Europe’s largest bank, HSBC, misses expectations in 2018 earnings

HSBC, Europe’s largest bank, on Tuesday delivered a financial report card that missed expectations on several fronts following a challenging fourth-quarter when markets globally experienced a sharp sell-off and reduced activity. The bank’s reported pre-tax profit for the whole of 2018 was $19.89 billion, 15.9 percent higher than the previous year. Reported revenue last year was $53.78 billion, 4.5 percent higher than 2017. The lower-than-expected revenue growth also resulted in HSBC missing its


HSBC, Europe’s largest bank, on Tuesday delivered a financial report card that missed expectations on several fronts following a challenging fourth-quarter when markets globally experienced a sharp sell-off and reduced activity. The bank’s reported pre-tax profit for the whole of 2018 was $19.89 billion, 15.9 percent higher than the previous year. Reported revenue last year was $53.78 billion, 4.5 percent higher than 2017. The lower-than-expected revenue growth also resulted in HSBC missing its
Europe’s largest bank, HSBC, misses expectations in 2018 earnings Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-02-19  Authors: yen nee lee, matt cardy, getty images
Keywords: news, cnbc, companies, largest, ratio, expectations, 2018, jaws, reported, europes, misses, share, revenue, bank, higher, earnings, hsbc, billion, positive


Europe's largest bank, HSBC, misses expectations in 2018 earnings

HSBC, Europe’s largest bank, on Tuesday delivered a financial report card that missed expectations on several fronts following a challenging fourth-quarter when markets globally experienced a sharp sell-off and reduced activity.

The bank’s reported pre-tax profit for the whole of 2018 was $19.89 billion, 15.9 percent higher than the previous year. Reported revenue last year was $53.78 billion, 4.5 percent higher than 2017.

The London-headquartered bank was expected to record a 23.8 percent jump in reported pre-tax profit to $21.26 billion for 2018, according to forecasts compiled by Refinitiv. Revenue for the year was projected to be 6.28 percent higher at $54.674 billion, data by Refinitiv showed.

HSBC said it will pay a full-year dividend of $0.51 per share, but did not announce a new share buy-back plan as some analysts had hoped.

The bank’s Hong Kong-listed shares fell by around 2 percent after the lunch break.

Other financial metrics that analysts and investors were watching:

Net interest margin, a measure of lending profitability, was 1.66 percent as of Dec. 31, 2018. That’s higher than the 1.63 percent seen a year ago.

Earnings per share for 2018 was $0.63, higher than $0.48 a year ago.

Common equity tier 1 ratio — a proportion of the bank’s core capital to assets — as at Dec. 31 last year was 14 percent, compared to 14.5 percent at end-2017.

Despite missing forecasts, HSBC Group Chief Financial Officer Ewen Stevenson said he was “very pleased” with the latest set of results. He added that the difficult trading environment at the end of 2018 resulted in lower fourth-quarter revenue compared to the previous three months.

Stevenson was referring to the sharp sell-off in global marketsin the fourth-quarter last year, which led to trading revenue losses in many banking groups.

“We were very much hit by adverse markets in November and December, which meant that we saw revenue drop by about a billion dollars relative to [the third-quarter],” Stevenson told CNBC’s Joumanna Bercetche on Tuesday.

The lower-than-expected revenue growth also resulted in HSBC missing its positive “jaws” target for 2018. The jaws ratio is positive when revenue grows faster than costs. HSBC’s jaws for the year was minus 1.2 percent.

“We were very disappointed to have missed that jaws target for the year,” the CFO said, adding that the bank will continue to work toward achieving a positive jaws ratio in 2019.


