Kamis, 06 Februari 2020

FAA's Dickson says regulators seem set to agree on 737 MAX design fix - Yahoo Finance

Steve Dickson, Administrator of the FAA, speaks at the UK Aviation Club in London

By Alistair Smout

LONDON (Reuters) - U.S. Federal Aviation Administrator Steve Dickson said on Thursday international air safety regulators were likely to agree on the design fixes needed to return the Boeing <BA.N> 737 MAX aircraft to service.

Dickson, the U.S. regulator who has responsibility for approving a return to service by the grounded 737 MAX, said he wouldn't put a timeframe on its return but that it would become easier to predict after its certification flight, which he said could come in the next few weeks.

The 737 MAX was grounded in March 2019 after two fatal crashes that killed 346 people.

He said that international regulators including EASA might differ in terms of the operational return to service of the plane, but agreed on what needed to be fixed.

"On the design approval, from everything that I have seen I think we'll have very solid alignment," he told an airline industry event in London.

Boeing has said its best estimate is that the aircraft will not be back in the air until mid-2020, after endorsing simulator training for pilots before flights resume, and that regulators will determine the timing.

Last month, Dickson told senior U.S. airline officials that the FAA could approve the return of the aircraft before mid-year, earlier than the planemaker has suggested, according to people briefed on the call.

But in a visit to London he cautioned against putting a definitive timeline on the return of the MAX.


WIRING

"There is no timeframe, I don't think it's helpful to get out there with timeframes or timelines," he told reporters at a briefing.

"For Boeing's part, what I have been encouraging is to not make public announcements."

The FAA and Boeing said in January they were reviewing a wiring issue that could potentially cause a short circuit on the grounded 737 MAX.

Officials said the review was looking at whether two bundles of wiring are too close together, which could lead to a short circuit and potentially result in a crash if pilots did not respond appropriately.

"They have not given us a proposal on the wiring yet," Dickson said.

"I wouldn't say I'm worried. I want them to take whatever time they need to give us a fulsome and a data-driven proposal."

He also said that the software audit had been completed, but there were "possible adjustments" to an annunciator light - a warning signal - and power to the displays.

"I don't think that will be a significant delay," he said.

(Reporting by Alistair Smout, Writing by Paul Sandle and Alistair Smout; editing by Stephen Addison, William Maclean)

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2020-02-06 15:34:00Z
CBMiT2h0dHBzOi8vZmluYW5jZS55YWhvby5jb20vbmV3cy9mYWFzLWRpY2tzb24tc2F5cy1yZWd1bGF0b3JzLXNlZW0tMTUzNDA3MDUwLmh0bWzSAVdodHRwczovL2ZpbmFuY2UueWFob28uY29tL2FtcGh0bWwvbmV3cy9mYWFzLWRpY2tzb24tc2F5cy1yZWd1bGF0b3JzLXNlZW0tMTUzNDA3MDUwLmh0bWw

Dow Jones Today, Stocks Struggle, Despite China Tariff Cut: Twitter Soars, Paycom Dives On Earnings - Investor's Business Daily

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  1. Dow Jones Today, Stocks Struggle, Despite China Tariff Cut: Twitter Soars, Paycom Dives On Earnings  Investor's Business Daily
  2. Dow joins S&P 500, Nasdaq at records as China says it will slash tariffs on $75 billion in U.S. goods  MarketWatch
  3. Dow erases 100-point gain, falls from record high  CNBC
  4. Dow Jones Futures: After Uneven Stock Market Rally, Qualcomm, Twilio, Paycom, Peloton Are Big Earnings Movers  Investor's Business Daily
  5. Stocks extend week's gains after strong employment report  msnNOW
  6. View full coverage on Google News

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2020-02-06 14:44:00Z
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Dow Jones Futures: After Uneven Stock Market Rally, Qualcomm, Twilio, Paycom, Peloton Are Big Earnings Movers - Investor's Business Daily

[unable to retrieve full-text content]

