Sabtu, 31 Agustus 2019

China's factory activity shrinks for 4th month as trade woes deepen - CNBC

Workers assemble televisions on the production line of Tianle Group Co., Ltd on July 3, 2012 in Shengzhou of Zhejiang Province, China.

Feng Li | Getty Images

Factory activity in China shrank in August for the fourth month in a row as the United States ramped up trade pressure and domestic demand remained sluggish, pointing to a further slowdown in the world's second-largest economy.

Persistent weakness in China's vast manufacturing sector could fuel expectations that Beijing needs to roll out stimulus more quickly, and more aggressively, to weather the biggest downturn in decades.

The Purchasing Managers' Index (PMI) fell to 49.5 in August, China's National Bureau of Statistics said on Saturday, versus 49.7 in July, below the 50-point mark that separates growth from contraction on a monthly basis.

A Reuters poll showed analysts expected the August PMI to stay unchanged from the previous month.

The official factory gauge showed growing trade frictions with the United States and cooling global demand continued to wreak havoc on China's exporters.

Export orders fell for the 15th straight month in August, although at a slower pace, with the sub-index picking up to 47.2 from July's 46.9.

Total new orders - from home and abroad - also continued to fall, indicating domestic demand remains soft, despite a flurry of growth-boosting measures over the past year.

"Frontloading of exports to the U.S. ahead of higher tariffs supported trade and overall activity growth, but this effect will likely fade in the next few months," said analysts at Goldman Sachs in a note.

Manufacturers in consumption-oriented industries such as the auto sector have been especially vulnerable. Carmakers such as Geely and Great Wall have slashed expectations for sales and profits.

The data showed activity at medium- and small-sized firms contracted, even as large manufacturers, many backed by the government, managed to expand in August.

Factories continued to shed jobs in August amid the uncertain business outlook. The employment sub-index dropped to 46.9, compared with 47.1 in July.

Escalations

August saw dramatic escalations in the bitter year-long Sino-U.S. trade row, with President Donald Trump announcing early in the month that he would impose new tariffs on Chinese goods from Sept. 1, and China letting its yuan currency sharply weaken days later.

After Beijing hit back with retaliatory tariffs, Trump said existing levies would also be raised in coming months. The combined moves now effectively cover all of China's exports to the United States.

Trump said late on Friday that trade teams from both sides continue to talk and will meet in September, but tariff increases on Chinese goods set to go into effect on Sunday will not be delayed.

The U.S. president had said earlier in the week that China wants to reach a deal "very badly", citing what he described as increasing economic pressure on Beijing and job losses.

But most analysts are highly doubtful of an end to the dispute any time soon, and some have recently cut growth forecasts for China in coming quarters.

The sudden deterioration in trade ties has prompted speculation over whether China needs to roll out more forceful measures to keep growth from sliding below 6% this year, the bottom end of its target range of around 6.0-6.5%.

Analysts widely expect Beijing will cut some of its major lending rates in September for the first time in four years to help stabilize growth.

But sources had told Reuters before the latest trade escalations that big benchmark rate cuts were considered a last resort, as policymakers worry that could fuel a further build-up in debt and squeeze bank's profit margins, heightening financial sector risks.

So far, Beijing has relied on a combination of fiscal stimulus and monetary easing to deal with the economic slowdown, including hundreds of billions of dollars in infrastructure spending and tax cuts for companies.

But analysts note infrastructure investment growth has remained subdued despite the earlier pump-priming measures, underlining the need for additional support.

Services growth

Growth in China's services sector activity picked up for the first time in five months in August, with the official numbers from a separate business survey rising to 53.8 from 53.7 in August.

Beijing has been relying on a strong services sector to cushion some of the economic impact from trade uncertainties and sluggish manufacturing activities.

However, despite the higher overall figure, activity in the property industry contracted, the statistics bureau said in a statement.

The services sector has been propped up by Chinese consumers' rising wages and robust spending power in recent years. However, the sector softened late last year amid a broader slowdown.

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2019-08-31 10:00:29Z
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China's factory activity shrinks for 4th month as trade woes deepen - CNBC

Workers assemble televisions on the production line of Tianle Group Co., Ltd on July 3, 2012 in Shengzhou of Zhejiang Province, China.

Feng Li | Getty Images

Factory activity in China shrank in August for the fourth month in a row as the United States ramped up trade pressure and domestic demand remained sluggish, pointing to a further slowdown in the world's second-largest economy.

Persistent weakness in China's vast manufacturing sector could fuel expectations that Beijing needs to roll out stimulus more quickly, and more aggressively, to weather the biggest downturn in decades.

The Purchasing Managers' Index (PMI) fell to 49.5 in August, China's National Bureau of Statistics said on Saturday, versus 49.7 in July, below the 50-point mark that separates growth from contraction on a monthly basis.

A Reuters poll showed analysts expected the August PMI to stay unchanged from the previous month.

The official factory gauge showed growing trade frictions with the United States and cooling global demand continued to wreak havoc on China's exporters.

Export orders fell for the 15th straight month in August, although at a slower pace, with the sub-index picking up to 47.2 from July's 46.9.

Total new orders - from home and abroad - also continued to fall, indicating domestic demand remains soft, despite a flurry of growth-boosting measures over the past year.

"Frontloading of exports to the U.S. ahead of higher tariffs supported trade and overall activity growth, but this effect will likely fade in the next few months," said analysts at Goldman Sachs in a note.

Manufacturers in consumption-oriented industries such as the auto sector have been especially vulnerable. Carmakers such as Geely and Great Wall have slashed expectations for sales and profits.

The data showed activity at medium- and small-sized firms contracted, even as large manufacturers, many backed by the government, managed to expand in August.

Factories continued to shed jobs in August amid the uncertain business outlook. The employment sub-index dropped to 46.9, compared with 47.1 in July.

Escalations

August saw dramatic escalations in the bitter year-long Sino-U.S. trade row, with President Donald Trump announcing early in the month that he would impose new tariffs on Chinese goods from Sept. 1, and China letting its yuan currency sharply weaken days later.