Company: cnbc, Activity: cnbc, Date: 2019-02-19  Authors: yen nee lee, matt cardy, getty images
Keywords: news, cnbc, companies, largest, ratio, expectations, 2018, jaws, reported, europes, misses, share, revenue, bank, higher, earnings, hsbc, billion, positive


Home Forums

    • Forum
    • Topics
    • Posts
    • Last Post

Singapore’s government will likely spend big ahead of an upcoming election

With an election looming, the Singaporean government is expected to announce on Monday a “generous” budget that subsidizes health care and other costs of living for a substantial portion of the population. “Budget 2019 will likely be generous and expansionary, setting the stage for a possible early general election,” analysts from Malaysian financial services firm Maybank Kim Eng wrote in a recent report. Singaporean Prime Minister Lee Hsien Loong has suggested that the election, which must be h


With an election looming, the Singaporean government is expected to announce on Monday a “generous” budget that subsidizes health care and other costs of living for a substantial portion of the population. “Budget 2019 will likely be generous and expansionary, setting the stage for a possible early general election,” analysts from Malaysian financial services firm Maybank Kim Eng wrote in a recent report. Singaporean Prime Minister Lee Hsien Loong has suggested that the election, which must be h
Singapore’s government will likely spend big ahead of an upcoming election Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-02-15  Authors: yen nee lee, pakin songmor, moment, getty images, -irvin seah, senior economist at dbs
Keywords: news, cnbc, companies, likely, generous, early, singapores, wrote, suggested, billion, budget, election, ahead, thats, big, 2019, upcoming, spend


Singapore's government will likely spend big ahead of an upcoming election

With an election looming, the Singaporean government is expected to announce on Monday a “generous” budget that subsidizes health care and other costs of living for a substantial portion of the population.

“Budget 2019 will likely be generous and expansionary, setting the stage for a possible early general election,” analysts from Malaysian financial services firm Maybank Kim Eng wrote in a recent report.

Singaporean Prime Minister Lee Hsien Loong has suggested that the election, which must be held by April 2021, could take place as early as this year. Lee’s People’s Action Party has been in power on the island since 1959 — even before the city-state became independent.

The impending election and the need to spur economic growth amid a challenging global environment mean the government will likely — for the first time in four years — spend more than it is projected to earn.

Singapore’s budget deficit for the year starting April 2019 is estimated to be between 1.2 billion and 6.9 billion Singapore dollars (approximately $883.3 million to $5.08 billion), according to five analyst forecasts compiled by CNBC. That’s around 0.3 percent to 1.5 percent of the country’s gross domestic product.


Company: cnbc, Activity: cnbc, Date: 2019-02-15  Authors: yen nee lee, pakin songmor, moment, getty images, -irvin seah, senior economist at dbs
Keywords: news, cnbc, companies, likely, generous, early, singapores, wrote, suggested, billion, budget, election, ahead, thats, big, 2019, upcoming, spend


Home Forums

    • Forum
    • Topics
    • Posts
    • Last Post

JP Morgan says Asian shares will go up as risks come down

Investors can expect the “best” returns from Asian stocks in the first half of 2019 as negative sentiment from last year subsides, a J.P. Morgan strategist said on Thursday. I think the best part of the returns you’ll have in Asian equities will be in the first half,” Mixo Das, Asia equity strategist at J.P. Morgan, told CNBC’s “Street Signs.” Those concerns led to a sell-off in global markets, with stocks in Greater China, Japan and South Korea among the biggest losers in Asia. The strategist a


Investors can expect the “best” returns from Asian stocks in the first half of 2019 as negative sentiment from last year subsides, a J.P. Morgan strategist said on Thursday. I think the best part of the returns you’ll have in Asian equities will be in the first half,” Mixo Das, Asia equity strategist at J.P. Morgan, told CNBC’s “Street Signs.” Those concerns led to a sell-off in global markets, with stocks in Greater China, Japan and South Korea among the biggest losers in Asia. The strategist a
JP Morgan says Asian shares will go up as risks come down Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-02-14  Authors: yen nee lee
Keywords: news, cnbc, companies, asian, half, shares, risks, stocks, growth, best, 2019, strategist, investors, das, china, jp, morgan, trade, come


JP Morgan says Asian shares will go up as risks come down

Investors can expect the “best” returns from Asian stocks in the first half of 2019 as negative sentiment from last year subsides, a J.P. Morgan strategist said on Thursday.

“We’re expecting more upside in the first half … I think the best part of the returns you’ll have in Asian equities will be in the first half,” Mixo Das, Asia equity strategist at J.P. Morgan, told CNBC’s “Street Signs.”

