Jumat, 31 Januari 2020

There's a new kind of Coke on shelves. You'll be forgiven if you missed it - CNN

Four varieties, including Coke Energy, Coke Energy Zero Sugar, Coke Energy Cherry and Coke Energy Cherry Zero Sugar, recently reached US retail shelves. The Coke-energy-drink hybrid beverage became available in international markets last year.
Coke Energy, which is made with guarana extracts and B-vitamins, has 114 mg of caffeine per 12-ounce serving. A 12-ounce can of regular Coke has about 34 mg of caffeine. But the two products should taste about the same.
"It's the energy you want and the taste you love," Geoff Cottrill, senior vice president of strategic marketing at the company, told CNN Business, adding that the proposition is "very simple and very direct."
Coke Energy landed on US retail shelves earlier this month.
It may seem like an unusual drink, but it's an important part of Coke's strategy: Coca-Cola has been diversifying its portfolio of beverages while innovating its core product.
So far, the product may have flown under the radar. But Coke is planning a splashy US rollout for the drink.
"We're putting the full marketing muscle behind our Coke Energy launch in the US," CEO James Quincey said during a call discussing the fourth quarter and full year financial results Thursday.
To ensure Americans are aware of the energy drink, Coca-Cola is advertising the product during the Super Bowl. It also plans to offer samples across the country.
Americans will get a slightly different version of the drink than people in other places around the world, Quincey said, describing it as a "version 2.0." The US version will taste more like classic Coca-Cola, while the international version is more citrusy, he said.
People are increasingly seeking functional beverages, which offer an added nutritional or practical benefit, like a boost of energy.
Coke Energy and Coke Plus Coffee, which is made with real coffee and is more caffeinated than regular Coke, could help those consumers from losing interest in cola, Coca-Cola's most important product. Expanding the Coke portfolio is also a way to give diehard Coke fans more options.
The efforts are paying off so far.
Coca-Cola thinks Americans are finally ready for Coke with coffee
Last year, trademark Coke, which includes variations on the classic cola, popped 6% in terms of retail value globally, driven in part by Coca-Cola Zero Sugar. The company reported overall net revenue growth of 16% for the quarter and 9% for the year. Its stock jumped about 3% on the news during trading hours Thursday.
The energy category in particular is a good bet for Coke.
US energy drinks and shots sales amounted to about $13.5 billion in 2018, a growth of about 30% from 2013, according to the research company Mintel. The market will continue to grow, according to Mintel's projections.
"We're looking to expand the access to the energy category, and we think Coke can do that," Quincey said. Coca-Cola already has a distribution agreement with Monster Energy.
Coca-Cola is also leaning into other trends with product launches, revamps and acquisitions.
AHA, the company's new caffeinated flavored seltzer water brand, reaches shelves in March. Powerade, the sports drink made by Coca-Cola, is redesigning packages and launching new products this winter. And earlier this month, Coca-Cola announced the acquisition of Fairlife, which sells lactose-free milk, to cash in on interest in specialty dairy drinks.

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2020-01-31 14:44:00Z
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Consumer spending posts modest gain in December as inflation accelerates - MarketWatch

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Consumers are spending enough to keep the U.S. economy growing for a record 11th straight year.

The numbers: U.S. consumer spending rose modestly in December to cap off a decent holiday shopping season, but the increase in outlays in 2019 was the smallest in three years.

A key measure of inflation, meanwhile, accelerated to the highest rate of the year, though it’s still quite low.

Consumer spending increased 0.3% last month, the government said Friday, matching the MarketWatch forecast. Incomes rose a smaller 0.2%.

That’s a big turnaround from last year, when consumer spending slumped almost 1% amid a partial government and brief worries about the threat of recession.

The rate of inflation also picked up, however. The PCE inflation index rose 0.3% last month, marking the biggest increase since last April.

The yearly rate of inflation also rose to a one-year high of 1.6%, though it’s still below the Federal Reserve’s 2% target.

Read: Economy grows 2.1% in fourth quarter. GDP gets boost from falling trade deficit

What happened: Americans spent more on prescription drugs and health care in December. They spent less on new cars and trucks and utilities during a warmer than usual month.

Income growth, for its part, was depressed by a big decline in the earnings of farmers, part of which reflected lower government subsidies.

A separate measure of inflation that strips away food and energy, known as core PCE, rose 0.2% in December. They yearly rate edged up to 1.6% from 1.5%.

The savings rate dipped to 7.6% from 7.8%, but Americans saved the most in 2019 in seven years.

Read: Economic hit from coronavirus likely to be short lived, but it’s still ‘a little scary, frankly

Also: The Fed is keeping a close eye on the ‘serious’ coronavirus

Big picture: The longest running economic expansion in U.S. history has been fueled by steady consumer spending, but there’s a limit to how much Americans can spend. Consumer incomes and spending rose in 2019 at the slowest pace in three years.

