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Hot Food Stock Nears All Time High

https://www.cnbc.com/2010/07/08/hot-food-stock-nears-all-time-high.html

2010-07-08T21:47:16+0000

Lee Brodie

CNBC

With shares of Diamond Foods up 57% over the past year and trading near its 52-week high, is the stock about to break out, technically?And fundamentally, could this under-the-radar snack food company be poised to take market share from the likes of Frito Lay?Don’t make a move until you check out our interview with Diamond Foods CEO Michael Mendes.

cnbc, Articles, Diamond Foods Inc, Fast Money, CNBC TV, source:tagname:CNBC US Source

<div class="group"><p>With shares of Diamond Foods up 57% over the past year and trading near its 52-week high, is the stock about to break out, technically?</p><p>And fundamentally, could this under-the-radar snack food company be poised to take market share from the likes of Frito Lay?</p><div style="height:100%" class="lazyload-placeholder"></div><p>Don’t make a move until you check out our interview with Diamond Foods CEO Michael Mendes.</p></div>,<div class="group"><p>Watch the video now!</p><p>______________________________________________________<br>Got something to to say? Send us an e-mail at <a href="mailto:fastmoney-web@cnbc.com" class="webresource" target="_blank">fastmoney-web@cnbc.com</a> and your comment might be posted on the <em>Rapid Recap. </em>If you'd prefer to make a comment but not have it published on our website send those e-mails to <!-- -->.<br><br></p><p><em>Trader disclosure: On July 8, 2010, the following stocks and commodities mentioned or intended to be mentioned on CNBC’s Fast Money were owned by the Fast Money traders;  Terranova owns (GOOG), (AMZN), (MON), (APC), (GMCR), (MYL), (MRVL), (BAC), (ADI), (ADBE), (AKAM), (HES), (CVS), (AXP), (EMC), (ABT); Adami owns (AGU), (BTU), (NUE), (C), (GS), (INTC), (MSFT); Adami’s wife works at Merck; Finerman owns (AAPL); Finerman’s Firm owns (AEO); Finermans’ Firm owns (ANF); Finerman’s Firm owns (BAC) stock and calls; Finerman and Finerman’s Firm own (BAC) preferred; Finerman and Finerman’s Firm owns (BBY); Finerman owns (BP) calls; Finerman owns (C); Finerman and Finerman’s Firm own (CVS); Finerman owns (GLW); Finerman &amp; Finerman’s Firm owns (GOOG); Finerman &amp; Finerman’s Firm owns (HPQ); Finerman &amp; Finerman’s Firm owns (IBM); Finerman &amp; Finerman’s Firm owns (JPM) stock &amp; calls ; Finerman owns (SKS); Finerman’s firm owns (PM); Finerman’s Firm owns (RIG); Finerman’s Firm owns (TGT); Finerman’s Firm owns (WMT); Finerman’s Firm is short (IJR); Finerman’s Firm is short (IWM); Finerman’s Firm is short (MOY); Finerman’s Firm is short (SPY); Pete Najarian owns (DD) Calls; Pete Najarian owns (TJX) Calls; Pete Najarian owns (USB); Pete Najarian owns (CSX) Calls; Pete Najarian owns (CNI) Stock, short Calls; Pete Najarian owns (GNW) Calls; Pete Najarian owns (HPQ), short calls; Pete Najarian owns (MRVL), short calls; Pete Najarian owns (CMC) a call spread; Pete Najarian owns (TCK), short calls; Pete Najarian owns (AMD) calls; Pete Najarian owns (LLC) a call spread; Pete Najarian owns (C) calls; Pete Najarian owns (BAC); Pete Najarian owns (BBY) a call spread<br><br>For Joe Terranova<br>Terranova works for (VRTS)<br>Terranova is chief market strategist of Virtus Investment Partners, LTD.<br>Virtus Investment Partners owns more than 1% of (CASS)<br>Virtus Investment Partners owns more than 1% of (LDR)<br>Virtus Investment Partners owns more than 1% of (LPHI)<br>Virtus Investment Partners owns more than 1% of (MGRC)<br>Virtus Investment Partners owns more than 1% of (XLB)<br>Virtus Investment Partners owns more than 1% of (XLP)<br>Virtus Investment Partners owns more than 1% of (XLY)<br>Virtus Investment Partners owns more than 1% of (XLI)<br>Virtus Investment Partners owns more than 1% of (XLK)<br>Virtus Investment Partners owns more than 1% of (XLU)<br>Virtus Investment Partners owns more than 1% of (SUBK)<br>Virtus Investment Partners owns more than 1% of (WDFC)<br>Virtus Investment Partners owns more than 1% of (YDNT)<br>Virtus Investment Partners owns more than 1% of (DRYS)<br><br>For Patty Edwards <br>Edwards owns (AAPL) for clients<br>Edwards owns (AMZN) for clients<br>Edwards owns (ABT) for clients<br>Edwards owns (BA) for clients<br>Edwards owns (BAC) for clients<br>Edwards owns (BBY) for clients<br>Edwards owns (BKE) for clients<br>Edwards owns (C) for clients<br>Edwards owns (COP) for clients<br>Edwards owns (CVX) for clients<br>Edwards owns (DELL) for clients<br>Edwards owns (DO) for clients<br>Edwards owns (F) for clients<br>Edwards owns (FCX) for clients<br>Edwards owns (GE) for clients<br>Edwards owns (GLD) for clients<br>Edwards owns (GOOG) for clients<br></em><em>Edwards owns (GLW) for clients<br></em><em>Edwards owns (HAL) for clients<br>Edwards owns (HES) for clients<br>Edwards owns (HPQ) for clients<br>Edwards owns (INTC) for clients<br>Edwards owns (JPM) for clients<br>Edwards owns (JNK) for clients<br>Edwards owns (MCD) for clients<br>Edwards owns (MOS) for clients<br>Edwards owns (MS) for clients<br>Edwards owns (MSFT) for clients<br></em><em>Edwards owns (NE) for clients<br>Edwards owns (NSC) for clients <br>Edwards owns (NVDA) for clients<br>Edwards owns (PNC) for clients<br>Edwards owns (QQQQ) for clients<br>Edwards owns (RIG) for clients<br>Edwards owns (SLB) for clients<br>Edwards owns (SPY) for clients<br>Edwards owns (STI) for clients<br>Edwards owns (STM) for clients<br>Edwards owns (TM) for clients<br>Edwards owns (TM)<br>Edwards owns (TTM) for clients<br>Edwards owns (TXN) for clients<br></em><em>Edwards owns (UNP) for clients <br>Edwards owns (VXX) for clients<br>Edwards owns (VZ) for clients<br>Edwards owns (WFC) for clients<br>Edwards owns (WFT) for clients<br>Edwards owns (WFMI) for clients<br>Edwards owns (WMT) for clients<br>Edwards owns (V) for clients<br>Edwards owns (XOM) for clients<br>Edwards owns gold for clients<br>Edwards owns platinum for clients<br>Edwards owns silver for clients<br>Edwards owns the Russell 2000 for clients<br>Edwards owns the S&amp;P500 for clients<br><br>Joe LaVorgna<br></em><em>***No Disclosures***<br><br>Dennis Gartman<br></em><em>***No Disclosures***<br><br>J.P. Mark<br>***No Disclosures***<br><br>Alex Hamilton<br>***No Disclosures***<br><br><br></em><br><br>CNBC.com with wires</p></div>

With shares of Diamond Foods up 57% over the past year and trading near its 52-week high, is the stock about to break out, technically?And fundamentally, could this under-the-radar snack food company be poised to take market share from the likes of Frito Lay?Don’t make a move until you check out our interview with Diamond Foods CEO Michael Mendes.Watch the video now!______________________________________________________Got something to to say? Send us an e-mail at fastmoney-web@cnbc.com and your comment might be posted on the Rapid Recap. If you'd prefer to make a comment but not have it published on our website send those e-mails to .Trader disclosure: On July 8, 2010, the following stocks and commodities mentioned or intended to be mentioned on CNBC’s Fast Money were owned by the Fast Money traders;  Terranova owns (GOOG), (AMZN), (MON), (APC), (GMCR), (MYL), (MRVL), (BAC), (ADI), (ADBE), (AKAM), (HES), (CVS), (AXP), (EMC), (ABT); Adami owns (AGU), (BTU), (NUE), (C), (GS), (INTC), (MSFT); Adami’s wife works at Merck; Finerman owns (AAPL); Finerman’s Firm owns (AEO); Finermans’ Firm owns (ANF); Finerman’s Firm owns (BAC) stock and calls; Finerman and Finerman’s Firm own (BAC) preferred; Finerman and Finerman’s Firm owns (BBY); Finerman owns (BP) calls; Finerman owns (C); Finerman and Finerman’s Firm own (CVS); Finerman owns (GLW); Finerman & Finerman’s Firm owns (GOOG); Finerman & Finerman’s Firm owns (HPQ); Finerman & Finerman’s Firm owns (IBM); Finerman & Finerman’s Firm owns (JPM) stock & calls ; Finerman owns (SKS); Finerman’s firm owns (PM); Finerman’s Firm owns (RIG); Finerman’s Firm owns (TGT); Finerman’s Firm owns (WMT); Finerman’s Firm is short (IJR); Finerman’s Firm is short (IWM); Finerman’s Firm is short (MOY); Finerman’s Firm is short (SPY); Pete Najarian owns (DD) Calls; Pete Najarian owns (TJX) Calls; Pete Najarian owns (USB); Pete Najarian owns (CSX) Calls; Pete Najarian owns (CNI) Stock, short Calls; Pete Najarian owns (GNW) Calls; Pete Najarian owns (HPQ), short calls; Pete Najarian owns (MRVL), short calls; Pete Najarian owns (CMC) a call spread; Pete Najarian owns (TCK), short calls; Pete Najarian owns (AMD) calls; Pete Najarian owns (LLC) a call spread; Pete Najarian owns (C) calls; Pete Najarian owns (BAC); Pete Najarian owns (BBY) a call spreadFor Joe TerranovaTerranova works for (VRTS)Terranova is chief market strategist of Virtus Investment Partners, LTD.Virtus Investment Partners owns more than 1% of (CASS)Virtus Investment Partners owns more than 1% of (LDR)Virtus Investment Partners owns more than 1% of (LPHI)Virtus Investment Partners owns more than 1% of (MGRC)Virtus Investment Partners owns more than 1% of (XLB)Virtus Investment Partners owns more than 1% of (XLP)Virtus Investment Partners owns more than 1% of (XLY)Virtus Investment Partners owns more than 1% of (XLI)Virtus Investment Partners owns more than 1% of (XLK)Virtus Investment Partners owns more than 1% of (XLU)Virtus Investment Partners owns more than 1% of (SUBK)Virtus Investment Partners owns more than 1% of (WDFC)Virtus Investment Partners owns more than 1% of (YDNT)Virtus Investment Partners owns more than 1% of (DRYS)For Patty Edwards Edwards owns (AAPL) for clientsEdwards owns (AMZN) for clientsEdwards owns (ABT) for clientsEdwards owns (BA) for clientsEdwards owns (BAC) for clientsEdwards owns (BBY) for clientsEdwards owns (BKE) for clientsEdwards owns (C) for clientsEdwards owns (COP) for clientsEdwards owns (CVX) for clientsEdwards owns (DELL) for clientsEdwards owns (DO) for clientsEdwards owns (F) for clientsEdwards owns (FCX) for clientsEdwards owns (GE) for clientsEdwards owns (GLD) for clientsEdwards owns (GOOG) for clientsEdwards owns (GLW) for clientsEdwards owns (HAL) for clientsEdwards owns (HES) for clientsEdwards owns (HPQ) for clientsEdwards owns (INTC) for clientsEdwards owns (JPM) for clientsEdwards owns (JNK) for clientsEdwards owns (MCD) for clientsEdwards owns (MOS) for clientsEdwards owns (MS) for clientsEdwards owns (MSFT) for clientsEdwards owns (NE) for clientsEdwards owns (NSC) for clients Edwards owns (NVDA) for clientsEdwards owns (PNC) for clientsEdwards owns (QQQQ) for clientsEdwards owns (RIG) for clientsEdwards owns (SLB) for clientsEdwards owns (SPY) for clientsEdwards owns (STI) for clientsEdwards owns (STM) for clientsEdwards owns (TM) for clientsEdwards owns (TM)Edwards owns (TTM) for clientsEdwards owns (TXN) for clientsEdwards owns (UNP) for clients Edwards owns (VXX) for clientsEdwards owns (VZ) for clientsEdwards owns (WFC) for clientsEdwards owns (WFT) for clientsEdwards owns (WFMI) for clientsEdwards owns (WMT) for clientsEdwards owns (V) for clientsEdwards owns (XOM) for clientsEdwards owns gold for clientsEdwards owns platinum for clientsEdwards owns silver for clientsEdwards owns the Russell 2000 for clientsEdwards owns the S&P500 for clientsJoe LaVorgna***No Disclosures***Dennis Gartman***No Disclosures***J.P. Mark***No Disclosures***Alex Hamilton***No Disclosures***CNBC.com with wires

2021-10-30 14:12:02.720526

Congress, White House: Up For Late Summer Fight?

https://www.cnbc.com/2007/09/04/congress-white-house-up-for-late-summer-fight.html

2007-09-04T17:47:18+0000

John Harwood

CNBC

Summer isn't over yet, but the languid pace that has prevailed in Washington since Congress left town in August has now definitively vanished. On every front, the White House and Congress, Republicans and Democrats, are girding for political action that will unfold rapidly with its ultimate consequences uncertain.Let's look at the most important points of engagement: --The elephant in the room: the Iraq war. This is President Bush's top priority and there's no close second. Facing resistance from Congressional Democrats, Bush sought a momentum boost with his surprise visit to Iraq in advance of Gen. David Petraeus' testimony on the troop surge in Washington next week. Bush and even some Democrats see signs of military progress; Democratic leaders said the US military commitment isn't leading to political reconciliation that would allow troops to come home. --The new wild card: the economy. When you have a single issue stirring fear and anxiety among hedge fund markets, pension fund investors, and moderate-income homeowners, there's potential for a powerful political reaction. That's what the mortgage mess has produced. Bush responded last week with his limited assistance proposals, while Democrats want more -- including potential cash bailouts. This may be one area where Democratic and Republican choose to work together. --The old battle: taxes and spending. Republicans bruised by the unpopularity of Iraq and scandal drama (see: Craig, Larry) are spoiling to battle Democrats over one of their familiar themes. That's what Bush is threatening to veto spending bills from the Democratic Congress, and almost certainly would do the same if Democrats could muster the votes to raise taxes on private equity. The GOP badly needs to reclaim the tax-spending brand. --The backdrop: the 2008 elections. The campaign trail has almost supplanted Washington as the focus of national attention already. And that trend will only increase. A Wednesday night debate in New Hampshire will showcase the tightrope Republican candidates have to walk between distancing themselves from an unpopular White House and building support among the Republican base. The next morning, the new Republican candidate, Fred Thompson will enter the race in Iowa (having appeared on "The Tonight Show with Jay Leno" on the same night of that GOP debate).

cnbc, Articles, Political Capital, source:tagname:CNBC US Source

<div class="group"><p>Summer isn't over yet, but the languid pace that has prevailed in Washington since Congress left town in August has now definitively vanished. On every front, the White House and Congress, Republicans and Democrats, are girding for political action that will unfold rapidly with its ultimate consequences uncertain.</p><p>Let's look at the most important points of engagement: </p><div style="height:100%" class="lazyload-placeholder"></div><p>--The elephant in the room: the Iraq war. This is President Bush's top priority and there's no close second. Facing resistance from Congressional Democrats, Bush sought a momentum boost with his surprise visit to Iraq in advance of Gen. David Petraeus' testimony on the troop surge in Washington next week. Bush and even some Democrats see signs of military progress; Democratic leaders said the US military commitment isn't leading to political reconciliation that would allow troops to come home. </p><p>--The new wild card: the economy. When you have a single issue stirring fear and anxiety among hedge fund markets, pension fund investors, and moderate-income homeowners, there's potential for a powerful political reaction. That's what the mortgage mess has produced. Bush responded last week with his limited assistance proposals, while Democrats want more -- including potential cash bailouts. This may be one area where Democratic and Republican choose to work together. </p><p>--The old battle: taxes and spending. Republicans bruised by the unpopularity of Iraq and scandal drama (see: Craig, Larry) are spoiling to battle Democrats over one of their familiar themes. That's what Bush is threatening to veto spending bills from the Democratic Congress, and almost certainly would do the same if Democrats could muster the votes to raise taxes on private equity. The GOP badly needs to reclaim the tax-spending brand. </p><p>--The backdrop: the 2008 elections. The campaign trail has almost supplanted Washington as the focus of national attention already. And that trend will only increase. A Wednesday night debate in New Hampshire will showcase the tightrope Republican candidates have to walk between distancing themselves from an unpopular White House and building support among the Republican base. The next morning, the new Republican candidate, Fred Thompson will enter the race in Iowa (having appeared on "The Tonight Show with Jay Leno" on the same night of that GOP debate). </p></div>,<div class="group"><p>Can Thompson be the Reagan heir in the race? and can Barack Obama sharpen his change message enough to win a change election against Hillary Clinton in the Democratic primary? I travel to Iowa this afternoon to see both candidates. And I will blog on what I see. </p><p><em>Questions?  Comments?  Write to <a href="mailto:politicalcapital@cnbc.com" class="webresource" target="_blank">politicalcapital@cnbc.com</a>.</em></p></div>

Summer isn't over yet, but the languid pace that has prevailed in Washington since Congress left town in August has now definitively vanished. On every front, the White House and Congress, Republicans and Democrats, are girding for political action that will unfold rapidly with its ultimate consequences uncertain.Let's look at the most important points of engagement: --The elephant in the room: the Iraq war. This is President Bush's top priority and there's no close second. Facing resistance from Congressional Democrats, Bush sought a momentum boost with his surprise visit to Iraq in advance of Gen. David Petraeus' testimony on the troop surge in Washington next week. Bush and even some Democrats see signs of military progress; Democratic leaders said the US military commitment isn't leading to political reconciliation that would allow troops to come home. --The new wild card: the economy. When you have a single issue stirring fear and anxiety among hedge fund markets, pension fund investors, and moderate-income homeowners, there's potential for a powerful political reaction. That's what the mortgage mess has produced. Bush responded last week with his limited assistance proposals, while Democrats want more -- including potential cash bailouts. This may be one area where Democratic and Republican choose to work together. --The old battle: taxes and spending. Republicans bruised by the unpopularity of Iraq and scandal drama (see: Craig, Larry) are spoiling to battle Democrats over one of their familiar themes. That's what Bush is threatening to veto spending bills from the Democratic Congress, and almost certainly would do the same if Democrats could muster the votes to raise taxes on private equity. The GOP badly needs to reclaim the tax-spending brand. --The backdrop: the 2008 elections. The campaign trail has almost supplanted Washington as the focus of national attention already. And that trend will only increase. A Wednesday night debate in New Hampshire will showcase the tightrope Republican candidates have to walk between distancing themselves from an unpopular White House and building support among the Republican base. The next morning, the new Republican candidate, Fred Thompson will enter the race in Iowa (having appeared on "The Tonight Show with Jay Leno" on the same night of that GOP debate). Can Thompson be the Reagan heir in the race? and can Barack Obama sharpen his change message enough to win a change election against Hillary Clinton in the Democratic primary? I travel to Iowa this afternoon to see both candidates. And I will blog on what I see. Questions?  Comments?  Write to politicalcapital@cnbc.com.

2021-10-30 14:12:02.781302

Countries With the Most Expensive Private Schools

https://www.cnbc.com/2011/06/19/Countries-With-the-Most-Expensive-Private-Schools.html

2011-06-19T12:04:23+0000

Rajeshni Naidu-Ghelani

CNBC

Despite the rising cost of private schools, demand continues to grow across the world. For many, private schooling buys luxury, exclusivity and privacy. In many developing countries, private education is a must-have for parents who want their children to succeed.Across the world, the cost of private education has risen faster than incomes. In the U.S., private high schools cost over $40,000, compared to a median income of around $50,000. In the U.K., boarding school fees jumped 65 percent from 1992 to 2008, while household incomes increased only 30 percent over the same period, according to the Institute for Fiscal Studies.We’ve put together a list of the countries with the most expensive private schools based on the cost of sending a child to one of the top three or four private schools in that country.We used annual tuition fees for high school students for both day and boarding schools. Since boarding is often the more expensive option, we ranked the countries by boarding fees, except in the cases of China and Brazil.The fees we considered include boarding, food and basic curriculum costs, but exclude charges such as registration fees, deposits, extra-curricular activities and field trips. We also excluded schools that specialized in children with special needs.Click ahead to find out which countries have the world’s most expensive private schools.By Posted: June 19, 2011

cnbc, Articles, Business News, Economy, World Economy, Asia News, source:tagname:CNBC US Source

<div class="group"><p>Despite the rising cost of private schools, demand continues to grow across the world. For many, private schooling buys luxury, exclusivity and privacy. In many developing countries, private education is a must-have for parents who want their children to succeed.<br><br>Across the world, the cost of private education has risen faster than incomes. In the U.S., private high schools cost over $40,000, compared to a median income of around $50,000. In the U.K., boarding school fees jumped 65 percent from 1992 to 2008, while household incomes increased only 30 percent over the same period, according to the Institute for Fiscal Studies.<br><br>We’ve put together a list of the countries with the most expensive private schools based on the cost of sending a child to one of the top three or four private schools in that country.<br><br>We used annual tuition fees for high school students for both day and boarding schools. Since boarding is often the more expensive option, we ranked the countries by boarding fees, except in the cases of China and Brazil.<br><br>The fees we considered include boarding, food and basic curriculum costs, but exclude charges such as registration fees, deposits, extra-curricular activities and field trips. We also excluded schools that specialized in children with special needs.<br><br>Click ahead to find out which countries have the world’s most expensive private schools.<br><br>By <!-- --> <em>Posted: June 19, 2011</em></p></div>,<div class="group"><p>Most Expensive: Hilton College<br>Annual Tuition: $25,614<br>Students in Private School: 2.5%<br><br>South Africa has a long tradition of all-boys boarding schools that were established in the 1800s by Dutch and British missionaries. But only 2.5 percent of South African students were enrolled in private schools, as of 2007.<br><br>Founded in 1872, Hilton College (pictured) is South Africa’s most expensive private boarding school. Located in the eastern KwaZulu-Natal Midlands, the school has about 400 students and sits on a 17 square-kilometer property.<br><br>Hilton is part of a group of private South African schools referred to as the "Elite 7." Schools in the group include Diocesan College, Michaelhouse, St. Stithians College, St. Andrews College, Kearseny College, and St. John’s College.<br><br>The average annual boarding fee is around $20,000 for most of these schools. A strong emphasis is placed on sports competition among the schools, with Hilton’s website listing over 15 different sports programs.</p></div>,<div class="group"><div style="height:100%" class="lazyload-placeholder"></div><p>Most Expensive: Yew Chung International School of Shanghai<br>Annual Tuition: $34,407*<br>Students in Private School: NA<br><br>The business of international schooling in China is booming. The country’s private education market is expected to grow to nearly $80 billion by 2012 from $60 billion in 2009, according to Bank of America Merrill Lynch.<br><br>The World Bank says the number of private schools in China rose 134 percent from 29,964 to 70,256 between 1997 and 2003. Over the same period, the number of private school students increased 273 percent to 14.16 million, but that’s still just a tiny fraction of the population.<br><br>Yew Chung International School (YCIS) in Shanghai is the most expensive school in China. The day school has four campuses with two dedicated to junior schools. The Hong Kong based organization with 5,000 students also has schools in Beijing, Chongqing, Qingdao and Silicon Valley, California.<br><br>Beijing and Shanghai have nearly half a dozen international schools that charge over $30,000 in annual tuition fees. In Hong Kong, the Hong Kong International School is the most expensive at $21,273 per year. Several other international schools in Hong Kong charge over $15,000.<br><br>* Annual fees for day school</p></div>,<div class="group"><p>Most Expensive: Ermitage International School of France<br>Annual Tuition: $39,388<br>Students in Private School: 15%<br><br>About 15 percent of students in France attend private schools. The most expensive institutions are ones that offer education in French and English, along with the International Baccalaureate program.<br><br>Ermitage International School of France is the most expensive boarding school in the country. Founded in 1941, the school is located in the north-central town of Maisons-Laffitte — about 12 miles (20 kilometers) from Paris. Ermitage offers bilingual education for over 1,000 students, and day school costs over $20,000 annually.<br><br>In the capital, the International School of Paris is the only English-speaking school within the city and day school costs over $36,000 per year. Outside Paris, the British School of Paris, situated near Versailles, charges over $33,000 for day school. </p></div>,<div class="group"><p>Most Expensive: American International School of Sao Paulo<br>Annual Tuition: $39,419<br>Students in Private Schools: NA<br><br>The demand for private school education in Brazil has been rising with the increase in the number of rich and super wealthy. In 2010, for example, there were 30 billionaires in Brazil — up 60 percent from the year before, according to Forbes magazine.<br><br>Brazil's most expensive school is located in Sao Paulo (pictured), which is Latin America's second largest city. The day school known as "Graded" or the American International School was founded in 1920. It has a 16-acre campus with has 1,200 students including members of its junior and middle schools.<br><br>International schools, mainly those with U.S. curricula such as American School of Rio de Janeiro and the American School of Brasilia, are the next most expensive private schools in Brazil, with annual tuition costs of about $30,000.<br><br>* Annual fees for day school</p></div>,<div class="group"><p>Most Expensive: United World College Southeast Asia<br>Annual Tuition: $45,847<br>Students in Private School: 20%<br><br>Despite its small population of five million people, and a great public school system, Singapore has 1,000 private schools including 30 international schools. Nearly one in five students or around 100,000 attend private schools in the city-state.<br><br>However, since Singaporeans cannot send their children to private schools without approval from the government, most private school students are the children of expatriates or foreign-born permanent residents.<br><br>United World College (UWCSEA) is the most expensive boarding school in Singapore. The school has two campuses in the island-nation with over 3,800 students. It expects to expand in order to cater to over 5,000 students by 2015. While the boarding option costs over $45,000, day school tuition fees come to about $22,000.<br><br>In terms of non-boarding schools, Tanglin Trust is the most expensive in Singapore with tuition fees of $27,869 per year. Founded in 1925, the British school teaches students from ages three to 18.</p></div>,<div class="group"><p>Most Expensive: Lawrence Academy<br>Annual Tuition: $50,375<br>Students in Private School: 10%<br><br>In total, the U.S. has over 33,300 private schools, which account for about 25 percent of all schools in the country. About 5.5 million or 10 percent of all students attend private schools, according to National Center for Education Statistics (NCES).<br><br>The most elite and prestigious private high schools in the U.S., also known as "prep schools," are located on the east coast. The long tradition of east coast education goes back to 1642, when Massachusetts Bay Colony became the first colony to make formal education mandatory. <br><br>Located in Groton, Massachusetts, Lawrence Academy is currently the most expensive private high school in the U.S. Day school tuition costs around $38,770. Founded in 1793, the co-educational school is the third oldest boarding school in the state. The Lawrence Academy campus sits on 100 acres, and is close to the third most expensive school in the U.S., called Groton. One of Groton’s most famous graduates is former U.S. President Franklin D. Roosevelt.<br><br>Coming in a close second to Lawrence Academy is the Dana Hall — an all-girls boarding and day school located in Wellesley, Massachusetts, where boarding tuition costs up to $49,620 per year. </p><div style="height:100%" class="lazyload-placeholder"></div></div>,<div class="group"><p>Most Expensive: Geelong Grammar School<br>Annual Tuition: $53,028<br>Students in Private School: 34%<br><br>More than one in three students attend private schools in Australia.<br><br>Over the past ten years, the number of students in private schools has increased by over 20 percent compared to an only one percent increase in students attending public schools, according to the Australian Bureau of Statistics. Unlike most other countries, private schools in Australia also receive funding from the state and federal governments.<br><br>Victoria’s Geelong Grammar School is the most expensive private school in the country. With five campuses located in the southwestern part of the state, the school’s full-day program costs $31,284. The school was founded in 1855, and its notable alumni include media mogul Rupert Murdoch, and Prince Charles, who studied two terms at the school.</p></div>,<div class="group"><p>Most Expensive: Appleby College<br>Annual Tuition: $54,087<br>Students in Private School: 6% - 8%<br><br>Only an estimated six to eight percent of Canadians attend private schools, with the majority attending public schools funded by the government.<br><br>Canada’s most expensive private school is Appleby College. Day tuition at the school costs $36,102 per year, while boarding costs over $54,000. <br><br>Located in Oakville, Ontario — about 30 minutes outside of Toronto — Appleby College was founded in 1911 by John Guest, a former headmaster of the renowned Upper Canada College (UCC). UCC is the oldest independent school in the province and is the second most expensive school in Canada with an annual boarding cost of $52,379. <br><br>UCC is also the wealthiest independent school in Canada with an endowment of over $49 million. </p></div>,<div class="group"><p>Most Expensive: Hurtwood House<br>Annual Tuition: $54,928<br>Students in Private School: 6.5% <br><br>The U.K. has a very long tradition of private schools that dates back to the 600s. According to the Independent School Council census, about 6.5 percent of students attend private schools in the U.K.<br><br>The country has about 2,600 private schools, which ironically are referred to as "public schools" even though they are independent and don’t receive funding from the government.<br><br>Among the most famous private schools in England are the "Clarendon Schools," which consist of nine institutions that were considered to have the best education systems dating back to the 1800s. Several private schools around the world are modeled after Eton College and Harrow, where boarding fees cost over $48,000 per year.<br><br>Hurtwood House is the most expensive private high school in Britain. As of the 2011-2012 academic year, it costs $18,500 to send your child for one term to the school. The co-educational boarding school is located in Surrey, England, and was founded in 1970 by the current headmaster Richard Jackson. Renowned for its theatre and media curriculums, the main school is an Edwardian mansion set in 200 acres in the Surrey Hills.<br><br>Relatively new in comparison to England’s long list of prestigious private schools, Hurtwood House was ranked second in the country for adding the most value to student education in 2010.</p></div>,<div class="group"><p>Most Expensive: Le Rosey<br>Annual Tuition: $113,000<br>Students in Private School: NA<br><br>Switzerland is home to 10 of the world’s most expensive private schools - all set in and around the Swiss Alps. About 100,000 students attend private school in Switzerland, according to the Swiss Federation of Private Schools and the top three boarding schools cost over $100,000 a year.<br><br>Le Rosey, also referred to the "School of Kings," is one of the most prestigious private schools in the world. Founded in 1880, its Switzerland’s oldest and largest boarding school with 28 hectares of land. Generally, only one in three candidates are accepted to the school that operates on a national quota system, where no more than 10 percent of students can be from one country or group of countries with the same dominant language.<br><br>Facilities at the school include 10 tennis courts, an open-air theatre, circus tent, shooting and archery ranges to name a few.<br><br>Some of Le Rosey’s famous students include the Aga Khan, King Albert II of Belgium, Prince Rainier of Monaco, as well as other European, and Middle Eastern royal family members. Children of movie stars, rock stars, and American business tycoons have also been Le Rosey alumni.</p></div>

Despite the rising cost of private schools, demand continues to grow across the world. For many, private schooling buys luxury, exclusivity and privacy. In many developing countries, private education is a must-have for parents who want their children to succeed.Across the world, the cost of private education has risen faster than incomes. In the U.S., private high schools cost over $40,000, compared to a median income of around $50,000. In the U.K., boarding school fees jumped 65 percent from 1992 to 2008, while household incomes increased only 30 percent over the same period, according to the Institute for Fiscal Studies.We’ve put together a list of the countries with the most expensive private schools based on the cost of sending a child to one of the top three or four private schools in that country.We used annual tuition fees for high school students for both day and boarding schools. Since boarding is often the more expensive option, we ranked the countries by boarding fees, except in the cases of China and Brazil.The fees we considered include boarding, food and basic curriculum costs, but exclude charges such as registration fees, deposits, extra-curricular activities and field trips. We also excluded schools that specialized in children with special needs.Click ahead to find out which countries have the world’s most expensive private schools.By Posted: June 19, 2011Most Expensive: Hilton CollegeAnnual Tuition: $25,614Students in Private School: 2.5%South Africa has a long tradition of all-boys boarding schools that were established in the 1800s by Dutch and British missionaries. But only 2.5 percent of South African students were enrolled in private schools, as of 2007.Founded in 1872, Hilton College (pictured) is South Africa’s most expensive private boarding school. Located in the eastern KwaZulu-Natal Midlands, the school has about 400 students and sits on a 17 square-kilometer property.Hilton is part of a group of private South African schools referred to as the "Elite 7." Schools in the group include Diocesan College, Michaelhouse, St. Stithians College, St. Andrews College, Kearseny College, and St. John’s College.The average annual boarding fee is around $20,000 for most of these schools. A strong emphasis is placed on sports competition among the schools, with Hilton’s website listing over 15 different sports programs.Most Expensive: Yew Chung International School of ShanghaiAnnual Tuition: $34,407*Students in Private School: NAThe business of international schooling in China is booming. The country’s private education market is expected to grow to nearly $80 billion by 2012 from $60 billion in 2009, according to Bank of America Merrill Lynch.The World Bank says the number of private schools in China rose 134 percent from 29,964 to 70,256 between 1997 and 2003. Over the same period, the number of private school students increased 273 percent to 14.16 million, but that’s still just a tiny fraction of the population.Yew Chung International School (YCIS) in Shanghai is the most expensive school in China. The day school has four campuses with two dedicated to junior schools. The Hong Kong based organization with 5,000 students also has schools in Beijing, Chongqing, Qingdao and Silicon Valley, California.Beijing and Shanghai have nearly half a dozen international schools that charge over $30,000 in annual tuition fees. In Hong Kong, the Hong Kong International School is the most expensive at $21,273 per year. Several other international schools in Hong Kong charge over $15,000.* Annual fees for day schoolMost Expensive: Ermitage International School of FranceAnnual Tuition: $39,388Students in Private School: 15%About 15 percent of students in France attend private schools. The most expensive institutions are ones that offer education in French and English, along with the International Baccalaureate program.Ermitage International School of France is the most expensive boarding school in the country. Founded in 1941, the school is located in the north-central town of Maisons-Laffitte — about 12 miles (20 kilometers) from Paris. Ermitage offers bilingual education for over 1,000 students, and day school costs over $20,000 annually.In the capital, the International School of Paris is the only English-speaking school within the city and day school costs over $36,000 per year. Outside Paris, the British School of Paris, situated near Versailles, charges over $33,000 for day school. Most Expensive: American International School of Sao PauloAnnual Tuition: $39,419Students in Private Schools: NAThe demand for private school education in Brazil has been rising with the increase in the number of rich and super wealthy. In 2010, for example, there were 30 billionaires in Brazil — up 60 percent from the year before, according to Forbes magazine.Brazil's most expensive school is located in Sao Paulo (pictured), which is Latin America's second largest city. The day school known as "Graded" or the American International School was founded in 1920. It has a 16-acre campus with has 1,200 students including members of its junior and middle schools.International schools, mainly those with U.S. curricula such as American School of Rio de Janeiro and the American School of Brasilia, are the next most expensive private schools in Brazil, with annual tuition costs of about $30,000.* Annual fees for day schoolMost Expensive: United World College Southeast AsiaAnnual Tuition: $45,847Students in Private School: 20%Despite its small population of five million people, and a great public school system, Singapore has 1,000 private schools including 30 international schools. Nearly one in five students or around 100,000 attend private schools in the city-state.However, since Singaporeans cannot send their children to private schools without approval from the government, most private school students are the children of expatriates or foreign-born permanent residents.United World College (UWCSEA) is the most expensive boarding school in Singapore. The school has two campuses in the island-nation with over 3,800 students. It expects to expand in order to cater to over 5,000 students by 2015. While the boarding option costs over $45,000, day school tuition fees come to about $22,000.In terms of non-boarding schools, Tanglin Trust is the most expensive in Singapore with tuition fees of $27,869 per year. Founded in 1925, the British school teaches students from ages three to 18.Most Expensive: Lawrence AcademyAnnual Tuition: $50,375Students in Private School: 10%In total, the U.S. has over 33,300 private schools, which account for about 25 percent of all schools in the country. About 5.5 million or 10 percent of all students attend private schools, according to National Center for Education Statistics (NCES).The most elite and prestigious private high schools in the U.S., also known as "prep schools," are located on the east coast. The long tradition of east coast education goes back to 1642, when Massachusetts Bay Colony became the first colony to make formal education mandatory. Located in Groton, Massachusetts, Lawrence Academy is currently the most expensive private high school in the U.S. Day school tuition costs around $38,770. Founded in 1793, the co-educational school is the third oldest boarding school in the state. The Lawrence Academy campus sits on 100 acres, and is close to the third most expensive school in the U.S., called Groton. One of Groton’s most famous graduates is former U.S. President Franklin D. Roosevelt.Coming in a close second to Lawrence Academy is the Dana Hall — an all-girls boarding and day school located in Wellesley, Massachusetts, where boarding tuition costs up to $49,620 per year. Most Expensive: Geelong Grammar SchoolAnnual Tuition: $53,028Students in Private School: 34%More than one in three students attend private schools in Australia.Over the past ten years, the number of students in private schools has increased by over 20 percent compared to an only one percent increase in students attending public schools, according to the Australian Bureau of Statistics. Unlike most other countries, private schools in Australia also receive funding from the state and federal governments.Victoria’s Geelong Grammar School is the most expensive private school in the country. With five campuses located in the southwestern part of the state, the school’s full-day program costs $31,284. The school was founded in 1855, and its notable alumni include media mogul Rupert Murdoch, and Prince Charles, who studied two terms at the school.Most Expensive: Appleby CollegeAnnual Tuition: $54,087Students in Private School: 6% - 8%Only an estimated six to eight percent of Canadians attend private schools, with the majority attending public schools funded by the government.Canada’s most expensive private school is Appleby College. Day tuition at the school costs $36,102 per year, while boarding costs over $54,000. Located in Oakville, Ontario — about 30 minutes outside of Toronto — Appleby College was founded in 1911 by John Guest, a former headmaster of the renowned Upper Canada College (UCC). UCC is the oldest independent school in the province and is the second most expensive school in Canada with an annual boarding cost of $52,379. UCC is also the wealthiest independent school in Canada with an endowment of over $49 million. Most Expensive: Hurtwood HouseAnnual Tuition: $54,928Students in Private School: 6.5% The U.K. has a very long tradition of private schools that dates back to the 600s. According to the Independent School Council census, about 6.5 percent of students attend private schools in the U.K.The country has about 2,600 private schools, which ironically are referred to as "public schools" even though they are independent and don’t receive funding from the government.Among the most famous private schools in England are the "Clarendon Schools," which consist of nine institutions that were considered to have the best education systems dating back to the 1800s. Several private schools around the world are modeled after Eton College and Harrow, where boarding fees cost over $48,000 per year.Hurtwood House is the most expensive private high school in Britain. As of the 2011-2012 academic year, it costs $18,500 to send your child for one term to the school. The co-educational boarding school is located in Surrey, England, and was founded in 1970 by the current headmaster Richard Jackson. Renowned for its theatre and media curriculums, the main school is an Edwardian mansion set in 200 acres in the Surrey Hills.Relatively new in comparison to England’s long list of prestigious private schools, Hurtwood House was ranked second in the country for adding the most value to student education in 2010.Most Expensive: Le RoseyAnnual Tuition: $113,000Students in Private School: NASwitzerland is home to 10 of the world’s most expensive private schools - all set in and around the Swiss Alps. About 100,000 students attend private school in Switzerland, according to the Swiss Federation of Private Schools and the top three boarding schools cost over $100,000 a year.Le Rosey, also referred to the "School of Kings," is one of the most prestigious private schools in the world. Founded in 1880, its Switzerland’s oldest and largest boarding school with 28 hectares of land. Generally, only one in three candidates are accepted to the school that operates on a national quota system, where no more than 10 percent of students can be from one country or group of countries with the same dominant language.Facilities at the school include 10 tennis courts, an open-air theatre, circus tent, shooting and archery ranges to name a few.Some of Le Rosey’s famous students include the Aga Khan, King Albert II of Belgium, Prince Rainier of Monaco, as well as other European, and Middle Eastern royal family members. Children of movie stars, rock stars, and American business tycoons have also been Le Rosey alumni.

2021-10-30 14:12:03.087855

Stripe raises new capital, reaching $95 billion valuation ahead of highly anticipated market debut

https://www.cnbc.com/2021/03/14/stripe-valued-at-95-billion-in-600-million-funding-round.html

2021-03-15T01:03:39+0000

Riley de León

CNBC

Online payments technology provider Stripe announced Sunday that it has raised a new $600 million round of funding that values the company at $95 billion — nearly triple its last reported valuation of $36 billion from April 2020, according to PitchBook data.Stripe, which makes software that allows businesses to accept payments over the internet, intends to invest the new capital into its European operations, the company said in a release. Thirty-one of the 42 countries that Stripe operates in are located in Europe, and President and Co-Founder John Collison singled out Ireland — where the company is headquartered — as a particular area of focus.Founded more than a decade ago, today Stripe is by far the most valuable private fintech company, with Robinhood trailing at a roughly $11.7 billion valuation after investors wrote the company a $3 billion check amid this year's GameStop chaos.Stripe has seen eye-popping growth during the pandemic as its revenue is largely tied to growth in online shopping. In its previous funding round last April, Stripe was early to highlight the Covid-19 outbreak as "pushing the economy online" and said "several years of offline-to-online migration are being compressed into several weeks.""We're investing in the infrastructure that will power internet commerce in 2030 and beyond," wrote chief financial officer Dhivya Suryadevara, who joined the company in August after moving out of her role as General Motors' CFO. "The pandemic taught us many things about society, including how much can be achieved — and paid for — online, but the internet still isn't the engine for global economic progress that it could be."In December, the company launched banking services through partnerships with Goldman Sachs, Citigroup, Barclays and Evolve Bank & Trust.

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<div class="group"><p>Online payments technology provider Stripe announced Sunday that it has raised a new $600 million round of funding that values the company at $95 billion — nearly triple its last reported valuation of $36 billion from April 2020, according to PitchBook data.</p><p>Stripe, which makes software that allows businesses to accept payments over the internet, intends to invest the new capital into its European operations, the company said in a <a href="https://stripe.com/newsroom/news/stripe-series-h" target="_blank">release</a>. Thirty-one of the 42 countries that Stripe operates in are located in Europe, and President and Co-Founder John Collison singled out Ireland — where the company is headquartered — as a particular area of focus.</p><div style="height:100%" class="lazyload-placeholder"></div><p>Founded more than a decade ago, today Stripe is by far the most valuable private fintech company, with Robinhood trailing at a roughly $11.7 billion valuation after investors <a href="https://www.cnbc.com/2021/02/03/why-investors-were-willing-to-write-robinhood-a-3-billion-check-during-the-gamestop-chaos-.html">wrote the company a $3 billion check</a> amid this year's <a href="//www.cnbc.com/quotes/GME" target="_blank">GameStop</a> chaos.</p><p>Stripe has seen eye-popping growth during the pandemic as its revenue is largely tied to growth in online shopping. In its previous funding round last April, Stripe was early to highlight the Covid-19 outbreak as "pushing the economy online" and said "several years of offline-to-online migration are being compressed into several weeks."</p><p>"We're investing in the infrastructure that will power internet commerce in 2030 and beyond," wrote chief financial officer Dhivya Suryadevara, <a href="https://www.cnbc.com/2020/08/11/payments-giant-stripe-poaches-general-motors-cfo-in-its-latest-high-profile-hire.html">who joined the company in August</a> after moving out of her role as <a href="//www.cnbc.com/quotes/GM" target="_blank">General Motors</a>' CFO. "The pandemic taught us many things about society, including how much can be achieved — and paid for — online, but the internet still isn't the engine for global economic progress that it could be."</p><p>In December, the company launched banking services through partnerships with <a href="//www.cnbc.com/quotes/GS" target="_blank">Goldman Sachs</a>, <a href="//www.cnbc.com/quotes/C" target="_blank">Citigroup</a>, Barclays and Evolve Bank &amp; Trust.</p></div>,<div class="group"><p>But despite its ballooning growth and valuation, the company has stayed tight-lipped about the prospect of a Wall Street debut, as John Collison told CNBC last year that the company has "no plans" to go public right away. </p><div style="height:100%" class="lazyload-placeholder"></div><p>Primary investors in the new series H round include Allianz, Fidelity, Sequoia Capital and Ireland's National Treasury Management Agency (NTMA). Previous investors include <a href="//www.cnbc.com/quotes/TSLA" target="_blank">Tesla</a> CEO Elon Musk, Peter Thiel, and <a href="//www.cnbc.com/quotes/GOOGL" target="_blank">Alphabet</a>'s late-stage investing arm, Capital G, among others.</p><p>Earlier this year, Stripe <a href="https://www.cnbc.com/2021/01/26/stripe-leads-102-million-funding-for-checkout-start-up-fast-.html">invested $102 million</a> in a Series B round for Fast — a smaller online checkout company based in San Francisco. Stripe, which also led the start-up's Series A, is the underlying payments rails for Fast's checkout product.</p><p>Stripe is a six-time <a href="http://cnbc.com/disruptors">CNBC Disruptor 50</a> company and <a href="https://www.cnbc.com/2020/06/16/stripe-disruptor-50.html">landed at the top spot on the list in 2020</a>.</p><p><em>Correction: The first paragraph of this story has been updated to reflect that Stripe's latest valuation is $95 billion.</em></p></div>

Online payments technology provider Stripe announced Sunday that it has raised a new $600 million round of funding that values the company at $95 billion — nearly triple its last reported valuation of $36 billion from April 2020, according to PitchBook data.Stripe, which makes software that allows businesses to accept payments over the internet, intends to invest the new capital into its European operations, the company said in a release. Thirty-one of the 42 countries that Stripe operates in are located in Europe, and President and Co-Founder John Collison singled out Ireland — where the company is headquartered — as a particular area of focus.Founded more than a decade ago, today Stripe is by far the most valuable private fintech company, with Robinhood trailing at a roughly $11.7 billion valuation after investors wrote the company a $3 billion check amid this year's GameStop chaos.Stripe has seen eye-popping growth during the pandemic as its revenue is largely tied to growth in online shopping. In its previous funding round last April, Stripe was early to highlight the Covid-19 outbreak as "pushing the economy online" and said "several years of offline-to-online migration are being compressed into several weeks.""We're investing in the infrastructure that will power internet commerce in 2030 and beyond," wrote chief financial officer Dhivya Suryadevara, who joined the company in August after moving out of her role as General Motors' CFO. "The pandemic taught us many things about society, including how much can be achieved — and paid for — online, but the internet still isn't the engine for global economic progress that it could be."In December, the company launched banking services through partnerships with Goldman Sachs, Citigroup, Barclays and Evolve Bank & Trust.But despite its ballooning growth and valuation, the company has stayed tight-lipped about the prospect of a Wall Street debut, as John Collison told CNBC last year that the company has "no plans" to go public right away. Primary investors in the new series H round include Allianz, Fidelity, Sequoia Capital and Ireland's National Treasury Management Agency (NTMA). Previous investors include Tesla CEO Elon Musk, Peter Thiel, and Alphabet's late-stage investing arm, Capital G, among others.Earlier this year, Stripe invested $102 million in a Series B round for Fast — a smaller online checkout company based in San Francisco. Stripe, which also led the start-up's Series A, is the underlying payments rails for Fast's checkout product.Stripe is a six-time CNBC Disruptor 50 company and landed at the top spot on the list in 2020.Correction: The first paragraph of this story has been updated to reflect that Stripe's latest valuation is $95 billion.

2021-10-30 14:12:03.132015

Light Street's Glen Kacher says there's profitability in sight for Uber and Lyft despite falling stocks

https://www.cnbc.com/2019/09/19/light-streets-kacher-says-theres-profitability-for-uber-and-lyft.html

2019-09-19T14:35:24+0000

Yun Li

CNBC

NEW YORK — Newly public ride-sharing companies Uber and Lyft have tumbled more than 25% since their initial public offerings, but Light Street's Glen Kacher still believes there's a path for profitability for them."The end market is huge," Kacher, chief investment officer and founder of Light Street Capital, said at the Delivering Alpha conference presented by CNBC and Institutional Investor.Kacher said Uber and Lyft are both raising prices rapidly in the U.S. and they are also benefiting from rise in the food delivering business. Kacher, who manages $2 billion in global technology assets, said he's a shareholder in both companies.

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<div class="group"><p>NEW YORK — Newly public ride-sharing companies <a href="//www.cnbc.com/quotes/UBER" target="_blank">Uber</a> and <a href="//www.cnbc.com/quotes/LYFT" target="_blank">Lyft</a> have tumbled more than 25% since their initial public offerings, but Light Street's Glen Kacher still believes there's a path for profitability for them.</p><p>"The end market is huge," Kacher, chief investment officer and founder of Light Street Capital, said at the Delivering Alpha conference presented by CNBC and Institutional Investor.</p><div style="height:100%" class="lazyload-placeholder"></div><p>Kacher said Uber and Lyft are both raising prices rapidly in the U.S. and they are also benefiting from rise in the food delivering business. Kacher, who manages $2 billion in global technology assets, said he's a shareholder in both companies.</p></div>,<div class="group"><p>It hasn't been smooth sailing for those two ride-sharing companies, however. Uber went public in May, and reported a $1.8 billion loss ahead of its public debut. It revealed a $5.2 billion loss in the second <a href="https://www.cnbc.com/2019/08/09/uber-ceo-massive-losses-from-ipo-were-a-once-in-a-lifetime-hit.html">quarter</a>. Uber's ride-hailing rival Lyft, posted a 2018 loss of $900 million ahead of its March IPO. Both stocks are down more than 25% since their IPO date.</p><p>"Investors and maybe the financial press are quite negative" on both companies, Kacher said.</p><p>Scott Kupor, Andreessen Horowitz's managing partner, is less bullish on them as their cash-consuming business is less likely to bode well in a late-cycle environment.</p><p>Kupor said he sees big opportunities in enterprise software companies.</p><p>"I think the market size for those [software] companies is just materially bigger than we had expected," Kupor said. He highlighted cloud-based software company <a href="//www.cnbc.com/quotes/CRM" target="_blank">Salesforce</a> whose stock has gone up 12% this year.</p></div>

NEW YORK — Newly public ride-sharing companies Uber and Lyft have tumbled more than 25% since their initial public offerings, but Light Street's Glen Kacher still believes there's a path for profitability for them."The end market is huge," Kacher, chief investment officer and founder of Light Street Capital, said at the Delivering Alpha conference presented by CNBC and Institutional Investor.Kacher said Uber and Lyft are both raising prices rapidly in the U.S. and they are also benefiting from rise in the food delivering business. Kacher, who manages $2 billion in global technology assets, said he's a shareholder in both companies.It hasn't been smooth sailing for those two ride-sharing companies, however. Uber went public in May, and reported a $1.8 billion loss ahead of its public debut. It revealed a $5.2 billion loss in the second quarter. Uber's ride-hailing rival Lyft, posted a 2018 loss of $900 million ahead of its March IPO. Both stocks are down more than 25% since their IPO date."Investors and maybe the financial press are quite negative" on both companies, Kacher said.Scott Kupor, Andreessen Horowitz's managing partner, is less bullish on them as their cash-consuming business is less likely to bode well in a late-cycle environment.Kupor said he sees big opportunities in enterprise software companies."I think the market size for those [software] companies is just materially bigger than we had expected," Kupor said. He highlighted cloud-based software company Salesforce whose stock has gone up 12% this year.

2021-10-30 14:12:03.340786

Earnings Roundup: July 19

https://www.cnbc.com/2010/07/19/earnings-roundup-july-19.html

2010-07-19T21:52:34+0000

CNBC

What follows is a roundup of corporate earnings reports for Monday, July 19.

cnbc, Articles, Earnings, Coca Cola Hellenic Bottling Co SA, Delta Air Lines Inc, Halliburton Co, Hasbro Inc, International Business Machines Corp, Tupperware Brands Corp, Texas Instruments Inc, Zions Bancorporation NA, Investing, source:tagname:CNBC US Source

<div class="group"><p>What follows is a roundup of corporate earnings reports for Monday, July 19.</p></div>,<div class="group"><p>Dow component <strong>IBM</strong> is expected to report after the bell.</p><div style="height:100%" class="lazyload-placeholder"></div><p>Companies that reported before the bell include<strong> Delta Airlines</strong>, <strong>Halliburton </strong>and<strong> Hasbro</strong>.</p><p><strong><u>BEFORE THE BELL</u></strong></p><p>Delta Airlines</p><p>The airline reported 65 cents a share on revenue of $8.17 billion.<br>Read Full Story</p><ul><li>Get Real-Time Quotes for Delta Airlines</li></ul></div>,<div class="group"><p>Halliburton</p><div style="height:100%" class="lazyload-placeholder"></div><p>The oil services company delivered earnings of 52 cents a share on revenue of $4.4 billion.<br>Read Full Story</p><ul><li>Get Real-Time Quotes for Halliburton</li></ul></div>,<div class="group"><p>Hasbro</p><p>The toy maker posted earnings of 29 cents a share on revenue of $737.8 million.<br>Read Full Story</p><ul><li>Get Real-Time Quotes for Hasbro</li></ul></div>,<div class="group"><p><strong><u>AFTER THE BELL</u></strong></p><p>IBM</p><p>The technology services company posted earnings of $2.61 a share on revenue of $23.70 billion.<br><a href="https://www.cnbc.com/2010/07/19/ibm-earnings-rise-beat-forecasts-but-sales-disappoint.html">Read Full Story</a></p><ul><li>Get Real-Time Quotes for IBM</li></ul></div>,<div class="group"><p>Texas Instruments</p><p>The semiconductor maker delivered earnings of 62 cents a share on revenue of $3.50 billion.</p><ul><li>Get Real-Time Quotes for Texas Instruments</li></ul></div>,<div class="group"><p>Tupperware</p><p>The container maker reported earnings of 93 cents a share on revenue of $564.10 million.</p><ul><li>Get Real-Time Quotes for Tupperware</li></ul></div>,<div class="group"><p>Zions Bancorp</p><p>The bank posted a loss of 84 cents a share on revenue of $522.76 million.</p><ul><li>Get Real-Time Quotes for Zions Bancorp</li></ul></div>,<div class="group"><p>* Earnings data from Thomson Reuters excludes extraordinary items.</p></div>

What follows is a roundup of corporate earnings reports for Monday, July 19.Dow component IBM is expected to report after the bell.Companies that reported before the bell include Delta Airlines, Halliburton and Hasbro.BEFORE THE BELLDelta AirlinesThe airline reported 65 cents a share on revenue of $8.17 billion.Read Full StoryGet Real-Time Quotes for Delta AirlinesHalliburtonThe oil services company delivered earnings of 52 cents a share on revenue of $4.4 billion.Read Full StoryGet Real-Time Quotes for HalliburtonHasbroThe toy maker posted earnings of 29 cents a share on revenue of $737.8 million.Read Full StoryGet Real-Time Quotes for HasbroAFTER THE BELLIBMThe technology services company posted earnings of $2.61 a share on revenue of $23.70 billion.Read Full StoryGet Real-Time Quotes for IBMTexas InstrumentsThe semiconductor maker delivered earnings of 62 cents a share on revenue of $3.50 billion.Get Real-Time Quotes for Texas InstrumentsTupperwareThe container maker reported earnings of 93 cents a share on revenue of $564.10 million.Get Real-Time Quotes for TupperwareZions BancorpThe bank posted a loss of 84 cents a share on revenue of $522.76 million.Get Real-Time Quotes for Zions Bancorp* Earnings data from Thomson Reuters excludes extraordinary items.

2021-10-30 14:12:03.376827

4. Utah

https://www.cnbc.com/2019/07/09/top-states-for-business-utah.html

2019-07-10T07:51:02-0400

CNBC

Governor: Gary Herbert, RepublicanPopulation: 3,161,105GDP growth (Q4 2018): 1.8%Unemployment rate (May 2019): 2.9%Top corporate tax rate: 4.95%Top individual income tax rate: 5%Gasoline tax: 30.01 cents/gallonBond rating (Moody's/S&P): Aaa, stable/AAA, stableMajor private employers: Intermountain Health Care, Extra Space StorageEconomic profile sources: U.S. Census Bureau, U.S. Bureau of Economic Analysis, U.S. Bureau of Labor Statistics, Federation of Tax Administrators, American Petroleum Institute (excluding 18.40 cent/gallon federal tax), Moody's Investor Service, S&P Global Market Intelligence

Articles, Special Reports, America's Top States for Business 2019, Utah, Top States For Business, source:tagname:CNBC US Source

2021-10-30 14:12:03.557318

US credit access, financial fragility improve: Fed survey

https://www.cnbc.com/2017/11/20/us-credit-access-financial-fragility-improve-fed-survey.html

2017-11-20T16:17:49+0000

CNBC

Americans' access to credit improved while their perceived vulnerability to a financial shock declined, according to a Federal Reserve Bank of New York survey that painted a slightly more optimistic picture of U.S. households.The so-called survey of consumer expectations found that respondents who were too discouraged to apply for credit over the past 12 months declined to 4.9 percent in October, continuing a downward trend and reaching its lowest level since the survey began in 2013.The survey, done every four months, also found a rise in those applying for and accessing credit, and a drop in rejections. It focuses on mortgages and refinancing, credit cards and limit increases, and auto loans.The New York Fed also updated its gauge of so-called financial fragility, which measures expectations.While the average probability of respondents needing $2,000 for an unexpected expense in the next month rose to 33 percent, from 32 percent previously, the probability of being able to come up with the funds also rose to nearly 70 percent, from 67 percent.

cnbc, Articles, Personal finance, Bitcoin, Federal Reserve System, Economy, Personal Finance, The Fed, US Economy, US: News, DO NOT USE Consumer, Business News, Retail, source:tagname:Reuters

<div class="group"><p>Americans' access to credit improved while their perceived vulnerability to a financial shock declined, according to a <a href="https://www.cnbc.com/2015/03/18/the-federal-reserve-cnbc-explains.html">Federal Reserve</a> Bank of New York survey that painted a slightly more optimistic picture of U.S. households.</p><p>The so-called survey of consumer expectations found that respondents who were too discouraged to apply for credit over the past 12 months declined to 4.9 percent in October, continuing a downward trend and reaching its lowest level since the survey began in 2013.</p><div style="height:100%" class="lazyload-placeholder"></div><p>The survey, done every four months, also found a rise in those applying for and accessing credit, and a drop in rejections. It focuses on mortgages and refinancing, credit cards and limit increases, and auto loans.</p><p>The New York Fed also updated its gauge of so-called financial fragility, which measures expectations.</p><p>While the average probability of respondents needing $2,000 for an unexpected expense in the next month rose to 33 percent, from 32 percent previously, the probability of being able to come up with the funds also rose to nearly 70 percent, from 67 percent.</p></div>

Americans' access to credit improved while their perceived vulnerability to a financial shock declined, according to a Federal Reserve Bank of New York survey that painted a slightly more optimistic picture of U.S. households.The so-called survey of consumer expectations found that respondents who were too discouraged to apply for credit over the past 12 months declined to 4.9 percent in October, continuing a downward trend and reaching its lowest level since the survey began in 2013.The survey, done every four months, also found a rise in those applying for and accessing credit, and a drop in rejections. It focuses on mortgages and refinancing, credit cards and limit increases, and auto loans.The New York Fed also updated its gauge of so-called financial fragility, which measures expectations.While the average probability of respondents needing $2,000 for an unexpected expense in the next month rose to 33 percent, from 32 percent previously, the probability of being able to come up with the funds also rose to nearly 70 percent, from 67 percent.

2021-10-30 14:12:03.611515

In Pictures: Protests erupt in Middle East after Trump recognizes Jerusalem as Israeli capital

https://www.cnbc.com/2017/12/07/palestinians-clash-over-trump-policy-shift.html

2017-12-07T22:02:15+0000

Adam Jeffery

CNBC

Palestinians clashed with Israeli forces a day after President Trump signed a proclamation recognizing Jerusalem as the capital of Israel. The Trump administration's decision is a dramatic shift from decades long U.S. policy toward the Middle East and sets into motion steps to move the U.S. embassy from Tel Aviv to Jerusalem.Protests erupted throughout the Middle East and the Muslim world. The Palestinian Authority has called for a general strike and Hamas has declared a new "intifada," or uprising, in response to the Trump administration's new shift in policy.Here are some of the scene from across the region.

cnbc, Articles, Politics, source:tagname:CNBC US Source

<div class="group"><p>Palestinians clashed with Israeli forces a day after President Trump signed a proclamation recognizing Jerusalem as the capital of Israel. The Trump administration's decision is a dramatic shift from decades long U.S. policy toward the Middle East and sets into motion steps to move the U.S. embassy from Tel Aviv to Jerusalem.</p><p>Protests erupted throughout the Middle East and the Muslim world. The Palestinian Authority has called for a general strike and Hamas has declared a new "intifada," or uprising, in response to the Trump administration's new shift in policy.</p><div style="height:100%" class="lazyload-placeholder"></div><p>Here are some of the scene from across the region. </p></div>,<div class="group"><p>Palestinians watch a televised broadcast of President Donald Trump delivering an address, in Jerusalem's Old City.</p></div>,<div class="group"><p>Vice President Mike Pence stands behind President Donald Trump, as he holds up the proclamation he signed that the United States recognizes Jerusalem as the capital of Israel and will move its embassy there, during an address from the White House in Washington.</p></div>,<div class="group"><p>Palestinian demonstrators holding a national flag throw stones towards Israeli troops.</p></div>,<div class="group"><p>A Palestinian man argues with an Israeli border policewoman as Israeli forces disperse Palestinian protesters outside Damascus Gate in Jerusalem's Old City. </p><div style="height:100%" class="lazyload-placeholder"></div></div>,<div class="group"><p>Israeli forces clash with Palestinian protestors near an Israeli checkpoint in the West Bank city of Bethlehem. Israeli forces fired tear gas and stun grenades to disperse crowds. </p></div>,<div class="group"><p>Palestinian protesters run from tear gas fired by Israeli troops, during clashes at a protest against President Donald Trump's decision to recognize Jerusalem as the capital of Israel. The protests were near the Jewish settlement of Beit El, near the West Bank city of Ramallah.</p></div>,<div class="group"><p>Hamas leader Ismail Haniya gestures as he delivers a speech over US President Donald Trump's decision to recognize Jerusalem as the capital of Israel, in Gaza City on December 7, 2017. Haniya called for a new Palestinian intifada, or uprising. </p></div>,<div class="group"><p>A wounded Palestinian protester is evacuated during clashes with Israeli troops at a protest against President Donald Trump's decision to recognize Jerusalem as the capital of Israel, near the border with Israel in the southern Gaza Strip. </p></div>,<div class="group"><p>A Palestinian woman reacts on a street in Beit Hanun in the northern Gaza Strip as people gather during a Hamas rally against US President Donald Trump's recognition of Jerusalem as Israel's capital. </p></div>,<div class="group"><p>Tunisian demonstrators shout slogans and wave Palestinian flags during a demonstration on December 7, 2017, on Habib Bourguiba Avenue in Tunis against US President Donald Trump's recognition of Jerusalem as Israel's capital. </p></div>,<div class="group"><p>A Palestinian protester burns a poster depicting President Donald Trump during a protest against Trump's decision to recognize Jerusalem as the capital of Israel, in Gaza City. </p></div>,<div class="group"><p>A Palestinian protester prays during clashes with Israeli troops at a protest against President Donald Trump's decision to recognize Jerusalem as the capital of Israel, near the Jewish settlement of Beit El, near the West Bank city of Ramallah. </p></div>,<div class="group"><p>A Palestinian protester runs after catching fire during clashes with Israeli troops near the Jewish settlement of Beit El, near the West Bank city of Ramallah.</p></div>,<div class="group"><p>A man reads a newspaper as he sits in a café outside the US embassy in Tel Aviv. President Donald Trump's decision to recognize Jerusalem as Israel's capital upends decades of careful US policy. It ignores dire warnings from Arab and Western allies alike of a historic misstep that could trigger a surge of violence in the Middle East. </p></div>,<div class="group"><p>The Dome of the Rock Mosque in the Al Aqsa Mosque compound in Jerusalem's Old City is seen while Jewish orthodox men pray in a cemetery in Jerusalem.</p></div>,<div class="group"><p>Children stand on U.S. and Israeli flags during a protest following President Donald Trump's announcement that he has recognized Jerusalem as Israel's capital, in Islamabad, Pakistan. </p></div>

Palestinians clashed with Israeli forces a day after President Trump signed a proclamation recognizing Jerusalem as the capital of Israel. The Trump administration's decision is a dramatic shift from decades long U.S. policy toward the Middle East and sets into motion steps to move the U.S. embassy from Tel Aviv to Jerusalem.Protests erupted throughout the Middle East and the Muslim world. The Palestinian Authority has called for a general strike and Hamas has declared a new "intifada," or uprising, in response to the Trump administration's new shift in policy.Here are some of the scene from across the region. Palestinians watch a televised broadcast of President Donald Trump delivering an address, in Jerusalem's Old City.Vice President Mike Pence stands behind President Donald Trump, as he holds up the proclamation he signed that the United States recognizes Jerusalem as the capital of Israel and will move its embassy there, during an address from the White House in Washington.Palestinian demonstrators holding a national flag throw stones towards Israeli troops.A Palestinian man argues with an Israeli border policewoman as Israeli forces disperse Palestinian protesters outside Damascus Gate in Jerusalem's Old City. Israeli forces clash with Palestinian protestors near an Israeli checkpoint in the West Bank city of Bethlehem. Israeli forces fired tear gas and stun grenades to disperse crowds. Palestinian protesters run from tear gas fired by Israeli troops, during clashes at a protest against President Donald Trump's decision to recognize Jerusalem as the capital of Israel. The protests were near the Jewish settlement of Beit El, near the West Bank city of Ramallah.Hamas leader Ismail Haniya gestures as he delivers a speech over US President Donald Trump's decision to recognize Jerusalem as the capital of Israel, in Gaza City on December 7, 2017. Haniya called for a new Palestinian intifada, or uprising. A wounded Palestinian protester is evacuated during clashes with Israeli troops at a protest against President Donald Trump's decision to recognize Jerusalem as the capital of Israel, near the border with Israel in the southern Gaza Strip. A Palestinian woman reacts on a street in Beit Hanun in the northern Gaza Strip as people gather during a Hamas rally against US President Donald Trump's recognition of Jerusalem as Israel's capital. Tunisian demonstrators shout slogans and wave Palestinian flags during a demonstration on December 7, 2017, on Habib Bourguiba Avenue in Tunis against US President Donald Trump's recognition of Jerusalem as Israel's capital. A Palestinian protester burns a poster depicting President Donald Trump during a protest against Trump's decision to recognize Jerusalem as the capital of Israel, in Gaza City. A Palestinian protester prays during clashes with Israeli troops at a protest against President Donald Trump's decision to recognize Jerusalem as the capital of Israel, near the Jewish settlement of Beit El, near the West Bank city of Ramallah. A Palestinian protester runs after catching fire during clashes with Israeli troops near the Jewish settlement of Beit El, near the West Bank city of Ramallah.A man reads a newspaper as he sits in a café outside the US embassy in Tel Aviv. President Donald Trump's decision to recognize Jerusalem as Israel's capital upends decades of careful US policy. It ignores dire warnings from Arab and Western allies alike of a historic misstep that could trigger a surge of violence in the Middle East. The Dome of the Rock Mosque in the Al Aqsa Mosque compound in Jerusalem's Old City is seen while Jewish orthodox men pray in a cemetery in Jerusalem.Children stand on U.S. and Israeli flags during a protest following President Donald Trump's announcement that he has recognized Jerusalem as Israel's capital, in Islamabad, Pakistan.

2021-10-30 14:12:03.710984

Wealth Gap Rises Between Whites, Non-Whites

https://www.cnbc.com/2012/06/22/wealth-gap-rises-between-whites-nonwhites.html

2012-06-22T15:47:01+0000

Robert Frank

CNBC

People like to talk about “the wealth gap” as relating only to the one percent and the 99. But there are actually multiple wealth gaps emerging – by age, gender and now, by race.According to a study by the Census Bureau, the wealth gap between whites, Hispanics and black Americans grew during the recession.Between 2005 and 2010, the media net worth of white Americans (non-Hispanic) fell 15 percent, to $110,729. The median net worth of black Americans fell 55 percent to $4,955. And the median net worth of Hispanic Americans fell 56 percent, to $7,424. The net worth of Asians fell 54 percent, to $69,590.

cnbc, Articles, Business News, Wealth, Inside Wealth, source:tagname:

<div class="group"><p>People like to talk about “the wealth gap” as relating only to the one percent and the 99. But there are actually multiple wealth gaps emerging – by age, gender and now, by race.</p><p>According to a study by the Census Bureau, the wealth gap between whites, Hispanics and black Americans grew during the recession.</p><div style="height:100%" class="lazyload-placeholder"></div><p>Between 2005 and 2010, the media net worth of white Americans (non-Hispanic) fell 15 percent, to $110,729. The median net worth of black Americans fell 55 percent to $4,955. And the median net worth of Hispanic Americans fell 56 percent, to $7,424. The net worth of Asians fell 54 percent, to $69,590.</p></div>,<div class="group"><p>Asians and whites lost more in absolute terms, with Asian median wealth dropping by $83,000 while whites lost $20,000. That compares to a loss of about $6,000 for blacks and $10,000 for Hispanics. Yet because whites' and Asians' net-worths are higher, their percentage losses were lower.</p><p>What accounts for this widening wealth-race gap?</p><p>The main contributor is home ownership and wealth portfolios. Historically speaking, homes make up a larger share of wealth for black and Hispanics.  Whites have a greater share of wealth in other assets, like stocks, mutual funds and other financial instruments.</p><p>Because financial assets have recovered from the recession more strongly than home prices, wealth for whites also recovered more rapidly.</p><div style="height:100%" class="lazyload-placeholder"></div><p>Blacks and Hispanics have also suffered from higher unemployment than whites. The unemployment rate for whites is around 7.4 percent; it’s nearly twice that level for blacks.</p><p>Just to be clear, the study doesn’t show that race is a cause of these disparities. But it is clear that in strict economic terms, the wealth gap in America is growing between the races.</p><p>Do you think there are other reasons that the wealth gap between races is growing?</p><p><em>-By CNBC's Robert Frank<br>Follow Robert Frank on Twitter: </em><a href="https://twitter.com/#!/robtfrank" class="webresource" target="_blank">@robtfrank</a></p><p><br></p></div>

People like to talk about “the wealth gap” as relating only to the one percent and the 99. But there are actually multiple wealth gaps emerging – by age, gender and now, by race.According to a study by the Census Bureau, the wealth gap between whites, Hispanics and black Americans grew during the recession.Between 2005 and 2010, the media net worth of white Americans (non-Hispanic) fell 15 percent, to $110,729. The median net worth of black Americans fell 55 percent to $4,955. And the median net worth of Hispanic Americans fell 56 percent, to $7,424. The net worth of Asians fell 54 percent, to $69,590.Asians and whites lost more in absolute terms, with Asian median wealth dropping by $83,000 while whites lost $20,000. That compares to a loss of about $6,000 for blacks and $10,000 for Hispanics. Yet because whites' and Asians' net-worths are higher, their percentage losses were lower.What accounts for this widening wealth-race gap?The main contributor is home ownership and wealth portfolios. Historically speaking, homes make up a larger share of wealth for black and Hispanics.  Whites have a greater share of wealth in other assets, like stocks, mutual funds and other financial instruments.Because financial assets have recovered from the recession more strongly than home prices, wealth for whites also recovered more rapidly.Blacks and Hispanics have also suffered from higher unemployment than whites. The unemployment rate for whites is around 7.4 percent; it’s nearly twice that level for blacks.Just to be clear, the study doesn’t show that race is a cause of these disparities. But it is clear that in strict economic terms, the wealth gap in America is growing between the races.Do you think there are other reasons that the wealth gap between races is growing?-By CNBC's Robert FrankFollow Robert Frank on Twitter: @robtfrank

2021-10-30 14:12:03.878915

U.S. Treasurys Higher in Reversal of Sell-Off

https://www.cnbc.com/2006/12/26/us-treasurys-higher-in-reversal-of-selloff.html

2006-12-26T17:43:11+0000

CNBC

U.S. Treasurys prices were modestly higher in extremely quiet trading, in a partial reversal of Friday's sell-off.With very little economic data to speak of, "activity is somewhat subdued" and "liquidity is definitely impaired," said Jason Evans, head of government trading for Deutsche Bank.The price of the Treasury's 10-year note was up around midday, while its yield fell from Friday's level, when trading desks closed early ahead of the Christmas holiday. Prices and yields move in opposite directions.A manufacturing and economic activity report from the Federal Reserve Bank of Richmond released Tuesday morning came in at negative 6 versus November's 7. However, the data failed to move the market in any noticeable way.The real surprise in the market was Friday's sell-off, Evans said. Friday's data _ and in particular the core personal consumption expenditures price index, a key measure of inflation _ were on the tamer side. Compared with a year earlier, the core PCE price index rose 2.2% in November from a year earlier, down from a 2.4% year-over-year climb in October.However, despite what should have been bond-friendly data, the Treasurys market sold off heavily, largely on profit-taking.The sell-off Friday "occurred on relatively light volume," Evans said, "and the market is ... in recovery."Hedge funds were in the market buying 10-year Treasurys Tuesday, with good buying by money managers in five-year Treasurys as well, according to RBS Greenwich Capital.As for the remainder of the week, "we are rather neutral," RBS Greenwich noted in market commentary.

cnbc, Articles, Business News, Economy, US Economy, US: News, source:tagname:The Associated Press

<div class="group"><p>U.S. Treasurys prices were modestly higher in extremely quiet trading, in a partial reversal of Friday's sell-off.</p><p>With very little economic data to speak of, "activity is somewhat subdued" and "liquidity is definitely impaired," said Jason Evans, head of government trading for Deutsche Bank.</p><div style="height:100%" class="lazyload-placeholder"></div><p>The price of the Treasury's 10-year note was up around midday, while its yield fell from Friday's level, when trading desks closed early ahead of the Christmas holiday. Prices and yields move in opposite directions.</p><p>A manufacturing and economic activity report from the Federal Reserve Bank of Richmond released Tuesday morning came in at negative 6 versus November's 7. However, the data failed to move the market in any noticeable way.</p><p>The real surprise in the market was Friday's sell-off, Evans said. Friday's data _ and in particular the core personal consumption expenditures price index, a key measure of inflation _ were on the tamer side. Compared with a year earlier, the core PCE price index rose 2.2% in November from a year earlier, down from a 2.4% year-over-year climb in October.</p><p>However, despite what should have been bond-friendly data, the Treasurys market sold off heavily, largely on profit-taking.</p><p>The sell-off Friday "occurred on relatively light volume," Evans said, "and the market is ... in recovery."</p><div style="height:100%" class="lazyload-placeholder"></div><p>Hedge funds were in the market buying 10-year Treasurys Tuesday, with good buying by money managers in five-year Treasurys as well, according to RBS Greenwich Capital.</p><p>As for the remainder of the week, "we are rather neutral," RBS Greenwich noted in market commentary.</p></div>

U.S. Treasurys prices were modestly higher in extremely quiet trading, in a partial reversal of Friday's sell-off.With very little economic data to speak of, "activity is somewhat subdued" and "liquidity is definitely impaired," said Jason Evans, head of government trading for Deutsche Bank.The price of the Treasury's 10-year note was up around midday, while its yield fell from Friday's level, when trading desks closed early ahead of the Christmas holiday. Prices and yields move in opposite directions.A manufacturing and economic activity report from the Federal Reserve Bank of Richmond released Tuesday morning came in at negative 6 versus November's 7. However, the data failed to move the market in any noticeable way.The real surprise in the market was Friday's sell-off, Evans said. Friday's data _ and in particular the core personal consumption expenditures price index, a key measure of inflation _ were on the tamer side. Compared with a year earlier, the core PCE price index rose 2.2% in November from a year earlier, down from a 2.4% year-over-year climb in October.However, despite what should have been bond-friendly data, the Treasurys market sold off heavily, largely on profit-taking.The sell-off Friday "occurred on relatively light volume," Evans said, "and the market is ... in recovery."Hedge funds were in the market buying 10-year Treasurys Tuesday, with good buying by money managers in five-year Treasurys as well, according to RBS Greenwich Capital.As for the remainder of the week, "we are rather neutral," RBS Greenwich noted in market commentary.

2021-10-30 14:12:04.119841

Top Inflation Trade: Buy The Dollar?

https://www.cnbc.com/2011/02/17/top-inflation-trade-buy-the-dollar.html

2011-02-17T22:45:28+0000

Lee Brodie

CNBC

The S&P closed in positive territory Thursday with bulls driving the market despite a slew of new signs that suggest the price of almost everything would be creeping higher. If inflation does become a catalyst in the days ahead, how should you trade?Willie Williams, Societe Generale Director Derivative Sales suggests looking at currencies.  Despite inflation, he’s bullish the US dollar for 3 reasons.1. Rate Hike Expectations2. Recovering U.S. Economy3. Risks of Global UnrestIf you share his opinion, ahead of the broadcast Williams told our producers he liked following positions:- Buy the dollar against the Yen, Swiss Franc- Buy one month 85 calls in Dollar/Yen- Buy one month 98 calls in Dollar/ SwissGet all the details. Watch the video now!

cnbc, Articles, S&P 500 Index, CNBC TV, Fast Money, source:tagname:CNBC US Source

<div class="group"><p>The S&amp;P closed in positive territory Thursday with bulls driving the market despite a slew of new signs that suggest the price of almost everything would be creeping higher. </p><p>If <em>inflation does </em>become a catalyst in the days ahead, how should you trade?<br><br>Willie Williams, Societe Generale Director Derivative Sales suggests looking at currencies.  Despite inflation, he’s bullish the US dollar for 3 reasons.<br>1. Rate Hike Expectations<br>2. Recovering U.S. Economy<br>3. Risks of Global Unrest</p><div style="height:100%" class="lazyload-placeholder"></div><p>If you share his opinion, ahead of the broadcast Williams told our producers he liked following positions:<br>- Buy the dollar against the Yen, Swiss Franc<br>- Buy one month 85 calls in Dollar/Yen<br>- Buy one month 98 calls in Dollar/ Swiss<br><br>Get all the details. Watch the video now!</p></div>,<div class="group"><p><br><br></p><p><br></p><p>______________________________________________________<br>Got something to to say? Send us an e-mail at <a href="mailto:fastmoney-web@cnbc.com" class="webresource" target="_blank">fastmoney-web@cnbc.com</a> and your comment might be posted on the <em>Rapid Recap. </em>If you'd prefer to make a comment, but not have it published on our Web site, send those e-mails to </p><p><br></p><div style="height:100%" class="lazyload-placeholder"></div><p>Trader disclosure: On Feb 17, 2011, the following stocks and commodities mentioned or intended to be mentioned on CNBC’s "Fast Money" were owned by the "Fast Money" traders; <em>Seymour Owns (AAPL); Seymour Owns (BAC); Seymour Owns (F); Seymour Owns (FCX); Seymour Owns (FXI); Seymour Owns (INTC); Seymour Owns (SBUX); </em><em>Adami Owns (AGU); Adami Owns (C); Adami Owns (GS); Adami Owns (INTC); Adami Owns (MSFT); Adami Owns (NUE); Adami Owns (BTU); Terranova Owns (VRTS); Terranova Owns (C); Terranova Owns (UPL); Terranova Owns (GM); Terranova Owns (MS); Terranova Owns (SLXP); Terranova Owns (BAX); Terranova Owns (TEVA); Terranova Owns (CVI); Terranova Owns (RSX); Terranova Owns (SU)’ Terranova Owns (CNQ); </em><em>Jon Najarian Owns (AMD), Is Short (AMD) Calls; Jon Najarian Owns (AKAM), Is Short (AKAM) Calls; Jon Najarian Owns (CLF), Is Short (CLF) Calls; Jon Najarian Owns (JOYG), Is Short (JOYG) Calls; Jon Najarian Owns (NVDA), Is Short (NVDA) Calls; Jon Najarian Owns (SPWR), Is Short (SPWR) Calls; Jon Najarian Owns (WMB), Is Short (WMB) Calls; Jon Najarian Owns (AKS), Is Short (AKS) Calls; Jon Najarian Owns (ANF), Is Short (ANF) Calls; Jon Najarian Owns (CSTR), Is Short (CSTR) Calls; Jon Najarian Owns (JNPR), Is Short (JNPR) Calls; Jon Najarian Owns (RAX), Is Short (RAX) Calls; Jon Najarian Owns (X), Is Short (X) Calls; Jon Najarian Owns (APA), Is Short (APA) Calls; Jon Najarian Owns (NBR), Is Short (NBR) Calls; Jon Najarian Owns (AKS), Is Short (AKS) Calls</em><br><br><em>For Joe Terranova<br>Terranova is Chief Market Strategist of Virtus Investment Partners, LTD<br>Virtus Investment Partners Owns More Than 1% Of (ABAX)<br>Virtus Investment Partners Owns More Than 1% Of (AMKR)<br>Virtus Investment Partners Owns More Than 1% Of (CCG)<br>Virtus Investment Partners Owns More Than 1% Of (CASS)<br>Virtus Investment Partners Owns More Than 1% Of (CSVI)<br>Virtus Investment Partners Owns More Than 1% Of (EXR)<br>Virtus Investment Partners Owns More Than 1% Of (FCFS)<br>Virtus Investment Partners Owns More Than 1% Of (IGE)<br>Virtus Investment Partners Owns More Than 1% Of (KRC)<br>Virtus Investment Partners Owns More Than 1% Of (LDR)<br>Virtus Investment Partners Owns More Than 1% Of (LPHI)<br>Virtus Investment Partners Owns More Than 1% Of (NRCI)<br>Virtus Investment Partners Owns More Than 1% Of (DBV)<br>Virtus Investment Partners Owns More Than 1% Of (XLB)<br>Virtus Investment Partners Owns More Than 1% Of (XLV)<br>Virtus Investment Partners Owns More Than 1% Of (XLP)<br>Virtus Investment Partners Owns More Than 1% Of (XLY)<br>Virtus Investment Partners Owns More Than 1% Of (XLE)<br>Virtus Investment Partners Owns More Than 1% Of (XLF)<br>Virtus Investment Partners Owns More Than 1% Of (XLI)<br>Virtus Investment Partners Owns More Than 1% Of (XLK)<br>Virtus Investment Partners Owns More Than 1% Of (XLU)<br>Virtus Investment Partners Owns More Than 1% Of (SUBK)<br>Virtus Investment Partners Owns More Than 1% Of (WDFC)<br>Virtus Investment Partners Owns More Than 1% Of (YDNT)<br>Virtus Investment Partners Owns More Than 1% Of (DPUKF)<br><br>For Brian Kelly<br>Accounts Managed By Kanundrum Capital Own (AMD)<br>Accounts Managed By Kanundrum Capital Own (AGO)<br>Accounts Managed By Kanundrum Capital Own (APA)<br>Accounts Managed By Kanundrum Capital Own (BAC)<br>Accounts Managed By Kanundrum Capital Own (FCX)<br>Accounts Managed By Kanundrum Capital Own (IAU)<br>Accounts Managed By Kanundrum Capital Own (SLV)<br>Accounts Managed By Kanundrum Capital Are Long (SLV) Calls, Are Short (SLV) Puts<br>Accounts Managed By Kanundrum Capital Own (INTC)<br>Accounts Managed By Kanundrum Capital Are Long (INTC) Calls, Are Short (INTC) Puts<br>Accounts Managed By Kanundrum Capital Are Short Australian Dollar<br>Accounts Managed By Kanundrum Capital Are Short Yen<br>Accounts Managed By Kanundrum Capital Own (STX)<br>Accounts Managed By Kanundrum Capital Own (MON)<br><br>For Mike Haley<br></em><em>"As of right now I do not own any futures. I do have some forward contracts with local elevators that are backed up by futures contracts of corn, soybeans and wheat. All hedging positions and no speculation."<br><br>For Willie Williams<br>Societe Genarale Facilitates Transactions In Tradeable Currencies<br><br>For Ron Shah<br>***No Disclosures<br><br>For Glen Yeung<br>Citigroup Global Markets Or Affiliates Has Managed Or Co-Managed Offering Of (AMD) In Past 12 Months<br>Citigroup Global Markets Or Affiliates Has Received Investment Banking Compensation From (AMD) In Past 12 Months<br>Citigroup Global Markets Or Affiliate Recieved Non-Investment Banking Compensation From (NVDA), (AMD), (MRVL) In Past 12 Months<br>(AMD) Is Or In Past 12 Months Was An Investment Banking Client Of Citigroup Global Markets<br>(NVDA), (AMD), (MRVL) Are Or In Past 12 Months Were Non-Investment Banking Clients Of Citigroup Global Markets (Securities-Related Services, Non-Securities-Related Services)<br>Citigroup Global Markets Or Affiliate Recieved Compensation From (AMD), (NVDA) In past 12 Months<br>Citigroup Global Markets Is A Market Maker In (NVDA), (MRVL)<br>Citigroup Global Markets And/Or Affiliates Has A Significant Financial Interest In Relation To (AMD)<br><br>For Brian Stutland<br>Stutland's Firm Is A Market Maker In VIX Futures And Options Holding Positions<br><br>For Gary Shapiro<br>***No Disclosures<br><br>For Tim Seymour SOT<br>***No Disclosures</em></p><p><em>For Dennis Gartman SOT <br>Funds Managed By Dennis Gartman Were Long Gold On 1/28/11<br><br>For Toni Sacconaghi SOT<br>An Employee Of Bernstein Owns (AAPL)<br></em>Accounts Over Which Bernstein And/Or Affiliates Exercise Investment Discretion Own More Than 1% Of (AAPL)<br>Bernstein Is Market Maker In (AAPL)<br>Bernstein Or Affiliate Expects To Recieve/Seek Investment Banking Compensation From (AAPL) In Next 3 Months<br><br><em>Comcast Is The Parent Company Of CNBC<br></em><em>Comcast Is The Parent Company Of NBCUniversal<br></em><em>GE Owns 49% Of NBCUniversal<br></em><em>GE Owns 49% Of CNBC</em></p><p>CNBC.com with wires. </p></div>

The S&P closed in positive territory Thursday with bulls driving the market despite a slew of new signs that suggest the price of almost everything would be creeping higher. If inflation does become a catalyst in the days ahead, how should you trade?Willie Williams, Societe Generale Director Derivative Sales suggests looking at currencies.  Despite inflation, he’s bullish the US dollar for 3 reasons.1. Rate Hike Expectations2. Recovering U.S. Economy3. Risks of Global UnrestIf you share his opinion, ahead of the broadcast Williams told our producers he liked following positions:- Buy the dollar against the Yen, Swiss Franc- Buy one month 85 calls in Dollar/Yen- Buy one month 98 calls in Dollar/ SwissGet all the details. Watch the video now!______________________________________________________Got something to to say? Send us an e-mail at fastmoney-web@cnbc.com and your comment might be posted on the Rapid Recap. If you'd prefer to make a comment, but not have it published on our Web site, send those e-mails to Trader disclosure: On Feb 17, 2011, the following stocks and commodities mentioned or intended to be mentioned on CNBC’s "Fast Money" were owned by the "Fast Money" traders; Seymour Owns (AAPL); Seymour Owns (BAC); Seymour Owns (F); Seymour Owns (FCX); Seymour Owns (FXI); Seymour Owns (INTC); Seymour Owns (SBUX); Adami Owns (AGU); Adami Owns (C); Adami Owns (GS); Adami Owns (INTC); Adami Owns (MSFT); Adami Owns (NUE); Adami Owns (BTU); Terranova Owns (VRTS); Terranova Owns (C); Terranova Owns (UPL); Terranova Owns (GM); Terranova Owns (MS); Terranova Owns (SLXP); Terranova Owns (BAX); Terranova Owns (TEVA); Terranova Owns (CVI); Terranova Owns (RSX); Terranova Owns (SU)’ Terranova Owns (CNQ); Jon Najarian Owns (AMD), Is Short (AMD) Calls; Jon Najarian Owns (AKAM), Is Short (AKAM) Calls; Jon Najarian Owns (CLF), Is Short (CLF) Calls; Jon Najarian Owns (JOYG), Is Short (JOYG) Calls; Jon Najarian Owns (NVDA), Is Short (NVDA) Calls; Jon Najarian Owns (SPWR), Is Short (SPWR) Calls; Jon Najarian Owns (WMB), Is Short (WMB) Calls; Jon Najarian Owns (AKS), Is Short (AKS) Calls; Jon Najarian Owns (ANF), Is Short (ANF) Calls; Jon Najarian Owns (CSTR), Is Short (CSTR) Calls; Jon Najarian Owns (JNPR), Is Short (JNPR) Calls; Jon Najarian Owns (RAX), Is Short (RAX) Calls; Jon Najarian Owns (X), Is Short (X) Calls; Jon Najarian Owns (APA), Is Short (APA) Calls; Jon Najarian Owns (NBR), Is Short (NBR) Calls; Jon Najarian Owns (AKS), Is Short (AKS) CallsFor Joe TerranovaTerranova is Chief Market Strategist of Virtus Investment Partners, LTDVirtus Investment Partners Owns More Than 1% Of (ABAX)Virtus Investment Partners Owns More Than 1% Of (AMKR)Virtus Investment Partners Owns More Than 1% Of (CCG)Virtus Investment Partners Owns More Than 1% Of (CASS)Virtus Investment Partners Owns More Than 1% Of (CSVI)Virtus Investment Partners Owns More Than 1% Of (EXR)Virtus Investment Partners Owns More Than 1% Of (FCFS)Virtus Investment Partners Owns More Than 1% Of (IGE)Virtus Investment Partners Owns More Than 1% Of (KRC)Virtus Investment Partners Owns More Than 1% Of (LDR)Virtus Investment Partners Owns More Than 1% Of (LPHI)Virtus Investment Partners Owns More Than 1% Of (NRCI)Virtus Investment Partners Owns More Than 1% Of (DBV)Virtus Investment Partners Owns More Than 1% Of (XLB)Virtus Investment Partners Owns More Than 1% Of (XLV)Virtus Investment Partners Owns More Than 1% Of (XLP)Virtus Investment Partners Owns More Than 1% Of (XLY)Virtus Investment Partners Owns More Than 1% Of (XLE)Virtus Investment Partners Owns More Than 1% Of (XLF)Virtus Investment Partners Owns More Than 1% Of (XLI)Virtus Investment Partners Owns More Than 1% Of (XLK)Virtus Investment Partners Owns More Than 1% Of (XLU)Virtus Investment Partners Owns More Than 1% Of (SUBK)Virtus Investment Partners Owns More Than 1% Of (WDFC)Virtus Investment Partners Owns More Than 1% Of (YDNT)Virtus Investment Partners Owns More Than 1% Of (DPUKF)For Brian KellyAccounts Managed By Kanundrum Capital Own (AMD)Accounts Managed By Kanundrum Capital Own (AGO)Accounts Managed By Kanundrum Capital Own (APA)Accounts Managed By Kanundrum Capital Own (BAC)Accounts Managed By Kanundrum Capital Own (FCX)Accounts Managed By Kanundrum Capital Own (IAU)Accounts Managed By Kanundrum Capital Own (SLV)Accounts Managed By Kanundrum Capital Are Long (SLV) Calls, Are Short (SLV) PutsAccounts Managed By Kanundrum Capital Own (INTC)Accounts Managed By Kanundrum Capital Are Long (INTC) Calls, Are Short (INTC) PutsAccounts Managed By Kanundrum Capital Are Short Australian DollarAccounts Managed By Kanundrum Capital Are Short YenAccounts Managed By Kanundrum Capital Own (STX)Accounts Managed By Kanundrum Capital Own (MON)For Mike Haley"As of right now I do not own any futures. I do have some forward contracts with local elevators that are backed up by futures contracts of corn, soybeans and wheat. All hedging positions and no speculation."For Willie WilliamsSociete Genarale Facilitates Transactions In Tradeable CurrenciesFor Ron Shah***No DisclosuresFor Glen YeungCitigroup Global Markets Or Affiliates Has Managed Or Co-Managed Offering Of (AMD) In Past 12 MonthsCitigroup Global Markets Or Affiliates Has Received Investment Banking Compensation From (AMD) In Past 12 MonthsCitigroup Global Markets Or Affiliate Recieved Non-Investment Banking Compensation From (NVDA), (AMD), (MRVL) In Past 12 Months(AMD) Is Or In Past 12 Months Was An Investment Banking Client Of Citigroup Global Markets(NVDA), (AMD), (MRVL) Are Or In Past 12 Months Were Non-Investment Banking Clients Of Citigroup Global Markets (Securities-Related Services, Non-Securities-Related Services)Citigroup Global Markets Or Affiliate Recieved Compensation From (AMD), (NVDA) In past 12 MonthsCitigroup Global Markets Is A Market Maker In (NVDA), (MRVL)Citigroup Global Markets And/Or Affiliates Has A Significant Financial Interest In Relation To (AMD)For Brian StutlandStutland's Firm Is A Market Maker In VIX Futures And Options Holding PositionsFor Gary Shapiro***No DisclosuresFor Tim Seymour SOT***No DisclosuresFor Dennis Gartman SOT Funds Managed By Dennis Gartman Were Long Gold On 1/28/11For Toni Sacconaghi SOTAn Employee Of Bernstein Owns (AAPL)Accounts Over Which Bernstein And/Or Affiliates Exercise Investment Discretion Own More Than 1% Of (AAPL)Bernstein Is Market Maker In (AAPL)Bernstein Or Affiliate Expects To Recieve/Seek Investment Banking Compensation From (AAPL) In Next 3 MonthsComcast Is The Parent Company Of CNBCComcast Is The Parent Company Of NBCUniversalGE Owns 49% Of NBCUniversalGE Owns 49% Of CNBCCNBC.com with wires.

