EU cuts growth forecasts for the euro zone on global trade tensions - CNBC

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The EU slashed its growth forecasts for the euro zone Thursday, saying global trade tensions are set to weigh on the region and limit economic expansion.

The warning from the EU's executive arm, the European Commission, comes at time when the European Central Bank (ECB) has started a new round of stimulus to prop up fragile growth.

"The fact that growth is no longer expected to rebound meaningfully in the next two years is a major shift compared to previous forecasts and is based on the assessment that many features of the global slowdown will be persistent," the European Commission said Thursday in its Autumn Economic Forecasts report.

"Most importantly, the surge in trade tensions and record-high uncertainty about trade policies is likely to have inflicted lasting damage to world trade," the Commission added.

Uncertainties surrounding trade include: The future relationship between the U.K. and the EU as both need to establish new trading rules post-Brexit; new consumer preferences in the car industry and volatility in U.S.-China trade.

As a result, the Commission slashed its economic forecasts for the euro zone in 2019 and 2020. The 19-member region is now set to grow at a pace of 1.1% this year and 1.2% in 2020. In its previous forecasts, out in May, the European Commission had estimated a 1.2% growth rate for the euro zone in 2019 and 1.5% for 2020.

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https://www.cnbc.com/2019/11/07/trade-uncertainty-to-weigh-down-euro-economies-european-commission.html

2019-11-07 10:00:41Z
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More than 2 million pounds of chicken products recalled in eight states - CNN

Arkansas-based Simmons Prepared Foods, Inc. recalled the items produced from October 21 through November 4 this year. They are 2,071,397 pounds of poultry products, including ready to cook chicken whole legs, boneless skinless chicken, halal chicken leg quarters and chicken tenderloins, the US Department of Agriculture's Food Safety and Inspection Service said Wednesday.

The products subject to recall have an establishment number "P-1949," "P- 486" or "P-5837" inside the USDA mark of inspection, and were shipped to Alabama, Arizona, Arkansas, California, Georgia, Minnesota, Oklahoma and Pennsylvania.

Those who've purchased the products are urged to throw them away or return them to the store.

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https://www.cnn.com/2019/11/07/health/chicken-products-recall/index.html

2019-11-07 11:50:00Z
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Alphabet investigates handling of harassment claims - BBC News

Google's parent company Alphabet is investigating how executives handled sexual harassment and misconduct charges.

It follows shareholder lawsuits filed earlier this year over the way Google allegedly dealt with misconduct claims.

The firm's board has formed a "special committee" to consider shareholder claims over past workplace misconduct.

Alphabet is also working with a law firm on the probe, which it launched earlier this year.

The way Google handled the incidents prompted demonstrations by staff and led to thousands walking out of their offices in co-ordinated protests in late 2018.

At that time, Google boss Sundar Pichai apologised for the way it had acted in the past over allegations of inappropriate behaviour and promised improvements.

"In early 2019, Alphabet's board of directors formed a special litigation committee to consider claims made by shareholders in various lawsuits relating to past workplace conduct," a spokesperson for the company said.

In January, it emerged that Alphabet was facing legal action over the way it allegedly handled sexual misconduct claims against two senior managers.

Two lawsuits have been filed by long-term shareholders which accuse the company's board of being involved in attempts to cover up the claims.

Both legal claims want Alphabet to do a better job of uncovering and responding to misconduct.

The legal action is believed to have been prompted by the way that Google handled misconduct allegations made against former Android boss Andy Rubin and former search head Amit Singhal.

Both men are believed to have received large payoffs after being investigated over the claims. Neither now works for Google.

Mr Rubin and Mr Singhal deny the allegations.

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https://www.bbc.com/news/business-50327417

2019-11-07 07:58:29Z
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Stock futures climb after report U.S. and China agree to cancel tariffs in stages - MarketWatch

U.S. stock futures jumped Thursday after a report that Beijing and Washington will cancel planned tariffs in stages, a development that could help reignite a recent upward move for equities.

How are major benchmarks performing?

Dow Jones Industrial Average futures YMZ19, +0.55% rose 150 points, or 0.6%, to 27,580, while S&P 500 futures ESZ19, +0.44%  rose 13.65 points, or 0.4%, to 3,089.25. Nasdaq-100 NQZ19, +0.53%  futures added 42.75 points, or 0.5%, to 8,250.

