JEWISH KING JESUS IS COMING AT THE RAPTURE FOR US IN THE CLOUDS-DON'T MISS IT FOR THE WORLD.THE BIBLE TAKEN LITERALLY- WHEN THE PLAIN SENSE MAKES GOOD SENSE-SEEK NO OTHER SENSE-LEST YOU END UP IN NONSENSE.GET SAVED NOW- CALL ON JESUS TODAY.THE ONLY SAVIOR OF THE WHOLE EARTH - NO OTHER. 1 COR 15:23-JESUS THE FIRST FRUITS-CHRISTIANS RAPTURED TO JESUS-FIRST FRUITS OF THE SPIRIT-23 But every man in his own order: Christ the firstfruits; afterward they that are Christ’s at his coming.ROMANS 8:23 And not only they, but ourselves also, which have the firstfruits of the Spirit, even we ourselves groan within ourselves, waiting for the adoption, to wit, the redemption of our body.(THE PRE-TRIB RAPTURE)
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Global stocks sinks as Chinese currency weakens further-Associated Press-AUG 12,15-YAHOONEWS
NEW YORK (AP) — A second day of declines in China's currency is sending global stocks lower as traders worry about weakness in the world's second-largest economy.The Dow Jones industrial average lost 193 points, or 1.1 percent, to 17,212 as of 9:35 a.m. Eastern time Wednesday.The Standard & Poor's 500 index fell 19 points, or 1 percent, to 2,064. The Nasdaq composite declined 58 points, or 1.2 percent, to 4,977.Markets were also lower in Europe and Asia. A weaker Chinese currency would make that country's exports cheaper on global markets.U.S.-listed shares of Alibaba, the giant Chinese retailer, sank 8 percent after the company's sales fell short of analysts' estimates.Bond prices rose. The yield on the 10-year Treasury note fell to 2.12 percent.Global stocks sank Wednesday as China let its currency fall for a second day following a surprise devaluation that rattled global financial markets.China's government said the devaluation of the yuan was part of reforms meant to make its exchange rate more market-oriented. But the decision has added to worries over slowing growth in the world's second-largest economy and that Western companies might find it harder to sell their goods there.KEEPING SCORE: The Chinese yuan's market rate fell 1.8 percent after Tuesday's nearly 2 percent decline, which was the biggest drop in a decade. Germany's DAX dropped 2.4 percent to 11,025.72 and Britain's FTSE 100 lost 1.2 percent to 6,588.08. France's CAC 40 shed 2.2 percent to 4,985.63. Wall Street looked poised for further losses, with both Dow and S&P futures down 0.9 percent.CHINA'S DEVALUATION: The International Monetary Fund welcomed Beijing's move toward more flexible exchange rates, but many investors saw it as an attempt to stimulate a slowing economy, since a cheaper yuan will benefit China's exports by making them less expensive overseas. The devaluation triggered selling of shares, oil and other commodities on expectations of weaker demand from China.THE QUOTE: "Markets were not expecting any major moves on the currency from the Chinese government, despite its benefits, as the risks were perceived as too high. Now that this Rubicon has been crossed, keen attention should be paid to any other significant moves to prop up the Chinese economy," Angus Nicholson, a market analyst at IG, said in a commentary.VIETNAM DEVALUES: Vietnam doubled the trading band of its currency Wednesday to 2 percent allow it to weaken following China's devaluation. The State Bank of Vietnam said the weaker Chinese currency would have a "negative impact" on its economy. But analysts said the move was unlikely to spur competitive devaluations and would have only a modest impact.ASIAN SCORECARD: Japan's Nikkei 225 fell 1.6 percent to 20,392.77 and Hong Kong's Hang Seng dropped 2.4 percent to 23,902.51. South Korea's Kospi lost 0.6 percent to 1,975.47 and Australia's S&P/ASX 200 slipped 1.7 percent to 5,382.10. The Shanghai Composite Index fell 1.1 percent to 3,886.32, and shares in Southeast Asia were also lower.ENERGY: U.S. crude rose 57 cents to $43.65 a barrel in electronic trading on the New York Mercantile Exchange. It fell Tuesday to its lowest level in six years, losing $1.88 to $43.08 a barrel.CURRENCIES: The dollar fell to 124.23 yen from 125.18 yen in the previous trading session. The euro rose to $1.1150 from $1.1047.
