World

After Europe, US bans Pakistan Airline’s entry over safety concerns, suspicious licenses
World

After Europe, US bans Pakistan Airline’s entry over safety concerns, suspicious licenses

Following Pakistan’s revelation of its pilots having fake licenses, the US department of transportation suspended Pakistan International Airline’s (PIA) special permit, expressing concerns over the flag carrier’s safety measures and pilots’ “suspicious licenses”.“The PIA will not be able to operate its flights to the United States,” the US authority said in a statement adding that a ban has been placed on “all types of flights” operated by PIA.PIA’s spokesperson confirmed the ban and said that the national carrier had received an email in this regard.“We will address America’s concerns,” he said, adding that hopefully, the matter of pilots’ licenses will be resolved through ongoing corrective measures within the airline.The move comes a few days after the European Union Aviation Safety Age...
China has a 15-year plan to shape the future of tech. But some call it hype
World

China has a 15-year plan to shape the future of tech. But some call it hype

Chinese President Xi Jinping Aris Messinis | Pool | Reuters A major plan that will form part of China's global technology push has been dubbed as hype and will face a number of challenges, a technology industry body told CNBC. China Standards 2035 is an ambitious 15-year blueprint that Beijing is expected to release this year. It will lay out China's plans to set the global standards for the next-generation of technologies. Standards have been crucial for the development of technologies we use today such as 4G mobile networks or Wi-Fi. They are technical specifications that not only outline how technologies work but also interoperability. Standards are part of the reason why you can go abroad and still use mobile networks. Typically, the development of standards have been dominated by U.S...
U.S. operations in the South China Sea show that Washington is ‘not backing down,’ expert says
World

U.S. operations in the South China Sea show that Washington is ‘not backing down,’ expert says

U.S. Navy multirole fighter landing on the flight deck of USS Ronald Reagan (CVN-76) aircraft carrier as it sails in South China Sea Oct. 16, 2019. Catherine Lai | AFP | Getty Images The U.S. Navy exercise in the disputed South China Sea over the weekend was about "showing the flag" and sending a message to the region, an expert told CNBC this week. Two U.S. aircraft carriers conducted operations and exercises in the contested waters on the Fourth of July "in support of a free and open Indo-Pacific," the Navy said in a statement. Beijing also carried out military training in the South China Sea from July 1 to July 5. "The U.S. wants to send a message that it's not backing down, and that it's still able to do this," said Gregory Poling of the Center for Strategic and International Studies....
Here’s why Wall Street strategist Jim Paulsen says jobs data shows we may be in a ‘new bull market’
Market, World

Here’s why Wall Street strategist Jim Paulsen says jobs data shows we may be in a ‘new bull market’

(This story is for CNBC Pro subscribers only.) Wall Street strategist James Paulsen said Thursday that the recent economic reports are pointing to a recovery that could send stocks on an extended climb. "They're all telling a similar story. You can argue about whether they're stronger or weaker or whether they're overstated or not, but the direction of the economy is certainly north, and I think that's all it has to do to continue to provide confidence not only to investors but also to companies and to consumers," Paulsen, the chief investment strategist for the Leuthold Group, said on "Squawk Box."
MLB standoff continues after players send 70-game counteroffer to owners
World

MLB standoff continues after players send 70-game counteroffer to owners

Executive Director of the Major League Baseball Players Association Tony Clark on February 19, 2020 at Clover Park in Port St. Lucie, Florida. The Major League Baseball Players Association has countered a proposal by club owners to start the 2020 regular season suspended by Covid-19. MLBPA executive director Tony Clark said players issued a 70-game proposal, up from 60 games offered by the MLB. Clark also said the union's plan includes "a number of issues, (including) expanded playoffs for both 2020 and 2021. We believe this offer represents the basis for an agreement on resumption of play," Clark said in a statement. According to The Associated Press, the two sides remain more than $200 million apart on a deal that would offer $1 billion in salaries and include postseason pool pay. Clu...
Wirecard ex-boss Braun arrested as creditors hunt lost billions
World