2021-10-30 14:12:04.280274

China’s tech giants are pouring billions into US start-ups

https://www.cnbc.com/2017/03/08/chinas-tech-giants-are-pouring-billions-into-us-start-ups.html

2017-03-09T13:53:00+0000

CNBC

Joe Chen, CEO of Chinese social networking service Renren, first met SoFi CEO Mike Cagney in Palo Alto in 2011 and, over coffee, decided to invest in the fast-growth, disruptive online finance start-up. That initial $4 million investment helped SoFi get its start and led to two more financings within three years, with Renren contributing a major chunk of some $230 million raised.Fast-forward, and SoFi last month topped it off with a $500 million investment from private-equity powerhouse Silver Lake.

cnbc, Articles, Jack Ma, Alibaba Group Holding Ltd, Investment strategy, World Markets, Investing, Global Investing Hot Spots, Special Reports, source:tagname:CNBC US Source

<div class="group"><p>Joe Chen, CEO of Chinese social networking service Renren, first met <a href="https://www.cnbc.com/2016/06/06/sofi-2016-disruptor-50.html">SoFi</a> CEO Mike Cagney in Palo Alto in 2011 and, over coffee, decided to invest in the fast-growth, disruptive online finance start-up. That initial $4 million investment helped SoFi get its start and led to two more financings within three years, with Renren contributing a major chunk of some $230 million raised.</p><p>Fast-forward, and SoFi last month topped it off with a $500 million investment from private-equity powerhouse Silver Lake.</p></div>,<div class="group"><div style="height:100%" class="lazyload-placeholder"></div><p>SoFi is just the kind of deal that Chen has been pursuing: His NYSE-listed company, once known as the <a href="//www.cnbc.com/quotes/FB" target="_blank">Facebook</a> of China, has been investing in <!-- --> to broaden its revenues and boost its stock price. That connection with Renren has also boosted <a href="https://www.cnbc.com/2016/06/06/sofi-2016-disruptor-50.html">SoFi</a>.</p><p>"Joe is a great investor and was our investor from the early days. He saw the vision early on and pushed us to grow faster and be more aggressive," said Dan Macklin, a co-founder of SoFi in San Francisco.</p><p>Similarly to Renren, China's tech titans <a href="//www.cnbc.com/quotes/BIDU" target="_blank">Baidu</a>, <a href="//www.cnbc.com/quotes/BABA" target="_blank">Alibaba</a> and <a href="//www.cnbc.com/quotes/700-HK" target="_blank">Tencent</a> are leading a surge of Chinese investment in cutting-edge U.S. technology start-ups with bold ambitions to expand their footprint, attract top talent and gain an edge in innovation.</p><p>Collectively known as the BAT, China's giant technology companies that dominate search, e-commerce and mobile messaging in their home market are going global. The United States is their primary shopping place to diversify and build out their brands. The hunt is on to acquire or buy into fast-growing young companies in a broad range of the hottest tech sectors, such as virtual reality, fintech, social media, video games and mobile apps. Their deals include such well-known American brands as image messaging app <a href="//www.cnbc.com/quotes/SNAP" target="_blank">Snap</a>, ride-sharing service Lyft and virtual reality player Magic Leap.</p></div>,<div class="group"><p>China's four largest internet companies — the BAT plus e-commerce company JD.com — have invested $5.6 billion in 48 U.S. tech deals over the past two years, according to CBI Insights data. California took in more than three-quarters of the total U.S.-based deals by these four companies, with Silicon Valley a popular hunting ground.</p><div style="height:100%" class="lazyload-placeholder"></div><p>Overall, Chinese investment in the U.S. economy has soared, with such high-profile deals as China's Anbang Insurance purchase of the landmark Waldorf-Astoria hotel in New York City for $1.95 billion.</p><p>Last year Chinese investors put a record $45.6 billion in U.S. companies, triple the amount for 2015, according to research group Rhodium Group in New York City. The momentum has picked up as the Chinese economy has slowed and as the U.S. dollar has appreciated against the Chinese yen, points out Rhodium economist Thilo Hanemann.</p><p>"The Chinese government is spending billions of dollars literally trying to level the playing field a bit" between the United States and China in technology, said Orville Schell, director of U.S.-China relations for the Asia Society, which released a 2014 report on China high-tech investments in the United States.</p></div>,<div class="group"><p>This flurry of deal making comes against a recent crackdown by Chinese authorities to tighten restrictions on capital outflows and control "irrational" outbound investment by Chinese firms. Such restrictions are threatening completion of a <a href="https://www.cnbc.com/2016/11/04/dick-clark-productions-to-be-sold-to-chinese-company-for-1-billion.html">$1 billion purchase</a> by Chinese conglomerate Dalian Wanda Group of Dick Clark Productions in Los Angeles. Meanwhile, U.S. alarms about potential security and economic risks over Chinese takeovers of American companies have been heightened during the recent presidential election.<br></p><p>For the founders of U.S. tech start-ups, getting cozy with Chinese acquirers and investors can make good business sense. With a Chinese investor, their business gains a competitive edge in the exceedingly difficult-to-penetrate China market. Getting funds from China's leading tech companies can help U.S. companies gain an entry point to China, an immediate on-the-ground presence and strategic insights such as how to best customize products for the local Chinese market.</p><p><strong>More from Global Investing Hot Spots:</strong><br> <a href="https://www.cnbc.com/2017/03/03/the-billionaire-who-is-saving-bethlehem.html"> The billionaire who is saving Bethlehem with the support of a Saudi Prince</a> <br> <a href="https://www.cnbc.com/2017/03/03/trumps-ban-on-immigration-could-help-canadian-start-ups.html"> Trump's ban on immigration has an unexpected beneficiary: Canadian start-ups</a> <br> <a href="https://www.cnbc.com/2017/03/02/an-anti-buffett-investing-bet-thats-hot-after-7-years-of-losing-to-us.html"> An anti-Buffett investing bet that's suddenly busting out</a> <br></p><p>Moreover, founders of U.S. tech start-ups can get favorable terms from the Chinese corporate investors, which are known to pay more to invest in American start-ups compared with Sand Hill Road venture capitalists. The Chinese buyers are in effect "paying a tuition" to get insights into the U.S. market, points out Jay Eum, co-founder and managing director of TransLink Capital in Silicon Valley.</p><p>China's e-commerce leader, Alibaba, by the visionary <a href="https://www.cnbc.com/jack-ma/">Jack Ma</a>, has been particularly active in investing in U.S. start-ups. In recent years Alibaba has led a $793 million financing round in virtual reality start-up Magic Leap, $200 million in social media company Snap, $215 million in mobile messaging app Tango, $250 million in ride-sharing app Lyft, $50 million in remote-control app Peel, $120 million in mobile gaming start-up Kabam in July, $50 million in app search engine Quixey and $206 million in subscription service ShopRunner.</p><p>Not to be outdone, Baidu has invested $30 million in mobile safety firm TrustGo and $10 million in mapping company Indoor Atlas. Meanwhile, Tencent invested $400 million in game developer Riot Games and another $400 million in Epic Games, in addition to co-investing with Alibaba in Lyft. Besides its groundbreaking investment in SoFi, Renren has invested in a series of U.S. fintech start-ups, leading a $31 million lead investment in crowdfunding real estate site Fundrise in 2014 and leading a $40 million investment in U.S.-based stock-trading outfit Motif in 2015.</p></div>,<div class="group"><p>The China deals typically are for a minority investment stake rather than a controlling interest —in part a strategy to minimize risk while still getting an angle of U.S. tech. Taking a long-term perspective, Baidu, Alibaba and Tencent have all established offices in California for research and development and for corporate venture investing. This type of China tech deal making is a long way from the pattern of Japanese deal makers during the 1990s in the United States, when investment from Japan poured into trophy properties such as Pebble Beach and Rockefeller Center and later suffered major losses.</p><p>The Chinese deal makers in U.S. tech companies are active, not passive, investors. Silicon Valley-based messaging app Tango, which snared a $215 million investment by Alibaba in 2014, holds monthly meetings with a board member at Alibaba to review strategies and strategic impact, says Tango CEO and co-founder Eric Setton. He frequently visits Alibaba headquarters in Hangzhou and has set up a Beijing office. Setton said he got his initial introduction to Alibaba from Jerry Yang, a founder of <a href="//www.cnbc.com/quotes/AABA-CH" target="_blank">Yahoo</a>, which has been strongly linked through ownership ties with the Chinese conglomerate for several years.</p><p>Another Silicon Valley start-up, Peel, has experienced a similar tight interaction with its Chinese investors, which include Alibaba. Co-founder Thiru Arunachalam said he gets access to talent in China through the Alibaba connection and gains leverage in the fast-growing Chinese market.</p><p>Venture investor Eum of Translink, which has seen three of its portfolio companies (Peel, Tango and Quixey) get invested in by Alibaba, said he has been "super impressed" by Alibaba as a strategic investor. He pointed to a synergistic relationship and solid informational interchange as key advantages for both the China and U.S. sides.<br></p><p><em>— By Rebecca Fannin, special to CNBC.com</em></p></div>

Joe Chen, CEO of Chinese social networking service Renren, first met SoFi CEO Mike Cagney in Palo Alto in 2011 and, over coffee, decided to invest in the fast-growth, disruptive online finance start-up. That initial $4 million investment helped SoFi get its start and led to two more financings within three years, with Renren contributing a major chunk of some $230 million raised.Fast-forward, and SoFi last month topped it off with a $500 million investment from private-equity powerhouse Silver Lake.SoFi is just the kind of deal that Chen has been pursuing: His NYSE-listed company, once known as the Facebook of China, has been investing in to broaden its revenues and boost its stock price. That connection with Renren has also boosted SoFi."Joe is a great investor and was our investor from the early days. He saw the vision early on and pushed us to grow faster and be more aggressive," said Dan Macklin, a co-founder of SoFi in San Francisco.Similarly to Renren, China's tech titans Baidu, Alibaba and Tencent are leading a surge of Chinese investment in cutting-edge U.S. technology start-ups with bold ambitions to expand their footprint, attract top talent and gain an edge in innovation.Collectively known as the BAT, China's giant technology companies that dominate search, e-commerce and mobile messaging in their home market are going global. The United States is their primary shopping place to diversify and build out their brands. The hunt is on to acquire or buy into fast-growing young companies in a broad range of the hottest tech sectors, such as virtual reality, fintech, social media, video games and mobile apps. Their deals include such well-known American brands as image messaging app Snap, ride-sharing service Lyft and virtual reality player Magic Leap.China's four largest internet companies — the BAT plus e-commerce company JD.com — have invested $5.6 billion in 48 U.S. tech deals over the past two years, according to CBI Insights data. California took in more than three-quarters of the total U.S.-based deals by these four companies, with Silicon Valley a popular hunting ground.Overall, Chinese investment in the U.S. economy has soared, with such high-profile deals as China's Anbang Insurance purchase of the landmark Waldorf-Astoria hotel in New York City for $1.95 billion.Last year Chinese investors put a record $45.6 billion in U.S. companies, triple the amount for 2015, according to research group Rhodium Group in New York City. The momentum has picked up as the Chinese economy has slowed and as the U.S. dollar has appreciated against the Chinese yen, points out Rhodium economist Thilo Hanemann."The Chinese government is spending billions of dollars literally trying to level the playing field a bit" between the United States and China in technology, said Orville Schell, director of U.S.-China relations for the Asia Society, which released a 2014 report on China high-tech investments in the United States.This flurry of deal making comes against a recent crackdown by Chinese authorities to tighten restrictions on capital outflows and control "irrational" outbound investment by Chinese firms. Such restrictions are threatening completion of a $1 billion purchase by Chinese conglomerate Dalian Wanda Group of Dick Clark Productions in Los Angeles. Meanwhile, U.S. alarms about potential security and economic risks over Chinese takeovers of American companies have been heightened during the recent presidential election.For the founders of U.S. tech start-ups, getting cozy with Chinese acquirers and investors can make good business sense. With a Chinese investor, their business gains a competitive edge in the exceedingly difficult-to-penetrate China market. Getting funds from China's leading tech companies can help U.S. companies gain an entry point to China, an immediate on-the-ground presence and strategic insights such as how to best customize products for the local Chinese market.More from Global Investing Hot Spots: The billionaire who is saving Bethlehem with the support of a Saudi Prince Trump's ban on immigration has an unexpected beneficiary: Canadian start-ups An anti-Buffett investing bet that's suddenly busting out Moreover, founders of U.S. tech start-ups can get favorable terms from the Chinese corporate investors, which are known to pay more to invest in American start-ups compared with Sand Hill Road venture capitalists. The Chinese buyers are in effect "paying a tuition" to get insights into the U.S. market, points out Jay Eum, co-founder and managing director of TransLink Capital in Silicon Valley.China's e-commerce leader, Alibaba, by the visionary Jack Ma, has been particularly active in investing in U.S. start-ups. In recent years Alibaba has led a $793 million financing round in virtual reality start-up Magic Leap, $200 million in social media company Snap, $215 million in mobile messaging app Tango, $250 million in ride-sharing app Lyft, $50 million in remote-control app Peel, $120 million in mobile gaming start-up Kabam in July, $50 million in app search engine Quixey and $206 million in subscription service ShopRunner.Not to be outdone, Baidu has invested $30 million in mobile safety firm TrustGo and $10 million in mapping company Indoor Atlas. Meanwhile, Tencent invested $400 million in game developer Riot Games and another $400 million in Epic Games, in addition to co-investing with Alibaba in Lyft. Besides its groundbreaking investment in SoFi, Renren has invested in a series of U.S. fintech start-ups, leading a $31 million lead investment in crowdfunding real estate site Fundrise in 2014 and leading a $40 million investment in U.S.-based stock-trading outfit Motif in 2015.The China deals typically are for a minority investment stake rather than a controlling interest —in part a strategy to minimize risk while still getting an angle of U.S. tech. Taking a long-term perspective, Baidu, Alibaba and Tencent have all established offices in California for research and development and for corporate venture investing. This type of China tech deal making is a long way from the pattern of Japanese deal makers during the 1990s in the United States, when investment from Japan poured into trophy properties such as Pebble Beach and Rockefeller Center and later suffered major losses.The Chinese deal makers in U.S. tech companies are active, not passive, investors. Silicon Valley-based messaging app Tango, which snared a $215 million investment by Alibaba in 2014, holds monthly meetings with a board member at Alibaba to review strategies and strategic impact, says Tango CEO and co-founder Eric Setton. He frequently visits Alibaba headquarters in Hangzhou and has set up a Beijing office. Setton said he got his initial introduction to Alibaba from Jerry Yang, a founder of Yahoo, which has been strongly linked through ownership ties with the Chinese conglomerate for several years.Another Silicon Valley start-up, Peel, has experienced a similar tight interaction with its Chinese investors, which include Alibaba. Co-founder Thiru Arunachalam said he gets access to talent in China through the Alibaba connection and gains leverage in the fast-growing Chinese market.Venture investor Eum of Translink, which has seen three of its portfolio companies (Peel, Tango and Quixey) get invested in by Alibaba, said he has been "super impressed" by Alibaba as a strategic investor. He pointed to a synergistic relationship and solid informational interchange as key advantages for both the China and U.S. sides.— By Rebecca Fannin, special to CNBC.com

2021-10-30 14:12:04.328892

Chirac to Be Tried in Second Corruption Case

https://www.cnbc.com/2010/11/08/chirac-to-be-tried-in-second-corruption-case.html

2010-11-08T18:36:52+0000

CNBC

Officials say former French President Jacques Chirac has been ordered to stand trial in a second corruption case regarding his 1977-1995 tenure as Paris mayor.

cnbc, Articles, Politics, source:tagname:The Associated Press

<div class="group"><p>Officials say former French President Jacques Chirac has been ordered to stand trial in a second corruption case regarding his 1977-1995 tenure as Paris mayor. </p></div>,<div class="group"><p>Chirac already is set to be tried in March in one City Hall phony jobs scandal. </p><div style="height:100%" class="lazyload-placeholder"></div><p>The judicial officials said Monday that a judge in the Paris suburb of Nanterre has ordered him to also be tried for "illegal conflict of interest" in a similar case. </p><p>The officials spoke on condition of anonymity because of judicial policy. </p><p>In the new case, Chirac has faced questions about seven jobs at his former Conservative Party that were improperly paid for by City Hall or by construction companies. </p><p>The two cases against Chirac could be tried at the same time. </p><p>Chirac has denied any wrongdoing. </p></div>

Officials say former French President Jacques Chirac has been ordered to stand trial in a second corruption case regarding his 1977-1995 tenure as Paris mayor. Chirac already is set to be tried in March in one City Hall phony jobs scandal. The judicial officials said Monday that a judge in the Paris suburb of Nanterre has ordered him to also be tried for "illegal conflict of interest" in a similar case. The officials spoke on condition of anonymity because of judicial policy. In the new case, Chirac has faced questions about seven jobs at his former Conservative Party that were improperly paid for by City Hall or by construction companies. The two cases against Chirac could be tried at the same time. Chirac has denied any wrongdoing.

2021-10-30 14:12:04.420620

Poll: Which is your favorite major tech stock reporting earnings this week?

https://www.cnbc.com/2017/07/24/poll-which-is-your-favorite-major-tech-stock-reporting-earnings-this-week.html

2017-07-24T05:14:30+0000

CNBC.com staff

CNBC

Some of the biggest technology names on Wall Street are set to announce earnings this week that could potentially bring the tech sector's rally to a crashing halt. Of the four so-called FANG stocks, three are reporting this week: Alphabet, Facebook and Amazon. Google parent company Alphabet's quarterly earnings report could be a bellwether for technology stocks, according to one trader. Advertising revenue for Alphabet could indicate if ad dollars are also flowing into smaller, tech companies. Wall Street analysts predict Facebook will earn about 11 percent lower profit this year than they did at the start of the quarter, possibly due to higher capital expenditures. Experts also think Amazon could be the next FANG stock to surge on the back of strong earnings.So in this week's Trader Poll, tell us which is your favorite FANG stock.

cnbc, Articles, Amazon.com Inc, Alphabet Class A, Meta Platforms Inc, Social media, Advertising, Internet, Technology, Social Media, Trader Poll, Technology: Companies, Special Reports, source:tagname:CNBC Asia Source

<div class="group"><p>Some of the biggest technology names on Wall Street are set to announce earnings this week that could potentially bring the tech sector's rally to a crashing halt. </p><p>Of the four so-called FANG stocks, three are reporting this week: <a href="//www.cnbc.com/quotes/GOOGL" target="_blank">Alphabet</a>, <a href="//www.cnbc.com/quotes/FB" target="_blank">Facebook</a> and <a href="//www.cnbc.com/quotes/AMZN" target="_blank">Amazon</a>. </p><div style="height:100%" class="lazyload-placeholder"></div><p>Google parent company Alphabet's quarterly earnings report <a href="https://www.cnbc.com/2017/07/21/trader-says-this-is-the-most-important-fang-stock-to-report-next-week.html">could be a bellwether for technology stocks</a>, according to one trader. Advertising revenue for Alphabet could indicate if ad dollars are also flowing into smaller, tech companies. </p><p>Wall Street analysts <a href="https://www.cnbc.com/2017/07/20/facebook-q2-earnings-preview-video-expenses-capex.html">predict Facebook will earn about 11 percent lower profit</a> this year than they did at the start of the quarter, possibly due to higher capital expenditures. </p><p>Experts also think <a href="//www.cnbc.com/quotes/AMZN" target="_blank">Amazon</a> could be the next FANG stock to <a href="https://www.cnbc.com/2017/07/21/heres-the-next-fang-stock-thats-set-to-explode.html">surge on the back of strong earnings</a>.</p><p>So in this week's Trader Poll, tell us which is your favorite FANG stock.</p></div>,<div class="group"></div>

Some of the biggest technology names on Wall Street are set to announce earnings this week that could potentially bring the tech sector's rally to a crashing halt. Of the four so-called FANG stocks, three are reporting this week: Alphabet, Facebook and Amazon. Google parent company Alphabet's quarterly earnings report could be a bellwether for technology stocks, according to one trader. Advertising revenue for Alphabet could indicate if ad dollars are also flowing into smaller, tech companies. Wall Street analysts predict Facebook will earn about 11 percent lower profit this year than they did at the start of the quarter, possibly due to higher capital expenditures. Experts also think Amazon could be the next FANG stock to surge on the back of strong earnings.So in this week's Trader Poll, tell us which is your favorite FANG stock.

2021-10-30 14:12:04.474049

China passes controversial counter-terrorism law

https://www.cnbc.com/2015/12/27/china-readies-new-anti-terror-law-ejects-lobs-writer-over-uighur-story.html

2015-12-27T21:25:25+0000

CNBC

China's parliament passed a controversial new anti-terrorism law on Sunday that requires technology firms to hand over sensitive information such as encryption keys to the government and allows the military to venture overseas on counter-terror operations. Chinese officials say their country faces a growing threat from militants and separatists, especially in its unruly Western region of Xinjiang, where hundreds have died in violence in the past few years. The law has attracted deep concern in Western capitals, not only because of worries it could violate human rights such as freedom of speech, but because of the cyber provisions. U.S. President Barack Obama has said that he had raised concerns about the law directly with Chinese President Xi Jinping.

cnbc, Articles, Politics, Asia News, China, Wars and Military Conflicts, White House, Terrorism, source:tagname:Reuters

<div class="group"><p> China's parliament passed a controversial new anti-terrorism law on Sunday that requires technology firms to hand over sensitive information such as encryption keys to the government and allows the military to venture overseas on counter-terror operations.</p><p> Chinese officials say their country faces a growing threat from militants and separatists, especially in its unruly Western region of Xinjiang, where hundreds have died in violence in the past few years.</p><div style="height:100%" class="lazyload-placeholder"></div><p> The law has attracted deep concern in Western capitals, not only because of worries it could violate human rights such as freedom of speech, but because of the cyber provisions. U.S. President Barack Obama has said that he had raised concerns about the law directly with Chinese President Xi Jinping.</p></div>,<div class="group"><p> Speaking after China's largely rubber-stamp parliament passed the law, Li Shouwei, deputy head of the parliament's criminal law division under the legislative affairs committee, said China was simply doing what other Western nations already do in asking technology firms to help fight terror.</p><p> "This rule accords with the actual work need of fighting terrorism and is basically the same as what other major countries in the world do," Li told reporters.</p><p> This will not affect the normal operation of tech companies and they have nothing to fear in terms of having "backdoors" installed or losing intellectual property rights, he added.</p></div>,<div class="group"><p> Officials in Washington have argued the law, combined with new draft banking and insurance rules and a slew of anti-trust investigations, amounts to unfair regulatory pressure targeting foreign companies.</p><div style="height:100%" class="lazyload-placeholder"></div><p> China's national security law adopted in July requires all key network infrastructure and information systems to be "secure and controllable".</p><p> The anti-terrorism law also permits the People's Liberation Army to get involved in anti-terrorism operations overseas, though experts have said China faces big practical and diplomatic problems if it ever wants to do this.</p><p> An Weixing, head of the Public Security Ministry's counter-terrorism division, said China faced a serious threat from terrorists, especially "East Turkestan" forces, China's general term for Islamists separatists it says operate in Xinjiang.</p></div>,<div class="group"><p> "Terrorism is the public enemy of mankind, and the Chinese government will oppose all forms of terrorism," An said.</p><p> Rights groups, though, doubt the existence of a cohesive militant group in Xinjiang and say the unrest mostly stems from anger among the region's Muslim Uighur people over restrictions on their religion and culture.</p><p> The new law also restricts the right of media to report on details of terror attacks, including a provision that media and social media cannot report on details of terror activities that might lead to imitation, nor show scenes that are "cruel and inhuman".</p></div>

China's parliament passed a controversial new anti-terrorism law on Sunday that requires technology firms to hand over sensitive information such as encryption keys to the government and allows the military to venture overseas on counter-terror operations. Chinese officials say their country faces a growing threat from militants and separatists, especially in its unruly Western region of Xinjiang, where hundreds have died in violence in the past few years. The law has attracted deep concern in Western capitals, not only because of worries it could violate human rights such as freedom of speech, but because of the cyber provisions. U.S. President Barack Obama has said that he had raised concerns about the law directly with Chinese President Xi Jinping. Speaking after China's largely rubber-stamp parliament passed the law, Li Shouwei, deputy head of the parliament's criminal law division under the legislative affairs committee, said China was simply doing what other Western nations already do in asking technology firms to help fight terror. "This rule accords with the actual work need of fighting terrorism and is basically the same as what other major countries in the world do," Li told reporters. This will not affect the normal operation of tech companies and they have nothing to fear in terms of having "backdoors" installed or losing intellectual property rights, he added. Officials in Washington have argued the law, combined with new draft banking and insurance rules and a slew of anti-trust investigations, amounts to unfair regulatory pressure targeting foreign companies. China's national security law adopted in July requires all key network infrastructure and information systems to be "secure and controllable". The anti-terrorism law also permits the People's Liberation Army to get involved in anti-terrorism operations overseas, though experts have said China faces big practical and diplomatic problems if it ever wants to do this. An Weixing, head of the Public Security Ministry's counter-terrorism division, said China faced a serious threat from terrorists, especially "East Turkestan" forces, China's general term for Islamists separatists it says operate in Xinjiang. "Terrorism is the public enemy of mankind, and the Chinese government will oppose all forms of terrorism," An said. Rights groups, though, doubt the existence of a cohesive militant group in Xinjiang and say the unrest mostly stems from anger among the region's Muslim Uighur people over restrictions on their religion and culture. The new law also restricts the right of media to report on details of terror attacks, including a provision that media and social media cannot report on details of terror activities that might lead to imitation, nor show scenes that are "cruel and inhuman".

2021-10-30 14:12:04.568594

Central banks have almost eliminated recessions, venture capitalist Palihapitiya says

https://www.cnbc.com/2019/04/30/fed-central-banks-have-almost-eliminated-recessions-palihapitiya-says.html

2019-04-30T17:14:38+0000

Jeff Cox

CNBC

Central banks have created an environment where both major downturns as well as expansions are almost impossible, venture capitalist Chamath Palihapitiya said Tuesday.A well-known investor across a multitude of areas, including as a very early Facebook executive and a big proponent of cryptocurrencies, Palihapitiya told CNBC that entities like the Federal Reserve have used quantitative easing to stage-manage an essentially stagnant economy."I don't see a world in which we have any form of meaningful contraction nor any form of meaningful expansion," he told CNBC's Scott Wapner during a "Fast Money Halftime Report" segment. "We have completely taken away the toolkit of how normal economies should work when we started with QE. I mean, the odds that there's a recession anymore in any Western country of the world is almost next to impossible now, save a complete financial externality that we can't forecast."A lack of downturns is not necessarily a good thing, Palihapitiya added, and he criticized central banks for refusing to allow normal economic cycles to play out."Central bankers have lost all intestinal fortitude to actually put a country through a recession, because it's actually regenerative and useful," he said. "Even if they had the wherewithal to do it, the political infrastructure will just completely absorb that intent. So we are probably not, save of something crazy, going to see massive, massive negative growth except in countries that are so fundamentally crippled that they tip over."For investors, that means a limited menu of choices."So the reality is we're going to grow low single digits every year, which means there's no growth anywhere else, which means you're better off buying equities and you're better off buying equities that are substantively ones that are sort of the deflationary stocks, the cheaper, faster better stocks, the tech stocks," he said.Palihapitiya is CEO of Social Capital and he also is a minority stakeholder and board member of the NBA's Golden State Warriors.

cnbc, Articles, Central banking, Technology, Scott Wapner, Breaking News: Politics, Breaking News: Economy, Economy, Breaking news, US Economy, US: News, Central Banks, Business News, source:tagname:CNBC US Source

<div class="group"><p>Central banks have created an environment where both major downturns as well as expansions are almost impossible, venture capitalist Chamath Palihapitiya said Tuesday.</p><p>A well-known investor across a multitude of areas, including as a very early Facebook executive and a big proponent of cryptocurrencies, Palihapitiya told CNBC that entities like the Federal Reserve have used quantitative easing to stage-manage an essentially stagnant economy.</p><div style="height:100%" class="lazyload-placeholder"></div><p>"I don't see a world in which we have any form of meaningful contraction nor any form of meaningful expansion," he told CNBC's <a href="https://www.cnbc.com/scott-wapner/">Scott Wapner</a> during a <a href="https://www.cnbc.com/halftime/">"Fast Money Halftime Report"</a> segment. "We have completely taken away the toolkit of how normal economies should work when we started with QE. I mean, the odds that there's a recession anymore in any Western country of the world is almost next to impossible now, save a complete financial externality that we can't forecast."</p><p>A lack of downturns is not necessarily a good thing, Palihapitiya added, and he criticized central banks for refusing to allow normal economic cycles to play out.</p><p>"Central bankers have lost all intestinal fortitude to actually put a country through a recession, because it's actually regenerative and useful," he said. "Even if they had the wherewithal to do it, the political infrastructure will just completely absorb that intent. So we are probably not, save of something crazy, going to see massive, massive negative growth except in countries that are so fundamentally crippled that they tip over."</p><p>For investors, that means a limited menu of choices.</p><p>"So the reality is we're going to grow low single digits every year, which means there's no growth anywhere else, which means you're better off buying equities and you're better off buying equities that are substantively ones that are sort of the deflationary stocks, the cheaper, faster better stocks, the tech stocks," he said.</p><p>Palihapitiya is CEO of Social Capital and he also is a minority stakeholder and board member of the NBA's Golden State Warriors.</p></div>

Central banks have created an environment where both major downturns as well as expansions are almost impossible, venture capitalist Chamath Palihapitiya said Tuesday.A well-known investor across a multitude of areas, including as a very early Facebook executive and a big proponent of cryptocurrencies, Palihapitiya told CNBC that entities like the Federal Reserve have used quantitative easing to stage-manage an essentially stagnant economy."I don't see a world in which we have any form of meaningful contraction nor any form of meaningful expansion," he told CNBC's Scott Wapner during a "Fast Money Halftime Report" segment. "We have completely taken away the toolkit of how normal economies should work when we started with QE. I mean, the odds that there's a recession anymore in any Western country of the world is almost next to impossible now, save a complete financial externality that we can't forecast."A lack of downturns is not necessarily a good thing, Palihapitiya added, and he criticized central banks for refusing to allow normal economic cycles to play out."Central bankers have lost all intestinal fortitude to actually put a country through a recession, because it's actually regenerative and useful," he said. "Even if they had the wherewithal to do it, the political infrastructure will just completely absorb that intent. So we are probably not, save of something crazy, going to see massive, massive negative growth except in countries that are so fundamentally crippled that they tip over."For investors, that means a limited menu of choices."So the reality is we're going to grow low single digits every year, which means there's no growth anywhere else, which means you're better off buying equities and you're better off buying equities that are substantively ones that are sort of the deflationary stocks, the cheaper, faster better stocks, the tech stocks," he said.Palihapitiya is CEO of Social Capital and he also is a minority stakeholder and board member of the NBA's Golden State Warriors.

2021-10-30 14:12:04.605049

Stocks Edge Up, Shaking Off Economic News

https://www.cnbc.com/2011/07/06/stocks-edge-up-shaking-off-economic-news.html

2011-07-06T15:46:48+0000

CNBC

Stocks edged higher in another choppy, thin-volume session Wednesday after investors largely shrugged off news that ISM non-manufacturing index slipped last month and China's latest interest rate increase.The Dow Jones Industrial Average rose into positive territory, after snapping a five-day rally in the previous session.  Among the blue-chip index, Bank of America and JPMorgan slipped, while DuPont gained. The S&P 500 and the tech-heavy Nasdaq also turned higher. The CBOE Volatility Index, widely considered the best gauge of fear in the market, gained above 16. Among key S&P stocks, energy and financials slipped, while consumer staples gained. “There’s going to be continued volatility in the markets throughout the summer months into early fall,” said Zahid Siddique, portfolio manager of Gabelli Equity Trust. “[But] as the economic indicators begin to improve, there will be less volatility and more stability in the markets by year-end.” Meanwhile, the ISM non-manufacturing index slipped slightly below estimates to 53.3 in June. Economists expected the index to fall to 54.0.“The market really wanted some glimmer of hope that we’re exiting a soft patch…and this is not it,” Jim Iuorio, director of TJM Institutional Services told CNBC. “There’s too much to bear for the stock market to go higher.”Meanwhile, the number of planned layoffs increasedfor the second month in a row, according a report from job outplacement firm Challenger, Gray & Christmas. This comes ahead of a number of key employment news starting with ADP's jobs survey and weekly jobless claims on Thursday and the government's monthly report on Friday. The Chinese central bank approved an increase of 0.25 percentage points, the nation's latest move to cool growth.The euro slid for a second session against the dollar.

cnbc, Articles, Dow Jones Industrial Average, S&P 500 Index, Bank of America Corp, Barclays PLC, Berkshire Hathaway Inc, Citigroup Inc, NASDAQ Composite, E I du Pont de Nemours and Co, Ford Motor Co, General Motors Co, JPMorgan Alerian MLP Index ETN, Netflix Inc, Qualcomm Inc, CBOE Volatility Index, Walgreens Boots Alliance Inc, Wells Fargo & Co, Apple Inc, U.S. Markets Top News, source:tagname:CNBC US Source

<div class="group"><p>Stocks edged higher in another choppy, thin-volume session Wednesday after investors largely shrugged off news that ISM non-manufacturing index slipped last month and China's latest interest rate increase.</p><p>The Dow Jones Industrial Average rose into positive territory, after <a href="https://www.cnbc.com/2011/07/05/dow-sp-snap-5day-rally-oil-climbs.html">snapping a five-day rally in the previous session</a>.  </p><div style="height:100%" class="lazyload-placeholder"></div><p>Among the blue-chip index, Bank of America and JPMorgan slipped, while DuPont gained. </p><p>The S&amp;P 500 and the tech-heavy Nasdaq also turned higher. The CBOE Volatility Index, widely considered the best gauge of fear in the market, gained above 16. </p><p>Among key S&amp;P stocks, <strong>energy </strong>and <strong>financials</strong> slipped, while <strong>consumer staples</strong> gained. </p><p>“There’s going to be continued volatility in the markets throughout the summer months into early fall,” said Zahid Siddique, portfolio manager of Gabelli Equity Trust. “[But] as the economic indicators begin to improve, there will be less volatility and more stability in the markets by year-end.” </p><p>Meanwhile, the ISM non-manufacturing index slipped slightly below estimates to 53.3 in June. Economists expected the index to fall to 54.0.</p><div style="height:100%" class="lazyload-placeholder"></div><p>“The market really wanted some glimmer of hope that we’re exiting a soft patch…and this is not it,” Jim Iuorio, director of TJM Institutional Services told CNBC. “There’s too much to bear for the stock market to go higher.”</p><p>Meanwhile, the <a href="https://www.cnbc.com/2011/07/06/pace-of-us-layoffs-lowest-since-2000-challenger.html">number of planned layoffs increased</a>for the second month in a row, according a report from job outplacement firm Challenger, Gray &amp; Christmas. This comes ahead of a number of key employment news starting with ADP's jobs survey and weekly jobless claims on Thursday and the government's monthly report on Friday. </p><p>The Chinese central bank approved an increase of 0.25 percentage points, the nation's latest move to cool growth.</p><p>The euro slid for a second session against the dollar.</p></div>,<div class="group"><p>Banks were among the worst performers, led by Barclays, which tumbled almost 5 percent after Moody's said almost a third of European banks being tested for their their resilience in bad markets may need extra support. </p><p>Other large banks such as BofA , Citigroup and Wells Fargo also traded to the downside. </p><p>On the tech front, Apple has placed orders for key parts in a next-generation iPhone which it is preparing to launch by year-end, according to people familiar with the situation. The new iPhone is rumored to use wireless chips from Qualcomm , instead of <strong>Samsung</strong>, used in the current iPhone4. </p><p>Netflix declined after Merriman Capital downgraded the online-video streaming firm to "neutral" from "buy." The company hit another all-time high following news that it will expand service in 43 countriesin South and Central America along with the Caribbean later this year.</p><p>Oil prices declinedamid worries over the sustainability of global economic recovery.<strong> U.S. light, sweet crude</strong> slipped below $97 a barrel, while <strong>London Brent crude</strong> traded near $113. </p><p>Meanwhile, Berkshire Hathaway has made a bid for Citigroup'sconsumer lending unit OneMain, according to the Wall Street Journal said, citing people familiar with the matter.</p><p>General Motors gained after Morgan Stanley added the automaker to its Best Ideas list, while removing Ford . </p><p>Walgreens gained after the drugstore chain reported better-than-expected June sales. </p><p>In other economic news, the Mortgage Bankers Assocation reported that application activity dipped 5.2 percent last weekeven though actual home loan requests rose. The overall drop came from a plunge in refinancing requests.</p><p>Stocks ended mostly flat in the previous session, as investors shrugged off a downgrade for Portugal’s sovereign debt. </p><p>The Moody’s downgrade of Portugal’s credit rating had already been priced in, analysts said, but five-year credit default swaps (CDS) on Portuguese government debt rose to a record high and yields on Portuguese bonds spiked on Wednesday.</p><p>President Obama will answer questions from Twitter usersaround the country in a town hall hosted by the social media service, focusing on jobs and the economy. He will also summon lawmakers to the White House on Wednesday to start new talks on raising the debt ceiling.</p><p>European shares snapped a seven-day winning streak, led by banks, as euro sovereign debt worries resurfaced after Moody's cut Portugal's credit rating.</p><p><strong><em>On Tap This Week:</em></strong></p><p>WEDNESDAY:Obama townhall on economy, NYSE shareholders vote on DB merger<br>THURSDAY: ADP employment report, jobless claims, oil inventories, chain-store sales<br>FRIDAY: Non-farm payroll, wholesale trade, consumer credit</p><p><strong><em>More on CNBC.com</em></strong></p><ul><strong><li>States with the Highest Cost of Living</li><li><a href="https://www.cnbc.com/2011/06/30/Most-Ticketed-Cars.html">Most Ticketed Cars—Are You Driving One?</a></li><li><a href="https://www.cnbc.com/2011/07/04/Worlds-Biggest-Gambling-Nations.html">World's Biggest Gambling Nations</a></li></strong></ul></div>

Stocks edged higher in another choppy, thin-volume session Wednesday after investors largely shrugged off news that ISM non-manufacturing index slipped last month and China's latest interest rate increase.The Dow Jones Industrial Average rose into positive territory, after snapping a five-day rally in the previous session.  Among the blue-chip index, Bank of America and JPMorgan slipped, while DuPont gained. The S&P 500 and the tech-heavy Nasdaq also turned higher. The CBOE Volatility Index, widely considered the best gauge of fear in the market, gained above 16. Among key S&P stocks, energy and financials slipped, while consumer staples gained. “There’s going to be continued volatility in the markets throughout the summer months into early fall,” said Zahid Siddique, portfolio manager of Gabelli Equity Trust. “[But] as the economic indicators begin to improve, there will be less volatility and more stability in the markets by year-end.” Meanwhile, the ISM non-manufacturing index slipped slightly below estimates to 53.3 in June. Economists expected the index to fall to 54.0.“The market really wanted some glimmer of hope that we’re exiting a soft patch…and this is not it,” Jim Iuorio, director of TJM Institutional Services told CNBC. “There’s too much to bear for the stock market to go higher.”Meanwhile, the number of planned layoffs increasedfor the second month in a row, according a report from job outplacement firm Challenger, Gray & Christmas. This comes ahead of a number of key employment news starting with ADP's jobs survey and weekly jobless claims on Thursday and the government's monthly report on Friday. The Chinese central bank approved an increase of 0.25 percentage points, the nation's latest move to cool growth.The euro slid for a second session against the dollar.Banks were among the worst performers, led by Barclays, which tumbled almost 5 percent after Moody's said almost a third of European banks being tested for their their resilience in bad markets may need extra support. Other large banks such as BofA , Citigroup and Wells Fargo also traded to the downside. On the tech front, Apple has placed orders for key parts in a next-generation iPhone which it is preparing to launch by year-end, according to people familiar with the situation. The new iPhone is rumored to use wireless chips from Qualcomm , instead of Samsung, used in the current iPhone4. Netflix declined after Merriman Capital downgraded the online-video streaming firm to "neutral" from "buy." The company hit another all-time high following news that it will expand service in 43 countriesin South and Central America along with the Caribbean later this year.Oil prices declinedamid worries over the sustainability of global economic recovery. U.S. light, sweet crude slipped below $97 a barrel, while London Brent crude traded near $113. Meanwhile, Berkshire Hathaway has made a bid for Citigroup'sconsumer lending unit OneMain, according to the Wall Street Journal said, citing people familiar with the matter.General Motors gained after Morgan Stanley added the automaker to its Best Ideas list, while removing Ford . Walgreens gained after the drugstore chain reported better-than-expected June sales. In other economic news, the Mortgage Bankers Assocation reported that application activity dipped 5.2 percent last weekeven though actual home loan requests rose. The overall drop came from a plunge in refinancing requests.Stocks ended mostly flat in the previous session, as investors shrugged off a downgrade for Portugal’s sovereign debt. The Moody’s downgrade of Portugal’s credit rating had already been priced in, analysts said, but five-year credit default swaps (CDS) on Portuguese government debt rose to a record high and yields on Portuguese bonds spiked on Wednesday.President Obama will answer questions from Twitter usersaround the country in a town hall hosted by the social media service, focusing on jobs and the economy. He will also summon lawmakers to the White House on Wednesday to start new talks on raising the debt ceiling.European shares snapped a seven-day winning streak, led by banks, as euro sovereign debt worries resurfaced after Moody's cut Portugal's credit rating.On Tap This Week:WEDNESDAY:Obama townhall on economy, NYSE shareholders vote on DB mergerTHURSDAY: ADP employment report, jobless claims, oil inventories, chain-store salesFRIDAY: Non-farm payroll, wholesale trade, consumer creditMore on CNBC.comStates with the Highest Cost of LivingMost Ticketed Cars—Are You Driving One?World's Biggest Gambling Nations

2021-10-30 14:12:05.140946

Chilling Saudi-US relations not expected to heat up oil market

https://www.cnbc.com/2013/10/22/udi-us-relations-not-expected-to-heat-up-oil-market.html

2013-10-22T20:40:32+0000

Patti Domm

CNBC

Signs of friction between the U.S. and Saudi Arabia have caught the attention of the oil market, but traders aren't concerned about supply issues for now. Saudi Arabia has been unhappy about the U.S. approach to Syria and Iran, and it is apparently making that clear in diplomatic circles. Last week, it turned down a two-year term on the U.N. Security Council in protest against inaction over Syria, even though that body oversees the United Nation's handling of Syria.

cnbc, Articles, Market Insider, Saudi Arabia, Syria, Markets, U.S. Markets, source:tagname:CNBC US Source

<div class="group"><p> Signs of friction between the U.S. and <a href="https://www.cnbc.com/id/10000304">Saudi Arabia</a> have caught the attention of the oil market, but traders aren't concerned about supply issues for now.</p><p> Saudi Arabia has been unhappy about the U.S. approach to <a href="https://www.cnbc.com/id/10000306">Syria</a> and <a href="https://www.cnbc.com/id/10000306">Iran</a>, and it is apparently making that clear in diplomatic circles. Last week, it turned down a two-year term on the U.N. Security Council in protest against inaction over Syria, even though that body oversees the United Nation's handling of Syria.</p></div>,<div class="group"><div style="height:100%" class="lazyload-placeholder"></div><p> "With all the supply issues we've had from all the countries throughout the Arab spring, the Saudi's have consistently filled the gap," said John Kilduff of Again Capital. "We have to watch if they would, not use oil as a weapon, but as a tool to teach us a lesson that they are unhappy."</p><p> News reports Tuesday quoted sources saying that Prince Bandar Bin Sultan al-Saud, the kingdom's respected and powerful intelligence chief, told European diplomats last weekend that he plans to cut back cooperation with the U.S. on arming and training Syrian rebels, in protest of U.S. policy in the region.</p><p> (<em>Read more:</em> <a href="https://www.cnbc.com/2013/10/21/texas-oil-permian-basin-eagle-ford-bolster-lone-star-energy.html">Everything (energy-related) is bigger in Texas</a>)<br></p><p> "I don't think it's going to affect our oil relationship," said Andrew Lipow, president of Lipow Oil Associates. "But I do think there's a lot of turmoil in the Middle East, and you certainly have the Saudis—who dislike the Iranians—upset about the fact there could be a thawing relationship between the U.S. and Iran. ... The Saudis have been showing their displeasure for some time."</p><p> Lipow said the U.S. will continue to be an important market to Saudi Arabia, which owns 50 percent of the Motiva refinery in Texas in a joint venture with Shell. </p><div style="height:100%" class="lazyload-placeholder"></div><p> "They just finished spending $10 billion in Port Arthur on the expansion," he said.</p><p> Iran's new president Hassam Rouhani has been on a "charm offensive," since visiting the U.N. last month. He received a historic phone call from President Barack Obama as he was leaving New York, breaking 30 years of silence between leaders of the two countries.<span style="background-color:rgb(255, 255, 255);font-size:14px"> </span></p><p> Rouhani has said Iran has no intention of developing nuclear weapons. Analysts do not expect sanctions to be lifted any time soon, even if there is progress in the talks. But Reuters reported Tuesday that Iran is already reaching out to its old oil buyers and is talking price cuts if sanctions are lifted.<span style="background-color:rgb(255, 255, 255);font-size:14px"> </span></p><p> As for Syria, the Obama Administration was adamant about making the regime there accountable for the deaths of civilians from a gas attack. The U.S. prepared to bomb the country but reversed course at the last minute and the UN has now taken the lead. </p><p><span style="background-color:rgb(255, 255, 255);font-size:14px">Saudi Arabia had been lobbying for the temporary seat on the Security Council, so it was surprising when the kingdom turned it down, citing the council's ineffectiveness in dealing with Syria and the Israeli-Palestinian conflict. </span></p><p> Brent crude, reflecting the international oil price, ticked slightly higher on the report but slipped back. West Texas Intermediate, on the other hand, was sharply lower after delayed U.S. inventory data showed a supply buildup in domestic crude.</p></div>,<div class="group"><p> WTI futures fell below their 200-day moving average of $98.60 for the first time since June. The futures, scheduled to expire at the close of business Tuesday, dipped $1.42 to close at $97.80. </p><p> The December contract was trading just above $98. </p><p>"It looks the same ... very bearish on a technical basis," Kilduff said of the December contract. "The U.S. refining industry has slowed from its summer peak, and that's allowing the crude oil inventories to really replenish and build back up, given the surge in shale production."</p><p> The Saudis have been instrumental in the West's embargo on Iranian oil. Iran is being sanctioned for its nuclear program, which it says is not for weapons use. An improvement in U.S.-Iran relations would return more than 1 million barrels a day to the world market.</p><p> "They really don't want that Iranian oil back on the market," said Tradition Energy analyst Gene McGillian. It may be that the Saudis withdrew from the Security Council because they are more comfortable working behind the scenes, he added. </p><p> The Saudis have been producing record amounts of oil to make up the for the shortfall from Iran. Saudi output is over 10 million barrels a day. The U.S. has supplanted Russia this year as the world's largest producer of both oil and gas, but in oil production the Saudis remain at the top.</p><p> The U.S. produced 7.4 million barrels a day in the week ended Oct. 11, down from 7.8 million barrels the week earlier.</p><p> Saudi Arabia exported an average of 1.4 million barrels a day of total petroleum liquids to the United States last year, up from 1.2 million in 2011. That represented 16 percent of U.S. crude imports and was second only to those from Canada.</p><p> (<em>Read more:</em> <a href="https://www.cnbc.com/2013/10/21/kenya-oil-3-companies-that-could-profit.html">Three possible winners from Kenya's oil explosion</a>)<br></p><p> U.S. oil inventory data for last week is expected to be reported Wednesday at 10:30 a.m. ET, and McGillian expects to see another build of 3 million barrels. He was skeptical that the Saudi reports affected oil markets.</p><p> "I don't think it really spilled over into the oil market," he said. "There are reports the Saudis are going to try to increase their production to put pressure on Iran but they do that anyway."</p><p> McGillian said there's plenty of reasons for U.S. oil to remain depressed, and the spread is widening dramatically with Brent. </p><p>"We pumped nearly 19 million barrels back into storage in the United States in the last four weeks," he said, "and you haven't seen a pickup in demand."</p></div>,<div class="group"><p> <em>—By CNBC's <a href="https://www.cnbc.com/patti-domm/">Patti Domm</a>. Follow here on Twitter </em><a href="https://twitter.com/pattidomm" target="_blank">@pattidomm</a><em>.</em><br></p></div>

Signs of friction between the U.S. and Saudi Arabia have caught the attention of the oil market, but traders aren't concerned about supply issues for now. Saudi Arabia has been unhappy about the U.S. approach to Syria and Iran, and it is apparently making that clear in diplomatic circles. Last week, it turned down a two-year term on the U.N. Security Council in protest against inaction over Syria, even though that body oversees the United Nation's handling of Syria. "With all the supply issues we've had from all the countries throughout the Arab spring, the Saudi's have consistently filled the gap," said John Kilduff of Again Capital. "We have to watch if they would, not use oil as a weapon, but as a tool to teach us a lesson that they are unhappy." News reports Tuesday quoted sources saying that Prince Bandar Bin Sultan al-Saud, the kingdom's respected and powerful intelligence chief, told European diplomats last weekend that he plans to cut back cooperation with the U.S. on arming and training Syrian rebels, in protest of U.S. policy in the region. (Read more: Everything (energy-related) is bigger in Texas) "I don't think it's going to affect our oil relationship," said Andrew Lipow, president of Lipow Oil Associates. "But I do think there's a lot of turmoil in the Middle East, and you certainly have the Saudis—who dislike the Iranians—upset about the fact there could be a thawing relationship between the U.S. and Iran. ... The Saudis have been showing their displeasure for some time." Lipow said the U.S. will continue to be an important market to Saudi Arabia, which owns 50 percent of the Motiva refinery in Texas in a joint venture with Shell. "They just finished spending $10 billion in Port Arthur on the expansion," he said. Iran's new president Hassam Rouhani has been on a "charm offensive," since visiting the U.N. last month. He received a historic phone call from President Barack Obama as he was leaving New York, breaking 30 years of silence between leaders of the two countries. Rouhani has said Iran has no intention of developing nuclear weapons. Analysts do not expect sanctions to be lifted any time soon, even if there is progress in the talks. But Reuters reported Tuesday that Iran is already reaching out to its old oil buyers and is talking price cuts if sanctions are lifted. As for Syria, the Obama Administration was adamant about making the regime there accountable for the deaths of civilians from a gas attack. The U.S. prepared to bomb the country but reversed course at the last minute and the UN has now taken the lead. Saudi Arabia had been lobbying for the temporary seat on the Security Council, so it was surprising when the kingdom turned it down, citing the council's ineffectiveness in dealing with Syria and the Israeli-Palestinian conflict. Brent crude, reflecting the international oil price, ticked slightly higher on the report but slipped back. West Texas Intermediate, on the other hand, was sharply lower after delayed U.S. inventory data showed a supply buildup in domestic crude. WTI futures fell below their 200-day moving average of $98.60 for the first time since June. The futures, scheduled to expire at the close of business Tuesday, dipped $1.42 to close at $97.80. The December contract was trading just above $98. "It looks the same ... very bearish on a technical basis," Kilduff said of the December contract. "The U.S. refining industry has slowed from its summer peak, and that's allowing the crude oil inventories to really replenish and build back up, given the surge in shale production." The Saudis have been instrumental in the West's embargo on Iranian oil. Iran is being sanctioned for its nuclear program, which it says is not for weapons use. An improvement in U.S.-Iran relations would return more than 1 million barrels a day to the world market. "They really don't want that Iranian oil back on the market," said Tradition Energy analyst Gene McGillian. It may be that the Saudis withdrew from the Security Council because they are more comfortable working behind the scenes, he added. The Saudis have been producing record amounts of oil to make up the for the shortfall from Iran. Saudi output is over 10 million barrels a day. The U.S. has supplanted Russia this year as the world's largest producer of both oil and gas, but in oil production the Saudis remain at the top. The U.S. produced 7.4 million barrels a day in the week ended Oct. 11, down from 7.8 million barrels the week earlier. Saudi Arabia exported an average of 1.4 million barrels a day of total petroleum liquids to the United States last year, up from 1.2 million in 2011. That represented 16 percent of U.S. crude imports and was second only to those from Canada. (Read more: Three possible winners from Kenya's oil explosion) U.S. oil inventory data for last week is expected to be reported Wednesday at 10:30 a.m. ET, and McGillian expects to see another build of 3 million barrels. He was skeptical that the Saudi reports affected oil markets. "I don't think it really spilled over into the oil market," he said. "There are reports the Saudis are going to try to increase their production to put pressure on Iran but they do that anyway." McGillian said there's plenty of reasons for U.S. oil to remain depressed, and the spread is widening dramatically with Brent. "We pumped nearly 19 million barrels back into storage in the United States in the last four weeks," he said, "and you haven't seen a pickup in demand." —By CNBC's Patti Domm. Follow here on Twitter @pattidomm.

2021-10-30 14:12:05.295770

A third of people have nothing saved for retirement

https://www.cnbc.com/2014/08/18/a-third-of-people-have-nothing-saved-for-retirement.html

2014-08-18T13:35:18+0000

CNBC

A lot of folks have empty nest eggs. A third of people (36 percent) in the U.S. have nothing saved for retirement, a new survey shows. In fact, 14 percent of people ages 65 and older have no retirement savings; 26 percent of those 50 to 64; 33 percent, 30 to 49; and 69 percent,18 to 29, according to the survey of 1,003 adults, conducted for Bankrate.com, a personal finance website. Read MoreWhy many Americans aren't saving for retirement "These numbers are very troubling because the burden for retirement savings is increasingly on us as individuals with each passing day," says Greg McBride, chief financial analyst for Bankrate.com. "Regardless of your age, there is no better time than the present to start saving for your retirement. The key to a successful retirement is to save early and aggressively."

cnbc, Articles, Retirement, Personal Finance, Savings, 401(k), Investing, source:tagname:USA Today

<div class="group"><p> A lot of folks have empty nest eggs.</p><p> A third of people (36 percent) in the U.S. have nothing saved for retirement, a new survey shows.</p><div style="height:100%" class="lazyload-placeholder"></div><p> In fact, 14 percent of people ages 65 and older have no retirement savings; 26 percent of those 50 to 64; 33 percent, 30 to 49; and 69 percent,18 to 29, according to the survey of 1,003 adults, conducted for Bankrate.com, a personal finance website.</p><p> <span class="label-read-more">Read More</span><a href="https://www.cnbc.com/2014/05/23/25-of-americans-saving-0-for-retirement.html">Why many Americans aren't saving for retirement</a></p><p> "These numbers are very troubling because the burden for retirement savings is increasingly on us as individuals with each passing day," says Greg McBride, chief financial analyst for Bankrate.com. "Regardless of your age, there is no better time than the present to start saving for your retirement. The key to a successful retirement is to save early and aggressively."<br></p></div>,<div class="group"><p><span>Other recent research confirms that many people aren't saving enough for their golden years. About 36 percent of workers have less than $1,000 in savings and investments that could be used for retirement, not counting their primary residence or defined-benefits plans such as traditional pensions, and 60 percent of workers have less than $25,000, according to a survey of 1,000 workers from the non-profit Employee Benefit Research Institute and Greenwald and Associates.</span><br></p><p> <strong>More from <em>USA Today</em>:</strong><br> <a href="http://americasmarkets.usatoday.com/2014/08/12/many-employees-would-take-lower-salary-for-bigger-401k-match-from-their-employer/" target="_blank">Many would take lower salary for bigger 401(k) match</a><br> <a href="http://www.usatoday.com/story/money/personalfinance/2014/08/09/fidelity-investments-advice-save-million-dollars/13427025/" target="_blank">How to save a million bucks for retirement</a><br> <a href="http://www.usatoday.com/story/money/personalfinance/2014/08/05/retirees-dining-out-retirement/13429455/" target="_blank">Retirees get creative to eat cheap at restaurants</a><br></p><div style="height:100%" class="lazyload-placeholder"></div><p> Many people realize that they are not on track in saving for retirement, and the two most important reasons they give are cost of living and day-to-day expenses, says Jack VanDerhei, the institute's research director.</p><p> He advises people to join the <a href="https://www.cnbc.com/401k/">401(k)</a> plan if their employer offers one and to make sure to contribute at least enough to receive the maximum employer match. "Contributing anything less than that is leaving free money on the table," he says.</p><p> <span class="label-read-more">Read More</span><a href="#">The millennial retirement problem</a></p></div>,<div class="group"><p> Other findings from the Bankrate.com survey:</p><ul> <li>Some people are starting to tuck away retirement savings at an earlier age. About 32 percent of people ages 30 to 49 started saving for retirement in their 20s, compared with 16 percent who began in their 30s. About 24 percent of people 50 to 64 started saving for retirement in their 20s vs. 21 percent who began in their 30s. About 16 percent of people 65 and older started saving for retirement in their 20s; 15 percent in their 30s; 17 percent in their 40s. </li> <li>24 percent are less comfortable with their debt than they were a year ago; 23 percent are more comfortable. </li> <li>Job security, net worth and overall financial situation are areas in which people have seen improvement over one year ago. </li> <li>32 percent of people are less comfortable with their overall savings now than they were a year ago; 16 percent are more comfortable. </li></ul><p> "Month in and month out, consumers sound a dour tone about how they feel about their overall level of savings," McBride says. "Many people know they are under saved, whether it's for emergencies, retirement or both."</p><p> <span class="label-read-more">Read More</span><a href="https://www.cnbc.com/2014/05/19/roommates-are-a-financial-lifeline-for-some-seniors.html">Older Americans seek roomies to survive</a><br></p><p> <em>—By Nanci Hellmich, USA Today.</em></p></div>

A lot of folks have empty nest eggs. A third of people (36 percent) in the U.S. have nothing saved for retirement, a new survey shows. In fact, 14 percent of people ages 65 and older have no retirement savings; 26 percent of those 50 to 64; 33 percent, 30 to 49; and 69 percent,18 to 29, according to the survey of 1,003 adults, conducted for Bankrate.com, a personal finance website. Read MoreWhy many Americans aren't saving for retirement "These numbers are very troubling because the burden for retirement savings is increasingly on us as individuals with each passing day," says Greg McBride, chief financial analyst for Bankrate.com. "Regardless of your age, there is no better time than the present to start saving for your retirement. The key to a successful retirement is to save early and aggressively."Other recent research confirms that many people aren't saving enough for their golden years. About 36 percent of workers have less than $1,000 in savings and investments that could be used for retirement, not counting their primary residence or defined-benefits plans such as traditional pensions, and 60 percent of workers have less than $25,000, according to a survey of 1,000 workers from the non-profit Employee Benefit Research Institute and Greenwald and Associates. More from USA Today: Many would take lower salary for bigger 401(k) match How to save a million bucks for retirement Retirees get creative to eat cheap at restaurants Many people realize that they are not on track in saving for retirement, and the two most important reasons they give are cost of living and day-to-day expenses, says Jack VanDerhei, the institute's research director. He advises people to join the 401(k) plan if their employer offers one and to make sure to contribute at least enough to receive the maximum employer match. "Contributing anything less than that is leaving free money on the table," he says. Read MoreThe millennial retirement problem Other findings from the Bankrate.com survey: Some people are starting to tuck away retirement savings at an earlier age. About 32 percent of people ages 30 to 49 started saving for retirement in their 20s, compared with 16 percent who began in their 30s. About 24 percent of people 50 to 64 started saving for retirement in their 20s vs. 21 percent who began in their 30s. About 16 percent of people 65 and older started saving for retirement in their 20s; 15 percent in their 30s; 17 percent in their 40s. 24 percent are less comfortable with their debt than they were a year ago; 23 percent are more comfortable. Job security, net worth and overall financial situation are areas in which people have seen improvement over one year ago. 32 percent of people are less comfortable with their overall savings now than they were a year ago; 16 percent are more comfortable. "Month in and month out, consumers sound a dour tone about how they feel about their overall level of savings," McBride says. "Many people know they are under saved, whether it's for emergencies, retirement or both." Read MoreOlder Americans seek roomies to survive —By Nanci Hellmich, USA Today.

2021-10-30 14:12:05.333586

Bank of America to Boost Stake in China's CCB

https://www.cnbc.com/2008/05/27/bank-of-america-to-boost-stake-in-chinas-ccb.html

2008-05-27T23:10:21+0000

CNBC

Bank of America said on Tuesday it would exercise part of an option to buy shares of China Construction Bank, investing HK$14.52 billion (US$1.86 billion) and raising its stake in China's second-largest bank to 10.75 percent.

cnbc, Articles, Bank of America Corp, Companies, source:tagname:Reuters

<div class="group"><p><strong>Bank of America</strong> said on Tuesday it would exercise part of an option to buy shares of <strong>China Construction Bank</strong>, investing HK$14.52 billion (US$1.86 billion) and raising its stake in China's second-largest bank to 10.75 percent. </p></div>,<div class="group"><p>Bank of America, the No. 2 U.S. bank by assets, said it intended to buy 6 billion of CCB's Hong Kong-listed shares around June 5 for about HK$2.42 each under a formula set when it first agreed to buy a 9 percent stake in CCB investment in June 2005 for US$3 billion. </p><div style="height:100%" class="lazyload-placeholder"></div><p>With CCB shares closing at HK$6.65 in Tuesday trading, Bank of America is getting the stake at a 64 percent discount. </p><p>The new shares are currently worth about HK$39.9 billion (US$5.11 billion), offering some good news for a U.S. retail banking giant that has been hit by rising consumer credit losses and a weakening economy. </p><p>Bank of America earlier this year raised more than $12 billion to boost capital required by bank regulators. Some analysts have forecast that BofA will cut its dividend in the second half. </p><p>The investment in one of the world's hottest markets has paid off handsomely for the North Carolina bank. CCB stock has surged 83 percent since the bank's October 2005 IPO. </p><p>After the latest transaction, Bank of America said it would hold about 25.1 billion shares, which means US$4.86 billion of investments by the bank currently have a paper value of US$21.4 billion. </p><div style="height:100%" class="lazyload-placeholder"></div><p>Bank of America spokesman Bob Stickler said the bank would not record any gain from the transaction because the new shares cannot be sold until August 2011 without CCB's consent. The shares will be carried at cost. <br>    <br><strong>Shares For Sale? </strong></p><p>Last month, several press reports said BofA was looking to shed part of its CCB stake to raise capital needed to cope with a weakening U.S. economy. BofA is also preparing to take over Countrywide Financial , the largest U.S. home lender slammed by the mortgage slump. </p><p>Stickler declined to comment on speculation that BofA was considering selling CCB shares, though the latest transaction will likely do nothing to end the market talk. </p><p>"We've been in talks with the Chinese government for a number of months. Anything we do is in consultation with them" and with the management of CCB, Stickler said. </p><p>The shares acquired in 2005 have a three-year lock-up that expires October 2008. </p><p>By exercising the call option now, BofA "starts the clock" and increases its flexibility to sell the new shares down the road, Stickler said. </p><p>Bank of America had talks with CCB and <strong>SAFE Investment </strong>(Huijin), the Chinese government body that controls CCB, about exercising a portion of its call option. BofA will purchase its new shares from Huijin. </p><p>Under the 2005 stock purchase agreement, BofA can increase its stake to just under 20 percent. CCB currently has a market value of nearly US$200 billion, or one-fourth more than that of BofA. </p><p>Last month BofA Chief Financial Officer Joe Price told Reuters the bank would likely raise its stake first before considering any share sales. </p><p>Bank of America shares were unchanged at $33.94 on the New York Stock Exchange early Tuesday afternoon. </p></div>

Bank of America said on Tuesday it would exercise part of an option to buy shares of China Construction Bank, investing HK$14.52 billion (US$1.86 billion) and raising its stake in China's second-largest bank to 10.75 percent. Bank of America, the No. 2 U.S. bank by assets, said it intended to buy 6 billion of CCB's Hong Kong-listed shares around June 5 for about HK$2.42 each under a formula set when it first agreed to buy a 9 percent stake in CCB investment in June 2005 for US$3 billion. With CCB shares closing at HK$6.65 in Tuesday trading, Bank of America is getting the stake at a 64 percent discount. The new shares are currently worth about HK$39.9 billion (US$5.11 billion), offering some good news for a U.S. retail banking giant that has been hit by rising consumer credit losses and a weakening economy. Bank of America earlier this year raised more than $12 billion to boost capital required by bank regulators. Some analysts have forecast that BofA will cut its dividend in the second half. The investment in one of the world's hottest markets has paid off handsomely for the North Carolina bank. CCB stock has surged 83 percent since the bank's October 2005 IPO. After the latest transaction, Bank of America said it would hold about 25.1 billion shares, which means US$4.86 billion of investments by the bank currently have a paper value of US$21.4 billion. Bank of America spokesman Bob Stickler said the bank would not record any gain from the transaction because the new shares cannot be sold until August 2011 without CCB's consent. The shares will be carried at cost.     Shares For Sale? Last month, several press reports said BofA was looking to shed part of its CCB stake to raise capital needed to cope with a weakening U.S. economy. BofA is also preparing to take over Countrywide Financial , the largest U.S. home lender slammed by the mortgage slump. Stickler declined to comment on speculation that BofA was considering selling CCB shares, though the latest transaction will likely do nothing to end the market talk. "We've been in talks with the Chinese government for a number of months. Anything we do is in consultation with them" and with the management of CCB, Stickler said. The shares acquired in 2005 have a three-year lock-up that expires October 2008. By exercising the call option now, BofA "starts the clock" and increases its flexibility to sell the new shares down the road, Stickler said. Bank of America had talks with CCB and SAFE Investment (Huijin), the Chinese government body that controls CCB, about exercising a portion of its call option. BofA will purchase its new shares from Huijin. Under the 2005 stock purchase agreement, BofA can increase its stake to just under 20 percent. CCB currently has a market value of nearly US$200 billion, or one-fourth more than that of BofA. Last month BofA Chief Financial Officer Joe Price told Reuters the bank would likely raise its stake first before considering any share sales. Bank of America shares were unchanged at $33.94 on the New York Stock Exchange early Tuesday afternoon.

2021-10-30 14:12:05.612121

Cramer taste-tests the restaurant industry with these two popular chains

https://www.cnbc.com/2017/04/06/cramer-taste-tests-the-restaurant-industry-with-these-two-food-chains.html

2017-04-06T22:33:07+0000

Lizzy Gurdus

CNBC

Restaurant stocks are the talk of the Street in light of Panera Bread's takeover by JAB Holdings, so Jim Cramer turned to two food chains to illustrate the winners and losers of the casual dining market.Both Darden Restaurants, the parent of Olive Garden, and Brinker International, the Chili's parent, rallied almost hand-in-hand in the second half of 2016. Once 2017 hit, however, their stocks went separate ways, with Darden rising almost 15 percent and Brinker sliding 14 percent year-to-date."On the surface, the two companies would seem to have a lot in common," the "Mad Money" host acknowledged.They are comparable in scale: Brinker has 1,600 restaurants around the globe while Darden has 1,500, and both own smaller brands alongside their trademark restaurants.Watch the full segment here:

cnbc, Articles, Brinker International Inc, Darden Restaurants Inc, Panera Bread Co, Food and drink, Restaurants, Food and Beverage, U.S. Business Day, S&P 500, Mad Money, CNBC TV, source:tagname:CNBC US Source

<div class="group"><p>Restaurant stocks are the talk of the Street in light of <a href="//www.cnbc.com/quotes/.AD.IXIC" target="_blank">Panera Bread's</a> <a href="https://www.cnbc.com/2017/04/05/jab-to-acquire-panera-bread-for-315-a-share.html">takeover by JAB Holdings</a>, so Jim Cramer turned to two food chains to illustrate the winners and losers of the casual dining market.</p><p>Both <a href="//www.cnbc.com/quotes/DRI" target="_blank">Darden Restaurants</a>, the parent of Olive Garden, and <a href="//www.cnbc.com/quotes/EAT" target="_blank">Brinker International</a>, the Chili's parent, rallied almost hand-in-hand in the second half of 2016. Once 2017 hit, however, their stocks went separate ways, with Darden rising almost 15 percent and Brinker sliding 14 percent year-to-date.</p><div style="height:100%" class="lazyload-placeholder"></div><p>"On the surface, the two companies would seem to have a lot in common," the "<a href="https://www.cnbc.com/mad-money/">Mad Money</a>" host acknowledged.</p><p>They are comparable in scale: Brinker has 1,600 restaurants around the globe while Darden has 1,500, and both own smaller brands alongside their trademark restaurants.</p><p><strong>Watch the full segment here:</strong></p></div>,<div class="group"><p>But once the market started worrying about the wherewithal of restaurants to survive in the stay-at-home economy and Brinker tanked, their stories started to look markedly different.</p><p>"Brinker is pretty much the baseline here," Cramer said. "Its performance has essentially been in-line with the rest of the industry, which is why Wall Street's quickly turned so negative on the stock."</p><div style="height:100%" class="lazyload-placeholder"></div><p>The Chili's parent suffered a big earnings miss, declining same-store sales, slashed full-year guidance, and bad press on Veterans Day when one veteran was <a href="https://www.usatoday.com/story/money/nation-now/2016/11/14/chilis-under-fire-after-manager-takes-free-meal-vet-veterans-day/93801158/" target="_blank">denied a promotional free meal</a> at Chili's.</p><p>"The company reports again in three weeks. Can't be super optimistic," Cramer said.</p><p>Meanwhile, Darden reported a strong quarter at the end of March that included a bump up in same-store sales, improved 2017 earnings guidance, and a new acquisition of Cheddar's Scratch Kitchen. Management was also upbeat about Darden's to-go business, which was up 17 percent.</p><p>"Here's the thing you need to understand: Darden's turn has literally been years in the making," Cramer said.</p><p>It started with their sale of Red Lobster, followed by major changes in management spurred by activist fund Starboard Value in 2014, and ending with traffic-boosting store remodeling and a growing to-go business.</p><p>"Compare that to Brinker, where they've got the same old management team and the same old tired stores," Cramer said. "Neither company has particularly healthy food, but Darden's brands are certainly perceived as being healthier than Chili's — the unlimited salad bowl which I love so much, it's better than the baby back ribs for you."</p><p>Darden may seem expensive at 19 times earnings, but Cramer gave it a pass because it is one of the few restaurant chains with proof of growth.</p><p>The bottom line? "It's very tough to invest in the restaurant industry right now, but that's why it's so important to remember why it's worth paying up for best of breed stocks like Darden, rather than going bargain hunting for companies that seem to be struggling like Brinker," Cramer said.</p><p>Questions for Cramer?<br> Call Cramer: 1-800-743-CNBC</p><p>Want to take a deep dive into Cramer's world? Hit him up!<br> <a href="https://twitter.com/MadMoneyOnCNBC" target="_blank">Mad Money Twitter</a> - <a href="https://twitter.com/jimcramer" target="_blank">Jim Cramer Twitter</a> - <a href="https://www.facebook.com/madmoney?ref=aymt_homepage_panel" target="_blank">Facebook</a> - <a href="http://instagram.com/jimcramer" target="_blank">Instagram</a> - <a href="https://vine.co/u/984542302087651328" target="_blank">Vine</a></p><p>Questions, comments, suggestions for the "Mad Money" website? madcap@cnbc.com</p></div>

Restaurant stocks are the talk of the Street in light of Panera Bread's takeover by JAB Holdings, so Jim Cramer turned to two food chains to illustrate the winners and losers of the casual dining market.Both Darden Restaurants, the parent of Olive Garden, and Brinker International, the Chili's parent, rallied almost hand-in-hand in the second half of 2016. Once 2017 hit, however, their stocks went separate ways, with Darden rising almost 15 percent and Brinker sliding 14 percent year-to-date."On the surface, the two companies would seem to have a lot in common," the "Mad Money" host acknowledged.They are comparable in scale: Brinker has 1,600 restaurants around the globe while Darden has 1,500, and both own smaller brands alongside their trademark restaurants.Watch the full segment here:But once the market started worrying about the wherewithal of restaurants to survive in the stay-at-home economy and Brinker tanked, their stories started to look markedly different."Brinker is pretty much the baseline here," Cramer said. "Its performance has essentially been in-line with the rest of the industry, which is why Wall Street's quickly turned so negative on the stock."The Chili's parent suffered a big earnings miss, declining same-store sales, slashed full-year guidance, and bad press on Veterans Day when one veteran was denied a promotional free meal at Chili's."The company reports again in three weeks. Can't be super optimistic," Cramer said.Meanwhile, Darden reported a strong quarter at the end of March that included a bump up in same-store sales, improved 2017 earnings guidance, and a new acquisition of Cheddar's Scratch Kitchen. Management was also upbeat about Darden's to-go business, which was up 17 percent."Here's the thing you need to understand: Darden's turn has literally been years in the making," Cramer said.It started with their sale of Red Lobster, followed by major changes in management spurred by activist fund Starboard Value in 2014, and ending with traffic-boosting store remodeling and a growing to-go business."Compare that to Brinker, where they've got the same old management team and the same old tired stores," Cramer said. "Neither company has particularly healthy food, but Darden's brands are certainly perceived as being healthier than Chili's — the unlimited salad bowl which I love so much, it's better than the baby back ribs for you."Darden may seem expensive at 19 times earnings, but Cramer gave it a pass because it is one of the few restaurant chains with proof of growth.The bottom line? "It's very tough to invest in the restaurant industry right now, but that's why it's so important to remember why it's worth paying up for best of breed stocks like Darden, rather than going bargain hunting for companies that seem to be struggling like Brinker," Cramer said.Questions for Cramer? Call Cramer: 1-800-743-CNBCWant to take a deep dive into Cramer's world? Hit him up! Mad Money Twitter - Jim Cramer Twitter - Facebook - Instagram - VineQuestions, comments, suggestions for the "Mad Money" website? madcap@cnbc.com

2021-10-30 14:12:05.650600

NBA finalizes plans to resume season at Disney World in Orlando as Florida coronavirus cases surge

https://www.cnbc.com/2020/06/26/nba-finalizes-plans-to-resume-at-disney-world-as-florida-coronavirus-cases-surge.html

2020-06-26T17:59:23+0000

Jabari Young

CNBC

The National Basketball Association and its players union have finalized plans to resume its 2019-20 season that was halted by Covid-19.The NBA will commence on July 30 at Walt Disney World in Orlando and include 22 teams. Games will be played at the Arena, the Field House and Visa Athletic Center at ESPN Wide World of Sports Complex "for the remainder of the season," the league said, adding no spectators will be allowed."We have worked together with the Players Association to establish a restart plan that prioritizes health and safety, preserves competitive fairness and provides a platform to address social justice issues," said NBA Commissioner Adam Silver in a press release. "We are grateful to our longtime collaborator Disney for its role in playing host and making this return to play possible, and we also thank the public health officials and infectious disease specialists who helped guide the creation of comprehensive medical protocols and protections."  All 22 teams will compete in eight "seeding games" to determine the final 16 spots. The games will be selected from clubs' remaining regular-season matchups. After the 16 teams are set, the NBA's postseason will transition to its traditional format with four rounds of best-of-seven series. The NBA Finals will end no later than Oct. 13, according to the league. "It is very exciting to officially announce the restart of the 2019-2020 season," said Michele Roberts, the National Basketball Players Association executive director. "It has taken true collaboration between the league and the union – special kudos to our executive committee and several other team reps – along with the continued support and assistance from medical experts, public health officials and many others."Though the NBA and its players have their plans finalized, concerns remain about sports resuming in Florida as coronavirus cases surge there. Gov. Ron DeSantis said Thursday that the state has no plans at the moment to move forward with its reopening plan. Disney workers from Florida have petitioned the company and local government officials to reconsider the reopening of Disney World next month.Milwaukee Bucks and Avenue Capital co-founder Marc Lasry said on CNBC's "Halftime Report"  he remains hopeful that the NBA will conclude its season despite Covid-19."We'll see what happens over the course of the next two weeks," Lasry said Thursday. He added that for "players that don't want to go, I fully respect that" but also said, "every single one of our guys (Bucks players) is going to be down there."Earlier Friday, the NBA announced 16 of the expected 302 players that will compete in Orlando tested positive for Covid-19. "Any player who tested positive will remain in self-isolation until he satisfies public health protocols for discontinuing isolation and has been cleared by a physician," the NBA said in a press release. The NBA will release Friday evening the broadcast schedule for its restart. On March 11, the league became the first U.S. big league organization to suspend its season due to Covid-19.

cnbc, Articles, Technology, Business, Life, Sports, Business News, source:tagname:CNBC US Source

<div class="group"><p>The National Basketball Association and its players union have finalized plans to resume its 2019-20 season that was halted by Covid-19.</p><p>The NBA will commence on July 30 at Walt Disney World in Orlando and include 22 teams. Games will be played at the Arena, the Field House and Visa Athletic Center at ESPN Wide World of Sports Complex "for the remainder of the season," the league said, adding no spectators will be allowed.</p><div style="height:100%" class="lazyload-placeholder"></div><p>"We have worked together with the Players Association to establish a restart plan that prioritizes health and safety, preserves competitive fairness and provides a platform to address social justice issues," said NBA Commissioner Adam Silver in a press release. </p><p>"We are grateful to our longtime collaborator Disney for its role in playing host and making this return to play possible, and we also thank the public health officials and infectious disease specialists who helped guide the creation of comprehensive medical protocols and protections."  </p><p>All 22 teams will compete in eight "seeding games" to determine the final 16 spots. The games will be selected from clubs' remaining regular-season matchups. After the 16 teams are set, the NBA's postseason will transition to its traditional format with four rounds of best-of-seven series. The NBA Finals will end no later than Oct. 13, according to the league. </p><p>"It is very exciting to officially announce the restart of the 2019-2020 season," said Michele Roberts, the National Basketball Players Association executive director. "It has taken true collaboration between the league and the union – special kudos to our executive committee and several other team reps – along with the continued support and assistance from medical experts, public health officials and many others."</p><p>Though the NBA and its players have their plans finalized, concerns remain about sports resuming in Florida as <a href="https://www.cnbc.com/2020/06/26/coronavirus-florida-reports-nearly-9000-new-infections-shattering-record.html">coronavirus cases surge</a> there. Gov. Ron DeSantis said Thursday that the state has no plans at the moment to move forward with its reopening plan. Disney workers from Florida have petitioned the company and local government officials to reconsider <a href="https://www.cnbc.com/2020/05/29/disney-world-gets-green-light-to-reopen-july-11.html">the reopening of Disney World next month.</a></p><div style="height:100%" class="lazyload-placeholder"></div><p>Milwaukee Bucks and Avenue Capital co-founder Marc Lasry <a href="https://www.cnbc.com/2020/06/25/bucks-co-owner-nba-still-plans-to-resume-season-despite-coronavirus-spikes.html">said on CNBC's "Halftime Report"</a>  he remains hopeful that the NBA will conclude its season despite Covid-19.</p><p>"We'll see what happens over the course of the next two weeks," Lasry said Thursday. He added that for "players that don't want to go, I fully respect that" but also said, "every single one of our guys (Bucks players) is going to be down there."</p><p>Earlier Friday, the NBA announced 16 of the expected 302 players that will compete in Orlando tested positive for Covid-19. "Any player who tested positive will remain in self-isolation until he satisfies public health protocols for discontinuing isolation and has been cleared by a physician," the NBA said in a press release. </p><p>The NBA will release Friday evening the broadcast schedule for its restart. On March 11, the league became the first U.S. big league organization to suspend its season due to Covid-19.</p></div>

The National Basketball Association and its players union have finalized plans to resume its 2019-20 season that was halted by Covid-19.The NBA will commence on July 30 at Walt Disney World in Orlando and include 22 teams. Games will be played at the Arena, the Field House and Visa Athletic Center at ESPN Wide World of Sports Complex "for the remainder of the season," the league said, adding no spectators will be allowed."We have worked together with the Players Association to establish a restart plan that prioritizes health and safety, preserves competitive fairness and provides a platform to address social justice issues," said NBA Commissioner Adam Silver in a press release. "We are grateful to our longtime collaborator Disney for its role in playing host and making this return to play possible, and we also thank the public health officials and infectious disease specialists who helped guide the creation of comprehensive medical protocols and protections."  All 22 teams will compete in eight "seeding games" to determine the final 16 spots. The games will be selected from clubs' remaining regular-season matchups. After the 16 teams are set, the NBA's postseason will transition to its traditional format with four rounds of best-of-seven series. The NBA Finals will end no later than Oct. 13, according to the league. "It is very exciting to officially announce the restart of the 2019-2020 season," said Michele Roberts, the National Basketball Players Association executive director. "It has taken true collaboration between the league and the union – special kudos to our executive committee and several other team reps – along with the continued support and assistance from medical experts, public health officials and many others."Though the NBA and its players have their plans finalized, concerns remain about sports resuming in Florida as coronavirus cases surge there. Gov. Ron DeSantis said Thursday that the state has no plans at the moment to move forward with its reopening plan. Disney workers from Florida have petitioned the company and local government officials to reconsider the reopening of Disney World next month.Milwaukee Bucks and Avenue Capital co-founder Marc Lasry said on CNBC's "Halftime Report"  he remains hopeful that the NBA will conclude its season despite Covid-19."We'll see what happens over the course of the next two weeks," Lasry said Thursday. He added that for "players that don't want to go, I fully respect that" but also said, "every single one of our guys (Bucks players) is going to be down there."Earlier Friday, the NBA announced 16 of the expected 302 players that will compete in Orlando tested positive for Covid-19. "Any player who tested positive will remain in self-isolation until he satisfies public health protocols for discontinuing isolation and has been cleared by a physician," the NBA said in a press release. The NBA will release Friday evening the broadcast schedule for its restart. On March 11, the league became the first U.S. big league organization to suspend its season due to Covid-19.

2021-10-30 14:12:05.740163

Loeb reacts to Sotheby's 'poison pill,' wants CEO fired

https://www.cnbc.com/2013/10/04/loeb-reacts-to-sothebys-poison-pill-wants-ceo-fired.html

2013-10-04T22:11:11+0000

CNBC

After writing a letter Friday to Sotheby's, chiding it for enacting a "poison pill," hedge-fund titan Dan Loeb spoke exclusively to CNBC and said he expects action. Loeb wants the company to replace CEO William Ruprecht and add new board members, including himself. He told CNBC there's "no good reason" he shouldn't be added to the board, given that he's the largest shareholder and has a track record of creating value for shareholders."It would be a shame if we had to wait until proxy season to do anything," he added."It's incumbent on the board to either say it's satisfied with the CEO's performance or set out a road map as to how they're going to improve performance, improve cost issues and its deteriorating competitive position," Loeb said. He also commented on the high-flying art market, saying, "It's just getting started" and "prices will go up from here."

cnbc, Articles, Hedge Funds, Investment strategy, Sotheby's, Investing, Business News, Finance, source:tagname:CNBC US Source

<div class="group"><p> After writing a letter Friday to <a href="//www.cnbc.com/quotes/BID-MX" target="_blank">Sotheby's</a>, chiding it for enacting a "poison pill," hedge-fund titan Dan Loeb spoke exclusively to CNBC and said he expects action.</p><p> Loeb wants the company to replace CEO William Ruprecht and add new board members, including himself. He told CNBC there's "no good reason" he shouldn't be added to the board, given that he's the largest shareholder and has a track record of creating value for shareholders.</p><div style="height:100%" class="lazyload-placeholder"></div><p>"It would be a shame if we had to wait until proxy season to do anything," he added.</p><p>"It's incumbent on the board to either say it's satisfied with the CEO's performance or set out a road map as to how they're going to improve performance, improve cost issues and its deteriorating competitive position," Loeb said.</p><p> He also commented on the high-flying art market, saying, "It's just getting started" and "prices will go up from here."</p></div>,<div class="group"><p> <em>—By CNBC's Scott Wapner. Follow him on Twitter <a href="http://twitter.com/#!/ScottWapnercnbc" class="webresource" rel="follow" target="_blank">@scottwapnercnbc</a>.</em><br></p></div>

After writing a letter Friday to Sotheby's, chiding it for enacting a "poison pill," hedge-fund titan Dan Loeb spoke exclusively to CNBC and said he expects action. Loeb wants the company to replace CEO William Ruprecht and add new board members, including himself. He told CNBC there's "no good reason" he shouldn't be added to the board, given that he's the largest shareholder and has a track record of creating value for shareholders."It would be a shame if we had to wait until proxy season to do anything," he added."It's incumbent on the board to either say it's satisfied with the CEO's performance or set out a road map as to how they're going to improve performance, improve cost issues and its deteriorating competitive position," Loeb said. He also commented on the high-flying art market, saying, "It's just getting started" and "prices will go up from here." —By CNBC's Scott Wapner. Follow him on Twitter @scottwapnercnbc.

2021-10-30 14:12:05.775931

Top 5 stocks of the week and how to trade them

https://www.cnbc.com/2015/03/20/top-5-stocks-of-the-week-and-how-to-trade-them.html

2015-03-20T16:55:45+0000

Giovanny Moreano

CNBC

CNBC Pro highlights the top performing stocks this week and analyzes whether the good times will continue. (The price change was calculated as of Friday morning so it is subject to change. If one stock led multiple indices, we profiled the second best too.)

cnbc, Premium, Articles, Stock markets, Nike Inc, American Airlines Group Inc, Regeneron Pharmaceuticals Inc, GUESS? Inc, Qorvo Inc, Apple Inc, stocks, Investing, source:tagname:CNBC US Source

<div class="group"><p> CNBC Pro highlights the top performing stocks this week and analyzes whether the good times will continue. <br></p><p>(The price change was calculated as of Friday morning so it is subject to change. If one stock led multiple indices, we profiled the second best too.)</p></div>

CNBC Pro highlights the top performing stocks this week and analyzes whether the good times will continue. (The price change was calculated as of Friday morning so it is subject to change. If one stock led multiple indices, we profiled the second best too.)

2021-10-30 14:12:05.812167

Hedge Funds Face Pressure To Reform

https://www.cnbc.com/2006/12/04/hedge-funds-face-pressure-to-reform.html

2006-12-04T19:51:48+0000

Mark Koba

CNBC

Hedge funds are heading into a rough few weeks. Many funds are looking at some pretty average returns this year--and if that's not bad enough--the industry faces U.S. Congressional hearings starting tomorrow on regulations and insider trading.William Galvin is Secretary of the Commonwealth of Massachusetts. Tom Curran is a securities lawyer and partner with Ganfer and Shore. Both men appeared on "Street Signs" and have different opinions on what needs--or doesn't need--to be done with hedge funds.Galvin says hedge funds are marketed to people who shouldn't be investing in them. And he says there should be minimum investments and the funds should be registered. He said there needs to be total transparency when it comes to hedge funds.Curran is completely on the other side--saying there is no need for minimum investments. He said Congress should proceed cautiously on hedge funds--considering the role they play in the U.S. economy. He said there are a lot of myths when it comes to hedge funds--and that the criticism is over blown. FYI: There are some 9,228 hedge funds with nearly $1.3 trillion dollars invested in them.

cnbc, Articles, CNBC TV, Power Lunch, source:tagname:CNBC US Source

<div class="group"><p>Hedge funds are heading into a rough few weeks. Many funds are looking at some pretty average returns this year--and if that's not bad enough--the industry faces U.S. Congressional hearings starting tomorrow on regulations and insider trading.</p><p>William Galvin is Secretary of the Commonwealth of Massachusetts. Tom Curran is a securities lawyer and partner with Ganfer and Shore. Both men appeared on "Street Signs" and have different opinions on what needs--or doesn't need--to be done with hedge funds.</p><div style="height:100%" class="lazyload-placeholder"></div><p>Galvin says hedge funds are marketed to people who shouldn't be investing in them. And he says there should be minimum investments and the funds should be registered. He said there needs to be total transparency when it comes to hedge funds.</p><p>Curran is completely on the other side--saying there is no need for minimum investments. He said Congress should proceed cautiously on hedge funds--considering the role they play in the U.S. economy. He said there are a lot of myths when it comes to hedge funds--and that the criticism is over blown. </p><p>FYI: There are some 9,228 hedge funds with nearly $1.3 trillion dollars invested in them.</p></div>,<div class="group"></div>

Hedge funds are heading into a rough few weeks. Many funds are looking at some pretty average returns this year--and if that's not bad enough--the industry faces U.S. Congressional hearings starting tomorrow on regulations and insider trading.William Galvin is Secretary of the Commonwealth of Massachusetts. Tom Curran is a securities lawyer and partner with Ganfer and Shore. Both men appeared on "Street Signs" and have different opinions on what needs--or doesn't need--to be done with hedge funds.Galvin says hedge funds are marketed to people who shouldn't be investing in them. And he says there should be minimum investments and the funds should be registered. He said there needs to be total transparency when it comes to hedge funds.Curran is completely on the other side--saying there is no need for minimum investments. He said Congress should proceed cautiously on hedge funds--considering the role they play in the U.S. economy. He said there are a lot of myths when it comes to hedge funds--and that the criticism is over blown. FYI: There are some 9,228 hedge funds with nearly $1.3 trillion dollars invested in them.

2021-10-30 14:12:06.132354

Market Tips: Dollar Outlook is Grim

https://www.cnbc.com/2009/09/15/market-tips-dollar-outlook-is-grim.html

2009-09-15T09:05:26+0000

CNBC

In the wake of the collapse of Lehman Brothers, the U.S. dollar saw widespread declines as the Federal Reserve was forced to slash interest rates to eventually zero. Since then there has been growing speculation that the greenback may not hold on to its status as the world’s reserve currency and faces more declines.  Near-Term Outlook Remains Grim“Near-term it does look pretty tough for the dollar … rates being so low in the US in response to the crisis, that really hurts the dollar, which is used to having a least some yield premium over the Japanese yen for instance,” Sean Callow, senior currency strategist at Westpac Bank, told CNBC. “A pretty grim picture until we get a lot better news on the economy and at this stage it doesn’t seem time yet,” Callow added. Will There Be a Dollar Crisis?“Over the long term you expect the US dollar will remain relatively weak,” Jim Vrondas, manager of corporate business at OzForex, told CNBC. “It’s going to take a long time to unwind these massive deficits that they’ve got going on at the moment and in that kind of environment it’s only naturally that people become a little bit hesitant of holding dollar reserves,” he said. Recovery Still A Few Years AwayJohn Licata, chief investment strategist at Blue Phoenix, says that while the progress over the last 12 months had not been as dramatic as expected, the financial crisis has increased investor awareness. Greed Has ReturnedThe lessons of the past year have been forgotten and risk appetite has returned dramatically on Wall Street, says Richard Bove, financial strategist at Rochdale Securities.US has Not Learned from CrisisThe U.S. has not learnt anything and without dealing with the economy's core structural problems, the malaise will continue, says Damon Vickers, CIO at Nine Points Capital Partners. Credit Crisis is Receding: AnalystThe credit crisis is receding, notes Sean Fenton, portfolio manager at Tribeca Investment Partners. He offers his take on how markets will fare going forward.

cnbc, Articles, Business News, Economy, Europe Economy, source:tagname:CNBC US Source

<div class="group"><p>In the wake of the collapse of Lehman Brothers, the U.S. dollar saw widespread declines as the Federal Reserve was forced to slash interest rates to eventually zero. Since then there has been growing speculation that the greenback may not hold on to its status as the world’s reserve currency and faces more declines.  </p><p><strong><u>Near-Term Outlook Remains Grim</u></strong></p><div style="height:100%" class="lazyload-placeholder"></div><p>“Near-term it does look pretty tough for the dollar … rates being so low in the US in response to the crisis, that really hurts the dollar, which is used to having a least some yield premium over the Japanese yen for instance,” Sean Callow, senior currency strategist at Westpac Bank, told CNBC. </p><p>“A pretty grim picture until we get a lot better news on the economy and at this stage it doesn’t seem time yet,” Callow added. </p><p><strong><u>Will There Be a Dollar Crisis?</u></strong></p><p>“Over the long term you expect the US dollar will remain relatively weak,” Jim Vrondas, manager of corporate business at OzForex, told CNBC. </p><p>“It’s going to take a long time to unwind these massive deficits that they’ve got going on at the moment and in that kind of environment it’s only naturally that people become a little bit hesitant of holding dollar reserves,” he said. </p><div style="height:100%" class="lazyload-placeholder"></div><p><strong><u>Recovery Still A Few Years Away</u></strong></p><p>John Licata, chief investment strategist at Blue Phoenix, says that while the progress over the last 12 months had not been as dramatic as expected, the financial crisis has increased investor awareness. </p><p><strong><u>Greed Has Returned</u></strong></p><p>The lessons of the past year have been forgotten and risk appetite has returned dramatically on Wall Street, says Richard Bove, financial strategist at Rochdale Securities.</p><p><strong><u>US has Not Learned from Crisis</u></strong></p><p>The U.S. has not learnt anything and without dealing with the economy's core structural problems, the malaise will continue, says Damon Vickers, CIO at Nine Points Capital Partners. </p><p><strong><u>Credit Crisis is Receding: Analyst</u></strong></p><p>The credit crisis is receding, notes Sean Fenton, portfolio manager at Tribeca Investment Partners. He offers his take on how markets will fare going forward.</p></div>

In the wake of the collapse of Lehman Brothers, the U.S. dollar saw widespread declines as the Federal Reserve was forced to slash interest rates to eventually zero. Since then there has been growing speculation that the greenback may not hold on to its status as the world’s reserve currency and faces more declines.  Near-Term Outlook Remains Grim“Near-term it does look pretty tough for the dollar … rates being so low in the US in response to the crisis, that really hurts the dollar, which is used to having a least some yield premium over the Japanese yen for instance,” Sean Callow, senior currency strategist at Westpac Bank, told CNBC. “A pretty grim picture until we get a lot better news on the economy and at this stage it doesn’t seem time yet,” Callow added. Will There Be a Dollar Crisis?“Over the long term you expect the US dollar will remain relatively weak,” Jim Vrondas, manager of corporate business at OzForex, told CNBC. “It’s going to take a long time to unwind these massive deficits that they’ve got going on at the moment and in that kind of environment it’s only naturally that people become a little bit hesitant of holding dollar reserves,” he said. Recovery Still A Few Years AwayJohn Licata, chief investment strategist at Blue Phoenix, says that while the progress over the last 12 months had not been as dramatic as expected, the financial crisis has increased investor awareness. Greed Has ReturnedThe lessons of the past year have been forgotten and risk appetite has returned dramatically on Wall Street, says Richard Bove, financial strategist at Rochdale Securities.US has Not Learned from CrisisThe U.S. has not learnt anything and without dealing with the economy's core structural problems, the malaise will continue, says Damon Vickers, CIO at Nine Points Capital Partners. Credit Crisis is Receding: AnalystThe credit crisis is receding, notes Sean Fenton, portfolio manager at Tribeca Investment Partners. He offers his take on how markets will fare going forward.

2021-10-30 14:12:06.362288

German consumer morale hits highest level in 6 years

https://www.cnbc.com/2013/09/25/german-consumer-morale-hits-highest-level-in-6-years.html

2013-09-25T06:05:37+0000

CNBC

German consumer confidence rose to its highest level in six years heading into October, supporting expectations strong consumer spending will help Europe's largest economy to post moderate growth in 2013. GfK market research group said on Wednesday its forward-looking consumer sentiment indicator, based on a survey of around 2,000 people, rose to 7.1 going into October from an upwardly revised 7.0 the previous month. The original September figure was 6.9 and analysts in a Reuters poll had forecast the October reading at 7.0. The strengthening data chimed with other recent releases suggesting gradual but steady growth for the end of the year. "German consumers are expecting the economy to gain momentum in the next few months," GfK said in a statement. "There is a clear upwards trend." (Read more: Germans give Merkel a mandate but markets muted) Germans, traditionally savers, became more willing to spend in September than at any point since December 2006, encouraged by an essentially stable job market and historically low interest rates. Saving appeared less attractive as inflation overtook bank interest rates. A sub-index tracking consumers' income expectations eased, albeit from a high level, due to rising food prices, which dampened perceived purchasing power. "It's also possible that some consumers fear further financial burdens due to the euro crisis or tax hikes," the GfK said, referring to the outcome of the German election which was still uncertain at the time of the survey. Angela Merkel's conservatives romped to victory in Sunday's election, winning 42 percent of the vote, but are in need of a coalition partner after falling just short of a parliamentary majority. (Read more: The secret recipe of German economic success) The chancellor appeared headed towards coalition talks with her main center-left rivals the Social Democrats (SPD), who had campaigned on a platform of tax increases for Germany's highest earners. Concern over income was offset by strong willingness to buy, which the GfK dubbed "euphoric". The GfK reiterated its forecast for private consumption to grow by around 1 percent in real terms in 2013, a sign that the German economy is on track to grow moderately this year. The Berlin-based economic think tank DIW forecasts that the economy will expand by 0.4 percent in 2013, and 1.7 percent in 2014. (Read more: Euro zone seen growing at last: Thank Germany) A bastion of strength in the early stages of the euro zone crisis, the German economy shrank at the end of last year and narrowly avoided recession early in 2013 before bouncing back. Recent data from Germany has been mixed, with the private sector expanding, unemployment falling and business sentiment brightening, though industrial data has been weak and exports have dropped. Consumers' view of the economy in September improved significantly from the previous month to hit 10.7 points, its highest level since May 2012. Separately, according to the Ifo Institute business morale improved slightly to its highest level in 17 months in September

cnbc, Articles, Germany youth Ellyatt 130829 EU, Euro zone GDP Lookahead 130809 EU Katrina, Business News, Economy, World Economy, Europe News, source:tagname:Reuters

<div class="group"><p> German consumer confidence rose to its highest level in six years heading into October, supporting expectations strong consumer spending will help Europe's largest economy to post moderate growth in 2013.</p><p> GfK market research group said on Wednesday its forward-looking consumer sentiment indicator, based on a survey of around 2,000 people, rose to 7.1 going into October from an upwardly revised 7.0 the previous month.</p><div style="height:100%" class="lazyload-placeholder"></div><p> The original September figure was 6.9 and analysts in a Reuters poll had forecast the October reading at 7.0. The strengthening data chimed with other recent releases suggesting gradual but steady growth for the end of the year.</p><p> "German consumers are expecting the economy to gain momentum in the next few months," GfK said in a statement. "There is a clear upwards trend."</p><p> (<em>Read more</em>: <a href="https://www.cnbc.com/2013/09/22/merkel-election-win-market-reaction.html">Germans give Merkel a mandate but markets muted</a>)</p><p> Germans, traditionally savers, became more willing to spend in September than at any point since December 2006, encouraged by an essentially stable job market and historically low interest rates. Saving appeared less attractive as inflation overtook bank interest rates.</p><p> A sub-index tracking consumers' income expectations eased, albeit from a high level, due to rising food prices, which dampened perceived purchasing power.</p><div style="height:100%" class="lazyload-placeholder"></div><p> "It's also possible that some consumers fear further financial burdens due to the euro crisis or tax hikes," the GfK said, referring to the outcome of the German election which was still uncertain at the time of the survey.</p><p><a href="https://www.cnbc.com/2013/09/22/germanys-ruling-coalition-wins-42-of-the-vote-according-to-early-exit-polls.html"> Angela Merkel's conservatives romped to victory in Sunday's election</a>, winning 42 percent of the vote, but are in need of a coalition partner after falling just short of a parliamentary majority.</p><p> (<em>Read more</em>: <a href="https://www.cnbc.com/2013/08/29/the-secret-recipe-of-german-economic-success.html">The secret recipe of German economic success</a>)</p><p> The chancellor appeared headed towards coalition talks with her main center-left rivals the Social Democrats (SPD), who had campaigned on a platform of tax increases for Germany's highest earners.</p><p> Concern over income was offset by strong willingness to buy, which the GfK dubbed "euphoric".</p><p> The GfK reiterated its forecast for private consumption to grow by around 1 percent in real terms in 2013, a sign that the German economy is on track to grow moderately this year.</p><p> The Berlin-based economic think tank DIW forecasts that the economy will expand by 0.4 percent in 2013, and 1.7 percent in 2014.</p><p> (<em>Read more</em>: <a href="https://www.cnbc.com/2013/08/09/euro-zone-seen-growing-at-last-thank-germany.html">Euro zone seen growing at last: Thank Germany</a>)<br></p><p> A bastion of strength in the early stages of the euro zone crisis, the German economy shrank at the end of last year and narrowly avoided recession early in 2013 before bouncing back.</p><p> Recent data from Germany has been mixed, with the private sector expanding, unemployment falling and business sentiment brightening, though industrial data has been weak and exports have dropped.</p><p> Consumers' view of the economy in September improved significantly from the previous month to hit 10.7 points, its highest level since May 2012.</p><p> Separately, according to the Ifo Institute business morale improved slightly to its highest level in 17 months in September</p></div>,<div class="group"><p><span style="background-color:rgb(255, 255, 255)">Follow us on Twitter: </span><a href="https://twitter.com/cnbcworld" target="_blank">@CNBCWorld</a><br></p></div>

German consumer confidence rose to its highest level in six years heading into October, supporting expectations strong consumer spending will help Europe's largest economy to post moderate growth in 2013. GfK market research group said on Wednesday its forward-looking consumer sentiment indicator, based on a survey of around 2,000 people, rose to 7.1 going into October from an upwardly revised 7.0 the previous month. The original September figure was 6.9 and analysts in a Reuters poll had forecast the October reading at 7.0. The strengthening data chimed with other recent releases suggesting gradual but steady growth for the end of the year. "German consumers are expecting the economy to gain momentum in the next few months," GfK said in a statement. "There is a clear upwards trend." (Read more: Germans give Merkel a mandate but markets muted) Germans, traditionally savers, became more willing to spend in September than at any point since December 2006, encouraged by an essentially stable job market and historically low interest rates. Saving appeared less attractive as inflation overtook bank interest rates. A sub-index tracking consumers' income expectations eased, albeit from a high level, due to rising food prices, which dampened perceived purchasing power. "It's also possible that some consumers fear further financial burdens due to the euro crisis or tax hikes," the GfK said, referring to the outcome of the German election which was still uncertain at the time of the survey. Angela Merkel's conservatives romped to victory in Sunday's election, winning 42 percent of the vote, but are in need of a coalition partner after falling just short of a parliamentary majority. (Read more: The secret recipe of German economic success) The chancellor appeared headed towards coalition talks with her main center-left rivals the Social Democrats (SPD), who had campaigned on a platform of tax increases for Germany's highest earners. Concern over income was offset by strong willingness to buy, which the GfK dubbed "euphoric". The GfK reiterated its forecast for private consumption to grow by around 1 percent in real terms in 2013, a sign that the German economy is on track to grow moderately this year. The Berlin-based economic think tank DIW forecasts that the economy will expand by 0.4 percent in 2013, and 1.7 percent in 2014. (Read more: Euro zone seen growing at last: Thank Germany) A bastion of strength in the early stages of the euro zone crisis, the German economy shrank at the end of last year and narrowly avoided recession early in 2013 before bouncing back. Recent data from Germany has been mixed, with the private sector expanding, unemployment falling and business sentiment brightening, though industrial data has been weak and exports have dropped. Consumers' view of the economy in September improved significantly from the previous month to hit 10.7 points, its highest level since May 2012. Separately, according to the Ifo Institute business morale improved slightly to its highest level in 17 months in SeptemberFollow us on Twitter: @CNBCWorld

2021-10-30 14:12:06.399831

Fall of CEO O'Neal Was As Rapid As His Rise

https://www.cnbc.com/2007/10/29/fall-of-ceo-oneal-was-as-rapid-as-his-rise.html

2007-10-29T20:28:20+0000

CNBC

The anticipated departure of Merrill Lynch Chief Executive Stan O'Neal would mark a surprising flameout in a career that had been impressive in its ascent.

cnbc, Articles, NYSE Euronext, BlackRock Inc, Business News, Finance, Banks, Financials, source:tagname:Reuters

<div class="group"><p>The anticipated departure of Merrill Lynch Chief Executive Stan O'Neal would mark a surprising flameout in a career that had been impressive in its ascent.</p></div>,<div class="group"><p>The first African-American to run a major Wall Street firm, O'Neal appears to have lost his grip on the top job after misjudging subprime mortgage risk and presiding over the biggest quarterly loss in the brokerage's 93-year history.</p></div>,<div class="group"><div style="height:100%" class="lazyload-placeholder"></div><p>O'Neal, 56, who is also Merrill's chairman, was expected to step down, possibly on Monday, from board pressure in what would make him the highest-ranking casualty in the U.S.<br>subprime mortgage crisis.</p><p>Named CEO in 2002, O'Neal pushed the world's largest brokerage into new businesses, expanding its revenue base outside the United States. But he looked set to lose his job less than a week after the company wrote down $8.4 billion in the third quarter, mostly on bad bets tied to risky subprime loans and related securities.</p><p>The write-down, announced on Wednesday, triggered a $2.3 billion quarterly loss, or several times bigger than what O'Neal initially warned investors about earlier his month.<br>   <br><strong>Two Decades at Firm</strong></p><p>In 1986, Merrill Lynch recognized O'Neal's star quality and plucked him from the ranks of the treasury office at General Motors, where his father was a factory worker.</p><p>O'Neal earned his stripes on the assembly line, too, alternating between the factory and the classroom to earn his degree. GM later paid for him to go to Harvard Business School.</p><div style="height:100%" class="lazyload-placeholder"></div><p>Merrill Lynch put O'Neal in the firm's high-yield business. From there, he eventually became chief financial officer and, in 2000, president of the bread-and-butter private client business, where he oversaw an army of brokers and later became a cost cutter during lean times in the stock market.</p><p>Under O'Neal's leadership, Merrill Lynch devoted considerable energy to diversifying its businesses and expanding overseas. When Goldman Sachs Group began raking in money by taking more proprietary risk, Merrill Lynch tried doing the same.</p><p>As recently as a month ago, O'Neal's hold on the company looked solid. Merrill Lynch seemed mostly removed from the subprime turmoil that buckled two hedge funds at Bear Stearns<br>Cos Inc this past summer and led to the ouster of Co-President Warren Spector.</p><p>Past and current executives at Merrill say O'Neal could be autocratic at times and relied heavily on industry benchmarks -- such as comparing Merrill to Goldman Sachs -- to map out the<br>company's strategy.</p><p><strong>Subprime Stumble</strong><br><br>Through the second quarter, profit had quintupled, increasing at a compound annual rate of more than 40 percent since O'Neal took over Merrill Lynch. Since he became chairman, the company has had four consecutive years of record net earnings. He received about $48 million last year for his work.</p><p>But Merrill stumbled by paying $1.3 billion in December for subprime lender First Franklin Financial. The timing and price of the acquisition puzzled Wall Street because defaults on risky subprime loans already were escalating and demand for pools of these loans packaged into securities was drying up.</p><p>Merrill Lynch's position as the leading underwriter of collateralized debt obligations -- complex securities that repackaged risk from mortgages and other collateral -- also presented considerable risk because they were tied to subprime loans, too.</p><p>On Oct. 5, O'Neal shocked Wall Street when he said the company would take $5.5 billion in write-downs and post a quarterly loss, its first in six years.</p><p>But what really shook investors' confidence in O'Neal was that the write-down figure had mushroomed by nearly $3 billion by the time the company officially reported results last week.<br>   <br><strong>From Farm to Boardroom</strong></p><p>Born in 1951 in the segregated South, O'Neal picked corn and cotton on his grandfather's farm in Wedowee, Alabama.</p><p>He was born in Roanoke, Alabama, because the hospital in Wedowee did not serve African-American families, O'Neal said years later in a 2001 profile for the Harvard Business School<br>Bulletin.</p><p>Prospects for O'Neal's family brightened when they moved to Atlanta and his father landed a job at GM.</p><p>In 2002, Merrill Chief Executive David Komansky, a wisecracking Bronx native and Merrill Lynch lifer, tapped O'Neal, who had proven his mettle by cutting nearly 2,000 jobs in the brokerage group, as his replacement. It was a critical time for the company, as weak stock markets hurt the brokerage and investment banking business.</p><p>O'Neal did not return messages left at his home and office.</p><p>But last week, he accepted blame for the quarterly loss during a tense conference with analysts, investors and reporters.</p><p>"The bottom line is, we got it wrong by being overexposed to subprime," O'Neal said. "And we suffered as a result of an unprecedented liquidity squeeze and deterioration in that market. No one, no one is more disappointed than I am in that result."</p></div>

The anticipated departure of Merrill Lynch Chief Executive Stan O'Neal would mark a surprising flameout in a career that had been impressive in its ascent.The first African-American to run a major Wall Street firm, O'Neal appears to have lost his grip on the top job after misjudging subprime mortgage risk and presiding over the biggest quarterly loss in the brokerage's 93-year history.O'Neal, 56, who is also Merrill's chairman, was expected to step down, possibly on Monday, from board pressure in what would make him the highest-ranking casualty in the U.S.subprime mortgage crisis.Named CEO in 2002, O'Neal pushed the world's largest brokerage into new businesses, expanding its revenue base outside the United States. But he looked set to lose his job less than a week after the company wrote down $8.4 billion in the third quarter, mostly on bad bets tied to risky subprime loans and related securities.The write-down, announced on Wednesday, triggered a $2.3 billion quarterly loss, or several times bigger than what O'Neal initially warned investors about earlier his month.   Two Decades at FirmIn 1986, Merrill Lynch recognized O'Neal's star quality and plucked him from the ranks of the treasury office at General Motors, where his father was a factory worker.O'Neal earned his stripes on the assembly line, too, alternating between the factory and the classroom to earn his degree. GM later paid for him to go to Harvard Business School.Merrill Lynch put O'Neal in the firm's high-yield business. From there, he eventually became chief financial officer and, in 2000, president of the bread-and-butter private client business, where he oversaw an army of brokers and later became a cost cutter during lean times in the stock market.Under O'Neal's leadership, Merrill Lynch devoted considerable energy to diversifying its businesses and expanding overseas. When Goldman Sachs Group began raking in money by taking more proprietary risk, Merrill Lynch tried doing the same.As recently as a month ago, O'Neal's hold on the company looked solid. Merrill Lynch seemed mostly removed from the subprime turmoil that buckled two hedge funds at Bear StearnsCos Inc this past summer and led to the ouster of Co-President Warren Spector.Past and current executives at Merrill say O'Neal could be autocratic at times and relied heavily on industry benchmarks -- such as comparing Merrill to Goldman Sachs -- to map out thecompany's strategy.Subprime StumbleThrough the second quarter, profit had quintupled, increasing at a compound annual rate of more than 40 percent since O'Neal took over Merrill Lynch. Since he became chairman, the company has had four consecutive years of record net earnings. He received about $48 million last year for his work.But Merrill stumbled by paying $1.3 billion in December for subprime lender First Franklin Financial. The timing and price of the acquisition puzzled Wall Street because defaults on risky subprime loans already were escalating and demand for pools of these loans packaged into securities was drying up.Merrill Lynch's position as the leading underwriter of collateralized debt obligations -- complex securities that repackaged risk from mortgages and other collateral -- also presented considerable risk because they were tied to subprime loans, too.On Oct. 5, O'Neal shocked Wall Street when he said the company would take $5.5 billion in write-downs and post a quarterly loss, its first in six years.But what really shook investors' confidence in O'Neal was that the write-down figure had mushroomed by nearly $3 billion by the time the company officially reported results last week.   From Farm to BoardroomBorn in 1951 in the segregated South, O'Neal picked corn and cotton on his grandfather's farm in Wedowee, Alabama.He was born in Roanoke, Alabama, because the hospital in Wedowee did not serve African-American families, O'Neal said years later in a 2001 profile for the Harvard Business SchoolBulletin.Prospects for O'Neal's family brightened when they moved to Atlanta and his father landed a job at GM.In 2002, Merrill Chief Executive David Komansky, a wisecracking Bronx native and Merrill Lynch lifer, tapped O'Neal, who had proven his mettle by cutting nearly 2,000 jobs in the brokerage group, as his replacement. It was a critical time for the company, as weak stock markets hurt the brokerage and investment banking business.O'Neal did not return messages left at his home and office.But last week, he accepted blame for the quarterly loss during a tense conference with analysts, investors and reporters."The bottom line is, we got it wrong by being overexposed to subprime," O'Neal said. "And we suffered as a result of an unprecedented liquidity squeeze and deterioration in that market. No one, no one is more disappointed than I am in that result."