China cuts yuan rate against US dollar for second day-AFP By Bill Savadove-AUG 12,15-YAHOONEWS
Shanghai (AFP) - China cut the yuan's value against the dollar for the second consecutive day Wednesday, roiling global financial markets and driving expectations the currency could be set for further falls.The daily reference rate that sets the value of the Chinese currency against the greenback was cut by 1.62 percent to 6.3306 yuan, from 6.2298 on Tuesday, the People's Bank of China (PBoC) said in a statement on its website.The move took the reductions to 3.5 percent this week -- the largest in more than two decades -- after a surprise devaluation on Tuesday, but the central bank played down expectations it would continue to depreciate the currency.The combined drop is the biggest since China set up its modern foreign exchange system in 1994, when it devalued the yuan by 33 percent at a stroke.It is also a bigger change than the 2.1 percent rise when China unpegged the yuan, also known as the renminbi (RMB), from the dollar in 2005.The double move has been widely viewed as a way to boost China's exports by making them more competitive as growth slows.Compounding concerns over the world's second-largest economy, three key indicators released on Wednesday all came in below market expectations, the latest data to show weakness.China says it is making its exchange rate system more market-oriented, but some analysts suspect it could be the start of a longer slide in the yuan and SG Global Economics predicted the unit could depreciate by five percent over 12 months.The cuts have already jolted global share and commodity markets and Asia-Pacific currencies have suffered as investors fret over the impact on economies closely tied to the Asian giant.-- Currency war -Analysts said the move could also delay an expected US hike in interest rates and even threaten a currency war as other countries come under pressure to devalue as well.Washington has long criticised China's rigid currency regime, with officials describing the yuan as undervalued, but the US offered a mild response, saying it was too early to judge the changes."China has indicated that the changes announced today are another step in its move to a more market-determined exchange rate," the US Treasury said, adding: "Any reversal in reforms would be a troubling development".Previously, Chinese authorities based the fixing on a poll of market-makers, but the PBoC said Tuesday they will now also take into account the previous day's close, foreign exchange supply and demand and the rates of major currencies.Wednesday's fix was even lower than Tuesday's close of 6.3232 yuan to the dollar. The unit closed at 6.3870, weakening from a day before but trimming losses from earlier, and Bloomberg News reported that the central bank had intervened to buy dollars and prop it up.The new fixing mechanism still gives officials some discretion in setting the rate, so that it will not automatically follow the market.China allows the yuan to trade only within a two percent range on either side of the daily reference rate, although the State Council, or cabinet, has signalled it intends to widen the band.The central bank is expected to defend the currency should it test the limits.The PBoC also dismissed expectations of continued falls, saying in a statement the exchange rate movements were normal and "there is no base for continued depreciation".-- Sentiment hurt -But global markets continued their slide, with Hong Kong stocks closing down 2.38 percent on Wednesday and Tokyo losing 1.58 percent, while oil dropped after hitting a more than six-year low in New York.Shanghai shares closed down 1.06 percent as worse-than-expected economic figures also hurt sentiment.Industrial output grew 6.0 percent year-on-year in July, the government said, slowing from a 6.8 percent increase in June and coming in below expectations for a 6.6 percent rise, while retail sales and fixed asset investment also disappointed.The yuan cuts also come as Beijing seeks to have the yuan included in the International Monetary Fund's basket of "special drawing rights" (SDR) reserve currencies.The IMF has said more work was required on the proposal, but a spokesman welcomed Tuesday's changes, saying they should give market forces "a greater role in determining the exchange rate"."Greater exchange rate flexibility is important for China as it strives to give market forces a decisive role in the economy and is rapidly integrating into global financial markets," the spokesman added."The exact impact will depend on how the new mechanism is implemented in practice."
China devaluation sparks fear of currency war, angers U.S. lawmakers-Reuters By Pete Sweeney and Lu Jianxin-AUG 12,15-YAHOONEWS
SHANGHAI (Reuters) - China shocked global markets on Tuesday by devaluing its currency after a run of poor economic data, a move it billed as a free-market reform but which some experts suspect could be the beginning of a longer-term slide in the exchange rate.The devaluation was condemned by U.S. lawmakers from both parties as a grab for an unfair export advantage and could set the stage for testy talks when Chinese President Xi Jinping visits Washington next month given acrimony over issues ranging from cybersecurity to Beijing's territorial ambitions.China's central bank set its official guidance rate down nearly 2 percent to 6.2298 yuan per dollar on Tuesday - its lowest point in almost three years - in what it said was a change in methodology to make the currency more responsive to market forces.It was the biggest one-day fall since a massive devaluation in 1994 when China aligned its official and market rates.The devaluation hit global equities and U.S. oil prices, with investors fearing a new currency war as well as declining Chinese economic momentum. The MSCI All World Index of global shares fell 1 percent.A U.S. Treasury official warned China that any wavering in its commitment to a more market-determined exchange rate would be "troubling", but added it was not clear if Beijing's yuan devaluation marked such a step.Senior U.S. lawmakers were more forthright."It's time for the (Obama) administration to focus more intensively on China's cheating and label the country a currency manipulator," Democratic Senator Bob Casey, a member of the Senate Finance Committee, said in a statement.A cheaper yuan will help Chinese exports by making them less expensive on overseas markets.The People's Bank of China (PBOC) called the move a "one-off depreciation"."Since China's trade in goods continues to post relatively large surpluses, the yuan's real effective exchange rate is still relatively strong versus various global currencies, and is deviating from market expectations," the central bank said."Therefore, it is necessary to further improve the yuan's midpoint pricing to meet the needs of the market."-FEAR OF A CURRENCY WAR-Economists disagreed over the significance of a devaluation that reversed a previous strong-yuan policy which had aimed to boost domestic consumption and outward investment."For a long time, I gave the PBOC credit for holding the line on the renminbi (yuan) and recognizing that while it might be tempting to try to shore up the old-growth model by devaluing the currency, that really was a dead end," said fund manager Patrick Chovanec of U.S.