TWTR - Twitter, Inc.
| Previous Close | 30.55 |
| Open | 30.47 |
| Bid | 30.40 x 4000 |
| Ask | 30.41 x 1000 |
| Day's Range | 30.27 - 30.59 |
| 52 Week Range | 26.26 - 45.86 |
| Volume | 4147995 |
| Avg. Volume | 14,739,565 |
| Market Cap | 24B |
| Beta (3Y Monthly) | 0.56 |
| PE Ratio (TTM) | 14.78 |
| EPS (TTM) | 2.05 |
| Earnings Date | Feb 6, 2020 |
| Forward Dividend & Yield | N/A (N/A) |
| Ex-Dividend Date | N/A |
| 1y Target Est | 34.33 |
- Yahoo Finance Video
Big tech backlash 'is a turning point for America,' says Roger Parloff
Yahoo Finance contributor Roger Parloff joins The Final Round to discuss the intensifying backlash towards big tech companies like Amazon, Facebook, and Google, and how antitrust probes into these companies have become a focal point of the 2020 Presidential election.
- GuruFocus.com
Banning Political Ads from Social Media: Be Careful What You Wish For
Twitter’s heavy-handed approach may have consequences Continue reading...
- Bloomberg
Lagarde Marks ECB Policy Debut With Optimistic Note for Economy
(Bloomberg) -- Explore what’s moving the global economy in the new season of the Stephanomics podcast. Subscribe via Apple Podcast, Spotify or Pocket Cast.Christine Lagarde said the euro zone’s economic slowdown is showing signs of bottoming out, in comments after her first policy meeting as president of the European Central Bank that suggested further interest-rate cuts are unlikely any time soon.“There are some initial signs of stabilization in the growth slowdown and of a mild increase in underlying inflation,” she told reporters on Thursday. “The risks surrounding the euro-area growth outlook, related to geopolitical factors, rising protectionism and vulnerabilities in emerging markets, remain tilted to the downside, but have become somewhat less pronounced.”The euro jumped as high as $1.1154 before paring gains to trade up 0.1% at $1.1141 at 3:21 p.m. Frankfurt time.Still, the president unveiled updated economic forecasts that showed a muted outlook for now. Growth will be 1.1% next year -- a slight revision lower -- and 1.4% in 2021, the bank predicted. The first outlook for 2022 showed an expansion of 1.4%. Inflation that year is seen at 1.6% -- still below the goal of just under 2%.The Governing Council earlier held its deposit rate at a record-low minus 0.5%, and bond purchases at 20 billion euros ($22 billion) a month, sticking to a controversial package unveiled in September.Yet pressed on whether it’ll need to take further action, Lagarde said that “we are very aware of the side effects” of negative rates, and called on governments to help out with fiscal stimulus and structural reforms. “It would be very welcome to have other policies join the monetary policy in order to support the reduction of slack.”Strategic ReviewShe also reiterated her pledge to undertake the central bank’s first strategic review since 2003, saying it is “overdue” and should be started in January, to be completed before the end of the year.While a key part of the assessment will be whether the inflation goal needs to be adjusted, it will be “comprehensive,” Lagarde said. It’ll include consultation with members of the European Parliament, the academic community and representatives of civil society, with no “preconceived landing zone.”It will address challenges including climate change, technology, and rising inequality, and Lagarde expressed disappointment that the European Union was unable to agree this week on a set of standards for defining green investments. That would have been “extremely helpful” for the ECB to contribute to combating global warming, she said -- issuing a “call to find an agreement.”Her ambitious plans have worried some ECB officials though, who fear being diverted from their primary mandate of restoring price stability. Inflation has averaged just 1.2% so far in 2019, despite years of unprecedented and often contentious stimulus.While some economic indicators have suggested lately that the bloc’s slowdown might be easing, Germany remains embroiled in its worst manufacturing slump in a decade, and the U.S.-China trade war and Brexit have continued to weigh on growth. Lagarde said the latest signs are that U.S.-China talks are “heading in a better direction.”The key message was that while price stability is the core mandate, Lagarde -- who formerly ran the International Monetary Fund and is the first ECB leader never to have worked at a central bank -- wants to do much more. The review will “explore each and every corner” of the institution’s operations to “better respond to serving euro-area citizens” as well as delivering on the price-stability mandate.\--With assistance from Jana Randow, Zoe Schneeweiss, Fergal O'Brien, Craig Stirling, Brian Swint, Jeannette Neumann, Carolynn Look, David Goodman, Jill Ward and Catherine Bosley.To contact the reporters on this story: Paul Gordon in Frankfurt at pgordon6@bloomberg.net;Piotr Skolimowski in Frankfurt at pskolimowski@bloomberg.netTo contact the editors responsible for this story: Paul Gordon at pgordon6@bloomberg.net, Jana Randow, Iain RogersFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
- Bloomberg
SNB’s Jordan Defends Negative Rate Policy as Criticism Mounts
(Bloomberg) -- Explore what’s moving the global economy in the new season of the Stephanomics podcast. Subscribe via Apple Podcast, Spotify or Pocket Cast.Swiss National Bank President Thomas Jordan unleashed a staunch defense of negative interest rates, insisting the controversial policy is the only way to keep the franc in check and help the economy.As Switzerland approaches the five-year anniversary of its minus 0.75% deposit rate, the lowest in the world, Jordan’s remarks at Thursday’s monetary policy press conference were dominated by subzero rates. Pushing back against critics, he said ending it would spark the worst of scenarios -- a “marked and rapid” currency appreciation, along with deflation and weaker economic growth.Jordan has long been unwavering in this view, but his latest comments follow increasingly vocal opposition from the financial sector to what is effectively a charge on deposits. In the neighboring euro zone, some officials give the impression of losing faith in the measure, while Sweden’s central bank is poised to end its experiment with the policy.Lenders in Switzerland and elsewhere say margins are under pressure. The Swiss Bankers Association has argued negative rates are no longer necessary, and a survey by UBS Group AG found that even export-oriented firms believed the policy was doing more harm than good.Jordan spoke after the SNB left interest rates unchanged and reiterated its threat to intervene in currency markets if needed. He acknowledged the “challenges” of its subzero policy, but offered no sign he’s about to change tack anytime soon.