Why China’s Yuan Won’t Take Off
11/16/2018, 8:19:05 PMA weakening economy—and the trade war with Washington, higher U.S. interest rates, and free spending by Chinese students and tourists abroad—are pressuring the currency. ✔ Most of China’s financial sector remains in state hands, while private citizens are limited to $50,000 in foreign currency ✔ Instead, Beijing is deploying supply-side tax cuts for individuals, and probably next year for corporations, and juicing credit by easing banks’ reserve requirements ✔ They don’t want investors to form a single-direction expectation, which leads to herd behavior, Pictet’s Chen says
Dow Gains 124 Points as Market Sends Mixed Messages
11/16/2018, 11:14:52 PMWhile the S&P 500 rose, the Nasdaq fell, and investors are still struggling to figure out what’s next for the Fed and the trade war. ✔ According to a machine-learning model from Bank of America Merrill Lynch based on numerous fundamental indicators, today’s economy is most similar to what we see in the mid-90sanother period punctuated by global economic divergence, heightened political uncertainties, regional financial crisis, and several near-curve inversion periods, according to the bank
Trump on China: 'Can't have trade that's meant for stupid people'
11/17/2018, 2:38:50 AMPresident Donald Trump on Friday raised the prospect of ending his escalating trade war with China, but signaled US negotiators still want more a few more concessions from their largest trading partner. ✔ The offer followed a phone call last Friday between Treasury Secretary Steven Mnuchin and Chinese Vice Premier Liu He ✔ Instead, they described the proposal as a rehash of previous commitments Chinese leaders have publicly announced, like selectively lifting tariffs
Apec leaders at odds over globalisation and free trade
11/17/2018, 3:45:54 AMMalaysian PM Mahathir Mohamad warns economic integration leaving many behind but Australia, China and Russia condemn protectionism ✔ Speaking on a cruise ship tethered in Port Moresby’s Fairfax Harbour, the Russian prime minister, Dimitry Medvedev, joined Morrison in warning against growing protectionism and argued for clear-cut and transparent rules on trade ✔ China’s efforts to win friends in the resource-rich Pacific have been watched warily by the traditionally influential powers in the region – Australia and the US
APEC nations fracture over future of free trade
11/17/2018, 2:03:08 AMFault lines were quick to emerge over the future of free trade as leaders gather... ✔ WARNING AGAINST PROTECTIONISM Speaking on a cruise ship tethered in Port Moresby’s Fairfax Harbour, Russian Prime Minister Dimitry Medvedev joined Morrison in warning against growing protectionism and argued for clear cut and transparent rules on trade
Malaysia, Australia at odds on free trade at APEC summit
11/17/2018, 1:08:08 AMMalaysian Prime Minister Mahathir Mohamad said nations needed to re-evaluate glo... ✔ The speech was a clear reference to the escalating trade war between the United States and China, along with the general protectionism of U.S. President Donald Trump ✔ Unveiled in 2013, the Belt and Road initiative aims to bolster a sprawling network of land and sea links with Southeast Asia, Central Asia, the Middle East, Europe and Africa ✔ Our Standards:The Thomson Reuters Trust Principles
Dow Slides 2.2% as Markets Sweat the Small Stuff and Everything Else
11/17/2018, 12:57:23 AM“The simple but unsatisfying explanation for this pattern is that the global economy is slowing and earnings growth [is] peaking,” says one strategist. ✔ Text size The market appears to be taking its cues from nursery rhymesat least the one that ends with all fall down ✔ Chairman Jerome Powell might have given a dovish speech last week, but a December rate hike still looks certain ✔ The bigger worry, though, is that the Fed tightens into a recession
China, U.S. trade barbs in speeches at Pacific summit
11/17/2018, 3:24:17 AMPORT MORESBY, Papua New Guinea-- China's leader Xi Jinping and U.S. Vice President Mike Pence traded ✔ Pence said there would be no letup in President Donald Trump's policy of combating China's mercantilist trade policy and intellectual property theft that has erupted into a trade war between the two world powers this year ✔ He harshly criticized China's global infrastructure drive, calling many of the projects low quality and saddling developing countries with loans they can't afford
California gains jobs, and unemployment stays at a record-low 4.1%
11/16/2018, 8:38:29 PMCalifornia’s record-low unemployment rate held steady in October at 4.1% — the lowest rate in more than four decades — as payrolls grew, according to data the state Employment Development Department released Friday. ✔ California’s record-low unemployment rate held steady in October at 4.1% the lowest rate in more than four decades as payrolls grew, according to data the state Employment Development Department released Friday ✔ No economic slowdown here in California yet, said economist Sung Won Sohn, president of Los Angeles consultancy SS Economics
Germany's Schroeder warns against demonising China
11/17/2018, 12:09:49 AMBERLIN-- Weighing into Germany's debate about its ties with China, former chancellor Gerhard Schroed ✔ He visited Beijing frequently as chancellor, championed its entry into the WTO and controversially pressed the EU to lift an arms embargo it imposed after China's Tiananmen Square crackdown ✔ In Brussels, EU member states are finalising an agreement to ensure closer scrutiny of such deals ✔ I don't think much of a values-based foreign policy, Schroeder said