After Beijing hit back with retaliatory tariffs, Trump said existing levies would also be raised in coming months. The combined moves now effectively cover all of China's exports to the United States.

Trump said late on Friday that trade teams from both sides continue to talk and will meet in September, but tariff increases on Chinese goods set to go into effect on Sunday will not be delayed.

The U.S. president had said earlier in the week that China wants to reach a deal "very badly", citing what he described as increasing economic pressure on Beijing and job losses.

But most analysts are highly doubtful of an end to the dispute any time soon, and some have recently cut growth forecasts for China in coming quarters.

The sudden deterioration in trade ties has prompted speculation over whether China needs to roll out more forceful measures to keep growth from sliding below 6% this year, the bottom end of its target range of around 6.0-6.5%.

Analysts widely expect Beijing will cut some of its major lending rates in September for the first time in four years to help stabilize growth.

But sources had told Reuters before the latest trade escalations that big benchmark rate cuts were considered a last resort, as policymakers worry that could fuel a further build-up in debt and squeeze bank's profit margins, heightening financial sector risks.

So far, Beijing has relied on a combination of fiscal stimulus and monetary easing to deal with the economic slowdown, including hundreds of billions of dollars in infrastructure spending and tax cuts for companies.

But analysts note infrastructure investment growth has remained subdued despite the earlier pump-priming measures, underlining the need for additional support.

Services growth

Growth in China's services sector activity picked up for the first time in five months in August, with the official numbers from a separate business survey rising to 53.8 from 53.7 in August.

Beijing has been relying on a strong services sector to cushion some of the economic impact from trade uncertainties and sluggish manufacturing activities.

However, despite the higher overall figure, activity in the property industry contracted, the statistics bureau said in a statement.

The services sector has been propped up by Chinese consumers' rising wages and robust spending power in recent years. However, the sector softened late last year amid a broader slowdown.

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https://www.cnbc.com/2019/08/31/chinas-factory-activity-shrinks-for-4th-month-as-trade-woes-deepen.html

2019-08-31 09:55:02Z
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Tweeters Make Same Chilling Point About Jack Dorsey's Account Being Compromised - HuffPost

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2019-08-31 07:46:00Z
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Jumat, 30 Agustus 2019

GM, Lyft, Waymo want to be allowed to remove driver controls on autonomous cars - CNBC

Chrysler Pacifica hybrid minivan that's party of Waymo's fleet

Waymo

General Motors and Alphabet's Waymo are among the companies encouraging federal safety regulators to swiftly, yet safely, update laws to better accommodate the testing and approval of fully autonomous vehicles on U.S. public roadways, even those without driver controls.

The companies, considered by many to be the leaders in autonomous vehicles, were among roughly 90 organizations and individuals to submit public comments on a proposed regulation on changing rules for self-driving vehicles to the National Highway Traffic Safety Administration and Federal Motor Carrier Safety Administration.

Lyft, Volvo, Intel and Mercedes-Benz, New York City and nonprofit consumer advocacy organizations like the Center for Auto Safety all weighed in on new safety standards for self-driving vehicles before the public comment period closed Wednesday.

Notably absent from the comments was Tesla, which has been very public about their aspirations for testing and deploying autonomous vehicles. Tesla did not immediately respond for comment.

The comments will be taken into consideration as federal regulators rewrite the rules, NHTSA said in an emailed statement.

While many believe autonomous vehicles can save lives, some have been skeptical about allowing the vehicles on public roads — particularly following a fatal crash involving a self-driving Uber vehicle in March 2018 in Arizona.

Removing manual controls

Regulators are considering allowing vehicles without manual controls, including steering wheels and pedals, to operate on U.S. roadways. Current laws require such equipment, and companies have to request exemptions to launch such vehicles.

GM, which last year along with its Cruise autonomous vehicle subsidiary petitioned for such exemptions, and Lyft support creating separate requirements that meet the "intent" of the safety standards, not the physical equipment.

"GM/Cruise supports NHTSA establishing new definitions that apply only to ADS-DVs [autonomous vehicles] without manual controls," GM said. "It would allow NHTSA to clearly delineate, where necessary, the requirements that apply to ADS-DV versus those that apply to traditional vehicles."

Lyft, in its comments, agreed that a "separate vehicle classification" for autonomous vehicles with their own regulations would "remove regulatory barriers and modify [federal motor vehicle safety standards] that reference a human driver and/or assume some manual control element within the test procedure."

The Alliance of Automobile Manufacturers, which encompasses 12 automakers that represent about 70 percent of all car and light truck sales in the U.S., encouraged NHTSA to use "a parallel and phased approach" that focuses on vehicles with advanced driver-assist systems as well as autonomous vehicles with and without manual controls.

Safety concerns

While many companies supported changes, several safety advocates and consumer watchdog groups cautioned NHTSA on hastily changing regulations.

Consumer Reports, while acknowledging the potential long-term safety benefit of autonomous vehicles, encouraged NHTSA to focus resources on more near-term benefits.

"In short: for NHTSA to save lives and prevent injuries, there are more important subjects the agency should be focusing on than 'removing regulatory barriers,' especially given the robust pace of industry innovation in many areas today, " Consumer Reports said.

The Center for Auto Safety, a Washington-based consumer advocacy organization, said it remains "skeptical" about companies testing vehicles without manual controls, citing "there is no demonstrable evidence" that the vehicles "can safely operate on (and off) America's roads."

—CNBC's contributed to this report.