“We monitor the impact of negative interest precisely, and we take the side effects seriously. However, we remain convinced that the benefits it brings Switzerland as a whole clearly outweigh the costs. The negative interest rate and the willingness to intervene are currently the best instruments.”The SNB’s latest forecasts bear out his concerns. Similar to their peers, Swiss policy makers have struggled to stoke price pressures, though their situation is complicated by the currency. They’ve long described the franc as “highly valued,” a key phrase they repeated on Thursday.In the latest projections, inflation is seen at just 0.1% in 2020 and only slightly faster, at 0.5%, the following year.Economic growth is expected to pick up in 2020, though Jordan noted the “downside risks” in the global economy.The franc has gained more than 3% against the euro this year because of increased global risks and the European Central Bank monetary easing in September. It’s been relatively steady recently, though a further appreciation remains a risk.That would be a big a headache for manufacturers, who have suffered a drop in foreign orders as a result of the trade war and the upheaval among German carmakers.“Negative interest remains central to our monetary policy to this day,” Jordan said. “If we were to dispense with it, Swiss interest rates would increase compared to those of other countries, Swiss franc investments would be markedly more attractive, and we would have to expect a marked and rapid appreciation in our currency.”\--With assistance from Jana Randow, Harumi Ichikura, Lukas Strobl, Zoe Schneeweiss, Daniel Schaefer and Brian Swint.To contact the reporters on this story: Catherine Bosley in Zurich at cbosley1@bloomberg.net;Jan Dahinten in Zurich at jdahinten@bloomberg.netTo contact the editors responsible for this story: Fergal O'Brien at fobrien@bloomberg.net, Craig Stirling, Paul GordonFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
- Benzinga
Twitter Funds Team To Build Decentralized Standard For Social Media
Twitter Inc (NYSE: TWTR) is seeking to develop a decentralized standard for social media, the company’s chief executive officer Jack Dorsey announced on Wednesday. Dorsey said that centralized standards are facing limitations in solving modern-day challenges facing social media, including abuse and false information.
- Financial Times
How not to win the technology race with China
The animating ingredient of the great power contest between the US and China is the global race for digital primacy. whether to allow the Chinese communications company Huawei to supply equipment for the new 5G networks that will underpin critical national infrastructure. One way for others to think about the issue is to ask whether Beijing would allow their companies to embed such technology in China’s national systems.
- ACCESSWIRE
SHAREHOLDER ALERT: TWTR REZI XYF: The Law Offices of Vincent Wong Reminds Investors of Important Class Action Deadlines
NEW YORK, NY / ACCESSWIRE / December 11, 2019 / The Law Offices of Vincent Wong announce that class actions have commenced on behalf of certain shareholders in the following companies. The filed complaint alleges that defendants engaged in a scheme to deceive the market and a course of conduct that artificially inflated Twitter's common share price and operated as a fraud or deceit on purchasers of Twitter common stock by misrepresenting the Company's operating condition and future business prospects. The scheme was perpetrated by making positive statements about Twitter's business while defendants knew, or disregarded with deliberate recklessness, certain adverse facts.
- ACCESSWIRE
The Klein Law Firm Reminds Investors of Class Actions on Behalf of Shareholders of INFY, TWTR and ET
NEW YORK, NY / ACCESSWIRE / December 11, 2019 / The Klein Law Firm announces that class action complaints have been filed on behalf of shareholders of the following companies. There is no cost to participate ...
- ACCESSWIRE
SHAREHOLDER ALERT: Pomerantz Law Firm Reminds Shareholders with Losses on their Investment in Twitter, Inc. of Class Action Lawsuit and Upcoming Deadline - TWTR
NEW YORK, NY / ACCESSWIRE / December 11, 2019 / Pomerantz LLP announce that a class action lawsuit has been filed against Twitter, Inc. ("Twitter" or the "Company") (TWTR) and certain of its officers. The class action, filed in United States District Court, for the Northern District of California, and docketed under 19-cv-07992, is on behalf of a class consisting of investors who purchased or otherwise acquired Twitter securities from August 6, 2019 through October 23, 2019, inclusive (the "Class Period"), seeking to recover damages caused by Defendants' violations of the federal securities laws and to pursue remedies under Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 (the "Exchange Act") and Rule 10b-5 promulgated thereunder, against the Company and certain of its top officials.
- Reuters
UPDATE 1-Twitter plans to build 'decentralized standard' for social networks
Twitter Inc plans to set up an independent research group to create an "open and decentralized" system for social networks, CEO Jack Dorsey said on Wednesday, which could relieve pressure on the company to appease critics of its content policies but also give rise to a new crop of competitors. The system, or "standard," would not be owned by any single private company, Dorsey said, and would enable individuals to use a variety of services to access the same network, just like they choose different email providers to see the same messages. Policing speech on social media sites has required hefty investments while still failing to stem criticism from users who find the policies either too aggressive or too lax.
- GlobeNewswire
Bragar Eagel & Squire, P.C. Reminds Investors That Class Action Lawsuits Have Been Filed Against PG&E Corporation, Twitter, Sealed Air, and Abeona Therapeutics and Encourages Investors to Contact the Firm
Bragar Eagel & Squire, P.C., a nationally recognized shareholder law firm, reminds investors that class action lawsuits have been commenced on behalf of stockholders of PG&E Corporation (PCG), Twitter, Inc. (TWTR), Sealed Air Corporation (SEE), and Abeona Therapeutics, Inc. (ABEO). On October 12, 2019, the New York Times published an article reporting on PG&E’s efforts to deal with the rolling power cuts it had implemented in California aimed at minimizing wildfire risk.
