U.S. import prices unchanged in January By Reuters



WASHINGTON, (Reuters) – U.S. import prices were unchanged in January as the cost of petroleum products fell, offsetting gains in the prices of motor vehicles and capital goods.

The Labor Department said on Friday last month’s unchanged reading in import prices followed a downwardly revised 0.2% gain in December. Import prices were previously reported to have increased 0.3% in December.

Import prices exclude tariffs. Economists polled by Reuters had forecast import prices falling 0.2% in January.

In the 12 months through January, import prices gained 0.3% after increasing 0.5% in December.

Overall inflation has been moderate, with data on Thursday showing consumer prices in January posting their biggest annual increase since October 2018.

In January, prices for imported fuels and lubricants fell 2.2% after increasing 1.7% in December. Petroleum prices dropped 1.7% after rising 1.0% in December. Imported food prices rose 0.5% last month. That followed a 1.1% jump in December.

Excluding fuels and food, import prices rose 0.2% in January. The so-called core import prices were unchanged in December. Core import prices fell 0.8% in the 12 months through January.

The cost of goods imported from China fell 0.2% in January after being unchanged in the prior month. Prices declined 1.7% year-on-year in January.

The report also showed export prices rose 0.7% in January after falling 0.2% in December. Export prices increased 0.5% on a year-on-year basis in January after dropping 0.9% in December.

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UK accounting watchdog checks on coronavirus fallout on audits By Reuters



LONDON (Reuters) – Accounting firms should do all they can to obtain information needed to complete audits of multinational client companies that risk being delayed due to the coronavirus epidemic in China, Britain’s accounting watchdog said on Sunday.

Companies face statutory deadlines for publishing audited financial statement, and delays creates nervousness among investors.

Global auditors like Deloitte, KPMG, EY and PwC audit the books on multinational companies, some of which have operations in China, where the coronavirus emerged.

Audit partners from outside China face restrictions on travel to the country even though they may need to visit operations for making checks. One way to work around this would be to hire auditors in China.

“The group auditor has to decide what alternative ways they can get the necessary evidence to complete the audit,” a spokesman for the Financial Reporting Council (FRC) said on Sunday.

Companies around the world have warned that the coronavirus outbreak in China could disrupt supply chains or hurt their profits as factories and shops shut and airlines suspend flights.

Sky News first reported on the FRC’s intervention.

The watchdog can also ask listed companies to spell out material risks from coronavirus to their operations and ability to stay in business.

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.



Alstom nears deal to buy Bombardier’s train unit: source


FILE PHOTO: A logo of Alstom is seen at the Alstom’s plant in Semeac near Tarbes, France, February 15, 2019. REUTERS/Regis Duvignau

(Reuters) – France’s Alstom SA (ALSO.PA) is close to clinching a deal to buy Bombardier Inc’s (BBDb.TO) train business which will give the unit an enterprise value of $7 billion, according to a source familiar with the matter.

An announcement could come as soon as Monday, the source said, adding a deal has yet to be signed.

The Wall Street Journal, which first reported the news, said Alstom is expected to buy the business using mostly cash and some stock.

Quebec pension giant Caisse de dépôt et placement, which owns a 32.5% stake in Bombardier’s train unit, has agreed to sell its stake to Alstom and buy a minority stake in the combined train company, the WSJ report said.

Bombardier declined to comment on the report and Alstom did not immediately respond to a request for comment.

The Canadian plane-and-train-maker has been struggling to contain higher rail costs generated by a few problematic contracts in its nearly $36 billion order backlog.

The deal would help Alstom compete more effectively against Chinese rail giant CRRC Corp Ltd (601766.SS), after the French maker of TGV bullet trains was blocked last year by European regulators from merging with Germany’s Siemens (SIEGn.DE).

