The world’s largest shipping firm warns of ‘considerable uncertainties’ as trade tensions rise

Moller-Maersk is the largest container shipping company in the world. Danish shipping firm Moller-Maersk posted first-quarter profit close to expectations on Friday, warning that trade tensions and slowing economic growth constitute “considerable uncertainties.” Maersk, the world’s largest container shipping company, said it still expects 2019 EBITDA of about $5 billion. “We are still facing considerable uncertainties,” CEO Søren Skou said in a press release, mentioning “the risk from trade tens


Moller-Maersk is the largest container shipping company in the world. Danish shipping firm Moller-Maersk posted first-quarter profit close to expectations on Friday, warning that trade tensions and slowing economic growth constitute “considerable uncertainties.” Maersk, the world’s largest container shipping company, said it still expects 2019 EBITDA of about $5 billion. “We are still facing considerable uncertainties,” CEO Søren Skou said in a press release, mentioning “the risk from trade tens
The world’s largest shipping firm warns of ‘considerable uncertainties’ as trade tensions rise Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-05-24  Authors: matt clinch
Keywords: news, cnbc, companies, volumes, largest, shipping, trump, firm, considerable, skou, uncertainties, container, worlds, worth, warns, tensions, rise, trade, billion, tariffs


The world's largest shipping firm warns of 'considerable uncertainties' as trade tensions rise

A.P. Moller-Maersk is the largest container shipping company in the world.

Danish shipping firm Moller-Maersk posted first-quarter profit close to expectations on Friday, warning that trade tensions and slowing economic growth constitute “considerable uncertainties.”

Earnings before interest, tax, depreciation and amortization (EBITDA) totaled $1.24 billion for the quarter, compared with $1.25 billion forecast by analysts in a Reuters poll.

Maersk, the world’s largest container shipping company, said it still expects 2019 EBITDA of about $5 billion.

“We are still facing considerable uncertainties,” CEO Søren Skou said in a press release, mentioning “the risk from trade tensions.”

In the first quarter, “volumes on trans-Pacific trade between Asia and North America have shown signs of decline and new tariffs can potentially reduce expected growth in global container volumes by up to 1 percentage point.” he added.

President Donald Trump unexpectedly accused China of reneging on a deal earlier this month and announced that tariffs on $200 billion worth of Chinese goods would increase to 25% from 10% on May 10.

Beijing retaliated, raising levies on $60 billion worth of U.S. products. In the last two weeks, the Trump administration also put Chinese telecom giant Huawei on a blacklist that prevents it from buying from American companies without U.S. government permission.

Speaking to CNBC Friday, Skou highlighted that the U.S. also has an outstanding discussion with the European Union.

“If the Chinese-U.S. conflict is resolved then our expectations would be that it would immediately lead to a discussion between the EU and the U.S. So I don’t believe that we will be done with tensions anytime soon, ” he told CNBC’s “Street Signs” Friday.

—Reuters and CNBC’s Evelyn Cheng contributed to this article.


Company: cnbc, Activity: cnbc, Date: 2019-05-24  Authors: matt clinch
Keywords: news, cnbc, companies, volumes, largest, shipping, trump, firm, considerable, skou, uncertainties, container, worlds, worth, warns, tensions, rise, trade, billion, tariffs


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Tencent’s Pony Ma says he’s watching whether the trade war will turn into a tech war

Ma Huateng, the chairman and chief executive officer of Tencent Holdings who is also known as Pony Ma, attends a news conference in Hong Kong on Thursday, March 21, 2019. Pony Ma, the head of Chinese technology giant Tencent, is watching whether his country’s trade dispute with the U.S. will turn into a tech war, according to local news website 36kr. We are also constantly watching whether the trade war will turn into a tech war, ” Ma said Tuesday, according to a CNBC translation of his Chinese


Ma Huateng, the chairman and chief executive officer of Tencent Holdings who is also known as Pony Ma, attends a news conference in Hong Kong on Thursday, March 21, 2019. Pony Ma, the head of Chinese technology giant Tencent, is watching whether his country’s trade dispute with the U.S. will turn into a tech war, according to local news website 36kr. We are also constantly watching whether the trade war will turn into a tech war, ” Ma said Tuesday, according to a CNBC translation of his Chinese
Tencent’s Pony Ma says he’s watching whether the trade war will turn into a tech war Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-05-22  Authors: evelyn cheng
Keywords: news, cnbc, companies, tencent, ma, pony, chinese, war, china, worth, wechat, turn, tencents, tech, watching, trade, hes


Tencent's Pony Ma says he's watching whether the trade war will turn into a tech war

Ma Huateng, the chairman and chief executive officer of Tencent Holdings who is also known as Pony Ma, attends a news conference in Hong Kong on Thursday, March 21, 2019.