- ACCESSWIRE
CLASS ACTION UPDATE for ADTN, TWTR and ET: Levi & Korsinsky, LLP Reminds Investors of Class Actions on Behalf of Shareholders
NEW YORK, NY / ACCESSWIRE / December 11, 2019 / Levi & Korsinsky, LLP announces that class action lawsuits have commenced on behalf of shareholders of the following publicly-traded companies. To determine ...
- ACCESSWIRE
FINAL DEADLINE APPRAOCHING: The Schall Law Firm Announces the Filing of a Class Action Lawsuit Against Twitter, Inc. and Encourages Investors with Losses in Excess of $250,000 to Contact the Firm
LOS ANGELES, CA / ACCESSWIRE / December 11, 2019 / The Schall Law Firm, a national shareholder rights litigation firm, announces the filing of a class action lawsuit against Twitter, Inc. ("Twitter" or "the Company") (NYSE:TWTR) for violations of §§10(b) and 20(a) of the Securities Exchange Act of 1934 and Rule 10b-5 promulgated thereunder by the U.S. Securities and Exchange Commission. Investors who purchased the Company's securities between August 6, 2019 and October 23, 2019, inclusive (the ''Class Period''), are encouraged to contact the firm before December 30, 2019.
- GlobeNewswire
Zhang Investor Law Reminds Investors of December 30 Deadline in Securities Class Action Lawsuit Against Twitter, Inc.– TWTR
Zhang Investor Law announces a securities class action lawsuit on behalf of shareholders who bought shares of Twitter, Inc. (TWTR) from August 6, 2019 through October 23, 2019, inclusive (the “Class Period”). The lawsuit seeks to recover damages for Twitter, Inc. investors under the federal securities laws. If you wish to serve as lead plaintiff, you must move the Court no later than December 30, 2019.
- Bloomberg
Chevron Ushers in Oil’s Era of the Sober-Major
(Bloomberg Opinion) -- Along with never invading Russia or getting into a Twitter argument, we can add another golden rule — this one specifically for U.S. oil majors: Never buy a shale-gas business.Chevron Corp.’s $10-11 billion impairment, announced late Tuesday, relates mostly to the Appalachian gas assets it picked up in 2011’s $4.9 billion acquisition of Atlas Energy Inc. Back then, the Permian basin was not a regular topic on the business channels, nor was it a central pillar of Chevron’s spending plans. But now it is, and simultaneously plowing billions into a Permian oil business that spits out gas essentially for free while running a dry-gas business in the Marcellus shale is like flooring it with the parking brake on.Chevron joins the ranks of Exxon Mobil Corp. — which paid $35 billion for XTO Energy Inc. less than a year before the Atlas deal and has been haunted by it ever since — and ConocoPhillips, which bought Rockies gas producer Burlington Resources Inc. way back in 2006 for $36 billion and then wrote most of that off in 2008.But there is far more to this than just mistimed forays into the graveyard of optimism that is the U.S. natural gas market — and not just for Chevron.Big Oil just had a forgettable earnings season. Chevron announced cost overruns on the giant Tengiz expansion project in Kazakhstan. Exxon continued borrowing to cover its dividend. Across the pond, BP Plc and Royal Dutch Shell Plc flubbed resetting expectations on dividends and buybacks. What ties all of these together are weak returns on capital. Chevron’s problems in Kazakhstan are echoed in its impairment of another asset, the Big Foot field in the Gulf of Mexico. This is another mega-project that went awry and, in an era when producers can no longer count on an oil upswing to save the economics, is found wanting. Chevron is also ditching the Kitimat LNG project in Canada that it bought into in 2013.All this is a particularly sore spot for Chevron given its problems with Australian liquefied natural gas mega-projects earlier this decade. CEO Mike Wirth’s decision to clear the decks seems intended in part to signal that, unlike the experience of his predecessor with Australian LNG development, he will drop big assets that don’t make the cut financially.Discovering, financing and developing mega-projects is why the supermajors were created at the end of the 1990s. Today, when investors are interested at all, they’re leery of capital outlays, aware the outlook for oil and gas markets is challenged in fundamental ways. So tying up money in big, risky, multi-year ventures is a good way to crush your stock price.Wirth isn’t abandoning conventional development; Big Foot aside, the Gulf Of Mexico has several new projects in the pipeline, for example. But to offset the drag on returns from the extra spending at Tengiz, he must streamline the rest of the portfolio. This is the story of the sector writ large. “Too much capital is chasing too few opportunities,” as Doug Terreson of Evercore ISI puts it. Conoco, which remade itself radically after the Burlington debacle, set the tone with its recent analyst day, emphasizing the need to get the industry’s long-standing spending habits under control and focus on returns to win back investors who are free to put their money into other sectors. Chevron’s write-offs and shareholder payouts (38% of cash from operations over the past 12 months) are of a piece with this. While the company has laid out guidance for production to grow by 3% to 4% a year, that is very much subject to the returns on offer. Capital intensity — as in, shrinking it — is what counts.Chevron’s move throws the spotlight especially on big rival Exxon. While Exxon has taken some impairment against its U.S. gas assets, that represented a small fraction of the XTO purchase. Exxon also sticks out right now for its giant capex budget (bigger than Chevron’s by more than half), leaving no room for buybacks or even to fully cover its dividend.In the first decade of the supermajors, when peak oil supply was a thing, big projects with big budgets to match were something to boast about. As the second decade draws to an end, only the leanest operators will survive. Chevron won’t be the last oil major to rip off the band-aid, just as we haven’t yet seen the full extent of the inevitable restructurings and consolidation among the smaller E&P companies. On this front, there’s another golden rule: Better to get it done sooner rather than later. To contact the author of this story: Liam Denning at ldenning1@bloomberg.netTo contact the editor responsible for this story: Mark Gongloff at mgongloff1@bloomberg.netThis column does not necessarily reflect the opinion of the editorial board or Bloomberg LP and its owners.Liam Denning is a Bloomberg Opinion columnist covering energy, mining and commodities. He previously was editor of the Wall Street Journal's Heard on the Street column and wrote for the Financial Times' Lex column. He was also an investment banker.For more articles like this, please visit us at bloomberg.com/opinion©2019 Bloomberg L.P.