Reporting by Rama Venkat in Bengaluru and Allison Lampert in Montreal; Editing by Andrew Heavens



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From Human Rights to Humanity’s Decentralized Future By Cointelegraph



After more than a decade of Bitcoin’s existence, Satoshi Nakamoto, author of Bitcoin’s white paper back in 2008, remains the most mysterious person within the crypto community. Despite who he, she or they might be, Satoshi’s brainchild — the first decentralized currency — is still thriving, and it has changed the world as we knew it.

The past 10 years were not a straight path: We have been witness to a lot of criticism of crypto, which was claimed to be “the mother and father of all bubbles”; Bitcoin’s record price hitting around $20,000 per coin and the subsequent collapse of around 2,000 cryptocurrencies — which lost around 80% of their combined market cap; experts declaring the end of the crypto winter; and many other small and big turns in Bitcoin’s history.

Continue Reading on Coin Telegraph

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Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.



Brazil real jumps most since November as central bank intervenes again By Reuters



By Jamie McGeever

BRASILIA (Reuters) – Brazil’s real rose more than 1% against the dollar on Friday to chalk up its biggest rise since late November after the central bank intervened in the swaps market for the second straight day following the currency’s slump this week to new lows.

In late trading, the real was changing hands at 4.2940 per dollar, up 1.3% on the day. The greenback slid below 4.30 reais () after the central bank’s $1 billion sale of 20,000 foreign exchange swaps contracts.

On Thursday, the greenback was at a record high above 4.38 reais before the first central bank intervention.

(Graphic: Brazil real- daily change – https://fingfx.thomsonreuters.com/gfx/mkt/13/2149/2117/BRLWEEKLY.png)

The real was on course for a 0.5% rise on the week, snapping a run of six consecutive weekly declines that had brought its year-to-date losses against the dollar close to 10%.

The intervention announcement “reaffirms expectations that the central bank would eventually try to cap the upside in dollar/real, and could bring some near-term support to the currency,” Barclays (LON:) analysts wrote in a client note.

“However, we remain structurally bearish on the real, as disappointing growth, the erosion of carry, and a widening current account limits the attractiveness of Brazil as a destination for foreign portfolio flows,” they added.

The central bank offered relief to those market participants bullish on the real, who had seen the exchange rate go against them. But traders said it may have to come back into the market if the real is to stage a more sustained recovery.

“$2 billion in FX swaps is nothing. They were able to curb the depreciation and make the real outperform, at least today. However, the framework is still very fragile,” said one senior trader in Sao Paulo.

“With (market-based) rates going down and growth deteriorating, the market will try to buy dollars back,” he said.

Citing weak economic growth, unattractive yields and a widening current account deficit, Capital Economics on Friday revised their dollar/real outlook for this year to 4.50 from 4.25, one of the most bearish real forecasts among economists.

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

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Oil companies cancel IP Week receptions due to coronavirus By Reuters


© Reuters. Oil companies cancel IP Week receptions due to coronavirus

By Olga Yagova and Dmitry Zhdannikov

MOSCOW/LONDON (Reuters) – Oil companies are cancelling their receptions at International Petroleum Week (IP Week) in London at the end of this month as concerns over the spread of coronavirus rise, five traders told Reuters on Friday.

IP Week is a key oil traders’ gathering that takes place every year in February. This year, it is scheduled for Feb. 24-27.

“Due to recent global developments concerning the spread of the coronavirus and after careful consideration, we unfortunately had to decide to cancel this year’s lunch,” Vopak said in a message sent to its clients, seen by Reuters.

Bureau Veritas, a leading oil inspection company, also informed its costumers it had canceled its annual IP Week reception.

“Due to the exceptional circumstances related to the coronavirus outbreak all businesses have been instructed by management to cancel our annual client function … in London. It also seems that some of the other planned IP Week events were canceled yesterday and today,” said a message from Bureau Veritas to its costumers, also seen by Reuters.

Oil company BP (L:) has canceled all its IP Week events as well and instructed staff to avoid attending costumer events, two sources familiar with the matter told Reuters.