Pony Ma, the head of Chinese technology giant Tencent, is watching whether his country’s trade dispute with the U.S. will turn into a tech war, according to local news website 36kr.

“Recently, the cases of ZTE and Huawei have intensified. We are also constantly watching whether the trade war will turn into a tech war, ” Ma said Tuesday, according to a CNBC translation of his Chinese remarks as published in 36kr.

“As a result, if we don’t continue to work hard on basic research and key technologies, our digital economy will just be a high-rise built on sand, difficult to sustain, not to mention the transformation to new from old drivers of growth or the promotion of high-quality development,” he said. He also noted that, since China has reached the front line of development, “there is less and less room for just taking ideas.”

Trade tensions between the U.S. and China intensified this month. U.S. President Donald Trump raised tariffs on $200 billion worth of Chinese goods to 25% from 10% on May 10, to which Beijing responded a few days later with plans to impose tariffs on $60 billion worth of U.S. goods on June 1.

Trump has made reducing the U.S. trade deficit with China the center of the dispute, but the disagreement also covers U.S. complaints about requirements of forced technology transfer and lack of intellectual property protection. Last week, the U.S. Department of Commerce added Huawei Technologies and its affiliates to the Bureau of Industry and Security Entity List that will make it more difficult for U.S. companies to conduct business with the Chinese telecom giant.

Tencent runs China’s ubiquitous messaging app WeChat and its WeChat mobile pay service, in addition to being a giant in gaming. A company representative was not immediately available for comment on the 36kr report.

Ma, who also goes by Ma Huateng, was giving unscheduled remarks at Tencent’s Global Digital Ecosystem Summit in Kunming, China. Forbes said in March that he is the richest person in China.

Read the full 36kr report here.


Company: cnbc, Activity: cnbc, Date: 2019-05-22  Authors: evelyn cheng
Keywords: news, cnbc, companies, tencent, ma, pony, chinese, war, china, worth, wechat, turn, tencents, tech, watching, trade, hes


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UBS cuts Apple price target, citing smartphone slowdown and ongoing trade war

Slowing iPhone demand, trade war headwinds and possible ripple effects from a Huawei battle don’t bode well for Apple, according to a UBS analyst. The Swiss bank cut its 12-month price target on the iPhone maker to $225 — down from a previous $235. “We believe a slightly lower multiple is prudent given soft smartphone market and ongoing US/China trade issues,” Arcuri said. Apple shares have taken a beating in May as Washington and Beijing remain locked in a stalemate on trade. WATCH: As the US p


Slowing iPhone demand, trade war headwinds and possible ripple effects from a Huawei battle don’t bode well for Apple, according to a UBS analyst. The Swiss bank cut its 12-month price target on the iPhone maker to $225 — down from a previous $235. “We believe a slightly lower multiple is prudent given soft smartphone market and ongoing US/China trade issues,” Arcuri said. Apple shares have taken a beating in May as Washington and Beijing remain locked in a stalemate on trade. WATCH: As the US p
UBS cuts Apple price target, citing smartphone slowdown and ongoing trade war Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-05-22  Authors: kate rooney
Keywords: news, cnbc, companies, smartphone, iphones, war, price, target, trade, citing, ongoing, china, cuts, apple, worth, huawei, uschina, headwinds, arcuri, iphone, slowdown, ubs


UBS cuts Apple price target, citing smartphone slowdown and ongoing trade war

Slowing iPhone demand, trade war headwinds and possible ripple effects from a Huawei battle don’t bode well for Apple, according to a UBS analyst.

The Swiss bank cut its 12-month price target on the iPhone maker to $225 — down from a previous $235. Apple closed at $186 Thursday.

UBS still has a “buy” rating on the stock but cited evidence from a survey of 8,000 people across six countries that suggests consumers are in no rush to upgrade their phones. For iPhones specifically, “purchase intention” looked to be stabilizing at a low level in all regions except China, UBS analyst Timothy Arcuri said in a note to clients Wednesday.

“We believe a slightly lower multiple is prudent given soft smartphone market and ongoing US/China trade issues,” Arcuri said.

Apple shares have taken a beating in May as Washington and Beijing remain locked in a stalemate on trade. Shares are down 7% for the month, as of Tuesday’s close. The U.S. raised tariffs to 25% on $200 billions worth of Chinese goods earlier in May, and China retaliated by upping levies on $60 billion worth of U.S. imports.

Most of Apple’s supply chain is in mainland China, including the iPhone’s final assembly by Foxconn. Apple’s China business accounted for more than $10 billion — more than 17% of sales — in its fiscal second quarter.

