36.71 +0.06 (0.16%)
After hours: 7:59PM EDT
|Bid||36.69 x 3000|
|Ask||36.75 x 1800|
|Day's Range||36.55 - 37.45|
|52 Week Range||26.19 - 46.92|
|Beta (3Y Monthly)||0.17|
|PE Ratio (TTM)||21.23|
|Earnings Date||Jul 26, 2019|
|Forward Dividend & Yield||N/A (N/A)|
|1y Target Est||39.97|
(Bloomberg) -- The U.S. and China said their presidents will meet in Japan next week to relaunch trade talks after a month-long stalemate, triggering a rally in financial markets.President Donald Trump said Tuesday that he had a “very good” phone conversation with Chinese counterpart Xi Jinping. The two leaders will hold an “extended meeting” at the G-20 summit on June 28-29 in Osaka and “our respective teams will begin talks prior to our meeting,” Trump said on Twitter. The U.S. president had repeatedly threatened more tariffs if Xi spurned the opportunity to talk.“The meeting might very well go well,” Trump told reporters as he departed the White House to officially launch his re-election campaign in Orlando. China wants to make a deal, he added. “That is working out pretty much as I anticipated,” he said.Later, at the rally in Orlando, Trump said “we’re either going to have a good deal, and a fair deal, or we’re not going to have a deal at all. And that’s ok too, because we are taking in billions and billions of dollars into our treasury and companies are leaving China because they want to avoid paying these large tariffs."Xi said he’s willing to meet with Trump and exchange views, the state-run China Central Television reported. The two nations’ economic and trade teams should keep in contact on how to solve differences, according to the statement. China’s official Xinhua News Agency said that Trump initiated the phone call with Xi. Their dispute covers areas ranging from tariffs to Chinese intellectual-property protections.U.S. stocks extended gains on the news, while Treasuries retreated. The S&P 500 rose about 1% in New York. Asian stocks advanced Wednesday.Talks broke off last month after the U.S. accused China’s leaders of reneging on provisions of a tentative trade agreement, and Beijing said the U.S. raised its demands. Trump raised tariffs on about $200 billion of Chinese imports to 25%, and said he would expand the tariffs to cover another $325 billion in goods -- essentially everything the country exports to the U.S. -- unless Chinese leaders reversed course.“The fact that both sides are talking should at least postpone thoughts of a further increase in tariffs, for a while at least,” Iris Pang, an economist at ING Bank N.V. in Hong Kong, wrote in a report. “Both sides will repeat their views on the already drafted terms. But it is difficult to see any concrete progress that would either lead to a deal or improve the current deadlock situation.”U.S. Trade Representative Robert Lighthizer told senators at a hearing in Washington on Tuesday that the Trump administration will stay tough.“Our economic relationship with China has been unbalanced and grossly unfair to American farmers, ranchers and businesses for decades,” Lighthizer said in testimony to the Senate Finance Committee. On top of existing tariffs, the administration is prepared to do more “if certain issues cannot be resolved satisfactorily,” he added.But while expectations have been raised for a breakthrough during the leaders’ face-to-face meeting, Commerce Secretary Wilbur Ross over the weekend downplayed the prospect of a major deal in the near term.“I think the most that will come out of the G-20 might be an agreement to actively resume talks,” possibly with new ground rules and a schedule, Ross said in an interview Sunday with the Wall Street Journal.Paying TariffsTrump has said that China must return to concessions it made in earlier rounds of talks. The U.S. president has repeated his claim that Chinese exporters pay the tariffs, disputing the consensus of economists that the costs are largely borne by U.S. importers and consumers.“They subsidize their industry, so our people are not paying,” Trump said Friday in an interview with Fox News. “There’s this big thing about tariffs, ‘Oh, our people pay.’ It’s a lot of nonsense. You know what happens, really? Companies move back.”Trump’s announcement of the call came shortly after a tweet in which he again accused China and other countries of manipulating their currencies, “making it unfairly easier for them to compete with the USA.”China made moves to strengthen its currency earlier this month. During Trump’s presidency the U.S. Treasury Department has repeatedly refrained from officially accusing China of manipulating the yuan.(Updates with Trump comment at rally in Orlando, Florida, in fourth paragraph, analyst comment in eighth.)\--With assistance from Josh Wingrove, Shawn Donnan, Chelsea Mes, Jiyeun Lee, Malcolm Scott and Daniel Ten Kate.To contact the reporter on this story: Justin Sink in Washington at firstname.lastname@example.orgTo contact the editors responsible for this story: Alex Wayne at email@example.com, ;Brendan Murray at firstname.lastname@example.org, Justin BlumFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
It turned out to be a great political movement,” Mr Trump said. Mr Trump has held dozens of political rallies since he assumed office in January 2017. Underscoring the power of incumbency, Trump fans filled the 20,000-seat arena in Orlando where people wielded placards saying “Four More Years”.
Dorsey invented the platform, it turned out to be a hit, and with time and experience, he ascended to his rightful place as CEO. The truth may be that its evolution was not the linear, carefully-guided direction of one man, but a product of conflicts played out in boardroom clashes and backroom meetings, all while the site's true value became more apparent to its founders and the world, one tweet at a time. How Was Twitter Founded?