- Bloomberg
Russian Artist Puts $150,000 Banana to Shame
(Bloomberg Opinion) -- Forget Maurizio Cattelan’s $150,000 banana, duct-taped to the wall at Art Basel in Miami last week and eaten by a less well-known trickster artist. (The buyers of the artwork are fine with that — it came with a manual that prescribes replacing the fruit every week or so, anyway.) The best art of this type comes from Russia, because there, it actually means something.The art object that, as any responsible critic should recognize, eclipses Cattelan’s headline-grabbing “Comedian,” was sold online on Dec. 9 for 1.5 million rubles ($23,600). It was created by Artem Loskutov, an artist from Novosibirsk, Russia, who started the now nationwide tradition of “Monstrations,” annual rallies where people carry nonsensical signs. (“We Can’t be Knocked Off Course: We Don’t Know Where We’re Going,” one said this year.) The object is a piece of canvas-covered cardboard with a steel plaque glued to it and Loskutov’s signature, in marker, underneath. On the plaque, a woman named Nailya professes her love for a man named Andrey Kostin, in English, and tells him, “We are of the same blood,” an apparent corruption of the line from Rudyard Kipling’s “Jungle Book,” “We be of one blood, ye and I.”Loskutov’s description of the materials used in creating the work says, “found object, stainless steel, 5X14 cm; marker, canvas on cardboard.” But the plaque is, strictly speaking, a stolen object, not a “found” one. Until a few days ago, it was affixed to one of the 6,800 benches in New York City’s Central Park “adopted” by donors to the Central Park Conservancy.It came from what’s probably now the most famous of these benches: Earlier this month, it got a prominent mention in a 29-minute video by anti-corruption activist Alexey Navalny, an arch-foe of Russian President Vladimir Putin, that has been viewed more than 5 million times (and counting) on YouTube. The video is dedicated to the relationship between Andrey Kostin, the (married) president and chief executive officer of the state-owned bank VTB and state television anchor Nailya Asker-Zade. The state banker, according to Navalny, has showered Asker-Zade with expensive gifts, including prime real estate and the use of a yacht and a private plane. The cost of it all appears to be too high even for Kostin’s significant legitimate income, Navalny wrote.Kostin hasn’t commented on the video, nor has VTB, Russia’s second biggest bank by assets. Asker-Zade, known for her fawning interviews with members of Putin’s close circle, thanked Navalny on Instagram for the publicity.Navalny’s made-for-YouTube investigations are political tools rather than journalistic endeavors, and much of the film’s substance should probably be classed as opinion rather than fact. But when it comes to the Central Park plaque, Asker-Zade is mentioned in Central Park Conservancy’s 2015 annual report among donors of between $10,000 and $24,999. Navalny specializes in exposing impossibly lavish lifestyles that embarrass Putin allies and scandalize the average Russian. Judging by his video’s viral spread and the indignant comments it’s spawned on social networks, he handily hit his mark here.To put his allegations in context, Navalny wrote in a separate post that by his count the total value of the gifts is comparable to the amount that’s been raised by Rusfond, one of Russia’s biggest charities dedicated to funding medical treatment for seriously ill children, over its 23-year history. That would be difficult to prove, but is important for what happened next.Suddenly, the plaque disappeared from the bench, an event Navalny was quick to report on Twitter. On Dec. 9, it resurfaced in Loskutov’s possession. To turn it into art, Loskutov didn’t just paste it on cardboard and scribble his name underneath. He promised to donate the proceeds from its sale to Rusfond. The same day, he announced the object had fetched 1.5 million rubles in an informal auction he had run online. (The original screws from the bench were offered as a bonus.) To complete the performance, proof of the transfer to Rusfond is still needed. But Loskutov’s work has already garnered numerous comments to his tweets and Facebook posts — both accusing him of theft (even many Putin foes were uneasy about this) and praising him for his audacity. One commentator summed the whole situation up like this: “They stole our money and we’ll steal their memories.” Although there's no proof Asker-Zade or Kostin engaged in theft.On Tuesday, Loskutov took to Facebook and Twitter again to post a quote attributed to a host of greats, most often to Pablo Picasso: “Good artists copy, great artists steal.” It’s unclear, though, if he meant himself or the bureaucrats and managers of state-owned companies whom Navalny often accuses of graft.The New York Times’ art critic Jason Farago recently offered what he called “a reluctant defense” of Cattelan’s banana on the basis of the artist’s “willingness to implicate himself within the economic, social and discursive systems that structure how we see and what we value.” If that defense is valid, Loskutov’s action works on more levels than Cattelan’s work. It’s art as Robin Hood-style theft, art as tabloid journalism, art as political protest, art as social commentary, art as commerce and art as charity all rolled into one. It’s not a case of art imitating life or the other way round, but art’s bold intrusion into life as it plays out under one of the world’s most dispiriting authoritarian regimes.Loskutov’s performance, whatever its consequences for him, deserves a place among other audacious Russian art works such as Voina Art Group’s 2010 depiction of a gigantic penis on a St. Petersburg drawbridge exactly opposite the secret police office or Petr Pavlensky nailing himself to the pavement on Moscow’s Red Square in 2013. It’s easy these days to be cynical about the value of art and to play tricks on audiences based on the amount of money some wealthy people are willing to pay for fatuous objects. It’s much riskier, and much more meaningful, to challenge allegedly corrupt elites and the enforcers and benefactors of authoritarian nations. Where political opposition is feeble, art has a role to play.To contact the author of this story: Leonid Bershidsky at lbershidsky@bloomberg.netTo contact the editor responsible for this story: Melissa Pozsgay at mpozsgay@bloomberg.netThis column does not necessarily reflect the opinion of the editorial board or Bloomberg LP and its owners.Leonid Bershidsky is Bloomberg Opinion's Europe columnist. He was the founding editor of the Russian business daily Vedomosti and founded the opinion website Slon.ru.For more articles like this, please visit us at bloomberg.com/opinion©2019 Bloomberg L.P.
