Rabu, 11 September 2019

Trump snarls that 'boneheads' at Federal Reserve are killing economy and should drop interest rates to 'zero or less' - Raw Story

Republicans won a special election in North Carolina's ninth congressional seat on Tuesday.

Republican Dan Bishop bested Dan McCready by two percentage points in the do-over election after fraud by the GOP campaign in 2018. President Donald Trump carried the district by twelve percentage points in 2016.

"It supposed to be a ruby-red district. Held has been held by Republicans -- as we've been saying -- since 1963. What gives tonight?" CNN's Don Lemon wondered.

"Don, what gives is what always gives in the races. Money matters," GOP strategist Rick Wilson replied.

"There were 10.7 million dollars spent in the race. About 6.4 million was Republican spending, a -- the amount of money you used to spend in the U.S. Senate race -- on one House district, in one state, in a relatively affordable media market," he explained.

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https://www.rawstory.com/2019/09/trump-snarls-that-boneheads-at-federal-reserve-are-killing-economy-and-should-drop-interest-rates-to-zero-or-less/

2019-09-11 10:55:04Z
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Hong Kong makes $37 billion bid for the London Stock Exchange - CNN

Hong Kong Exchanges and Clearing (HKXCF) (HKEX) said Wednesday it had made a proposal to the board of the LSE (LNSTY) to "combine the two companies" in a cash and share deal worth £29.6 billion, or £31.6 billion ($39 billion) including debt.
The deal would "redefine global capital markets for decades to come," HKEX CEO Charles Li said in a statement.
It would reinforce Hong Kong's position as the key connection between mainland China, Asia and the rest of the world, HKEX said.
The announcement comes hot on the heels of the LSE's £22 billion ($27 billion) deal to acquire financial data company Refinitiv. That deal is aimed at transforming the LSE into a global markets and information juggernaut to rival Michael Bloomberg's financial data empire.
Shares in the LSE spiked as much as 11% on the news of Hong Kong's offer, before trimming those gains slightly.
In a statement, the LSE described the offer as "unsolicited, preliminary and highly conditional."
"The board ... will consider this proposal and will make a further announcement in due course," it said, adding that it remained committed to its proposed acquisition of Refinitiv and expected to write to shareholders seeking their approval for that deal in November.
Hong Kong's offer comes at a sensitive time. Brexit uncertainty is casting a shadow over London's role as a global financial center. At the same time, Hong Kong — Asia's premier financial hub — has been rocked by months of pro-democracy protests.
HKEX said it would seek a secondary listing of its shares on the LSE after the transaction was completed to reflect its commitment to the United Kingdom.

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https://www.cnn.com/2019/09/11/investing/hong-kong-london-stock-exchange/index.html

2019-09-11 10:28:00Z
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LSE receives £29.6bn takeover approach from Hong Kong rival - Border Counties Advertizer

Hong Kong Exchanges and Clearing has launched a shock £31.6 billion bid for the London Stock Exchange Group in a move set to disrupt its UK rival’s tie-up with Refinitiv.

Shares in the London Stock Exchange (LSE) surged as much as 16% higher after the Hong Kong exchange revealed the cash-and-shares approach.

Hong Kong Exchanges and Clearing (HKEX) is proposing to pay around £8.36 a share – which values the LSE at about £29.6 billion, or £31.6 billion including debt.

But HKEX said the potential offer is dependent on LSE’s planned 27 billion US dollars (£21.9 billion) deal to buy data provider Refinitiv being scrapped.

The LSE agreed the Refinitiv deal last month, which would see major Refinitiv shareholders, including Blackstone and Thomson Reuters, take a 37% stake in the enlarged company.

HKEX said its merger with the LSE would “redefine global capital markets for decades to come”.

It said it has had “early engagement” with the LSE and plans to seek a recommendation from its board.

But the LSE branded HKEX’s proposal “unsolicited, preliminary and highly conditional”.

It added that it would consider the approach, though it stressed it “remains committed to and continues to make good progress on its proposed acquisition of Refinitiv”.

HKEX’s proposed offer price marks a 23% premium on LSE’s closing share price on Tuesday.

It believes the deal with the LSE would strengthen both businesses, give them better geographical reach and offer market participants and investors “unprecedented global market connectivity”.

HKEX chief executive Charles Li said: “Bringing HKEX and LSEG together will redefine global capital markets for decades to come.

“Both businesses have great brands, financial strength and proven growth track records.

“Together, we will connect East and West, be more diversified and we will be able to offer customers greater innovation, risk management and trading opportunities.”

The approach for the LSE comes after an attempted £21 billion merger with German rival Deustche Borse collapsed in 2017, when it was blocked by the European Commission.

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https://www.bordercountiesadvertizer.co.uk/news/national/17894778.lse-receives-29-6bn-takeover-approach-hong-kong-rival/

2019-09-11 09:11:00Z
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Hong Kong stock exchange makes $36.6 billion bid for London stock exchange - CNBC

An aerial view of the London Stock Exchange Paternoster Square

Vulture Labs | Moment | Getty Images

Hong Kong Exchanges and Clearing Limited (HKEX) said Wednesday it has made a proposal to the board of London Stock Exchange Group Plc (LSE) to combine the two companies which values the LSE at about 29.6 billion pounds ($36.6 billion).

LSE in August agreed to buy financial information provider Refinitiv in a $27 billion deal aimed at offering trading across regions and currencies and establishing the British company as a rival to Bloomberg.

LSE shares rallied shortly after 10:00 a.m. London time, rising by 8.5%.

The HKEX said the deal would be funded by a combination of existing cash and a new credit facility. It cautioned, however, that its statement to the market should be considered as an announcement to make a possible offer and is not confirmation of a firm intention to bid.