Many economists predict spending will slow a bit more this year because wage growth has flattened out.

Inflation, meanwhile, is still quite low despite a recent uptick. Most economists estimate inflation will rise to around 2% in 2020 but probably not go much higher.

If they’re right, the Fed is unlikely to raise interest rates this year. Low rates should give a further boost to consumer spending and the broader economy.

Read: These states had the lowest unemployment rates in 2019. What about swing states?

Market reaction:The Dow Jones Industrial Average DJIA, +0.43% and S&P 500 SPX, +0.31% were set to open lower again in Friday trades. Stocks had been trading at records earlier in the month until the outbreak of the coronavirus in China.

The 10-year Treasury yield TMUBMUSD10Y, -1.90% slipped to 1.56%. Investors have sought the perceived safety of government bonds.

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2020-01-31 13:32:00Z
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Here’s the daring way Europe’s largest fund manager is reacting to the coronavirus outbreak - MarketWatch

There is considerable debate whether to “buy the dip” or not as financial markets react to the coronavirus outbreak.

Amundi Asset Management, Europe’s largest fund manager with €1.45 trillion ($1.6 trillion) in assets under management, is taking it one step further, and saying it sees opportunities in emerging market equities.

“Unless the ‘elevated uncertainty’ is able to derail the global economy into a shock—which is not our scenario now—excessive downward setbacks in prices could provide entry points for asset classes with attractive valuations and good fundamentals. In particular, we see selective opportunities in EM [emerging market] equity given the reacceleration of earnings growth, attractive valuations and the prospect of a weaker U.S. dollar DXY, -0.14%. The short-term issue due to the Chinese situation is an opportunity to add to this asset class, barring any disruption to the global outlook,” said Pascal Blanqué, Amundi’s chief investment officer.

In particular, the firm is recommending emerging markets that are relatively insulated from the virus and can benefit from either strong domestic demand or the continuing shift in the value chain.

“For example, we expect strong growth to remain in Vietnam, activity to slightly rebound in Indonesia and, the Singapore economy to benefit from stabilization and the eventual pickup of industrial production and global trade,” he wrote. On China, Amundi recommended being more cautious on vulnerable sectors such as hospitality and aviation, as well as tourism-related companies sensitive to Chinese demand.

Also see: Mark Mobius says he’s boosting emerging-market bets

The buzz

The State Department warned Americans not to travel to China in the wake of the coronavirus, even as the World Health Organization said there was no need to cut off travel. The U.K. reported its first two cases.

The technology sector was in focus on two major stories. Amazon AMZN, +0.68%  was on track toward a $1 trillion valuation after reporting a $3.3 billion quarterly profit on stronger-than-forecast holiday sales. IBM IBM, -0.67%  announced Ginni Rometty’s eight-year run as chief executive will end and that she’ll be replaced by Arvind Krishna, who currently runs the cloud division.

Reynolds Consumer Products REYN, +0.00%  said late on Thursday it priced its initial public offering at $26 a share, raising $1.2 billion. World Wrestling Entertainment WWE, +2.23%  may stumble after the resignation of its two co-presidents.

Oil giants Exxon Mobil XOM, +1.06%  and Chevron CVX, +0.93%  report results.

The economics calendar features the employment cost index, personal income and Chicago purchasing managers index data. Chinese PMI data didn’t disappoint, though the survey period was largely before the spread of the coronavirus. South Korean and Japanese industrial production improved, while the eurozone economy barely grew in the final three months of the year.

On the political front, the U.K. officially exits the European Union on Friday night, though the relationship will be largely unchanged until the end of the year. The remaining drama from the impeachment trial ended on Thursday night as Sen. Lamar Alexander said he opposes calling witnesses, likely sealing a quick end.

The markets

U.S. stock futures ES00, -0.39%  declined on Friday, after three consecutive gains for the Dow Jones Industrial Average DJIA, +0.43%.

Gold GC00, -0.29%  edged lower while crude oil CL.1, +0.48%  inched up.

Asian stocks ADOW, -0.30%  rose and European stocks SXXP, -0.32%  fell.

Random reads

The 2011 thriller Contagion has surged into the iTunes Top 10 U.K. movie rental chart because of the coronavirus.

Sweet home, Alabama—suddenly, the Yellowhammer state is near the top of the rankings for incoming U-Haul trucks.

Neil Young compared the MacBook Pro’s audio capabilities to Fisher-Price’s.

Need to Know starts early and is updated until the opening bell, but sign up here to get it delivered once to your email box. Be sure to check the Need to Know item. The emailed version will be sent out at about 7:30 a.m. Eastern.

Follow MarketWatch on Twitter, Instagram, Facebook.

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2020-01-31 12:18:00Z
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Here’s the daring way Europe’s largest fund manager is reacting to the coronavirus outbreak - MarketWatch

Need to Know

By Steve Goldstein

Published: Jan 31, 2020 6:26 am ET

An aerial view shows commercial and residential buildings in central Singapore, June 22, 2019.