Pence vows no end to tariffs until China bows
11/17/2018, 3:41:48 AMThe United States will not back down from its trade dispute with China, and migh... ✔ Washington is demanding Beijing improve market access and intellectual property protections for U.S. companies, cut industrial subsidies and slash a $375 billion trade gap ✔ He also called protectionism a shortsighted approach that was doomed to fail ✔ Our Standards:The Thomson Reuters Trust Principles
The Boring Company goes brick-and-mortar with The Brick Store
11/17/2018, 1:17:18 AMElon Musk has shot out some crazy, unbelievable tweets over the last year, but he wasn’t joking about the bricks. Musk has started a company called The Brick Store LLC to produce and sell bricks, according to public documents obtained by TechCrunch. The new company, which was founded in July, will … ✔ The Boring Company is building a watchtower in LA out of dirt bricks & we need a knight to yell insults at people in a French accent https://t.co/VChOVXXVaz Elon Musk (@elonmusk) November 15, 2018 Turning tunnel waste into a valuable commodity fits in with Musk’s environmental leanings and will save TBC from the cost of disposing all that dirt
Chinese electric-car makers charge ahead, powered by state
11/16/2018, 10:01:57 PMGuangzhou auto show displays proliferation of vehicles ✔ Automakers will need to earn credits worth 10% of their production and imports of combustion engine cars in 2019 and 12% in 2022 ✔ Consumer sentiment is cooling because of the U.S.-China trade war, said Yasuhide Mizuno, chief officer of Honda's Chinese operations
Slower Growth in 2019
11/17/2018, 1:12:22 AMBut no biggy, as wary advisors backpedal from outright alarm. ✔ It’s widely believed that the stock market likes gridlock, which now is assured for the next two years given the midterm election results ✔ The strength in June and weakness in May automotive output was mostly due to a disruption in light-truck production in May due to a major fire at a key parts supplier
Evacuation orders for the Topanga area have been lifted
11/16/2018, 8:02:21 PMTopanga residents can return to their homes, officials announced Friday. Evacuation orders were lifted for the Topanga area from Pacific Coast Highway to Mulholland Drive and all areas north of the Malibu City limit, the Los Angeles County Sheriff’s Department said. Las Virgenes Road will remain... ✔ Read More Nov. 16, 2018, 10:07 a.m. Hill fire By Alejandra Reyes-Velarde Nov 16, 2018 | 10:07 AM Investigators say they've ruled out all possible causes for Hill fire except human activity The Hill fire burns in Camarillo
California fires: Death toll in Paradise rises to 71; more than 1,000 unaccounted for
11/17/2018, 2:39:10 AMThe remains of eight additional people were found Friday, pushing the death toll to 71. The number of missing rose by 400 since Thursday night, but officials said there could be duplications or some listed may not have checked in with those who reported them missing. ✔ Though some healthy adults could benefit from wearing them, the face masks offer too much of a false sense of security and they would need to be fitted specifically for each person, Beilenson said ✔ I drove by on my lunch hour yesterday, thought I’d have time and saw hundreds in line and was like, ‘Nuh-uh,’ said Reed, 56, who was there to collect a package for her mother and a week’s worth of mail that had accumulated since the Camp fire destroyed her home Nov. 8
Trump and Brown vow to work together to help California after devastating wildfires
11/17/2018, 3:40:54 AMTrump, Brown vow to work together to help after devastating wildfires ✔ The city of Sacramento said in a statement that staff will continue distributing its remaining N95 masks ✔ The individual homeowner just has a nightmare ahead, said John Mulville, Southern California regional director for real estate research firm Metrostudy
Horrible air across Northern California keeps many indoors
11/17/2018, 1:23:56 AMHorrible air across Northern California keeps many indoors ✔ The teams were supposed to face off Saturday at 4:30 p.m. The Pac-12 conference and the universities came to the decision after extensive consultation with campus medical and environmental experts, according to a Cal statement ✔ A reward of $10,000 is available for information leading to a possible responsible party, Cal Fire said
In a Chico salon, a brief respite from the smoke of California fire
11/17/2018, 12:13:49 AMUnrelenting smoke smothers everything in Chico. The acidic and sour-smelling haze hangs on hair, skin, and clothes. Some evacuees don’t have access to showers and clean towels, and the smoke from the deadly Camp fire feels impossible to escape from. Hair is like a sponge, and absorbs the smoke, s... ✔ It also has led to dangerous and unhealthy air quality ✔ You can donate to the #CampFire efforts through the North Valley Community Foundation https://t.co/ZDkEw998SH or through The United Way https://t.co/1L8rz5N5ne https://t.co/GT0Ua0805R Butte County, CA (@CountyofButte) November 14, 2018 For shelter: People can offer and seek free, temporary housing on Airbnb’s disaster relief page
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