2021-10-30 14:12:06.545130

The gadgets and software that could help us return to the office

https://www.cnbc.com/2020/08/03/the-gadgets-and-software-that-could-help-us-return-to-the-office.html

2020-08-03T06:12:49+0000

Ryan Browne

CNBC

As employers around the world figure out how best to return workers to the office, tech companies are hoping that gadgets and software could help the process.The coronavirus pandemic and resulting lockdowns have left offices around the world empty. And while there's been lots of talk about the benefits of flexible working, there are still some workers who want to experience life in the office again.But to do that, companies need to make sure they have strict health and safety regimes in place. Tech firms big and small have been developing everything from wearable devices to thermal imaging cameras to help businesses equip their office spaces for the future.

cnbc, Articles, Transportation, Computer hardware, Real estate, Jobs, Economy, Enterprise, Technology, Vodafone Group PLC, Microsoft Corp, Zoom Video Communications Inc, Slack Technologies Inc, Rolls-Royce Holdings PLC, General Motors Co, Siemens AG, Airbus SE, BT Group PLC, Ocado Group PLC, Twitter Inc, Meta Platforms Inc, Real Estate, Commercial Real Estate, Hardware, Workplace Revolution, Business News, source:tagname:CNBC Europe Source

<div class="group"><p>As employers around the world figure out how best to return workers to the office, tech companies are hoping that gadgets and software could help the process.</p><p>The coronavirus pandemic and resulting lockdowns have left offices around the world empty. And while there's been lots of talk about the benefits of flexible working, there are still some workers who want to experience life in the office again.</p><div style="height:100%" class="lazyload-placeholder"></div><p>But to do that, companies need to make sure they have strict health and safety regimes in place. Tech firms big and small have been developing everything from wearable devices to thermal imaging cameras to help businesses equip their office spaces for the future.</p></div>,<div class="group"><p>Tharsus, a U.K.-based robotics group, is mostly known for designing robotics and automation systems for firms like online retailer <a href="//www.cnbc.com/quotes/OCDO-GB" target="_blank">Ocado</a> and telecommunications firm <a href="//www.cnbc.com/quotes/BT.A-GB" target="_blank">BT</a>. In response to the Covid-19 outbreak, the firm developed wearables for workers to wear around their necks to help with distancing themselves from colleagues.</p><p>The hardware — which looks like a futuristic smart necklace — sends out alerts to wearers every time they come into close proximity with another worker. Tharsus is looking to roll the technology out in a number of workplace environments, including offices, warehouses and canteens.</p></div>,<div class="group"><p>The tech is currently being trialed at the Manufacturing Technology Centre, an independent research institute based in Coventry, England. The facility houses manufacturing titans such as <a href="//www.cnbc.com/quotes/RR.-GB" target="_blank">Rolls-Royce</a>, <a href="//www.cnbc.com/quotes/AIR-FR" target="_blank">Airbus</a>, <a href="//www.cnbc.com/quotes/SIE-DE" target="_blank">Siemens</a> and <a href="//www.cnbc.com/quotes/GM" target="_blank">General Motors</a>.</p><p>"Bump is like traffic lights, which improve safety and at the same time improve capacity," Tharsus CEO Brian Palmer told CNBC. "Analysis of Bump traffic data enables the volume of people in the workplace to increase, safely."</p><div style="height:100%" class="lazyload-placeholder"></div><p>It's somewhat evocative of contact-tracing apps, another tool that companies — and governments — have been considering as part of their reopening plans. These apps rely on Bluetooth or location data to notify users if they may have been exposed to the virus.</p><p>Consulting giant PwC, for instance, <a href="https://www.cnbc.com/2020/05/06/pwc-is-building-coronavirus-contact-tracing-software-for-companies.html">developed an app</a> for corporate clients to track employees who come into close contact and alert human resources staff if they may be at risk of coming down with the virus. The app has been tested in the company's Shanghai office.</p><p>However, contact-tracing apps have faced criticism from privacy advocates concerned they could be too invasive. Officials and experts have also said the apps deployed so far haven't yet been a "<a href="https://www.cnbc.com/2020/07/03/why-coronavirus-contact-tracing-apps-havent-been-a-game-changer.html">game changer</a>" in tackling the coronavirus pandemic.</p></div>,<div class="group"><p>While different from contact tracing, Tharsus' solution is similar in that it aims to measure proximity. Bump relies on radio frequencies to send out signals to users if they get too close to each other. As far as privacy is concerned, Palmer said the tech was compliant with EU privacy laws and that data wouldn't be shared with third parties.</p><p>"We designed Bump with this in mind and to ensure wearers don't need to sacrifice data privacy," he said. "All data is available to an individual business and their team members alike. Everyone can see who collected data, when and why."</p><p>"Other app-based solutions only notify users if social distancing fails 'after the event' i.e. after they have been exposed to risk," he said. "Bump provides real-time protection from the risk in the first place."</p></div>,<div class="group"><p>Meanwhile, thermal imaging cameras have also been suggested as a potential way of helping bring staff back to the office. The cameras use infrared technology to detect radiating heat from a person and then estimate their body temperature.</p><p>British telecommunications firm <a href="//www.cnbc.com/quotes/VOD-GB" target="_blank">Vodafone</a> is deploying heat detection cameras made by surveillance tech maker Digital Barriers. The cameras are currently in use at the training ground of English rugby club Wasps, however Vodafone said they will also be used in offices, typically by an entrance or reception area.</p></div>,<div class="group"><p>"The device uses both thermal and HD cameras to deliver reliable, real-time body temperature screening accurate to within +/- 0.3 degrees Celsius and can screen up to 100 people every minute," said Anne Sheehan, director of Vodafone Business U.K.</p><p>Responding to concerns over whether the cameras could infringe workers' privacy, Vodafone said its cameras are a "temperature screening solution only."</p><p>"The data it gathers is only relevant at that particular point in time," said Sheehan. "The device doesn't include technologies such as facial recognition and it cannot be used as a tracking device."</p><p>But like much tech being proposed to return life to some level of normality, health officials have cast doubt on the use of thermal cameras in trying to screen people for potential virus cases. The World Health Organization for instance has <a href="https://www.who.int/news-room/articles-detail/key-considerations-for-repatriation-and-quarantine-of-travellers-in-relation-to-the-outbreak-of-novel-coronavirus-2019-ncov/" target="_blank">said </a>temperature screening alone "may not be very effective."</p><p>And while some tech companies are figuring out ways of detecting symptoms and regulating exposure to the virus, others are seeking to eradicate it.</p></div>,<div class="group"><p>Take ultraviolet lights, which have previously been used to kill bacteria, for instance. Some firms, such as Dutch lighting maker Signify, are hoping the technology can be applied to the novel coronavirus that causes Covid-19.</p><p>The World Health Organization has warned people not to use UV lights on their skin due to the dangerous levels of radiation that they emit. But Signify aims to use the lights to disinfect surfaces in offices and other settings like schools and restrooms.</p><p>And science may be on the company's side. Signify tested its own UV lights with researchers at Boston University, who found that exposure of the virus to UV light helps eradicate it. Signify is now <a href="https://www.cnbc.com/2020/07/24/signify-uvc-coronavirus.html">ramping up production</a> of the lights.</p></div>,<div class="group"><p>One trend the pandemic has accelerated is the use of software to communicate and collaborate remotely. Platforms like <a href="//www.cnbc.com/quotes/ZM" target="_blank">Zoom</a>, <a href="//www.cnbc.com/quotes/WORK" target="_blank">Slack</a> and <a href="//www.cnbc.com/quotes/MSFT" target="_blank">Microsoft</a> Teams have seen a surge in demand with entire workforces forced to adapt to telecommuting. Cisco's Webex video-conferencing app <a href="https://uk.reuters.com/article/uk-cisco-systems-webex/ciscos-webex-draws-record-324-million-users-in-march-idUKKBN21L2TJ" target="_blank">saw a record 324 million users </a>attend virtual meetings in March.</p><p>"There's been a seismic change in the last few months in terms of working," Chintan Patel, Cisco's chief technologist in the U.K., told CNBC. "It goes without saying that what's taken place has been incredible."</p></div>,<div class="group"><p>The question for these platforms is whether they can continue this momentum as shelter-in-place measures ease and businesses start to reopen. Executives said there would be a continued need for such services as businesses adopt a "hybrid" approach of keeping staff at home while some employees return to the office.</p><p>Patel said touchless technology such as voice-activated intelligent assistants could help with holding virtual meetings from the office. Cisco's video technology is also capable of measuring how many people are in a meeting, he said, adding this was compliant with EU privacy laws.</p><p>Still, it could be some time before a majority of office workers are back in the office. Many large tech companies are now offering workers greater flexibility over their working situations due to Covid-19 — <a href="//www.cnbc.com/quotes/TWTR" target="_blank">Twitter</a> has gone so far as to let employees work from home "<a href="https://www.cnbc.com/2020/05/12/twitter-tells-employees-they-can-work-from-home-forever.html">forever</a>."</p><p>According to a YouGov study commissioned by identity management software firm Okta, just 29% of European workers surveyed between April and May wanted to go back to the office full-time. That figure fell to as low as 24% in Britain.</p></div>,<div class="group"><p>Meanwhile, 55% of workers felt they were equipped with the necessary hardware for working at home, while 56% said they had the appropriate software. YouGov surveyed over 6,000 people across the U.K., Germany, France and the Netherlands.</p></div>,<div class="group"><p>"If you really have to bring everyone to a meeting together, something extraordinary will have to happen," Julien Codorniou, vice president of <a href="//www.cnbc.com/quotes/FB" target="_blank">Facebook's</a> Workplace app — a rival to Slack and Teams — told CNBC. "I hope the office will be a place for more meaningful interactions."</p></div>,<div class="group"><p>Finally, there's the issue of how workers will get to the office. It's easy to see why many people in big cities like London and New York might be anxious about the idea of taking public transport, potentially being packed in like sardines on a busy bus or subway. And driving in such areas can be far from ideal.</p><p>Several start-ups are hoping to convince authorities and consumers that two-wheel electric vehicles like scooters and bikes might be able to solve this problem. In the U.K. that's particularly relevant, since the government has <a href="https://www.cnbc.com/2020/05/15/bird-lime-voi-tier-uk-escooter-trials.html">recently made it legal</a> to ride e-scooters on roads. A number of trials are getting underway across the country. </p></div>,<div class="group"><p>New York City has <a href="https://www.reuters.com/article/us-new-york-city-scooters/new-york-city-legalizes-electric-bikes-and-scooters-will-create-e-scooter-pilot-program-idUSKBN23W3GR" target="_blank">also approved</a> the private use of e-scooters and bikes, and will allow e-scooter operators to apply for permits in the city, with the exception of Manhattan.</p><p>It is hoped the devices will offer a safer and more environmentally-friendly alternative for people commuting to the office.</p><p>"This is about getting the public back to work moving again in a safe way," Richard Corbett, the U.K. general manager at Swedish e-scooter firm Voi, told CNBC.</p><p>"Authorities are using the current opportunity as an opportunity for challenge," said Per Brilioth, CEO of VNV Global, an investor in Voi.</p><p>"That's been the ongoing trend, to reduce — not take away completely — but reduce the need for cars and fossil fuel for transportation into something that's cleaner in every aspect."</p></div>

As employers around the world figure out how best to return workers to the office, tech companies are hoping that gadgets and software could help the process.The coronavirus pandemic and resulting lockdowns have left offices around the world empty. And while there's been lots of talk about the benefits of flexible working, there are still some workers who want to experience life in the office again.But to do that, companies need to make sure they have strict health and safety regimes in place. Tech firms big and small have been developing everything from wearable devices to thermal imaging cameras to help businesses equip their office spaces for the future.Tharsus, a U.K.-based robotics group, is mostly known for designing robotics and automation systems for firms like online retailer Ocado and telecommunications firm BT. In response to the Covid-19 outbreak, the firm developed wearables for workers to wear around their necks to help with distancing themselves from colleagues.The hardware — which looks like a futuristic smart necklace — sends out alerts to wearers every time they come into close proximity with another worker. Tharsus is looking to roll the technology out in a number of workplace environments, including offices, warehouses and canteens.The tech is currently being trialed at the Manufacturing Technology Centre, an independent research institute based in Coventry, England. The facility houses manufacturing titans such as Rolls-Royce, Airbus, Siemens and General Motors."Bump is like traffic lights, which improve safety and at the same time improve capacity," Tharsus CEO Brian Palmer told CNBC. "Analysis of Bump traffic data enables the volume of people in the workplace to increase, safely."It's somewhat evocative of contact-tracing apps, another tool that companies — and governments — have been considering as part of their reopening plans. These apps rely on Bluetooth or location data to notify users if they may have been exposed to the virus.Consulting giant PwC, for instance, developed an app for corporate clients to track employees who come into close contact and alert human resources staff if they may be at risk of coming down with the virus. The app has been tested in the company's Shanghai office.However, contact-tracing apps have faced criticism from privacy advocates concerned they could be too invasive. Officials and experts have also said the apps deployed so far haven't yet been a "game changer" in tackling the coronavirus pandemic.While different from contact tracing, Tharsus' solution is similar in that it aims to measure proximity. Bump relies on radio frequencies to send out signals to users if they get too close to each other. As far as privacy is concerned, Palmer said the tech was compliant with EU privacy laws and that data wouldn't be shared with third parties."We designed Bump with this in mind and to ensure wearers don't need to sacrifice data privacy," he said. "All data is available to an individual business and their team members alike. Everyone can see who collected data, when and why.""Other app-based solutions only notify users if social distancing fails 'after the event' i.e. after they have been exposed to risk," he said. "Bump provides real-time protection from the risk in the first place."Meanwhile, thermal imaging cameras have also been suggested as a potential way of helping bring staff back to the office. The cameras use infrared technology to detect radiating heat from a person and then estimate their body temperature.British telecommunications firm Vodafone is deploying heat detection cameras made by surveillance tech maker Digital Barriers. The cameras are currently in use at the training ground of English rugby club Wasps, however Vodafone said they will also be used in offices, typically by an entrance or reception area."The device uses both thermal and HD cameras to deliver reliable, real-time body temperature screening accurate to within +/- 0.3 degrees Celsius and can screen up to 100 people every minute," said Anne Sheehan, director of Vodafone Business U.K.Responding to concerns over whether the cameras could infringe workers' privacy, Vodafone said its cameras are a "temperature screening solution only.""The data it gathers is only relevant at that particular point in time," said Sheehan. "The device doesn't include technologies such as facial recognition and it cannot be used as a tracking device."But like much tech being proposed to return life to some level of normality, health officials have cast doubt on the use of thermal cameras in trying to screen people for potential virus cases. The World Health Organization for instance has said temperature screening alone "may not be very effective."And while some tech companies are figuring out ways of detecting symptoms and regulating exposure to the virus, others are seeking to eradicate it.Take ultraviolet lights, which have previously been used to kill bacteria, for instance. Some firms, such as Dutch lighting maker Signify, are hoping the technology can be applied to the novel coronavirus that causes Covid-19.The World Health Organization has warned people not to use UV lights on their skin due to the dangerous levels of radiation that they emit. But Signify aims to use the lights to disinfect surfaces in offices and other settings like schools and restrooms.And science may be on the company's side. Signify tested its own UV lights with researchers at Boston University, who found that exposure of the virus to UV light helps eradicate it. Signify is now ramping up production of the lights.One trend the pandemic has accelerated is the use of software to communicate and collaborate remotely. Platforms like Zoom, Slack and Microsoft Teams have seen a surge in demand with entire workforces forced to adapt to telecommuting. Cisco's Webex video-conferencing app saw a record 324 million users attend virtual meetings in March."There's been a seismic change in the last few months in terms of working," Chintan Patel, Cisco's chief technologist in the U.K., told CNBC. "It goes without saying that what's taken place has been incredible."The question for these platforms is whether they can continue this momentum as shelter-in-place measures ease and businesses start to reopen. Executives said there would be a continued need for such services as businesses adopt a "hybrid" approach of keeping staff at home while some employees return to the office.Patel said touchless technology such as voice-activated intelligent assistants could help with holding virtual meetings from the office. Cisco's video technology is also capable of measuring how many people are in a meeting, he said, adding this was compliant with EU privacy laws.Still, it could be some time before a majority of office workers are back in the office. Many large tech companies are now offering workers greater flexibility over their working situations due to Covid-19 — Twitter has gone so far as to let employees work from home "forever."According to a YouGov study commissioned by identity management software firm Okta, just 29% of European workers surveyed between April and May wanted to go back to the office full-time. That figure fell to as low as 24% in Britain.Meanwhile, 55% of workers felt they were equipped with the necessary hardware for working at home, while 56% said they had the appropriate software. YouGov surveyed over 6,000 people across the U.K., Germany, France and the Netherlands."If you really have to bring everyone to a meeting together, something extraordinary will have to happen," Julien Codorniou, vice president of Facebook's Workplace app — a rival to Slack and Teams — told CNBC. "I hope the office will be a place for more meaningful interactions."Finally, there's the issue of how workers will get to the office. It's easy to see why many people in big cities like London and New York might be anxious about the idea of taking public transport, potentially being packed in like sardines on a busy bus or subway. And driving in such areas can be far from ideal.Several start-ups are hoping to convince authorities and consumers that two-wheel electric vehicles like scooters and bikes might be able to solve this problem. In the U.K. that's particularly relevant, since the government has recently made it legal to ride e-scooters on roads. A number of trials are getting underway across the country. New York City has also approved the private use of e-scooters and bikes, and will allow e-scooter operators to apply for permits in the city, with the exception of Manhattan.It is hoped the devices will offer a safer and more environmentally-friendly alternative for people commuting to the office."This is about getting the public back to work moving again in a safe way," Richard Corbett, the U.K. general manager at Swedish e-scooter firm Voi, told CNBC."Authorities are using the current opportunity as an opportunity for challenge," said Per Brilioth, CEO of VNV Global, an investor in Voi."That's been the ongoing trend, to reduce — not take away completely — but reduce the need for cars and fossil fuel for transportation into something that's cleaner in every aspect."

2021-10-30 14:12:06.596592

Stocks making the biggest moves midday: Disney, Gap, Take-Two & more

https://www.cnbc.com/2019/11/08/stocks-making-the-biggest-moves-midday-disney-gap-take-two-more.html

2019-11-08T17:58:48+0000

Thomas Franck

CNBC

Check out the companies making headlines in midday trading:Walt Disney — Disney shares rallied 3.7% in midday trading after it reported quarterly earnings of $1.07 per share, 12 cents a share better than what Wall Street analysts had expected. Revenue also beat forecasts, boosted by a 52% increase in studio entertainment revenue amid a strong movie box office performance. Its long-awaited streaming service, Disney+, is set to launch on November 12.Monster Beverage — Shares of the energy drink maker gained more than 3% after the company beat earnings and revenue estimates for the third quarter. Sales rose 11%, and the company also announced a $500 million share repurchase program.Gap — The apparel retailer's stock fell 7% after the company announced that CEO Art Peck would be stepping down, effective immediately. The company also warned that its results for the current quarter would be weaker-than-expected. The slide in the stock price wiped $466 million from the company's value.Zillow — Zillow's stock popped more than 12% after it reported a loss 12 cents per share for the third quarter, smaller than the 21 cents a share loss for which Wall Street was preparing. The real estate website operator's revenue came in above estimates, and it gave an upbeat forecast as well.Take-Two Interactive — Take-Two rose 2.3% after reporting a better-than-expected $2.02 per share in profit for its fiscal second quarter. The quarter's performance was buoyed by strong demand for its NBA, Grand Theft Auto, and Red Dead Redemption games.Teradata — Shares of the data analytics software company plunged more than 16% on weaker-than-expected quarterly results. Teradata posted a profit of 32 cents per share on $459 million in revenue. Analysts polled by Refinitiv expected earnings per share of 40 cents on $486 million in revenue. The company also issued soft earnings guidance for the current quarter and announced CEO Oliver Ratzesberger resigned, effective immediately.Dropbox — Dropbox slid nearly 6% despite better-than-expected earnings. The cloud storage company earned 13 cents per share in the third quarter, 2 cents ahead of estimates, according to Refinitiv. Its revenue also topped estimates. The company said it is benefiting from its new desktop app as well as good results from its Dropbox Spaces collaboration software.SurveyMonkey — Shares of online cloud-based survey company tanked 9% after the company reported disappointing third-quarter earnings. The company reported a loss of 12 cents per share, while analysts were expecting a loss of 5 cents per share, according to Refinitiv. Revenue came in at $79.3 million, which beat estimates of $77.95 million.– CNBC's Yun Li, Pippa Stevens, Fred Imbert and Maggie Fitzgerald contributed to this report.

cnbc, Articles, Walt Disney Co, Market Insider, Breaking News: Markets, Business, Economy, Markets, Stock markets, Zillow Group Inc, Take-Two Interactive Software Inc, Teradata Corp, Monster Beverage Corp, Gap Inc, Dropbox Inc, Momentive Global Inc, Business News, stocks, US: News, U.S. Markets, source:tagname:CNBC US Source

<div class="group"><p><em>Check out the companies making headlines in midday trading:</em></p><p><a href="//www.cnbc.com/quotes/DIS" target="_blank">Walt Disney</a> — Disney shares rallied 3.7% in midday trading after <a href="https://www.cnbc.com/2019/11/07/disney-dis-fiscal-q4-2019-earnings.html">it reported quarterly earnings of $1.07 per share</a>, 12 cents a share better than what Wall Street analysts had expected. Revenue also beat forecasts, boosted by a 52% increase in studio entertainment revenue amid a strong movie box office performance. Its long-awaited streaming service, Disney+, is set to launch on November 12.</p><div style="height:100%" class="lazyload-placeholder"></div><p><a href="//www.cnbc.com/quotes/MNST" target="_blank">Monster Beverage</a> — Shares of the energy drink maker gained more than 3% after the company beat earnings and revenue estimates for the third quarter. Sales rose 11%, and the company also announced a $500 million share repurchase program.</p><p><a href="//www.cnbc.com/quotes/GPS" target="_blank">Gap</a> — The apparel retailer's stock fell 7% after the company announced that CEO Art Peck would be stepping down, effective immediately. The company also warned that its results for the current quarter would be weaker-than-expected. The slide in the stock price wiped $466 million from the company's value.</p><p><a href="//www.cnbc.com/quotes/ZG" target="_blank">Zillow</a> — Zillow's stock popped more than 12% after it reported a loss 12 cents per share for the third quarter, smaller than the 21 cents a share loss for which Wall Street was preparing. The real estate website operator's revenue came in above estimates, and it gave an upbeat forecast as well.</p><p><a href="//www.cnbc.com/quotes/TTWO" target="_blank">Take-Two Interactive</a> — Take-Two rose 2.3% after reporting a better-than-expected $2.02 per share in profit for its fiscal second quarter. The quarter's performance was buoyed by strong demand for its NBA, Grand Theft Auto, and Red Dead Redemption games.</p><p><a href="//www.cnbc.com/quotes/TDC" target="_blank">Teradata</a> — Shares of the data analytics software company plunged more than 16% on weaker-than-expected quarterly results. Teradata posted a profit of 32 cents per share on $459 million in revenue. Analysts polled by Refinitiv expected earnings per share of 40 cents on $486 million in revenue. The company also issued soft earnings guidance for the current quarter and announced CEO Oliver Ratzesberger resigned, effective immediately.</p><div style="height:100%" class="lazyload-placeholder"></div><p><a href="//www.cnbc.com/quotes/DBX" target="_blank">Dropbox</a> — Dropbox slid nearly 6% despite better-than-expected earnings. The cloud storage company earned 13 cents per share in the third quarter, 2 cents ahead of estimates, according to Refinitiv. Its revenue also topped estimates. The company said it is benefiting from its new desktop app as well as good results from its Dropbox Spaces collaboration software.</p><p><a href="//www.cnbc.com/quotes/MNTV" target="_blank">SurveyMonkey</a> — Shares of online cloud-based survey company tanked 9% after the company reported disappointing third-quarter earnings. The company reported a loss of 12 cents per share, while analysts were expecting a loss of 5 cents per share, according to Refinitiv. Revenue came in at $79.3 million, which beat estimates of $77.95 million.</p><p><em>– CNBC's Yun Li, Pippa Stevens, Fred Imbert and Maggie Fitzgerald contributed to this report.</em></p></div>

Check out the companies making headlines in midday trading:Walt Disney — Disney shares rallied 3.7% in midday trading after it reported quarterly earnings of $1.07 per share, 12 cents a share better than what Wall Street analysts had expected. Revenue also beat forecasts, boosted by a 52% increase in studio entertainment revenue amid a strong movie box office performance. Its long-awaited streaming service, Disney+, is set to launch on November 12.Monster Beverage — Shares of the energy drink maker gained more than 3% after the company beat earnings and revenue estimates for the third quarter. Sales rose 11%, and the company also announced a $500 million share repurchase program.Gap — The apparel retailer's stock fell 7% after the company announced that CEO Art Peck would be stepping down, effective immediately. The company also warned that its results for the current quarter would be weaker-than-expected. The slide in the stock price wiped $466 million from the company's value.Zillow — Zillow's stock popped more than 12% after it reported a loss 12 cents per share for the third quarter, smaller than the 21 cents a share loss for which Wall Street was preparing. The real estate website operator's revenue came in above estimates, and it gave an upbeat forecast as well.Take-Two Interactive — Take-Two rose 2.3% after reporting a better-than-expected $2.02 per share in profit for its fiscal second quarter. The quarter's performance was buoyed by strong demand for its NBA, Grand Theft Auto, and Red Dead Redemption games.Teradata — Shares of the data analytics software company plunged more than 16% on weaker-than-expected quarterly results. Teradata posted a profit of 32 cents per share on $459 million in revenue. Analysts polled by Refinitiv expected earnings per share of 40 cents on $486 million in revenue. The company also issued soft earnings guidance for the current quarter and announced CEO Oliver Ratzesberger resigned, effective immediately.Dropbox — Dropbox slid nearly 6% despite better-than-expected earnings. The cloud storage company earned 13 cents per share in the third quarter, 2 cents ahead of estimates, according to Refinitiv. Its revenue also topped estimates. The company said it is benefiting from its new desktop app as well as good results from its Dropbox Spaces collaboration software.SurveyMonkey — Shares of online cloud-based survey company tanked 9% after the company reported disappointing third-quarter earnings. The company reported a loss of 12 cents per share, while analysts were expecting a loss of 5 cents per share, according to Refinitiv. Revenue came in at $79.3 million, which beat estimates of $77.95 million.– CNBC's Yun Li, Pippa Stevens, Fred Imbert and Maggie Fitzgerald contributed to this report.

2021-10-30 14:12:06.689323

Kraft is taking the CFTC to court keep the lid on a $16 million fine in market manipulation case

https://www.cnbc.com/2019/08/22/kraft-is-taking-the-cftc-to-court-to-keep-the-lid-on-fine.html

2019-08-22T12:51:36+0000

Jesse Pound

CNBC

Kraft and Mondelez are taking the Commodity Futures Trading Commission to court in a bid to keep the agency from discussing a $16 million fine to settle allegations of manipulating the wheat markets.The two food companies agreed to pay the fine as part of a deal with the CFTC that the companies say restricted what regulators could say about the case. Kraft and Mondelez, which was created when Kraft split into two companies in 2012, are now suing the CFTC for contempt. They filed a motion in federal court in Chicago on Friday, saying the regulator violated the order in an Aug. 15 press release announcing the deal."The CFTC and its Commissioners engaged in a deliberate, orchestrated effort to violate the Court's Consent Order within minutes of its entry," the companies said in the filing. The two sides face off in court Sept. 12, according to court documents.According to the CFTC, Kraft intentionally drove down the price of wheat in 2011 by buying an excessive amount of futures contracts on the grain.Food companies have made such moves to hedge fluctuations in commodities prices by agreeing to pay a specific price at a specific date in the future. Unlike a hedge fund or trading firm, companies like Kraft are limited in their futures purchases and are prohibited from speculating.Kraft was allowed to have a futures position of roughly 3 million bushels of wheat, the CFTC said in the original complaint. Instead, Kraft allegedly bought futures contracts for 15.75 million bushels, worth more than $93 million.The consent order included a clause that read "neither party shall make any public statement about this case other than to refer to the terms of this settlement agreement or public documents filed in this case."The order also prohibited the CFTC from saying whether either defendant violated federal law.After the agreement, the CFTC issued a press release on Aug. 15 saying the penalty was "valued at three times the alleged gain" and included statements from Chairman Heath P. Tarbert and links to statements from individual commissioners."Market manipulation inflicts real pain on farmers by denying them the fair value of their hard work and crops," Tarbert said in his statement. "It also hurts American families by raising the costs of putting food on the table. Instances of market manipulation are precisely the kinds of cases the CFTC was founded to pursue."The CFTC told the court Saturday that its public statements didn't violate the order and that its individual commissioners were not bound by the agreement. The CFTC voluntarily removed the announcement from its website until the next court appearance.The CFTC and Kraft declined to comment for this article. Mondelez did not respond to a request for comment.The segments of Kraft and Mondelez named as defendants in the case were part of the same company in 2011 when the trades took place. In 2012, Kraft Foods changed its name to Mondelez and spun off Kraft Foods Group Inc., which merged with Heinz in 2015 to form the Kraft Heinz Co.Kraft's futures position in 2011 represented 87% of the active futures market for that particular month and type of wheat, according to the CFTC. The agency accused the company of taking this position to try to lower the price of wheat in the spot market where it was buying the grain.With Kraft signaling to the market that it intended to change its normal plan and buy wheat through the futures market instead of the spot market, the price of wheat in the futures market rose and the cash price fell, allowing Kraft to reap a profit, according to the complaint.When the company bought wheat in the spot market and unwound a large portion of its futures position, it generated a gain of more than $5 million, according to the CFTC.Some companies are allowed to file for exemptions to the caps on futures positions for hedging purposes. The CFTC said Kraft did not have an exemption and that its futures position represented a six-month supply of the wheat it needed at its Toledo area-flour mill and was not for legitimate business purposes.The regulator also said Kraft performed illegal offsetting trades of futures contracts with itself.Kraft has been one of the worst-performing large cap stocks in 2019, shedding more than 40% of its share price this year. The stock of Mondelez International, the parent company of the defendant in this suit, is up more than 35% this year.Clarification: The headline of this article was changed to clarify that Kraft hasn't filed a new lawsuit against the CFTC. The company filed a contempt motion in an already existing lawsuit by the agency.

cnbc, Articles, Lawsuits, Politics, Agriculture, Markets, Crime, Commodity Futures Trading Commission, Mondelez International Inc, Kraft Heinz Co, Commodity markets, Food and drink, Futures & Commodities, Finance, U.S. Markets, Policy, Regulations, Law and Regulation, Business News, Retail, Food and Beverage, source:tagname:CNBC US Source

<div class="group"><p><a href="//www.cnbc.com/quotes/KHC" target="_blank">Kraft </a>and <a href="//www.cnbc.com/quotes/MDLZ" target="_blank">Mondelez</a> are taking the Commodity Futures Trading Commission to court in a bid to keep the agency from discussing a $16 million fine to settle allegations of manipulating the wheat markets.</p><p>The two food companies agreed to pay the fine as part of a deal with the <a href="https://www.cnbc.com/id/100813295">CFTC</a> that the companies say restricted what regulators could say about the case. Kraft and Mondelez, which was created when Kraft split into two companies in 2012, are now suing the CFTC for contempt. They filed a motion in federal court in Chicago on Friday, saying the regulator violated the order in an Aug. 15 press release announcing the deal.</p><div style="height:100%" class="lazyload-placeholder"></div><p>"The CFTC and its Commissioners engaged in a deliberate, orchestrated effort to violate the Court's Consent Order within minutes of its entry," the companies said in the filing. The two sides face off in court Sept. 12, according to court documents.</p><p>According to the CFTC, Kraft intentionally drove down the price of wheat in 2011 by buying an excessive amount of futures contracts on the grain.</p><p>Food companies have made such moves to hedge fluctuations in commodities prices by agreeing to pay a specific price at a specific date in the future. Unlike a hedge fund or trading firm, companies like Kraft are limited in their futures purchases and are prohibited from speculating.</p><p>Kraft was allowed to have a futures position of roughly 3 million bushels of wheat, the CFTC said in the original complaint. Instead, Kraft allegedly bought futures contracts for 15.75 million bushels, worth more than $93 million.</p><p>The consent order included a clause that read "neither party shall make any public statement about this case other than to refer to the terms of this settlement agreement or public documents filed in this case."</p><div style="height:100%" class="lazyload-placeholder"></div><p>The order also prohibited the CFTC from saying whether either defendant violated federal law.</p><p>After the agreement, the CFTC issued a press release on Aug. 15 saying the penalty was "valued at three times the alleged gain" and included statements from Chairman Heath P. Tarbert and links to statements from individual commissioners.</p><p>"Market manipulation inflicts real pain on farmers by denying them the fair value of their hard work and crops," Tarbert said in his statement. "It also hurts American families by raising the costs of putting food on the table. Instances of market manipulation are precisely the kinds of cases the CFTC was founded to pursue."</p><p>The CFTC told the court Saturday that its public statements didn't violate the order and that its individual commissioners were not bound by the agreement. The CFTC voluntarily removed the announcement from its website until the next court appearance.</p><p>The CFTC and Kraft declined to comment for this article. Mondelez did not respond to a request for comment.</p><p>The segments of Kraft and Mondelez named as defendants in the case were part of the same company in 2011 when the trades took place. In 2012, Kraft Foods changed its name to Mondelez and spun off Kraft Foods Group Inc., which merged with Heinz in 2015 to form the Kraft Heinz Co.</p><p>Kraft's futures position in 2011 represented 87% of the active futures market for that particular month and type of wheat, according to the CFTC. The agency accused the company of taking this position to try to lower the price of wheat in the spot market<strong> </strong>where it was buying the grain.</p><p>With Kraft signaling to the market that it intended to change its normal plan and buy wheat through the futures market instead of the spot market, the price of wheat in the futures market rose and the cash price fell<strong>,</strong> allowing Kraft to reap a profit, according to the complaint.</p><p>When the company bought wheat in the spot market and unwound a large portion of its futures position, it generated a gain of more than $5 million, according to the CFTC.</p><p>Some companies are allowed to file for exemptions to the caps on futures positions for hedging purposes. The CFTC said Kraft did not have an exemption and that its futures position represented a six-month supply of the wheat it needed at its Toledo area-flour mill and was not for legitimate business purposes.</p><p>The regulator also said Kraft performed illegal offsetting trades of futures contracts with itself.</p><p><a href="//www.cnbc.com/quotes/KHC" target="_blank">Kraft</a> has been one of the worst-performing large cap stocks in 2019, shedding more than 40% of its share price this year. The stock of <a href="//www.cnbc.com/quotes/MDLZ" target="_blank">Mondelez International</a>, the parent company of the defendant in this suit, is up more than 35% this year.</p><p><em>Clarification: The headline of this article was changed to clarify that Kraft hasn't filed a new lawsuit against the CFTC. The company filed a contempt motion in an already existing lawsuit by the agency.</em></p></div>

Kraft and Mondelez are taking the Commodity Futures Trading Commission to court in a bid to keep the agency from discussing a $16 million fine to settle allegations of manipulating the wheat markets.The two food companies agreed to pay the fine as part of a deal with the CFTC that the companies say restricted what regulators could say about the case. Kraft and Mondelez, which was created when Kraft split into two companies in 2012, are now suing the CFTC for contempt. They filed a motion in federal court in Chicago on Friday, saying the regulator violated the order in an Aug. 15 press release announcing the deal."The CFTC and its Commissioners engaged in a deliberate, orchestrated effort to violate the Court's Consent Order within minutes of its entry," the companies said in the filing. The two sides face off in court Sept. 12, according to court documents.According to the CFTC, Kraft intentionally drove down the price of wheat in 2011 by buying an excessive amount of futures contracts on the grain.Food companies have made such moves to hedge fluctuations in commodities prices by agreeing to pay a specific price at a specific date in the future. Unlike a hedge fund or trading firm, companies like Kraft are limited in their futures purchases and are prohibited from speculating.Kraft was allowed to have a futures position of roughly 3 million bushels of wheat, the CFTC said in the original complaint. Instead, Kraft allegedly bought futures contracts for 15.75 million bushels, worth more than $93 million.The consent order included a clause that read "neither party shall make any public statement about this case other than to refer to the terms of this settlement agreement or public documents filed in this case."The order also prohibited the CFTC from saying whether either defendant violated federal law.After the agreement, the CFTC issued a press release on Aug. 15 saying the penalty was "valued at three times the alleged gain" and included statements from Chairman Heath P. Tarbert and links to statements from individual commissioners."Market manipulation inflicts real pain on farmers by denying them the fair value of their hard work and crops," Tarbert said in his statement. "It also hurts American families by raising the costs of putting food on the table. Instances of market manipulation are precisely the kinds of cases the CFTC was founded to pursue."The CFTC told the court Saturday that its public statements didn't violate the order and that its individual commissioners were not bound by the agreement. The CFTC voluntarily removed the announcement from its website until the next court appearance.The CFTC and Kraft declined to comment for this article. Mondelez did not respond to a request for comment.The segments of Kraft and Mondelez named as defendants in the case were part of the same company in 2011 when the trades took place. In 2012, Kraft Foods changed its name to Mondelez and spun off Kraft Foods Group Inc., which merged with Heinz in 2015 to form the Kraft Heinz Co.Kraft's futures position in 2011 represented 87% of the active futures market for that particular month and type of wheat, according to the CFTC. The agency accused the company of taking this position to try to lower the price of wheat in the spot market where it was buying the grain.With Kraft signaling to the market that it intended to change its normal plan and buy wheat through the futures market instead of the spot market, the price of wheat in the futures market rose and the cash price fell, allowing Kraft to reap a profit, according to the complaint.When the company bought wheat in the spot market and unwound a large portion of its futures position, it generated a gain of more than $5 million, according to the CFTC.Some companies are allowed to file for exemptions to the caps on futures positions for hedging purposes. The CFTC said Kraft did not have an exemption and that its futures position represented a six-month supply of the wheat it needed at its Toledo area-flour mill and was not for legitimate business purposes.The regulator also said Kraft performed illegal offsetting trades of futures contracts with itself.Kraft has been one of the worst-performing large cap stocks in 2019, shedding more than 40% of its share price this year. The stock of Mondelez International, the parent company of the defendant in this suit, is up more than 35% this year.Clarification: The headline of this article was changed to clarify that Kraft hasn't filed a new lawsuit against the CFTC. The company filed a contempt motion in an already existing lawsuit by the agency.

2021-10-30 14:12:06.743150

New York Gov. Cuomo says state won't return to 'normal' as daily coronavirus deaths reach new high

https://www.cnbc.com/2020/04/08/new-york-gov-cuomo-says-state-wont-return-to-normal-as-daily-coronavirus-deaths-reach-new-high.html

2020-04-08T16:59:29+0000

Noah Higgins-Dunn,Kevin Breuninger

CNBC

New York Gov. Andrew Cuomo said Wednesday that the coronavirus outbreak could "stabilize" within weeks if the state maintains strict social distancing policies, even as he announced the highest daily death count yet and said life for New Yorkers will never be the same."I don't think we return to normal. I don't think we return to yesterday," Cuomo said at a news conference in Albany. "I think if we're smart, we achieve a new normal."The governor offered a glimmer of hope that the state's stringent policies — closing nonessential businesses and requiring residents to stay home — are helping to slow down the spread of the virus.Those social distancing measures are working, he said: "It is flattening the curve."If those rules are maintained, he said, there's reason to believe the health "system should stabilize over these next couple of weeks."The coronavirus pandemic continues to hammer the Empire State, new figures showed. New York reported 10,453 new cases Wednesday, comprising 4,927 positive tests in New York City and 5,526 in the rest of the state.Half of all tests in two New York City boroughs – Queens and the Bronx – came back positive, the state reported.Cuomo said the state appears to be flattening the curve of the outbreak, referring to a line chart that projects the growth in new cases over time. But he quickly added that would only last if people continue to adhere to social distancing guidelines. "If we stop what we are doing, you will see that curve change," Cuomo said.The bad news, he said, "isn't just bad. The bad news is actually terrible."Cuomo announced that 779 people had died from the virus since the last count, marking the state's highest daily death toll yet.New York is the epicenter of the COVID-19 crisis in the United States, with 140,386 confirmed cases and more than 5,489 deaths, according to data from Johns Hopkins University.

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<div class="group"><p>New York Gov. Andrew Cuomo said Wednesday that the coronavirus outbreak could "stabilize" within weeks if the state maintains strict social distancing policies, even as he announced the highest daily death count yet and said life for New Yorkers will never be the same.</p><p>"I don't think we return to normal. I don't think we return to yesterday," Cuomo said at a news conference in Albany. "I think if we're smart, we achieve a new normal."</p><div style="height:100%" class="lazyload-placeholder"></div><p>The governor offered a glimmer of hope that the state's stringent policies — closing nonessential businesses and requiring residents to stay home — are helping to slow down the spread of the virus.</p><p>Those social distancing measures are working, he said: "It is flattening the curve."</p><p>If those rules are maintained, he said, there's reason to believe the health "system should stabilize over these next couple of weeks."</p><p>The coronavirus pandemic continues to hammer the Empire State, new figures showed. New York reported 10,453 new cases Wednesday, comprising 4,927 positive tests in New York City and 5,526 in the rest of the state.</p><p>Half of all tests in two New York City boroughs – Queens and the Bronx – came back positive, the state reported.</p><div style="height:100%" class="lazyload-placeholder"></div><p>Cuomo said the state appears to be flattening the curve of the outbreak, referring to a line chart that projects the growth in new cases over time. But he quickly added that would only last if people continue to adhere to social distancing guidelines. </p><p>"If we stop what we are doing, you will see that curve change," Cuomo said.</p><p>The bad news, he said, "isn't just bad. The bad news is actually terrible."</p><p>Cuomo announced that 779 people had died from the virus since the last count, marking the state's highest daily death toll yet.</p><p>New York is the epicenter of the COVID-19 crisis in the United States, with 140,386 confirmed cases and more than 5,489 deaths, according to data from Johns Hopkins University.</p></div>

New York Gov. Andrew Cuomo said Wednesday that the coronavirus outbreak could "stabilize" within weeks if the state maintains strict social distancing policies, even as he announced the highest daily death count yet and said life for New Yorkers will never be the same."I don't think we return to normal. I don't think we return to yesterday," Cuomo said at a news conference in Albany. "I think if we're smart, we achieve a new normal."The governor offered a glimmer of hope that the state's stringent policies — closing nonessential businesses and requiring residents to stay home — are helping to slow down the spread of the virus.Those social distancing measures are working, he said: "It is flattening the curve."If those rules are maintained, he said, there's reason to believe the health "system should stabilize over these next couple of weeks."The coronavirus pandemic continues to hammer the Empire State, new figures showed. New York reported 10,453 new cases Wednesday, comprising 4,927 positive tests in New York City and 5,526 in the rest of the state.Half of all tests in two New York City boroughs – Queens and the Bronx – came back positive, the state reported.Cuomo said the state appears to be flattening the curve of the outbreak, referring to a line chart that projects the growth in new cases over time. But he quickly added that would only last if people continue to adhere to social distancing guidelines. "If we stop what we are doing, you will see that curve change," Cuomo said.The bad news, he said, "isn't just bad. The bad news is actually terrible."Cuomo announced that 779 people had died from the virus since the last count, marking the state's highest daily death toll yet.New York is the epicenter of the COVID-19 crisis in the United States, with 140,386 confirmed cases and more than 5,489 deaths, according to data from Johns Hopkins University.

2021-10-30 14:12:06.956713

Halftime: Get Into Goldman Ahead Of Spin-Off?

https://www.cnbc.com/2010/08/04/halftime-get-into-goldman-ahead-of-spinoff.html

2010-08-04T17:41:20+0000

Lee Brodie

CNBC

According to CNBC’s Kate Kelly, Goldman Sachscould spin off at least part of its proprietary trading operations as early as this month.The move comes in the wake of new rules that limit Wall Street firms from betting their own money in financial markets.Though details are still sketchy, a couple of options are on the table. One is to seed a hedge fund staffed by former Goldman proprietary traders with Goldman money and replace it in the coming years with third party money as the new rule goes into effect. Another possibility is to move proprietary trading into the firm's asset management unit, where Goldman invests clients' money rather than its own.How should you trade Goldman in the wake of this news?Instant Insights with the Fast Money tradersI think this is a reason to buy, says Jon Najarian. I like the idea of a spin-off. The move allows Goldman to retain intellectual capital and not have restrictions on the work it does best, muses Joe Terranova. I’m bullish.Also, keep in mind the performance of the capital markets in July was very strong and that should bode well for Goldman’s earnings in October. On top of that, from a technical perspective, I think the stock is poised to break out. Right now is a good spot to get in.

cnbc, Articles, Agrium Inc, Belo Corp, BP PLC, Walt Disney Co, Diamond Offshore Drilling Inc, First Solar Inc, Goldman Sachs Group Inc, Interpublic Group of Companies Inc, Ionis Pharmaceuticals Inc, Measurement Specialties Inc, Mosaic Co, Twenty-First Century Fox Inc, Omnicom Group Inc, Occidental Petroleum Corp, Potash Corporation of Saskatchewan Inc., BlackBerry, Schneider Electric SE, TJX Companies Inc, Viacom Inc, Spdr S&P Retail Etf, Apple Inc, McDonald's Corp, VanEck Oil Services ETF, CNBC TV, Fast Money Halftime Report, source:tagname:CNBC US Source

<div class="group"><p>According to CNBC’s Kate Kelly, Goldman Sachscould spin off at least part of its proprietary trading operations as early as this month.<br><br>The move comes in the wake of new rules that limit Wall Street firms from betting their own money in financial markets.</p><p>Though details are still sketchy, a couple of options are on the table. One is to seed a hedge fund staffed by former Goldman proprietary traders with Goldman money and replace it in the coming years with third party money as the new rule goes into effect. </p><div style="height:100%" class="lazyload-placeholder"></div><p>Another possibility is to move proprietary trading into the firm's asset management unit, where Goldman invests clients' money rather than its own.</p><p>How should you trade Goldman in the wake of this news?</p><p><strong>Instant Insights with the Fast Money traders</strong><br><br>I think this is a reason to buy, says Jon Najarian. I like the idea of a spin-off. <br><br>The move allows Goldman to retain intellectual capital and not have restrictions on the work it does best, muses Joe Terranova. I’m bullish.<br><br>Also, keep in mind the performance of the capital markets in July was very strong and that should bode well for Goldman’s earnings in October. On top of that, from a technical perspective, I think the stock is poised to break out. Right now is a good spot to get in. </p></div>,<div class="group"><p>I’m not sure I’d start nibbling at Goldman in the high 150’s, says Zach Karabell, but I think the stock is fine.<br><br>Goldman has already had an amazing run, reminds Brian Kelly. I don’t know if the spin-off is a reason to buy. However, if you like the bank space, then a long position in Goldman makes sense. <br><br>Read More:<br><br><a href="https://www.cnbc.com/2010/08/04/goldman-sachs-may-spin-off-proprietary-trading-this-month.html">&gt; Goldman Sachs May Spin Off Proprietary Trading This Month</a><br><br><br>-----------<br><br><strong>BLACKBERRY BAN?<br></strong><br>Shares of RIM slipped on reports that Saudi Arabia will move forward with its ban on BlackBerry’s instant messaging service as soon as Friday.</p><p>Elsewhere in the region, government officials in the United Arab Emirates (UAE) say they will shut off BlackBerry e-mail, messaging, and web browsing features on Oct. 11 if the government is not granted more access. <br><br>But perhaps the greatest concern for investors is that India, which constitutes one of the largest emerging markets and has 1 million BlackBerry users, is threatening to stop BlackBerry services as well.</p><div style="height:100%" class="lazyload-placeholder"></div><p><strong>What’s the trade?</strong></p><p>I don’t care what Saudi Arabia does with BlackBerry and I wouldn’t hold my breath waiting for India to ban BlackBerry, says Zach Karabell. I expect RIM as well as Apple , and the new Android to dominate this space going forward.<br><br>I got out of my position in RIM, reveals Joe Terranova. I think there are better places to put money. <br><br></p><p>-----------<br><br><strong>THE RETAIL PLAY<br></strong><br>Retailers topped the tape on Wednesday ahead of July comp sales due out on Thursday. <br><br><strong>How should you play the space?</strong></p><p>I’d play it with bargain names such as TJX, says Brian Kelly.</p><p>-----------<br><br><strong>OIL MARCHES HIGHER<br></strong><br>The traders were closely watching the action in oil after official figures showed a higher than expected fall in crude stocks.</p><p><strong>What’s the trade?</strong></p><p>I’d play the refiners from the long side, counsels Joe Terranova. <br><br>The higher oil goes the better the chance that the driller moratorium is cut short, adds Brian Kelly. I’d be long the OIH .<br><br>If you agree with Brian, check out Diamond Offshore, adds Terranova.</p><p>-----------<br><br><strong>WHEAT RALLY<br></strong><br>In the chart of the day the traders look at wheat, which rallied to fresh 22-month high on concerns about a prolonged drought in Russia. </p><p><strong>What’s the trade?</strong></p><p>I think the trade is long Agrium , Mosaic and Potash , says Joe Terranova.<br><br>-----------<br><br><strong>BP PROGRESS REPORT<br></strong><br>BP reported big progress Wednesday in its attempts to permanently cap the well in the Gulf. They say mud pumped into the well to stop the flow of oil, now appears to be successfully controlling its pressure. <br><br>Despite the relative success, BP shares moved lower. <br><br><strong>What’s the trade?</strong><br><br>I wouldn’t be long BP, says Joe Terranova. If you want to play the space I’d look at Occidental or Suncor .<br><br>-----------<br><br><strong>MEDIA EARNINGS</strong></p><p>Media earnings are moving center stage with News Corp releasing results after the bell Wednesday and Viacom doing the same on Thursday.<br><br><strong>What should you expect?</strong><br><br>We’re seeing a broad based recovery, says David Bank of RBC. Just an incredibly buoyant network advertising market at a time when other positive factors are baked in. Largely these stocks are cheap.<br><br>I’d play the space with OmniCom and/or Interpublic , says Jon Najarian, as beneficiaries of ad spend ahead of the mid-term elections.<br><br>Or look at Belo or Media General as plays on races on Texas and Georgia, adds Brian Kelly.<br><br>My play is long Disney , says Joe Terranova.<br><br>Hear more from David Bank including which stock he likes best ahead of earnings. Watch the video now!<br><br>-----------<br><br><strong>UNUSUAL ACTION: FIRST SOLAR AND PACTIV</strong><br><br></p><p>Jon Najarian has two stocks on his radar due to unusual options action. </p><p>A large volume of calls traded in First Solar and Pactiv ; that action suggests to Najarian that positive catalysts may boost both companies.</p><p>-----------<br><br><strong>BURGER KING DOWNGRADE</strong><br><br>You might say that Burger King was dethroned by analysts at RW Baird; they  downgraded the stock to Neutral from Outperform and cut the price target to $19 from $24.</p><p><strong>What should you make of it?</strong><br><br>I still like the stock here, says Brian Kelly. I’d get in.<br><br>If you want to play the space, I’d look at McDonald’s , says Zach Karabell.</p></div>,<div class="group"><p>-----------<br><br><strong>CALL TO THE FLOOR: ISIS<br></strong><br>The traders are closely watching developments in the health sector. Genzyme and<strong> Isis</strong>Pharmaceuticals just came out out with two very positive studies on their new cholesterol lowering drug. <br><br><strong>What should you make of it?</strong><br><br>Find out from Isis CEO Stanley Crooke. Watch the video below!<br><br><br></p><p><br></p><p>______________________________________________________<br>Got something to to say? Send us an e-mail at <a href="mailto:fastmoney-web@cnbc.com" class="webresource" target="_blank">fastmoney-web@cnbc.com</a> and your comment might be posted on the <em>Rapid Recap. </em>If you'd prefer to make a comment, but not have it published on our Web site, send those e-mails to <!-- -->.<br><br></p><p><em>Trader disclosure: On Aug 4, 2010, the following stocks and commodities mentioned or intended to be mentioned on CNBC’s Fast Money were owned by the Fast Money traders; </em><em>Seymour owns (AAPL), (BAC), (BX), (GOOG), (INTC); </em>Terranova owns (AMZN), (AKAM), (APA), (AGU), (ADBE), (BAX), (BBY), (BMO), (C), (COP), (CVS), (EMC), (FCX), (GOOG), (GS), (JNPR), (JOYG), (KOL), (KR), (MMM), (MOS), (MSFT), (PCP), (PEP), (PFE), (POT), (RIMM), (TER), (SKX), (SU), (UAUA), (WYNN), (XBI); Finerman owns (AAPL); Finerman's firm owns (ARM); Finerman's firm owns (LEA); Finerman &amp; Finerman's firm owns (RIMM); Finerman's firm owns (WMT); Finerman's firm owns (DAN); Finerman's firm is short (IJR); Finerman's firm is short (MDY); Finerman's firm is short (SPY); Finerman's firm is short (IWM); <em>Pete Najarian owns (C); Pete Najarian owns (CTRP); Pete Najarian owns (ALL); Pete Najarian owns (GS); Pete Najarian owns (MGM); Pete Najarian owns (PFE); Pete Najarian owns (RSH); Pete Najarian owns (ETFC)</em></p><p><em>For Joe Terranova<br>Terranova is chief market strategist of Virtus Investment Partners, LTD.<br>Virtus Investment Partners own more than 1% of (ABAX)<br>Virtus Investment Partners own more than 1% of (ALK)<br>Virtus Investment Partners own more than 1% of (AMKR)<br>Virtus Investment Partners own more than 1% of (CASS)<br>Virtus Investment Partners own more than 1% of (CSVI)<br>Virtus Investment Partners own more than 1% of (XLY)<br>Virtus Investment Partners own more than 1% of (XLP)<br>Virtus Investment Partners own more than 1% of (DRYS)<br>Virtus Investment Partners own more than 1% of (EXR)<br>Virtus Investment Partners own more than 1% of (XLI)<br>Virtus Investment Partners own more than 1% of (IGE)<br>Virtus Investment Partners own more than 1% of (LDR)<br>Virtus Investment Partners own more than 1% of (LPHI)<br>Virtus Investment Partners own more than 1% of (XLB)<br>Virtus Investment Partners own more than 1% of (MGRC)<br>Virtus Investment Partners own more than 1% of (NRCI)<br>Virtus Investment Partners own more than 1% of (DBV)<br>Virtus Investment Partners own more than 1% of (SUBK)<br>Virtus Investment Partners own more than 1% of (XLK)<br>Virtus Investment Partners own more than 1% of (XLU)<br>Virtus Investment Partners own more than 1% of (WDFC)<br>Virtus Investment Partners own more than 1% of (YDNT)<br><br></em><em>For Barry Ritholtz<br>IntercontinentalExchange (ICE)<br>Borg Warner (BWA)<br>Sprint PCS (PCS)<br>Arch Coal (ACI)<br>Clean Energy Fuels (CLNE)<br>American Tower (AMT)<br>Riverbed Technology (RVBD)<br>UAL (UAUA)<br>Southwest (LUV)<br>Isilon Systems (ISLN)<br>Citigroup (C)<br><br>For Jeffrey Holford<br>Jefferies expects to receive or intends to seek paid investment banking assignments from Pfizer Inc. and Sanofi-Aventis SA within the next three months.<br><br>For Dennis Gartman<br>***No Disclosures***<br><br>For Rob Samuels<br>***No Disclosures***<br><br>For Mike Khouw<br>***No Disclosures***<br><br><br></em>CNBC.com with wires.</p></div>

According to CNBC’s Kate Kelly, Goldman Sachscould spin off at least part of its proprietary trading operations as early as this month.The move comes in the wake of new rules that limit Wall Street firms from betting their own money in financial markets.Though details are still sketchy, a couple of options are on the table. One is to seed a hedge fund staffed by former Goldman proprietary traders with Goldman money and replace it in the coming years with third party money as the new rule goes into effect. Another possibility is to move proprietary trading into the firm's asset management unit, where Goldman invests clients' money rather than its own.How should you trade Goldman in the wake of this news?Instant Insights with the Fast Money tradersI think this is a reason to buy, says Jon Najarian. I like the idea of a spin-off. The move allows Goldman to retain intellectual capital and not have restrictions on the work it does best, muses Joe Terranova. I’m bullish.Also, keep in mind the performance of the capital markets in July was very strong and that should bode well for Goldman’s earnings in October. On top of that, from a technical perspective, I think the stock is poised to break out. Right now is a good spot to get in. I’m not sure I’d start nibbling at Goldman in the high 150’s, says Zach Karabell, but I think the stock is fine.Goldman has already had an amazing run, reminds Brian Kelly. I don’t know if the spin-off is a reason to buy. However, if you like the bank space, then a long position in Goldman makes sense. Read More:> Goldman Sachs May Spin Off Proprietary Trading This Month-----------BLACKBERRY BAN?Shares of RIM slipped on reports that Saudi Arabia will move forward with its ban on BlackBerry’s instant messaging service as soon as Friday.Elsewhere in the region, government officials in the United Arab Emirates (UAE) say they will shut off BlackBerry e-mail, messaging, and web browsing features on Oct. 11 if the government is not granted more access. But perhaps the greatest concern for investors is that India, which constitutes one of the largest emerging markets and has 1 million BlackBerry users, is threatening to stop BlackBerry services as well.What’s the trade?I don’t care what Saudi Arabia does with BlackBerry and I wouldn’t hold my breath waiting for India to ban BlackBerry, says Zach Karabell. I expect RIM as well as Apple , and the new Android to dominate this space going forward.I got out of my position in RIM, reveals Joe Terranova. I think there are better places to put money. -----------THE RETAIL PLAYRetailers topped the tape on Wednesday ahead of July comp sales due out on Thursday. How should you play the space?I’d play it with bargain names such as TJX, says Brian Kelly.-----------OIL MARCHES HIGHERThe traders were closely watching the action in oil after official figures showed a higher than expected fall in crude stocks.What’s the trade?I’d play the refiners from the long side, counsels Joe Terranova. The higher oil goes the better the chance that the driller moratorium is cut short, adds Brian Kelly. I’d be long the OIH .If you agree with Brian, check out Diamond Offshore, adds Terranova.-----------WHEAT RALLYIn the chart of the day the traders look at wheat, which rallied to fresh 22-month high on concerns about a prolonged drought in Russia. What’s the trade?I think the trade is long Agrium , Mosaic and Potash , says Joe Terranova.-----------BP PROGRESS REPORTBP reported big progress Wednesday in its attempts to permanently cap the well in the Gulf. They say mud pumped into the well to stop the flow of oil, now appears to be successfully controlling its pressure. Despite the relative success, BP shares moved lower. What’s the trade?I wouldn’t be long BP, says Joe Terranova. If you want to play the space I’d look at Occidental or Suncor .-----------MEDIA EARNINGSMedia earnings are moving center stage with News Corp releasing results after the bell Wednesday and Viacom doing the same on Thursday.What should you expect?We’re seeing a broad based recovery, says David Bank of RBC. Just an incredibly buoyant network advertising market at a time when other positive factors are baked in. Largely these stocks are cheap.I’d play the space with OmniCom and/or Interpublic , says Jon Najarian, as beneficiaries of ad spend ahead of the mid-term elections.Or look at Belo or Media General as plays on races on Texas and Georgia, adds Brian Kelly.My play is long Disney , says Joe Terranova.Hear more from David Bank including which stock he likes best ahead of earnings. Watch the video now!-----------UNUSUAL ACTION: FIRST SOLAR AND PACTIVJon Najarian has two stocks on his radar due to unusual options action. A large volume of calls traded in First Solar and Pactiv ; that action suggests to Najarian that positive catalysts may boost both companies.-----------BURGER KING DOWNGRADEYou might say that Burger King was dethroned by analysts at RW Baird; they  downgraded the stock to Neutral from Outperform and cut the price target to $19 from $24.What should you make of it?I still like the stock here, says Brian Kelly. I’d get in.If you want to play the space, I’d look at McDonald’s , says Zach Karabell.-----------CALL TO THE FLOOR: ISISThe traders are closely watching developments in the health sector. Genzyme and IsisPharmaceuticals just came out out with two very positive studies on their new cholesterol lowering drug. What should you make of it?Find out from Isis CEO Stanley Crooke. Watch the video below!______________________________________________________Got something to to say? Send us an e-mail at fastmoney-web@cnbc.com and your comment might be posted on the Rapid Recap. If you'd prefer to make a comment, but not have it published on our Web site, send those e-mails to .Trader disclosure: On Aug 4, 2010, the following stocks and commodities mentioned or intended to be mentioned on CNBC’s Fast Money were owned by the Fast Money traders; Seymour owns (AAPL), (BAC), (BX), (GOOG), (INTC); Terranova owns (AMZN), (AKAM), (APA), (AGU), (ADBE), (BAX), (BBY), (BMO), (C), (COP), (CVS), (EMC), (FCX), (GOOG), (GS), (JNPR), (JOYG), (KOL), (KR), (MMM), (MOS), (MSFT), (PCP), (PEP), (PFE), (POT), (RIMM), (TER), (SKX), (SU), (UAUA), (WYNN), (XBI); Finerman owns (AAPL); Finerman's firm owns (ARM); Finerman's firm owns (LEA); Finerman & Finerman's firm owns (RIMM); Finerman's firm owns (WMT); Finerman's firm owns (DAN); Finerman's firm is short (IJR); Finerman's firm is short (MDY); Finerman's firm is short (SPY); Finerman's firm is short (IWM); Pete Najarian owns (C); Pete Najarian owns (CTRP); Pete Najarian owns (ALL); Pete Najarian owns (GS); Pete Najarian owns (MGM); Pete Najarian owns (PFE); Pete Najarian owns (RSH); Pete Najarian owns (ETFC)For Joe TerranovaTerranova is chief market strategist of Virtus Investment Partners, LTD.Virtus Investment Partners own more than 1% of (ABAX)Virtus Investment Partners own more than 1% of (ALK)Virtus Investment Partners own more than 1% of (AMKR)Virtus Investment Partners own more than 1% of (CASS)Virtus Investment Partners own more than 1% of (CSVI)Virtus Investment Partners own more than 1% of (XLY)Virtus Investment Partners own more than 1% of (XLP)Virtus Investment Partners own more than 1% of (DRYS)Virtus Investment Partners own more than 1% of (EXR)Virtus Investment Partners own more than 1% of (XLI)Virtus Investment Partners own more than 1% of (IGE)Virtus Investment Partners own more than 1% of (LDR)Virtus Investment Partners own more than 1% of (LPHI)Virtus Investment Partners own more than 1% of (XLB)Virtus Investment Partners own more than 1% of (MGRC)Virtus Investment Partners own more than 1% of (NRCI)Virtus Investment Partners own more than 1% of (DBV)Virtus Investment Partners own more than 1% of (SUBK)Virtus Investment Partners own more than 1% of (XLK)Virtus Investment Partners own more than 1% of (XLU)Virtus Investment Partners own more than 1% of (WDFC)Virtus Investment Partners own more than 1% of (YDNT)For Barry RitholtzIntercontinentalExchange (ICE)Borg Warner (BWA)Sprint PCS (PCS)Arch Coal (ACI)Clean Energy Fuels (CLNE)American Tower (AMT)Riverbed Technology (RVBD)UAL (UAUA)Southwest (LUV)Isilon Systems (ISLN)Citigroup (C)For Jeffrey HolfordJefferies expects to receive or intends to seek paid investment banking assignments from Pfizer Inc. and Sanofi-Aventis SA within the next three months.For Dennis Gartman***No Disclosures***For Rob Samuels***No Disclosures***For Mike Khouw***No Disclosures***CNBC.com with wires.

2021-10-30 14:12:07.369333

China offers development fund for Solomon Islands if it breaks ties with Taiwan government

https://www.cnbc.com/2019/09/05/china-offers-development-fund-if-solomon-islands-breaks-ties-with-taiwan.html

2019-09-05T05:34:44+0000

CNBC

China is offering to bankroll a development fund for the Solomon Islands in the South Pacific if it switches diplomatic ties from Taiwan to Beijing, a parliamentary committee in the small island nation has heard.The proposal, which would replace a similar structure set-up by Taiwan, comes amid a global push by Beijing to peel away the allies of what it considers a wayward province with no right to state-to-state ties. Only 17 countries now recognize Taiwan.China and Taiwan have fought a tug-of-war for diplomatic recognition in the South Pacific for decades, with some island nations switching allegiances for financial gain.John Moffat Fugui, a Solomons' parliamentarian and head of a taskforce charged with evaluating diplomatic ties, said on Wednesday that Beijing would pay into a fund even though it usually preferred "grants, concessionary loans and sometimes gifts"."But for you, we will give you a 1/8Rural Constituency Development Fund 3/8 for a certain period," Fugui said, referring to recent negotiations with Beijing officials.Fugui said the offer would help fill an immediate gap should the Solomons cut ties with Taiwan that date back to 1983.Taiwan has pledged $8.5 million to the Solomons in 2019-20 through a fund, budget documents show.The Solomons, an archipelago of just over 600,000 people, relies heavily on such payments due to its limited means of generating income, which is largely through timber exports.The South Pacific has been a diplomatic stronghold for Taiwan, where formal ties with six of the 16 island nations make up more than a third of its total alliances.A report by the Australia-based Lowy Institute think-tank last month said: "Both Australia and the U.S. are concerned about whether Solomon Islands chooses to switch recognition from Taiwan to China". It said "a switch by any one (of the states that recognize Taiwan) may stimulate others" to abandon Taipei.Fugui spoke positively about a potential switch in ties at a parliamentary committee in the capital of Honiara on Wednesday, although he said the taskforce had not yet completed its report.Separately, the government has convened a ministerial team that has been liaising directly with Beijing.An observer at the meetings told Reuters that: "The government is trying to make a relationship with China now; but to formalize it we need to wait for the report." The meeting was open to the public, but has not been broadcast.China's foreign ministry in Beijing did not immediately respond to questions.Joanne Ou, spokeswoman for Taiwan's foreign ministry, said: "Relationship with Solomon Islands currently is stable, but we are closely monitoring and situation and development."Solomon Islands has been actively assessing its Taiwan alliance since a general election in April.Anti-graft agency Transparency Solomon Islands has urged caution in changing ties over concerns Solomons will not be able to hold firm against Beijing's interests."It is not a secret that China is the most assertive donor nation offering funding and development assistance that exploit governance gaps in countries with weak or corrupt structures, and makes the gaps wider," Transparency Solomon Islands said in a statement last month.The number of nations recognizing Taiwan has been dwindling, with El Salvador in Central America, Burkina Faso in West Africa and the Dominican Republic in the Caribbean, all switching to China last year.

cnbc, Articles, China, Taiwan, Solomon Islands, Asia Economy, Politics, Asia Politics, China Politics, source:tagname:Reuters

<div class="group"><p><a href="https://www.cnbc.com/china/">China</a> is offering to bankroll a development fund for the Solomon Islands in the South Pacific if it switches diplomatic ties from <a href="https://www.cnbc.com/id/10000173">Taiwan</a> to Beijing, a parliamentary committee in the small island nation has heard.</p><p>The proposal, which would replace a similar structure set-up by Taiwan, comes amid a global push by Beijing to peel away the allies of what it considers a wayward province with no right to state-to-state ties. Only 17 countries now recognize Taiwan.</p><div style="height:100%" class="lazyload-placeholder"></div><p>China and Taiwan have fought a tug-of-war for diplomatic recognition in the South Pacific for decades, with some island nations switching allegiances for financial gain.</p><p>John Moffat Fugui, a Solomons' parliamentarian and head of a taskforce charged with evaluating diplomatic ties, said on Wednesday that Beijing would pay into a fund even though it usually preferred "grants, concessionary loans and sometimes gifts".</p><p>"But for you, we will give you a 1/8Rural Constituency Development Fund 3/8 for a certain period," Fugui said, referring to recent negotiations with Beijing officials.</p><p>Fugui said the offer would help fill an immediate gap should the Solomons cut ties with Taiwan that date back to 1983.</p><p>Taiwan has pledged $8.5 million to the Solomons in 2019-20 through a fund, budget documents show.</p><div style="height:100%" class="lazyload-placeholder"></div><p>The Solomons, an archipelago of just over 600,000 people, relies heavily on such payments due to its limited means of generating income, which is largely through timber exports.</p><p>The South Pacific has been a diplomatic stronghold for Taiwan, where formal ties with six of the 16 island nations make up more than a third of its total alliances.</p><p>A report by the Australia-based Lowy Institute think-tank last month said: "Both Australia and the U.S. are concerned about whether Solomon Islands chooses to switch recognition from Taiwan to China". It said "a switch by any one (of the states that recognize Taiwan) may stimulate others" to abandon Taipei.</p><p>Fugui spoke positively about a potential switch in ties at a parliamentary committee in the capital of Honiara on Wednesday, although he said the taskforce had not yet completed its report.</p><p>Separately, the government has convened a ministerial team that has been liaising directly with Beijing.</p><p>An observer at the meetings told Reuters that: "The government is trying to make a relationship with China now; but to formalize it we need to wait for the report." The meeting was open to the public, but has not been broadcast.</p><p>China's foreign ministry in Beijing did not immediately respond to questions.</p><p>Joanne Ou, spokeswoman for Taiwan's foreign ministry, said: "Relationship with Solomon Islands currently is stable, but we are closely monitoring and situation and development."</p><p>Solomon Islands has been actively assessing its Taiwan alliance since a general election in April.</p><p>Anti-graft agency Transparency Solomon Islands has urged caution in changing ties over concerns Solomons will not be able to hold firm against Beijing's interests.</p><p>"It is not a secret that China is the most assertive donor nation offering funding and development assistance that exploit governance gaps in countries with weak or corrupt structures, and makes the gaps wider," Transparency Solomon Islands said in a statement last month.</p><p>The number of nations recognizing Taiwan has been dwindling, with El Salvador in Central America, Burkina Faso in West Africa and the Dominican Republic in the Caribbean, all switching to China last year.</p></div>

China is offering to bankroll a development fund for the Solomon Islands in the South Pacific if it switches diplomatic ties from Taiwan to Beijing, a parliamentary committee in the small island nation has heard.The proposal, which would replace a similar structure set-up by Taiwan, comes amid a global push by Beijing to peel away the allies of what it considers a wayward province with no right to state-to-state ties. Only 17 countries now recognize Taiwan.China and Taiwan have fought a tug-of-war for diplomatic recognition in the South Pacific for decades, with some island nations switching allegiances for financial gain.John Moffat Fugui, a Solomons' parliamentarian and head of a taskforce charged with evaluating diplomatic ties, said on Wednesday that Beijing would pay into a fund even though it usually preferred "grants, concessionary loans and sometimes gifts"."But for you, we will give you a 1/8Rural Constituency Development Fund 3/8 for a certain period," Fugui said, referring to recent negotiations with Beijing officials.Fugui said the offer would help fill an immediate gap should the Solomons cut ties with Taiwan that date back to 1983.Taiwan has pledged $8.5 million to the Solomons in 2019-20 through a fund, budget documents show.The Solomons, an archipelago of just over 600,000 people, relies heavily on such payments due to its limited means of generating income, which is largely through timber exports.The South Pacific has been a diplomatic stronghold for Taiwan, where formal ties with six of the 16 island nations make up more than a third of its total alliances.A report by the Australia-based Lowy Institute think-tank last month said: "Both Australia and the U.S. are concerned about whether Solomon Islands chooses to switch recognition from Taiwan to China". It said "a switch by any one (of the states that recognize Taiwan) may stimulate others" to abandon Taipei.Fugui spoke positively about a potential switch in ties at a parliamentary committee in the capital of Honiara on Wednesday, although he said the taskforce had not yet completed its report.Separately, the government has convened a ministerial team that has been liaising directly with Beijing.An observer at the meetings told Reuters that: "The government is trying to make a relationship with China now; but to formalize it we need to wait for the report." The meeting was open to the public, but has not been broadcast.China's foreign ministry in Beijing did not immediately respond to questions.Joanne Ou, spokeswoman for Taiwan's foreign ministry, said: "Relationship with Solomon Islands currently is stable, but we are closely monitoring and situation and development."Solomon Islands has been actively assessing its Taiwan alliance since a general election in April.Anti-graft agency Transparency Solomon Islands has urged caution in changing ties over concerns Solomons will not be able to hold firm against Beijing's interests."It is not a secret that China is the most assertive donor nation offering funding and development assistance that exploit governance gaps in countries with weak or corrupt structures, and makes the gaps wider," Transparency Solomon Islands said in a statement last month.The number of nations recognizing Taiwan has been dwindling, with El Salvador in Central America, Burkina Faso in West Africa and the Dominican Republic in the Caribbean, all switching to China last year.

2021-10-30 14:12:07.412100

China responds to Trump tariffs with proposed list of 128 US products to target

https://www.cnbc.com/2018/03/22/china-responds-to-trump-tariffs-with-proposed-list-of-us-products-to-target.html

2018-03-23T01:29:13+0000

Nyshka Chandran

CNBC

The world's second-largest economy has responded to President Donald Trump's controversial trade tariffs.China's commerce ministry proposed a list of 128 U.S. products as potential retaliation targets, according to a statement on its website posted Friday morning.The U.S. goods, which had an import value of $3 billion in 2017, include wine, fresh fruit, dried fruit and nuts, steel pipes, modified ethanol, and ginseng, the ministry said. Those products could see a 15 percent duty, while a 25 percent tariff could be imposed on U.S. pork and recycled aluminium goods, according to the statement.The statement did not go into greater detail. U.S. agricultural products, particularly soybeans, have been flagged as the biggest area of potential retaliation by Chinese President Xi Jinping's administration.

cnbc, Articles, Nikkei 225 Index, World Trade Organization, China, Donald Trump, Xi Jinping, World economy, US: News, Asia News, Economy, Business News, World Economy, source:tagname:CNBC Asia Source

<div class="group"><p><a href="https://www.cnbc.com/china/">The world's second-largest economy</a> has responded to President <a href="https://www.cnbc.com/donald-trump/">Donald Trump's</a> controversial trade tariffs.<br></p><p>China's commerce ministry proposed a list of 128 U.S. products as potential retaliation targets, according to <a href="http://www.mofcom.gov.cn/article/ae/ag/201803/20180302722664.shtml" target="_blank">a statement on its website</a> posted Friday morning.</p><div style="height:100%" class="lazyload-placeholder"></div><p>The U.S. goods, which had an import value of $3 billion in 2017, include wine, fresh fruit, dried fruit and nuts, steel pipes, modified ethanol, and ginseng, the ministry said. Those products could see a 15 percent duty, while a 25 percent tariff could be imposed on U.S. pork and recycled aluminium goods, according to the statement.</p><p>The statement did not go into greater detail. U.S. agricultural products, <a href="https://www.cnbc.com/2018/03/20/trade-war-china-may-have-just-signaled-the-us-product-it-will-target.html">particularly soybeans</a>, have been flagged as the biggest area of potential retaliation by Chinese President <a href="https://www.cnbc.com/xi-jinping/">Xi Jinping's</a> administration.</p></div>,<div class="group"><p>Beijing will take measures against the 128 U.S. goods in two stages if it cannot reach an agreement with Washington, the ministry said, adding that it could take legal action under <a href="https://www.cnbc.com/world-trade-organization/">World Trade Organization</a> rules.</p><p><a href="https://www.cnbc.com/2018/03/22/asia-markets-trade-war-fears-stocks-and-currencies-in-focus.html">Asian stock markets</a> took a dive on the news, with Japan's <!-- --> index sliding as much as 4 percent.</p><p>The Friday response from Beijing is relatively measured, experts told CNBC.</p><div style="height:100%" class="lazyload-placeholder"></div><p>The decision to target $3 billion in U.S. imports is significant, "but it's not a lot in terms of the total U.S.-China relationship," said economist Tony Nash, who is CEO and founder of data analytics firm Complete Intelligence.</p><p>Chinese imports from the U.S. are expected to hit $172 billion this year, he pointed out.</p></div>,<div class="group"><p>Recent U.S. trade actions severely damage the multilateral trading system and disturb the international trading order, China's commerce ministry said, urging Washington to resolve its issues with Beijing to avoid harming the bilateral relationship.</p></div>,<div class="group"><p>Trump signed an executive memorandum on Thursday that will impose tariffs <a href="https://www.cnbc.com/2018/03/22/trump-moves-to-slap-china-with-50-billion-in-tariffs-over-intellectual-property-theft.html">on up to $60 billion in Chinese imports</a>. "This is the first of many" trade actions, the president said. The new measures will primarily target certain products in the technology sector where Beijing holds an advantage over Washington.</p><p>That followed Trump's executive order earlier this month that imposed broad duties on foreign aluminum and steel imports — an action that many said could <a href="https://www.cnbc.com/2018/03/19/signs-growing-for-global-trade-war-that-could-trigger-recession-deutsche-bank.html">trigger a global trade war</a>.</p><p><em>—Reuters contributed to this report.</em></p></div>,<div class="group"></div>,<div class="group"></div>

The world's second-largest economy has responded to President Donald Trump's controversial trade tariffs.China's commerce ministry proposed a list of 128 U.S. products as potential retaliation targets, according to a statement on its website posted Friday morning.The U.S. goods, which had an import value of $3 billion in 2017, include wine, fresh fruit, dried fruit and nuts, steel pipes, modified ethanol, and ginseng, the ministry said. Those products could see a 15 percent duty, while a 25 percent tariff could be imposed on U.S. pork and recycled aluminium goods, according to the statement.The statement did not go into greater detail. U.S. agricultural products, particularly soybeans, have been flagged as the biggest area of potential retaliation by Chinese President Xi Jinping's administration.Beijing will take measures against the 128 U.S. goods in two stages if it cannot reach an agreement with Washington, the ministry said, adding that it could take legal action under World Trade Organization rules.Asian stock markets took a dive on the news, with Japan's index sliding as much as 4 percent.The Friday response from Beijing is relatively measured, experts told CNBC.The decision to target $3 billion in U.S. imports is significant, "but it's not a lot in terms of the total U.S.-China relationship," said economist Tony Nash, who is CEO and founder of data analytics firm Complete Intelligence.Chinese imports from the U.S. are expected to hit $172 billion this year, he pointed out.Recent U.S. trade actions severely damage the multilateral trading system and disturb the international trading order, China's commerce ministry said, urging Washington to resolve its issues with Beijing to avoid harming the bilateral relationship.Trump signed an executive memorandum on Thursday that will impose tariffs on up to $60 billion in Chinese imports. "This is the first of many" trade actions, the president said. The new measures will primarily target certain products in the technology sector where Beijing holds an advantage over Washington.That followed Trump's executive order earlier this month that imposed broad duties on foreign aluminum and steel imports — an action that many said could trigger a global trade war.—Reuters contributed to this report.

2021-10-30 14:12:07.449107

Denny's: No Such Thing as a Free Lunch? Think Again.

https://www.cnbc.com/2010/02/03/dennys-no-such-thing-as-a-free-lunch-think-again.html

2010-02-03T17:47:30+0000

CNBC

Main Street's slow economic recovery has one restaurant chain handing out a free meal to its customers...again.

cnbc, Articles, Dennys Corp, Companies, source:tagname:CNBC US Source

<div class="group"><p>Main Street's slow economic recovery has one restaurant chain handing out a free meal to its customers...again.</p></div>,<div class="group"><p>Denny's, a family-style franchise, is giving away a free 'Original Grand Slam' meal, which includes two eggs, two sausages links, two strips of bacon and two pancakes, on Tuesday, Feb. 9, as a way to give back to his customers who are still facing economic hardships, Nelson Marchioli, the CEO of the Denny's franchise, told CNBC Wednesday. </p><div style="height:100%" class="lazyload-placeholder"></div><p>"My belief is we are still suffering, my customer is still suffering in this economy. They are the ones who have lost jobs, they are the ones who have lost their homes," said Marchioli. "Wall Street may be in recovery; Main Street is not in my opinion."</p><p>Marchioli said more than 40 percent of Denny's customers are blue collar workers who earn $45,000 or less in household income. </p><p>The company started the free Grand Slam Meal program last year as a part of its marketing strategy. About two million took advantage of the Denny's free meal in 2009, Marchioli said.</p><p>Denny's will be promoting the free meal deal in a Superbowl commercial on Sunday, Feb. 7.</p></div>

Main Street's slow economic recovery has one restaurant chain handing out a free meal to its customers...again.Denny's, a family-style franchise, is giving away a free 'Original Grand Slam' meal, which includes two eggs, two sausages links, two strips of bacon and two pancakes, on Tuesday, Feb. 9, as a way to give back to his customers who are still facing economic hardships, Nelson Marchioli, the CEO of the Denny's franchise, told CNBC Wednesday. "My belief is we are still suffering, my customer is still suffering in this economy. They are the ones who have lost jobs, they are the ones who have lost their homes," said Marchioli. "Wall Street may be in recovery; Main Street is not in my opinion."Marchioli said more than 40 percent of Denny's customers are blue collar workers who earn $45,000 or less in household income. The company started the free Grand Slam Meal program last year as a part of its marketing strategy. About two million took advantage of the Denny's free meal in 2009, Marchioli said.Denny's will be promoting the free meal deal in a Superbowl commercial on Sunday, Feb. 7.

2021-10-30 14:12:07.517754

Get your taxes done for free. Here's how

https://www.cnbc.com/2017/02/13/get-your-taxes-done-for-free-heres-how.html

2017-02-14T14:00:00+0000

Jessica Dickler

CNBC

Benjamin Franklin once said nothing in life is certain except death and taxes. Only one is an out-of-pocket expense.Americans can spend hundreds of dollars on help preparing and filing their taxes although there are plenty of ways to do it at no or little cost.For starters, ambitious filers can always do it on their own by filling out the e-file forms the IRS — and in some cases, states — make available online. But an increasing number of tax preparation software companies offer to help — for free.More from Your Money Your Future:What Trump's fight over retirement savings rules means for your nest eggThat '4 percent rule' could spell trouble for early retirees Why everyone needs to check their paycheckMost recently, Credit Karma announced Credit Karma Tax, a do-it-yourself tax prep service at no cost. It covers a 1040 (the standard federal income tax form) and is best suited for simpler tax returns. (Those with multistate filings or a trust or farm subsidies would still be better off with an accountant who can offer advice as well as assistance, according to Credit Karma's founder and CEO, Kenneth Lin.) Other services include TurboTax's Absolute Zero, which began three years ago for taxpayers filing federal 1040A or 1040EZ returns as well as state returns.

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<div class="group"><p>Benjamin Franklin once said nothing in life is certain except death and taxes. Only one is an out-of-pocket expense.</p><p>Americans can spend hundreds of dollars on help preparing and filing their <a href="https://www.cnbc.com/tax-planning/">taxes</a> although there are plenty of ways to do it at no or little cost.</p><div style="height:100%" class="lazyload-placeholder"></div><p>For starters, ambitious filers can always do it on their own by filling out the <a href="http://www.irs.gov/uac/Before-Starting-Free-File-Fillable-Forms" target="_blank">e-file forms</a> the <a href="https://www.cnbc.com/id/100564050">IRS</a> — and in some cases, states — make available online. But an increasing number of tax preparation software companies offer to help — for free.<br></p><p><strong>More from Your Money Your Future:</strong><br><a href="http://www.cnbc.com/2017/02/12/what-trumps-fight-over-retirement-savings-rules-means-for-your-nest-egg.html">What Trump's fight over retirement savings rules means for your nest egg</a><br><a href="http://www.cnbc.com/2017/02/09/that-4-percent-rule-could-spell-trouble-for-early-retirees.html">That '4 percent rule' could spell trouble for early retirees </a><br><a href="http://www.cnbc.com/2017/02/06/how-to-decipher-those-strange-codes-on-your-paycheck.html">Why everyone needs to check their paycheck</a><br></p><p>Most recently, Credit Karma announced Credit Karma Tax, a do-it-yourself tax prep service at no cost. It covers a 1040 (the standard federal income tax form) and is best suited for simpler tax returns. (Those with multistate filings or a trust or farm subsidies would still be better off with an accountant who can offer advice as well as assistance, according to Credit Karma's founder and CEO, Kenneth Lin.) <br></p><p>Other services include TurboTax's Absolute Zero, which began three years ago for taxpayers filing federal 1040A or 1040EZ returns as well as state returns.</p></div>,<div class="group"><p>The IRS also maintains Free File for more complicated returns (but still not multistate), which is administered through the <a href="http://freefilealliance.org/" target="_blank">Free File Alliance</a>, a nonprofit organization of a dozen tax prep service providers, including TurboTax, <a href="//www.cnbc.com/quotes/HRB" target="_blank">H&amp;R Block</a> and Jackson Hewitt.</p><div style="height:100%" class="lazyload-placeholder"></div><p>Free File projects that, in 2017, it will prepare about 3 million individual income tax returns out of the 153 million the IRS expects to receive. "One-hundred-million people are eligible, but it's not advertised, so nobody knows about it," said Tim Hugo, the alliance's executive director.</p><p>The program, which walks you through your tax filings step by step, is geared toward low- and moderate-income taxpayers, but each provider has its own restrictions on who qualifies. For example, some will accept all filers who make $64,000 or less while others may have age requirements or geographical restrictions (a wizard will walk you through the available programs that fit your criteria).</p></div>,<div class="group"><p>And you still may not be able to wrap up all your paperwork before April 18 (yes, the deadline is different this year) completely scot-free. There could be some additional charges, including a fee for those who owe taxes and use a credit card to make a payment or for filing a state return online.</p><p>For those determined not to spend a dime, and still want in-person assistance from a tax pro, the AARP Foundation runs the volunteer-based Tax-Aide program for those who can't afford tax prep help. </p><p>The IRS also has both a Volunteer Income Tax Assistance program, or VITA, for people with disabilities, limited English or those who generally make $54,000 or less, and Tax Counseling for the Elderly, or TCE, for those age 60 or older.</p><p>VITA and TCE sites are generally located in community centers, libraries and schools around the country. And many of the TCE sites are operated by AARP's Tax-Aide program.</p><p>For more information, go to <a href="https://www.irs.gov/" target="_blank">irs.gov</a>.</p></div>

Benjamin Franklin once said nothing in life is certain except death and taxes. Only one is an out-of-pocket expense.Americans can spend hundreds of dollars on help preparing and filing their taxes although there are plenty of ways to do it at no or little cost.For starters, ambitious filers can always do it on their own by filling out the e-file forms the IRS — and in some cases, states — make available online. But an increasing number of tax preparation software companies offer to help — for free.More from Your Money Your Future:What Trump's fight over retirement savings rules means for your nest eggThat '4 percent rule' could spell trouble for early retirees Why everyone needs to check their paycheckMost recently, Credit Karma announced Credit Karma Tax, a do-it-yourself tax prep service at no cost. It covers a 1040 (the standard federal income tax form) and is best suited for simpler tax returns. (Those with multistate filings or a trust or farm subsidies would still be better off with an accountant who can offer advice as well as assistance, according to Credit Karma's founder and CEO, Kenneth Lin.) Other services include TurboTax's Absolute Zero, which began three years ago for taxpayers filing federal 1040A or 1040EZ returns as well as state returns.The IRS also maintains Free File for more complicated returns (but still not multistate), which is administered through the Free File Alliance, a nonprofit organization of a dozen tax prep service providers, including TurboTax, H&R Block and Jackson Hewitt.Free File projects that, in 2017, it will prepare about 3 million individual income tax returns out of the 153 million the IRS expects to receive. "One-hundred-million people are eligible, but it's not advertised, so nobody knows about it," said Tim Hugo, the alliance's executive director.The program, which walks you through your tax filings step by step, is geared toward low- and moderate-income taxpayers, but each provider has its own restrictions on who qualifies. For example, some will accept all filers who make $64,000 or less while others may have age requirements or geographical restrictions (a wizard will walk you through the available programs that fit your criteria).And you still may not be able to wrap up all your paperwork before April 18 (yes, the deadline is different this year) completely scot-free. There could be some additional charges, including a fee for those who owe taxes and use a credit card to make a payment or for filing a state return online.For those determined not to spend a dime, and still want in-person assistance from a tax pro, the AARP Foundation runs the volunteer-based Tax-Aide program for those who can't afford tax prep help. The IRS also has both a Volunteer Income Tax Assistance program, or VITA, for people with disabilities, limited English or those who generally make $54,000 or less, and Tax Counseling for the Elderly, or TCE, for those age 60 or older.VITA and TCE sites are generally located in community centers, libraries and schools around the country. And many of the TCE sites are operated by AARP's Tax-Aide program.For more information, go to irs.gov.

2021-10-30 14:12:07.604363

Former employees file class action against Wells Fargo

https://www.cnbc.com/2016/09/25/former-employees-file-class-action-against-wells-fargo.html

2016-09-25T08:07:18+0000

CNBC

Two former Wells Fargo employees have filed a class action in California seeking $2.6 billion or more for workers who tried to meet aggressive sales quotas without engaging in fraud and were later demoted, forced to resign or fired. The lawsuit on behalf of people who worked for Wells Fargo in California over the past 10 years, including current employees, focuses on those who followed the rules and were penalized for not meeting sales quotas. "Wells Fargo fired or demoted employees who failed to meet unrealistic quotas while at the same time providing promotions to employees who met these quotas by opening fraudulent accounts," the lawsuit filed on Thursday in California Superior Court in Los Angeles County said. Wells Fargo has fired some 5,300 employees for opening as many as 2 million accounts in customers' names without their authorization. On Sept. 8, a federal regulator and Los Angeles prosecutor announced a $190 million settlement with Wells. The revelations are a severe hit to Wells Fargo's reputation. During the financial crisis, the bank trumpeted being a conservative bank in contrast with its rivals. A Wells Fargo spokesman on Saturday declined to comment on the lawsuit. The lawsuit accuses Wells Fargo of wrongful termination, unlawful business practices and failure to pay wages, overtime, and penalties under California law. Former employees Alexander Polonsky and Brian Zaghi allege Wells Fargo managers pressed workers to meet quotas of 10 accounts per day, required progress reports several times daily and reprimanded workers who fell short.

cnbc, Articles, California, Finance, Commercial Banks, Business News, Banks, source:tagname:Reuters

<div class="group"><p> <span class="articleLocatio/spann">Two former <a href="#">Wells Fargo</a> employees have filed a class action in California seeking $2.6 billion or more for workers who tried to meet aggressive sales quotas without engaging in fraud and were later demoted, forced to resign or fired.</span></p><p> The lawsuit on behalf of people who worked for Wells Fargo in California over the past 10 years, including current employees, focuses on those who followed the rules and were penalized for not meeting sales quotas.</p><div style="height:100%" class="lazyload-placeholder"></div><p> "Wells Fargo fired or demoted employees who failed to meet unrealistic quotas while at the same time providing promotions to employees who met these quotas by opening fraudulent accounts," the lawsuit filed on Thursday in California Superior Court in Los Angeles County said.</p><p> Wells Fargo has fired some 5,300 employees for opening as many as 2 million accounts in customers' names without their authorization. On Sept. 8, a federal regulator and Los Angeles prosecutor announced a $190 million settlement with Wells.</p><p> The revelations are a severe hit to Wells Fargo's reputation. During the financial crisis, the bank trumpeted being a conservative bank in contrast with its rivals.</p><p> A Wells Fargo spokesman on Saturday declined to comment on the lawsuit.</p><p> The lawsuit accuses Wells Fargo of wrongful termination, unlawful business practices and failure to pay wages, overtime, and penalties under California law.</p><div style="height:100%" class="lazyload-placeholder"></div><p> Former employees Alexander Polonsky and Brian Zaghi allege Wells Fargo managers pressed workers to meet quotas of 10 accounts per day, required progress reports several times daily and reprimanded workers who fell short.</p></div>,<div class="group"><p> Polonsky and Zaghi filed applications matching customer requests and were counseled, demoted and later terminated, the lawsuit said.</p><p> While executives at the top benefited from the activity, the blame landed on thousands of $12-per-hour employees who tried to meet the quotas and were often required to work off the clock to do so, the lawsuit said.</p><p> Employees with a conscience who tried to meet quotas without engaging in fraud were the biggest victims, losing wages, benefits and suffering anxiety, humiliation and embarrassment, the lawsuit said.</p><p> Wells Fargo was aware many accounts were illegally opened, unwanted, carried a zero balance, or were simply a result of unethical business practices, the lawsuit said.</p><p> "Wells Fargo knew that their unreasonable quotas were driving these unethical behaviors that were used to fraudulently increase their stock price and <span class="vm-hook-outer vm-hook-default">benefit</span> the CEO at the expense of the low level employees," the lawsuit said.</p><p> Follow CNBC International on <a href="https://twitter.com/cnbci" target="_blank">Twitter</a> and <a href="https://www.facebook.com/cnbcinternational" target="_blank">Facebook</a>.</p></div>

Two former Wells Fargo employees have filed a class action in California seeking $2.6 billion or more for workers who tried to meet aggressive sales quotas without engaging in fraud and were later demoted, forced to resign or fired. The lawsuit on behalf of people who worked for Wells Fargo in California over the past 10 years, including current employees, focuses on those who followed the rules and were penalized for not meeting sales quotas. "Wells Fargo fired or demoted employees who failed to meet unrealistic quotas while at the same time providing promotions to employees who met these quotas by opening fraudulent accounts," the lawsuit filed on Thursday in California Superior Court in Los Angeles County said. Wells Fargo has fired some 5,300 employees for opening as many as 2 million accounts in customers' names without their authorization. On Sept. 8, a federal regulator and Los Angeles prosecutor announced a $190 million settlement with Wells. The revelations are a severe hit to Wells Fargo's reputation. During the financial crisis, the bank trumpeted being a conservative bank in contrast with its rivals. A Wells Fargo spokesman on Saturday declined to comment on the lawsuit. The lawsuit accuses Wells Fargo of wrongful termination, unlawful business practices and failure to pay wages, overtime, and penalties under California law. Former employees Alexander Polonsky and Brian Zaghi allege Wells Fargo managers pressed workers to meet quotas of 10 accounts per day, required progress reports several times daily and reprimanded workers who fell short. Polonsky and Zaghi filed applications matching customer requests and were counseled, demoted and later terminated, the lawsuit said. While executives at the top benefited from the activity, the blame landed on thousands of $12-per-hour employees who tried to meet the quotas and were often required to work off the clock to do so, the lawsuit said. Employees with a conscience who tried to meet quotas without engaging in fraud were the biggest victims, losing wages, benefits and suffering anxiety, humiliation and embarrassment, the lawsuit said. Wells Fargo was aware many accounts were illegally opened, unwanted, carried a zero balance, or were simply a result of unethical business practices, the lawsuit said. "Wells Fargo knew that their unreasonable quotas were driving these unethical behaviors that were used to fraudulently increase their stock price and benefit the CEO at the expense of the low level employees," the lawsuit said. Follow CNBC International on Twitter and Facebook.

2021-10-30 14:12:07.932183

Apple iPhone supply hit by production snag: Report

https://www.cnbc.com/2015/09/14/apple-iphone-supply-hit-by-production-snag-report.html

2015-09-21T17:27:37+0000

Jacob Pramuk

CNBC

A snafu at an Apple supplier could restrict the supply of some models of its next generation iPhone when it launches later this month, AppleInsider reported last week. Problems at Japanese company Minebea have affected production of the iPhone 6s Plus's backlight and could lead to a shortage when it goes on sale Sept. 25, analyst Ming-Chi Kuo of KGI Securities said in a note obtained by the website.Apple placed rush orders with another supplier, Radiant, to resolve the issue, according to the report.

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<div class="group"><p> <span>A snafu at an</span><span> </span><a href="http://data.cnbc.com/quotes/AAPL" target="_blank">Apple</a><span> </span><span>supplier could restrict the supply of some models of its next generation iPhone when it launches later this month</span>, <a href="http://appleinsider.com/articles/15/09/14/iphone-6s-plus-expected-to-be-constrained-at-launch-due-to-backlight-bottlenecks" target="_blank">AppleInsider reported</a> last week. </p><p> Problems at Japanese company Minebea have affected production of the iPhone 6s Plus's backlight and could lead to a shortage when it goes on sale Sept. 25, analyst Ming-Chi Kuo of KGI Securities said in a note obtained by the website.</p><div style="height:100%" class="lazyload-placeholder"></div><p>Apple placed rush orders with another supplier, Radiant, to resolve the issue, according to the report. </p></div>,<div class="group"><p> Apple and Kuo did not immediately respond to requests to comment. </p><p> Shipping times for the iPhone 6 Plus were already moved back at least three weeks from the initial launch, and the problem at Minebea could further exacerbate the delay, the report says. </p><p> "Recently, Minebea's stock price seems to be affected by some of news articles on websites regarding the condition of our LED backlight business, some of which seem groundless," Minebea said in a statement. "We had some delays ramping up production of an LED backlight product for a certain new model for a customer, and for a while an original shipment schedule did not go through as much as we had expected, but now we are in full production stage, and this is expected to continue at least until the end of this year."<br></p></div>,<div class="group"><p> Earlier on Monday, Apple announced it was on pace to break its iPhone sales record set last year. The iPhone 6 series debuted with 10 million units sold in its first weekend. </p><p> "Customer response to iPhone 6S and iPhone 6S Plus has been extremely positive and preorders this weekend were very strong around the world," the company said in a statement.</p></div>

A snafu at an Apple supplier could restrict the supply of some models of its next generation iPhone when it launches later this month, AppleInsider reported last week. Problems at Japanese company Minebea have affected production of the iPhone 6s Plus's backlight and could lead to a shortage when it goes on sale Sept. 25, analyst Ming-Chi Kuo of KGI Securities said in a note obtained by the website.Apple placed rush orders with another supplier, Radiant, to resolve the issue, according to the report. Apple and Kuo did not immediately respond to requests to comment. Shipping times for the iPhone 6 Plus were already moved back at least three weeks from the initial launch, and the problem at Minebea could further exacerbate the delay, the report says. "Recently, Minebea's stock price seems to be affected by some of news articles on websites regarding the condition of our LED backlight business, some of which seem groundless," Minebea said in a statement. "We had some delays ramping up production of an LED backlight product for a certain new model for a customer, and for a while an original shipment schedule did not go through as much as we had expected, but now we are in full production stage, and this is expected to continue at least until the end of this year." Earlier on Monday, Apple announced it was on pace to break its iPhone sales record set last year. The iPhone 6 series debuted with 10 million units sold in its first weekend. "Customer response to iPhone 6S and iPhone 6S Plus has been extremely positive and preorders this weekend were very strong around the world," the company said in a statement.

2021-10-30 14:12:08.005772

Did Kim just bail Kanye out of his $53M ‘debt’?

https://www.cnbc.com/2016/03/08/did-kim-kardashian-west-just-bail-kanye-out-of-his-53-million-debt.html

2016-03-08T15:08:24+0000

Alexandra Gibbs

CNBC

It appears Kanye West's alleged debt burden may have just been lifted, with the help of wife and fellow celebrity, Kim Kardashian West. On Monday night, the reality TV personality tweeted that she was "busy cashing (her) 80 million video game check", and transferring $53 million into a joint account. TWEET This comes less than a month after her husband and musician, Kanye West announced that he was allegedly $53 million in debt to his several million Twitter followers.