On Tuesday, the Dow DJIA, +0.00%  lost less than a point to end at 27,492.50, while the S&P 500 index SPX, +0.96%  gained 2.16 points, or 0.07%, at 3,076.78. The Nasdaq Composite Index COMP, -0.29%  shed 24.05 points, 0.29%, closing at 8,410.63.

What’s driving the market?

Major indexes have been dipping in and out of record territory in recent sessions, with investors clinging to developments over a long-awaited interim trade deal between the U.S. and China. Reports that such a deal could be delayed until December, as talks continue over terms and a venue, dented enthusiasm for stocks on Tuesday.

Strategists have been concerned that the market may be placing too much emphasis on a preliminary, or “Phase One,” trade deal coming to fruition soon.

But the mood shifted again early Thursday after Bloomberg reported China and the U.S. will cancel planned tariffs on each other’s products in stages, with the first agreement due to be signed in the next few weeks. The amount of tariff relief that’s coming will depend on what’s in that deal, said Ministry of Commerce spokesman Gao Feng, according to the report.

How are others assets trading?

The yield of the 10-year U.S. Treasury note TMUBMUSD10Y, +3.64% jumped 6 basis points to 1.874% on Thursday, from 1.814% late Wednesday as trade tensions appeared to ease.

December gold GCZ19, -0.69%  on Comex skidded 0.7% lower to $1,483.20 an ounce after a 0.6% gain a day ago.

West Texas Intermediate crude for December delivery CLZ19, +1.40%  popped 1.5% amid the upbeat trade developments to $57.20 a barrel on the New York Mercantile Exchange.

The ICE U.S. dollar index DXY, -0.12%, a gauge of the greenback’s performance against six major rivals, fell 01% to 97.83, but has gained 0.6% so far this year.

In Asia overnight, the China CSI 300 000300, +0.18%  rose 0.2%, the Shanghai Composite SHCOMP, +0.00%  was virtually unchanged. Hong Kong’s Hang Seng Index HSI, +0.57%  climbed 0.6%, while Japan’s NIKKEI 225 Index NIK, +0.11% added 0.1%. In Europe, the Stoxx Europe 600’s SXXP, +0.25% traded 0.3% higher.

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https://www.marketwatch.com/story/stock-futures-climb-after-report-china-us-agree-to-cancel-tariffs-in-stages-2019-11-07

2019-11-07 08:05:00Z
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Vaping is 'NOT worth' the potential heart risk, researchers warn - Daily Mail

Vaping is 'NOT worth' the potential heart risk, researchers warn amid spate of nearly 40 deaths and 1,900 illnesses linked to e-cigarettes in US

• E-cigarettes have been marketed as 'safer' than cigarettes
• Cigarettes are the number one preventable risk factor for heart disease 
• Mysterious lung illnesses linked to the devices have killed 39 in the US - but the long-term effects are not yet known 
• An Ohio State University review of the the research that's been done so far suggests that vaping is damaging to the heart and blood vessels
• Though the study authors say much more research is needed on the long-term effects, short-term evidence suggests vaping is 'not worth the risks'  

By Natalie Rahhal Deputy Health Editor For Dailymail.com

Published: 05:07 GMT, 7 November 2019 | Updated: 06:25 GMT, 7 November 2019

Vaping can still cause heart disease despite being touted as a healthy alternative to smoking, warns a new study.

On top of nicotine, research shows vapes contain particulate matter, metals and flavorings - all of which contribute to cardiovascular problems.

The US has seen nearly 40 deaths linked to short-term use of e-cigarettes, and the immediate effects on the heart and blood vessels seen in the handful of completed studies suggest they could do long-term cardiovascular damage. 

Simply put: vaping is 'just not worth the risk,' said lead author of the new Ohio State University study, Nicholas Buchanan. 

A new review of early research on the heart and blood vessel effects of vaping suggests that the devices are far from 'safe,' warn Ohio State University researchers (file) 

He and his team reviewed the research that's been done on the cardiovascular effects of e-cigarettes so far and, though they say many more and larger studies are desperately needed, the early evidence suggests the devices cannot be called 'safe.'

