Connect with us

World

Japan’s core Consumer Price Index rose 0.9% in January

Published

on

Shoppers and tourists walk through a shopping street in front of the Sensoji temple in Tokyo, Japan, on Thursday, Aug. 8, 2013.

Tomohiro Ohsumi | Bloomberg | Getty Images

Shoppers and tourists walk through a shopping street in front of the Sensoji temple in Tokyo, Japan, on Thursday, Aug. 8, 2013.

Japan’s core consumer prices rose 0.9 percent in January from a year earlier, government data showed on Friday.

The core consumer price index, which includes oil products but excludes fresh food prices, compared with economists’ median estimate for a 0.8 percent annual gain.

Stripping away the effect of fresh food and energy, consumer prices rose 0.4 percent in January from a year ago.

Source link

World

Senate passes bill against China-funded Confucius Institutes at U.S. colleges

Published

on

The Senate on Thursday approved by unanimous consent — without a roll-call vote — a bill that would increase oversight on Confucius Institutes, China-funded cultural centers that operate on university campuses.

According to Human Rights Watch, Confucius Institutes “are Chinese government-funded outposts that offer Chinese language and culture classes.” However, some politicians, particularly Republicans, have accused them of spreading propaganda.

“Confucius Institutes are under the control of the Chinese Communist Party in all but name,” said Sen. John Kennedy, R-La., who introduced the bill. “This bill would give colleges and universities full control over their resident Confucius Institutes and restore freedom of thought on their campuses.” 

In 2020, Sen. Marsha Blackburn, R-Tenn., introduced a similar bill. Sen. Marco Rubio, R-Fla., one of that bill’s co-sponsors, said, “For far too long, the Communist Chinese government has attempted to infiltrate American universities through the disguise of the government-run Confucius Institute.”

The bill approved by the Senate on Thursday, S-590, would cut federal funding to universities and colleges that have Confucius Institutes on campus that don’t comply with new oversight rules and regulations.

The bill will next be sent to the House for consideration.

In her Senate confirmation hearing in January, recently confirmed U.S. Ambassador to the United Nations Linda Thomas-Greenfield came under fire for a 2019 speech she gave at a Confucius Institute in which she appeared soft on China.

Sen. Ted Cruz, R-Texas, said during the hearing that Thomas-Greenfield was being overly optimistic about China’s relationship with African countries while not being tough enough on Beijing’s human rights record.

Thomas-Greenfield later said the speech was a mistake and didn’t portray her views on China, and she vowed to limit Beijing’s influence at U.N. General Assembly meetings.

The case against the institutions has gained steam in the past few years.

Sen. Rob Portman, R-Ohio, in a 2019 report said U.S. universities have provided a level of access to the Chinese government that can “stifle academic freedom” and give an “incomplete picture of Chinese government actions and policies that run counter to U.S. interests at home and abroad.”

The bipartisan report followed a probe by the Permanent Subcommittee on Investigations, of which Portman was chairman, into how American colleges and universities manage Confucius Institutes on their campuses.

The panel’s ranking member, Sen. Tom Carper, D-Del., said in the report that although the Senate had uncovered “no evidence that these institutes are a center for Chinese espionage or any other illegal activity,” it is “critical that we be vigilant in combatting foreign efforts to influence American public opinion.”

Congress’ 2019 annual defense spending package severely limited the autonomy of these China-funded cultural centers by threatening to withhold language program funding from their host universities, Human Rights Watch reported.

In turn, nearly 22 Confucius Institutes have closed since the act’s passage, according to Human Rights Watch.

The University of Missouri closed its Confucius Institute last year, after a notice from the U.S. Department of State’s Bureau of Educational and Cultural Affairs regarding visa concerns, amid a Trump administration drive to shutter the institutions.

Changes to State Department guidance on hosting the institutions would have made it too costly to maintain, a university provost said at the time.

Long before the lawmakers raised alarms, university professors signaled problems with the institutes.