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2019-08-30 11:54:48Z
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Altria: JUUL Of Denial - Seeking Alpha

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  1. Altria: JUUL Of Denial  Seeking Alpha
  2. Juul CEO says 'don't vape,' long-term effects are unknown  INSIDER
  3. Juul Labs announces ID verification system to curb underage e-cigarette use  CBS This Morning
  4. Mom of teen with vaping addiction warns parents about the dangers of e-cigarettes: ‘It’s stealth by design’  Yahoo Lifestyle
  5. FTC Investigates S.F. Based E-Cigarette Maker Juul Over Ads Targeting Teens  KPIX CBS SF Bay Area
  6. View full coverage on Google News

https://seekingalpha.com/article/4288858-altria-juul-denial

2019-08-30 10:53:00Z
52780367761273

Elon Musk visits Gigafactory 3 site, receives support from Shanghai Party secretary - Teslarati

Recent images from China revealed that Tesla CEO Elon Musk had a busy day following his appearance at the opening segments of the 2019 World Artificial Intelligence Conference in Shanghai. Following his free-wheeling AI debate with Alibaba founder Jack Ma, Musk visited the Gigafactory 3 site in the Lingang industrial area, before meeting with Shanghai Party Secretary Li Qiang for a conversation about Tesla’s initiatives in China. 

Elon Musk’s visit to the Gigafactory 3 site appears to have been a welcome change of pace for the upcoming facility’s workers, who appeared to appreciate the presence of the Tesla CEO. The details of Musk’s visit to the Shanghai-based electric car production facility have not been shared by local news outlets yet, but social media reports from Shanghai stated that the Tesla CEO was extremely happy about the progress of Gigafactory 3’s construction. 

After his visit to the Gigafactory 3 complex, Musk met with Li Qiang, the secretary of the Shanghai Municipal Party Committee. During their conversation, the government official highlighted that Tesla and Gigafactory 3 are welcome additions to Shanghai, as they will bring new products and innovations to the city. Li also mentioned that Shanghai wants to build a highland for AI development in the future. 

Musk, for his part, proved equally optimistic and thankful for China’s support of Tesla. While speaking at the 2019 WAIC, Musk remarked that he is simply stunned about the quickness and efficiency of Gigafactory 3’s buildout. “Tesla’s China team has done an amazing job and I’m astounded that so much progress has been made for the Shanghai Gigafactory. It’s a good story for the world to see how much progress you can make in China. I really think China’s future looks very impressive,” he said. 

Following his busy Thursday, Musk appeared to have flown to China’s capital on Friday, as evidenced by pictures depicting the Tesla CEO having lunch at a famous Baozi (filled bun) restaurant in Beijing. Interestingly, the restaurant is very close to the Beijing office of the National Development and Reform Commission (发改委), which handles the country’s comprehensive economic projects, among others. 

Apart from Elon Musk’s appearance at the 2019 World AI Conference and his visit to the Gigafactory 3 complex, the Tesla CEO is also expected to launch The Boring Company’s China unit on this particular China trip. More details about this initiative will likely be shared from local news agencies, or in social media platforms, in the coming days. 

Elon Musk visits Gigafactory 3 site, receives support from Shanghai Party secretary

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https://www.teslarati.com/tesla-elon-musk-gigafactory-3-visit-meeting-party-secretary/

2019-08-30 10:00:23Z
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ECB hawks are trying to downplay the chances of a huge stimulus package in September - CNBC

FMario Draghi (C), president of the European Central Bank (ECB)speaks flanked by Luis de Guindos, vice president of the European Central Bank (ECB), and Christine Graeff, director general for communications to the media following a meeting of the ECB Governing Council at ECB headquarters of March 7, 2019 in Frankfurt, Germany.

Thomas Lohnes | Getty Images

Two top officials have tried to temper market expectations of an immediate quantitative easing (QE) package being launched by the European Central Bank (ECB).

Earlier in the summer, ECB President Mario Draghi said he was looking at further options to prop up the 19-member euro zone economy, outlining that one of the possibilities included a new program of asset purchases to stimulate lending and boost inflation.

Investors cheered his dovish comments with ECB members like François Villeroy de Galhau highlighting that a major bond-buying program, also known as QE, could come in the proceeding months if needed.

But just as investors gear up for the ECB's next meeting on September 12, two notably hawkish members of the euro zone's central bank have decided to inject some reality back into the debate.

"In my opinion, based on the current data, it is much too early for a huge package," executive board member Sabine Lautenschlaeger said in an interview with Market News this week which was published on the ECB's website Friday.

"I am still convinced that the Asset Purchase Programme (APP) is the ultima ratio, and it should only be used if you have a risk of deflation; and the risk of deflation is nowhere to be seen now."

Fellow ECB member and Dutch central bank chief Klaas Knot added his own words of caution. "If deflation risks come back on the agenda then I think the asset-purchase programme is the appropriate instrument to be activated, but there is no need for it in my reading of the inflation outlook right now," he told Bloomberg Thursday.

But there's only been a muted market response since these comments with European stocks posting gains on both Thursday and Friday. Analysts at Rabobank put this down to traders already being aware that there wasn't unanimity among the ECB's board members on QE.

They also highlighted in a research note that the reason the hawks "are stating their objections so vociferously is that they know that it is very likely that the APP will imminently be re-started."

If implemented, it would be the second time in its history that the central bank has announced a massive program to directly inject money into the euro zone economy.

Last week, Erik Nielsen, group chief economist at UniCredit, predicted QE would be launched in September and could between 300 billion and 400 billion euros ($333.07 and $444.10 billion) over a nine-month period.

The euro area is still struggling to deal with its low inflation levels and to grow at a significant rate. According to the central bank's latest forecasts, out in June, headline inflation is set to reach 1.3% in 2019 — the ECB's target is "below but close to 2%." In terms of growth, the central bank is expecting growth to reach 1.2% this year — having grown at a rate of 1.8% in 2018.

Silvia Dall'Angelo, senior economist at Hermes Investment Management, told CNBC via email last week that he wouldn't rule out an open-ended approach by the ECB.

"An ECB official recently made the case for a more forceful move, a bigger rather than smaller programme is likely, say 45 billion euros per month for a year," he said.

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https://www.cnbc.com/2019/08/30/european-central-bnak-hawks-try-to-downplay-the-chances-of-qe.html

2019-08-30 09:15:54Z
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Five Years Ago Saturday, a Turning Point for Hong Kong and China - The New York Times

HONG KONG — In many places around the world, a single date marks seismic events considered turning points in recent history, like the Sept. 11 attacks in the United States or the Nov. 9 fall of the Berlin Wall for Europe. For post-colonial Hong Kong, the turning point fell on Aug. 31, 2014.