HKEX said it expected key LSE management to keep their jobs and work for the new owners.

This is a breaking news story, please check back later for more.

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https://www.cnbc.com/2019/09/11/hong-kong-exchanges-and-clearing-proposes-merger-with-lse.html

2019-09-11 08:48:58Z
CAIiENI6KHAJJwyyNoInzfs3KTEqGQgEKhAIACoHCAow2Nb3CjDivdcCMP3ungY

U.S. firms sour on their future in China as trade war bites: AmCham - TODAYonline

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  1. U.S. firms sour on their future in China as trade war bites: AmCham  TODAYonline
  2. US companies are canceling investment into China at a faster clip, survey shows  CNBC
  3. American Businesses Say China’s Slowdown Is a Greater Threat Than the Trade War  The Wall Street Journal
  4. U.S. firms sour on their future in China as trade war bites - AmCham  Euronews
  5. US firms sour on their future in China as trade war bites: AmCham  CNA
  6. View full coverage on Google News

https://www.todayonline.com/world/us-firms-sour-their-future-china-trade-war-bites-amcham

2019-09-11 05:24:37Z
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Many hurdles yet for TMX - BC News - Castanet.net

Barbara Gard calls her three-hectare property, nestled below the forested peak of Sumas Mountain, a "miniature Stanley Park." Its lush trees and flowing creek reminded her of Vancouver's majestic park, and she immediately knew she wanted to call it home.

But she said her peaceful retreat in Abbotsford now feels more like a nightmare. Gard is among thousands of landowners along the Trans Mountain pipeline expansion route who have not yet granted the Crown corporation access, and she said her dealings with the project's owners over the years have shattered her mental health.

"It's caused me emotional devastation," said Gard, a 64-year-old school psychologist on medical leave from work. "They are killing me through stress and legal fees."

Numerous hurdles remain before significant construction can begin on the massive project. Trans Mountain Corp. has not signed agreements with 33 per cent of landowners, no part of the detailed route has been approved, about half of the necessary permits are outstanding and it must meet dozens of conditions with the Canada Energy Regulator, formerly the National Energy Board.

Further, it faces resistance in southwest B.C., where landowners are digging in their heels, Indigenous groups are filing legal challenges and protesters are planning to ramp up activity.

The federal Liberal government bought the pipeline for $4.5 billion last year. The parliamentary budget officer has said that if the expansion is not complete by the end of 2021, it would be fair to conclude the government overpaid for the asset.

The government said the expanded pipeline will now be operational by mid-2022.

"If all goes according to the government's plan and hopes, then that is a realistic timeline," said David Wright, an assistant law professor with the University of Calgary. "But there's the significant caveat that not a lot has gone as hoped or planned from the government's perspective in the last couple years."

There are more than 2,500 tracts of private, Crown or Indigenous land to which Trans Mountain must gain access to build the expansion. As of July, some 1,730 — or 67 per cent — of owners had signed agreements granting the corporation entry.

Eighty-three per cent of landowners in Alberta and eastern B.C. have signed, but in the B.C. Interior and Fraser Valley, that number drops to 54 per cent. In the Lower Mainland, just 14 per cent of landowners have signed agreements.

The current Trans Mountain pipeline already runs through Gard's property. Her frustration with the pipeline's owners began in 2011, when she alleges workers sheared some 232 trees on her land, 80 of which they cut down entirely. The corporation denied any wrongdoing and the debate over the damage has dragged on for eight years, she said.

Gard said the corporation has not offered her fair compensation for the risk that the expansion poses to her property's delicate ecosystem or has it explained how it will restore vegetation and protect wildlife. The process feels extremely unbalanced, where she's facing off against the corporation's trained negotiators and legal team, she added.

Robin Scory, another landowner in the Fraser Valley who has not yet signed an agreement, said that the pipeline's owners have offered him "lowball" sums that are only a fraction of the property's value. Streams on his land run directly into the Fraser River and the corporation has not explained how it would mitigate the impacts of a spill, he said.

"It's a disaster waiting to happen. I'm not against the pipeline and I'm not a 'pay me millions of dollars' kind of guy, but it's just so badly run," Scory said.



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September 11, 2019 at 05:14AM

Restaurants Canada gives B.C. a ‘C’ grade for liquor policies - CityNews Vancouver

VANCOUVER (NEWS 1130) –  The industry group Restaurants Canada is giving British Columbia a “C” grade for its liquor policies, but it adds progress is being made. Slowly.

Right now, the province still controls the distribution of liquor to licensed establishments, and bar owners who want to buy bottles from private retailers are still out of luck, at least for now.

A report last year from wine lawyer Mark Hicken listed two dozen ways the province could improve the liquor industry. But Mark von Schellwitz with Restaurants Canada says the industry hasn’t seen enough action in the most essential areas.

“Many of our members would like to buy – especially single bottle picks and unique liquor products – from their local private liquor store, and right now that’s not possible at all in British Columbia,” von Schellwitz says.

RELATED: Review of B.C.’s liquor distribution system set for new year

He says his organization doesn’t like that the province is phasing out the liquor server wage, arguing it makes it harder to retain back-of-house staff who don’t earn tips.

Out of all the provinces, B.C. ranks right in the middle of the pack when it comes to liquor, and von Schellwitz says it has a lot of catching up to to with its neighbour to the east.

“Alberta, next door, is best in class. They have a fully privatized, wholesale price. People have many choices of where they can purchase the product.”

New Brunswick and Newfoundland and Labrador are at the bottom of the list with a D minus.

Von Schellwitz says he is hopeful the province will still follow through on the recommendations of the Hicken report.



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September 11, 2019 at 12:48AM