At end of last year, investors were worried about multiple factors that could pressure stocks, including a potential recession in the U.S., slowing growth in China and the tariff fight between the world’s two largest economies. Those concerns led to a sell-off in global markets, with stocks in Greater China, Japan and South Korea among the biggest losers in Asia.

But many of those events that investors feared could happen this year have not turned out to be as bad as expected, Das noted.

“At we get more clarity on the U.S.-China trade deal, China’s growth bottoming out at some time in [the first] half, and the U.S. economy averting a recession in 2019 — all these things essentially will reinforce that risks are coming down and that’s why equities are going to be going higher in the first half,” he added.

The strategist added that he prefers “value stocks” — those trading a price below where investors think it should be — in the first half of this year. He also favors shares in China, Singapore and the Philippines.

But growth in company earnings could weaken in the second half of the year, partly due to disruptions on the trade front, which has started to hit economic activity worldwide, said Das.

With little good news to lift regional stock prices beyond the first six months of the year, the strategist added that “growth stocks” — firms seen to have a lot of potential to expand — would be his preferred picks. Das said such an environment could make growth stocks “the best performers over the course of 2019.”


Company: cnbc, Activity: cnbc, Date: 2019-02-14  Authors: yen nee lee
Keywords: news, cnbc, companies, asian, half, shares, risks, stocks, growth, best, 2019, strategist, investors, das, china, jp, morgan, trade, come


Home Forums

    • Forum
    • Topics
    • Posts
    • Last Post

Najib’s 1MDB trial: Delay is a victory but not for long, analyst says

Any remaining political support for former Malaysian Prime Minister Najib Razak could “collapse” once a corruption trial related to the scandal-ridden state fund 1MDB gets underway — despite the ex-leader’s recent attempts to shore up his popularity on social media, an analyst said on Tuesday. The former leader has pleaded not guilty, and the trial for 10 of those charges was supposed to start on Tuesday, but was postponed pending an appeal. But those efforts may be futile because the trial — wh


Any remaining political support for former Malaysian Prime Minister Najib Razak could “collapse” once a corruption trial related to the scandal-ridden state fund 1MDB gets underway — despite the ex-leader’s recent attempts to shore up his popularity on social media, an analyst said on Tuesday. The former leader has pleaded not guilty, and the trial for 10 of those charges was supposed to start on Tuesday, but was postponed pending an appeal. But those efforts may be futile because the trial — wh
Najib’s 1MDB trial: Delay is a victory but not for long, analyst says Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-02-12  Authors: yen nee lee
Keywords: news, cnbc, companies, suspect, 1mdb, trial, media, long, political, support, najibs, victory, social, delay, tasmania, analyst, seen, money, chin


Najib's 1MDB trial: Delay is a victory but not for long, analyst says

Any remaining political support for former Malaysian Prime Minister Najib Razak could “collapse” once a corruption trial related to the scandal-ridden state fund 1MDB gets underway — despite the ex-leader’s recent attempts to shore up his popularity on social media, an analyst said on Tuesday.

Najib, ousted in an election in May last year, is facing more than 40 charges, including criminal breach of trust, money laundering and abuse of power in relation to 1MDB. The former leader has pleaded not guilty, and the trial for 10 of those charges was supposed to start on Tuesday, but was postponed pending an appeal.

The delay could be seen as a “victory” for Najib, whose recent social media activity — which includes releasing a music video — is widely seen by observers as an attempt to engineer a political comeback, said James Chin, director of the Asia Institute Tasmania at the University of Tasmania. But those efforts may be futile because the trial — when it eventually starts — will remind Malaysians of the scale of 1MDB’s alleged money laundering scandal, Chin added.

No new date has been set for the trial, but Reuters reported that a Malaysian prosecutor said the delay could last one or two weeks.

“Very often, the followers on social media and the likes you get on social media [do] not necessarily mean that you can translate that into broad political support in the real world. And also, I suspect that once the trial gets going, once people find out the amount of money involved and also how the money was misused, I suspect the political support will collapse after that,” Chin told CNBC’s “Street Signs” on Tuesday.