Arcuri also said the “Huawei situation” could indirectly impact Apple. On Thursday, the Wall Street Journal reported that a microchip company backed by Microsoft and Dell accused Chinese tech giant Huawei and one of its executives of stealing trade secrets. Last week, the U.S. Department of Commerce added the company to Entity List — meaning American companies would need a license to work with Huawei.

“Apple is not directly impacted, but relaxation of some sort is possible,” Arcuri said. “Negotiations between US/China are ongoing and an extension has been granted for some critical items, but we do think a nationalistic movement – similar to the one we saw at the time of the arrest of Huawei’s CFO in November – seems quite probable and would impact iPhone sales.”

UBS isn’t the only one cautious on Apple. Earlier on Thursday, Goldman Sachs analyst Rod Hall said in a note to clients that Apple earnings could drop 29% if the company’s products were banned in mainland China.

To be sure, Arcuri said Apple would likely rebound in the event those headwinds ease.

“After a year that is impacted by China demand slowdown and elongating replacement cycles, we think iPhones can grow as these headwinds abate,” Arcuri said.

— CNBC’s Fred Imbert contributed reporting.

WATCH: As the US plays hardball with China, Stephen Roach warns odds of a trade deal are ‘rapidly receding’


Company: cnbc, Activity: cnbc, Date: 2019-05-22  Authors: kate rooney
Keywords: news, cnbc, companies, smartphone, iphones, war, price, target, trade, citing, ongoing, china, cuts, apple, worth, huawei, uschina, headwinds, arcuri, iphone, slowdown, ubs


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Dow set to drop 200 points at the open as trade tensions linger

Stock index futures traded lower Friday as trade tensions between the U.S. and China continue to dominate investor sentiment. ET, Dow Jones Industrial Average futures indicated a drop of 200 points at the open. The U.S. hiked tariffs on $200 billion worth of Chinese goods last week while China retaliated Monday with higher levies on $60 billion worth of U.S. products. Jeremy Corbyn, the Labour Party leader, told Prime Minister Theresa May that talks had “gone as far as they can go. ” ET, Federal


Stock index futures traded lower Friday as trade tensions between the U.S. and China continue to dominate investor sentiment. ET, Dow Jones Industrial Average futures indicated a drop of 200 points at the open. The U.S. hiked tariffs on $200 billion worth of Chinese goods last week while China retaliated Monday with higher levies on $60 billion worth of U.S. products. Jeremy Corbyn, the Labour Party leader, told Prime Minister Theresa May that talks had “gone as far as they can go. ” ET, Federal
Dow set to drop 200 points at the open as trade tensions linger Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-05-17  Authors: fred imbert spriha srivastava, fred imbert, spriha srivastava, arjun kharpal
Keywords: news, cnbc, companies, fed, trade, linger, york, worth, talks, points, open, fell, dow, futures, drop, 200, et, set, china, week, tensions


Dow set to drop 200 points at the open as trade tensions linger

Stock index futures traded lower Friday as trade tensions between the U.S. and China continue to dominate investor sentiment.

At 8:06 a.m. ET, Dow Jones Industrial Average futures indicated a drop of 200 points at the open. Futures for the S&P 500 and Nasdaq 100 also fell.

Chinese Commerce Ministry spokesman Gao Feng said Thursday, according to state-run news agency Xinhua, that the U.S. is exhibiting “bullying behavior” with its latest moves on the trade front, noting it is “regrettable that the U.S. side unilaterally escalated trade disputes, which resulted in severe negotiating setbacks.”

The U.S. hiked tariffs on $200 billion worth of Chinese goods last week while China retaliated Monday with higher levies on $60 billion worth of U.S. products. The moves led to a massive sell-off to start off the week. But the major indexes have clawed back most of their losses through Thursday’s close.

President Donald Trump’s administration then moved to make it harder for U.S. companies to do business with Huawei, a giant telecommunications company in China. Shares of U.S. suppliers like Qualcomm, Qorvo and Micron Technology fell 1.9%, 1.6% and 1.4%, respectively.

Chinese stocks fell sharply overnight. The Shanghai Composite dropped 2.5% and posted its longest weekly losing streak since July 2018.

Investors also fretted over a breakdown in Brexit talks. The U.K.’s two largest political parties failed to strike a deal on the country’s exit from the European Union after six weeks of talks. Jeremy Corbyn, the Labour Party leader, told Prime Minister Theresa May that talks had “gone as far as they can go. ” Sterling fell 0.4% to $1.2751.

Stocks posted solid gains on Thursday, largely driven by strong earnings from Walmart and Cisco Systems, as the major indexes notched their third consecutive gain.

On the data front Friday, consumer sentiment numbers are due at 10 a.m. ET. Meanwhile, Deere is set to report its earnings before the bell.