That was when a top Chinese government body announced a plan for limited democracy in Hong Kong. Beijing’s decision fell considerably short of what democracy protesters were demanding that summer, and it set off a two-month occupation of several Hong Kong neighborhoods that came to be known as the Umbrella Movement.

This year, demonstrators seized on that day — known simply as “the 8/31” — for what they hoped would be a huge march this Saturday, although an organized rally now seems unlikely.

The Hong Kong authorities have declined to grant the protesters a permit, raising the possibility of a repeat of recent clashes should the demonstration be held. The authorities rejected an appeal on Friday, and march organizers called off the demonstration after failing to win approval, although people are likely to protest in other ways.

Image
CreditAdam Ferguson for The New York Times

The Standing Committee of China’s rubber-stamp legislature, the National People’s Congress, approved a law five years ago on Saturday that would have allowed all adults who are permanent residents of Hong Kong to vote on who would be the next chief executive of the semiautonomous Chinese territory. But it came with a catch: Beijing would have tight control over who could run.

A 1,200-member electoral committee stacked with Beijing loyalists currently chooses the chief executive. The Aug. 31 decision would let that committee only choose the candidates, and then let the general public vote on those candidates. But opponents felt that meant Beijing would still be choosing their leader. And Beijing did indeed say that whoever won the vote of the general public would still have to be appointed to the job of chief executive by China’s national government.

The Standing Committee’s pronouncement did not become Hong Kong law because pro-democracy lawmakers in the Hong Kong legislature blocked approval of it in 2015. So the same 1,200-member election committee continues to choose the chief executive, with the system favoring pro-Beijing candidates. The committee selected Carrie Lam, the incumbent, in 2017, and she won with 777 votes of the 1,163 votes actually cast.

Image
CreditAdam Ferguson for The New York Times

Most democracy advocates in Hong Kong have long rejected the decision as worse than nothing at all. “The decision of Aug. 31 is totally unacceptable to the Hong Kong people,” said Bonnie Leung, the vice convener of one of the main protest groups, the Civil Human Rights Front, which had been organizing the Saturday demonstration. “The chief executive would have millions of votes, not a handful, but they would still be handpicked by Beijing.”

Mrs. Lam, now the chief executive of Hong Kong and previously the territory’s top civil servant, tried to find a compromise during the Umbrella Movement. Her compromise would have changed the composition of the nomination committee, notably by reducing the large number of seats reserved for farmers and fishermen. Farming and fishing now represent a tiny share of Hong Kong’s population and economy these days, but these are staunchly pro-Beijng sectors.

But Mrs. Lam’s compromise still would have left the nomination committee in charge of who could appear on the ballot. Democracy advocates rejected her suggestions.

Image
CreditAdam Ferguson for The New York Times

A few centrists in Hong Kong and Western political scientists have suggested that adoption of the Aug. 31 decision five years ago might have helped the democratic cause and might still be a good option for the territory. They argue that even if two or three Beijing allies appeared on a ballot for a vote by all of the people of Hong Kong, those candidates would become less pro-Beijing during the campaign. They might compete with each other in promising more democracy, so as to win the most votes from the general public.

“If they want to win a popular election, they would have to adopt policies closer to the political center,” said David Zweig, a longtime political scientist at the Hong Kong University of Science and Technology.

The Aug. 31 decision gives Beijing final say on who becomes chief executive. After the general election, Beijing would decide whether to appoint the winner of the general election to become chief executive. If a candidate became too critical of Beijing during an election campaign, or promised too much, that candidate might not be appointed, said Lau Siu-kai, vice chairman of the Chinese Association of Hong Kong and Macau Studies, an elite, semiofficial advisory body set up by Beijing.

“Beijing will not allow any person who seems to place his accountability to the Hong Kong people above his accountability to Beijing,” Mr. Lau said.

Image
CreditLam Yik Fei for The New York Times

The decision five years ago was a compromise in Beijing between moderates willing to tolerate some democracy in Hong Kong and hard-liners less willing to allow it. The compromise was aimed at going far enough in meeting Hong Kong democracy demands to head off a threatened occupation of the streets that autumn — a goal the compromise completely failed to achieve.

Hong Kong has changed since then, with protesters more willing to resort to violence. But Beijing has also changed since then. President Xi Jinping had been in office for less than two years at the time of the Standing Committee’s decision, and was still consolidating power.

In the years since, he has repealed a constitutional limit of two terms as president, allowing him to remain in office indefinitely. He has replaced almost all top military and security officials with people loyal to him. Human rights lawyers have been sentenced to long jail terms and much stricter controls have been placed on internet use in mainland China.

Democracy advocates still hope Beijing will make them a better offer. “I hope Beijing will understand if you make a concession, it is not a sign of weakness but a sign of a great power,” said Emily Lau, a pro-democracy lawmaker.

Some Beijing hard-liners on Hong Kong policy, however, have begun to question whether any concession to democracy advocates, like allowing general elections with Beijing controlling who is a candidate, is even needed anymore.

Lau Siu-kai said that because the Standing Committee has never repealed the decision, it remains on the books and in theory available to Hong Kong.

“It is still available, because it is the national law,” he said, while adding that, “I don’t see this as a possibility at all, that 8/31 would be accepted by the democrats.”

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https://www.nytimes.com/2019/08/30/world/asia/hong-kong-protests.html

2019-08-30 06:31:00Z
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Kamis, 29 Agustus 2019

Best Buy shares fall after second-quarter sales miss and looming tariffs on core products weigh on stock - CNBC

Best Buy shares fell 9% after its second-quarter revenue and same-store sales growth missed analysts' expectations and upcoming tariffs on the company's core products weigh on the stock.

Investors were pessimistic Thursday morning, focusing on both the sales miss and a narrower estimate for same-store sales, driven by disappointing sales in Canada. However, the company did report earnings that beat expectations by 9 cents and raised its earnings forecast for the fiscal year.