Company: cnbc, Activity: cnbc, Date: 2019-02-12  Authors: yen nee lee
Keywords: news, cnbc, companies, suspect, 1mdb, trial, media, long, political, support, najibs, victory, social, delay, tasmania, analyst, seen, money, chin


Home Forums

    • Forum
    • Topics
    • Posts
    • Last Post

Najib’s 1MDB trial: Delay is a victory but not for long, analyst says

Any remaining political support for former Malaysian Prime Minister Najib Razak could “collapse” once a corruption trial related to the scandal-ridden state fund 1MDB gets underway — despite the ex-leader’s recent attempts to shore up his popularity on social media, an analyst said on Tuesday. The former leader has pleaded not guilty, and the trial for 10 of those charges was supposed to start on Tuesday, but was postponed pending an appeal. But those efforts may be futile because the trial — wh


Any remaining political support for former Malaysian Prime Minister Najib Razak could “collapse” once a corruption trial related to the scandal-ridden state fund 1MDB gets underway — despite the ex-leader’s recent attempts to shore up his popularity on social media, an analyst said on Tuesday. The former leader has pleaded not guilty, and the trial for 10 of those charges was supposed to start on Tuesday, but was postponed pending an appeal. But those efforts may be futile because the trial — wh
Najib’s 1MDB trial: Delay is a victory but not for long, analyst says Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-02-12  Authors: yen nee lee
Keywords: news, cnbc, companies, najibs, seen, long, 1mdb, chin, social, trial, victory, tasmania, media, suspect, political, money, analyst, delay, support


Najib's 1MDB trial: Delay is a victory but not for long, analyst says

Any remaining political support for former Malaysian Prime Minister Najib Razak could “collapse” once a corruption trial related to the scandal-ridden state fund 1MDB gets underway — despite the ex-leader’s recent attempts to shore up his popularity on social media, an analyst said on Tuesday.

Najib, ousted in an election in May last year, is facing more than 40 charges, including criminal breach of trust, money laundering and abuse of power in relation to 1MDB. The former leader has pleaded not guilty, and the trial for 10 of those charges was supposed to start on Tuesday, but was postponed pending an appeal.

The delay could be seen as a “victory” for Najib, whose recent social media activity — which includes releasing a music video — is widely seen by observers as an attempt to engineer a political comeback, said James Chin, director of the Asia Institute Tasmania at the University of Tasmania. But those efforts may be futile because the trial — when it eventually starts — will remind Malaysians of the scale of 1MDB’s alleged money laundering scandal, Chin added.

No new date has been set for the trial, but Reuters reported that a Malaysian prosecutor said the delay could last one or two weeks.

“Very often, the followers on social media and the likes you get on social media [do] not necessarily mean that you can translate that into broad political support in the real world. And also, I suspect that once the trial gets going, once people find out the amount of money involved and also how the money was misused, I suspect the political support will collapse after that,” Chin told CNBC’s “Street Signs” on Tuesday.


Company: cnbc, Activity: cnbc, Date: 2019-02-12  Authors: yen nee lee
Keywords: news, cnbc, companies, najibs, seen, long, 1mdb, chin, social, trial, victory, tasmania, media, suspect, political, money, analyst, delay, support


Home Forums

    • Forum
    • Topics
    • Posts
    • Last Post

Another number paints a bleak picture of manufacturing in China

The Caixin/Markit Manufacturing Purchasing Managers’ Index (PMI) came in at 48.3 in January — the second-consecutive month of contraction and the lowest reading since 2016. “Latest survey data signalled subdued overall operating conditions in the Chinese manufacturing sector at the start of 2019,” the statement by Caixin and IHS Markit said. The Caixin PMI data followed the release of China’s official manufacturing PMI on Thursday by the National Bureau of Statistics. The official data came in a


The Caixin/Markit Manufacturing Purchasing Managers’ Index (PMI) came in at 48.3 in January — the second-consecutive month of contraction and the lowest reading since 2016. “Latest survey data signalled subdued overall operating conditions in the Chinese manufacturing sector at the start of 2019,” the statement by Caixin and IHS Markit said. The Caixin PMI data followed the release of China’s official manufacturing PMI on Thursday by the National Bureau of Statistics. The official data came in a
Another number paints a bleak picture of manufacturing in China Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-02-01  Authors: yen nee lee, kim kyung-hoon
Keywords: news, cnbc, companies, bleak, number, official, worlds, data, economy, pmi, picture, manufacturing, china, caixin, sector, paints, reading, survey


Another number paints a bleak picture of manufacturing in China

A private survey on China’s manufacturing sector showed on Friday that factory activity contracted more-than-expected in January — confirming views that the world’s second-largest economy started the new year on soft footing.