An aerial view shows commercial and residential buildings in central Singapore, June 22, 2019.

There is considerable debate whether to “buy the dip” or not as financial markets react to the coronavirus outbreak.

Amundi Asset Management, Europe’s largest fund manager with €1.45 trillion ($1.6 trillion) in assets under management, is taking it one step further, and saying it sees opportunities in emerging market equities.

“Unless the ‘elevated uncertainty’ is able to derail the global economy into a shock—which is not our scenario now—excessive downward setbacks in prices could provide entry points for asset classes with attractive valuations and good fundamentals. In particular, we see selective opportunities in EM [emerging market] equity given the reacceleration of earnings growth, attractive valuations and the prospect of a weaker U.S. dollar DXY-0.03% The short-term issue due to the Chinese situation is an opportunity to add to this asset class, barring any disruption to the global outlook,” said Pascal Blanqué, Amundi’s chief investment officer.

In particular, the firm is recommending emerging markets that are relatively insulated from the virus and can benefit from either strong domestic demand or the continuing shift in the value chain.

“For example, we expect strong growth to remain in Vietnam, activity to slightly rebound in Indonesia and, the Singapore economy to benefit from stabilization and the eventual pickup of industrial production and global trade,” he wrote. On China, Amundi recommended being more cautious on vulnerable sectors such as hospitality and aviation, as well as tourism-related companies sensitive to Chinese demand.

The buzz

The State Department warned Americans not to travel to China in the wake of the coronavirus, even as the World Health Organization said there was no need to cut off travel. The U.K. reported its first two cases.

The technology sector was in focus on two major stories. Amazon AMZN+0.68%  was on track toward a $1 trillion valuation after reporting a $3.3 billion quarterly profit on stronger-than-forecast holiday sales. IBM IBM-0.67%  announced Ginni Rometty’s eight-year run as chief executive will end and that she’ll be replaced by Arvind Krishna, who currently runs the cloud division.

Reynolds Consumer Products REYN  said late on Thursday it priced its initial public offering at $26 a share, raising $1.2 billion. World Wrestling Entertainment WWE+2.23%  may stumble after the resignation of its two co-presidents.

Oil giants Exxon Mobil XOM+1.06%  and Chevron CVX+0.93%  report results.

The economics calendar features the employment cost index, personal income and Chicago Purchasing Managers Index data. Chinese PMI data didn’t disappoint, though the survey period was largely before the spread of the coronavirus. South Korean and Japanese industrial production improved, while the eurozone economy barely grew in the final three months of the year.

On the political front, the U.K. officially exits the European Union on Friday night, though the relationship will be largely unchanged until the end of the year. The remaining drama from the impeachment trial ended on Thursday night as Sen. Lamar Alexander said he opposes calling witnesses, likely sealing a quick end.

The markets

U.S. stock futures ES00-0.48%  declined on Friday, after three consecutive gains for the Dow Jones Industrial Average DJIA+0.43%

Gold GC00-0.21%  edged lower while crude oil CL  inched up.

Asian stocks XX:ADOW-0.32%  rose and European stocks XX:SXXP-0.45%  fell.

Random reads

The 2011 thriller Contagion has surged into the iTunes Top 10 U.K. movie rental chart because of the coronavirus.

Sweet home, Alabama—suddenly, the Yellowhammer state is near the top of the rankings for incoming U-Haul trucks.

Neil Young compared the MacBook Pro’s audio capabilities to Fisher-Price’s.

Need to Know starts early and is updated until the opening bell, but sign up here to get it delivered once to your email box. Be sure to check the Need to Know item. The emailed version will be sent out at about 7:30 a.m. Eastern.

Follow MarketWatch on Twitter, Instagram, Facebook.

See original version of this story

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2020-01-31 11:20:00Z
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As the coronavirus spreads, fear is fueling racism and xenophobia - CNN

The headlines drew immediate outrage. Readers accused the paper of using ignorant and offensive language.
"Yellow Peril" was an old racist ideology that targeted East Asians in Western countries. The phrase embodies the worst of anti-Asian fears and stereotypes, which have plagued immigrant communities since the first waves of Chinese immigration to the United States began in the 19th century.
In the US, government propaganda and pop culture at the time spread wildly racist and inaccurate images of Chinese people as unclean, uncivilized, immoral, and a threat to society.
To invoke the term now, in a story about death and illness in Asia, seems thoughtless at best and blatantly racist at worst.
The newspaper apologized quickly and said they had no intention of perpetuating "racist stereotypes of Asians." But the damage is not so easily undone, and the paper is not the sole culprit -- merely the latest in a wave of anti-Chinese sentiment as the coronavirus spreads worldwide.
The escalating global health crisis has claimed more than 200 lives -- all in China -- and infected close to 10,000 people worldwide. As they seek to contain the virus, authorities in multiple countries are balancing the need for warnings against the risk of creating global panic.
However, there are signs that's already happening, with face masks selling out in stores and people locking themselves at home. Some people in central China -- the epicenter of the outbreak -- are desperately taking any flight out, regardless of destination, as governments worldwide suspend flights from China and impose restrictions on travelers from the mainland.
But the panic has also taken another, more familiar form -- the re-emergence of old racist tropes that portray Asians, their food, and their customs as unsafe and unwelcome.