BP didn’t respond to a request for a comment. Bureau Veritas representatives were not available to comment. Vopak did not reply to a Reuters request for comment.

Reuters has reported that several oil companies based in Asia have decided to miss IP Week events this year due to the coronavirus epidemic.

Health authorities on Friday reported more than 5,000 new cases of the virus.

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.



U.S. weighs blocking GE engine sales for China’s new airplane: sources By Reuters


© Reuters. China’s home-grown C919 passenger jet taxis after landing on its maiden flight at the Pudong International Airport in Shanghai

By Karen Freifeld and Alexandra Alper

(Reuters) – The U.S. government is considering whether to stop General Electric (NYSE:) Co from continuing to supply engines for a new Chinese passenger jet, according to people familiar with the matter, casting uncertainty over China’s efforts to enter the civil aviation market.

The potential restriction on the engine sales – possibly along with limits on other components for Chinese commercial aircraft such as flight control systems made by Honeywell International Inc (NYSE:) – is the latest move in the battle between the world’s two largest economies over trade and technology.

The issue is expected to come up at an interagency meeting about how strictly to limit exports of U.S. technology to China on Thursday and at another meeting with members of President Donald Trump’s Cabinet set for Feb. 28, sources said.

The White House and the U.S. Commerce Department, which issues licenses for such exports, declined to comment, as did a GE spokeswoman. The departments of Defense, State, Energy and Treasury did not respond to requests for comment.

For years, the United States has supported American companies’ business with China’s budding civil aviation industry.

The government has provided licenses that allow those companies to sell engines, flight control systems and other components for China’s first large commercial aircraft, the COMAC C919. The narrow-body jet has already engaged in test flights and is expected to go into service next year. COMAC is an acronym for Commercial Aircraft Corp of China Ltd.

But the Trump administration is weighing whether to deny GE’s latest license request to provide the CFM LEAP-1C engine for the C919, people familiar with the matter said, though GE has received licenses for the LEAP engines since 2014 and was last granted one in March 2019.

The CFM LEAP engine is a joint venture between GE and France’s Safran (PA:) Aircraft Engines. The proposal to halt the deliveries of the engines was also reported on Saturday by the Wall Street Journal.

Safran did not immediately respond to a request for comment, and French government officials could not be reached for comment.

Aside from aircraft engines, flight control systems are up for discussion at the February meetings. Honeywell International has received licenses to export flight control systems to COMAC for the C919 for about a decade, and one was approved in early 2020, according to a person familiar with the matter.

But future permission for such sales for COMAC’s passenger aircrafts may be up for debate. Honeywell also has been seeking a license for flight control technology to participate in the development of the C929, China’s planned wide-body jet venture with Russia, the person said.

The flight control system operates moving mechanical parts, such as the wing flaps, from the cockpit.

A spokeswoman for Honeywell declined to comment.

An aerospace trade group official said his organization would like to weigh in on any policy shifts.

“If there are any changes, we would hope they would engage with us, as they’ve done before,” said Remy Nathan, vice president for international affairs at the Aerospace Industries Association.

At the heart of the debate over a possible crackdown on the sale of U.S. parts to China’s nascent aircraft industry is whether such shipments would fuel the rise of a serious competitor to U.S.-based Boeing (NYSE:) Co or boost China’s military capabilities.

People familiar with the matter said some administration officials are concerned the Chinese could reverse engineer some items, though others say an abundance of LEAP engines in China has not brought that about to date.

If the United States were to move ahead with the measure, one person familiar with the matter said, China could retaliate by ordering more planes from Airbus SE, rather than crisis-hit Boeing, which relies on China for a fourth its deliveries.

The Trump administration’s meetings about technology issues also are set to include a discussion of whether to impose further restrictions on suppliers to Huawei Technologies, the world’s largest telecommunications equipment maker, which is on a U.S. trade blacklist.