Best Buy's CEO Corie Barry also said several of its core products including televisions, smart watches, and headphones will be hit with a 15% tariff on Sept. 1. The announcement of a delay in tariffs on Chinese goods on some items will affect computing, mobile phones, and gaming consoles, which will see the 15% duty on Dec. 15.

But the company still said that although it has tried to factor the impact of tariffs into its guidance, there is still uncertainty ahead.

"There is a bit of art and a bit of science to estimating this and we don't exactly have a precedent for the quantity of moving pieces that we have in place right now," Corie said in a call with analysts. "There's a few things we are trying to take into account here," including exactly which goods are on the list, when they will be implemented, and what rates.

Here's how the company did, compared with what Wall Street was expecting, according to Refinitiv consensus estimates:

  • Adjusted earnings per share: $1.08, vs. 99 cents estimated
  • Revenue: $9.54 billion, vs. $9.56 billion estimated
  • Same-store sales: up 1.6%, vs. 2.1% increase estimated

"For the second quarter, we are reporting comparable sales growth of 1.6% on top of a very strong 6.2% last year," said Barry. "We also delivered improved profitability driven by gross profit rate expansion and continued disciplined expense management, demonstrating the culture we have built around driving cost reductions and efficiencies to help fund investments."

Sales at Best Buy stores open for at least 12 months grew 1.6%, lower than analyst expectations of a 2.1% increase.

In the quarter ended Aug. 3, Best Buy reported net income of $238 million, or 89 cents a share, compared with $244 million, or 86 cents a share, a year earlier. Excluding restructuring costs and other one-time items, Best Buy earned $1.08 a share, topping analysts' estimates from Refinitiv.

Revenue rose to $9.54 billion from $9.38 billion a year ago, but was slightly below estimates of $9.56 billion.

Best Buy raised its earnings forecast for the fiscal year to a range of $5.60 to $5.75 per share from a previous estimate of between $5.45 to $5.60 per share. Both numbers are after excluding one-time items.

However, sales at stores open at least a year are expected to rise 0.7% to 1.7% this year. Previously, it estimated 0.5% to 2.5% same-store sales growth. Analysts were anticipating a 2% increase.

Domestic same-store sales grew 1.9% and revenue increased 2.1% to $8.82 billion. The company saw a domestic online revenue rise 17.3% to $1.42 billion because of higher average order values and increased traffic. Its domestic online revenue represented 16.1% of sales compared with 14% last year.

Internationally, same-store sales fell 1.9%, while revenue dropped 3.4% to $715 million. The company said the decline was driven primarily by sales in Canada.

Best Buy said repurchased $230 million in stock during the quarter. Prior to Thursday's selloff, Best Buy shares were up 30% since the start of the year, bringing its market cap to about $18.4 billion.

"I think that the challenges with Best Buy are many of the same challenges that are overall facing the retail industry. There are certainly the issues related to tariffs, but you can't overlook all of the other challenges the company has as well," said Sucharita Kodali, an analyst at Forrester on CNBC's "Squawk Box " Thursday.

She said one of the pressures the company is facing is commodification of their core products, including electronics.

"When you see the strength in numbers from retailers like Walmart and Target, their consumer electronic sections are bolstering that and that is absolutely going to naturally adversely affect Best Buy. You have the continued growth of Amazon, where electronics are a significant part of what consumers buy on that site. "

The company also said its same-store sales growth was fueled by strength in appliances and headphones, while gaming and home theater sales declined.

"What Best Buy has leaned into and what their strength was in this quarter was in categories like appliances, which are not well-suited to the e-commerce landscape, you have services, you have accessories which are high-margin things like headphones so those are definitely things that have helped and supported Best Buy," said Kodali.

"But the question is how much more can they lean into things like services and installations, and is there more headroom there? I would argue that those are sectors that can be somewhat challenged," she said.

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https://www.cnbc.com/2019/08/29/best-buy-reports-fiscal-q2-2019-earnings.html

2019-08-29 12:20:41Z
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Best Buy shares fall after second-quarter sales miss and looming tariffs on core products weigh on stock - CNBC

Best Buy shares fell 6.5% after its second-quarter revenue and same-store sales growth missed analysts' expectations and upcoming tariffs on the company's core products weigh on the stock. 

Investors were pessimistic Thursday morning, focusing on both the sales miss and a narrower estimate for same-store sales, driven by disappointing sales in Canada. However, the company did report earnings that beat expectations by 9 cents and raised its earnings forecast for the fiscal year.

Here's how the company did, compared with what Wall Street was expecting, according to Refinitiv consensus estimates:

  • Adjusted earnings per share: $1.08, vs. 99 cents estimated
  • Revenue: $9.54 billion, vs. $9.56 billion estimated
  • Same-store sales: up 1.6%, vs. 2.1% increase estimated

"For the second quarter, we are reporting comparable sales growth of 1.6% on top of a very strong 6.2% last year," said Barry. "We also delivered improved profitability driven by gross profit rate expansion and continued disciplined expense management, demonstrating the culture we have built around driving cost reductions and efficiencies to help fund investments."

Sales at Best Buy stores open for at least 12 months grew 1.6%, lower than analyst expectations of a 2.1% increase.

In the quarter ended Aug. 3, Best Buy reported net income of $238 million, or 89 cents a share, compared with $244 million, or 86 cents a share, a year earlier. Excluding restructuring costs and other one-time items, Best Buy earned $1.08 a share, topping analysts' estimates from Refinitiv.

Revenue rose to $9.54 billion from $9.38 billion a year ago, but was slightly below estimates of $9.56 billion.

Best Buy raised its earnings forecast for the fiscal year to a range of $5.60 to $5.75 per share from a previous estimate of between $5.45 to $5.60 per share. Both numbers are after excluding one-time items.

However, sales at stores open at least a year are expected to rise 0.7% to 1.7% this year. Previously, it estimated 0.5% to 2.5% same-store sales growth. Analysts were anticipating a 2% increase.

Domestic same-store sales grew 1.9% and revenue increased 2.1% to $8.82 billion. The company saw a domestic online revenue rise 17.3% to $1.42 billion because of higher average order values and increased traffic. Its domestic online revenue represented 16.1% of sales compared with 14% last year.

