Loy Economy

A Democratic victory in the U.S. House of Representatives with Nancy Pelosi at its helm gives Republicans "something to run against", former White House press secretary Sean Spicer told CNBC. In late November, the House Democratic caucus voted overwhelmingly to nominate Pelosi as Speaker of the House, a position she first held from 2007 to 2011. Pelosi still needs to win the support of more that a dozen of her party's dissenters before a January 3 floor vote where she'll need to win the majority of the whole House — not just Democrats. Natasha Turak | @NatashaTurak Published 18 Hours Ago  Updated 5 Hours Ago CNBC.com Getty Images White House Press Secretary Sean Spicer A Democratic-led U.S. House of Representatives with Nancy Pelosi at its helm isn't as bad for the Trump administration as it might sound, according to former White House press secretary Sean Spicer. Speaking to CNBC on Saturday, he described what he felt would galvanize Republicans to ...

Japanese mobile carrier SoftBank will be replacing hardware from Huawei Technologies in its 4G telecommunications network infrastructure in the next few years, Nikkei Asian Review reported on Thursday. SoftBank's move reflects rising concerns about security leaks and other issues. Huileng Tan | @huileng_tan Published 2:11 AM ET Thu, 13 Dec 2018  Updated 7:22 AM ET Thu, 13 Dec 2018 CNBC.com Kiyoshi Ota | Bloomberg | Getty Images Pedestrians walk past signage for SoftBank Group outside a store in Tokyo, Japan, Nov. 29, 2018. Japanese mobile carrier SoftBank will be replacing its hardware from Chinese tech giant Huawei in its 4G telecommunications network infrastructure over the next few years — and will instead be using equipment from Ericsson and Nokia, Nikkei Asian Review reported on Thursday. SoftBank is also expected to place orders with the two European companies for its 5G networks, Nikkei reported. SoftBank is the only telecom carrier in Japan that uses Huawei equ...

Japan's government formally passed legislation over the weekend to allow more foreign workers in a move aimed at alleviating severe labor shortages that are a major drag on the Japanese economy. That may not be enough to mitigate the nation's dwindling workforce. From April next year, the world's third-largest economy will allow unskilled foreigners to work in 14 sectors such as construction and elderly care for up to five years. Skilled foreigners, meanwhile, will be able to migrate with their families and remain in Japan indefinitely. Prime Minister Shinzo Abe's cabinet first approved the laws last month. Currently, unskilled workers are only accepted under an intern training program. Foreigners with specialized knowledge who don't apply for permanent residency can only live in the country for a limited time without family members. "It probably won't be enough to prevent the working-age population from shrinking altogether." -Marcel Thieli...

European companies should not be compelled to transfer technology in order to gain access to the Chinese market, said Nicolas Chapuis, ambassador of the EU delegation to China. The bloc welcomes any foreign investments conducive to creating jobs and growth, said Chapuis. Huileng Tan | @huileng_tan Published 12:31 AM ET Wed, 12 Dec 2018  Updated 2:29 AM ET Wed, 12 Dec 2018 CNBC.com Nelson Ching | Bloomberg | Getty Images The Chinese and European Union flags The European Union has a vested interest in promoting technology exchanges with China, but any transfers should be regulated, said the trade bloc's ambassador to China on Wednesday. "For the last 40 years, EU companies have provided most of the foreign tech that is in China, about 50 percent of what is today in China," said Nicolas Chapuis, ambassador of the EU delegation to China. However, the diplomat expressed concerns about China trading market access for technology. "We believe in an open econ...

The pan-European Stoxx 600 closed provisionally down 0.63 percent, with almost all sectors and major bourses in negative territory. Market focus is largely attuned to a possible economic slowdown over the coming months, following weaker-than-expected data out of Europe and China. U.K. PM Theresa May insisted further EU talks on her Brexit deal were "possible" despite EU leaders repeatedly saying the withdrawal agreement is not open for renegotiation. Ryan Browne | Sam Meredith Published 1:56 AM ET Fri, 14 Dec 2018  Updated 1:51 PM ET Fri, 14 Dec 2018 CNBC.com European stocks closed lower Friday as weaker-than-expected economic data heightened concerns of a slowdown in global economic growth. The pan-European Stoxx 600 closed provisionally down 0.63 percent, with almost all sectors and major bourses in negative territory. Symbol Name Price Change %Change Volume FTSE FTSE 100 6845.17 -32.33 -0.47% 736227848 DAX DAX 10865.77 -58.93 -0.54% ...