The Caixin/Markit Manufacturing Purchasing Managers’ Index (PMI) came in at 48.3 in January — the second-consecutive month of contraction and the lowest reading since 2016. January’s reading was also weaker than the 49.5 that analysts polled by Reuters expected, and the 49.7 reported in December.

A reading above 50 indicates expansion, while a reading below that level signals contraction.

The PMI is a survey of businesses about the operating environment. Such data offer a first glimpse into what’s happening in an economy, as they are usually among the first major economic indicators released each month. Investors have been closely watching economic indicators from the world’s second-largest economy for signs of trouble amid domestic headwinds and the ongoing U.S.-China trade dispute.

“Latest survey data signalled subdued overall operating conditions in the Chinese manufacturing sector at the start of 2019,” the statement by Caixin and IHS Markit said. “Softer demand conditions led companies to revise their production schedules … Underlying data indicated that weakness largely stemmed from muted domestic demand.”

The Caixin PMI data followed the release of China’s official manufacturing PMI on Thursday by the National Bureau of Statistics. The official data came in at 49.5 — higher than 49.3 expected by analysts in a Reuters poll and the 49.4 reported in the previous month.

The two PMI surveys on the Chinese manufacturing sector showed different readings because of the types of companies being polled. Large businesses and state-owned enterprises make up a large proportion of responses in the official PMI, while the Caixin indicator has a bigger mix of small- and medium-sized firms.


Company: cnbc, Activity: cnbc, Date: 2019-02-01  Authors: yen nee lee, kim kyung-hoon
Keywords: news, cnbc, companies, bleak, number, official, worlds, data, economy, pmi, picture, manufacturing, china, caixin, sector, paints, reading, survey


Home Forums

    • Forum
    • Topics
    • Posts
    • Last Post

Malaysia, following in China’s footsteps, bans imports of plastic waste

Malaysia’s young government — which came into power less than a year ago — has taken a tough stance against imports of plastic waste that flooded the country after a similar move from China. China, once the world’s largest importer of waste, stopped 24 types of scraps from entering its borders starting January last year. The Asian economic giant reportedly has plans to add 8 more categories of solid waste to that ban. China’s decision uprooted the global order in waste management, resulting in t


Malaysia’s young government — which came into power less than a year ago — has taken a tough stance against imports of plastic waste that flooded the country after a similar move from China. China, once the world’s largest importer of waste, stopped 24 types of scraps from entering its borders starting January last year. The Asian economic giant reportedly has plans to add 8 more categories of solid waste to that ban. China’s decision uprooted the global order in waste management, resulting in t
Malaysia, following in China’s footsteps, bans imports of plastic waste Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-01-25  Authors: yen nee lee
Keywords: news, cnbc, companies, plastic, uprooted, bans, worlds, largest, turned, waste, chinas, malaysia, types, following, young, imports, tonnes, footsteps


Malaysia, following in China's footsteps, bans imports of plastic waste

Malaysia’s young government — which came into power less than a year ago — has taken a tough stance against imports of plastic waste that flooded the country after a similar move from China.

China, once the world’s largest importer of waste, stopped 24 types of scraps from entering its borders starting January last year. The Asian economic giant reportedly has plans to add 8 more categories of solid waste to that ban.

China’s decision uprooted the global order in waste management, resulting in the world’s refuse being diverted to Southeast Asia — and Malaysia was turned into a new favored dumping ground. In the first seven months of 2018, Malaysia imported 456,000 tonnes of plastic waste from its 10 largest source countries — exceeding the 316,600 tonnes recorded for the whole of 2017 and 168,500 tonnes in 2016, Singaporean media Channel NewsAsia reported.