- Simply Wall St.
Should Twitter, Inc.’s (NYSE:TWTR) Weak Investment Returns Worry You?
Today we are going to look at Twitter, Inc. (NYSE:TWTR) to see whether it might be an attractive investment prospect...
- Benzinga
Trump Meets With Russia While Democrats Introduce Impeachment Articles
In a statement issued after the meeting, the White House said that many matters concerning the bilateral relationship between the two countries, including election interference, arms control, North Korea, China, Iran, and trade, were discussed. Trump made a similar statement on Twitter Inc (NYSE: TWTR), saying that Russia’s alleged “election meddling” was one of the topics discussed during their meeting.
- Financial Times
Twitter seeks to build an open social media platform
Twitter has said it wants to solve the spread of harmful and fake content by open-sourcing how its platform works. Jack Dorsey, the social media site’s chief executive, said the company will pay an independent team of as many as five researchers to develop an “open and decentralised standard for social media”. Social media platforms such as Twitter and larger rival Facebook, which generate most of their revenues from advertising, have long come under fire for the way in which their computer programs reward extreme and provocative content because it captures the attention of users.
- Financial Times
US hits Iran’s biggest airline and shipping group with sanctions
The US has imposed sanctions on Iran’s biggest shipping company and largest airline for allegedly helping Tehran develop ballistic missiles in contravention of UN sanctions. Mike Pompeo, secretary of state, on Wednesday announced the sanctions on the Islamic Republic of Iran Shipping Lines (IRISL) and its China-based subsidiary, E-Sail Shipping, as well as Mahan Air. The sanctions on the entities, which are already subject to other US punitive actions, are being imposed under an executive order aimed at stopping the development and proliferation of weapons of mass destruction (WMD).
- Bloomberg
U.S. Cattle Ranchers Blast New Nafta as Other Farmers Cheer
(Bloomberg) -- Terms of Trade is a daily newsletter that untangles a world embroiled in trade wars. Sign up here. The American agriculture industry generally applauded a move to finalize the U.S.-Mexico-Canada free-trade agreement, with one notable exception.In a statement Tuesday, cattle producer group R-CALF USA blasted the deal, saying the failure to restore country of origin labeling, or COOL, on beef allows imported supplies to continue undercutting U.S. ranchers.The group said COOL rules for beef and pork that were repealed in 2016 would have allowed U.S. ranchers to “compete against the duty-free, cheaper and undifferentiated cattle and beef flowing into our country and depressing our markets.”Opposition to the deal was relatively limited as U.S. farmers should largely gain from tariff-free access to the neighboring countries. One big beneficiary would be beleaguered U.S. dairy farmers, who would get new access to Canada’s marketCrop handler and processor Archer-Daniels-Midland Co. said USMCA will provide “meaningful benefits for agriculture and food industries in all three countries.”Meanwhile, the National Cattlemen’s Beef Association, which represents cattle farmers and feeders, said: “There is no higher policy priority for America’s beef producers than maintaining our duty-free access to Canada and Mexico.”\--With assistance from Isis Almeida, Dominic Carey and Mike Dorning.To contact the reporter on this story: Michael Hirtzer in Chicago at mhirtzer@bloomberg.netTo contact the editors responsible for this story: James Attwood at jattwood3@bloomberg.net, Patrick McKiernanFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
- Bloomberg
Trump’s Nafta Rewrite Gets Signoffs; Senate to Vote in 2020
(Bloomberg) -- House Democrats embraced the U.S.-Mexico-Canada trade agreement after securing key revisions and announced plans to vote on the deal next week, putting President Donald Trump closer to a political win as he heads into the 2020 election.Speaker Nancy Pelosi praised the changes her House Democats were able to negotiate, saying the revised deal is better for American workers. She said the new version of the accord, known as the USMCA, will be a model for other trade agreements going forward.“This is the day we have been waiting for,” Pelosi told reporters. “It is infinitely better than what was initially proposed by the administration.”Trump welcomed the finalized overhaul of the North American Free Trade Agreement, which has been languishing for more than a year and could resolve some of the uncertainty weighing on the economy as he heads into his re-election campaign. But it is also a win for House Democrats who are eager to prove that they can do more than investigate and impeach Trump.The timing on Tuesday was extraordinary, with Pelosi flanked by more than 30 of her colleagues announcing the long-awaited trade deal just minutes after chairmen of House committees investigating Trump unveiled the two articles of impeachment they plan to bring against the president. She said the back-to-back announcements were not a coincidence.“We are at the end of the session and you have to make some decisions,” Pelosi said.The timing will prove more difficult in the Republican-led Senate, according to Majority Leader Mitch McConnell. He told reporters Tuesday that the Senate won’t take up the USMCA until after it finishes with the impeachment trial next year.“We will not be doing USMCA next week in the Senate,” McConnell said Tuesday.White House Press Secretary Stephanie Grisham later said in a statement it is “long overdue for Congress to take up the USMCA.” U.S. Trade Representative Robert Lighthizer also told senators earlier Tuesday that the Trump administration wants a vote by next week.“We expect to push hard on passing the implementing bill before the end of the year,” Grisham said after McConnell’s comments on Senate vote timing.The House and Senate passed trade agreements with Korea, Panama, and Colombia on the same day in 2011, according to Henry Connelly, a Pelosi spokesman.“Senator McConnell has no excuse not to bring up the USMCA,” Connelly said in an emailed statement.‘Will-It-Ever-Happen Moment’The changes that Democrats demanded on provisions regarding the environment, pharmaceuticals, labor and overall enforcement were the subject of intense negotiations between Lighthizer and House Democrats, led by Ways and Means Chairman Richard Neal of Massachusetts.“Every once in a while you get to participate in a will-it-ever-happen moment,” Neal said Tuesday. “This is a triumph for workers across America.”Lighthizer called the agreement “historic” and said the accord “will be the model for American trade deals going forward.”