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<div class="group"><p> It appears Kanye West's alleged debt burden may have just been lifted, with the help of wife and fellow celebrity, Kim Kardashian West.</p><p> On Monday night, the reality TV personality tweeted that she was "busy cashing (her) 80 million video game check", and transferring $53 million into a joint account.</p><div style="height:100%" class="lazyload-placeholder"></div><p> <a href="https://twitter.com/KimKardashian/status/707077609964699648" target="_blank">TWEET</a></p><p> This comes less than a month after her husband and musician, Kanye West announced that he was allegedly $53 million in debt to his several million <a href="//www.cnbc.com/quotes/TWTR" target="_blank">Twitter</a> followers.<br></p></div>,<div class="group"><p> Following West's debt confession, he went on to ask <a href="//www.cnbc.com/quotes/FB" target="_blank">Facebook</a>'s CEO, <a href="https://www.cnbc.com/2016/02/15/kanye-west-asks-facebooks-mark-zuckerberg-for-1-billion-to-help-with-debt.html">Mark Zuckerberg for a $1 billion investment into his "ideas"</a>, and members of the public tried to raise cash for West with a <a href="https://www.cnbc.com/2016/02/17/crowdfunding-page-for-kanyes-debt-raises-269.html">tongue-in-cheek GoFundMe crowdfunding</a> page.<br></p><p> <a href="https://twitter.com/kanyewest/status/698699904303132672" target="_blank">TWEET</a></p><p> Despite the efforts, no allusion as to whether West's debt has been reduced had been made public, until his wife's tweet circulated late Monday. </p><div style="height:100%" class="lazyload-placeholder"></div><p> It would hardly be surprising that Kardashian West has made some profit from the gaming space recently, following the success of her role-playing video game <a href="https://www.cnbc.com/2014/11/07/kim-kardashian-sets-new-trend-in-mobile-gaming.html">"Kim Kardashian: Hollywood", which according to gaming research firm SuperData Research</a>, generated some $51 million in revenue within the first four months of its release, back in 2014.</p></div>,<div class="group"><p> On top of that, Kardashian West <a href="https://www.cnbc.com/2015/12/22/no-kim-kardashian-didnt-break-entire-app-store.html">released "Kimoji" last December</a>, an app allowing users to use emoji characters based on the reality star's life. <br></p><p> West's debt announcement was made at the time the rapper released his latest studio album, "The Life of Pablo", which he plans "never" to put on sale (in hard format) or on <a href="//www.cnbc.com/quotes/AAPL" target="_blank">Apple</a> Music. It is currently legally available to those <a href="https://www.cnbc.com/2016/03/02/does-kanye-west-secretly-use-the-pirate-bay.html">who use premium streaming service, Tidal.</a></p></div>,<div class="group"><p> This Monday, West also announced he was thinking about ending his relationship with CDs, and only publishing his music through the streaming format.</p><p> <a href="https://twitter.com/kanyewest/status/706894783705432064" target="_blank">TWEET</a></p><p> Rumors about West's "debt" have been raised in the past, <a href="https://www.cnbc.com/2016/02/14/kanye-west-releases-new-album-claims-hes-in-debt.html">with West reportedly saying around the time of 2015's BET Honors</a> ceremony that he had been some $16 million in debt, after trying to become a fashion entrepreneur with his own clothing line.</p></div>,<div class="group"><p> Since Kardashian West's financial announcement online, the tweet has been retweeted over 83,000 times, and several Twitter users have concluded that this means the rapper is now free of debt. <br></p><p> <a href="https://twitter.com/ThatDudeMCFLY/status/707091965117120512" target="_blank">TWEET</a><br></p><p> <a href="https://twitter.com/JoshButler/status/707146820825157634" target="_blank">TWEET</a></p><p><a href="https://twitter.com/DrakeBell/status/707343244258988033" target="_blank">TWEET</a></p><p> Neither Kim Kardashian West nor Kanye West have confir<span>med </span>whether the $53 million was to fix the rapper's debt.</p></div>,<div class="group"><p> Follow CNBC International on <a href="https://twitter.com/cnbci" target="_blank">Twitter</a> and <a href="https://www.facebook.com/cnbcinternational" target="_blank">Facebook</a>.<br></p></div>

It appears Kanye West's alleged debt burden may have just been lifted, with the help of wife and fellow celebrity, Kim Kardashian West. On Monday night, the reality TV personality tweeted that she was "busy cashing (her) 80 million video game check", and transferring $53 million into a joint account. TWEET This comes less than a month after her husband and musician, Kanye West announced that he was allegedly $53 million in debt to his several million Twitter followers. Following West's debt confession, he went on to ask Facebook's CEO, Mark Zuckerberg for a $1 billion investment into his "ideas", and members of the public tried to raise cash for West with a tongue-in-cheek GoFundMe crowdfunding page. TWEET Despite the efforts, no allusion as to whether West's debt has been reduced had been made public, until his wife's tweet circulated late Monday. It would hardly be surprising that Kardashian West has made some profit from the gaming space recently, following the success of her role-playing video game "Kim Kardashian: Hollywood", which according to gaming research firm SuperData Research, generated some $51 million in revenue within the first four months of its release, back in 2014. On top of that, Kardashian West released "Kimoji" last December, an app allowing users to use emoji characters based on the reality star's life. West's debt announcement was made at the time the rapper released his latest studio album, "The Life of Pablo", which he plans "never" to put on sale (in hard format) or on Apple Music. It is currently legally available to those who use premium streaming service, Tidal. This Monday, West also announced he was thinking about ending his relationship with CDs, and only publishing his music through the streaming format. TWEET Rumors about West's "debt" have been raised in the past, with West reportedly saying around the time of 2015's BET Honors ceremony that he had been some $16 million in debt, after trying to become a fashion entrepreneur with his own clothing line. Since Kardashian West's financial announcement online, the tweet has been retweeted over 83,000 times, and several Twitter users have concluded that this means the rapper is now free of debt. TWEET TWEETTWEET Neither Kim Kardashian West nor Kanye West have confirmed whether the $53 million was to fix the rapper's debt. Follow CNBC International on Twitter and Facebook.

2021-10-30 14:12:08.044913

These food company stocks are a better way to play the Beyond Meat bounce, traders say

https://www.cnbc.com/2019/08/21/dunkin-and-wendys-look-like-better-than-beyond-meat-traders-say.html

2019-08-21T10:57:38+0000

Michael Affigne

CNBC

Wall Street still has an appetite for fake meat.Beyond Meat rose nearly 7% on Tuesday after J.P. Morgan upgraded the meat-alternative stock to an overweight rating, citing valuation after a pullback from its highs.However, Boris Schlossberg, managing director at BK asset management, isn't firing up the grill just yet."I think the way to play is actually through the retail stores," Schlossberg said Tuesday on CNBC's "Trading Nation."Beyond Meat has risen over 500% since it's early May IPO, but has dropped nearly 40% off its late July high."My favorite is actually Dunkin' Donuts, which has been really highlighting Beyond Meat and the Beyond Egg sandwich very well and has also done a very good job merchandising," said Schlossberg. "That stock has also been a very strong momentum stock, but I still think it's the right way to play it because it's done a very good end-around McDonald's and Starbucks, and I think it has some very, very strong momentum going forward."Ari Wald, head of technical analysis at Oppenheimer, agrees food retailers would be a better play."We would prefer the food servers over the food suppliers, and the restaurant industry in general is really broadly strong here when we're talking about McDonald's, Starbucks, Wingstop, Dunkin' Brands, Wendy's and Restaurant Brands, that's what we're looking for, those broad based themes," said Wald.All those names are outperforming the S&P this year, and Wald says Wendy's is showing signs of relative strength."Our analyst recently raised his target to $24 after recent management meetings, and the charts are supportive to really classic breakout here," said Wald. "The stock got through $18 in April, came back tested that breakout in August, now turning higher again, new high in this mixed market tape, we see that as a sign of relative strength."Wendy's has soared 5% in the past week even as the S&P 500 has fallen 1%. It is up 32% in 2019.Disclaimer

cnbc, Articles, Beyond Meat Inc, Restaurant Brands International Inc, Wendys Co, Dunkin' Brands Group Inc, Wingstop Inc, Starbucks Corp, McDonald's Corp, Boris Schlossberg, Investment strategy, Investing, Trading Nation, Special Reports, Food Retail, Food Distributors, source:tagname:CNBC US Source

<div class="group"><p>Wall Street still has an appetite for fake meat.</p><p>Beyond Meat rose nearly 7% on Tuesday after J.P. Morgan upgraded the meat-alternative stock to an overweight rating, citing valuation after a pullback from its highs.</p><div style="height:100%" class="lazyload-placeholder"></div><p>However, <a href="https://www.cnbc.com/boris-schlossberg/">Boris Schlossberg</a>, managing director at BK asset management, isn't firing up the grill just yet.</p><p>"I think the way to play is actually through the retail stores," Schlossberg said Tuesday on CNBC's "<a href="https://www.cnbc.com/trading-nation/">Trading Nation</a>."</p><p>Beyond Meat has risen over 500% since it's early May IPO, but has dropped nearly 40% off its late July high.</p><p>"My favorite is actually <a href="//www.cnbc.com/quotes/DNKN" target="_blank">Dunkin'</a> Donuts, which has been really highlighting Beyond Meat and the Beyond Egg sandwich very well and has also done a very good job merchandising," said Schlossberg. "That stock has also been a very strong momentum stock, but I still think it's the right way to play it because it's done a very good end-around McDonald's and Starbucks, and I think it has some very, very strong momentum going forward."</p><p>Ari Wald, head of technical analysis at Oppenheimer, agrees food retailers would be a better play.</p><div style="height:100%" class="lazyload-placeholder"></div><p>"We would prefer the food servers over the food suppliers, and the restaurant industry in general is really broadly strong here when we're talking about <a href="//www.cnbc.com/quotes/MCD" target="_blank">McDonald's</a>, <a href="//www.cnbc.com/quotes/SBUX" target="_blank">Starbucks</a>, <a href="//www.cnbc.com/quotes/WING" target="_blank">Wingstop</a>, Dunkin' Brands, <a href="//www.cnbc.com/quotes/WEN" target="_blank">Wendy's</a> and <a href="//www.cnbc.com/quotes/QSR-CA" target="_blank">Restaurant Brands</a>, that's what we're looking for, those broad based themes," said Wald.</p><p></p><div class="InlineImage-imageEmbed" id="ArticleBody-InlineImage-undefined" data-test="InlineImage"><div class="InlineImage-wrapper InlineImage-wrapperNoCaption"><div class="InlineImage-imagePlaceholder" style="padding-bottom:55.55555555555556%"><div style="height:100%" class="lazyload-placeholder"></div></div><div><div class="InlineImage-imageEmbedCaption"></div><div class="InlineImage-imageEmbedCredit"></div></div></div></div><p>All those names are outperforming the S&amp;P this year, and Wald says Wendy's is showing signs of relative strength.</p><p>"Our analyst recently raised his target to $24 after recent management meetings, and the charts are supportive to really classic breakout here," said Wald. "The stock got through $18 in April, came back tested that breakout in August, now turning higher again, new high in this mixed market tape, we see that as a sign of relative strength."</p><p>Wendy's has soared 5% in the past week even as the S&amp;P 500 has fallen 1%. It is up 32% in 2019.</p><p><a href="https://www.cnbc.com/stocks-disclaimer.html">Disclaimer</a></p></div>

Wall Street still has an appetite for fake meat.Beyond Meat rose nearly 7% on Tuesday after J.P. Morgan upgraded the meat-alternative stock to an overweight rating, citing valuation after a pullback from its highs.However, Boris Schlossberg, managing director at BK asset management, isn't firing up the grill just yet."I think the way to play is actually through the retail stores," Schlossberg said Tuesday on CNBC's "Trading Nation."Beyond Meat has risen over 500% since it's early May IPO, but has dropped nearly 40% off its late July high."My favorite is actually Dunkin' Donuts, which has been really highlighting Beyond Meat and the Beyond Egg sandwich very well and has also done a very good job merchandising," said Schlossberg. "That stock has also been a very strong momentum stock, but I still think it's the right way to play it because it's done a very good end-around McDonald's and Starbucks, and I think it has some very, very strong momentum going forward."Ari Wald, head of technical analysis at Oppenheimer, agrees food retailers would be a better play."We would prefer the food servers over the food suppliers, and the restaurant industry in general is really broadly strong here when we're talking about McDonald's, Starbucks, Wingstop, Dunkin' Brands, Wendy's and Restaurant Brands, that's what we're looking for, those broad based themes," said Wald.All those names are outperforming the S&P this year, and Wald says Wendy's is showing signs of relative strength."Our analyst recently raised his target to $24 after recent management meetings, and the charts are supportive to really classic breakout here," said Wald. "The stock got through $18 in April, came back tested that breakout in August, now turning higher again, new high in this mixed market tape, we see that as a sign of relative strength."Wendy's has soared 5% in the past week even as the S&P 500 has fallen 1%. It is up 32% in 2019.Disclaimer

2021-10-30 14:12:08.464276

Irene 'Wounding' Weekend Box Office

https://www.cnbc.com/2011/08/27/irene-wounding-weekend-box-office.html

2011-08-28T02:22:08+0000

CNBC

Hurricane Irene and the closure of at least 1,000 theater locations along the East Coast is expected to put a dent in this weekend's domestic box office.

cnbc, Articles, Business News, Economy, US Economy, US: News, source:tagname:CNBC US Source

<div class="group"><p>Hurricane Irene and the closure of at least 1,000 theater locations along the East Coast is expected to put a dent in this weekend's domestic box office.</p></div>,<div class="group"><p>Preliminary figures show the weekend box office is off 26 percent from last year, according to Paul Dergarabedian, President of the Hollywood.com Box-office division.</p><div style="height:100%" class="lazyload-placeholder"></div><p>The Rentrak box office reporting service said in an advisory "a possible 1,000 theaters could be affected by the weather on the East Coast. We've been hearing about closures of many theaters."</p><p>There were reports Clearview Cinemas, which has 57 theaters in the NYC-Philadelphia area, closed most locations over the weekend. AMC Entertainment, another major chain, also planned to shut locations in the path of the hurricane.</p><p>Three major films are debuting in theaters this weekend: "Colombiana," an action flick from Sony's TriStar; the indie horror flick "Don't be Afraid of the Dark" from FilmDistrict; and Weinstein Company's comedy "Our Idiot Brother."</p><p>"Hurricane Irene is definitely wounding this weekend's box office, but only by washing away a couple million off the top of our estimates," Boxoffice Magazine's Amy Nicholson tells CNBC. "To be honest, none of this weekend's three new releases was projected to open to more than $12 million."</p></div>,<div class="group"><p>Nicholson said the marketing on new releases "just wasn't there to motivate people to leave their houses regardless of the weather. At least those executives now have an act-of-God excuse for why their films underperformed."</p><div style="height:100%" class="lazyload-placeholder"></div><p>Nicholson added that the drama "The Help," a three-week-old release that was predicted to win the weekend, "has barely been affected. We bet on Wednesday it would make $15 million -- and after Friday's numbers, it's still on track to do $14.5 million."</p><p>"The Help" has so far brought in an estimated $96.7 million at the US box office since its release August 10, according to Boxoffice.com. The film is part of DreamWorks Pictures' multi-picture distribution deal with Disney's Touchstone Pictures label.</p><p>Meanwhile, Time Warner Cable issued a press release saying "Hurricane Irene gives Time Warner Cable customers the perfect excuse to get caught up with on demand shows and movies." The company has 5.9 million subscribers along the East Coast.</p></div>

Hurricane Irene and the closure of at least 1,000 theater locations along the East Coast is expected to put a dent in this weekend's domestic box office.Preliminary figures show the weekend box office is off 26 percent from last year, according to Paul Dergarabedian, President of the Hollywood.com Box-office division.The Rentrak box office reporting service said in an advisory "a possible 1,000 theaters could be affected by the weather on the East Coast. We've been hearing about closures of many theaters."There were reports Clearview Cinemas, which has 57 theaters in the NYC-Philadelphia area, closed most locations over the weekend. AMC Entertainment, another major chain, also planned to shut locations in the path of the hurricane.Three major films are debuting in theaters this weekend: "Colombiana," an action flick from Sony's TriStar; the indie horror flick "Don't be Afraid of the Dark" from FilmDistrict; and Weinstein Company's comedy "Our Idiot Brother.""Hurricane Irene is definitely wounding this weekend's box office, but only by washing away a couple million off the top of our estimates," Boxoffice Magazine's Amy Nicholson tells CNBC. "To be honest, none of this weekend's three new releases was projected to open to more than $12 million."Nicholson said the marketing on new releases "just wasn't there to motivate people to leave their houses regardless of the weather. At least those executives now have an act-of-God excuse for why their films underperformed."Nicholson added that the drama "The Help," a three-week-old release that was predicted to win the weekend, "has barely been affected. We bet on Wednesday it would make $15 million -- and after Friday's numbers, it's still on track to do $14.5 million.""The Help" has so far brought in an estimated $96.7 million at the US box office since its release August 10, according to Boxoffice.com. The film is part of DreamWorks Pictures' multi-picture distribution deal with Disney's Touchstone Pictures label.Meanwhile, Time Warner Cable issued a press release saying "Hurricane Irene gives Time Warner Cable customers the perfect excuse to get caught up with on demand shows and movies." The company has 5.9 million subscribers along the East Coast.

2021-10-30 14:12:08.616838

Review: The 2019 Toyota Tundra pickup fails to impress

https://www.cnbc.com/2019/05/03/review-the-2019-toyota-tundra-pickup-fails-to-impress.html

2019-05-05T15:00:39+0000

Mack Hogan

CNBC

The full-size pickup truck market has never been hotter, with Fiat Chrysler's Ram and General Motor's Chevy duking it out second place in sales behind Ford. All three big American companies are constantly refreshing their lineups to cling to any advantages over the competition.That's big trouble for Toyota, which hasn't completely redesigned its Tundra pickup since 2007. It's received a slew of updates and a large refresh in 2014, but sales have always lagged behind the big three in Detroit. In a segment of six, the Tundra is the fifth-place finisher, besting only Nissan's Titan in sales.After a week with one, it's not hard to see why. It's well built and isn't as pricey as the American trucks, but we still wouldn't recommend one.

cnbc, Articles, Nissan Motor Co Ltd, Toyota Motor Corp, Ford Motor Co, General Motors Co, Stellantis NV, Breaking News: Business, Transportation, Business, Autos, US Homepage, Business News, Technology, source:tagname:CNBC US Source

<div class="group"><p>The full-size pickup truck market has never been hotter, with <a href="//www.cnbc.com/quotes/8TI-FF" target="_blank">Fiat Chrysler's</a> Ram and <a href="//www.cnbc.com/quotes/GM" target="_blank">General Motor's</a> Chevy duking it out second place in sales <strong>behind </strong><a href="//www.cnbc.com/quotes/F" target="_blank"><strong>Ford</strong></a><strong>. </strong>All three big American companies are constantly refreshing<strong> their lineups </strong>to cling to any advantages over the competition.</p><p>That's big trouble for <a href="//www.cnbc.com/quotes/7203.T-JP" target="_blank">Toyota</a>, which hasn't completely redesigned its Tundra pickup since 2007. It's received a slew of updates and a large refresh in 2014, but sales have always lagged behind the big three in Detroit. In a segment of six, the Tundra is the fifth-place finisher, besting only <a href="//www.cnbc.com/quotes/7201.T-JP" target="_blank">Nissan's</a> Titan in sales.</p><div style="height:100%" class="lazyload-placeholder"></div><p>After a week with one, it's not hard to see why. It's well built and isn't as pricey as the American trucks, but we still wouldn't recommend one.</p></div>,<div class="group"><p>As of last week, there have now been two Toyota Tundras of this generation that have reached one million miles on their original transmissions. That's a seriously impressive feat, a testament to the reputation Toyota trucks have long maintained for unbeatable reliability.</p><p>Part of that comes from simplicity. For the buyers that bemoan Ford moving toward turbocharging, Ram putting in mild-hybrid systems and GMC offering tailgates that fold in a variety of ways, the Tundra's old-school style may be refreshing.</p><p>It's got a 5.7-liter V-8 linked to a six-speed transmission, providing 381 horsepower. It's not the most powerful engine in its class, but it offers more than enough power to work in day-to-day life without taxing the motor. There's enough reserve power that it'd be fine loaded up with gear, people and a trailer.</p></div>,<div class="group"><p>Plus — though Toyota still has a lot to learn from American trucks in other categories — the Japenese company has certainly matched the in-your-face, bombastic styling of the big three. The Tundra looks like a sledgehammer, with a broad and aggressive face and oversized details. Our $46,610 tester looked alright, but in TRD Pro guise the Tundra is a mean looking machine.</p><div style="height:100%" class="lazyload-placeholder"></div><p>It also came in about $17,000 cheaper than the last Ram we tested, though it was significantly lighter on feature content and lacked the Ram's crew cab, bed liner and integrated bed cargo system. Credit to Toyota, though, for including active safety features like forward collision warning in all Tundras.</p></div>,<div class="group"><p>The downside of two current-generation Tundras having hit one million miles is that it draws attention to just how long the truck has been on sale. In a rapidly changing market, the Tundra feels ancient. It's by far the oldest vehicle in the segment. </p></div>,<div class="group"><p>The infotainment system is far behind the competition; Ram offers a 12-inch portrait touch screen, but Toyota makes do with a screen that looks largely the same as it did in 2014. The interior materials are hard plastics that look cheap and it's behind on tech.</p><p>Most notably, the newest crop of huge trucks offer 360-degree cameras and self-parking systems to help drivers manage the behemoths. The Tundra doesn't, a shame since it feels more unwieldy than other full-size trucks.</p></div>,<div class="group"><p>It lumbers around without a sense of poise or refinement, making it hard to place the truck where you want it. It, of course, didn't help that the Tundra we tested was equipped with the longer bed option. Even still, the handling was poor.</p><p>Power, as mentioned, was adequate. Unfortunately, the old-school way that the Tundra makes the power isn't particularly efficient. The Tundra with the 5.7-liter V-8 is rated for 17 miles per gallon on the highway, while a Ram 1500 with a 5.7-liter V-8 is good for 21 mpg on the highway. Add the eTorque mild hybrid option and that climbs to 22 mpg.</p></div>,<div class="group"><p>And then it comes to luxury. Pickup truck buyers are increasingly opting for more expensive, more optioned trucks. The Tundra offers none of the refinement of the luxurious trims of the competition and the options list is significantly shorter.</p><p>Of course, longtime truck buyers might not care about tech or luxury features. Complaining about those things may come off as missing the point. And to some extent, they're right. If the Tundra was more capable than its rivals, a lot could be forgiven.</p><p>Unfortunately, it's not. The Tundra is not the most powerful, it doesn't tow the most and it doesn't have a higher payload capacity than its rivals. Rivals also offer more engine choices, more cab configurations and things like corner steps and in-bed locking storage that make work duties more manageable.</p></div>,<div class="group"><p>The Tundra makes sense for some buyers. If your primary focus is on reliability, there's a solid argument to be made that this is the most dependable vehicle on sale. If you are fine with the options it offers, it can also undercut similarly equipped trucks from the Detroit brands.</p><p>But you'll always be aware of the lower price. The Tundra feels substantially cheaper than rival trucks. It's not as comfortable, quiet or livable. It feels clumsy, unlike the pseudo-luxury experiences offered by top-trim rivals.</p><p>It's also not the most capable or configurable truck. We can't argue that it's unbelievably reliable and extremely well built, but in a fiercely competitive segment that isn't enough to offset the Tundra's downsides.</p></div>,<div class="group"><p>Exterior: 3.5</p><p>Interior: 1.5</p><p>Driving experience: 2</p><p>Value: 2.5</p><p><strong>Overall:</strong> 2.4</p><p>Price as tested: $46,610</p><p><em>*Ratings out of 5</em></p></div>,<div class="group"></div>

The full-size pickup truck market has never been hotter, with Fiat Chrysler's Ram and General Motor's Chevy duking it out second place in sales behind Ford. All three big American companies are constantly refreshing their lineups to cling to any advantages over the competition.That's big trouble for Toyota, which hasn't completely redesigned its Tundra pickup since 2007. It's received a slew of updates and a large refresh in 2014, but sales have always lagged behind the big three in Detroit. In a segment of six, the Tundra is the fifth-place finisher, besting only Nissan's Titan in sales.After a week with one, it's not hard to see why. It's well built and isn't as pricey as the American trucks, but we still wouldn't recommend one.As of last week, there have now been two Toyota Tundras of this generation that have reached one million miles on their original transmissions. That's a seriously impressive feat, a testament to the reputation Toyota trucks have long maintained for unbeatable reliability.Part of that comes from simplicity. For the buyers that bemoan Ford moving toward turbocharging, Ram putting in mild-hybrid systems and GMC offering tailgates that fold in a variety of ways, the Tundra's old-school style may be refreshing.It's got a 5.7-liter V-8 linked to a six-speed transmission, providing 381 horsepower. It's not the most powerful engine in its class, but it offers more than enough power to work in day-to-day life without taxing the motor. There's enough reserve power that it'd be fine loaded up with gear, people and a trailer.Plus — though Toyota still has a lot to learn from American trucks in other categories — the Japenese company has certainly matched the in-your-face, bombastic styling of the big three. The Tundra looks like a sledgehammer, with a broad and aggressive face and oversized details. Our $46,610 tester looked alright, but in TRD Pro guise the Tundra is a mean looking machine.It also came in about $17,000 cheaper than the last Ram we tested, though it was significantly lighter on feature content and lacked the Ram's crew cab, bed liner and integrated bed cargo system. Credit to Toyota, though, for including active safety features like forward collision warning in all Tundras.The downside of two current-generation Tundras having hit one million miles is that it draws attention to just how long the truck has been on sale. In a rapidly changing market, the Tundra feels ancient. It's by far the oldest vehicle in the segment. The infotainment system is far behind the competition; Ram offers a 12-inch portrait touch screen, but Toyota makes do with a screen that looks largely the same as it did in 2014. The interior materials are hard plastics that look cheap and it's behind on tech.Most notably, the newest crop of huge trucks offer 360-degree cameras and self-parking systems to help drivers manage the behemoths. The Tundra doesn't, a shame since it feels more unwieldy than other full-size trucks.It lumbers around without a sense of poise or refinement, making it hard to place the truck where you want it. It, of course, didn't help that the Tundra we tested was equipped with the longer bed option. Even still, the handling was poor.Power, as mentioned, was adequate. Unfortunately, the old-school way that the Tundra makes the power isn't particularly efficient. The Tundra with the 5.7-liter V-8 is rated for 17 miles per gallon on the highway, while a Ram 1500 with a 5.7-liter V-8 is good for 21 mpg on the highway. Add the eTorque mild hybrid option and that climbs to 22 mpg.And then it comes to luxury. Pickup truck buyers are increasingly opting for more expensive, more optioned trucks. The Tundra offers none of the refinement of the luxurious trims of the competition and the options list is significantly shorter.Of course, longtime truck buyers might not care about tech or luxury features. Complaining about those things may come off as missing the point. And to some extent, they're right. If the Tundra was more capable than its rivals, a lot could be forgiven.Unfortunately, it's not. The Tundra is not the most powerful, it doesn't tow the most and it doesn't have a higher payload capacity than its rivals. Rivals also offer more engine choices, more cab configurations and things like corner steps and in-bed locking storage that make work duties more manageable.The Tundra makes sense for some buyers. If your primary focus is on reliability, there's a solid argument to be made that this is the most dependable vehicle on sale. If you are fine with the options it offers, it can also undercut similarly equipped trucks from the Detroit brands.But you'll always be aware of the lower price. The Tundra feels substantially cheaper than rival trucks. It's not as comfortable, quiet or livable. It feels clumsy, unlike the pseudo-luxury experiences offered by top-trim rivals.It's also not the most capable or configurable truck. We can't argue that it's unbelievably reliable and extremely well built, but in a fiercely competitive segment that isn't enough to offset the Tundra's downsides.Exterior: 3.5Interior: 1.5Driving experience: 2Value: 2.5Overall: 2.4Price as tested: $46,610*Ratings out of 5

2021-10-30 14:12:08.654377

Bowyer: Who Am I To Judge The Case For Global Warming?

https://www.cnbc.com/2008/06/26/bowyer-who-am-i-to-judge-the-case-for-global-warming.html

2008-06-26T12:05:08+0000

Jerry Bowyer

CNBC

Last week I was a guest on Larry Kudlow’s Saturday morning radio program (on WABC, New York). A man called the program and said that some of these surveys which claim scientific support for the global warming hypothesis, contained some decidedly unclimatolgical signatures from pediatricians, gynecologists or just about anybody else with a terminal degree. In other words the case against oil was a little slipperier than reported. “Gynecologists against drilling?”, I thought, “Seems like there must be some kind of conflict of interest here. I need to learn more.”

cnbc, Articles, Guest Blog, Kudlow's Corner, Opinion, Blogs, source:tagname:CNBC US Source

<div class="group"><p>Last week I was a guest on Larry Kudlow’s Saturday morning radio program (on WABC, New York). A man called the program and said that some of these surveys which claim scientific support for the global warming hypothesis, contained some decidedly unclimatolgical signatures from pediatricians, gynecologists or just about anybody else with a terminal degree. In other words the case against oil was a little slipperier than reported. </p><p>“Gynecologists against drilling?”, I thought, “Seems like there must be some kind of conflict of interest here. I need to learn more.” </p></div>,<div class="group"><div style="height:100%" class="lazyload-placeholder"></div><p>Googling ‘gynecologist’ and ‘warming’ is an adventure in itself, but eventually I found a report by the National Center Policy Analysis which indeed found such signatures on a letter released by Ozone Action, and widely circulated in the media. (<strong>See Bowyer's take on oil in the video</strong>).</p><p>Who am I to judge the scientific case for global warming? I have barely any more experience in climatology than I do in gynecology, although I am an eager student in both. However, it seems to me that the incredibly obvious point of weakness in the public policy argument is blindingly obvious. </p><p><a href="https://www.cnbc.com/guest-blog/">What are other CNBC.com guest commentators saying?</a></p><p>________________________</p></div>,<div class="group"></div>,<div class="group"><p><a href="https://www.cnbc.com/jerry-bowyer/">Jerry Bowyer is chief economist at Benchmark Financial Network, is a member of the Kudlow Caucus, and makes regular appearances on CNBC. He also writes extensively on finance and history for the National Review, The Pittsburgh Post Gazette, Crosswalk.com, and The New York Sun. He can be emailed at jerrybowyer@comcast.net.</a></p></div>

Last week I was a guest on Larry Kudlow’s Saturday morning radio program (on WABC, New York). A man called the program and said that some of these surveys which claim scientific support for the global warming hypothesis, contained some decidedly unclimatolgical signatures from pediatricians, gynecologists or just about anybody else with a terminal degree. In other words the case against oil was a little slipperier than reported. “Gynecologists against drilling?”, I thought, “Seems like there must be some kind of conflict of interest here. I need to learn more.” Googling ‘gynecologist’ and ‘warming’ is an adventure in itself, but eventually I found a report by the National Center Policy Analysis which indeed found such signatures on a letter released by Ozone Action, and widely circulated in the media. (See Bowyer's take on oil in the video).Who am I to judge the scientific case for global warming? I have barely any more experience in climatology than I do in gynecology, although I am an eager student in both. However, it seems to me that the incredibly obvious point of weakness in the public policy argument is blindingly obvious. What are other CNBC.com guest commentators saying?________________________Jerry Bowyer is chief economist at Benchmark Financial Network, is a member of the Kudlow Caucus, and makes regular appearances on CNBC. He also writes extensively on finance and history for the National Review, The Pittsburgh Post Gazette, Crosswalk.com, and The New York Sun. He can be emailed at jerrybowyer@comcast.net.

2021-10-30 14:12:08.694704

Health-care maze remains for undocumented immigrants

https://www.cnbc.com/2014/11/25/health-care-maze-for-undocumented-despite-obama-order.html

2014-11-25T19:08:51+0000

Dan Mangan

CNBC

President Obama's executive order preventing the deportation of up to 5 million undocumented immigrants won't preclude all of them from getting affordable health coverage. But it remains to be seen just how many will be presented with that option. Even if a good amount do get insurance, the health, social and economic costs from having the remaining immigrants effectively locked out of health coverage will remain a problem, say advocates and analysts. And some of those costs—including visits to emergency rooms that aren't paid by insurance—could end up getting passed along to the general public, they noted. Undocumented immigrants, who currently comprise one in every six people in the United States without health insurance, by 2017 are projected to make up 1 in 4 such uninsured people, said Stephen Zuckerman, co-director of the Health Policy Center at the Urban Institute. Zuckerman noted that it's not because there will be more undocumented immigrants without insurance. Instead, he said, it's because there will be significantly more currently uninsured people overall getting insured in the coming years through Obamacare insurance plans and from Medicaid, particularly in states that have expanded eligibility for Medicaid to include more people. But both those options will essentially be blocked to the people subject to Obama's order last week, which lifts the threat of deportation and will give those people the ability to work legally in the U.S. Read MoreCat got your tongue, HealthCare.gov? The White House has indicated it will not allow such undocumented people access to federal subsidies that help most Obamacare enrollees afford policies sold on government-run insurance exchanges. And those people will also be barred by federal law from enrolling in Medicaid, the joint federal-state program that covers poor people.

cnbc, Articles, Health care industry, Immigration, Patient Protection and Affordable Care Act, Politics, Health & Science, Obamacare, US: News, Business News, source:tagname:CNBC US Source

<div class="group"><p> President Obama's executive order preventing the deportation of up to 5 million undocumented immigrants won't preclude all of them from getting affordable health coverage. But it remains to be seen just how many will be presented with that option. </p><p> E<span>ven if a good amount do get insurance, the health, social and economic costs from having the remaining immigrants effectively locked out of health coverage will remain a problem, say advocates and analysts. And some of those costs</span><span>—</span><span>including visits to emergency rooms that aren't paid by insurance</span><span>—</span><span>could end up getting passed along to the general public, they noted.</span></p><div style="height:100%" class="lazyload-placeholder"></div><p> Undocumented immigrants, who currently comprise one in every six people in the United States without health insurance, by 2017 are projected to make up 1 in 4 such uninsured people, said Stephen Zuckerman, co-director of the Health Policy Center at the Urban Institute.</p><p> Zuckerman noted that it's not because there will be more undocumented immigrants without insurance. <span>Instead, he said, it's because there will be significantly more currently uninsured people overall getting insured in the coming years through Obamacare insurance plans and from Medicaid, particularly in states that have expanded eligibility for Medicaid to include more people.</span></p><p> But both those options will essentially be blocked to the people subject to Obama's order last week, which lifts the threat of deportation and will give those people the ability to work legally in the U.S.</p><p> <span class="label-read-more">Read More</span><a href="https://www.cnbc.com/2014/11/22/cat-got-your-tongue-healthcaregov-obamacares-secrets.html">Cat got your tongue, HealthCare.gov?</a><br></p><p> The White House has indicated it will not allow such undocumented people access to federal subsidies that help most Obamacare enrollees afford policies sold on government-run insurance exchanges. And those people will also be barred by federal law from enrolling in Medicaid, the joint federal-state program that covers poor people.</p><div style="height:100%" class="lazyload-placeholder"></div></div>,<div class="group"><p> "This issue of health coverage has been separated from their legal status and the ability to work," Zuckerman said. "And that's going to leave a large number of people without coverage, and without the ability to get coverage either through Medicaid or the subsidies in the marketplace."<br></p><p> That decision to separate health coverage out of the equation echoes a similar decision in 2013 by the Obama administration when it deferred deportation for young undocumented immigrants said they could not benefit from Obamacare subsidies, said Shannon Erwin, state policy director at the Massachusetts Immigrant and Refugee Advocacy Coalition.</p><p> "It was a political decision, and not really a health policy-informed decision," said Erwin, pointing out that the Obamacare exchanges were due to launch later that same year. </p><p> "I would hope there would be an an opportunity to re-open that conversation," said Erwin, who noted that health coverage is "a top concern" among immigrants.</p><p> But Derrick Morgan, vice president for economic freedom and opportunity of the conservative Heritage Foundation, said that while, "I think the administration would like" to expand subsidies to those affected people, it shouldn't do so.</p><p> "The president promised that illegal immigrants would not receive funding for Obamacare," Morgan said. The Heritage Foundation, he said, opposes having undocumented workers receive health coverage from government-sponsored or government-subsidized programs.</p><p> "They're here unlawfully, and the American taxpayer and the American citizens are the ones paying for these benefits, and these subsidies should not be going to those that are here illegally," Morgan said.</p><p> <span class="label-read-more">Read More</span><a href="https://www.cnbc.com/2014/11/21/will-obamas-immigration-reform-hurt-the-economy.html">Obama's immigration plan risks backlash </a><br></p><p> That said, the people covered by Obamas order will have several avenues for health coverage as they become eligible for work permits. </p><p> "More people will have jobs," noted Claudia Calhoon, senior health specialist with with the New York Immigration Coalition. "They will have more financial stability because they no longer will be in the shadows."</p><p> With some of those job, people will be offered employer-sponsored insurance, Calhoon said. They will also have the option of buying unsubsidized individual insurance outside the Obamacare exchanges, at the least, although Calhoon noted such "off-exchange" plans can be much more expensive than the ones sold on the exchanges.</p><p> "It will be very important to get the word out to people so they understand what benefits are available to them," she said. "Educating immigrant communities about what options do exist, and safety services for people who are uninsured, will be important.</p></div>,<div class="group"><p> But it's not clear how many of the immigrants subject to Obama's order will be able to buy—and able to afford—health coverage through their jobs or in the individual health plans, said Samatha Artiga, director of the Disparities Policy Project at the Kaiser Family Foundation.</p><p> "We do know, historically, that immigrants have been more likely to have low-wage job and be in industries that do not provide health-care coverage to workers," said Artiga.</p><p> And even if they are offered coverage through their employer, "In many cases, that's unaffordable," she said.</p><p> Artiga said Obama's order could alleviate the fears of being deported that have kept some of the affected undocumented immigrants from enrolling their U.S.-born children in Medicaid and CHIP health insurance programs that those kids are eligible for due to their citizenship status.</p><p> "From past research and experience, that has always been a big barrier for enrolling children in those mixed-status families," she said. </p><p> "But I think the broader issue is that individuals remain without access to affordable health coverage options, so many of them may remain uninsured."</p><p> But that doesn't mean they will stay out of the hospital.</p><p> Uninsured undocumented immigrants, along with other uninsured Americans who visit the emergency room and get other hospital services despite being unable to pay for their care, in 2012 generated nearly $46 billion in uncompensated care costs at 4,999 U.S. hospitals in 2012, the last year data was available, according to the American Hospital Association.</p><p> Those costs, equal to 6.1 percent of total hospital expenses, end up being covered by a federally funded program, by extra charges to those with insurance, or by the hospitals themselves.</p><p> While the AHA doesn't have data on how much of those costs are due to undocumented immigrants, they can be considerable in individual cases.</p><p> Dr. Julia Koehler, a pediatrician at Boston Children's Hospital, told CNBC about how an undocumented Brazilian immigrant had previously sought her help after incurring a back injury he suffered while trying to lift an older, heavier stranger who had slipped and fallen on some ice on a sidewalk.</p><p>For more than two weeks the immigrant, a father of three, had avoided going to the doctor because he lacked insurance, said Koehler, a Harvard Medical School assistant professor who volunteers at a clinic that serves immigrants.</p><p> "He ended up with an emergent injury to his spinal cord, which was a prolapse of the disc into the spinal canal," Koehler said. When he was properly diagnosed by "an excellent neurosurgeon," Koehler said, the man was told he had more than a 50 percent risk of paralysis.</p><p> "He was going to lose control of his feet, his bladder and his bowel, and not be able to work anymore because he didn't have health insurance," Koehler said.</p><p> <span class="label-read-more">Read More</span><a href="https://www.cnbc.com/2014/11/21/tech-start-ups-need-this-immigration-reform-ceo.html">Tech world needs high-skilled foreigners: CEO </a><br></p><p> Fortunately, the man's surgery at Brigham and Women's Hospital in Boston was a success, and he made a full recovery, she said. But the surgery itself cost "tens of thousands of dollars," which he was unable to pay, and which the hospital absorbed.</p><p> While the man's story has a happy ending, Koehler said in other cases, breadwinner in immigrant families are hurt on the job or get sick elsewhere, and then are left temporarily or permanently unable to support their families, which can in turn lead to health issues for them as well, and them becoming an economic burden to hospitals and taxpayers.</p><p> Even an immigrant going without a flu shot because of lack of insurance can lead to significant costs for others, she said.</p><p> "If you don't have health insurance and you have low income, it is very unlikely that you will come up with the money to buy a flu shot," Koehler said. "So the unimmunized person will then possibly expose other vulnerable people, perhaps asthmatics, young infants, older people."</p><p> "Health insurance should be available regardless of immigration status, because, again, it goes beyond the health of the affected individuals, and it goes to the health of the whole family and the whole community," she said.</p></div>

President Obama's executive order preventing the deportation of up to 5 million undocumented immigrants won't preclude all of them from getting affordable health coverage. But it remains to be seen just how many will be presented with that option. Even if a good amount do get insurance, the health, social and economic costs from having the remaining immigrants effectively locked out of health coverage will remain a problem, say advocates and analysts. And some of those costs—including visits to emergency rooms that aren't paid by insurance—could end up getting passed along to the general public, they noted. Undocumented immigrants, who currently comprise one in every six people in the United States without health insurance, by 2017 are projected to make up 1 in 4 such uninsured people, said Stephen Zuckerman, co-director of the Health Policy Center at the Urban Institute. Zuckerman noted that it's not because there will be more undocumented immigrants without insurance. Instead, he said, it's because there will be significantly more currently uninsured people overall getting insured in the coming years through Obamacare insurance plans and from Medicaid, particularly in states that have expanded eligibility for Medicaid to include more people. But both those options will essentially be blocked to the people subject to Obama's order last week, which lifts the threat of deportation and will give those people the ability to work legally in the U.S. Read MoreCat got your tongue, HealthCare.gov? The White House has indicated it will not allow such undocumented people access to federal subsidies that help most Obamacare enrollees afford policies sold on government-run insurance exchanges. And those people will also be barred by federal law from enrolling in Medicaid, the joint federal-state program that covers poor people. "This issue of health coverage has been separated from their legal status and the ability to work," Zuckerman said. "And that's going to leave a large number of people without coverage, and without the ability to get coverage either through Medicaid or the subsidies in the marketplace." That decision to separate health coverage out of the equation echoes a similar decision in 2013 by the Obama administration when it deferred deportation for young undocumented immigrants said they could not benefit from Obamacare subsidies, said Shannon Erwin, state policy director at the Massachusetts Immigrant and Refugee Advocacy Coalition. "It was a political decision, and not really a health policy-informed decision," said Erwin, pointing out that the Obamacare exchanges were due to launch later that same year. "I would hope there would be an an opportunity to re-open that conversation," said Erwin, who noted that health coverage is "a top concern" among immigrants. But Derrick Morgan, vice president for economic freedom and opportunity of the conservative Heritage Foundation, said that while, "I think the administration would like" to expand subsidies to those affected people, it shouldn't do so. "The president promised that illegal immigrants would not receive funding for Obamacare," Morgan said. The Heritage Foundation, he said, opposes having undocumented workers receive health coverage from government-sponsored or government-subsidized programs. "They're here unlawfully, and the American taxpayer and the American citizens are the ones paying for these benefits, and these subsidies should not be going to those that are here illegally," Morgan said. Read MoreObama's immigration plan risks backlash That said, the people covered by Obamas order will have several avenues for health coverage as they become eligible for work permits. "More people will have jobs," noted Claudia Calhoon, senior health specialist with with the New York Immigration Coalition. "They will have more financial stability because they no longer will be in the shadows." With some of those job, people will be offered employer-sponsored insurance, Calhoon said. They will also have the option of buying unsubsidized individual insurance outside the Obamacare exchanges, at the least, although Calhoon noted such "off-exchange" plans can be much more expensive than the ones sold on the exchanges. "It will be very important to get the word out to people so they understand what benefits are available to them," she said. "Educating immigrant communities about what options do exist, and safety services for people who are uninsured, will be important. But it's not clear how many of the immigrants subject to Obama's order will be able to buy—and able to afford—health coverage through their jobs or in the individual health plans, said Samatha Artiga, director of the Disparities Policy Project at the Kaiser Family Foundation. "We do know, historically, that immigrants have been more likely to have low-wage job and be in industries that do not provide health-care coverage to workers," said Artiga. And even if they are offered coverage through their employer, "In many cases, that's unaffordable," she said. Artiga said Obama's order could alleviate the fears of being deported that have kept some of the affected undocumented immigrants from enrolling their U.S.-born children in Medicaid and CHIP health insurance programs that those kids are eligible for due to their citizenship status. "From past research and experience, that has always been a big barrier for enrolling children in those mixed-status families," she said. "But I think the broader issue is that individuals remain without access to affordable health coverage options, so many of them may remain uninsured." But that doesn't mean they will stay out of the hospital. Uninsured undocumented immigrants, along with other uninsured Americans who visit the emergency room and get other hospital services despite being unable to pay for their care, in 2012 generated nearly $46 billion in uncompensated care costs at 4,999 U.S. hospitals in 2012, the last year data was available, according to the American Hospital Association. Those costs, equal to 6.1 percent of total hospital expenses, end up being covered by a federally funded program, by extra charges to those with insurance, or by the hospitals themselves. While the AHA doesn't have data on how much of those costs are due to undocumented immigrants, they can be considerable in individual cases. Dr. Julia Koehler, a pediatrician at Boston Children's Hospital, told CNBC about how an undocumented Brazilian immigrant had previously sought her help after incurring a back injury he suffered while trying to lift an older, heavier stranger who had slipped and fallen on some ice on a sidewalk.For more than two weeks the immigrant, a father of three, had avoided going to the doctor because he lacked insurance, said Koehler, a Harvard Medical School assistant professor who volunteers at a clinic that serves immigrants. "He ended up with an emergent injury to his spinal cord, which was a prolapse of the disc into the spinal canal," Koehler said. When he was properly diagnosed by "an excellent neurosurgeon," Koehler said, the man was told he had more than a 50 percent risk of paralysis. "He was going to lose control of his feet, his bladder and his bowel, and not be able to work anymore because he didn't have health insurance," Koehler said. Read MoreTech world needs high-skilled foreigners: CEO Fortunately, the man's surgery at Brigham and Women's Hospital in Boston was a success, and he made a full recovery, she said. But the surgery itself cost "tens of thousands of dollars," which he was unable to pay, and which the hospital absorbed. While the man's story has a happy ending, Koehler said in other cases, breadwinner in immigrant families are hurt on the job or get sick elsewhere, and then are left temporarily or permanently unable to support their families, which can in turn lead to health issues for them as well, and them becoming an economic burden to hospitals and taxpayers. Even an immigrant going without a flu shot because of lack of insurance can lead to significant costs for others, she said. "If you don't have health insurance and you have low income, it is very unlikely that you will come up with the money to buy a flu shot," Koehler said. "So the unimmunized person will then possibly expose other vulnerable people, perhaps asthmatics, young infants, older people." "Health insurance should be available regardless of immigration status, because, again, it goes beyond the health of the affected individuals, and it goes to the health of the whole family and the whole community," she said.

2021-10-30 14:12:08.732314

As it happened: China stocks stage late rally; up 4%

https://www.cnbc.com/2015/07/29/china-trades-warily-as-focus-switches-to-the-fed.html

2015-07-29T07:59:52+0000

Matt Clinch

CNBC

Squawk Box Live in Europe kept you up to date with China's stock markets, which staged a late rally Wednesday. This came as investors geared up for another bumper day of earnings and the conclusion of this month's Federal Reserve monetary policy meeting.

cnbc, Articles, FTSE 100, Stock markets, World Markets, DAX, CAC 40 Index, Europe News, Politics, stocks, Europe Markets, Europe Economy, CNBC TV, Video and TV, Europe Business Day, Squawk Box Europe, Squawk Box Live, source:tagname:CNBC Europe Source

<div class="group"><p><a href="http://www.cnbc.com/squawk-box-live/">Squawk Box Live</a> in Europe kept you up to date with China's stock markets, which staged a late rally Wednesday. This came as investors geared up for another bumper day of earnings and the conclusion of this month's Federal Reserve monetary policy meeting.</p></div>,<div class="group"><p>(App users please <a href="https://www.cnbc.com/2015/07/29/china-trades-warily-as-focus-switches-to-the-fed.html">click here</a>).</p></div>

Squawk Box Live in Europe kept you up to date with China's stock markets, which staged a late rally Wednesday. This came as investors geared up for another bumper day of earnings and the conclusion of this month's Federal Reserve monetary policy meeting.(App users please click here).

2021-10-30 14:12:08.806375

Will Market's Fed Rally Continue?

https://www.cnbc.com/2012/12/12/will-markets-fed-rally-continue.html

2012-12-12T18:09:32+0000

Bruno J. Navarro

CNBC

The stock market rallied midday Wednesday following the Federal Reserve's announcement of more bond buying, but will it continue? "This does look like it's going to be a long-term prognosis," OptionMonster's Pete Najarian said on "Fast Money." Specifically, the Fed's bond-buying and continued low interest rates would benefit the financial sector, he added. The rally in stocks suggested that Washington lawmakers would strike a budget deal to avoid the so-called "fiscal cliff," which would trigger tax hikes and automatic spending cuts on Jan. 1, Stephen Weiss of Short Hills Capital said. "You're looking for talk of a grand bargain at this point," he said. "You've increased the risk dramatically to your portfolio with the way the market's risen." Rosecliff Capital's Mike Murphy said the midday pop in the S&P 500 to 1,435 was significant and set up for a new level of resistance at 1,450. The Fed action signaled that it was safe to get back into stocks, he added. "I think the market continues to rally." Trader disclosure: On Dec. 12, 2012, the following stocks and commodities mentioned or intended to be mentioned on CNBC's "Fast Money" were owned by the "Fast Money" traders: Mike Murphy is long AAPL; Mike Murphy is long TGT; Enis Taner is long GS; Enis Taner is long AAPL 1X2 CALL SPREAD; Enis Taner is long GOOG PUT BUTTERFLY; Enis Taner is long SPY PUTS; Enis Taner is short XRT**; Pete Najarian is long AAPL; Pete Najarian is long BAC CALLS; Pete Najarian is long INTC CALLS; Pete Najarian is long RIMM CALLS; Pete Najarian is long SBUX; Pete Najarian is long FB; Pete Najarian is long MSFT; Pete Najarian is long LLY; Steve Weiss is long BAC; Steve Weiss is long JPM; Steve Weiss is long C; Steve Weiss is long FXI. (**Corrected.)

cnbc, Articles, S&P 500 Index, Fiscal Cliff, Fast Money, CNBC TV, Fast Money Halftime Report, source:tagname:CNBC US Source

<div class="group"><p> The stock market rallied midday Wednesday following the Federal Reserve's announcement of more bond buying, but will it continue? </p><p> "This does look like it's going to be a long-term prognosis," OptionMonster's Pete Najarian said on "<strong><a href="https://www.cnbc.com/fast-money/">Fast Money</a></strong>."</p><div style="height:100%" class="lazyload-placeholder"></div><p> Specifically, the Fed's bond-buying and continued low interest rates would benefit the financial sector, he added.</p><p> The rally in stocks suggested that Washington lawmakers would strike a budget deal to avoid the so-called "<strong><a href="https://www.cnbc.com/id/49731716">fiscal cliff</a></strong>," which would trigger tax hikes and automatic spending cuts on Jan. 1, Stephen Weiss of Short Hills Capital said.</p><p> "You're looking for talk of a grand bargain at this point," he said. "You've increased the risk dramatically to your portfolio with the way the market's risen."</p><p> Rosecliff Capital's Mike Murphy said the midday pop in the <strong><a href="https://www.cnbc.com/quotes/.SPX">S&amp;P 500</a></strong> to 1,435 was significant and set up for a new level of resistance at 1,450.</p><p> The Fed action signaled that it was safe to get back into stocks, he added. </p><div style="height:100%" class="lazyload-placeholder"></div><p> "I think the market continues to rally."</p><p><em> Trader disclosure: On Dec. 12, 2012, the following stocks and commodities mentioned or intended to be mentioned on CNBC's "Fast Money" were owned by the "Fast Money" traders: Mike Murphy is long AAPL; Mike Murphy is long TGT; Enis Taner is long GS; Enis Taner is long AAPL 1X2 CALL SPREAD; Enis Taner is long GOOG PUT BUTTERFLY; Enis Taner is long SPY PUTS; Enis Taner is short XRT**; Pete Najarian is long AAPL; Pete Najarian is long BAC CALLS; Pete Najarian is long INTC CALLS; Pete Najarian is long RIMM CALLS; Pete Najarian is long SBUX; Pete Najarian is long FB; Pete Najarian is long MSFT; Pete Najarian is long LLY; Steve Weiss is long BAC; Steve Weiss is long JPM; Steve Weiss is long C; Steve Weiss is long FXI. (**Corrected.)</em><br></p></div>

The stock market rallied midday Wednesday following the Federal Reserve's announcement of more bond buying, but will it continue? "This does look like it's going to be a long-term prognosis," OptionMonster's Pete Najarian said on "Fast Money." Specifically, the Fed's bond-buying and continued low interest rates would benefit the financial sector, he added. The rally in stocks suggested that Washington lawmakers would strike a budget deal to avoid the so-called "fiscal cliff," which would trigger tax hikes and automatic spending cuts on Jan. 1, Stephen Weiss of Short Hills Capital said. "You're looking for talk of a grand bargain at this point," he said. "You've increased the risk dramatically to your portfolio with the way the market's risen." Rosecliff Capital's Mike Murphy said the midday pop in the S&P 500 to 1,435 was significant and set up for a new level of resistance at 1,450. The Fed action signaled that it was safe to get back into stocks, he added. "I think the market continues to rally." Trader disclosure: On Dec. 12, 2012, the following stocks and commodities mentioned or intended to be mentioned on CNBC's "Fast Money" were owned by the "Fast Money" traders: Mike Murphy is long AAPL; Mike Murphy is long TGT; Enis Taner is long GS; Enis Taner is long AAPL 1X2 CALL SPREAD; Enis Taner is long GOOG PUT BUTTERFLY; Enis Taner is long SPY PUTS; Enis Taner is short XRT**; Pete Najarian is long AAPL; Pete Najarian is long BAC CALLS; Pete Najarian is long INTC CALLS; Pete Najarian is long RIMM CALLS; Pete Najarian is long SBUX; Pete Najarian is long FB; Pete Najarian is long MSFT; Pete Najarian is long LLY; Steve Weiss is long BAC; Steve Weiss is long JPM; Steve Weiss is long C; Steve Weiss is long FXI. (**Corrected.)

2021-10-30 14:12:09.054028

Your first trade for Wednesday, January 15

https://www.cnbc.com/2020/01/15/your-first-trade-for-wednesday-january-15.html

2020-01-15T15:33:43+0000

Tyler Bailey

CNBC

The "Fast Money" traders shared their first moves for the market open.Tim Seymour was a buyer of the Russia ETF.Brian Kelly was a buyer of Freeport McMoRan.Karen Finerman was a seller of Apple calls.Guy Adami was a buyer of UnitedHealth. DisclaimerTrader disclosure: Tim Seymour is long AMZA, AMZN, AAPL, ACBFF, ACRGF, ALEF, ACB, APH, ARNA, BA, BABA, BAC, BTI, C, CARA, CCJ, CF, CGC, CLF, CNBS, CRLBF, CRON, CSCO, CWEB, CURLF, DAL, DIS, DVYE, EA, EBR, EDC, EEM, EMH, EUFN, EWM, FB, FDX, FIRE, FLWR, FXI, GE, GM, GOOGL, GTBIF, GTII, GWPH, HEXO, HK.APH, HRVOF, HVT, HYYDF, IIPR, INTC, ITHUF, JD, KERN, KHRN, KRO, KSHB, LABS, LEAF, LNTH, MAT, MCD, MJNE, MO, MOS, MPX, MRMD, NEPT, NKE, NRTH, OGI, OGZPY, ORGMF, OTC, PAK, PCLO, PHM, PKI, RIV, SBUX, SNDL, SQ, SSPKU, STZ, T, TCEHY, TER, TGOD, TLRY, TNYBF, TRSSF, TRST, TWTR, UA, UAL, VEON, VFF, VIAB, VIVO, VOD, WAB, WB, WMD, X, XLY, YCBD, YNDX, ZENA, ZYNE, 700. Tim is short IWM, RACE, SPY. Tim's firm is long CGC, HEXO, CRON, APH. Tim is on the advisory board of KSHB, Heaven,Tikun Olam, CCTV, and Canndescent. Tim has securities licenses registered with The Benchmark Company. Tim is an advisor to JWAM. Brian Kelly is Long Bitcoin, Ethereum, Oil, GLD. Short US 10 Year Notes. Karen Finerman's firm is long ANTM, C, CBS, CPRI, FB, FDX, FL, FNAC, GOOG, GOOGL, GLNG, GMLP, HD, JPM, LYV, REZI, RRGB, SPY puts, SPY put spreads, STNG, TBT, TGT, TIF, URI, WIFI. Her firm is short HYG, IWM, LQD. Her firm is short TGT calls. Her firm is long DIS call spreads. Karen Finerman is long AAL, AYR/CN BAC, BOT Bitcoin, Bitcoin Cash, Ethereum, C, CAT, CBS, CPRI, DAL, DVYE, DXJ, EEM, EPI, EWW, EWZ, DVYE, FB, FL, GM, GMLP, GLNG, GOOG, GOOGL, JPM, LOW, LYV, KFL, MA, MTW, REAL, REZI, SEDG, TACO, WIFI, WFM. KarenFinerman is longFB spread calls. KarenFinerman is long GOOG put spreads. Karen Finerman is long SPY puts. Bitcoin and Ethereum are in her kids' Trust. Guy Adami is long CELG, EXAS, GDX, INTC. GuyAdami's wife, Linda Snow, works at Merck.

cnbc, Articles, Stock markets, Apple Inc, Markets, Economy, VanEck Vectors Russia ETF, Freeport-McMoRan Inc, UnitedHealth Group Inc, stocks, Fast Money, Finance, CNBC TV, source:tagname:CNBC US Source

<div class="group"><p>The "<a href="https://www.cnbc.com/fast-money/">Fast Money</a>" traders shared their first moves for the market open.</p><p>Tim Seymour was a buyer of the <a href="https://www.cnbc.com/quotes/RSX">Russia ETF</a>.</p><div style="height:100%" class="lazyload-placeholder"></div><p>Brian Kelly was a buyer of <a href="//www.cnbc.com/quotes/FCX" target="_blank">Freeport McMoRan</a>.</p><p>Karen Finerman was a seller of <a href="//www.cnbc.com/quotes/AAPL" target="_blank">Apple</a> <a href="https://www.cnbc.com/2011/06/03/call-options-cnbc-explains.html">calls</a>.</p><p>Guy Adami was a buyer of <a href="//www.cnbc.com/quotes/UNH" target="_blank">UnitedHealth</a>. </p><p><a href="https://www.cnbc.com/stocks-disclaimer.html">Disclaimer</a></p><p><em>Trader disclosure: Tim Seymour is long AMZA, AMZN, AAPL, ACBFF, ACRGF, ALEF, ACB, APH, ARNA, BA, BABA, BAC, BTI, C, CARA, CCJ, CF, CGC, CLF, CNBS, CRLBF, CRON, CSCO, CWEB, CURLF, DAL, DIS, DVYE, EA, EBR, EDC, EEM, EMH, EUFN, EWM, FB, FDX, FIRE, FLWR, FXI, GE, GM, GOOGL, GTBIF, GTII, GWPH, HEXO, HK.APH, HRVOF, HVT, HYYDF, IIPR, INTC, ITHUF, JD, KERN, KHRN, KRO, KSHB, LABS, LEAF, LNTH, MAT, MCD, MJNE, MO, MOS, MPX, MRMD, NEPT, NKE, NRTH, OGI, OGZPY, ORGMF, OTC, PAK, PCLO, PHM, PKI, RIV, SBUX, SNDL, SQ, SSPKU, STZ, T, TCEHY, TER, TGOD, TLRY, TNYBF, TRSSF, TRST, TWTR, UA, UAL, VEON, VFF, VIAB, VIVO, VOD, WAB, WB, WMD, X, XLY, YCBD, YNDX, ZENA, ZYNE, 700. Tim is short IWM, RACE, SPY. Tim's firm is long CGC, HEXO, CRON, APH. Tim is on the advisory board of KSHB, Heaven,Tikun Olam, CCTV, and Canndescent. Tim has securities licenses registered with The Benchmark Company. Tim is an advisor to JWAM. Brian Kelly is Long Bitcoin, Ethereum, Oil, GLD. Short US 10 Year Notes. Karen Finerman's firm is long ANTM, C, CBS, CPRI, FB, FDX, FL, FNAC, GOOG, GOOGL, GLNG, GMLP, HD, JPM, LYV, REZI, RRGB, SPY puts, SPY put spreads, STNG, TBT, TGT, TIF, URI, WIFI. Her firm is short HYG, IWM, LQD. Her firm is short TGT calls. Her firm is long DIS call spreads. Karen Finerman is long AAL, AYR/CN BAC, BOT Bitcoin, Bitcoin Cash, Ethereum, C, CAT, CBS, CPRI, DAL, DVYE, DXJ, EEM, EPI, EWW, EWZ, DVYE, FB, FL, GM, GMLP, GLNG, GOOG, GOOGL, JPM, LOW, LYV, KFL, MA, MTW, REAL, REZI, SEDG, TACO, WIFI, WFM. KarenFinerman is longFB spread calls. KarenFinerman is long GOOG put spreads. Karen Finerman is long SPY puts. Bitcoin and Ethereum are in her kids' Trust. Guy Adami is long CELG, EXAS, GDX, INTC. GuyAdami's wife, Linda Snow, works at Merck.</em></p></div>

The "Fast Money" traders shared their first moves for the market open.Tim Seymour was a buyer of the Russia ETF.Brian Kelly was a buyer of Freeport McMoRan.Karen Finerman was a seller of Apple calls.Guy Adami was a buyer of UnitedHealth. DisclaimerTrader disclosure: Tim Seymour is long AMZA, AMZN, AAPL, ACBFF, ACRGF, ALEF, ACB, APH, ARNA, BA, BABA, BAC, BTI, C, CARA, CCJ, CF, CGC, CLF, CNBS, CRLBF, CRON, CSCO, CWEB, CURLF, DAL, DIS, DVYE, EA, EBR, EDC, EEM, EMH, EUFN, EWM, FB, FDX, FIRE, FLWR, FXI, GE, GM, GOOGL, GTBIF, GTII, GWPH, HEXO, HK.APH, HRVOF, HVT, HYYDF, IIPR, INTC, ITHUF, JD, KERN, KHRN, KRO, KSHB, LABS, LEAF, LNTH, MAT, MCD, MJNE, MO, MOS, MPX, MRMD, NEPT, NKE, NRTH, OGI, OGZPY, ORGMF, OTC, PAK, PCLO, PHM, PKI, RIV, SBUX, SNDL, SQ, SSPKU, STZ, T, TCEHY, TER, TGOD, TLRY, TNYBF, TRSSF, TRST, TWTR, UA, UAL, VEON, VFF, VIAB, VIVO, VOD, WAB, WB, WMD, X, XLY, YCBD, YNDX, ZENA, ZYNE, 700. Tim is short IWM, RACE, SPY. Tim's firm is long CGC, HEXO, CRON, APH. Tim is on the advisory board of KSHB, Heaven,Tikun Olam, CCTV, and Canndescent. Tim has securities licenses registered with The Benchmark Company. Tim is an advisor to JWAM. Brian Kelly is Long Bitcoin, Ethereum, Oil, GLD. Short US 10 Year Notes. Karen Finerman's firm is long ANTM, C, CBS, CPRI, FB, FDX, FL, FNAC, GOOG, GOOGL, GLNG, GMLP, HD, JPM, LYV, REZI, RRGB, SPY puts, SPY put spreads, STNG, TBT, TGT, TIF, URI, WIFI. Her firm is short HYG, IWM, LQD. Her firm is short TGT calls. Her firm is long DIS call spreads. Karen Finerman is long AAL, AYR/CN BAC, BOT Bitcoin, Bitcoin Cash, Ethereum, C, CAT, CBS, CPRI, DAL, DVYE, DXJ, EEM, EPI, EWW, EWZ, DVYE, FB, FL, GM, GMLP, GLNG, GOOG, GOOGL, JPM, LOW, LYV, KFL, MA, MTW, REAL, REZI, SEDG, TACO, WIFI, WFM. KarenFinerman is longFB spread calls. KarenFinerman is long GOOG put spreads. Karen Finerman is long SPY puts. Bitcoin and Ethereum are in her kids' Trust. Guy Adami is long CELG, EXAS, GDX, INTC. GuyAdami's wife, Linda Snow, works at Merck.

2021-10-30 14:12:09.092147

Cramer’s Sell-Off Playbook

https://www.cnbc.com/2009/02/18/cramers-selloff-playbook.html

2009-02-18T05:06:58+0000

Tom Brennan

CNBC

As horrible as they may seem, sell-offs are inevitable, Cramer said. But instead of panicking when a downturn happens, investors should see opportunity.There’s always a bull market somewhere, and there are opportunities in every market. That’s especially the case during a correction because stocks go on sale when the market drops. So instead of gnashing their teeth for not sidestepping a sell-off – an “amateurish pipedream,” Cramer called it – investors should take the chance to buy great companies on the cheap.This is why Cramer recommended having at least 5% of a portfolio in cash. So investors are ready when it’s time to pounce. If stocks have had a bigger run than usual, meaning some type of correction could be coming, 10% might be better. The bottom line: Big declines will always happen. But smart investors with readily available cash can take advantage of them.Questions for Cramer? Questions, comments, suggestions for the Mad Money website? madcap@cnbc.com

cnbc, Articles, CNBC TV, Mad Money, source:tagname:CNBC US Source

<div class="group"><p>As horrible as they may seem, sell-offs are inevitable, Cramer said. But instead of panicking when a downturn happens, investors should see opportunity.<br><br></p><p>There’s always a bull market somewhere, and there are opportunities in every market. That’s especially the case during a correction because stocks go on sale when the market drops. So instead of gnashing their teeth for not sidestepping a sell-off – an “amateurish pipedream,” Cramer called it – investors should take the chance to buy great companies on the cheap.</p><div style="height:100%" class="lazyload-placeholder"></div><p>This is why Cramer recommended having at least 5% of a portfolio in cash. So investors are ready when it’s time to pounce. If stocks have had a bigger run than usual, meaning some type of correction could be coming, 10% might be better. </p><p>The bottom line: Big declines will always happen. But smart investors with readily available cash can take advantage of them.</p><p><br><br><br><br><br></p><p><em>Questions for Cramer? </em></p><p><em>Questions, comments, suggestions for the Mad Money website? </em><a href="mailto:madcap@cnbc.com" class="webresource" target="_blank">madcap@cnbc.com</a></p></div>

As horrible as they may seem, sell-offs are inevitable, Cramer said. But instead of panicking when a downturn happens, investors should see opportunity.There’s always a bull market somewhere, and there are opportunities in every market. That’s especially the case during a correction because stocks go on sale when the market drops. So instead of gnashing their teeth for not sidestepping a sell-off – an “amateurish pipedream,” Cramer called it – investors should take the chance to buy great companies on the cheap.This is why Cramer recommended having at least 5% of a portfolio in cash. So investors are ready when it’s time to pounce. If stocks have had a bigger run than usual, meaning some type of correction could be coming, 10% might be better. The bottom line: Big declines will always happen. But smart investors with readily available cash can take advantage of them.Questions for Cramer? Questions, comments, suggestions for the Mad Money website? madcap@cnbc.com

2021-10-30 14:12:09.127811

'Powerful and dangerous' Hurricane Ida is on the verge of landfall in Louisiana

https://www.cnbc.com/2021/08/29/louisiana-braces-for-extremely-dangerous-category-4-hurricane-ida.html

2021-08-29T10:32:53+0000

CNBC

Hurricane Ida was on the verge of making landfall in the United States on Sunday as an extremely dangerous Category 4 storm that could plunge much of the Louisiana shoreline underwater as the state grapples with a Covid-19 surge already taxing hospitals.Ida gathered more strength overnight, faster than meteorologists had predicted only a day ago. It is the toughest test yet for the hundreds of miles of new levees built around New Orleans after the devastation of Hurricane Katrina, which made landfall 16 years ago to the day, inundating historically Black neighborhoods and killing more than 1,800 people.Louisiana Governor John Bel Edwards said that the storm, due to make landfall by Sunday afternoon, could be the state's worst direct hit by a hurricane since the 1850s.The state is also dealing with the nation's third-highest rate of new COVID-19 infections, with about 3,400 new cases reported on Friday alone. Hospitals were treating some 2,450 COVID-19 patients, Edwards said, with those in many of the state's parishes already nearing capacity.By early Sunday, Ida was a Category 4 hurricane on the five-step Saffir-Simpson scale, the National Hurricane Center (NHC) said. At 11 a.m. CDT (1600 GMT) it was located about 60 miles (95 km) west-southwest of the mouth of the Mississippi River, and some 85 miles (135 km) south of New Orleans, carrying top sustained winds of 150 miles per hour (240 km per hour).Rain gusted through New Orleans on Sunday morning, where retired 68-year-old Robert Ruffin had evacuated with his family to a downtown hotel from their home in the city's east."I thought it was safer," he said. "It's double trouble this time because of COVID."IDA's landfall was only a few hours away, according to the NHC, which warned of life-threatening storm surges, potentially catastrophic wind damage and flooding rainfall."We're as prepared as we can be, but we're worried about those levees," said Kirk Lepine, president of Plaquemines Parish on the state's Gulf Coast.Plaquemines is one of the most vulnerable parishes, where 23,000 people live along the Mississippi delta stretching into the Gulf. Lepine feared levees along Highway 23 were not up to task."Water could go over top," he said. "That's our one road in and out."Edwards told CNN on Sunday that he believed the state's levees would be able to withstand the storm surge, though he expressed some doubt about parishes, like Plaquemines, in the south."Where we're less confident is further south where you have other protection systems that are not built to that same standard," he said. "That's where we are most concerned about the impact of storm surge."He said on Saturday there were no plans to evacuate patients from hospitals, and that state officials had been speaking with hospitals to ensure their generators were working and that they had more water on hand than normal.Officials ordered widespread evacuations of low-lying and coastal areas, jamming highways and leading some gasoline stations to run dry as residents and vacationers fled."This is a powerful and dangerous storm. It is moving faster than we had thought it would be, so we have a little less time to prepare," said Dr. Joseph Kanter, Louisiana's chief medical official. "There is a lot of Covid out there, there are a lot of risks out there."

cnbc, Articles, Breaking news, Life, Environment, Hurricanes, Natural disasters, Phillips 66, Exxon Mobil Corp, Joe Biden, US: News, Climate, Business News, Weather and Natural Disasters, source:tagname:Reuters

<div class="group"><p>Hurricane Ida was on the verge of making landfall in the United States on Sunday as an extremely dangerous Category 4 storm that could plunge much of the Louisiana shoreline underwater as the state grapples with a Covid-19 surge already taxing hospitals.</p><p>Ida gathered more strength overnight, faster than meteorologists had predicted only a day ago. It is the toughest test yet for the hundreds of miles of new levees built around New Orleans after the devastation of Hurricane Katrina, which made landfall 16 years ago to the day, inundating historically Black neighborhoods and killing more than 1,800 people.</p><div style="height:100%" class="lazyload-placeholder"></div><p>Louisiana Governor John Bel Edwards said that the storm, due to make landfall by Sunday afternoon, could be the state's worst direct hit by a hurricane since the 1850s.</p><p>The state is also dealing with the nation's third-highest rate of new COVID-19 infections, with about 3,400 new cases reported on Friday alone. Hospitals were treating some 2,450 COVID-19 patients, Edwards said, with those in many of the state's parishes already nearing capacity.</p><p>By early Sunday, Ida was a Category 4 hurricane on the five-step Saffir-Simpson scale, the National Hurricane Center (NHC) said. At 11 a.m. CDT (1600 GMT) it was located about 60 miles (95 km) west-southwest of the mouth of the Mississippi River, and some 85 miles (135 km) south of New Orleans, carrying top sustained winds of 150 miles per hour (240 km per hour).</p><p>Rain gusted through New Orleans on Sunday morning, where retired 68-year-old Robert Ruffin had evacuated with his family to a downtown hotel from their home in the city's east.</p><p>"I thought it was safer," he said. "It's double trouble this time because of COVID."</p><div style="height:100%" class="lazyload-placeholder"></div><p>IDA's landfall was only a few hours away, according to the NHC, which warned of life-threatening storm surges, potentially catastrophic wind damage and flooding rainfall.</p><p>"We're as prepared as we can be, but we're worried about those levees," said Kirk Lepine, president of Plaquemines Parish on the state's Gulf Coast.</p><p>Plaquemines is one of the most vulnerable parishes, where 23,000 people live along the Mississippi delta stretching into the Gulf. Lepine feared levees along Highway 23 were not up to task.</p><p>"Water could go over top," he said. "That's our one road in and out."</p><p>Edwards told CNN on Sunday that he believed the state's levees would be able to withstand the storm surge, though he expressed some doubt about parishes, like Plaquemines, in the south.</p><p>"Where we're less confident is further south where you have other protection systems that are not built to that same standard," he said. "That's where we are most concerned about the impact of storm surge."</p><p>He said on Saturday there were no plans to evacuate patients from hospitals, and that state officials had been speaking with hospitals to ensure their generators were working and that they had more water on hand than normal.</p><p>Officials ordered widespread evacuations of low-lying and coastal areas, jamming highways and leading some gasoline stations to run dry as residents and vacationers fled.</p><p>"This is a powerful and dangerous storm. It is moving faster than we had thought it would be, so we have a little less time to prepare," said Dr. Joseph Kanter, Louisiana's chief medical official. "There is a lot of Covid out there, there are a lot of risks out there."</p></div>,<div class="group"><p>Utilities were bringing in extra crews and equipment to deal with expected power losses. U.S. President <a href="https://www.cnbc.com/joe-biden/">Joe Biden</a> said he has coordinated with electric utilities and 500 federal emergency response workers were in Texas and Louisiana to respond to the storm.</p><p>U.S. energy companies reduced offshore oil production by 91% and gasoline refiners cut operations at Louisiana plants in the path of the storm. Regional fuel prices rose in anticipation of production losses and on increased demand due to evacuations.</p><p>Coastal and inland oil refineries also began to cut production due to the storm. <a href="//www.cnbc.com/quotes/PSX" target="_blank">Phillips 66</a> shut its Alliance plant on the coast in Belle Chasse, while <a href="//www.cnbc.com/quotes/XOM" target="_blank">Exxon Mobil</a> cut production at its Baton Rouge, Louisiana, refinery on Saturday.</p><p>Jean Paul Bourg, 39, was planning to ride out the storm in Morgan City, about 70 miles (112 km) west of New Orleans. His wife's brother was recently released from the hospital after contracting COVID-19 and secured a generator to ensure access to oxygen if needed.</p><p>"You can't necessarily pile in with family members during Covid," Bourg said, after trimming trees and putting up plywood on his house. "More people than you'd think are sticking around."</p></div>

Hurricane Ida was on the verge of making landfall in the United States on Sunday as an extremely dangerous Category 4 storm that could plunge much of the Louisiana shoreline underwater as the state grapples with a Covid-19 surge already taxing hospitals.Ida gathered more strength overnight, faster than meteorologists had predicted only a day ago. It is the toughest test yet for the hundreds of miles of new levees built around New Orleans after the devastation of Hurricane Katrina, which made landfall 16 years ago to the day, inundating historically Black neighborhoods and killing more than 1,800 people.Louisiana Governor John Bel Edwards said that the storm, due to make landfall by Sunday afternoon, could be the state's worst direct hit by a hurricane since the 1850s.The state is also dealing with the nation's third-highest rate of new COVID-19 infections, with about 3,400 new cases reported on Friday alone. Hospitals were treating some 2,450 COVID-19 patients, Edwards said, with those in many of the state's parishes already nearing capacity.By early Sunday, Ida was a Category 4 hurricane on the five-step Saffir-Simpson scale, the National Hurricane Center (NHC) said. At 11 a.m. CDT (1600 GMT) it was located about 60 miles (95 km) west-southwest of the mouth of the Mississippi River, and some 85 miles (135 km) south of New Orleans, carrying top sustained winds of 150 miles per hour (240 km per hour).Rain gusted through New Orleans on Sunday morning, where retired 68-year-old Robert Ruffin had evacuated with his family to a downtown hotel from their home in the city's east."I thought it was safer," he said. "It's double trouble this time because of COVID."IDA's landfall was only a few hours away, according to the NHC, which warned of life-threatening storm surges, potentially catastrophic wind damage and flooding rainfall."We're as prepared as we can be, but we're worried about those levees," said Kirk Lepine, president of Plaquemines Parish on the state's Gulf Coast.Plaquemines is one of the most vulnerable parishes, where 23,000 people live along the Mississippi delta stretching into the Gulf. Lepine feared levees along Highway 23 were not up to task."Water could go over top," he said. "That's our one road in and out."Edwards told CNN on Sunday that he believed the state's levees would be able to withstand the storm surge, though he expressed some doubt about parishes, like Plaquemines, in the south."Where we're less confident is further south where you have other protection systems that are not built to that same standard," he said. "That's where we are most concerned about the impact of storm surge."He said on Saturday there were no plans to evacuate patients from hospitals, and that state officials had been speaking with hospitals to ensure their generators were working and that they had more water on hand than normal.Officials ordered widespread evacuations of low-lying and coastal areas, jamming highways and leading some gasoline stations to run dry as residents and vacationers fled."This is a powerful and dangerous storm. It is moving faster than we had thought it would be, so we have a little less time to prepare," said Dr. Joseph Kanter, Louisiana's chief medical official. "There is a lot of Covid out there, there are a lot of risks out there."Utilities were bringing in extra crews and equipment to deal with expected power losses. U.S. President Joe Biden said he has coordinated with electric utilities and 500 federal emergency response workers were in Texas and Louisiana to respond to the storm.U.S. energy companies reduced offshore oil production by 91% and gasoline refiners cut operations at Louisiana plants in the path of the storm. Regional fuel prices rose in anticipation of production losses and on increased demand due to evacuations.Coastal and inland oil refineries also began to cut production due to the storm. Phillips 66 shut its Alliance plant on the coast in Belle Chasse, while Exxon Mobil cut production at its Baton Rouge, Louisiana, refinery on Saturday.Jean Paul Bourg, 39, was planning to ride out the storm in Morgan City, about 70 miles (112 km) west of New Orleans. His wife's brother was recently released from the hospital after contracting COVID-19 and secured a generator to ensure access to oxygen if needed."You can't necessarily pile in with family members during Covid," Bourg said, after trimming trees and putting up plywood on his house. "More people than you'd think are sticking around."

2021-10-30 14:12:09.591619

When you can expect to receive the $600 stimulus check

https://www.cnbc.com/2020/12/28/when-you-can-expect-to-receive-the-600-stimulus-check.html

2020-12-28T20:11:50+0000

Alicia Adamczyk

CNBC

Now that President Donald Trump has signed off on the $900 billion coronavirus relief bill, many Americans can expect to receive a second stimulus check in the coming weeks, a welcome development for households across the country that could not afford to celebrate this holiday season.As of last week, direct deposits from the IRS were expected to hit bank accounts before Dec. 31, with paper checks and debit cards sent out to all eligible households by Jan. 15. But with the president's delay in signing the bill, the payments may take slightly longer to arrive.Don't miss: The best 0% APR credit cards with no interest for up to 20 monthsThat said, it is possible that direct deposits could still start being deposited under the same timeline, "as soon as this week," according to a spokesman for Rep. Don Beyer, D-Va., since the Treasury Department was already preparing to make the payments under the assumption that the bill would be signed last week.Treasury did not immediately return a request for comment, but an official told CNBC that the timeline is expected to be the same.

makeit, Articles, Personal finance, Coronavirus, COVID-19, Economic stimulus, Make It, Make It - Money, Make It - Work, Make It - Earn, Make It - Spend, Make It - The Covid Economy, source:tagname:CNBC US Source

2021-10-30 14:12:09.628270

The Fed's economic forecasts are all over the map, a sign of how uncertain these times are

https://www.cnbc.com/2020/06/12/feds-economic-forecasts-are-all-over-the-map-a-sign-of-how-uncertain-these-times-are.html

2020-06-12T18:05:28+0000

Jeff Cox

CNBC

The Federal Reserve's economic outlook isn't so much pessimistic as it is uncertain, with expectations running a wide gamut from a plodding recovery to a sharp rebound.If that sounds a lot like the market lately, it's probably not a coincidence.Following its two-day meeting earlier this week, the Fed released its Summary of Economic Projections for GDP, unemployment, inflation and interest rates. The estimates largely reflected the current unprecedented downturn followed by expectations for varying levels of growth ahead. Specifically on GDP, which measures goods and services produced and is the broadest yardstick for economic growth, the median figures in each of the three years for which estimates were provided masked wide disparities of views from the policymaking Federal Open Market Committee's 17 members.For 2020, the median expectation was for a GDP decline of 6.5%. But that was merely the midpoint of forecasts that ranged all the way from -10% to -4.2%. The difference gets even more pronounced in 2021, where the median is a 5% gain but the range goes from -1% — in essence, a continuation of the recession that started in February 2020 — to a 7% gain, which would be the fastest one-year growth rate since 1984.The outlook for unemployment and inflation all showed a substantial disparity of opinions.

cnbc, Articles, Federal Reserve Bank, Economic growth, Economic policy, COVID-19, Coronavirus, Economy, Markets, Jerome Powell, U.S. Markets, US: News, CNBC Data Visualizations, Business News, The Fed, source:tagname:CNBC US Source

<div class="group"><p>The Federal Reserve's economic outlook isn't so much pessimistic as it is uncertain, with expectations running a wide gamut from a plodding recovery to a sharp rebound.</p><p>If that sounds a lot like the market lately, it's probably not a coincidence.</p><div style="height:100%" class="lazyload-placeholder"></div><p>Following its <a href="https://www.cnbc.com/2020/06/10/fed-meeting-decision-interest-rates.html">two-day meeting earlier this week</a>, the Fed released its Summary of Economic Projections for GDP, unemployment, inflation and interest rates. The estimates largely reflected the current unprecedented downturn followed by expectations for varying levels of growth ahead. </p><p>Specifically on GDP, which measures goods and services produced and is the broadest yardstick for economic growth, the median figures in each of the three years for which estimates were provided masked wide disparities of views from the policymaking Federal Open Market Committee's 17 members.</p><p>For 2020, the median expectation was for a GDP decline of 6.5%. But that was merely the midpoint of forecasts that ranged all the way from -10% to -4.2%. </p><p>The difference gets even more pronounced in 2021, where the median is a 5% gain but the range goes from -1% — in essence, a continuation of the recession that started in February 2020 — to a 7% gain, which would be the fastest one-year growth rate since 1984.</p><p>The outlook for unemployment and inflation all showed a substantial disparity of opinions.</p><div style="height:100%" class="lazyload-placeholder"></div></div>,<div class="group"><p>Such wide spreads over what the future holds now seem written in the financial markets and particularly stocks, which on Thursday suffered their worst one-day plunge since late March and now <a href="https://www.cnbc.com/2020/06/12/art-cashin-says-millennial-amateurs-bailing-on-winners-turned-this-weeks-sell-off-vicious.html">suddenly look wobbly</a> after a stunning 2½-month run higher. The surge came against a bevy of <a href="https://www.cnbc.com/2020/06/04/weekly-jobless-claims.html">jaw-dropping economic numbers</a> that showed how much damage the pandemic has caused.</p><p>"They've been pretty honest and straightforward about the high level of uncertainty that they see around how the economy's progressing, which is nice," Kathy Jones, head of fixed income for Charles Schwab, said of the Fed policymakers.</p><p>"We all know the second quarter is the trough and things will get better and the market is trying to discount that," she added. "But I think the markets got pretty carried away."</p></div>,<div class="group"><p>Indeed, Fed Chairman <a href="https://www.cnbc.com/jay-powell/">Jerome Powell</a> has been emphasizing that even with all of the rescue funding that the central bank and Congress have been providing, the strength of the recovery is largely dependent on the path of the coronavirus. </p><p>Powell even noted at the end of this week's meeting that the SEP readings should be viewed cautiously. Because so much was unknown, the Fed declined to provide the quarterly summary at its main March policy meeting but elected to do so this week even with abundant questions about the future.</p><p>"Given the unusually high level of uncertainty about the outlook, many participants noted that they see a number of reasonably likely paths for the economy and that's not possible to identify with confidence a single path as the most likely one," <a href="https://www.cnbc.com/2020/06/10/watch-fed-chairman-jerome-powells-news-conference-live.html">Powell said Wednesday</a>, noting that the SEP was "a full range of plausible outcomes and not one particular forecast."</p></div>,<div class="group"><p>At a time when fears of a second round of Covid-19 infections are heightened, the Fed's sketchy outlook helped precipitate a wicked Thursday market slide that was only <a href="https://www.cnbc.com/2020/06/11/stock-market-futures-open-to-close-news.html">partially offset by a Friday rally</a> that continued to weaken as the day progressed. President Donald Trump weighed in Thursday, saying <a href="https://www.cnbc.com/2020/06/11/trump-blasts-fed-for-being-wrong-so-often-and-says-2021-will-be-one-of-our-best-ever-years.html">the Fed is "wrong so often"</a> even though its 2021 forecast is for the fastest pace of growth since Ronald Reagan was president.</p><p>The Fed offered no additional policy tools to help guide the economy through what promises to be a murky road ahead, only assurances that short-term benchmark interest rates would remain anchored near zero through at least 2022.</p><p>The SEP "showed a remarkably wide range of potential outcomes for the American economy over the next 2 years," wrote Nick Colas, co-founder of DataTrek Research. "Despite that, the Fed did not announce anything new [Wednesday] aside from some assurance that it will not employ negative interest rates."</p><p>Markets for the moment are no longer pricing in a chance that the Fed in fact <a href="https://www.cnbc.com/2020/05/13/powell-says-the-federal-reserve-is-not-looking-at-negative-interest-rates.html">would go to negative rates</a> anytime soon, despite persistent speculation that it might follow the example of Europe and Japan if things continued to deteriorate.</p><p>But the chasm of economic expectations between officials serves as a reminder of how in flux the future can be, even as investors continue to price in a best-case scenario.</p><p>"In the end, equity markets have made their bullish bet about future corporate profits specifically and the state of the US economy more generally," Colas said. "Even a Federal Reserve with an unabashedly uncertain outlook will not change that much."</p></div>

The Federal Reserve's economic outlook isn't so much pessimistic as it is uncertain, with expectations running a wide gamut from a plodding recovery to a sharp rebound.If that sounds a lot like the market lately, it's probably not a coincidence.Following its two-day meeting earlier this week, the Fed released its Summary of Economic Projections for GDP, unemployment, inflation and interest rates. The estimates largely reflected the current unprecedented downturn followed by expectations for varying levels of growth ahead. Specifically on GDP, which measures goods and services produced and is the broadest yardstick for economic growth, the median figures in each of the three years for which estimates were provided masked wide disparities of views from the policymaking Federal Open Market Committee's 17 members.For 2020, the median expectation was for a GDP decline of 6.5%. But that was merely the midpoint of forecasts that ranged all the way from -10% to -4.2%. The difference gets even more pronounced in 2021, where the median is a 5% gain but the range goes from -1% — in essence, a continuation of the recession that started in February 2020 — to a 7% gain, which would be the fastest one-year growth rate since 1984.The outlook for unemployment and inflation all showed a substantial disparity of opinions.Such wide spreads over what the future holds now seem written in the financial markets and particularly stocks, which on Thursday suffered their worst one-day plunge since late March and now suddenly look wobbly after a stunning 2½-month run higher. The surge came against a bevy of jaw-dropping economic numbers that showed how much damage the pandemic has caused."They've been pretty honest and straightforward about the high level of uncertainty that they see around how the economy's progressing, which is nice," Kathy Jones, head of fixed income for Charles Schwab, said of the Fed policymakers."We all know the second quarter is the trough and things will get better and the market is trying to discount that," she added. "But I think the markets got pretty carried away."Indeed, Fed Chairman Jerome Powell has been emphasizing that even with all of the rescue funding that the central bank and Congress have been providing, the strength of the recovery is largely dependent on the path of the coronavirus. Powell even noted at the end of this week's meeting that the SEP readings should be viewed cautiously. Because so much was unknown, the Fed declined to provide the quarterly summary at its main March policy meeting but elected to do so this week even with abundant questions about the future."Given the unusually high level of uncertainty about the outlook, many participants noted that they see a number of reasonably likely paths for the economy and that's not possible to identify with confidence a single path as the most likely one," Powell said Wednesday, noting that the SEP was "a full range of plausible outcomes and not one particular forecast."At a time when fears of a second round of Covid-19 infections are heightened, the Fed's sketchy outlook helped precipitate a wicked Thursday market slide that was only partially offset by a Friday rally that continued to weaken as the day progressed. President Donald Trump weighed in Thursday, saying the Fed is "wrong so often" even though its 2021 forecast is for the fastest pace of growth since Ronald Reagan was president.The Fed offered no additional policy tools to help guide the economy through what promises to be a murky road ahead, only assurances that short-term benchmark interest rates would remain anchored near zero through at least 2022.The SEP "showed a remarkably wide range of potential outcomes for the American economy over the next 2 years," wrote Nick Colas, co-founder of DataTrek Research. "Despite that, the Fed did not announce anything new [Wednesday] aside from some assurance that it will not employ negative interest rates."Markets for the moment are no longer pricing in a chance that the Fed in fact would go to negative rates anytime soon, despite persistent speculation that it might follow the example of Europe and Japan if things continued to deteriorate.But the chasm of economic expectations between officials serves as a reminder of how in flux the future can be, even as investors continue to price in a best-case scenario."In the end, equity markets have made their bullish bet about future corporate profits specifically and the state of the US economy more generally," Colas said. "Even a Federal Reserve with an unabashedly uncertain outlook will not change that much."

2021-10-30 14:12:09.742238

With bitcoin ticking over $28,000, now might be a good time to give some of it to charity

https://www.cnbc.com/2020/12/30/bitcoin-nears-27000-why-it-might-make-sense-to-give-some-to-charity.html

2020-12-30T14:34:13+0000

Darla Mercado, CFP®

CNBC

Sitting on a growing bitcoin fortune? Consider giving away some of it to charity.As 2020 draws to a close, the cryptocurrency has seen a massive surge in appreciation. The value of a single unit of bitcoin is now hovering around $28,000.Though longtime holders of the virtual currency are rejoicing, they run the risk of winding up overweight in bitcoin. That is, the massive run-up in values could suddenly result in investors having more exposure toward bitcoin — and its risks — than they'd like.Similarly, while cashing out of your holdings might seem attractive, it could come with a hefty capital gains tax bill on the appreciation.More from Advisor Insight:How financial advisors say to use your $600 stimulus checkHere's who's likely eligible for a second stimulus checkCovid relief bill adds PPP tax breaks the Treasury opposedThat's where charitable giving comes into play."We believe in asset diversification, and because the price of bitcoin rose significantly, investors could be overallocated based on their targets for their portfolio," said Stefan Podvojsky, senior vice president of Fidelity Charitable."A donor advised fund provides a great outlet to remove that overweight and support the philanthropy that is important to the donor," he said.Indeed, investors in bitcoin have been able to donate their holdings to donor-advised funds via Fidelity Charitable since 2015.

cnbc, Articles, Government taxation and revenue, Cryptocurrency, Tax planning, Financial consulting, Investment strategy, Financial Advisors, Investing, Special Reports, Tax Planning, Taxes, Tax Deductions, Advisor Insight, source:tagname:CNBC US Source

<div class="group"><p>Sitting on a growing bitcoin fortune? Consider giving away some of it to charity.</p><p>As 2020 draws to a close, the cryptocurrency has seen a massive surge in appreciation. The value of a single unit of bitcoin is <a href="https://www.cnbc.com/video/2020/12/28/bitcoin-surges-as-prices-hit-longest-monthly-streak-in-over-a-year.html">now hovering around $28,000</a>.</p><div style="height:100%" class="lazyload-placeholder"></div><p>Though longtime holders of the virtual currency are rejoicing, they run the risk of winding up overweight in bitcoin. That is, the massive run-up in values could suddenly result in investors having more exposure toward bitcoin — and its risks — than they'd like.</p><p>Similarly, while cashing out of your holdings might seem attractive, it could come with a hefty capital gains tax bill on the appreciation.</p><p><strong>More from Advisor Insight:</strong><br><a href="https://www.cnbc.com/2020/12/21/600-stimulus-checks-300-boost-to-unemployment-benefits-how-to-use-covid-relief.html">How financial advisors say to use your $600 stimulus check</a><br><a href="https://www.cnbc.com/2020/12/20/second-stimulus-check-how-much-to-expect-from-new-covid-relief.html">Here's who's likely eligible for a second stimulus check</a><br><a href="https://www.cnbc.com/2020/12/21/covid-relief-bill-adds-ppp-tax-breaks-the-treasury-opposed.html">Covid relief bill adds PPP tax breaks the Treasury opposed</a></p><p>That's where charitable giving comes into play.</p><p>"We believe in asset diversification, and because the price of bitcoin rose significantly, investors could be overallocated based on their targets for their portfolio," said Stefan Podvojsky, senior vice president of Fidelity Charitable.</p><div style="height:100%" class="lazyload-placeholder"></div><p>"A donor advised fund provides a great outlet to remove that overweight and support the philanthropy that is important to the donor," he said.</p><p>Indeed, investors in bitcoin have been able to donate their holdings to donor-advised funds via Fidelity Charitable since 2015.</p></div>,<div class="group"><p>Benefactors have given close to $26 million in bitcoin to Fidelity Charitable's donor-advised funds year to date as of Dec. 29.</p><p>Donor-advised funds are accounts generous investors can fund with a variety of assets and use for making grants to their favorite charitable causes.</p><p>Nevertheless, giving away bitcoin and other crypto assets can come with a unique set of hurdles, including price volatility and additional tax reporting on the part of the investor.</p></div>,<div class="group"><p>Though you can convert cryptocurrency into dollars, the <a href="https://www.irs.gov/businesses/small-businesses-self-employed/virtual-currencies" target="_blank">IRS regards it as property</a> for income tax purposes.</p><p>This means you're subject to capital gains taxes if you decide to sell or exchange your virtual currency holdings.</p><p>The magnitude of the tax hit will depend on how long you've held your bitcoin — if it's at least a year, you may qualify for the long-term capital gains rate of 0%, 15% or 20% — and your cost basis in the asset.</p><p>Investors who snapped up bitcoin when it was especially cheap — consider that one bitcoin was worth $7,220 Dec. 30, 2019 — may face the harshest tax consequences when they sell or exchange it.</p></div>,<div class="group"><p>That's because the tax would be based on the difference between their cost basis and today's market price.</p><p>Meanwhile, donating an asset you've held for at least a year will allow you to claim a tax deduction based on its <a href="https://www.irs.gov/publications/p561" target="_blank">fair market value</a>.</p><p>"Donating it could be incredibly tax-conducive," said Bryan Clontz, founder and president of Charitable Solutions, a firm that specializes in receiving and liquidating noncash assets for charities.</p><p>"It's the holy grail of charitable planning: a low basis, highly appreciated asset," he said.</p></div>,<div class="group"><p>Another reason why donating crypto via a donor-advised fund might make sense: Your favorite charity may be skittish about accepting direct contributions of virtual currency due to data security issues.</p><p>"The big issue for charities is the volatility and the risk that if you set up your own wallet, wallets can be hacked," said Greg Sharkey, senior philanthropy advisor at The Nature Conservancy, a charity in Arlington, Virginia.</p><p>The organization teamed up with BitPay, a bitcoin payment service provider, to accept donations and convert them to cash.</p><p>"If the donor calls this morning and wants to make gifts and does it through BitPay, the money would be at the charity's account tomorrow," said Sharkey.</p></div>,<div class="group"><p>What makes cryptocurrency so complex is the fact that not only are these assets subject to price volatility, but they also trade constantly.</p><p>Generally, the deduction a donor can claim is based on the price of the asset on the date they relinquish control to the donor-advised fund.</p><p>Fidelity Charitable only trades bitcoin during New York Stock Exchange market hours, or 9:30 a.m. to 4 p.m. Eastern, on weekdays, said Podvojsky. </p><p>"Depending on when during the day you might transfer the bitcoin to us, you would be subject to the price in the market and the liquidity we would be able to obtain at that point in time," he said.</p><p>Investors hoping to claim a tax deduction for their donation have extra legwork.</p><p>Because they're giving away a special asset, they must obtain a qualified appraisal from a third party and file <a href="https://www.irs.gov/pub/irs-pdf/f8283.pdf" target="_blank">Form 8283</a> with the IRS.</p><p>"Roughly $500 to $600 per appraisal would be the market for this space, and you'd have to have a larger donation to make it worth it," said Clontz. "There's a cost to the donor, and it's not just five minutes of work."</p></div>,<div class="group"><p>Giving away those appreciated bitcoin holdings and collecting a tax write-off isn't just a one-person effort. Here are a few considerations:</p><ul><li><strong>Gather your experts: </strong>Financial advisors have a bird's eye view of a client's holdings, but they'll likely need to link up with the client's accountant and a qualified appraiser to ensure the investor maximizes his tax deduction for the donation.</li><li><strong>Consider taking the donor-advised fund route:</strong> Volatility and data security are chief concerns for charities, and not all of them are equipped to take direct donations of crypto assets. A donor-advised fund can receive the gift, convert it and allow you to make grants to your favorite charities.</li><li><strong>Maintain solid records.</strong> The IRS has made no secret of its interest in crypto assets. The front page of the 2020 income tax return asks whether you've transacted in virtual currency over the year. Be sure to hold on to any acknowledgement letters you receive from charities, as well as your appraisal documents.</li></ul><p><em>Correction: New York Stock Exchange market hours are 9:30 a.m. to 4 p.m. Eastern on weekdays. An earlier version misstated the times.</em></p></div>

Sitting on a growing bitcoin fortune? Consider giving away some of it to charity.As 2020 draws to a close, the cryptocurrency has seen a massive surge in appreciation. The value of a single unit of bitcoin is now hovering around $28,000.Though longtime holders of the virtual currency are rejoicing, they run the risk of winding up overweight in bitcoin. That is, the massive run-up in values could suddenly result in investors having more exposure toward bitcoin — and its risks — than they'd like.Similarly, while cashing out of your holdings might seem attractive, it could come with a hefty capital gains tax bill on the appreciation.More from Advisor Insight:How financial advisors say to use your $600 stimulus checkHere's who's likely eligible for a second stimulus checkCovid relief bill adds PPP tax breaks the Treasury opposedThat's where charitable giving comes into play."We believe in asset diversification, and because the price of bitcoin rose significantly, investors could be overallocated based on their targets for their portfolio," said Stefan Podvojsky, senior vice president of Fidelity Charitable."A donor advised fund provides a great outlet to remove that overweight and support the philanthropy that is important to the donor," he said.Indeed, investors in bitcoin have been able to donate their holdings to donor-advised funds via Fidelity Charitable since 2015.Benefactors have given close to $26 million in bitcoin to Fidelity Charitable's donor-advised funds year to date as of Dec. 29.Donor-advised funds are accounts generous investors can fund with a variety of assets and use for making grants to their favorite charitable causes.Nevertheless, giving away bitcoin and other crypto assets can come with a unique set of hurdles, including price volatility and additional tax reporting on the part of the investor.Though you can convert cryptocurrency into dollars, the IRS regards it as property for income tax purposes.This means you're subject to capital gains taxes if you decide to sell or exchange your virtual currency holdings.The magnitude of the tax hit will depend on how long you've held your bitcoin — if it's at least a year, you may qualify for the long-term capital gains rate of 0%, 15% or 20% — and your cost basis in the asset.Investors who snapped up bitcoin when it was especially cheap — consider that one bitcoin was worth $7,220 Dec. 30, 2019 — may face the harshest tax consequences when they sell or exchange it.That's because the tax would be based on the difference between their cost basis and today's market price.Meanwhile, donating an asset you've held for at least a year will allow you to claim a tax deduction based on its fair market value."Donating it could be incredibly tax-conducive," said Bryan Clontz, founder and president of Charitable Solutions, a firm that specializes in receiving and liquidating noncash assets for charities."It's the holy grail of charitable planning: a low basis, highly appreciated asset," he said.Another reason why donating crypto via a donor-advised fund might make sense: Your favorite charity may be skittish about accepting direct contributions of virtual currency due to data security issues."The big issue for charities is the volatility and the risk that if you set up your own wallet, wallets can be hacked," said Greg Sharkey, senior philanthropy advisor at The Nature Conservancy, a charity in Arlington, Virginia.The organization teamed up with BitPay, a bitcoin payment service provider, to accept donations and convert them to cash."If the donor calls this morning and wants to make gifts and does it through BitPay, the money would be at the charity's account tomorrow," said Sharkey.What makes cryptocurrency so complex is the fact that not only are these assets subject to price volatility, but they also trade constantly.Generally, the deduction a donor can claim is based on the price of the asset on the date they relinquish control to the donor-advised fund.Fidelity Charitable only trades bitcoin during New York Stock Exchange market hours, or 9:30 a.m. to 4 p.m. Eastern, on weekdays, said Podvojsky. "Depending on when during the day you might transfer the bitcoin to us, you would be subject to the price in the market and the liquidity we would be able to obtain at that point in time," he said.Investors hoping to claim a tax deduction for their donation have extra legwork.Because they're giving away a special asset, they must obtain a qualified appraisal from a third party and file Form 8283 with the IRS."Roughly $500 to $600 per appraisal would be the market for this space, and you'd have to have a larger donation to make it worth it," said Clontz. "There's a cost to the donor, and it's not just five minutes of work."Giving away those appreciated bitcoin holdings and collecting a tax write-off isn't just a one-person effort. Here are a few considerations:Gather your experts: Financial advisors have a bird's eye view of a client's holdings, but they'll likely need to link up with the client's accountant and a qualified appraiser to ensure the investor maximizes his tax deduction for the donation.Consider taking the donor-advised fund route: Volatility and data security are chief concerns for charities, and not all of them are equipped to take direct donations of crypto assets. A donor-advised fund can receive the gift, convert it and allow you to make grants to your favorite charities.Maintain solid records. The IRS has made no secret of its interest in crypto assets. The front page of the 2020 income tax return asks whether you've transacted in virtual currency over the year. Be sure to hold on to any acknowledgement letters you receive from charities, as well as your appraisal documents.Correction: New York Stock Exchange market hours are 9:30 a.m. to 4 p.m. Eastern on weekdays. An earlier version misstated the times.