Company: cnbc, Activity: cnbc, Date: 2019-01-25  Authors: yen nee lee
Keywords: news, cnbc, companies, plastic, uprooted, bans, worlds, largest, turned, waste, chinas, malaysia, types, following, young, imports, tonnes, footsteps


Home Forums

    • Forum
    • Topics
    • Posts
    • Last Post

China may be ready to buy more US goods — but economists say that isn’t what matters

Amid an ongoing trade war between the world’s two largest economies, reports emerged that China has offered to buy more U.S. products in the coming years to reduce the two countries’ bilateral goods trade imbalance. Such a gesture may address one of President Donald Trump’s stated goals for U.S.-China trade negotiations, but experts say it’s addressing a metric that doesn’t matter very much. That is, a bilateral trade balance — which measures the transactions between two countries — is an indica


Amid an ongoing trade war between the world’s two largest economies, reports emerged that China has offered to buy more U.S. products in the coming years to reduce the two countries’ bilateral goods trade imbalance. Such a gesture may address one of President Donald Trump’s stated goals for U.S.-China trade negotiations, but experts say it’s addressing a metric that doesn’t matter very much. That is, a bilateral trade balance — which measures the transactions between two countries — is an indica
China may be ready to buy more US goods — but economists say that isn’t what matters Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-01-24  Authors: yen nee lee, jim watson, afp, getty images, -stefan legge, lecturer at the university of st galle, -simon baptist, global chief economist at the economist intelligen
Keywords: news, cnbc, companies, trade, pilates, paying, say, relationship, experts, buy, bilateral, goods, doesnt, matters, economists, instructor, isnt, china, ready, losing


China may be ready to buy more US goods — but economists say that isn't what matters

Amid an ongoing trade war between the world’s two largest economies, reports emerged that China has offered to buy more U.S. products in the coming years to reduce the two countries’ bilateral goods trade imbalance.

Such a gesture may address one of President Donald Trump’s stated goals for U.S.-China trade negotiations, but experts say it’s addressing a metric that doesn’t matter very much.

That is, a bilateral trade balance — which measures the transactions between two countries — is an indicator that doesn’t adequately reveal who’s gaining or losing in a relationship, economists and trade experts said.

The arguments for and against relying on such metrics touch on multiple factors, but a frequently repeated view is that paying for goods does not automatically make the buyer a loser.

Pushan Dutt, an economics professor at business school INSEAD, put it this way: “If I pay my Pilates instructor every month for Pilates classes, then I run a ‘bilateral trade’ deficit. But that does not mean I am losing or that my instructor is winning in this relationship. After all, I am voluntarily paying for a service that I value.”


Company: cnbc, Activity: cnbc, Date: 2019-01-24  Authors: yen nee lee, jim watson, afp, getty images, -stefan legge, lecturer at the university of st galle, -simon baptist, global chief economist at the economist intelligen
Keywords: news, cnbc, companies, trade, pilates, paying, say, relationship, experts, buy, bilateral, goods, doesnt, matters, economists, instructor, isnt, china, ready, losing


Home Forums

    • Forum
    • Topics
    • Posts
    • Last Post

Barclays CEO: We’ll likely be uncertain about Brexit right down to the wire

With British lawmakers still not agreeing on how the U.K. will leave the European Union, the chief executive of Barclays predicted there will not be much clarity on the outcome until right before the March deadline for leaving the EU. U.K. Prime Minister Theresa May’s initial Brexit deal was rejected by a majority of the British parliament last week. But, the different divisions within the British parliament have remained at loggerheads. So, uncertainties remain and Barclays is getting prepared


With British lawmakers still not agreeing on how the U.K. will leave the European Union, the chief executive of Barclays predicted there will not be much clarity on the outcome until right before the March deadline for leaving the EU. U.K. Prime Minister Theresa May’s initial Brexit deal was rejected by a majority of the British parliament last week. But, the different divisions within the British parliament have remained at loggerheads. So, uncertainties remain and Barclays is getting prepared
Barclays CEO: We’ll likely be uncertain about Brexit right down to the wire Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-01-24  Authors: yen nee lee, justin solomon, dan kitwood, getty images
Keywords: news, cnbc, companies, right, uk, staley, likely, british, uncertain, agreed, parliament, barclays, wire, leave, deadline, deal, brexit, different, ceo


Barclays CEO: We'll likely be uncertain about Brexit right down to the wire

With British lawmakers still not agreeing on how the U.K. will leave the European Union, the chief executive of Barclays predicted there will not be much clarity on the outcome until right before the March deadline for leaving the EU.