  1. Dow Jones Futures: After Uneven Stock Market Rally, Qualcomm, Twilio, Paycom, Peloton Are Big Earnings Movers  Investor's Business Daily
  2. Stocks extend week's gains after strong employment report  msnNOW
  3. U.S. Shares Open Higher After China Tariff Relief  The Wall Street Journal
  4. Dow Jones Today, Stocks Struggle, Despite China Tariff Cut: Twitter Soars, Paycom Dives On Earnings  Investor's Business Daily
  5. Dow set to jump 300 points as market rally extends for a third day  msnNOW
  6. View full coverage on Google News

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2020-02-06 13:07:00Z
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U.S. Futures Climb With Stocks on China Tariff Cut: Markets Wrap - Yahoo Finance

U.S. Futures Climb With Stocks on China Tariff Cut: Markets Wrap

(Bloomberg) -- U.S. equity futures rose with stocks on Thursday as China’s plans for tariff cuts on American imports added to optimism the global economy will weather the hit from the coronavirus. Treasuries fluctuated.

Contracts on the main American equity benchmarks all pointed to a fourth day of gains after China said it will lower levies on $75 billion of U.S. goods next week, likely satisfying part of the interim trade deal. Twitter Inc. rose about 3% in pre-market trading after topping analysts’ projections for fourth-quarter revenue.

Strong results also helped power the Stoxx Europe 600 Index to a record high. ArcelorMittal SA jumped the most since 2016 after expressing optimism on the outlook for steel demand this year, and Societe Generale SA rose after pledging to boost shareholder returns. Asian benchmarks advanced, with Japan’s rising more than 2% as Toyota Motor Corp. reported a higher-than-expected quarterly profit.

The latest trade developments have further boosted investor optimism after several reports on possible vaccines for the virus on Wednesday, though the World Health Organization later said there are no proven therapeutics. While some warn of complacency as a gauge of global stocks inches toward a record, others flag support from policy makers, and recent indicators showing the trajectory of growth was solid before the virus struck.

“Companies are going to continue to struggle in the short term” with disruptions and forgone business due to the virus, said Joe Zidle, chief investment strategist at Blackstone Group Inc. But China’s moves in recent days to reopen markets and inject stimulus “gave global investors a degree of confidence that the Chinese policy makers had at least taken the worst-case scenario off the table,” he said.

Elsewhere, a gauge of European credit risk hit its lowest since 2007, while the euro held steady even as data showed German factory orders fell at their fastest pace in more than a decade.

Here are some key events coming up:

German industrial production is due on Friday.The U.S. employment report for January is set for Friday release.Australia’s central bank chief speaks and takes questions at a parliamentary committee.

And these are the main moves in markets:

Stocks

Futures on the S&P 500 Index increased 0.4% as of 7:21 a.m. New York time.The Stoxx Europe 600 Index climbed 0.4%.The MSCI Asia Pacific Index gained 1.8%.The MSCI Emerging Market Index gained 1.4%.

Currencies

The Bloomberg Dollar Spot Index was little changed.The euro was little changed at $1.1002.The British pound sank 0.3% to $1.2964.The onshore yuan rose 0.1% to 6.969 per dollar.The Japanese yen declined 0.1% to 109.90 per dollar.

Bonds

The yield on 10-year Treasuries dipped less than one basis point to 1.65%.The yield on two-year Treasuries declined less than one basis point to 1.44%.Germany’s 10-year yield climbed less than one basis point to -0.36%.Britain’s 10-year yield fell one basis point to 0.604%.Japan’s 10-year yield gained two basis points to -0.017%.

Commodities

West Texas Intermediate crude gained 1.1% to $51.31 a barrel.Brent crude climbed 0.5% to $55.56 a barrel.Gold increased 0.5% to $1,564.47 an ounce.

--With assistance from Christopher Anstey, Joanna Ossinger and Adam Haigh.