-based Silvercrest Asset Management.The devaluation followed weekend data that showed China's exports tumbled 8.3 percent in July, hit by weaker demand from Europe, the United States and Japan, and that producer prices were well into their fourth year of deflation.The move hurt the Australian and New Zealand dollars and the Korean won, fanning talk of a round of currency devaluations from other major exporters. But some of Asia's most interventionist central banks appeared to be holding their nerve on currency policy.Economists pointed out that until Tuesday, China had held the yuan firm while its neighbors had debased their currencies."It was inevitable that China would join the currency war at some point. The key will be the response of other central banks," said Nick Lawson, managing director at Deutsche Bank in London.-AND FEAR OF DEFLATION-While a weaker yuan will not cure all the ills of China's exporters, which suffer from rising labor costs, it would help relieve deflationary pressure, a far bigger concern in the view of some economists.Falling commodity prices have been blamed for producer price deflation, putting China at risk of repeating the deflationary cycle that blighted Japan for decades.Growth in China, the world's second-largest economy, has slowed markedly this year and is set to hit a 25-year low even if it meets its official 7 percent target.Spot yuan ended at 6.3231 on Tuesday, its weakest close since September 2012.The devaluation was not only a shock to financial markets.Chinese tourists who have become a common sight in the world's major cities said they feared their wings would be clipped if the devaluation developed into a deeper dent in their spending power.More than 100 million Chinese travel abroad every year, buying more luxury goods than any other nation."I'd planned to go to Seoul this month with my friends and then Thailand alone in October. But I'm afraid the yuan will devalue more," Xuechang Huang, a 48-year-old housewife from Guangzhou, told Reuters.(Additional reporting by Samuel Shen and Kazunori Takada in SHANGHAI and Vidya Ranganathan in SINGAPORE; Writing by Dean Yates; Editing by Mark Bendeich)
Presidential candidate Trump: China devaluation will devastate U.S.-Reuters-AUG 12,15-YAHOONEWS
WASHINGTON (Reuters) - Republican presidential candidate Donald Trump on Tuesday said China's devaluation of the yuan would be "devastating" for the United States."They're just destroying us," the billionaire businessman, a long-time critic of China's currency policy, said in a CNN interview."They keep devaluing their currency until they get it right. They're doing a big cut in the yuan, and that's going to be-devastating for us."Earlier on Tuesday, China devalued its currency following a series of poor economic data in the yuan's biggest fall since 1994. Some said this could signal a long-term slide in the exchange rate.China has been a frequent theme for Trump since he entered the 2016 presidential campaign, promising to be a tougher negotiator with Beijing in order to bolster the U.S. economy."We have so much power over China," he told CNN. "China has gotten rich off of us. China has rebuilt itself with the money it's sucked out of the United States and the jobs that it's sucked out of the United States."(Writing by Bill Trott; Editing by Susan Heavey and Lisa Von Ahn)
Leading everywhere': Donald Trump barrels ahead-AFP By Michael Mathes-AUG 12,15-YAHOONEWS
Washington (AFP) - The Donald Trump bullet train charged full speed ahead, as the unfiltered US presidential hopeful slammed China, Barack Obama's administration and Republican rival Jeb Bush while reveling in fresh poll results that he said show him "leading everywhere."Ignoring warning signs that his campaign may be running into trouble, the brash celebrity billionaire held a wide-ranging press conference before a speech in Michigan on Tuesday and lashed out on several subjects but declined to provide policy details."We'll be announcing over the next two weeks numbers and specifics," he said when asked of his jobs plan. "You have to be flexible on jobs and everything else."He used his take-no-prisoners style to batter Bush in particular, saying the former Florida governor "will not be able to negotiate against China (or) Mexico." Trump lit a powder keg during last week's debut Republican presidential debate, when he refused to pledge he would not run as an independent, clashed with a popular Fox News moderator, and later made comments about her that many interpreted as crudely sexist.But Trump, himself a former reality TV impresario, said he was responsible for drawing millions to that prime-time debate broadcast."Who do you think they were watching, Jeb Bush? Huh? I don't think so," Trump quipped.Asked if he would acknowledge he has gone over the top with some of the criticism and his braggadocio, Trump merely pointed to the polls."Leading in Iowa, leading in New Hampshire... leading in South Carolina, leading in Nevada," Trump said, rattling off several early-voting states."Leading everywhere."A new Suffolk University poll in Iowa, which holds the first presidential contest early next year, has Trump ahead with 17 percent support, Wisconsin Governor Scott Walker in second with 12 percent and Senator Marco Rubio of Florida with 10.The survey also showed Bush, a one-time frontrunner, slipping to seventh spot.But in a warning of sorts to Trump, 55 percent of Suffolk respondents said his debate performance made them "less comfortable" with Trump as a candidate.In a new Rasmussen Reports poll, Trump led with 17 percent -- a significant drop from the 26 percent he enjoyed in the same national poll conducted late last month.As the new data emerged, Trump doubled down on his assertion that he would not rule out a third-party candidacy -- a nightmare scenario for Republicans."I want to run as a Republican," he told Fox earlier Tuesday. "But I do want to keep that door open in case I don't get treated fairly."Experts have stressed that an independent Trump candidacy could spell disaster for Republicans because such a move could split the GOP vote and hand election victory to likely Democratic nominee Hillary Clinton.- 'Spirit, cheerleading, jobs' -The former secretary of state meanwhile offered blunt criticism of Trump, saying Monday that he went "way overboard" in his crude verbal assault on a female journalist.Fox News moderator Megyn Kelly used tough tactics when questioning Trump during Thursday's debate. A day later Trump said Kelly had "blood coming out of her wherever," a remark many construed as referring to menstruation.The Donald in Michigan meanwhile let loose on Beijing, saying something ought to be done to "reign in China" -- but again offered no specifics -- after its sharp currency devaluation Tuesday, a move Trump blasted as a "disgrace.""China has no respect for President Obama whatsoever," he boomed."They think we are run by a bunch of idiots."On domestic race relations, strained by several deaths of unarmed black men at the hands of white police officers, Trump said there were "powder kegs all over the country waiting to explode."Asked how to improve the situation, Trump offered: "You need spirit, cheerleading and jobs."Trump, who made disparaging remarks about Mexican immigrants early in his campaign, insisted he will "do well with the Hispanic vote and do great with the women vote."He noted that Bush's recent questioning of the amount of funds needed for women's health will be a "disaster" for Bush."The women's health issues, I'm for that," Trump insisted."I cherish women," added Trump. "I will be great on women's health issues. Believe me."