U.K. Prime Minister Theresa May’s initial Brexit deal was rejected by a majority of the British parliament last week. An alternate plan — which some say is not sufficiently different from the original deal — is expected to be put up for a vote in parliament on Jan. 29.

But, the different divisions within the British parliament have remained at loggerheads. So, uncertainties remain and Barclays is getting prepared for all possible outcomes, the bank’s CEO Jes Staley told CNBC’s “Squawk Box” on Thursday.

“The nature of politics is this will not resolve until the very end. Nothing is agreed until everything is agreed and that means we’re going to the 28th or the 29th,” Staley said at the World Economic Forum in Davos, Switzerland. He was referring to the March 29 deadline for the U.K. to leave the EU.


Company: cnbc, Activity: cnbc, Date: 2019-01-24  Authors: yen nee lee, justin solomon, dan kitwood, getty images
Keywords: news, cnbc, companies, right, uk, staley, likely, british, uncertain, agreed, parliament, barclays, wire, leave, deadline, deal, brexit, different, ceo


Home Forums

    • Forum
    • Topics
    • Posts
    • Last Post

Indonesia has benefited from the US-China trade war, minister says

The ongoing trade war between the U.S. and China has opened up new opportunities for Indonesia, the Southeast Asian nation’s minister of industry said Tuesday. And Indonesia has seen that shift happening, Minister Airlangga Hartarto told CNBC’s Nancy Hungerford at the World Economic Forum in Davos, Switzerland. The official said a number of companies that produce textiles and footwear have explored the opportunity to move from China to Indonesia. Those opportunities aside, Airlangga said the tra


The ongoing trade war between the U.S. and China has opened up new opportunities for Indonesia, the Southeast Asian nation’s minister of industry said Tuesday. And Indonesia has seen that shift happening, Minister Airlangga Hartarto told CNBC’s Nancy Hungerford at the World Economic Forum in Davos, Switzerland. The official said a number of companies that produce textiles and footwear have explored the opportunity to move from China to Indonesia. Those opportunities aside, Airlangga said the tra
Indonesia has benefited from the US-China trade war, minister says Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-01-23  Authors: yen nee lee, bloomberg, getty images
Keywords: news, cnbc, companies, southeast, period, benefited, trade, indonesia, minister, war, good, steel, china, uschina, thats


Indonesia has benefited from the US-China trade war, minister says

The ongoing trade war between the U.S. and China has opened up new opportunities for Indonesia, the Southeast Asian nation’s minister of industry said Tuesday.

Indonesia is the largest economy in Southeast Asia, the region tipped by many to be one of the beneficiaries of a tariff fight that has threatened global growth. Experts have said the conflict between the world’s two largest economies would push companies to speed up plans to move parts of their supply chains from China to countries such as Vietnam, Thailand and Indonesia.

And Indonesia has seen that shift happening, Minister Airlangga Hartarto told CNBC’s Nancy Hungerford at the World Economic Forum in Davos, Switzerland.

The official said a number of companies that produce textiles and footwear have explored the opportunity to move from China to Indonesia. The Southeast Asian country has also been exporting more steel to the U.S., he added. That’s despite U.S. President Donald Trump imposing additional tariffs on steel and aluminum imports in March last year.

Indonesia exports of iron and steel to the U.S. jumped 87.7 percent year-over-year in the January through November period of 2018, according to data from the country’s trade ministry. During the same period, total exports to the U.S. grew 3 percent, the data showed.

Those opportunities aside, Airlangga said the trade war could end up hurting the global economy and that’s not good for all countries.

“I think the new norm of slow growth is not good for everybody … It’s not good enough for Indonesia to create jobs for the people,” the minister said.


Company: cnbc, Activity: cnbc, Date: 2019-01-23  Authors: yen nee lee, bloomberg, getty images
Keywords: news, cnbc, companies, southeast, period, benefited, trade, indonesia, minister, war, good, steel, china, uschina, thats


Home Forums

    • Forum
    • Topics
    • Posts
    • Last Post