The American Association of University Professors, or AAUP, released a report in 2014 that recommended colleges take a deeper look at curricula and agendas brought forth in the classroom.

“Confucius Institutes function as an arm of the Chinese state and are allowed to ignore academic freedom,” the statement said, also highlighting a lack of transparency. “Most agreements establishing Confucius Institutes feature nondisclosure clauses and unacceptable concessions to the political aims and practices of the government of China.”

— CNBC’s Lynne Pate contributed to this report.

Correction: This story was updated to reflect that the bill was approved on Thursday.

Source link

Continue Reading

World

Jeff Bezos tours Relativity Space headquarters with Tim Ellis

Published

on

The row of two-story tall 3D printer bays at the company’s headquarters.

Relativity Space

The founders of two private rocket-building companies met today – one, the richest person on Earth; the other, leader of a venture pushing the boundaries of manufacturing.

Jeff Bezos stopped by the gleaming new “factory of the future” of Relativity Space on Friday, a person familiar with the visit told CNBC, for a tour of the Long Beach, California facility with CEO Tim Ellis. Relativity moved into the new facility last summer from its prior headquarters in Inglewood.

The nature of the visit to Relativity’s headquarters was unclear.

Ellis previously worked at Bezos’ space company Blue Origin as a propulsion engineer – and was credited for bringing the process of 3D printing metal rocket parts in-house. Ellis then left Blue Origin in 2015 to found Relativity with Jordan Noone, a college classmate and former SpaceX propulsion engineer.

Relativity declined CNBC’s request for comment on Bezos’ visit, while Blue Origin did not respond to requests for comment.

The factory floor of Relativity’s new headquarters in Long Beach, California.

Relativity Space

Relativity has gone all in on the 3D-printing approach, using enormous printers and metallurgy developed in-house to build 95% of the parts of its rockets. Ellis emphasizes that 3D-printing drastically cuts down on the complexity of its rockets, but also makes them faster to build and modify. Eventually, Relativity says its simpler process will be able to turn raw materials into a rocket on the launchpad in under 60 days.

The company’s first rocket, Terran 1, is expected to launch for the first time later this year. Terran 1 is priced at $12 million per launch and is designed to carry about 1,250 kilograms to low Earth orbit. That puts Terran 1 in the “medium lift” section of the U.S. launch market, between Rocket Lab’s Electron and SpaceX’s Falcon 9 in both price and capability.

Relativity is also working on a second, larger rocket called Terran R – aiming to compete with SpaceX’s Falcon 9 rocket in both launch capability and reusability. Terran R is the first of several new initiatives that Ellis expects Relativity to unveil in the year ahead, with the company having raised more than $680 million since its founding five years ago.

Jeff Bezos, founder and chief executive officer of Amazon, speaks in Washington, D.C., on Sept. 19, 2019.

Andrew Harrer | Bloomberg | Getty Images

Source link

Continue Reading

World

Build a cash position for the next stock sell-off

Published

on

CNBC’s Jim Cramer said the jobs report from the Labor Department Friday satisfied markets, at least for the interim.

The U.S. economy added 379,000 jobs last month and the unemployment rate inched down, with stocks managing to bounce from their lows of the day and snap a tough three-day trading stretch to end the week on a high note.

Economists had forecast the job market to grow by 210,000 in February.

“An employment number that’s strong, but not too strong, was just what this crazy market needed today, although it took half the day for Wall Street to figure that out,” Cramer said after the close on “Mad Money.”

The major stock indexes all swung nearly 2% higher at the close after trading in the red during the morning. The Dow Jones Industrial Average rallied 572 points, or 1.85%, to close at 31,496.30, finishing up 1.82% after a volatile week. The S&P 500 advanced 1.95% Friday to 3,841.94, also finishing the week in positive territory.

After closing down in the red Thursday, the Nasdaq Composite bounced 1.55% to 12,920.15 on Friday. The tech-heavy index ended the week down 2.06% as growth stocks sold off.