As panic spreads, so does racism

As news of the virus has spread, many people of Asian descent living abroad say they have been treated like walking pathogens.
Writing for the UK's Guardian newspaper, one British-Chinese journalist in London said a man quickly moved seats when he sat down on a bus.
A Malaysian-Chinese social worker experienced the same thing on a London bus this week. "A couple people at an East London school I work in have asked me why Chinese people eat weird food when they know it causes viruses," she told CNN.
In Canada, there have been reports of Chinese children being bullied or singled out at school. In New Zealand -- where there are no confirmed coronavirus cases -- a Singaporean woman says she was confronted and faced racist harassment in a mall.
These instances echo a long history of racism in the West. During the Yellow Peril era, anti-Chinese fears led to lynchings of Chinese immigrants, racial violence, systemic discrimination -- even an outright ban on Chinese immigrants for 61 years in the US under the country's Exclusion Act.
That's why the term "Yellow Peril," which contains centuries of trauma, is so charged -- and why the use of it in a contemporary headline was so stunning.
However, this time around anti-Chinese racism is spreading beyond the West. In Vietnam, signs have been seen outside restaurants declaring "No Chinese." The tourist who took the photo told CNN the sign appeared in the past week. Similar signs were also posted outside a Japanese shop, turning away Chinese customers.
And people online from various different places are making racially driven jokes; when TV host James Corden posted a photo with Korean-pop band BTS, one person tweeted, "BREAKING: James Corden dies of the coronavirus." The joke racked up nearly 25,000 likes on Twitter.
Signs outside restaurants in Hoi An, Vietnam, taken in January 2020.

Targeting Chinese food

Perhaps the most widespread form of xenophobia comes in fearmongering, sensationalist stereotypes about Chinese food.
The novel coronavirus is believed to have started in a Wuhan seafood and wildlife market, and scientists have pointed to bats and snakes as possible virus carriers. And while the wildlife trade poses legitimate problems, the outbreak has prompted a racially tinged wave of disgust toward Chinese food, and anger from many who accuse Chinese people of recklessly causing a potential global pandemic.
"Because of some folks in China who eat weird (foods) like bats, rats, and snakes, the entire world is about to suffer a plague," said one popular tweet.
This idea has been reinforced by recent media coverage of the coronavirus, some of which has featured misleading videos or photos. One widely shared video, of a Chinese travel blogger eating bat soup, was filmed three years ago in the Pacific island nation of Palau, and the dish has been sampled by Western TV hosts in the past.
The video and the blogger have no connection to Wuhan or the current outbreak -- but the video has gone viral nonetheless, with many Western viewers expressing horror on social media. There was such an uproar that the blogger came forward to apologize last week.
What viral misinformation and breathless media coverage often miss is that only a small minority of people in China actually eat wild animals. Most people eat much of the same things you would see in other cuisines, like pork or chicken. Ultimately, what people like to eat is culturally relative -- a lot of the Western disgust toward "weird" Chinese food is itself Eurocentric.
That's not to say all criticism of Chinese food is invalid; the country does have a problem with badly-regulated trade of wild animals, which has led to previous outbreaks.
Chinese officials crack down on wildlife markets as coronavirus outbreak nears 3,000 cases
The deadly 2003 outbreak of severe acute respiratory syndrome (SARS) was traced to the civet cat, considered a delicacy in southern China. And though the government has introduced some measures limiting wildlife trade, it has been reluctant to take more aggressive action, and illegal trade continues.
It's also difficult to end these practices because of the cultural significance and prevalence of traditional Chinese medicine. Many of these wild animals are thought to hold important medicinal properties -- for instance, people drink snake soup for arthritis and snake bile for a sore throat.
There is undoubtedly a larger issue that needs to be addressed -- how the government can balance tradition with safer regulations.
But the beliefs and customs that drive consumption of these foods are centuries old and interwoven in peoples' lives -- they are not so easy to undo, even less so when they are dismissed as primitive and unclean by foreign countries.