Investors have been excited for a while now about the potential for a Palantir market debut, even though the company has yet to lay out any specific plans for an initial public offering.
Conservative talk show host Michael Savage spoke to the New York Times, “with a hint of disappointment” about what continues to drive Trump supporters and why they are so unwilling to second-guess the president
(Bloomberg) -- Go inside the global economy with Stephanie Flanders in her new podcast, Stephanomics. Subscribe via Pocket Cast or iTunes.Mario Draghi said prolonged economic uncertainty means risks to the euro-zone economy have solidified, which is why the European Central Bank is almost ready to add stimulus.Elaborating on earlier comments that policy makers would act “in the absence of improvement” in the economic outlook, the ECB president stressed that the language is a deliberate change from less than two weeks ago. Then, the Governing Council said it would respond “in case of adverse contingencies.”“This is because of this lingering uncertainty that is by itself a materialization of risk,” Draghi said in a panel discussion in Sintra, Portugal. “Given that this is the situation, that’s why during the speech today I said the Governing Council stands ready to act.’’The euro dropped after his morning speech at the ECB’s annual forum. That prompted a tweet from U.S. President Donald Trump who said such suggestions of stimulus make it “unfairly easier” for European companies to compete with the U.S.Draghi said on the panel that “we don’t target the exchange rate -- keep this in mind.”His recently-retired chief economist, Peter Praet, also had his say, telling Bloomberg Television that the ECB shouldn’t be blamed for reacting to the economic consequences of the global trade dispute.“You have a lot of uncertainties on the external side, so you should not put the blame on the ECB’s policy when the international environment has deteriorated very much, also related to uncertainties related to trade,” Praet told Matt Miller in Sintra. “I think it would be very good to stabilize the international business environment.”Policy makers are contending with persistently weak inflation and a slowdown of growth, with Germany, Europe’s largest economy, particularly affected by rising global protectionism.“I think we should not exaggerate the impact of the communication of today on the exchange rate,” Praet said. “The exchange-rate issues are really second-order sort of issues.”To contact the reporters on this story: Paul Gordon in Frankfurt at email@example.com;Joao Lima in Lisbon at firstname.lastname@example.org;Piotr Skolimowski in Frankfurt at email@example.comTo contact the editors responsible for this story: Paul Gordon at firstname.lastname@example.org, Jana Randow, Lucy MeakinFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
Tesla (NASDAQ:TSLA) stock continued its June rally on Monday, notching an impressive 4.7% gain. And the good news for investors continues with TSLA stock up again in pre-market training. So why the big pop yesterday for TSLA?One of the reasons is CEO Elon Musk's claim on Sunday that he deleted his Twitter account. The other? A report issued by an analyst with Baird suggesting that with positive TSLA news arriving last week, Tesla stock may be headed for a short squeeze.InvestorPlace - Stock Market News, Stock Advice & Trading Tips Recent Good News for TSLA Sets Up the Possibility of a Short SqueezeTesla stock closed at $225.03 on Monday after hitting as high as $226.86, for a 4.7% gain on the day. One of the big factors in the TSLA pop is a report from Baird analyst Ben Kallo (via Teslarati) suggesting that a short squeeze may be in the cards, pushing TSLA stock even higher. He notes that with 40 million TSLA shares currently sold short and a series of positive headlines over the past week -- including a leaked e-mail from Elon Musk stating the company is on track to deliver a record number of cars this quarter -- those traders holding short positions on the company's stock are going to be scrambling to buy shares.Musk and his communications are at the center of the other factor that appears to have played a big part in Monday's jump. Elon Musk Says He Deleted His Twitter Account Tesla's CEO has a long and very complicated relationship with Twitter (NYSE:TWTR). Elon Musk is very active on the social media platform and the results have typically been bad news for TSLA investors. * 7 Top-Rated Biotech Stocks to Invest In Today There are times when Musk uses Twitter to good effect, effectively promoting Tesla and its products, and building up excitement among his 27 million followers … and the analysts who look to his Twitter account for clues that could impact Tesla stock. For example, in March, Musk used Twitter to announce the Tesla Model Y reveal event. But more often than not, Musk seems to run into controversy with his tweets, and that never goes well for TSLA stock. The list of missteps is long. Calling a diver who helped rescue a kids soccer team trapped in an underwater Thailand cave a pedophile. Posting an April Fool's joke on Twitter that the company was going bankrupt, resulting in Tesla stock taking a 5% hit. Then there was his tweet last August where he claimed he had funding secured to take Tesla private at $420 per share. That one cost Musk personally a $20 million U.S. Securities and Exchange Commission fine, Tesla had to pay $20 million, Musk was forced to step down as company Chairman, and TSLA stock went into a 30% downward spiral as the episode played out.Last weekend, it looked as though Musk was stepping in it again, posting images without giving credit to their creator, and then getting into a fight with other Twitter users over the move. That escalated when someone brought Tesla co-founder Martin Eberhard into the argument about giving credit, at which point Musk made some unflattering comments about Eberhard -- potentially violating an agreement he signed after the fired TSLA co-founder sued him for slander -- then deleted the tweets. Shortly after all that played out, Musk tweeted "Just deleted my Twitter account." That tweet made headlines and the possibility that the Tesla CEO might actually walk away from the social media platform that has caused so much drama was enough to help boost Tesla stock on Monday.Of course, it turns out that Musk wasn't serious. He did change his Twitter handle to "Daddy DotCom" for a day. But early this morning, he switched back to "Elon Musk" and deleted the tweet that he was deleting his Twitter account. Despite the likely disappointment of investors, TSLA is still up in early morning trading.As of this writing, Brad Moon did not hold a position in any of the aforementioned securities. More From InvestorPlace * 4 Top American Penny Pot Stocks (Buy Before June 21) * 5 Red-Hot IPO Stocks to Buy for the Long Run * 5 Stocks to Buy for $20 or Less * 4 Dow Jones Stocks Ready to Rise Compare Brokers The post Is Elon Muskas Tweet the Reason Behind Tesla Stock's Latest Jump? appeared first on InvestorPlace.