“After working with Republicans, Democrats, and many other stakeholders for the past two years we have created a deal that will benefit American workers, farmers, and ranchers for years to come,” Lighthizer said in a statement.Pelosi told her Democratic members earlier Tuesday that she expects a House vote next week, according to Representative Henry Cuellar, a Democrat from Texas. Neal also confirmed that timing.“We are ready to rock and roll,” Cuellar said after a closed-door meeting of Democratic representatives in Washington. “We’re very confident. We have the numbers” to pass the deal.Pelosi later told reporters she hopes for a vote “before the end of the session,” which would be before Congress recesses for the holidays on Dec. 20.Representatives from Canada, Mexico and the Trump administration met in Mexico City Tuesday and signed the amendments to the trade agreement. Mexican President Andres Manuel Lopez Obrador said the new version would be ratified by the legislatures of all three countries.Revised ProvisionsThe revised trade agreement removes a loophole in Nafta that allowed any country to object to the formation of enforcement panels, and it updates rules governing how evidence can be presented at arbitration panels, according to a summary of the agreement.The major sticking point in talks for months has been labor-rights enforcement. The deal creates a new labor-specific dispute panel system covering all goods and services, and labor violations can lead to “penalties on goods and services.”Instead of U.S. labor inspectors in Mexico, which Mexican negotiators opposed, the deal creates an inter-agency committee to monitor labor rights in Mexico and allow labor attachés to monitor labor reforms.The agreement establishes benchmarks for Mexico’s implementation of its new labor law. If they the deadline is not met, that leads to “enforcement action,” according to the summary.Democrats also managed to remove a provision that would have guaranteed 10 years of data protection for biologic drugs, which pharmaceutical companies lobbied to preserve.“We now have a new and improved, renegotiated Nafta that prevents Big Pharma from raising prices,” said Representative Jan Schakowsky, an Illinois Democrat.The Biotechnology Innovation Organization, a drug industry group, said removing protections for biologic drugs “surrendered one of the most important tools” that would help Trump keep his promise to “end foreign free-riding on American medical innovation.”Pelosi said that she was not able to remove a provision granting legal liability protections for internet companies from the deal.On rules for steel in cars, which emerged as one of the most contentious final issues, the nations agreed to give Mexico seven years to build the value chains to ensure that 70% of the metal for vehicles traded duty-free is poured and melted within North America. Mexico currently imports steel slab from countries including Brazil, Germany and Japan.On aluminum, almost none of which originates in Mexico, there will be no immediate change, with the issue revisited in 10 years, Mexico’s chief negotiator, Jesus Seade, told reporters in Mexico City.Republican SupportWhile there was some relief in Mexico to have preserved free trade, not everyone was happy with the deal. Gustavo de Hoyos, head of the business chamber known as Coparmex, said the advice of Mexico’s private sector wasn’t taken sufficiently into account. He compared the deal to the 1848 Mexican-American War, when Mexico lost California and parts of New Mexico and Arizona. Seade responded that he was in frequent contact with business representatives.Trump tweeted his support for the revised agreement Tuesday before Pelosi’s announcement.Republicans in the U.S. Congress have been relentlessly pressuring Democrats to put the trade agreement up for a vote. Some Republicans on Monday said they were concerned that the changes to the trade agreement, negotiated in close consultation with labor unions, would stray too far from the original deal.Senate Finance Chairman Chuck Grassley, the Republican who will shepherd the deal through the Senate after House passage, said he isn’t worried that the revisions would slow its passage.”I don’t think it’s going to be big enough to stop us from getting it passed,” Grassley said about GOP concerns.Louisiana Representative Steve Scalise, the Republican responsible for counting his party’s votes in the House, praised the deal and said Congress should continue working on other “outdated trade deals.”“I predict an overwhelming vote for this agreement,” Scalise said in a statement. “Republican support for President Trump’s hard-negotiated trade deal will be strong.”One of the most important endorsements for the deal came from the AFL-CIO, the largest labor federation in the U.S. Richard Trumka, the group’s president worked closely with Democrats on the negotiations.“We demanded a trade deal that benefits workers and fought every single day to negotiate that deal; and now we have secured an agreement that working people can proudly support,” Trumka said in a statement. “Trade rules in America will now be fairer because of our hard work and perseverance. Working people have created a new standard for future trade negotiations.”(Updates with additional provisions, beginning in the 29th paragraph.)\--With assistance from Jenny Leonard, Josh Wingrove, Ari Natter, Laura Litvan and Eric Martin.To contact the reporter on this story: Erik Wasson in Washington at ewasson@bloomberg.netTo contact the editors responsible for this story: Kevin Whitelaw at kwhitelaw@bloomberg.net, Anna Edgerton, John HarneyFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
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Congress Flexes Foreign-Policy Muscle With Rebukes of Trump
(Bloomberg) -- President Donald Trump will face a more assertive Congress on foreign policy as he fights off impeachment and seeks re-election, with lawmakers pushing legislation at odds with his priorities and personal style on the global stage.This will be on full display Wednesday when the Republican-led Senate Foreign Relations Committee considers sanctions on Turkey and Russia, both countries that Trump has tried to court despite Congress’s wariness. The panel has also been the driving force behind two recent laws to support Hong Kong protesters, which Trump reluctantly signed despite Chinese threats of retaliation.In recent months, the Senate’s GOP majority has been more likely to agree with House Democrats on foreign policy than with the Trump administration. Even the president’s closest allies in Congress criticized him for withdrawing American troops from Syria, inviting Turkish President Recep Tayyip Erdogan to the White House and selling arms to Saudi Arabia.Lawmakers last week called for the suspension of a training program for foreign fighters after a Saudi air force officer shot and killed three U.S. service-members at Naval base in Pensacola, Florida. Trump, on the other hand, tweeted that he had received “sincere condolences” from Saudi Arabia’s king.