The pan-European Stoxx 600 ended slightly lower on Thursday. The ECB ended its crisis-era bond-buying program. Utilities was the best performing sector on the day. David Reid | Sam Meredith Published 1:57 AM ET Thu, 13 Dec 2018  Updated 11:38 AM ET Thu, 13 Dec 2018 CNBC.com European stocks were slightly lower on average Thursday as the European Central Bank formally brought its 2.6 trillion euro ($3 tn) QE program to a close. The pan-European Stoxx 600 was little changed from the previous session, provisionally slipping 0.16 percent. Symbol Name Price Change %Change Volume FTSE FTSE 100 6845.17 -32.33 -0.47% 736227848 DAX DAX 10865.77 -58.93 -0.54% 83940904 CAC CAC 4853.70 -43.22 -0.88% 92452812 The ECB is to end to its crisis-era bond-buying program this December after nearly four years. European lenders have generally been critical of the central bank's QE program, arguing it has a negative impact on their net interest income. Uni...

The euro currency has slipped in value after the European Central Bank (ECB) trimmed its growth forecasts for this year and next. The ECB's three-year, 2.6 trillion-euro ($3tn) bond buying program is ending this month, and the central bank has claimed it is still on track to raise rates after the summer of next year. Delivering his prepared remarks to reporters in Frankfurt, ECB President Mario Draghi said 2018 growth in the euro area was expected to be 1.9 percent rather than the 2.0 percent forecast in September. "The risks surrounding the euro area growth outlook can still be assessed as broadly balanced. However, the balance of risk is moving to the downside owing to the persistence of uncertainties related to geopolitical factors, the threat of protectionism, vulnerabilities in emerging markets and financial market volatility," Draghi said. The 2019 GDP (gross domestic product) figure was also trimmed back to 1.7 percent from an earlier forecast of 1.8 perc...

Ahead of the EU summit, May admitted she was not expecting an "immediate breakthrough." Instead, she hoped both sides could revisit British lawmakers' Irish backstop concerns to improve the chances of getting her Brexit deal through Parliament. The EU-27 said it stands ready to start negotiations on future trade arrangements as soon as the U.K. leaves in March. Silvia Amaro | @Silvia_Amaro Published 3:32 AM ET Fri, 14 Dec 2018  Updated 8:22 AM ET Fri, 14 Dec 2018 CNBC.com Dan Kitwood | Getty Images News | Getty Images Britain’s Prime Minister Theresa May speaks to the media after she arrives at the European Council for the start of the two day EU summit on December 13, 2018 in Brussels, Belgium.  Britain's embattled Prime Minister Theresa May will go back to London empty-handed on Friday, after racing to Brussels to try to get a few more concessions from the European Union. The prime minister was hoping to get "legal and political" reassurances...

"I don't think you're going to get hurt that bad, I think it's going to work for you" to buy J&J if it falls another 10 percent on Monday, "Mad Money" host Jim Cramer says. "I think that the sellers of J&J aren't done, because they didn't do any homework," he says. Those sellers are "just buying entirely into a Reuters story that I'm not buying into," he says. Tyler Clifford | @_TylerTheTyler_ Published 5:38 PM ET Fri, 14 Dec 2018 CNBC.com   Buying Johnson & Johnson won't hurt your portfolio, says Jim Cramer  4:53 PM ET Fri, 14 Dec 2018 | 05:22 Johnson & Johnson shares will keep falling on Monday and it could be an opportune time to buy, CNBC's Jim Cramer said on Friday. The stock plunged 10.4 percent to close at $133 a share on Friday after Reuters reported the company knew for decades that asbestos was in its baby powder. "I certainly wouldn't want to commit a lot of money...

Apple is the latest in a string of companies to make major investments in Austin, Republican Texas Gov. Greg Abbott says. Abbott shrugged off Amazon's decision last month to pass on cities in his state in favor of locating its second headquarters on the East Coast. "Texas is the Alabama when it comes to recruiting in college football. We get to pick the 5-star recruit companies that are coming to the Lone Star State," he says. Tyler Clifford | @_TylerTheTyler_ Published 2:55 PM ET Fri, 14 Dec 2018 CNBC.com   Texas Governor Greg Abbott speaks with CNBC about Apple's new Austin campus  12:22 PM ET Fri, 14 Dec 2018 | 05:17 Major corporations such as Apple, which just announced a $1 billion investment into a new Austin campus, are buying into Texas, Gov. Greg Abbott told CNBC Friday. The iPhone maker promises to develop a 133-acre complex to hold 5,000 employees, with room for an additional 10,000 more. It will be situated within a mile of Apple's existi...