED panels for smartphones as early as 2019.

Its affiliate, JOLED, has plans to begin printing midsize and large OLED panels for industrial equipment and televisions, Nikkei said.

The Japan business daily also said Japan Display began looking for a partner to split its smartphone panel investment, which is expected to be more than $1.77 billion.

Elsewhere, Hong Kong’s Hang Seng index was up 0.76 percent at 28,387.87. Singapore’s Straits Times index fell 0.44 percent.

Australian stocks slipped, with the benchmark ASX 200 lower by 49.34 points, or 0.87 percent, at 5,652.1.The energy subindex was down 1.09 percent and the heavily-weighted financial sector fell 0.71 percent.

Major Australian banking stocks were mostly lower, with ANZ shares shedding 2.11 percent, Westpac off 0.87 percent and the National Australia Bank lower by 1.21 percent. Commonwealth Bank shares bucked the downtrend and rose 0.32 percent.

Markets in China and South Korea remain closed for public holidays.


Company: cnbc, Activity: cnbc, Date: 2017-10-03  Authors: saheli roy choudhury, toshifumi kitamura, afp, getty images
Keywords: news, games, cnbc, companies, asia, japan, lower, index, markets, india, trade, policy, reserve, bank, rose, stocks, nikkei, panels, mixed, ahead, shares, gains, decision


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Japan wants a massive trade deal without the US — but these countries stand in its way

However, internal divisions are a key obstacle as some participants look to rework existing provisions in light of Washington’s absence. “But countries such as Malaysia and Vietnam, on the other hand, are questioning whether a deal makes sense without getting access to the U.S. Vietnam’s garment industry and Malaysian electronics, in particular, were seen strengthening from the removal of tariffs in the U.S. and other major importers. But now that broadened U.S. access is off the table, both nat


However, internal divisions are a key obstacle as some participants look to rework existing provisions in light of Washington’s absence. “But countries such as Malaysia and Vietnam, on the other hand, are questioning whether a deal makes sense without getting access to the U.S. Vietnam’s garment industry and Malaysian electronics, in particular, were seen strengthening from the removal of tariffs in the U.S. and other major importers. But now that broadened U.S. access is off the table, both nat
Japan wants a massive trade deal without the US — but these countries stand in its way Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2017-07-13  Authors: nyshka chandran, toshifumi kitamura, afp, getty images
Keywords: news, games, cnbc, companies, trade, southeast, japan, particular, stand, hand, seen, deal, countries, malaysia, access, wants, washingtons, staples, zealand, data, massive, way


Japan wants a massive trade deal without the US — but these countries stand in its way

However, internal divisions are a key obstacle as some participants look to rework existing provisions in light of Washington’s absence.

“On the one hand, you have Japan, Australia and New Zealand who would like to push ahead with the agreement as is, just with some only technical modifications to allow it to come into force,” Andrew Staples, Southeast Asia director at Economist Corporate Network, told CNBC on Friday. “But countries such as Malaysia and Vietnam, on the other hand, are questioning whether a deal makes sense without getting access to the U.S. market.”

Before Washington pulled out from the TPP, Kuala Lumpur and Hanoi were seen as the pact’s top beneficiaries amid expected rises in foreign direct investment inflows and exports. Vietnam’s garment industry and Malaysian electronics, in particular, were seen strengthening from the removal of tariffs in the U.S. and other major importers.

To advance in the U.S. market, both Southeast Asian governments originally agreed to sweeping changes in their business environments, particularly regarding transparency, government movement of data as well as environmental and labor standards, Staples explained.

But now that broadened U.S. access is off the table, both nations are re-considering their commitments, he continued. “Malaysia, in particular, has said they would like to re-open negotiations on contentious issues, such as drug development data.”


Company: cnbc, Activity: cnbc, Date: 2017-07-13  Authors: nyshka chandran, toshifumi kitamura, afp, getty images
Keywords: news, games, cnbc, companies, trade, southeast, japan, particular, stand, hand, seen, deal, countries, malaysia, access, wants, washingtons, staples, zealand, data, massive, way


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