McKinsey research finds the world becoming more exposed to China — but not the reverse

The world has become more economically exposed to China at a time when the Asian giant is increasingly relying on its own consumers to boost growth, according to a July report by consultancy McKinsey and Company. The findings by McKinsey come as China is locked in a year-long tariff fight with the U.S. that has spilled into areas such as technology and security. But the report by McKinsey found that consumption contributed to more than 60% of China’s growth during 11 out of 16 quarters — from Ja


The world has become more economically exposed to China at a time when the Asian giant is increasingly relying on its own consumers to boost growth, according to a July report by consultancy McKinsey and Company. The findings by McKinsey come as China is locked in a year-long tariff fight with the U.S. that has spilled into areas such as technology and security. But the report by McKinsey found that consumption contributed to more than 60% of China’s growth during 11 out of 16 quarters — from Ja
McKinsey research finds the world becoming more exposed to China — but not the reverse Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-07-15  Authors: yen nee lee
Keywords: news, cnbc, companies, finds, research, exposed, mckinsey, growth, yearlong, asian, world, economy, report, trade, reverse, chinas, reliance, china


McKinsey research finds the world becoming more exposed to China — but not the reverse

The world has become more economically exposed to China at a time when the Asian giant is increasingly relying on its own consumers to boost growth, according to a July report by consultancy McKinsey and Company.

The findings by McKinsey come as China is locked in a year-long tariff fight with the U.S. that has spilled into areas such as technology and security. Economists generally predicted that the Chinese economy — instead of the U.S. — will experience a larger hit from elevated tariffs partly due to the Asian country’s relatively heavier reliance on exports.

But the report by McKinsey found that consumption contributed to more than 60% of China’s growth during 11 out of 16 quarters — from January 2015 to December 2018.

That means China’s economy has been reducing its reliance on trade as a source of growth. In fact, the study found that China’s net trade — the value of total exports minus that of imports — “actually made a negative contribution” to growth last year.

“I think that’s one of the things they’re trying to do: To build a more robust, a more diversified economy,” Oliver Tonby, McKinsey’s chairman in Asia, told CNBC’s “Squawk Box” on Monday.


Company: cnbc, Activity: cnbc, Date: 2019-07-15  Authors: yen nee lee
Keywords: news, cnbc, companies, finds, research, exposed, mckinsey, growth, yearlong, asian, world, economy, report, trade, reverse, chinas, reliance, china


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Investors searching for yield should buy this sector in Singapore, strategists say

Singapore-listed real estate investment trusts may not appreciate much more in price given their roughly 20% rise this year — but strategists said they’re still a buy as interest rates will likely stay low. Real estate investment trusts, or REITs, are companies that manage a portfolio of properties such as shopping malls, hotels and offices. Income generated from those real estate assets, after accounting for operating fees, is distributed as dividends to shareholders. REITs listed on the Singap


Singapore-listed real estate investment trusts may not appreciate much more in price given their roughly 20% rise this year — but strategists said they’re still a buy as interest rates will likely stay low. Real estate investment trusts, or REITs, are companies that manage a portfolio of properties such as shopping malls, hotels and offices. Income generated from those real estate assets, after accounting for operating fees, is distributed as dividends to shareholders. REITs listed on the Singap
Investors searching for yield should buy this sector in Singapore, strategists say Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-07-15  Authors: yen nee lee
Keywords: news, cnbc, companies, sreits, buy, yield, say, real, investment, singapore, trusts, million, investors, estate, reits, strategists, sector, searching, portfolio


Investors searching for yield should buy this sector in Singapore, strategists say

Singapore-listed real estate investment trusts may not appreciate much more in price given their roughly 20% rise this year — but strategists said they’re still a buy as interest rates will likely stay low.

Real estate investment trusts, or REITs, are companies that manage a portfolio of properties such as shopping malls, hotels and offices. Income generated from those real estate assets, after accounting for operating fees, is distributed as dividends to shareholders.