'Standing with our Chinese community'

Right now, we are only seeing early signs of a xenophobic backlash against the East Asian diaspora -- tasteless jokes online, bad headlines, people acting fearfully in public. But if the 2003 SARS epidemic is any model to go by, these strands of xenophobia could potentially escalate into more dangerous, explicit forms of racism.
At the peak of the 2003 outbreak, people of Asian descent were treated like pariahs in the West. There were reports of white people covering their faces in the presence of Asian coworkers, and real estate agents who were told not to serve Asian clients.
Asian people suffered threats of eviction, had job offers rescinded with no explanation, and some Asian Canadian organizations received outright hate messages. Chinese and Asian businesses suffered heavy losses; in Boston, an April Fool's hoax falsely warned of infected employees at a Chinese restaurant, reportedly causing a 70% drop in the restaurant's business.
An employee of an empty Chinatown restaurant in Chicago on April 24, 2003, as fears over the SARS epidemic kept customers away.
This all happened 17 years ago, when China was still slowly opening up. Now it's an emerging superpower, and its role in a range of recent conflicts -- the ongoing US-China trade war, security concerns surrounding telecommunications company Huawei, allegations of Chinese spies in America and Australia -- mean that many in the West already view China with greater suspicion and tension than they did before.
Add the threat of a global pandemic, and a wave of heightened discrimination could be even uglier this time around.
Diaspora communities and local authorities are preparing for this, with many trying to calm fear before it becomes hysteria. In France, the newspaper controversy sparked a social media campaign, with many French Chinese citizens using the hashtag #JeNeSuisPasUnVirus -- I am not a virus.
In a statement confirming the first case of coronavirus in Los Angeles this week, the local health department stressed that "people should not be excluded from activities based on their race, country of origin, or recent travel if they do not have symptoms of respiratory illness."
The head of Toronto Public Health also warned that misinformation about the virus had created "unnecessary stigma against members of our community."
"I am deeply concerned and find it disappointing that this is happening," said the head, Eileen de Villa, in a statement Wednesday. "Discrimination is not acceptable. It is not helpful and spreading misinformation does not offer anyone protection."
Toronto Mayor John Tory also spoke out this week about the coronavirus panic. "Standing with our Chinese community against stigmatization and discrimination," he said. "We must not allow fear to triumph over our values as a city."

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2020-01-31 06:59:00Z
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Kamis, 30 Januari 2020

Wanted: 3 men accused of helping Carlos Ghosn escape Japan in a case - CNN

The Tokyo Prosecutor's Office said in a statement Thursday that Ghosn left Japan illegally without permission from the immigration office on December 29.
The prosecutor also alleges that three foreign nationals — Michael Taylor, George-Antoine Zayek, and Peter Maxwell Taylor — helped Ghosn move from Tokyo to Osaka. The statement adds the three collaborators hid Ghosn in "luggage" and helped him go through the security area at Kansai International Airport without the knowledge of ground staff.
Ghosn then left Japan on a private jet, according to the Tokyo Prosecutor's Office, and later fled to Lebanon.
The arrest warrants were issued for the suspected violation of Japanese immigration law and violation of criminal law for "hiding criminals."
Carlos Ghosn: Reports of my escape are inaccurate
Ghosn was first arrested in Japan in November 2018 and subsequently charged with financial misconduct and abusing his position while chairman of automaker Nissan (NSANF). He was eventually released on bail in April 2019, under strict conditions, including that he remain in Japan.
The Tokyo Prosecutor's Office did not disclose the nationalities of the three named individuals, but according to reports from the Wall Street Journal and Bloomberg, Taylor is a former US Green Beret and private security expert and Zayek is a Lebanese-born private security expert.
In an interview in mid-January, Taylor would not confirm the scope of his involvement but said Ghosn's legal case resonated with him because of his previous experiences with the US judicial system, according to the Wall Street Journal.
CNN has not been able to contact the three individuals named by the Tokyo Prosecutor's Office. CNN has reached out to the Ghosn family for comment.
Renault tries to leave the Carlos Ghosn era behind by hiring an outsider as CEO
Ghosn, who resigned as chairman and CEO of Renault (RNLSY) in the wake of his arrest, told CNN Business earlier this month that he made the decision to flee Japan several weeks ago after determining he wouldn't receive a fair trial.
"I didn't leave Japan to hide somewhere," Ghosn said. "I left Japan because I'm looking for justice and I want to clear my name," he said, claiming he was nervous but felt he had "nothing to lose."
Asked about media reports that he made it past Japanese authorities and onto a private plane by hiding in a box used to store audio equipment, Ghosn chuckled. He initially declined to comment, before continuing to CNN's Richard Quest: "Freedom, no matter the way it happens, is always sweet."
Ghosn also said he felt bad that people who aided his escape could face potential prosecution. But everyone involved knew what could happen, he said.
"We knew from the beginning what are the risks, you know, involved [in] an operation like this," Ghosn said. "We all knew that. I knew what were my risks, I knew what were the risks of all the people who supported the operation."
— Sherisse Pham contributed reporting.

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2020-01-30 14:10:00Z
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U.S. economy grew 2.3 percent in 2019, the slowest of Trump’s presidency - The Washington Post

Growth was 2.1 percent in the final three months of the year, better than economists expected and a sign the economy is not falling into a recession. But it is a pace that has been typical of this decade-long recovery and it was helped by a big decline in imports as companies had rushed to bring in goods from China before Trump’s latest tariffs went into effect in September. Growth was 2.1 percent in the third quarter and 2 percent in the second.