(Bloomberg) -- Go inside the global economy with Stephanie Flanders in her new podcast, Stephanomics. Subscribe via Pocket Cast or iTunes.The European Central Bank shouldn’t be blamed for reacting to the economic consequences of the global trade dispute, former chief economist Peter Praet said, rebutting U.S. criticism that its policies are unfair.“You have a lot of uncertainties on the external side, so you should not put the blame on the ECB’s policy when the international environment has deteriorated very much, also related to uncertainties related to trade,” Praet said in an interview with Bloomberg TV’s Matt Miller in Sintra, Portugal. “I think it would be very good to stabilize the international business environment.”Policy makers are contending with persistently weak inflation and a slowdown of growth, with Germany, Europe’s largest economy, particularly affected by rising global protectionism. Speaking at the ECB’s annual forum earlier on Tuesday, President Mario Draghi raised the prospect of further stimulus if the region’s outlook doesn’t improve and specifically cited interest-rate reductions as an option.The news caused bond yields across Europe to fall, and U.S. President Donald Trump tweeted that ECB action that weakens the euro is unfair.“I think we should not exaggerate the impact of the communication of today on the exchange rate,” Praet said. “The exchange-rate issues are really second-order sort of issues.”To contact the reporters on this story: Catherine Bosley in Zurich at email@example.com;Fergal O'Brien in Zurich at firstname.lastname@example.orgTo contact the editors responsible for this story: Fergal O'Brien at email@example.com, Jana RandowFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
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(Bloomberg) -- Facebook Inc. is under pressure to rid its site of hate speech and fake news but warned it can’t build a platform impervious to human nature.“This is not a fully solvable problem,” Carolyn Everson, a vice president responsible for marketing at the social media giant, said on a panel Tuesday at the Cannes Lions advertising festival in the south of France. “There are some bad parts of humanity, and the platforms are a reflection of that.”Tech companies like Facebook, Twitter Inc. and Google’s YouTube have come under fire for not doing enough to curb the spread of hate speech, terrorist propaganda and disinformation on their platforms.Facebook hasn’t been sitting idle on the issue, though: It said it removed 2.2 billion fake accounts in the first quarter alone. Everson said Facebook has 30,000 people working on the issue of the safety of the platform, up from less than 3,000 people two years ago. Facebook now takes down 99.8% of terrorist content before it’s seen by a human, and 65% of hate speech content, she said.“It’s a cat and mouse game,” Everson said. “This work is never going to be done. It’s ongoing.”To contact the reporters on this story: Joe Mayes in London at firstname.lastname@example.org;Stefan Nicola in Berlin at email@example.comTo contact the editors responsible for this story: Rebecca Penty at firstname.lastname@example.org, Nate LanxonFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
Twitter Inc NYSE:TWTRView full report here! Summary * ETFs holding this stock are seeing positive inflows * Bearish sentiment is low * Economic output in this company's sector is contracting Bearish sentimentShort interest | PositiveShort interest is extremely low for TWTR with fewer than 1% of shares on loan. This could indicate that investors who seek to profit from falling equity prices are not currently targeting TWTR. Money flowETF/Index ownership | PositiveETF activity is positive. Over the last month, ETFs holding TWTR are favorable, with net inflows of $9.86 billion. Additionally, the rate of inflows is increasing. Economic sentimentPMI by IHS Markit | NegativeAccording to the latest IHS Markit Purchasing Managersâ€™ Index (PMI) data, output in the Consumer Servicesis falling. The rate of decline is significant relative to the trend shown over the past year, and is accelerating. Credit worthinessCredit default swapCDS data is not available for this security.Please send all inquiries related to the report to email@example.com.Charts and report PDFs will only be available for 30 days after publishing.This document has been produced for information purposes only and is not to be relied upon or as construed as investment advice. To the fullest extent permitted by law, IHS Markit disclaims any responsibility or liability, whether in contract, tort (including, without limitation, negligence), equity or otherwise, for any loss or damage arising from any reliance on or the use of this material in any way. Please view the full legal disclaimer and methodology information on pages 2-3 of the full report.