Investors generally find REITs attractive for their dividend payout and the potential for capital appreciation, and as a diversification in a portfolio of stocks, bonds and cash.

REITs listed on the Singapore Exchange — commonly known as S-REITs — have been a favorite among institutional investors. In the first six months of 2019, S-REITs attracted a net inflow of 396.3 million Singapore dollars ($291.85 million) from institutional investors, the exchange said in a report.


Company: cnbc, Activity: cnbc, Date: 2019-07-15  Authors: yen nee lee
Keywords: news, cnbc, companies, sreits, buy, yield, say, real, investment, singapore, trusts, million, investors, estate, reits, strategists, sector, searching, portfolio


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Trump: I’m ‘not a fan’ of cryptocurrencies, and Facebook may need a banking charter for Libra

U.S. President Donald Trump on Thursday said he’s “not a fan” of cryptocurrencies, and suggested that Facebook may need a banking charter if the company wants to launch the digital token Libra. In a series of Twitter posts, Trump said cryptocurrencies are not money and “Unregulated Crypto Assets can facilitate unlawful behavior, including drug trade and other illegal activity.” “If Facebook and other companies want to become a bank, they must seek a new Banking Charter and become subject to all


U.S. President Donald Trump on Thursday said he’s “not a fan” of cryptocurrencies, and suggested that Facebook may need a banking charter if the company wants to launch the digital token Libra. In a series of Twitter posts, Trump said cryptocurrencies are not money and “Unregulated Crypto Assets can facilitate unlawful behavior, including drug trade and other illegal activity.” “If Facebook and other companies want to become a bank, they must seek a new Banking Charter and become subject to all
Trump: I’m ‘not a fan’ of cryptocurrencies, and Facebook may need a banking charter for Libra Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-07-12  Authors: yen nee lee
Keywords: news, cnbc, companies, im, bitcoin, facebook, president, currency, libra, trump, twitter, need, charter, fan, bank, price, banking, cryptocurrencies, dollar


Trump: I'm 'not a fan' of cryptocurrencies, and Facebook may need a banking charter for Libra

President Donald Trump talks to reporters before boarding Air Force One to return to Washington from Morristown Municipal Airport in Morristown, New Jersey, July 7, 2019.

U.S. President Donald Trump on Thursday said he’s “not a fan” of cryptocurrencies, and suggested that Facebook may need a banking charter if the company wants to launch the digital token Libra.

In a series of Twitter posts, Trump said cryptocurrencies are not money and “Unregulated Crypto Assets can facilitate unlawful behavior, including drug trade and other illegal activity.”

“If Facebook and other companies want to become a bank, they must seek a new Banking Charter and become subject to all Banking Regulations,” said the president.

Trump is not the only one who has criticized Facebook’s plan to introduce Libra. Federal Reserve Chair Jerome Powell, French Finance Minister Bruno Le Maire and Bank of England Governor Mark Carney are among government leaders and central bank chiefs who have spoken up against Libra.

Facebook declined to comment on Trump’s twitter posts.

Trump echoed many critics of cryptocurrencies, questioning how bitcoin is valued and highlighting its price volatility. Many argue that those attributes count against the wider adoption of digital currencies.

Cryptocurrencies “are not money, and whose value is highly volatile and based on thin air,” said Trump.

In the last 24 hours alone, the price of bitcoin against the dollar saw movements that would spark worries if they were seen in any major national currency: It touched a high of $12,033.74 and a low of $11,142.79, according to industry data site CoinDesk.

The president said the “dependable and reliable” U.S. dollar should be the “only one real currency in the USA.”

“It is by far the most dominant currency anywhere in the World, and it will always stay that way. It is called the United States Dollar!” said Trump.

Despite Trump’s criticisms, the price of bitcoin did not appear to move much immediately following his posts, according to CoinDesk data.