“It’s time that Congress reestablish its Article I prerogatives by not just asking probing questions but also by resuming legislative activity on a once very visible and consequential committee,” said Republican Senator Todd Young of Indiana, describing the Foreign Relations panel and the article of the Constitution that lays out Congress’s powers. “Any administration should have to show their work.”Foreign policy decisions are also the foundation of the impeachment investigation that is hurtling through the House of Representatives. Democrats are building the case that Trump subverted official U.S. diplomacy in Ukraine for his personal political benefit.The main impeachment allegation is that the president withheld nearly $400 million in security aid for Ukraine and a White House meeting in exchange for newly elected President Volodymyr Zelenskiy announcing politically motivated investigations.Weeks before this touched off the impeachment inquiry, Republicans lobbied the White House to find out why the congressionally approved security assistance had been delayed. GOP Senators including Wisconsin’s Ron Johnson and Majority Leader Mitch McConnell publicly and privately pressed administration officials to release the aid they said was critical to fend off Russian aggression in eastern Ukraine.Not Always in LockstepEven as most Republicans oppose impeachment, many of them are willing to part ways with Trump on other issues of foreign policy.”We’re not always in lockstep with everything that comes out of the White House and when we’re not, we have a responsibility to voice that,” said Michael McCaul of Texas, the top Republican on the House Foreign Affairs Committee.There is also a broader effort to check Trump’s power. Young, a former Marine, has sponsored several proposals to wrest control of foreign policy away from the executive branch. His bill with New Jersey Senator Bob Menendez, the top Democrat on the Foreign Relations Committee, would require the administration to consult Congress on troop levels in Afghanistan and any final agreement with the Taliban.“It’s incredibly important that Congress and the Senate Foreign Relations Committee in particular maintains a high level of oversight over the longest war in American history,” Young said of Afghanistan, where Trump recently said he was pursuing a new peace deal.This push for oversight took on greater urgency after Trump in October abruptly announced the withdrawal from northern Syria shortly after a telephone conversation with Erdogan. Republicans were outraged when Turkey invaded territory controlled by the Kurds, a U.S. ally in the fight against Islamic State.McConnell, one of Trump’s most imperturbable allies, warned that pulling out U.S. troops from the region would leave the Kurds vulnerable to attack and risk giving a foothold to jihadist fighters.“We hope the damage in Syria can be undone,” McConnell said at the time. “But perhaps even more importantly, we absolutely must take steps so the same mistakes are not repeated in Iraq or Afghanistan.”Another Republican who usually supports Trump, Texas Senator Ted Cruz has been furiously campaigning for sanctions to halt the Nord Stream 2 pipeline he says will increase Russian President Vladimir Putin’s influence in Europe to the detriment of the U.S.If the gas pipeline, from Russia to Germany, is completed, “it will be the fault of the members of this administration who sat on their rear ends,” Cruz said last week. “You have an overwhelming bipartisan mandate from Congress to stop this pipeline.”Cruz fought to include the sanctions in the final version of the defense spending bill expected to pass before the end of the year.Another provision in the National Defense Authorization Act would require the Secretary of Defense to certify that a reduction of U.S. forces in South Korea is in the national security interest. The White House said in a statement Tuesday that Trump supports the NDAA.Republicans have also expressed frustration with their colleagues who blocked a resolution recognizing the Armenian genocide, which Turkey opposes. Cruz said he has heard “no good reason for the administration to object” to the measure.Turkey SanctionsThe Turkey sanctions bill before the Senate Foreign Relations Committee this week would sanction the country’s leaders, financial institutions and military that aided the invasion of northern Syria. In a remarkable display of bipartisan support, the House passed its version 430-16 in October.Senator Tim Kaine, a Virginia Democrat on the Foreign Relations Committee, said he expects robust support for the Turkey sanctions bill when it goes to the Senate floor. Both chambers will need to pass the same version before sending it to Trump to sign into law.“The House bill came over definitely veto-proof and we’ll likely do something that the House will also agree with,” Kaine said. “That’s a bipartisan understanding.”Reaching a veto-proof majority represents even stronger backing for bills opposing Trump’s foreign policy initiatives than legislation earlier this year to end U.S. support for the Saudi-led military campaign in Yemen and ban arms sales to Saudi Arabia. Those easily passed both chambers, but lacked the votes to override Trump’s vetoes.Four of Trump’s six vetoes have been on foreign policy measures. But now stronger vote margins -- near unanimous for two bills supporting the Hong Kong protesters -- make it harder for Trump to go against the will of Congress.“The president, at first, he was a little reluctant to sign it but then he did sign the Hong Kong bill and it was a big victory,” McCaul said.This will be an important consideration for Trump as the House moves forward on impeachment and the process goes to the Senate to decide whether he should be removed from office. Democrats in the House plan to unveil two articles of impeachment on Tuesday, according to people familiar with the matter.It’s extremely unlikely that enough Republicans in the Senate would turn on Trump to reach the two-thirds majority necessary to remove him from office.Yet that won’t stop them from working with Democrats to rein in his impulsive -- and in some cases they would say inadvisable -- actions involving international relations.“The margins have been going up because we’ve been working together,” said Representative Eliot Engel, a New York Democrat and the chairman of the House Foreign Affairs Committee. When it comes to foreign policy, he said, “we almost have a supermajority.”(Updates to add White House statement on NDAA in the 19th paragraph. An earlier version corrected the month of House vote on Turkey sanctions in the 21st paragraph.)To contact the reporter on this story: Daniel Flatley in Washington at dflatley1@bloomberg.netTo contact the editors responsible for this story: Joe Sobczyk at jsobczyk@bloomberg.net, Anna Edgerton, John HarneyFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