(Bloomberg Opinion) -- Mario Draghi has spent much of his time as president of the European Central Bank fighting crises. So he hasn’t had much time to consider his legacy, even now that he’s less than five months away from retirement.Yet in his last appearance as president at the ECB’s yearly shindig in Portugal, Draghi was in reflective mood about what’s been achieved by the central bank and the euro zone’s governments in terms of safeguarding the future of the single currency. While his own organization scraped a pass mark, the bloc’s leaders were judged more harshly – and with good reason. The ECB chief sounded particularly exasperated by politicians’ foot-dragging over the creation of a common budget for euro members, which would help them stabilize weaker economies if they faced a shock. Euro zone finance ministers announced the first steps toward such a fund last week. Draghi is justifiably unimpressed.While the ECB’s monetary policy has played a similar role to that of the U.S. Federal Reserve in supporting the economy, Draghi argued, Washington has been much better at mobilizing resources through its federal budget to relaunch demand, and to recapitalize banks where needed. The euro zone has been far more timid, even though aggregate public debt levels haven’t been that different to the U.S. Weaker member states have had no joint fiscal support to rely on.To Draghi, these problems remain highly relevant. The euro area is facing a new shock as President Donald Trump’s trade conflicts hit local manufacturers and inflation expectations fall to new lows.At least the ECB president says the central bank is in a position to step in if needed, prompting a Trump Twitter blast on unfair currency manipulation. Draghi’s comments certainly lifted the spirits of the financial markets on Tuesday (traders had been skeptical about whether his earlier dovish signals were credible given his imminent departure). “We are committed, and are not resigned to having a low rate of inflation forever or even for now,” he said.The reason for the change in market sentiment is that Draghi was more explicit about the tools available to the ECB, ranging from further rate cuts to restarting asset purchases. “The limits we establish on our tools are specific to the contingencies we face,” he said. In other words, any self-imposed restrictions (such as how many bonds of a given country the ECB and national central banks can buy) can be relaxed if needed.Still, there are understandable doubts about whether his successor will see things the same way. And that’s why Draghi’s point about the euro zone’s political leaders needing to do their bit is so important. He’s unquestionably right about the need for a serious centralized budget.Ideally, the euro area would move toward a joint fund worth a few percentage points of the bloc’s gross domestic product. That would help stimulate troubled economies with a high debt burden. It’s far better than relying on fiscally prudent countries such as Germany to boost their economies and just praying that some of the money will spill over to weaker states.Unfortunately, the finance ministers have managed only to agree a much less ambitious fund, aimed at helping member states to boost their competitiveness by funding infrastructure and reforms. The European Union already has similar instruments. Neither is it clear where the money for the new budget will come from and how it will be administered. It would make no sense if the funds were distributed based on the contributions of individual countries. This money should go to countries with the greatest need, though the more fiscally conservative governments are skeptical.The euro zone has a history of only making big institutional changes during a crisis. So it’s possible that a common budget worth its name will only happen after the next cataclysm. As Draghi comes close to the end of his mandate, his frustration on this subject is tangible. The ECB famously promised to do “whatever it takes” to save the euro, raise inflation and boost the economy. But it can only do “whatever it can.”To contact the author of this story: Ferdinando Giugliano at firstname.lastname@example.orgTo contact the editor responsible for this story: James Boxell at email@example.comThis column does not necessarily reflect the opinion of the editorial board or Bloomberg LP and its owners.Ferdinando Giugliano writes columns on European economics for Bloomberg Opinion. He is also an economics columnist for La Repubblica and was a member of the editorial board of the Financial Times.For more articles like this, please visit us at bloomberg.com/opinion©2019 Bloomberg L.P.