A number of Fed speeches are also scheduled for Friday. At 10 a.m. ET, Federal Reserve Vice Chair Richard Clarida will be speaking on the Fed’s review of its monetary policy strategy, followed by New York Fed President John Williams’ speech in New York at 11:15 a.m. ET, and Dallas Fed President Robert Kaplan’s speech at 1:10 p.m. ET.


Company: cnbc, Activity: cnbc, Date: 2019-05-17  Authors: fred imbert spriha srivastava, fred imbert, spriha srivastava, arjun kharpal
Keywords: news, cnbc, companies, fed, trade, linger, york, worth, talks, points, open, fell, dow, futures, drop, 200, et, set, china, week, tensions


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Sony shares skyrocket after the company announces partnership with Microsoft, share buyback

An attendee uses a Sony PlayStation virtual reality (VR) headset and controllers at the Game Developers Conference in San Francisco, California, U.S., on Wednesday, March 20, 2019. Shares of Japanese conglomerate Sony surged on Friday after the company announced a share buyback of more than $1 billion and a partnership with a major gaming competitor. By the end of the trading day in Tokyo, Sony’s stock soared 9.89%, soaring to levels not seen since December 2018. The jump followed the company’s


An attendee uses a Sony PlayStation virtual reality (VR) headset and controllers at the Game Developers Conference in San Francisco, California, U.S., on Wednesday, March 20, 2019. Shares of Japanese conglomerate Sony surged on Friday after the company announced a share buyback of more than $1 billion and a partnership with a major gaming competitor. By the end of the trading day in Tokyo, Sony’s stock soared 9.89%, soaring to levels not seen since December 2018. The jump followed the company’s
Sony shares skyrocket after the company announces partnership with Microsoft, share buyback Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-05-17  Authors: eustance huang
Keywords: news, cnbc, companies, worth, partnership, sony, share, billion, shares, company, skyrocket, announces, yen, wrote, sonys, yu, buyback, microsoft


Sony shares skyrocket after the company announces partnership with Microsoft, share buyback

An attendee uses a Sony PlayStation virtual reality (VR) headset and controllers at the Game Developers Conference in San Francisco, California, U.S., on Wednesday, March 20, 2019.

Shares of Japanese conglomerate Sony surged on Friday after the company announced a share buyback of more than $1 billion and a partnership with a major gaming competitor.

By the end of the trading day in Tokyo, Sony’s stock soared 9.89%, soaring to levels not seen since December 2018.

The jump followed the company’s Thursday announcement that it would repurchase up to 4.8% of the total number of shares issued — worth up to 200 billion yen (approx. $1.82 billion). The buyback period will last from May 17, 2019 to March 31, 2020.

“The company is now able to both invest in growth and provide shareholder returns as the level of free cash flow created from businesses increases, and this gives a favorable impression,” Yu Okazaki, an analyst at Nomura, wrote in a note.

The latest developments follow Sony’s first ever share buyback in February.


Company: cnbc, Activity: cnbc, Date: 2019-05-17  Authors: eustance huang
Keywords: news, cnbc, companies, worth, partnership, sony, share, billion, shares, company, skyrocket, announces, yen, wrote, sonys, yu, buyback, microsoft


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US consumer sentiment surges to highest level in 15 years

Consumer sentiment rocketed to its highest level in 15 years in early May as Americans grew more upbeat on the health of the economy and its path in 2019, according to data released Friday. The University of Michigan’s preliminary print on its consumer sentiment index rose to 102.4, up from 97.2 in April and well ahead of economist expectations of 97.5. “To be sure, negative references to tariffs rose in the past week and are likely to rise further in late May and June.” Aggravated trade tension


Consumer sentiment rocketed to its highest level in 15 years in early May as Americans grew more upbeat on the health of the economy and its path in 2019, according to data released Friday. The University of Michigan’s preliminary print on its consumer sentiment index rose to 102.4, up from 97.2 in April and well ahead of economist expectations of 97.5. “To be sure, negative references to tariffs rose in the past week and are likely to rise further in late May and June.” Aggravated trade tension
US consumer sentiment surges to highest level in 15 years Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-05-17  Authors: thomas franck, fred imbert
Keywords: news, cnbc, companies, level, 15, rose, worth, consumer, highest, curtin, data, sentiment, week, spending, tariffs, surges, trade


US consumer sentiment surges to highest level in 15 years

Consumer sentiment rocketed to its highest level in 15 years in early May as Americans grew more upbeat on the health of the economy and its path in 2019, according to data released Friday.

The University of Michigan’s preliminary print on its consumer sentiment index rose to 102.4, up from 97.2 in April and well ahead of economist expectations of 97.5.