U.S. core retail sales unchanged in January By Reuters



WASHINGTON, (Reuters) – U.S. consumer spending appears to have slowed further in January, with sales at clothing stores declining by the most since 2009, which could raise concerns about the economy’s ability to continue expanding at a moderate pace.

The Commerce Department said on Friday retail sales excluding automobiles, gasoline, building materials and food services were unchanged last month. Data for December was revised down to show the so-called core retail sales rising 0.2% instead of jumping 0.5% as previously reported.

Core retail sales correspond most closely with the consumer spending component of gross domestic product.

Economists polled by Reuters had forecast core retail sales rising 0.3% last month.

The unchanged reading in core retail sales suggested consumer spending slowed further after it lost considerable momentum in the fourth quarter.

Fed Chair Jerome Powell told lawmakers this week that the “economy is in a very good place, performing well.” The U.S. central bank last month left interest rates steady. The Fed is widely expected to keep monetary policy on hold this year after it reduced borrowing costs three times in 2019.

The economy grew 2.3% in 2019, slowing from 2.9% in 2018.

Overall retail sales, however, rose 0.3% in January. Data for December was revised down to show retail sales gaining 0.2% instead of climbing 0.3% as previously reported.

Auto sales rebounded 0.2% after slumping 1.7% in December. Receipts at service stations fell 0.5%. Sales at electronics and appliance stores decreased 0.5%.

Sales at building material stores jumped 2.1%, the most since last August, after rising 1.3% in December. Sales were likely boosted by unseasonably mild weather.

Receipts at clothing stores dropped 3.1% last month, the most since March 2009. Online and mail-order retail sales rose 0.3%. That followed a 0.1% dip in December. Receipts at furniture stores rose 0.6%.

Sales at restaurants and bars increased 1.2%. Spending at hobby, musical instrument and book stores edged up 0.1%.

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.



China finance minister says expects fiscal revenues to fall, expenditure to rise By Reuters


© Reuters. China finance minister says expects fiscal revenues to fall, expenditure to rise

BEIJING (Reuters) – China’s Finance Minister Liu Kun said on Sunday he expects the country’s fiscal revenues to fall and expenditure to rise in the future.

The comments were made in the leading Communist Party theoretical journal Qiushi.

(This story corrects finance minister’s first name to Kun from He.)

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.



Treat us like something between a telco and a newspaper, says Facebook’s Zuckerberg


MUNICH (Reuters) – Online content should be regulated with a system somewhere between the existing rules used for the telecoms and media industries, Facebook (FB.O) CEO Mark Zuckerberg told global leaders and security chiefs on Saturday.

Speaking at the Munich Security Conference in Germany, Zuckerberg said Facebook had improved its work countering online election interference, and expanded on his previous calls for regulation of social media firms.

“I do think that there should be regulation on harmful content … there’s a question about which framework you use for this,” Zuckerberg said during a question and answer session.

“Right now there are two frameworks that I think people have for existing industries – there’s like newspapers and existing media, and then there’s the telco-type model, which is ‘the data just flows through you’, but you’re not going to hold a telco responsible if someone says something harmful on a phone line.”

“I actually think where we should be is somewhere in between,” he said.

Facebook and social media giants including Twitter (TWTR.N) and Alphabet’s Google (GOOGL.O) have come under increasing pressure to better combat governments and political groups using their platforms to spread false and misleading information.

Zuckerberg said he now employed 35,000 people to review online content and implement security measures.

Slideshow (4 Images)

Those teams and Facebook’s automated technology currently suspend more than 1 million fake accounts each day, he said, adding that “the vast majority are detected within minutes of signing up.”

“Our budget is bigger today than the whole revenue of the company when we went public in 2012, when we had a billion users,” he said.

“I’m proud of the results but we will definitely have to stay vigilant.”

Reporting by Jack Stubbs and Paul Carrel; Editing by Frances Kerry



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