Trump's female fans shrug off 'blood' comment about TV host-Reuters By Emily Flitter and Alana Wise-AUG 12,15-YAHOONEWS
LEHIGH COUNTY, Penn./NEW YORK (Reuters) - It's easy to find female fans of Donald Trump in this cluster of former factory towns in the hills west of New York City even after his comments about Fox News anchor Megyn Kelly that have been widely interpreted as referring to her menstrual cycle.The loud-mouthed real estate mogul, who holds a wide lead over rivals in the Republican race for the White House, has been unapologetic, despite pundits saying his clash with Kelly could hurt him with women voters and halt his meteoric rise in the polls.A new Reuters/Ipsos poll suggests Trump - who has dominated coverage of the 2016 election with a series of flame-throwing comments about illegal Mexican immigrants, the war record of Senator John McCain and Kelly - may in fact still be leading among women Republican supporters.There's evidence of that support in Lehigh County, Pennsylvania, even though the county leans Democrat. A third of women randomly interviewed by Reuters on the street self-identified as Trump supporters and said they still supported him.Kelly Ray, 34, a former teacher and conservative Christian who left work to home-school her two children, said Trump was an attractive candidate because he was an outsider who had not held elected office."I like how disgusted he is in how things are right now," she said outside a Kohls department store in Trexlertown on Monday. "I'm not fed up with Donald Trump. I'm fed up with (U.S. President) Barack Obama."She said she was not put off by Trump's performance in last week's Republican presidential debate. Trump bristled when Kelly, one of the moderators, said he had called women "fat pigs, dogs, slobs and disgusting animals" in the past.Trump accused her of political correctness and of not treating him with respect. In a CNN interview on Friday he said of Kelly: "You could see there was blood coming out of her eyes, blood coming out of her - wherever."That comment was seen as implying she had been menstruating during the debate, although Trump has repeatedly denied this and said he had been referring to her nose.-"A LITTLE ROUGH AROUND THE EDGES"-"Shame on the public for presuming something, for putting words in his mouth," said Evonne Groody, 28, a nurse in Allentown, Pennsylvania.Groody said Trump was her first choice for president even though she's a registered Democrat."Women are not offended by that at all," said Lori Pesta, creator of Facebook group Women for Donald Trump, referring to Trump's comment about Kelly. The page, which has more than 600 "likes", was launched just days before the latest controversy erupted."It doesn’t matter what Donald Trump says. The news media is going to twist it. I heard the original comment and it shouldn’t have been taken that way," she said.Trump's outspokenness is his most important quality, according to the women who like him. Women interviewed in Lehigh County and respondents in a Reuters/Ipsos poll praised his apparent honesty."He's a little rough around the edges because he goes against the grain," said Angie Brodie, 38, another nurse in Allentown.To be sure, many of the women interviewed were vehemently opposed to Trump's behavior. And the Reuters/Ipsos poll, conducted between Aug. 7 and Aug. 11, appeared to show female support for Trump waning slightly, falling to 20 percent from 26 percent on Aug. 3. The poll had a credibility interval of 7.1 percentage points.Trump's comment about Kelly cost him at least one supporter: Renee Daily, 56, a grandmother in Trexlertown who said his candidacy had inspired her to register to vote for the first time in her life. On Monday she said she had given up on him."He just started to talk too much," she said.To win the presidency, Trump needs strong backing from women, who make up 53 percent of the U.S. electorate. At the moment, he has a wider leader among men than women.BIG MOUTH-Paradoxically, media attention to Trump's comments about Kelly may be helping him shore up support.Of the 17 Republican presidential hopefuls, Trump is arguably the most spontaneous speaker. "What I say is what I say," he told Kelly in response to her question on women during the debate.Spontaneity is an advantage, said Davida Charney, a rhetoric and writing professor at the University of Texas at Austin."Something that is unplanned and critical is somehow truer, more honest," she said.That's how Groody saw it. She said Trump seemed so straightforward that if he had wanted to say Kelly was irrational because she was menstruating, he would have just said it plainly.But some fans worry his unfiltered style could cross a line.Susan Wetzel, 55, a former shipping company worker living in a Dallas suburb, said she cared more about the problems Trump was addressing, like immigration than about his comments on Kelly, which she found offensive. She wants Trump to talk more about policy issues."If he doesn't, he's not going to get my vote," she said. "We need a grown-up in office, we don't need a little kid."(Reporting By Emily Flitter and Alana Wise, editing by Ross Colvin)
Why Clinton camp is releasing personal server 5 months after email flap emerged-Hillary Clinton has decided to cooperate with investigators after months of refusing to give up the personal server used to send emails during her tenure as secretary of State.Christian Science Monitor By Sara Aridi-AUG 12,15-YAHOONEWS
Ms. Clinton has drawn criticism for using a private server and personal email to conduct government business during her tenure at the helm of the State Department. She has maintained that she never sent or stored any classified information on her personal server and account. However, since news that she had not been using a government-protected server broke in March, at least two emails have been deemed "Top Secret, Sensitive Compartmented Information" – one of the government's highest classifications.Top Republicans have say the retroactive designation of those emails as evidence that Clinton lied about not sending classified information over her personal server."Secretary Clinton's previous statements that she possessed no classified information were patently untrue," House Speaker John Boehner (R) of Ohio said in a statement after the Clinton camp announced that it would hand over the data. "Her mishandling of classified information must be fully investigated."Federal investigators are now searching for security breaches in Clinton’s personal email setup amid speculations that other classified information may have been sent through the server. There has been no evidence that Clinton encrypted the account to prevent prying eyes from accessing the emails or her personal system.Clinton has "pledged to cooperate with the government's security inquiry, and if there are more questions, we will continue to address them," campaign spokesman Nick Merrill said Tuesday. The decision to give up the server came after the FBI said Mr. Kendall was not permitted to possess classified information contained in some of the emails, said a US official who was not authorized to speak publicly. Clinton's attorney had already supplied the 30,000 emails contained on the thumb drives to investigators in December, but had retained copies of them on the thumb drives.In March, Clinton said she exchanged nearly 60,000 emails during her four years in the Obama administration, half of which were personal and had been discarded.For months after the New York Times uncovered Clinton’s home-brew email server, the Democratic candidate refused to hand it in. She claimed she used it out of convenience to limit the amount of electronic devices she had to carry.While her use of a personal email did not break the rules at the time, no other secretary of State has exclusively done so.Material from the Associated Press was used in this report.
