Singapore braces for challenges in the job market

While not discounting the importance of understanding artificial intelligence and robotics, Ong stressed the need to “learn your current job well” and …

While not discounting the importance of understanding artificial intelligence and robotics, Ong stressed the need to “learn your current job well” and master the skills of your trade.

When “you learn it so well, you can use technology, you can use AI, to assist you do do it better,” he said.

The education minister recognized that in the coming years, more work will have to be done for workers to effectively switch from “one industry to another,” and “between segments or value chain of the same industry.”

He cited a company in Singapore — DBS Bank, which he said has managed to help workers’ transition between roles within the company.

The bank trained tellers to take on new, digital functions in the company.

While “mundane work” will eventually be “replaced by machines,” personal relationships will not, said Tan Su Shan, group head of institutional banking at DBS, told CNBC’s “Squawk Box” on Thursday.

She highlighted the importance of adaptability within the firm and among employees.

“If you don’t innovate and if you don’t change, technology will eat your lunch,” Tan said.

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Uber says it’s not worried about new competition in its biggest market in Europe

Despite ongoing regulatory threats, including its license temporarily being revoked and extended, Uber has remained the dominant ride-hailing …

Ola, Uber’s Indian rival, reportedly received its London license and is expected to launch in the city this fall. French start-up Kapten also started offering its ride-hailing services in the city earlier this year.

“Uber is now the problem of its own making because it’s become the price-setter and everybody is now undercutting it from a price-setting point of view,” Michael Browne, portfolio manager at investment firm Martin Currie, told CNBC’s “Squawk Box Europe” Friday.

Even with the new challengers, Uber remained the most-downloaded ride-sharing and taxi app in the U.K. in the second quarter, according to analytics firm App Annie. Khosrowshahi said the company’s addition of public transit services in the app, including live timetables for tube and bus schedules, helped generate “higher engagement,” specifically in London.

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Too many Fed rate cuts could cause stocks to outrun economy, warns money manager of $140 billion

Michael Novogratz, ex-hedge fund manager at Fortress Investment Group and former Goldman Sachs partner, tends to go with the market consensus, …

The Federal Reserve should be careful not to cut interest rates too many times because the stock market could overheat, according to a private equity chief whose firm oversees more than $140 billion.

“I think the risk when we’re talking about prolonged cuts is … asset values could outrun the economy,” Ares Management co-founder and CEO Michael Arougheti told CNBC on Thursday. His comments came a day after the Fed reduced the cost of borrowing money by 0.25% and central bank chief Jerome Powell signaled the move could be a one-and-done situation.

Powell didn’t necessarily make the wrong decision on rates, Arougheti said in a “Squawk Box” interview. “But in the communication, he could have been a little clearer.”

That confusion caused a sharp sell-off in stocks Wednesday, with the Dow Jones Industrial Average and S&P 500 posting their biggest one-session losses in two months. Investors remained cautious at the Thursday open on Wall Street. But by midmorning, stocks were taking off on hopes for more cuts, but turned lower by midafternoon.

Arougheti said the economy may warrant holding steady for a while. “We have 1,700 middle-market companies in our portfolio. We touch about 800,000 consumer loans. We probably touch 30,000 small businesses. And everything we’re seeing in our portfolio says the U.S. economy is on unbelievably strong footing.”

The markets, however, are not ready to give up on the notion of additional cuts, with 56% odds on another cut at the central bank’s September policy meeting and the chances increasing as the year progresses, according to the CME FedWatch tracker Thursday morning.

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Bitcoin To $55000 By May 2020, CNBC’s Joe Kernen Hints

Bitcoin’s creator Satoshi Nakamoto established this approach in order to make BTC a deflationary asset, capping the maximum supply at 21 million …
CNBC Bitcoin price moonBitcoin News


Anatol Antonovici| Jul 29, 2019 | 11:25

CNBC’s Joe Kernen, the co-host of CNBC’s business program Squawk Box, hinted that Bitcoin price might hit the $55,000 level by 2020.

Halving to Drive Bitcoin Price to New ATH

Bitcoin is currently trialing new temporary lows, but Squawk Box’s Joe Kernen seems to expect the BTC price to surge to $55,000 by May 2020.

While co-hosting Squawk Box on July 29, Kernen asked the program guest Katie Stockton, founder, and managing partner at Fairlead Strategies, whether she anticipated the coin to hit the $55,000 mark. Kernen acted as if he agreed with this level and wondered if Stockton expected the same.

Will bitcoin reach $55k by May 2020? @JoeSquawk discusses #btc with

— Squawk Box (@SquawkCNBC) July 29, 2019

Kernen associates the potential bullish rally with the next halving of Bitcoin, which is estimated to occur at around May 2020. When that happens, miners will receive 6.25 BTC per block instead of 12.5. Bitcoin’s creator Satoshi Nakamoto established this approach in order to make BTC a deflationary asset, capping the maximum supply at 21 million coins.

The last halving took place on July 9, 2016, on the block 420,000. At that point, the block reward fell 50%, from 25 BTC to the current level at 12.5 BTC. The halving was preceded by a sharp rally that started in June 2016. After a short-term correction, the market gradually updated its record levels up until late 2017, when the price hit the $20,000 level on several exchanges.

In a similar fashion, the upcoming halving might drive the Bitcoin market to new records. It is because the halving will directly affect the supply.

Stockton a Bit Shocked by Kernen’s Question

Judging by the reaction of Stockton, she initially thought that Kernen was joking. The Squawk Box co-host then delivered several fundamental analysis arguments that seemed reasonable and plausible. The other co-hosts of the program, Andrew Ross Sorkin and Rebecca Quick, were almost laughing at Kernen’s daring prediction.

Eventually, he admitted that the question to Katie Stockton was a joke. In the end, Kernen hinted that he was teasing Bitcoin believers. However, he compared Bitcoin to gold and silver, pointing to the coin’s scarcity.

Do you think Bitcoin price has the potential to touch the $55,000 level by May 2020? Share your thoughts in the comments section!

Images by Shutterstock

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Former FDA Commissioner Gottlieb defends decision to join Pfizer board

… a special partner at venture capital firm New Enterprise Associates, where he worked before joining the FDA. He also joined CNBC as a contributor.

Former Food and Drug Administration Commissioner Scott Gottlieb defended his decision to join Pfizer‘s board of directors just two months after stepping down from the agency that regulates the drugmaker. He said in an interview Tuesday on CNBC he feels “very confident” about his record at the FDA and is “very proud” of his new role.

Pfizer last week announced Gottlieb would join its board of directors — a job that paid a minimum of $335,000 in stock and cash in 2018, according to a regulatory filing. At the FDA, Gottlieb called for promoting innovation and increasing competition to lower prescription drug prices.

“I feel very confident about my record at the agency, and I called balls and strikes and acted in the interest of public health and public interest,” Gottlieb said in an interview on CNBC’s “Squawk Box.”

Gottlieb, who is a medical doctor, previously worked in the biotech sector as a venture capitalist. “I’ve largely returned to my work prior to the FDA,” he said.

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