(Bloomberg) -- European Central Bank policy makers anticipate using an interest-rate cut as their first stimulus move if they need to act again to boost inflation, according to three euro-zone central bank officials.Lowering borrowing costs further below zero would be the most likely initial step rather than resuming asset purchases, said the officials, whose alarm at the descent of market inflation expectations to a record low is nudging them all toward favoring action. They didn’t want to be identified, citing the confidentiality of such discussions. An ECB spokesman declined to comment.ECB President Mario Draghi appeared to set a low bar for action on Tuesday when he said additional stimulus will be needed “in the absence of any improvement” to the outlook for growth and inflation. He specifically cited rate reductions as an option, sending the euro lower and prompting money markets to price in a 10 basis-point cut by December.Investors subsequently brought forward their expectations to September after Bloomberg’s report. Commerzbank AG now predicts such a policy step in July, while JPMorgan Chase & Co. said it now expects a rate cut in September.“Draghi is going to finish his tenure with a cut,” said Claus Vistesen, chief euro-zone economist at Pantheon Macroeconomics. “The door is now open and I don’t see how they can not walk through it.”An ECB rate reduction could stoke trade tensions with U.S. President Donald Trump’s administration. He tweeted on Tuesday that ECB action that weakens the euro is unfair.Draghi, who spoke at the ECB’s annual forum in Sintra, Portugal, also said the institution could resume quantitative easing, even if it needs to raise self-imposed limits to do so. While those rules were put in place to avoid crushing markets and crossing the line between monetary and fiscal policy, he said they are “specific to the contingencies we face.”What Bloomberg’s Economists Say...“Draghi seems to be notching up his dovish tone. Today he hinted that the Governing Council may be willing to tolerate inflation running above the ECB’s goal to compensate for the recent, protracted period of below target price gains...Achieving this objective could involve further interest rate cuts or restarting the asset purchase program.”\--David Powell and Maeva Cousin Click here to read the full REACTThe ECB is grappling with an economic slowdown and an inflation rate that remains entrenched below its goal. Draghi said risks from geopolitical factors, protectionism and vulnerabilities in emerging markets haven’t dissipated and are weighing in particular on manufacturing.That sentiment is being felt at major central banks around the world, which are moving back into battle mode. The U.S. Federal Reserve, Bank of England and Bank of Japan all hold policy meetings this week, which should give further insight into their concerns. Investors are betting on U.S. interest rate cuts later this year, while central banks in Australia, Russia, India and Chile have already loosened policy.The ECB Governing Council looked at stimulus possibilities at its June 6 decision, though stopped short of determining a need for immediate action. Draghi’s mention then of the option of more QE left his former adviser, Arnaud Mares, now an economist at Citigroup, with the impression that the ECB would use that tool first rather than rate cuts.One concern over further rate cuts is that it might squeeze banks’ profitability to the point where they pare back lending to companies and households. They’ve complained that they can’t easily pass on the negative deposit rate onto their depositors.On Tuesday, Draghi also referred to possible need for “mitigating measures” to soften the effect of the ECB’s negative rate, currently at minus 0.4%.While one ECB official said a tiering system that exempts some banks’ deposits from the sub-zero penalty would almost certainly be required in the event of further cuts, that could be a sticking point. Another of the officials said there’s no need for tiering and a decision on that could at least be put off until later.The officials were open on the timing of any move. A Federal Reserve interest-rate cut could become a trigger if a narrower difference between U.S. and euro-area policy rates threatened to boost the euro, two of them said. The exchange rate isn’t a policy target for the ECB, but the officials noted that it can have a significant impact on inflation and growth.ECB staff see inflation reaching only 1.6% in 2021, compared with a goal of just under 2%, and Draghi will leave office this October as the only ECB president never to have raised interest rates.“If the crisis has shown anything, it is that we will use all the flexibility within our mandate to fulfill our mandate,” Draghi said Tuesday. “And we will do so again to answer any challenges to price stability in the future.”(Updates with money markets, Trump comments starting in fourth paragraph.)\--With assistance from Catherine Bosley and Joao Lima.To contact the reporters on this story: Paul Gordon in Sintra, Portugal at firstname.lastname@example.org;Piotr Skolimowski in Sintra, Portugal at email@example.comTo contact the editors responsible for this story: Craig Stirling at firstname.lastname@example.org, Fergal O'BrienFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
(Bloomberg) -- Go inside the global economy with Stephanie Flanders in her new podcast, Stephanomics. Subscribe via Pocket Cast or iTunes.To fully grasp President Donald Trump’s China strategy, the first step is understanding Robert Lighthizer. No one besides Trump himself has more ownership of the U.S.’s tariff policy toward Beijing than his chief trade negotiator.Here’s the rub, though. The longtime attorney and China hawk is arguably the most enigmatic and camera-shy member of Trump’s cabinet. Which is why his congressional testimony this week is important and timely. When he speaks, it pays to listen. Here are some insights into his thinking:People close to Lighthizer, 71, say he considers the current battle the capstone of his career. “For years, our economic position vis-a-vis China has deteriorated because U.S. policy makers have refused to take the inevitable risks associated with challenging Chinese mercantilism,” he wrote in 2010. “Wringing our hands and hoping for the best is not the answer.”He shows flashes of optimism. “You have to start with the proposition that there are people in China who believe that reform is a good idea. And you have to believe that those people are at a very senior level,” he told National Public Radio in March, when the two sides were still inching toward a deal.But he’s no Pollyanna. “I don’t believe that this is going to solve all the problems between the United States and China,” he told the House Ways and Means Committee in February. “If they’re in a process of reform, we’ll make headway. If they’re not, we’re going to go right back to having problems.”Despite his low-key public profile, he isn’t bashful. “It’s not a miniature,” his brother, Jim Lighthizer, said last year of the large portrait of himself that the trade representative has displayed in his home. “You couldn’t fit it in a locket, I’ll tell you that.”Charting the BattlesEuro-area exports dropped in April, according to seasonally adjusted figures Tuesday from Eurostat, a hint of how the global slowdown is hitting the region. Still, it’s just one month in a volatile series and demand is still up more than 4% so far this year, non-adjusted figures show.Today’s Must ReadsMade-in-China era closes| Giant Manufacturing shifts bike production to TaiwanDiversion helps Malaysia | Central-bank chief sees China exodus aiding growthColleges in the crossfire | U.S. restricts Chinese student access to visas Fireworks in Washington | Trump’s 2020 July 4th may flame out under new tariffs U.S. farm aid challenged | EU, China see Trump aid to farmers violating WTO rulesEuropean Union’s LatestEconomic AnalysisJapan’s service sector helps buffer economy from trade war: Bloomberg EconomicsU.S. tariff effects spread beyond factories to home building: Bloomberg EconomicsComing UpLighthizer testifies to Senate committee, 10:15 a.m. ET on TuesdayHe’s at House Ways and Means at 9:30 a.m. ET on WednesdayOn Wednesday, Japan and Italy release monthly trade dataWTO chief Roberto Azevedo holds press briefing in Geneva Thursday\--With assistance from Fergal O'Brien.To contact the reporter on this story: Shawn Donnan in Washington at email@example.comTo contact the editors responsible for this story: Brendan Murray at firstname.lastname@example.org, Zoe SchneeweissFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
President Donald Trump has announced that the acting US defence secretary Patrick Shanahan was stepping down from the post and withdrawing his nomination as the permanent head of the Pentagon. Writing on Twitter on Tuesday, Mr Trump said Mr Shanahan, a former Boeing executive, “has done a wonderful job” but decided not to go forward with the confirmation process in order to spend more time with his family. Earlier in the day USA Today reported that the FBI had been looking into allegations of domestic violence within the Shanahan family, complicating the background check that all senior officials must have as part of their confirmation process.