2021-10-30 14:12:09.784638

MARKET EYE-Indian shares extend falls; Infosys, financials hit

https://www.cnbc.com/2012/10/12/market-eyeindian-shares-extend-falls-infosys-financials-hit.html

2012-10-12T09:55:00+0000

CNBC

* The BSE indexfalls 0.66 percent while the 50-shareNSE indexis down 0.56 percent heading to their firstweekly fall after five weeks of straight gains.* Shares in Infosys Ltddrops 5.5 percent afterdisappointing investors with weaker-than-expected margins andtook a conservative view on its full-year earnings.* Fears of high inflation data due on Monday is also leading totrimming of positions in financials ahead of the weekend.* ICICI Bankfalls 1.3 percent, while HousingDevelopment Finance Corporationis down 1 percent.* However, HDFC Bank, gains 1 percent after meetingforecasts with a 30 percent year-on-year rise in second quarterprofit.(abhishek.vishnoi@thomsonreuters.com)

cnbc, Articles, ICICI Bank Ltd, Infosys Ltd, HDFC Bank Ltd, Wires, source:tagname:Thomson Financial News

<div class="group"><p>* The BSE index</p><p>falls 0.66 percent while the 50-shareNSE indexis down 0.56 percent heading to their firstweekly fall after five weeks of straight gains.* Shares in Infosys Ltd</p><div style="height:100%" class="lazyload-placeholder"></div><p>drops 5.5 percent afterdisappointing investors with weaker-than-expected margins andtook a conservative view on its full-year earnings.</p><p>* Fears of high inflation data due on Monday is also leading totrimming of positions in financials ahead of the weekend.</p><p>* ICICI Bank</p><p>falls 1.3 percent, while HousingDevelopment Finance Corporationis down 1 percent.* However, HDFC Bank</p><p>, gains 1 percent after meetingforecasts with a 30 percent year-on-year rise in second quarterprofit.</p><p>(<a href="mailto:abhishek.vishnoi@thomsonreuters.com" target="_blank">abhishek.vishnoi@thomsonreuters.com</a>)</p></div>

* The BSE indexfalls 0.66 percent while the 50-shareNSE indexis down 0.56 percent heading to their firstweekly fall after five weeks of straight gains.* Shares in Infosys Ltddrops 5.5 percent afterdisappointing investors with weaker-than-expected margins andtook a conservative view on its full-year earnings.* Fears of high inflation data due on Monday is also leading totrimming of positions in financials ahead of the weekend.* ICICI Bankfalls 1.3 percent, while HousingDevelopment Finance Corporationis down 1 percent.* However, HDFC Bank, gains 1 percent after meetingforecasts with a 30 percent year-on-year rise in second quarterprofit.(abhishek.vishnoi@thomsonreuters.com)

2021-10-30 14:12:09.946906

Bitcoin could be used to hide assets in divorces, warn lawyers

https://www.cnbc.com/2014/06/02/bitcoin-could-be-used-to-hide-assets-in-divorces-warn-lawyers.html

2014-06-03T16:15:52+0000

CNBC

Bitcoin, the electronic currency, could be used by divorcing spouses to hide assets from estranged partners, lawyers have said, as court battles shift their focus to the disclosure of assets. Divorce settlements in England are seen as particularly generous to ex-wives, because judges recognize the equal contributions made by the breadwinner and the homemaker in a marriage, and divide the assets equally. Moreover, courts are increasingly having to deal with legal battles brought by one side claiming the other has not made full disclosure of assets and has concealed wealth. Read MoreMarc Andreessen in bitcoin for the long run Ayesha Vardag, a London divorce lawyer, has warned that more lawyers may start including digital currencies in financial disclosure orders if there is evidence they have been used. "They can be used to run a parallel economy," she said. "People will go to immense lengths . . . as a spousal claim is more damaging than tax because it is half your wealth." Already, a number of forums devoted to Bitcoin discussion have seen husbands exploring the option of using digital currencies, she said.Read MoreDish to becomelargest company to accept bitcoin Bitcoins provide relative anonymity to investors and, unlike bank accounts and share holdings, they are hard to link to an individual. For this reason, the currency has become a mainstay of illicit transactions, such as through Silk Road, the now-closed online drugs and weapons marketplace. Although traditional currency holdings – in US dollars or euros for example – might need to be declared as part of the asset disclosure process, parties could try to hide their wealth by converting it to Bitcoins.

cnbc, Articles, Markets, Currencies, Bitcoin, source:tagname:Financial Times

<div class="group"><p> <span>Bitcoin, the electronic currency, could be used by divorcing spouses to hide assets from estranged partners, lawyers have said, as court battles shift their focus to the disclosure of assets.</span></p><p> Divorce settlements in England are seen as particularly generous to ex-wives, because judges recognize the equal contributions made by the breadwinner and the homemaker in a marriage, and divide the assets equally.</p><div style="height:100%" class="lazyload-placeholder"></div><p> Moreover, courts are increasingly having to deal with legal battles brought by one side claiming the other has not made full disclosure of assets and has concealed wealth.</p><p> <span class="label-read-more">Read More</span><a href="https://www.cnbc.com/2014/05/27/marc-andreessen-in-bitcoin-for-the-long-run.html">Marc Andreessen in bitcoin for the long run</a></p><p> Ayesha Vardag, a London divorce lawyer, has warned that more lawyers may start including digital currencies in financial disclosure orders if there is evidence they have been used.</p><p> "They can be used to run a parallel economy," she said. "People will go to immense lengths . . . as a spousal claim is more damaging than tax because it is half your wealth."</p><p> Already, a number of forums devoted to Bitcoin discussion have seen husbands exploring the option of using digital currencies, she said.</p><div style="height:100%" class="lazyload-placeholder"></div><p><span class="label-read-more">Read More</span><a href="https://www.cnbc.com/2014/05/29/dish-to-become-largest-company-to-accept-bitcoin.html">Dish to becomelargest company to accept bitcoin</a></p><p> Bitcoins provide relative anonymity to investors and, unlike bank accounts and share holdings, they are hard to link to an individual.</p><p> For this reason, the currency has become a mainstay of illicit transactions, such as through Silk Road, the now-closed online drugs and weapons marketplace.</p><p> Although traditional currency holdings – in US dollars or euros for example – might need to be declared as part of the asset disclosure process, parties could try to hide their wealth by converting it to Bitcoins.</p></div>,<div class="group"><p> Unscrupulous spouses could also transfer the currency quickly and almost anonymously between online wallets, hiding their wealth in the hands of friends, perhaps outside of the jurisdiction, to avoid discovery and enforcement.</p><p> Frank Arndt, head of international family law at Stowe Family Law, said that he expected Bitcoins could become an asset to be disclosed in divorce cases.</p><p> <span class="label-read-more">Read More</span><a href="https://www.cnbc.com/2014/05/21/bitcoin-hater-schiff-now-selling-gold-for-bitcoins.html">Schiff now sellinggold for bitcoins</a></p><p> "Husbands are becoming more and more creative in terms of what they do to reduce their wealth and the courts are struggling to catch up. It's just like when the internet started and it was difficult for courts to catch up," he said.</p><p> Steven Philippsohn, a fraud and asset recovery lawyer at PCB Litigation, said he had not seen any cases of people hiding their assets using digital currencies but believed that court orders of asset disclosure might soon include them. "Court orders in this country are very extensive and it's inevitable it will happen... orders for disclosure have incorporated new areas like Facebook and Twitter," he said.</p><p> Courts in California are beginning to issue search and discovery orders of assets that include digital currencies such as Bitcoin.</p><p> <strong>More from the Financial Times:</strong></p><p> <a href="http://www.ft.com/cms/s/0/495f720c-ea77-11e3-8dde-00144feabdc0.html" target="_blank">NCAand FBI disrupt global malware network</a><br> <a href="http://www.ft.com/cms/s/0/b86e8ca4-ea23-11e3-afb3-00144feabdc0.html" target="_blank">Rebels attack border post in east Ukraine</a><br> <a href="http://www.ft.com/cms/s/0/f87f2850-e7f1-11e3-b923-00144feabdc0.html" target="_blank">Payrises for senior bankers hit 10%</a></p><p> Last November, the District Court for the Eastern District of California issued a discovery order in a trademark infringement case involving Entrepreneur Media. It ordered the disclosure of financial statements from the defendant including any use of digital banking services such as Bitcoin.</p><p> Ms Vardag said there was no reason a similar disclosure order could not be obtained from the English courts.</p><p><span class="label-read-more">Read More</span><a href="https://www.cnbc.com/2014/05/16/disney-child-star-roils-bitcoin-foundation.html">Disney child starroils Bitcoin Foundation</a></p><p> Michelle Young was awarded a <span>£20m lump sum</span> last year after divorcing her husband Scot Young. Mr Young had claimed he was penniless and could not afford to pay anything. She alleged he was worth millions.</p><p> Mr Justice Moor noted that Mr Young was said to be hiding very considerable assets and found he had "misled the court as to his finances to a very significant extent" and failed to disclose assets.</p><p> The Supreme Court also ruled last year that Yasmin Prest, the former wife of Michael Prest, an oil trader who was worth £37.5m in 2011, could receive millions of pounds of property assets from three offshore companies, despite the fact they were set up as distinct legal entities by her former husband.</p></div>

Bitcoin, the electronic currency, could be used by divorcing spouses to hide assets from estranged partners, lawyers have said, as court battles shift their focus to the disclosure of assets. Divorce settlements in England are seen as particularly generous to ex-wives, because judges recognize the equal contributions made by the breadwinner and the homemaker in a marriage, and divide the assets equally. Moreover, courts are increasingly having to deal with legal battles brought by one side claiming the other has not made full disclosure of assets and has concealed wealth. Read MoreMarc Andreessen in bitcoin for the long run Ayesha Vardag, a London divorce lawyer, has warned that more lawyers may start including digital currencies in financial disclosure orders if there is evidence they have been used. "They can be used to run a parallel economy," she said. "People will go to immense lengths . . . as a spousal claim is more damaging than tax because it is half your wealth." Already, a number of forums devoted to Bitcoin discussion have seen husbands exploring the option of using digital currencies, she said.Read MoreDish to becomelargest company to accept bitcoin Bitcoins provide relative anonymity to investors and, unlike bank accounts and share holdings, they are hard to link to an individual. For this reason, the currency has become a mainstay of illicit transactions, such as through Silk Road, the now-closed online drugs and weapons marketplace. Although traditional currency holdings – in US dollars or euros for example – might need to be declared as part of the asset disclosure process, parties could try to hide their wealth by converting it to Bitcoins. Unscrupulous spouses could also transfer the currency quickly and almost anonymously between online wallets, hiding their wealth in the hands of friends, perhaps outside of the jurisdiction, to avoid discovery and enforcement. Frank Arndt, head of international family law at Stowe Family Law, said that he expected Bitcoins could become an asset to be disclosed in divorce cases. Read MoreSchiff now sellinggold for bitcoins "Husbands are becoming more and more creative in terms of what they do to reduce their wealth and the courts are struggling to catch up. It's just like when the internet started and it was difficult for courts to catch up," he said. Steven Philippsohn, a fraud and asset recovery lawyer at PCB Litigation, said he had not seen any cases of people hiding their assets using digital currencies but believed that court orders of asset disclosure might soon include them. "Court orders in this country are very extensive and it's inevitable it will happen... orders for disclosure have incorporated new areas like Facebook and Twitter," he said. Courts in California are beginning to issue search and discovery orders of assets that include digital currencies such as Bitcoin. More from the Financial Times: NCAand FBI disrupt global malware network Rebels attack border post in east Ukraine Payrises for senior bankers hit 10% Last November, the District Court for the Eastern District of California issued a discovery order in a trademark infringement case involving Entrepreneur Media. It ordered the disclosure of financial statements from the defendant including any use of digital banking services such as Bitcoin. Ms Vardag said there was no reason a similar disclosure order could not be obtained from the English courts.Read MoreDisney child starroils Bitcoin Foundation Michelle Young was awarded a £20m lump sum last year after divorcing her husband Scot Young. Mr Young had claimed he was penniless and could not afford to pay anything. She alleged he was worth millions. Mr Justice Moor noted that Mr Young was said to be hiding very considerable assets and found he had "misled the court as to his finances to a very significant extent" and failed to disclose assets. The Supreme Court also ruled last year that Yasmin Prest, the former wife of Michael Prest, an oil trader who was worth £37.5m in 2011, could receive millions of pounds of property assets from three offshore companies, despite the fact they were set up as distinct legal entities by her former husband.

2021-10-30 14:12:10.104250

How traders cashed in big on the GE deal

https://www.cnbc.com/2015/04/10/how-traders-cashed-in-big-on-the-ge-deal.html

2015-04-10T17:18:57+0000

Maxwell Meyers

CNBC

Some savvy traders stand to make millions off Friday's General Electric deal as a result of some very well-timed options trades. On Thursday, when GE stock was trading around $25, traders starting aggressively buying the April 26-strike calls for around 33 cents each. A call purchase is a bullish bet that a stock will rise a certain amount within a set time. All told, nearly 18,000 of those calls traded. GE shares rallied 8 percent Friday after the company announced it will sell its finance arm and buy back stock. With the advance, those call options are now worth $2 each, a sixfold increase that created an instant windfall for the buyers.

cnbc, Articles, General Electric Co, Options Action, Options, CNBC TV, source:tagname:CNBC US Source

<div class="group"><p> Some savvy traders stand to make millions off Friday's <a href="//www.cnbc.com/quotes/GE" target="_blank">General Electric</a> deal as a result of some very well-timed options trades. </p><p> On Thursday, when GE stock was trading around $25, traders starting aggressively buying the April 26-strike calls for around 33 cents each. A call purchase is a bullish bet that a stock will rise a certain amount within a set time. All told, nearly 18,000 of those calls traded. </p><div style="height:100%" class="lazyload-placeholder"></div><p>GE shares rallied 8 percent Friday after the company announced it will sell its finance arm and buy back stock. With the advance, those call options are now worth $2 each, a sixfold increase that created an instant windfall for the buyers.</p></div>,<div class="group"><p> <span class="label-read-more">Read More</span><a href="https://www.cnbc.com/2015/04/10/ge-to-sell-most-of-ge-capital-plans-50b-buyback-sees-16b-1q-charge.html">GE unveils massive financial unit restructuring</a> <br></p><p> "The rumor had been out there," said <a href="https://www.cnbc.com/dan-nathan/">Dan Nathan</a>, a CNBC contributor, who first wrote about the activity on <a href="http://www.riskreversal.com/" target="_blank">RiskReversal.com</a>. "GE is not a name we usually see short-term speculation in the options market."</p><p> Most curious about those purchases is that those April calls expire next Friday, giving whoever bought them precious little time for their bets to pay off.</p><p> "The punters were out in force yesterday playing for quick home run, and they got it," added Nathan.</p><div style="height:100%" class="lazyload-placeholder"></div><p> This isn't the first time GE has attracted the attention of options traders. Back in early march, a market participant bought 125,000 of the January 2017 30-35 call spread for 50 cents per contract. Since each call contract controls 100 shares, that trade represented a $6.25 million bet that GE shares will rise above $35 by January 2017. With Friday's move, the firm that put on that trade has doubled their money.</p><p> <span class="label-read-more">Read More</span><a href="https://www.cnbc.com/2015/03/02/the-dow-dog-that-could-be-set-to-howl.html"> The Dow dog that could be set to howl</a></p><p> "Hedge funds have been buying calls for some time now," noted Nathan.</p><p> Even with Friday's rally, GE shares are still less than half of the all-time high set in 2000.</p></div>

Some savvy traders stand to make millions off Friday's General Electric deal as a result of some very well-timed options trades. On Thursday, when GE stock was trading around $25, traders starting aggressively buying the April 26-strike calls for around 33 cents each. A call purchase is a bullish bet that a stock will rise a certain amount within a set time. All told, nearly 18,000 of those calls traded. GE shares rallied 8 percent Friday after the company announced it will sell its finance arm and buy back stock. With the advance, those call options are now worth $2 each, a sixfold increase that created an instant windfall for the buyers. Read MoreGE unveils massive financial unit restructuring "The rumor had been out there," said Dan Nathan, a CNBC contributor, who first wrote about the activity on RiskReversal.com. "GE is not a name we usually see short-term speculation in the options market." Most curious about those purchases is that those April calls expire next Friday, giving whoever bought them precious little time for their bets to pay off. "The punters were out in force yesterday playing for quick home run, and they got it," added Nathan. This isn't the first time GE has attracted the attention of options traders. Back in early march, a market participant bought 125,000 of the January 2017 30-35 call spread for 50 cents per contract. Since each call contract controls 100 shares, that trade represented a $6.25 million bet that GE shares will rise above $35 by January 2017. With Friday's move, the firm that put on that trade has doubled their money. Read More The Dow dog that could be set to howl "Hedge funds have been buying calls for some time now," noted Nathan. Even with Friday's rally, GE shares are still less than half of the all-time high set in 2000.

2021-10-30 14:12:10.274665

Here are the top 10 major worries for global business leaders right now, according to WEF

https://www.cnbc.com/2017/09/20/here-are-the-top-10-major-worries-for-global-business-leaders-right-now-according-to-wef.html

2017-09-20T10:05:17+0000

Spriha Srivastava

CNBC

Cybersecurity, health of the global economy, energy price shock and terrorist attacks are some of the top risks that concern businesses and may threaten their ability to operate, according to results from a new survey by the World Economic Forum (WEF) published Wednesday.The survey, conducted annually by the WEF's strategic partners Marsh & McLennan Companies and Zurich Insurance Group, highlighted the following ten risks that businesses are presently concerned about:While concerns about the overall health of the global economy continue to dominate the list, the report found concerns around cybersecurity risks rising in importance."Business leaders in many of world's largest economies now rank cyber as their top risk," John Drzik, president of Marsh Global Risk & Digital, said in a press statement. "Companies need to rigorously analyze how these threats could impact their operations and take appropriate risk mitigation and resiliency measures."

cnbc, Articles, World economy, Technology, Terrorism, Cybersecurity, Jobs, World Economy, Business News, Economy, source:tagname:CNBC Europe Source

<div class="group"><p>Cybersecurity, health of the global economy, energy price shock and terrorist attacks are some of the top risks that concern businesses and may threaten their ability to operate, according to results from a new survey by the World Economic Forum (WEF) published Wednesday.</p><p>The survey, conducted annually by the WEF's strategic partners Marsh &amp; McLennan Companies and Zurich Insurance Group, highlighted the following ten risks that businesses are presently concerned about:</p><ol><li>Unemployment and underemployment</li><li>Fiscal crises</li><li>Failure of national governance</li><li>Energy price shock</li><li>Profound social instability</li><li>Failure of financial mechanism or institution</li><li>Failure of critical infrastructure</li><li>Cyber attacks</li><li>Inter-state conflict</li><li>Terrorist attacks</li></ol><div style="height:100%" class="lazyload-placeholder"></div><p>While concerns about the overall health of the global economy continue to dominate the list, the report found concerns around cybersecurity risks rising in importance.</p><p>"Business leaders in many of world's largest economies now rank cyber as their top risk," John Drzik, president of Marsh Global Risk &amp; Digital, said in a press statement. "Companies need to rigorously analyze how these threats could impact their operations and take appropriate risk mitigation and resiliency measures."</p></div>,<div class="group"><p>Results from the survey found that respondents across North America, East Asia and Pacific regions were most concerned by cyber attacks and asset bubbles.</p><p>Meanwhile, unemployment, fiscal crises and the failure of a nation's government to provide stability are the top three risks facing businesses globally,</p><p>The data from the Executive Opinion Survey (EOS) survey, drawn from over 12,411 executives across 136 countries was conducted earlier this year between February and June. The survey asked respondents to identify the five biggest risks to doing business in their respective countries. The risks identified were spread across economic, geopolitical, social and technological areas that could impact the functioning of corporates over the next 10 years.</p><div style="height:100%" class="lazyload-placeholder"></div><p>Some of the other risks identified by the respondents included energy price shock, profound social instability, failure of financial mechanism or institution, failure of critical infrastructure, inter-state conflict and terrorist attacks.</p></div>,<div class="group"><p>"Whilst economic growth and technological developments create new opportunities for business and countries, geopolitical risks and events have led to uncertainties which raise questions about how to manage resilience in uncertain times," John Scott, chief risk officer of commercial insurance at Zurich, said in a press statement.</p><p>Scott further explained that looking at the survey results, it appears that in the medium-term, business leaders are focusing on social and economic risks but it is important to remain prepared for any environmental and technological risks as well.</p><p>In terms of regions, while business leaders in Europe highlighted the failure of financial mechanisms or institution as pressing risks, in South Asia, failure of urban planning and failure of critical infrastructure were marked among the key potential threats.</p><p>Respondents across North America, the Middle East and Northern Africa were seen to be worried about a threat of potential terrorist attack. Meanwhile, risks associated with the failure of climate change adaptation saw very little concern among respondents. According to the results, only Canadian executives put climate change in their top risks.</p></div>

Cybersecurity, health of the global economy, energy price shock and terrorist attacks are some of the top risks that concern businesses and may threaten their ability to operate, according to results from a new survey by the World Economic Forum (WEF) published Wednesday.The survey, conducted annually by the WEF's strategic partners Marsh & McLennan Companies and Zurich Insurance Group, highlighted the following ten risks that businesses are presently concerned about:Unemployment and underemploymentFiscal crisesFailure of national governanceEnergy price shockProfound social instabilityFailure of financial mechanism or institutionFailure of critical infrastructureCyber attacksInter-state conflictTerrorist attacksWhile concerns about the overall health of the global economy continue to dominate the list, the report found concerns around cybersecurity risks rising in importance."Business leaders in many of world's largest economies now rank cyber as their top risk," John Drzik, president of Marsh Global Risk & Digital, said in a press statement. "Companies need to rigorously analyze how these threats could impact their operations and take appropriate risk mitigation and resiliency measures."Results from the survey found that respondents across North America, East Asia and Pacific regions were most concerned by cyber attacks and asset bubbles.Meanwhile, unemployment, fiscal crises and the failure of a nation's government to provide stability are the top three risks facing businesses globally,The data from the Executive Opinion Survey (EOS) survey, drawn from over 12,411 executives across 136 countries was conducted earlier this year between February and June. The survey asked respondents to identify the five biggest risks to doing business in their respective countries. The risks identified were spread across economic, geopolitical, social and technological areas that could impact the functioning of corporates over the next 10 years.Some of the other risks identified by the respondents included energy price shock, profound social instability, failure of financial mechanism or institution, failure of critical infrastructure, inter-state conflict and terrorist attacks."Whilst economic growth and technological developments create new opportunities for business and countries, geopolitical risks and events have led to uncertainties which raise questions about how to manage resilience in uncertain times," John Scott, chief risk officer of commercial insurance at Zurich, said in a press statement.Scott further explained that looking at the survey results, it appears that in the medium-term, business leaders are focusing on social and economic risks but it is important to remain prepared for any environmental and technological risks as well.In terms of regions, while business leaders in Europe highlighted the failure of financial mechanisms or institution as pressing risks, in South Asia, failure of urban planning and failure of critical infrastructure were marked among the key potential threats.Respondents across North America, the Middle East and Northern Africa were seen to be worried about a threat of potential terrorist attack. Meanwhile, risks associated with the failure of climate change adaptation saw very little concern among respondents. According to the results, only Canadian executives put climate change in their top risks.

2021-10-30 14:12:10.521036

Wal-Mart A Year Later: High Prices Now Bring In Customers

https://www.cnbc.com/2008/06/09/walmart-a-year-later-high-prices-now-bring-in-customers.html

2008-06-09T16:46:43+0000

Margaret Brennan

CNBC

A year ago Wal-Mart management said that high gas prices were hurting their customers and store sales.Now, a year later, gas prices are even higher and Wal-Mart management says those expensive costs are bringing customers into its stores. So I asked CEO Lee Scott where the tipping point in terms of changing consumer behavior. His answer was an interesting one. Scott said it was undeniable that Wal-Mart's core customers were the first ones impacted by the spike in gasoline prices and they bought less. What changed? Scott said two things: (1) Wal-Mart improved its store experience (cleaned up aisles, added brands to its merchandise and refocused on retail) and (2) the economic stress spread from the bottom up and brought in new customers at "the right" time (i.e. After Wal-Mart improved stores.) Scott said that this trend doesn't mean that business will fall off when the economy improves. Wal-Mart executives also made it clear that they're interested in expanding health care and green initiatives. In other words, they're trying to anticipate where product trends are headed and carve out a low cost niche to feed developing needs.

cnbc, Articles, Target Corp, Walmart Inc, Business News, Retail, Holiday Central, source:tagname:CNBC US Source

<div class="group"><p>A year ago Wal-Mart management said that high gas prices were hurting their customers and store sales.</p><p>Now, a year later, gas prices are even higher and Wal-Mart management says those expensive costs are bringing customers into its stores. </p><div style="height:100%" class="lazyload-placeholder"></div><p>So I asked CEO Lee Scott where the tipping point in terms of changing consumer behavior. </p><p>His answer was an interesting one. Scott said it was undeniable that Wal-Mart's core customers were the first ones impacted by the spike in gasoline prices and they bought less. What changed? Scott said two things: (1) Wal-Mart improved its store experience (cleaned up aisles, added brands to its merchandise and refocused on retail) and (2) the economic stress spread from the bottom up and brought in new customers at "the right" time (i.e. After Wal-Mart improved stores.) </p><p>Scott said that this trend doesn't mean that business will fall off when the economy improves. Wal-Mart executives also made it clear that they're interested in expanding health care and green initiatives. In other words, they're trying to anticipate where product trends are headed and carve out a low cost niche to feed developing needs. </p></div>,<div class="group"><p>Wal-Mart management still thinks that it can tap into the middle income customer base that Target has dominated for the past few years. </p><p>While Wal-Mart's past attempts to draw in those customers via merchandising like clothing (remember Mark Eisen?) have failed, this time around the economy may bring those customers in-store. At least, that's what management is betting on.</p><p><em>Questions? Comments? </em><a href="mailto:retaildetail@cnbc.com" class="webresource" target="_blank">retaildetail@cnbc.com</a></p></div>

A year ago Wal-Mart management said that high gas prices were hurting their customers and store sales.Now, a year later, gas prices are even higher and Wal-Mart management says those expensive costs are bringing customers into its stores. So I asked CEO Lee Scott where the tipping point in terms of changing consumer behavior. His answer was an interesting one. Scott said it was undeniable that Wal-Mart's core customers were the first ones impacted by the spike in gasoline prices and they bought less. What changed? Scott said two things: (1) Wal-Mart improved its store experience (cleaned up aisles, added brands to its merchandise and refocused on retail) and (2) the economic stress spread from the bottom up and brought in new customers at "the right" time (i.e. After Wal-Mart improved stores.) Scott said that this trend doesn't mean that business will fall off when the economy improves. Wal-Mart executives also made it clear that they're interested in expanding health care and green initiatives. In other words, they're trying to anticipate where product trends are headed and carve out a low cost niche to feed developing needs. Wal-Mart management still thinks that it can tap into the middle income customer base that Target has dominated for the past few years. While Wal-Mart's past attempts to draw in those customers via merchandising like clothing (remember Mark Eisen?) have failed, this time around the economy may bring those customers in-store. At least, that's what management is betting on.Questions? Comments? retaildetail@cnbc.com

2021-10-30 14:12:10.682699

Paul Singer: 'Cushion to withstand risks is very low'

https://www.cnbc.com/2015/01/21/paul-singer-cushion-to-withstand-risks-is-very-low.html

2015-01-21T12:09:21+0000

Lawrence Delevingne

CNBC

Paul Singer thinks the recent dramatic move in the Swiss franc—and resulting losses—shows just how exposed most investors are to market risk."Given the pricing and the still opaque and over-levered financial system, the sensitivity ... to risks is extremely high ... and the cushion to withstand risks is very low," the founder of Elliott Management said at the World Economic Forum in Davos, Switzerland, on Wednesday.

cnbc, Articles, Davos - World Economic Forum, CNBC's Net/Net, Wall Street, Investment strategy, Alternative investing, Hedge Funds, Davos WEF, Investing, Alternative Investing, NetNet, Special Reports, Finance, source:tagname:CNBC US Source

<div class="group"><p> Paul Singer thinks the recent dramatic move in the Swiss franc—and resulting losses—shows just how exposed most investors are to market risk.</p><p><span>"Given the pricing and the still opaque and over-levered financial system, the sensitivity ... to risks is extremely high ... and the cushion to withstand risks is very low," t</span><span>he founder of Elliott Management said at the World Economic Forum in Davos, Switzerland, on Wednesday.</span></p></div>,<div class="group"><div style="height:100%" class="lazyload-placeholder"></div><p> <span>Many traders were caught off guard last week when the Swiss government unexpectedly removed the cap on the Swiss franc to the euro, causing it to spike in value versus other currencies such as the U.S. dollar</span><span>—and causing major losses for some investors.</span></p><p><span><span class="label-read-more">Read More</span><a href="https://www.cnbc.com/2015/01/17/everest-capital-falls-victim-to-swiss-franc-shutters-largest-fund-report.html">Everest Capital falls victim to Swiss franc, shutters largestfund</a></span></p><p> Singer repeated his claim that central bank economic stimulus programs, which have provided access to cash at record low prices, have created a "major distortion in asset prices."</p></div>,<div class="group"><p> He said the high value of stocks and low yield of bonds is leaving little cushion for a negative geopolitical event. </p><p> "I believe strongly," Singer said, "that markets are mispricing risk throughout the world."</p><p> <span class="label-read-more">Read More</span><a href="https://www.cnbc.com/2015/01/21/switzerland-will-suffer-after-snb-move-zurich-ceo.html">Switzerland 'will suffer' after SNB move: Zurich<span class="cnbc-nobr"> CEO</span></a><br></p></div>

Paul Singer thinks the recent dramatic move in the Swiss franc—and resulting losses—shows just how exposed most investors are to market risk."Given the pricing and the still opaque and over-levered financial system, the sensitivity ... to risks is extremely high ... and the cushion to withstand risks is very low," the founder of Elliott Management said at the World Economic Forum in Davos, Switzerland, on Wednesday. Many traders were caught off guard last week when the Swiss government unexpectedly removed the cap on the Swiss franc to the euro, causing it to spike in value versus other currencies such as the U.S. dollar—and causing major losses for some investors.Read MoreEverest Capital falls victim to Swiss franc, shutters largestfund Singer repeated his claim that central bank economic stimulus programs, which have provided access to cash at record low prices, have created a "major distortion in asset prices." He said the high value of stocks and low yield of bonds is leaving little cushion for a negative geopolitical event. "I believe strongly," Singer said, "that markets are mispricing risk throughout the world." Read MoreSwitzerland 'will suffer' after SNB move: Zurich CEO

2021-10-30 14:12:10.723905

Media Companies, Seeing Profit Slip, Push Into Education

https://www.cnbc.com/2012/08/20/media-companies-seeing-profit-slip-push-into-education.html

2012-08-20T16:06:23+0000

CNBC

As another academic year starts, about 500,000 children across the country will find themselves learning subjects like middle school history or high school biology from a new line of digital textbooks. These manuals, branded Techbooks, come with all the Internet frills: video, virtual labs, downloadable content.But the Techbook may be most notable for what it does not have — backing from a traditional educational publisher. Instead it has the support of Discovery, the cable TV company.

cnbc, Articles, Technology, source:tagname:The New York Times

<div class="group"><p>As another academic year starts, about 500,000 children across the country will find themselves learning subjects like middle school history or high school biology from a new line of digital textbooks. These manuals, branded Techbooks, come with all the Internet frills: video, virtual labs, downloadable content.</p><p>But the Techbook may be most notable for what it does not have — backing from a traditional educational publisher. Instead it has the support of Discovery, the cable TV company. </p></div>,<div class="group"><div style="height:100%" class="lazyload-placeholder"></div><p>Discovery, which also sells an educational video service to school districts, is entering the digital textbook market largely because it sees a growth opportunity too good to pass up. </p><p>Conventional textbooks for kindergarten through 12th grade are a $3 billion business in the United States, according to the Association of American Publishers, with an additional $4 billion spent on teacher guides, testing resources and reference materials. And almost all that printed material, educators say, will eventually be replaced by digital versions. </p><p>“It’s kind of perfect for us,” said David M. Zaslav, chief executive of Discovery Communications, which owns networks like Discovery Channel, Animal Planet and TLC. “Educational content is core to our DNA, and we’re unencumbered — unlike traditional textbook publishers, we’re not defending a dying business.” </p><p>Mr. Zaslav is not the only media executive talking grandly about education these days. Movies, television, newspapers and magazines are in decline or facing headwinds, putting pressure on media companies to find new areas of expansion. </p><p>Education is emerging as an answer, largely because executives see a way to capitalize on the changes that technology is bringing to classrooms — turnabout as fair play, given the way that the Web has upended major media’s own business models. </p><div style="height:100%" class="lazyload-placeholder"></div><p>“We think the opportunity continues to be to use digital technologies to be disruptive to an enormous business stuck decades in the past,” Chase Carey, News Corporation’s chief operating officer, told analysts this year. </p><p>News Corporation is betting on just that. This month, the company said it would infuse its fledgling education division, Amplify, with $100 million. </p><p>Amplify, focused on digital teaching and assessment tools, is run by Joel I. Klein, the former New York City schools chancellor. Rupert Murdoch, the chief executive of News Corporation, has said he would be “thrilled” if education were to account for 10 percent of its revenue five years from now. </p><p>Old-line education companies, however, may be more difficult prey than Mr. Zaslav and Mr. Murdoch think. Pearson, McGraw-Hill and Houghton Mifflin Harcourt are introducing digital educational products of their own, and these stalwarts have a technology giant on their side: Apple , seeking to bolster iPad sales, recently started selling digital high school textbooks through its iBooks store, with those three publishers as partners. </p><p>“Over the last 10 years alone, we’ve invested $9.3 billion in digital innovations that are transforming education,” said Will Ethridge, chief executive of Pearson North America, part of Pearson P.L.C., the world’s largest education and learning company. “One way to describe it would be an act of ‘creative destruction.’ By this I mean we’re intentionally tearing down an outdated, industrial model of learning and replacing it with more personalized and connected experiences for each student.” </p></div>,<div class="group"><p>On a smaller scale, NBCUniversal has been building a service called NBC Learn, which digitizes and archives articles from NBC News to sell as a database and digital blackboard learning system; NBC Learn now operates in 5,000 schools in 43 states. </p><p>The Financial Times, owned by Pearson, is pushing MBA Newslines, a subscriber-only feature on its Web site that lets business students and professors create and share annotations on articles, allowing case studies to be built around real-time news events. </p><p>And then there is the Walt Disney Company . It is building a chain of language schools in China big enough to enroll more than 150,000 children annually. The schools, which weave Disney characters into the curriculum, are not going to move the profit needle at a company with $41 billion in annual revenue. But they could play a vital role in creating a consumer base as Disney builds a $4.4 billion theme park and resort in Shanghai. </p><p>Media companies have dipped their toes into education before, of course, only to find chilly waters. Discovery in 2006 promoted Cosmeo, an Internet-based service that offered children videos and other tools to help them with their homework; a year later, Discovery decided to stop marketing the product, which cost $99 a year, and laid off much of its staff. (Why pay for help when you can search Google at no cost?) </p><p>In 2007, Disney introduced a new position — senior vice president for learning — with the goal of moving into the North American education businesses. None of the company’s major efforts got off the ground, and Disney eventually pulled the plug, in part because it decided technology was changing the sector too rapidly. </p><p>News Corporation faces perception hurdles as it moves deeper into education — namely what some rivals refer to as the “Foxification” of schools, a pointed reference to Fox News Channel and its stable of conservative pundits. The company has said it has zero interest in inserting politics into schools, and notes that other assets, including the National Geographic Channel, which, like Discovery’s flagship channel, largely focuses on documentaries and educational programming, could play to the company’s advantage. </p><p>Last year, the New York State comptroller, citing News Corporation’s phone-hacking scandal in Britain, rejected a $27 million contract with its education division. The decision underscored one of the biggest hurdles faced by companies entering the education market: new products must typically gain state approval before schools even have the chance to decide to buy them. </p><p>Wall Street is skeptical that education holds as much promise as some media companies think. “When big conglomerates feel their core businesses have started to mature, they look for related synergistic businesses,” said David Bank, an analyst at RBC Capital Markets. “You have to ask yourself, are those education businesses really related and synergistic in core?” </p><p>Bill Goodwyn, chief executive of Discovery’s education unit, says in his company’s case, the answer is an emphatic yes. He conceded that Cosmeo “lost a lot of money,” but said that Discovery’s business had centered on education since its earliest days. Discovery Channel’s original name was Cable Education Network, for instance, and the company used to make money by shipping VHS cassettes of documentaries to schools. </p><p>Discovery currently sells a popular subscription streaming service to schools, which comes with 50,500 video segments and 6,200 full-length videos on topics like math, social studies and language arts. The service costs $1,570 a year for a school that serves kindergarten through eighth grade; high schools pay $2,095. </p><p>Still, Discovery’s previous efforts pale in scope to its Techbook initiative. </p><p>Mr. Goodwyn’s 200-employee division introduced the line of digital textbooks last year. Their cloud-based technology works with whatever hardware a district has — iPads, laptops, desktops. Discovery tailors them to the particular curriculum needs of various states (or districts within states). </p><p>“As a 30-year veteran, it was not always easy giving up some of the more traditional ways of teaching,” said Roseann Burklow, a seventh-grade science teacher in Mooresville, N.C. “But I love the Techbook. Students are engaged and can work independently or collaboratively.” (She did suggest one improvement: more games to help students review material for tests.) </p><p>Traditional textbooks cost about $70 a student; Discovery’s Techbooks start at $38 a student for a six-year subscription and go up to $55, depending on the subject and grade level. </p><p>Discovery knows education will never pay its bills. Last year, the company’s learning products, for instance, generated adjusted operating income of $23 million, a 53 percent increase over a year earlier. In comparison, its United States cable networks delivered operating income of $1.5 billion, a 10 percent increase from a year earlier. </p><p>Still, Mr. Zaslav said the education unit’s small size did not dim his enthusiasm. “Television is always going to be our primary focus, but we’re incredibly excited about the business potential of the Techbook,” he said. “Education is an area of solid, sustainable growth.” </p></div>

As another academic year starts, about 500,000 children across the country will find themselves learning subjects like middle school history or high school biology from a new line of digital textbooks. These manuals, branded Techbooks, come with all the Internet frills: video, virtual labs, downloadable content.But the Techbook may be most notable for what it does not have — backing from a traditional educational publisher. Instead it has the support of Discovery, the cable TV company. Discovery, which also sells an educational video service to school districts, is entering the digital textbook market largely because it sees a growth opportunity too good to pass up. Conventional textbooks for kindergarten through 12th grade are a $3 billion business in the United States, according to the Association of American Publishers, with an additional $4 billion spent on teacher guides, testing resources and reference materials. And almost all that printed material, educators say, will eventually be replaced by digital versions. “It’s kind of perfect for us,” said David M. Zaslav, chief executive of Discovery Communications, which owns networks like Discovery Channel, Animal Planet and TLC. “Educational content is core to our DNA, and we’re unencumbered — unlike traditional textbook publishers, we’re not defending a dying business.” Mr. Zaslav is not the only media executive talking grandly about education these days. Movies, television, newspapers and magazines are in decline or facing headwinds, putting pressure on media companies to find new areas of expansion. Education is emerging as an answer, largely because executives see a way to capitalize on the changes that technology is bringing to classrooms — turnabout as fair play, given the way that the Web has upended major media’s own business models. “We think the opportunity continues to be to use digital technologies to be disruptive to an enormous business stuck decades in the past,” Chase Carey, News Corporation’s chief operating officer, told analysts this year. News Corporation is betting on just that. This month, the company said it would infuse its fledgling education division, Amplify, with $100 million. Amplify, focused on digital teaching and assessment tools, is run by Joel I. Klein, the former New York City schools chancellor. Rupert Murdoch, the chief executive of News Corporation, has said he would be “thrilled” if education were to account for 10 percent of its revenue five years from now. Old-line education companies, however, may be more difficult prey than Mr. Zaslav and Mr. Murdoch think. Pearson, McGraw-Hill and Houghton Mifflin Harcourt are introducing digital educational products of their own, and these stalwarts have a technology giant on their side: Apple , seeking to bolster iPad sales, recently started selling digital high school textbooks through its iBooks store, with those three publishers as partners. “Over the last 10 years alone, we’ve invested $9.3 billion in digital innovations that are transforming education,” said Will Ethridge, chief executive of Pearson North America, part of Pearson P.L.C., the world’s largest education and learning company. “One way to describe it would be an act of ‘creative destruction.’ By this I mean we’re intentionally tearing down an outdated, industrial model of learning and replacing it with more personalized and connected experiences for each student.” On a smaller scale, NBCUniversal has been building a service called NBC Learn, which digitizes and archives articles from NBC News to sell as a database and digital blackboard learning system; NBC Learn now operates in 5,000 schools in 43 states. The Financial Times, owned by Pearson, is pushing MBA Newslines, a subscriber-only feature on its Web site that lets business students and professors create and share annotations on articles, allowing case studies to be built around real-time news events. And then there is the Walt Disney Company . It is building a chain of language schools in China big enough to enroll more than 150,000 children annually. The schools, which weave Disney characters into the curriculum, are not going to move the profit needle at a company with $41 billion in annual revenue. But they could play a vital role in creating a consumer base as Disney builds a $4.4 billion theme park and resort in Shanghai. Media companies have dipped their toes into education before, of course, only to find chilly waters. Discovery in 2006 promoted Cosmeo, an Internet-based service that offered children videos and other tools to help them with their homework; a year later, Discovery decided to stop marketing the product, which cost $99 a year, and laid off much of its staff. (Why pay for help when you can search Google at no cost?) In 2007, Disney introduced a new position — senior vice president for learning — with the goal of moving into the North American education businesses. None of the company’s major efforts got off the ground, and Disney eventually pulled the plug, in part because it decided technology was changing the sector too rapidly. News Corporation faces perception hurdles as it moves deeper into education — namely what some rivals refer to as the “Foxification” of schools, a pointed reference to Fox News Channel and its stable of conservative pundits. The company has said it has zero interest in inserting politics into schools, and notes that other assets, including the National Geographic Channel, which, like Discovery’s flagship channel, largely focuses on documentaries and educational programming, could play to the company’s advantage. Last year, the New York State comptroller, citing News Corporation’s phone-hacking scandal in Britain, rejected a $27 million contract with its education division. The decision underscored one of the biggest hurdles faced by companies entering the education market: new products must typically gain state approval before schools even have the chance to decide to buy them. Wall Street is skeptical that education holds as much promise as some media companies think. “When big conglomerates feel their core businesses have started to mature, they look for related synergistic businesses,” said David Bank, an analyst at RBC Capital Markets. “You have to ask yourself, are those education businesses really related and synergistic in core?” Bill Goodwyn, chief executive of Discovery’s education unit, says in his company’s case, the answer is an emphatic yes. He conceded that Cosmeo “lost a lot of money,” but said that Discovery’s business had centered on education since its earliest days. Discovery Channel’s original name was Cable Education Network, for instance, and the company used to make money by shipping VHS cassettes of documentaries to schools. Discovery currently sells a popular subscription streaming service to schools, which comes with 50,500 video segments and 6,200 full-length videos on topics like math, social studies and language arts. The service costs $1,570 a year for a school that serves kindergarten through eighth grade; high schools pay $2,095. Still, Discovery’s previous efforts pale in scope to its Techbook initiative. Mr. Goodwyn’s 200-employee division introduced the line of digital textbooks last year. Their cloud-based technology works with whatever hardware a district has — iPads, laptops, desktops. Discovery tailors them to the particular curriculum needs of various states (or districts within states). “As a 30-year veteran, it was not always easy giving up some of the more traditional ways of teaching,” said Roseann Burklow, a seventh-grade science teacher in Mooresville, N.C. “But I love the Techbook. Students are engaged and can work independently or collaboratively.” (She did suggest one improvement: more games to help students review material for tests.) Traditional textbooks cost about $70 a student; Discovery’s Techbooks start at $38 a student for a six-year subscription and go up to $55, depending on the subject and grade level. Discovery knows education will never pay its bills. Last year, the company’s learning products, for instance, generated adjusted operating income of $23 million, a 53 percent increase over a year earlier. In comparison, its United States cable networks delivered operating income of $1.5 billion, a 10 percent increase from a year earlier. Still, Mr. Zaslav said the education unit’s small size did not dim his enthusiasm. “Television is always going to be our primary focus, but we’re incredibly excited about the business potential of the Techbook,” he said. “Education is an area of solid, sustainable growth.”

2021-10-30 14:12:10.920682

Retailer Grows Up, Along With His Business

https://www.cnbc.com/2012/02/15/retailer-grows-up-along-with-his-business.html

2012-02-15T17:46:35+0000

Jessica Naziri

CNBC

34-year-old professional skier Bryce Phillips had a vision to create a retail experience for the active sport enthusiast that would embrace their lifestyle and their values.In 2005, he launched Evo, an online and brick-and-mortar retail business that caters to skiers and boarders. Retail is just one part of the business. He also engages the community through events such as art openings, film premieres, and skate competitions at the Seattle headquarters. Evo, short for “evolution”, is how Phillips thinks about his business: always changing to stay relevant. And indeed, his company evolved from a one-man business selling merchandise from liquidators at the age of 12, to a full-fledged business with 120 employees.Phillips talks about how Evo got its start,why it has thrived, and where he plans on taking the company from here.

cnbc, Articles, Business News, Small Business, source:tagname:CNBC US Source

<div class="group"><p>34-year-old professional skier Bryce Phillips had a vision to create a retail experience for the active sport enthusiast that would embrace their lifestyle and their values.</p><p>In 2005, he launched <a href="http://www.evo.com/" target="_blank">Evo,</a> an online and brick-and-mortar retail business that caters to skiers and boarders. Retail is just one part of the business. He also engages the community through events such as art openings, film premieres, and skate competitions at the Seattle headquarters. </p><div style="height:100%" class="lazyload-placeholder"></div><p>Evo, short for “evolution”, is how Phillips thinks about his business: always changing to stay relevant. And indeed, his company evolved from a one-man business selling merchandise from liquidators at the age of 12, to a full-fledged business with 120 employees.</p><p>Phillips talks about how Evo got its start,why it has thrived, and where he plans on taking the company from here. </p></div>,<div class="group"></div>,<div class="group"><p><strong>Where did you get the idea for your business?<br></strong><strong><br></strong>I originally started buying and selling gear to pay for my skiing. When I was in junior high and high school, I was selling equipment just to finance ski trips and equipment. In college I would go to places that were going out of business and I would buy a bunch of boots and resell them. I made a good margin and it allowed me to reinvest and put money into skiing, I wasn’t really building a brand or company, or anything beyond what I was selling to pay for the sport. <strong><br><br>Where did the funding first come from?<br><br></strong>[When I decided to turn the sideline into a full-time business], it was all credit cards and loans from family. I used school loans to help buy a house, then re-mortgaged my house. I was finding cash wherever I could; you know, the typical founder stuff. It took quite a while. I was </p></div>,<div class="group"><p>fixing up and selling houses, then brought on individual investors. Our first round was in 2008 when I was introduced to people in Seattle who were in the business. At that time, I got a little more than $1 million; and two years ago it was a bigger round, around $9 million through word of mouth.<strong><br><br>Who was your first customer?<br><br></strong>I was selling to kids I went to school with in Roseburg, Ore. I bought a bunch of ski boots from a retailer going out of business and sold 10 pairs of boots. I hung flyers around town, but most of it was word of mouth: People knew I had gear and was selling it at a good price.<strong><br><br>When did you know the company would be a success?<br><br></strong>I’ve always had the confidence it would be. It was naive, for sure, but I guess I always had an understanding what did exist and didn’t exist in the market. And then, tying it into all the elements that surrounded it into the culture. One thing led to another. I sold skis out of my dorm room, and it just grew and grew and grew. Later on in life, you realize there are big challenges and you’re not sure for a moment, but you get through those. <strong><br><br>What’s next?<br><br></strong>We have a huge opportunity to open stores nationwide. We have an opportunity to grow Evo-branded product. Right now we do small bits of Evo-branded products, such as clothing and accessories. We want to make that a bigger category for our business, with outwear and street wear.</p><p><strong><em>Follow Jessica Naziri on Twitter </em><em>@<a href="https://twitter.com/#!/jessicanaziri" target="_blank">jessicanaziri</a></em></strong></p></div>

34-year-old professional skier Bryce Phillips had a vision to create a retail experience for the active sport enthusiast that would embrace their lifestyle and their values.In 2005, he launched Evo, an online and brick-and-mortar retail business that caters to skiers and boarders. Retail is just one part of the business. He also engages the community through events such as art openings, film premieres, and skate competitions at the Seattle headquarters. Evo, short for “evolution”, is how Phillips thinks about his business: always changing to stay relevant. And indeed, his company evolved from a one-man business selling merchandise from liquidators at the age of 12, to a full-fledged business with 120 employees.Phillips talks about how Evo got its start,why it has thrived, and where he plans on taking the company from here. Where did you get the idea for your business?I originally started buying and selling gear to pay for my skiing. When I was in junior high and high school, I was selling equipment just to finance ski trips and equipment. In college I would go to places that were going out of business and I would buy a bunch of boots and resell them. I made a good margin and it allowed me to reinvest and put money into skiing, I wasn’t really building a brand or company, or anything beyond what I was selling to pay for the sport. Where did the funding first come from?[When I decided to turn the sideline into a full-time business], it was all credit cards and loans from family. I used school loans to help buy a house, then re-mortgaged my house. I was finding cash wherever I could; you know, the typical founder stuff. It took quite a while. I was fixing up and selling houses, then brought on individual investors. Our first round was in 2008 when I was introduced to people in Seattle who were in the business. At that time, I got a little more than $1 million; and two years ago it was a bigger round, around $9 million through word of mouth.Who was your first customer?I was selling to kids I went to school with in Roseburg, Ore. I bought a bunch of ski boots from a retailer going out of business and sold 10 pairs of boots. I hung flyers around town, but most of it was word of mouth: People knew I had gear and was selling it at a good price.When did you know the company would be a success?I’ve always had the confidence it would be. It was naive, for sure, but I guess I always had an understanding what did exist and didn’t exist in the market. And then, tying it into all the elements that surrounded it into the culture. One thing led to another. I sold skis out of my dorm room, and it just grew and grew and grew. Later on in life, you realize there are big challenges and you’re not sure for a moment, but you get through those. What’s next?We have a huge opportunity to open stores nationwide. We have an opportunity to grow Evo-branded product. Right now we do small bits of Evo-branded products, such as clothing and accessories. We want to make that a bigger category for our business, with outwear and street wear.Follow Jessica Naziri on Twitter @jessicanaziri

2021-10-30 14:12:10.954708

HK's white collar workers have a dim view of 2016

https://www.cnbc.com/2015/10/19/cpa-study-finds-hong-kong-professionals-pessimistic-on-2016-economy.html

2015-10-20T03:43:50+0000

Saheli Roy Choudhury

CNBC

Political tension with Beijing, high property prices, and an economic slowdown in mainland China have dimmed Hong Kong's growth outlook for 2016 according to the city's white collar workers, a new study has found.Professional accounting body CPA Australia, which polled Hong Kong-based professionals working in public and private companies, government and other not-for-profit organizations, found 53 percent of respondents described themselves as pessimistic about the region's prospects – a 13 percent increase in gloomy respondents compared to the year before. Just 9 percent said they saw the economic outlook as "positive," while 34 percent said it was satisfactory.Almost a third believed Hong Kong's gross domestic product (GDP), the widest measure of economic growth, would expand by between 1-1.9 percent next year; this was a 7 percent decline in the number that expected similarly positive growth in the CPA's 2014 poll. According to the new poll, 25 percent said GDP growth would decline in 2016, a 13 percent rise in the number of pessimistic votes on the year preceding.

cnbc, Articles, Hong Kong, Asia Economy, Economy, GDP, Business News, Global Opportunities: Hong Kong, source:tagname:CNBC Asia Source

<div class="group"><p>Political tension with Beijing, <a href="https://www.cnbc.com/2015/10/14/hong-kong-has-highest-prime-rents-for-office-space-followed-by-ny-knight-frank.html">high property prices</a>, and an economic slowdown in mainland China have dimmed <a href="https://www.cnbc.com/id/10000164">Hong Kong</a>'s growth outlook for 2016 according to the city's white collar workers, a new study has found.<br></p><p>Professional accounting body CPA Australia, which polled Hong Kong-based professionals working in public and private companies, government and other not-for-profit organizations, found 53 percent of respondents described themselves as pessimistic about the region's prospects – a 13 percent increase in gloomy respondents compared to the year before. </p><div style="height:100%" class="lazyload-placeholder"></div><p>Just 9 percent said they saw the economic outlook as "positive," while 34 percent said it was satisfactory.</p><p>Almost a third believed Hong Kong's gross domestic product (GDP), the widest measure of economic growth, would expand by between 1-1.9 percent next year; this was a 7 percent decline in the number that expected similarly positive growth in the CPA's 2014 poll. <br></p><p>According to the new poll, 25 percent said GDP growth would decline in 2016, a 13 percent rise in the number of pessimistic votes on the year preceding. </p></div>,<div class="group"><p> "There is no doubt that the survey results show that economic sentiment for 2016 has turned negative and many respondents believe our competitiveness is declining," Kenneth Chen, divisional president of greater China at CPA Australia, said in a press release. <br></p><p> The main threats to Hong Kong's competitiveness were seen as coming from mainland China, despite the volatility that affected Chinese markets in the third quarter, and from Singapore, the CPA Australia study found. About 67 percent of the respondents thought Hong Kong's competitiveness will decline in 2016. <br></p><div style="height:100%" class="lazyload-placeholder"></div><p> Last month, the World Economic Forum (WEF) ranked Hong Kong seventh in its Global Competitiveness Index, while Singapore ranked second and China was 28th. Hong Kong has been ranked in the same place for three straight years, with the latest report noting "the challenge for Hong Kong is to evolve from one of the world's foremost financial hubs to an innovative powerhouse." Hong Kong scored low marks for innovation. <br></p><p> The downbeat view of Hong Kong's outlook is echoed by some analysts and economists.<br></p><p> Rajiv Biswas, chief economist for Asia Pacific at IHS Global Insight, told CNBC by email: "Hong Kong is particularly vulnerable to an economic slowdown in China, due to the increasingly close economic ties with the mainland." He added that the impact of China's growth slowdown was already visible in Hong Kong's economic data. <br></p><p> Hong Kong's total merchandise exports fell by 1 percent on-year in the first eight months of 2015; exports to China were down by 2.2 percent. And slow growth in tourism from the mainland hit Hong Kong's retail sales, which clocked a 5.4 percent year-on-year decline in August. </p><p> <span class="label-read-more">Read More</span><a href="https://www.cnbc.com/2015/10/13/cleaned-up-chungking-mansions-no-longer-hong-kongs-vice-center.html">Has Hong Kong lost its center of vice?</a></p><p> "In recent months, mainland tourism visits to Hong Kong have shown a dramatic slump, with total mainland Chinese tourist arrivals in August down [by] 7.1 [percent] compared to a year ago," said Biswas.<br></p><p> An economic slowdown, along with crackdown on corruption on the mainland, also affected sales of luxury brands in Hong Kong. <br></p><p> "Sales of [luxury] watches and jewelry in Hong Kong [was] down 8.8 [percent] year-on-year in August 2015," Biswas noted.<br></p><p> But some believe that for an advanced economy, the projected GDP figures are acceptable. <br></p><p> In a July report on Hong Kong's outlook, Moody's Analytics said that though the region's growth was expected to come in between 1 and 3 percent for the coming two years, the projected figure was "still robust for an advanced, high income economy." <br></p><p> "Hong Kong has significant buffers to guard against financial and economic shocks," the report noted, citing the region's strong fiscal reserves and international investment position.<br></p><p> In a September report, Moody's issued a revised forecast for Hong Kong's growth outlook to 2.2 percent for 2016. <br></p><p> Even sometimes tense political relations with Beijing were "unlikely to affect economic policies or result in political protests of a scale that could hinder growth or dent Hong Kong's status as an international financial center," Moody's July report noted. </p><p><span class="label-read-more">Read More</span><a href="https://www.cnbc.com/2015/10/16/hong-kongs-top-cultural-activities-art-basel-to-fo-tan-jockey-club.html">Hong Kong's cultural hotspots you may not know about</a></p><p> In June Hong Kong's legislature rejected a Beijing-supported electoral bill that proposed Hong Kong residents should vote for their next leader from a list of candidates approved by the Chinese government.<br></p><p> The CPA Australia study said that closer economic collaboration with China would help Hong Kong's economy overcome the negative outlook currently prevalent, especially in sectors such as e-commerce, healthcare, banking and finance. <br></p><p> "China has introduced a number of policies and initiatives that will undoubtedly help drive economic growth in Hong Kong,' noted Chen. <br></p><p> Beijing has used a number of fiscal and monetary policies to stabilize its stock markets and keep growth on track, as well as launching initiatives to establish closer business and trade ties with countries in the region. <br></p><p> These initiatives include the new Asian Infrastructure Investment Bank (AIIB), the Belt and Road initiative, which aims to be one of the largest trade and infrastructure networks connecting the Asia Pacific and Europe, and free trade zones. </p></div>

Political tension with Beijing, high property prices, and an economic slowdown in mainland China have dimmed Hong Kong's growth outlook for 2016 according to the city's white collar workers, a new study has found.Professional accounting body CPA Australia, which polled Hong Kong-based professionals working in public and private companies, government and other not-for-profit organizations, found 53 percent of respondents described themselves as pessimistic about the region's prospects – a 13 percent increase in gloomy respondents compared to the year before. Just 9 percent said they saw the economic outlook as "positive," while 34 percent said it was satisfactory.Almost a third believed Hong Kong's gross domestic product (GDP), the widest measure of economic growth, would expand by between 1-1.9 percent next year; this was a 7 percent decline in the number that expected similarly positive growth in the CPA's 2014 poll. According to the new poll, 25 percent said GDP growth would decline in 2016, a 13 percent rise in the number of pessimistic votes on the year preceding. "There is no doubt that the survey results show that economic sentiment for 2016 has turned negative and many respondents believe our competitiveness is declining," Kenneth Chen, divisional president of greater China at CPA Australia, said in a press release. The main threats to Hong Kong's competitiveness were seen as coming from mainland China, despite the volatility that affected Chinese markets in the third quarter, and from Singapore, the CPA Australia study found. About 67 percent of the respondents thought Hong Kong's competitiveness will decline in 2016. Last month, the World Economic Forum (WEF) ranked Hong Kong seventh in its Global Competitiveness Index, while Singapore ranked second and China was 28th. Hong Kong has been ranked in the same place for three straight years, with the latest report noting "the challenge for Hong Kong is to evolve from one of the world's foremost financial hubs to an innovative powerhouse." Hong Kong scored low marks for innovation. The downbeat view of Hong Kong's outlook is echoed by some analysts and economists. Rajiv Biswas, chief economist for Asia Pacific at IHS Global Insight, told CNBC by email: "Hong Kong is particularly vulnerable to an economic slowdown in China, due to the increasingly close economic ties with the mainland." He added that the impact of China's growth slowdown was already visible in Hong Kong's economic data. Hong Kong's total merchandise exports fell by 1 percent on-year in the first eight months of 2015; exports to China were down by 2.2 percent. And slow growth in tourism from the mainland hit Hong Kong's retail sales, which clocked a 5.4 percent year-on-year decline in August. Read MoreHas Hong Kong lost its center of vice? "In recent months, mainland tourism visits to Hong Kong have shown a dramatic slump, with total mainland Chinese tourist arrivals in August down [by] 7.1 [percent] compared to a year ago," said Biswas. An economic slowdown, along with crackdown on corruption on the mainland, also affected sales of luxury brands in Hong Kong. "Sales of [luxury] watches and jewelry in Hong Kong [was] down 8.8 [percent] year-on-year in August 2015," Biswas noted. But some believe that for an advanced economy, the projected GDP figures are acceptable. In a July report on Hong Kong's outlook, Moody's Analytics said that though the region's growth was expected to come in between 1 and 3 percent for the coming two years, the projected figure was "still robust for an advanced, high income economy." "Hong Kong has significant buffers to guard against financial and economic shocks," the report noted, citing the region's strong fiscal reserves and international investment position. In a September report, Moody's issued a revised forecast for Hong Kong's growth outlook to 2.2 percent for 2016. Even sometimes tense political relations with Beijing were "unlikely to affect economic policies or result in political protests of a scale that could hinder growth or dent Hong Kong's status as an international financial center," Moody's July report noted. Read MoreHong Kong's cultural hotspots you may not know about In June Hong Kong's legislature rejected a Beijing-supported electoral bill that proposed Hong Kong residents should vote for their next leader from a list of candidates approved by the Chinese government. The CPA Australia study said that closer economic collaboration with China would help Hong Kong's economy overcome the negative outlook currently prevalent, especially in sectors such as e-commerce, healthcare, banking and finance. "China has introduced a number of policies and initiatives that will undoubtedly help drive economic growth in Hong Kong,' noted Chen. Beijing has used a number of fiscal and monetary policies to stabilize its stock markets and keep growth on track, as well as launching initiatives to establish closer business and trade ties with countries in the region. These initiatives include the new Asian Infrastructure Investment Bank (AIIB), the Belt and Road initiative, which aims to be one of the largest trade and infrastructure networks connecting the Asia Pacific and Europe, and free trade zones.

2021-10-30 14:12:10.998704

London mayor: Terrorists hate our way of life

https://www.cnbc.com/2016/09/19/london-mayor-terrorists-hate-our-way-of-life.html

2016-09-19T21:25:36+0000

Christine Wang

CNBC

London's first Muslim mayor said Americans can't let terrorists scare them into changing the way they live their lives. "We have to recognize that what these terrorists hate about us is our way of life. We respect each other. We embrace each other. We celebrate each other," Sadiq Khan said in an interview on CNBC's "Closing Bell." He explained that terrorists hate the social and religious diversity of global cities like London and New York City. Fortunately, these kind of attacks don't happen daily because law enforcement "work their socks off" to prevent them, Khan said. He made his comments in the wake of explosions in New York and New Jersey. Earlier on Monday, New York City Mayor Bill de Blasio said that this was an act of terror. The FBI said, however, that there is no reason to believe a terror cell is operating here. Two senior officials have now confirmed to NBC News that Ahmad Khan Rahami was not on a U.S. terrorist watchlist or an NYPD list. NBC News also reported that U.S. Intelligence does not have any information indicating connections between the suspect's family and known terrorist groups or individuals.

cnbc, Articles, Bill de Blasio, Crime, Closing Bell, US: News, Business News, Economy, US Economy, source:tagname:CNBC US Source

<div class="group"><p> London's first Muslim mayor said Americans can't let terrorists scare them into changing the way they live their lives.</p><p> "We have to recognize that what these terrorists hate about us is our way of life. We respect each other. We embrace each other. We celebrate each other," Sadiq Khan said in an interview on CNBC's "<a href="https://www.cnbc.com/closing-bell/">Closing Bell</a>."</p><div style="height:100%" class="lazyload-placeholder"></div><p> He explained that terrorists hate the social and religious diversity of global cities like London and New York City. Fortunately, these kind of attacks don't happen daily because law enforcement "work their socks off" to prevent them, Khan said.<br></p><p> He made his comments in the wake of explosions in New York and New Jersey. Earlier on Monday, New York City Mayor <a href="https://www.cnbc.com/bill-de-blasio/">Bill de Blasio</a> said that this was an act of terror. The FBI said, however, that there is no reason to believe a terror cell is operating here.<br></p><p> Two senior officials have now confirmed to NBC News that Ahmad Khan Rahami was not on a U.S. terrorist watchlist or an NYPD list. NBC News also reported that U.S. Intelligence does not have any information indicating connections between the suspect's family and known terrorist groups or individuals.</p></div>,<div class="group"><p><br> </p></div>

London's first Muslim mayor said Americans can't let terrorists scare them into changing the way they live their lives. "We have to recognize that what these terrorists hate about us is our way of life. We respect each other. We embrace each other. We celebrate each other," Sadiq Khan said in an interview on CNBC's "Closing Bell." He explained that terrorists hate the social and religious diversity of global cities like London and New York City. Fortunately, these kind of attacks don't happen daily because law enforcement "work their socks off" to prevent them, Khan said. He made his comments in the wake of explosions in New York and New Jersey. Earlier on Monday, New York City Mayor Bill de Blasio said that this was an act of terror. The FBI said, however, that there is no reason to believe a terror cell is operating here. Two senior officials have now confirmed to NBC News that Ahmad Khan Rahami was not on a U.S. terrorist watchlist or an NYPD list. NBC News also reported that U.S. Intelligence does not have any information indicating connections between the suspect's family and known terrorist groups or individuals.

2021-10-30 14:12:11.103579

'Rolling Stone' Boston bomber photo stirs debate; CVS drops the issue

https://www.cnbc.com/2013/07/17/rolling-stone-boston-bomber-photo-stirs-debate-cvs-drops-the-issue.html

2013-07-17T20:28:49+0000

CNBC

Rolling Stone magazine sparked a heated social media debate today after releasing a cover image promoting an upcoming profile of alleged Boston Marathon bomber Dzhokhar Tsarnaev. The Twitter and Facebook firestorm resulted in calls for boycotts, and drugstore chain CVS announcing that it would not carry the issue in its 7,000 stores nationwide. "As a company with deep roots in New England and a strong presence in Boston, we believe this is the right decision out of respect for the victims of the attack and their loved ones," the statement said. CVS is headquartered in Woonsocket, R.I. The cover, released online as a preview to Friday's edition with an in-depth article chronicling Tsarnaev's life leading up to the Boston Marathon bombing, features a "selfie"—or self-taken photo—by Tsarnaev with the teen's hair falling across his face. Some online noted that the photo called to mind previous Rolling Stone covers of Jim Morrison or Bob Dylan and glorified the teenage suspected killer. Others pointed out that the photo had also appeared on major news sites like The New York Times in the days after Tsarnaev's capture. "This is obviously a big story and there are a lot of people who are going to be interested in it, but in my mind it isn't deserving of the cover," said Duran Fernandez-O'Brien, who lives in Boston and joined the "Boycott Rolling Stone Magazine for their latest cover" Facebook page. Tsarnaev is suspected of setting off two bombs at the Boston Marathon with his older brother, Tamerlan Tsarnaev, on April 15. At his first public appearance since his arrest, Tsarnaev pleaded not guilty to 30 charges brought against him by federal prosecutors in the U.S. District Court. Fernandez-O'Brien echoed other online critics, voicing concern over whether the magazine is glorifying Tsarnaev and his actions by giving him so much attention."Obviously it's what people want to see," he said. "Definitely. But at the same time it creates a culture where people who may be on the fringe of thinking about doing something like that will then push forward and go through their ideas because they think this will make me famous: 'I will leave my mark history if I do something like this.' "

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<div class="group"><p><em> Rolling Stone</em> magazine sparked a heated social media debate today after releasing a cover image promoting an upcoming profile of alleged Boston Marathon bomber Dzhokhar Tsarnaev. </p><p> The Twitter and Facebook firestorm resulted in calls for boycotts, and drugstore chain <a href="//www.cnbc.com/quotes/CVS" target="_blank">CVS</a> announcing that it would not carry the issue in its 7,000 stores nationwide.</p><div style="height:100%" class="lazyload-placeholder"></div><p> "As a company with deep roots in New England and a strong presence in Boston, we believe this is the right decision out of respect for the victims of the attack and their loved ones," the statement said. CVS is headquartered in Woonsocket, R.I.</p><p> The cover, released online as a preview to Friday's edition with an in-depth article chronicling Tsarnaev's life leading up to the Boston Marathon bombing, features a "selfie"—or self-taken photo—by Tsarnaev with the teen's hair falling across his face.</p><p> Some online noted that the photo called to mind previous <em>Rolling Stone</em> covers of Jim Morrison or Bob Dylan and glorified the teenage suspected killer. Others pointed out that the photo had also appeared on major news sites like <em>The New York Times</em> in the days after Tsarnaev's capture.</p><p> "This is obviously a big story and there are a lot of people who are going to be interested in it, but in my mind it isn't deserving of the cover," said Duran Fernandez-O'Brien, who lives in Boston and joined the "Boycott Rolling Stone Magazine for their latest cover" Facebook page.</p><p> Tsarnaev is suspected of setting off two bombs at the Boston Marathon with his older brother, Tamerlan Tsarnaev, on April 15. At his first public appearance since his arrest, Tsarnaev pleaded not guilty to 30 charges brought against him by federal prosecutors in the U.S. District Court.</p><div style="height:100%" class="lazyload-placeholder"></div><p> Fernandez-O'Brien echoed other online critics, voicing concern over whether the magazine is glorifying Tsarnaev and his actions by giving him so much attention.</p><p>"Obviously it's what people want to see," he said. "Definitely. But at the same time it creates a culture where people who may be on the fringe of thinking about doing something like that will then push forward and go through their ideas because they think this will make me famous: 'I will leave my mark history if I do something like this.' " </p></div>,<div class="group"><p> Instead of focusing on the bombers, the media should focus on the victims, Fernandez-O'Brien said.</p><p> MBTA officer Richard "Dic" Donohue, who was shot during a chaotic exchange of gunfire with the Tsarnaev brothers following the bombing, released a statement voicing his thoughts on the cover.</p><p> "My family and I were personally affected by these individuals' actions. I cannot and do not condone the cover of the magazine, which is thoughtless at best," he said. <span style="font-size:14px">"I am confident that our Boston Strong community will remain intrepid and unshaken by the cover of this magazine."</span></p><p> Others, including journalism professor at Northeastern University and frequent media commentator Dan Kennedy, argue that the cover choice is not only not controversial, but a smart editorial decision on behalf of<em> Rolling Stone</em>.</p><p> "I think it's important to be responsible," he said. "It's nice to say that we should keep our focus on the victims of this awful crime and not glamorize someone like Tsarnaev, and I agree with that, but at the same time I think that we all want to know what drove him to commit this terrible crime, and he's interesting, and that's the definition of news." </p><p> Kennedy did agree that Tsarnaev looks glamorous on the over, but that every picture he has seen of the alleged bomber from the <em>Boston Globe</em> to <em>The New York Times</em> shows Tsarnaev in the same way.</p><p> He also noted the magazine's history of featuring high-profile news as feature and cover stories, such as its 1970 cover of Charles Manson.</p><p>"I suppose you could say this one was glammed up to an unusual degree, but I thought it really worked very well because it was an exercise in cognitive dissonance," he said.</p><p> "You look at the type and it says 'the bomber and how he turned into a monster,' then you look at the glammed-up shot of him and at the word 'bomber,' and you see a monster."</p><p> <strong>Read more from NBC News: </strong><br> <a href="http://usnews.nbcnews.com/_news/2013/07/17/19523419-ariel-castro-pleads-not-guilty-to-massive-977-count-indictment?lite" target="_blank">Ariel Castro pleads not guilty to massive 977-count indictment</a> <br> <a href="http://usnews.nbcnews.com/_news/2013/07/17/19520580-court-provides-counseling-to-zimmerman-jurors-days-after-emotional-verdict?lite" target="_blank">Court provides counseling to Zimmerman jurors days after emotional verdict</a> <br> <a href="http://usnews.nbcnews.com/_news/2013/07/16/19503246-sister-of-mystery-man-with-amnesia-says-family-had-no-idea-where-he-was" target="_blank">Sister of mystery man with amnesia says family had no idea where he was</a><br></p><p><em> Rolling Stone</em> released a statement standing by its decision to publish the cover story, noting that its hearts go out to the victims.</p><p> "The cover story we are publishing this week falls within the traditions of journalism and <em>Rolling Stone</em>'s longstanding commitment to serious and thoughtful coverage of the most important political and cultural issues of our day," the magazine added.</p><p> Tedeschi Foods, a New England-based grocery chain with 200 outlets, also announced Wednesday that it would not carry the issue of the magazine.</p><p> <em>—By Tracy Jarrett, NBC News</em><br></p></div>

Rolling Stone magazine sparked a heated social media debate today after releasing a cover image promoting an upcoming profile of alleged Boston Marathon bomber Dzhokhar Tsarnaev. The Twitter and Facebook firestorm resulted in calls for boycotts, and drugstore chain CVS announcing that it would not carry the issue in its 7,000 stores nationwide. "As a company with deep roots in New England and a strong presence in Boston, we believe this is the right decision out of respect for the victims of the attack and their loved ones," the statement said. CVS is headquartered in Woonsocket, R.I. The cover, released online as a preview to Friday's edition with an in-depth article chronicling Tsarnaev's life leading up to the Boston Marathon bombing, features a "selfie"—or self-taken photo—by Tsarnaev with the teen's hair falling across his face. Some online noted that the photo called to mind previous Rolling Stone covers of Jim Morrison or Bob Dylan and glorified the teenage suspected killer. Others pointed out that the photo had also appeared on major news sites like The New York Times in the days after Tsarnaev's capture. "This is obviously a big story and there are a lot of people who are going to be interested in it, but in my mind it isn't deserving of the cover," said Duran Fernandez-O'Brien, who lives in Boston and joined the "Boycott Rolling Stone Magazine for their latest cover" Facebook page. Tsarnaev is suspected of setting off two bombs at the Boston Marathon with his older brother, Tamerlan Tsarnaev, on April 15. At his first public appearance since his arrest, Tsarnaev pleaded not guilty to 30 charges brought against him by federal prosecutors in the U.S. District Court. Fernandez-O'Brien echoed other online critics, voicing concern over whether the magazine is glorifying Tsarnaev and his actions by giving him so much attention."Obviously it's what people want to see," he said. "Definitely. But at the same time it creates a culture where people who may be on the fringe of thinking about doing something like that will then push forward and go through their ideas because they think this will make me famous: 'I will leave my mark history if I do something like this.' " Instead of focusing on the bombers, the media should focus on the victims, Fernandez-O'Brien said. MBTA officer Richard "Dic" Donohue, who was shot during a chaotic exchange of gunfire with the Tsarnaev brothers following the bombing, released a statement voicing his thoughts on the cover. "My family and I were personally affected by these individuals' actions. I cannot and do not condone the cover of the magazine, which is thoughtless at best," he said. "I am confident that our Boston Strong community will remain intrepid and unshaken by the cover of this magazine." Others, including journalism professor at Northeastern University and frequent media commentator Dan Kennedy, argue that the cover choice is not only not controversial, but a smart editorial decision on behalf of Rolling Stone. "I think it's important to be responsible," he said. "It's nice to say that we should keep our focus on the victims of this awful crime and not glamorize someone like Tsarnaev, and I agree with that, but at the same time I think that we all want to know what drove him to commit this terrible crime, and he's interesting, and that's the definition of news." Kennedy did agree that Tsarnaev looks glamorous on the over, but that every picture he has seen of the alleged bomber from the Boston Globe to The New York Times shows Tsarnaev in the same way. He also noted the magazine's history of featuring high-profile news as feature and cover stories, such as its 1970 cover of Charles Manson."I suppose you could say this one was glammed up to an unusual degree, but I thought it really worked very well because it was an exercise in cognitive dissonance," he said. "You look at the type and it says 'the bomber and how he turned into a monster,' then you look at the glammed-up shot of him and at the word 'bomber,' and you see a monster." Read more from NBC News: Ariel Castro pleads not guilty to massive 977-count indictment Court provides counseling to Zimmerman jurors days after emotional verdict Sister of mystery man with amnesia says family had no idea where he was Rolling Stone released a statement standing by its decision to publish the cover story, noting that its hearts go out to the victims. "The cover story we are publishing this week falls within the traditions of journalism and Rolling Stone's longstanding commitment to serious and thoughtful coverage of the most important political and cultural issues of our day," the magazine added. Tedeschi Foods, a New England-based grocery chain with 200 outlets, also announced Wednesday that it would not carry the issue of the magazine. —By Tracy Jarrett, NBC News

2021-10-30 14:12:11.262351

Avnet, Inc. CIO Steve Phillips to Deliver Keynote Address at SNW Fall 2012

https://www.cnbc.com/2012/10/11/avnet-inc-cio-steve-phillips-to-deliver-keynote-address-at-snw-fall-2012.html

2012-10-11T15:00:00+0000

CNBC

Phillips to Share Storage Best Practices for Managing the Rapid Growth of Business-Critical Data PHOENIX--(BUSINESS WIRE)-- Avnet, Inc. (NYSE:AVT), a leading global technology distributor, today announced that the company’s senior vice president and CIO, Steve Phillips, will be a keynote speaker at SNW Fall 2012. This annual conference for information technology (IT) management focuses on the future of storage, data and infrastructure solutions. The conference will be held at the Hyatt Regency Silicon Valley/Santa Clara Convention Center in Santa Clara, Calif., and Phillips will present on Thursday, October 18, 2012, at 5:00 p.m. PT. Avnet, Inc. CIO Steve Phillips to Share Storage Best Practices for Managing the Rapid Growth of Business-Critical Data at SNW Fall 2012 (Photo: Business Wire)

cnbc, Articles, Avnet Inc, Information Technology, Phoenix, California, Arizona, North America, United States, Press Releases, CNBC Information and Policies, CNBC: News Releases, source:tagname:Business Wire

https://image.cnbcfm.com/api/v1/image/100160768-fa9557a771ce0bf10abfbbd31bd76aaff4d5984a.?v=1529461229

<div class="group"><p> Phillips to Share Storage Best Practices for Managing the Rapid Growth of Business-Critical Data </p> <p> PHOENIX--(BUSINESS WIRE)-- <a href="http://cts.businesswire.com/ct/CT?id=smartlink&amp;amp;url=http%3A%2F%2Favnet.com%2Fhome%2F&amp;amp;esheet=50437723&amp;amp;lan=en-US&amp;amp;anchor=Avnet%2C+Inc.&amp;amp;index=1&amp;amp;md5=d1a706855c5267b31c0187f54a73ed1b" target="_blank">Avnet, Inc.</a> (NYSE:<a href="http://cts.businesswire.com/ct/CT?id=smartlink&amp;amp;url=http%3A%2F%2Fir.avnet.com%2F&amp;amp;esheet=50437723&amp;amp;lan=en-US&amp;amp;anchor=AVT&amp;amp;index=2&amp;amp;md5=297647c8af9f0a84e4ca65fb26af892d" target="_blank">AVT</a>), a leading global technology distributor, today announced that the company’s senior vice president and <a href="http://cts.businesswire.com/ct/CT?id=smartlink&amp;amp;url=http%3A%2F%2Fblogging.avnet.com%2Fweblog%2Fcioinsights%2F&amp;amp;esheet=50437723&amp;amp;lan=en-US&amp;amp;anchor=CIO&amp;amp;index=3&amp;amp;md5=4a42080090e6e1e82ca811f6cee6bc56" target="_blank">CIO</a>, <a href="http://cts.businesswire.com/ct/CT?id=smartlink&amp;amp;url=http%3A%2F%2Fblogging.avnet.com%2Fweblog%2Fcioinsights%2Fabout%2F&amp;amp;esheet=50437723&amp;amp;lan=en-US&amp;amp;anchor=Steve+Phillips&amp;amp;index=4&amp;amp;md5=d1bc14986c3bbce95619e927892e5385" target="_blank">Steve Phillips</a>, will be a keynote speaker at <a href="http://cts.businesswire.com/ct/CT?id=smartlink&amp;amp;url=http%3A%2F%2Fwww.snwusa.com&amp;amp;esheet=50437723&amp;amp;lan=en-US&amp;amp;anchor=SNW&amp;amp;index=5&amp;amp;md5=eb644a105354c95d0521a9ce25869351" target="_blank">SNW</a> Fall 2012. This annual conference for information technology (IT) management focuses on the future of storage, data and infrastructure solutions. The conference will be held at the Hyatt Regency Silicon Valley/Santa Clara Convention Center in Santa Clara, Calif., and Phillips will present on Thursday, October 18, 2012, at 5:00 p.m. PT. </p> <div style="height:100%" class="lazyload-placeholder"></div><p></p><div> </div> <p>Avnet, Inc. CIO Steve Phillips to Share Storage Best Practices for Managing the Rapid Growth of Business-Critical Data at SNW Fall 2012 (Photo: Business Wire) </p></div>

Phillips to Share Storage Best Practices for Managing the Rapid Growth of Business-Critical Data PHOENIX--(BUSINESS WIRE)-- Avnet, Inc. (NYSE:AVT), a leading global technology distributor, today announced that the company’s senior vice president and CIO, Steve Phillips, will be a keynote speaker at SNW Fall 2012. This annual conference for information technology (IT) management focuses on the future of storage, data and infrastructure solutions. The conference will be held at the Hyatt Regency Silicon Valley/Santa Clara Convention Center in Santa Clara, Calif., and Phillips will present on Thursday, October 18, 2012, at 5:00 p.m. PT. Avnet, Inc. CIO Steve Phillips to Share Storage Best Practices for Managing the Rapid Growth of Business-Critical Data at SNW Fall 2012 (Photo: Business Wire)

2021-10-30 14:12:11.595257

Occupy London marks anniversary of St Paul's camp

https://www.cnbc.com/2012/10/13/occupy-london-marks-anniversary-of-st-pauls-camp.html

2012-10-13T15:31:00+0000

CNBC

LONDON -- Supporters of Occupy have gathered outside St. Paul's Cathedral to mark the first anniversary of the anti-corporate movement's now-dismantled protest camp.Hundreds of protesters against capitalist excess and social inequality set up camp outside Christopher Wren's famous landmark on Oct. 15, 2011, after they were stopped from demonstrating outside the nearby London Stock Exchange.The tent city embroiled the historic church in a conflict between bank-bashing demonstrators and the city's finance industry. The church's position on the protesters shifted several times, and the cathedral's dean and a senior priest both resigned over the issue.The camp was dismantled in February after the protesters lost a court battle with local authorities.Activist Ronan McNern said Saturday that the movement was still necessary because "the problem of inequality is not going away."

cnbc, Articles, Ukraine, Europe, United Kingdom, London, Wires, source:tagname:The Associated Press

<div class="group"><p>LONDON -- Supporters of Occupy have gathered outside St. Paul's Cathedral to mark the first anniversary of the anti-corporate movement's now-dismantled protest camp.</p><p>Hundreds of protesters against capitalist excess and social inequality set up camp outside Christopher Wren's famous landmark on Oct. 15, 2011, after they were stopped from demonstrating outside the nearby London Stock Exchange.</p><div style="height:100%" class="lazyload-placeholder"></div><p>The tent city embroiled the historic church in a conflict between bank-bashing demonstrators and the city's finance industry. The church's position on the protesters shifted several times, and the cathedral's dean and a senior priest both resigned over the issue.</p><p>The camp was dismantled in February after the protesters lost a court battle with local authorities.</p><p>Activist Ronan McNern said Saturday that the movement was still necessary because "the problem of inequality is not going away."</p></div>

LONDON -- Supporters of Occupy have gathered outside St. Paul's Cathedral to mark the first anniversary of the anti-corporate movement's now-dismantled protest camp.Hundreds of protesters against capitalist excess and social inequality set up camp outside Christopher Wren's famous landmark on Oct. 15, 2011, after they were stopped from demonstrating outside the nearby London Stock Exchange.The tent city embroiled the historic church in a conflict between bank-bashing demonstrators and the city's finance industry. The church's position on the protesters shifted several times, and the cathedral's dean and a senior priest both resigned over the issue.The camp was dismantled in February after the protesters lost a court battle with local authorities.Activist Ronan McNern said Saturday that the movement was still necessary because "the problem of inequality is not going away."

2021-10-30 14:12:11.633565

Jim Cramer says Chevron looks attractive thanks to its dividend, but oil could fall further

https://www.cnbc.com/2021/08/19/cramer-chevron-dividend-looks-attractive-but-oil-could-fall-further.html

2021-08-19T23:04:30+0000

Kevin Stankiewicz

CNBC

Investors who want to buy an energy stock as the price of oil slides should look to Chevron, CNBC's Jim Cramer said Thursday."Here's a stock that everyone seemed to just be gaga about a few weeks ago, and now it can't get any love," the "Mad Money" host said of Chevron. "The stock's fallen from $113 to $94, but at these levels it sports a 5.7% yield. I like Chevron very much."An attractive dividend is the primary reason to consider owning an oil stock right now, Cramer suggested.Outside of Chevron, Cramer said two other oil plays that carry slightly more risk are Devon and Pioneer Natural Resources. While both companies have solid variable dividends, he stressed that "their payouts could shrink as oil comes down."The price of crude slid in recent weeks and on Thursday closed in the red for the sixth-straight session, touching its lowest level since May.The U.S. oil benchmark, West Texas Intermediate crude futures, dropped 2.7% to settle at $63.69 per barrel. Brent crude, which is the international benchmark, declined about 2% to just under $67 per barrel.After a red-hot start to the year, oil has faced weakness due, in part, to concerns about slowing demand as the coronavirus pandemic persists around the world. Comments this week about a potential change to the Federal Reserve's highly accommodative monetary policy also caused the U.S. dollar to strengthen. That can end up hurting oil because it makes crude more costly for overseas buyers.In July, as WTI traded above $72 per barrel, Cramer said he believed oil had put in its near-term top. He said Thursday more weakness could be ahead, as an increase in supply clashes with a slump in demand. Investors who are looking to buy an oil stock need to be mindful of that, Cramer said."Be careful, because oil ... may not be done rolling over yet," he said. "I don't know if oil can even hold above $60 these days. Most American producers are still plenty profitable above $60, but below that level, it does start to get more dicey."

cnbc, Articles, WTI Crude (Dec'21), Pioneer Natural Resources Co, Devon Energy Corp, Chevron Corp, Jim Cramer, Markets, Stock markets, Personal investing, Investment strategy, Business, Investing, Business News, U.S. Business Day, U.S. Markets, S&P 500, stocks, Stock Picks, Investment Strategy, CNBC TV, Mad Money, source:tagname:CNBC US Source

<div class="group"><p>Investors who want to buy an energy stock as the price of oil slides should look to <a href="//www.cnbc.com/quotes/CVX" target="_blank">Chevron</a>, CNBC's <a href="https://www.cnbc.com/jim-cramer-bio/">Jim Cramer</a> said Thursday.</p><p>"Here's a stock that everyone seemed to just be gaga about a few weeks ago, and now it can't get any love," the "Mad Money" host said of Chevron. "The stock's fallen from $113 to $94, but at these levels it sports a 5.7% yield. I like Chevron very much."</p><div style="height:100%" class="lazyload-placeholder"></div><p>An attractive dividend is the primary reason to consider owning an oil stock right now, Cramer suggested.</p><p>Outside of Chevron, Cramer said two other oil plays that carry slightly more risk are <a href="//www.cnbc.com/quotes/DVN" target="_blank">Devon</a> and <a href="//www.cnbc.com/quotes/PXD" target="_blank">Pioneer Natural Resources</a>. While both companies have solid variable dividends, he stressed that "their payouts could shrink as oil comes down."</p><p>The price of crude slid in recent weeks and on Thursday <a href="https://www.cnbc.com/2021/08/19/oil-falls-for-a-sixth-straight-day-sinks-to-the-lowest-level-since-may-on-fears-of-slowing-growth.html">closed in the red for the sixth-straight session</a>, touching its lowest level since May.</p><p>The U.S. oil benchmark, <a href="https://www.cnbc.com/quotes/@CL.1">West Texas Intermediate</a> crude futures, dropped 2.7% to settle at $63.69 per barrel. Brent crude, which is the international benchmark, declined about 2% to just under $67 per barrel.</p><p>After a red-hot start to the year, oil has faced weakness due, in part, to concerns about slowing demand as the coronavirus pandemic persists around the world. Comments this week about a potential change to the Federal Reserve's highly accommodative monetary policy also caused the U.S. dollar to strengthen. That can end up hurting oil because it makes crude more costly for overseas buyers.</p><div style="height:100%" class="lazyload-placeholder"></div><p>In July, as WTI traded above $72 per barrel, Cramer said he believed oil had <a href="https://www.cnbc.com/2021/07/15/jim-cramer-says-im-calling-the-top-right-here-for-oil.html">put in its near-term top</a>. He said Thursday more weakness could be ahead, as an increase in supply clashes with a slump in demand. Investors who are looking to buy an oil stock need to be mindful of that, Cramer said.</p><p>"Be careful, because oil ... may not be done rolling over yet," he said. "I don't know if oil can even hold above $60 these days. Most American producers are still plenty profitable above $60, but below that level, it does start to get more dicey."</p></div>,<div class="group"><div class="ArticleBody-blockquote"><p>Questions for Cramer?<br> Call Cramer: 1-800-743-CNBC</p><p>Want to take a deep dive into Cramer's world? Hit him up!<br> <a href="https://twitter.com/MadMoneyOnCNBC" target="_blank">Mad Money Twitter</a> - <a href="https://twitter.com/jimcramer" target="_blank">Jim Cramer Twitter</a> - <a href="https://www.facebook.com/madmoney?ref=aymt_homepage_panel" target="_blank">Facebook</a> - <a href="http://instagram.com/jimcramer" target="_blank">Instagram</a></p><p>Questions, comments, suggestions for the "Mad Money" website? madcap@cnbc.com</p></div></div>

Investors who want to buy an energy stock as the price of oil slides should look to Chevron, CNBC's Jim Cramer said Thursday."Here's a stock that everyone seemed to just be gaga about a few weeks ago, and now it can't get any love," the "Mad Money" host said of Chevron. "The stock's fallen from $113 to $94, but at these levels it sports a 5.7% yield. I like Chevron very much."An attractive dividend is the primary reason to consider owning an oil stock right now, Cramer suggested.Outside of Chevron, Cramer said two other oil plays that carry slightly more risk are Devon and Pioneer Natural Resources. While both companies have solid variable dividends, he stressed that "their payouts could shrink as oil comes down."The price of crude slid in recent weeks and on Thursday closed in the red for the sixth-straight session, touching its lowest level since May.The U.S. oil benchmark, West Texas Intermediate crude futures, dropped 2.7% to settle at $63.69 per barrel. Brent crude, which is the international benchmark, declined about 2% to just under $67 per barrel.After a red-hot start to the year, oil has faced weakness due, in part, to concerns about slowing demand as the coronavirus pandemic persists around the world. Comments this week about a potential change to the Federal Reserve's highly accommodative monetary policy also caused the U.S. dollar to strengthen. That can end up hurting oil because it makes crude more costly for overseas buyers.In July, as WTI traded above $72 per barrel, Cramer said he believed oil had put in its near-term top. He said Thursday more weakness could be ahead, as an increase in supply clashes with a slump in demand. Investors who are looking to buy an oil stock need to be mindful of that, Cramer said."Be careful, because oil ... may not be done rolling over yet," he said. "I don't know if oil can even hold above $60 these days. Most American producers are still plenty profitable above $60, but below that level, it does start to get more dicey."Questions for Cramer? Call Cramer: 1-800-743-CNBCWant to take a deep dive into Cramer's world? Hit him up! Mad Money Twitter - Jim Cramer Twitter - Facebook - InstagramQuestions, comments, suggestions for the "Mad Money" website? madcap@cnbc.com

2021-10-30 14:12:11.749425

Chevron shares jump, extending gains on Credit Suisse upgrade after strong earnings

https://www.cnbc.com/2018/11/05/chevron-shares-jump-extending-gains-on-credit-suisse-upgrade.html

2018-11-05T17:18:36+0000

Tom DiChristopher

CNBC

Shares of Chevron are posting a second day of strong gains, bolstered by an upgrade at Credit Suisse, after the energy giant raised its outlook for oil and gas production on Friday and reported quarterly earnings that topped Wall Street's expectations.Chevron's stock price jumped more than 3.5 percent, to about $119, on Monday, bringing its two-day gain to roughly 7 percent. The shares are still down about 5 percent this year, roughly in line with the loss for the broader S&P 500 energy sector.Chevron reported a $4 billion profit for the third quarter of 2018, more than double its earnings during the same period a year ago. The San Ramon, California-based company pumped at a record level last quarter, and executives said they now expect to hit the upper range of their guidance for oil and gas output for the year.Credit Suisse on Monday upgraded the company's stock to outperform from neutral. The investment bank maintained its price target of $138 on the shares.The bank said Chevron "continues to execute on its already superior growth outlook," even as its stock trades at a "wider than normal" discount to fellow U.S.-headquartered oil major Exxon Mobil.Chevron now says it expects its oil and gas production to grow at the top end of its previously forecast range of 4 percent to 7 percent.That should yield better capital efficiency in 2018 and boost free cash flow, in Credit Suisse's view. Healthier cash flow will allow Chevron's management to reward investors with a competitive quarterly dividend payment and potentially expand its $3 billion per year share buyback program, the bank said.The engine behind Chevron's growing output is its Wheatstone and Gorgon natural gas projects in Australia, the Permian Basin underlying Texas and New Mexico and several offshore projects, according to Credit Suisse.

cnbc, Articles, Exxon Mobil Corp, S&P Energy, Chevron Corp, Markets, Politics, Energy, Oil and Gas, Energy Commodities, Oil, Business News, source:tagname:CNBC US Source

<div class="group"><p>Shares of <a href="//www.cnbc.com/quotes/CVX" target="_blank">Chevron</a> are posting a second day of strong gains, bolstered by an upgrade at Credit Suisse, after the energy giant raised its outlook for oil and gas production on Friday and <a href="https://www.cnbc.com/2018/11/02/chevron-earnings-2point11-per-share-vs-2point06-expected.html">reported quarterly earnings</a> that topped Wall Street's expectations.</p><p>Chevron's stock price jumped more than 3.5 percent, to about $119, on Monday, bringing its two-day gain to roughly 7 percent. The shares are still down about 5 percent this year, roughly in line with the loss for the broader <a href="https://www.cnbc.com/quotes/.GSPE_WTD">S&amp;P 500 energy sector</a>.</p><div style="height:100%" class="lazyload-placeholder"></div><p></p><div class="InlineImage-imageEmbed" id="ArticleBody-InlineImage-undefined" data-test="InlineImage"><div class="InlineImage-wrapper InlineImage-wrapperNoCaption"><div class="InlineImage-imagePlaceholder" style="padding-bottom:55.55555555555556%"><div style="height:100%" class="lazyload-placeholder"></div></div><div><div class="InlineImage-imageEmbedCaption"></div><div class="InlineImage-imageEmbedCredit"></div></div></div></div><p>Chevron reported a $4 billion profit for the third quarter of 2018, more than double its earnings during the same period a year ago. The San Ramon, California-based company pumped at a record level last quarter, and executives said they now expect to hit the upper range of their guidance for oil and gas output for the year.</p><p>Credit Suisse on Monday upgraded the company's stock to outperform from neutral. The investment bank maintained its price target of $138 on the shares.</p><p>The bank said Chevron "continues to execute on its already superior growth outlook," even as its stock trades at a "wider than normal" discount to fellow U.S.-headquartered oil major <a href="//www.cnbc.com/quotes/XOM" target="_blank">Exxon Mobil</a>.</p><p>Chevron now says it expects its oil and gas production to grow at the top end of its previously forecast range of 4 percent to 7 percent.</p><div style="height:100%" class="lazyload-placeholder"></div><p>That should yield better capital efficiency in 2018 and boost free cash flow, in Credit Suisse's view. Healthier cash flow will allow Chevron's management to reward investors with a competitive quarterly dividend payment and potentially expand its $3 billion per year share buyback program, the bank said.</p><p>The engine behind Chevron's growing output is its Wheatstone and Gorgon natural gas projects in Australia, the Permian Basin underlying Texas and New Mexico and several offshore projects, according to Credit Suisse.</p></div>

Shares of Chevron are posting a second day of strong gains, bolstered by an upgrade at Credit Suisse, after the energy giant raised its outlook for oil and gas production on Friday and reported quarterly earnings that topped Wall Street's expectations.Chevron's stock price jumped more than 3.5 percent, to about $119, on Monday, bringing its two-day gain to roughly 7 percent. The shares are still down about 5 percent this year, roughly in line with the loss for the broader S&P 500 energy sector.Chevron reported a $4 billion profit for the third quarter of 2018, more than double its earnings during the same period a year ago. The San Ramon, California-based company pumped at a record level last quarter, and executives said they now expect to hit the upper range of their guidance for oil and gas output for the year.Credit Suisse on Monday upgraded the company's stock to outperform from neutral. The investment bank maintained its price target of $138 on the shares.The bank said Chevron "continues to execute on its already superior growth outlook," even as its stock trades at a "wider than normal" discount to fellow U.S.-headquartered oil major Exxon Mobil.Chevron now says it expects its oil and gas production to grow at the top end of its previously forecast range of 4 percent to 7 percent.That should yield better capital efficiency in 2018 and boost free cash flow, in Credit Suisse's view. Healthier cash flow will allow Chevron's management to reward investors with a competitive quarterly dividend payment and potentially expand its $3 billion per year share buyback program, the bank said.The engine behind Chevron's growing output is its Wheatstone and Gorgon natural gas projects in Australia, the Permian Basin underlying Texas and New Mexico and several offshore projects, according to Credit Suisse.

2021-10-30 14:12:11.785477

Merkel would be 'dream' EU Commission president, Luxembourg's PM says

https://www.cnbc.com/2019/06/13/merkel-would-be-dream-eu-commission-president-luxembourgs-pm-says.html

2019-06-13T11:35:05+0000

Holly Ellyatt

CNBC

German Chancellor Angela Merkel has received another glowing endorsement to be a future president of the European Commission — this time from Luxembourg.Luxembourg's Prime Minister Xavier Bettel told CNBC that Merkel would be a "dream candidate" for the presidency of Europe's executive body."I love that idea, I've asked Angela Merkel several times. She would be a perfect candidate for the (European) Council, for the Commission," Bettel told CNBC's Silvia Amaro in Luxembourg Thursday."She's got a global view, she's a great leader and a strong personality. I really, really appreciate Angela Merkel …. I really, really think she would be a great leader for Europe. We have some different candidates who are able but Angela for me would be a dream candidate."Bettel's comments come after French President Emmanuel Macron said that he would support Merkel as the next president of the European Commission once Jean-Claude Juncker leaves the post on November 1.On Tuesday, Macron told Swiss broadcaster RTS that "If she were to want it (the post), I would support her."

cnbc, Articles, Europe Economy, International: Top News And Analysis, Politics, Europe Politics, source:tagname:CNBC Europe Source

<div class="group"><p>German Chancellor Angela Merkel has received another glowing endorsement to be a future president of the European Commission — this time from Luxembourg.</p><p>Luxembourg's Prime Minister Xavier Bettel told CNBC that Merkel would be a "dream candidate" for the presidency of Europe's executive body.</p><div style="height:100%" class="lazyload-placeholder"></div><p>"I love that idea, I've asked Angela Merkel several times. She would be a perfect candidate for the (European) Council, for the Commission," Bettel told CNBC's Silvia Amaro in Luxembourg Thursday.</p><p>"She's got a global view, she's a great leader and a strong personality. I really, really appreciate Angela Merkel …. I really, really think she would be a great leader for Europe. We have some different candidates who are able but Angela for me would be a dream candidate."</p><p>Bettel's comments come after French President Emmanuel Macron said that he would support Merkel as the next president of the European Commission once Jean-Claude Juncker leaves the post on November 1.</p><p>On Tuesday, Macron told Swiss broadcaster RTS that "If she were to want it (the post), I would support her."</p></div>,<div class="group"><p>Merkel has reportedly said that she does not want the position and wants to quit politics when she steps down as German chancellor in 2021 after four terms in office. Nonetheless, she is viewed as a strong and stable leader in Europe despite <a href="https://www.cnbc.com/2018/06/18/immigration-fight-has-handed-germany-merkel-her-worst-crisis-in-more-than-a-decade.html">growing political turbulence in Germany</a> and is something of a figurehead for the European Union (EU).</p><div style="height:100%" class="lazyload-placeholder"></div><p>Other European officials are keen to encourage Merkel to consider the Commission presidency role, praising her as a unifying figure in the bloc and a steady force that region needs when its political environment looks polarized and fractured.</p><p>The next president of the Commission has to be approved by a majority of the 28 member states, but also by a majority of lawmakers at the European Parliament, the EU's legislative arm.</p><p>There will also be a vote to replace the current President of the European Council, Donald Tusk, when his term also ends in November, <a href="https://www.cnbc.com/2019/05/30/eu-elections-brussels-races-to-replace-commission-president.html">as well as new leaders of the EU Parliament, the EU's foreign policy chief and the next president of the European Central Bank</a>.</p><p>Battle lines are already drawn between member states over the top jobs up for grabs. Donald Tusk has been consulting member states and the European Parliament about the positions. He has also said the EU should aim to have "at least two women" in the senior posts.</p><p><a href="https://twitter.com/eucopresident/status/1138808244892241920" target="_blank">Tweet:</a></p><p>Tusk has said that he hoped the appointments would be agreed at an EU summit on June 20-21 when the bloc's 28 leaders next meet.</p><p><em>- CNBC's Silvia Amaro contributed reporting to this story.</em></p></div>

German Chancellor Angela Merkel has received another glowing endorsement to be a future president of the European Commission — this time from Luxembourg.Luxembourg's Prime Minister Xavier Bettel told CNBC that Merkel would be a "dream candidate" for the presidency of Europe's executive body."I love that idea, I've asked Angela Merkel several times. She would be a perfect candidate for the (European) Council, for the Commission," Bettel told CNBC's Silvia Amaro in Luxembourg Thursday."She's got a global view, she's a great leader and a strong personality. I really, really appreciate Angela Merkel …. I really, really think she would be a great leader for Europe. We have some different candidates who are able but Angela for me would be a dream candidate."Bettel's comments come after French President Emmanuel Macron said that he would support Merkel as the next president of the European Commission once Jean-Claude Juncker leaves the post on November 1.On Tuesday, Macron told Swiss broadcaster RTS that "If she were to want it (the post), I would support her."Merkel has reportedly said that she does not want the position and wants to quit politics when she steps down as German chancellor in 2021 after four terms in office. Nonetheless, she is viewed as a strong and stable leader in Europe despite growing political turbulence in Germany and is something of a figurehead for the European Union (EU).Other European officials are keen to encourage Merkel to consider the Commission presidency role, praising her as a unifying figure in the bloc and a steady force that region needs when its political environment looks polarized and fractured.The next president of the Commission has to be approved by a majority of the 28 member states, but also by a majority of lawmakers at the European Parliament, the EU's legislative arm.There will also be a vote to replace the current President of the European Council, Donald Tusk, when his term also ends in November, as well as new leaders of the EU Parliament, the EU's foreign policy chief and the next president of the European Central Bank.Battle lines are already drawn between member states over the top jobs up for grabs. Donald Tusk has been consulting member states and the European Parliament about the positions. He has also said the EU should aim to have "at least two women" in the senior posts.Tweet:Tusk has said that he hoped the appointments would be agreed at an EU summit on June 20-21 when the bloc's 28 leaders next meet.- CNBC's Silvia Amaro contributed reporting to this story.