Wirecard ex-boss Braun arrested as creditors hunt lost billions

Wirecard's former boss has been arrested on suspicion of falsifying its accounts, after the German payments firm disclosed a US$2.1 billion financial hole and questioned whether trustees had actually held money on its behalf. MUNICH/FRANKFURT: Wirecard's former boss has been arrested on suspicion of falsifying its accounts, after the German payments firm disclosed a US$2.1 billion financial hole and questioned whether trustees had actually held money on its behalf. Markus Braun turned himself in on Monday night after Munich prosecutors issued a warrant for his arrest. A judge ruled on Tuesday that the 50-year-old Austrian could be released as soon as he posts 5 million euros (US$5.7 million) in bail. Germany's financial regulator also filed a fresh complaint against Wirecard with th...
Commentary: Why are Chinese officials acting like Internet trolls and entertaining online fights with the US?
Singapore, World

Commentary: Why are Chinese officials acting like Internet trolls and entertaining online fights with the US?

A heated exchange of words is unhelpful when the superpowers need each other, especially in view of the economic downturn exacerbated by the pandemic this year, says Yew Chiew Ping. SINGAPORE: As protests over the police killing of George Floyd raged in the US, the chaotic scenes of fire and tear gas called to mind the anti-extradition bill protests in Hong Kong which started a year ago. China’s pent-up anger at US support of the Hong Kong protests found a release, as its diplomats jumped on the opportunity to conflate the two protests and accuse the US of hypocrisy and double standards. Chinese Foreign Ministry spokesman Zhao Lijian questioned the US’ reference to those Hong Kong protesters as heroes while labeling American protesters thugs. In late May, when the US State Departme...
RCEP members to keep aiming for deal this year, with hopes India will rejoin
Singapore, World

RCEP members to keep aiming for deal this year, with hopes India will rejoin

Ministers from 15 Asia-Pacific countries negotiating a sprawling free trade agreement agreed Tuesday to continue aiming for a deal by the end of the year, while keeping the door open for India to return to the talks. “We believe that India’s participation in (the Regional Comprehensive Economic Partnership) would contribute to the advancement and prosperity of the region. We therefore wish to emphasize that the RCEP remains open for India,” the ministers said in a joint statement following a videoconference. The 10 members of the Association of Southeast Asian Nations along with China, Japan, South Korea, Australia and New Zealand said last November that they had concluded the bulk of negotiations. But India, which is concerned that opening up its market would cause its trade deficit wi...
US Treasury agrees on loan terms with American, four other airlines
USA, World

US Treasury agrees on loan terms with American, four other airlines

The U.S. Treasury said on Thursday it has agreed on terms for government loans with five U.S. carriers, including American Airlines Group Inc . WASHINGTON: The U.S. Treasury said on Thursday it has agreed on terms for government loans with five U.S. carriers, including American Airlines Group Inc . The Treasury said it had signed letters of intent with American, Frontier Airlines, Hawaiian Airlines , SkyWest Airlines , and Spirit Airlines under a US$25 billion emergency loan program created by Congress in March. American said in April it expected to apply for a loan from the U.S. Treasury of approximately US$4.75 billion on top of US$5.8 billion in payroll assistance. Treasury separately awarded airlines US$25 billion in payroll assistance bailouts with most of the aid in the form ...
China says it must improve hygiene in markets after Beijing COVID-19 outbreak
Market, World

China says it must improve hygiene in markets after Beijing COVID-19 outbreak

SHANGHAI: Low standards of hygiene in China's wholesale food markets and vulnerabilities in its food supply chain need to be urgently addressed after a new COVID-19 outbreak in Beijing, a leading body of the ruling Communist Party said. The resurgence of COVID-19 in the country's capital over the past week, infecting more than 100 people and raising fears of wider contagion, has been linked to the city's massive Xinfadi food centre. The Communist Party's top disciplinary body said the outbreak underlined the urgent need to improve sanitation standards and minimise health risks at markets. "The epidemic is a mirror that not only reflects the dirty and messy aspects of wholesale markets but also their low-level management conditions," the Central Commission for Discipline Inspection (...