As the U.S. continues its recovery from last year’s coronavirus-induced business lockdowns and restrictions, the February labor report likely did not do enough to push the Federal Reserve to raise interest rates to tamp down inflation as the economy grows, Cramer said.

“It was a hidden-Goldilocks report: A lot more people are getting hired, thanks to the vaccine rollout and the reopening, but not so many that the Fed will feel compelled to raise interest rates, and some are really being left behind,” he said.

Wall Street is on standby to see if the uptrend will continue or the downtrend in stocks will resume. The bond market is still in control, however, as investors continue to rotate from high-growth stocks to value and cyclical names until rising Treasury yields stabilize, Cramer added.

Longer-term Treasuries are a bellwether for lending rates. Higher rates make cyclical stocks more attractive, leading investors to reduce their appetite for riskier assets.

“I’m betting the bond bullies will be back, so get ready by using rallies like this one to lighten up, as we did for my charitable trust at the end of the day, and certainly lighten up on the high-flying dreamer stocks and the SPACs,” he said. “That way you’ll have some cash to deploy for the real companies the next time we get hammered like we did yesterday afternoon.”

Cramer gave his game plan for the week ahead. Earnings-per-share projections are based on FactSet estimates:

Monday: Stitch Fix

Stitch Fix

  • Q2 2021 earnings release: after market; conference call: 5 p.m.
  • Projected losses per share: 22 cents
  • Projected revenue: $512 million

“A great quarter won’t produce the kind of explosive reaction we got last time,” Cramer said. “Still, I’m betting the numbers are better than expected because this is a great business.”

Tuesday: Dick’s Sporting Goods

Dick’s Sporting Goods

  • Q4 2020 earnings release: before market; conference call: 10 a.m.
  • Projected EPS: $2.30
  • Projected revenue: $3.07 billion

“I expect Dick’s to deliver a very strong number, one that could send the stock flying,” he said.

Wednesday: Campbell Soup, Oracle

Campbell Soup

  • Q2 2021 earnings release: before market; conference call: 8:00 a.m.
  • Projected EPS: 83 cents
  • Projected revenue: $2.3 billion

“So far, these pantry stocks they’ve failed to impress,” Cramer said. “I can’t go against the prevailing wisdom here, although I think this company’s won over enough of the stay-at-homers with its snack offerings that you won’t be that disappointed, and you get that 3.2% yield.”

Oracle

  • Q3 2021 earnings release: after market; conference call: 5 p.m.
  • Projected EPS: $1.11
  • Projected revenue: $10.05 billion

“This is exactly the kind of lower-risk tech stock that people suddenly like … [as opposed to] the high-flyers,” he said. “Those are still getting torn to pieces, so I was ready to recommend Oracle [tonight], but I got beat to the punch. A big brokerage house pushed it today, sent the stock up 6%, stole my thunder.”

Thursday: JD.com, Ulta Beauty

JD.com

  • Q4 earnings release: before market; conference call: 7 a.m.

Cramer said JD.com is “one of the few Chinese stocks I like because it’s another ‘Amazon of China’ thing. It’s like Alibaba, which you know I like, but it’s got faster growth, though.”

Ulta Beauty

  • Q4 earnings release: after market; conference call: 5 p.m.
  • Projected EPS: $2.32
  • Projected revenue: $2.07 billion

“It’s about to experience a sales explosion when the country reopens. Ulta pivoted to e-commerce when the pandemic hit … but now that we’re getting vaccinated, their brick and mortar business can make a comeback,” he said. “Plus, they’re rolling out a new Target collection. I’d be a buyer ahead of that quarter.”

Disclosure: Cramer’s charitable rust owns shares of Amazon.

Disclaimer

Questions for Cramer?
Call Cramer: 1-800-743-CNBC

Want to take a deep dive into Cramer’s world? Hit him up!
Mad Money TwitterJim Cramer TwitterFacebookInstagram

Questions, comments, suggestions for the “Mad Money” website? madcap@cnbc.com



Source link

Continue Reading

Trending