The U.S. economy is largely driven by consumer spending, and American households continued to buy goods and experiences at a steady pace. Numerous polls and surveys show that consumer confidence is high because Americans believe it is easy to get a job and their incomes are likely to stay the same or improve in the coming months.

Government spending has also increased under Trump, providing a boost to economic growth. The deficit neared $1 trillion in 2019, an unprecedented level during good economic times when there is not a major war effort underway. Trump’s tax cuts and additional funding for the military and domestic programs have pushed the gap wider.

Despite the additional government stimulus, Trump has yet to achieve a year of 3 percent economic growth as he vowed before taking office. Trump has repeatedly blamed the Federal Reserve for the shortfall, but most economists say Trump’s escalating trade war and weak growth abroad were major drag on the economy last year. The ongoing fallout at Boeing after the two 737 Max plane crashes also dampened growth since Boeing is usually the largest U.S. exporter but orders dried up after the tragedies.

“The United States is by far the strongest economic power in the world,” Trump said in a speech last week at the World Economic Forum in Davos, Switzerland. “It’s despite the fact that the Fed has raised rates too fast and lowered them too slowly.”

But economists point out that companies have a lot of cash on hand and the Fed has set interest rates at relatively low levels, meaning firms aren’t struggling for money right now. Instead, business confidence plummeted over the summer as Trump escalated his trade war with China and threatened to hit Mexico with extensive tariffs. Business investment outside of housing shrank 1.5 percent in the fourth quarter, 2.3 percent in the third quarter and 1 percent in the second quarter of last year.

Trump has frequently boasted about the economy’s performance since his election. Growth so far during his tenure in office has exceeded the average under President Obama’s and President George W. Bush’s first or second terms, but it is not unprecedented growth. Growth under President Clinton and President Reagan both exceeded Trump’s average so far.

Economists caution against giving presidents too much credit for economic growth, but surveys show voters often feel otherwise. Late last year, a Washington Post-ABC News poll found 44 percent of Americans said the economy had improved under Trump, and among that group, nearly 4 in 5 said he deserves at least a good amount of the credit.

Gross Domestic Product represents all of the more than $20 trillion of goods and services produced in the U.S. last year, with adjustments for things like international trade and business inventories. The preliminary estimate released this month is the culmination of a yearlong effort to measure everything from fenders to blenders that U.S. consumers and firms have purchased or produced this year. It will be revised in the coming months as more information rolls in.

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2020-01-30 13:54:00Z
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Japan Seeks Arrests of 3 Americans Accused of Helping Ghosn Escape - The New York Times

TOKYO — Japanese prosecutors on Thursday issued arrest warrants for three Americans suspected of helping former Nissan chairman Carlos Ghosn flee the country, where he was awaiting trial on charges of financial wrongdoing.

Mr. Ghosn surprised the world, and embarrassed Japanese authorities, when he slipped out of his home in Tokyo in late December and turned up a day later in Lebanon.

Prosecutors want to arrest Michael Taylor, a 59-year-old former Green Beret; his son, Peter Maxwell Taylor, 26; and George Antoine Zayek, 60. The warrant said they helped Mr. Ghosn avoid immigration checks and board a private jet in Osaka that took him to Turkey on the first leg of his escape.

They also issued a new warrant for the arrest of Mr. Ghosn, who “illegally left the country” without notifying immigration authorities.

The document was the first official confirmation by Japanese authorities of some of the details of Mr. Ghosn’s flight. Mr. Ghosn himself has shared next to no information about the escape, citing concern about the safety of those who aided him.

According to the warrant, Michael Taylor and Mr. Zayek accompanied Mr. Ghosn from Tokyo to Osaka, nearly 300 miles west of Tokyo, where they hid him in “portable luggage” and helped smuggle him through a private jet terminal and onto a waiting plane where they accompanied him to Istanbul. Mr. Ghosn is believed to have hidden in a large black box typically used for transporting audio equipment.

Michael Taylor is a private-security contractor with extensive contacts in Lebanon dating to the 1980s, when he was deployed to Beirut as part of a team of United States Special Forces.

Mr. Zayek, whose part in the escape was previously reported by The Wall Street Journal, was born in Lebanon and previously worked with Mr. Taylor’s Boston-based security company. The arrest warrant was the first public mention of Peter Taylor’s involvement. All three are believed to be American citizens, prosecutors said. Michael and Peter Taylor and George Zayek have been in the Middle East since Ghosn’s escape, according to a person familiar with the matter. Lawyers for the men could not immediately be reached for comment.

Japan has an extradition treaty with the United States, potentially putting them within reach of Japanese prosecutors if they were arrested by American authorities.

In a news conference, a deputy chief prosecutor, Takahiro Saito, said Peter Taylor had “played an important role in the escape,” having met with Mr. Ghosn at least seven times in Tokyo, beginning last July and ending on the day of his escape on Dec. 29.