Company: cnbc, Activity: cnbc, Date: 2019-07-12  Authors: yen nee lee
Keywords: news, cnbc, companies, im, bitcoin, facebook, president, currency, libra, trump, twitter, need, charter, fan, bank, price, banking, cryptocurrencies, dollar


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Multibillion-dollar Singapore investing giant Temasek says its returns have taken a hit

In its latest annual report, Temasek — a closely followed investor globally — said its one-year shareholder return was 1.49% for the financial year to March 31. Over a longer term horizon, the company’s shareholder returns were 9% for a 10-year period and 7% for a 20-year timeline — compared to 5% and 7%, respectively, a year ago. “These issues have key repercussions on global sentiments and sustainable growth for the longer term,” he added. Facing greater macroeconomic headwinds, the company ma


In its latest annual report, Temasek — a closely followed investor globally — said its one-year shareholder return was 1.49% for the financial year to March 31. Over a longer term horizon, the company’s shareholder returns were 9% for a 10-year period and 7% for a 20-year timeline — compared to 5% and 7%, respectively, a year ago. “These issues have key repercussions on global sentiments and sustainable growth for the longer term,” he added. Facing greater macroeconomic headwinds, the company ma
Multibillion-dollar Singapore investing giant Temasek says its returns have taken a hit Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-07-09  Authors: yen nee lee
Keywords: news, cnbc, companies, hit, dollars, term, singapore, investing, temasek, longer, shareholder, giant, temaseks, returns, multibilliondollar, taken, trade, billion


Multibillion-dollar Singapore investing giant Temasek says its returns have taken a hit

Singaporean state investment firm Temasek Holdings on Tuesday reported a plunge in its returns over a one-year period amid a challenging economic environment compounded by trade tensions between the U.S. and China.

In its latest annual report, Temasek — a closely followed investor globally — said its one-year shareholder return was 1.49% for the financial year to March 31. That’s a major decline from 12% in the prior 12 months.

Over a longer term horizon, the company’s shareholder returns were 9% for a 10-year period and 7% for a 20-year timeline — compared to 5% and 7%, respectively, a year ago.

“We remain watchful around the risks of a late cycle recession in the US. Brexit and political fragmentation continue to weigh on Europe, while China has yet to move fully to restructure its economy for longer term sustainability,” Lim Boon Heng, Temasek’s chairman, said in the annual report.

“These issues have key repercussions on global sentiments and sustainable growth for the longer term,” he added.

Facing greater macroeconomic headwinds, the company made more divestments than investments in the last financial year: Temasek let go of 28 billion Singapore dollars’ worth of assets, while adding 24 billion Singapore dollars.

Temasek — which focuses on equity investments — said it divested from Gilead Sciences, Cargill Tropical Palm and Klabin.

Overall, the value of Temasek’s portfolio was 313 billion Singapore dollars (about $230 billion) as of March 31 — growing from 308 billion Singapore dollars in the previous year.

Dilhan Pillay Sandrasegara, chief executive of Temasek International, described the past year as “complicated and difficult.”

He told CNBC’s Tanvir Gill that factors such as the U.S.-China trade war affected the performance of Asian markets — where Temasek is heavily invested in.

Temasek International is the investment arm of Temasek Holdings.


Company: cnbc, Activity: cnbc, Date: 2019-07-09  Authors: yen nee lee
Keywords: news, cnbc, companies, hit, dollars, term, singapore, investing, temasek, longer, shareholder, giant, temaseks, returns, multibilliondollar, taken, trade, billion


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China appears to be the winner of the Trump-Xi meeting at G-20, experts say

In addition, Trump said he agreed to allow Huawei to purchase U.S. products and China will buy “large amounts” of American farm produce. Washington had earlier announced a ban that restricts Huawei’s ability to do business with U.S. firms due to national security concerns. Trump’s apparently softer stance on the Chinese tech giant was seen by some observers as a major concession that the U.S. has granted China. “It is looking like, so far, China is coming out as a winner from this G-20,” Frances