2021-10-30 14:12:11.820826

Ford's Lincoln plans to produce luxury SUV in China by late 2019

https://www.cnbc.com/2017/03/13/fords-lincoln-plans-to-produce-luxury-suv-in-china-by-late-2019.html

2017-03-13T09:36:18+0000

CNBC

Ford Motor's luxury unit Lincoln plans to produce luxury SUVs in China by late 2019, as it steps up its move into the world's largest auto market and aims to catch up with German and U.S. rivals who already manufacture in the Asian nation.The plan is to build an all-new sports utility vehicle (SUV) to suit Chinese tastes, Lincoln China said in a statement. Ford plans to use an existing assembly plant it jointly operates with Chongqing Changan Automobile to produce the Lincoln vehicles, a Ford spokesman in Shanghai said.Lincoln vehicles are currently imported into China, and their sales have jumped nearly 180 percent in 2016, the statement said."The move to local production is a key next step in Lincolns evolution in China and will complement continued imports from North America," it said.The statement gave no other details about the plans. The Ford spokesman declined to give the model's anticipated production volume or describe the model other than to say it is an SUV.The Changan-Ford joint venture is in the process of getting approval for this move to produce Lincoln vehicles locally in China, said the spokesman.Lincoln China President Amy Marentic told Reuters in October that the brand was studying whether to produce cars locally in China.Lincoln was accelerating its entry into China with plans to have 65 Lincoln stores by the end of 2016, instead of previous plans of 60, with 80 planned for year-end 2017, she said.Marentic said the company would also open five to 10 smaller sales branches to tap into fast-growing auto sales in lower-tier Chinese cities.

cnbc, Articles, Ford Motor Co, China, Autos, US: News, Business News, Transportation, source:tagname:Reuters

<div class="group"><p><a href="//www.cnbc.com/quotes/F" target="_blank">Ford Motor's</a> luxury unit Lincoln plans to produce luxury SUVs in China by late 2019, as it steps up its move into the world's largest auto market and aims to catch up with German and U.S. rivals who already manufacture in the Asian nation.</p><p>The plan is to build an all-new sports utility vehicle (SUV) to suit Chinese tastes, Lincoln China said in a statement. Ford plans to use an existing assembly plant it jointly operates with Chongqing Changan Automobile to produce the Lincoln vehicles, a Ford spokesman in Shanghai said.</p><div style="height:100%" class="lazyload-placeholder"></div><p>Lincoln vehicles are currently imported into China, and their sales have jumped nearly 180 percent in 2016, the statement said.</p><p>"The move to local production is a key next step in Lincolns evolution in China and will complement continued imports from North America," it said.</p><p>The statement gave no other details about the plans. The Ford spokesman declined to give the model's anticipated production volume or describe the model other than to say it is an SUV.</p><p>The Changan-Ford joint venture is in the process of getting approval for this move to produce Lincoln vehicles locally in China, said the spokesman.</p><p>Lincoln China President Amy Marentic told Reuters in October that the brand was studying whether to produce cars locally in China.</p><div style="height:100%" class="lazyload-placeholder"></div><p>Lincoln was accelerating its entry into China with plans to have 65 Lincoln stores by the end of 2016, instead of previous plans of 60, with 80 planned for year-end 2017, she said.</p><p>Marentic said the company would also open five to 10 smaller sales branches to tap into fast-growing auto sales in lower-tier Chinese cities.</p></div>

Ford Motor's luxury unit Lincoln plans to produce luxury SUVs in China by late 2019, as it steps up its move into the world's largest auto market and aims to catch up with German and U.S. rivals who already manufacture in the Asian nation.The plan is to build an all-new sports utility vehicle (SUV) to suit Chinese tastes, Lincoln China said in a statement. Ford plans to use an existing assembly plant it jointly operates with Chongqing Changan Automobile to produce the Lincoln vehicles, a Ford spokesman in Shanghai said.Lincoln vehicles are currently imported into China, and their sales have jumped nearly 180 percent in 2016, the statement said."The move to local production is a key next step in Lincolns evolution in China and will complement continued imports from North America," it said.The statement gave no other details about the plans. The Ford spokesman declined to give the model's anticipated production volume or describe the model other than to say it is an SUV.The Changan-Ford joint venture is in the process of getting approval for this move to produce Lincoln vehicles locally in China, said the spokesman.Lincoln China President Amy Marentic told Reuters in October that the brand was studying whether to produce cars locally in China.Lincoln was accelerating its entry into China with plans to have 65 Lincoln stores by the end of 2016, instead of previous plans of 60, with 80 planned for year-end 2017, she said.Marentic said the company would also open five to 10 smaller sales branches to tap into fast-growing auto sales in lower-tier Chinese cities.

2021-10-30 14:12:11.970236

Air India plane escorted by fighters to land in London after bomb threat

https://www.cnbc.com/2019/06/27/air-india-plane-escorted-by-fighters-to-land-in-london-after-bomb-threat.html

2019-06-27T10:10:06+0000

CNBC

cnbc, Articles, Aerospace and defense industry, Airlines, Europe News, Aerospace & Defense, World News, Business News, Economy, World Economy, source:tagname:Reuters

<div class="group"><p> </p></div>,<div class="group"><p>An Air India passenger plane flying to the United States was escorted by British fighter jets to land in London on Thursday after a bomb threat.</p><div style="height:100%" class="lazyload-placeholder"></div><p>Air India said flight AI 191 from Mumbai to Newark had made a precautionary landing at London Stansted Airport "due to bomb threat." </p><p>Britain scrambled Typhoon fighters at supersonic speed to intercept the Boeing 777-337 and safely escorted it to Stansted.</p><p>The airport said its runway has reopened and the Air India flight was at an isolated stand with police in attendance. </p><p> "An Air India Boeing 777 diverted into London Stansted Airport at approximately 1015 and landed safely with Essex Police in attendance. It is parked on an isolated stand away from the normal airport operations," the airport said. </p><p> "Our runway has now re-opened and is fully operational following a precautionary landing of Air India flight," it said. </p><p> An Air India spokesman was not immediately reachable.</p></div>

An Air India passenger plane flying to the United States was escorted by British fighter jets to land in London on Thursday after a bomb threat.Air India said flight AI 191 from Mumbai to Newark had made a precautionary landing at London Stansted Airport "due to bomb threat." Britain scrambled Typhoon fighters at supersonic speed to intercept the Boeing 777-337 and safely escorted it to Stansted.The airport said its runway has reopened and the Air India flight was at an isolated stand with police in attendance. "An Air India Boeing 777 diverted into London Stansted Airport at approximately 1015 and landed safely with Essex Police in attendance. It is parked on an isolated stand away from the normal airport operations," the airport said. "Our runway has now re-opened and is fully operational following a precautionary landing of Air India flight," it said. An Air India spokesman was not immediately reachable.

2021-10-30 14:12:12.033547

No Trick, Big Halloween Treat from Sony Pictures Animation's HOTEL TRANSYLVANIA Director Genndy Tartakovsky

https://www.cnbc.com/2012/10/25/no-trick-big-halloween-treat-from-sony-pictures-animations-hotel-transylvania-director-genndy-tartakovsky.html

2012-10-25T22:00:00+0000

CNBC

cnbc, Articles, Latin America Markets, Latin America, Europe, California, Peru, Colombia, Brazil, Argentina, South America, North America, Africa, United States, Sweden, Eastern Europe, Philippines, South Africa, Russia, Press Releases, Southeast Asia, CNBC Information and Policies, CNBC: News Releases, source:tagname:PR Newswire

<div class="group"></div>

2021-10-30 14:12:12.317550

These companies might close, lay off US workers because of Trump's trade war

https://www.cnbc.com/2018/08/09/companies-might-close-lay-off-us-workers-because-of-trumps-trade-war.html

2018-08-09T16:12:11+0000

CNBC

The ongoing trade war President Donald Trump has waged against world powers, including some of our closest allies, doesn't show signs of slowing down.Left in the fray: Companies, American workers and consumers.The list of companies affected, either by planning to close plants, laying off employees, tossing out plans for new jobs or raising prices continues to grow.On Tuesday, the Trump administration announced it was escalating the battle with China by moving forward with a 25 percent tariff on $16 billion in Chinese goods. The tariffs will go into effect later this month.The end goal in Trump's eyes is for these countries to lower the tariffs they have on American goods, thus improving the market for the U.S. Some say his plan could work as the U.S. is negotiating from a position of strength -- a strong economy and low unemployment rates.But as the fight continues, some companies are having to absorb the blow. Several have raised prices or suffered lower profits while others announced the possible closing of plants, layoffs and halting plans to add jobs.More from USA Today: U.S. trade war with China, other countries: Layoffs, reduced hours, slimmer profitsTrump trade war: U.S. stock market is faring better than China's since dispute beganTariff winners and losers: How Trump's trade spat could affect shoppersHere's a list of some of the companies, sorted by state, who have announced effects from the tariffs:

cnbc, Articles, Politics, Metals and minerals industry, Autos, Business, Trade, Sanctions and embargoes, MCUBS MidCity Investment Corp, Greg Hankerson, Personnel, Mark Zandi, Volvo AB, General Motors Co, Bayerische Motoren Werke AG, Donald Trump, REC Silicon ASA, Harley-Davidson Inc, International trade, US: News, Business News, Employment, DO NOT USE Consumer, Materials, Economy, World Economy, Economic Measures, source:tagname:USA Today

<div class="group"><p>The ongoing trade war President Donald Trump has waged against world powers, including some of our closest allies, doesn't show signs of slowing down.</p><p>Left in the fray: Companies, American workers and consumers.</p><div style="height:100%" class="lazyload-placeholder"></div><p>The list of companies affected, either by planning to close plants, laying off employees, tossing out plans for new jobs or raising prices continues to grow.</p><p>On Tuesday, the Trump administration <a href="https://www.usatoday.com/story/news/politics/2018/08/07/trump-trade-war-tariff-16-billion-chinese-goods/929268002/" target="_blank">announced it was escalating the battle</a> with China by moving forward with a 25 percent tariff on $16 billion in Chinese goods. The tariffs will go into effect later this month.</p><p>The end goal in Trump's eyes is for these countries to lower the tariffs they have on American goods, thus improving the market for the U.S. Some say his plan could work as the U.S. is negotiating from a position of strength -- a strong economy and low unemployment rates.</p><p>But as the fight continues, some companies are having to absorb the blow. Several have raised prices or suffered lower profits while others announced the possible closing of plants, layoffs and halting plans to add jobs.</p><p><strong>More from USA Today:</strong></p><div style="height:100%" class="lazyload-placeholder"></div><p><strong> </strong><a href="https://www.usatoday.com/story/money/2018/07/06/u-s-trade-war-china-layoffs-thinner-profits/762569002/" target="_blank">U.S. trade war with China, other countries: Layoffs, reduced hours, slimmer profits</a></p><p><a href="https://www.usatoday.com/story/money/2018/07/26/stock-market-says-u-s-winning-trade-war/832596002/" target="_blank">Trump trade war: U.S. stock market is faring better than China's since dispute began</a></p><p><a href="https://www.usatoday.com/story/money/2018/05/31/trump-steel-tariffs-aluminum/660403002/" target="_blank">Tariff winners and losers: How Trump's trade spat could affect shoppers</a></p><p>Here's a list of some of the companies, sorted by state, who have announced effects from the tariffs:</p></div>,<div class="group"><p>The nation's largest nail maker, Mid-Continent Nail, laid off 60 workers after sales plunged 70 percent in the aftermath of Trump imposing a 25 percent tariff on steel from Mexico and Canada. The Poplar Bluff company said it raised prices but customers defected. The company said it worries more layoffs will occur and that by Labor Day the entire 500-member workforce would be terminated.</p><p>SEMO Box, a packaging company in Cape Girardeau, said it has felt a ripple effect from Mid-Continent's slowing business. The company said it would be laying off four temporary workers because of the slowdown, according to the Associated Press and Mid-Continent.</p><p>Harley-Davidson plans to shift a portion of its U.S. motorcycle manufacturing outside the U.S. in response to the trade fight. The Milwaukee-based motorcycle manufacturer said Monday in a public filing that the move is necessary to preserve its second-biggest sales market after new tariffs were imposed by the European Union.</p><p>The company did not specify whether it would close any U.S. plants or lay off any workers. But Harley recently mapped out plans to shift some production to a new factory in Thailand and said it would close its plant in Kansas City, Missouri, and add some jobs at a facility in York, Pennsylvania.</p></div>,<div class="group"><p>About 100 employees were laid off from REC Silicon, which supplies silicon materials for solar panels, in the company's Moses Lake plant. The plant also cut production by 25 percent, <a href="https://www.reuters.com/article/us-rec-layoffs-usa/norways-rec-silicon-lays-off-workers-at-u-s-plant-blaming-trade-war-idUSKBN1JS0H0" target="_blank">according to Reuters.</a></p><p>The layoffs were a "direct result of the ongoing solar trade dispute between China and the United States," the company told <a href="http://fortune.com/2018/07/05/trump-tariffs-us-layoffs/" target="_blank">Fortune</a>. China has imposed tariffs on polysilicon, which the company relies on.</p></div>,<div class="group"><p>Trans-Matic, of Holland, Michigan, shapes metal, mostly into auto parts, as well as components for door locks. The company has been forced to pay higher steel prices over the last few months due to the trade negotiations. Those higher costs have been passed down to its auto-supplier customers, some of which have scaled back their business.</p><p>Company Chief Financial Officer Steve Patterson said his employees are getting slightly fewer hours and have seen a slight decline in profits.</p></div>,<div class="group"><p>Tariffs could cost up to 4,000 new jobs at a new Volvo plant that opened in South Carolina. Volvo Cars Chief Executive Hakan Samuelsson <a href="https://www.reuters.com/article/us-autos-trade-volvo/volvo-cars-ceo-says-auto-tariffs-threaten-jobs-at-new-u-s-plant-idUSKBN1JG3BL" target="_blank">told Reuters</a> that the "trade barriers and restrictions" would prevent them from creating "as many jobs as we are planning."</p><p>Element Electronics, a television-making company, said it might be <a href="https://www.usatoday.com/story/news/politics/onpolitics/2018/08/07/south-carolina-element-electronics-plant-close-layoffs-trump-tariffs/927203002/" target="_blank">forced to shut down </a>its plant in Winnsboro unless certain items are removed from the tariff list that the company needs for production. The plant is one of the biggest job suppliers in Fairfield County and the company said it could be forced to lay off 126 people.</p></div>,<div class="group"><p>Prices have increased at Vintage Industrial, a steel furniture company in Phoenix, because of the tariffs. Greg Hankerson, co-owner of the company, said the 25-percent tariff on imported steel has boosted raw-material costs, which forced him to raise prices 5 to 10 percent earlier this year for various items, with more price hikes possible.</p></div>,<div class="group"><p>Many companies are holding out hope that the trade negotiations end quickly but have warned that job cuts and price increases could be imminent. BMW and General Motors sent their warnings in writing to the Department of Commerce.</p><p>"This is hurting the economy but so far it's manageable," says Mark Zandi, chief economist of Moody's Analytics. "If the war continues to escalate, it will do more damage and at some point it will undercut the good economy" and trigger significant job losses and likely a recession.</p><p>Despite fears that the trade dispute could spiral out of control, which would slow global growth and dampen investor and business confidence, Wall Street pros still believe the president's use of tariffs as a negotiating tool will likely be a winner.</p><p>"Right or wrong, many investors still feel the U.S. has the upper hand in this battle and will win in the end," says Randy Frederick, vice president of trading and derivatives at the Schwab Center for Financial Research.</p><p>That's because China has more to lose. The country's exports to the U.S., measured in dollars, outnumber American exports to China 3 to 1. That buying power is tough to replace.</p><p>And although tariffs could cause prices for consumer products ranging from cars to washing machines to rise, "the U.S. does not need China as much as China needs the U.S.," says Barry Bannister, head of institutional equity strategy at Stifel.</p></div>

The ongoing trade war President Donald Trump has waged against world powers, including some of our closest allies, doesn't show signs of slowing down.Left in the fray: Companies, American workers and consumers.The list of companies affected, either by planning to close plants, laying off employees, tossing out plans for new jobs or raising prices continues to grow.On Tuesday, the Trump administration announced it was escalating the battle with China by moving forward with a 25 percent tariff on $16 billion in Chinese goods. The tariffs will go into effect later this month.The end goal in Trump's eyes is for these countries to lower the tariffs they have on American goods, thus improving the market for the U.S. Some say his plan could work as the U.S. is negotiating from a position of strength -- a strong economy and low unemployment rates.But as the fight continues, some companies are having to absorb the blow. Several have raised prices or suffered lower profits while others announced the possible closing of plants, layoffs and halting plans to add jobs.More from USA Today: U.S. trade war with China, other countries: Layoffs, reduced hours, slimmer profitsTrump trade war: U.S. stock market is faring better than China's since dispute beganTariff winners and losers: How Trump's trade spat could affect shoppersHere's a list of some of the companies, sorted by state, who have announced effects from the tariffs:The nation's largest nail maker, Mid-Continent Nail, laid off 60 workers after sales plunged 70 percent in the aftermath of Trump imposing a 25 percent tariff on steel from Mexico and Canada. The Poplar Bluff company said it raised prices but customers defected. The company said it worries more layoffs will occur and that by Labor Day the entire 500-member workforce would be terminated.SEMO Box, a packaging company in Cape Girardeau, said it has felt a ripple effect from Mid-Continent's slowing business. The company said it would be laying off four temporary workers because of the slowdown, according to the Associated Press and Mid-Continent.Harley-Davidson plans to shift a portion of its U.S. motorcycle manufacturing outside the U.S. in response to the trade fight. The Milwaukee-based motorcycle manufacturer said Monday in a public filing that the move is necessary to preserve its second-biggest sales market after new tariffs were imposed by the European Union.The company did not specify whether it would close any U.S. plants or lay off any workers. But Harley recently mapped out plans to shift some production to a new factory in Thailand and said it would close its plant in Kansas City, Missouri, and add some jobs at a facility in York, Pennsylvania.About 100 employees were laid off from REC Silicon, which supplies silicon materials for solar panels, in the company's Moses Lake plant. The plant also cut production by 25 percent, according to Reuters.The layoffs were a "direct result of the ongoing solar trade dispute between China and the United States," the company told Fortune. China has imposed tariffs on polysilicon, which the company relies on.Trans-Matic, of Holland, Michigan, shapes metal, mostly into auto parts, as well as components for door locks. The company has been forced to pay higher steel prices over the last few months due to the trade negotiations. Those higher costs have been passed down to its auto-supplier customers, some of which have scaled back their business.Company Chief Financial Officer Steve Patterson said his employees are getting slightly fewer hours and have seen a slight decline in profits.Tariffs could cost up to 4,000 new jobs at a new Volvo plant that opened in South Carolina. Volvo Cars Chief Executive Hakan Samuelsson told Reuters that the "trade barriers and restrictions" would prevent them from creating "as many jobs as we are planning."Element Electronics, a television-making company, said it might be forced to shut down its plant in Winnsboro unless certain items are removed from the tariff list that the company needs for production. The plant is one of the biggest job suppliers in Fairfield County and the company said it could be forced to lay off 126 people.Prices have increased at Vintage Industrial, a steel furniture company in Phoenix, because of the tariffs. Greg Hankerson, co-owner of the company, said the 25-percent tariff on imported steel has boosted raw-material costs, which forced him to raise prices 5 to 10 percent earlier this year for various items, with more price hikes possible.Many companies are holding out hope that the trade negotiations end quickly but have warned that job cuts and price increases could be imminent. BMW and General Motors sent their warnings in writing to the Department of Commerce."This is hurting the economy but so far it's manageable," says Mark Zandi, chief economist of Moody's Analytics. "If the war continues to escalate, it will do more damage and at some point it will undercut the good economy" and trigger significant job losses and likely a recession.Despite fears that the trade dispute could spiral out of control, which would slow global growth and dampen investor and business confidence, Wall Street pros still believe the president's use of tariffs as a negotiating tool will likely be a winner."Right or wrong, many investors still feel the U.S. has the upper hand in this battle and will win in the end," says Randy Frederick, vice president of trading and derivatives at the Schwab Center for Financial Research.That's because China has more to lose. The country's exports to the U.S., measured in dollars, outnumber American exports to China 3 to 1. That buying power is tough to replace.And although tariffs could cause prices for consumer products ranging from cars to washing machines to rise, "the U.S. does not need China as much as China needs the U.S.," says Barry Bannister, head of institutional equity strategy at Stifel.

2021-10-30 14:12:12.375069

Amanda Campbell: Compatent

https://www.cnbc.com/2016/12/07/amanda-campbell-compatent.html

2016-12-07T14:17:33+0000

CNBC

Meet Amanda Campbell, 24 from Kingston. She's a well-spoken graduate from UCL, where she studied interdisciplinary architecture. She is also a huge music festival fan having attended more than 30 since her first one at the age of 16. Her idea is Comp-A-Tent, a fully compostable tent. Its primary use is for festivals, in order to counter the environmental impact of leaving tents behind once the party is over. Simply, you buy the tent with your festival ticket, pitch it, enjoy the festival, then when it's time to leave, you hand it into the recycling bin area and it then decomposes at the same rate as bread. Her reasons for developing the tent came from personal frustration from being at festivals and witnessing the number of tents dumped, abandoned and otherwise left behind. She learned that, on average, one in five tents are left behind at European festivals, contributing over 750,000 tents every year to landfill or incineration. These tents aren't feasibly recycled, never break down and leach hazardous toxins. It is a problem that plagues festivals. At Glastonbury this year, the clear up cost for organisers was £780,000 ($990,000). From China, Amanda would like to source materials and manufacturing for her pilot launch. Currently Amanda has been making prototypes with a hand iron and it takes over one day per tent. Amanda would like to find a factory in China with a faster manufacturing process so that it can get down to the target price of £40 per tent.

cnbc, Articles, Business News, Leadership, Entrepreneurs, Pop Up Start Up, source:tagname:CNBC Europe Source

<div class="group"><p> Meet Amanda Campbell, 24 from Kingston. She's a well-spoken graduate from UCL, where she studied <span>interdisciplinary </span>architecture. She is also a huge music festival fan having attended more than 30 since her first one at the age of 16. </p><p> Her idea is Comp-A-Tent, a fully compostable tent. Its primary use is for festivals, in order to counter the environmental impact of leaving tents behind once the party is over. Simply, you buy the tent with your festival ticket, pitch it, enjoy the festival, then when it's time to leave, you hand it into the recycling bin area and it then decomposes at the same rate as bread. </p><div style="height:100%" class="lazyload-placeholder"></div><p> Her reasons for developing the tent came from personal frustration from being at festivals and witnessing the number of tents dumped, abandoned and otherwise left behind. She learned that, on average, one in five tents are left behind at European festivals, contributing over 750,000 tents every year to landfill or incineration. These tents aren't feasibly recycled, never break down and leach hazardous toxins. It is a problem that plagues festivals. At Glastonbury this year, the clear up cost for organisers was £780,000 ($990,000). </p><p> From China, Amanda would like to source materials and manufacturing for her pilot launch. Currently Amanda has been making prototypes with a hand iron and it takes over one day per tent. Amanda would like to find a factory in China with a faster manufacturing process so that it can get down to the target price of £40 per tent.</p><br></div>,<div class="group"><p>Follow CNBC International on <a href="https://twitter.com/cnbci" target="_blank">Twitter</a> and <a href="https://www.facebook.com/cnbcinternational" target="_blank">Facebook</a>. <br></p></div>

Meet Amanda Campbell, 24 from Kingston. She's a well-spoken graduate from UCL, where she studied interdisciplinary architecture. She is also a huge music festival fan having attended more than 30 since her first one at the age of 16. Her idea is Comp-A-Tent, a fully compostable tent. Its primary use is for festivals, in order to counter the environmental impact of leaving tents behind once the party is over. Simply, you buy the tent with your festival ticket, pitch it, enjoy the festival, then when it's time to leave, you hand it into the recycling bin area and it then decomposes at the same rate as bread. Her reasons for developing the tent came from personal frustration from being at festivals and witnessing the number of tents dumped, abandoned and otherwise left behind. She learned that, on average, one in five tents are left behind at European festivals, contributing over 750,000 tents every year to landfill or incineration. These tents aren't feasibly recycled, never break down and leach hazardous toxins. It is a problem that plagues festivals. At Glastonbury this year, the clear up cost for organisers was £780,000 ($990,000). From China, Amanda would like to source materials and manufacturing for her pilot launch. Currently Amanda has been making prototypes with a hand iron and it takes over one day per tent. Amanda would like to find a factory in China with a faster manufacturing process so that it can get down to the target price of £40 per tent.Follow CNBC International on Twitter and Facebook.

2021-10-30 14:12:12.537178

Web Extra: When To Sell A Winner

https://www.cnbc.com/2010/03/03/web-extra-when-to-sell-a-winner.html

2010-03-03T23:03:07+0000

Lee Brodie

CNBC

It’s the hardest decision an investor has to make; selling a winning trade. Find out why Karen Finerman just pulled the trigger in Children's Place.This content is only available online - you won't find these trades on TV.

cnbc, Articles, Children's Place Retail Stores Inc, Fast Money, CNBC TV, source:tagname:CNBC US Source

<div class="group"><p>It’s the hardest decision an investor has to make; selling a winning trade. Find out why Karen Finerman just pulled the trigger in Children's Place.</p><p>This content is only available online - you won't find these trades on TV. </p></div>,<div class="group"><div style="height:100%" class="lazyload-placeholder"></div><p><br></p><p><br></p><p>______________________________________________________<br>Got something to to say? Send us an e-mail at <a href="mailto:fastmoney-web@cnbc.com" class="webresource" target="_blank">fastmoney-web@cnbc.com</a> and your comment might be posted on the <em>Rapid Recap. </em>If you'd prefer to make a comment but not have it published on our website send those e-mails to <!-- -->.<br><br></p><p><em>Trader disclosure: On March 3rd, 2010, the following stocks and commodities mentioned or intended to be mentioned on CNBC’s Fast Money were owned by the Fast Money traders; Cortes Is Long Soybeans; Cortes Is Short Treasuries Through Futures And Puts; Adami Owns (AGU), (C), (GS), (INTC), (MSFT), (NUE), (BTU); Finerman's Firm Is Short (IYR), (IJR), (MDY), (SPY), (IWM), (USO), (UNG); Finerman's Firm Is Long S&amp;P Puts; Finerman Owns (AAPL); Finerman's Firm Owns (BAC), (BAC) Leaps; Finerman Owns (BAC), (BAC) Preferred; Finerman's Firm And Finerman Own (GGWPQ); Finerman's Firm And Finerman Own (GOOG); Finerman's Firm Owns (MIL), (MIL) Calls; Finerman's Firm Owns (OSIP); Finerman's Firm Owns (TGT); Finerman's Firm And Finerman Own (WFC) Preferred; Finerman's Firm Owns (WMT); Grasso Owns (AAPL), (ABK), (ASTM), (BA), (BAC), (BGP), (C), (COST), (CSCO), (PFE), (PRST), (V), (WMT), (FAZ); Seymour Owns (CHL)<br><br></em><em>GE Is The Parent Company Of CNBC</em></p><p><em>For Steve Grasso:<br></em><em>Stuart Frankel &amp; Co. Inc. And Its Partners Own (ABK)<br>Stuart Frankel &amp; Co. Inc. And Its Partners Own (CUBA)<br>Stuart Frankel &amp; Co. Inc. And Its Partners Own (GERN)<br>Stuart Frankel &amp; Co. Inc. And Its Partners Own (GLG)<br>Stuart Frankel &amp; Co. Inc. And Its Partners Own (HSPO)<br>Stuart Frankel &amp; Co. Inc. And Its Partners Own (NWS.A)<br>Stuart Frankel &amp; Co. Inc. And Its Partners Own (NXST)<br>Stuart Frankel &amp; Co. Inc. And Its Partners Own (NYX)<br>Stuart Frankel &amp; Co. Inc. And Its Partners Own (PDE)<br>Stuart Frankel &amp; Co. Inc. And Its Partners Own (PRST)<br>Stuart Frankel &amp; Co. Inc. And Its Partners Own (RDC)<br>Stuart Frankel &amp; Co. Inc. And Its Partners Own (TLM)<br>Stuart Frankel &amp; Co. Inc. And Its Partners Own (TOL)<br>Stuart Frankel &amp; Co. Inc. And Its Partners Own (XRX)<br>Stuart Frankel &amp; Co. Inc. And Its Partners Own (SDS)<br>Stuart Frankel &amp; Co. Inc. And Its Partners Are Short (QQQQ)<br>Stuart Frankel &amp; Co. Inc. And Its Partners Are Short (CL)<br><br>For Brian Kelly<br>Kanundrum Capital Owns (TM)<br><br>For Jared Levy<br>Peak6 Investments Owns And Has An Options Position In (AET)<br>Peak6 Investments Owns And Has An Options Position In (BAC)<br>Peak6 Investments Owns And Has An Options Position In (C)<br>Peak6 Investments Owns And Has An Options Position In (DE)<br>Peak6 Investments Owns And Has An Options Position In (GLD)<br>Peak6 Investments Owns And Has An Options Position In (GS)<br>Peak6 Investments Owns And Has An Options Position In (JOYG)<br>Peak6 Investments Owns And Has An Options Position In (MON)<br>Peak6 Investments Owns And Has An Options Position In (MOS)<br>Peak6 Investments Owns And Has An Options Position In (OIH)<br>Peak6 Investments Owns And Has An Options Position In (UNH)<br>Peak6 Investments Owns And Has An Options Position In (USO)<br>Peak6 Investments Owns And Has An Options Position In (WFC)<br>Peak6 Investments Is Short And Has An Options Position In (AGU)<br>Peak6 Investments Is Short And Has An Options Position In (EXPE)<br>Peak6 Investments Is Short And Has An Options Position In (FCX)<br>Peak6 Investments Is Short And Has An Options Position In (HUM)<br>Peak6 Investments Is Short And Has An Options Position In (JPM)<br>Peak6 Investments Is Short And Has An Options Position In (MS)<br>Peak6 Investments Is Short And Has An Options Position In (NVLS)<br>Peak6 Investments Is Short And Has An Options Position In (POT)<br>Peak6 Investments Is Short And Has An Options Position In (QQQQ)<br>Peak6 Investments Is Short And Has An Options Position In (XLF)<br>Peak6 Investments Is Short And Has An Options Position In SPX<br>Peak6 Investments Is Short And Has An Options Position In NDX<br>Peak6 Investments Is Short And Has An Options Position In RUT</em><br><br>CNBC.com with wires</p></div>

It’s the hardest decision an investor has to make; selling a winning trade. Find out why Karen Finerman just pulled the trigger in Children's Place.This content is only available online - you won't find these trades on TV. ______________________________________________________Got something to to say? Send us an e-mail at fastmoney-web@cnbc.com and your comment might be posted on the Rapid Recap. If you'd prefer to make a comment but not have it published on our website send those e-mails to .Trader disclosure: On March 3rd, 2010, the following stocks and commodities mentioned or intended to be mentioned on CNBC’s Fast Money were owned by the Fast Money traders; Cortes Is Long Soybeans; Cortes Is Short Treasuries Through Futures And Puts; Adami Owns (AGU), (C), (GS), (INTC), (MSFT), (NUE), (BTU); Finerman's Firm Is Short (IYR), (IJR), (MDY), (SPY), (IWM), (USO), (UNG); Finerman's Firm Is Long S&P Puts; Finerman Owns (AAPL); Finerman's Firm Owns (BAC), (BAC) Leaps; Finerman Owns (BAC), (BAC) Preferred; Finerman's Firm And Finerman Own (GGWPQ); Finerman's Firm And Finerman Own (GOOG); Finerman's Firm Owns (MIL), (MIL) Calls; Finerman's Firm Owns (OSIP); Finerman's Firm Owns (TGT); Finerman's Firm And Finerman Own (WFC) Preferred; Finerman's Firm Owns (WMT); Grasso Owns (AAPL), (ABK), (ASTM), (BA), (BAC), (BGP), (C), (COST), (CSCO), (PFE), (PRST), (V), (WMT), (FAZ); Seymour Owns (CHL)GE Is The Parent Company Of CNBCFor Steve Grasso:Stuart Frankel & Co. Inc. And Its Partners Own (ABK)Stuart Frankel & Co. Inc. And Its Partners Own (CUBA)Stuart Frankel & Co. Inc. And Its Partners Own (GERN)Stuart Frankel & Co. Inc. And Its Partners Own (GLG)Stuart Frankel & Co. Inc. And Its Partners Own (HSPO)Stuart Frankel & Co. Inc. And Its Partners Own (NWS.A)Stuart Frankel & Co. Inc. And Its Partners Own (NXST)Stuart Frankel & Co. Inc. And Its Partners Own (NYX)Stuart Frankel & Co. Inc. And Its Partners Own (PDE)Stuart Frankel & Co. Inc. And Its Partners Own (PRST)Stuart Frankel & Co. Inc. And Its Partners Own (RDC)Stuart Frankel & Co. Inc. And Its Partners Own (TLM)Stuart Frankel & Co. Inc. And Its Partners Own (TOL)Stuart Frankel & Co. Inc. And Its Partners Own (XRX)Stuart Frankel & Co. Inc. And Its Partners Own (SDS)Stuart Frankel & Co. Inc. And Its Partners Are Short (QQQQ)Stuart Frankel & Co. Inc. And Its Partners Are Short (CL)For Brian KellyKanundrum Capital Owns (TM)For Jared LevyPeak6 Investments Owns And Has An Options Position In (AET)Peak6 Investments Owns And Has An Options Position In (BAC)Peak6 Investments Owns And Has An Options Position In (C)Peak6 Investments Owns And Has An Options Position In (DE)Peak6 Investments Owns And Has An Options Position In (GLD)Peak6 Investments Owns And Has An Options Position In (GS)Peak6 Investments Owns And Has An Options Position In (JOYG)Peak6 Investments Owns And Has An Options Position In (MON)Peak6 Investments Owns And Has An Options Position In (MOS)Peak6 Investments Owns And Has An Options Position In (OIH)Peak6 Investments Owns And Has An Options Position In (UNH)Peak6 Investments Owns And Has An Options Position In (USO)Peak6 Investments Owns And Has An Options Position In (WFC)Peak6 Investments Is Short And Has An Options Position In (AGU)Peak6 Investments Is Short And Has An Options Position In (EXPE)Peak6 Investments Is Short And Has An Options Position In (FCX)Peak6 Investments Is Short And Has An Options Position In (HUM)Peak6 Investments Is Short And Has An Options Position In (JPM)Peak6 Investments Is Short And Has An Options Position In (MS)Peak6 Investments Is Short And Has An Options Position In (NVLS)Peak6 Investments Is Short And Has An Options Position In (POT)Peak6 Investments Is Short And Has An Options Position In (QQQQ)Peak6 Investments Is Short And Has An Options Position In (XLF)Peak6 Investments Is Short And Has An Options Position In SPXPeak6 Investments Is Short And Has An Options Position In NDXPeak6 Investments Is Short And Has An Options Position In RUTCNBC.com with wires

2021-10-30 14:12:12.681256

The Word On Buyout Speculation, Consolidation In Steel...

https://www.cnbc.com/2007/05/08/the-word-on-buyout-speculation-consolidation-in-steel.html

2007-05-09T00:39:49+0000

Lee Brodie

CNBC

RUMORS GONE WILDThe headline: Of 130 Buyout Rumors Since December, Only 4 Have Panned Out (source: StreetAccount)The word: Jeff Macke says speculation and rumors are part of the Wall Street game. They always push stocks higher and traders need to be smart enough to separate fact from fiction.PEDAL TO THE METAL: The headline(s):- Alcoa (AA) , AK Steel (AKS) Buyout Speculation Fueling Red-Hot Metals Trade- Steelmaker Arcelor Mittal (MT) May Make $4.5B Bid For AK Steel, FT Reports.- Alcoa Makes $26.9B Bid For Alcan(AL) But May Too Be Bought The word: Eric Bolling says consolidation in the space is a big trend right now and he expects it to continue. Guy Adami recommends investors own Commercial Metals Company (CMC) on a dip, because it stands to benefit from the boom in non-residential building.THE WONDERFUL EARNINGS OF DISNEY: The headline: Walt Disney (DIS) Profit Rises As `Wild Hogs', TV Advertising Drives EarningsThe word: Jeff Macke says DIS had a great quarter and thinks this stock will continue to climb. He was particularly happy to hear that theme park attendance was up nearly everywhere.

cnbc, Articles, Estee Lauder Companies Inc, BlackBerry, Johnson Controls International PLC, Walt Disney Co, ArcelorMittal SA, AK Steel Holding Corp, Howmet Aerospace Inc, CNBC TV, Fast Money, source:tagname:CNBC US Source

<div class="group"><p><strong>RUMORS GONE WILD<br>The headline: Of 130 Buyout Rumors Since December, Only 4 Have Panned Out (source: StreetAccount)</strong></p><p>The word: Jeff Macke says speculation and rumors are part of the Wall Street game. They always push stocks higher and traders need to be smart enough to separate fact from fiction.</p><div style="height:100%" class="lazyload-placeholder"></div><p><strong>PEDAL TO THE METAL: <br>The headline(s):<br></strong><strong>- Alcoa (AA) , AK Steel (AKS) Buyout Speculation Fueling Red-Hot Metals Trade<br></strong><strong>- Steelmaker Arcelor Mittal (MT) May Make $4.5B Bid For AK Steel, FT Reports.<br></strong><strong>- Alcoa Makes $26.9B Bid For Alcan(AL) But May Too Be Bought </strong></p><p>The word: Eric Bolling says consolidation in the space is a big trend right now and he expects it to continue. Guy Adami recommends investors own <strong>Commercial Metals Company (CMC)</strong> on a dip, because it stands to benefit from the boom in non-residential building.</p><p><strong>THE WONDERFUL EARNINGS OF DISNEY: <br>The headline: Walt Disney (DIS) Profit Rises As `Wild Hogs', TV Advertising Drives Earnings</strong></p><p>The word: Jeff Macke says DIS had a great quarter and thinks this stock will continue to climb. He was particularly happy to hear that theme park attendance was up nearly everywhere.</p></div>,<div class="group"><p><br><br>TESORO TRADE UPDATE<br>The Headline: Last Week Eric Bolling Recommends Buying Puts On Tesoro</p><div style="height:100%" class="lazyload-placeholder"></div><p>The word: Eric sold those 120-puts today. Now, he recommends buying TSO shares on the dip.</p><p><strong>A BUFFETT BUY? <br>A Viewer Says Tyco (TYC) Would Be An Ideal Buyout Target For Warren Buffett </strong></p><p>Jason from Ohio writes “I think Buffett would pay over $60B and buy <strong>Tyco (TYC).</strong> It has everything, including a $40 per share break-up value! It has Buffett written all over it.”</p><p>The word: Guy Adami says TYC should be a $41 stock. (It closed at $32.05 on Tuesday.) He thinks if the company spins off business units, the stock will do better.</p><p><strong>RIMM SHARES IN MOTION: <br>The headline: Research In Motion (RIMM) Shares Surge As Analysts See Healthy Growth </strong></p><p>The word: Eric Bolling explains Karl Icahn doesn't have enough votes to obtain a seat on the board of <strong>Motorola (MOT),</strong> and that translates into upside for RIMM.  (In other words, investors believed that Icahn would have benefited MOT so much, they stayed away from RIMM, until they had a better idea of what was going to happen.)</p><p><strong>IT'S ALL ABOUT THE COLOGNE:<br>The headline: P. Diddy's "Unforgivable" -- Distributed By Estee Lauder (EL) – Becomes Top-Selling Men's Fragrance</strong></p><p>The word: Jeff Macke says despite the success of this cologne, investors should <em>not</em> buy stock in Estee Lauder. They missed earnings by “a country mile.”</p></div>,<div class="group"><p>Got something to say? Send us an e-mail at <a href="mailto:fastmoney-web@cnbc.com" class="webresource" target="_blank">fastmoney-web@cnbc.com</a> and your comment might be posted on the <em>Rapid Recap</em>! Prefer to keep it between us? You can still send questions and comments to <!-- -->.</p><p><em>Trader disclosure: On May 8, 2007, the following stocks and commodities mentioned or intended to be mentioned on CNBC’s Fast Money were owned by the Fast Money traders </em><em>Macke Owns (JWN); Bolling Owns (DIS), Gold, Silver; Bolling Is Short Nasdaq Futures, Bolling Closed Out His Tesoro Put Trade; CNBC Is A Service Of NBC Universal And Dow Jones</em></p></div>

RUMORS GONE WILDThe headline: Of 130 Buyout Rumors Since December, Only 4 Have Panned Out (source: StreetAccount)The word: Jeff Macke says speculation and rumors are part of the Wall Street game. They always push stocks higher and traders need to be smart enough to separate fact from fiction.PEDAL TO THE METAL: The headline(s):- Alcoa (AA) , AK Steel (AKS) Buyout Speculation Fueling Red-Hot Metals Trade- Steelmaker Arcelor Mittal (MT) May Make $4.5B Bid For AK Steel, FT Reports.- Alcoa Makes $26.9B Bid For Alcan(AL) But May Too Be Bought The word: Eric Bolling says consolidation in the space is a big trend right now and he expects it to continue. Guy Adami recommends investors own Commercial Metals Company (CMC) on a dip, because it stands to benefit from the boom in non-residential building.THE WONDERFUL EARNINGS OF DISNEY: The headline: Walt Disney (DIS) Profit Rises As `Wild Hogs', TV Advertising Drives EarningsThe word: Jeff Macke says DIS had a great quarter and thinks this stock will continue to climb. He was particularly happy to hear that theme park attendance was up nearly everywhere.TESORO TRADE UPDATEThe Headline: Last Week Eric Bolling Recommends Buying Puts On TesoroThe word: Eric sold those 120-puts today. Now, he recommends buying TSO shares on the dip.A BUFFETT BUY? A Viewer Says Tyco (TYC) Would Be An Ideal Buyout Target For Warren Buffett Jason from Ohio writes “I think Buffett would pay over $60B and buy Tyco (TYC). It has everything, including a $40 per share break-up value! It has Buffett written all over it.”The word: Guy Adami says TYC should be a $41 stock. (It closed at $32.05 on Tuesday.) He thinks if the company spins off business units, the stock will do better.RIMM SHARES IN MOTION: The headline: Research In Motion (RIMM) Shares Surge As Analysts See Healthy Growth The word: Eric Bolling explains Karl Icahn doesn't have enough votes to obtain a seat on the board of Motorola (MOT), and that translates into upside for RIMM.  (In other words, investors believed that Icahn would have benefited MOT so much, they stayed away from RIMM, until they had a better idea of what was going to happen.)IT'S ALL ABOUT THE COLOGNE:The headline: P. Diddy's "Unforgivable" -- Distributed By Estee Lauder (EL) – Becomes Top-Selling Men's FragranceThe word: Jeff Macke says despite the success of this cologne, investors should not buy stock in Estee Lauder. They missed earnings by “a country mile.”Got something to say? Send us an e-mail at fastmoney-web@cnbc.com and your comment might be posted on the Rapid Recap! Prefer to keep it between us? You can still send questions and comments to .Trader disclosure: On May 8, 2007, the following stocks and commodities mentioned or intended to be mentioned on CNBC’s Fast Money were owned by the Fast Money traders Macke Owns (JWN); Bolling Owns (DIS), Gold, Silver; Bolling Is Short Nasdaq Futures, Bolling Closed Out His Tesoro Put Trade; CNBC Is A Service Of NBC Universal And Dow Jones

2021-10-30 14:12:12.729016

How The Rich Live: Dispatch from LAX

https://www.cnbc.com/2008/03/05/how-the-rich-live-dispatch-from-lax.html

2008-03-05T23:11:17+0000

Jane Wells

CNBC

I'm flying to Aspen, where I will report live on Thursday about homeowners who sell each other "development rights" to get past the 15,000 square foot limit for new homes. Because, for some, 15,000 square feet ain't gonna cut it. I'm about to take off from LAX. There are a lot of rich people on this plane wearing fur coats and talking about fundraisers. "I haven't even unpacked from Paris," one woman declares in a rush. People are talking very loudly on the cell phone to friends about dinner. "You know I don't eat seafood." Two other women are having this conversation:"I like your ring." "Thanks, it's Stephen Webster. It's a good vibe color." "Yes. It helps your chi." And they both laughed. I feel like a schlub. Of course, if they were truly rich, they wouldn't be flying United Express. Comments? Funny Stories? Email

cnbc, Articles, Opinion, Blogs, Funny Business with Jane Wells, source:tagname:CNBC US Source

<div class="group"><p>I'm flying to Aspen, where I will report live on Thursday about homeowners who sell each other "development rights" to get past the 15,000 square foot limit for new homes. Because, for some, 15,000 square feet ain't gonna cut it. </p><p>I'm about to take off from LAX. There are a lot of rich people on this plane wearing fur coats and talking about fundraisers. "I haven't even unpacked from Paris," one woman declares in a rush. </p><div style="height:100%" class="lazyload-placeholder"></div><p>People are talking very loudly on the cell phone to friends about dinner. "You know I don't eat seafood." </p><p>Two other women are having this conversation:<br>"I like your ring." <br>"Thanks, it's Stephen Webster. It's a good vibe color." <br>"Yes. It helps your <em>chi</em>." </p><p>And they both laughed. </p><p>I feel like a <em>schlub</em>. </p><p>Of course, if they were truly rich, they wouldn't be flying United Express. </p><p><em>Comments? Funny Stories? Email </em></p></div>

I'm flying to Aspen, where I will report live on Thursday about homeowners who sell each other "development rights" to get past the 15,000 square foot limit for new homes. Because, for some, 15,000 square feet ain't gonna cut it. I'm about to take off from LAX. There are a lot of rich people on this plane wearing fur coats and talking about fundraisers. "I haven't even unpacked from Paris," one woman declares in a rush. People are talking very loudly on the cell phone to friends about dinner. "You know I don't eat seafood." Two other women are having this conversation:"I like your ring." "Thanks, it's Stephen Webster. It's a good vibe color." "Yes. It helps your chi." And they both laughed. I feel like a schlub. Of course, if they were truly rich, they wouldn't be flying United Express. Comments? Funny Stories? Email

2021-10-30 14:12:12.822207

These 12 banks are the heart of monetary policy

https://www.cnbc.com/2013/12/06/everything-you-know-about-the-worlds-most-important-interest-rate-is-wrong.html

2013-12-06T21:19:27+0000

John Carney

CNBC

The fed funds market is where officials set what is probably the world's most important interest rate—yet very few people understand its current operations.This is the market at which the Federal Reserve directs its primary energies.The Federal Open Markets Committee targets a level or range for interest paid on overnight fed fund loans, which are dollar-denominated loans of U.S. dollars between financial institutions. The trading desk at the New York Fed buys or sells Fed funds in order to get fed funds to trade at the targeted level.In the textbook narrative about the fed funds market, some banks borrow fed funds in order to meet their reserve requirements while other banks lend fed funds in order to earn a return on excess reserves. But this isn't quite right—and hasn't been right since the financial crisis struck, as a new note from the New York Fed shows.

cnbc, Articles, Banks, Central banking, Federal Reserve System, Central Banks, The Fed, CNBC EVENTS, NetNet, source:tagname:CNBC US Source

https://image.cnbcfm.com/api/v1/image/101048470-154289664.?v=1532564628

<div class="group"><p>The fed funds market is where officials set what is probably the world's most important interest rate—yet very few people understand its current operations.<br></p><p><span style="background-color:rgb(255, 255, 255)">This is the market at which the <a href="https://www.cnbc.com/2015/03/18/the-federal-reserve-cnbc-explains.html">Federal Reserve</a> directs its primary energies.</span></p><div style="height:100%" class="lazyload-placeholder"></div><p><span style="background-color:rgb(255, 255, 255)">The Federal Open Markets Committee targets a level or range for interest paid on overnight fed fund loans, which are dollar-denominated loans of U.S. dollars between financial institutions. The trading desk at the New York Fed buys or sells Fed funds in order to get fed funds to trade at the targeted level.</span><br></p><p><span style="background-color:rgb(255, 255, 255)">In the textbook narrative about the fed funds market, some banks borrow fed funds in order to meet their reserve requirements while other banks lend fed funds in order to earn a return on excess reserves. But this isn't quite right—and hasn't been right since the financial crisis struck, as <a href="http://libertystreeteconomics.newyorkfed.org/2013/12/whos-lending-in-the-fed-funds-market.html" target="_blank">a new note from the New York Fed shows</a>.</span></p></div>,<div class="group"><p> Prior to the crisis, the lenders in the fed funds market resembled the textbook narrative. That is, they were a somewhat diverse group of financial institutions. </p><p>Domestic bank holding companies lent out 25 percent of the $221.7 billion of fed funds traded in the second quarter of 2007, according to data assembled by the New York Fed. Foreign entities accounted for 21.2 percent of fed funds lending. Stand-alone commercial banks were 8.2 percent of the market. The regional Federal Home Loan Banks collectively accounted for 45.3 percent of the market. <br></p><p> In the last quarter of 2012, things were very different.</p><div style="height:100%" class="lazyload-placeholder"></div><p>The market for fed funds had shrunk down to $60.28 billion and lending was overwhelmingly dominated by the Federal Home Loan Banks, which accounted for 73 percent of the fed funds lent. Bank holding companies had shrunk to 13.6 percent, foreign entities to just 5.8 percent, and stand-alone banks to 6.4 percent.<br></p><p> In other words, the fed funds market is nothing like the textbook model of a variety of banks with different reserve positions making deals with each other to reach a market equilibrium. It's mostly banks borrowing fed funds from the Federal Home Loan Banks. <br></p><p> To put it differently, the primary tool of monetary policy—the FOMC target rate—now is mostly used to influence overnight fed funds lending by Federal Home Loan Banks.</p></div>,<div class="group"><p> Why the transformation? </p><p> The New York Fed offers a couple of explanations. First and foremost, the Fed now pays interest on excess reserves. This means that banks won't lend reserves if the rate in the fed funds market is less that what they can earn by holding on to their reserves in accounts at the Fed. The Federal Home Loan Banks, however, are government-sponsored entities that aren't allowed to earn interest on excess reserves. So they'll lend out reserves even at very low rates.<br></p><p> In addition, <a href="https://www.cnbc.com/2012/10/03/quantitative-easing-cnbc-explains.html">quantitative easing</a> has greatly increased the amount of reserves in the system, which means that banks are less likely to find that they have too few reserves to meet the regulatory requirements.<br></p><p> (Read more: <a href="https://www.cnbc.com/2013/11/14/is-the-fed-really-driving-up-stock-prices.html">Is the Fed really driving up stock prices?</a>)</p><p> There is something strikingly odd about this arrangement. Our central bank is now setting monetary policy by targeting an interest rate charged by the 12 Federal Home Loan Banks that were established by Congress and are regulated by the Federal Housing Finance Authority. <br></p><p> Sophisticated observers of the banking system have long pointed out that <a href="http://pragcap.com/sp-says-repeat-after-me-banks-cannot-and-do-not-lend-out-reserves" target="_blank">banks do not "lend out" reserves</a>. Rather they make loans first and, if they are short required reserves, find the reserves afterward on the fed funds market. We now need to modify this with the observation that, by and large, banks acquire the reserves not from some diverse "fed funds market" but from the Federal Home Loan Banks. <br></p><p> (Read more: <a href="https://www.cnbc.com/2012/04/03/the-irrelevance-of-bank-reserves.html">The irrelevance of bank reserves</a>.)</p><p> No one, as far as I can tell, has really done much thinking about what it means to have a fed funds market so dominated by government-sponsored enterprises. </p><p> <em>—By CNBC's John Carney. Follow him on Twitter <a href="http://www.twitter.com/carney" class="webresource" target="_blank">@Carney</a></em></p></div>

The fed funds market is where officials set what is probably the world's most important interest rate—yet very few people understand its current operations.This is the market at which the Federal Reserve directs its primary energies.The Federal Open Markets Committee targets a level or range for interest paid on overnight fed fund loans, which are dollar-denominated loans of U.S. dollars between financial institutions. The trading desk at the New York Fed buys or sells Fed funds in order to get fed funds to trade at the targeted level.In the textbook narrative about the fed funds market, some banks borrow fed funds in order to meet their reserve requirements while other banks lend fed funds in order to earn a return on excess reserves. But this isn't quite right—and hasn't been right since the financial crisis struck, as a new note from the New York Fed shows. Prior to the crisis, the lenders in the fed funds market resembled the textbook narrative. That is, they were a somewhat diverse group of financial institutions. Domestic bank holding companies lent out 25 percent of the $221.7 billion of fed funds traded in the second quarter of 2007, according to data assembled by the New York Fed. Foreign entities accounted for 21.2 percent of fed funds lending. Stand-alone commercial banks were 8.2 percent of the market. The regional Federal Home Loan Banks collectively accounted for 45.3 percent of the market. In the last quarter of 2012, things were very different.The market for fed funds had shrunk down to $60.28 billion and lending was overwhelmingly dominated by the Federal Home Loan Banks, which accounted for 73 percent of the fed funds lent. Bank holding companies had shrunk to 13.6 percent, foreign entities to just 5.8 percent, and stand-alone banks to 6.4 percent. In other words, the fed funds market is nothing like the textbook model of a variety of banks with different reserve positions making deals with each other to reach a market equilibrium. It's mostly banks borrowing fed funds from the Federal Home Loan Banks. To put it differently, the primary tool of monetary policy—the FOMC target rate—now is mostly used to influence overnight fed funds lending by Federal Home Loan Banks. Why the transformation? The New York Fed offers a couple of explanations. First and foremost, the Fed now pays interest on excess reserves. This means that banks won't lend reserves if the rate in the fed funds market is less that what they can earn by holding on to their reserves in accounts at the Fed. The Federal Home Loan Banks, however, are government-sponsored entities that aren't allowed to earn interest on excess reserves. So they'll lend out reserves even at very low rates. In addition, quantitative easing has greatly increased the amount of reserves in the system, which means that banks are less likely to find that they have too few reserves to meet the regulatory requirements. (Read more: Is the Fed really driving up stock prices?) There is something strikingly odd about this arrangement. Our central bank is now setting monetary policy by targeting an interest rate charged by the 12 Federal Home Loan Banks that were established by Congress and are regulated by the Federal Housing Finance Authority. Sophisticated observers of the banking system have long pointed out that banks do not "lend out" reserves. Rather they make loans first and, if they are short required reserves, find the reserves afterward on the fed funds market. We now need to modify this with the observation that, by and large, banks acquire the reserves not from some diverse "fed funds market" but from the Federal Home Loan Banks. (Read more: The irrelevance of bank reserves.) No one, as far as I can tell, has really done much thinking about what it means to have a fed funds market so dominated by government-sponsored enterprises. —By CNBC's John Carney. Follow him on Twitter @Carney

2021-10-30 14:12:12.864983

S&P 500 closes at new record as chipmakers get a boost from US-China trade truce

https://www.cnbc.com/2019/06/30/dow-futures-surge-220-points-at-the-open-after-trump-and-xi-agree-to-not-impose-more-tariffs.html

2019-06-30T22:02:53+0000

Fred Imbert

CNBC

U.S. stocks rose on Monday after the U.S. and China agreed to hold off on slapping additional tariffs on their products in an effort to resume trade talks.The jumped 0.8% to 2,964.33, a record closing high. The broad index also reached an intraday record of 2,977.93. The Dow Jones Industrial Average gained 117.47 points, or 0.4%, to end the day at 26,717.43 as Nike and Apple outperformed. The Nasdaq Composite jumped 1.1% to 8,091.16 and posted a four-day winning streak.Chipmaker shares rose broadly. Skyworks Solutions gained 6% while Micron Technology advanced 3.9%. Shares of Qualcomm and Broadcom climbed 1.9% and 4.3%, respectively. Tech giant Apple also rose 1.8%."The markets appear to be content with the cooperative tone coming out of the meetings. To me, it felt like the contrarian play was to the upside post meetings," said Dan Deming, managing director at KKM Financial. "There was a great deal of bearishness in sentiment headed into the meeting. Many market observers were discounting any change in the narrative, which made many believe the risk was to the downside."At its session high, the S&P 500 was up 1.2%. The Dow and Nasdaq rose as much as 290 points and 1.8% respectively.The major indexes started paring their gains around midday in New York. If it weren't for the big gains from chipmakers and other technology stocks on the Huawei reprieve, it would likely be an average slightly higher market day in reaction to the trade truce.

cnbc, Articles, S&P 500 Index, NASDAQ Composite, Dow Jones Industrial Average, Technology, Politics, Trade, Markets, Xi Jinping, Donald Trump, Micron Technology Inc, Qorvo Inc, Skyworks Solutions Inc, Breaking News: Markets, Stock markets, Investment strategy, Wall Street, U.S. Markets, source:tagname:CNBC US Source

<div class="group"><p>U.S. stocks rose on Monday after the U.S. and China agreed to hold off on slapping additional tariffs on their products in an effort to resume trade talks.</p><p>The <!-- --> jumped 0.8% to 2,964.33, a record closing high. The broad index also reached an intraday record of 2,977.93. The <a href="https://www.cnbc.com/quotes/.DJI">Dow Jones Industrial Average</a> gained 117.47 points, or 0.4%, to end the day at 26,717.43 as Nike and Apple outperformed. The <a href="https://www.cnbc.com/quotes/.IXIC">Nasdaq Composite</a> jumped 1.1% to 8,091.16 and posted a four-day winning streak.</p><div style="height:100%" class="lazyload-placeholder"></div><p><a href="https://www.cnbc.com/2019/07/01/chip-and-semiconductors-stocks-surge-on-huawei-trade-war-reprieve.html">Chipmaker shares rose broadly</a>. Skyworks Solutions gained 6% while Micron Technology advanced 3.9%. Shares of Qualcomm and Broadcom climbed 1.9% and 4.3%, respectively. Tech giant Apple also rose 1.8%.</p><p>"The markets appear to be content with the cooperative tone coming out of the meetings. To me, it felt like the contrarian play was to the upside post meetings," said Dan Deming, managing director at KKM Financial. "There was a great deal of bearishness in sentiment headed into the meeting. Many market observers were discounting any change in the narrative, which made many believe the risk was to the downside."</p><p>At its session high, the S&amp;P 500 was up 1.2%. The Dow and Nasdaq rose as much as 290 points and 1.8% respectively.</p><p>The major indexes started paring their gains around midday in New York. If it weren't for the big gains from chipmakers and other technology stocks on the Huawei reprieve, it would likely be an average slightly higher market day in reaction to the trade truce.</p></div>,<div class="group"><p>"There was a fair amount of exuberance at the open. I don't know if it was celebrating good news or the absence of bad news," said Willie Delwiche, investment strategist at Baird. "Either way, we started strong. The problem is, while we had a new high on the S&amp;P 500, the number of individual stocks making new highs was shy of what we say back in late June," when the index made its latest record close.</p><div style="height:100%" class="lazyload-placeholder"></div><p>"I don't want to overstress the importance of it, but it is not confirming the index-level highs," Delwiche said.</p><p>Monday's gains got Wall Street starting off the second half of the year on the right foot following a big first half. The S&amp;P 500 rallied more than 17% to start off 2019, notching its best first half in more than 20 years.</p><p>That surge came after stocks recovered in June from a torrid May performance. The Dow soared 7.2% in June, its biggest gain for that month since 1938. The S&amp;P 500, meanwhile, jumped 7.9% for the month, marking its best June performance since 1955.</p><p>President <a href="https://www.cnbc.com/donald-trump/">Donald Trump</a> and Chinese President <a href="https://www.cnbc.com/xi-jinping/">Xi Jinping</a> agreed <a href="https://www.cnbc.com/2019/06/29/us-china-trade-war-trump-and-xi-meet-at-g-20-summit-in-osaka.html">not to impose new levies on U.S. and Chinese goods</a> after meeting on the sidelines of the G-20 summit in Osaka, Japan on Saturday.</p><p>Trump said the meeting went as well as it could have, noting: "We are right back on track." Chinese state-run news outlet Xinhua said the two leaders agreed to "to restart trade consultations between their countries on the basis of equality and mutual respect."</p><p>Trump added the U.S. will ease restrictions on American companies from selling products to Huawei, a giant telecommunications company from China. The U.S. barred companies from selling to Huawei in May, citing national security concerns. The U.S. president also said China would "buy farm product."</p></div>,<div class="group"><p>Investors anxiously awaited the meeting between Trump and Xi as they looked for clues on whether the world's largest economies would resume trade negotiations or if the conflict would be prolonged.</p><p>Chetan Ahya, global head of economics at Morgan Stanley, described the meeting's outcome as "an uncertain pause."</p><p>There is "no immediate escalation, but still no clear path towards a comprehensive deal," Ahya said in a note Sunday. "As things stand, we lack clarity on whether real progress was achieved on the sticking points that caused talks to break down in the first place. Hence, our overarching conclusion is that the developments over the weekend on their own don't do enough to remove the uncertainty created by trade tensions."</p><p>Comments from <a href="#">Larry Kudlow</a>, director of the National Economic Council, added to the uncertainty around U.S.-China trade relations. Kudlow told Fox News on Sunday that Trump was not granting Huawei "<a href="https://www.cnbc.com/2019/06/30/kudlow-huawei-has-not-received-a-general-amnesty-from-trump.html">general amnesty</a>." He also said there is no timetable for when a deal might be finalized.</p><p>The lingering uncertainty around U.S.-China trade relations will continue to dampen the outlook on corporate earnings, said Larry McDonald, editor of <a href="https://www.thebeartrapsreport.com/" target="_blank">The Bear Traps Report</a>.</p><p>"There's a substantial decay factor developing inside the S&amp;P 500's earnings picture," McDonald said. "CFO's cannot make decisions with a purgatory of uncertainty, endlessly ... hanging over the market. The equity rally is a screaming sell."</p><p>Calendar second-quarter earnings for the S&amp;P 500 are expected to fall on a year-over-year basis, according to FactSet data. Analysts also lowered their <a href="https://www.cnbc.com/2019/06/24/analysts-now-expect-the-earnings-recession-to-last-through-the-third-quarter.html">third-quarter earnings forecast to show a contraction</a> from the previous year, as profit expectations for multinationals with exposure to China have soured.</p><p>China and the U.S. have been embroiled in a trade war for more than a year. In that time, the U.S. has slapped tariffs on more than $250 billion worth of Chinese imports. China has retaliated with levies of its own on U.S. products.</p><p><em>—CNBC's Michael Bloom and Everett Rosenfeld contributed to this report.</em></p><p><a href="https://www.youtube.com/c/CNBC?sub_confirmation=1" target="_blank"><em><strong>Subscribe to CNBC on YouTube.</strong></em></a></p></div>

U.S. stocks rose on Monday after the U.S. and China agreed to hold off on slapping additional tariffs on their products in an effort to resume trade talks.The jumped 0.8% to 2,964.33, a record closing high. The broad index also reached an intraday record of 2,977.93. The Dow Jones Industrial Average gained 117.47 points, or 0.4%, to end the day at 26,717.43 as Nike and Apple outperformed. The Nasdaq Composite jumped 1.1% to 8,091.16 and posted a four-day winning streak.Chipmaker shares rose broadly. Skyworks Solutions gained 6% while Micron Technology advanced 3.9%. Shares of Qualcomm and Broadcom climbed 1.9% and 4.3%, respectively. Tech giant Apple also rose 1.8%."The markets appear to be content with the cooperative tone coming out of the meetings. To me, it felt like the contrarian play was to the upside post meetings," said Dan Deming, managing director at KKM Financial. "There was a great deal of bearishness in sentiment headed into the meeting. Many market observers were discounting any change in the narrative, which made many believe the risk was to the downside."At its session high, the S&P 500 was up 1.2%. The Dow and Nasdaq rose as much as 290 points and 1.8% respectively.The major indexes started paring their gains around midday in New York. If it weren't for the big gains from chipmakers and other technology stocks on the Huawei reprieve, it would likely be an average slightly higher market day in reaction to the trade truce."There was a fair amount of exuberance at the open. I don't know if it was celebrating good news or the absence of bad news," said Willie Delwiche, investment strategist at Baird. "Either way, we started strong. The problem is, while we had a new high on the S&P 500, the number of individual stocks making new highs was shy of what we say back in late June," when the index made its latest record close."I don't want to overstress the importance of it, but it is not confirming the index-level highs," Delwiche said.Monday's gains got Wall Street starting off the second half of the year on the right foot following a big first half. The S&P 500 rallied more than 17% to start off 2019, notching its best first half in more than 20 years.That surge came after stocks recovered in June from a torrid May performance. The Dow soared 7.2% in June, its biggest gain for that month since 1938. The S&P 500, meanwhile, jumped 7.9% for the month, marking its best June performance since 1955.President Donald Trump and Chinese President Xi Jinping agreed not to impose new levies on U.S. and Chinese goods after meeting on the sidelines of the G-20 summit in Osaka, Japan on Saturday.Trump said the meeting went as well as it could have, noting: "We are right back on track." Chinese state-run news outlet Xinhua said the two leaders agreed to "to restart trade consultations between their countries on the basis of equality and mutual respect."Trump added the U.S. will ease restrictions on American companies from selling products to Huawei, a giant telecommunications company from China. The U.S. barred companies from selling to Huawei in May, citing national security concerns. The U.S. president also said China would "buy farm product."Investors anxiously awaited the meeting between Trump and Xi as they looked for clues on whether the world's largest economies would resume trade negotiations or if the conflict would be prolonged.Chetan Ahya, global head of economics at Morgan Stanley, described the meeting's outcome as "an uncertain pause."There is "no immediate escalation, but still no clear path towards a comprehensive deal," Ahya said in a note Sunday. "As things stand, we lack clarity on whether real progress was achieved on the sticking points that caused talks to break down in the first place. Hence, our overarching conclusion is that the developments over the weekend on their own don't do enough to remove the uncertainty created by trade tensions."Comments from Larry Kudlow, director of the National Economic Council, added to the uncertainty around U.S.-China trade relations. Kudlow told Fox News on Sunday that Trump was not granting Huawei "general amnesty." He also said there is no timetable for when a deal might be finalized.The lingering uncertainty around U.S.-China trade relations will continue to dampen the outlook on corporate earnings, said Larry McDonald, editor of The Bear Traps Report."There's a substantial decay factor developing inside the S&P 500's earnings picture," McDonald said. "CFO's cannot make decisions with a purgatory of uncertainty, endlessly ... hanging over the market. The equity rally is a screaming sell."Calendar second-quarter earnings for the S&P 500 are expected to fall on a year-over-year basis, according to FactSet data. Analysts also lowered their third-quarter earnings forecast to show a contraction from the previous year, as profit expectations for multinationals with exposure to China have soured.China and the U.S. have been embroiled in a trade war for more than a year. In that time, the U.S. has slapped tariffs on more than $250 billion worth of Chinese imports. China has retaliated with levies of its own on U.S. products.—CNBC's Michael Bloom and Everett Rosenfeld contributed to this report.Subscribe to CNBC on YouTube.

2021-10-30 14:12:13.347572

Soccer phenom Carli Lloyd on protests, equal pay & leadership

https://www.cnbc.com/2016/09/28/soccer-phenom-carli-lloyd-on-protests-equal-pay-leadership.html

2016-09-28T13:23:00+0000

Jessica Golden

CNBC

While she supports Megan Rapinoe, soccer superstar Carli Lloyd said her teammate's recent silent protest during the national anthem is an unwelcome distraction. "The cause is great, the conversation is great, but I do think there are more people talking about her actual kneeling and we're losing sight of what she is actually fighting for," Lloyd said. "That's the unfortunate thing that is happening." Following in the footsteps of 49ers quarterback Colin Kaepernick, Rapinoe has taken a knee during the national anthem in her last two games, protesting racial inequality and police shootings of African-Americans."If it were me, I would protest in a different fashion," Lloyd told CNBC during an interview about her new autobiography, "When Nobody Was Watching: My Hard-Fought Journey to the Top of the Soccer World."The two-time Olympic gold medalist and co-captain of the U.S. women's national soccer team, also opened up about a number of other issues from equal pay to her legacy and her teammates.

cnbc, Articles, Sports, Business News, Life, source:tagname:CNBC US Source

<div class="group"><p> While she supports Megan Rapinoe, soccer superstar Carli Lloyd said her teammate's recent silent protest during the national anthem is an unwelcome distraction. </p><p>"The cause is great, the conversation is great, but I do think there are more people talking about her actual kneeling and we're losing sight of what she is actually fighting for," Lloyd said. "That's the unfortunate thing that is happening." <br></p><div style="height:100%" class="lazyload-placeholder"></div><p>Following in the footsteps of 49ers quarterback Colin Kaepernick, Rapinoe has taken a knee during the national anthem in her last two games, protesting racial inequality and police shootings of African-Americans.<br></p><p>"If it were me, I would protest in a different fashion," Lloyd told CNBC during an interview about her new autobiography, "When Nobody Was Watching: My Hard-Fought Journey to the Top of the Soccer World."<br></p><p>The two-time Olympic gold medalist and co-captain of the U.S. women's national soccer team, also opened up about a number of other issues from equal pay to her legacy and her teammates.</p></div>,<div class="group"><p> In March, Lloyd along with her teammates Hope Solo, Alex Morgan, Becky Sauerbrunn and Rapinoe, filed a complaint against the U.S. Equal Employment Opportunity Commission alleging that members of the women's national team are paid significantly less than their male counterparts.<br></p><p> "Things are going well with that," said Lloyd. "It's my duty and our team's duty to continue this fight. I want to leave the game better off than when I came on," she added.<br></p><div style="height:100%" class="lazyload-placeholder"></div><p> Lloyd said they've received overwhelming support and the real test will come when their collective bargaining deal is up at the end of the year.<br></p><br></div>,<div class="group"><p> The 2015 FIFA World Cup winner also reflected on her former teammate and best friend, Solo. The goalie received a six-month suspension from the U.S. Women's National Team, coming after the defeat by Sweden, where Solo called their team "a bunch of cowards." Lloyd says she saddened by what happened, and she hopes it's not the end of Solo's career.</p><p> "I think Hope is a very competitive person," she said. "I think her comments were not a jab at every player on Sweden. I think it was about their style of play. It was the icing on the cake and the last string," she added.<br></p><p> "At the end of the day, there isn't a whole lot that any of us can do. This was a decision U.S. soccer made, and we'll have to see what happens."<br></p><p> Lloyd also reflected on her role as co-captain of the U.S. Women's National team and her leadership style. <br></p><p> Lloyd took the co-captain reins in January from superstar Abby Wambach, who retired. "I think everyone is a leader in different ways. She [Wambach] was very vocal, I'm more of a leader by example," said Lloyd. </p><br></div>,<div class="group"><p> Wambach, the highest-all-time goal scorer for the U.S. national team, recently revealed in her own memoir, "Forward," her struggles with drugs and alcohol. "I didn't know it was that bad," said Lloyd. "I know she's a fighter and will overcome this," she added. "She's a legend." </p><p> So, what's next for the soccer phenom? "Honestly, I'm not sure what the next few years will bring me," said Lloyd. But you can count on soccer being involved. </p><p>Lloyd said she wants to continue helping younger players develop through her sports camps and helping teach "mental toughness." </p><p> "It takes a lot of mental toughness to get through certain obstacles — you have to be a fighter and fierce competitor."</p></div>

While she supports Megan Rapinoe, soccer superstar Carli Lloyd said her teammate's recent silent protest during the national anthem is an unwelcome distraction. "The cause is great, the conversation is great, but I do think there are more people talking about her actual kneeling and we're losing sight of what she is actually fighting for," Lloyd said. "That's the unfortunate thing that is happening." Following in the footsteps of 49ers quarterback Colin Kaepernick, Rapinoe has taken a knee during the national anthem in her last two games, protesting racial inequality and police shootings of African-Americans."If it were me, I would protest in a different fashion," Lloyd told CNBC during an interview about her new autobiography, "When Nobody Was Watching: My Hard-Fought Journey to the Top of the Soccer World."The two-time Olympic gold medalist and co-captain of the U.S. women's national soccer team, also opened up about a number of other issues from equal pay to her legacy and her teammates. In March, Lloyd along with her teammates Hope Solo, Alex Morgan, Becky Sauerbrunn and Rapinoe, filed a complaint against the U.S. Equal Employment Opportunity Commission alleging that members of the women's national team are paid significantly less than their male counterparts. "Things are going well with that," said Lloyd. "It's my duty and our team's duty to continue this fight. I want to leave the game better off than when I came on," she added. Lloyd said they've received overwhelming support and the real test will come when their collective bargaining deal is up at the end of the year. The 2015 FIFA World Cup winner also reflected on her former teammate and best friend, Solo. The goalie received a six-month suspension from the U.S. Women's National Team, coming after the defeat by Sweden, where Solo called their team "a bunch of cowards." Lloyd says she saddened by what happened, and she hopes it's not the end of Solo's career. "I think Hope is a very competitive person," she said. "I think her comments were not a jab at every player on Sweden. I think it was about their style of play. It was the icing on the cake and the last string," she added. "At the end of the day, there isn't a whole lot that any of us can do. This was a decision U.S. soccer made, and we'll have to see what happens." Lloyd also reflected on her role as co-captain of the U.S. Women's National team and her leadership style. Lloyd took the co-captain reins in January from superstar Abby Wambach, who retired. "I think everyone is a leader in different ways. She [Wambach] was very vocal, I'm more of a leader by example," said Lloyd. Wambach, the highest-all-time goal scorer for the U.S. national team, recently revealed in her own memoir, "Forward," her struggles with drugs and alcohol. "I didn't know it was that bad," said Lloyd. "I know she's a fighter and will overcome this," she added. "She's a legend." So, what's next for the soccer phenom? "Honestly, I'm not sure what the next few years will bring me," said Lloyd. But you can count on soccer being involved. Lloyd said she wants to continue helping younger players develop through her sports camps and helping teach "mental toughness." "It takes a lot of mental toughness to get through certain obstacles — you have to be a fighter and fierce competitor."

2021-10-30 14:12:13.436009

Sheryl Sandberg shares 3 ways men can empower women at work

https://www.cnbc.com/2017/10/07/sheryl-sandberg-shares-3-ways-men-can-empower-women-at-work.html

2017-10-09T13:00:00+0000

Courtney Connley

CNBC

Sheryl Sandberg has been one of the loudest voices fighting for gender equality in the workplace. And yet, she says, women still face challenges in even the smallest workplace exchanges. In an interview with LinkedIn co-founder Reid Hoffman for his podcast "Masters of Scale," Sandberg discusses why some women still fear appearing too ambitious at work. "That is because we do not embrace female leadership," she said. "We just don't. We call little girls 'bossy.' We do not call little boys 'bossy.' We tell those same women they are too aggressive in the workplace. We rarely tell men, even though we know with gender blind studies that men, are in fact, on average more aggressive in the workplace and in other ways."

makeit, Articles, Make It, Make It - Work, Make It - Careers, source:tagname:CNBC US Source

2021-10-30 14:12:13.475064

Telecom Italia Reports 6.3% Decline in Net Profit

https://www.cnbc.com/2007/03/08/telecom-italia-reports-63-decline-in-net-profit.html

2007-03-08T17:48:36+0000

CNBC

Telecom Italia said Thursday that full-year net profit fell 6.3% on declining margins and tighter competition in the domestic wireline market.Italy's largest telecommunications operator said 2006 net profit stood at 3 billion euros ($3.9 billion) from 3.2 billion euros a year earlier. The result was slightly above the 2.96 billion euros ($3.88 billion) average estimate of ten analysts polled by Dow Jones Newswires.It said full-year revenue rose 4.5% to 31.3 billion euros ($41 billion) from 29.9 billion euros in 2005, mainly driven by European broadband and Brazilian mobile.Italy's former monopoly Thursday confirmed its dividend policy, proposing a 2006 dividend of 0.14 euros ($0.18) a share, unchanged from a year before.Telecom Italia, which is coming off a management shakeup earlier this year, is schedule to unveil its three-year business plan on Monday.

cnbc, Articles, Business News, Economy, US Economy, US: News, source:tagname:The Associated Press

<div class="group"><p><strong>Telecom Italia</strong> said Thursday that full-year net profit fell 6.3% on declining margins and tighter competition in the domestic wireline market.</p><p>Italy's largest telecommunications operator said 2006 net profit stood at 3 billion euros ($3.9 billion) from 3.2 billion euros a year earlier. The result was slightly above the 2.96 billion euros ($3.88 billion) average estimate of ten analysts polled by Dow Jones Newswires.</p><div style="height:100%" class="lazyload-placeholder"></div><p>It said full-year revenue rose 4.5% to 31.3 billion euros ($41 billion) from 29.9 billion euros in 2005, mainly driven by European broadband and Brazilian mobile.</p><p>Italy's former monopoly Thursday confirmed its dividend policy, proposing a 2006 dividend of 0.14 euros ($0.18) a share, unchanged from a year before.</p><p>Telecom Italia, which is coming off a management shakeup earlier this year, is schedule to unveil its three-year business plan on Monday.</p></div>

Telecom Italia said Thursday that full-year net profit fell 6.3% on declining margins and tighter competition in the domestic wireline market.Italy's largest telecommunications operator said 2006 net profit stood at 3 billion euros ($3.9 billion) from 3.2 billion euros a year earlier. The result was slightly above the 2.96 billion euros ($3.88 billion) average estimate of ten analysts polled by Dow Jones Newswires.It said full-year revenue rose 4.5% to 31.3 billion euros ($41 billion) from 29.9 billion euros in 2005, mainly driven by European broadband and Brazilian mobile.Italy's former monopoly Thursday confirmed its dividend policy, proposing a 2006 dividend of 0.14 euros ($0.18) a share, unchanged from a year before.Telecom Italia, which is coming off a management shakeup earlier this year, is schedule to unveil its three-year business plan on Monday.

2021-10-30 14:12:13.581450

CEO pay is out of line: Jesse Ventura

https://www.cnbc.com/2014/04/22/ceo-pay-is-out-of-line-jesse-ventura.html

2014-04-22T21:42:27+0000

Drew Sandholm

CNBC

The pay disparity between CEOs and workers is far too great because few executives value physical labor, former Minnesota Gov. Jesse Ventura told CNBC on Tuesday. "We somehow diminish physical labor. We call that 'unskilled' and therefore we can pay so much more less for someone who has to physically sweat and labor, digging a ditch, whatever it might be, " Ventura said on "Closing Bell." "But where you're educated and you push a pencil, well then you make big money." Ventura clarified that CEOs have the right to pay themselves as much as they'd like. He just hopes executives will recognize that physical labor takes skill and should command decent pay. "Most CEOs are incapable of doing physical labor. They sit around with suits on all day pushing pencils," said Ventura, who served one term as an Independent governor of Minnesota from 1999 to 2003. "CEO pay has gotten way out of line compared to the people that work for them." Ventura called on executives to pay physical laborers a "living wage," though he didn't specify what it might be. —By CNBC's Drew Sandholm.

cnbc, Articles, Economy, Bitcoin, US Economy, Closing Bell, Business News, source:tagname:CNBC US Source

<div class="group"><p> The pay disparity between CEOs and workers is far too great because few executives value physical labor, former Minnesota Gov. Jesse Ventura told CNBC on Tuesday.</p><p> "We somehow diminish physical labor. We call that 'unskilled' and therefore we can pay so much more less for someone who has to physically sweat and labor, digging a ditch, whatever it might be, " Ventura said on "<a href="https://www.cnbc.com/closing-bell/">Closing Bell</a>." "But where you're educated and you push a pencil, well then you make big money."</p><div style="height:100%" class="lazyload-placeholder"></div><p> Ventura clarified that CEOs have the right to pay themselves as much as they'd like. He just hopes executives will recognize that physical labor takes skill and should command decent pay.</p><p> "Most CEOs are incapable of doing physical labor. They sit around with suits on all day pushing pencils," said Ventura, who served one term as an Independent governor of Minnesota from 1999 to 2003. "CEO pay has gotten way out of line compared to the people that work for them."</p><p> Ventura called on executives to pay physical laborers a "living wage," though he didn't specify what it might be.</p><p> <em>—By CNBC's <a href="https://www.cnbc.com/drew-sandholm/">Drew Sandholm</a>.</em><br></p></div>

The pay disparity between CEOs and workers is far too great because few executives value physical labor, former Minnesota Gov. Jesse Ventura told CNBC on Tuesday. "We somehow diminish physical labor. We call that 'unskilled' and therefore we can pay so much more less for someone who has to physically sweat and labor, digging a ditch, whatever it might be, " Ventura said on "Closing Bell." "But where you're educated and you push a pencil, well then you make big money." Ventura clarified that CEOs have the right to pay themselves as much as they'd like. He just hopes executives will recognize that physical labor takes skill and should command decent pay. "Most CEOs are incapable of doing physical labor. They sit around with suits on all day pushing pencils," said Ventura, who served one term as an Independent governor of Minnesota from 1999 to 2003. "CEO pay has gotten way out of line compared to the people that work for them." Ventura called on executives to pay physical laborers a "living wage," though he didn't specify what it might be. —By CNBC's Drew Sandholm.

2021-10-30 14:12:13.617030

Commodities Help Bring New Lows For NASDAQ, S&P

https://www.cnbc.com/2008/10/22/commodities-help-bring-new-lows-for-nasdaq-sp.html

2008-10-22T20:53:13+0000

Bob Pisani

CNBC

Though it was another disappointing day, note that the Dow  was down 690 points at 3:40 PM ET and then rallied 170 points into the close. The S&P 500 and the NASDAQ  closed at new lows. Despite all the worries about redemptions and forced selling, volume was notably light until the last 45 minutes. It really was more of a buyers' strike as bids simply got cancelled. That changed a bit in the last 45 minutes, as volume picked up a bit, but 6.1 billion shares for the NYSE is still moderate compared to recent activity. The primary impetus for the weakness was a commodity selloff: the dollar strength and global slowdown concerns created a negative feedback loop. Commodities today: As a result, the weakest section of the market was again commodity-based stocks and commodity based countries: - The Dow 30 at a Glance_____________________________Questions?  Comments?  tradertalk@cnbc.com

cnbc, Articles, DOW 30, Stock Blog, Markets, U.S. Markets, Market Insider, Trader Talk, source:tagname:CNBC US Source

<div class="group"><p>Though it was another disappointing day, note that the Dow  was down 690 points at 3:40 PM ET and then rallied 170 points into the close. The S&amp;P 500 and the NASDAQ  closed at new lows. </p><p>Despite all the worries about redemptions and forced selling, volume was notably light until the last 45 minutes. It really was more of a buyers' strike as bids simply got cancelled. </p><div style="height:100%" class="lazyload-placeholder"></div><p>That changed a bit in the last 45 minutes, as volume picked up a bit, but 6.1 billion shares for the NYSE is still moderate compared to recent activity. </p><p>The primary impetus for the weakness was a commodity selloff: the dollar strength and global slowdown concerns created a negative feedback loop. </p><ul><ul><li><strong><em><a href="https://www.cnbc.com/2008/10/22/pension-funds-a-worry-with-down-market.html">Pension Funds A Worry With Down Market</a></em></strong></li></ul></ul><p>Commodities today: </p><ul><li><div>Oil down 7.5% </div></li><li><div>Copper down 9.6% </div></li><li><div>Gold down 5.9% </div></li><li><div>Corn down 6.3% </div></li></ul><ul><ul><li><div><strong><em><a href="https://www.cnbc.com/2008/10/22/japans-market-deflation-offset-interest-rate-news.html">Japan's Market, Deflation Offset Interest Rate News</a></em></strong></div></li><li><div><strong><em><a href="https://www.cnbc.com/2008/10/22/recession-will-last-at-least-two-years-roubini.html">Recession Will Last At Least Two Years: Roubini</a></em></strong></div></li></ul></ul><p>As a result, the weakest section of the market was again commodity-based stocks and commodity based countries: </p><ul><li>Energy stocks: down 10.4% </li><li>Commodity stocks: down 7.7% </li><li>Brazil: down 10.0% </li><li>Argentina down 10.0% </li></ul><p>- <a href="https://www.cnbc.com/dow-30/">The Dow 30 at a Glance</a></p><div style="height:100%" class="lazyload-placeholder"></div><p>_____________________________</p><p><br></p><p><em>Questions?  Comments?  <a href="mailto:tradertalk@cnbc.com" class="webresource" target="_blank">tradertalk@cnbc.com</a></em></p></div>

Though it was another disappointing day, note that the Dow  was down 690 points at 3:40 PM ET and then rallied 170 points into the close. The S&P 500 and the NASDAQ  closed at new lows. Despite all the worries about redemptions and forced selling, volume was notably light until the last 45 minutes. It really was more of a buyers' strike as bids simply got cancelled. That changed a bit in the last 45 minutes, as volume picked up a bit, but 6.1 billion shares for the NYSE is still moderate compared to recent activity. The primary impetus for the weakness was a commodity selloff: the dollar strength and global slowdown concerns created a negative feedback loop. Pension Funds A Worry With Down MarketCommodities today: Oil down 7.5% Copper down 9.6% Gold down 5.9% Corn down 6.3% Japan's Market, Deflation Offset Interest Rate NewsRecession Will Last At Least Two Years: RoubiniAs a result, the weakest section of the market was again commodity-based stocks and commodity based countries: Energy stocks: down 10.4% Commodity stocks: down 7.7% Brazil: down 10.0% Argentina down 10.0% - The Dow 30 at a Glance_____________________________Questions?  Comments?  tradertalk@cnbc.com

2021-10-30 14:12:13.650814

British Expats Rush to Sell Euro Properties

https://www.cnbc.com/2012/05/25/british-expats-rush-to-sell-euro-properties.html

2012-05-25T09:28:57+0000

CNBC

Foreign property owners in continental Europe could face a devaluation of 50 percent on their homes if Greece was to leave the Euro, according to new figures from HiFX.

cnbc, Articles, Squawk Box Europe, Business News, Economy, World Economy, Europe News, source:tagname:CNBC US Source

<div class="group"><p>Foreign property owners in continental Europe could face a devaluation of 50 percent on their homes if Greece was to leave the Euro, according to new figures from HiFX.</p></div>,<div class="group"><p>The foreign currency exchange broker said inquiries by British home owners into selling their properties abroad are up 191 percent since 2008. </p><div style="height:100%" class="lazyload-placeholder"></div><p>Data released today from a survey of British foreign property owners showed that 39 percent were trying to sell up in Greece, 34 percent in Spain and 23 percent in Portugal.</p><p>James Price, Head of International Residential Development at Knight Frank, told CNBC’s “<a href="https://www.cnbc.com/squawk-box-europe/">Squawk Box Europe</a>” that the numbers of people wanting to sell up and the drop in value of foreign property reflects the pressure on the housing market by the e<a href="https://www.cnbc.com/2012/05/23/euro-zone-battle-hinges-on-greeces-banks-steil.html">uro zone debt crisis</a>.</p><p>“There are different levels in the market and I think that for the mass market of home owners overseas that there may well be issues for them around needing to sell and get out and I think there is quite a lot of pressure on them and they are having to reflect that in the asking prices that they are offering.”    </p><p>Home owners now had to be “more realistic about where the buyers actually are versus where the property might be” he said.</p><p>Price added that there was still room for investment in property abroad, with “prime destinations around Europe still offering firm prices” but that there was much more caution.</p><p>“What people are looking at now is the security of their asset in the long term. In the prime areas people are now looking at properties that they are going to use themselves, it’s about their own enjoyment.”</p></div>

Foreign property owners in continental Europe could face a devaluation of 50 percent on their homes if Greece was to leave the Euro, according to new figures from HiFX.The foreign currency exchange broker said inquiries by British home owners into selling their properties abroad are up 191 percent since 2008. Data released today from a survey of British foreign property owners showed that 39 percent were trying to sell up in Greece, 34 percent in Spain and 23 percent in Portugal.James Price, Head of International Residential Development at Knight Frank, told CNBC’s “Squawk Box Europe” that the numbers of people wanting to sell up and the drop in value of foreign property reflects the pressure on the housing market by the euro zone debt crisis.“There are different levels in the market and I think that for the mass market of home owners overseas that there may well be issues for them around needing to sell and get out and I think there is quite a lot of pressure on them and they are having to reflect that in the asking prices that they are offering.”    Home owners now had to be “more realistic about where the buyers actually are versus where the property might be” he said.Price added that there was still room for investment in property abroad, with “prime destinations around Europe still offering firm prices” but that there was much more caution.“What people are looking at now is the security of their asset in the long term. In the prime areas people are now looking at properties that they are going to use themselves, it’s about their own enjoyment.”