“Consumers viewed prospects for the overall economy much more favorably, with the economic outlook for the near and longer term reaching their highest levels since 2004,” said Richard Curtin, chief economist for the Surveys of Consumers. “To be sure, negative references to tariffs rose in the past week and are likely to rise further in late May and June.”

The optimistic consumer outlook was mostly recorded before U.S.-China trade deliberations soured earlier this month.

Last week, the Trump administration raised tariffs to 25% from 10% on $200 billion worth of Chinese goods in response to Beijing’s attempts to renegotiate a trade agreement between the world’s two largest economies. China then responded in kind, bumping taxes on $60 billion worth of U.S. goods in retaliation.

Aggravated trade tensions between the U.S. and China could dampen consumer sentiment going forward, Curtin said, and will likely weigh on subsequent reports in May and June.

“Even apart from the direct impact of tariffs on prices, rising tariffs could cause a more general loss of confidence which could further diminish the pace of consumer spending,” Curtin wrote. “At present, the data point toward moderate spending growth in the year ahead. Nonetheless, the data indicate the corrosive impact of an escalating trade war.”


Company: cnbc, Activity: cnbc, Date: 2019-05-17  Authors: thomas franck, fred imbert
Keywords: news, cnbc, companies, level, 15, rose, worth, consumer, highest, curtin, data, sentiment, week, spending, tariffs, surges, trade


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I tried this $240 A5 Olive Wagyu steak to see if it’s worth the money

2 Hours AgoTo view this site, you need to have JavaScript enabled in your browser, and either the Flash Plugin or an HTML5-Video enabled browser. Download the latest Flash player and try again. It did not disappoint.


2 Hours AgoTo view this site, you need to have JavaScript enabled in your browser, and either the Flash Plugin or an HTML5-Video enabled browser. Download the latest Flash player and try again. It did not disappoint.
I tried this $240 A5 Olive Wagyu steak to see if it’s worth the money Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-05-17  Authors: beatrize bajuelos
Keywords: news, cnbc, companies, 240, wagyu, a5, steak, olive, worth, tried, money, flash, plugin, need, player, latest, view, enabled, site, try, browser


I tried this $240 A5 Olive Wagyu steak to see if it's worth the money

2 Hours Ago

To view this site, you need to have JavaScript enabled in your browser, and either the Flash Plugin or an HTML5-Video enabled browser. Download the latest Flash player and try again.

It did not disappoint.


Company: cnbc, Activity: cnbc, Date: 2019-05-17  Authors: beatrize bajuelos
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I tried a top-grade $240 Olive Wagyu steak to see if it’s worth the money

Olive Wagyu is a brand of Wagyu that comes from cattle raised on a small Japanese island called Shodoshima that is famous for its olive oil industry. Masaki Ishii created Olive Wagyu by using the by-product of olive oil production as feed for his cows. Putting Olive Wagyu to the testSimon Kim, the owner of Manhattan’s Michelin-starred Wagyu beef mecca Cote, where I took the steak to be cooked for the taste test, had only heard about Olive Wagyu. From left: American Wagyu, A5 Kobe Wagyu and A5 Ol


Olive Wagyu is a brand of Wagyu that comes from cattle raised on a small Japanese island called Shodoshima that is famous for its olive oil industry. Masaki Ishii created Olive Wagyu by using the by-product of olive oil production as feed for his cows. Putting Olive Wagyu to the testSimon Kim, the owner of Manhattan’s Michelin-starred Wagyu beef mecca Cote, where I took the steak to be cooked for the taste test, had only heard about Olive Wagyu. From left: American Wagyu, A5 Kobe Wagyu and A5 Ol
I tried a top-grade $240 Olive Wagyu steak to see if it’s worth the money Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-05-17  Authors: nate skid
Keywords: news, cnbc, companies, 240, wagyu, meat, steak, olive, a5, worth, tried, money, topgrade, crowd, heitzeberg, japanese, beef, fat


I tried a top-grade $240 Olive Wagyu steak to see if it's worth the money

As a former food writer, I’ve eaten a lot of expensive steak. But from the moment I unboxed an A5 Olive Wagyu — a top quality, hard-to-get steak from Japanese cows that are fed toasted olive peels — it was obvious that it stood apart from all the others. Crowd Cow, an online meat distribution company and the first to import Olive Wagyu to the U.S., sent a 16-ounce, $240 rib eye (in about three pounds of dry ice) so I could put a Wagyu Olympic-winning steak to the test. But more on that later.

Olive Wagyu is considered one of the rarest steaks in the world. Nate Skid | CNBC

A cut above

“Wagyu” literally translates to “Japanese cow.” There are some 300 brands of Wagyu including Miyozaki, Kagoshima and the most famous of them all, Kobe. And then there’s Olive Wagyu. Olive Wagyu is a brand of Wagyu that comes from cattle raised on a small Japanese island called Shodoshima that is famous for its olive oil industry. In 2006, cattle farmer Masaki Ishii wanted to find a way to use the by-product of olive oil production as feed for his cows, according to Joe Heitzeberg, founder of Crowd Cow.