In addition, Trump said he agreed to allow Huawei to purchase U.S. products and China will buy “large amounts” of American farm produce. Washington had earlier announced a ban that restricts Huawei’s ability to do business with U.S. firms due to national security concerns. Trump’s apparently softer stance on the Chinese tech giant was seen by some observers as a major concession that the U.S. has granted China. “It is looking like, so far, China is coming out as a winner from this G-20,” Frances
China appears to be the winner of the Trump-Xi meeting at G-20, experts say Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-07-03  Authors: yen nee lee
Keywords: news, cnbc, companies, say, xi, experts, chief, trump, meeting, trumpxi, agreed, products, g20, winner, told, trade, appears, china, squawk


China appears to be the winner of the Trump-Xi meeting at G-20, experts say

U.S. President Donald Trump has touted his meeting with Chinese President Xi Jinping at the weekend as “far better than expected” — but several trade and investment experts said Beijing appears to have gained the upper hand in the trade war.

Trump and Xi agreed at the G-20 summit in Japan to withhold from slapping additional tariffs on each other’s products as the two sides return to the negotiating table in a bid to finalize a trade agreement. In addition, Trump said he agreed to allow Huawei to purchase U.S. products and China will buy “large amounts” of American farm produce.

Washington had earlier announced a ban that restricts Huawei’s ability to do business with U.S. firms due to national security concerns. Trump’s apparently softer stance on the Chinese tech giant was seen by some observers as a major concession that the U.S. has granted China.

“It is looking like, so far, China is coming out as a winner from this G-20,” Francesco Filia, chief executive and chief investment officer at asset management firm Fasanara Capital, told CNBC’s “Squawk Box Europe” on Monday.

“It’s not even clear what they gave up in order to get it,” he said, noting there was a lack of details about what the two leaders agreed on at the meeting.

Filia is not the only one who has expressed skepticism over the U.S.-China trade developments.

Trump standing down on some of his threats to China was “one of the most concerning outcomes at the G-20,” said Danielle DiMartino Booth, chief executive of research firm Quill Intelligence.

“It looks as if he obviously gave a lot of ground back to China,” she told CNBC’s “Squawk Box Asia” on Wednesday.


Company: cnbc, Activity: cnbc, Date: 2019-07-03  Authors: yen nee lee
Keywords: news, cnbc, companies, say, xi, experts, chief, trump, meeting, trumpxi, agreed, products, g20, winner, told, trade, appears, china, squawk


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Fintech start-ups are now more ready to work with banks, says ANZ exec

There are now more “adequately mature” financial technology start-ups that can help banks with corporate clients, according to an executive from Australian banking group ANZ. But recently, those start-ups have made some headway into the corporate banking space too. Banks, too, have to adapt “old ways of working” when collaborating with start-ups, said Iyer. He explained that certain processes may not be suitable when working with start-ups, such as the excessive use of hard-copy documents. Iyer


There are now more “adequately mature” financial technology start-ups that can help banks with corporate clients, according to an executive from Australian banking group ANZ. But recently, those start-ups have made some headway into the corporate banking space too. Banks, too, have to adapt “old ways of working” when collaborating with start-ups, said Iyer. He explained that certain processes may not be suitable when working with start-ups, such as the excessive use of hard-copy documents. Iyer
Fintech start-ups are now more ready to work with banks, says ANZ exec Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-06-27  Authors: yen nee lee
Keywords: news, cnbc, companies, mature, anz, ready, technology, iyer, institutional, startups, work, banking, business, corporate, ways, banks, working, fintech, exec


Fintech start-ups are now more ready to work with banks, says ANZ exec

There are now more “adequately mature” financial technology start-ups that can help banks with corporate clients, according to an executive from Australian banking group ANZ.

Fintech firms have for years changed some of the ways that banks operate, particularly in serving consumers. But recently, those start-ups have made some headway into the corporate banking space too.

“A few years ago, when I started dealing with fintechs, it was quite hard to find adequately mature fintechs who have business options for corporate banking and institutional banking business which I’m a part of,” Sreeram Iyer, chief operating officer for institutional business at ANZ, told CNBC’s Matthew Taylor on Thursday.