(Bloomberg) -- Donald Trump is closer to filling a key gap on his national security team as a Senate panel this week takes up the nomination of Kelly Craft to be UN ambassador after she served as envoy to Canada during contentious trade talks.But it won’t be easy.Craft, a prominent donor to the president’s 2016 campaign, proved her value to Trump during contentious trade talks between Washington and Ottawa that helped pave the way for the U.S.-Mexico-Canada trade agreement last year. Yet her coal industry ties and waffling on the cause of climate change will face intense scrutiny from Democrats at her confirmation hearing on Wednesday.“Do you acknowledge that climate change caused by humans is real?” a trio of Democratic senators asked Craft in a letter ahead of Wednesday’s hearing. Their question echoed one Craft responded to -- and was criticized for -- during a 2017 interview on Canada’s CBC television network.“I believe there are scientists on both sides that are accurate,” Craft -- whose husband Joe Craft is chief executive officer of coal producer Alliance Resource Partners LP -- said in the interview. Pressed, she added, “Well, I think that both sides have, you know, their own results from their studies, and I appreciate and respect both sides of the science.”The vast majority of scientists say human activity is causing climate change, although Trump has at various times called it a “Chinese hoax” and said that the weather “changes both ways.”"Somebody with that sort of backwards view on climate at the UN is dangerous but not unsurprising for this administration," said Senator Chris Murphy of Connecticut, a Democrat who serves on the Foreign Relations Committee that will question Craft and says he hasn’t made up his mind on how he’ll vote.Most lawmakers are betting Craft’s nomination will survive the scrutiny, even though climate change is a prime issue on the United Nations agenda and the U.S. is the world’s second-largest emitter of heat-trapping carbon dioxide after China.Craft is ready for tough questions on climate and is deepening her foreign policy knowledge generally, according to a person helping her prepare for the hearing who asked not to be identified. At the UN, Craft will be thrust into contentious debates over North Korea’s nuclear program, rising U.S.-Iran tensions, the Israel-Palestinian crisis and Venezuela’s meltdown.‘Toughest Moment’While she wasn’t a central player in crafting Trump’s overhaul of the North American Free Trade Agreement, people who followed her work in Ottawa say she was effective in quietly smoothing ties during a volatile diplomatic period as the U.S. and Canada renegotiated a key trade agreement.“She was there during the toughest moment between our countries in recent history, and she can take pride in the fact that the most important file had a successful outcome,” said Fen Hampson, a professor of international affairs at Carleton University in Ottawa who has met with Craft. “She kept her head down and did her job at a time when the U.S. administration was not very popular in Canada, and in a sense she’s acquired thick skin for her next job.”If she’s confirmed by the full Senate, Craft will fill a position left open since Nikki Haley stepped down as UN envoy at the end of last year. Haley, a former South Carolina governor, took the job on the promise it would be Cabinet level. She touted her direct access to Trump -- she traveled to Washington frequently to meet with him -- and, she said, spoke with him frankly but privately when she disagreed with his views.Read More: Nikki Haley’s Exit Leaves Void at UN With No U.S. Envoy in PlaceBut with U.S. foreign policy increasingly in the hands of Secretary of State Michael Pompeo and National Security Advisor John Bolton, Craft would be filling a non-Cabinet level position, so her influence is likely to be less than that of Haley, who got a rare Oval Office sendoff from Trump when she stepped down.A lack of clout with the president could hurt Craft in high-profile battles with diplomats from adversaries like Russia and China, or with allies seeking to influence Trump.“It means something to them when you have a direct line to the president,” said Bill Richardson, U.S. envoy to the UN in the Clinton administration. “They understand that an ambassador who can phone the president to get something done is a major asset.”While Haley was frequently in the spotlight, telling countries that she was “taking names” of those who didn’t stand with Trump’s policies, Craft is likely to avoid such bombast while taking her cues from Pompeo, a person familiar with her thinking said.Political TiesDonors to presidential campaigns are often rewarded with plum ambassadorships in Rome or London or tropical islands, but Craft would be the first to get the UN role. She and her husband were early Trump backers, giving $430,800 to Trump Victory, which supported his presidential campaign and the Republican party. Joe Craft also gave $750,000 to Future45, a super PAC that supported Trump.Beyond her experience in the Canada trade battles, Craft comes with political ties sure to help shield her nomination. She is close to senior Republican officials including Senate Majority Leader Mitch McConnell of Kentucky, her home state, and Vice President Mike Pence. Craft’s political connections were instrumental during her stint in Canada, said David MacNaughton, Canada’s ambassador to the U.S.