Masaki Ishii created Olive Wagyu by using the by-product of olive oil production as feed for his cows. Joe Heitzeberg | Crowd Cow

“He went to olive oil makers, took the olive peels and toasted them so they became sweeter and mixed it with rice straw, barley, grains, and the cows loved it,” Heitzeberg said. “He shared the recipe with other farmers in the area and they all bought in and started doing it.” Because of the cows’ diet, Olive Wagyu is highly marbled with fat that’s a light yellow color, and it produces a flavor profile so unique that the meat beat out 182 others for the Best Fat Quality category at the 2017 Wagyu Olympics, a six-day contest that takes place every five years. Beef producers from all over Japan enter their finest cuts.

Olive Wagyu’s fat content comes in at 62.5 percent and won the Best Fat Quality category at the 2017 Wagyu Olympics. Beatriz Bajuelos | CNBC

Because of its origin, Olive Wagyu is also extremely scarce. Heitzeberg says last year about 2,200 head of Olive Wagyu were harvested with a tiny fraction of that being exported. Now there are 70 producers raising Olive Wagyu, the largest having just 300 head of cattle. Heitzeberg says Ishii currently has just 12. “Even in Japan, if you go to a Tokyo restaurant for high-end steaks, there is coin toss chance they’ve even heard about it,” Heitzeberg tells CNBC Make It. “It’s on the cutting edge of beef geekery.” George Owen, executive director of the American Wagyu Association hasn’t even tasted it. “Not on my budget. I can’t afford that stuff,” he tells CNBC MakeIt. He has a point. When available, Crowd Cow sells a 16-ounce A5 Olive Wagyu rib-eye steak on it’s website for $240, and Heitzeberg says if Olive Wagyu were on a restaurant menu, a 16-ounce rib-eye would cost about the same as a top-grade Wagyu, or about $480. However Olive Wagyu is nearly impossible to source on a consistent basis, so it is not really sold at restaurants, he says.

Heitzeberg says last year about 2,200 head of Olive Wagyu were harvested. Joe Heitzeberg | Crowd Cow

“It’s basically not available anywhere because of it’s limited quantity,” he says. Heitzeberg who is fluent in Japanese, says it took him two years of relationship-building to even be able to import the meat through Crowd Cow.

Putting Olive Wagyu to the test

Simon Kim, the owner of Manhattan’s Michelin-starred Wagyu beef mecca Cote, where I took the steak to be cooked for the taste test, had only heard about Olive Wagyu. “I’m always looking for new beef to bring to the restaurant,” Kim said as he looked over the inch-thick chunk of meat. “The marbling is beyond sick and visually it’s stunning.”

Something called oleic acid is part of what gives steak its umami flavor and its texture. It’s found in both olive oil and beef fat, so Olive Wagyu has higher than usual oleic acid fat content of 62.5% — the high percentage is reportedly what makes Olive Wagyu tastier and more tender than other cuts of equally expensive beef. For the taste test, Crowd Cow and Cote provided three cuts of 16-ounce rib eye steaks: American Wagyu (one side of its lineage is full-bred Japanese cow); A5 Japanese Wagyu (Japanese beef is rated from 1 to 5 with 5 being the highest quality, and “A” corresponds to the amount of edible meat on the animal); and A5 Olive Wagyu. Cote’s executive chef, David Shim, cut each of the steaks into one-inch squares then Kim sprinkled them with sea salt and cooked them over an open flame to a perfect medium rare.

From left: American Wagyu, A5 Kobe Wagyu and A5 Olive Wagyu Nate Skid | CNBC

First up was the American Wagyu, which costs $85 at Cote or about $5 per ounce. Online meat retailer Snake River Farms sells an 8-ounce American Wagyu rib-eye steak for $41. The meat sizzled as Kim laid it on the grill and carefully turned it to ensure a nice char on each side. The American Wagyu was leaner than the others, so the texture was chewier than I’d want in a steak with Wagyu lineage. It wasn’t much different than other rib-eye steaks you can get at most decent steakhouses.

The American Wagyu was leaner than the others, so the texture was chewier than I’d want in a steak with Wagyu lineage. Beatrize Bajuelos | CNBC

The A5 Wagyu, which costs $30 per ounce at Cote, or the equivalent of just over $14 an ounce on Crowd Cow, had incredible fat marbling; I watched it melt out of the steak as it cooked on the grill. It made the meat melt-in-your-mouth tender and incredibly juicy and buttery. The open flame created wonderful crust giving the exterior a nice crunch. But the meat was so rich, I actually couldn’t handle eating more than two bites.