“But now I see increasing maturity in their capability to scale up to work with big institutions like ours,” he said at a technology event in Singapore, Innovfest Unbound.

Banks, too, have to adapt “old ways of working” when collaborating with start-ups, said Iyer. He explained that certain processes may not be suitable when working with start-ups, such as the excessive use of hard-copy documents.

Iyer said ANZ has partnered with fintech start-ups to improve its businesses, and there are opportunities to do more using technology such as artificial intelligence and blockchain tech.


Company: cnbc, Activity: cnbc, Date: 2019-06-27  Authors: yen nee lee
Keywords: news, cnbc, companies, mature, anz, ready, technology, iyer, institutional, startups, work, banking, business, corporate, ways, banks, working, fintech, exec


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Nike reportedly pulled a shoe line from China after its designer supported Hong Kong protests

Nike halted the sale of a range of sports shoes in China after its Japanese designer showed support for Hong Kong protests in an Instagram post, the Financial Times reported on Wednesday. A proposed law to allow extraditions to mainland China and other jurisdictions triggered large-scale protests in Hong Kong in the last few weeks. Protesters said they’re concerned that Hong Kong is losing its legal independence and inching uncomfortably close to Beijing. The Hong Kong government has suspended t


Nike halted the sale of a range of sports shoes in China after its Japanese designer showed support for Hong Kong protests in an Instagram post, the Financial Times reported on Wednesday. A proposed law to allow extraditions to mainland China and other jurisdictions triggered large-scale protests in Hong Kong in the last few weeks. Protesters said they’re concerned that Hong Kong is losing its legal independence and inching uncomfortably close to Beijing. The Hong Kong government has suspended t
Nike reportedly pulled a shoe line from China after its designer supported Hong Kong protests Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-06-26  Authors: yen nee lee
Keywords: news, cnbc, companies, designer, kong, report, protests, reportedly, pulled, line, shoes, undercover, supported, nike, china, post, shoe, hong


Nike reportedly pulled a shoe line from China after its designer supported Hong Kong protests

An employee works next to shoes on display inside the flagship store of sporting-goods giant Nike in Shanghai on March 16, 2017.

Nike halted the sale of a range of sports shoes in China after its Japanese designer showed support for Hong Kong protests in an Instagram post, the Financial Times reported on Wednesday.

The line of limited-edition sports shoes are designed by Undercover, the brand of Japanese designer Jun Takahashi, according to the report. Several Chinese retailers withdrew those shoes from sale without explanation, the FT reported.

Earlier this month, Undercover posted on its Instagram account a photo of protesters with the slogan “no extradition to China,” according to the report. That post reportedly attracted backlash from Chinese social media users.

Undercover deleted the post, saying that it was an “individual opinion” that was put up by mistake, the newspaper said. The designer and Nike didn’t immediately reply to CNBC’s request for comment.

A proposed law to allow extraditions to mainland China and other jurisdictions triggered large-scale protests in Hong Kong in the last few weeks. Protesters said they’re concerned that Hong Kong is losing its legal independence and inching uncomfortably close to Beijing.

The Hong Kong government has suspended the bill indefinitely but protests have persisted in the city.

For the full report on Nike pulling a line of sports shoes from China, read the Financial Times.


Company: cnbc, Activity: cnbc, Date: 2019-06-26  Authors: yen nee lee
Keywords: news, cnbc, companies, designer, kong, report, protests, reportedly, pulled, line, shoes, undercover, supported, nike, china, post, shoe, hong


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Citi says Asian markets badly hit in the trade war are now looking promising

Citi Private Bank said on Tuesday it has maintained an “overweight” stance on several Asian stock markets that have been badly hit in the ongoing trade fight between the U.S. and China. But he said there are reasons to remain optimistic about those markets for now. “We’re still most positive on Asia,” he told reporters at the bank’s mid-year outlook in Singapore. He added that friction between the U.S. and China in technology could end up benefiting companies in South Korea and Taiwan. More gene