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Kudlow Says No Decision on Brazil, Argentina Steel Tariffs
(Bloomberg) -- Explore what’s moving the global economy in the new season of the Stephanomics podcast. Subscribe via Apple Podcast, Spotify or Pocket Cast.Donald Trump’s top economic adviser said Tuesday the administration hasn’t made a decision about re-imposing steel tariffs on Brazil and Argentina, even though the president said last week the duties were “effective immediately.”Reinstating such tariffs has been discussed but there’s no decision yet, Larry Kudlow, the director of the White House’s National Economic Council, said at the Wall Street Journal’s CEO Council in Washington.The Brazilian government has yet to be notified by the U.S. about the intention to impose more duties on the country’s steel, according to a person with direct knowledge of the matter. Brazil plans to wait until it has official communication from the U.S. to make any decisions, the person said, asking not to be identified because discussions aren’t public.Trump said Dec. 2 that the U.S. would restore the duties to punish the two Latin American countries for “a massive devaluation of their currencies” that he said had hurt U.S. farmers. The White House didn’t comment Tuesday on whether documents to re-impose tariffs have been drafted.Read More: Here’s What Trump Overlooks on Brazil and Argentina CurrenciesTrump’s action amount to retaliation against two nations that have become alternative suppliers of soybeans and other agricultural products to China, grabbing market share away from the U.S. Rural voters, including farmers, are a key constituency for Trump as he heads into the 2020 presidential elections.While the steel tariffs could crimp trade, the Latin American countries gain much more shipping crops to Chinese buyers. In the first 10 months of the year, Brazil has shipped $25.5 billion in farm products including soybeans and pork to China. That’s more than 10 times the value of steel and iron products sold to the U.S.(Adds details on Brazil in third paragraph.)\--With assistance from Jordan Fabian.To contact the reporters on this story: Saleha Mohsin in Washington at smohsin2@bloomberg.net;Rachel Gamarski in in Brasilia at rgamarski@bloomberg.netTo contact the editors responsible for this story: Alex Wayne at awayne3@bloomberg.net, ;Daniel Cancel at dcancel@bloomberg.net, Ana Monteiro, Walter BrandimarteFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
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Mass French Strikes Over Pension Reform to Disrupt Nationwide Transport
(Bloomberg) -- Explore what’s moving the global economy in the new season of the Stephanomics podcast. Subscribe via Apple Podcast, Spotify or Pocket Cast.President Emmanuel Macron’s plan to overhaul France’s pension system was tested by a second day of labor protests across the country and the continued partial-paralysis of the Paris public transit system.Participation in the street marches fell on Tuesday by more than half to 339,000, according to Interior Ministry figures, compared with more than 800,000 last Thursday in what was the biggest turnout in a protest against Macron since he took office in May 2017.French Prime Minister Edouard Philippe is due to lay out on Wednesday the government’s proposals for the reform, which he called on Twitter a “plan for a simpler, fairer retirement for everyone.”The CGT union, which estimated Tuesday’s turnout at 1 million compared with 1.5 million on Dec. 5, called for two more days of marches on Thursday and Dec. 17 in an effort to get Macron to back down.Public sector disruptions continued as a strike by transport workers entered its sixth day, shutting down the majority of metro lines in Paris and preventing around four-fifths of trains from running nationwide. Around three-quarters of trains are expected to be canceled on Wednesday.Reforming France’s pension system has proven a treacherous task for former French leaders. In 1995, then Prime Minister Alain Juppe abandoned his plans after strikes paralyzed the country for about a month.Philippe, who worked on Juppe’s failed run for president in 2017, says the government will not budge this time.“If we do not make a profound, serious, progressive reform today, then someone else will make a truly brutal one tomorrow,” he said in an interview with the Journal du Dimanche newspaper on Sunday.But unions are refusing to blink. In the same newspaper, Philippe Martinez said the leftist CGT union he leads will continue striking until the government withdraws the reform.“In 1995, at the start of the protests, Juppe said he would never withdraw his plan. Things change fast and there’s a lot of anger,” Martinez said.According to a survey by Ifop Dec. 6 and Dec. 7, 53% of French people support or have sympathy for the protesters. An Ifop poll published on Tuesday based on a survey of 1,001 adults carried out after the first day of marches last week showed Macron’s approval rating slipped by a point for the third consecutive month to 35%.Limited ImpactThe Paris police ordered shopkeepers along the route of Tuesday’s march to shutter and protect their stores from potential looting. French civil-aviation authority DGAC asked airlines to reduce their schedules by 20%, and Air France said it would cancel 25% of its domestic flights.Before Tuesday, the protests had had limited economic impact, according to the government. While tourist cancellations are a concern, shops around the country had a good weekend of sales, Junior Economy Minister Agnes Pannier-Runacher said on French TV channel CNews on Monday.“One day of strikes doesn’t tip retailers into a difficult situation,” she said. “If it goes on, making it hard for customers to get to shops, it could bring down revenues.”Macron’s pension overhaul aims to create a universal points-based system to replace France’s 42 different pension regimes for different classes of workers. The 41-year-old president argues France’s current system is unfair and inapt for the 21st-century economy, in which workers change sectors during their careers.In an effort to find common ground, ministers met with unions for a last round of talks on Monday. The government says it wants to make the transition to a new system gradual and fair, without delaying it for decades.“I’m sure we will find the right point of balance that will reassure workers about their future, without giving up on our determination to push the country toward the future by putting in place a universal system,” Philippe said last week after the first round of marches.(Updates with estimates for participation in Tuesday demonstrations, prime minister comment)To contact the reporters on this story: William Horobin in Paris at whorobin@bloomberg.net;James Regan in Paris at jregan65@bloomberg.netTo contact the editors responsible for this story: Geraldine Amiel at gamiel@bloomberg.net, Tara PatelFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