To contact the reporter on this story: Yakob Peterseil in London at ypeterseil@bloomberg.net

To contact the editor responsible for this story: Sam Potter at spotter33@bloomberg.net

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

Subscribe now to stay ahead with the most trusted business news source.

©2020 Bloomberg L.P.

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2020-02-06 11:33:00Z
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Yum Brands' stock tumbles as weak sales at Pizza Hut lead to earnings miss - CNBC

Ye Aung Thu | AFP | Getty Images

Yum Brands on Thursday reported quarterly earnings that fell short of analysts' expectations as Pizza Hut's struggles continue.

Shares of the company slid more than 2% in premarket trading.

Here's what the company reported, compared with what Wall Street was expecting based on a survey of analysts by Refinitiv:

  • Earnings per share: $1, adjusted, vs. $1.13 expected
  • Revenue: $1.69 billion, vs. $1.66 billion expected
  • Same-store sales: 2%, vs. 2.3% expected

Taco Bell's parent company reported fiscal fourth-quarter net income of $488 million, or $1.58 per share, up from $334 million, or $1.04 per share, a year earlier.

The company's minority stake in Grubhub trimmed earnings per share by 5 cents. Grubhub struggled in 2019 as fierce competition with DoorDash, Uber Eats and Postmates put pressure on its business.

Excluding refranchising gains and other items, Yum earned $1 per share, missing the $1.13 per share expected by analysts surveyed by Refinitiv.

Net sales rose 9% to $1.69 billion, topping expectations of $1.66 billion. The company reported same-store sales growth across KFC, Pizza Hut and Taco Bell of 2%. Yum announced in January that it would be adding a fourth brand to its portfolio: Habit Restaurants, which owns the Habit Burger Grill.

Pizza Hut was once again the laggard during the quarter. Same-store sales at the pizza chain fell 2%, a steeper drop than expected by analysts.

KFC's same-store sales increased by 3%, and Taco Bell's grew by 4% in the fourth quarter.

On Wednesday, Yum China, which was spun off in 2016, warned that the Wuhan coronavirus will likely "materially affect" its 2020 sales and profits. The Chinese licensee of KFC and Pizza Hut said it could report an operating loss in the first quarter. China is KFC's largest market by systemwide sales.

Yum China has temporarily closed about a third of its restaurants in the country, and those still open have seen sales drop dramatically. Same-store sales during the Lunar New Year holiday fell by 40% to 50% from a year ago. In response, Yum China has rolled out "contactless delivery" so customers do not have to engage with employees to pick up their food from a restaurant.

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2020-02-06 12:18:00Z
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China halves tariffs on $75 billion worth of US goods, as coronavirus outbreak escalates - CNN

The move comes as China is grappling with the escalating coronavirus outbreak. The disease has killed 565 people, mostly in China, and infected more than 28,000 people in over 25 countries and territories.
The reduction affects US goods that China imposed tariffs on last September. Starting next week, China will cut the additional 10% tariff rate it enacted back then on some goods to 5%. Other goods that were taxed an extra 5% will now be levied 2.5%, according to a statement from China's State Council Tariff Commission.
The commission added that other tariffs on US goods will be maintained while it continues to work on exemptions.
Wuhan coronavirus deaths spike again as outbreak shows no signs of slowing
"China hopes that both sides will abide by bilateral agreements and make an effort to implement relevant provisions so that we can boost market confidence, promote bilateral trade relations and global economic growth," the statement said.
These tariff rollbacks had been widely expected and were a gesture in response to the United States cutting its September round of tariffs by half in the "phase one" trade deal, according Tommy Wu, an economist with Oxford Economics.
"Nevertheless, the announcement may help boost market sentiment, especially at a time when China is battling with the economic impact of the coronavirus outbreak," he said.
Wu and other experts have warned that the coronavirus outbreak could dent China's economic growth this year and have knock-on effects for the global economy.
When the outbreak hit, Beijing took the extraordinary step of placing major cities on lockdown in order to contain it. The government also extended the Lunar New Year holiday, effectively bringing factories around the country to a standstill as workers have been ordered to stay home. Millions of people have pulled back on consumption, as they hunker down indoors and avoid public spaces.
Global shipping has been hit by the coronavirus. Now goods are getting stranded
Washington officials earlier this week said the outbreak could delay exports of US goods to China. Last month, Beijing had agreed to buy an additional $200 billion worth of products from the United States as part of a "phase one" trade deal.
"It is true the 'phase one' trade deal, the export boom from that trade deal, will take longer because of the Chinese virus," Larry Kudlow, US President Donald Trump's chief economic adviser, said in an interview with Fox Business on Tuesday.
Agricultural goods such as soybeans, pork, cotton and wheat had accounted for a big chunk of the new purchases.
On Wednesday, US Secretary of Agriculture Sonny Perdue said the United States should be patient with China's ability to meet those trade pledges, given the coronavirus outbreak.
"If they're really trying and it really just blows the economy out of the water, then we would have to be understanding of that," Perdue said, according to Reuters.
Oxford Economics earlier this week cut its GDP forecast for China, saying that even with a rebound in the second quarter of this year, "we now forecast 5.4% growth for 2020, compared with 6% previously."