Citi Private Bank said on Tuesday it has maintained an “overweight” stance on several Asian stock markets that have been badly hit in the ongoing trade fight between the U.S. and China. But he said there are reasons to remain optimistic about those markets for now. “We’re still most positive on Asia,” he told reporters at the bank’s mid-year outlook in Singapore. He added that friction between the U.S. and China in technology could end up benefiting companies in South Korea and Taiwan. More gene
Citi says Asian markets badly hit in the trade war are now looking promising Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-06-25  Authors: yen nee lee
Keywords: news, cnbc, companies, markets, badly, war, hit, asia, looking, trade, china, taiwan, peng, promising, korea, companies, private, asian, south, citi


Citi says Asian markets badly hit in the trade war are now looking promising

Citi Private Bank said on Tuesday it has maintained an “overweight” stance on several Asian stock markets that have been badly hit in the ongoing trade fight between the U.S. and China.

Stocks in China, Hong Kong, Taiwan and South Korea have been among the biggest losers since tensions between the world’s top two economies escalated last month — a point acknowledged by Ken Peng, head of Asia investment strategy at Citi Private Bank. But he said there are reasons to remain optimistic about those markets for now.

“We’re still most positive on Asia,” he told reporters at the bank’s mid-year outlook in Singapore.

He added that friction between the U.S. and China in technology could end up benefiting companies in South Korea and Taiwan. Chinese tech firms are facing greater challenges doing business with U.S. companies, and that could potentially allow South Korean or Taiwanese players to fill the void and gain market share globally, he explained.

More generally, much of the global economic growth will center in Asia given the region’s rising middle class that will drive consumption demand, said Peng. That’s set to benefit sectors such as health care, autos and insurance, he said.


Company: cnbc, Activity: cnbc, Date: 2019-06-25  Authors: yen nee lee
Keywords: news, cnbc, companies, markets, badly, war, hit, asia, looking, trade, china, taiwan, peng, promising, korea, companies, private, asian, south, citi


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Trump reportedly approves military strikes on Iran — then abruptly pulls back

As tensions between the U.S. and Iran escalate, President Donald Trump approved military strikes on several Iranian targets — but abruptly pulled back from launching them on Thursday night, The New York Times reported. The Times report, published late Thursday, cited multiple senior administration officials involved in or briefed on the deliberations of the strikes. The White House and the U.S. Department of Defense did not return CNBC’s requests for comment sent outside business hours. Tensions


As tensions between the U.S. and Iran escalate, President Donald Trump approved military strikes on several Iranian targets — but abruptly pulled back from launching them on Thursday night, The New York Times reported. The Times report, published late Thursday, cited multiple senior administration officials involved in or briefed on the deliberations of the strikes. The White House and the U.S. Department of Defense did not return CNBC’s requests for comment sent outside business hours. Tensions
Trump reportedly approves military strikes on Iran — then abruptly pulls back Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-06-21  Authors: yen nee lee
Keywords: news, cnbc, companies, approves, iran, pulls, strikes, drone, reportedly, house, attacks, mistake, trump, officials, times, white, abruptly, military


Trump reportedly approves military strikes on Iran — then abruptly pulls back

As tensions between the U.S. and Iran escalate, President Donald Trump approved military strikes on several Iranian targets — but abruptly pulled back from launching them on Thursday night, The New York Times reported.

The Times report, published late Thursday, cited multiple senior administration officials involved in or briefed on the deliberations of the strikes. It said Trump had earlier approved the attacks in retaliation to Iran shooting down an unmanned American spy drone, and officials were still expecting the operation to go ahead as late as 7 p.m. ET.

Military planes and ships were getting ready to attack Iranian targets — such as radar and missile batteries — when the attack was called off, according to the Times. No missiles had been fired, said the report.