A5 Kobe costs $30 per ounce at Cote. Beatrize Bajuelos | CNBC

Then the Olive Wagyu: The steak, which would cost about $30 an ounce at a restaurant or about $15 an ounce on Crowd Cow, was soft like the A5 Wagyu and incredibly tender — reminiscent of foie Gras. But the flavor profile was notably different. The fat seemed to melt in my mouth, which was was deeply satisfying and full of that elusive umami flavor, and it had hints of olive oil (thanks to the cow’s diet). It also left a peppery note in the back of my throat. The aftertaste lingered well beyond each bite. But again, it was so rich I can’t imagine eating an entire steak.

The Olive Wagyu was incredibly tender — reminiscent of foie Gras. Beatrize Bajuelos | CNBC

Kim, who also tried all three steaks, was impressed by the Olive Wagyu. It’s “very much like beef chocolate,” he said through a wide grin, referring to the way the meat melted in his mouth. “You don’t’ even have to chew. The flavor just continuously goes.” The fat “tastes like gold,” he says. But to me, spending hundreds of dollars on an A5 Olive Wagyu is not worth it, at least not if you want to eat more than a couple of ounces. The fat-laden meat is just so rich, it’s best served in bite-sized portions. It’s more of an experience than a meal, but perhaps that’s the point. Don’t Miss: How ‘Salt Bae’ turned a sprinkle of salt into worldwide fame

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Company: cnbc, Activity: cnbc, Date: 2019-05-17  Authors: nate skid
Keywords: news, cnbc, companies, 240, wagyu, meat, steak, olive, a5, worth, tried, money, topgrade, crowd, heitzeberg, japanese, beef, fat


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A restaurant mistakenly served up a $5,700 bottle of wine. But turned it into a social media win

Media experts have lauded a restaurant’s very public response to an expensive mistake made by one of its staff members. A diner at the big-budget Hawksmoor restaurant in Manchester, U.K., was accidentally served up an extremely expensive bottle of Chateau le Pin Pomerol 2001. The bottle of wine was worth £4,500 ($5,700) but the customer had ordered one worth a fraction of the price. Jennifer Glass, CEO at consultancy Business Growth Strategies told CNBC Friday that the restaurant may have genera


Media experts have lauded a restaurant’s very public response to an expensive mistake made by one of its staff members. A diner at the big-budget Hawksmoor restaurant in Manchester, U.K., was accidentally served up an extremely expensive bottle of Chateau le Pin Pomerol 2001. The bottle of wine was worth £4,500 ($5,700) but the customer had ordered one worth a fraction of the price. Jennifer Glass, CEO at consultancy Business Growth Strategies told CNBC Friday that the restaurant may have genera
A restaurant mistakenly served up a $5,700 bottle of wine. But turned it into a social media win Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-05-17  Authors: david reid
Keywords: news, cnbc, companies, turned, restaurant, social, media, mistakenly, 5700, expensive, staff, accidentally, uk, win, worth, twitter, told, served, bottle, wine


A restaurant mistakenly served up a $5,700 bottle of wine. But turned it into a social media win

Media experts have lauded a restaurant’s very public response to an expensive mistake made by one of its staff members.

A diner at the big-budget Hawksmoor restaurant in Manchester, U.K., was accidentally served up an extremely expensive bottle of Chateau le Pin Pomerol 2001. The bottle of wine was worth £4,500 ($5,700) but the customer had ordered one worth a fraction of the price.

The restaurant then tweeted about the incident.

“To the customer who accidentally got given a bottle of Chateau le Pin Pomerol 2001, which is £4,500 on our menu, last night — hope you enjoyed your evening!” the tweet said. “To the member of staff who accidentally gave it away, chin up! One-off mistakes happen and we love you anyway.”

The tweet quickly went viral and has been discussed and reported by media outlets all around the world.

The story was helped in no small measure by U.K. broadcaster Piers Morgan, who has more than 6 million followers on his Twitter account.

Morgan asked if he could reserve a table with the same waiter although it should be noted it was the restaurant manager who made the error.

The restaurant’s upbeat response to the bad news coupled with the crucial retweet has helped turn an apparent financial loss into something of a marketing coup.

Jennifer Glass, CEO at consultancy Business Growth Strategies told CNBC Friday that the restaurant may have generated “millions” in media worth for just £4,500.

“What happened here is another example of creating more visibility for a business,” she said, adding that the misplaced coffee cup in a recent “Game of Thrones” episode may have given Starbucks as much as $2 billion in free advertising.

April Rudin, the founder & CEO at marketing firm The Rudin Group, told CNBC Friday that the restaurant had enjoyed a “one-two punch when the social media stars had aligned,” and the firm had leveraged the power of Twitter in real time.