Internationally, same-store sales fell 1.9%, while revenue dropped 3.4% to $715 million. The company said the decline was driven primarily by sales in Canada.

Best Buy said repurchased $230 million in stock during the quarter. Prior to Thursday's selloff, Best Buy shares were up 30% since the start of the year, bringing its market cap to about $18.4 billion.

"I think that the challenges with Best Buy are many of the same challenges that are overall facing the retail industry. There are certainly the issues related to tariffs, but you can't overlook all of the other challenges the company has as well," said Sucharita Kodali, an analyst at Forrester on CNBC's "Squawk Box " Thursday.

She said one of the pressures the company is facing is commodification of their core products, including electronics.

"When you see the strength in numbers from retailers like Walmart and Target, their consumer electronic sections are bolstering that and that is absolutely going to naturally adversely affect Best Buy. You have the continued growth of Amazon, where electronics are a significant part of what consumers buy on that site. "

The company also said its same-store sales growth was fueled by strength in appliances and headphones, while gaming and home theater sales declined.

"What Best Buy has leaned into and what their strength was in this quarter was in categories like appliances, which are not well-suited to the e-commerce landscape, you have services, you have accessories which are high-margin things like headphones so those are definitely things that have helped and supported Best Buy," said Kodali.

"But the question is how much more can they lean into things like services and installations, and is there more headroom there? I would argue that those are sectors that can be somewhat challenged," she said. 

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https://www.cnbc.com/2019/08/29/best-buy-reports-fiscal-q2-2019-earnings.html

2019-08-29 12:20:32Z
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Best Buy misses quarterly same-store sales estimates - CNA

Best Buy Co Inc reported a smaller-than-expected rise in quarterly same-store sales on Thursday, as the biggest U.S. consumer electronics retailer sold fewer video game consoles and other entertainment products.

People wait in line to shop at Best Buy on during a sales event on Thanksgiving day in Westbury, Ne
FILE PHOTO: People wait in line to shop at Best Buy during a sales event on Thanksgiving day in Westbury, New York, U.S., November 22, 2018. REUTERS/Shannon Stapleton

REUTERS: Best Buy Co Inc reported a smaller-than-expected rise in quarterly same-store sales on Thursday, as the biggest U.S. consumer electronics retailer sold fewer video game consoles and other entertainment products.

Best Buy's overall same-store sales 1.6per cent in the second quarter ended Aug. 3. Analysts on average had expected a 2.15per cent increase, according to IBES data from Refinitiv.

Revenue rose to US$9.54 billion from US$9.38 billion, a touch below expectations of US$9.56 billion.

The company also narrowed its full year sales forecast to a range of US$43.1 billion to US$43.6 billion, from a US$42.9 billion to US$43.9 billion range, citing planned further increases in U.S. tariffs on Chinese goods.

(Reporting by Uday Sampath in Bengaluru; Editing by Tomasz Janowski)

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https://www.channelnewsasia.com/news/business/best-buy-misses-quarterly-same-store-sales-estimates-11854562

2019-08-29 11:24:38Z
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Jack Ma, once proponent of 12-hour work days, now foresees 12-hour workweeks - The Washington Post

Aly Song Reuters Alibaba executive chairman Jack Ma, left, with Tesla chief executive officer Elon Musk in Shanghai on Thursday.

BEIJING — Jack Ma, the Chinese tech billionaire known for arguing in favor of a 12-hour work day, sees a future in which people will have to work only 12 hours a week.

The founder of e-commerce behemoth Alibaba said Thursday that technological advancements would enable people to live longer and work far fewer hours.

“Every technology revolution, people start to worry. In the last 200 years we have worried [that] new technology is going to take away all the jobs,” he said in a discussion in Shanghai on Thursday with Elon Musk, Tesla’s billionaire founder. Tesla is building an electric-vehicle factory in the city, and the two were on the stage at the World Artificial Intelligence Conference there. 

Ma has previously courted controversy with his endorsement of the “996” work practices prevalent in China’s tech industry, under which employees are expected to work 9 a.m. to 9 p.m., six days a week.

In remarks earlier this year, Ma said that the opportunity to work such hours was a “blessing” and that without this kind of working culture, China’s economy was “very likely to lose vitality and impetus.”

Another tech titan went further, declaring that the 996 culture was for slackers. Richard Liu, chief executive of rival e-commerce company JD.com, said he works “8116+8” — or 8 a.m. to 11 p.m. Monday to Saturday, then a mere eight hours on Sunday.

But speaking with Musk on Thursday, Ma said that in the future, people would be able to enjoy a much shorter workweek.

 “In the next 20 to 30 years, human beings will live much longer. Life science technology is going to make people live probably 100 or 120 years,” he said. “That may not be a good thing because you get your grandfather’s grandfather still working hard.”

But it didn’t matter, he said, as the world wouldn't need a lot of jobs.

 “I think people should work three days a week, four hours a day,” he said, citing previous technological leaps like the Industrial Revolution and the use of electricity as improving work-life balance. 

“The power of electricity is that we make people more time, so you can go to the karaoke in the evening, you can go to dancing parties in the evening,” he said in English.

“I think that because of artificial intelligence, people will have more time to enjoy being human beings. I don’t think we’ll need a lot of jobs,” Ma told Musk. “The jobs we need are [ones to] make people happier. People experience life, enjoy [being] human beings.”

[ In a workaholic China, the stressed-out find a refuge with monks and Sanskrit ]

China’s netizens were unimpressed.

“Ma has said previously that 996 was a blessing. How can he say now that people can work three days a week, four hours a day, and go to karaoke or dance parties in the evening,” asked one person using the nickname “Be a friend with time daily” on Weibo, the Chinese version of Twitter.

“Previously he talked in Chinese about 996. That’s for us. This time, he said ‘three days a week, four hours a day’ in English. That’s for foreigners.”

Another, using the name “Soda water,” used a Chinese saying that means two things don’t fit together: “Musk will find that this dialogue is like putting a donkey’s lips on a horse’s mouth.”