“You sensed she was really well-connected in the administration and could get things done,” MacNaughton said in an interview. “There were times during the negotiations when there was a lot of rhetoric and misunderstanding and it was really helpful to be able to talk to her when we couldn’t figure out what the U.S. was trying to achieve.”Richard Gowan, UN director at the International Crisis Group, said those connections will come in handy during her next job and could make up for her lack of cabinet status.“The conventional wisdom is she will have little influence,” Gowan said. “But being an influential donor means she will have the ear of important people in Washington.”\--With assistance from Josh Wingrove and Bill Allison.To contact the reporters on this story: David Wainer in New York at email@example.com;Daniel Flatley in Washington at firstname.lastname@example.orgTo contact the editors responsible for this story: Bill Faries at email@example.com, Larry LiebertFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
(Bloomberg) -- Automakers won control over a choice swath of wireless spectrum 20 years ago on the promise of delivering safety innovations to vehicles.Now, after failing to deliver widespread breakthroughs, they’re at risk of losing those frequencies to Comcast Corp. and other cable companies that say they can use them to offer robust Wi-Fi links to subscribers.The years-long struggle between the industries is nearing an inflection point, with Federal Communications Commission Chairman Ajit Pai signaling he may consider new uses for the airwaves. Pai could announce as early as Tuesday that he’ll schedule a vote to re-examine the allocation at the commission’s meeting next month.“The spectrum, for 22 years, has not reached its highest valued use, and that’s part of the reason why I think it’s important to have an open conversation,” Pai said at a Senate hearing last week. “I’m not saying what the answer should be, I’m simply saying let’s ask the questions that would enable us to have an informed conversation.”That conversation has already kicked off a flurry of activity by stakeholders. A team at Ford Motor Co. gave Pai a ride in a specially outfitted F-150 pickup truck earlier this month. The idea was to demonstrate the technology that could, for example, warn of a scooter’s approach or judge when it’s safe to enter an intersection.“Grateful to Ford for showing us a glimpse of the future,” Pai said in a tweet after his parking-lot spin. “It’s important to have an open conversation about the future of this band” of airwaves.Ford and other carmakers including BMW AG and Toyota Motor Corp., don’t want to lose the rights they gained in 1999 from the FCC for a system designed to link cars, roadside beacons and traffic lights into a seamless wireless communication web to avoid collisions and heed speed limits.Yet after nearly two decades, deployments have been few. An Obama administration proposal to mandate the technology in new cars has been left to languish under the deregulatory agenda pursued by President Donald Trump. General Motors Co. introduced the first factory-equipped model, a Cadillac sedan, just two years ago. And in April, Toyota scrapped plans to equip its cars with the systems starting in 2021.Now even automakers are moving away the original system, and see greater promise in a newer method based on cellular radios -- the system in the F-150 that Ford showed off for the FCC’s Pai. Ford plans to begin equipping all of its U.S. vehicles with the systems starting in 2022.That is an issue for carmakers as the 1999 allocation of airwaves by the FCC locked them into the system envisioned then. They need new rules to use a cellular system, which is backed by several companies including Ford, Audi AG and gear maker Qualcomm Inc.Ford, in a statement, said it is “critical” for the FCC to allow the newer, cellular-based method to use the airwaves because it will become the dominant technology to connect vehicles, infrastructure and pedestrians.Cable providers have pounced, characterizing the currently mandated system as fostering “two decades of stagnation.”They’ve called for ending carmakers’ exclusive rights to the frequencies at 5.9 GHz and allocating all or most of the band to the Wi-Fi systems that carry web traffic for most cable customers.Some consumer groups agree. They include the Consumer Federation of America, the American Library Association, Public Knowledge and the Open Technology Institute at New America.“The best outcome for consumers is to move vehicle safety signaling to a different set of frequencies and allow next generation Wi-Fi to use 5.9 GHz,” Michael Calabrese, director of the Wireless Future Project at the Open Technology Institute, said in an email.Pai controls the FCC’s agenda, and his impatience ushers in a moment of promise -- and peril.“We could maintain the status quo” but “I am quite skeptical that this is a good idea,” Pai said in a speech last month to a gathering that celebrated the Wi-Fi signals used for connections in hotel lobbies, coffee shops and homes.Pai said it would take a formal rulemaking to allow greater Wi-Fi use of the swath, or to let automakers exploit the band for the cellular safety system.Skepticism has arisen within the Trump administration. Transportation Secretary Elaine Chao telephoned Pai to urge the FCC not to use its June meeting to commence its consideration of the airwaves, according to one official briefed on the matter who spoke on condition of anonymity because the conversation wasn’t public.While Transportation Department officials haven’t advanced the previous administration’s proposed mandate, they want autos to hold onto the airwaves.“Preserving the spectrum for transportation safety, which can save lives, is probably more important than slightly faster Wi-Fi,” Derek Kan, the Transportation Department’s undersecretary for policy, said in an interview June 3.To contact the reporters on this story: Todd Shields in Washington at firstname.lastname@example.org;Ryan Beene in Washington at email@example.comTo contact the editors responsible for this story: Jon Morgan at firstname.lastname@example.org, Elizabeth Wasserman, John HarneyFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