On Twitter, the manager of a rival hotel also congratulated Hawksmoor’s deft handling of the situation.

While social media consultant Rob Knowles wondered aloud if the original story might have even been made up.

Whatever the origin, it appears the staff member’s job is not at risk. In an interview with The Washington Post, co-owner Will Beckett said that it was the kind of “expensive mistake” that he could see himself doing.


Company: cnbc, Activity: cnbc, Date: 2019-05-17  Authors: david reid
Keywords: news, cnbc, companies, turned, restaurant, social, media, mistakenly, 5700, expensive, staff, accidentally, uk, win, worth, twitter, told, served, bottle, wine


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Stocks fall following a sell-off in the final hour on news US-China trade talks have stalled

Stocks closed lower on Friday after CNBC reported that trade talks between China and the U.S. have stalled. The Dow Jones Industrial Average ended the day down 98.68 points at 25,764 while the S&P 500 fell 0.6% to 2,859.53. The report sent the Dow back into negative territory in the final hour of trading, erasing a gain of about 30 points. Apple shares fell 0.6%, bringing its weekly losses to 4.1%. Shares of Huawei U.S. suppliers like Qualcomm, Qorvo and Micron Technology fell 1.6%, 6.1% and 3.4


Stocks closed lower on Friday after CNBC reported that trade talks between China and the U.S. have stalled. The Dow Jones Industrial Average ended the day down 98.68 points at 25,764 while the S&P 500 fell 0.6% to 2,859.53. The report sent the Dow back into negative territory in the final hour of trading, erasing a gain of about 30 points. Apple shares fell 0.6%, bringing its weekly losses to 4.1%. Shares of Huawei U.S. suppliers like Qualcomm, Qorvo and Micron Technology fell 1.6%, 6.1% and 3.4
Stocks fall following a sell-off in the final hour on news US-China trade talks have stalled Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-05-17  Authors: fred imbert, arjun kharpal
Keywords: news, cnbc, companies, fall, stalled, final, talks, stocks, uschina, trade, shares, week, chinese, china, weekly, worth, tom, selloff, hour, huawei, fell, following


Stocks fall following a sell-off in the final hour on news US-China trade talks have stalled

Stocks closed lower on Friday after CNBC reported that trade talks between China and the U.S. have stalled.

The Dow Jones Industrial Average ended the day down 98.68 points at 25,764 while the S&P 500 fell 0.6% to 2,859.53. The Nasdaq Composite was down 1% at 7,816.28. It was also the fourth straight weekly drop for the Dow.

Sources told CNBC’s Kayla Tausche that scheduling discussions for further trade talks have been put on hold since the Trump administration has increased scrutiny of Chinese telecom companies. A U.S. delegation had been invited to Beijing earlier this week.

The report sent the Dow back into negative territory in the final hour of trading, erasing a gain of about 30 points. The S&P 500 and Nasdaq were further knocked down.

Apple shares fell 0.6%, bringing its weekly losses to 4.1%. Caterpillar shares also closed lower.

Earlier this week, the administration made it harder for U.S. companies to do business with Huawei, a giant telecommunications company in China. U.S. firms that want to do business with Huawei must now have a license. Shares of Huawei U.S. suppliers like Qualcomm, Qorvo and Micron Technology fell 1.6%, 6.1% and 3.4%, respectively.

“Through any lens, this is a broadside against the Chinese government, which is generally considered to be the beneficial owner of Huawei,” said Tom Essaye, founder of The Sevens Report, in a note. “This obviously ups the ante in the US-China trade war as the stakes are growing. At this point, it’s unclear how China will respond, but some sort of response is expected.”

China has also ratcheted up its rhetoric on trade with the U.S.

Chinese Commerce Ministry spokesman Gao Feng said Thursday, according to state-run news agency Xinhua, that the U.S. is exhibiting “bullying behavior” with its latest moves on the trade front, noting it is “regrettable that the U.S. side unilaterally escalated trade disputes, which resulted in severe negotiating setbacks.”

The U.S. hiked tariffs on $200 billion worth of Chinese goods last week while China retaliated Monday with higher levies on $60 billion worth of U.S. products.

“People are now coming to grips with the fact that this is going to take a long time,” said Tom Martin, senior portfolio manager at Globalt. “I think we’re going to get more volatility, but generally it makes sense for the market to be where it is right now.”


Company: cnbc, Activity: cnbc, Date: 2019-05-17  Authors: fred imbert, arjun kharpal
Keywords: news, cnbc, companies, fall, stalled, final, talks, stocks, uschina, trade, shares, week, chinese, china, weekly, worth, tom, selloff, hour, huawei, fell, following


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