Liu Yang contributed to this article.

Read more

A year into the trade war, China learns to ride out Trump’s turbulence

Trump retaliates in trade war by demanding companies cut ties with China

Today’s coverage from Post correspondents around the world

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2019-08-29 09:26:31Z
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Republicans grow anxious about the Trump economy - POLITICO

Pat Toomey

Republican Sen. Patrick Toomey fears that trade uncertainty is contributing to an economic slowdown. | Jacquelyn Martin/AP Photo

trade

Trump's trade war with China could undermine GOP chances of holding the White House and Senate in 2020.

Republicans have sat patiently with President Donald Trump on his tariff roller-coaster ride with China. Now they’re starting to feel queasy.

Trump argues his escalating trade war will force China to the table for a deal. But his ever-rising tariffs — and his market-rattling tweets — are increasingly alarming the GOP.

Story Continued Below

“There’s no question that trade uncertainty is contributing to the slowdown,” said Sen. Pat Toomey (R-Pa.), a leading free-trader. “We’re in a very good place. The danger is: Where are we going to be a year from now if concerns about trade continue to be an irritant to growth?”

Particularly as the global economy cools, key Republicans say new levies on almost all Chinese goods threaten to step on the president’s good news story: A growing economy, rising wages and low unemployment. And that could have outsize effects on Republicans’ tough task of defending the Senate and the White House in 2020.

“The biggest risk to the economy is the whole trade situation,” added Sen. Ron Johnson (R-Wis.) in an interview. “I think the president did a great job, we stopped doing the regulatory burden, we have a fairer tax system ... and the whole trade war has injected a huge dose of uncertainty and instability.”

Most Republicans have resisted Trump’s protectionist tendencies for ideological reasons as well as for the hit to the economy and their own political fortunes. But they've made an exception on China given its economic rivalry with the United States. Now his tariff regime on Chinese, European and North American imports have reduced economic growth and increased household costs, according to the Congressional Budget Office.

Amid some talk by Trump of new tax cuts to juice the economy, his own political party is cool to the idea. Instead GOP senators are urging the president to conclude new trade deals with Japan and the United Kingdom and intensify the effort to push the United States-Mexico-Canada Agreement through Congress.

Republicans like Toomey are also advising the White House to embrace modest renewals of expiring tax provisions to counteract a slowdown in business investment.

And, however delicately, they are urging Trump to show more flexibility on China.

“The administration has to be prepared to take off the tariffs in order to get a good agreement,” said Sen. Rob Portman (R-Ohio), a former U.S. trade representative. “And there’s been some disagreement about that within the administration. Some are saying they should come off and others are saying we should keep them. I don’t think you’ll get a good agreement if you do that.”

Trump has largely staked his reelection on his economic prowess, so any slowdown could narrow his path back to the White House and undercut the GOP effort to hold the Senate majority.

“An economy slowing could be a political threat. If you slow down to 1 percent going into the 2020 election, that’s the same thing as a recession politically,” said Douglas Holtz-Eakin, president of the center-right American Action Forum and a former CBO director. “You grow at 1.8 percent? You’re back to Obama territory. You can’t survive that.”

For Republicans up for reelection, “at what point is it better for you separate yourself from the president as opposed to riding his coattails?” Holtz Eakin added.

White House spokesman Judd Deere said the president is merely trying to “level the playing field for American workers” and played down fears of a slump, citing the current expansion.

“It’s clear that the president’s polices of fair and reciprocal trade along with lower taxes and deregulation are working,” Deere said.

Any Trump-fueled economic drag will quickly fall on the at-risk GOP senators who hold the keys to the Senate majority. Susan Collins’ Maine has seen lobster sales to China plunging; farmers in Joni Ernst’s Iowa have had a brutal year.

“Everyone acknowledges that the economy is good, but they are still uneasy about their own circumstances,” said one Republican official working on Senate races. “I am nervous that people will lose their patience and want to start seeing results.”

The GOP is eager to give markets some semblance of certainty, and Republicans are openly brainstorming ways to stabilize the economy. Some are urging the White House to index capital gains to inflation; others are advising a singular focus on passing the USMCA.

House Speaker Nancy Pelosi (D-Calif.) has thus far resisted voting on the new North American trade deal despite support for the pact among some swing-district Democrats. It might not come to the floor at all while Trump is president given Pelosi’s demands to strengthen labor and environmental standards in the agreement.

“It would be great to get USMCA done this year. But it would not at all surprise me if it happens in the next administration,” said Rep. Don Beyer (D-Va.).

Pelosi previously stalled trade deals under President George W. Bush, but Republicans argue a repeat of those tactics would more difficult with her majority staked in large part on pro-trade Democrats.

“That’s an untenable position for them to continue to block it,” Portman said. “USMCA is practical. At some point, you’ve got to allow people to have a vote.”

Congress has taken some steps to keep the economy humming, raising the debt ceiling and passing a two-year budget deal that will likely help avoid a government shutdown at the end of September. Some Senate Republicans are also eager to pass a long-term transportation bill and members of both parties want to vote on legislation aimed at reducing health care costs.

No firm decisions about the fall agenda have been made by GOP leaders. Collins said she’s personally asked Senate Majority Leader Mitch McConnell (R-Ky.) to make a bipartisan health care package a priority and turn the Senate’s focus toward legislation, rather than nominees.

Others are diving into the geopolitics of Trump’s conflict with China. Portman is urging White House officials to develop an international coalition to isolate China, while Sen. Steve Daines (R-Mont.) is traveling to China next week to discuss trade with the country’s leaders.

Trump has toggled between calling Chinese President Xi Jinping the “enemy” to showing “great respect” for him. He’s ordered U.S. companies to move out of China before backtracking and saying a few days later that he’s likely to “have a deal” with Beijing.

And some Republicans say the fight with China is worth the short-term pain.

“Do I like tariffs as a matter of policy on any given day? No. What other alternatives do you have to rebalance what has now been 30 years of cheating, lying, stealing and unfairness on behalf of the Chinese?” said Sen. Marco Rubio (R-Fla.).

