Tokyo, Aug 27 (AP/UNB) — Asian shares mostly rose Tuesday as investors found reason to be cautiously optimistic again about the potential for progress in the costly trade war between the U.S. and China.
Japan's benchmark Nikkei 225 rose 1.2% in morning trading to 20,497.09. Australia's S&P/ASX 200 added 0.3% to 6,458.40, while South Korea's Kospi gained nearly 1.0% to 1,935.18. Hong Kong's Hang Seng rose at first but reversed course and was down nearly 0.2% at 25,635.96. The Shanghai Composite was up 1.1% at 2,894.31.
"It remains all about trade as President Donald Trump's comments on the matter had once again been the primary driver for markets at the start of the week. Even though the sentiment had taken a positive turn on the latest update, uncertainty nevertheless persists to warrant a more cautious stance," said Jingyi Pan, market strategist at IG in Singapore.
Monday's rally on Wall Street got its start early after President Donald Trump said his negotiators had received encouraging calls from China on Sunday, though China's foreign ministry denied knowledge of any such calls.
The S&P 500 rose 31.27 points, or 1.1%, to 2,878.38. The Dow Jones Industrial Average gained 269.93 points, or 1.1%, to 25,898.83. The Nasdaq, which is heavily weighted with technology stocks, rose 101.97 points, or 1.3%, to 7,853.74. The Russell 2000 index of smaller companies picked up 16.52 points, or 1.1%, to 1,476.
The major U.S. indexes are each on track for losses of 3% or more in August in what has been a volatile month for the market as investors try to gauge whether trade conflicts and slowing economies around the world will drag the U.S. into a recession.
On Friday, China announced new tariffs on $75 billion in U.S. goods. Trump responded angrily on Twitter, at one point saying he "hereby ordered" U.S. companies with operations in China to consider moving them to other countries, including the U.S.
Analysts say uncertainties are bound to remain on global markets as long as Trump continues to send conflicting messages.
"The bigger picture is that deep-seated issues are unlikely to be resolved on the flick of a switch or tweet," said a report from the Asia & Oceania Treasury Department of Mizuho Bank.
Trump later announced the U.S. would increase existing tariffs on $250 billion in Chinese goods to 30% from 25%, and that new tariffs on another $300 billion of imports would be 15% instead of 10%.
Global markets appeared headed for another wave of selling early Monday, when indexes in Asia closed lower, until Trump said his trade negotiators had received two "very good calls" from China.
During a news conference in France after the Group of Seven industrialized nations' meeting, Trump said "China wants to make a deal, and if we can, we will make a deal."
Benchmark crude oil rose 37 cents to $54.01 a barrel. It fell 53 cents to settle at $53.64 a barrel. Brent crude oil, the international standard, rose 35 cents to $59.05 a barrel.
The dollar inched down to 105.78 Japanese yen from 105.88 yen on Monday. The euro weakened to $1.1104 from $1.1118.
Chicago, Aug 27 (AP/UNB) — Kraft Heinz Co. is bringing back its former chief financial officer amid accounting problems and falling sales.
Paulo Basilio, 44, joined H.J. Heinz as CFO in 2013 and remained in the job after the company's 2015 merger with Kraft. He most recently served as Kraft Heinz's chief business development officer.
He replaces David Knopf, 31, who will return to Brazilian private equity firm 3G Capital. 3G and investor Warren Buffet engineered the Kraft Heinz merger in 2015.
CEO Miguel Patricio put Basilio back in the CFO role in order to have a "seasoned veteran" in the post, the company said in a regulatory filing Monday.
The company's familiar brands like Oscar Meyer and Velveeta are struggling as consumers opt for healthier and more natural foods or cheaper store brands.
Kraft Heinz, which is based in Pittsburgh and Chicago, was also forced to restate earnings from multiple years in May after a federal investigation into its accounting practices.
Kraft Heinz's shares ended Monday up 25 cents, or 1%, at $25.58. They hit an all-time low of $24.89 last week.
Dhaka, Aug 26 (UNB) – The four-day 20th Textech Bangladesh International Expo will begin in the city on September 4 to showcase latest products and technology in the textile and garment sector.
Conference and Exhibition Management Services Ltd (CEMS Global) will host the event at International Convention City Bashundhara (ICCB).
Two more exhibitions titled “16th Dhaka International Yarn and Fabric Show 2019-Summer Edition” and “38th Dye+Chem Bangladesh 2019 International Expo” will also be held concurrently at the same venue.
“It (exhibition) will be the largest 360° supplier hub of the textile and apparel manufacturing industry in the country where visitors will find the biggest display of international yarn, fabrics, trims, accessories, chemical, dyes, machinery and other related products and services,” said Meherun N Islam, president and group managing director of CEMS Global, at a press briefing here on Monday.
She also said over 1,300 companies from different countries, including China, India, Germany, the UK, the USA, Taiwan, Japan, Turkey, Italy and Sri Lanka, will showcase their products and services through 1,500 booths.
“CEMS-Global USA’s International Textech series of exhibition’ have reached its accession in popularity in South and South-East Asia having organised extremely successful editions in Bangladesh, Indonesia and Sri Lanka. Textech Bangladesh has been serving the textile and apparel sector of Bangladesh for the last 19 years as a great B2B platform for textile garment machinery manufacturers to network with the textile and apparel manufacturers,” Meherun added.