Mr. Saito said he believed that the younger Mr. Taylor had been a key conduit for planning the escape, ultimately reserving a Tokyo hotel room for Mr. Ghosn and providing him with the key. On the day of his flight, Mr. Ghosn traveled from his home in central Tokyo to the nearby hotel, where he changed clothes before meeting with the other two men, who accompanied him to Osaka, he added.

After the private jet landed in Istanbul, Mr. Ghosn is believed to have boarded another private jet flight to Beirut. Michael Taylor and Mr. Zayek are suspected of taking a commercial flight to Lebanon; Turkish authorities have released photos showing the two men passing through passport control at the Istanbul airport.

The warrants were announced a day after prosecutors raided the Tokyo office of Mr. Ghosn’s former lawyer, Junichiro Hironaka, looking for evidence related to the escape. Speaking to reporters afterward, Mr. Hironaka said that they had tried to confiscate materials Mr. Ghosn had used to prepare his defense, forcing open a door in the office and breaking open drawers and cabinets that they believed might contain relevant documents.

During the raid, prosecutors tried to seize a personal computer used by Mr. Ghosn in Mr. Hironaka’s office. Mr. Hironaka has refused to turn over the computer, citing his responsibilities as Mr. Ghosn’s former lawyer.

Mr. Saito said that Mr. Ghosn had met the younger Mr. Taylor four times in the lawyer’s office.

Since Mr. Ghosn’s flight, prosecutors have worked hard to turn up the pressure on him. Interpol issued a so-called red notice for Mr. Ghosn at Japan’s request, asking that cooperating countries arrest him. Prosecutors have also issued an arrest warrant for his wife, Carole Ghosn, accusing her of providing false testimony about her husband’s case.

For the time being, the couple, who both hold Lebanese passports, are living in Beirut. Lebanon has no extradition treaty with Japan and a policy of not handing over its citizens to foreign governments.

In Japan, Mr. Ghosn faced charges of hiding his compensation from regulators and using Nissan’s resources for his own financial benefit. But he has strongly denied the allegations, arguing that they were part of a corporate coup intended to thwart his efforts to strengthen Nissan’s alliance with its French partner Renault.

While on bail in Japan, Mr. Ghosn largely stayed out of the spotlight. But since his escape, he has repeatedly lashed out against Japan’s justice system, where he said he had no chance of receiving a fair trial.

Following his surprise arrest in November 2018, Mr. Ghosn said, he was held in solitary confinement for long periods and interrogated for hours without a lawyer.

He was released after posting nearly $14 million in bail. Until his escape, he lived in a home in central Tokyo. As a condition of his bail, authorities monitored his comings and going and forbade him from using the internet outside of his lawyer’s office. Mr. Ghosn was also not allowed to see or even speak to Mrs. Ghosn, except for two brief video calls, because of prosecutors’ concerns that she might help him tamper with witnesses or evidence.

David Yaffe-Bellany contributed reporting.

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2020-01-30 13:02:00Z
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Death Toll Climbs to 170 and Economic Threat Grows: Virus Update - Yahoo Finance

Death Toll Climbs to 170 and Economic Threat Grows: Virus Update

(Bloomberg) -- The coronavirus death toll rose to 170 and confirmed cases in China soared past 7,700, with ripple effects of the spreading illness raising threats to the economy.

Asian and European stocks slumped with U.S. futures amid mounting evidence that the outbreak is disrupting company supply chains and consumer activity. Economists have started cutting growth forecasts as authorities tighten travel restrictions and lock down cities, while businesses suspend their China operations.

With the disease spreading across the globe, the World Health Organization is gathering Thursday to consider issuing an international health emergency.

Key Developments:

Carnival Corp. shares slump as passengers are held on cruise liner for virus testsRussia moved to shut its 2,600-mile border with ChinaU.S. plans a second Wuhan evacuation flight, Dow Jones reportsBloomberg is tracking the outlook here. Click here to view on terminalTerminal subscribers: Join our TOPLive Q&A on the coronavirus outbreak on Jan. 30

All times are Hong Kong.

Russia Closes China Border as Fears Grow (8 p.m.)

The Russian government ordered its vast land border with China shut as the Kremlin moves to keep the deadly coronavirus at bay.

While it’s still possible to fly to China, the Foreign Ministry warned Russians to refrain from non-essential travel to the country. Russia hasn’t reported any cases of the virus.

U.S. Plans Another Wuhan Evacuation Flight: Dow Jones (7 p.m.)

The U.S. will provide an additional flight to evacuate private citizens from Wuhan on or about Feb. 3, Dow Jones reports, citing unidentified people familiar with the situation.

An earlier flight carrying more than 200 Americans arrived at March Air Reserve Base in California, where the passengers are being monitored.

Hong Kong Warns of Surgical Mask Shortage (6 p.m.)