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2020-02-06 10:17:00Z
52780593547806

China halves tariffs on $75 billion worth of US goods, as coronavirus outbreak escalates - CNN

The move comes as China is grappling with the escalating coronavirus outbreak. The disease has killed 565 people, mostly in China, and infected more than 28,000 people in over 25 countries and territories.
The reduction affects US goods that China imposed tariffs on last September. Starting next week, China will cut the additional 10% tariff rate it enacted back then on some goods to 5%. Other goods that were taxed an extra 5% will now be levied 2.5%, according to a statement from China's State Council Tariff Commission.
The commission added that other tariffs on US goods will be maintained while it continues to work on exemptions.
Wuhan coronavirus deaths spike again as outbreak shows no signs of slowing
"China hopes that both sides will abide by bilateral agreements and make an effort to implement relevant provisions so that we can boost market confidence, promote bilateral trade relations and global economic growth," the statement said.
These tariff rollbacks had been widely expected and were a gesture in response to the United States cutting its September round of tariffs by half in the "phase one" trade deal, according Tommy Wu, an economist with Oxford Economics.
"Nevertheless, the announcement may help boost market sentiment, especially at a time when China is battling with the economic impact of the coronavirus outbreak," he said.
Wu and other experts have warned that the coronavirus outbreak could dent China's economic growth this year and have knock-on effects for the global economy.
When the outbreak hit, Beijing took the extraordinary step of placing major cities on lockdown in order to contain it. The government also extended the Lunar New Year holiday, effectively bringing factories around the country to a standstill as workers have been ordered to stay home. Millions of people have pulled back on consumption, as they hunker down indoors and avoid public spaces.
Global shipping has been hit by the coronavirus. Now goods are getting stranded
Washington officials earlier this week said the outbreak could delay exports of US goods to China. Last month, Beijing had agreed to buy an additional $200 billion worth of products from the United States as part of a "phase one" trade deal.
"It is true the 'phase one' trade deal, the export boom from that trade deal, will take longer because of the Chinese virus," Larry Kudlow, US President Donald Trump's chief economic adviser, said in an interview with Fox Business on Tuesday.
Agricultural goods such as soybeans, pork, cotton and wheat had accounted for a big chunk of the new purchases.
On Wednesday, US Secretary of Agriculture Sonny Perdue said the United States should be patient with China's ability to meet those trade pledges, given the coronavirus outbreak.
"If they're really trying and it really just blows the economy out of the water, then we would have to be understanding of that," Perdue said, according to Reuters.
Oxford Economics earlier this week cut its GDP forecast for China, saying that even with a rebound in the second quarter of this year, "we now forecast 5.4% growth for 2020, compared with 6% previously."

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2020-02-06 09:03:00Z
52780593547806