(Bloomberg) -- Australian central bank chief Philip Lowe was “relatively relaxed” about an error on the nation’s new A$50 note that was repeated four hundred million times, according to internal correspondence released under a Freedom of Information request.“I spoke to Phil about this,” Chris Aylmer, head of risk and compliance at the Reserve Bank of Australia, said in a Dec. 21 email, referring to Lowe. “He was relatively relaxed -- the functionality of the note has not changed and it is still legal tender,” he said, adding that the printer of the currency, Note Printing Australia, nonetheless needs to review the text approval process.Aylmer, whose email was copied to RBA No. 2 Guy Debelle, described employees at NPA as “mortified that the error occurred.”The banknote released last October misspells the word “responsibility” in very fine print which is only identifiable with a microscope.The note features a portrait of the country’s first female parliamentarian, Edith Cowan, and the mistake appears in excerpts of her first speech to the Western Australian Parliament located near her shoulder on the note. The error was picked up by a member of the public, who wondered whether it was a “new security feature.”Among the documents released in the FOI was a Note Printing Australia report into the error. The company’s employees were clearly hurting, with an email reporting that “NPA were devastated and had really been beating themselves up about it.”The RBA, on the other hand, appeared somewhat more chilled.“No one died,” Luke Porter, the RBA’s manager of banknote production, said in the correspondence. “I’m just happy my initial email to NPA had the correct spelling.”To contact the reporter on this story: Michael Heath in Sydney at email@example.comTo contact the editors responsible for this story: Nasreen Seria at firstname.lastname@example.org, Chris Bourke, Peter VercoeFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
European powers are facing the most severe test of their readiness to side with Iran in more than a year as the fallout from attacks on two oil tankers and Iran’s vow to bust limits on its uranium puts them under mounting US pressure to turn against Tehran. in the Gulf of Oman, allegations that further damaged a landmark nuclear deal with Tehran.
US president Donald Trump has accused Mario Draghi of “unfairly” manipulating the euro, after the European Central Bank president made dovish comments that sent government bond prices sharply higher and pushed down the single currency. Speaking at the ECB’s annual symposium in Sintra, Portugal, Mr Draghi said the bank could launch a fresh expansion of its €2.6tn quantitative easing programme if the inflation outlook failed to improve. The euro sank about 0.5 per cent against the dollar, reaching a low of just under $1.12, while European and US equities rose — Germany’s Dax index was up 2 per cent on the day and the S&P 500 was more than 1 per cent higher in afternoon trading.
Kyle Kashuv, a survivor of the Marjory Stoneman Douglas High School shooting, reportedly went on a racist bender in the months leading up to the 2018 massacre, spewing the n-word in text and Skype message shared with classmates. He has since apologized, but apparently that’s not enough for Harvard.
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Gloria Vanderbilt has passed away at the age of 95 and InvestorPlace is remembering her with a collection of quotes.Source: WikipediaGloria Vanderbilt's death comes after being diagnosed with an advanced form of stomach cancer earlier this month. News of her passing was shared by CNN anchor Anderson Cooper, who is also her son.Cooper has this to say about his mother when speaking to CNN.InvestorPlace - Stock Market News, Stock Advice & Trading Tips"Gloria Vanderbilt was an extraordinary woman, who loved life, and lived it on her own terms. She was a painter, a writer and designer but also a remarkable mother, wife, and friend. "She was 95 years old, but ask anyone close to her, and they'd tell you: She was the youngest person they knew -- the coolest and most modern."Gloria Vanderbilt wore many different hats during her life. She is the author of several books, created iconic looks as a fashion designer, worked as a model and also spent some of her life as an actor.You can find a collection of quotes from Gloria Vanderbilt below. Feel free to share them on Facebook (NASDAQ:FB), Instagram, Twitter (NYSE:TWTR) and any other forms of social media.Gloria Vanderbilt Quotes * 7 Top-Rated Biotech Stocks to Invest In Today Gloria Vanderbilt QuotesGloria Vanderbilt Quotes * 7 Dark Horse Stocks Winning the Race in 2019 Gloria Vanderbilt QuotesGloria Vanderbilt Quotes * 7 Stocks to Buy As They Hit 52-Week Lows As of this writing, William White did not hold a position in any of the aforementioned securities.Compare Brokers The post 5 Gloria Vanderbilt Quotes to Remember the Iconic Fashion Designer appeared first on InvestorPlace.