2021-10-30 14:12:13.686536

Halftime Pt. 2—Four Strong Fundamentals Plays

https://www.cnbc.com/2010/07/08/halftime-pt-2four-strong-fundamentals-plays.html

2010-07-08T17:36:53+0000

Drew Sandholm

CNBC

In a market with such unclear trends and extreme volatility, many investors are going back to the basics and looking at the fundamentals of individual stocks. We tapped our Fast Money traders for their best plays.Patty Edwards of Storehouse Partners likes Arrow Electronics . It is trading at seven times forward earnings, where in the past five years, it has traded at twelve times. With General Motors continuing production this summer, Edwards doesn't think manufacturing is dead. Steve Grasso of Stuart Frankel is going with tobacco stocks. He recently bought Altria Group , but because of high dividend yields, recommends Lorillard and Reynolds American .The utility space is where Brian Kelly of Kanundrum Capital is turning. He likes Dominion Resources' 4.7% dividend yield. If you overwrite it by way of a covered call strategy, he thinks you could boost the yield up to 6%. Guy Adami of Drakon Capital is going with IBM . He says they have a great balance sheet and a lot of cash on-hand.---CALL OF THE DAY: DARE GO AGAINST WARREN BUFFETT?Stifel Nicolaus downgraded Berkshire Hathaway from 'hold' to 'sell' Thursday. But why challenge Warren Buffett and sell now?

cnbc, Articles, Arrow Electronics Inc, Berkshire Hathaway Inc, Dominion Energy Inc, DaVita Inc, General Electric Co, Goldman Sachs Group Inc, International Business Machines Corp, Lorillard Inc, Altria Group Inc, MSG Networks Inc, Reynolds American Inc, Fast Money, CNBC TV, Fast Money Halftime Report, source:tagname:CNBC US Source

<div class="group"><p>In a market with such unclear trends and extreme volatility, many investors are going back to the basics and looking at the fundamentals of individual stocks. We tapped our <em>Fast Money </em>traders for their best plays.</p><p>Patty Edwards of Storehouse Partners likes Arrow Electronics . It is trading at seven times forward earnings, where in the past five years, it has traded at twelve times. With <strong>General Motors</strong> continuing production this summer, Edwards doesn't think manufacturing is dead. </p><div style="height:100%" class="lazyload-placeholder"></div><p>Steve Grasso of Stuart Frankel is going with tobacco stocks. He recently bought Altria Group , but because of high dividend yields, recommends Lorillard and Reynolds American .</p><p>The utility space is where Brian Kelly of Kanundrum Capital is turning. He likes Dominion Resources' 4.7% dividend yield. If you overwrite it by way of a covered call strategy, he thinks you could boost the yield up to 6%. </p><p>Guy Adami of Drakon Capital is going with IBM . He says they have a great balance sheet and a lot of cash on-hand.</p><p><strong>---<br>CALL OF THE DAY: DARE GO AGAINST WARREN BUFFETT?</strong></p><p>Stifel Nicolaus downgraded Berkshire Hathaway from 'hold' to 'sell' Thursday. But why challenge Warren Buffett and sell now?</p><div style="height:100%" class="lazyload-placeholder"></div></div>,<div class="group"><p>Try macroeconomic conditions, says analyst Meyer Shields while on Thursday's <em>Fast Money Halftime Report</em>. He says until consumers start spending again, which depends on unemployment, Berkshire's exposure to the US economy is going to suffer.</p><p>Brian Kelly of Kanundrum Capital points out that there are two valuations for Berkshire—one for the company itself and another for Buffett's holdings. Shields says Buffett's valuation is particularily valuable during times of crisis. His returns on General Electric and Goldman Sachs were, in part, simply thanks ot his imprimatur on their continued viability. If Buffett were to retire, he thinks it would negatively impact those stocks.</p><p>Shields says Berkshire is not a value to buy right now, adding that it's inflated due to fixed income securities are benefitting from low interest rates.</p><p><strong>What's the Trade? </strong></p><p>The downgrade of Berkshire is a market call, says Guy Adami of Drakon Capital, so he thinks the market overall could go lower. Steve Grasso of Stuart Frankel agrees, also predicting the markets could continue to decline.</p><p><strong>---<br>CALL TO THE FLOOR: TRADING HEALTH CARE</strong></p><p>Shares of kidney dialysis provider DaVita is coming off of its 52-week high, which it hit last month. The Denver-based company is facing several headwinds could make or break the stock's performance.</p></div>,<div class="group"><p>Speaking on Thursday's <em>Fast Money Halftime Report</em>, CEO Kent Thiry says federal government deficits is his biggest concern. The bigger the deficits, he says, the more lawmakers look at cutting spending and often times, they cut Medicare. That's worrisome for Thiry because 82% of DaVita's patients are on Medicare.</p><p>Watch the video to see the complete conversation with Thiry, including his comments on health care reform.</p><p><strong>---<br>LEBRON WATCH</strong></p><p>A free agent, NBA standout LeBron James of the Cleveland Cavaliers, is scheduled to announce where he plans to play in an one-hour television special Thursday night.</p><p>Last week, James met with the Cavs, Miami Heat, New Jersey Nets, New York Knicks, Chicago Bulls and Los Angeles Clippers. Knicks fans and investors of Madison Square Garden alike are hoping James is in a "New York State of Mind," which brings us to Thursday's <em>Fast Money </em>Poll—Is MSG a buy on possibility of Knicks acquiring LeBron?</p><p><strong>---<br>CALL THE CLOSE</strong></p><p>Brian Kelly of Kanundrum Capital is still a seller of the market. </p><p>"I'm staying in for now," says Patty Edwards of Storehouse Partners. "But I think it's a short-term call." </p><p>Also a seller of the market, Steve Grasso of Stuart Frankel is hiding in tobacco stocks. </p><p>Guy Adami of Drakon Capital is also a seller.</p><p>______________________________________________________<br>Got something to to say? Send us an e-mail at <a href="mailto:fastmoney-web@cnbc.com" class="webresource" target="_blank">fastmoney-web@cnbc.com</a> and your comment might be posted on the <em>Rapid Recap. </em>If you'd prefer to make a comment but not have it published on our website send those e-mails to <!-- -->.<br><br>CNBC.com with wires</p></div>

In a market with such unclear trends and extreme volatility, many investors are going back to the basics and looking at the fundamentals of individual stocks. We tapped our Fast Money traders for their best plays.Patty Edwards of Storehouse Partners likes Arrow Electronics . It is trading at seven times forward earnings, where in the past five years, it has traded at twelve times. With General Motors continuing production this summer, Edwards doesn't think manufacturing is dead. Steve Grasso of Stuart Frankel is going with tobacco stocks. He recently bought Altria Group , but because of high dividend yields, recommends Lorillard and Reynolds American .The utility space is where Brian Kelly of Kanundrum Capital is turning. He likes Dominion Resources' 4.7% dividend yield. If you overwrite it by way of a covered call strategy, he thinks you could boost the yield up to 6%. Guy Adami of Drakon Capital is going with IBM . He says they have a great balance sheet and a lot of cash on-hand.---CALL OF THE DAY: DARE GO AGAINST WARREN BUFFETT?Stifel Nicolaus downgraded Berkshire Hathaway from 'hold' to 'sell' Thursday. But why challenge Warren Buffett and sell now?Try macroeconomic conditions, says analyst Meyer Shields while on Thursday's Fast Money Halftime Report. He says until consumers start spending again, which depends on unemployment, Berkshire's exposure to the US economy is going to suffer.Brian Kelly of Kanundrum Capital points out that there are two valuations for Berkshire—one for the company itself and another for Buffett's holdings. Shields says Buffett's valuation is particularily valuable during times of crisis. His returns on General Electric and Goldman Sachs were, in part, simply thanks ot his imprimatur on their continued viability. If Buffett were to retire, he thinks it would negatively impact those stocks.Shields says Berkshire is not a value to buy right now, adding that it's inflated due to fixed income securities are benefitting from low interest rates.What's the Trade? The downgrade of Berkshire is a market call, says Guy Adami of Drakon Capital, so he thinks the market overall could go lower. Steve Grasso of Stuart Frankel agrees, also predicting the markets could continue to decline.---CALL TO THE FLOOR: TRADING HEALTH CAREShares of kidney dialysis provider DaVita is coming off of its 52-week high, which it hit last month. The Denver-based company is facing several headwinds could make or break the stock's performance.Speaking on Thursday's Fast Money Halftime Report, CEO Kent Thiry says federal government deficits is his biggest concern. The bigger the deficits, he says, the more lawmakers look at cutting spending and often times, they cut Medicare. That's worrisome for Thiry because 82% of DaVita's patients are on Medicare.Watch the video to see the complete conversation with Thiry, including his comments on health care reform.---LEBRON WATCHA free agent, NBA standout LeBron James of the Cleveland Cavaliers, is scheduled to announce where he plans to play in an one-hour television special Thursday night.Last week, James met with the Cavs, Miami Heat, New Jersey Nets, New York Knicks, Chicago Bulls and Los Angeles Clippers. Knicks fans and investors of Madison Square Garden alike are hoping James is in a "New York State of Mind," which brings us to Thursday's Fast Money Poll—Is MSG a buy on possibility of Knicks acquiring LeBron?---CALL THE CLOSEBrian Kelly of Kanundrum Capital is still a seller of the market. "I'm staying in for now," says Patty Edwards of Storehouse Partners. "But I think it's a short-term call." Also a seller of the market, Steve Grasso of Stuart Frankel is hiding in tobacco stocks. Guy Adami of Drakon Capital is also a seller.______________________________________________________Got something to to say? Send us an e-mail at fastmoney-web@cnbc.com and your comment might be posted on the Rapid Recap. If you'd prefer to make a comment but not have it published on our website send those e-mails to .CNBC.com with wires

2021-10-30 14:12:14.206041

CNBC Transcript: Berkshire Hathaway CEO Warren Buffett on CNBC’s “Squawk Box” Today

https://www.cnbc.com/2015/08/10/cnbc-transcript-berkshire-hathaway-ceo-warren-buffett-on-cnbcs-squawk-box-today.html

2015-08-10T16:22:16+0000

CNBC

WHEN: TODAY, MONDAY, AUGUST 10 WHERE: CNBC'S "SQUAWK BOX" Following is the unofficial transcript of a CNBC interview with Berkshire Hathaway CEO Warren Buffett today on CNBC's "Squawk Box." Video of the interview is available on CNBC.com. All references must be sourced to CNBC. QUICK: AGAIN WE ARE LOOKING THROUGH THE NUMBERS ON THIS DEAL AGAIN IT IS BERKSHIRE HATHAWAY BUYING PRECISION CASTPARTS THIS IS A DEAL THAT THEY ARE VALUING AT 37 BILLION DOLLARS JUST LOOKING AT THE PRESS RELEASE. WARREN BUFFETT IS CALLING INTO THE CONTROL ROOM IS JUST A MINUTE THEY ARE PAYING $235 PER SHARE IN CASH THIS IS A STOCK THAT CLOSED AT $193.88 ON FRIDAY SO WE WILL BE TALKING MUCH MORE ABOUT THIS. I THINK RIGHT NOW WE DO HAVE WARREN BUFFETT ON THE LINE. SIR ARE YOU THERE? SO WE SEE THE NEWS THAT IS OUT TODAY THIS COMES AS A SURPRISE TO A LOT OF PEOPLE BUT THE WALL STREET JOURNAL DID REPORT THIS ON SATURDAY I WONDER WHEN DID YOU FIRST HEAR ABOUT THIS, WHEN DID YOU FIRST TALK TO THIS COMPANY AND HOW DID THIS DEAL HAPPEN? BUFFETT: I WOULD SAY IS WAS ABOUT 5 WEEKS AGO. YOU HAVE TO GIVE CREDIT TO TODD COMBS FOR THE DEAL WE HIRED TODD ABOUT 5 YEARS AGO TO MANAGE MONEY AND HE MANAGES ABOUT 9 BILLION NOW AND MAYBE THREE OR SO YEARS AGO HE ADDED PRECISION TO HIS PORTFOLIO AND I REALLY NEVER HEARD ABOUT THE COMPANY BEFORE THAT AND TODD TOLD ME A LOT ABOUT IT AND OVER THE LAST FEW YEARS I HAVE BECOME FAMILIAR WITH IT AND ABOUT 5 OR SO WEEKS AGO THE CEO MARK DONEGAN ALONG WITH HIS CFO AND IR PERSON CAME BY BERKSHIRE THEY WERE SEEING BERKSHIRE HOLDERS AND THEY MET WITH TODD AND THEN I DROPPED IN ON THE VISIT AND IN THE LAST 15 MINUTES OR SO AND I WAS VERY IMPRESSED BY MARK AND OF COURSE I HAD BEEN IMPRESSED BY THE COMPANY SO SHORTLY THEREAFTER I STOPPED AND GIVE THEM A CALL TO SEE IF THEY WOULD BE OFFENDED IF WE MADE A BID AND THEY DIDN'T INDICATE THEY WERE PARTICULARLY RECEPTIVE BUT THEY ALSO INDICATED THEY WOULD LISTEN SO I SUBSEQUENTLY MADE A BID. I MET MARK OUT AT SUN VALLEY, HE WAS ACTUALLY IN THE AIR MOST OF THE TIME AND SO HE CAME BY BECAUSE I WAS THERE FOR THE ALLEN COMPANY CONFERENCE AND I MADE HIM A BID AND HE TOOK IT TO THE BOARD AND BEFORE LONG WE HAD A DEAL. SORKIN: WARREN I HAVE GOT TO TELL YOU I SAW BECKY THE WEEK AFTER SUN VALLEY AND I SAID BUT WARREN IS DOING A DEAL I HAD SEEN YOU AT SUN VALLEY. YOU HAD THAT PHONE WITH YOU SO INTENSE THERE WAS SOMETHING GOING ON AND I THOUGHT I DIDN'T REALIZE THIS IS WHAT YOU WERE DOING. BUFFETT: I WILL HAVE TO BE CAREFUL WHEN I AM AROUND YOU ANDREW IF YOU CAN READ MY FACE LIKE THAT. SORKIN: FROM A PRICE PERSPECTIVE ONE OF THE QUESTIONS WE HAD FROM AN EBITA I WAS DOING IT OFF OF THE $30 BILLION AND THINKING THIS WAS ABOUT 20 TIMES EBITA WHICH I WAS SAYING NOT THE CHEAPEST DEAL IN TOWN. IT DOES ALLOW YOU TO SPEND A LOT OF MONEY QUICKLY. IN TERMS OF THE VALUATION THOUGH HOW DO YOU THINK ABOUT IT AND WHEN YOU ARE TALKING ABOUT SPENDING THIS KIND OF MONEY IS IT HARDER AND HARDER AS WE WERE TALKING ABOUT EARLIER TO ACTUALLY GET A REALLY CHEAP DEAL? BUFFETT: IT IS NOT 20 TIMES EBITA THOUGH ANDREW. I AM NOT SURE WHAT FIGURES YOU ARE LOOKING AT THERE BUT ALL DEALS SEEM EXPENSIVE TO ME BUT THIS ONE WE ARE CERTAINLY PAYING A VERY GOOD PRICE FOR AN EXTRAORDINARY COMPANY RUN BY A PERSON THAN AS FAR AS I AM CONCERNED HE IS THE BEST IN THE WORLD AT WHAT HE DOES. SORKIN: HE'S MADE A NUMBER OF DEALS OVER THE PAST COUPLE OF YEARS ABOUT 8 BILLION DOLLARS WORTH OF TRANSACTIONS WHEN YOU LOOK AT THIS COMPANY OVER THE NEXT COUPLE OF YEARS DO YOU IMAGINE USING A LOT OF BERKSHIRE CASH TO MAKE ADDITIONAL ACQUISITIONS TO USE IT AS A ROLL UP VEHICLE IF YOU WILL? BUFFETT: WELL ITS ALWAYS ACQUIRED COMPANIES I DON'T KNOW HOW MANY ACQUISITIONS THEY MADE OVER THE YEARS BUT IT IS A LOT. BECAUSE THERE ARE A LOT OF THINGS THAT GO INTO AEROSPACE IN THE WAY OF PARTS AND THEY'VE GONE AFTER ONE ITEM AFTER ANOTHER OVER THE YEARS. IN FACT THEY'VE MADE A COUPLE SMALL DEALS I BELIEVE IN THE FIRST FISCAL QUARTER AND I THINK THEY'VE GOT MAYBE ONE PENDING OR SO. NOW THEY MAKE A GOOD BIT OF MONEY SO THEY WILL PROBABLY BE ABLE TO DO THE ACQUISITIONS OR MANY OF THE ACQUISITIONS INTERNALLY GENERATED FUNDS BUT IF THEY NEED ANY MONEY FROM BERKSHIRE ALL THEY HAVE TO DO IS CALL. QUICKLY: WARREN THIS IS AN EXPENSIVE DEAL IS THIS THE MOST EXPENSIVE DEAL EVER? HOW DOES IT MATCH UP TO BURLINGTON NORTHERN? BUFFETT: WELL THE MOST DEALS ARE THE ONES THAT DON'T WORK OUT. YOU MENTIONED DEXTER SHOE A LITTLE WHILE AGO. BUT IN TERMS OF PRICE EARNINGS MULTIPLES GOING IN THIS IS RIGHT UP THERE AT THE TOP NOW WHEN WE BOUGHT BURLINGTON THAT WAS A HIGH PE BUT IT WAS OFF A VERY DEPRESSED FIGURE BECAUSE WE BOUGHT THAT IN THE FALL OF 2009 WHEN EARNINGS WERE AT A TROUGH. AND PRECISIONS EARNINGS HAVE FALLEN OFF MODERATELY BECAUSE OF DEVELOPMENTS IN THE OIL AND GAS FIELD WHERE THEY DO SOME BUSINESS AS WELL AS IN AEROSPACE SO BUT THIS IS A VERY HIGH MULTIPLE FOR US. SULLIVAN: YOU READ MY MIND ON OIL AND GAS HOW MUCH OF THIS IF AT ALL IS A BET THAT THE U.S. OIL AND GAS INDUSTRY MAY BE BOTTOMING OUT AT LEAST FROM A PRICE PERSPECTIVE? BUFFETT: WELL WE ARE GOING TO BE IN THIS BUSINESS FOR A 100 YEARS SO IT DOESN'T REALLY MAKE ANY DIFFERENCE WHAT OIL AND GAS DOES IN THE NEXT YEAR IN TERMS OF US BUYING IT. IF SOMEONE TOLD ME FOR SURE THE OIL AND GAS BUSINESS WAS GOING TO BE IN THE DULDRUMS WE'LL SAY FOR 3 YEARS I STILL WOULD HAVE MADE THE DEAL. THAT'S NOT A PREDICTION I AM JUST SAYING IT IS NOT IMPORTANT TO US HOW LONG THE OIL AND GAS SLUMP LASTS WHEN YOU GET A CHANCE TO BUY A WONDERFUL COMPANY YOU KNOW THERE IS USUALLY SOME REASON WHY YOU ARE GETTING THAT CHANCE AND PERHAPS THE SLUMP IN OIL AND GAS HELPS US IN THIS CASE. BUT THERE WILL BE SOMEDAY THERE WILL BE A SLUMP IN AEROSPACE AND THAT WILL BE MUCH MORE SEVERE FOR A COMPANY LIKE THIS BUT IF YOU LOOK OVER THE DECADES BOTH OIL AND GAS AND AEROSPACE WILL BE GOOD BUSINESS AND THESE FELLOWS ARE THEIR KEY PARTICULARLY IN THE AEROSPACE BUSINESS THE INDUSTRY NEEDS THEM THEY'RE UNIVERSALLY REGARDED AS THE MOST RELIABLE INNOVATIVE DEPENDABLE SUPPLIER OF VERY KEY PARTS THAT GO INTO ALL KINDS OF AIRCRAFTS. SORKIN: WARREN SPEAK TO THE DEFENSIVE MODE THAT YOU OFTEN TALK ABOUT WHEN YOU THINK ABOUT PARTICULAR COMPANY IN TERMS OF ITS MARKETSHARE AND ITS ABILITY TO MAINTAIN IF NOT GROW THAT MARKETSHARE BUFFETT: WELL WHAT YOU NEED IS YOU NEED PEOPLE THAT HAVE PHYSICAL FACILITIES BUT THAT IS A SMALL PART OF IT. THEY DO HAVE MARVELOUS PHYSICAL FACILITIES BUT WHAT YOU REALLY NEED IS BRAIN POWER AND YOU NEED PARTICULARLY AT THE TOP YOU NEED SOMEBODY WITH A TOTAL PASSION FOR THE BUSINESS AND I'VE MET MARK FOUR OR FIVE TIMES AND EACH TIME HE'S BEEN IN THE AIR AND HE'S IN THE AIR ALMOST A THOUSAND HOURS A YEAR THIS FELLOW LOVES THIS BUSINESS LIKE I LOVE BERKSHIRE AND HE'S A LOT BETTER AT IT THAN I AM AT BERKSHIRE. YOU CAN'T FIND PEOPLE LIKE THIS. YOU CERTAINLY CAN'T HIRE THEM. THE ONE THING I GUARANTEE MARK IS THAT HE'S RUNNING THE COMPANY. PEOPLE LIKE THIS ARE VERY VERY RARE. YOU CAN SEE IT IN WHAT HE HAS BUILT AND YOU CAN SEE IT IN THE PASSION HE'S GOT FOR WHAT HE IS DOING NOW. HE'S NEVER SATISFIED IN TERMS OF GETTING MORE BUSINESS IN THE AIRFRAME AND THE ENGINES. HE'S NEVER SATISFIED IN TERMS OF GETTING HIS COST TO WHERE THEY SHOULD BE. HE JUST HAS A PASSION FOR THE BUSINESS. QUICK: WARREN WHAT DOES THIS MEAN IN TERMS OF THE CASH THAT YOU ARE USING FOR THIS? I KNOW YOU LIKE TO KEEP ABOUT 20 BILLION DOLLARS IN CASH ON HAND. ARE YOU STILL IN THE MARKET FOR OTHER POTENTIAL DEALS? OR DOES THIS TAKE YOU OUT OF THE MARKET FOR AWHILE? BUFFETT: THIS TAKES US OUT OF THE MARKET FOR AN ELEPHANT BUT WE WILL PROBABLY BE BUYING A FEW SMALL THINGS IN THE NEXT 6 MONTHS. WE ARE IN NEGOTIATIONS ON A COUPLE BUT IN TERMS OF A DEAL OF SIMILAR SIZE IT PRETTY MUCH TAKES US OUT. WHAT WE WILL PROBABLY DO ON THIS ONE WE WILL PROBABLY BORROW ABOUT 10 BILLION AND USE ABOUT 23 BILLION OF OUR OWN CASH ON THAT ORDER. WE'LL BE LEFT WITH OVER 40 BILLION PROBABLY IN CASH WHEN WE GET ALL THROUGH. BUT I LIKE TO HAVE A LOT OF CASH AT ALL TIMES SO THIS MEANS WE HAVE TO RELOAD OVER THE NEXT 12 MONTHS OR SO BUT IT DOESN'T PRECLUDE DOING SMALLER DEALS BUT WE WILL BE DOING A FEW PROBABLY. SORKIN: AND WARREN ONE OF THE OTHER QUESTIONS YOU ALWAYS TALK ABOUT TALENT AND SPECIAL PEOPLE AND SPECIAL BERKSHIRE PEOPLE AND IT IS HARD TO FIND THEM. WHEN YOU THINK ABOUT MARK DARE I ASK THE QUESTION SHOULD WE START TO ADD HIM TO THE LIST OF POTENTIAL PEOPLE THAT MAY ONLY RUN THIS PARTICULAR COMPANY NOW BUT MAYBE PUT INTO THE BERKSHIRE FOLD WHEN IT SOMES TO SUCCESSION? BUFFETT: IF I READ MARK CORRECTLY AND IN THIS RESPECT I AM SURE I DO ALL HE WANTS TO DO IS RUN PRECISION AND TO TAKE IT TO GREATER AND GREATER HEIGHTS HE DOES NOT WANT TO RUN BERKSHIRE AND TRUE OF MOST OF OUR MANAGERS THEY LOVE WHAT THEY ARE DOING THAT'S THE BEAUTY OF IT. I HAVE TO DECIDE REALLY WHEN I BUY A COMPANY THERE IS NO WAY IN THE WORLD THAT I COULD RUN PRECISION OR REALLY ANYBODY IN OUR OPERATION COULD SO THE FIRST I ASK AND MARK'S 58 I ASK IF HE HAS ANY IDEAS AT 65 THAT HE'S GO AND PLAY SHUFFLE BOARD IN FLORIDA OR SOMETHING LIKE THAT. AS LONG AS WE TREAT HIM RIGHT NOW WE'VE GOT TO TREAT PEOPLE RIGHT WE TREAT HIM RIGHT HE WILL BE RUNNING THIS FOR DECADES AND DECADES. AND THAT'S WHAT HE WANTS TO DO JUST LIKE I LIKE RUNNING BERKSHIRE. QUICK: WARREN YOU MENTIONED THAT THIS WILL TAKE YOU OUT OF THE HUNT FOR A BIG ELEPHANT FOR 12 MONTHS OR SO WHILE THE COMPANY RELOADS WITH THE CASH CONTINUALLY COMING IN. JUST LAST WEEK BILL ACKMAN MADE IT PUBLIC THAT HE HAS A LARGE STAKE IN MONDELEZ ONE OF THE THINGS HE THOUGHT ABOUT IS POTENTIALLY MONDELZ GETTING LUMPED IN WITH KRAFT HEINZ. DOES THAT MEAN IT IS NOT AN OPTION AND WHAT DO YOU THINK OF BILL'S PROPOSAL? BUFFETT: WELL I WILL LISTEN TO ANYTHING MY FRIENDS AT 3G WANT TO DO BUT WITH KRAFT HEINZ WE HAVE OUR WORK CUT OUT FOR US FOR A COUPLE OF YEARS. I THINK IT IS QUITE UNLIKELY YOU NEVER WANT TO SAY ANYTHING IS IMPOSSIBLE BUT I THINK IT IS QUITE UNLIKELY THAT KRAFT HEINZ WOULD BE DOING A BIG ACQUISITION IN THE NEXT COUPLE OF YEARS SOMEWHERE DOWN THE ROAD I WOULDN'T BE SURPRISED. BUT IT ALSO WOULD HAVE TO MAKE SENSE FINANCIALLY AND FRANKLY MOST OF THE FOOD COMPANIES SELL AT PRICES THAT IT WOULD BE VERY HARD FOR US TO MAKE A DEAL EVEN IF WE HAD DONE ALL OF THE WORK NEEDED AT KRAFT HEINZ. A LOT OF THE COMPANIES ARE SELLING AT PRICES THAT SORT OF REFLECT IMPROVEMENTS IN THEM THAT PEOPLE SORT OF WHAT HAS BEEN HAPPENING AT KRAFT HEINZ AND BELIEVE ME THIS IS NOT EASY. QUICK: MEANING THAT MONDELEZ AT THESE PRICES YOU WOULDN'T LIKE? BUFFETT: WELL IT WOULD BE HARD FOR US TO MAKE A DEAL THAT MAKES SENSE YEAH. BUT WHO KNOWS WHAT HAPPENS DOWN THE LINE BUT IF YOU LOOK AT KELLOGG OR CAMPBELL'S SOUP OR MONDELEZ THEY'RE PRICES TO SOME EXTENT THE MARKET HAS PUT INTO THOSE COMPANIES PRICES THAT REFLECT AN EXPECTATION KRAFT HEINZ TYPE MARGINS ARE POSSIBLE AND THAT MAY BE THE CASE BUT I HAVE NOT SEEN IT ELSEWHERE. SULLIVAN: MR BUFFETT IN 2009 MANY OF THE BANKS CAME TO YOU FOR HELP. HAVE YOU HAD ANY OIL OR GAS COMPANIES COME TO YOU IN THE LAST FEW MONTHS LOOKING FOR YOUR HELP, LOOKING FOR YOUR INVESTMENT? BUFFETT: NOT YET BUT PRICES STAY DOWN HERE. IF PRICES STAY DOWN HERE SO FAR I WOULD SAY THAT MOST OF THE PEOPLE IN THE OIL AND GAS BUSINESS UP MAYBE UNTIL VERY RECENTLY THEY FELT THAT OIL PRICES WOULD BOUNCE BACK. THEY MAY NOT HAVE FELT GAS PRICES WOULD BOUNCE MUCH BUT THEY FELT OIL PRICES WOULD BOUNCE BACK. THE OIL PRODUCTION COMPANIES HAVE BEEN SELLING ON A BASIS NOT OF $45 WTI THEY HAVE ASSUMED HIGHER PRICES AND OF COURSE THE FORWARD CURVE HAVE REFLECTED HIGHER PRICES. I THINK IT WOULD HAVE BEEN HARD TO MAKE REALISTIC DEALS WITH OIL AND GAS UP UNTIL NOW BUT WE WILL SEE WHAT HAPPENS IN THE FUTURE. TO BE SPECIFIC NOBODY HAS COME TO ME. QUICK: DOES THAT MEAN THAT YOU HAVE NOT MADE ANY OTHER PURCHASES IN THE OIL AND GAS BUSINESS? BUFFETT: THAT'S CORRECT QUICK: SO THERE IS NOTHING THAT YOU'VE SEEN ASIDE FROM THIS DEAL TODAY THAT YOU THINK HAS BEEN AN OPPORTUNITY YOU WOULD BUY INTO? BUFFETT: NO OF COURSE THIS IS KIND OF SECENDARY I WOULDN'T SAY MAYBE 15% OF PRECISION'S BUSINESS HAD BEEN IN THERE AND THEY GOT HURT IN THE LAST COUPLE OF QUARTERS SIGNIFICANTLY BECAUSE WHEN OIL SLOWS DOWN IF THEY'VE GOT VARIOUS BUILDING EQUIPMENT ON HAND ALL OF A SUDDEN THEY DON'T NEED TO ORDER ANY FOR AWHILE EVEN THOUGH CONTINUE TO PRODUCE. SO NO WE HAVE NOT MADE ANY COMMITMENTS IN OIL AND GAS. SORKIN: HEY WARREN EVERY TIME I SEE YOU I ALWAYS ASK THE QUESTION IBM, IBM UPDATE THE STOCK IS TRADING I THINK ABOUT 155 DOLLARS RIGHT ABOUT NOW HOW ARE YOU FEELING ABOUT IT BUFFETT: I FEEL FINE. SORKIN: WHAT'S YOUR BASIS IN THAT COMPANY AT THIS POINT? BUFFETT: WHAT'S OUR STOCK COST US? SORKIN: YEH BUFFETT: I WOULD SAY AROUND 170 SORKIN: AROUND 17O NOW BY MY MATH YOU HAVE ACTUALLY MADE THE MONEY STILL ON THIS DEAL ON PART I THINK THE FUNCTION OF THE DIVIDENDS BUT YOU ARE NOT CONCERNED AT ALL IN TERMS OF THE STOCK BUFFETT: I LOVE IT WHEN IT GOES DOWN IT MEANS THE COMPANY BUYS STOCK CHEAPER AND MEANS IF I WANT TO BUY MORE STOCK YOU CAN LOOK AT OUR 13F IN A FEW DAYS IT MEANS I GET TO BUY IT CHEAPER QUICK: DOES THAT MEAN YOU'VE BEEN BUYING IT? BUFFETT: I AM NOT A SELLER OF STOCK. PEOPLE ASSUME WHEN WE BUY SOME STOCK WE WANT IT TO GO UP. WE DON'T WANT IT TO GO UP MAYBE OBVIOUSLY EVENTUALLY MAYBE FIVE OR TEN YEARS FROM NOW BUT WE LOVE THE IDEA OF A COMPANY BUYING ITS STOCK CHEAPER. I MEAN THAT'S HAPPENED AT AMERICAN EXPRESS FOR INSTANCE AMERICAN EXPRESS IS A REGULAR REPURCHASER OF SHARES AND WE OWN 15% OF IT AND OWNERSHIP GOES UP FASTER IF THE STOCK IS DOWN THAN IF THE STOCK IS UP. SULLIVAN: WE HAD ON FRIDAY A BILLION DOLLAR ACTIVIST INVESTMENT IN AMERICAN EXPRESS MR BUFFETT JEFFREY UBEN OF VALUEACT CAPITAL. WHEN YOU OWN A STOCK LIKE AN AMERICAN EXPRESS ARE YOU HAPPY TO SEE AN ACTIVIST COME IN DO YOU WELCOME IT. BUFFETT: NO NOT PARTICULARLY BUT IT IS UP TO THEM WHAT THEY DO WITH THEIR MONEY. ACTUALLY IT SENDS UP FOUR OR FIVE POINTS SO THE EXTENT THAT AMERICAN EXPRESS IS REPURCHASING SHARES WE CAN'T BUY STOCKS IN AMERICAN EXPRESS BECAUSE IT IS A BANKHOLDING COMPANY AND WE OWN OVER 10% BUT THE CHEAPER THE STOCK IS THE MORE SHARES AMERICAN EXPRESS WILL BE ABLE TO REPURCHASE FOR A GIVEN AMOUNT OF MONEY AND ON BALANCE THAT HELPS US WE'RE BUYING YOU KNOW THERE IS NO MORAL PROBLEM ATTACHED TO IT BECAUSE IT TAKES PLACE IN THE MARKET BUT WE'RE ON OUR PARTNERS CHEAPER. QUICK: LET'S TALK ABOUT SOMETHING ELSE THAT IS ALSO A LOT CHEAPER THAN IT WAS A WEEK AGO YOU LOOKS AT THE MEDIA STOCKS DISNEY KICKED IT OFF WHEN BOB IGER SAID THERE ARE CONCERNS ABOUT ESPN, VERY BRIEF CONCERNS FROM HIS PERSPECTIVE THE MARKET TOOK THAT AS A HUGE SELLING POINT NOT ONLY FOR DISNEY BUT ALL OF THE MEDIA RELATED STOCKS DO YOU SEE ANYTHING IN THE MEDIA INDUSTRY YOU LIKE AT THESE PRICES? BUFFETT: NO I WOULD SAY THAT I CONSIDER BOB IGER AND I KNOW HIM WELL AND HAD EXPERIENCE WITH HIM MORE THAN 20 YEARS AGO I THINK HE IS ONE OF THE GREAT MANAGERS IN AMERICA AND A GOOD GUY BEYOND THAT BUT I'M AN OBSERVER OF THE MEDIA PICTURE TODD AND TEDD OWN SOME SHARES IN CERTAIN MEDIA STOCKS BUT I AM NO VICTIM OF THIS MYSELF AND THE SELL OFF DID NOT ENTICE ME. SORKIN: HEY WARREN SPEAKING OF BUYBACKS ONE OF THE QUESTIONS AND I DON'T THINK WE HAVE TALKED ABOUT THIS SINCE YOU SENT YOUR LETTER AND WE HAD YOU ON THE SHOW BUT LARRY FINK FROM BLACKROCK SENT A LETTER A COUPLE OF MONTHS AGO TO CEOS AROUND THE COUNTRY AND SAID LOOK STOP WITH THE BUYBACKS, STOP WITH THE DIVIDENDS WE WANT YOU INVESTING IN THE FUTURE AND IN PART I WOULD ARGUE THAT LETTER SEEMED TO INSPIRE HILLARY CLINTON WITH HER LATEST QUARTERLY CAPITALISM APPROACH AND PROGRAM THAT SHE'S TALK ABOUT IN TERMS OF CHANGING THE TAX STRUCTURE CAPITAL GAINS STRUCTURE AROUND INVESTMENTS. WHAT DO YOU THINK OF WHAT HILLARY CLINTON HAD TO SAY AND WHAT DO YOU THINK OF WHAT LARRY FINK HAD TO SAY? BUFFETT: WELL PEOPLE MAKE BUYBACKS VERY COMPLICATED. BUYBACKS MAKE SENSE WHEN YOU ARE BUYING YOUR STOCK BACK BELOW ITS INTRINSIC VALUE AND WHEN YOU DON'T NEED THAT MONEY FOR THE NEEDS OF THE BUSINESS. IT MAKES NO SENSE WHEN YOU PAY ABOVE INTRINSIC VALUE AND THAT'S A VERY SIMPLE PRINCIPAL BUT IT HAS BEEN IGNORED BY MANY MANAGEMENTS OVER TIME. IF YOU LOOK AT THE HISTORY OF BUYBACKS PEOPLE BUYBACK A LOT IN TERMS OF AGRIGATE BUYBACKS PEOPLE BUY A LOT MORE STOCK BACK WHEN STOCKS ARE UP THAN WHEN THEY ARE DOWN BUT IN THAT WAY THEY ARE SORT OF BEHAVING LIKE JOE PUBLIC YOU KNOW. THERE HAVE BEEN SOME GREAT INVESTMENT STORIES BASED ON PEOPLE WHO BOUGHT BACK STOCK INTELLIGENTLY WHICH MEANS BUYING IT AT A DISCOUNT FROM ITS INTRINSIC VALUE. WE WOULD BUY BACK STOCK BY THE BUSHELL BASKETS IF IT SOLD WELL BELOW INTRINSIC VALUE IT WOULD HAVE TO BE WELL BELOW INTRINSIC VALUE AND WE WON'T BUY A SHARE IF WE THINK WE ARE PAYING INTRINSIC VALUE OR MORE. IT IS NOT A COMPLICATED EQUATION BUT MANAGEMENTS WHEN SOMEBODY SAYS THEY ARE GOING TO HAVEA 5 BILLION DOLLAR BUYBACK THEY OUGHT TO SAY WE ARE HAVING A 5 BILLION DOLLAR BUYBACK IF WE CAN BUY IT AT X OR BELOW BUT THAT'S JUST NOT THE WAY IT OPERATES. SULLIVAN: HAS IT BEEN AN EFFICIENT USE OF CAPITAL BUFFETT: IT HAS BEEN A TERRIFICLY EFFICIENT USE OF CAPITAL FOR SOME COMPANIES AND BEEN A VERY STUPID USE OF CAPITAL FOR OTHER COMPANIES. I WOULD ARGUE THAT OUR BUYBACKS HAVE BEEN PEANUTS UNFORTUNATELY BUT OUR COUPLE OF BUYBACKS MADE GREAT SENSE. BUT WE COULDN'T DO IT ON SCALE. SORKIN: AND WHAT DID YOU MAKE OF HILLARY CLINTONS PROPOSAL ON CAPITAL GAINS BUT SHE ALSO SAID I BELIEVE THAT SHE WANTS PEOPLE TO LOOK INTO BUYBACKS THEMSELVES IN TERMS OF HOW THEY SHOULD BE REGULATED. ELIZABETH WARREN AND OTHERS HAVE SUGGESTED THEY ARE EFFECTIVELY INSIDER TRADING BECAUSE THE COMPANIES KNOW ABOUT IT. BUFFETT: WELL I WILL BE GLAD TO WRITE A PAPER ON IT SOMETIME. I HAVE WRITTEN ON IT ABOUT 20 TIMES OVER THE YEARS AND IN GENERAL VERY MUCH APPROVE OF WHERE HILLARY IS GOING IN TERMS OF FINE TUNING ALL THE POINTS WE'LL TALK ABOUT THAT AS THE CAMPAIGN PROGRESSES. BUT BUYBACKS ARE NOT NIRVANA AND THEY ARE NOT EVIL IT IS JUST A QUESTION OR WHETHER THEY MAKE SENSE AND IF OUR STOCK SELLS WELL BELOW INTRINSIC VALUE AND WE HAVE MONEY WE DON'T NEED FOR THE BUSINESS WE WILL BUY IT BACK JUST AS FAST AS WE CAN NOW UNFORTUNATELY WHENEVER I SAY THAT IT KEEPS IT FROM HAPPENING. QUICK: WARREN WE KNOW THAT YOU ARE A SUPPORTER OF HILLARY CLINTON BUT DID YOU WATCH THE REPUBLICAN NATIONAL DEBATES THAT TOOK PLACE LAST WEEK? BUFFETT: I WOULDN'T HAVE MISSED IT QUICK: AND WHAT DID YOU THINK? BUFFETT: I THOUGHT THAT IT WAS TERRIFIC TELEVISION AND I THINK THERE'S A SMALL CHANCE WITH PROPORTIONAL AWARDING DELEGATES IN A GREAT MANY OF THE PRIMARIES AND WITH SUPER PACKS ENABLING PEOPLE TO KEEP GETTING FINANCE WHERE AS OTHERWISE THEY WOULD DROP OUT FOR LACK OF MONEY IF THEY WEREN'T DOING THAT WELL. I THINK THERE IS ACTUALLY SOME CHANCE THAT WHEN THEY GO TO THE REPUBLICAN CONVENTION NO ONE WILL HAVE A MAJORITY GOING IN BUT I THINK IT WILL BE VERY VERY INTERESTING. DONALD TRUMP IS GOING TO HAVE A CERTAIN PERCENTAGE OF DELEGATES AND SO WILL A WHOLE BUNCH OF OTHERS AND IN THE PAST UNLESS YOU WERE IN THE TOP 2 OR 3 YOUR FUNDING DRIES UP AND YOU GET TO A COUPLE OF STATES AND THAT WAS WITH BUT WITH SUPER PACKS AROUND YOU CAN HAVE QUITE A FEW CANDIDATES IN IT FOR QUITE A BIT OF TIME AND THE PIE COULD GET DIVIDED IN SUCH A WAY THAT NOBODY HAS A MAJORITY. IT IS GOING TO BE VERY INTERESTING. IT IS A GREAT SPECTATOR SPORT. QUICK: WE DID HAVE AN OVERNIGHT POLL AN NBC NEWS POLL THAT WAS CONDUCTED FROM FRIDAY INTO SATURDAY IT SHOWED THAT DONALD TRUMP IS STILL LEADING THE PACK WHICH MIGHT COME AS A SURPRISE TO SOME PUNDITS WHO HAD KIND OF WRITTEN HIM OFF AFTER THAT PERFORMANCE. BUFFETT: YEH NO HE IF YOU CAN GET BY THE JOHN MCCAIN IS NOT A HERO AND A FEW THINGS AND NOT HAVE YOUR NUMBERS GO DOWN YOU HAVE A VERY SOLID BASE AND YOU KNOW I WOULDN'T BE SURPRISED IF HE MAINTAINS QUITE A SOLID BASE FOR A LONG TIME. AND THAT MEANS HE IS GOING TO GET A FAIR NUMBER OF DELEGATES IF YOU GET IT IN PROPORTIONAL STATES. AND HE IS NOT GOING TO RUN OUT OF MONEY SO IT IS GOING TO BE A LOT OF FUN TO WATCH PARTICULARLY IF YOU ARE A DEMOCRAT. QUICK: I WAS GOING TO SAY AS A DEMOCRAT YOU MUST ENJOY HOW THIS PLAYS OUT. WHO WOULD YOU MOST LIKE TO SEE YOUR CANDIDATE RUN AGAINST? BUFFETT: WELL I THINK IF I GAVE THAT PREDICTION IT WOULD BE SORT OF THE KISS OF DEATH ON THAT CANDIDATE. I WANT TO SEE HER RUN AGAINST THE WHOLE FIELD. QUICK: YOU KNOW WARREN WE HAVE A WHOLE BUNCH OF OTHER THINGS WE WOULD LOVE TO TALK TO YOU ABOUT WE SAW THE JOBS NUMBER THAT CAME IN. THE JOBS REPORT WAS JUST AS EXPECTED ON FRIDAY 215,000 A LOT OF PEOPLE SPECULATING THAT THE FED WILL RAISE INTEREST RATES COME SEPTEMBER. YOU HAVE A VERY GOOD IDEA OF WHAT'S HAPPENING IN THE ECONOMY JUST BASED ON THE NUMBERS THAT YOU SEE AND THE BUSINESSES THAT YOU HAVE YOUR FINGER ON THE PULSE. WHAT DO YOU THINK IS HAPPENING IN THE ECONOMY. WHAT DO YOU THINK THE FED SHOULD DO IN SPETEMBER? BUFFETT: I THINK WHAT'S HAPPENING WITH THE ECONOMY IS EXACTLY WHAT'S BEEN HAPPENING NOW FOR FIVE YEARS IS THAT IT IS MOVING AHEAD ROUGHLY AT 2% RATE AND IN CERTAIN INDUSTRIES A SPURT OCCASSIONALLY AUTOS ARE STRONG RIGHT NOW BUT IT HAS BEEN A VERY STEADY INCREASE AND PEOPLE HAVE TALKED ABOUT DOUBLE DIPS AND THEY'VE TALKED ABOUT ACCELERATION AND EVERY TIME THEY TALK ABOUT IT MOVING SHARPLY IN ONE DIRECTION IT DOESN'T DO IT. THE ECONOMY HAS COME BACK AND IT HAS COME BACK VERY WELL CONSIDERING THE KIND OF SHOCK THAT WE HAD 5 OR 6 YEARS AGO BUT I DON'T SEE IT PARTICULARLY ACCELERATING AND I DON'T SEE IT DECELERATING EITHER. I HAVE SAID BEFORE I THINK IT IS VERY TOUGH TO PUSH RATES HIGHER IN THE U.S. WHEN EUROPE NEEDS TO KEEP THEM ALL AND YOU'VE GOT THE SITUATION EXISTING AROUND THE WORLD BUT I KEEP HEARING THE VARIOUS GOVERNORS SAY IT IS GOING TO HAPPEN SOON SO BUT I DON'T THINK IT IS AN EASY DECISION WHEN RATES ARE CONSIDERABLY LOWER IN EUROPE AND YOU MAY BE AFFECTING EXPORTS AND IMPORTS VERY SIGNIFICANTLY IF YOU PUSH RATES HERE TO BE CONSIDERABLY HIGHER THAN THEY EXIST IN EUROPE. QUICK: THERE HAVE BEEN A LOT OF PEOPLE WHO HAVE BEEN CONCERNED ABOUT THE MARKET LATELY IF YOU HAVE WATCHED WHAT HAS BEEN HAPPENING DURING EARNINGS SEASON SOME OF THE MOVES HAVE BEEN EXTRAORDINARY TO SEE PEOPLE MISSING BY SMALL AMOUNTS ON EARNINGS OR REVENUE LINES AND THEN COMING IN WITH DOUBLE DIGIT STOCK DECLINES YOU ALSO SAW WHAT HAPPENED WITH MEDIA STOCKS OVERALL MOVE THE ENTIRE SECTOR LOWER THAT HAS SOME PEOPLE THINKING THAT THERE IS A LOT OF WEAKNESS IN THE MARKET AND THAT THERE IS SOMETHING OF A CORRECTION THAT'S DUE. I AM GUESSING THAT I WOULDN'T PUT YOU IN THAT CAMP IF YOU ARE WILLING TO DO DEALS LIKE THIS OR DO YOU EVEN THINK ABOUT WHAT IS HAPPENING ON A DAY TO DAY BASIS? BUFFETT: STOCKS ARE GOING TO BE HIGHER AND PERHAPS A LOT HIGHER 10 YEARS FROM NOW, 20 YEARS FROM NOW I AM NOT SMART ENOUGH TO PICK TIMES TO GET IN AND GET OUT IF YOU ARE IN SOMETHING THAT IS GOING TO BE A LOT HIGHER OVER TIME. IF YOU THOUGHT YOUR HOUSE WAS GOING TO GO DOWN 5% IN PRICE YOU WOULDN'T SELL YOUR HOUSE AND HOPE TO BUY IT BACK 5% CHEAPER. THAT'S NOT MY GAME. MY GAME IS TO OWN DECENT BUSINESSES AND OWN THEM AT DECENT PRICES AND YOU ARE GOING TO MAKE A LOT OF MONEY OVER TIME IF YOU DO IT BUT I THINK THE ABILITY OF PEOPLE TO DANCE IN AND OUT OF MARKETS IS QUITE LIMITED AND IN MY CASE IT IS ZERO. QUICK: WARREN THERE IS A STORY ON THE FRONT PAGE OF THE NEW YORK TIMES TODAY ABOUT COCA COLA WHICH IS A COMPANY THAT YOU ALSO THE LARGEST SHAREHOLDER IN IT POINTS OUT THAT COCA COLA HAS TEAMED UP WITH SOME INFLUENTIAL SCIENTISTS TO TRY AND ADVANCE A MESSAGE IN MEDICAL JOURNALS THAT IT IS REALLY MORE ABOUT HOW MUCH YOU EXERCISE NOT WHAT YOU EAT THAT MATTERS. THE TIMES ACTUALLY KIND OF PUTS THIS AS SOMETHING WHERE THEY LOOK ASKANCE THE IDEA THAT BIG COPORATION IS FUNDING A MESSAGE LIKE THIS WHAT DO YOU SAY AS THE LARGEST SHAREHOLDER? BUFFETT: WHAT HAPPENS TO YOUR WEIGHT DEPENDS ON HOW MUCH YOU TAKE IN AND HOW MUCH YOU BURN UP. AND IF YOU TAKE IN 2700 CALORIES AND YOU BURN UP 2700 YOUR WEIGHT ISN'T GOING TO CHANGE AND IF YOU TAKE IN 3500 AND BURN 2500 YOU ARE GOING TO GAIN WEIGHT. IT'S A MATHEMATICAL TYPE EQUATION AND IF YOU ARE LIKE ME AND DON'T LIKE TO EXERCISE MUCH THAN YOU BETTER NOT TAKE IN TOO MUCH. THERE IS NO MYSTERY TO WEIGHT. CALORIES ARE DEFINED THERE'S 4 PER GRAM IF YOU ARE DEALING WITH PROTEIN AND CARBOHYDRATES THERE'S 9 PER GRAM WITH FAT AND YOU'VE GOT TO FIGURE IT OUT IF YOU WANT TO LOSE WEIGHT SO YOUR BODY BURNS OFF AS MANY AS YOU ARE CONSUMING. QUICK: WELL WARREN WE WANT TO THANK YOU FOR JOINING US THIS MORNING. AGAIN CONGRATULATIONS ON THE DEAL. About CNBC: With CNBC in the U.S., CNBC in Asia Pacific, CNBC in Europe, Middle East and Africa, CNBC World and CNBC HD , CNBC is the recognized world leader in business news and provides real-time financial market coverage and business information to approximately 371 million homes worldwide, including more than 100 million households in the United States and Canada. CNBC also provides daily business updates to 400 million households across China. The network's 15 live hours a day of business programming in North America (weekdays from 4:00 a.m. - 7:00 p.m. ET) is produced at CNBC's global headquarters in Englewood Cliffs, N.J., and includes reports from CNBC News bureaus worldwide. CNBC at night features a mix of new reality programming, CNBC's highly successful series produced exclusively for CNBC and a number of distinctive in-house documentaries. CNBC also has a vast portfolio of digital products which deliver real-time financial market news and information across a variety of platforms. These include CNBC.com, the online destination for global business; CNBC PRO, the premium, integrated desktop/mobile service that provides real-time global market data and live access to CNBC global programming; and a suite of CNBC Mobile products including the CNBC Real-Time iPhone and iPad Apps. Members of the media can receive more information about CNBC and its programming on the NBC Universal Media Village Web site at http://www.nbcumv.com/mediavillage/networks/cnbc/.

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<div class="group"><p> <span>WHEN: TODAY, MONDAY, AUGUST 10</span></p><p> WHERE: CNBC'S "<a href="http://www.cnbc.com/squawk-box-us/">SQUAWK BOX</a>"</p><div style="height:100%" class="lazyload-placeholder"></div><p> <span>Following is the unofficial transcript of a CNBC interview with Berkshire Hathaway CEO Warren Buffett today on CNBC's "Squawk Box." Video of the interview is available on CNBC.com.</span></p><p> <span>All references must be sourced to CNBC.</span></p><p> <span>QUICK: AGAIN WE ARE LOOKING THROUGH THE NUMBERS ON THIS DEAL AGAIN IT IS BERKSHIRE HATHAWAY BUYING PRECISION CASTPARTS THIS IS A DEAL THAT THEY ARE VALUING AT 37 BILLION DOLLARS JUST LOOKING AT THE PRESS RELEASE. WARREN BUFFETT IS CALLING INTO THE CONTROL ROOM IS JUST A MINUTE THEY ARE PAYING $235 PER SHARE IN CASH THIS IS A STOCK THAT CLOSED AT $193.88 ON FRIDAY SO WE WILL BE TALKING MUCH MORE ABOUT THIS. I THINK RIGHT NOW WE DO HAVE WARREN BUFFETT ON THE LINE. SIR ARE YOU THERE? SO WE SEE THE NEWS THAT IS OUT TODAY THIS COMES AS A SURPRISE TO A LOT OF PEOPLE BUT THE WALL STREET JOURNAL DID REPORT THIS ON SATURDAY I WONDER WHEN DID YOU FIRST HEAR ABOUT THIS, WHEN DID YOU FIRST TALK TO THIS COMPANY AND HOW DID THIS DEAL HAPPEN?</span></p><p> <span>BUFFETT: I WOULD SAY IS WAS ABOUT 5 WEEKS AGO. YOU HAVE TO GIVE CREDIT TO TODD COMBS FOR THE DEAL WE HIRED TODD ABOUT 5 YEARS AGO TO MANAGE MONEY AND HE MANAGES ABOUT 9 BILLION NOW AND MAYBE THREE OR SO YEARS AGO HE ADDED PRECISION TO HIS PORTFOLIO AND I REALLY NEVER HEARD ABOUT THE COMPANY BEFORE THAT AND TODD TOLD ME A LOT ABOUT IT AND OVER THE LAST FEW YEARS I HAVE BECOME FAMILIAR WITH IT AND ABOUT 5 OR SO WEEKS AGO THE CEO MARK DONEGAN ALONG WITH HIS CFO AND IR PERSON CAME BY BERKSHIRE THEY WERE SEEING BERKSHIRE HOLDERS AND THEY MET WITH TODD AND THEN I DROPPED IN ON THE VISIT AND IN THE LAST 15 MINUTES OR SO AND I WAS VERY IMPRESSED BY MARK AND OF COURSE I HAD BEEN IMPRESSED BY THE COMPANY SO SHORTLY THEREAFTER I STOPPED AND GIVE THEM A CALL TO SEE IF THEY WOULD BE OFFENDED IF WE MADE A BID AND THEY DIDN'T INDICATE THEY WERE PARTICULARLY RECEPTIVE BUT THEY ALSO INDICATED THEY WOULD LISTEN SO I SUBSEQUENTLY MADE A BID. I MET MARK OUT AT SUN VALLEY, HE WAS ACTUALLY IN THE AIR MOST OF THE TIME AND SO HE CAME BY BECAUSE I WAS THERE FOR THE ALLEN COMPANY CONFERENCE AND I MADE HIM A BID AND HE TOOK IT TO THE BOARD AND BEFORE LONG WE HAD A DEAL.</span></p><p> <span>SORKIN: WARREN I HAVE GOT TO TELL YOU I SAW BECKY THE WEEK AFTER SUN VALLEY AND I SAID BUT WARREN IS DOING A DEAL I HAD SEEN YOU AT SUN VALLEY. YOU HAD THAT PHONE WITH YOU SO INTENSE THERE WAS SOMETHING GOING ON AND I THOUGHT I DIDN'T REALIZE THIS IS WHAT YOU WERE DOING. </span></p><div style="height:100%" class="lazyload-placeholder"></div><p> <span>BUFFETT: I WILL HAVE TO BE CAREFUL WHEN I AM AROUND YOU ANDREW IF YOU CAN READ MY FACE LIKE THAT. </span></p><p> <span>SORKIN: FROM A PRICE PERSPECTIVE ONE OF THE QUESTIONS WE HAD FROM AN EBITA I WAS DOING IT OFF OF THE $30 BILLION AND THINKING THIS WAS ABOUT 20 TIMES EBITA WHICH I WAS SAYING NOT THE CHEAPEST DEAL IN TOWN. IT DOES ALLOW YOU TO SPEND A LOT OF MONEY QUICKLY. IN TERMS OF THE VALUATION THOUGH HOW DO YOU THINK ABOUT IT AND WHEN YOU ARE TALKING ABOUT SPENDING THIS KIND OF MONEY IS IT HARDER AND HARDER AS WE WERE TALKING ABOUT EARLIER TO ACTUALLY GET A REALLY CHEAP DEAL?</span></p><p> <span>BUFFETT: IT IS NOT 20 TIMES EBITA THOUGH ANDREW. I AM NOT SURE WHAT FIGURES YOU ARE LOOKING AT THERE BUT ALL DEALS SEEM EXPENSIVE TO ME BUT THIS ONE WE ARE CERTAINLY PAYING A VERY GOOD PRICE FOR AN EXTRAORDINARY COMPANY RUN BY A PERSON THAN AS FAR AS I AM CONCERNED HE IS THE BEST IN THE WORLD AT WHAT HE DOES. </span></p><p> <span>SORKIN: HE'S MADE A NUMBER OF DEALS OVER THE PAST COUPLE OF YEARS ABOUT 8 BILLION DOLLARS WORTH OF TRANSACTIONS WHEN YOU LOOK AT THIS COMPANY OVER THE NEXT COUPLE OF YEARS DO YOU IMAGINE USING A LOT OF BERKSHIRE CASH TO MAKE ADDITIONAL ACQUISITIONS TO USE IT AS A ROLL UP VEHICLE IF YOU WILL?</span></p><p> <span>BUFFETT: WELL ITS ALWAYS ACQUIRED COMPANIES I DON'T KNOW HOW MANY ACQUISITIONS THEY MADE OVER THE YEARS BUT IT IS A LOT. BECAUSE THERE ARE A LOT OF THINGS THAT GO INTO AEROSPACE IN THE WAY OF PARTS AND THEY'VE GONE AFTER ONE ITEM AFTER ANOTHER OVER THE YEARS. IN FACT THEY'VE MADE A COUPLE SMALL DEALS I BELIEVE IN THE FIRST FISCAL QUARTER AND I THINK THEY'VE GOT MAYBE ONE PENDING OR SO. NOW THEY MAKE A GOOD BIT OF MONEY SO THEY WILL PROBABLY BE ABLE TO DO THE ACQUISITIONS OR MANY OF THE ACQUISITIONS INTERNALLY GENERATED FUNDS BUT IF THEY NEED ANY MONEY FROM BERKSHIRE ALL THEY HAVE TO DO IS CALL. </span></p><p> <span>QUICKLY: WARREN THIS IS AN EXPENSIVE DEAL IS THIS THE MOST EXPENSIVE DEAL EVER? HOW DOES IT MATCH UP TO BURLINGTON NORTHERN?</span></p><p> <span>BUFFETT: WELL THE MOST DEALS ARE THE ONES THAT DON'T WORK OUT. YOU MENTIONED DEXTER SHOE A LITTLE WHILE AGO. BUT IN TERMS OF PRICE EARNINGS MULTIPLES GOING IN THIS IS RIGHT UP THERE AT THE TOP NOW WHEN WE BOUGHT BURLINGTON THAT WAS A HIGH PE BUT IT WAS OFF A VERY DEPRESSED FIGURE BECAUSE WE BOUGHT THAT IN THE FALL OF 2009 WHEN EARNINGS WERE AT A TROUGH. AND PRECISIONS EARNINGS HAVE FALLEN OFF MODERATELY BECAUSE OF DEVELOPMENTS IN THE OIL AND GAS FIELD WHERE THEY DO SOME BUSINESS AS WELL AS IN AEROSPACE SO BUT THIS IS A VERY HIGH MULTIPLE FOR US.</span></p><p> <span>SULLIVAN: YOU READ MY MIND ON OIL AND GAS HOW MUCH OF THIS IF AT ALL IS A BET THAT THE U.S. OIL AND GAS INDUSTRY MAY BE BOTTOMING OUT AT LEAST FROM A PRICE PERSPECTIVE?</span></p><p> <span>BUFFETT: WELL WE ARE GOING TO BE IN THIS BUSINESS FOR A 100 YEARS SO IT DOESN'T REALLY MAKE ANY DIFFERENCE WHAT OIL AND GAS DOES IN THE NEXT YEAR IN TERMS OF US BUYING IT. IF SOMEONE TOLD ME FOR SURE THE OIL AND GAS BUSINESS WAS GOING TO BE IN THE DULDRUMS WE'LL SAY FOR 3 YEARS I STILL WOULD HAVE MADE THE DEAL. THAT'S NOT A PREDICTION I AM JUST SAYING IT IS NOT IMPORTANT TO US HOW LONG THE OIL AND GAS SLUMP LASTS WHEN YOU GET A CHANCE TO BUY A WONDERFUL COMPANY YOU KNOW THERE IS USUALLY SOME REASON WHY YOU ARE GETTING THAT CHANCE AND PERHAPS THE SLUMP IN OIL AND GAS HELPS US IN THIS CASE. BUT THERE WILL BE SOMEDAY THERE WILL BE A SLUMP IN AEROSPACE AND THAT WILL BE MUCH MORE SEVERE FOR A COMPANY LIKE THIS BUT IF YOU LOOK OVER THE DECADES BOTH OIL AND GAS AND AEROSPACE WILL BE GOOD BUSINESS AND THESE FELLOWS ARE THEIR KEY PARTICULARLY IN THE AEROSPACE BUSINESS THE INDUSTRY NEEDS THEM THEY'RE UNIVERSALLY REGARDED AS THE MOST RELIABLE INNOVATIVE DEPENDABLE SUPPLIER OF VERY KEY PARTS THAT GO INTO ALL KINDS OF AIRCRAFTS. </span></p><p> <span>SORKIN: WARREN SPEAK TO THE DEFENSIVE MODE THAT YOU OFTEN TALK ABOUT WHEN YOU THINK ABOUT PARTICULAR COMPANY IN TERMS OF ITS MARKETSHARE AND ITS ABILITY TO MAINTAIN IF NOT GROW THAT MARKETSHARE</span></p><p> <span>BUFFETT: WELL WHAT YOU NEED IS YOU NEED PEOPLE THAT HAVE PHYSICAL FACILITIES BUT THAT IS A SMALL PART OF IT. THEY DO HAVE MARVELOUS PHYSICAL FACILITIES BUT WHAT YOU REALLY NEED IS BRAIN POWER AND YOU NEED PARTICULARLY AT THE TOP YOU NEED SOMEBODY WITH A TOTAL PASSION FOR THE BUSINESS AND I'VE MET MARK FOUR OR FIVE TIMES AND EACH TIME HE'S BEEN IN THE AIR AND HE'S IN THE AIR ALMOST A THOUSAND HOURS A YEAR THIS FELLOW LOVES THIS BUSINESS LIKE I LOVE BERKSHIRE AND HE'S A LOT BETTER AT IT THAN I AM AT BERKSHIRE. YOU CAN'T FIND PEOPLE LIKE THIS. YOU CERTAINLY CAN'T HIRE THEM. THE ONE THING I GUARANTEE MARK IS THAT HE'S RUNNING THE COMPANY. PEOPLE LIKE THIS ARE VERY VERY RARE. YOU CAN SEE IT IN WHAT HE HAS BUILT AND YOU CAN SEE IT IN THE PASSION HE'S GOT FOR WHAT HE IS DOING NOW. HE'S NEVER SATISFIED IN TERMS OF GETTING MORE BUSINESS IN THE AIRFRAME AND THE ENGINES. HE'S NEVER SATISFIED IN TERMS OF GETTING HIS COST TO WHERE THEY SHOULD BE. HE JUST HAS A PASSION FOR THE BUSINESS.</span></p><p> <span>QUICK: WARREN WHAT DOES THIS MEAN IN TERMS OF THE CASH THAT YOU ARE USING FOR THIS? I KNOW YOU LIKE TO KEEP ABOUT 20 BILLION DOLLARS IN CASH ON HAND. ARE YOU STILL IN THE MARKET FOR OTHER POTENTIAL DEALS? OR DOES THIS TAKE YOU OUT OF THE MARKET FOR AWHILE?</span></p><p> <span>BUFFETT: THIS TAKES US OUT OF THE MARKET FOR AN ELEPHANT BUT WE WILL PROBABLY BE BUYING A FEW SMALL THINGS IN THE NEXT 6 MONTHS. WE ARE IN NEGOTIATIONS ON A COUPLE BUT IN TERMS OF A DEAL OF SIMILAR SIZE IT PRETTY MUCH TAKES US OUT. WHAT WE WILL PROBABLY DO ON THIS ONE WE WILL PROBABLY BORROW ABOUT 10 BILLION AND USE ABOUT 23 BILLION OF OUR OWN CASH ON THAT ORDER. WE'LL BE LEFT WITH OVER 40 BILLION PROBABLY IN CASH WHEN WE GET ALL THROUGH. BUT I LIKE TO HAVE A LOT OF CASH AT ALL TIMES SO THIS MEANS WE HAVE TO RELOAD OVER THE NEXT 12 MONTHS OR SO BUT IT DOESN'T PRECLUDE DOING SMALLER DEALS BUT WE WILL BE DOING A FEW PROBABLY.</span></p><p> <span>SORKIN: AND WARREN ONE OF THE OTHER QUESTIONS YOU ALWAYS TALK ABOUT TALENT AND SPECIAL PEOPLE AND SPECIAL BERKSHIRE PEOPLE AND IT IS HARD TO FIND THEM. WHEN YOU THINK ABOUT MARK DARE I ASK THE QUESTION SHOULD WE START TO ADD HIM TO THE LIST OF POTENTIAL PEOPLE THAT MAY ONLY RUN THIS PARTICULAR COMPANY NOW BUT MAYBE PUT INTO THE BERKSHIRE FOLD WHEN IT SOMES TO SUCCESSION?</span></p><p> <span>BUFFETT: IF I READ MARK CORRECTLY AND IN THIS RESPECT I AM SURE I DO ALL HE WANTS TO DO IS RUN PRECISION AND TO TAKE IT TO GREATER AND GREATER HEIGHTS HE DOES NOT WANT TO RUN BERKSHIRE AND TRUE OF MOST OF OUR MANAGERS THEY LOVE WHAT THEY ARE DOING THAT'S THE BEAUTY OF IT. I HAVE TO DECIDE REALLY WHEN I BUY A COMPANY THERE IS NO WAY IN THE WORLD THAT I COULD RUN PRECISION OR REALLY ANYBODY IN OUR OPERATION COULD SO THE FIRST I ASK AND MARK'S 58 I ASK IF HE HAS ANY IDEAS AT 65 THAT HE'S GO AND PLAY SHUFFLE BOARD IN FLORIDA OR SOMETHING LIKE THAT. AS LONG AS WE TREAT HIM RIGHT NOW WE'VE GOT TO TREAT PEOPLE RIGHT WE TREAT HIM RIGHT HE WILL BE RUNNING THIS FOR DECADES AND DECADES. AND THAT'S WHAT HE WANTS TO DO JUST LIKE I LIKE RUNNING BERKSHIRE.</span></p><p> <span>QUICK: WARREN YOU MENTIONED THAT THIS WILL TAKE YOU OUT OF THE HUNT FOR A BIG ELEPHANT FOR 12 MONTHS OR SO WHILE THE COMPANY RELOADS WITH THE CASH CONTINUALLY COMING IN. JUST LAST WEEK BILL ACKMAN MADE IT PUBLIC THAT HE HAS A LARGE STAKE IN MONDELEZ ONE OF THE THINGS HE THOUGHT ABOUT IS POTENTIALLY MONDELZ GETTING LUMPED IN WITH KRAFT HEINZ. DOES THAT MEAN IT IS NOT AN OPTION AND WHAT DO YOU THINK OF BILL'S PROPOSAL?</span></p><p> <span>BUFFETT: WELL I WILL LISTEN TO ANYTHING MY FRIENDS AT 3G WANT TO DO BUT WITH KRAFT HEINZ WE HAVE OUR WORK CUT OUT FOR US FOR A COUPLE OF YEARS. I THINK IT IS QUITE UNLIKELY YOU NEVER WANT TO SAY ANYTHING IS IMPOSSIBLE BUT I THINK IT IS QUITE UNLIKELY THAT KRAFT HEINZ WOULD BE DOING A BIG ACQUISITION IN THE NEXT COUPLE OF YEARS SOMEWHERE DOWN THE ROAD I WOULDN'T BE SURPRISED. BUT IT ALSO WOULD HAVE TO MAKE SENSE FINANCIALLY AND FRANKLY MOST OF THE FOOD COMPANIES SELL AT PRICES THAT IT WOULD BE VERY HARD FOR US TO MAKE A DEAL EVEN IF WE HAD DONE ALL OF THE WORK NEEDED AT KRAFT HEINZ. A LOT OF THE COMPANIES ARE SELLING AT PRICES THAT SORT OF REFLECT IMPROVEMENTS IN THEM THAT PEOPLE SORT OF WHAT HAS BEEN HAPPENING AT KRAFT HEINZ AND BELIEVE ME THIS IS NOT EASY.</span></p><p> <span>QUICK: MEANING THAT MONDELEZ AT THESE PRICES YOU WOULDN'T LIKE?</span></p><p> <span>BUFFETT: WELL IT WOULD BE HARD FOR US TO MAKE A DEAL THAT MAKES SENSE YEAH. BUT WHO KNOWS WHAT HAPPENS DOWN THE LINE BUT IF YOU LOOK AT KELLOGG OR CAMPBELL'S SOUP OR MONDELEZ THEY'RE PRICES TO SOME EXTENT THE MARKET HAS PUT INTO THOSE COMPANIES PRICES THAT REFLECT AN EXPECTATION KRAFT HEINZ TYPE MARGINS ARE POSSIBLE AND THAT MAY BE THE CASE BUT I HAVE NOT SEEN IT ELSEWHERE.</span></p><p> <span>SULLIVAN: MR BUFFETT IN 2009 MANY OF THE BANKS CAME TO YOU FOR HELP. HAVE YOU HAD ANY OIL OR GAS COMPANIES COME TO YOU IN THE LAST FEW MONTHS LOOKING FOR YOUR HELP, LOOKING FOR YOUR INVESTMENT?</span></p><p> <span>BUFFETT: NOT YET BUT PRICES STAY DOWN HERE. IF PRICES STAY DOWN HERE SO FAR I WOULD SAY THAT MOST OF THE PEOPLE IN THE OIL AND GAS BUSINESS UP MAYBE UNTIL VERY RECENTLY THEY FELT THAT OIL PRICES WOULD BOUNCE BACK. THEY MAY NOT HAVE FELT GAS PRICES WOULD BOUNCE MUCH BUT THEY FELT OIL PRICES WOULD BOUNCE BACK. THE OIL PRODUCTION COMPANIES HAVE BEEN SELLING ON A BASIS NOT OF $45 WTI THEY HAVE ASSUMED HIGHER PRICES AND OF COURSE THE FORWARD CURVE HAVE REFLECTED HIGHER PRICES. I THINK IT WOULD HAVE BEEN HARD TO MAKE REALISTIC DEALS WITH OIL AND GAS UP UNTIL NOW BUT WE WILL SEE WHAT HAPPENS IN THE FUTURE. TO BE SPECIFIC NOBODY HAS COME TO ME.</span></p><p> <span>QUICK: DOES THAT MEAN THAT YOU HAVE NOT MADE ANY OTHER PURCHASES IN THE OIL AND GAS BUSINESS?</span></p><p> <span>BUFFETT: THAT'S CORRECT</span></p><p> <span>QUICK: SO THERE IS NOTHING THAT YOU'VE SEEN ASIDE FROM THIS DEAL TODAY THAT YOU THINK HAS BEEN AN OPPORTUNITY YOU WOULD BUY INTO?</span></p><p> <span>BUFFETT: NO OF COURSE THIS IS KIND OF SECENDARY I WOULDN'T SAY MAYBE 15% OF PRECISION'S BUSINESS HAD BEEN IN THERE AND THEY GOT HURT IN THE LAST COUPLE OF QUARTERS SIGNIFICANTLY BECAUSE WHEN OIL SLOWS DOWN IF THEY'VE GOT VARIOUS BUILDING EQUIPMENT ON HAND ALL OF A SUDDEN THEY DON'T NEED TO ORDER ANY FOR AWHILE EVEN THOUGH CONTINUE TO PRODUCE. SO NO WE HAVE NOT MADE ANY COMMITMENTS IN OIL AND GAS.</span></p><p> <span>SORKIN: HEY WARREN EVERY TIME I SEE YOU I ALWAYS ASK THE QUESTION IBM, IBM UPDATE THE STOCK IS TRADING I THINK ABOUT 155 DOLLARS RIGHT ABOUT NOW HOW ARE YOU FEELING ABOUT IT</span></p><p> <span>BUFFETT: I FEEL FINE.</span></p><p> <span>SORKIN: WHAT'S YOUR BASIS IN THAT COMPANY AT THIS POINT?</span></p><p> <span>BUFFETT: WHAT'S OUR STOCK COST US?</span></p><p> <span>SORKIN: YEH</span></p><p> <span>BUFFETT: I WOULD SAY AROUND 170</span></p><p> <span>SORKIN: AROUND 17O NOW BY MY MATH YOU HAVE ACTUALLY MADE THE MONEY STILL ON THIS DEAL ON PART I THINK THE FUNCTION OF THE DIVIDENDS BUT YOU ARE NOT CONCERNED AT ALL IN TERMS OF THE STOCK</span></p><p> <span>BUFFETT: I LOVE IT WHEN IT GOES DOWN IT MEANS THE COMPANY BUYS STOCK CHEAPER AND MEANS IF I WANT TO BUY MORE STOCK YOU CAN LOOK AT OUR 13F IN A FEW DAYS IT MEANS I GET TO BUY IT CHEAPER</span></p><p> <span>QUICK: DOES THAT MEAN YOU'VE BEEN BUYING IT?</span></p><p> <span>BUFFETT: I AM NOT A SELLER OF STOCK. PEOPLE ASSUME WHEN WE BUY SOME STOCK WE WANT IT TO GO UP. WE DON'T WANT IT TO GO UP MAYBE OBVIOUSLY EVENTUALLY MAYBE FIVE OR TEN YEARS FROM NOW BUT WE LOVE THE IDEA OF A COMPANY BUYING ITS STOCK CHEAPER. I MEAN THAT'S HAPPENED AT AMERICAN EXPRESS FOR INSTANCE AMERICAN EXPRESS IS A REGULAR REPURCHASER OF SHARES AND WE OWN 15% OF IT AND OWNERSHIP GOES UP FASTER IF THE STOCK IS DOWN THAN IF THE STOCK IS UP. </span></p><p> <span>SULLIVAN: WE HAD ON FRIDAY A BILLION DOLLAR ACTIVIST INVESTMENT IN AMERICAN EXPRESS MR BUFFETT JEFFREY UBEN OF VALUEACT CAPITAL. WHEN YOU OWN A STOCK LIKE AN AMERICAN EXPRESS ARE YOU HAPPY TO SEE AN ACTIVIST COME IN DO YOU WELCOME IT.</span></p><p> <span>BUFFETT: NO NOT PARTICULARLY BUT IT IS UP TO THEM WHAT THEY DO WITH THEIR MONEY. ACTUALLY IT SENDS UP FOUR OR FIVE POINTS SO THE EXTENT THAT AMERICAN EXPRESS IS REPURCHASING SHARES WE CAN'T BUY STOCKS IN AMERICAN EXPRESS BECAUSE IT IS A BANKHOLDING COMPANY AND WE OWN OVER 10% BUT THE CHEAPER THE STOCK IS THE MORE SHARES AMERICAN EXPRESS WILL BE ABLE TO REPURCHASE FOR A GIVEN AMOUNT OF MONEY AND ON BALANCE THAT HELPS US WE'RE BUYING YOU KNOW THERE IS NO MORAL PROBLEM ATTACHED TO IT BECAUSE IT TAKES PLACE IN THE MARKET BUT WE'RE ON OUR PARTNERS CHEAPER.</span></p><p> <span>QUICK: LET'S TALK ABOUT SOMETHING ELSE THAT IS ALSO A LOT CHEAPER THAN IT WAS A WEEK AGO YOU LOOKS AT THE MEDIA STOCKS DISNEY KICKED IT OFF WHEN BOB IGER SAID THERE ARE CONCERNS ABOUT ESPN, VERY BRIEF CONCERNS FROM HIS PERSPECTIVE THE MARKET TOOK THAT AS A HUGE SELLING POINT NOT ONLY FOR DISNEY BUT ALL OF THE MEDIA RELATED STOCKS DO YOU SEE ANYTHING IN THE MEDIA INDUSTRY YOU LIKE AT THESE PRICES?</span></p><p> <span>BUFFETT: NO I WOULD SAY THAT I CONSIDER BOB IGER AND I KNOW HIM WELL AND HAD EXPERIENCE WITH HIM MORE THAN 20 YEARS AGO I THINK HE IS ONE OF THE GREAT MANAGERS IN AMERICA AND A GOOD GUY BEYOND THAT BUT I'M AN OBSERVER OF THE MEDIA PICTURE TODD AND TEDD OWN SOME SHARES IN CERTAIN MEDIA STOCKS BUT I AM NO VICTIM OF THIS MYSELF AND THE SELL OFF DID NOT ENTICE ME.</span></p><p> <span>SORKIN: HEY WARREN SPEAKING OF BUYBACKS ONE OF THE QUESTIONS AND I DON'T THINK WE HAVE TALKED ABOUT THIS SINCE YOU SENT YOUR LETTER AND WE HAD YOU ON THE SHOW BUT LARRY FINK FROM BLACKROCK SENT A LETTER A COUPLE OF MONTHS AGO TO CEOS AROUND THE COUNTRY AND SAID LOOK STOP WITH THE BUYBACKS, STOP WITH THE DIVIDENDS WE WANT YOU INVESTING IN THE FUTURE AND IN PART I WOULD ARGUE THAT LETTER SEEMED TO INSPIRE HILLARY CLINTON WITH HER LATEST QUARTERLY CAPITALISM APPROACH AND PROGRAM THAT SHE'S TALK ABOUT IN TERMS OF CHANGING THE TAX STRUCTURE CAPITAL GAINS STRUCTURE AROUND INVESTMENTS. WHAT DO YOU THINK OF WHAT HILLARY CLINTON HAD TO SAY AND WHAT DO YOU THINK OF WHAT LARRY FINK HAD TO SAY?</span></p><p> <span>BUFFETT: WELL PEOPLE MAKE BUYBACKS VERY COMPLICATED. BUYBACKS MAKE SENSE WHEN YOU ARE BUYING YOUR STOCK BACK BELOW ITS INTRINSIC VALUE AND WHEN YOU DON'T NEED THAT MONEY FOR THE NEEDS OF THE BUSINESS. IT MAKES NO SENSE WHEN YOU PAY ABOVE INTRINSIC VALUE AND THAT'S A VERY SIMPLE PRINCIPAL BUT IT HAS BEEN IGNORED BY MANY MANAGEMENTS OVER TIME. IF YOU LOOK AT THE HISTORY OF BUYBACKS PEOPLE BUYBACK A LOT IN TERMS OF AGRIGATE BUYBACKS PEOPLE BUY A LOT MORE STOCK BACK WHEN STOCKS ARE UP THAN WHEN THEY ARE DOWN BUT IN THAT WAY THEY ARE SORT OF BEHAVING LIKE JOE PUBLIC YOU KNOW. THERE HAVE BEEN SOME GREAT INVESTMENT STORIES BASED ON PEOPLE WHO BOUGHT BACK STOCK INTELLIGENTLY WHICH MEANS BUYING IT AT A DISCOUNT FROM ITS INTRINSIC VALUE. WE WOULD BUY BACK STOCK BY THE BUSHELL BASKETS IF IT SOLD WELL BELOW INTRINSIC VALUE IT WOULD HAVE TO BE WELL BELOW INTRINSIC VALUE AND WE WON'T BUY A SHARE IF WE THINK WE ARE PAYING INTRINSIC VALUE OR MORE. IT IS NOT A COMPLICATED EQUATION BUT MANAGEMENTS WHEN SOMEBODY SAYS THEY ARE GOING TO HAVEA 5 BILLION DOLLAR BUYBACK THEY OUGHT TO SAY WE ARE HAVING A 5 BILLION DOLLAR BUYBACK IF WE CAN BUY IT AT X OR BELOW BUT THAT'S JUST NOT THE WAY IT OPERATES.</span></p><p> <span>SULLIVAN: HAS IT BEEN AN EFFICIENT USE OF CAPITAL</span></p><p> <span>BUFFETT: IT HAS BEEN A TERRIFICLY EFFICIENT USE OF CAPITAL FOR SOME COMPANIES AND BEEN A VERY STUPID USE OF CAPITAL FOR OTHER COMPANIES. I WOULD ARGUE THAT OUR BUYBACKS HAVE BEEN PEANUTS UNFORTUNATELY BUT OUR COUPLE OF BUYBACKS MADE GREAT SENSE. BUT WE COULDN'T DO IT ON SCALE. </span></p><p> <span>SORKIN: AND WHAT DID YOU MAKE OF HILLARY CLINTONS PROPOSAL ON CAPITAL GAINS BUT SHE ALSO SAID I BELIEVE THAT SHE WANTS PEOPLE TO LOOK INTO BUYBACKS THEMSELVES IN TERMS OF HOW THEY SHOULD BE REGULATED. ELIZABETH WARREN AND OTHERS HAVE SUGGESTED THEY ARE EFFECTIVELY INSIDER TRADING BECAUSE THE COMPANIES KNOW ABOUT IT.</span></p><p> <span>BUFFETT: WELL I WILL BE GLAD TO WRITE A PAPER ON IT SOMETIME. I HAVE WRITTEN ON IT ABOUT 20 TIMES OVER THE YEARS AND IN GENERAL VERY MUCH APPROVE OF WHERE HILLARY IS GOING IN TERMS OF FINE TUNING ALL THE POINTS WE'LL TALK ABOUT THAT AS THE CAMPAIGN PROGRESSES. BUT BUYBACKS ARE NOT NIRVANA AND THEY ARE NOT EVIL IT IS JUST A QUESTION OR WHETHER THEY MAKE SENSE AND IF OUR STOCK SELLS WELL BELOW INTRINSIC VALUE AND WE HAVE MONEY WE DON'T NEED FOR THE BUSINESS WE WILL BUY IT BACK JUST AS FAST AS WE CAN NOW UNFORTUNATELY WHENEVER I SAY THAT IT KEEPS IT FROM HAPPENING.</span></p><p> <span>QUICK: WARREN WE KNOW THAT YOU ARE A SUPPORTER OF HILLARY CLINTON BUT DID YOU WATCH THE REPUBLICAN NATIONAL DEBATES THAT TOOK PLACE LAST WEEK?</span></p><p> <span>BUFFETT: I WOULDN'T HAVE MISSED IT</span></p><p> <span>QUICK: AND WHAT DID YOU THINK?</span></p><p> <span>BUFFETT: I THOUGHT THAT IT WAS TERRIFIC TELEVISION AND I THINK THERE'S A SMALL CHANCE WITH PROPORTIONAL AWARDING DELEGATES IN A GREAT MANY OF THE PRIMARIES AND WITH SUPER PACKS ENABLING PEOPLE TO KEEP GETTING FINANCE WHERE AS OTHERWISE THEY WOULD DROP OUT FOR LACK OF MONEY IF THEY WEREN'T DOING THAT WELL. I THINK THERE IS ACTUALLY SOME CHANCE THAT WHEN THEY GO TO THE REPUBLICAN CONVENTION NO ONE WILL HAVE A MAJORITY GOING IN BUT I THINK IT WILL BE VERY VERY INTERESTING. DONALD TRUMP IS GOING TO HAVE A CERTAIN PERCENTAGE OF DELEGATES AND SO WILL A WHOLE BUNCH OF OTHERS AND IN THE PAST UNLESS YOU WERE IN THE TOP 2 OR 3 YOUR FUNDING DRIES UP AND YOU GET TO A COUPLE OF STATES AND THAT WAS WITH BUT WITH SUPER PACKS AROUND YOU CAN HAVE QUITE A FEW CANDIDATES IN IT FOR QUITE A BIT OF TIME AND THE PIE COULD GET DIVIDED IN SUCH A WAY THAT NOBODY HAS A MAJORITY. IT IS GOING TO BE VERY INTERESTING. IT IS A GREAT SPECTATOR SPORT.</span></p><p> <span>QUICK: WE DID HAVE AN OVERNIGHT POLL AN NBC NEWS POLL THAT WAS CONDUCTED FROM FRIDAY INTO SATURDAY IT SHOWED THAT DONALD TRUMP IS STILL LEADING THE PACK WHICH MIGHT COME AS A SURPRISE TO SOME PUNDITS WHO HAD KIND OF WRITTEN HIM OFF AFTER THAT PERFORMANCE.</span></p><p> <span>BUFFETT: YEH NO HE IF YOU CAN GET BY THE JOHN MCCAIN IS NOT A HERO AND A FEW THINGS AND NOT HAVE YOUR NUMBERS GO DOWN YOU HAVE A VERY SOLID BASE AND YOU KNOW I WOULDN'T BE SURPRISED IF HE MAINTAINS QUITE A SOLID BASE FOR A LONG TIME. AND THAT MEANS HE IS GOING TO GET A FAIR NUMBER OF DELEGATES IF YOU GET IT IN PROPORTIONAL STATES. AND HE IS NOT GOING TO RUN OUT OF MONEY SO IT IS GOING TO BE A LOT OF FUN TO WATCH PARTICULARLY IF YOU ARE A DEMOCRAT. </span></p><p> <span>QUICK: I WAS GOING TO SAY AS A DEMOCRAT YOU MUST ENJOY HOW THIS PLAYS OUT. WHO WOULD YOU MOST LIKE TO SEE YOUR CANDIDATE RUN AGAINST?</span></p><p> <span>BUFFETT: WELL I THINK IF I GAVE THAT PREDICTION IT WOULD BE SORT OF THE KISS OF DEATH ON THAT CANDIDATE. I WANT TO SEE HER RUN AGAINST THE WHOLE FIELD. </span></p><p> <span>QUICK: YOU KNOW WARREN WE HAVE A WHOLE BUNCH OF OTHER THINGS WE WOULD LOVE TO TALK TO YOU ABOUT WE SAW THE JOBS NUMBER THAT CAME IN. THE JOBS REPORT WAS JUST AS EXPECTED ON FRIDAY 215,000 A LOT OF PEOPLE SPECULATING THAT THE FED WILL RAISE INTEREST RATES COME SEPTEMBER. YOU HAVE A VERY GOOD IDEA OF WHAT'S HAPPENING IN THE ECONOMY JUST BASED ON THE NUMBERS THAT YOU SEE AND THE BUSINESSES THAT YOU HAVE YOUR FINGER ON THE PULSE. WHAT DO YOU THINK IS HAPPENING IN THE ECONOMY. WHAT DO YOU THINK THE FED SHOULD DO IN SPETEMBER?</span></p><p> <span>BUFFETT: I THINK WHAT'S HAPPENING WITH THE ECONOMY IS EXACTLY WHAT'S BEEN HAPPENING NOW FOR FIVE YEARS IS THAT IT IS MOVING AHEAD ROUGHLY AT 2% RATE AND IN CERTAIN INDUSTRIES A SPURT OCCASSIONALLY AUTOS ARE STRONG RIGHT NOW BUT IT HAS BEEN A VERY STEADY INCREASE AND PEOPLE HAVE TALKED ABOUT DOUBLE DIPS AND THEY'VE TALKED ABOUT ACCELERATION AND EVERY TIME THEY TALK ABOUT IT MOVING SHARPLY IN ONE DIRECTION IT DOESN'T DO IT. THE ECONOMY HAS COME BACK AND IT HAS COME BACK VERY WELL CONSIDERING THE KIND OF SHOCK THAT WE HAD 5 OR 6 YEARS AGO BUT I DON'T SEE IT PARTICULARLY ACCELERATING AND I DON'T SEE IT DECELERATING EITHER. I HAVE SAID BEFORE I THINK IT IS VERY TOUGH TO PUSH RATES HIGHER IN THE U.S. WHEN EUROPE NEEDS TO KEEP THEM ALL AND YOU'VE GOT THE SITUATION EXISTING AROUND THE WORLD BUT I KEEP HEARING THE VARIOUS GOVERNORS SAY IT IS GOING TO HAPPEN SOON SO BUT I DON'T THINK IT IS AN EASY DECISION WHEN RATES ARE CONSIDERABLY LOWER IN EUROPE AND YOU MAY BE AFFECTING EXPORTS AND IMPORTS VERY SIGNIFICANTLY IF YOU PUSH RATES HERE TO BE CONSIDERABLY HIGHER THAN THEY EXIST IN EUROPE.</span></p><p> <span>QUICK: THERE HAVE BEEN A LOT OF PEOPLE WHO HAVE BEEN CONCERNED ABOUT THE MARKET LATELY IF YOU HAVE WATCHED WHAT HAS BEEN HAPPENING DURING EARNINGS SEASON SOME OF THE MOVES HAVE BEEN EXTRAORDINARY TO SEE PEOPLE MISSING BY SMALL AMOUNTS ON EARNINGS OR REVENUE LINES AND THEN COMING IN WITH DOUBLE DIGIT STOCK DECLINES YOU ALSO SAW WHAT HAPPENED WITH MEDIA STOCKS OVERALL MOVE THE ENTIRE SECTOR LOWER THAT HAS SOME PEOPLE THINKING THAT THERE IS A LOT OF WEAKNESS IN THE MARKET AND THAT THERE IS SOMETHING OF A CORRECTION THAT'S DUE. I AM GUESSING THAT I WOULDN'T PUT YOU IN THAT CAMP IF YOU ARE WILLING TO DO DEALS LIKE THIS OR DO YOU EVEN THINK ABOUT WHAT IS HAPPENING ON A DAY TO DAY BASIS?</span></p><p> <span>BUFFETT: STOCKS ARE GOING TO BE HIGHER AND PERHAPS A LOT HIGHER 10 YEARS FROM NOW, 20 YEARS FROM NOW I AM NOT SMART ENOUGH TO PICK TIMES TO GET IN AND GET OUT IF YOU ARE IN SOMETHING THAT IS GOING TO BE A LOT HIGHER OVER TIME. IF YOU THOUGHT YOUR HOUSE WAS GOING TO GO DOWN 5% IN PRICE YOU WOULDN'T SELL YOUR HOUSE AND HOPE TO BUY IT BACK 5% CHEAPER. THAT'S NOT MY GAME. MY GAME IS TO OWN DECENT BUSINESSES AND OWN THEM AT DECENT PRICES AND YOU ARE GOING TO MAKE A LOT OF MONEY OVER TIME IF YOU DO IT BUT I THINK THE ABILITY OF PEOPLE TO DANCE IN AND OUT OF MARKETS IS QUITE LIMITED AND IN MY CASE IT IS ZERO. </span></p><p> <span>QUICK: WARREN THERE IS A STORY ON THE FRONT PAGE OF THE NEW YORK TIMES TODAY ABOUT COCA COLA WHICH IS A COMPANY THAT YOU ALSO THE LARGEST SHAREHOLDER IN IT POINTS OUT THAT COCA COLA HAS TEAMED UP WITH SOME INFLUENTIAL SCIENTISTS TO TRY AND ADVANCE A MESSAGE IN MEDICAL JOURNALS THAT IT IS REALLY MORE ABOUT HOW MUCH YOU EXERCISE NOT WHAT YOU EAT THAT MATTERS. THE TIMES ACTUALLY KIND OF PUTS THIS AS SOMETHING WHERE THEY LOOK ASKANCE THE IDEA THAT BIG COPORATION IS FUNDING A MESSAGE LIKE THIS WHAT DO YOU SAY AS THE LARGEST SHAREHOLDER?</span></p><p> <span>BUFFETT: WHAT HAPPENS TO YOUR WEIGHT DEPENDS ON HOW MUCH YOU TAKE IN AND HOW MUCH YOU BURN UP. AND IF YOU TAKE IN 2700 CALORIES AND YOU BURN UP 2700 YOUR WEIGHT ISN'T GOING TO CHANGE AND IF YOU TAKE IN 3500 AND BURN 2500 YOU ARE GOING TO GAIN WEIGHT. IT'S A MATHEMATICAL TYPE EQUATION AND IF YOU ARE LIKE ME AND DON'T LIKE TO EXERCISE MUCH THAN YOU BETTER NOT TAKE IN TOO MUCH. THERE IS NO MYSTERY TO WEIGHT. CALORIES ARE DEFINED THERE'S 4 PER GRAM IF YOU ARE DEALING WITH PROTEIN AND CARBOHYDRATES THERE'S 9 PER GRAM WITH FAT AND YOU'VE GOT TO FIGURE IT OUT IF YOU WANT TO LOSE WEIGHT SO YOUR BODY BURNS OFF AS MANY AS YOU ARE CONSUMING.</span></p><p> <span>QUICK: WELL WARREN WE WANT TO THANK YOU FOR JOINING US THIS MORNING. AGAIN CONGRATULATIONS ON THE DEAL. </span></p><p> <strong><span>About CNBC:</span></strong></p><p> <span>With CNBC in the U.S., CNBC in Asia Pacific, CNBC in Europe, Middle East and Africa, CNBC World and CNBC HD , CNBC is the recognized world leader in business news and provides real-time financial market coverage and business information to approximately 371 million homes worldwide, including more than 100 million households in the United States and Canada. CNBC also provides daily business updates to 400 million households across China. The network's 15 live hours a day of business programming in North America (weekdays from 4:00 a.m. - 7:00 p.m. ET) is produced at CNBC's global headquarters in Englewood Cliffs, N.J., and includes reports from CNBC News bureaus worldwide. CNBC at night features a mix of new reality programming, CNBC's highly successful series produced exclusively for CNBC and a number of distinctive in-house documentaries.</span></p><p> <span>CNBC also has a vast portfolio of digital products which deliver real-time financial market news and information across a variety of platforms. These include CNBC.com, the online destination for global business; CNBC PRO, the premium, integrated desktop/mobile service that provides real-time global market data and live access to CNBC global programming; and a suite of CNBC Mobile products including the CNBC Real-Time iPhone and iPad Apps.</span></p><p> <span>Members of the media can receive more information about CNBC and its programming on the NBC Universal Media Village Web site at <a href="http://www.nbcumv.com/mediavillage/networks/cnbc/" target="_blank">http://www.nbcumv.com/mediavillage/networks/cnbc/</a></span>.</p></div>

WHEN: TODAY, MONDAY, AUGUST 10 WHERE: CNBC'S "SQUAWK BOX" Following is the unofficial transcript of a CNBC interview with Berkshire Hathaway CEO Warren Buffett today on CNBC's "Squawk Box." Video of the interview is available on CNBC.com. All references must be sourced to CNBC. QUICK: AGAIN WE ARE LOOKING THROUGH THE NUMBERS ON THIS DEAL AGAIN IT IS BERKSHIRE HATHAWAY BUYING PRECISION CASTPARTS THIS IS A DEAL THAT THEY ARE VALUING AT 37 BILLION DOLLARS JUST LOOKING AT THE PRESS RELEASE. WARREN BUFFETT IS CALLING INTO THE CONTROL ROOM IS JUST A MINUTE THEY ARE PAYING $235 PER SHARE IN CASH THIS IS A STOCK THAT CLOSED AT $193.88 ON FRIDAY SO WE WILL BE TALKING MUCH MORE ABOUT THIS. I THINK RIGHT NOW WE DO HAVE WARREN BUFFETT ON THE LINE. SIR ARE YOU THERE? SO WE SEE THE NEWS THAT IS OUT TODAY THIS COMES AS A SURPRISE TO A LOT OF PEOPLE BUT THE WALL STREET JOURNAL DID REPORT THIS ON SATURDAY I WONDER WHEN DID YOU FIRST HEAR ABOUT THIS, WHEN DID YOU FIRST TALK TO THIS COMPANY AND HOW DID THIS DEAL HAPPEN? BUFFETT: I WOULD SAY IS WAS ABOUT 5 WEEKS AGO. YOU HAVE TO GIVE CREDIT TO TODD COMBS FOR THE DEAL WE HIRED TODD ABOUT 5 YEARS AGO TO MANAGE MONEY AND HE MANAGES ABOUT 9 BILLION NOW AND MAYBE THREE OR SO YEARS AGO HE ADDED PRECISION TO HIS PORTFOLIO AND I REALLY NEVER HEARD ABOUT THE COMPANY BEFORE THAT AND TODD TOLD ME A LOT ABOUT IT AND OVER THE LAST FEW YEARS I HAVE BECOME FAMILIAR WITH IT AND ABOUT 5 OR SO WEEKS AGO THE CEO MARK DONEGAN ALONG WITH HIS CFO AND IR PERSON CAME BY BERKSHIRE THEY WERE SEEING BERKSHIRE HOLDERS AND THEY MET WITH TODD AND THEN I DROPPED IN ON THE VISIT AND IN THE LAST 15 MINUTES OR SO AND I WAS VERY IMPRESSED BY MARK AND OF COURSE I HAD BEEN IMPRESSED BY THE COMPANY SO SHORTLY THEREAFTER I STOPPED AND GIVE THEM A CALL TO SEE IF THEY WOULD BE OFFENDED IF WE MADE A BID AND THEY DIDN'T INDICATE THEY WERE PARTICULARLY RECEPTIVE BUT THEY ALSO INDICATED THEY WOULD LISTEN SO I SUBSEQUENTLY MADE A BID. I MET MARK OUT AT SUN VALLEY, HE WAS ACTUALLY IN THE AIR MOST OF THE TIME AND SO HE CAME BY BECAUSE I WAS THERE FOR THE ALLEN COMPANY CONFERENCE AND I MADE HIM A BID AND HE TOOK IT TO THE BOARD AND BEFORE LONG WE HAD A DEAL. SORKIN: WARREN I HAVE GOT TO TELL YOU I SAW BECKY THE WEEK AFTER SUN VALLEY AND I SAID BUT WARREN IS DOING A DEAL I HAD SEEN YOU AT SUN VALLEY. YOU HAD THAT PHONE WITH YOU SO INTENSE THERE WAS SOMETHING GOING ON AND I THOUGHT I DIDN'T REALIZE THIS IS WHAT YOU WERE DOING. BUFFETT: I WILL HAVE TO BE CAREFUL WHEN I AM AROUND YOU ANDREW IF YOU CAN READ MY FACE LIKE THAT. SORKIN: FROM A PRICE PERSPECTIVE ONE OF THE QUESTIONS WE HAD FROM AN EBITA I WAS DOING IT OFF OF THE $30 BILLION AND THINKING THIS WAS ABOUT 20 TIMES EBITA WHICH I WAS SAYING NOT THE CHEAPEST DEAL IN TOWN. IT DOES ALLOW YOU TO SPEND A LOT OF MONEY QUICKLY. IN TERMS OF THE VALUATION THOUGH HOW DO YOU THINK ABOUT IT AND WHEN YOU ARE TALKING ABOUT SPENDING THIS KIND OF MONEY IS IT HARDER AND HARDER AS WE WERE TALKING ABOUT EARLIER TO ACTUALLY GET A REALLY CHEAP DEAL? BUFFETT: IT IS NOT 20 TIMES EBITA THOUGH ANDREW. I AM NOT SURE WHAT FIGURES YOU ARE LOOKING AT THERE BUT ALL DEALS SEEM EXPENSIVE TO ME BUT THIS ONE WE ARE CERTAINLY PAYING A VERY GOOD PRICE FOR AN EXTRAORDINARY COMPANY RUN BY A PERSON THAN AS FAR AS I AM CONCERNED HE IS THE BEST IN THE WORLD AT WHAT HE DOES. SORKIN: HE'S MADE A NUMBER OF DEALS OVER THE PAST COUPLE OF YEARS ABOUT 8 BILLION DOLLARS WORTH OF TRANSACTIONS WHEN YOU LOOK AT THIS COMPANY OVER THE NEXT COUPLE OF YEARS DO YOU IMAGINE USING A LOT OF BERKSHIRE CASH TO MAKE ADDITIONAL ACQUISITIONS TO USE IT AS A ROLL UP VEHICLE IF YOU WILL? BUFFETT: WELL ITS ALWAYS ACQUIRED COMPANIES I DON'T KNOW HOW MANY ACQUISITIONS THEY MADE OVER THE YEARS BUT IT IS A LOT. BECAUSE THERE ARE A LOT OF THINGS THAT GO INTO AEROSPACE IN THE WAY OF PARTS AND THEY'VE GONE AFTER ONE ITEM AFTER ANOTHER OVER THE YEARS. IN FACT THEY'VE MADE A COUPLE SMALL DEALS I BELIEVE IN THE FIRST FISCAL QUARTER AND I THINK THEY'VE GOT MAYBE ONE PENDING OR SO. NOW THEY MAKE A GOOD BIT OF MONEY SO THEY WILL PROBABLY BE ABLE TO DO THE ACQUISITIONS OR MANY OF THE ACQUISITIONS INTERNALLY GENERATED FUNDS BUT IF THEY NEED ANY MONEY FROM BERKSHIRE ALL THEY HAVE TO DO IS CALL. QUICKLY: WARREN THIS IS AN EXPENSIVE DEAL IS THIS THE MOST EXPENSIVE DEAL EVER? HOW DOES IT MATCH UP TO BURLINGTON NORTHERN? BUFFETT: WELL THE MOST DEALS ARE THE ONES THAT DON'T WORK OUT. YOU MENTIONED DEXTER SHOE A LITTLE WHILE AGO. BUT IN TERMS OF PRICE EARNINGS MULTIPLES GOING IN THIS IS RIGHT UP THERE AT THE TOP NOW WHEN WE BOUGHT BURLINGTON THAT WAS A HIGH PE BUT IT WAS OFF A VERY DEPRESSED FIGURE BECAUSE WE BOUGHT THAT IN THE FALL OF 2009 WHEN EARNINGS WERE AT A TROUGH. AND PRECISIONS EARNINGS HAVE FALLEN OFF MODERATELY BECAUSE OF DEVELOPMENTS IN THE OIL AND GAS FIELD WHERE THEY DO SOME BUSINESS AS WELL AS IN AEROSPACE SO BUT THIS IS A VERY HIGH MULTIPLE FOR US. SULLIVAN: YOU READ MY MIND ON OIL AND GAS HOW MUCH OF THIS IF AT ALL IS A BET THAT THE U.S. OIL AND GAS INDUSTRY MAY BE BOTTOMING OUT AT LEAST FROM A PRICE PERSPECTIVE? BUFFETT: WELL WE ARE GOING TO BE IN THIS BUSINESS FOR A 100 YEARS SO IT DOESN'T REALLY MAKE ANY DIFFERENCE WHAT OIL AND GAS DOES IN THE NEXT YEAR IN TERMS OF US BUYING IT. IF SOMEONE TOLD ME FOR SURE THE OIL AND GAS BUSINESS WAS GOING TO BE IN THE DULDRUMS WE'LL SAY FOR 3 YEARS I STILL WOULD HAVE MADE THE DEAL. THAT'S NOT A PREDICTION I AM JUST SAYING IT IS NOT IMPORTANT TO US HOW LONG THE OIL AND GAS SLUMP LASTS WHEN YOU GET A CHANCE TO BUY A WONDERFUL COMPANY YOU KNOW THERE IS USUALLY SOME REASON WHY YOU ARE GETTING THAT CHANCE AND PERHAPS THE SLUMP IN OIL AND GAS HELPS US IN THIS CASE. BUT THERE WILL BE SOMEDAY THERE WILL BE A SLUMP IN AEROSPACE AND THAT WILL BE MUCH MORE SEVERE FOR A COMPANY LIKE THIS BUT IF YOU LOOK OVER THE DECADES BOTH OIL AND GAS AND AEROSPACE WILL BE GOOD BUSINESS AND THESE FELLOWS ARE THEIR KEY PARTICULARLY IN THE AEROSPACE BUSINESS THE INDUSTRY NEEDS THEM THEY'RE UNIVERSALLY REGARDED AS THE MOST RELIABLE INNOVATIVE DEPENDABLE SUPPLIER OF VERY KEY PARTS THAT GO INTO ALL KINDS OF AIRCRAFTS. SORKIN: WARREN SPEAK TO THE DEFENSIVE MODE THAT YOU OFTEN TALK ABOUT WHEN YOU THINK ABOUT PARTICULAR COMPANY IN TERMS OF ITS MARKETSHARE AND ITS ABILITY TO MAINTAIN IF NOT GROW THAT MARKETSHARE BUFFETT: WELL WHAT YOU NEED IS YOU NEED PEOPLE THAT HAVE PHYSICAL FACILITIES BUT THAT IS A SMALL PART OF IT. THEY DO HAVE MARVELOUS PHYSICAL FACILITIES BUT WHAT YOU REALLY NEED IS BRAIN POWER AND YOU NEED PARTICULARLY AT THE TOP YOU NEED SOMEBODY WITH A TOTAL PASSION FOR THE BUSINESS AND I'VE MET MARK FOUR OR FIVE TIMES AND EACH TIME HE'S BEEN IN THE AIR AND HE'S IN THE AIR ALMOST A THOUSAND HOURS A YEAR THIS FELLOW LOVES THIS BUSINESS LIKE I LOVE BERKSHIRE AND HE'S A LOT BETTER AT IT THAN I AM AT BERKSHIRE. YOU CAN'T FIND PEOPLE LIKE THIS. YOU CERTAINLY CAN'T HIRE THEM. THE ONE THING I GUARANTEE MARK IS THAT HE'S RUNNING THE COMPANY. PEOPLE LIKE THIS ARE VERY VERY RARE. YOU CAN SEE IT IN WHAT HE HAS BUILT AND YOU CAN SEE IT IN THE PASSION HE'S GOT FOR WHAT HE IS DOING NOW. HE'S NEVER SATISFIED IN TERMS OF GETTING MORE BUSINESS IN THE AIRFRAME AND THE ENGINES. HE'S NEVER SATISFIED IN TERMS OF GETTING HIS COST TO WHERE THEY SHOULD BE. HE JUST HAS A PASSION FOR THE BUSINESS. QUICK: WARREN WHAT DOES THIS MEAN IN TERMS OF THE CASH THAT YOU ARE USING FOR THIS? I KNOW YOU LIKE TO KEEP ABOUT 20 BILLION DOLLARS IN CASH ON HAND. ARE YOU STILL IN THE MARKET FOR OTHER POTENTIAL DEALS? OR DOES THIS TAKE YOU OUT OF THE MARKET FOR AWHILE? BUFFETT: THIS TAKES US OUT OF THE MARKET FOR AN ELEPHANT BUT WE WILL PROBABLY BE BUYING A FEW SMALL THINGS IN THE NEXT 6 MONTHS. WE ARE IN NEGOTIATIONS ON A COUPLE BUT IN TERMS OF A DEAL OF SIMILAR SIZE IT PRETTY MUCH TAKES US OUT. WHAT WE WILL PROBABLY DO ON THIS ONE WE WILL PROBABLY BORROW ABOUT 10 BILLION AND USE ABOUT 23 BILLION OF OUR OWN CASH ON THAT ORDER. WE'LL BE LEFT WITH OVER 40 BILLION PROBABLY IN CASH WHEN WE GET ALL THROUGH. BUT I LIKE TO HAVE A LOT OF CASH AT ALL TIMES SO THIS MEANS WE HAVE TO RELOAD OVER THE NEXT 12 MONTHS OR SO BUT IT DOESN'T PRECLUDE DOING SMALLER DEALS BUT WE WILL BE DOING A FEW PROBABLY. SORKIN: AND WARREN ONE OF THE OTHER QUESTIONS YOU ALWAYS TALK ABOUT TALENT AND SPECIAL PEOPLE AND SPECIAL BERKSHIRE PEOPLE AND IT IS HARD TO FIND THEM. WHEN YOU THINK ABOUT MARK DARE I ASK THE QUESTION SHOULD WE START TO ADD HIM TO THE LIST OF POTENTIAL PEOPLE THAT MAY ONLY RUN THIS PARTICULAR COMPANY NOW BUT MAYBE PUT INTO THE BERKSHIRE FOLD WHEN IT SOMES TO SUCCESSION? BUFFETT: IF I READ MARK CORRECTLY AND IN THIS RESPECT I AM SURE I DO ALL HE WANTS TO DO IS RUN PRECISION AND TO TAKE IT TO GREATER AND GREATER HEIGHTS HE DOES NOT WANT TO RUN BERKSHIRE AND TRUE OF MOST OF OUR MANAGERS THEY LOVE WHAT THEY ARE DOING THAT'S THE BEAUTY OF IT. I HAVE TO DECIDE REALLY WHEN I BUY A COMPANY THERE IS NO WAY IN THE WORLD THAT I COULD RUN PRECISION OR REALLY ANYBODY IN OUR OPERATION COULD SO THE FIRST I ASK AND MARK'S 58 I ASK IF HE HAS ANY IDEAS AT 65 THAT HE'S GO AND PLAY SHUFFLE BOARD IN FLORIDA OR SOMETHING LIKE THAT. AS LONG AS WE TREAT HIM RIGHT NOW WE'VE GOT TO TREAT PEOPLE RIGHT WE TREAT HIM RIGHT HE WILL BE RUNNING THIS FOR DECADES AND DECADES. AND THAT'S WHAT HE WANTS TO DO JUST LIKE I LIKE RUNNING BERKSHIRE. QUICK: WARREN YOU MENTIONED THAT THIS WILL TAKE YOU OUT OF THE HUNT FOR A BIG ELEPHANT FOR 12 MONTHS OR SO WHILE THE COMPANY RELOADS WITH THE CASH CONTINUALLY COMING IN. JUST LAST WEEK BILL ACKMAN MADE IT PUBLIC THAT HE HAS A LARGE STAKE IN MONDELEZ ONE OF THE THINGS HE THOUGHT ABOUT IS POTENTIALLY MONDELZ GETTING LUMPED IN WITH KRAFT HEINZ. DOES THAT MEAN IT IS NOT AN OPTION AND WHAT DO YOU THINK OF BILL'S PROPOSAL? BUFFETT: WELL I WILL LISTEN TO ANYTHING MY FRIENDS AT 3G WANT TO DO BUT WITH KRAFT HEINZ WE HAVE OUR WORK CUT OUT FOR US FOR A COUPLE OF YEARS. I THINK IT IS QUITE UNLIKELY YOU NEVER WANT TO SAY ANYTHING IS IMPOSSIBLE BUT I THINK IT IS QUITE UNLIKELY THAT KRAFT HEINZ WOULD BE DOING A BIG ACQUISITION IN THE NEXT COUPLE OF YEARS SOMEWHERE DOWN THE ROAD I WOULDN'T BE SURPRISED. BUT IT ALSO WOULD HAVE TO MAKE SENSE FINANCIALLY AND FRANKLY MOST OF THE FOOD COMPANIES SELL AT PRICES THAT IT WOULD BE VERY HARD FOR US TO MAKE A DEAL EVEN IF WE HAD DONE ALL OF THE WORK NEEDED AT KRAFT HEINZ. A LOT OF THE COMPANIES ARE SELLING AT PRICES THAT SORT OF REFLECT IMPROVEMENTS IN THEM THAT PEOPLE SORT OF WHAT HAS BEEN HAPPENING AT KRAFT HEINZ AND BELIEVE ME THIS IS NOT EASY. QUICK: MEANING THAT MONDELEZ AT THESE PRICES YOU WOULDN'T LIKE? BUFFETT: WELL IT WOULD BE HARD FOR US TO MAKE A DEAL THAT MAKES SENSE YEAH. BUT WHO KNOWS WHAT HAPPENS DOWN THE LINE BUT IF YOU LOOK AT KELLOGG OR CAMPBELL'S SOUP OR MONDELEZ THEY'RE PRICES TO SOME EXTENT THE MARKET HAS PUT INTO THOSE COMPANIES PRICES THAT REFLECT AN EXPECTATION KRAFT HEINZ TYPE MARGINS ARE POSSIBLE AND THAT MAY BE THE CASE BUT I HAVE NOT SEEN IT ELSEWHERE. SULLIVAN: MR BUFFETT IN 2009 MANY OF THE BANKS CAME TO YOU FOR HELP. HAVE YOU HAD ANY OIL OR GAS COMPANIES COME TO YOU IN THE LAST FEW MONTHS LOOKING FOR YOUR HELP, LOOKING FOR YOUR INVESTMENT? BUFFETT: NOT YET BUT PRICES STAY DOWN HERE. IF PRICES STAY DOWN HERE SO FAR I WOULD SAY THAT MOST OF THE PEOPLE IN THE OIL AND GAS BUSINESS UP MAYBE UNTIL VERY RECENTLY THEY FELT THAT OIL PRICES WOULD BOUNCE BACK. THEY MAY NOT HAVE FELT GAS PRICES WOULD BOUNCE MUCH BUT THEY FELT OIL PRICES WOULD BOUNCE BACK. THE OIL PRODUCTION COMPANIES HAVE BEEN SELLING ON A BASIS NOT OF $45 WTI THEY HAVE ASSUMED HIGHER PRICES AND OF COURSE THE FORWARD CURVE HAVE REFLECTED HIGHER PRICES. I THINK IT WOULD HAVE BEEN HARD TO MAKE REALISTIC DEALS WITH OIL AND GAS UP UNTIL NOW BUT WE WILL SEE WHAT HAPPENS IN THE FUTURE. TO BE SPECIFIC NOBODY HAS COME TO ME. QUICK: DOES THAT MEAN THAT YOU HAVE NOT MADE ANY OTHER PURCHASES IN THE OIL AND GAS BUSINESS? BUFFETT: THAT'S CORRECT QUICK: SO THERE IS NOTHING THAT YOU'VE SEEN ASIDE FROM THIS DEAL TODAY THAT YOU THINK HAS BEEN AN OPPORTUNITY YOU WOULD BUY INTO? BUFFETT: NO OF COURSE THIS IS KIND OF SECENDARY I WOULDN'T SAY MAYBE 15% OF PRECISION'S BUSINESS HAD BEEN IN THERE AND THEY GOT HURT IN THE LAST COUPLE OF QUARTERS SIGNIFICANTLY BECAUSE WHEN OIL SLOWS DOWN IF THEY'VE GOT VARIOUS BUILDING EQUIPMENT ON HAND ALL OF A SUDDEN THEY DON'T NEED TO ORDER ANY FOR AWHILE EVEN THOUGH CONTINUE TO PRODUCE. SO NO WE HAVE NOT MADE ANY COMMITMENTS IN OIL AND GAS. SORKIN: HEY WARREN EVERY TIME I SEE YOU I ALWAYS ASK THE QUESTION IBM, IBM UPDATE THE STOCK IS TRADING I THINK ABOUT 155 DOLLARS RIGHT ABOUT NOW HOW ARE YOU FEELING ABOUT IT BUFFETT: I FEEL FINE. SORKIN: WHAT'S YOUR BASIS IN THAT COMPANY AT THIS POINT? BUFFETT: WHAT'S OUR STOCK COST US? SORKIN: YEH BUFFETT: I WOULD SAY AROUND 170 SORKIN: AROUND 17O NOW BY MY MATH YOU HAVE ACTUALLY MADE THE MONEY STILL ON THIS DEAL ON PART I THINK THE FUNCTION OF THE DIVIDENDS BUT YOU ARE NOT CONCERNED AT ALL IN TERMS OF THE STOCK BUFFETT: I LOVE IT WHEN IT GOES DOWN IT MEANS THE COMPANY BUYS STOCK CHEAPER AND MEANS IF I WANT TO BUY MORE STOCK YOU CAN LOOK AT OUR 13F IN A FEW DAYS IT MEANS I GET TO BUY IT CHEAPER QUICK: DOES THAT MEAN YOU'VE BEEN BUYING IT? BUFFETT: I AM NOT A SELLER OF STOCK. PEOPLE ASSUME WHEN WE BUY SOME STOCK WE WANT IT TO GO UP. WE DON'T WANT IT TO GO UP MAYBE OBVIOUSLY EVENTUALLY MAYBE FIVE OR TEN YEARS FROM NOW BUT WE LOVE THE IDEA OF A COMPANY BUYING ITS STOCK CHEAPER. I MEAN THAT'S HAPPENED AT AMERICAN EXPRESS FOR INSTANCE AMERICAN EXPRESS IS A REGULAR REPURCHASER OF SHARES AND WE OWN 15% OF IT AND OWNERSHIP GOES UP FASTER IF THE STOCK IS DOWN THAN IF THE STOCK IS UP. SULLIVAN: WE HAD ON FRIDAY A BILLION DOLLAR ACTIVIST INVESTMENT IN AMERICAN EXPRESS MR BUFFETT JEFFREY UBEN OF VALUEACT CAPITAL. WHEN YOU OWN A STOCK LIKE AN AMERICAN EXPRESS ARE YOU HAPPY TO SEE AN ACTIVIST COME IN DO YOU WELCOME IT. BUFFETT: NO NOT PARTICULARLY BUT IT IS UP TO THEM WHAT THEY DO WITH THEIR MONEY. ACTUALLY IT SENDS UP FOUR OR FIVE POINTS SO THE EXTENT THAT AMERICAN EXPRESS IS REPURCHASING SHARES WE CAN'T BUY STOCKS IN AMERICAN EXPRESS BECAUSE IT IS A BANKHOLDING COMPANY AND WE OWN OVER 10% BUT THE CHEAPER THE STOCK IS THE MORE SHARES AMERICAN EXPRESS WILL BE ABLE TO REPURCHASE FOR A GIVEN AMOUNT OF MONEY AND ON BALANCE THAT HELPS US WE'RE BUYING YOU KNOW THERE IS NO MORAL PROBLEM ATTACHED TO IT BECAUSE IT TAKES PLACE IN THE MARKET BUT WE'RE ON OUR PARTNERS CHEAPER. QUICK: LET'S TALK ABOUT SOMETHING ELSE THAT IS ALSO A LOT CHEAPER THAN IT WAS A WEEK AGO YOU LOOKS AT THE MEDIA STOCKS DISNEY KICKED IT OFF WHEN BOB IGER SAID THERE ARE CONCERNS ABOUT ESPN, VERY BRIEF CONCERNS FROM HIS PERSPECTIVE THE MARKET TOOK THAT AS A HUGE SELLING POINT NOT ONLY FOR DISNEY BUT ALL OF THE MEDIA RELATED STOCKS DO YOU SEE ANYTHING IN THE MEDIA INDUSTRY YOU LIKE AT THESE PRICES? BUFFETT: NO I WOULD SAY THAT I CONSIDER BOB IGER AND I KNOW HIM WELL AND HAD EXPERIENCE WITH HIM MORE THAN 20 YEARS AGO I THINK HE IS ONE OF THE GREAT MANAGERS IN AMERICA AND A GOOD GUY BEYOND THAT BUT I'M AN OBSERVER OF THE MEDIA PICTURE TODD AND TEDD OWN SOME SHARES IN CERTAIN MEDIA STOCKS BUT I AM NO VICTIM OF THIS MYSELF AND THE SELL OFF DID NOT ENTICE ME. SORKIN: HEY WARREN SPEAKING OF BUYBACKS ONE OF THE QUESTIONS AND I DON'T THINK WE HAVE TALKED ABOUT THIS SINCE YOU SENT YOUR LETTER AND WE HAD YOU ON THE SHOW BUT LARRY FINK FROM BLACKROCK SENT A LETTER A COUPLE OF MONTHS AGO TO CEOS AROUND THE COUNTRY AND SAID LOOK STOP WITH THE BUYBACKS, STOP WITH THE DIVIDENDS WE WANT YOU INVESTING IN THE FUTURE AND IN PART I WOULD ARGUE THAT LETTER SEEMED TO INSPIRE HILLARY CLINTON WITH HER LATEST QUARTERLY CAPITALISM APPROACH AND PROGRAM THAT SHE'S TALK ABOUT IN TERMS OF CHANGING THE TAX STRUCTURE CAPITAL GAINS STRUCTURE AROUND INVESTMENTS. WHAT DO YOU THINK OF WHAT HILLARY CLINTON HAD TO SAY AND WHAT DO YOU THINK OF WHAT LARRY FINK HAD TO SAY? BUFFETT: WELL PEOPLE MAKE BUYBACKS VERY COMPLICATED. BUYBACKS MAKE SENSE WHEN YOU ARE BUYING YOUR STOCK BACK BELOW ITS INTRINSIC VALUE AND WHEN YOU DON'T NEED THAT MONEY FOR THE NEEDS OF THE BUSINESS. IT MAKES NO SENSE WHEN YOU PAY ABOVE INTRINSIC VALUE AND THAT'S A VERY SIMPLE PRINCIPAL BUT IT HAS BEEN IGNORED BY MANY MANAGEMENTS OVER TIME. IF YOU LOOK AT THE HISTORY OF BUYBACKS PEOPLE BUYBACK A LOT IN TERMS OF AGRIGATE BUYBACKS PEOPLE BUY A LOT MORE STOCK BACK WHEN STOCKS ARE UP THAN WHEN THEY ARE DOWN BUT IN THAT WAY THEY ARE SORT OF BEHAVING LIKE JOE PUBLIC YOU KNOW. THERE HAVE BEEN SOME GREAT INVESTMENT STORIES BASED ON PEOPLE WHO BOUGHT BACK STOCK INTELLIGENTLY WHICH MEANS BUYING IT AT A DISCOUNT FROM ITS INTRINSIC VALUE. WE WOULD BUY BACK STOCK BY THE BUSHELL BASKETS IF IT SOLD WELL BELOW INTRINSIC VALUE IT WOULD HAVE TO BE WELL BELOW INTRINSIC VALUE AND WE WON'T BUY A SHARE IF WE THINK WE ARE PAYING INTRINSIC VALUE OR MORE. IT IS NOT A COMPLICATED EQUATION BUT MANAGEMENTS WHEN SOMEBODY SAYS THEY ARE GOING TO HAVEA 5 BILLION DOLLAR BUYBACK THEY OUGHT TO SAY WE ARE HAVING A 5 BILLION DOLLAR BUYBACK IF WE CAN BUY IT AT X OR BELOW BUT THAT'S JUST NOT THE WAY IT OPERATES. SULLIVAN: HAS IT BEEN AN EFFICIENT USE OF CAPITAL BUFFETT: IT HAS BEEN A TERRIFICLY EFFICIENT USE OF CAPITAL FOR SOME COMPANIES AND BEEN A VERY STUPID USE OF CAPITAL FOR OTHER COMPANIES. I WOULD ARGUE THAT OUR BUYBACKS HAVE BEEN PEANUTS UNFORTUNATELY BUT OUR COUPLE OF BUYBACKS MADE GREAT SENSE. BUT WE COULDN'T DO IT ON SCALE. SORKIN: AND WHAT DID YOU MAKE OF HILLARY CLINTONS PROPOSAL ON CAPITAL GAINS BUT SHE ALSO SAID I BELIEVE THAT SHE WANTS PEOPLE TO LOOK INTO BUYBACKS THEMSELVES IN TERMS OF HOW THEY SHOULD BE REGULATED. ELIZABETH WARREN AND OTHERS HAVE SUGGESTED THEY ARE EFFECTIVELY INSIDER TRADING BECAUSE THE COMPANIES KNOW ABOUT IT. BUFFETT: WELL I WILL BE GLAD TO WRITE A PAPER ON IT SOMETIME. I HAVE WRITTEN ON IT ABOUT 20 TIMES OVER THE YEARS AND IN GENERAL VERY MUCH APPROVE OF WHERE HILLARY IS GOING IN TERMS OF FINE TUNING ALL THE POINTS WE'LL TALK ABOUT THAT AS THE CAMPAIGN PROGRESSES. BUT BUYBACKS ARE NOT NIRVANA AND THEY ARE NOT EVIL IT IS JUST A QUESTION OR WHETHER THEY MAKE SENSE AND IF OUR STOCK SELLS WELL BELOW INTRINSIC VALUE AND WE HAVE MONEY WE DON'T NEED FOR THE BUSINESS WE WILL BUY IT BACK JUST AS FAST AS WE CAN NOW UNFORTUNATELY WHENEVER I SAY THAT IT KEEPS IT FROM HAPPENING. QUICK: WARREN WE KNOW THAT YOU ARE A SUPPORTER OF HILLARY CLINTON BUT DID YOU WATCH THE REPUBLICAN NATIONAL DEBATES THAT TOOK PLACE LAST WEEK? BUFFETT: I WOULDN'T HAVE MISSED IT QUICK: AND WHAT DID YOU THINK? BUFFETT: I THOUGHT THAT IT WAS TERRIFIC TELEVISION AND I THINK THERE'S A SMALL CHANCE WITH PROPORTIONAL AWARDING DELEGATES IN A GREAT MANY OF THE PRIMARIES AND WITH SUPER PACKS ENABLING PEOPLE TO KEEP GETTING FINANCE WHERE AS OTHERWISE THEY WOULD DROP OUT FOR LACK OF MONEY IF THEY WEREN'T DOING THAT WELL. I THINK THERE IS ACTUALLY SOME CHANCE THAT WHEN THEY GO TO THE REPUBLICAN CONVENTION NO ONE WILL HAVE A MAJORITY GOING IN BUT I THINK IT WILL BE VERY VERY INTERESTING. DONALD TRUMP IS GOING TO HAVE A CERTAIN PERCENTAGE OF DELEGATES AND SO WILL A WHOLE BUNCH OF OTHERS AND IN THE PAST UNLESS YOU WERE IN THE TOP 2 OR 3 YOUR FUNDING DRIES UP AND YOU GET TO A COUPLE OF STATES AND THAT WAS WITH BUT WITH SUPER PACKS AROUND YOU CAN HAVE QUITE A FEW CANDIDATES IN IT FOR QUITE A BIT OF TIME AND THE PIE COULD GET DIVIDED IN SUCH A WAY THAT NOBODY HAS A MAJORITY. IT IS GOING TO BE VERY INTERESTING. IT IS A GREAT SPECTATOR SPORT. QUICK: WE DID HAVE AN OVERNIGHT POLL AN NBC NEWS POLL THAT WAS CONDUCTED FROM FRIDAY INTO SATURDAY IT SHOWED THAT DONALD TRUMP IS STILL LEADING THE PACK WHICH MIGHT COME AS A SURPRISE TO SOME PUNDITS WHO HAD KIND OF WRITTEN HIM OFF AFTER THAT PERFORMANCE. BUFFETT: YEH NO HE IF YOU CAN GET BY THE JOHN MCCAIN IS NOT A HERO AND A FEW THINGS AND NOT HAVE YOUR NUMBERS GO DOWN YOU HAVE A VERY SOLID BASE AND YOU KNOW I WOULDN'T BE SURPRISED IF HE MAINTAINS QUITE A SOLID BASE FOR A LONG TIME. AND THAT MEANS HE IS GOING TO GET A FAIR NUMBER OF DELEGATES IF YOU GET IT IN PROPORTIONAL STATES. AND HE IS NOT GOING TO RUN OUT OF MONEY SO IT IS GOING TO BE A LOT OF FUN TO WATCH PARTICULARLY IF YOU ARE A DEMOCRAT. QUICK: I WAS GOING TO SAY AS A DEMOCRAT YOU MUST ENJOY HOW THIS PLAYS OUT. WHO WOULD YOU MOST LIKE TO SEE YOUR CANDIDATE RUN AGAINST? BUFFETT: WELL I THINK IF I GAVE THAT PREDICTION IT WOULD BE SORT OF THE KISS OF DEATH ON THAT CANDIDATE. I WANT TO SEE HER RUN AGAINST THE WHOLE FIELD. QUICK: YOU KNOW WARREN WE HAVE A WHOLE BUNCH OF OTHER THINGS WE WOULD LOVE TO TALK TO YOU ABOUT WE SAW THE JOBS NUMBER THAT CAME IN. THE JOBS REPORT WAS JUST AS EXPECTED ON FRIDAY 215,000 A LOT OF PEOPLE SPECULATING THAT THE FED WILL RAISE INTEREST RATES COME SEPTEMBER. YOU HAVE A VERY GOOD IDEA OF WHAT'S HAPPENING IN THE ECONOMY JUST BASED ON THE NUMBERS THAT YOU SEE AND THE BUSINESSES THAT YOU HAVE YOUR FINGER ON THE PULSE. WHAT DO YOU THINK IS HAPPENING IN THE ECONOMY. WHAT DO YOU THINK THE FED SHOULD DO IN SPETEMBER? BUFFETT: I THINK WHAT'S HAPPENING WITH THE ECONOMY IS EXACTLY WHAT'S BEEN HAPPENING NOW FOR FIVE YEARS IS THAT IT IS MOVING AHEAD ROUGHLY AT 2% RATE AND IN CERTAIN INDUSTRIES A SPURT OCCASSIONALLY AUTOS ARE STRONG RIGHT NOW BUT IT HAS BEEN A VERY STEADY INCREASE AND PEOPLE HAVE TALKED ABOUT DOUBLE DIPS AND THEY'VE TALKED ABOUT ACCELERATION AND EVERY TIME THEY TALK ABOUT IT MOVING SHARPLY IN ONE DIRECTION IT DOESN'T DO IT. THE ECONOMY HAS COME BACK AND IT HAS COME BACK VERY WELL CONSIDERING THE KIND OF SHOCK THAT WE HAD 5 OR 6 YEARS AGO BUT I DON'T SEE IT PARTICULARLY ACCELERATING AND I DON'T SEE IT DECELERATING EITHER. I HAVE SAID BEFORE I THINK IT IS VERY TOUGH TO PUSH RATES HIGHER IN THE U.S. WHEN EUROPE NEEDS TO KEEP THEM ALL AND YOU'VE GOT THE SITUATION EXISTING AROUND THE WORLD BUT I KEEP HEARING THE VARIOUS GOVERNORS SAY IT IS GOING TO HAPPEN SOON SO BUT I DON'T THINK IT IS AN EASY DECISION WHEN RATES ARE CONSIDERABLY LOWER IN EUROPE AND YOU MAY BE AFFECTING EXPORTS AND IMPORTS VERY SIGNIFICANTLY IF YOU PUSH RATES HERE TO BE CONSIDERABLY HIGHER THAN THEY EXIST IN EUROPE. QUICK: THERE HAVE BEEN A LOT OF PEOPLE WHO HAVE BEEN CONCERNED ABOUT THE MARKET LATELY IF YOU HAVE WATCHED WHAT HAS BEEN HAPPENING DURING EARNINGS SEASON SOME OF THE MOVES HAVE BEEN EXTRAORDINARY TO SEE PEOPLE MISSING BY SMALL AMOUNTS ON EARNINGS OR REVENUE LINES AND THEN COMING IN WITH DOUBLE DIGIT STOCK DECLINES YOU ALSO SAW WHAT HAPPENED WITH MEDIA STOCKS OVERALL MOVE THE ENTIRE SECTOR LOWER THAT HAS SOME PEOPLE THINKING THAT THERE IS A LOT OF WEAKNESS IN THE MARKET AND THAT THERE IS SOMETHING OF A CORRECTION THAT'S DUE. I AM GUESSING THAT I WOULDN'T PUT YOU IN THAT CAMP IF YOU ARE WILLING TO DO DEALS LIKE THIS OR DO YOU EVEN THINK ABOUT WHAT IS HAPPENING ON A DAY TO DAY BASIS? BUFFETT: STOCKS ARE GOING TO BE HIGHER AND PERHAPS A LOT HIGHER 10 YEARS FROM NOW, 20 YEARS FROM NOW I AM NOT SMART ENOUGH TO PICK TIMES TO GET IN AND GET OUT IF YOU ARE IN SOMETHING THAT IS GOING TO BE A LOT HIGHER OVER TIME. IF YOU THOUGHT YOUR HOUSE WAS GOING TO GO DOWN 5% IN PRICE YOU WOULDN'T SELL YOUR HOUSE AND HOPE TO BUY IT BACK 5% CHEAPER. THAT'S NOT MY GAME. MY GAME IS TO OWN DECENT BUSINESSES AND OWN THEM AT DECENT PRICES AND YOU ARE GOING TO MAKE A LOT OF MONEY OVER TIME IF YOU DO IT BUT I THINK THE ABILITY OF PEOPLE TO DANCE IN AND OUT OF MARKETS IS QUITE LIMITED AND IN MY CASE IT IS ZERO. QUICK: WARREN THERE IS A STORY ON THE FRONT PAGE OF THE NEW YORK TIMES TODAY ABOUT COCA COLA WHICH IS A COMPANY THAT YOU ALSO THE LARGEST SHAREHOLDER IN IT POINTS OUT THAT COCA COLA HAS TEAMED UP WITH SOME INFLUENTIAL SCIENTISTS TO TRY AND ADVANCE A MESSAGE IN MEDICAL JOURNALS THAT IT IS REALLY MORE ABOUT HOW MUCH YOU EXERCISE NOT WHAT YOU EAT THAT MATTERS. THE TIMES ACTUALLY KIND OF PUTS THIS AS SOMETHING WHERE THEY LOOK ASKANCE THE IDEA THAT BIG COPORATION IS FUNDING A MESSAGE LIKE THIS WHAT DO YOU SAY AS THE LARGEST SHAREHOLDER? BUFFETT: WHAT HAPPENS TO YOUR WEIGHT DEPENDS ON HOW MUCH YOU TAKE IN AND HOW MUCH YOU BURN UP. AND IF YOU TAKE IN 2700 CALORIES AND YOU BURN UP 2700 YOUR WEIGHT ISN'T GOING TO CHANGE AND IF YOU TAKE IN 3500 AND BURN 2500 YOU ARE GOING TO GAIN WEIGHT. IT'S A MATHEMATICAL TYPE EQUATION AND IF YOU ARE LIKE ME AND DON'T LIKE TO EXERCISE MUCH THAN YOU BETTER NOT TAKE IN TOO MUCH. THERE IS NO MYSTERY TO WEIGHT. CALORIES ARE DEFINED THERE'S 4 PER GRAM IF YOU ARE DEALING WITH PROTEIN AND CARBOHYDRATES THERE'S 9 PER GRAM WITH FAT AND YOU'VE GOT TO FIGURE IT OUT IF YOU WANT TO LOSE WEIGHT SO YOUR BODY BURNS OFF AS MANY AS YOU ARE CONSUMING. QUICK: WELL WARREN WE WANT TO THANK YOU FOR JOINING US THIS MORNING. AGAIN CONGRATULATIONS ON THE DEAL. About CNBC: With CNBC in the U.S., CNBC in Asia Pacific, CNBC in Europe, Middle East and Africa, CNBC World and CNBC HD , CNBC is the recognized world leader in business news and provides real-time financial market coverage and business information to approximately 371 million homes worldwide, including more than 100 million households in the United States and Canada. CNBC also provides daily business updates to 400 million households across China. The network's 15 live hours a day of business programming in North America (weekdays from 4:00 a.m. - 7:00 p.m. ET) is produced at CNBC's global headquarters in Englewood Cliffs, N.J., and includes reports from CNBC News bureaus worldwide. CNBC at night features a mix of new reality programming, CNBC's highly successful series produced exclusively for CNBC and a number of distinctive in-house documentaries. CNBC also has a vast portfolio of digital products which deliver real-time financial market news and information across a variety of platforms. These include CNBC.com, the online destination for global business; CNBC PRO, the premium, integrated desktop/mobile service that provides real-time global market data and live access to CNBC global programming; and a suite of CNBC Mobile products including the CNBC Real-Time iPhone and iPad Apps. Members of the media can receive more information about CNBC and its programming on the NBC Universal Media Village Web site at http://www.nbcumv.com/mediavillage/networks/cnbc/.