She said the textile and apparel export industry of Bangladesh now stands at $32 billion and is now aggressively focusing on increasing its apparel export to $50 billion by the year of 2021.
The exhibition’s international online partner is “Gosourcing365.com – The worldwide online B2B one-stop sourcing platform for yarn, fabric, apparel, trims, accessories, dyestuff and chemicals.
Tanveer Qamrul Islam, Executive Director of CEMS, Noyem Sharif, head of marketing and communications, and KM Khairul Hasan Arif, AGM-Admin, CEMS Bangladesh, were also present there.
Biarritz, Aug 25 (AP/UNB) — President Donald Trump is threatening to use the emergency authority granted by a powerful but obscure federal law to make good on his tweeted "order" to U.S. businesses to cut ties in China amid a spiraling trade war between the two nations.
China's announcement Friday that it was raising tariffs on $75 billion in U.S. imports sent Trump into a rage and White House aides scrambling for a response.
Trump fired off on Twitter, declaring American companies "are hereby ordered to immediately start looking for an alternative to China." He later clarified that he was threatening to make use of the International Emergency Economic Powers Act in the trade war, raising questions about the wisdom and propriety of making the 1977 act used to target rogue regimes, terrorists and drug traffickers the newest weapon in the clash between the world's largest economies.
It would mark the latest grasp of authority by Trump, who has claimed widespread powers not sought by his predecessors despite his own past criticism of their use of executive powers.
"For all of the Fake News Reporters that don't have a clue as to what the law is relative to Presidential powers, China, etc., try looking at the Emergency Economic Powers Act of 1977," Trump tweeted late Friday. "Case closed!"
The act gives presidents wide berth in regulating international commerce during times of declared national emergencies. Trump threatened to use those powers earlier this year to place tariffs on imports from Mexico in a bid to force the U.S. neighbor to do more to address illegal crossings at their shared border.
It was not immediately clear how Trump could use the act to force American businesses to move their manufacturing out of China and to the U.S, and Trump's threat appeared premature — as he has not declared an emergency with respect to China.
Even without the emergency threat, Trump's retaliatory action Friday — further raising tariffs on Chinese exports to the U.S. — had already sparked widespread outrage from the business community.
"It's impossible for businesses to plan for the future in this type of environment," David French, senior vice president for government relations at the National Retail Federation, said in a statement.
The Consumer Technology Association called the escalating tariffs "the worst economic mistake since the Smoot-Hawley Tariff Act of 1930 — a decision that catapulted our country into the Great Depression."
And trade association CompTIA stressed the logistical strain that would follow if companies were forced to shift operations out of China, saying it would take months for most companies.
"Any forced immediate action would result in chaos," CEO Todd Thibodeaux said in emailed comments.
The frequent tariff fluctuations are making it hard to plan and are casting uncertainty on some investments, said Peter Bragdon, executive vice president and chief administration officer of Columbia Sportswear.
"There's no way for anyone to plan around chaos and incoherence," he said.
Columbia manufactures in more than 20 countries, including China. This diversification helps shield the company from some fluctuations, but China is an important base for serving Chinese customers as well as those in other countries, Bragdon said. The company plans to continue doing business there.
"We follow the rule of law, not the rule of Twitter," he said.
Presidents have often used the act to impose economic sanctions to further U.S. foreign policy and national security goals. Initially, the targets were foreign states or their governments, but over the years the act has been increasingly used to punish individuals, groups and non-state actors, such as terrorists.
Some of the sanctions have affected U.S. businesses by prohibiting Americans from doing business with those targeted. The act also was used to block new investment in Burma in 1997.
Congress has never attempted to end a national emergency invoking the law, which would require a joint resolution. Congressional lawmakers did vote earlier this year to disapprove of Trump's declared emergency along the U.S.-Mexico border, only to see Trump veto the resolution.
China's Commerce Ministry issued a statement Saturday condemning Trump's threat, saying, "This kind of unilateral, bullying trade protectionism and maximum pressure go against the consensus reached by the two countries' heads of state, violate the principles of mutual respect, equality and mutual benefit, and seriously damage the multilateral trading system and normal international trade order."
Paris, Aug 23 (AP/UNB) — In a sharp escalation of tensions with Brazil, France is accusing President Jair Bolsonaro of having lied to French leader Emmanuel Macron and says it now opposes a trade deal with the South American bloc Mercosur because of his environmental back-peddling.
A statement from the Elysee Palace accused Bolsonaro of failing to respect his "commitments on the climate" and of failing to protect biodiversity and said that Macron "can only note that President Bolsonaro lied to him."
The angry language follows a spat on Twitter between the two leaders, after Macron angered Bolsonaro by calling on G-7 nations to act for the Amazon being ravaged by wildfires.
Rarely have French President Emmanuel Macron and superstar soccer players including Cristiano Ronaldo been on the same page, but when it comes to the fires that are devastating the Amazon, they're uniting in sounding the alarm.
Five-time world player of the year Ronaldo beat Macron to the punch with his tweet urging action on the Amazon that, by Friday morning, had already racked up more than a quarter-million likes.
Ronaldo tweeted "the Amazon Rainforest produces more than 20% of the world's oxygen and it's been burning for the past 3 weeks. It's our responsibility to help to save our planet."
Macron's tweet later was similarly urgent, saying "Our house is burning. Literally." Macron put the Amazon fires on the agenda for the G-7 summit of world leaders that France is hosting this weekend.