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Global stocks sinks as Chinese currency weakens further-Associated Press-AUG 12,15-YAHOONEWS
NEW YORK (AP) — A second day of declines in China's currency is sending global stocks lower as traders worry about weakness in the world's second-largest economy.The Dow Jones industrial average lost 193 points, or 1.1 percent, to 17,212 as of 9:35 a.m. Eastern time Wednesday.The Standard & Poor's 500 index fell 19 points, or 1 percent, to 2,064. The Nasdaq composite declined 58 points, or 1.2 percent, to 4,977.Markets were also lower in Europe and Asia. A weaker Chinese currency would make that country's exports cheaper on global markets.U.S.-listed shares of Alibaba, the giant Chinese retailer, sank 8 percent after the company's sales fell short of analysts' estimates.Bond prices rose. The yield on the 10-year Treasury note fell to 2.12 percent.Global stocks sank Wednesday as China let its currency fall for a second day following a surprise devaluation that rattled global financial markets.China's government said the devaluation of the yuan was part of reforms meant to make its exchange rate more market-oriented. But the decision has added to worries over slowing growth in the world's second-largest economy and that Western companies might find it harder to sell their goods there.KEEPING SCORE: The Chinese yuan's market rate fell 1.8 percent after Tuesday's nearly 2 percent decline, which was the biggest drop in a decade. Germany's DAX dropped 2.4 percent to 11,025.72 and Britain's FTSE 100 lost 1.2 percent to 6,588.08. France's CAC 40 shed 2.2 percent to 4,985.63. Wall Street looked poised for further losses, with both Dow and S&P futures down 0.9 percent.CHINA'S DEVALUATION: The International Monetary Fund welcomed Beijing's move toward more flexible exchange rates, but many investors saw it as an attempt to stimulate a slowing economy, since a cheaper yuan will benefit China's exports by making them less expensive overseas. The devaluation triggered selling of shares, oil and other commodities on expectations of weaker demand from China.THE QUOTE: "Markets were not expecting any major moves on the currency from the Chinese government, despite its benefits, as the risks were perceived as too high. Now that this Rubicon has been crossed, keen attention should be paid to any other significant moves to prop up the Chinese economy," Angus Nicholson, a market analyst at IG, said in a commentary.VIETNAM DEVALUES: Vietnam doubled the trading band of its currency Wednesday to 2 percent allow it to weaken following China's devaluation. The State Bank of Vietnam said the weaker Chinese currency would have a "negative impact" on its economy. But analysts said the move was unlikely to spur competitive devaluations and would have only a modest impact.ASIAN SCORECARD: Japan's Nikkei 225 fell 1.6 percent to 20,392.77 and Hong Kong's Hang Seng dropped 2.4 percent to 23,902.51. South Korea's Kospi lost 0.6 percent to 1,975.47 and Australia's S&P/ASX 200 slipped 1.7 percent to 5,382.10. The Shanghai Composite Index fell 1.1 percent to 3,886.32, and shares in Southeast Asia were also lower.ENERGY: U.S. crude rose 57 cents to $43.65 a barrel in electronic trading on the New York Mercantile Exchange. It fell Tuesday to its lowest level in six years, losing $1.88 to $43.08 a barrel.CURRENCIES: The dollar fell to 124.23 yen from 125.18 yen in the previous trading session. The euro rose to $1.1150 from $1.1047.
China cuts yuan rate against US dollar for second day-AFP By Bill Savadove-AUG 12,15-YAHOONEWS
Shanghai (AFP) - China cut the yuan's value against the dollar for the second consecutive day Wednesday, roiling global financial markets and driving expectations the currency could be set for further falls.The daily reference rate that sets the value of the Chinese currency against the greenback was cut by 1.62 percent to 6.3306 yuan, from 6.2298 on Tuesday, the People's Bank of China (PBoC) said in a statement on its website.The move took the reductions to 3.5 percent this week -- the largest in more than two decades -- after a surprise devaluation on Tuesday, but the central bank played down expectations it would continue to depreciate the currency.The combined drop is the biggest since China set up its modern foreign exchange system in 1994, when it devalued the yuan by 33 percent at a stroke.It is also a bigger change than the 2.1 percent rise when China unpegged the yuan, also known as the renminbi (RMB), from the dollar in 2005.The double move has been widely viewed as a way to boost China's exports by making them more competitive as growth slows.Compounding concerns over the world's second-largest economy, three key indicators released on Wednesday all came in below market expectations, the latest data to show weakness.China says it is making its exchange rate system more market-oriented, but some analysts suspect it could be the start of a longer slide in the yuan and SG Global Economics predicted the unit could depreciate by five percent over 12 months.The cuts have already jolted global share and commodity markets and Asia-Pacific currencies have suffered as investors fret over the impact on economies closely tied to the Asian giant.-- Currency war -Analysts said the move could also delay an expected US hike in interest rates and even threaten a currency war as other countries come under pressure to devalue as well.Washington has long criticised China's rigid currency regime, with officials describing the yuan as undervalued, but the US offered a mild response, saying it was too early to judge the changes."China has indicated that the changes announced today are another step in its move to a more market-determined exchange rate," the US Treasury said, adding: "Any reversal in reforms would be a troubling development".Previously, Chinese authorities based the fixing on a poll of market-makers, but the PBoC said Tuesday they will now also take into account the previous day's close, foreign exchange supply and demand and the rates of major currencies.Wednesday's fix was even lower than Tuesday's close of 6.3232 yuan to the dollar. The unit closed at 6.3870, weakening from a day before but trimming losses from earlier, and Bloomberg News reported that the central bank had intervened to buy dollars and prop it up.The new fixing mechanism still gives officials some discretion in setting the rate, so that it will not automatically follow the market.China allows the yuan to trade only within a two percent range on either side of the daily reference rate, although the State Council, or cabinet, has signalled it intends to widen the band.The central bank is expected to defend the currency should it test the limits.The PBoC also dismissed expectations of continued falls, saying in a statement the exchange rate movements were normal and "there is no base for continued depreciation".