2021-10-30 14:12:14.253816

Trump's options on emergency funding for the border range from a fight over a few miles of fence to a bruising constitutional war over a wall

https://www.cnbc.com/2019/01/08/trump-choice-on-emergency-border-funding-fight-over-fence-or-war-over-wall.html

2019-01-08T15:36:11+0000

John Harwood

CNBC

As the White House descends further into chaos, no one can discern President Donald Trump's next move until he makes it.But Trump and administration aides have signaled that he views a presidential declaration of emergency as an exit ramp from the standoff with Congress that has shut down a large chunk of the government for 18 days now. It would, simultaneously, let him assent to reopening federal agencies and assert unilateral authority to order construction of a wall along the U.S.-Mexico border.Bracing for Trump's decision, congressional aides in both parties say the potential scope of presidential action ranges from very big to very small.A president's authority to declare a national emergency gives him the power to redirect taxpayer funds Congress has already approved. In conversations with lawmakers, the White House has pointed toward two different pots of Pentagon money. One, containing less than $1 billion, is for curtailing drug shipments. The other, containing $22 billion, is for military construction projects.The military construction pot might even be enough to pay for whatever barrier Trump wants across the 2,000-mile border, whether constructed of concrete or steel or something else. If Trump goes big, he could announce his intention to do exactly that.Yet the bigger he goes, the bigger the backlash he risks.An emergency declaration related to border control would face immediate legal challenges, just as his attempt to ban travel into the United States from some majority-Muslim countries did. The more miles of wall Trump attempts to build under an emergency declaration, the more potential challengers — Congress, private landowners, affected local governments.Moreover, a recent 17-page report to Congress shows that the pot of military construction money contains funds previously designated for projects across the country. That would ensure resistance from both red and blue states eager for those projects. And at a time when Trump speaks openly about the prospect of impeachment proceedings, the weak factual basis for a border emergency claim would invite House Democrats to assert an unconstitutional abuse of executive power.But a little-noticed administration maneuver last fall points to a far more limited possibility.It could be completed by only touching the small pot of anti-drug money. It wouldn't require diverting cash from military construction projects elsewhere. It would only affect 31 miles of the Mexican border on a federal explosives-testing site in Arizona.Last fall, the Pentagon informed Congress that the Navy had committed $7.5 million to "advance planning and survey efforts" for new and improved border barriers on the Barry M. Goldwater Range. Calling the range "a known drug-smuggling corridor," Assistant Defense Secretary Kenneth Rapuano wrote that such barriers "will both protect BMGR from such illegal activity and address human life and safety concerns by deterring unlawful entry onto an active bombing range."In an October letter to Democratic Rep. Adam Smith of Washington, who now chairs the House Armed Services Committee, Rapuano said no construction had occurred on the range. But he noted that the administration was "reviewing its authority and funding options."Expressing strong opposition, Smith and his Democratic colleagues estimated that the 31 miles' worth of barrier along the range would cost $450 million. The anti-drug account that the Pentagon might try to tap contains $760 million, according to a Republican congressional aide.Trump has the opportunity to clarify his intentions in a televised prime-time address on the issue Tuesday. If recent form holds, lawmakers will find out at the same time everyone else does.

cnbc, Articles, Donald Trump, Congress, Politics, Washington DC, White House, Government Shutdown, US Economy, US: News, Republicans, Democrats, source:tagname:CNBC US Source

<div class="group"><p>As the White House descends further into chaos, no one can discern President Donald Trump's next move until he makes it.</p><p>But Trump and administration aides have signaled that he views <a href="https://www.cnbc.com/2019/01/08/trump-eyes-emergency-powers-to-build-wall-as-shutdown-fight-hits-new-stage.html">a presidential declaration of emergency</a> as an exit ramp from the standoff with Congress that has shut down a large chunk of the government for 18 days now. It would, simultaneously, let him assent to reopening federal agencies and assert unilateral authority to order construction of a wall along the U.S.-Mexico border.</p><div style="height:100%" class="lazyload-placeholder"></div><p>Bracing for Trump's decision, congressional aides in both parties say the potential scope of presidential action ranges from very big to very small.</p><p>A president's authority to declare a national emergency gives him the power to redirect taxpayer funds Congress has already approved. In conversations with lawmakers, the White House has pointed toward two different pots of Pentagon money. One, containing less than $1 billion, is for curtailing drug shipments. The other, containing $22 billion, is for military construction projects.</p><p>The military construction pot might even be enough to pay for whatever barrier Trump wants across the 2,000-mile border, whether constructed of concrete or steel or something else. If Trump goes big, he could announce his intention to do exactly that.</p><p>Yet the bigger he goes, the bigger the backlash he risks.</p><p>An emergency declaration related to border control would face immediate legal challenges, just as his attempt to ban travel into the United States from some majority-Muslim countries did. The more miles of wall Trump attempts to build under an emergency declaration, the more potential challengers — Congress, private landowners, affected local governments.</p><div style="height:100%" class="lazyload-placeholder"></div><p>Moreover, a recent 17-page report to Congress shows that the pot of military construction money contains funds previously designated for projects across the country. That would ensure resistance from both red and blue states eager for those projects. And at a time when Trump speaks openly about the prospect of impeachment proceedings, the weak factual basis for a border emergency claim would invite House Democrats to assert an unconstitutional abuse of executive power.</p><p>But a little-noticed administration maneuver last fall points to a far more limited possibility.</p><p>It could be completed by only touching the small pot of anti-drug money. It wouldn't require diverting cash from military construction projects elsewhere. It would only affect 31 miles of the Mexican border on a federal explosives-testing site in Arizona.</p><p>Last fall, the Pentagon informed Congress that the Navy had committed $7.5 million to "advance planning and survey efforts" for new and improved border barriers on the Barry M. Goldwater Range. Calling the range "a known drug-smuggling corridor," Assistant Defense Secretary Kenneth Rapuano wrote that such barriers "will both protect BMGR from such illegal activity and address human life and safety concerns by deterring unlawful entry onto an active bombing range."</p><p>In an October letter to Democratic Rep. Adam Smith of Washington, who now chairs the House Armed Services Committee, Rapuano said no construction had occurred on the range. But he noted that the administration was "reviewing its authority and funding options."</p><p>Expressing strong opposition, Smith and his Democratic colleagues estimated that the 31 miles' worth of barrier along the range would cost $450 million. The anti-drug account that the Pentagon might try to tap contains $760 million, according to a Republican congressional aide.</p><p>Trump has the opportunity to clarify his intentions in a <a href="https://www.cnbc.com/2019/01/07/trump-will-address-nation-before-visiting-southern-border-amid-shutdown.html">televised prime-time address</a> on the issue Tuesday. If recent form holds, lawmakers will find out at the same time everyone else does.</p></div>

As the White House descends further into chaos, no one can discern President Donald Trump's next move until he makes it.But Trump and administration aides have signaled that he views a presidential declaration of emergency as an exit ramp from the standoff with Congress that has shut down a large chunk of the government for 18 days now. It would, simultaneously, let him assent to reopening federal agencies and assert unilateral authority to order construction of a wall along the U.S.-Mexico border.Bracing for Trump's decision, congressional aides in both parties say the potential scope of presidential action ranges from very big to very small.A president's authority to declare a national emergency gives him the power to redirect taxpayer funds Congress has already approved. In conversations with lawmakers, the White House has pointed toward two different pots of Pentagon money. One, containing less than $1 billion, is for curtailing drug shipments. The other, containing $22 billion, is for military construction projects.The military construction pot might even be enough to pay for whatever barrier Trump wants across the 2,000-mile border, whether constructed of concrete or steel or something else. If Trump goes big, he could announce his intention to do exactly that.Yet the bigger he goes, the bigger the backlash he risks.An emergency declaration related to border control would face immediate legal challenges, just as his attempt to ban travel into the United States from some majority-Muslim countries did. The more miles of wall Trump attempts to build under an emergency declaration, the more potential challengers — Congress, private landowners, affected local governments.Moreover, a recent 17-page report to Congress shows that the pot of military construction money contains funds previously designated for projects across the country. That would ensure resistance from both red and blue states eager for those projects. And at a time when Trump speaks openly about the prospect of impeachment proceedings, the weak factual basis for a border emergency claim would invite House Democrats to assert an unconstitutional abuse of executive power.But a little-noticed administration maneuver last fall points to a far more limited possibility.It could be completed by only touching the small pot of anti-drug money. It wouldn't require diverting cash from military construction projects elsewhere. It would only affect 31 miles of the Mexican border on a federal explosives-testing site in Arizona.Last fall, the Pentagon informed Congress that the Navy had committed $7.5 million to "advance planning and survey efforts" for new and improved border barriers on the Barry M. Goldwater Range. Calling the range "a known drug-smuggling corridor," Assistant Defense Secretary Kenneth Rapuano wrote that such barriers "will both protect BMGR from such illegal activity and address human life and safety concerns by deterring unlawful entry onto an active bombing range."In an October letter to Democratic Rep. Adam Smith of Washington, who now chairs the House Armed Services Committee, Rapuano said no construction had occurred on the range. But he noted that the administration was "reviewing its authority and funding options."Expressing strong opposition, Smith and his Democratic colleagues estimated that the 31 miles' worth of barrier along the range would cost $450 million. The anti-drug account that the Pentagon might try to tap contains $760 million, according to a Republican congressional aide.Trump has the opportunity to clarify his intentions in a televised prime-time address on the issue Tuesday. If recent form holds, lawmakers will find out at the same time everyone else does.

2021-10-30 14:12:14.291272

Acting IMF chief says 'global economy is fragile,' urging US and China end trade war

https://www.cnbc.com/2019/08/01/imf-chief-urges-us-and-china-end-trade-war-for-sake-of-global-economy.html

2019-08-01T15:40:24+0000

Jessica Bursztynsky

CNBC

Acting IMF Managing Director David Lipton, in a veiled appeal Thursday on CNBC, called on the U.S. and China to come to an agreement and end their yearlong trade war.Lipton told "Squawk on the Street" that the global economic slowdown has been "certainly affected by the trade tensions," though he did not mention the U.S. or China by name.The latest round of trade talks between the world's two biggest economies on Tuesday and Wednesday in Shanghai made little progress. Negotiations are set to resume in September in Washington.Tensions between the White House and Chinese technology giants may also be contributing to the global economic slowdown, Lipton said."It's time for the countries to have dialogue, to reach agreements, to try to find a way through this, since the global economy is fragile," he said.Global trade has been lower in the first six months of this year compared with the same period in 2018, Lipton said, adding that it's a "time for vigilance.""Global trade is actually contracting, and that is not a good situation," he warned.Lipton said that if a global recession were to start, central banks, including the Federal Reserve, would be in weakened positions to fight it because of all the easy monetary policies.Case in point, the Fed lowered interest rates by 0.25% on Wednesday.Lipton moved into the acting director role after Christine Lagarde resigned as head of the International Monetary Fund. Largarde has been nominated to be the next president of the European Central Bank.

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<div class="group"><p>Acting IMF Managing Director David Lipton, in a veiled appeal Thursday on CNBC, called on the U.S. and <a href="https://www.cnbc.com/china/">China</a> to come to an agreement and end their yearlong trade war.</p><p>Lipton told "<a href="https://www.cnbc.com/squawk-on-the-street/">Squawk on the Street</a>" that the global economic slowdown has been "certainly affected by the trade tensions," though he did not mention the U.S. or China by name.</p><div style="height:100%" class="lazyload-placeholder"></div><p>The latest round of trade talks between the world's two biggest economies on Tuesday and Wednesday in <a href="https://www.cnbc.com/id/10000718">Shanghai</a> made little progress. Negotiations <a href="https://www.cnbc.com/2019/07/31/trade-talks-to-continue-in-september-in-the-us-chinese-state-media-says.html">are set to resume</a> in September in <a href="https://www.cnbc.com/id/10000613">Washington</a>.</p><p>Tensions between the White House and Chinese technology giants may also be contributing to the global economic slowdown, Lipton said.</p><p>"It's time for the countries to have dialogue, to reach agreements, to try to find a way through this, since the global economy is fragile," he said.</p><p>Global trade has been lower in the first six months of this year compared with the same period in 2018, Lipton said, adding that it's a "time for vigilance."</p><p>"Global trade is actually contracting, and that is not a good situation," he warned.</p><div style="height:100%" class="lazyload-placeholder"></div><p>Lipton said that if a global recession were to start, central banks, including the Federal Reserve, would be in weakened positions to fight it because of all the easy monetary policies.</p><p>Case in point, the Fed lowered interest rates by 0.25% on Wednesday.</p><p>Lipton moved into the acting director role after <a href="https://www.cnbc.com/christine-lagarde/">Christine Lagarde</a> resigned as head of the <a href="https://www.cnbc.com/id/10000936">International Monetary Fund</a>. Largarde has been nominated to be the next president of the <a href="https://www.cnbc.com/european-central-bank/">European Central Bank</a>.</p></div>

Acting IMF Managing Director David Lipton, in a veiled appeal Thursday on CNBC, called on the U.S. and China to come to an agreement and end their yearlong trade war.Lipton told "Squawk on the Street" that the global economic slowdown has been "certainly affected by the trade tensions," though he did not mention the U.S. or China by name.The latest round of trade talks between the world's two biggest economies on Tuesday and Wednesday in Shanghai made little progress. Negotiations are set to resume in September in Washington.Tensions between the White House and Chinese technology giants may also be contributing to the global economic slowdown, Lipton said."It's time for the countries to have dialogue, to reach agreements, to try to find a way through this, since the global economy is fragile," he said.Global trade has been lower in the first six months of this year compared with the same period in 2018, Lipton said, adding that it's a "time for vigilance.""Global trade is actually contracting, and that is not a good situation," he warned.Lipton said that if a global recession were to start, central banks, including the Federal Reserve, would be in weakened positions to fight it because of all the easy monetary policies.Case in point, the Fed lowered interest rates by 0.25% on Wednesday.Lipton moved into the acting director role after Christine Lagarde resigned as head of the International Monetary Fund. Largarde has been nominated to be the next president of the European Central Bank.

2021-10-30 14:12:14.449189

European stocks close lower as Italian banks plunge on political turmoil; Autos down 2.5%

https://www.cnbc.com/2019/08/09/european-stocks-trade-worries-weigh.html

2019-08-09T05:51:49+0000

Chloe Taylor,Elliot Smith

CNBC

European stocks closed lower on Friday as investors monitored trade war developments and a possible collapse of the Italian government.

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<div class="group"><p>European stocks closed lower on Friday as investors monitored trade war developments and a possible collapse of the Italian government.</p></div>,<div class="group"><p>The pan-European <a href="https://www.cnbc.com/quotes/.STOXX">Stoxx 600</a> was provisionally 0.9% lower at the closing bell, with most sectors and major bourses in the red.</p><div style="height:100%" class="lazyload-placeholder"></div><p>Banking stocks shed 1.9%, dragged down by Italian lenders, while China-exposed basic resources and autos stocks led losses, with both sectors falling by more than 2.5%. Healthcare stocks bucked the trend, hovering just above the flatline.</p><p><a href="https://www.cnbc.com/2019/08/09/italy-politics-league-and-five-star-break-up-may-force-snap-election.html">Italy's coalition government imploded</a> on Thursday, as deputy prime minister and leader of Italy's ruling Lega party, Matteo Salvini, declared the arrangement unworkable and called for fresh general elections.</p><p>Italy's <a href="https://www.cnbc.com/quotes/.FTMIB">FTSE MIB</a> index was 2.5% lower by the end of Friday's session, as investors veered away from Italian assets amid the rising instability.</p><p>Italian bank stocks plunged, with <a href="//www.cnbc.com/quotes/BAMI-IT" target="_blank">Banco BPM</a> shares tumbling 9%, while <a href="//www.cnbc.com/quotes/UCG-IT" target="_blank">Unicredit</a> and <a href="//www.cnbc.com/quotes/BPPUF" target="_blank">Ubi Banca</a> fell by 5% and 8% respectively.</p><p>In the latest trade war developments, a majority of economists polled by Reuters said the recent escalation of tensions between the U.S. and China had brought forward the next U.S. recession, and indicated that the Federal Reserve is likely to cut rates again in September before a further cut next year.</p><div style="height:100%" class="lazyload-placeholder"></div><p>Meanwhile, a Bloomberg <a href="https://www.bloomberg.com/news/articles/2019-08-08/u-s-holds-off-on-huawei-licenses-as-china-halts-crop-buying" target="_blank">report</a> claimed Thursday that the U.S. is holding off on giving permission to U.S. companies to use Huawei products after China halted its buying of American agricultural produce.</p><p>Later, <a href="https://www.cnbc.com/2019/08/09/trump-says-us-is-not-going-to-do-business-with-huawei-not-ready-to-make-a-trade-deal-with-china.html">President Trump said</a> the U.S. was not ready to do business with Huawei and he was not ready to do a trade deal with China.</p><p>China's currency remains in focus as the People's Bank of China (PBOC) again set the daily yuan midpoint weaker than the key barometer of 7 per dollar.</p><p>Stocks on Wall Street extended losses during Friday's trading session, dragged down by chip stocks which fell on the back of Trump's latest statement on China.</p><p>Back in Europe, official data showed that the British economy has shrunk for the first time since late 2012 after U.K. second quarter GDP (gross domestic product) contracted by 0.2%.</p><p>Sterling and the FTSE 100 were both trading lower on the news, with uncertainty increasing as British media speculated that a general election may be called in the U.K. by November.</p><p>Looking at individual stocks, London-listed WPP surged to the top of the Stoxx 600 after its earnings beat forecasts, with shares up more than 7%.</p><p>At the other end of the European benchmark were Italian lenders Ubi Banca and Banco BPM.</p></div>

European stocks closed lower on Friday as investors monitored trade war developments and a possible collapse of the Italian government.The pan-European Stoxx 600 was provisionally 0.9% lower at the closing bell, with most sectors and major bourses in the red.Banking stocks shed 1.9%, dragged down by Italian lenders, while China-exposed basic resources and autos stocks led losses, with both sectors falling by more than 2.5%. Healthcare stocks bucked the trend, hovering just above the flatline.Italy's coalition government imploded on Thursday, as deputy prime minister and leader of Italy's ruling Lega party, Matteo Salvini, declared the arrangement unworkable and called for fresh general elections.Italy's FTSE MIB index was 2.5% lower by the end of Friday's session, as investors veered away from Italian assets amid the rising instability.Italian bank stocks plunged, with Banco BPM shares tumbling 9%, while Unicredit and Ubi Banca fell by 5% and 8% respectively.In the latest trade war developments, a majority of economists polled by Reuters said the recent escalation of tensions between the U.S. and China had brought forward the next U.S. recession, and indicated that the Federal Reserve is likely to cut rates again in September before a further cut next year.Meanwhile, a Bloomberg report claimed Thursday that the U.S. is holding off on giving permission to U.S. companies to use Huawei products after China halted its buying of American agricultural produce.Later, President Trump said the U.S. was not ready to do business with Huawei and he was not ready to do a trade deal with China.China's currency remains in focus as the People's Bank of China (PBOC) again set the daily yuan midpoint weaker than the key barometer of 7 per dollar.Stocks on Wall Street extended losses during Friday's trading session, dragged down by chip stocks which fell on the back of Trump's latest statement on China.Back in Europe, official data showed that the British economy has shrunk for the first time since late 2012 after U.K. second quarter GDP (gross domestic product) contracted by 0.2%.Sterling and the FTSE 100 were both trading lower on the news, with uncertainty increasing as British media speculated that a general election may be called in the U.K. by November.Looking at individual stocks, London-listed WPP surged to the top of the Stoxx 600 after its earnings beat forecasts, with shares up more than 7%.At the other end of the European benchmark were Italian lenders Ubi Banca and Banco BPM.

2021-10-30 14:12:14.615053

Dan Loeb takes another shot at Bill Ackman

https://www.cnbc.com/2013/08/12/dan-loeb-takes-another-shot-at-bill-ackman.html

2013-08-12T15:06:00+0000

Jeff Cox

CNBC

The tussling tycoons look like they're at it again. In the latest salvo in the feud among some of the hedge fund industry's biggest players, Dan Loeb has offered up what appears to be a thinly veiled jab against archenemy Bill Ackman. Loeb, of Third Point Capital, posted a quote on his Bloomberg terminal portal that looks like it is directed straight at Ackman, who helms Pershing Square Capital: The quote is believed to have come from Napoleon.

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<div class="group"><p>The tussling tycoons look like they're at it again.</p><p> In the latest salvo in the feud among some of the hedge fund industry's biggest players, Dan Loeb has offered up what appears to be a thinly veiled jab against archenemy Bill Ackman.</p><div style="height:100%" class="lazyload-placeholder"></div><p> Loeb, of Third Point Capital, posted a quote on his Bloomberg terminal portal that looks like it is directed straight at Ackman, who helms Pershing Square Capital:</p><div class="ArticleBody-blockquote"> <p> "Never interfere with an enemy when he is in the process of destroying himself." </p></div><p> The quote is believed to have come from Napoleon.</p></div>,<div class="group"><p> More importantly, it marks a new taunt against Ackman, whose fortunes have soured lately as his short play on <a href="//www.cnbc.com/quotes/HLF" target="_blank">Herbalife</a> and long bet on <a href="//www.cnbc.com/quotes/CPPRQ" target="_blank">JCPenney</a> both have gone terribly wrong.</p><p> (<em>Read more</em>: <a href="https://www.cnbc.com/2013/08/01/why-is-everyone-picking-on-bill-ackman-these-days.html">Why is everyone picking on Bill Ackman these days?</a>)</p><p> Loeb and Ackman used to be friends, but a string of events soured the relationship.</p><div style="height:100%" class="lazyload-placeholder"></div><p> Just a few weeks ago, Loeb posted a jab that read, "New HLF product: The Herbalife Enema, administered by Uncle Carl."</p><p> The "Uncle Carl" reference is to Carl Icahn, who was once friendly with Ackman but also has taken him on, in particular over Herbalife.</p><p> Ackman has enlisted few if any allies as the richest of the rich hedge fund players have sought to take him down.</p><p> However, actor George Clooney recently ripped into Loeb for his advocacy of breaking off <a href="//www.cnbc.com/quotes/6758.T-JP" target="_blank">Sony</a>'s entertainment division.</p><p> Clooney called Loeb a "carpetbagger" who is 'trying to manipulate the market."</p><p><span>—</span><em>By CNBC's Jeff Cox. Follow him <a href="https://twitter.com/JeffCoxCNBCcom" class="webresource" target="_blank">@JeffCoxCNBCcom</a> on Twitter.</em><br></p></div>

The tussling tycoons look like they're at it again. In the latest salvo in the feud among some of the hedge fund industry's biggest players, Dan Loeb has offered up what appears to be a thinly veiled jab against archenemy Bill Ackman. Loeb, of Third Point Capital, posted a quote on his Bloomberg terminal portal that looks like it is directed straight at Ackman, who helms Pershing Square Capital: "Never interfere with an enemy when he is in the process of destroying himself." The quote is believed to have come from Napoleon. More importantly, it marks a new taunt against Ackman, whose fortunes have soured lately as his short play on Herbalife and long bet on JCPenney both have gone terribly wrong. (Read more: Why is everyone picking on Bill Ackman these days?) Loeb and Ackman used to be friends, but a string of events soured the relationship. Just a few weeks ago, Loeb posted a jab that read, "New HLF product: The Herbalife Enema, administered by Uncle Carl." The "Uncle Carl" reference is to Carl Icahn, who was once friendly with Ackman but also has taken him on, in particular over Herbalife. Ackman has enlisted few if any allies as the richest of the rich hedge fund players have sought to take him down. However, actor George Clooney recently ripped into Loeb for his advocacy of breaking off Sony's entertainment division. Clooney called Loeb a "carpetbagger" who is 'trying to manipulate the market."—By CNBC's Jeff Cox. Follow him @JeffCoxCNBCcom on Twitter.

2021-10-30 14:12:14.659039

All-time record options bets on volatility spook Wall Street over leverage risk

https://www.cnbc.com/2017/08/11/all-time-record-options-bets-on-volatility-spook-wall-street-over-leverage-risk.html

2017-08-11T17:29:18+0000

Tae Kim

CNBC

Options experts are saying Thursday's record volume in volatility derivatives bets may signal a dangerous problem with the size of volatility-linked trading products.The focus is on the CBOE volatility index, a key measure of market expectations for near-term volatility as conveyed by the price of S&P 500 index options. The CBOE announced VIX options volume hit 2.56 million contracts on Thursday, a record for a single day. In addition, VIX futures volume reached 939,000 contracts, another record.The high volume coincided with a 44 percent spike in the VIX, to 16.04, its highest daily close for the year. The VIX recently hit a record intraday low of 8.84. On Friday afternoon, it was at 14.54.The volume in VIX "options and futures tells us that yesterday was potentially a more serious event, and validates some of what we have discussed in recent notes about the growing leverage in VIX-linked products," Macro Risk Advisors head derivatives strategist Pravit Chintawongvanich wrote in a note to clients Friday.

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<div class="group"><p>Options experts are saying Thursday's record volume in volatility derivatives bets may signal a dangerous problem with the size of volatility-linked trading products.<br><br>The focus is on the CBOE volatility index, a key measure of market expectations for near-term volatility as conveyed by the price of S&amp;P 500 index options. The CBOE <a href="http://www.prnewswire.com/news-releases/vix-options-and-futures-set-new-daily-volume-records-300503083.html" target="_blank">announced</a> VIX options volume hit 2.56 million contracts on Thursday, a record for a single day. In addition, VIX futures volume reached 939,000 contracts, another record.</p><p>The high volume coincided with a 44 percent spike in the VIX, to 16.04, its highest daily close for the year. The VIX recently hit a record intraday low of 8.84. On Friday afternoon, <a href="https://www.cnbc.com/quotes/">it was at 14.54</a>.</p><div style="height:100%" class="lazyload-placeholder"></div><p>The volume in VIX "options and futures tells us that yesterday was potentially a more serious event, and validates some of what we have discussed in recent notes about the growing leverage in VIX-linked products," Macro Risk Advisors head derivatives strategist Pravit Chintawongvanich wrote in a note to clients Friday.</p></div>,<div class="group"><p>The strategist cited how large future moves in the VIX may be driven by the increased use of volatility exchange-traded products or ETPs.<br> <br>"Volatility can quickly revert to 'normal' levels as we saw yesterday. But starting from low VIX futures levels, that translates into a large percentage move for the VIX ETPs – which in turn translates into a potentially large rebalance, and the potential for the inverse VIX ETPs to be stopped out," he added.<br> <br>As a result, Chintawongvanich recommends investors buy <a href="https://www.cnbc.com/2011/06/03/put-options-cnbc-explains.html">put options</a> on the <a href="https://www.cnbc.com/quotes/SPY">SPDR S&amp;P 500 ETF</a> and the <a href="https://www.cnbc.com/quotes/HYG">iShares iBoxx $ High Yield Corporate Bond ETF</a> to hedge against further downside volatility. A put option gives the holder the chance to sell an asset at a set price at a point in the future. It's a bet the asset price will fall.<br><br>One accomplished options trader said the dramatic one-day VIX surge Thursday likely stemmed from traders being forced to close out losing volatility positions.<br><br>"When I see really out sized moves in VIX like yesterday I have to think the reason isn't just people scrambling for protection as much as some of the so-called smart money being forced to cover their naked shorts," CNBC contributor Jon Najarian, founder of Investitute.com, wrote in an email.<br><br>"If the market moves too quickly to the short strikes, the trader and or his or her clearing firm are forced to buy back the short positions at the worst possible time, when volatility is elevated," he added.</p></div>,<div class="group"></div>,<div class="group"></div>

Options experts are saying Thursday's record volume in volatility derivatives bets may signal a dangerous problem with the size of volatility-linked trading products.The focus is on the CBOE volatility index, a key measure of market expectations for near-term volatility as conveyed by the price of S&P 500 index options. The CBOE announced VIX options volume hit 2.56 million contracts on Thursday, a record for a single day. In addition, VIX futures volume reached 939,000 contracts, another record.The high volume coincided with a 44 percent spike in the VIX, to 16.04, its highest daily close for the year. The VIX recently hit a record intraday low of 8.84. On Friday afternoon, it was at 14.54.The volume in VIX "options and futures tells us that yesterday was potentially a more serious event, and validates some of what we have discussed in recent notes about the growing leverage in VIX-linked products," Macro Risk Advisors head derivatives strategist Pravit Chintawongvanich wrote in a note to clients Friday.The strategist cited how large future moves in the VIX may be driven by the increased use of volatility exchange-traded products or ETPs. "Volatility can quickly revert to 'normal' levels as we saw yesterday. But starting from low VIX futures levels, that translates into a large percentage move for the VIX ETPs – which in turn translates into a potentially large rebalance, and the potential for the inverse VIX ETPs to be stopped out," he added. As a result, Chintawongvanich recommends investors buy put options on the SPDR S&P 500 ETF and the iShares iBoxx $ High Yield Corporate Bond ETF to hedge against further downside volatility. A put option gives the holder the chance to sell an asset at a set price at a point in the future. It's a bet the asset price will fall.One accomplished options trader said the dramatic one-day VIX surge Thursday likely stemmed from traders being forced to close out losing volatility positions."When I see really out sized moves in VIX like yesterday I have to think the reason isn't just people scrambling for protection as much as some of the so-called smart money being forced to cover their naked shorts," CNBC contributor Jon Najarian, founder of Investitute.com, wrote in an email."If the market moves too quickly to the short strikes, the trader and or his or her clearing firm are forced to buy back the short positions at the worst possible time, when volatility is elevated," he added.

2021-10-30 14:12:14.763348

Fed's Lockhart: US Economy Still Faces Serious Risks

https://www.cnbc.com/2008/06/02/feds-lockhart-us-economy-still-faces-serious-risks.html

2008-06-02T17:09:39+0000

CNBC

It is too soon to declare turmoil in financial markets over and while the U.S. economy should gradually recover, this outlook faces big risks, a top Federal Reserve policy-maker said Monday. "Although conditions have improved on some fronts, I don't feel we can yet "breathe easy." The path of the economy is still enveloped in considerable uncertainty, and serious risks remain," Federal Reserve Bank of Atlanta President Dennis Lockhart said in prepared remarks. A copy of his speech to a luncheon event for the Jacksonville Chamber of Commerce was made available to the media prior to delivery. Lockhart is not a voting member of the Fed's interest-rate setting committee this year. The Fed has slashed interest rates by 3.25 percentage points since last September to shield the economy from a global credit crunch. That squeeze was sparked by a U.S. housing crisis that has chilled growth and threatened to tip the economy into recession. But Lockhart signaled he was optimistic that the country would escape this fate. "On balance, I'm expecting a weak first half followed by some improvement in the second half as the drags on growth I mentioned earlier gradually diminish," he said. But Lockhart also stressed that he was still concerned by the threat of renewed financial instability undermining growth. "We remain in a period of considerable uncertainty. There are very real risks to this outlook," he said. He said an oil price shock, further upsets in financial markets and a more severe-than-expected downturn in housing could all upset his forecast for U.S. growth to pick up somewhat in the second half of 2008. Lockhart also said inflation was elevated "with hints of rising inflation expectations," but said it should abate as energy and food prices moderate and a softer economy limits the ability of firms to pass on higher prices to customers. "My base case for inflation assumes a fall-off from the current elevated level of inflation supported by some moderation of energy and food price increases," Lockhart said. "I also expect soft economic growth to constrain the ability of businesses to pass through energy and other costs and raise prices in the coming months," he added.

cnbc, Articles, Business News, Finance, Banks, Financials, source:tagname:Reuters

<div class="group"><p>It is too soon to declare turmoil in financial markets over and while the U.S. economy should gradually recover, this outlook faces big risks, a top Federal Reserve policy-maker said Monday. </p><p>"Although conditions have improved on some fronts, I don't feel we can yet "breathe easy." The path of the economy is still enveloped in considerable uncertainty, and serious risks remain," Federal Reserve Bank of Atlanta President Dennis Lockhart said in prepared remarks. </p><div style="height:100%" class="lazyload-placeholder"></div><p>A copy of his speech to a luncheon event for the Jacksonville Chamber of Commerce was made available to the media prior to delivery. </p><p>Lockhart is not a voting member of the Fed's interest-rate setting committee this year. </p><p>The Fed has slashed interest rates by 3.25 percentage points since last September to shield the economy from a global credit crunch. That squeeze was sparked by a U.S. housing crisis that has chilled growth and threatened to tip the economy into recession. </p><p>But Lockhart signaled he was optimistic that the country would escape this fate. </p><p>"On balance, I'm expecting a weak first half followed by some improvement in the second half as the drags on growth I mentioned earlier gradually diminish," he said. </p><div style="height:100%" class="lazyload-placeholder"></div><p>But Lockhart also stressed that he was still concerned by the threat of renewed financial instability undermining growth. </p><p>"We remain in a period of considerable uncertainty. There are very real risks to this outlook," he said. </p><p>He said an oil price shock, further upsets in financial markets and a more severe-than-expected downturn in housing could all upset his forecast for U.S. growth to pick up somewhat in the second half of 2008. </p><p>Lockhart also said inflation was elevated "with hints of rising inflation expectations," but said it should abate as energy and food prices moderate and a softer economy limits the ability of firms to pass on higher prices to customers. </p><p>"My base case for inflation assumes a fall-off from the current elevated level of inflation supported by some moderation of energy and food price increases," Lockhart said. </p><p>"I also expect soft economic growth to constrain the ability of businesses to pass through energy and other costs and raise prices in the coming months," he added. </p></div>

It is too soon to declare turmoil in financial markets over and while the U.S. economy should gradually recover, this outlook faces big risks, a top Federal Reserve policy-maker said Monday. "Although conditions have improved on some fronts, I don't feel we can yet "breathe easy." The path of the economy is still enveloped in considerable uncertainty, and serious risks remain," Federal Reserve Bank of Atlanta President Dennis Lockhart said in prepared remarks. A copy of his speech to a luncheon event for the Jacksonville Chamber of Commerce was made available to the media prior to delivery. Lockhart is not a voting member of the Fed's interest-rate setting committee this year. The Fed has slashed interest rates by 3.25 percentage points since last September to shield the economy from a global credit crunch. That squeeze was sparked by a U.S. housing crisis that has chilled growth and threatened to tip the economy into recession. But Lockhart signaled he was optimistic that the country would escape this fate. "On balance, I'm expecting a weak first half followed by some improvement in the second half as the drags on growth I mentioned earlier gradually diminish," he said. But Lockhart also stressed that he was still concerned by the threat of renewed financial instability undermining growth. "We remain in a period of considerable uncertainty. There are very real risks to this outlook," he said. He said an oil price shock, further upsets in financial markets and a more severe-than-expected downturn in housing could all upset his forecast for U.S. growth to pick up somewhat in the second half of 2008. Lockhart also said inflation was elevated "with hints of rising inflation expectations," but said it should abate as energy and food prices moderate and a softer economy limits the ability of firms to pass on higher prices to customers. "My base case for inflation assumes a fall-off from the current elevated level of inflation supported by some moderation of energy and food price increases," Lockhart said. "I also expect soft economic growth to constrain the ability of businesses to pass through energy and other costs and raise prices in the coming months," he added.

2021-10-30 14:12:15.094164

As the US honors its veterans, problems pile up at the VA

https://www.cnbc.com/2014/05/24/as-the-us-honors-its-veterans-problems-pile-up-at-the-va.html

2014-05-24T13:51:32+0000

CNBC.com staff

CNBC

Questions surrounding the Department of Veterans Affair's leadership have swirled amid growing controversy about the agency's handling and oversight of hospitals dedicated to caring for America's veterans.

cnbc, Articles, Defense, Politics, Health care industry, Health & Science, US: News, source:tagname:CNBC US Source

<div class="group"><p>Questions surrounding the <a href="https://www.cnbc.com/2014/05/14/veteran-affairs-eric-shinseki-pressured-to-resign-as-va-chief.html">Department of Veterans Affair's leadership</a> have swirled amid growing controversy about the agency's handling and oversight of hospitals dedicated to caring for America's veterans.<br></p></div>,<div class="group"><p>CNBC first reported on issues within the VA Healthcare System last August, culminating in a documentary <a href="http://www.cnbc.com/live-tv/investigations-inc/full-episode/death-dishonor-crisis-at-the-va/62490179781">"Death &amp; Dishonor: Crisis at the VA"</a> that aired on Veterans Day.</p><div style="height:100%" class="lazyload-placeholder"></div><p><span>The Department of Veterans Affairs is the second-largest federal agency, with a proposed 2015 budget of over $163 billion—a nearly 6.5 percent increase above 2014 funding levels of more than $152 billion.</span><br></p></div>,<div class="group"><p> The VA is the largest integrated health-care system in the country with over 1,700 hospitals, clinics, community centers and other facilities. <br></p><p><em>—By CNBC staff</em></p></div>

Questions surrounding the Department of Veterans Affair's leadership have swirled amid growing controversy about the agency's handling and oversight of hospitals dedicated to caring for America's veterans.CNBC first reported on issues within the VA Healthcare System last August, culminating in a documentary "Death & Dishonor: Crisis at the VA" that aired on Veterans Day.The Department of Veterans Affairs is the second-largest federal agency, with a proposed 2015 budget of over $163 billion—a nearly 6.5 percent increase above 2014 funding levels of more than $152 billion. The VA is the largest integrated health-care system in the country with over 1,700 hospitals, clinics, community centers and other facilities. —By CNBC staff

2021-10-30 14:12:15.135019

Ping An Not Concerned about Pru-AIG deal

https://www.cnbc.com/2010/03/05/ping-an-not-concerned-about-pruaig-deal.html

2010-03-05T08:30:05+0000

CNBC

Ping An Insurance, China's No. 2 insurer, said on Friday it was not concerned about a plan by Britain's Prudential to buy the Asia assets of U.S. insurer AIG, the market leader among foreign insurers in China.Ping An does not believe Prudential's acquisition of AIG's Asia unit, AIA, would change China's insurance landscape, said Chairman Ma Mingzhe, speaking on the sidelines of the opening of the National People's Congress in Beijing. "I believe domestic insurers are very competitive in China and we know our market very well," said Ma of Ping An, partly owned by HSBC Holdings Plc "I think foreign insurers will still have much to learn in China," he added.In what is the insurance industry's biggest acquisition, Prudential is buying American International Assurance in a big bet on soaring demand in Asia for personal financial services. AIA is regarded as AIG's crown jewel because of its size, cash generation and presence in fast-growth Asia.Ma said Ping An was not interested in teaming with Prudential for the bid, amid some market expectations that Prudential may seek partners such as Asian sovereign funds and cash-rich large Chinese enterprises to help in its $35.5 billion acquisition plan due to the deal's size.Ma's commments were in line with his counterpart Yang Chao, chairman of Ping An's bigger rival China Life who said the country's No.1 insurer was not considering involvement in the Prudential-AIG deal."Purely from the financial perspective, I think we can afford to do deals like that, but we are not considering it and Prudential didn't talk to us either," Yang told reporters in Beijing.China Life was in talks to invest in AIA last year or to subscribe part of AIA's originally planned initial public offering of shares in Hong Kong but the talks failed to move forward, Chinese media reported.China LegacyPing An's Ma, whose firm made huge losses from a wrong bet on its investments in Europe's Fortis amid the financial crisis, said he believed that domestic firms would continue to dominate China's insurance market for at least the next five to 10 years.While AIG can trace its Asian roots back to 1919, when Cornelius Vander Starr started a small insurance agency in Shanghai, AIA started in China in 1992. AIA in China is 100 percent owned by AIG -- the only wholly-foreign owned insurer with special permission from Beijing to operate in the country.Other foreign insurers have long complained to Beijing about AIA's exclusive ownership status as they seek a bigger share of the country's fast-expanding insurance business.Prudential currently operates CITIC-Prudential Insurance Co in China, a 50-50 joint venture in China with CITIC Group, China's biggest financial conglomerate.When asked for comments on the future of AIA's ownership status in China, Ma replied: "I think this will be a problem for Prudential to deal with."Ma also noted Ping An would not be interested in AIA's China assets even if they were put up for sale.AIA collected 8 billion yuan ($1.17 billion) in premiums in 2009, accounting for 18.9 percent market share among Sino-foreign joint-venture life insurers in China, or nearly 1 percent of total market share, according to official data.China's top three insurers -- China Life, Ping An and China Pacific Insurance partly owned by the Carlyle Group -- currently control a combined over 50 percent share of China's life insurance market.

cnbc, Articles, Business News, Finance, Banks, Financials, source:tagname:CNBC US Source

<div class="group"><p><strong>Ping An Insurance</strong>, China's No. 2 insurer, said on Friday it was not concerned about a plan by Britain's Prudential to buy the Asia assets of U.S. insurer <strong>AIG, </strong>the market leader among foreign insurers in China.</p><p>Ping An does not believe <strong>Prudential</strong>'s acquisition of AIG's Asia unit, <strong>AIA</strong>, would change China's insurance landscape, said Chairman Ma Mingzhe, speaking on the sidelines of the opening of the National People's Congress in Beijing. </p><div style="height:100%" class="lazyload-placeholder"></div><p>"I believe domestic insurers are very competitive in China and we know our market very well," said Ma of Ping An, partly owned by <strong>HSBC Holdings Plc</strong> "I think foreign insurers will still have much to learn in China," he added.</p><p>In what is the insurance industry's biggest acquisition, Prudential is buying American International Assurance in a big bet on soaring demand in Asia for personal financial services. AIA is regarded as AIG's crown jewel because of its size, cash generation and presence in fast-growth Asia.</p><p>Ma said Ping An was not interested in teaming with Prudential for the bid, amid some market expectations that Prudential may seek partners such as Asian sovereign funds and cash-rich large Chinese enterprises to help in its $35.5 billion acquisition plan due to the deal's size.</p><p>Ma's commments were in line with his counterpart Yang Chao, chairman of Ping An's bigger rival <strong>China Life</strong> who said the country's No.1 insurer was not considering involvement in the Prudential-AIG deal.</p><p>"Purely from the financial perspective, I think we can afford to do deals like that, but we are not considering it and Prudential didn't talk to us either," Yang told reporters in Beijing.</p><div style="height:100%" class="lazyload-placeholder"></div><p>China Life was in talks to invest in AIA last year or to subscribe part of AIA's originally planned initial public offering of shares in Hong Kong but the talks failed to move forward, Chinese media reported.</p><p><strong>China Legacy</strong></p><p>Ping An's Ma, whose firm made huge losses from a wrong bet on its investments in Europe's Fortis amid the financial crisis, said he believed that domestic firms would continue to dominate China's insurance market for at least the next five to 10 years.</p><p>While AIG can trace its Asian roots back to 1919, when Cornelius Vander Starr started a small insurance agency in Shanghai, AIA started in China in 1992. AIA in China is 100 percent owned by AIG -- the only wholly-foreign owned insurer with special permission from Beijing to operate in the country.</p><p>Other foreign insurers have long complained to Beijing about AIA's exclusive ownership status as they seek a bigger share of the country's fast-expanding insurance business.</p><p>Prudential currently operates <strong>CITIC-Prudential Insurance Co </strong>in China, a 50-50 joint venture in China with CITIC Group, China's biggest financial conglomerate.</p><p>When asked for comments on the future of AIA's ownership status in China, Ma replied: "I think this will be a problem for Prudential to deal with."</p><p>Ma also noted Ping An would not be interested in AIA's China assets even if they were put up for sale.</p><p>AIA collected 8 billion yuan ($1.17 billion) in premiums in 2009, accounting for 18.9 percent market share among Sino-foreign joint-venture life insurers in China, or nearly 1 percent of total market share, according to official data.</p><p>China's top three insurers -- <strong>China Life</strong>, Ping An and <strong>China Pacific Insurance </strong>partly owned by the <strong>Carlyle Group -- </strong>currently control a combined over 50 percent share of China's life insurance market.</p></div>

Ping An Insurance, China's No. 2 insurer, said on Friday it was not concerned about a plan by Britain's Prudential to buy the Asia assets of U.S. insurer AIG, the market leader among foreign insurers in China.Ping An does not believe Prudential's acquisition of AIG's Asia unit, AIA, would change China's insurance landscape, said Chairman Ma Mingzhe, speaking on the sidelines of the opening of the National People's Congress in Beijing. "I believe domestic insurers are very competitive in China and we know our market very well," said Ma of Ping An, partly owned by HSBC Holdings Plc "I think foreign insurers will still have much to learn in China," he added.In what is the insurance industry's biggest acquisition, Prudential is buying American International Assurance in a big bet on soaring demand in Asia for personal financial services. AIA is regarded as AIG's crown jewel because of its size, cash generation and presence in fast-growth Asia.Ma said Ping An was not interested in teaming with Prudential for the bid, amid some market expectations that Prudential may seek partners such as Asian sovereign funds and cash-rich large Chinese enterprises to help in its $35.5 billion acquisition plan due to the deal's size.Ma's commments were in line with his counterpart Yang Chao, chairman of Ping An's bigger rival China Life who said the country's No.1 insurer was not considering involvement in the Prudential-AIG deal."Purely from the financial perspective, I think we can afford to do deals like that, but we are not considering it and Prudential didn't talk to us either," Yang told reporters in Beijing.China Life was in talks to invest in AIA last year or to subscribe part of AIA's originally planned initial public offering of shares in Hong Kong but the talks failed to move forward, Chinese media reported.China LegacyPing An's Ma, whose firm made huge losses from a wrong bet on its investments in Europe's Fortis amid the financial crisis, said he believed that domestic firms would continue to dominate China's insurance market for at least the next five to 10 years.While AIG can trace its Asian roots back to 1919, when Cornelius Vander Starr started a small insurance agency in Shanghai, AIA started in China in 1992. AIA in China is 100 percent owned by AIG -- the only wholly-foreign owned insurer with special permission from Beijing to operate in the country.Other foreign insurers have long complained to Beijing about AIA's exclusive ownership status as they seek a bigger share of the country's fast-expanding insurance business.Prudential currently operates CITIC-Prudential Insurance Co in China, a 50-50 joint venture in China with CITIC Group, China's biggest financial conglomerate.When asked for comments on the future of AIA's ownership status in China, Ma replied: "I think this will be a problem for Prudential to deal with."Ma also noted Ping An would not be interested in AIA's China assets even if they were put up for sale.AIA collected 8 billion yuan ($1.17 billion) in premiums in 2009, accounting for 18.9 percent market share among Sino-foreign joint-venture life insurers in China, or nearly 1 percent of total market share, according to official data.China's top three insurers -- China Life, Ping An and China Pacific Insurance partly owned by the Carlyle Group -- currently control a combined over 50 percent share of China's life insurance market.

2021-10-30 14:12:15.245009

Romney seeks more assertive US policy on China

https://www.cnbc.com/2012/10/11/romney-seeks-more-assertive-us-policy-on-china.html

2012-10-11T06:41:00+0000

CNBC

WASHINGTON -- Republican presidential contender Mitt Romney is promising to get tough on China to help American workers, but his plans could backfire.Romney is pledging, on his first day in office, to designate China a currency manipulator, a step no administration has taken against any country for 18 years.That could, eventually, lead to tariffs punishing China for policies that Americans believe unfairly keep Chinese products cheap, hurting U.S. manufacturers. Tariffs could trigger a trade war with a country that is the fastest-growing market for U.S. exports. Even if they don't, the designation would instantly set back relations with Asia's emerging superpower.The U.S. seeks Chinese cooperation on international hot spots, such as North Korea and Iran, and wants to narrow differences over how to handle maritime territorial disputes in East Asia.Given the potential repercussions, some foreign policy experts doubt Romney would carry out the currency threat. Other presidential candidates have made similar promises in order to appeal to voters who have seen manufacturing jobs migrate to China. But, once elected, they soften their approach."There's probably been wisdom in administrations in the past, Republican and Democrat, of not wanting to go there," said Jon Huntsman, who served as President Barack Obama's first ambassador to China before a failed bid for the Republican presidential nomination.But the commitment to act on Inauguration Day doesn't appear to leave much room to back down.Romney has also taken aim at Obama's "pivot" to Asia _ a strategy of deploying more forces and shoring up U.S. alliances there, in part to counter China's military buildup.In a speech this week, Romney said China's recent assertiveness was "sending chills through the region." He said the pivot is under-resourced and has alienated U.S. allies elsewhere. He outlined plans to expand U.S. naval power _ although it's unclear how he'd pay for it since he also wants to slash government spending."What we have seen from the Obama administration has been acquiescence to China, not just on trade issues and currency issues, but on issues of security and human rights," said Romney foreign policy adviser Alex Wong. "To protect our interests and those of our small businesses and of our economy, we have to take measures to make sure China does play by the rules."U.S.-Chinese relations are entering a critical juncture. Two days after the Nov. 6 vote, China will begin its own once-in-a-decade leadership transition. How the next U.S. administration gets on with the new guard in Beijing could determine whether the world's pre-eminent military powers can cooperate in the Asia-Pacific region or head on a path to confrontation.Appreciation of those stakes tends to get lost in the fiercely fought election campaign.Both Romney and Obama have TV spots with China as a foil. Romney accuses Obama of being soft on China's trade practices; Obama accuses Romney of outsourcing U.S. jobs to China when he ran the private equity firm Bain Capital.The tone of the debate, labeling China a "cheat," has drawn withering criticism from the architect of U.S. re-engagement with Beijing 40 years ago, former Secretary of State Henry Kissinger, who has nonetheless endorsed Romney. Kissinger said that avoiding conflict between the powers is the most fundamental challenge for U.S. foreign policy.China's state media has weighed in with unusually direct criticism of a presidential candidate, suggesting that Beijing hopes Obama will win.News agency Xinhua has accused Romney of hypocrisy, saying much of his wealth was made doing business with Chinese companies and warning that his "mudslinging" policies could spark a trade war.Early in his presidency, Obama made warmer relations with China a priority, and ties have deepened. The two governments have navigated some rough patches _ such as the standoff over a blind activist, Chen Guangcheng, who sought refuge in the U.S. Embassy in Beijing and was then allowed to come to the U.S. to study. The Obama administration said that reflected a maturing relationship.But diplomacy has failed to bridge fundamental differences on issues such as climate change, the civil war in Syria and China's territorial disputes with its neighbors. And as the U.S. has wound down its wars in Iraq and Afghanistan, its modest moves to deploy more forces around Asia have irritated Beijing.Romney is calling for an even stronger U.S. presence in the Pacific. Wong said that would encourage the peaceful resolution of the region's many maritime territorial disputes, including one flaring between U.S. ally Japan and China over islands both claim. He said Romney would make clear it has a treaty alliance with Japan that covers the islands and has the naval power to back it up.Those plans, though, could take years to implement. Addressing the currency issue on Day One would immediately affect relations.Romney says he would designate China as a manipulator unless it stops currency manipulation by his January inauguration. Romney trade policy adviser Oren Cass said this would set a new tone and show the U.S. is willing to take China to task over a range of trade violations, including intellectual property theft and restrictions on market access for U.S. companies in China.The designation itself would not mandate any sanctions, but would require that the U.S. hold consultations with China.Cass said that if Beijing doesn't move toward changing its currency policies after consultations, the U.S. could impose so-called countervailing duties on Chinese products.But Matthew Goodman, former director of international economics in the National Security Council under Obama, said the U.S. discretion to unilaterally impose retaliatory tariffs ended when it joined the World Trade Organization in 1995, and in practice it is difficult to take a currency dispute to the WTO for settlement. Cass says that under domestic law, the U.S. could impose countervailing duties, and it's an open legal question at the WTO whether member states can do so unilaterally to compensate for a currency subsidy.How China would respond may be swayed by its leadership transition. The new guard would not want to appear weak. But neither would China want the dispute to escalate as it relies on exports and faces its own economic slowdown. If that translates into major job losses at home it could affect social stability, which is Beijing's biggest concern.Obama has consistently opted against designation of China as a currency manipulator. Like President George W. Bush before him, he has preferred to wait while economic forces encourage Beijing to allow its currency to strengthen _ which it has done, although most economists still believe it is undervalued.The Treasury is due to make its next six-month assessment on Monday, although it's not yet clear if it will be announced on that date. China is likely to get a pass.

cnbc, Articles, Washington DC, South Korea, Mitt Romney, George W. Bush, North America, Middle East, United States, Syria, Iraq, Iran, Afghanistan, North Korea, Southeast Asia, Japan, China, Wires, source:tagname:The Associated Press

<div class="group"><p>WASHINGTON -- Republican presidential contender Mitt Romney is promising to get tough on China to help American workers, but his plans could backfire.</p><p>Romney is pledging, on his first day in office, to designate China a currency manipulator, a step no administration has taken against any country for 18 years.</p><div style="height:100%" class="lazyload-placeholder"></div><p>That could, eventually, lead to tariffs punishing China for policies that Americans believe unfairly keep Chinese products cheap, hurting U.S. manufacturers. Tariffs could trigger a trade war with a country that is the fastest-growing market for U.S. exports. Even if they don't, the designation would instantly set back relations with Asia's emerging superpower.</p><p>The U.S. seeks Chinese cooperation on international hot spots, such as North Korea and Iran, and wants to narrow differences over how to handle maritime territorial disputes in East Asia.</p><p>Given the potential repercussions, some foreign policy experts doubt Romney would carry out the currency threat. Other presidential candidates have made similar promises in order to appeal to voters who have seen manufacturing jobs migrate to China. But, once elected, they soften their approach.</p><p>"There's probably been wisdom in administrations in the past, Republican and Democrat, of not wanting to go there," said Jon Huntsman, who served as President Barack Obama's first ambassador to China before a failed bid for the Republican presidential nomination.</p><p>But the commitment to act on Inauguration Day doesn't appear to leave much room to back down.</p><div style="height:100%" class="lazyload-placeholder"></div><p>Romney has also taken aim at Obama's "pivot" to Asia _ a strategy of deploying more forces and shoring up U.S. alliances there, in part to counter China's military buildup.</p><p>In a speech this week, Romney said China's recent assertiveness was "sending chills through the region." He said the pivot is under-resourced and has alienated U.S. allies elsewhere. He outlined plans to expand U.S. naval power _ although it's unclear how he'd pay for it since he also wants to slash government spending.</p><p>"What we have seen from the Obama administration has been acquiescence to China, not just on trade issues and currency issues, but on issues of security and human rights," said Romney foreign policy adviser Alex Wong. "To protect our interests and those of our small businesses and of our economy, we have to take measures to make sure China does play by the rules."</p><p>U.S.-Chinese relations are entering a critical juncture. Two days after the Nov. 6 vote, China will begin its own once-in-a-decade leadership transition. How the next U.S. administration gets on with the new guard in Beijing could determine whether the world's pre-eminent military powers can cooperate in the Asia-Pacific region or head on a path to confrontation.</p><p>Appreciation of those stakes tends to get lost in the fiercely fought election campaign.</p><p>Both Romney and Obama have TV spots with China as a foil. Romney accuses Obama of being soft on China's trade practices; Obama accuses Romney of outsourcing U.S. jobs to China when he ran the private equity firm Bain Capital.</p><p>The tone of the debate, labeling China a "cheat," has drawn withering criticism from the architect of U.S. re-engagement with Beijing 40 years ago, former Secretary of State Henry Kissinger, who has nonetheless endorsed Romney. Kissinger said that avoiding conflict between the powers is the most fundamental challenge for U.S. foreign policy.</p><p>China's state media has weighed in with unusually direct criticism of a presidential candidate, suggesting that Beijing hopes Obama will win.</p><p>News agency Xinhua has accused Romney of hypocrisy, saying much of his wealth was made doing business with Chinese companies and warning that his "mudslinging" policies could spark a trade war.</p><p>Early in his presidency, Obama made warmer relations with China a priority, and ties have deepened. The two governments have navigated some rough patches _ such as the standoff over a blind activist, Chen Guangcheng, who sought refuge in the U.S. Embassy in Beijing and was then allowed to come to the U.S. to study. The Obama administration said that reflected a maturing relationship.</p><p>But diplomacy has failed to bridge fundamental differences on issues such as climate change, the civil war in Syria and China's territorial disputes with its neighbors. And as the U.S. has wound down its wars in Iraq and Afghanistan, its modest moves to deploy more forces around Asia have irritated Beijing.</p><p>Romney is calling for an even stronger U.S. presence in the Pacific. Wong said that would encourage the peaceful resolution of the region's many maritime territorial disputes, including one flaring between U.S. ally Japan and China over islands both claim. He said Romney would make clear it has a treaty alliance with Japan that covers the islands and has the naval power to back it up.</p><p>Those plans, though, could take years to implement. Addressing the currency issue on Day One would immediately affect relations.</p><p>Romney says he would designate China as a manipulator unless it stops currency manipulation by his January inauguration. Romney trade policy adviser Oren Cass said this would set a new tone and show the U.S. is willing to take China to task over a range of trade violations, including intellectual property theft and restrictions on market access for U.S. companies in China.</p><p>The designation itself would not mandate any sanctions, but would require that the U.S. hold consultations with China.</p><p>Cass said that if Beijing doesn't move toward changing its currency policies after consultations, the U.S. could impose so-called countervailing duties on Chinese products.</p><p>But Matthew Goodman, former director of international economics in the National Security Council under Obama, said the U.S. discretion to unilaterally impose retaliatory tariffs ended when it joined the World Trade Organization in 1995, and in practice it is difficult to take a currency dispute to the WTO for settlement. Cass says that under domestic law, the U.S. could impose countervailing duties, and it's an open legal question at the WTO whether member states can do so unilaterally to compensate for a currency subsidy.</p><p>How China would respond may be swayed by its leadership transition. The new guard would not want to appear weak. But neither would China want the dispute to escalate as it relies on exports and faces its own economic slowdown. If that translates into major job losses at home it could affect social stability, which is Beijing's biggest concern.</p><p>Obama has consistently opted against designation of China as a currency manipulator. Like President George W. Bush before him, he has preferred to wait while economic forces encourage Beijing to allow its currency to strengthen _ which it has done, although most economists still believe it is undervalued.</p><p>The Treasury is due to make its next six-month assessment on Monday, although it's not yet clear if it will be announced on that date. China is likely to get a pass.</p></div>

WASHINGTON -- Republican presidential contender Mitt Romney is promising to get tough on China to help American workers, but his plans could backfire.Romney is pledging, on his first day in office, to designate China a currency manipulator, a step no administration has taken against any country for 18 years.That could, eventually, lead to tariffs punishing China for policies that Americans believe unfairly keep Chinese products cheap, hurting U.S. manufacturers. Tariffs could trigger a trade war with a country that is the fastest-growing market for U.S. exports. Even if they don't, the designation would instantly set back relations with Asia's emerging superpower.The U.S. seeks Chinese cooperation on international hot spots, such as North Korea and Iran, and wants to narrow differences over how to handle maritime territorial disputes in East Asia.Given the potential repercussions, some foreign policy experts doubt Romney would carry out the currency threat. Other presidential candidates have made similar promises in order to appeal to voters who have seen manufacturing jobs migrate to China. But, once elected, they soften their approach."There's probably been wisdom in administrations in the past, Republican and Democrat, of not wanting to go there," said Jon Huntsman, who served as President Barack Obama's first ambassador to China before a failed bid for the Republican presidential nomination.But the commitment to act on Inauguration Day doesn't appear to leave much room to back down.Romney has also taken aim at Obama's "pivot" to Asia _ a strategy of deploying more forces and shoring up U.S. alliances there, in part to counter China's military buildup.In a speech this week, Romney said China's recent assertiveness was "sending chills through the region." He said the pivot is under-resourced and has alienated U.S. allies elsewhere. He outlined plans to expand U.S. naval power _ although it's unclear how he'd pay for it since he also wants to slash government spending."What we have seen from the Obama administration has been acquiescence to China, not just on trade issues and currency issues, but on issues of security and human rights," said Romney foreign policy adviser Alex Wong. "To protect our interests and those of our small businesses and of our economy, we have to take measures to make sure China does play by the rules."U.S.-Chinese relations are entering a critical juncture. Two days after the Nov. 6 vote, China will begin its own once-in-a-decade leadership transition. How the next U.S. administration gets on with the new guard in Beijing could determine whether the world's pre-eminent military powers can cooperate in the Asia-Pacific region or head on a path to confrontation.Appreciation of those stakes tends to get lost in the fiercely fought election campaign.Both Romney and Obama have TV spots with China as a foil. Romney accuses Obama of being soft on China's trade practices; Obama accuses Romney of outsourcing U.S. jobs to China when he ran the private equity firm Bain Capital.The tone of the debate, labeling China a "cheat," has drawn withering criticism from the architect of U.S. re-engagement with Beijing 40 years ago, former Secretary of State Henry Kissinger, who has nonetheless endorsed Romney. Kissinger said that avoiding conflict between the powers is the most fundamental challenge for U.S. foreign policy.China's state media has weighed in with unusually direct criticism of a presidential candidate, suggesting that Beijing hopes Obama will win.News agency Xinhua has accused Romney of hypocrisy, saying much of his wealth was made doing business with Chinese companies and warning that his "mudslinging" policies could spark a trade war.Early in his presidency, Obama made warmer relations with China a priority, and ties have deepened. The two governments have navigated some rough patches _ such as the standoff over a blind activist, Chen Guangcheng, who sought refuge in the U.S. Embassy in Beijing and was then allowed to come to the U.S. to study. The Obama administration said that reflected a maturing relationship.But diplomacy has failed to bridge fundamental differences on issues such as climate change, the civil war in Syria and China's territorial disputes with its neighbors. And as the U.S. has wound down its wars in Iraq and Afghanistan, its modest moves to deploy more forces around Asia have irritated Beijing.Romney is calling for an even stronger U.S. presence in the Pacific. Wong said that would encourage the peaceful resolution of the region's many maritime territorial disputes, including one flaring between U.S. ally Japan and China over islands both claim. He said Romney would make clear it has a treaty alliance with Japan that covers the islands and has the naval power to back it up.Those plans, though, could take years to implement. Addressing the currency issue on Day One would immediately affect relations.Romney says he would designate China as a manipulator unless it stops currency manipulation by his January inauguration. Romney trade policy adviser Oren Cass said this would set a new tone and show the U.S. is willing to take China to task over a range of trade violations, including intellectual property theft and restrictions on market access for U.S. companies in China.The designation itself would not mandate any sanctions, but would require that the U.S. hold consultations with China.Cass said that if Beijing doesn't move toward changing its currency policies after consultations, the U.S. could impose so-called countervailing duties on Chinese products.But Matthew Goodman, former director of international economics in the National Security Council under Obama, said the U.S. discretion to unilaterally impose retaliatory tariffs ended when it joined the World Trade Organization in 1995, and in practice it is difficult to take a currency dispute to the WTO for settlement. Cass says that under domestic law, the U.S. could impose countervailing duties, and it's an open legal question at the WTO whether member states can do so unilaterally to compensate for a currency subsidy.How China would respond may be swayed by its leadership transition. The new guard would not want to appear weak. But neither would China want the dispute to escalate as it relies on exports and faces its own economic slowdown. If that translates into major job losses at home it could affect social stability, which is Beijing's biggest concern.Obama has consistently opted against designation of China as a currency manipulator. Like President George W. Bush before him, he has preferred to wait while economic forces encourage Beijing to allow its currency to strengthen _ which it has done, although most economists still believe it is undervalued.The Treasury is due to make its next six-month assessment on Monday, although it's not yet clear if it will be announced on that date. China is likely to get a pass.

2021-10-30 14:12:15.280366

Lululemon's product chief to leave in organizational shuffle

https://www.cnbc.com/2015/10/22/lululemons-product-chief-to-leave-in-organizational-shuffle.html

2015-10-22T10:53:20+0000

CNBC

Lululemon Athletica said on Wednesday that its chief product officer is leaving after just two years with the premium yogawear retailer, which has struggled in recent months with narrowing margins and supply-chain hiccups.Tara Poseley, a former Kmart executive who was hired by Lululemon in October 2013, will leave "after a transition period" and her role will be eliminated, the Vancouver-based company said.Poseley replaced Sheree Waterson, who departed earlier that year amid a backlash over the high profile recall of overly sheer yoga pants and concerns about product quality.

cnbc, Articles, Apparel Retail, Retail industry, Lululemon Athletica Inc, Retail, Apparel, US: News, Consumer Durables and Apparel, Business News, source:tagname:Reuters

<div class="group"><p><a href="//www.cnbc.com/quotes/LULU" target="_blank"> Lululemon Athletica</a> said on Wednesday that its chief product officer is leaving after just two years with the premium yogawear retailer, which has struggled in recent months with narrowing margins and supply-chain hiccups.</p><p>Tara Poseley, a former Kmart executive who was hired by Lululemon in October 2013, will leave "after a transition period" and her role will be eliminated, the Vancouver-based company said.<br></p><div style="height:100%" class="lazyload-placeholder"></div><p>Poseley replaced Sheree Waterson, who departed earlier that year amid a backlash over the high profile recall of overly sheer yoga pants and concerns about product quality.</p></div>,<div class="group"><p> Analysts had lofty expectations for Poseley, who joined up a couple months ahead of new chief executive Laurent Potvin, and shares in the yogawear maker, which plunged through the end of 2013, climbed back up in 2014.<br></p><p> But supply-chain woes, concerns over dwindling margins and another recall has pushed the stock back down in recent months.<br></p><p> Lululemon, which said the leadership changes are aimed at reinforcing its brand, also announced a new creative director role, geared at bringing the design of the men's and women's product lines under the same organizational umbrella.</p><br></div>,<div class="group"><p> Lee Holman, who joined Lululemon in 2014 from Nike, was named to the newly-created executive vice president, creative director post.<br></p><div style="height:100%" class="lazyload-placeholder"></div><p> Chief Financial Officer Stuart Haselden will gain broader responsibilities, including heading up operations, and the company has also created a new, still unfilled, chief supply chain officer role.<br></p><p> Analysts last month questioned Lululemon's margins, which have dwindled as the company has faced higher costs associated with its international expansion.<br></p><p> The company has also been hit hard by a series of quality lapses, including the high profile recall of overly sheer yoga pants in 2013 and a more recent recall of women's tops due to injury risks from their drawstrings.</p></div>

Lululemon Athletica said on Wednesday that its chief product officer is leaving after just two years with the premium yogawear retailer, which has struggled in recent months with narrowing margins and supply-chain hiccups.Tara Poseley, a former Kmart executive who was hired by Lululemon in October 2013, will leave "after a transition period" and her role will be eliminated, the Vancouver-based company said.Poseley replaced Sheree Waterson, who departed earlier that year amid a backlash over the high profile recall of overly sheer yoga pants and concerns about product quality. Analysts had lofty expectations for Poseley, who joined up a couple months ahead of new chief executive Laurent Potvin, and shares in the yogawear maker, which plunged through the end of 2013, climbed back up in 2014. But supply-chain woes, concerns over dwindling margins and another recall has pushed the stock back down in recent months. Lululemon, which said the leadership changes are aimed at reinforcing its brand, also announced a new creative director role, geared at bringing the design of the men's and women's product lines under the same organizational umbrella. Lee Holman, who joined Lululemon in 2014 from Nike, was named to the newly-created executive vice president, creative director post. Chief Financial Officer Stuart Haselden will gain broader responsibilities, including heading up operations, and the company has also created a new, still unfilled, chief supply chain officer role. Analysts last month questioned Lululemon's margins, which have dwindled as the company has faced higher costs associated with its international expansion. The company has also been hit hard by a series of quality lapses, including the high profile recall of overly sheer yoga pants in 2013 and a more recent recall of women's tops due to injury risks from their drawstrings.

2021-10-30 14:12:15.317422

CEO Blog: Our Greatest New Threat

https://www.cnbc.com/2010/03/19/ceo-blog-our-greatest-new-threat.html

2010-03-19T17:05:37+0000

CNBC

I’m an engineer. I identify a problem and develop a solution. I’d like to think that the success of companies like Dyson – based in the UK– have helped the country in more than a few ways, including boosting its exports and tax revenues. Whether at home or abroad, politicians don’t really need me to identify new problems – they have enough of those. But where can I match my passion for a cause with some constructive ideas? I think it’s worth talking about. Here’s the problem.Both the US and UK economies rely too heavily on selling services. Financial services in particular, as the last two years have shown very dramatically. We all know that many products can be made cheaper and faster overseas. But now the large manufacturers such as China, India and South Korea are moving up the value chain.

cnbc, Articles, Opinion, Blogs, Guest Blog, source:tagname:CNBC US Source

<div class="group"><p>I’m an engineer. I identify a problem and develop a solution. </p><p>I’d like to think that the success of companies like <a href="http://www.dyson.com/homepage.asp" target="_blank">Dyson – based in the UK</a>– have helped the country in more than a few ways, including boosting its exports and tax revenues. </p><div style="height:100%" class="lazyload-placeholder"></div><p>Whether at home or abroad, politicians don’t really need me to identify new problems – they have enough of those. But where can I match my passion for a cause with some constructive ideas? I think it’s worth talking about. </p><p><strong>Here’s the problem.</strong></p><p>Both the US and UK economies rely too heavily on selling services. Financial services in particular, as the last two years have shown very dramatically. We all know that many products can be made cheaper and faster overseas. But now the large manufacturers such as China, India and South Korea are moving up the value chain. </p></div>,<div class="group"><p><strong>The threat is no longer low-cost manufacturing; it’s high-tech and ideas.</strong> And the proof? As of this year, China has overtaken Germany as the world’s biggest exporter. And it’s not limited to less expensive products. </p><p>So, why have I decided on now to bang the drum? Well, now is the opportunity for change: we’re coming out of recession; our service-dependency has hurt us badly; and in the UK, there’s nothing like an election year to focus the minds of those who can change things. </p><div style="height:100%" class="lazyload-placeholder"></div><p>In the UK, <a href="http://docs.google.com/viewer?a=v&amp;q=cache:QJIG_xMdD1QJ:www.conservatives.com/~/media/Files/Downloadable%2520Files/Ingenious%2520Britain.ashx%3Fdl%3Dtrue+Ingenious+Britain&amp;hl=en&amp;gl=us&amp;pid=bl&amp;srcid=ADGEESgg2zlxyhItSqnSe5PQ_OhNNxYq9wbJb_iB0qvyHYUk879yHLtytMHlY6Cp9u-OJmyxJ_UV6_ShI0FdZ58TsoSzuVl0XNzja_VMMK7DYAKVhVzXC_6XsP-4SDzMC9QXGAao-xnW&amp;sig=AHIEtbSaXKhXfEyg0egMZp0HUmL6IQiR2g" target="_blank">I’ve just produced a report</a>to help shape politicians’ thinking. The Conservatives have backed it and I’m hoping others will take my ideas on board. It’s about inspiring, supporting and investing to make best use of some superb resources already at our disposal. It’s not, however, about a quick fix, having an idea is easy, but making it work takes time. </p><p>The UK has a highly motivated workforce; the universities and academics are fantastic. We don’t always make the most of these - of which science and engineering are at the heart. I hope some of the ideas in <a href="http://docs.google.com/viewer?a=v&amp;q=cache:QJIG_xMdD1QJ:www.conservatives.com/~/media/Files/Downloadable%2520Files/Ingenious%2520Britain.ashx%3Fdl%3Dtrue+Ingenious+Britain&amp;hl=en&amp;gl=us&amp;pid=bl&amp;srcid=ADGEESgg2zlxyhItSqnSe5PQ_OhNNxYq9wbJb_iB0qvyHYUk879yHLtytMHlY6Cp9u-OJmyxJ_UV6_ShI0FdZ58TsoSzuVl0XNzja_VMMK7DYAKVhVzXC_6XsP-4SDzMC9QXGAao-xnW&amp;sig=AHIEtbSaXKhXfEyg0egMZp0HUmL6IQiR2g" target="_blank">Ingenious Britain</a>can be explored in the United States, too – as a society, a greater understanding of the importance of engineering; and a commitment to programs that excite students about science, math and technology. </p><p>From primary school pupils to graduates, teachers to government, we need more people to take up science, engineering and design. These are exciting and rewarding careers which can contribute hugely to our society and our economy. Government needs to take the lead in steering our brightest and best in this direction. </p><p>Educators should look again at how universities are funded and assessed. These places need the freedom and flexibility to identify what students and industry wants – such as shorter courses with industry experience. Potential science and engineering undergraduates need more access to industrial scholarships. Student loans might be written off. Postgraduates should be paid properly for their research. </p><p><strong>Further down the line, access to capital is crucial.</strong> Government must examine better routes for debt financing to reach high tech companies. If possible, this should involve using the power of government guarantees to encourage lenders – existing banks or new entrants – to extend credit to innovative small businesses. </p><p>Once properly up and running, companies – both small and large – need more significant tax credits for research and development. In the UK, these should be increased by as much as a third to 200%. Such a move could have a huge impact on a company’s investment decisions and would send a clear signal to business leaders about the government’s belief in science and technology. </p><p><strong>And what do I know, apart from making vacuum cleaners?</strong> Well, Dyson’s about a bit more than that these days. We make all sorts of new technology – fans, digital motors and more in the pipeline. That’s the point about R&amp;D: we’re constantly looking at new inventions for the long term. When it comes to major UK companies filing patents, only Rolls-Royce is ahead of us. </p><p>We also know a bit about selling overseas: eight out of ten of our machines are exported. They reach 49 countries, with the US being our biggest market. There’s no doubt that production in Malaysia has helped us to expand faster – we employ more than 1,200 people in the UK, 300 in the US and 2,500 globally. </p><p>Dyson was built from scratch over 30 years. Parts of that time were slow and painful, but I know that the pace was quickened by employing graduates with the right skills and investing in R&amp;D. </p><p>We need to make it much easier for other businesses to do the same. </p><ul><li>Could School Bus Ads Save School Budgets?</li><li>Student Aid Linked to Health Care Gets a Trim</li></ul><p><strong>____________________<br></strong><em>Sir James Dyson is the founder of Dyson Vacuums, based in the United Kingdom</em></p></div>

I’m an engineer. I identify a problem and develop a solution. I’d like to think that the success of companies like Dyson – based in the UK– have helped the country in more than a few ways, including boosting its exports and tax revenues. Whether at home or abroad, politicians don’t really need me to identify new problems – they have enough of those. But where can I match my passion for a cause with some constructive ideas? I think it’s worth talking about. Here’s the problem.Both the US and UK economies rely too heavily on selling services. Financial services in particular, as the last two years have shown very dramatically. We all know that many products can be made cheaper and faster overseas. But now the large manufacturers such as China, India and South Korea are moving up the value chain. The threat is no longer low-cost manufacturing; it’s high-tech and ideas. And the proof? As of this year, China has overtaken Germany as the world’s biggest exporter. And it’s not limited to less expensive products. So, why have I decided on now to bang the drum? Well, now is the opportunity for change: we’re coming out of recession; our service-dependency has hurt us badly; and in the UK, there’s nothing like an election year to focus the minds of those who can change things. In the UK, I’ve just produced a reportto help shape politicians’ thinking. The Conservatives have backed it and I’m hoping others will take my ideas on board. It’s about inspiring, supporting and investing to make best use of some superb resources already at our disposal. It’s not, however, about a quick fix, having an idea is easy, but making it work takes time. The UK has a highly motivated workforce; the universities and academics are fantastic. We don’t always make the most of these - of which science and engineering are at the heart. I hope some of the ideas in Ingenious Britaincan be explored in the United States, too – as a society, a greater understanding of the importance of engineering; and a commitment to programs that excite students about science, math and technology. From primary school pupils to graduates, teachers to government, we need more people to take up science, engineering and design. These are exciting and rewarding careers which can contribute hugely to our society and our economy. Government needs to take the lead in steering our brightest and best in this direction. Educators should look again at how universities are funded and assessed. These places need the freedom and flexibility to identify what students and industry wants – such as shorter courses with industry experience. Potential science and engineering undergraduates need more access to industrial scholarships. Student loans might be written off. Postgraduates should be paid properly for their research. Further down the line, access to capital is crucial. Government must examine better routes for debt financing to reach high tech companies. If possible, this should involve using the power of government guarantees to encourage lenders – existing banks or new entrants – to extend credit to innovative small businesses. Once properly up and running, companies – both small and large – need more significant tax credits for research and development. In the UK, these should be increased by as much as a third to 200%. Such a move could have a huge impact on a company’s investment decisions and would send a clear signal to business leaders about the government’s belief in science and technology. And what do I know, apart from making vacuum cleaners? Well, Dyson’s about a bit more than that these days. We make all sorts of new technology – fans, digital motors and more in the pipeline. That’s the point about R&D: we’re constantly looking at new inventions for the long term. When it comes to major UK companies filing patents, only Rolls-Royce is ahead of us. We also know a bit about selling overseas: eight out of ten of our machines are exported. They reach 49 countries, with the US being our biggest market. There’s no doubt that production in Malaysia has helped us to expand faster – we employ more than 1,200 people in the UK, 300 in the US and 2,500 globally. Dyson was built from scratch over 30 years. Parts of that time were slow and painful, but I know that the pace was quickened by employing graduates with the right skills and investing in R&D. We need to make it much easier for other businesses to do the same. Could School Bus Ads Save School Budgets?Student Aid Linked to Health Care Gets a Trim____________________Sir James Dyson is the founder of Dyson Vacuums, based in the United Kingdom

2021-10-30 14:12:15.471171

Grubhub CEO says Trump email 'misconstrued'

https://www.cnbc.com/2016/11/11/grubhub-ceo-says-trump-email-misconstrued.html

2016-11-11T10:52:01+0000

CNBC

Grubhub CEO Matt Maloney says his comments were misconstrued in an email Wednesday in which he strongly objected to President-elect Donald Trump's incendiary policies. "I did not ask anyone to resign if they voted for Trump," he said in a blog post late Thursday. "To the contrary, the message of the email is that we do not tolerate discriminatory activity or hateful commentary in the workplace, and that we will stand up for our employees." Some workers at the online food-delivery company said they were left with the impression they weren't welcome if they supported Trump. In an email to the company's more than 1,000 employees on Wednesday, obtained by BuzzFeed News, Maloney said: "I absolutely reject the nationalist, anti-immigrant and hateful politics of Donald Trump and will work to shield our community from this movement as best as I can. As we all try to understand what this vote means to us, I want to affirm to anyone on our team that is scared or feels personally exposed, that I (and) everyone else here at Grubhub will fight for your dignity and your right to make a better life for yourself and your family here in the United States. Peter Thiel to join Trump transition team, report says Americans really did crash the Canadian immigration site on Election DayJeff Bezos, who once joked about sending Trump to space, changes tune "If you do not agree with this statement then please reply to this email with your resignation because you have no place here. We do not tolerate hateful attitudes on our team." Maloney, a supporter of Democratic presidential nominee Hillary Clinton, spared no words in his email Wednesday. He said Trump's words and actions would have earned him an "immediate termination" at the Chicago-based start-up, valued at more than $3 billion. "While demeaning, insulting, and ridiculing minorities, immigrants, and the physically/mentally disabled worked for Mr. Trump, I want to be clear that this behavior — and these views — have no place at Grubhub," Maloney said in the email Wednesday.

cnbc, Articles, GrubHub Inc, US: News, Politics, Elections, source:tagname:USA Today

<div class="group"><p><a href="//www.cnbc.com/quotes/GRUB" target="_blank"> Grubhub</a> CEO Matt Maloney says his comments were misconstrued in an email Wednesday in which he strongly objected to President-elect Donald Trump's incendiary policies.</p><p> "I did not ask anyone to resign if they voted for Trump," he said in a blog post late Thursday. "To the contrary, the message of the email is that we do not tolerate discriminatory activity or hateful commentary in the workplace, and that we will stand up for our employees."</p><div style="height:100%" class="lazyload-placeholder"></div><p> Some workers at the online food-delivery company said they were left with the impression they weren't welcome if they supported Trump.</p><p> In an email to the company's more than 1,000 employees on Wednesday, obtained by <em>BuzzFeed News</em>, Maloney said:</p><p> "I absolutely reject the nationalist, anti-immigrant and hateful politics of Donald Trump and will work to shield our community from this movement as best as I can. As we all try to understand what this vote means to us, I want to affirm to anyone on our team that is scared or feels personally exposed, that I (and) everyone else here at Grubhub will fight for your dignity and your right to make a better life for yourself and your family here in the United States.<br> <br></p><p> <a href="http://www.usatoday.com/story/tech/news/2016/11/10/peter-thiel-to-join-trump-transition-team/93622056/" target="_blank">Peter Thiel to join Trump transition team, report says</a><br> <a href="http://www.usatoday.com/story/tech/news/2016/11/10/100000-americans-crashed-canadian-immigration-site/93587034/" target="_blank">Americans really did crash the Canadian immigration site on Election Day</a><br><a href="http://www.usatoday.com/story/tech/news/2016/11/10/bezos-congratulates-trump-election-victory/93585602/" target="_blank">Jeff Bezos, who once joked about sending Trump to space, changes tune</a></p><p> "If you do not agree with this statement then please reply to this email with your resignation because you have no place here. We do not tolerate hateful attitudes on our team."</p><div style="height:100%" class="lazyload-placeholder"></div><p> Maloney, a supporter of Democratic presidential nominee Hillary Clinton, spared no words in his email Wednesday. He said Trump's words and actions would have earned him an "immediate termination" at the Chicago-based start-up, valued at more than $3 billion.</p><p> "While demeaning, insulting, and ridiculing minorities, immigrants, and the physically/mentally disabled worked for Mr. Trump, I want to be clear that this behavior — and these views — have no place at Grubhub," Maloney said in the email Wednesday.</p></div>

Grubhub CEO Matt Maloney says his comments were misconstrued in an email Wednesday in which he strongly objected to President-elect Donald Trump's incendiary policies. "I did not ask anyone to resign if they voted for Trump," he said in a blog post late Thursday. "To the contrary, the message of the email is that we do not tolerate discriminatory activity or hateful commentary in the workplace, and that we will stand up for our employees." Some workers at the online food-delivery company said they were left with the impression they weren't welcome if they supported Trump. In an email to the company's more than 1,000 employees on Wednesday, obtained by BuzzFeed News, Maloney said: "I absolutely reject the nationalist, anti-immigrant and hateful politics of Donald Trump and will work to shield our community from this movement as best as I can. As we all try to understand what this vote means to us, I want to affirm to anyone on our team that is scared or feels personally exposed, that I (and) everyone else here at Grubhub will fight for your dignity and your right to make a better life for yourself and your family here in the United States. Peter Thiel to join Trump transition team, report says Americans really did crash the Canadian immigration site on Election DayJeff Bezos, who once joked about sending Trump to space, changes tune "If you do not agree with this statement then please reply to this email with your resignation because you have no place here. We do not tolerate hateful attitudes on our team." Maloney, a supporter of Democratic presidential nominee Hillary Clinton, spared no words in his email Wednesday. He said Trump's words and actions would have earned him an "immediate termination" at the Chicago-based start-up, valued at more than $3 billion. "While demeaning, insulting, and ridiculing minorities, immigrants, and the physically/mentally disabled worked for Mr. Trump, I want to be clear that this behavior — and these views — have no place at Grubhub," Maloney said in the email Wednesday.

2021-10-30 14:12:15.557036