The Times said it wasn’t clear whether Trump had simply changed his mind about attacking Iran, or the administration switched course due to logistics and strategic considerations. It also wasn’t clear if the attacks would still go ahead, according to the report.

The White House and the U.S. Department of Defense did not return CNBC’s requests for comment sent outside business hours. The Times said that the White House and Pentagon officials declined to comment. No government officials asked the Times to withhold the article, the report said.

Earlier on Thursday, Trump said on Twitter that “Iran made a very big mistake!” by shooting down the U.S. spy drone. Iran claimed that the aircraft was over its territory, but the U.S. Central Command said it was flying in international airspace.

On the same day, Trump also said at the White House: “I think they made a mistake, and I’m not just talking the country made a mistake. I think that someone under the command of that country made a big mistake.”

Tensions between Washington and Tehran have been rising since the Trump administration’s decision to withdraw from the 2015 Iran nuclear agreement.

Before the confrontation over the American drone, the U.S. accused Iran of recent attacks on oil tankers in the Persian Gulf region.

— CNBC’s Amanda Macias contributed to this report.

For the full story on Trump pulling back military strikes on Iran, read The New York Times.


Company: cnbc, Activity: cnbc, Date: 2019-06-21  Authors: yen nee lee
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Trump could cause market ‘turmoil’ if he removes Powell as central bank chief, says former Fed governor

U.S. President Donald Trump risks hurting investor sentiment if he removes Jerome Powell as chair of the Federal Reserve, according to a former American central bank governor. Heller’s comment came as Bloomberg, citing people familiar with the matter, reported on Wednesday that Trump said he believes he has the authority to demote Powell. The president had publicly blamed the Fed’s interest rates hikes for holding back U.S. economic growth. After the Fed announced its monetary policy decision on


U.S. President Donald Trump risks hurting investor sentiment if he removes Jerome Powell as chair of the Federal Reserve, according to a former American central bank governor. Heller’s comment came as Bloomberg, citing people familiar with the matter, reported on Wednesday that Trump said he believes he has the authority to demote Powell. The president had publicly blamed the Fed’s interest rates hikes for holding back U.S. economic growth. After the Fed announced its monetary policy decision on
Trump could cause market ‘turmoil’ if he removes Powell as central bank chief, says former Fed governor Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-06-20  Authors: yen nee lee
Keywords: news, cnbc, companies, president, reserve, removes, feds, reported, trump, cause, fed, market, chief, turmoil, governor, central, powell, signs, fouryear, federal, growth


Trump could cause market 'turmoil' if he removes Powell as central bank chief, says former Fed governor

U.S. President Donald Trump risks hurting investor sentiment if he removes Jerome Powell as chair of the Federal Reserve, according to a former American central bank governor.

Investors have in recent months become increasingly nervous as trade tensions between the U.S. and China rise. Conflict between the two major powers have threatened to derail economic growth even further at a time when the global economy has shown signs of slowing down.

“To fire a Federal Reserve governor or chairman would be a very unprecedented move, it would result in turmoil in the financial markets, it would be something that you really don’t want to do because you don’t need an absolute increase in uncertainty which this would bring about,” Robert Heller, a member of the Fed’s Board of Governors from 1986 to 1989, told CNBC’s “Street Signs” on Thursday.

Heller’s comment came as Bloomberg, citing people familiar with the matter, reported on Wednesday that Trump said he believes he has the authority to demote Powell.

The president had publicly blamed the Fed’s interest rates hikes for holding back U.S. economic growth. He considered demoting Powell in February, Bloomberg reported on Tuesday. After the Fed announced its monetary policy decision on Wednesday, Powell said he intends to serve his full four-year term.

“The law is clear that I have a four-year term,” the central bank chief emphasized.


Company: cnbc, Activity: cnbc, Date: 2019-06-20  Authors: yen nee lee
Keywords: news, cnbc, companies, president, reserve, removes, feds, reported, trump, cause, fed, market, chief, turmoil, governor, central, powell, signs, fouryear, federal, growth


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