-- Sentiment hurt -But global markets continued their slide, with Hong Kong stocks closing down 2.38 percent on Wednesday and Tokyo losing 1.58 percent, while oil dropped after hitting a more than six-year low in New York.Shanghai shares closed down 1.06 percent as worse-than-expected economic figures also hurt sentiment.Industrial output grew 6.0 percent year-on-year in July, the government said, slowing from a 6.8 percent increase in June and coming in below expectations for a 6.6 percent rise, while retail sales and fixed asset investment also disappointed.The yuan cuts also come as Beijing seeks to have the yuan included in the International Monetary Fund's basket of "special drawing rights" (SDR) reserve currencies.The IMF has said more work was required on the proposal, but a spokesman welcomed Tuesday's changes, saying they should give market forces "a greater role in determining the exchange rate"."Greater exchange rate flexibility is important for China as it strives to give market forces a decisive role in the economy and is rapidly integrating into global financial markets," the spokesman added."The exact impact will depend on how the new mechanism is implemented in practice."
China devaluation sparks fear of currency war, angers U.S. lawmakers-Reuters By Pete Sweeney and Lu Jianxin-AUG 12,15-YAHOONEWS
SHANGHAI (Reuters) - China shocked global markets on Tuesday by devaluing its currency after a run of poor economic data, a move it billed as a free-market reform but which some experts suspect could be the beginning of a longer-term slide in the exchange rate.The devaluation was condemned by U.S. lawmakers from both parties as a grab for an unfair export advantage and could set the stage for testy talks when Chinese President Xi Jinping visits Washington next month given acrimony over issues ranging from cybersecurity to Beijing's territorial ambitions.China's central bank set its official guidance rate down nearly 2 percent to 6.2298 yuan per dollar on Tuesday - its lowest point in almost three years - in what it said was a change in methodology to make the currency more responsive to market forces.It was the biggest one-day fall since a massive devaluation in 1994 when China aligned its official and market rates.The devaluation hit global equities and U.S. oil prices, with investors fearing a new currency war as well as declining Chinese economic momentum. The MSCI All World Index of global shares fell 1 percent.A U.S. Treasury official warned China that any wavering in its commitment to a more market-determined exchange rate would be "troubling", but added it was not clear if Beijing's yuan devaluation marked such a step.Senior U.S. lawmakers were more forthright."It's time for the (Obama) administration to focus more intensively on China's cheating and label the country a currency manipulator," Democratic Senator Bob Casey, a member of the Senate Finance Committee, said in a statement.A cheaper yuan will help Chinese exports by making them less expensive on overseas markets.The People's Bank of China (PBOC) called the move a "one-off depreciation"."Since China's trade in goods continues to post relatively large surpluses, the yuan's real effective exchange rate is still relatively strong versus various global currencies, and is deviating from market expectations," the central bank said."Therefore, it is necessary to further improve the yuan's midpoint pricing to meet the needs of the market."-FEAR OF A CURRENCY WAR-Economists disagreed over the significance of a devaluation that reversed a previous strong-yuan policy which had aimed to boost domestic consumption and outward investment."For a long time, I gave the PBOC credit for holding the line on the renminbi (yuan) and recognizing that while it might be tempting to try to shore up the old-growth model by devaluing the currency, that really was a dead end," said fund manager Patrick Chovanec of U.S.-based Silvercrest Asset Management.The devaluation followed weekend data that showed China's exports tumbled 8.3 percent in July, hit by weaker demand from Europe, the United States and Japan, and that producer prices were well into their fourth year of deflation.The move hurt the Australian and New Zealand dollars and the Korean won, fanning talk of a round of currency devaluations from other major exporters. But some of Asia's most interventionist central banks appeared to be holding their nerve on currency policy.Economists pointed out that until Tuesday, China had held the yuan firm while its neighbors had debased their currencies."It was inevitable that China would join the currency war at some point. The key will be the response of other central banks," said Nick Lawson, managing director at Deutsche Bank in London.-AND FEAR OF DEFLATION-While a weaker yuan will not cure all the ills of China's exporters, which suffer from rising labor costs, it would help relieve deflationary pressure, a far bigger concern in the view of some economists.Falling commodity prices have been blamed for producer price deflation, putting China at risk of repeating the deflationary cycle that blighted Japan for decades.Growth in China, the world's second-largest economy, has slowed markedly this year and is set to hit a 25-year low even if it meets its official 7 percent target.Spot yuan ended at 6.3231 on Tuesday, its weakest close since September 2012.The devaluation was not only a shock to financial markets.Chinese tourists who have become a common sight in the world's major cities said they feared their wings would be clipped if the devaluation developed into a deeper dent in their spending power.More than 100 million Chinese travel abroad every year, buying more luxury goods than any other nation."I'd planned to go to Seoul this month with my friends and then Thailand alone in October. But I'm afraid the yuan will devalue more," Xuechang Huang, a 48-year-old housewife from Guangzhou, told Reuters.(Additional reporting by Samuel Shen and Kazunori Takada in SHANGHAI and Vidya Ranganathan in SINGAPORE; Writing by Dean Yates; Editing by Mark Bendeich)