Hong Kong warned it’s struggling to supply enough surgical masks. Chief Secretary Matthew Cheung said the government has bought 13 million, but public hospitals are using five or six times as many as normal and Hong Kong is stepping up local production at correctional facilities to keep up with demand. Another 24 million should be available at retail outlets soon, he added.

Hong Kong’s population is about 7 million. Chief Executive Carrie Lam will hold a briefing Friday on the government’s latest measures against the spread of the virus, Cheung said.

India, Philippines Report First Virus Cases (4:55 p.m.)

India and the Philippines reported their first confirmed cases of the coronavirus, as the illness continues its global spread.

A student who attended Wuhan University tested positive in the southern Indian state of Kerala, the government said. Meanwhile, a 38-year-old female Chinese patient who arrived from Wuhan via Hong Kong on Jan. 21 has been confirmed as the first case in the Philippines.

Chinese Regions Extend Holidays (2:57 p.m.):

At least one Chinese city and several provinces have extended the Lunar New Year holiday beyond Feb. 2 in an effort to control the spread of the virus.

Shanghai, the autonomous region of Inner Mongolia and provinces of Guangdong, Zhejiang, Jiangsu have said businesses need not start operations until at least Feb. 10. Hubei province, where Wuhan is located, has said the holiday will last until at least Feb. 14.

China had already extended the holiday nationwide on Monday. It was originally due to end on Jan. 30, but was stretched to Feb. 2.

Trump Appoints Coronavirus Task Force (12:24 p.m.)

President Donald Trump appointed a task force to coordinate the U.S. response to the coronavirus outbreak.

The task force will be led by Health and Human Services Secretary Alex Azar, said White House Press Secretary Stephanie Grisham in a statement. Other figures include Robert Redfield, director of the Centers for Disease Control and Prevention, as well as National Security Adviser Robert O’Brien.

The White House also plans to send CDC experts to China to help respond to the outbreak.

Supply-Chain Fears Hit Taiwan Stocks (12:08 p.m.)

Concern that the virus outbreak will disrupt the global supply chain rippled through Taiwan’s stock market. Taiwan’s Taiex plunged more than 5%, the most since October 2018, as trading reopened following the Lunar New Year break.

Foxconn’s Hon Hai Precision Industry Co., which assembles the majority of Apple Inc.’s iPhones from China and has minor operations in Wuhan, sank as much as 10%. Hon Hai said all of its facilities will resume full-scale production only from Feb. 10, more than a week later than originally planned.

Virus Spread May Prompt WHO Action: Expert (11:40 a.m.)

Developments over the past week may push the World Health Organization to issue a global alert over the coronavirus, after the agency last week stopped short of calling it a health emergency, according to a public health specialist.

Evidence that the disease can be transmitted before a person shows any signs of illness could make a difference as WHO’s emergency committee meets later Thursday, said Raina MacIntyre, a professor of global biosecurity at the University of New South Wales in Sydney. The global spread of the virus could also be a factor, she said.

“That brings a more complex issue to disease control,” McIntyre said in a phone interview Thursday. “It becomes much harder to control infection where you have got transmission without symptoms.”

Three Japanese Evacuated From Wuhan Have Virus (9:09 a.m.)

Three of the 206 people who returned to Japan from Hubei Province on Wednesday tested positive for the new coronaaaavirus, with two not showing any symptoms, Japan Health Minister Katsunobu Kato told a parliamentary committee.

Two other evacuees on the charter plane declined to be tested and were sent home, according to the Health Ministry. Kato said officials did not have the legal power to force them to be tested. A second charter plane carrying 210 more evacuees arrived in Tokyo from Wuhan on Thursday morning.

China Virus Cases Surge to Over 7,700 (7:47 a.m.)

China’s death toll from the coronavirus rose to 170 from 132 previously, while the number of cases on the mainland jumped to 7,711, according to the National Health Commission.

U.S. to Send Experts to China: Kudlow (6:45 a.m.)

President Donald Trump’s top economic adviser said the U.S. would send experts to China to help the nation contain the coronavirus outbreak.

“We are sending our best experts from CDC to help them,” Larry Kudlow told reporters on Wednesday, referring to the U.S. Centers for Disease Control and Prevention. “The Chinese invited us to do so.”

Asked whether the White House is considering restricting flights to China, Kudlow said, “there’s a lot of discussions going on one way or another.”

--With assistance from Josh Wingrove, Linly Lin, Jason Gale, Sofia Horta e Costa, Bryce Baschuk, James Paton, Michelle Fay Cortez, Pradeep Kurup, Andreo Calonzo, Claire Jiao and Jake Rudnitsky.

To contact Bloomberg News staff for this story: Jeff Sutherland in Tokyo at jsutherlan13@bloomberg.net

To contact the editors responsible for this story: Rachel Chang at wchang98@bloomberg.net, Eric Pfanner, Thomas Mulier

For more articles like this, please visit us at bloomberg.com

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2020-01-30 12:14:00Z
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