For months, Republicans have agreed that Trump is right to take on China even as they opposed his tariffs on allies. But their patience isn’t endless.

Some blame White House trade adviser Peter Navarro, who’s pushed a hard-line approach toward China and asserted the economy will remain strong.

“I don’t think Peter Navarro understands the instability of what he promotes. [And what] his trade war, is injecting into the economy,” Johnson said.

The worry among free-traders is that China’s one-party system can wait out Trump and avoid political consequences. That’s something that the White House and Republicans simply can’t do with an election 14 months away.

“I give the president credit for confronting China on the very bad behavior they’ve engaged in. I’m not sure these are the best tactics,” Toomey said. “The Chinese have the capacity to hold out for a very long time.”

Heather Caygle contributed to this report.

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https://www.politico.com/story/2019/08/29/republicans-trump-economy-anxiety-1476780

2019-08-29 09:09:00Z
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US futures turn higher after 'calm' trade comments from China - CNBC

U.S. stock index futures turned positive Thursday morning, after China said it wished to resolve its protracted trade dispute with the world's largest economy with a "calm" attitude.

At around 04:00 a.m. ET, Dow futures rose 184 points, indicating a positive open of more than 197 points. Futures on the S&P and Nasdaq were both slightly higher, reversing earlier losses.

When asked about its ongoing trade war with the U.S., China's commerce ministry reportedly said Thursday that it was opposed to escalating trade tensions.

The comments appeared to soothe investor concerns at a time when many are worried about the possibility of a global recession.

On Wednesday, the rate on the benchmark 30-year Treasury bond sank to an all-time low, while the U.S. yield curve inverted even further.

The closely-watched spread between the 10-year Treasury yield and the 2-year rate briefly fell to negative 6 basis points in the previous session. The move extended losses from earlier in the week, when the spread registered its lowest level since 2007.

A 10-year rate below the 2-year yield is viewed by fixed income traders as an important recession prognosticator, marking an unusual phenomenon as bondholders receive better compensation in the short term.

U.S. bond yields hovered marginally above record lows on Thursday morning.

Data, earnings

On the data front, the latest weekly jobless claims, a second reading of second-quarter GDP (gross domestic product) and advance economic indicators for July are all scheduled to be released at 8:30 a.m.

Pending home sales for July will follow slightly later in the session.

In corporate news, Toronto-Dominion Bank, Best Buy and Dollar General are among some of the companies expected to report earnings before the opening bell.

Dell, Marvell Tech and Workday are scheduled to release their latest quarterly results after market close.

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https://www.cnbc.com/2019/08/29/stock-market-wall-street-in-focus-amid-recession-fears.html

2019-08-29 06:33:12Z
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Marriott eliminating tiny toiletries, shampoo bottles by 2020 to reduce waste - WABC-TV

It could be lights out for tiny toiletries.

Marriott International, the world's largest hotel chain, said Wednesday it will eliminate small plastic bottles of shampoo, conditioner and bath gel from its hotel rooms worldwide by December 2020. They'll be replaced with larger bottles or wall-mounted dispensers, depending on the hotel.


The move follows a similar announcement last month by IHG, which owns Holiday Inn, Kimpton and other brands. IHG said it will eliminate about 200 million tiny bottles each year by 2021. Last year, Walt Disney Co. said it would replace small plastic shampoo bottles at its resorts and on its cruise ships. Many smaller companies, like the five Soneva Resorts in Thailand and the Maldives, have also ditched plastic bottles.

Marriott has more than 7,000 hotels in 131 countries under 30 brands, ranging from SpringHill Suites and Residence Inn to Sheraton and Ritz-Carlton. It says it will be eliminating about 500 million small bottles each year, or 1.7 million pounds of plastic.

Marriott has wanted to get rid of small bottles for years, President and CEO Arne Sorenson said. There are just too many of them, he said, and they're difficult to recycle because of the time it takes to clean them out.

But it took a lot of work to design tamper-resistant large bottles and get suppliers on board. High-end hotels, in particular, needed to have bottles that still felt luxurious, he said.

"There were a lot of technical features to this that we had to get right," he said.

Rival Hyatt Hotels Corp. is going through a similar process now. The company says it's been testing amenity dispensers in some rooms for the last year.


Bethesda, Maryland-based Marriott started replacing small bottles early last year at some North American brands, including Courtyard and Fairfield hotels. About 1,000 of those now feature larger bottles or pump dispensers that are hooked to the shower wall.

Denise Naguib, Marriott's vice president of sustainability and supplier diversity, said Marriott got a positive response from guest surveys. Many were relieved because the larger bottles let them use as much or as little shampoo as they want.

"More and more people have a general consciousness of it," she said. "They don't want to be leaving half-empty bottles."

Naguib said most Marriott hotels will eliminate small bottles by July 1, 2020. Luxury brands will get rid of them by the end of 2020. Lower-priced brands will have dispensers or bottles that are tethered to the shower wall. Luxury brands will have untethered bottles. The bottles hold the equivalent of 10 to 12 small bottles, and all are tamper resistant.

The larger bottles will still be plastic, and Marriott still plans to replace them - not just refill them - when they run low. But Naguib said the larger bottles are easier to recycle than smaller ones.


Environmental groups are applauding the moves.

"Plastic pollution is an urgent global crisis and the time is now to think 'reusable' instead of 'disposable,'" said Dianna Cohen, co-founder and CEO of the Berkeley, California-based Plastic Pollution Coalition.

Soon, hotels may not have a choice. Lawmakers in California are considering banning hotels from using small shampoo bottles in 2023, while the European Union is banning a wide range of single-use plastic items, like cutlery and plates, by 2021.

Sorenson said he expects some complaints, like Marriott heard last year when it banned plastic straws and stirrers. Many people like collecting hotel shampoo bottles, he said. His own mother used to have a drawer full of soap she took from hotels.

"Human nature is what it is and we resist change," he said. "But people understand that this is so much better."

Copyright © 2019 by The Associated Press. All Rights Reserved.

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2019-08-29 04:01:57Z
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