Presidential candidate Trump: China devaluation will devastate U.S.-Reuters-AUG 12,15-YAHOONEWS
WASHINGTON (Reuters) - Republican presidential candidate Donald Trump on Tuesday said China's devaluation of the yuan would be "devastating" for the United States."They're just destroying us," the billionaire businessman, a long-time critic of China's currency policy, said in a CNN interview."They keep devaluing their currency until they get it right. They're doing a big cut in the yuan, and that's going to be-devastating for us."Earlier on Tuesday, China devalued its currency following a series of poor economic data in the yuan's biggest fall since 1994. Some said this could signal a long-term slide in the exchange rate.China has been a frequent theme for Trump since he entered the 2016 presidential campaign, promising to be a tougher negotiator with Beijing in order to bolster the U.S. economy."We have so much power over China," he told CNN. "China has gotten rich off of us. China has rebuilt itself with the money it's sucked out of the United States and the jobs that it's sucked out of the United States."(Writing by Bill Trott; Editing by Susan Heavey and Lisa Von Ahn)
Leading everywhere': Donald Trump barrels ahead-AFP By Michael Mathes-AUG 12,15-YAHOONEWS
Washington (AFP) - The Donald Trump bullet train charged full speed ahead, as the unfiltered US presidential hopeful slammed China, Barack Obama's administration and Republican rival Jeb Bush while reveling in fresh poll results that he said show him "leading everywhere."Ignoring warning signs that his campaign may be running into trouble, the brash celebrity billionaire held a wide-ranging press conference before a speech in Michigan on Tuesday and lashed out on several subjects but declined to provide policy details."We'll be announcing over the next two weeks numbers and specifics," he said when asked of his jobs plan. "You have to be flexible on jobs and everything else."He used his take-no-prisoners style to batter Bush in particular, saying the former Florida governor "will not be able to negotiate against China (or) Mexico." Trump lit a powder keg during last week's debut Republican presidential debate, when he refused to pledge he would not run as an independent, clashed with a popular Fox News moderator, and later made comments about her that many interpreted as crudely sexist.But Trump, himself a former reality TV impresario, said he was responsible for drawing millions to that prime-time debate broadcast."Who do you think they were watching, Jeb Bush? Huh? I don't think so," Trump quipped.Asked if he would acknowledge he has gone over the top with some of the criticism and his braggadocio, Trump merely pointed to the polls."Leading in Iowa, leading in New Hampshire... leading in South Carolina, leading in Nevada," Trump said, rattling off several early-voting states."Leading everywhere."A new Suffolk University poll in Iowa, which holds the first presidential contest early next year, has Trump ahead with 17 percent support, Wisconsin Governor Scott Walker in second with 12 percent and Senator Marco Rubio of Florida with 10.The survey also showed Bush, a one-time frontrunner, slipping to seventh spot.But in a warning of sorts to Trump, 55 percent of Suffolk respondents said his debate performance made them "less comfortable" with Trump as a candidate.In a new Rasmussen Reports poll, Trump led with 17 percent -- a significant drop from the 26 percent he enjoyed in the same national poll conducted late last month.As the new data emerged, Trump doubled down on his assertion that he would not rule out a third-party candidacy -- a nightmare scenario for Republicans."I want to run as a Republican," he told Fox earlier Tuesday. "But I do want to keep that door open in case I don't get treated fairly."Experts have stressed that an independent Trump candidacy could spell disaster for Republicans because such a move could split the GOP vote and hand election victory to likely Democratic nominee Hillary Clinton.- 'Spirit, cheerleading, jobs' -The former secretary of state meanwhile offered blunt criticism of Trump, saying Monday that he went "way overboard" in his crude verbal assault on a female journalist.Fox News moderator Megyn Kelly used tough tactics when questioning Trump during Thursday's debate. A day later Trump said Kelly had "blood coming out of her wherever," a remark many construed as referring to menstruation.The Donald in Michigan meanwhile let loose on Beijing, saying something ought to be done to "reign in China" -- but again offered no specifics -- after its sharp currency devaluation Tuesday, a move Trump blasted as a "disgrace.""China has no respect for President Obama whatsoever," he boomed."They think we are run by a bunch of idiots."On domestic race relations, strained by several deaths of unarmed black men at the hands of white police officers, Trump said there were "powder kegs all over the country waiting to explode."Asked how to improve the situation, Trump offered: "You need spirit, cheerleading and jobs."Trump, who made disparaging remarks about Mexican immigrants early in his campaign, insisted he will "do well with the Hispanic vote and do great with the women vote."He noted that Bush's recent questioning of the amount of funds needed for women's health will be a "disaster" for Bush."The women's health issues, I'm for that," Trump insisted."I cherish women," added Trump. "I will be great on women's health issues. Believe me."