Vaping has increased from around seven million users in 2011 to 41 million last year - with a projected increase to more than 55 million by 2021, according to the World Health Organization. 

'Many people think these products are safe, but there is more and more reason to worry about their effects on heart health,' said Senior author Loren Wold, director of biomedical research at the Ohio State University College of Nursing. 

The data suggests that fine particles from e-cigarette may enter the bloodstream and affect the heart, working in a similar way to air pollution.

The researchers suggest that this could lead to increases in blood pressure, stiffness in the arteries, inflammation and, over time, heart disease.

Professor Wold said: 'We know these problems are seen in these studies looking at the short-term effects of vaping, but that research is inconsistent and the impact of chronic e-cigarette use is an outright mystery.

'The potential harm to the heart over time is essentially unstudied.'

He believes the study should give vapers pause, and highlight the need for e-cigarette regulation to force companies to tell their customers exactly what they're inhaling.

Study lead author Nicholas Buchanan, a research assistant at Ohio State, said: 'Especially for someone who had never smoked, it is just not worth the risk and it seems pretty conclusive that you can say they're not harm-free.

The short-term effects of vaping have already been linked to 39 deaths across 24 states (red) across the US, but the long-term effects of trendy e-cigarettes remain to be seen and studied

'There's a vast variety of e-liquids and different devices out there and the manufacturers don't have to tell you what's in them.

'For example, recent reports of vaping-related illnesses and deaths has yet to be narrowed down to a single substance or product.

'While the use of THC-containing products seems to be associated to these cases, the Centers for Disease Control and Prevention has reported that illnesses don't appear confined to only these types of products.'

Smoking cigarettes is the most preventable risk factor for cardiovascular disease and death and, because of vaping's perceived safety in comparison, many smokers have switched to e-cigarettes.

Mr Buchanan added: 'Most worrisome are the numbers of children and teens who are picking up the habit - who may have never started smoking conventional cigarettes.

'We have no idea what they health implications are for them down the road.

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https://www.dailymail.co.uk/health/article-7658209/Vaping-NOT-worth-potential-heart-risk-researchers-warn.html

2019-11-07 05:07:00Z
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More than 2 million pounds of chicken products recalled in eight states - CNN

Arkansas-based Simmons Prepared Foods, Inc. recalled the items produced from October 21 through November 4 this year. They are 2,071,397 pounds of poultry products, including ready to cook chicken whole legs, boneless skinless chicken, halal chicken leg quarters and chicken tenderloins, the US Department of Agriculture's Food Safety and Inspection Service said Wednesday.

The products subject to recall have an establishment number "P-1949," "P- 486" or "P-5837" inside the USDA mark of inspection, and were shipped to Alabama, Arizona, Arkansas, California, Georgia, Minnesota, Oklahoma and Pennsylvania.

Those who've purchased the products are urged to throw them away or return them to the store.

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https://www.cnn.com/2019/11/07/health/chicken-products-recall/index.html

2019-11-07 05:59:00Z
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CVS to close 22 drugstores next year - CNBC

Pedestrians walk by a CVS store on November in San Francisco, California.

Justin Sullivan | Getty Images

CVS Health will close 22 "underperforming" drugstores early next year in addition to the 46 stores it shuttered earlier this year, the company said Wednesday in a regulatory filing.

Details of the locations of the stores weren't immediately disclosed. The company recorded a $96 million impairment charge on its third-quarter earnings related to the 22 stores. It recorded a $135 million charge in the first quarter related to the 46 stores it closed during the second quarter.

"We believe these decisions will generate enhanced longer term performance," CVS Chief Financial Officer Eva Boratto told analysts Wednesday on a call reviewing third-quarter results. "Our real estate footprint remained very productive, and we will look for opportunities to further improve the performance in our portfolio."

Drugstores are under threat as consumers buy more pharmacy items online and new competitors sell prescription drugs online. Rival Walgreens earlier this year said it would close 200 stores. Amid upheaval in the industry, CVS executives have said they do not expect "meaningful" store closures.

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https://www.cnbc.com/2019/11/06/cvs-health-to-close-22-drugstores-next-year.html

2019-11-06 13:07:22Z
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