Trump's female fans shrug off 'blood' comment about TV host-Reuters By Emily Flitter and Alana Wise-AUG 12,15-YAHOONEWS
LEHIGH COUNTY, Penn./NEW YORK (Reuters) - It's easy to find female fans of Donald Trump in this cluster of former factory towns in the hills west of New York City even after his comments about Fox News anchor Megyn Kelly that have been widely interpreted as referring to her menstrual cycle.The loud-mouthed real estate mogul, who holds a wide lead over rivals in the Republican race for the White House, has been unapologetic, despite pundits saying his clash with Kelly could hurt him with women voters and halt his meteoric rise in the polls.A new Reuters/Ipsos poll suggests Trump - who has dominated coverage of the 2016 election with a series of flame-throwing comments about illegal Mexican immigrants, the war record of Senator John McCain and Kelly - may in fact still be leading among women Republican supporters.There's evidence of that support in Lehigh County, Pennsylvania, even though the county leans Democrat. A third of women randomly interviewed by Reuters on the street self-identified as Trump supporters and said they still supported him.Kelly Ray, 34, a former teacher and conservative Christian who left work to home-school her two children, said Trump was an attractive candidate because he was an outsider who had not held elected office."I like how disgusted he is in how things are right now," she said outside a Kohls department store in Trexlertown on Monday. "I'm not fed up with Donald Trump. I'm fed up with (U.S. President) Barack Obama."She said she was not put off by Trump's performance in last week's Republican presidential debate. Trump bristled when Kelly, one of the moderators, said he had called women "fat pigs, dogs, slobs and disgusting animals" in the past.Trump accused her of political correctness and of not treating him with respect. In a CNN interview on Friday he said of Kelly: "You could see there was blood coming out of her eyes, blood coming out of her - wherever."That comment was seen as implying she had been menstruating during the debate, although Trump has repeatedly denied this and said he had been referring to her nose.-"A LITTLE ROUGH AROUND THE EDGES"-"Shame on the public for presuming something, for putting words in his mouth," said Evonne Groody, 28, a nurse in Allentown, Pennsylvania.Groody said Trump was her first choice for president even though she's a registered Democrat."Women are not offended by that at all," said Lori Pesta, creator of Facebook group Women for Donald Trump, referring to Trump's comment about Kelly. The page, which has more than 600 "likes", was launched just days before the latest controversy erupted."It doesn’t matter what Donald Trump says. The news media is going to twist it. I heard the original comment and it shouldn’t have been taken that way," she said.Trump's outspokenness is his most important quality, according to the women who like him. Women interviewed in Lehigh County and respondents in a Reuters/Ipsos poll praised his apparent honesty."He's a little rough around the edges because he goes against the grain," said Angie Brodie, 38, another nurse in Allentown.To be sure, many of the women interviewed were vehemently opposed to Trump's behavior. And the Reuters/Ipsos poll, conducted between Aug. 7 and Aug. 11, appeared to show female support for Trump waning slightly, falling to 20 percent from 26 percent on Aug. 3. The poll had a credibility interval of 7.1 percentage points.Trump's comment about Kelly cost him at least one supporter: Renee Daily, 56, a grandmother in Trexlertown who said his candidacy had inspired her to register to vote for the first time in her life. On Monday she said she had given up on him."He just started to talk too much," she said.To win the presidency, Trump needs strong backing from women, who make up 53 percent of the U.S. electorate. At the moment, he has a wider leader among men than women.BIG MOUTH-Paradoxically, media attention to Trump's comments about Kelly may be helping him shore up support.Of the 17 Republican presidential hopefuls, Trump is arguably the most spontaneous speaker. "What I say is what I say," he told Kelly in response to her question on women during the debate.Spontaneity is an advantage, said Davida Charney, a rhetoric and writing professor at the University of Texas at Austin."Something that is unplanned and critical is somehow truer, more honest," she said.That's how Groody saw it. She said Trump seemed so straightforward that if he had wanted to say Kelly was irrational because she was menstruating, he would have just said it plainly.But some fans worry his unfiltered style could cross a line.Susan Wetzel, 55, a former shipping company worker living in a Dallas suburb, said she cared more about the problems Trump was addressing, like immigration than about his comments on Kelly, which she found offensive. She wants Trump to talk more about policy issues."If he doesn't, he's not going to get my vote," she said. "We need a grown-up in office, we don't need a little kid."(Reporting By Emily Flitter and Alana Wise, editing by Ross Colvin)
Why Clinton camp is releasing personal server 5 months after email flap emerged-Hillary Clinton has decided to cooperate with investigators after months of refusing to give up the personal server used to send emails during her tenure as secretary of State.Christian Science Monitor By Sara Aridi-AUG 12,15-YAHOONEWS
Ms. Clinton has drawn criticism for using a private server and personal email to conduct government business during her tenure at the helm of the State Department. She has maintained that she never sent or stored any classified information on her personal server and account. However, since news that she had not been using a government-protected server broke in March, at least two emails have been deemed "Top Secret, Sensitive Compartmented Information" – one of the government's highest classifications.Top Republicans have say the retroactive designation of those emails as evidence that Clinton lied about not sending classified information over her personal server."Secretary Clinton's previous statements that she possessed no classified information were patently untrue," House Speaker John Boehner (R) of Ohio said in a statement after the Clinton camp announced that it would hand over the data. "Her mishandling of classified information must be fully investigated."Federal investigators are now searching for security breaches in Clinton’s personal email setup amid speculations that other classified information may have been sent through the server. There has been no evidence that Clinton encrypted the account to prevent prying eyes from accessing the emails or her personal system.Clinton has "pledged to cooperate with the government's security inquiry, and if there are more questions, we will continue to address them," campaign spokesman Nick Merrill said Tuesday. The decision to give up the server came after the FBI said Mr. Kendall was not permitted to possess classified information contained in some of the emails, said a US official who was not authorized to speak publicly. Clinton's attorney had already supplied the 30,000 emails contained on the thumb drives to investigators in December, but had retained copies of them on the thumb drives.In March, Clinton said she exchanged nearly 60,000 emails during her four years in the Obama administration, half of which were personal and had been discarded.For months after the New York Times uncovered Clinton’s home-brew email server, the Democratic candidate refused to hand it in. She claimed she used it out of convenience to limit the amount of electronic devices she had to carry.While her use of a personal email did not break the rules at the time, no other secretary of State has exclusively done so.Material from the Associated Press was used in this report.
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